Final Results

Scottish & Southern Energy PLC 30 May 2001 30 May 2001 Preliminary Results for year ended 31 March 2001 'This has been another very good year for Scottish and Southern Energy. Our operating profit has increased by 7.8% to £655.8M and earnings per share are up by 7.2% to 50.9p. The dividend has been raised by 9.1% to 30p. We are very pleased with this performance in the first year of a price review. Operationally our performance is equally strong with the best ever performance against the Regulator's Guaranteed Standards.', said Chairman, Dr Bruce Farmer. HIGHLIGHTS Financial* - operating profit increased £47.6M to £655.8M up 7.8% - pre-tax profit up £30.3M to £556.1M up 5.8% - earnings per share rise to 50.9p up 7.2% - full year dividend of 30p up 9.1% * before goodwill of £5.7M on the acquisition of SWALEC Operational - 23% reduction in controllable costs - synergy savings of £120M delivered, £115M for SSE merger and £5M from SWALEC acquisition - Seabank 2 and Peterhead fully commissioned - best ever performance against Regulator's Guaranteed Standards - best ever network performance in Scotland Enquiries Scottish and Southern Energy Jim Forbes, Chief Executive 0207 831 3113 (30/05/01) Ian Marchant, Finance Director 01738 455111 (thereafter) Carolyn McAdam, Director of Corporate Communications Financial Dynamics 020 7831 3113 Andrew Dowler Ben Foster A dial in facility is available to hear the analysts' presentation at 9am: Dial in no. 020 8240 8245 Password - Scottish and Southern Energy Conference Call Chairperson - Jim Forbes A replay facility will be available for 48 hours: Dial in no. 020 8288 4459 Access code - 685 612 OVERVIEW Scottish and Southern Energy reports an exceptionally strong performance for the past year. Group operating profit, before goodwill of £5.7M on the acquisition of SWALEC, rose £47.6M to £655.8M, an increase of 7.8%. Growth in operating profit in Generation and Supply in England & Wales, along with significant synergy savings have been the main drivers. This is a very good performance given that we are in the first year of a new distribution price control. The acquisition of the SWALEC energy supply business was successfully completed in August 2000 and has been earnings enhancing in the first year. We achieved a further £67M of synergy savings on top of last year's £53M, taking the total to £120M; £115M from the original SSE merger and £5M from the acquisition of SWALEC. This represents a reduction of 23% in controllable costs in 2000/01. Earnings per share have risen to 50.9p, an increase of 7.2% and the Board has recommended a dividend for the full year of 30p an increase of 9.1%. FINANCIAL AND OPERATING REVIEW Power Systems The Regulatory price review which came into effect in April 2000 reduced revenue in Power Systems by around £70M. Despite this, operating profit fell by only 4.4% to £311.5M. In Scotland there was an increase at the operating profit level with the impact of the price review being offset by the higher level of hydro benefit and significant synergy savings with controllable costs showing a 25% reduction. Units distributed in Scotland increased by 2.7%. In England the impact of the price review was partially offset by strong volume growth with units distributed up by 4.1% and an 18% reduction in controllable costs. Over the course of the last year our networks, both north and south suffered some of the most severe weather for many years. In Scotland we have once again seen a further reduction of 10% in customer minutes lost, giving us the best network performance ever, despite the February storms. In England the October storms were almost as severe as those of 1987 but our improved working practices and capital investments meant that we restored customers in a third of the time. Underlying network performance remained ahead of Ofgem's targets once corrected for the storms. Generation and Supply Generation and Supply contributed just over 44% of Group operating profit. In England & Wales our performance was exceptionally strong. Operating profit before goodwill of £5.7M was £232.3M, up 24.2% on the previous year with a number of factors more than offsetting the impact of lower wholesale electricity prices. On the generation side the first full year of the operation of Seabank 1 and the commissioning of Seabank 2, our jointly owned power stations near Bristol, made a significant contribution to profit. The acquisition of the SWALEC energy supply business has been included in our figures for