Quarterly pro forma translated results 2008/09

2008/09 US GAAP Quarterly Financial Statements

Income Statement
	Q1 $m	Q2 $m
Sales Cost of sales	822.5 (544.8)	768.9 (519.8)
Gross margin	277.7	249.1
Selling, general and administrative expenses	(261.7)	(240.4)
Other operating income, net	29.9	28.8
Operating income Interest income Interest expense	45.9 1.7 (7.5)	37.5 0.8 (7.7)
Income before income taxes Income taxes	40.1 (14.4)	30.6 (10.9)
Net income	25.7	19.7

Earnings per share - basic - diluted	1.5c 1.5c	1.2c 1.2c

Segmental Information
	Q1 $m	Q2 $m
Sales US UK	631.1 191.4	575.6 193.8
	822.5	768.9
Operating income US UK Unallocated¹	46.7 3.4 (4.3)	50.2 2.3 (15.0)
	45.8	37.5

1 Unallocated principally relates to central group costs.

Balance Sheet
	Q1 $m	Q2 $m
Assets: Current assets
Cash and cash equivalents	29.2	66.9
Accounts receivable, net	787.4	760.8
Other receivables	33.5	27.0
Other current assets	25.9	46.3
Deferred tax assets	-	-
Inventories	1,516.0	1,454.5
Total current assets	2,392.0	2,355.5
Non-current assets
Property, plant and equipment, net	491.0	498.7
Goodwill	556.7	556.0
Intangible assets, net	22.0	22.8
Other assets	40.5	41.1
Retirement benefit asset	-	-
Deferred tax assets	76.2	74.8
	1,186.4	1,193.4
Total assets	3,578.4	3,548.9
Liabilities and shareholders' equity: Current liabilities
Loans and overdrafts	26.2	120.2
Accounts payable	100.3	82.5
Accrued expenses and other current liabilities	229.8	231.4
Deferred revenue	115.8	106.3
Deferred tax liabilities	55.0	53.1
Income taxes payable	65.1	59.3
Total current liabilities	592.2	652.8
Non-current liabilities
Long-term debt	380.0	380.0
Other liabilities	109.9	112.6
Deferred revenue	140.8	137.7
Retirement benefit obligation	4.6	4.0
	635.3	634.3
Total liabilities	1,227.5	1,287.1

Total shareholders' equity	2,350.9	2,261.8

Total liabilities and shareholders' equity	3,578.4	3,548.9

Cash Flow
	Q1 $m	Q2 $m
Cash flows from operating activities:
Net income	25.7	19.7
Adjustments for:
Depreciation of property, plant and equipment	27.1	25.5
Amortisation of intangible assets	1.3	1.5
Pension expense	0.2	0.3
Share-based payment expense	0.3	0.4
Deferred taxation	(1.5)	-
Other non-cash movements	(4.2)	1.4
(Profit)/loss on disposal of property, plant and equipment	(0.3)	0.4
Changes in operating assets and liabilities: (Increase)/decrease in inventories	(48.7)	58.1
Decrease in accounts receivables	62.0	24.0
Increase in other receivables	(1.1)	(5.9)
Decrease in other current assets	2.0	0.7
Increase/(decrease) in trade payables	8.8	(21.6)
Decrease in other payables	(39.6)	(5.4)
Decrease in income taxes payable	(10.0)	(6.1)
Net cash provided by operating activities	22.0	93.0
Investing activities:
Purchase of property, plant and equipment	(25.1)	(38.0)
Purchase of other intangible assets	(1.3)	(2.3)
Proceeds from sale of property, plant and equipment	1.0	-
Net cash flows used in investing activities	(25.4)	(40.3)
Financing activities:
Dividends paid	-	(107.4)
Proceeds from issue of common stock	-	-
(Decrease)/increase in short-term borrowings	(10.4)	94.1
Net cash flows used in financing activities	(10.4)	(13.3)
Cash and cash equivalents at beginning of period	41.7	29.2
(Decrease)/increase in cash and cash equivalents	(13.8)	39.4
Effect of exchange rate changes on cash and cash equivalents	1.3	(1.7)
Cash and cash equivalents at end of period	29.2	66.9