For Release at
Half year results for the six months ended
Summary Results
|
|
Half Year to 30th September |
% |
|
|
|
2007 |
2006 |
change |
|
Revenue Sales excluding precious metals Operating profit Profit before tax Total earnings per share Earnings per share before one-off items Dividend per share |
£3,512m £840m £132.4m £120.1m 41.8p 41.0p 10.6p |
£2,922m £654m £116.6m £104.6m 38.3p 38.3p 9.9p |
+20 +28 +14 +15 +9 +7 +7 |
·
Sales revenue up 20% to £3.5 billion reflecting good underlying volume
growth and higher precious metal prices
·
Sales excluding precious metals up 28% to £840 million with double digit
organic growth in all three divisions
·
Operating profit up 14% to £132.4 million despite adverse exchange translation
which reduced reported profit by £2.8 million. Translated at constant exchange rates
operating profit was up 16%
·
Profit before tax for the continuing businesses 15% higher at £120.1
million
·
Earnings per share (eps) before one-off items up 7% at 41.0 pence. Interim dividend increased by 0.7 pence to 10.6
pence in line with earnings growth
·
Debt up £54 million with a net £48 million spent on share buy-backs. Gearing (debt / equity) 39%
Business Overview
Divisional growth rates stated at constant exchange
rates (note 3)
·
Environmental Technologies Division’s sales excluding precious metals up
41% to £541 million and operating profit up 14% to £65.2 million
·
Double digit growth in Emission Control Technologies will continue in
the second half, driven by increasing demand for heavy duty diesel catalysts,
particulate filters for diesel cars in
·
Three new factories (in
·
High oil price supports growth in Process Technologies with good demand
for catalysts and purification materials. Davy Process Technology continues to achieve
good growth with continued strong demand in
·
Precious Metal Products Division’s sales excluding precious metals up
17% to £151 million and operating profit up 31% to £47.2 million
·
In the first half platinum group metal prices have been rising and the
division’s manufacturing businesses have achieved good growth. Last year’s second half result included some
one-off gains on minor metals which are unlikely to recur, so growth in the
second half of this year will be slower than in the first
·
Fine Chemicals & Catalysts Division’s sales excluding precious
metals up 20% and operating profit up 6% to £31.0 million
·
Sales growth was boosted by higher base metal prices, particularly
nickel, used in catalysts sold into the division’s end markets. Good growth in opiate sales in the
Commenting on the results, Neil Carson, Chief
Executive of Johnson Matthey said:
"Johnson
Matthey has delivered another period of strong growth in the first half of
2007/08. Despite a weak dollar, profit
before tax increased by 15% on the back of double digit sales growth in all
three divisions.
Prospects
for the second half remain encouraging. Heavy
duty diesel will benefit from a full six months’ sales to US OEMs. New capacity to meet growing demand for
autocatalysts and particulate filters in
Enquiries:
|
Ian
Godwin |
Director, IR
and Corporate Communications |
020 7269 8410 |
|
John Sheldrick |
Group Finance Director |
020 7269 8408 |
|
Howard Lee |
The HeadLand Consultancy |
020 7367 5225 |
|
Laura Hickman |
The HeadLand Consultancy |
020 7367 5227 |
|
|
|
|
Introduction
Johnson
Matthey achieved good growth in the first half of 2007/08. Revenues were well ahead of 2006/07 with
strong underlying volume growth and rising precious metal prices.
Last year’s results
have been restated for the sale of Ceramics Division which was completed in
February 2007. Under International
Financial Reporting Standards (IFRS) the results of Ceramics Division are now
shown in discontinued operations on a post tax basis. Last year’s segmental results (note 2) have
also been restated for the new divisional structure announced in June 2007.
Review
of Results
Revenue rose
by 20% to £3.5 billion partly as a result of higher precious metal prices. The average price of platinum rose by 7% to $1,293
per ounce. Sales
excluding the value of precious metals increased by 28% to £840 million, with
double digit organic growth in all three divisions.
Operating
profit rose by 14% to £132.4 million despite adverse exchange translation which
reduced reported profit by £2.8 million. At constant exchange rates operating profit
was 16% up. Net interest was unchanged
at £12.5 million with the benefit of lower average borrowings offsetting the
effect of higher interest rates. Including
£0.2 million of share of profits of associates, profit before tax for the
continuing businesses was 15% up at £120.1 million.
