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annual report 2011

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financial statements

 

five year financial summary

For the year ended 31 December   2011
£m 		2010
£m 		2009
£m 		2008
£m 		2007
£m
  1. Other items comprise the amortisation of certain acquired intangible assets and fair value changes on financing derivatives.
  2. Based on continuing operations before exceptional and other items.
  3. Based on continuing operations.
  4. Includes proposed final dividends.
  5. Based on underlying operating profit from continuing operations and underlying net interest expense from continuing operations.
  6. Underlying operating profit from total operations (excluding Glass, sold in 2007) plus share of associates and joint ventures profit after tax divided by the average of opening and closing shareholders’ equity after adding back retirement benefit obligations (net of tax) and net borrowings and excluding goodwill and certain acquired intangible assets.
  7. Underlying operating profit from total operations (excluding Glass, sold in 2007) plus share of associates and joint ventures profit after tax divided by the average of opening and closing shareholders’ equity after adding back retirement benefit obligations (net of tax) and net borrowings.
Consolidated income statement            
Continuing operations            
Sales   4,734 4,619 4,533 4,254 3,423
Underlying operating expenses   (4,185) (4,106) (4,115) (3,831) (3,097)
Underlying operating profit   549 513 418 423 326
Underlying share of post tax profits of associates and joint ventures 9 5 2 2 –
Retirement benefit obligations net finance cost   (16) (15) (31) (7) (14)
Underlying net interest expense   (92) (113) (131) (132) (94)
Underlying profit before tax   450 390 258 286 218
Exceptional and other items1   (19) (52) (124) (65) 22
Profit before tax   431 338 134 221 240
Tax   (128) (102) (44) (62) (78)
Profit for the financial year   303 236 90 159 162
Discontinued operations            
Profit/(loss) for the financial year   73 (112) (119) 12 78
Total profit/(loss) for the financial year   376 124 (29) 171 240
             

As at 31 December 		  2011
£m 		2010
£m 		2009
£m 		2008
£m 		2007
£m
Consolidated balance sheet            
Goodwill and other intangible assets   2,177 2,231 2,481 2,949 2,216
Property, plant and equipment   1,590 1,571 1,723 1,982 1,310
Retirement benefit obligations (net of tax)   (371) (317) (279) (170) (128)
Other net assets/(liabilities)   235 524 225 16 (3)
Underlying net assets   3,631 4,009 4,150 4,777 3,395
             
Shareholders’ equity   2,319 2,322 2,320 2,174 1,831
Non controlling interests   – 3 2 2 2
Total equity   2,319 2,325 2,322 2,176 1,833
Net borrowings   1,312 1,684 1,828 2,601 1,562
Capital employed   3,631 4,009 4,150 4,777 3,395
             
Statistics            
Underlying return on sales2 % 11.6 11.1 9.2 9.9 9.5
Underlying earnings per share2 Pence 36.1 31.4 23.0 27.7 22.4
Basic earnings per share3 Pence 34.7 27.1 11.4 22.2 23.5
Dividends per ordinary share4 Pence 14.4 12.0 8.0 18.7 17.8
Interest cover5 Times 6.0 4.5 3.2 3.2 3.5
Free cash flow £m 245 316 290 (128) 24
Capital expenditure (gross) £m 240 206 184 389 311
Return on net assets6 % 29.5 27.0 22.1 27.5 30.3
Return on capital employed7 % 13.7 12.3 9.5 11.0 11.9
Gearing % 57 72 79 120 85
Average number of employees3 Number 19,000 19,600 20,700 22,500 21,100
 

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