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Financial summary

   
    2009
£m 		2008
£m 		2007
£m 		2006
£m 		2005
£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 and underlying net interest expense.
  6. Restated for the 2009 rights issue.
  7. Underlying operating profit from continuing operations plus share of associates profit after tax divided by the average of opening and closing shareholders’ equity after adding back retirement benefit obligations (net of tax), net borrowings and goodwill.
  8. Underlying operating profit from continuing operations plus share of associates 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   4,866 4,618 3,611 3,301 2,806
Underlying operating expenses   (4,420) (4,152) (3,257) (2,926) (2,435)
Underlying operating profit   446 466 354 375 371
Underlying share of post tax profits of associates   1 1 – 1 3
Retirement benefit obligations net finance cost   (31) (7) (14) (22) (28)
Underlying net interest expense   (131) (132) (95) (90) (76)
Underlying profit before tax   285 328 245 264 270
Exceptional and other items 1   (344) (88) 15 4 49
(Loss)/profit before tax   (59) 240 260 268 319
Tax   30 (69) (86) (73) (95)
(Loss)/profit for the financial year   (29) 171 174 195 224
Discontinued operations            
Profit/(loss) for the financial year   – – 66 28 (1)
Total (loss)/profit for the financial year   (29) 171 240 223 223
             
Consolidated balance sheet            
Goodwill and other intangible assets   2,481 2,949 2,216 1,532 1,510
Property, plant and equipment   1,723 1,982 1,310 1,190 1,186
Retirement benefit obligations (net of tax)   (279) (170) (128) (365) (548)
Other net assets/(liabilities)   225 16 (3) 64 81
Underlying net assets   4,150 4,777 3,395 2,421 2,229
             
Shareholders’ equity   2,320 2,174 1,831 1,247 1,009
Minority interests   2 2 2 2 –
Total equity   2,322 2,176 1,833 1,249 1,009
Net borrowings   1,828 2,601 1,562 1,172 1,220
Capital employed   4,150 4,777 3,395 2,421 2,229
             
Statistics            
Underlying return on sales 2 % 9.2 10.1 9.8 11.4 13.2
Underlying earnings per share 2, 6 Pence 25.4 31.5 24.9 31.7 31.0
Basic (loss)/earnings per share 3, 6 Pence (3.7) 23.9 25.2 31.0 36.2
Dividends per ordinary share 4, 6 Pence 8.0 18.7 17.8 16.9 16.1
Interest cover 3, 5 Times 3.4 3.5 3.7 4.2 4.9
Free cash flow £m 290 (128) 24 173 248
Capital expenditure (gross) £m 184 389 311 214 176
Return on net assets 7 % 17.1 20.6 24.3 34.7 39.3
Return on capital employed 8 % 9.5 11.0 11.9 15.6 16.4
Gearing % 79 120 85 94 121
Average number of employees 3 Number 22,900 24,100 22,300 20,600 17,800

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