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:

  • discontinued operations;
  • exceptional items including profits/losses on disposals of businesses, impairments, and closure and restructuring provisions; and
  • amortisation of acquired intangibles.

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 2010

Year to 31 March 2009

 

Reported
£m

Exceptional/ amortisation
£m

Adjusted
£m

Reported
£m

Exceptional/ amortisation
£m

Adjusted
£m

Continuing operations

 

 

 

 

 

 

Sales

3 506

3 506

3 553

3 553

Operating profit

8

290

298

164

134

298

Net finance expense

(69)

(69)

(51)

(51)

(Loss)/profit before tax

(61)

290

229

113

134

247

Income tax credit/(expense)

84

(131)

(47)

(19)

(49)

(68)

Minority interests

(4)

(4)

(5)

(5)

Profit attributable to equity holders of the Company

19

159

178

89

85

174

 

 

 

 

 

 

 

Basic EPS (p)

4.2

34.9

39.1

19.5

18.7

38.2

Diluted EPS (p)

4.2

34.7

38.9

19.4

18.6

38.0

Tax rate

137.7%

 

20.4%

16.8%

 

27.3%

 

 

 

 

 

 

 

Discontinued operations

 

 

 

 

 

 

Sales

101

101

852

852

Operating (loss)/profit

(2)

(2)

(21)

22

1

Net finance expense

(2)

(2)

(2)

(2)

Loss before tax

(4)

(4)

(23)

22

(1)

Income tax expense

(1)

(1)

Minority interests

Loss attributable to equity holders of the Company

(4)

(4)

(24)

22

(2)

 

 

 

 

 

 

 

Basic EPS (p)

(0.9)

(0.9)

(5.3)

4.9

(0.4)

Diluted EPS (p)

(0.9)

(0.9)

(5.3)

4.8

(0.5)

Tax rate

 

(3.8)%

 

(75.0)%

 

 

 

 

 

 

 

Total operations

 

 

 

 

 

 

Sales

3 607

3 607

4 405

4 405

Operating profit

6

290

296

143

156

299

Net finance expense

(71)

(71)

(53)

(53)

(Loss)/profit before tax

(65)

290

225

90

156

246

Income tax credit/(expense)

84

(131)

(47)

(20)

(49)

(69)

Minority interests

(4)

(4)

(5)

(5)

Profit attributable to equity holders of the Company

15

159

174

65

107

172

 

 

 

 

 

 

 

Basic EPS (p)

3.3

34.9

38.2

14.2

23.6

37.8

Diluted EPS (p)

3.3

34.7

38.0

14.1

23.4

37.5

Tax rate

129.2%

 

20.9%

22.2%

 

27.8%