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Fiscal 2011 US GAAP Quarterly Financial Statements

Income Statement
	Q1 $m	Q2 $m	Q3 $m	Q4 $m	Full year $m
Sales Cost of sales	810.0 (513.7)
Gross margin	296.3
Selling, general and administrative expenses	(238.5)
Other operating income, net	27.7
Operating income, net Interest income Interest expense	85.5 0.1 (8.8)
Income before income taxes Income taxes	76.8 (24.8)
Net income	52.0

Earnings per share - basic - diluted	$0.61 $0.60

Segmental Information
	Q1 $m	Q2 $m	Q3 $m	Q4 $m	Full year $m
Sales US UK	667.1 142.9
Total sales	810.0
Operating income, net US UK Unallocated⁽¹⁾	91.1 (1.4) (4.2)
Total operating income, net	85.5

(1) Unallocated principally relates to central costs.

Balance Sheet
	Q1 $m	Q2 $m	Q3 $m	Q4 $m	Full year $m
Assets: Current assets
Cash and cash equivalents	447.1
Accounts receivable, net	801.7
Other receivables	25.2
Other current assets	51.1
Deferred tax assets	0.7
Inventories	1,122.0
Total current assets	2,447.8
Non-current assets
Property, plant and equipment, net	375.2
Other intangible assets, net	23.6
Other assets	12.0
Deferred tax assets	52.8

Total assets	2,911.4
Liabilities and shareholders' equity: Current liabilities
Loans and overdrafts	47.2
Accounts payable	104.2
Accrued expenses and other current liabilities	233.9
Deferred revenue	115.9
Deferred tax liabilities	79.6
Income taxes payable	32.1
Total current liabilities	612.9
Non-current liabilities
Long-term debt	229.1
Other liabilities	78.9
Deferred revenue	143.1
Retirement benefit obligation	1.8

Total liabilities	1,065.8

Total shareholders' equity	1,845.6

Total liabilities and shareholders' equity	2,911.4

Cash Flows
	Q1 $m	Q2 $m	Q3 $m	Q4 $m	Full year $m
Cash flows from operating activities:
Net income	52.0
Adjustments for:
Depreciation of property, plant and equipment	22.4
Amortization of other intangible assets	2.0
Pension expense	(1.9)
Share-based compensation	2.3
Deferred taxation	6.3
Facility amendment fees included in net income	2.3
Other non-cash movements	(0.7)
Loss on disposal of property, plant and equipment	-
Changes in operating assets and liabilities:
Decrease in accounts receivable	55.1
Decrease in other receivables	3.7
Decrease in other current assets	10.0
Decrease in inventories	38.9
Increase in accounts payable	38.5
Decrease in accrued expenses and other liabilities	(33.6)
Decrease in deferred revenue	(1.8)
Decrease in income taxes payable	(11.1)
Effect of exchange rate changes on currency swaps	(0.2)
Net cash provided by operating activities	184.2
Investing activities:
Purchase of property, plant and equipment	(4.7)
Purchase of other intangible assets	(1.6)
Proceeds from sale of property, plant and equipment	-
Net cash flows used in investing activities	(6.3)
Financing activities:
Proceeds from issue of common shares	0.8
Facility fees paid	(1.0)
Proceeds from short-term borrowings	3.1
Repayment of long-term debt	(50.9)
Net cash flows used in financing activities	(48.0)
Cash and cash equivalents at beginning of period	316.2
Increase in cash and cash equivalents	129.9
Effect of exchange rate changes on cash and cash equivalents	1.0
Cash and cash equivalents at end of period	447.1

LSE	1888.00p	-0.63
NYSE	$29.77	0.50

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