Quarterly pro forma translated results fiscal 2009
Fiscal 2009 US GAAP Quarterly Financial Statements
Income Statement
Segmental information
Balance Sheet
Cash flow
Income Statement
| Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Sales
Cost of sales | 822.5
(544.8) | 768.9
(519.8) | 629.3
(454.5) | 1,123.6
(745.1) | 3,344.3
(2,264.2) |
|---|
| Gross margin | 277.7 | 249.1 | 174.8 | 378.5 | 1,080.1 |
|---|
| Selling, general and administrative expenses | (261.7) | (229.9) | (217.3) | (260.3) | (969.2) |
|---|
| Other operating income, net | 29.9 | 28.8 | 28.3 | 32.2 | 119.2 |
|---|
| Impairment of goodwill | - | - | - | (516.9) | (516.9) |
|---|
| Relisting costs | - | (10.5) | - | - | (10.5) |
|---|
Operating income/(loss)
Interest income
Interest expense | 45.9
1.7
(7.5) | 37.5
0.8
(7.7) | (14.2)
0.6
(10.0) | (366.5)
0.5
(7.6) | (297.3)
3.6
(32.8) |
|---|
Income/(loss) before income taxes
Income taxes | 40.1
(14.4) | 30.6
(10.9) | (23.6)
8.5 | (373.6)
(50.4) | (326.5)
(67.2) |
|---|
| Net income/(loss) | 25.7 | 19.7 | (15.1) | (424.0) | (393.7) |
|---|
| | | | | | |
|---|
Earnings/(loss) per share*
- basic
- diluted |
$0.30
$0.30 |
$0.23
$0.23 |
$(0.18)
$(0.18) |
$(4.97)
$(4.97) |
$(4.62)
$(4.62) |
|---|
* Adjusted for the 1 for 20 share consolidation undertaken as part of the move of the primary listing of the parent company's shares, effective September 11, 2008.
Segmental Information| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Sales
US
UK |
631.1
191.4 |
575.6
193.3 |
467.3
162.0 |
862.1
261.5 |
2,536.1
808.2 |
|---|
| | 822.5 | 768.9 | 629.3 | 1,123.6 | 3,344.3 |
|---|
Operating income/(loss)
US
UK
Unallocated1 |
46.7
3.5
(4.3) |
50.2
2.3
(15.0) |
(6.2)
(3.9)
(4.1) |
(327.1)
(39.3)
(0.1) |
(236.4)
(37.4)
(23.5) |
|---|
| | 45.9 | 37.5 | (14.2) | (366.5) | (297.3) |
|---|
1 Unallocated principally relates to central group costs.
Balance Sheet| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Assets:
Current assets | | | | | |
|---|
| Cash and cash equivalents | 29.2 | 66.9 | 35.5 | 96.8 | 96.8 |
|---|
| Accounts receivable, net | 787.4 | 760.8 | 718.6 | 825.2 | 825.2 |
|---|
| Other receivables | 33.5 | 27.0 | 25.8 | 81.8 | 81.8 |
|---|
| Other current assets | 25.9 | 46.3 | 44.4 | 45.0 | 45.0 |
|---|
| Deferred tax assets | - | - | 0.3 | - | - |
|---|
| Inventories | 1,516.0 | 1,454.5 | 1,552.7 | 1,364.4 | 1,364.4 |
|---|
| Total current assets | 2,392.0 | 2,355.5 | 2,377.3 | 2,413.2 | 2,413.2 |
|---|
| Non-current assets | | | | | |
|---|
| Property, plant and equipment, net | 491.0 | 498.7 | 477.7 | 452.1 | 452.1 |
|---|
| Goodwill | 556.7 | 556.0 | 529.6 | - | - |
|---|
| Intangible assets, net | 22.0 | 22.8 | 23.1 | 23.9 | 23.9 |
|---|
| Other assets | 40.5 | 41.1 | 41.4 | 9.9 | 9.9 |
|---|
| Retirement benefit asset | - | - | - | - | - |
|---|
| Deferred tax assets | 76.2 | 74.8 | 68.0 | 54.8 | 54.8 |
|---|
| | 1,186.4 | 1,193.4 | 1,139.8 | 540.7 | 540.7 |
|---|
| Total assets | 3,578.4 | 3,548.9 | 3,517.1 | 2,953.9 | 2,953.9 |
|---|
Liabilities and shareholders' equity:
Current liabilities | | | | | |
|---|
| Loans and overdrafts | 26.2 | 120.2 | 233.3 | 187.5 | 187.5 |
|---|
| Accounts payable | 100.3 | 82.5 | 121.5 | 42.2 | 42.2 |
|---|
| Accrued expenses and other current liabilities | 229.8 | 231.4 | 235.3 | 274.8 | 274.8 |
|---|
| Deferred revenue | 115.8 | 106.3 | 103.6 | 120.1 | 120.1 |
|---|
| Deferred tax liabilities | 55.0 | 53.1 | 49.2 | 56.9 | 56.9 |
|---|
| Income taxes payable | 65.1 | 59.3 | 32.6 | 55.8 | 55.8 |
|---|
| Total current liabilities | 592.2 | 652.8 | 775.5 | 737.3 | 737.3 |