Total earnings per share increased by 9% to 41.8 pence. This included
a one-off benefit to deferred tax of £1.8 million (0.8 pence per share) arising
from the change in the rate of
Dividend
The interim
dividend has been increased by 7% to 10.6 pence in line with growth in earnings
per share before one-off items.
Operations
Our new Environmental Technologies Division,
which comprises Emission Control Technologies (ECT), Process Technologies and
Fuel Cells, achieved strong growth in the half year. Revenues increased by 23% to £1,055 million;
sales excluding precious metals were 38% up at £541 million; and operating
profit was 13% better at £65.2 million. Translated at constant exchange rates, sales excluding precious metals increased by 41% and operating
profit was 14% higher.
Emission Control Technologies’ sales excluding precious metals grew by £142 million
to £429 million. Sales of heavy duty
diesel (HDD) catalysts to original equipment manufacturers (OEMs) accounted for
£73 million of the increase, rising from £6 million in the first half of last
year to £79 million this year. Sales of
light duty products were also well ahead with good growth in
Return on
sales (operating profit / sales excluding precious metals) for ECT was lower
than last year reflecting the change in product mix with rapid growth in
products using expensive substrates (which are a pass through cost for Johnson
Matthey). The cost of substrates for
these new products is now beginning to come down. Going forward, ECT’s return on sales is
expected to stabilise at current levels despite the continued growth in sales
of new products.
Estimated Light Vehicle Sales and Production
|
|
|
Half
year to 30th September |
|
|
|
|
|
2007 millions |
2006 millions |
change % |
|
Global |
Sales Production Sales Production Sales Production Sales Production |
9.9 7.6 10.6 10.8 8.3 13.0 34.1 35.0 |
10.2 7.5 10.2 10.1 7.7 12.0 32.8 32.8 |
-2.9 +1.3 +3.9 +6.9 +7.8 +8.3 +4.0 +6.7 |
|
Source: Global Insight |
|
|
|
|
Global light
duty vehicle sales grew by 4% in the six months to
Growth in
car sales in
The market
for HDD catalysts is expected to show substantial growth over the next decade. In 2008 we expect the overall market for HDD
catalysts to be worth at least US$700 million (excluding precious metals). New standards are scheduled to be introduced
in
Process Technologies’ sales excluding precious metals grew by 7%. The division’s Ammonia, Methanol, Oil and Gas
(AMOG) business has continued to experience good demand for catalysts and
purification materials for industries where hydrogen or synthesis gas are key
intermediaries. Demand for catalysts from
methanol producers, where Johnson Matthey has a leading market share, was ahead
of prior year. New methanol capacity
continues to come on stream, in part due to the high methanol price, with a
number of new projects announced in the
There also continued to be good growth in
catalysts for hydrogen plants, driven by demand for low sulphur
fuels from oil refineries around the world.
Johnson Matthey has the leading market share of syngas catalysts with
the industrial gas companies, the fastest growing segment of this market. Sales of
purification materials were also ahead of last year.
Davy Process
Technology (DPT), which develops and licenses chemical processes, achieved good
growth in the first half winning a number of new contracts in
The net
expense of our Fuel Cells business
was similar to that in the first half of last year. The order book for the second half of the
year is encouraging with continued good demand for membrane electrode
assemblies (MEAs), especially for direct methanol fuel cells for portable
applications, and increased sales of components for phosphoric acid fuel cells
which will be used for combined heat and power applications in public and
commercial buildings. There has also
been encouraging progress in the automotive sector with cities, such as
Precious Metal Products Division’s revenues rose by 18% to £2,201 million. Precious metal prices were higher than the
same period last year and demand for the platinum group metals (pgms) continues
to grow. Sales
excluding the value of precious metals increased by 12% to £151 million with
good volume growth in the division’s manufacturing businesses. Operating profit grew by 27% to £47.2
million. Translated at constant exchange
rates, sales excluding precious metals increased by 17% and
operating profit was 31% higher.
The platinum
marketing and distribution business achieved strong profit growth in favourable
market conditions. Demand for
platinum is expected to have risen by 3% in calendar year 2007. Growing production of diesel vehicles and in
particular engines fitted with particulate filters will increase demand from
the auto sector. Demand for jewellery
manufacturing will fall only slightly, proving surprisingly resilient to the
rising platinum price. Platinum supplies
are expected to fall slightly and the market is expected to move back into
deficit in calendar year 2007. The
average price of platinum in the first half of Johnson Matthey’s financial year
rose to $1,293 per ounce, up 7% compared with the same period last year.
