IFRS Restatement
Barratt Developments PLC
23 January 2006
23rd JANUARY 2006
Barratt Developments PLC
International Financial Reporting Standards
Barratt Developments PLC ('the Group') today releases its financial statements
for the year to 30th June 2005 restated under International Financial Reporting
Standards ('IFRS').
These figures will be used as the comparative figures in the 2006 financial
statements.
The Group's first published financial information under IFRS will be in respect
of the half year ending 31st December 2005, which will include 2005 half year
and full year comparative figures under IFRS.
The main features of the restatement are:
• The transition to IFRS does not have any material impact on earnings, net
assets or the financial statements of the Group;
• The Group's cash flow and financing arrangements are unaffected by IFRS;
and
• The Group's dividend policy and ability to pay dividends is unaffected.
The most significant changes to the Group's financial statements arising from
the transition to IFRS are:
• Recognition of a charge for share based payments; (IFRS2)
• The exclusion of proposed dividends; (IAS10)
• Recognition of deferred tax on amendments; (IAS12)
• The recognition of the asset or liability of the defined benefit element
of the pension scheme in the Balance Sheet with the corresponding movement
reflected in the Income Statement; (IAS19)
• The discounting of long-term land creditors. (IAS39)
In summary, the impact of IFRS on key reported results and net assets for 2005
is as follows:
UK GAAP IFRS Decrease
--------------------------------------------------------------------------------
Group revenue £2,512.7m £2,484.7m £(28.0)m
Profit from operations £411.3m £406.3m £(5.0)m
Profit before tax and goodwill £406.6m £394.3m £(12.3)m
Profit after tax £290.7m £282.1m £(8.6)m
Basic earnings per share 123.6p 119.9p (3.7)p
Net assets £1,352.0m £1,325.6m £(26.4)m
ENQUIRIES:
BARRATT DEVELOPMENTS PLC
Colin Dearlove on the day 0207 067 0700
Group Finance Director thereafter 0191 2866 811
WEBER SHANDWICK SQUARE MILE
Terry Garrett/Chris Lynch 0207 067 0700
Barratt Developments PLC
Information about financial statements to be prepared in accordance with
International Financial Reporting Standards
Index
1. Basis of Preparation
2. Changes in Accounting
3. Accounting Policies
Appendices
Appendix 1
Restatement of Income Statement for year ended 30th June 2005
Appendix 2
Restatement of Balance Sheet as at 30th June 2005
Appendix 3
Restatement of Balance Sheet as at 30th June 2004
Appendix 4
Restatement of Cash Flow Statement for year ended 30th June 2005
1. Basis of Preparation
1.1 Introduction
Barratt Developments PLC ('the Group') has prepared its financial statements for
all periods up to and including the year ended 30th June 2005, under UK
Generally Accepted Accounting Principles ('UK GAAP'). The adoption of
International Financial Reporting Standards ('IFRS') became mandatory for all
European Union companies listed on a regulated market for accounting periods
commencing on or after 1st January 2005. The Group's first published financial
results under IFRS will be for the half year ended 31st December 2005, and the
first Annual Report and Accounts prepared on this basis will be for the year
ending 30th June 2006.
This document explains how the previously published UK GAAP information for
2005, would have been reported under IFRS.
1.2 Basis of preparation
The financial information presented in this document has been prepared in
accordance with IFRS and is subject to any new standards that may be issued by
the International Accounting Standards Board for adoption for financial years
beginning on or after 1st January 2005, and to interpretive guidance issued by
the International Financial Reporting Interpretations Committee ('IFRIC'). When
the Annual Report and Accounts for the year ending 30th June 2006 is published
any or all of these factors could impact on the information contained therein.
The main exemptions taken by the Group under IFRS 1 'First-time Adoption of
International Financial Reporting Standards' are explained in paragraph 1.4
'Transition effect'.
1.3 Overview of impact
The transition to IFRS does not have any material impact on earnings, net assets
or the financial statements of the Group. The Group's cash flow and financing
arrangements are unaffected by IFRS and the Group's future dividend policy will
not be affected.
