Five-year review financial years to 31 March

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IFRS

 

Share information

20071

20081

20091

20101

20111

Pence per 25p ordinary share

1

‘Amortisation’ relates to the amortisation of acquired intangible assets.

2

These ratios have been calculated using the results of both continuing and discontinued operations.

3

Interest cover has been calculated using the same basis as set out in the Group’s external bank covenants.

Closing share price

575.0

540.0

260.5

454.2

577.5

Earnings per share:

 

 

 

 

 

– basic2

44.3

40.9

14.2

3.3

35.3

– basic, before amortisation and exceptional items2

48.7

41.1

37.8

38.2

44.6

Earnings per share:

 

 

 

 

 

– diluted2

43.6

40.4

14.1

3.3

34.7

– diluted, before amortisation and exceptional items2

47.9

40.6

37.5

38.0

43.8

Dividend

21.5

22.6

22.9

22.9

23.7

Closing market capitalisation (£ million)

2 816

2 484

1 198

2 092

2 665

 

 

 

 

 

 

Business ratios

 

 

 

 

 

Interest cover – times

8.4

7.8

6.1

5.8

6.9

Profit before interest, exceptional items and amortisation divided by net finance expense2,3

 

 

 

 

 

Gearing

90%

110%

122%

95%

48%

Net borrowings as a percentage of total net assets2

 

 

 

 

 

Net margin

9.2%

8.7%

6.8%

8.2%

9.6%

Profit before interest, exceptional items and amortisation as a percentage of sales2

 

 

 

 

 

Return on net operating assets

18.9%

15.5%

12.7%

14.1%

20.2%

Profit before interest and exceptional items as a percentage of average net operating assets2

 

 

 

 

 

Dividend cover – times

 

 

 

 

 

Basic earnings per share after exceptional items and amortisation divided by dividends per share2

2.1

1.8

0.6

0.1

1.5

Basic earnings per share before exceptional items and amortisation divided by dividends per share2

2.3

1.8

1.7

1.7

1.9

Results presented above are for years to 31 March and have been calculated using the Group’s published interim and full-year financial statements.

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IFRS

 

Employment of capital

20071
£m

20081
£m

20091
£m

20101
£m

20111
£m

1

Profit summary for the years ended 31 March 2007 to 31 March 2010 has been restated to reflect the disposal of EU Sugars, the sale of the Molasses businesses and the intention to sell the remaining businesses in the legacy Sugars segment. These businesses, classed as discontinued operations are excluded from all years.

2

‘Amortisation’ relates to the amortisation of acquired intangible assets.

Goodwill, intangible assets and property, plant and equipment

1 449

1 516

1 922

1 548

1 175

Other non-current assets

25

22

19

21

24

Working capital

445

576

394

45

140

Net assets held for sale

61

28

18

62

Net operating assets

1 980

2 114

2 363

1 632

1 401

Net borrowings

(900)

(1 041)

(1 231)

(814)

(464)

Net (liabilities)/assets for dividends and tax

(85)

(123)

(119)

36

36

Total net assets

995

950

1 013

854

973

 

 

 

 

 

 

Capital employed

 

 

 

 

 

Called up share capital

122

114

115

115

117

Reserves

838

820

872

712

833

 

960

934

987

827

950

Non-controlling interests

35

16

26

27

23

 

995

950

1 013

854

973

 

 

 

 

 

 

Profit summary1

 

 

 

 

 

Sales

1 707

1 995

2 505

2 533

2 720

Group operating profit:

 

 

 

 

 

Before exceptional items and amortisation2

250

260

286

268

321

Amortisation of acquired intangible assets

(9)

(12)

(15)

(14)

(13)

Exceptional items

(13)

(59)

(110)

(298)

(5)

Group operating profit/(loss)

228

189

161

(44)

303

Net finance expense

(39)

(45)

(53)

(72)

(58)

Profit/(loss) before tax

189

144

108

(116)

245

Income tax (expense)/credit

(66)

(72)

(11)

95

(49)

Profit/(loss) after tax

123

72

97

(21)

196

Non-controlling interests

(3)

10

(1)

(4)

(4)

Discontinued operations

94

112

(31)

40

(29)

Profit for the year attributable to equity holders of the Company

214

194

65

15

163

 

 

 

 

 

 

Profit before tax, exceptional items and amortisation2

210

215

233

196

263

Earnings/(loss) per share attributable to the equity holders of the Company from continuing operations:

 

 

 

 

 

– basic

24.9

17.3

21.0

(4.7)

42.6

– diluted

24.4

17.1

20.9

(4.7)

41.9