Final Results

Travis Perkins PLC
8 March 2001



8 March 2001


               OPERATING PROFITS BEFORE REORGANISATION COSTS AND

           AMORTISATION OF GOODWILL UP 25.2 PER CENT AT £113.2 MILLION

              PRE-TAX PROFITS UP 14 PER CENT AT £85.7 MILLION




                                                            2000  1999 Increase
                                                              £m    £m        %
Turnover                                                 1,181.2 874.3     35.1
Operating profit before reorganisation costs and
  amortisation of goodwill                                 113.2  90.4     25.2


Profit before taxation                                      85.7  75.2     14.0
Profit after taxation                                       58.4  52.7     10.8
Basic earnings per share                                   52.7p 50.0p      5.4
Adjusted earnings per share before reorganisation costs,
  amortisation of goodwill and profit on sale of
properties
                                                           64.7p 57.8p     11.9

Final dividend per share                                   10.5p  9.4p     11.7
Total dividend per share                                   15.3p 13.7p     11.7



Frank McKay, chief executive, said: 'We continue to see opportunities for our
business in the UK, with specific targeting of gaps in our regional coverage.
We have identified opportunities for growth through the acquisition of
independent merchants and the development of green-field sites.'



The slow-down in total property transactions and new housing starts over the
past few months may make trading conditions challenging in 2001. We have
however recently seen the first reduction in interest rates for 19 months
which should lead to greater activity in the construction sector in the medium
term.



We have invested heavily in our business and should continue to draw
incremental benefits in 2001 from the 184 additional branches we have added to
our network in the last two years.  As a result we anticipate the Company
should make further progress in the current year.



Enquiries:



Frank McKay

Chief Executive

Tel: [phone] (today)



Issued on behalf of Travis Perkins plc by Tavistock Communications Limited
(contact : Keith Payne, tel: [phone])


Chairman's Statement



Results

I am pleased to report pre-tax profits for the year ended 31 December 2000 of
£85.7 million, an increase of 14.0 per cent over the £75.2 million earned in
1999. Turnover at £1,181.2 million was 35.1 per cent ahead of the previous
year.   The pre tax profit is after charging £5.0 million of exceptional costs
associated with the re-organisation of certain major acquisitions and after £
10.1 million for the amortisation of goodwill. Before these charges and
interest costs, operating profit was £113.2 million compared with £90.4
million in 1999, an increase of 25.2 per cent.

Basic earnings per share were 52.7 pence compared with 50.0 pence in 1999, an
increase of 5.4 per cent. Earnings per share prior to re-organisation costs
and amortisation of goodwill and excluding profit from the sale of surplus
properties, were 64.7 pence compared with 57.8 pence in 1999, an increase of
11.9 per cent.

Dividend

The board is recommending a final dividend of 10.5 pence per share, an
increase of 11.7 per cent on the final dividend of 9.4 pence for 1999.
Together with the interim dividend of 4.8 pence, this would give a total
annual dividend of 15.3 pence per share, an increase of 11.7 per cent over the
previous year.

Board of Directors

In my interim statement, I mentioned the retirement of Humfrey Smeeton as a
non- executive director at the end of June 2000 and his outstanding
contribution to the Company since his appointment in 1990.  I am sure
shareholders will want to join with me and my colleagues in expressing our
thanks for his help in the past and our best wishes for the future.

I am delighted that Michael Dearden has joined our board as a non-executive
director on the 8 November 2000.  Michael has spent the last twenty years of
his career with Burmah Castrol plc, latterly as the group board director
responsible for Castrol International.

Corporate Governance

During the latter months of 1999 and the first half of the current year, the
group board participated in a full review of all the major areas of risk to
the Company.  These were prioritised and scheduled for regular consideration
on an individual basis by the group and subsidiary boards.

Reports on these risks to the group board commenced in September 2000 and
include recommendations where necessary for any improvement in the controls or
the management of the risks.  A more comprehensive explanation of these
controls can be found under the corporate governance section of the annual
report and accounts.

Executive Share Option Scheme

The Company has operated an Executive Share Option Scheme for many years and
has found that it is the simplest and most effective way of aligning
executives' interests with shareholders' interests and providing share
incentives on the same basis for a relatively large group of managers.  This
helps to promote a sense of teamwork which is an important aspect of the
Company's collegiate culture.  Having considered alternative long term
schemes, the Remuneration Committee believes that an Executive Share Option
Scheme remains the most appropriate scheme for this business, but in the light
of developments in market practice and the revised guidelines issued by the
Association of British Insurers, it has concluded that shareholders' approval
should be sought for the adoption of a new Scheme.