Generation and Supply in England and Wales. We purchased this from British Energy for £210M in August 2000 and it has made an £18.9M contribution to operating profit. We have already achieved £5M of synergy savings and the acquisition was earnings enhancing, after interest and goodwill charges. The goodwill charge against SWALEC was £5.7M and this is expected to be £11.3M in a full year. The notional interest charge on the acquisition was £8M, giving a contribution to the Group profit of around £5M. Plans are well advanced for the transfer of SWALEC customers to the Group's Customer Service System (CSS). The transfer of gas customers will be completed in the summer of this year and electricity customers by the autumn and we are confident that we will achieve at least £20M of synergy savings on an annual basis. With our focus on both reducing costs to serve and bringing down energy purchase costs, we increased margins in energy supply in the mass market and our industrial and commercial business continued to make a positive contribution. Our domestic gas business has reported its first profit in the financial year and this was after absorbing the costs for customer acquisition and the transfer of billing to our CSS. Operating profit for Generation and Supply in Scotland fell by 15.6% as a result of continued competitive pressure on both volume and price. Hydro output was also 20% below average as a result of abnormally low rainfall. These factors were partially offset by lower nuclear costs and the lower gas costs associated with the benefit of repowering at Peterhead power station. This project was completed on time and below budget. Thermal plant performance, availability and reliability was consistently as good as last year, an impressive outcome in light of the Peterhead repowering project. We have committed to a number of new generation projects since the end of the financial year including our first investment in wind power, an 11MW farm at Tangy near Campbeltown on the west coast of Scotland. We have also commenced work on a 10MW power station fired by coal mine methane at Wheldale near Leeds. This is in partnership with Alkane who will build, operate and maintain the methane extraction plant, while we install the 10MW gas engine plant. Other Businesses Our other businesses which include the contracting subsidiaries, telecoms and retail contributed 7.8% of Group operating profit. Their performance has been exceptionally strong in the past year with operating profit up 118% to £51.3M. Following an internal re-organisation in our Contracting Group, turnover was up 13% and controllable costs down £7.5M. Demand for new connections to our network has remained strong, particularly in England and this has also contributed to profit growth. During the year we also connected 3,500 properties to gas pipelines, and installed multi-utility connections for a number of the UK's leading housebuilders including Wimpey, Beazer, Persimmon and Barratts. We have also acquired a number of private networks which we are now managing for WH Smith, Transco, Marconi and Leyland Business Park. External turnover within Telecoms increased by over 80% and the business made a positive contribution to operating profit, as our growth plans continue to be implemented. Our Telecoms business has signed new contracts worth close to £10M with Telewest, Energis and One2One. Almost 100 radio sites have now been developed for use by mobile phone operators and a further 120 are scheduled for the current year. Simple2.co.uk our financial services company, reported a £2.2M operating loss reflecting the costs of systems and business development. Simple2 will have a number of major product providers including Scottish Amicable, Scottish Equitable, Friends Provident and Norwich Union. Customer Service Customer Service against the Regulator's Guaranteed Standards showed another year of outstanding improvement. The performance was 80% better in Scotland and over 10% better in England, setting a new record with failures now under one per 100,000 customers. As far as network performance is concerned, in Scotland we have seen a further reduction of 10% in customer minutes lost, giving us the best ever network performance. In England the underlying performance remained ahead of the Regulator's target. We aim to maintain our exceptionally high standard of performance and are delighted that our customers are benefiting from this. These achievements are a tremendous tribute to our staff who constantly strive to