The most significant changes to the Group's financial statements arising from
the transition to IFRS are:
i) Recognition of a charge for share based payments (IFRS2);
ii) The exclusion of proposed dividends (IAS10);
iii) Recognition of deferred tax on amendments; (IAS12);
iv) The recognition of the asset or liability of the defined benefit element of
the Pension Scheme in the Balance Sheet with the corresponding movement
reflected in the Income Statement (IAS19); and
v) The discounting of long-term land creditors (IAS39).
In summary, the impact of IFRS on the key reported results and net assets for
2005 is as follows:
UK GAAP IFRS Decrease
-------------------------------------------------------------------------------------
Group revenue £2,512.7m £2,484.7m £(28.0)m
Profit from operations £411.3m £406.3m £(5.0)m
Profit before tax and goodwill £406.6m £394.3m £(12.3)m
Profit after tax £290.7m £282.1m £(8.6)m
Basic earnings per share 123.6p 119.9p (3.7)p
Net assets £1,352.0m £1,325.6m £(26.4)m
1.4 Transition effect
The Rules for first time adoption of IFRS are set out in IFRS 1 'First-time
Adoption of International Financial Reporting Standards'. The standard allows a
number of exemptions for companies adopting IFRS for the first time from certain
of the full requirements of IFRS in the transition period. The main exemptions
applied are as follows:
i) IFRS 2 'Share-based payments'. IFRS 2 requires a charge to the income
statement representing the fair value of the share options and long-term
incentive scheme shares at the date of grant. This is recognised on a straight
line basis over the vesting period of the scheme. The Group has adopted the
transitional arrangements, which permit the application of the standard only to
those options granted on or after 7th November 2002.
ii) IAS 19 'Employee Benefits'. IFRS permits a first time adopter to recognise
all actuarial gains or losses up to the date of transition to IFRS's, even if
its accounting policy under IAS 19 involves leaving some later actuarial gains
and losses unrecognised.
2. Changes in Accounting
As a result of complying with IFRS a number of changes are required to the way
the Group accounts reflect certain transactions. Appendices 1 to 4 detail the
changes, which are explained below:
2.1 IFRS 2 'Share-based payments'
In accordance with IFRS 2, the Group has recognised a charge for share options
granted on or after 7th November 2002. The fair value of these options has been
calculated using a present economic value model. The charge is spread over the
vesting period and is adjusted to reflect pre-vesting forfeitures and, in the
case of awards that are subject to a non-market based performance test, the
actual and expected level of vesting. The resultant charge to profit from
operations for the year ended 30th June 2005 in respect of share-based payments
was £3.8m, including £0.3m in respect of the Group's expected liability for
National Insurance on unapproved options.
An estimate of the tax base of share options at the end of the period is
determined by reference to the market value of the related share and the
exercise price of the option at the reporting date multiplied by the proportion
of the vesting period that has lapsed. The deductible temporary difference
results in the recognition of a deferred tax asset. The deferred tax asset at
30th June 2004 was £0.3m and at 30th June 2005 was £1.4m.
2.2 IFRS 5 'Discontinued operations'
Under IFRS 5, the face of the income statement must include a single amount for
the post tax profit or loss of the discontinued operations, together with any
profit or loss on disposal. The presentation adjustment removes the UK GAAP
disclosure of including amounts on a line-by-line basis.
2.3 IAS 7 'Cash flow statements'
IAS 7 requires that the cash flow statement be reconciled to 'cash and cash
equivalents'. As such movements in bank loans and overdrafts due in less than
one year have been included within the cash flow statement as a financing cash
flow.
In addition there have been a number of reclassifications to categorise cash
flows in the three required headings of operating, financing and investing.
2.4 IAS 10 'Events after the Balance Sheet Date'
Under IAS 10 only dividends declared before the balance sheet date can be
recorded as a liability. As final dividends for the years ended 30th June 2004
and 30th June 2005 were declared after the year end, no liability should be
recognised. The impact of this adjustment is to increase net assets by £35.3m at
30th June 2004 and by £42.8m at 30th June 2005.