The new Scheme will provide for the grant of options on a regular annual
basis, up to a limit of twice basic salary, and the exercise of options will
be subject to challenging performance conditions.  A summary of the terms of
the proposed Scheme, with a resolution for its adoption, is set out in the
annual report and accounts.

Outlook

The slow-down in total property transactions and new housing starts over the
past few months may make trading conditions challenging in 2001. We have
however recently seen the first reduction in interest rates for 19 months
which should lead to greater activity in the construction sector in the medium
term.  We have invested heavily in our business and should continue to draw
incremental benefits in 2001 from the 184 additional branches we have added to
our network in the last two years.  As a result we anticipate the Company
should make further progress in the current year.





A.TRAVIS

8 March 2001



Chief Executive's Report



Results

Turnover increased to £1,181 million in 2000 from £874 million in 1999, driven
by the Keyline and Sharpe & Fisher acquisitions in the previous year and also
by an ongoing programme of additional branch openings.  Both Keyline, acquired
in June 1999, and Sharpe & Fisher, which came on board in December 1999,
contributed a full year's trading.   Group like for like sales were up 5.4 per
cent.  The company consolidated further its position as the UK's leading
supplier of heavy building materials.

Operating profit before reorganisation costs and amortisation of goodwill rose
25.2 per cent to £113.2 million from £90.4 million.

As expected, with the full year inclusion of Keyline, operating profit as a
percentage of sales was lower.  An operating margin of 9.6 per cent against
10.3 per cent also reflected fuel distribution problems for part of the year
and the exceptionally poor weather which took some momentum out of trading
activity in the latter months.

For the fifth consecutive year on a like-for-like basis gross profit including
rebates improved further as a percentage of sales.  Pressure on overheads
continued, particularly in the areas of distribution, fuel and employment
costs.

Developments

Acquisitions continued with the addition of a further 23 branches targeted at
gaps in our geographic coverage.   By the end of 2000 we were trading from a
total of 473 branches.  The total amount spent on acquisitions was £23.8
million.

The largest acquisition in the year was that of Broombys, operating from 9
branches in Cumbria, a market in the North-West where we were not previously
represented.  Results to date, which are benefiting from both cost reductions
and buying gains, are in line with our expectations.

In addition to the acquisition during the year of other small independent
merchants in locations including Swaffham, Haywards Heath, Portishead and
Warrington, we also opened two green-field branches at Nuneaton and Kensal
Green distributing our full product range.

A new plumbing and heating outlet was opened at Newhaven in the latter part of
the year and a further four sites have been secured and other additional
openings are planned for the current year.  These new outlets, together with
20 of our existing specialist  branches, are being re-branded TP Plumbing &
Heating.  A dedicated separate web site (www.tpph.com) for plumbing and
heating has been set up.

A further 13 tool hire outlets, including two stand alone outlets at Kilburn
High Road and Holloway Road in London, were opened.  These brought the total
to 133 at the date of this report.

Results from the 33 Keyline branches re-branded Travis Perkins improved
significantly in the second half of the year after a first half that was
disrupted by restocking and repositioning in the market.  The net 68 branches
remaining under the Keyline brand also experienced considerable changes in
their operating systems but still performed to our expectations.

All the acquired Sharpe & Fisher branches were re-branded to Travis Perkins
and their stock profiles and operating systems made compatible with our stock
range and systems.  Despite the significant disruption involved, this
acquisition made a solid contribution to operating profit in its first full
year.

Branch Improvements

We have continued to invest heavily in our branches in order to enhance the
facilities offered to our customers.  To this end major redevelopments were
carried out during the year at Woolwich, Bletchley, Glasgow, Wolverhampton and
Norwich.

At our timber milling operations, a combination of some restructuring and new
capital investment has shown positive results.  As efficiency levels have
risen so has delivery performance from these centres to the branches.

D W Archer, our specialist timber operation, experienced challenging trading
conditions in the latter part of the year with the slowdown in new house
construction in the South of England.  The decision was taken to integrate the
business into the Travis Perkins Trading Company management structure with
effect from 1st January this year.  These   D W Archer branches will benefit
from closer integration with the product diversity and purchasing strength of
the Trading Company.