find new ways of improving the service we offer our customers. This commitment means that Scottish and Southern Energy retains one of the best customer service records in Great Britain. NETA The most significant change in the British energy markets in the past year has been the introduction of the New Electricity Trading Arrangements (NETA) in England & Wales. Our systems, assets and people were ready for its introduction on 27th March 2001. The introduction of NETA has created additional volatility and uncertainty in the wholesale energy and balancing markets in the short to medium term. Flexibility is key to ensuring that we can maximise our position in the short term balancing market. We have structured our portfolio of wholesale gas and electricity contracts accordingly and maximised the flexibility of our power stations. We have around 1500MW of generation capacity in England which is capable of being rapidly adjusted up and down to balance our position. Our 24 hour trading capability which monitors movements in the wholesale energy markets as well as plant availability has also been critical to our responsiveness to NETA. Our strategy over the medium to long term is to remain long in supply and short in generation and this has stood us in good stead. With the flexibility we have within the SSE Group, we are confident we can continue to create value in the new trading environment. Interest The net interest charge for 2000/2001 was £101.8M, with an underlying charge of £92.8M after the accounting charge of £9M for the revaluation of the onerous gas provision. Tax The Group's effective tax rate for the year was 21.9% in line with the previous year, reflecting our continued high level of capital expenditure. Earnings With the Group's strong performance at the operating profit level, earnings per share show an increase of 7.2% to 50.9p. After goodwill, EPS amounted to 50.2p, an increase of 5.7%. Dividend The Director's have recommended a final dividend per share of 21p, making a full year dividend of 30p, an increase of 9.1% (a 7% real increase), well ahead of the target we set last year. The recommended full year dividend is covered 1.7 times by earnings. Balance Sheet and Cash Flow At 31 March 2001 shareholders funds were £1,832.9M compared with £1,663.7M at 31 March 2000. Net debt increased by £228.9M to £1,343.7M as a result of the acquisition of SWALEC and our continuing capital investment programme. We also purchased a total of 2,185,000 ordinary shares at a weighted average price of 514p per share. This cost £11.3M in total, including expenses and reduced the number of shares in issue to 858,524,347. Financial Outlook Scottish and Southern Energy can look forward with confidence to ongoing earnings growth through continued development of our energy supply, telecoms and other growth businesses and further efficiency improvements. The energy markets are undergoing a period of change and increased volatility. We are confident that our diverse portfolio of generation and supply contracts, our fuel mix, plant diversity and flexibility, positions us well to compete actively and successfully in these newly structured markets. Our confidence is reflected in our clear dividend target. Following the 9.1% increase to a full year dividend of 30p this year we aim to deliver at least 4% real growth for the next two years and sustained real growth thereafter. The strength of the balance sheet allows us to take advantage of opportunities to create even stronger growth. However, we remain committed to a disciplined approach to mergers and acquisitions. If we judge it to be in our shareholders interests we will continue with the share buyback programme. Strategy and Outlook Scottish and Southern Energy is now firmly established as one of the most successful companies in the British energy markets and is at the efficiency frontier in the utility sector. In light of this the Group looks forward with confidence to delivering strong performance in both its distribution and supply businesses. We will achieve synergy savings of £120M from our original merger with £115M already achieved. We can see at least £20M of annual synergy savings coming from the SWALEC acquisition with £5M already delivered. The drive to remain at the leading edge of efficiency is as strong as ever. Our investment in generation at both Seabank and Peterhead is now complete and they are in full commercial operation, adding further flexibility to our generation business which we will use to the Group's