Notes to the consolidated financial statements

As explained in Note 1, adjusted information is presented as it provides both management and investors with valuable additional information on the performance of the business. The following items are excluded from adjusted information:

  • exceptional items including profits and losses on disposals of businesses, impairments, and closure and restructuring provisions; and
  • amortisation of intangibles acquired through business combinations.

The following table shows the reconciliation of the statutory information presented in the income statement to the adjusted information:

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Year to 31 March 2011

Year to 31 March 2010

£m (unless otherwise stated)

Reported

Exceptional/ amortisation

Adjusted

Reported

Exceptional/ amortisation

Adjusted

Continuing operations

 

 

 

 

 

 

Sales

2 720

2 720

2 533

2 533

Operating profit/(loss)

303

18

321

(44)

312

268

Net finance expense

(58)

(58)

(72)

(72)

Profit/(loss) before tax

245

18

263

(116)

312

196

Income tax (expense)/credit

(49)

(49)

95

(136)

(41)

Non-controlling interests

Profit/(loss) attributable to equity holders of the Company

196

18

214

(21)

176

155

 

 

 

 

 

 

 

Basic EPS (pence)

42.6

3.9

46.5

(4.7)

38.6

33.9

Diluted EPS (pence)

41.9

3.8

45.7

(4.7)

38.4

33.7

Tax rate

19.7%

 

18.5%

81.9%

 

20.8%

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

Sales

590

590

1 074

1 074

Operating (loss)/profit

(45)

43

(2)

50

(22)

28

Net finance income

1

1

(Loss)/profit before tax

(45)

43

(2)

51

(22)

29

Income tax credit/(expense)

16

(19)

(3)

(11)

5

(6)

Non-controlling interests

(4)

(4)

(4)

(4)

(Loss)/profit attributable to equity holders of the Company

(33)

24

(9)

36

(17)

19

 

 

 

 

 

 

 

Basic EPS (pence)

(7.3)

5.4

(1.9)

8.0

(3.7)

4.3

Diluted EPS (pence)

(7.2)

5.3

(1.9)

8.0

(3.7)

4.3

 

 

 

 

 

 

 

Total operations

 

 

 

 

 

 

Sales

3 310

3 310

3 607

3 607

Operating profit

258

61

319

6

290

296

Net finance expense

(58)

(58)

(71)

(71)

Profit/(loss) before tax

200

61

261

(65)

290

225

Income tax (expense)/credit

(33)

(19)

(52)

84

(131)

(47)

Non-controlling interests

(4)

(4)

(4)

(4)

Profit attributable to equity holders of the Company

163

42

205

15

159

174

 

 

 

 

 

 

 

Basic EPS (pence)

35.3

9.3

44.6

3.3

34.9

38.2

Diluted EPS (pence)

34.7

9.1

43.8

3.3

34.7

38.0

Tax rate

16.4%

 

19.7%

129.2%

 

20.9%