Quarterly pro forma translated results fiscal 2008
Fiscal 2008 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 | 814.4
(540.6) | 787.4
(541.3) | 678.7
(483.5) | 1,384.8
(849.2) | 3,665.3
(2,414.6) |
|---|
| Gross margin | 273.8 | 246.1 | 195.2 | 535.6 | 1,250.7 |
|---|
| Selling, general and administrative expenses | (245.9) | (203.7) | (211.0) | (340.2) | (1,000.8) |
|---|
| Other operating income, net | 27.3 | 26.1 | 25.9 | 29.5 | 108.8 |
|---|
Operating income
Interest income
Interest expense | 55.2
2.4
(6.6) | 68.5
1.6
(7.4) | 10.1
0.7
(7.0) | 224.9
1.6
(7.8) | 358.7
6.3
(28.8) |
|---|
Income before income taxes
Income taxes | 51.0
(17.7) | 62.7
(21.7) | 3.8
(1.3) | 218.7
(75.7) | 336.2
(116.4) |
|---|
| Net income | 33.3 | 41.0 | 2.5 | 143.0 | 219.8 |
|---|
| | | | | | |
|---|
Earnings per share*
- basic
- diluted |
$0.39
$0.39 |
$0.48
$0.48 |
$0.03
$0.03 |
$1.68
$1.65 |
$2.58
$2.55 |
|---|
* 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 |
632.3
182.1 |
584.6
202.8 |
488.2
190.5 |
1,000.6
384.2 |
2,705.7
959.6 |
|---|
| | 814.4 | 787.4 | 678.7 | 1,384.8 | 3,665.3 |
|---|
Operating income
US
UK
Unallocated1 |
60.0
(0.8)
(4.0) |
69.9
3.4
(4.8) |
12.6
1.7
(4.2) |
122.7
105.0
(2.8) |
265.2
109.3
(15.8) |
|---|
| | 55.2 | 68.5 | 10.1 | 224.9 | 358.7 |
|---|
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 | 105.0 | 51.8 | 42.8 | 41.7 | 41.7 |
|---|
| Accounts receivable, net | 733.9 | 723.0 | 693.9 | 848.2 | 848.2 |
|---|
| Other receivables | 26.4 | 35.7 | 31.7 | 40.5 | 40.5 |
|---|
| Other current assets | 32.7 | 43.1 | 61.8 | 38.8 | 38.8 |
|---|
| Deferred tax assets | 1.6 | 1.6 | 1.6 | - | - |
|---|
| Inventories | 1,403.3 | 1,368.3 | 1,664.4 | 1,453.6 | 1,453.6 |
|---|
| Total current assets | 2,302.9 | 2,223.5 | 2,496.2 | 2,422.8 | 2,422.8 |
|---|
| Non-current assets | | | | | |
|---|
| Property, plant and equipment, net | 472.5 | 477.1 | 501.4 | 489.2 | 489.2 |
|---|
| Goodwill | 557.5 | 561.2 | 564.2 | 556.0 | 556.0 |
|---|
| Intangible assets, net | 18.7 | 19.8 | 20.0 | 22.0 | 22.0 |
|---|
| Other assets | 33.8 | 34.1 | 34.3 | 34.8 | 34.8 |
|---|
| Retirement benefit asset | 5.1 | 6.5 | 8.0 | - | - |
|---|
| Deferred tax assets | 58.6 | 58.6 | 58.6 | 74.6 | 74.6 |
|---|
| | 1,146.2 | 1,157.3 | 1,186.5 | 1,176.6 | 1,176.6 |
|---|
| Total assets | 3,449.1 | 3,380.8 | 3,682.7 | 3,599.4 | 3,599.4 |
|---|
Liabilities and shareholders' equity:
Current liabilities | | | | | |
|---|
| Loans and overdrafts | 11.2 | 26.6 | 187.6 | 36.3 | 36.3 |
|---|
| Accounts payable | 104.2 | 85.7 | 232.2 | 89.3 | 89.3 |
|---|
| Accrued expenses and other current liabilities | 227.7 | 228.8 | 233.7 | 268.2 | 268.2 |
|---|
| Deferred revenue | 112.7 | 102.5 | 101.6 | 125.3 | 125.3 |
|---|
| Deferred tax liabilities | 27.8 | 27.8 | 27.8 | 47.9 | 47.9 |
|---|
| Income taxes payable | 86.4 | 81.3 | 50.8 | 79.5 | 79.5 |
|---|
| Total current liabilities | 570.0 | 552.7 | 833.7 | 646.5 | 646.5 |
|---|
| Non-current liabilities | | | | | |
|---|
| Long-term debt | 380.0 | 380.0 | 380.0 | 380.0 | 380.0 |
|---|
| Other liabilities | 106.9 | 105.4 | 107.2 | 96.4 | 96.4 |
|---|
| Deferred revenue | 135.8 | 134.6 | 129.1 | 149.7 | 149.7 |