advantage. Under NETA flexible peaking plant capable of selling into the short term balancing market will attract a premium. This is an area of expertise for Scottish and Southern Energy and we aim to identify a portfolio of sites for further development. We remain a supply focused business. However, if acquisition prices for generation assets were to fall to levels where we believed we could deliver shareholder value, we would consider further purchases. We continue to expand into related areas of operation either using our asset base or selling a wider range of products and services to our existing customers. We will also develop further strategic alliances to broaden our customer base. Our dividend growth target and balance sheet strength remains amongst the best in the UK utility sector. We can continue to deliver a strong financial performance from our existing businesses and we can also pursue new areas of growth. We remain convinced that the nil premium merger of equals delivers the best value for shareholders in regulated utilities and that is our primary goal. However, we would not rule out acquisition where prices for assets are at a level which allows us to create value. We remain committed to delivering growth in shareholder value. Group Profit and Loss Account for the year ended 31 March 2001 Continuing operations Continuing operations Ongoing Acquisitions Total 2001 2001 2001 2000 Note £M £M £M £M Turnover Group and share of joint ventures 3,352.2 354.5 3,706.7 3,116.6 Less: share of joint 121.1 121.1 68.7 ventures _____ _____ _____ _____ Group turnover 3 3,231.1 354.5 3,585.6 3,047.9 Cost of sales 2,289.9 309.9 2,599.8 2,076.1 _____ _____ _____ _____ Gross profit 941.2 44.6 985.8 971.8 Distribution costs 213.4 - 213.4 217.0 Administrative costs 157.3 27.9 185.2 204.8 _____ _____ _____ _____ Operating profit Group 570.5 16.7 587.2 550.0 Share of joint ventures 25.4 - 25.4 17.4 Share of associates 37.5 - 37.5 40.8 _____ _____ _____ _____ Total operating profit 3 633.4 16.7 650.1 608.2 _____ _____ Income from fixed asset investments 2.1 3.7 Net interest payable 4 Group 67.7 56.8 Joint ventures 11.8 5.0 Associates 22.3 24.3 _____ _____ Profit on ordinary activities 550.4 525.8 before taxation Taxation 5 120.8 113.0 _____ _____ Profit on ordinary activities 429.6 412.8 after taxation Equity minority interests in 0.4 - subsidiary undertaking _____ _____ Profit attributable to ordinary shareholders 430.0 412.8 Dividends 6 257.0 236.0 _____ _____ Retained profit 173.0 176.8 _____ _____ Earnings per share (p) 7 basic 50.2 47.5 _____ _____ adjusted 50.9 47.5 _____ _____ diluted 50.0 47.4 _____ _____ _____ Balance Sheets as at 31 March 2001 Group Company Note 2001 2000 2001 2000 £M £M £M £M Fixed Assets Intangible assets 223.4 1.2 - - Tangible assets 3,525.9 3,408.8 1,698.2 1,617.2 Investments in subsidiaries - - 615.2 397.4 Investments in joint ventures _____ _____ Share of gross assets 263.8 253.1 - - Share of gross liabilities (44.9) (40.4) - - _____ _____ _____ ____ 218.9 212.7 20.0 20.0 Investments in associates 47.2 47.6 16.6 18.3 Other investments 0.2 0.2 - - _____ _____ _____ _____ 266.3 260.5 651.8 435.7 _____ _____ _____ _____ 4,015.6 3,670.5 2,350.0 2,052.9 _____ _____ _____ _____ Current Assets Stocks 36.2 43.1 18.0 28.1 Debtors 672.3 430.2 607.3 629.1 Investments 31.3 46.9 5.3 16.8 Cash at bank and in hand 27.3 10.6 4.3 5.3 _____ _____ _____ _____ 767.1 530.8 634.9 679.3 _____ _____ _____ _____ Creditors: amounts falling due within one year 1,621.7 1,192.3 1,269.7 966.3 _____ _____ _____ _____ Net current liabilities (854.6) (661.5) (634.8) (287.0) _____ _____ _____ _____ Total assets less current liabilities 3,161.0 3,009.0 1,715.2 1,765.9 _____ _____ _____ _____ Creditors: amounts falling due after more than one year 1,134.4 1,138.4 594.0 642.2 Provisions for liabilities and charges Deferred taxation 50.0 40.0 - - Other provisions 8 143.0 166.9 118.3 137.4 _____ _____ _____ _____ Net assets 1,833.6 1,663.7 1,002.9 986.3 _____ _____ _____ _______ Capital and reserves Called up share capital 429.3 428.8 429.3 428.8 Share premium account 48.3 33.7 48.3 33.7 Capital redemption reserve 10.9 9.8 10.9 9.8 Profit and loss account 1,344.4 1,191.4 514.4 514.0 _____ _____ _____ _____ Total shareholders' funds 1,832.9 1,663.7 1,002.9 986.3 Equity minority interests in subsidiary undertakings 0.7 - - - 1,833.6 1,663.7 1,002.9 986.3 ______ _____ _____ _____ These Accounts were approved by the Board of Directors on 30 May 2001 and signed on their behalf