| |
|
(In £’s
million) |
|
Half
year to 31 December 2003 (Unaudited) |
|
Half year
to 31 December 2002 (Unaudited) |
|
Year to
30 June 2003 |
| OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Total operating profit / (loss) |
|
|
|
83.1 |
|
82.3 |
|
(327.2) |
| Depreciation and amortisation |
|
|
|
29.5 |
|
45.3 |
|
96.3 |
| Amounts written off fixed assets |
|
|
|
– |
|
– |
|
430.1 |
| Other operating activities |
|
|
|
– |
|
2.2 |
|
(1.3) |
| Pension contribution in September 2003 |
|
|
|
(51.7) |
|
– |
|
– |
| (Increase) / decrease in working capital |
|
|
|
(32.6) |
|
7.1 |
|
88.2 |
 |
|
|
|
|
|
|
|
|
| NET CASH INFLOW FROM OPERATING ACTIVITIES |
|
|
|
28.3 |
|
136.9 |
|
286.1 |
| Returns on investment and servicing of finance |
|
|
|
(3.4) |
|
(8.5) |
|
(10.6) |
| Tax paid |
|
|
|
(9.4) |
|
(36.1) |
|
(62.6) |
| Net capital receipts / (expenditure) |
|
|
|
18.3 |
|
(32.3) |
|
(74.5) |
|
|
|
|
|
|
|
|
|
| CASH INFLOW BEFORE ACQUISITIONS AND DISPOSALS |
|
|
|
33.8 |
|
60.0 |
|
138.4 |
| Net acquisitions and disposals |
|
|
|
198.8 |
|
(6.4) |
|
(52.6) |
| Equity dividends paid |
|
|
|
(62.2) |
|
(54.1) |
|
(84.0) |
|
|
|
|
|
|
|
|
|
| CASH INFLOW / (OUTFLOW) BEFORE FINANCING |
|
|
|
170.4 |
|
(0.5) |
|
1.8 |
| Financing |
|
|
|
(207.4) |
|
0.2 |
|
40.1 |
| Exceptional finance costs |
|
|
|
(18.0) |
|
– |
|
– |
|
|
|
|
|
|
|
|
|
| (DECREASE) / INCREASE IN CASH |
|
|
|
(55.0) |
|
(0.3) |
|
41.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| RECONCILIATION OF NET CASH FLOW TO MOVEMENTS
IN NET DEBT |
|
|
|
|
|
|
|
|
| (Decrease) / increase in cash |
|
|
|
(55.0) |
|
(0.3) |
|
41.9 |
| Cash flow from financing |
|
|
|
207.7 |
|
– |
|
(39.5) |
|
|
|
|
|
|
|
|
|
| Change in net debt resulting from cash flows |
|
|
|
152.7 |
|
(0.3) |
|
2.4 |
| Borrowings disposed |
|
|
|
0.3 |
|
– |
|
3.2 |
| Loan notes issued |
|
|
|
– |
|
(2.2) |
|
(2.2) |
| Exchange adjustment and other |
|
|
|
(1.7) |
|
(0.8) |
|
(17.2) |
|
|
|
|
|
|
|
|
|
| MOVEMENT IN NET DEBT IN THE PERIOD |
|
|
|
151.3 |
|
(3.3) |
|
(13.8) |
| OPENING NET DEBT |
|
|
|
(245.8) |
|
(232.0) |
|
(232.0) |
|
|
|
|
|
|
|
|
|
| CLOSING NET DEBT |
|
|
|
(94.5) |
|
(235.3) |
|
(245.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Details of the prior period adjustment arising
from adoption of UITF abstract 38 are shown below in the reconciliation
of movements in equity shareholders’ interests. The prior period adjustment
has no cumulative effect on retained profits.
| |
|
(In £’s
million) |
|
Half
year to 31 December 2003 (Unaudited) |
|
Half year
to 31 December 2002 (Unaudited and restated) |
|
Year to
30 June 2003 (Restated) |
| Profit / (loss) for the period |
|
|
|
33.5 |
|
48.4 |
|
(485.7) |
| Dividends |
|
|
|
(17.4) |
|
(30.0) |
|
(92.1) |
|
|
|
|
|
|
|
|
|
| |
|
|
|
16.1 |
|
18.4 |
|
(577.8) |
| Exchange differences on translation |
|
|
|
(0.1) |
|
2.0 |
|
– |
| Other recognised gains & losses relating
to the period |
|
|
|
– |
|
– |
|
1.8 |
| New share capital subscribed |
|
|
|
0.3 |
|
0.1 |
|
0.2 |
| Goodwill written back relating to impairment
charge |
|
|
|
– |
|
– |
|
151.8 |
| Goodwill written back |
|
|
|
63.2 |
|
1.8 |
|
1.2 |
|
|
|
|
|
|
|
|
|
| Net increase / (decrease) in equity shareholders’
interests |
|
|
|
79.5 |
|
22.3 |
|
(422.8) |
| Opening shareholders’ interests as previously
reported |
|
|
|
14.5 |
|
469.3 |
|
469.3 |
| Prior period adjustment in respect of UITF abstract
38 |
|
|
|
(17.7) |
|
(50.1) |
|
(49.7) |
|
|
|
|
|
|
|
|
|
| Closing shareholders’ interests as restated |
|
|
|
76.3 |
|
441.5 |
|
(3.2) |
|
|
|
|
|
|
|
|
|
The results, summarised balance sheet, statement
of total recognised gains and losses and movement in equity shareholders’
interests for the periods ended 31 December 2002 and 30 June 2003
have been restated as a result of the adoption of UITF abstract 38
– Accounting for ESOP trusts. The adoption of UITF abstract 38 has
resulted in a decrease in opening shareholders’ funds at 1 July 2002
of £50.1 million and a decrease in opening shareholders’ funds at
1 July 2003 of £17.7 million. The adoption has also resulted in the
reversal of the impairment charge of £32.0 million recorded in the
profit and loss account for the year ended 30 June 2003.