The price of palladium rose in the same period, also
by 7%, to $360 per ounce, supported by significant purchasing by investment
funds. Demand for palladium from
consuming industries is expected to rise by 2% in calendar year 2007. A substantial increase in autocatalyst demand
will outweigh a reduction in demand from jewellery manufacturers in
The price of rhodium moved higher to average $6,163
per ounce, 27% higher than the same period last year. Although autocatalyst and glass industry
demand is forecast to be slightly lower in calendar year 2007, supplies have
fallen below expectations which has kept this tight and volatile market close
to balance.
The
division’s manufacturing businesses all performed well. The metal fabrication businesses saw good
demand for industrial products. Our
medical device components business, based in three sites in
Colour
Technologies was well ahead of prior year with increased sales of automotive
glass enamels and decorative precious metal products. Demand for secondary pgm refining was also
strong benefiting from rising metal prices.
On
The new Fine Chemicals & Catalysts Division achieved
good growth in the half year. Revenues increased
by 26% to £256 million, sales excluding precious metals were 16% up at £148
million, and operating profit was 3% up at £31.0 million. Translated at constant exchange rates, sales excluding precious metals increased by 20% and operating
profit was 6% better.
Sales growth
in the half year was boosted by higher metal prices, particularly nickel, which
is used in the manufacture of catalysts for the pharmaceutical, edible oil and
speciality chemical industries. Demand
for both base metal and precious metal products was good. Our US Pharmaceutical Materials and Services
business achieved good growth in the half year with sales of opiate products
well ahead of last year, although volumes in
The
integration of the new division has gone well with a number of new initiatives underway
to cross sell products which should support future sales growth. Most of the division’s pharmaceutical industry
customers are generic drug manufacturers who are currently enjoying good growth
in sales. Catalogue sales to research
institutes are also growing quite strongly, particularly in
Satraplatin,
a potential new platinum containing drug for treatment of hormone refractory
prostate cancer, which Johnson Matthey licensed a number of years ago to GPC
Biotech, failed to show a statistically significant improvement in
survivability in its phase III clinical trials. Johnson Matthey would have received royalty
income on sales of this product but otherwise the phase III result has no
impact on the division’s results.
The division
is investing in new facilities in
Finance
Exchange Rates
The main
impact of exchange rates on the group’s results comes from the translation of
foreign subsidiaries’ profits into sterling.
The group’s largest overseas investment is in the
Interest
The group’s
interest charge for the six months to
Taxation
The group’s
tax charge for the continuing businesses rose by 8% to £32.5 million including
a one-off benefit of £1.8 million to deferred tax arising from the reduction in
the rate of
Cash Flow
In the six
months to
The cash
outflow on capital expenditure in the half year was £58.8 million which was 1.6
times depreciation. We are planning to
spend more on capital expenditure in the second half with most of the
investment in Environmental Technologies Division. Major projects include completion of ECT’s
new facilities in the
Cash flow
before dividends, acquisitions, divestments and share buy-backs was £37.3 million. The cash cost of last year’s final dividend,
paid in August, was £50.0 million. A
net £47.7 million was spent on share buy-backs.
No major acquisitions or disposals were undertaken in the half
year. After taking into account the
impact of exchange translation on foreign currency borrowings net debt rose by £54.1
million to £418.9 million. Gearing (net
debt / total equity) increased by 5.5% to 39.3%.
Capital Structure
In the
second half of the year we plan to increase the rate of capital expenditure,
particularly in Environmental Technologies Division, taking the total for the
year to around 1.7 times depreciation.
We also expect working capital to increase to support the growth in new
product sales. We plan to continue to
buy back shares and we are looking at a number of bolt-on acquisitions. Together these investments will increase
gearing and make more efficient use of the group’s balance sheet.
Most of our
focus for acquisitions is in Environmental Technologies Division. In the first half of this year we
participated in an auction for a process technology business that was
eventually sold to another company. The
due diligence costs we incurred in this process have been included in corporate
costs for the half year.
Outlook
The group’s
continuing businesses performed well in the first half of the year with
operating profit up 14% despite adverse exchange translation. With a quarter of the group’s profits made in
In the
second half of the year we expect our largest division, Environmental
Technologies, to continue to perform strongly with growth similar to the first
half. The main driver will be ECT which
will benefit from a full six months of sales of heavy duty diesel catalysts to
OEMs in the
With rising
precious metal prices, trading conditions for our Precious Metal Products
Division are favourable. However, last
year’s second half result included some trading profits on the minor pgms which
we do not expect to recur in 2007/08, so growth in the second half will be slower
than in the first.