by: Ian Marchant, Finance Director Bruce Farmer CBE, Chairman Group Cash Flow Statement for the year ended 31 March 2001 2001 2000 Note £M £M Net cash inflow from operating activities 9 650.2 833.0 Dividends received from joint ventures and associates 10.1 16.9 Returns on investments and servicing of finance (67.7) (52.6) Taxation (79.9) (82.6) _____ _____ Free cash flow 512.7 714.7 Capital expenditure and financial investment (278.4) (499.6) Acquisitions and disposals (217.8) 3.6 Equity dividends paid (241.6) (228.9) _____ ______ Net cash outflow before management of liquid resources and financing (225.1) (10.2) Management of liquid resources 15.6 (19.1) Financing 227.1 33.9 _____ _____ Increase in cash in the year 17.6 4.6 _____ _____ Notes to the Group Cash Flow Statement Reconciliation of net cash flow to movement in net debt 2001 2000 £M £M Increase in cash in the year 17.6 4.6 Cash inflow from increase in debt and lease financing (230.9) (124.1) Cash (inflow)/outflow from (decrease)/increase in liquid resources (15.6) 19.1 _____ _____ Movement in net debt in the year (228.9) (100.4) Net debt at 1 April (1,114.8) (1,014.4) _____ _____ Net debt at 31 March (1,343.7) (1,114.8) _____ _____ Analysis of net debt (Increase)/ As at As at Increase decrease 31 March 2001 1 April 2000 in cash in debt £M £M £M £M Cash at bank and in hand 10.6 16.7 - 27.3 Overdrafts (0.9) 0.9 - - Other debt due within one year (365.5) - (235.2) (600.7) _____ _____ _____ _____ Net borrowings due within one year (355.8) 17.6 (235.2) (573.4) Net borrowings due after more than one year (805.9) - 4.3 (801.6) Current asset investments 46.9 - (15.6) 31.3 _____ _____ _____ _____ Net debt (1,114.8) 17.6 (246.5) (1,343.7) _____ _____ _____ _____ Group Statement of Total Recognised Gains and Losses for the year ended 31 March 2001 2001 2000 £M £M Profit for the financial year Group 412.5 395.4 Share of joint ventures 9.2 7.9 Share of associates 8.3 9.5 _____ _____ Total recognised gains and losses 430.0 412.8 _____ _____ Group Reconciliation of Movement in Shareholders' Funds as at 31 March 2001 2001 2000 £M £M Profit for the financial year 430.0 412.8 Dividends (257.0) (236.0) _____ _____ Retained profit for the year 173.0 176.8 New share capital subscribed 8.2 6.6 Premium on issue of shares to Quest 8.0 - Contribution to Quest (8.7) - Repurchase of ordinary share capital for cancellation (11.3) (96.2) _____ _____ Net addition to shareholders' funds 169.2 87.2 Opening shareholders' funds 1,663.7 1,576.5 _____ _____ Closing shareholders' funds 1,832.9 1,663.7 _____ _____ Notes on the Financial Statements 1. Financial Statements The financial information set out in this announcement does not constitute the Group's Statutory Accounts for the years ended 31 March 2000 or 2001 but is derived from those Accounts. Statutory Accounts for 1999/00 have been delivered to the Registrar of Companies, and those for 2000/2001 will be delivered following the Company's Annual General Meeting. The Auditors have reported on those Accounts and their reports were unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. This preliminary announcement was approved by the Board on 30 May 2001. 2. Basis on consolidation The Group Accounts consolidate the Accounts of Scottish and Southern Energy plc and its subsidiary undertakings together with the Group's share of the results and net assets of its joint ventures and associates. Comparative amounts are restated, where necessary, to conform with current presentation. The results of subsidiary undertakings acquired or sold are consolidated from the date of acquisition, using the acquisition method of accounting. The results of joint ventures and associates are included using the equity method of accounting. 3. Segmental analysis All turnover and profit before taxation arise from operations within Britain and relate to continuing operations. The Group's principal business is the generation, distribution and supply of electricity and sale of gas in Britain and the transmission of electricity in the north of Scotland. Analysis of turnover and operating profit by activity is provided below: Turnover Total turnover Internal turnover External turnover 2001 2000 2001 2000 2001 2000 £M £M £M £M £M £M Power Systems Scotland 225.5 224.0 180.5 190.1 45.0 33.9 England 367.2 415.3 226.7 293.6 140.5 121.7 _____ _____ _____ _____ _____ _____ 592.7 639.3 407.2 483.7 185.5 155.6 _____ _____ _____ _____ _____ _____ Generation and Supply Scotland 585.0 657.6 - - 585.0 657.6 England and Wales 