Information Technology

A project to upgrade branch systems launched during the year will be completed
in 2001.  This will provide a platform for a wide variety of applications that
will further improve branch efficiency and customer service.  Stock and debtor
management has also been enhanced through system improvements.

E-Commerce

Development of our e-commerce capabilities has continued.  Several bespoke
projects were undertaken with larger customers aimed at reducing
administrative costs in the processing of transactions.  We have developed
contacts with a number of embryonic industry portals as well as with existing
construction industry software providers and intend to pursue opportunities
only where clear cost reduction and customer service improvements can be
achieved.  Additions to our own website included further product information,
improved customer pricing enquiries and extended promotional activity.
Customer usage of the system rose sharply.

Continued growth in electronic links with suppliers is underlined by the fact
that over 50 per cent of all purchase invoices are now handled via electronic
data interchange.  In November we launched further projects designed to allow
a broader range of suppliers to interact with us using low cost web-based
systems.



Customer Service

Particular emphasis has been placed on customer service with the
implementation of a company-wide Key Performance Indicator system which tracks
performance on the most important service aspects.  We have also embarked on a
Service and Support training programme, a concept of enhanced customer service
based on teamwork in the branches.

Health and Safety

Greater emphasis on Health and Safety is being achieved through detailed
tracking of accident frequency and severity rates and positive attendance
data.  These initiatives will help to ensure a safer working environment for
employees and customers.

Environment

We are fully aware of the responsibility we have to conduct our business with
due regard to its effect on the environment.  Excellent progress has been made
since the launch of a project to implement an ISO 14001 compatible
Environmental Management System and the aim is to achieve full accreditation
by the end of this year.

Future Expansion

We continue to see opportunities for our business in the UK, with specific
targeting of gaps in our regional coverage.  We have identified opportunities
for growth through the acquisition of independent merchants and the
development of green-field sites.  At the same time we intend to intensify our
product specialisation focus in the areas of plumbing and heating, tool hire,
drylining and insulation and hard landscaping products.  We will also continue
to develop the sales of our own brand products.

Against this background we have every confidence in our ability to continue to
grow the business in its present form.  The various development projects on
which we are currently engaged will provide our major focus in the current
year.  Looking further ahead we will continue to develop our understanding of
the market in building materials distribution outside the United Kingdom.

Staff

I am conscious of the increasing pressures on the staff throughout the
organisation, particularly over a period when there has been considerable
change in our organisational structures and operating systems.  On behalf of
the board, I would like to thank all our employees for their contribution to
the success of the Company during the last year.





F. J. McKAY

8 March 2001



Finance Director's Report



Results

The results for the year ended 31 December 2000 reflect the full year effect
of Keyline, which was acquired in June 1999 and Sharpe & Fisher, which was
acquired in December 1999, together with the results of smaller acquisitions
made in 2000.

Pre-tax profits were £85.7 million (1999 £75.2 million).  Pre-tax profits
before goodwill amortisation, property profits and exceptional items were £
100.5 million (1999 £85.4 million), an increase of 17.7 per cent.

Goodwill amortisation was £10.1 million (1999 £4.2 million) and exceptional
reorganisation costs were £5.0 million (1999 £6.6 million).  The increase in
goodwill amortisation reflects the acquisitions made in the current and prior
years.  The exceptional re-organisation costs were incurred completing the
integration of our major acquisitions over the last two years.  £2.7 million
related to Keyline (1999 £3.6 million) and £1.8 million to Sharpe & Fisher
(1999 £3.0 million), with an additional £0.5 million being incurred in respect
of Broombys.  These were mainly property related and integration costs.

Earnings before interest, tax, depreciation and amortisation (EBITDA) before
exceptional costs for 2000 were £130.1 million (1999 £105.8 million), an
increase of 23 per cent.

Net interest payable for the year was £12.7 million compared with £5.0 million
in 1999. The increase reflects the full year effect of borrowings related to
the financing of acquisitions during 1999 and 2000.

The tax charge is £27.3 million (31.9 per cent) compared with £22.5 million
(29.9 per cent) last year.  The rate is higher than the UK corporation tax
rate of 30 per cent because goodwill amortisation does not qualify for tax
relief and taxation on profits on sale of properties is deferred.  The
effective tax rate, after adjusting for property profits and goodwill
amortisation, was 28.6 per cent (1999 28.6 per cent).