2.5 IAS 12 'Income Taxes'
IAS 12 encompasses the requirements of both current tax and deferred tax. It
takes a balance sheet approach that is based on temporary differences between
the accounting and tax bases of assets and liabilities. The deferred tax
adjustments are largely a reflection of the various accounting charges as part
of this exercise. These adjustments have been included in the appendix, together
with the relevant IFRS/IAS.
2.6 IAS 14 'Segmental reporting'
As all of the Group's operations are within the United Kingdom, one economic
environment in the context of the Group's activities, there are no geographic
segments to be disclosed.
2.7 IAS 16 'Property, plant and equipment'
Fair value of property plant and equipment on transition
The Group has not previously applied a policy of revaluation to property, plant
and equipment. The Group will continue to hold property, plant and equipment at
depreciated cost under IFRS.
The provisions of IFRS 1 allow companies to revalue property, plant and
equipment to fair value on transition to IFRS, and to treat the fair value as
deemed cost on transition, even where a policy of revaluation will not be
applied going forward. The Group has elected not to revalue property, plant and
equipment to fair value on transition. Therefore, there is no adjustment to the
carrying value of property, plant and equipment on transition to IFRS.
Residual value of property, plant and equipment
Under IFRS, the residual value of property, plant and equipment should be
reassessed annually based on values current at the balance sheet date (rather
than at the date of capitalization of the asset under existing accounting). If
there is any change, future depreciation charges should be adjusted accordingly.
This change has no impact on the opening balance sheet at 1st July 2004, and has
no material impact on the Group's results for the year ended 30th June 2005.
2.8 IAS 19 'Employee Benefits'
In respect of the defined benefit scheme, the Group is required to recognise the
net deficit in the scheme on its balance sheet. The net effect of this as at
30th June 2005, is to recognise a net deficit of £62.3m, consisting of a pension
scheme deficit of £88.9m and a deferred tax asset of £26.6m. Actuarial gains and
losses are spread over a number of years, as an adjustment to the pension
expense in the income statement, making use of the '10% corridor' to reduce
volatility.
2.9 IAS 39 'Financial Instruments: recognition and measurement'
Discounting land creditors
In accordance with IAS 39, the deferred payments arising from land creditors are
to be held at discounted present value, hence recognising a financing element on
the deferred settlement terms. The liability is then increased to the settlement
value over the period of the deferral. The value of the discount is expensed
through net financing costs in the consolidated income statement.
The effect on the opening balance sheet was to reduce the value of the land bank
by £19.6m, reduce land creditors by £5.3m, recognise a deferred tax asset of
£4.3m and reduce opening reserves by £10.0m. For the year ended 30th June 2005,
this resulted in a increase in profit from operations of £1.9m, a charge of
£7.7m to finance costs and a related tax credit of £1.7m.
3. Accounting Policies
The more important anticipated accounting policies, which are expected to be
disclosed in the IFRS compliant financial statements of the Group for the year
ended 30th June 2006 are set out below. These accounting policies may be updated
for any subsequent amendments to IFRS with which the Group is required or may
elect to adopt.
3.1 Basis of accounting
The accounts are prepared in accordance with the historical cost and fair value
conventions.
3.2 Changes in accounting policy
On 1st July 2005 the Company adopted IFRS. These accounts have been prepared on
a consistent basis under applicable IFRS and the effects of this transition
reported in accordance with IFRS 1 'First-time Adoption of IFRS'.
3.3 Basis of consolidation
The Group accounts include the results of the holding company and all its
subsidiary undertakings made up to 30th June. The financial statements of
subsidiary undertakings are consolidated from the date when control passed to
the Group using the acquisition method of accounting and up to the date of
disposal. All transactions with subsidiaries and inter-company profits or losses
are eliminated on consolidation.
On acquisition of a subsidiary, all of the subsidiary's identifiable assets and
liabilities existing at the date of acquisition are recorded at their fair
values reflecting their conditions at that date. All changes to those assets and
liabilities, and the resulting gains and losses that arise after the Group has
gained control of the subsidiary are charged to the post-acquisition income
statement.
