Quarterly pro forma translated results 2007/08
2007/08 US GAAP Quarterly Financial Statements
Income Statement
Segmental information
Balance Sheet
Cash flow
Income Statement
|
Q1
$m |
Q2
$m |
Q3
$m |
Q4
$m |
Full Year
$m |
Sales
Cost of sales |
814.4
(540.6) |
787.4
(541.3) |
678.7
(483.5) |
1,384.8
(849.2) |
3,665.3
(2,414.6) |
| Gross margin |
273.8 |
246.1 |
195.2 |
535.6 |
1,250.7 |
| Selling, general and administrative expenses |
(245.9) |
(203.7) |
(211.0) |
(340.2) |
(1,000.8) |
| Other operating income, net |
27.3 |
26.1 |
25.9 |
29.5 |
108.8 |
Operating income
Interest income
Interest expense |
55.2
2.4
(6.6) |
68.5
1.6
(7.4) |
10.1
0.7
(7.0) |
224.9
1.6
(7.8) |
358.7
6.3
(28.8) |
Income before income taxes
Income taxes |
51.0
(17.7) |
62.7
(21.7) |
3.8
(1.3) |
218.7
(75.7) |
336.2
(116.4) |
| Net income |
33.3 |
41.0 |
2.5 |
143.0 |
219.8 |
| |
|
|
|
|
|
Earnings per share
- basic
- diluted |
1.5c
1.5c |
2.4c
2.4c |
0.1c
0.1c |
8.9c
8.8c |
12.9c
12.8c |
Segmental Information
| |
Q1
$m |
Q2
$m |
Q3
$m |
Q4
$m |
Full Year
$m |
Sales
US
UK |
632.3
182.1 |
584.6
202.8 |
488.2
190.5 |
1,000.6
384.2 |
2,705.7
959.6 |
| |
814.4 |
787.4 |
678.7 |
1,384.8 |
3,665.3 |
Operating income
US
UK
Unallocated1 |
60.0
(0.8)
(4.0) |
69.9
3.4
(4.8) |
12.6
1.7
(4.2) |
122.7
105.0
(2.8) |
265.2
109.3
(15.8) |
| |
55.2 |
68.5 |
10.1 |
224.9 |
358.7 |
1 Unallocated principally relates to central group costs.
Balance Sheet
| |
Q1
$m |
Q2
$m |
Q3
$m |
Q4
$m |
Full Year
$m |
Assets:
Current assets |
|
|
|
|
|
| Cash and cash equivalents |
105.0 |
51.8 |
42.8 |
41.7 |
41.7 |
| Accounts receivable, net |
733.9 |
723.0 |
693.9 |
848.2 |
848.2 |
| Other receivables |
26.4 |
35.7 |
31.7 |
40.5 |
40.5 |
| Other current assets |
32.7 |
43.1 |
61.8 |
38.8 |
38.8 |
| Deferred tax assets |
1.6 |
1.6 |
1.6 |
- |
- |
| Inventories |
1,403.3 |
1,368.3 |
1,664.4 |
1,453.6 |
1,453.6 |
| Total current assets |
2,302.9 |
2,223.5 |
2,496.2 |
2,422.8 |
2,422.8 |
| Non-current assets |
|
|
|
|
|
| Property, plant and equipment, net |
472.5 |
477.1 |
501.4 |
489.2 |
489.2 |
| Goodwill |
557.5 |
561.2 |
564.2 |
556.0 |
556.0 |
| Intangible assets, net |
18.7 |
19.8 |
20.0 |
22.0 |
22.0 |
| Other assets |
33.8 |
34.1 |
34.3 |
34.8 |
34.8 |
| Retirement benefit asset |
5.1 |
6.5 |
8.0 |
- |
- |
| Deferred tax assets |
58.6 |
58.6 |
58.6 |
74.6 |
74.6 |
| |
1,146.2 |
1,157.3 |
1,186.5 |
1,176.6 |
1,176.6 |
| Total assets |
3,449.1 |
3,380.8 |
3,682.7 |
3,599.4 |
3,599.4 |
Liabilities and shareholders' equity:
Current liabilities |
|
|
|
|
|
| Loans and overdrafts |
11.2 |
26.6 |
187.6 |
36.3 |
36.3 |
| Accounts payable |
104.2 |
85.7 |
232.2 |
89.3 |
89.3 |
| Accrued expenses and other current liabilities |
227.7 |
228.8 |
233.7 |
268.2 |
268.2 |
| Deferred revenue |
112.7 |
102.5 |
101.6 |
125.3 |
125.3 |
| Deferred tax liabilities |
27.8 |
27.8 |
27.8 |
47.9 |
47.9 |
| Income taxes payable |
86.4 |
81.3 |
50.8 |
79.5 |
79.5 |
| Total current liabilities |
570.0 |
552.7 |
833.7 |
646.5 |
646.5 |
| Non-current liabilities |
|
|
|
|
|
| Long-term debt |
380.0 |
