5 year review
Profit and loss account summary
| 2003 £m | 2004 £m | 2005 £m | 2006 £m | 2007 £m | |
|---|---|---|---|---|---|
Revenue by segment: |
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| Foods | 556.3 | 617.4 | 605.5 | 414.3 | 449.8 |
| Dairies | 769.8 | 744.4 | 743.3 | 815.7 | 928.0 |
| Group including share
of joint ventures: |
1326.1 |
1361.8 |
1348.8 |
1230.0 | 1377.8 |
| Less: share of join ventures | (79.6) | (90.6) | (88.2) | (69.0) | (68.5) |
| Group | 1246.5 | 1271.2 | 1260.6 | 1161.0 | 1309.3 |
Operating assets by segment: |
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| Foods | 383.6 | 387.4 | 371.5 | 61.3 | 61.8 |
| Dairies | 40.5 | 45.9 | 35.2 | 16.8 | 25.5 |
| Group including share
of joint ventures: |
97.5 |
104.8 |
91.9 |
78.1 |
87.3 |
| Less: share of join ventures | (5.1) | (5.6) | (7.5) | (9.3) | (10.0) |
| Group | 92.4 | 99.2 | 84.4 | 68.8 | 77.3 |
| Exceptional items | (20.5) | (23.9) | (0.4) | (23.2) | (10.4) |
| Goodwill amortisation | (7.5) | (12.2) | - | - | - |
| Net finance costs | (20.2) | (19.3) | (16.1) | (14.5) | (9.7) |
| Share of joint ventures' net profit | 3.6 | 1.8 | 2.3 | 7.3 | 7.4 |
| Profit before tax: | 47.8 | 45.6 | 70.2 | 38.4 | 64.6 |
Balance sheet summary
Operating assets by segment: |
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| Foods | 383.6 | 387.4 | 371.5 | 371.3 | 594.3 |
| Dairies | 255.1 | 201.9 | 197.6 | 249.3 | 278.8 |
| Total operating assets | 638.7 | 589.3 | 569.1 | 620.6 | 873.1 |
| Tax, retirement obligations and dividends | (58.2) | (62.1) | (121.0) | (82.4) | (85.5) |
| Net borrowings | (345.2) | (297.7) | (227.5) | (280.2) | (444.5) |
| Net assets | 235.3 | 247.5 | 220.6 | 258.0 | 343.1 |
| Minority interests | (9.1) | (9.8) | (9.8) | (10.8) | (4.0) |
| Shareholders' equity | 226.2 | 237.7 | 210.8 | 247.2 | 339.1 |
Cashflow summary
| Generated from operating activities | 104.9 | 136.6 | 143.0 | 73.4 | 94.2 |
| Dividends from joint ventures | 1.2 | 0.6 | - | 9.0 | 8.9 |
| Fixed asset investments (net of grants) | (61.6) | (41.7) | (37.7) | (44.0) | (36.3) |
| 44.5 | 95.5 | 105.3 | 38.4 | 66.8 | |
| Interest paid |
(22.0) | (20.6) | (17.7) | (16.4) | (15.3) |
| Taxation paid | (4.1) | (8.7) | (12.6) | (15.5) | (6.1) |
| Dividends paid | (18.6) | (20.5) | (23.9) | (25.6) | (27.7) |
| Purchases of businesses | (94.3) | (3.7) | (9.9) | (43.7) | (293.3) |
| Other items (principally asset disposals) | 34.2 | 23.5 | 11.0 | 10.1 | 104.8 |
| Movement in net debt |
(60.3) | 65.5 | 52.2 | (52.7) | (170.8) |
| Basic earnings per share (p) |
30.2 | 28.1 | 41.4 | 27.1 | 38.5 |
| Adjusted basic earnings per share (p) | 46.4 | 50.0 | 43.9 | 38.7 | 48.7 |
| The amounts for the year ended 31 March 2004 and earlier periods are
presented under UK Generally Accepted Accounting Principles ('GAAP') as it is not
practicable to restate amounts for prior periods to the Group's date of transition
to IFRS on 1 April 2004. The principal differences between UK GAAP and IFRS are
explained in note 35 to the consolidated financial statements.
The segmental analysis of revenue, profit on operations and net assets has been restated for the years 2002, 2003 and 2004 based on management's best estimates of the required re-allocation to reflect the Foods and Dairies segments. 2006 and 2007 numbers are based on continuing operations. |
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