2,495.6 1,960.2 - - 2,495.6 1,960.2 _____ _____ _____ _____ _____ _____ 3,080.6 2,617.8 - - 3,080.6 2,617.8 _____ _____ _____ _____ _____ _____ Other Businesses 387.6 315.6 68.1 41.1 319.5 274.5 _____ ____ _____ _____ _____ _____ 4,060.9 3,572.7 475.3 524.8 3,585.6 3,047.9 ____ _____ _____ _____ _____ _____ Notes on the Financial Statements 3. Segmental analysis (cont'd) Operating profit Operating Profit 2001 2000 £M £M Power Systems Scotland 115.8 91.3 England 195.7 234.4 _____ ____ 311.5 325.7 _____ _____ Generation and Supply Scotland 60.7 71.9 England and Wales 226.6 187.1 ____ ____ 287.3 259.0 ____ ____ Other Businesses 51.3 23.5 ____ ____ 650.1 608.2 ____ ____ The total operating profits relating to joint ventures of £25.4M (2000 -£ 17.4M) and associates of £37.5M (2000 - £40.8M) are included in Generation and Supply England and Wales. Income and costs have been allocated specifically to the activity to which they relate wherever possible. However, because of the integrated nature of the Group's activities, certain costs have been apportioned or recharged between businesses. 4. Net interest payable Group Joint Ventures Associates 2001 2000 2001 2000 2001 2000 £M £M £M £M £M £M Interest receivable: Interest from short-term deposits 0.7 1.4 - - - - Other interest receivable 23.3 8.4 0.6 0.2 2.3 1.2 ____ ____ ____ ____ ____ ____ 24.0 9.8 0.6 0.2 2.3 1.2 ____ ____ ____ ____ ____ ____ Interest payable and similar charges: Bank loans and overdrafts 37.3 22.6 - - 22.0 25.5 Other loans 47.6 46.8 12.4 5.2 2.6 - Other financing charges 3.5 3.6 - - - - Amortisation of discount 9.0 - - - - - ____ ____ ____ ____ ____ ____ 97.4 73.0 12.4 5.2 24.6 25.5 Interest capitalised (5.7) (6.4) - - - - ____ ____ ____ ____ ____ ____ 91.7 66.6 12.4 5.2 24.6 25.5 ____ ____ ____ ____ ____ ____ Net interest payable 67.7 56.8 11.8 5.0 22.3 24.3 ____ ____ ____ ____ ____ ____ Notes on Financial Statements 5. Taxation 2001 2000 United Kingdom corporation tax £M £M Current year: Corporation tax at 30% 116.5 96.0 Deferred tax 10.0 15.9 Joint ventures 4.4 4.5 Associates 6.9 7.0 ___ ____ 137.8 123.4 Previous years: Corporation tax (17.0) (10.4) ____ ____ 120.8 113.0 ____ ____ 6. Dividends 2001 2000 £M £M Dividends on ordinary shares: Interim of 9.0p (2000-8.3p) 77.3 71.7 *Proposed final of 21.0p (2000-19.2p) 179.7 164.3 ___ ___ 257.0 236.0 ____ ____ * Payable on 28 September 2001 to shareholders on the register at close of business on 7 September 2001. 7. Earnings per share 2001 2000 2001 2000 Earnings Earnings Earnings Earnings £M £M Pence per Pence per share share Basic 430.0 412.8 50.2 47.5 ____ ____ ____ ____ Adjusted - amortisation of Goodwill 435.9 412.9 50.9 47.5 ____ ____ ____ ____ Diluted 430.0 412.8 50.0 47.4 ____ ____ ____ ____ The weighted average number of shares used in each calculation is as follows: 2001 2000 Number of Number shares of (millions) shares (millions) For basic and adjusted earnings per share 855.9 869.1 Effect of exercise of share options 2.6 2.3 ____ ____ For diluted earnings per share 858.5 871.4 ____ ____ 8. Group Provisions for liabilities and charges Onerous energy Restructure Pension contracts Other Total £M £M £M £M £M At 1 April 2000 56.7 3.7 96.3 10.2 166.9 Profit and loss account - 0.7 9.0 5.1 14.8 Utilised during the year (12.4) - (19.6) (5.8) (37.8) Transfer (to) accruals (0.9) - - - (0.9) ____ ____ ____ ____ ____ At 31 March 2001 43.4 4.4 85.7 9.5 143.0 ____ ____ ____ ____ ____ The restructure provision is in relation to expected costs associated with the continuing rationalisation of the business. The costs mainly comprise employee related costs, principally redundancy and early retirement costs. The majority of the expenditure is expected to be incurred in the next two years. The onerous energy contracts provision relates to the present value of out of money purchase contracts and will be utilised over a maximum period to 2011 when the contracts terminate. Other provisions include insurance/warranty claims and the costs of various committed expenditures relating to hydro civil assets. 9. Reconciliation of operating profit to operating cash flows 2001 2000 £M £M Operating profit 587.2 550.0 Depreciation 173.0 169.8 Amortisation of goodwill 5.9 - Customer contributions and capital grants released (15.1) (15.7) (Profit) on disposal of tangible fixed assets (2.9) (2.4) Change in working capital and provisions (97.9) 131.3 ____ ____ Net cash inflow from operating activities 650.2 833.0 _____ ____

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