3.4 Revenue
Revenue comprises the total proceeds of building and development on legal
completion and the value of work executed on long-term contracts during the year
excluding inter-company transactions and value added tax. The sale proceeds of
part exchange houses are not included in turnover.
3.5 Inventories
Inventories and work in progress, excluding long-term contracting work in
progress, are valued at the lower of cost and net realisable value.
Profit on contracting is taken on short-term contracts when completed, and for
long term contracts attributable profit is taken when the final outcome can be
foreseen with reasonable certainty; provision is made for any anticipated
losses. Amounts by which revenue in respect of long- term contracts exceed
payments on account are held in debtors as amounts recoverable on contracts.
Amounts received in respect of long-term contracts, in excess of amounts
reflected in revenue, are held in creditors as payments on account.
3.6 Property, plant and equipment
Freehold properties are depreciated on a straight line basis over twenty five
years. Plant is depreciated on a straight line basis over its expected useful
life which ranges from one to seven years.
3.7 Leases
Operating lease rentals are charged to the income statement in equal instalments
over the life of the lease.
3.8 Share-based payments
The Group issues equity-settled share-based payments to certain employees and
has applied the requirements of IFRS 2 'Share-based payments'. In accordance
with the transitional provisions, IFRS 2 has been applied to all grants of
equity instruments after 7th November 2002 that had not vested as at 1st January
2005.
Equity-settled share-based payments are measured at fair value at the date of
grant. The fair value is expensed on a straight line basis over the vesting
period, based on the Group's estimate of shares that will eventually vest.
3.9 Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax.
The tax currently payable is based on the profit for the year. Taxable profit
differs from net profit as reported in the income statement because it excludes
items of income or expense that are tax deductible in other years and it further
excludes items that are never taxable or deductible. The Group's liability for
current tax is calculated using tax rates that have been enacted or
substantially enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more tax in the future or a right to
pay less tax in the future have occurred at the balance sheet date.
A net deferred tax asset is regarded as recoverable and therefore recognised
only when, on the basis of all available evidence, it can be regarded as more
likely than not that there will be suitable taxable profits from which the
future reversal of the underlying timing differences can be deducted.
3.10 Pensions
The group operates a defined contribution pension schemes for certain employees.
The Group's contributions to the schemes are charged against profits in the year
in which the contributions are made.
For the defined benefit scheme, the obligations are measured at discounted
present value whilst plan assets are recorded at fair value. The calculation of
the net obligation is performed by a qualified actuary. The operating and
financing costs of these plans are recognised separately in the income
statement; service costs are spread systematically over the lives of the
employees and financing costs are recognised in the period in which they arise.
Actuarial gains and losses are spread over a number of years, as an adjustment
to the pension expense in the income statement, making use of the 10% corridor
to reduce volatility. Cumulative actuarial gains and losses were recognised at
1st July 2004, the beginning of the first IFRS reporting period, within the net
obligation at that date.
3.11 Financial instruments
Financial assets and financial liabilities are recognised on the Group's balance
sheet when the Group becomes a party to the contractual provisions of the
instrument.
Trade receivables
Trade receivables do not carry any interest and are stated at their nominal
value as reduced by appropriate allowances for estimated irrecoverable amounts.
Trade payables
Trade payables on normal terms are not interest bearing and are stated at their
nominal value. Trade payables on extended terms are recorded at their fair value
at the date of acquisition of the asset to which they relate. The discount to
nominal value is amortised over the period of the credit term and charged to
finance costs.
Bank borrowings
Interest bearing bank loans and overdrafts are recorded at the proceeds
received, net of direct issue costs.
Finance charges are accounted for on an accrual basis to the profit and loss.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates
of exchange prevailing on the dates of the transactions. At each balance sheet
date, monetary assets and liabilities that are denominated in foreign currencies
are retranslated at the rates prevailing on the balance sheet date. Non-monetary
assets and liabilities carried at fair value that are denominated in foreign
currencies are translated at the rates prevailing at the date when the fair
value was determined. Gains and losses arising on retranslation are included in
net profit or loss for the period.