|---|
| Retirement benefit obligation | - | - | - | 5.6 | 5.6 |
|---|
| | 622.7 | 620.0 | 616.3 | 631.7 | 631.7 |
|---|
| Total liabilities | 1,192.7 | 1,172.7 | 1,450.0 | 1,278.8 | 1,278.2 |
|---|
| | | | | | |
|---|
| Total shareholders' equity | 2,256.4 | 2,208.1 | 2,232.7 | 2,321.2 | 2,321.2 |
|---|
| | | | | | |
|---|
| Total liabilities and shareholders' equity | 3,449.1 | 3,380.8 | 3,682.7 | 3,599.4 | 3,599.4 |
|---|
Cash Flow| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full Year
$m |
|---|
| Cash flows from operating activities: | | | | | |
|---|
| Net income | 33.3 | 41.0 | 2.5 | 143.0 | 219.8 |
|---|
| Adjustments for: | | | | | |
|---|
| Depreciation of property, plant and equipment | 24.0 | 25.8 | 25.7 | 33.7 | 109.2 |
|---|
| Amortisation of intangible assets | 1.2 | 1.1 | 1.0 | 1.4 | 4.7 |
|---|
| Pension expense | (0.4) | (0.4) | (0.6) | (0.6) | (2.0) |
|---|
| Share-based payment expense | 1.7 | (2.9) | 0.5 | (2.7) | (3.4) |
|---|
| Deferred taxation | - | - | - | 6.9 | 6.9 |
|---|
| Other non-cash movements | (1.9) | 0.6 | (0.6) | (1.1) | (3.0) |
|---|
| Profit on disposal of property, plant and equipment | - | - | - | 1.4 | 1.4 |
|---|
Changes in operating assets and liabilities:
(Increase)/decrease in inventories |
(49.0) |
43.6 |
(282.8) |
191.4 |
(96.8) |
|---|
| Decrease/(increase) in accounts receivables | 58.1 | 11.6 | 28.9 | (154.8) | (56.2) |
|---|
| Decrease/(increase) in other receivables | 9.9 | (9.4) | 4.9 | (10.6) | (5.2) |
|---|
| Decrease/(increase) in other current assets | 5.0 | (15.5) | (13.8) | 25.0 | 0.7 |
|---|
| (Decrease)/increase in trade payables | (11.7) | (19.7) | 145.4 | (145.7) | (31.7) |
|---|
| (Decrease)/increase in other payables | (49.3) | (0.1) | (21.3) | 88.0 | 17.3 |
|---|
| (Decrease)/increase in income taxes payable | (21.8) | (14.1) | (13.6) | 30.5 | (19.0) |
|---|
| Net cash provided by operating activities | (0.9) | 61.6 | (123.8) | 205.8 | 142.7 |
|---|
Investing activities: | | | | | |
|---|
| Purchase of property, plant and equipment | (24.1) | (27.8) | (47.2) | (30.0) | (129.1) |
|---|
| Purchase of other intangible assets | (4.2) | (2.0) | (1.1) | (4.0) | (11.3) |
|---|
| Proceeds from sale of property, plant and equipment | - | - | - | 1.0 | 1.0 |
|---|
| Net cash flows used in investing activities | (28.3) | (29.8) | (48.3) | (33.0) | (139.4) |
|---|
Financing activities: | | | | | |
|---|
| Dividends paid | - | (107.6) | - | (16.3) | (123.9) |
|---|
| Proceeds from issue of common stock | 3.2 | 2.3 | - | 0.5 | 6.0 |
|---|
| Purchase of own stock | (29.0) | - | - | - | (29.0) |
|---|
| Increase/(decrease) in short-term borrowings | 6.5 | 15.5 | 159.1 | (150.0) | 31.1 |
|---|
| Net cash flows used in financing activities | (19.3) | (89.8) | 159.1 | (165.8) | (115.8) |
|---|
Cash and cash equivalents at beginning of period | 152.3 | 105.0 | 51.8 | 42.8 | 152.3 |
|---|
| (Decrease)/increase in cash and cash equivalents | (48.5) | (58.0) | (13.0) | 7.0 | (112.5) |
|---|
| Effect of exchange rate changes on cash and cash equivalents | 1.2 | 4.8 | 4.0 | (8.1) | 1.9 |
|---|
| Cash and cash equivalents at end of period | 105.0 | 51.8 | 42.8 | 41.7 | 41.7 |
|---|