Cash Flow

Free cash flow (as defined in note 8) for the year was £46.7 million (1999 £
54.7 million).  The free cash generated by the Group was used to fund capital
expenditure on the existing business and new acquisitions, which in total cost
£56.5 million.  Operating cash flow was £1.9 million lower than for 1999 at £
104.7 million as a result of an increase in stocks and a decrease in creditors
during 2000.

Net Debt and Borrowing Facilities

Net debt at the year-end was £191.4 million (1999 £181.6 million), which
represents a gearing level of 53.5 per cent (1999 57.7 per cent).   Borrowings
include £16.1 million of loan notes issued to Sharpe & Fisher and to Broombys'
shareholders as part of the acquisition consideration. They are redeemable at
six monthly intervals ending in June 2015.

The Group has £225.0 million of committed facilities, comprising a £150.0
million term loan repayable over the period ending May 2004, a £25.0 million
loan repayable in November 2002 and a £50.0 million revolving syndicated
credit facility available until May 2004. We have overdraft facilities of £
25.0 million.

Interest cover (as defined in note 9) is approximately 9 times (1999 18
times), well within our borrowing covenants.

At 31 December 2000, 63 per cent of the Group's borrowings were covered by a
3-year interest rate swap expiring in May 2002, which fixed interest rates at
5.5 per cent.  The market value of the swap at 31 December 2000 was £0.5
million.  On 11 January 2001, the Group entered into an additional 3-year
interest rate swap at a fixed rate of    5.7 per cent.  As a result, based on
our current borrowing projections, the interest rate on outstanding debt is
fixed until the end of 2003.

Shareholders' Funds

Total equity shareholders' funds at 31 December 2000 were £356.5 million, an
increase of £43.1 million compared to 31 December 1999.  The principal reason
for the increase was retained profit for the year of £41.4 million.

The return on the established Travis Perkins' business is higher than the
returns achieved on the acquired businesses (including goodwill paid).  As a
result the return on equity shareholders' funds before taxation, which
reflects a full year of the acquired businesses, has decreased to 24.9 per
cent in 2000 from 27.1 per cent in 1999.  This level of return, after tax, is
substantially higher than the Group's weighted average cost of capital.

At the year-end the share price was 694.0 pence (1999 666.5 pence) and the
market capitalisation £771 million (1999 £737 million), representing 2.2 times
shareholders' funds.

Goodwill

The net book value of goodwill in the balance sheet is £192.8 million, which
is being amortised over 20 years.  Additions to goodwill in the year totalled
£21.8 million.

In accordance with FRS 10 impairment reviews were carried out at December
2000, the end of the first full year following the 1999 acquisitions.  No
impairments were identified as a result of these reviews.

Accounting Policies and Standards

During the year the Group adopted two new accounting standards - FRS 15 '
Tangible Fixed Assets' and FRS 16 'Current Taxation'.  While the new standards
have not impacted on current or prior period results, the Group has adopted
the transitional rules within FRS 15 which allow it to maintain the carrying
value of all revalued assets at their modified historical cost (December 1999
valuation).  Further information is given in the Accounting Policies section
of the Annual Report and Accounts.

Treasury Risk Management

Treasury activities are managed centrally under a framework of policies and
procedures approved and monitored by the Board.  The objectives are to protect
the assets of the Group and to identify and then manage financial risk.  In
applying its policies, the Group will utilise derivative instruments, but only
for risk management purposes.

The principal risk facing the Group is an exposure to interest rate
fluctuations.  The Group is not exposed to significant foreign exchange risk
as most purchases are invoiced in sterling.  These risks are described further
below:

*  Interest Rate Risk

The Group finances its operations through a mixture of retained profits, bank
borrowings and loan notes. The Group borrows at floating rates and uses
interest rate swaps into fixed rates to generate the preferred interest rate
profile and to manage the Group's exposure to interest rate fluctuations.

*  Currency Risk

The Group usually buys currency at spot rates. Whilst this was the situation
during 2000, forward contracts may be purchased where appropriate.

*  Liquidity Risk

The Group's policy has been to ensure that it has committed borrowing
facilities in place in excess of its peak forecast gross borrowings for at
least the next twelve months.  At the year-end the Group had utilised £175.0
million of its £225.0 million loan facilities leaving £50.0 million unused.
In addition it had £25.0 million of unutilised overdraft facilities.