Operating profit for our Fine Chemicals & Catalysts Division was 6%
up in the first half at constant exchange rates. We expect the rate of growth in the second
half to be similar or slightly better than the first.
Johnson
Matthey is very well positioned in its markets and we continue to invest
significantly in R&D and new facilities to support future growth. Overall, the outlook for the second half of
the year is encouraging and we expect earnings growth to be similar to that
achieved in the first half.
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for the
six months ended |
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Six months ended |
Year ended |
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30.9.07 |
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30.9.06 |
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31.3.07 |
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restated |
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Notes |
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£ million |
|
£ million |
|
£ million |
||||||
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Revenue |
2 |
|
3,512.0 |
|
2,922.0 |
|
6,151.7 |
||||||||
|
Cost of
materials sold |
|
|
(3,293.6) |
|
(2,720.7) |
|
(5,713.7) |
||||||||
|
Gross
profit |
|
|
218.4 |
|
201.3 |
|
438.0 |
||||||||
|
Operating
expenses |
|
|
(86.0) |
|
(84.7) |
|
(185.6) |
||||||||
|
Operating
profit |
2,3 |
|
132.4 |
|
116.6 |
|
252.4 |
||||||||
|
Finance
costs |
|
|
(19.1) |
|
(17.0) |
|
(36.0) |
||||||||
|
Finance
income |
|
|
6.6 |
|
4.5 |
|
9.2 |
||||||||
|
Share of
profit of associates |
|
|
0.2 |
|
0.5 |
|
0.9 |
||||||||
|
Profit
before tax |
|
|
120.1 |
|
104.6 |
|
226.5 |
||||||||
|
Income tax
expense |
4 |
|
(32.5) |
|
(30.1) |
|
(64.7) |
||||||||
|
Profit
for the period from continuing operations |
|
|
87.6 |
|
74.5 |
|
161.8 |
||||||||
|
Profit for
the period from discontinued operations |
11 |
|
-
|
|
7.1 |
|
43.7 |
||||||||
|
Profit
for the period |
|
|
87.6 |
|
81.6 |
|
205.5 |
||||||||
|
|
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||||||
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Attributable
to: |
|
|
|
|
|
|
|
||||||||
|
Equity
holders of the parent company |
|
|
88.1 |
|
81.9 |
|
206.5 |
||||||||
|
Minority
interests |
|
|
(0.5) |
|
(0.3) |
|
(1.0) |
||||||||
|
|
|
|
|
|
87.6 |
|
81.6 |
|
205.5 |
||||||
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||||||
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||||||
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||||||
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|
pence |
|
pence |
|
pence |
||||||
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||||||
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|
|
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||||||
|
Earnings
per ordinary share attributable to the equity holders of the parent company |
|
|
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|
|||||||||||
|
|
Continuing
operations |
|
|
|
|
|
|
|
|||||||
|
|
|
Basic |
5 |
|
41.8 |
|
35.1 |
|
76.5 |
||||||
|
|
|
Diluted |
5 |
|
41.3 |
|
34.8 |
|
75.3 |
||||||
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||||||
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||||||
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Total |
|
|
|
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|||||||
|
|
|
Basic |
5 |
|
41.8 |
|
38.3 |
|
96.9 |
||||||
|
|
|
Diluted |
5 |
|
41.3 |
|
38.0 |
|
95.4 |
||||||