380.0 |
380.0 |
380.0 |
380.0 |
| Other liabilities |
106.9 |
105.4 |
107.2 |
96.4 |
96.4 |
| Deferred revenue |
135.8 |
134.6 |
129.1 |
149.7 |
149.7 |
| Retirement benefit obligation |
- |
- |
- |
5.6 |
5.6 |
| |
622.7 |
620.0 |
616.3 |
631.7 |
631.7 |
| Total liabilities |
1,192.7 |
1,172.7 |
1,450.0 |
1,278.8 |
1,278.2 |
| |
|
|
|
|
|
| Total shareholders' equity |
2,256.4 |
2,208.1 |
2,232.7 |
2,321.2 |
2,321.2 |
| |
|
|
|
|
|
| Total liabilities and shareholders' equity |
3,449.1 |
3,380.8 |
3,682.7 |
3,599.4 |
3,599.4 |
Cash Flow
| |
Q1
$m |
Q2
$m |
Q3
$m |
Q4
$m |
Full Year
$m |
| Cash flows from operating activities: |
|
|
|
|
|
| Net income |
33.3 |
41.0 |
2.5 |
143.0 |
219.8 |
| Adjustments for: |
|
|
|
|
|
| Depreciation of property, plant and equipment |
24.0 |
25.8 |
25.7 |
33.7 |
109.2 |
| Amortisation of intangible assets |
1.2 |
1.1 |
1.0 |
1.4 |
4.7 |
| Pension expense |
(0.4) |
(0.4) |
(0.6) |
(0.6) |
(2.0) |
| Share-based payment expense |
1.7 |
(2.9) |
0.5 |
(2.7) |
(3.4) |
| Deferred taxation |
- |
- |
- |
6.9 |
6.9 |
| Other non-cash movements |
(1.9) |
0.6 |
(0.6) |
(1.1) |
(3.0) |
| Profit on disposal of property, plant and equipment |
- |
- |
- |
1.4 |
1.4 |
Changes in operating assets and liabilities:
(Increase)/decrease in inventories |
(49.0) |
43.6 |
(282.8) |
232.0 |
(56.2) |
| Decrease/(increase) in accounts receivables |
58.1 |
11.6 |
28.9 |
(103.8) |
(5.2) |
| Decrease/(increase) in other receivables |
9.9 |
(9.4) |
4.9 |
(4.7) |
0.7 |
| Decrease/(increase) in other current assets |
5.0 |
(15.5) |
(13.8) |
(72.5) |
(96.8) |
| (Decrease)/increase in trade payables |
(11.7) |
(19.7) |
145.4 |
(145.7) |
(31.7) |
| (Decrease)/increase in other payables |
(49.3) |
(0.1) |
(21.3) |
88.0 |
17.3 |
| (Decrease)/increase in income taxes payable |
(21.8) |
(14.1) |
(13.6) |
30.5 |
(19.0) |
| Net cash provided by operating activities |
(0.9) |
61.6 |
(123.8) |
205.8 |
142.7 |
Investing activities: |
|
|
|
|
|
| Purchase of property, plant and equipment |
(24.1) |
(27.8) |
(47.2) |
(30.0) |
(129.1) |
| Purchase of other intangible assets |
(4.2) |
(2.0) |
(1.1) |
(4.0) |
(11.3) |
| Proceeds from sale of property, plant and equipment |
- |
- |
- |
1.0 |
1.0 |
| Net cash flows used in investing activities |
(28.3) |
(29.8) |
(48.3) |
(33.0) |
(139.4) |
Financing activities: |
|
|
|
|
|
| Dividends paid |
- |
(107.6) |
- |
(16.3) |
(123.9) |
| Proceeds from issue of common stock |
3.2 |
2.3 |
- |
0.5 |
6.0 |
| Purchase of own stock |
(29.0) |
- |
- |
- |
(29.0) |
| Increase/(decrease) in short-term borrowings |
6.5 |
15.5 |
159.1 |
(150.0) |
31.1 |
| Net cash flows used in financing activities |
(19.3) |
(89.8) |
159.1 |
(165.8) |
(115.8) |
Cash and cash equivalents at beginning of period |
152.3 |
105.0 |
51.8 |
42.8 |
152.3 |
| (Decrease)/increase in cash and cash equivalents |
(48.5) |
(58.0) |
(13.0) |
7.0 |
(112.5) |
| Effect of exchange rate changes on cash and cash equivalents |
1.2 |
4.8 |
4.0 |
(8.1) |
1.9 |
| Cash and cash equivalents at end of period |
105.0 |
51.8 |
42.8 |
41.7 |
41.7 |