On consolidation, the assets and liabilities of the Group's overseas operations
are translated at exchange rates prevailing on the balance sheet date. Income
and expense items are translated at the average exchange rates for the period
unless exchange rates fluctuate significantly. Exchange differences arising are
classified as reserves and transferred to the Group's translation reserve.
APPENDIX 1 - RESTATEMENT OF INCOME STATEMENT FOR THE YEAR
ENDED 30TH JUNE 2005
UK GAAP CHANGES IN ACCOUNTING UNDER: IFRS Memorandum
-------- --------------------------------------------------------------------------- -------- ----------------
IFRS 2 IFRS 5 IAS 10 IAS 19 IAS 39 Continuing
Pension
accrual Excep-
and tional
Presentation Share Reverse deferred Item Business
Share of discontinued options SSAP24 tax Land
options operations Dividends Er's NI adjustment adjustment creditors
-------- --------------------------------------------------------------------------- -------- ----------------
£m £m £m £m £m £m £m £m £m £m £m
Revenue 2,512.7 (28.0) 2,484.7 2,484.7
Cost of
sales (2,031.9) 26.9 1.9 (2,003.1) 15.9 (2,019.0)
-------- --------------------------------------------------------------------------- -------- ----------------
Gross
profit* 480.8 (1.1) 0.0 0.0 1.9 481.6 15.9 465.7
-------- --------------------------------------------------------------------------- -------- ----------------
Admini-
strative
expenses
(69.5) (3.5) 0.7 (0.3) (1.6) (1.1) (75.3) (75.3)
-------- --------------------------------------------------------------------------- -------- ----------------
Profit
from
opera-
tions 411.3 (3.5) (0.4) (0.3) (1.6) (1.1) 1.9 406.3 15.9 390.4
-------- --------------------------------------------------------------------------- -------- ----------------
Invest-
ment
income 2.8 2.8 2.8
Finance
costs (7.5) 0.4 (7.7) (14.8) (14.8)
-------- --------------------------------------------------------------------------- -------- ----------------
Profit
before
tax 406.6 (3.5) (0.0) (0.3) (1.6) (1.1) (5.8) 394.3 15.9 378.4
-------- --------------------------------------------------------------------------- -------- ----------------
Current
tax (117.1) (117.1) (4.8) (112.3)
Deferred
tax 1.2 1.1 0.1 0.5 0.3 1.7 4.9 4.9
-------- --------------------------------------------------------------------------- -------- ----------------
Total
tax (115.9) 1.1 0.0 0.0 0.1 0.5 0.3 1.7 (112.2) (4.8) (107.4)
-------- --------------------------------------------------------------------------- -------- ----------------
-------- --------------------------------------------------------------------------- -------- ----------------
Profit
after
tax 290.7 (2.4) (0.0) 0.0 (0.2) (1.1) (0.8) (4.1) 282.1 11.1 271.0
-------- --------------------------------------------------------------------------- -------- ----------------
Discon-
tinued
opera-
tions
Profit
from
discon-
tinued
opera-
tions 0.0 0.0 0.0
-------- --------------------------------------------------------------------------- -------- ----------------
Profit
for
financial
year 290.7 (2.4) (0.0) 0.0 (0.2) (1.1) (0.8) (4.1) 282.1 11.1 271.0
-------- --------------------------------------------------------------------------- -------- ----------------
* Includes £15.9m exceptional items, profit on disposal of freehold ground rents.