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||||||
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||
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as at |
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|
|
|
|
|
30.9.07 |
|
30.9.06 |
|
31.3.07 |
|
|
|
Notes |
|
£ million |
|
£ million |
|
£ million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
|
|
Property,
plant and equipment |
|
|
611.3 |
|
643.0 |
|
600.7 |
|
|
Goodwill |
|
|
399.4 |
|
401.0 |
|
399.2 |
|
|
Other
intangible assets |
|
|
39.7 |
|
40.9 |
|
40.1 |
|
|
Deferred
income tax assets |
|
|
11.5 |
|
8.8 |
|
8.9 |
|
|
Investments
and other receivables |
|
|
10.2 |
|
11.0 |
|
10.0 |
|
|
Post-employment
benefits net assets |
|
|
53.5 |
|
78.4 |
|
49.2 |
|
|
Total
non-current assets |
|
|
1,125.6 |
|
1,183.1 |
|
1,108.1 |
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
407.8 |
|
362.6 |
|
362.7 |
|
|
Current
income tax assets |
|
|
8.1 |
|
-
|
|
7.0 |
|
|
Trade and
other receivables |
|
|
499.6 |
|
539.7 |
|
527.3 |
|
|
Cash and
deposits |
9 |
|
90.0 |
|
99.2 |
|
73.2 |
|
|
Investments
and other financial assets |
|
|
8.7 |
|
22.3 |
|
3.4 |
|
|
Other
current assets |
|
|
7.1 |
|
7.1 |
|
7.1 |
|
|
Non-current
assets classified as held for sale |
|
|
-
|
|
-
|
|
0.4 |
|
|
Total
current assets |
|
|
1,021.3 |
|
1,030.9 |
|
981.1 |
|
|
Total
assets |
|
|
2,146.9 |
|
2,214.0 |
|
2,089.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
Trade and
other payables |
|
|
(396.8) |
|
(417.3) |
|
(416.0) |
|
|
Current
income tax liabilities |
|
|
(56.1) |
|
(53.7) |
|
(52.7) |
|
|
Borrowings
and finance leases |
9 |
|
(31.5) |
|
(27.9) |
|
(27.5) |
|
|
Other
financial liabilities |
|
|
(9.3) |
|
(2.3) |
|
(2.0) |
|
|
Provisions |
|
|
(9.2) |
|
(8.4) |
|
(7.7) |
|
|
Total
current liabilities |
|
|
(502.9) |
|
(509.6) |
|
(505.9) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
|
|
|
Borrowings,
finance leases and related swaps |
9 |
|
(477.4) |
|
(549.6) |
|
(410.5) |
|
|
Deferred
income tax liabilities |
|
|
(41.2) |
|
(51.5) |
|
(36.5) |
|
|
Employee
benefits obligations |
|
|
(50.9) |
|
(56.6) |
|
(48.3) |
|
|
Provisions |
|
|
(8.5) |
|
(4.5) |
|
(8.7) |
|
|
Trade and
other payables |
|
|
(1.1) |
|
(0.8) |
|
(1.2) |
|
|
Total
non-current liabilities |
|
|
(579.1) |
|
(663.0) |
|
(505.2) |
|
|
Total
liabilities |
|
|
(1,082.0) |
|
(1,172.6) |
|
(1,011.1) |
|
|
Net
assets |
|
|
1,064.9 |
|
1,041.4 |
|
1,078.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
Share
capital |
|
|
220.7 |
|
220.4 |
|
220.5 |
|
|
Share
premium account |
|
|
148.3 |
|
145.7 |
|
146.3 |
|
|
Shares
held in employee share ownership trusts |
|
|
(71.8) |
|
(61.9) |
|
(61.9) |
|
|
Other
reserves |
|
|
(11.3) |
|
(1.7) |
|
(12.9) |
|
|
Retained
earnings |
|
|
777.3 |
|
732.7 |
|
783.7 |
|
|
Total
equity attributable to equity holders of the parent company |
|
|
1,063.2 |
|
1,035.2 |
|
1,075.7 |
|
|
Minority
interests |
|
|
1.7 |
|
6.2 |
|
2.4 |
|
|
Total
equity |
8 |
|
1,064.9 |
|
1,041.4 |
|
1,078.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
for the
six months ended |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
Year ended |
|||
|
|
|
|
|
|
30.9.07 |
|
30.9.06 |
|
31.3.07 |
|
|
|
|
|
|
|
|
restated |
|
|
|
|
|
|
Notes |
|
£ million |
|
£ million |
|
£ million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities |
|
|
|
|
|
|
|
||
|
Profit
before tax |
|
|
120.1 |
|
104.6 |
|
226.5 |
||
|
Adjustments
for: |
|
|
|
|
|
|
|
||
|
|
Share of
profit in associates |
|
|
(0.2) |
|
(0.5) |
|
(0.9) |
|
|
|