P. N. HAMPDEN SMITH

8 March 2001



                                                           
Consolidated Profit and Loss Account  
For the year ended 31December 2000    
 

                                                                             
   £m                                                         2000      1999 
   Turnover                                                1,181.2     874.3 
   Operating profit before reorganisation                                    
   costs and amortisation of goodwill                        113.2      90.4 
   Reorganisation costs                                       (5.0)     (6.6) 
   Amortisation of goodwill                                  (10.1)     (4.2) 
   Operating profit after reorganisation                                     
   costs and amortisation of goodwill                         98.1      79.6 
   Profit on sale of properties                                0.3       0.6 
   Profit on ordinary activities before interest              98.4      80.2 
   Net interest payable                                      (12.7)     (5.0) 
   Profit on ordinary activities before taxation              85.7      75.2 
   Tax on profit on ordinary activities                      (27.3)    (22.5) 
   Profit on ordinary activities after taxation               58.4      52.7 
   Dividends paid and proposed                               (17.0)    (14.9) 
   Retained profit transferred to reserves                    41.4      37.8 
   Earnings per ordinary share                                               
   Basic                                                      52.7p    50.0p  
   Diluted                                                    52.4p    49.6p  
                                                                             
   Adjusted (Before reorganisation costs, amortisation                       
   of goodwill and profit on sale of properties)              64.7p    57.8p* 
                                                                             
   Dividend per ordinary share                               15.3 p    13.7 p 
 
* The comparative number has been restated to be consistent with the current
year, which takes into account the tax  
effect on the reorganisation costs. 


All results relate to continuing activities.  The results disclosed in the
Group profit and loss account are not materially different from the results on
an unmodified historic cost basis.


Consolidated Balance Sheet
As at 31 December 2000
£m                                                  2000             1999


Fixed assets

Tangible assets                                    215.8            194.2
Intangible assets - goodwill                       192.8            181.1
Investments                                          5.2              4.0

                                                   413.8            379.3

Current assets

Stocks                                             140.6            127.8
Debtors                                            212.3            205.5
Properties held for resale                           1.5              0.3
Cash at bank and in hand                             9.8             17.0

                                                   364.2            350.6

Creditors: amounts falling due
                    within one year               (269.3)          (227.3)


Net current assets                                  94.9            123.3


Total assets less current liabilities              508.7            502.6

Creditors: amounts falling due after
                   more than one year             (150.0)          (185.1)


Provisions for liabilities
   and charges                                      (1.1)            (3.0)


                                                   357.6            314.5


Capital and reserves
Called up share capital                             11.1             11.1
Share premium account                               54.7             52.0
Revaluation reserves                                31.4             32.0
Profit and loss account                            259.3            218.3


Total equity shareholders' funds                   356.5            313.4
Minority interests - non equity                      1.1              1.1

                                                   357.6            314.5


 
 

                                                                             
Consolidated Cash Flow Statement                                         
For the year ended 31 December 2000                                      
    £m                                                       2000       1999 
    Net cash inflow from operating activities               104.7      106.6 
                                                                             
    Returns on investments and servicing of finance                          
    Interest received                                         0.1        1.2 
    Interest paid                                           (10.3)      (5.1) 
                                                                             
    Net cash outflow for returns on                                          
    investments and servicing of finance                    (10.2)      (3.9) 
                                                                             
    Taxation                                                                 
    UK corporation tax paid                                 (26.3)     (24.6) 
    Capital expenditure and financial investment                             
    Purchase of tangible fixed assets                       (34.3)     (17.5) 
    Receipts from sales of tangible fixed assets              1.6        1.9 
                                                                             
    Net cash outflow for capital expenditure                                 
    and financial investment                                (32.7)     (15.6) 
                                                                             
    Acquisitions                                                             
    Purchase of business undertakings                       (18.0)    (237.6) 
    Net overdrafts acquired with business undertakings       (5.8)     (14.2) 
                                                                     
    Net cash outflow for acquisitions                       (23.8)    (251.8)   
     
