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- Five Year Financial Summary
FIVE YEAR FINANCIAL SUMMARY
The income statements, cash flow information and balance sheet information for 2005 and 2006 have been prepared under IFRS.
The years prior to 2005 have not been adjusted from UK GAAP as it is not practicable to restate these years’ reports in accordance with IFRS.
Due to differences between IFRS and UK GAAP, there are some comparative inconsistencies in the tables below.
Group income statement
| 2002 UK GAAP £m | 2003 UK GAAP £m | 2004 UK GAAP £m | 2005 IFRS £m | 2006 IFRS £m | |
|---|---|---|---|---|---|
| Revenue | 1,944.7 | 1,933.0 | 2,108.5 | 2,136.3 | 2,176.0 |
| Operating profit before exceptional operating costs and amortisation and impairment of goodwill and intangible assets | 242.1 | 237.9 | 283.6 | 283.4 | 300.4 |
| Amortisation and impairment of intangible assets and exceptional operating costs | (64.3) | (63.5) | (101.9) | (47.9) | (150.9) |
| Operating profit | 177.8 | 174.4 | 181.7 | 235.5 | 149.5 |
| Share of results of joint ventures and associates | (17.7) | (6.8) | (11.2) | (2.3) | 5.6 |
| Total operating profit | 160.1 | 167.6 | 170.5 | 233.2 | 155.1 |
| Other gains and losses | 10.9 | (1.6) | 11.4 | 15.5 | 188.6 |
| Profit from operations | 171.0 | 166.0 | 181.9 | 248.7 | 343.7 |
| Net finance costs | (64.2) | (58.8) | (59.7) | (53.4) | (32.2) |
| Profit before tax | 106.8 | 107.2 | 122.2 | 195.3 | 311.5 |
| Tax | (16.9) | (44.3) | (54.8) | (39.9) | (60.0) |
| Profit for the year after tax | 89.9 | 62.9 | 67.4 | 155.4 | 251.5 |
| Equity interests of minority shareholders | (6.8) | (2.1) | (5.7) | (13.3) | (11.7) |
| Profit for the year | 83.1 | 60.8 | 61.7 | 142.1 | 239.8 |
| Dividends | (36.6) | (39.8) | (43.7) | (44.9) | (48.6) |
| Retained profit | 46.5 | 21.0 | 18.0 | 97.2 | 191.2 |
| Profit before amortisation and impairment of intangible assets, exceptional items and taxation | 182.8 | 185.9 | 234.1 | 237.3 | 259.7 |
| Basic earnings per share | 20.9p | 15.3p | 15.5p | 35.9p | 60.8p |
| Diluted earnings per share | 20.9p | 15.3p | 15.4p | 35.8p | 60.7p |
| Adjusted earnings per share (before amortisation and impairment of goodwill and intangible assets and exceptional items) | 31.1p | 33.3p | 41.6p | 43.2p | 46.4p |
| 2002 UK GAAP £m | 2003 UK GAAP £m | 2004 UK GAAP £m | 2005 IFRS £m | 2006 IFRS £m | |
|---|---|---|---|---|---|
| Group cash flow Information | |||||
| Net cash inflow from operating activities | 239.7 | 286.7 | 368.1 | 332.9 | 350.8 |
| Investing activities | (175.3) | (125.2) | (166.6) | (175.5) | (202.9) |
| Financing activities | (96.2) | (185.6) | (158.3) | (125.2) | (173.3) |
| Net (decrease)/increase in cash and cash equivalents | (31.8) | (24.1) | 43.2 | 32.2 | (25.4) |
| Cash and cash equivalents at beginning of year | 102.8 | 69.2 | 44.5 | 91.4 | 124.0 |
| Exchange (loss)/gain on cash and cash equivalents | (1.8) | (0.6) | – | 0.4 | (2.5) |
| Cash and cash equivalents at end of year | 69.2 | 44.5 | 87.7 | 124.0 | 96.1 |
| Net (decrease)/increase in cash and cash equivalents | (31.8) | (24.1) | 43.2 | 32.2 | (25.4) |
| Cash outflow/(inflow) from change in debt and lease finance | (8.9) | 84.2 | 43.7 | (7.0) | 36.6 |
| Cash outflow/(inflow) from change in liquid resources | (3.6) | (7.1) | 1.3 | – | – |
| Change in net debt from cash flows | (44.3) | 53.0 | 88.2 | 25.2 | 11.2 |
| Loan notes issued and loans, lease finance and liquid resources arising from acquisitions and disposals | (1.2) | (2.7) | (2.2) | (2.0) | 3.3 |
| Other non-cash items | (0.9) | (1.7) | 7.4 | (10.4) | 14.3 |
| Decrease/(increase) in net debt in the year | (46.4) | 48.6 | 93.4 | 12.8 | 28.8 |
| Net debt at beginning of year | (875.4) | (921.8) | (873.2) | (779.8) | (767.0) |
| Net debt at end of year | (921.8) | (873.2) | (779.8) | (767.0) | (738.2) |
Group balance sheet information
| 2002 UK GAAP £m | 2003 UK GAAP £m | 2004 UK GAAP £m | 2005 IFRS £m | 2006 IFRS £m | |
|---|---|---|---|---|---|
| Goodwill and intangible assets | 652.6 | 650.8 | 793.0 | 916.2 | 1,124.9 |
| Tangible assets | 476.4 | 503.2 | 502.6 | 500.8 | 513.7 |
| Fixed asset investments and other non current assets | 218.1 | 207.5 | 178.9 | 203.7 | 180.5 |
| Fixed assets | 1,347.1 | 1,361.5 | 1,474.5 | 1,620.7 | 1,819.1 |
| Net current liabilities | (87.1) | (106.7) | (306.0) | (174.4) | (236.8) |
| Long-term liabilities | (1,015.2) | (957.7) | (766.4) | (1,092.8) | (1,107.0) |
| Net assets | 244.8 | 297.1 | 402.1 | 353.5 | 475.3 |
| Shareholders' equity | |||||
| Called up share capital | 50.1 | 50.2 | 50.2 | 50.2 | 50.2 |
| Share premium account | 6.6 | 7.1 | 7.3 | 8.3 | 9.7 |
| Revaluation reserve | 52.5 | 74.2 | 72.1 | 71.1 | 46.5 |
| Other reserves | (24.4) | (27.5) | (25.7) | (20.9) | (48.2) |
| Retained earnings | 160.0 | 193.1 | 298.2 | 244.8 | 417.1 |
| Total equity | 244.8 | 297.1 | 402.1 | 535.5 | 475.3 |
| 2002 | 2003 | 2004 | 2005 | 2006 | |
|---|---|---|---|---|---|
| Shareholder value | |||||
| Dividend per share* | 9.20p | 10.00p | 11.00p | 12.00p | 13.05p |
| Price of ‘A’ Ordinary Non-Voting shares: | |||||
| Lowest | £4.61 | £3.98 | £5.35 | £6.50 | £5.55 |
| Highest | £8.05 | £6.58 | £7.38 | £7.61 | £8.01 |
* Represents the dividends declared by the Directors in respect of the above years.