APPENDIX 2 - RESTATEMENT OF BALANCE SHEET
AS AT 30TH JUNE 2005
UK GAAP CHANGES IN ACCOUNTING UNDER: IFRS
---------- -------------------------------------------------------------------------- --------
IFRS 2 IAS 10 IAS 19 IAS 39
Pension
Share Reverse accrual
Share options SSAP24 and deferred Land
options Dividends Er's NI adjustment tax adjustment creditors
---------- -------------------------------------------------------------------------- --------
£m £m £m £m £m £m £m
Fixed assets
Property,
plant and equipment 11.3 11.3
Deferred tax assets 6.0 1.4 0.4 (1.1) 26.6 4.3 37.6
---------- -------------------------------------------------------------------------- --------
Total non current
assets 17.3 1.4 0.0 0.4 (1.1) 26.6 4.3 48.9
---------- -------------------------------------------------------------------------- --------
Current assets
Inventories 2,410.2 (19.6) 2,390.6
Trade and other
receivables 34.3 34.3
Cash at bank
and in hand 285.1 285.1
---------- -------------------------------------------------------------------------- --------
2,729.6 (19.6) 2,710.0
Liabilities
Trade & other
payables
(excluding land) (756.1) 42.8 (1.4) 3.8 (710.9)
Land creditors (569.9) 5.3 (564.6)
Tax liabilities (60.7) (60.7)
Employee benefits (88.9) (88.9)
Bank overdrafts
and loans (8.2) (8.2)
---------- -------------------------------------------------------------------------- --------
Total liabilities (1,394.9) 42.8 (1.4) 3.8 (88.9) 5.3 (1,433.3)
---------- -------------------------------------------------------------------------- --------
Total assets less
total liabilities 1,352.0 1.4 42.8 (1.0) 2.7 (62.3) (10.0) 1,325.6
---------- -------------------------------------------------------------------------- --------
Capital and reserves
Called up share
capital 24.2 24.2
Share premium account 197.9 197.9
Share based payment
reserve 4.7 4.7
EBT shares (15.8) (15.8)
Profit and loss
account 1,145.7 (3.3) 42.8 (1.0) 2.7 (62.3) (10.0) 1,114.6
---------- -------------------------------------------------------------------------- --------
Total equity 1,352.0 1.4 42.8 (1.0) 2.7 (62.3) (10.0) 1,325.6
---------- -------------------------------------------------------------------------- --------
APPENDIX 3 - RESTATEMENT OF BALANCE SHEET AS
AT 30TH JUNE 2004
UK GAAP CHANGES IN ACCOUNTING UNDER: IFRS
---------- --------------------------------------------------------------------- -------
IFRS 2 IAS 10 IAS 19 IAS 39
Pension
Share Reverse accrual and
Share options SSAP24 deferred tax Land
options Dividends Er's NI adjustment adjustments creditors
---------- --------------------------------------------------------------------- -------
£m £m £m £m £m £m £m
Fixed assets
Property, plant and
equipment 11.9 11.9
Deferred tax assets 7.6 0.3 0.3 (1.6) 26.3 2.6 35.5
---------- --------------------------------------------------------------------- -------
Total non current assets 19.5 0.3 0.3 (1.6) 26.3 2.6 47.4
---------- --------------------------------------------------------------------- -------
Current assets
Inventories 1,986.7 (17.2) 1,969.5
Trade and other receivables 35.3 35.3
Cash at bank and in hand 230.4 230.4
---------- --------------------------------------------------------------------- -------
2,252.4 (17.2) 2,235.2
Liabilities
Trade & other payables
(excluding land) (660.4) 35.3 (1.1) 5.4 (620.8)
Land creditors (396.5) 8.7 (387.8)
Tax liabilities (58.2) (58.2)
Employee benefits (87.8) (87.8)
Bank overdrafts and loans (40.7) (40.7)
---------- --------------------------------------------------------------------- -------
Total liabilities (1,155.8) 35.3 (1.1) 5.4 (87.8) 8.7 (1,195.3)
---------- --------------------------------------------------------------------- -------
Total assets less total
liabilities 1,116.1 0.3 35.3 (0.8) 3.8 (61.5) (5.9) 1,087.3
---------- --------------------------------------------------------------------- -------
Capital and reserves
Called up share capital 24.0 24.0
Share premium account 190.7 190.7
Share based payment reserve 1.2 1.2
EBT shares (17.5) (17.5)
Profit and loss account 918.9 (0.9) 35.3 (0.8) 3.8 (61.5) (5.9) 888.9
---------- --------------------------------------------------------------------- -------