    Equity dividends paid                                   (15.8)     (13.1) 
    Cash outflow before use of                                               
    liquid resources and financing                           (4.1)    (202.4) 
    Management of liquid resources                                           
    Cash inflow from short term deposits                     15.9       11.8 
    Financing                                                                
    Issue of ordinary share capital                           1.1        1.5 
    New bank loans                                             -       205.0 
    Repayment of bank loans                                 (10.0)     (20.0) 
    Repayment of unsecured loan notes                        (2.3)          - 
    Capital element of finance lease rentals                 (0.2)      (0.2) 
    Net cash (outflow) / inflow from financing              (11.4)     186.3 
    Increase / (decrease) in cash in the period               0.4       (4.3) 
 

                                                                     
Reconciliation of Movements in Equity Shareholders' Funds  
                                                                             
  For the year ended 31 December 2000                         2000      1999 
  £m                                                                         
  Equity shareholders' funds at 1 January                    313.4     215.5 
  Profit attributable to shareholders of the Company          58.4      52.7 
  Dividends                                                  (17.0)    (14.9) 
  Retained profit transferred to reserves                     41.4      37.8 
  New share capital subscribed                                 2.4      36.3 
  Revaluation of property transferred to current assets       (0.7)        -  
  Unrealised surplus on revaluation of properties               -       23.8
  Net increase in shareholders' funds                         43.1      97.9 
  Equity shareholders' funds at 31 December                  356.5     313.4 
                                                                
                                                                
Statement of Total Recognised Gains and Losses  
                                                                             
    For the year ended 31 December 2000                         2000    1999 
    £m                                                                       
    Profit attributable to shareholders of the Company          58.4    52.7 
    Revaluation of property transferred to current assets       (0.7)      - 
    Unrealised surplus on revaluation of properties               -     23.8 
    Total recognised gains and losses relating to the year      57.7    76.5 
 
 

Notes:

1.  The accounting policies used are consistent with those stated in the
financial statements of the group for the year ended 31 December 1999.

2.  These statements are not statutory accounts within the meaning of
s240 of the Companies Act 1985.

3.  The results for the year ended 31 December 1999 are taken from the
Group's statutory accounts which carry an unqualified auditors' report and
which have been filed with the Registrar of Companies.

4.  Statutory accounts for the year ended 31 December 2000 on which the
auditors have given an unqualified report will be delivered to the Registrar
of Companies in due course.

5.  The statutory accounts both for the year ended 31 December 1999 and
the year ended 31 December 2000 did not contain a statement under s237 (2) or
(3) of the Companies Act 1985.

6.  An interim dividend of 4.8 pence was paid to shareholders on 1
November 2000. The proposed final dividend of 10.5 pence will be paid on 17
May 2000 to shareholders on the register at 17 April 2001.

7.  It is intended to post the Report and Accounts on 23 March 2001 and
to hold the Annual General Meeting on 25 April 2001.

8.  Free cash flow is derived by taking the movement in net debt during
the year and adding back capital expenditure and cash flow on acquisitions
both as shown in the cash flow statement.

9.  Interest cover is calculated by dividing operating profit before
reorganisation costs and amortisation of goodwill by the net interest payable.





Reconciliation of Operating Profit to

Net Cash Inflow from Operating Activities

For the year ended 31 December 2000
£m                                                            2000          1999
Operating profit after reorganisation costs and
amortisation of goodwill                                       98.1        79.6


Depreciation charges                                           16.1        12.9
                                                               


Other amounts written off tangible fixed assets                 0.5         1.9
                                                                


Amortisation of goodwill                                       10.1         4.2
                                                               


Profit on sale of fixed assets                                (0.7)       (0.3)
                                                              


(Increase) / decrease in stocks                               (9.0)         1.2
                                                              


Increase in debtors                                           (0.5)      (15.2)
                                                              


(Decrease) / increase in creditors                            (9.9)        22.3
                                                              


Net cash inflow from operating activities                     104.7       106.6



Reconciliation of Net Cash Flow to Movement in Net Debt

For the year ended 31 December 2000
£m                                                        2000         1999


Increase / (decrease) in cash in year                      0.4            (4.3)
Cash outflow to repay / (inflow from) debt                12.3          (185.0)
Cash inflow from decrease in liquid resources            (15.9)          (11.8)


Change in net cash resulting from cash flows             (3.2)          (201.1)
Non-cash changes                                         (6.8)           (11.8)
Decrease in finance leases                                0.2              0.2
Movement in net cash in year                             (9.8)          (212.7)


Net (debt) / cash at 1 January                         (181.6)            31.1


Net debt at 31 December                                (191.4)          (181.6)