Discontinued
operations |
|
|
-
|
|
10.2 |
|
15.9 |
|
|
|
Depreciation,
amortisation and profit on sale of non-current
assets |
|
|
|
|
|
|
|
|
|
|
|
and
investments |
|
|
37.8 |
|
37.5 |
|
77.7 |
|
|
Share-based
payments |
|
|
2.0 |
|
2.6 |
|
6.9 |
|
|
|
Changes in
working capital and provisions |
|
|
(34.9) |
|
(73.0) |
|
(117.6) |
|
|
|
Changes in
fair value of financial instruments |
|
|
1.3 |
|
(1.1) |
|
5.2 |
|
|
|
Net
finance costs |
|
|
12.5 |
|
12.5 |
|
26.8 |
|
|
Income tax
paid |
|
|
(31.6) |
|
(41.9) |
|
(81.4) |
||
|
Net
cash inflow from operating activities |
|
|
107.0 |
|
50.9 |
|
159.1 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities |
|
|
|
|
|
|
|
||
|
Dividends
received from associates |
|
|
0.3 |
|
0.1 |
|
0.5 |
||
|
Purchases
of non-current assets and investments |
|
|
(58.8) |
|
(56.0) |
|
(125.0) |
||
|
Proceeds
from sale of non-current assets and investments |
|
|
1.2 |
|
0.1 |
|
3.5 |
||
|
Purchases
of businesses and minority interests |
|
|
-
|
|
(7.5) |
|
(8.6) |
||
|
Net
proceeds from sale of businesses and minority interests |
|
|
(0.8) |
|
-
|
|
127.1 |
||
|
Net
cash outflow from investing activities |
|
|
(58.1) |
|
(63.3) |
|
(2.5) |
||
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities |
|
|
|
|
|
|
|
||
|
Net
purchase of own shares |
|
|
(47.7) |
|
(12.2) |
|
(50.4) |
||
|
Proceeds
from / (repayment of) borrowings and finance leases |
|
|
72.4 |
|
54.8 |
|
(71.8) |
||
|
Dividends
paid to equity holders of the parent company |
6 |
|
(50.0) |
|
(44.9) |
|
(66.0) |
||
|
Interest
paid |
|
|
(18.8) |
|
(19.2) |
|
(31.3) |
||
|
Interest
received |
|
|
6.7 |
|
4.9 |
|
4.9 |
||
|
Net
cash outflow from financing |
|
|
(37.4) |
|
(16.6) |
|
(214.6) |
||
|
|
|
|
|
|
|
|
|
|
|
|
Increase
/ (decrease) in cash and cash equivalents in period |
|
|
11.5 |
|
(29.0) |
|
(58.0) |
||
|
Exchange
differences on cash and cash equivalents |
|
|
0.2 |
|
(5.9) |
|
(7.1) |
||
|
Cash and
cash equivalents at beginning of period |
|
|
60.0 |
|
125.1 |
|
125.1 |
||
|
Cash
and cash equivalents at end of period |
9 |
|
71.7 |
|
90.2 |
|
60.0 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
to net debt |
|
|
|
|
|
|
|
||
|
Increase /
(decrease) in cash and cash equivalents in period |
|
|
11.5 |
|
(29.0) |
|
(58.0) |
||
|
(Proceeds
from) / repayment of borrowings and finance leases |
|
|
(72.4) |
|
(54.8) |
|
71.8 |
||
|
Change in
net debt resulting from cash flows |
|
|
(60.9) |
|
(83.8) |
|
13.8 |
||
|
Borrowings
disposed of with subsidiaries |
|
|
-
|
|
-
|
|
19.1 |
||
|
Exchange
differences on net debt |
|
|
6.8 |
|
17.5 |
|
14.3 |
||
|
Movement
in net debt in period |
|
|
(54.1) |
|
(66.3) |
|
47.2 |
||
|
Net debt
at beginning of period |
|
|
(364.8) |
|
(412.0) |
|
(412.0) |
||
|
Net
debt at end of period |
9 |
|
(418.9) |
|
(478.3) |
|
(364.8) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE |
||||||||
|
for the
six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
Year ended |
|||
|
|
|
|
|
30.9.07 |
|
30.9.06 |
|
31.3.07 |
|
|
|
|
|
£ million |
|
£ million |
|
£ million |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency
translation differences on foreign currency net investments and |
|
|
|
|
|
|
|
|
|
|
related
loans |
|
|
(0.9) |
|
(51.7) |
|
(67.3) |
|
Currency
translation differences - transferred to profit on sale of |
|
|
|
|
|
|
|
|
|
|
discontinued
operations |
|
|
-
|
|
-
|
|
(3.8) |
|
Cash flow
hedges |
|
|
(0.5) |
|
5.4 |
|
4.3 |
|
|
Fair value
(losses) / gains on net investment hedges |
|
|
(0.2) |
| ||||