|---|
| Non-current liabilities | | | | | |
|---|
| Long-term debt | 380.0 | 380.0 | 380.0 | 380.0 | 380.0 |
|---|
| Other liabilities | 109.9 | 102.5 | 111.3 | 71.5 | 71.5 |
|---|
| Deferred revenue | 140.8 | 147.8 | 130.4 | 142.5 | 142.5 |
|---|
| Retirement benefit obligation | 4.6 | 4.0 | 2.8 | 12.9 | 12.9 |
|---|
| | 635.3 | 634.3 | 624.5 | 606.9 | 606.9 |
|---|
| Total liabilities | 1,227.5 | 1,287.1 | 1,400.0 | 1,344.2 | 1,344.2 |
|---|
| | | | | | |
|---|
| Total shareholders' equity | 2,350.9 | 2,261.8 | 2,117.1 | 1,609.7 | 1,609.7 |
|---|
| | | | | | |
|---|
| Total liabilities and shareholders' equity | 3,578.4 | 3,548.9 | 3,517.1 | 2,953.9 | 2,953.9 |
|---|
Cash Flow| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
| Cash flows from operating activities: | | | | | |
|---|
| Net income/(loss) | 25.7 | 19.7 | (15.1) | (424.0) | (393.7) |
|---|
| Adjustments for: | | | | | |
|---|
| Depreciation of property, plant and equipment | 27.1 | 25.5 | 27.7 | 27.8 | 108.1 |
|---|
| Amortisation of intangible assets | 1.3 | 1.5 | 1.4 | 2.2 | 6.4 |
|---|
| Impairment of goodwill | - | - | - | 516.9 | 516.9 |
|---|
| Pension expense/(income) | 0.2 | 0.3 | 0.3 | (0.6) | 0.2 |
|---|
| Stock-based compensation expense/(income) | 0.3 | 0.4 | 0.1 | (0.1) | 0.7 |
|---|
| Deferred taxation | (1.5) | - | 6.6 | 19.6 | 24.7 |
|---|
| Other non-cash movements | (4.2) | 1.4 | 1.4 | (1.4) | (2.8) |
|---|
| (Profit)/loss on disposal of property, plant and equipment | (0.3) | 0.4 | - | (0.8) | (0.7) |
|---|
Changes in operating assets and liabilities:
(Increase)/decrease in inventories |
(48.7) |
58.1 |
(156.9) |
160.2 |
12.7 |
|---|
| Decrease in accounts receivables | 62.0 | 24.0 | 43.1 | (108.6) | 20.5 |
|---|
| (Increase)/decrease in other receivables | (1.1) | (5.9) | 1.8 | (13.0) | (18.2) |
|---|
| Decrease/(increase) in other current assets | 2.0 | 0.7 | (4.5) | 3.2 | 1.4 |
|---|
| Increase/(decrease) in trade payables | 8.8 | (21.6) | 55.8 | (81.0) | (38.0) |
|---|
| Accrued expenses and other liabilities | (30.0) | 6.0 | 2.1 | 26.7 | 6.1 |
|---|
| Deferred revenue | (9.6) | (11.4) | (9.5) | 22.0 | (9.8) |
|---|
| (Decrease)/increase in income taxes payable | (10.0) | (6.1) | (28.1) | 23.7 | (20.5) |
|---|
| Effect of exchange rates on currency swaps | (0.4) | 1.6 | (43.7) | (7.5) | (49.6) |
|---|
| Net cash provided by operating activities | 21.6 | 94.6 | (117.5) | 165.3 | 164.4 |
|---|
Investing activities: | | | | | |
|---|
| Purchase of property, plant and equipment | (25.1) | (38.0) | (28.0) | (14.0) | (105.1) |
|---|
| Purchase of other intangible assets | (1.3) | (2.3) | (2.7) | (3.5) | (9.8) |
|---|
| Proceeds from sale of property, plant and equipment | 1.0 | - | - | 0.6 | 1.6 |
|---|
| Net cash flows used in investing activities | (25.4) | (40.3) | (30.7) | (16.9) | (113.3) |
|---|
Financing activities: | | | | | |
|---|
| Dividends paid | - | (107.4) | - | (16.4) | (123.8) |
|---|
| Proceeds from issue of common stock | - | - | - | 0.1 | 0.1 |
|---|
| (Decrease)/increase in short-term borrowings | (10.4) | 94.1 | 116.0 | (39.1)
| 160.6 |
|---|
| Net cash flows used in financing activities | (10.4) | (13.3) | 116.0 | (55.4) | 36.9 |
|---|
| Cash and cash equivalents at beginning of period | 41.7 | 29.2 | 66.9 | 35.5 | 41.7 |
|---|
| (Decrease)/increase in cash and cash equivalents | (14.2) | 41.0 | (32.2) | 93.0 | 88.0 |
|---|
| Effect of exchange rate changes on cash and cash equivalents | 1.7 | (3.3) | 0.8 | (31.7) | (32.9) |
|---|
| Cash and cash equivalents at end of period | 29.2 | 66.9 | 35.5 | 96.8 | 96.8
|
|---|
