Financial Statements

Five Year Review

2008
£m
2007
£m
2006*
£m
2005*
£m
2004*
£m
Income statement  
Revenue – continuing 3,467.7 4,142.8 3,572.1 3,476.9 3,311.5
Profit on ordinary activities before exceptional items, finance costs and tax 86.3 435.5 447.7 460.0 478.9
Exceptional items (1,884.5) (379.7) 24.8
Net finance costs, including exceptional finance costs (179.1) (112.8) (64.2) (64.0) (108.6)
Share of results of joint ventures 7.6 23.4 22.1 15.0 8.8
(Loss)/profit for the financial year (1,969.7) (33.6) 405.6 411.0 403.9
Taxation 76.6 (173.4) (115.0) (124.5) (123.0)
Profit for the year from discontinued operations 53.1 10.3
(Loss)/profit for the financial year (1,840.0) (196.7) 290.6 286.5 280.9
   
Balance sheet  
Goodwill 699.8 363.1 363.9 363.2
Other intangible assets 120.5
Other fixed assets 15.5 39.0 25.5 24.4 24.2
Interests in joint ventures 67.7 59.9 56.2 92.1 87.0
Non-current loans and receivables 47.9 76.4 56.0 37.2 26.5
Deferred tax asset 6.6 117.7 95.4 101.2 71.1
Net current assets (excluding cash and debt) 3,739.0 4,683.0 2,261.0 2,097.8 1,936.7
Non-current creditors (excluding debt) and provisions (674.2) (675.7) (360.4) (330.4) (266.1)
Capital employed 3,202.5 5,120.6 2,496.8 2,386.2 2,242.6
Represented by:  
Called-up equity ordinary share capital 289.6 289.6 148.5 148.0 146.7
Share premium account 753.6 758.1 758.8 756.2 748.1
Merger relief reserve 1,934.2
Revaluation reserve 0.5 1.5 0.5 0.7
Capital redemption reserve 31.5 31.5 31.5 31.5 31.5
Other reserve 4.8 4.8 4.8 5.4 4.8
Share-based payment tax reserve 5.6 5.6 8.2 4.0 2.8
Translation reserve 22.8 3.7 (19.1) 29.9 (6.5)
Profit and loss account 838.3 957.1 1,214.3 1,006.8 832.5
Own shares (275.7) (282.0) (45.0) (53.9) (57.8)
Shareholders’ funds 1,670.5 3,703.1 2,103.5 1,928.4 1,702.8
Minority interests 2.7 2.1 2.0 0.9 1.0
Net debt 1,529.3 1,415.4 391.3 456.9 538.8
3,202.5 5,120.6 2,496.8 2,386.2 2,242.6
Statistics
Number of ordinary shares in issue at year end (millions) 1,158.3 1,158.3 594.2 591.9 586.6
Basic (loss)/earnings per share – total Group (174.8p) (24.2p) 50.5p 50.6p 49.1p
Dividends per ordinary share 15.75p 14.75p 13.4p 11.1p
Equity shareholders’ funds per share 157.8p 352.3p 364.7p 338.4p 290.3p
Dividend cover (times) n/a n/a 3.4 3.8 4.4
Net gearing 91.5% 38.2% 18.6% 23.7% 31.6%

* The results of the construction business which was disposed of on 9 September 2008 are included within profit for the year from discontinued operations for 2008 and 2007, and within continuing operations for 2006, 2005 and 2004.

The figures for 2004 were restated in 2005 in respect of the transition from UK GAAP to IFRS.

Dividends per ordinary share comprise the interim and final dividends declared for the year.