Latest Results
Fiscal 2010 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 | 762.6
(507.1) | 710.8
(489.3) | 613.7
(447.9) |
|
|
|---|
| Gross margin | 255.5 | 221.5 | 165.8 | | |
|---|
| Selling, general and administrative expenses | (232.8) | (203.8) | (197.3) | | |
|---|
| Other operating income, net | 29.7 | 28.9 | 28.4 | | |
|---|
Operating income/(loss), net
Interest income
Interest expense | 52.4
0.6
(11.6) | 46.6
0.1
(8.2) | (3.1)
-
(7.4) |
|
|
|---|
Income/(loss) before income taxes
Income taxes | 41.4
(15.1) | 38.5
(10.9) | (10.5)
3.5 |
|
|
|---|
| Net income/(loss) | 26.3 | 27.6 | (7.0) | | |
|---|
| | | | | | |
|---|
Earnings per share
- basic
- diluted | $0.31
$0.31 | $0.32
$0.32 | $(0.08)
$(0.08) |
|
|
|---|
Segmental Information| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
Sales
US
UK |
624.9
137.7 |
552.5
158.3 |
459.3
154.4 |
|
|
|---|
| | 762.6 | 710.8 | 613.7 | | |
|---|
Operating income, net
US
UK
Unallocated1 |
56.4
(1.3)
(2.7) |
50.4
1.0
(4.8) |
4.8
(3.6)
(4.3) |
|
|
|---|
| | 52.4 | 46.6 | (3.1) | | |
|---|
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 | 69.2 | 92.8 | 139.6 | | |
|---|
| Accounts receivable, net | 770.1 | 766.2 | 730.3 | | |
|---|
| Other receivables | 65.0 | 24.4 | 23.9 | | |
|---|
| Other current assets | 58.0 | 51.8 | 52.1 | | |
|---|
| Deferred tax assets | - | - | - | | |
|---|
| Inventories | 1,327.1 | 1,279.2 | 1,306.0 | | |
|---|
| Total current assets | 2,289.4 | 2,214.4 | 2,251.9 | | |
|---|
| Non-current assets | | | | | |
|---|
| Property, plant and equipment, net | 437.7 | 431.2 | 413.6 | | |
|---|
| Other intangible assets, net | 23.4 | 23.6 | 24.9 | | |
|---|
| Other assets | 9.7 | 11.6 | 12.5 | | |
|---|
| Deferred tax assets | 59.3 | 54.1 | 53.9 | | |
|---|
| | | | | | |
|---|
| Total assets | 2,819.5 | 2,734.9 | 2,756.8 | | |
|---|
Liabilities and shareholders' equity:
Current liabilities | | | | | |
|---|
| Loans and overdrafts | 79.4 | 13.3 | 20.3 | | |
|---|
| Accounts payable | 108.8 | 93.9 | 140.9 | | |
|---|
| Accrued expenses and other current liabilities | 256.9 | 220.9 | 230.7 | | |
|---|
| Deferred revenue | 113.5 | 103.4 | 103.0 | | |
|---|
| Deferred tax liabilities | 58.1 | 55.8 | 54.9 | | |
|---|
| Income taxes payable | 55.6 | 43.6 | 21.1 | | |
|---|
| Total current liabilities | 672.3 | 530.9 | 570.9 | | |
|---|
| Non-current liabilities | | | | | |
|---|
| Long-term debt | 280.0 | 280.0 | 280.0 | | |
|---|
| Other liabilities | 72.7 | 76.9 | 78.0 | | |
|---|
| Deferred revenue | 142.4 | 143.0 | 132.4 | | |
|---|
| Retirement benefit obligation | 12.6 | 11.4 | 8.9 | | |
|---|
| | | | | | |
|---|
| Total liabilities | 1,180.0 | 1,042.2 | 1,070.2 | | |
|---|
| | | | | | |
|---|
| Total shareholders' equity | 1,639.5 | 1,692.7 | 1,686.6 | | |
|---|
| | | | | | |
|---|
| Total liabilities and shareholders' equity | 2,819.5 | 2,734.9 | 2,756.8 | | |
|---|
Cash Flow| | Q1
$m | Q2
$m | Q3
$m | Q4
$m | Full year
$m |
|---|
| Cash flows from operating activities: | | | | | |
|---|
| Net income | 26.3 | 27.6 | (7.0) | | |
|---|
| Adjustments for: | | | | | |
|---|
| Depreciation of property, plant and equipment | 24.2 | 25.2 | 25.3 | | |
|---|
| Amortization of other intangible assets | 1.4 | 2.1 | 2.0 | | |
|---|
| Pension (income)/expense | - | (1.4) | (1.4) | | |
|---|
| Share-based compensation expense | 0.7 | 2.4 | 1.2 | | |
|---|
| Deferred taxation | (2.6) | 4.7 | (1.7) | | |
|---|
| Facility amendment fees included in net income | 3.4 | - | 0.6 | | |
|---|
| Other non-cash movements | 9.3 | (1.4) | 3.9 | | |
|---|
| Loss on disposal of property, plant and equipment | 0.4 | - | - | | |
|---|
| Changes in operating assets and liabilities: | | | | | |
|---|
| Decrease in accounts receivable | 55.3 | 4.3 | 35.9 | | |
|---|
| Decrease/(increase) in other receivables | 16.9 | 38.9 | (0.4) | | |
|---|
| (Increase)/decrease in other current assets | (18.4) | 4.5 | (2.4) | | |
|---|
| Decrease/(increase) in inventories | 43.2 | 73.4 | (30.1) | | |
|---|
| Increase/(decrease) in accounts payable | 65.9 | (18.9) | 47.9 | | |
|---|
| Decrease in accrued expenses and other liabilities | (20.6) | (42.4) | 14.8 | | |
|---|
| Decrease in deferred revenue | (7.0) | (10.3) | (10.9) | | |
|---|
| Decrease in income taxes payable | (0.4) | (10.3) | (23.6) | | |
|---|
| Effect of exchange rate changes on currency swaps | - | (1.4) | - | | |
|---|
| Net cash provided by operating activities | 198.0 | 97.0 | 54.1 | | |
|---|
Investing activities: | | | | | |
|---|
| Purchase of property, plant and equipment | (7.3) | (7.5) | (9.6) | | |
|---|
| Purchase of other intangible assets | (1.1) | (1.6) | (3.3) | | |
|---|
| Proceeds from sale of property, plant and equipment | - | - | 0.1 | | |
|---|
| Net cash flows used in investing activities | (8.4) | (9.1) | (12.8) | | |
|---|
Financing activities: | | | | | |
|---|
| Proceeds from issue of common shares | - | - | 0.9 | | |
|---|
| Facility amendment fees paid | (8.4) | (0.9) | - | | |
|---|
| Repayment of/(proceeds from) short-term borrowings | (109.2) | (65.6) | 3.6 | | |
|---|
| Repayment of long-term debt | (100.0) | - | - | | |
|---|
| Net cash flows (used in)/provided by financing activities | (217.6) | (66.5) | 4.5 | | |
|---|
| Cash and cash equivalents at beginning of period | 96.8 | 69.2 | 92.8 | | |
|---|
| (Decrease)/increase in cash and cash equivalents | (28.0) | 21.4 | 45.8 | | |
|---|
| Effect of exchange rate changes on cash and cash equivalents | 0.4 | 2.2 | 1.0 | | |
|---|
| Cash and cash equivalents at end of period | 69.2 | 92.8 | 139.6 | | |
|---|