Total equity 1,116.1 0.3 35.3 (0.8) 3.8 (61.5) (5.9) 1,087.3
---------- --------------------------------------------------------------------- -------
APPENDIX 4 - RESTATEMENT OF
CASH FLOW STATEMENT FOR THE YEAR ENDED 30TH JUNE 2005
UK GAAP CHANGES IN ACCOUNTING UNDER: IFRS
---------- ------------------------------------------------------------------------------------------ -----
IFRS 2 IFRS 5 IAS 7 IAS 19 IAS 39
Reclassify
overdrafts
Presentation from Pension
of cash and Share Reverse accrual
Share discontinued Reclass- cash options SSAP24 and deferred Land
equivalents to tax
options operations ifications financing Er's NI adjustments adjustments creditors
---------- ------------------------------------------------------------------------------------------ -----
£m £m £m £m £m £m £m £m
NET CASH FROM
OPERATING
ACTIVITIES
Profit from
operations 411.3 (3.5) (0.4) (0.3) (1.6) (1.1) 1.9 406.3
Adjustment
for non-cash
items 2.3 2.4 0.4 0.3 1.6 1.1 (1.9) 6.2
Adjustments
for movements
in working
capital (245.3) 1.1 (244.2)
---------- ------------------------------------------------------------------------------------------ -----
Cash generated
by operations 168.3 168.3
Income taxes
paid 0.0 (113.8) (113.8)
---------- ------------------------------------------------------------------------------------------ -----
NET CASH FROM
OPERATING
ACTIVITIES 168.3 (113.8) 54.5
---------- ------------------------------------------------------------------------------------------ -----
RETURNS ON
INVESTMENT
AND SERVICING
OF FINANCE
Interest
received 2.8 (2.8) 0.0
Interest paid (7.5) 7.5 0.0
---------- ------------------------------------------------------------------------------------------ -----
NET CASH FROM
RETURNS ON
INVESTMENT
AND SERVICING
OF FINANCING (4.7) 4.7 0.0
---------- ------------------------------------------------------------------------------------------ -----
INVESTING
ACTIVITIES
Proceeds on
disposal of
investments 1.7 1.7
Proceeds on
disposal of
property,
plant and
equipment 2.6 2.6
Purchases of
property,
plant and
equipment (1.9) (1.9)
Disposal of
subsidiary 83.2 83.2
---------- ------------------------------------------------------------------------------------------ -----
NET CASH USED
IN INVESTING
ACTIVITIES 85.6 85.6
---------- ------------------------------------------------------------------------------------------ -----
TAXATION (113.8) 113.8 0.0
---------- ------------------------------------------------------------------------------------------ -----
---------- ------------------------------------------------------------------------------------------ -----
EQUITY
DIVIDENDS
PAID (55.6) 55.6 0.0
---------- ------------------------------------------------------------------------------------------ -----
FINANCING 0.0
ACTIVITIES
Interest paid (7.5) (7.5)
Interest
received 2.8 2.8
Dividends
paid (55.6) (55.6)
Issue of
ordinary
share capital 7.4 7.4
Repayment of
bank loans (9.0) (9.0)
Decrease in
bank
overdrafts (23.5) (23.5)
---------- ------------------------------------------------------------------------------------------ -----
NET CASH USED
IN FINANCING
ACTIVITIES (1.6) (60.3) (23.5) (85.4)
---------- ------------------------------------------------------------------------------------------ -----
---------- ------------------------------------------------------------------------------------------ -----
NET INCREASE
IN CASH AND
CASH
EQUIVALENTS 78.2 (23.5) 54.7
---------- ------------------------------------------------------------------------------------------ -----
Cash at bank
and in hand 230.4 230.4
Overdrafts (28.3) 28.3 0.0
---------- ------------------------------------------------------------------------------------------ -----
NET CASH AT
BEGINNING OF
YEAR 202.1 28.3 230.4
---------- ------------------------------------------------------------------------------------------ -----
Cash at bank
and in hand 285.1 285.1
Overdrafts (4.8) 4.8 0.0
---------- ------------------------------------------------------------------------------------------ -----
NET CASH AT
END OF YEAR 280.3 4.8 285.1
---------- ------------------------------------------------------------------------------------------ -----
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