Five year record
| UK GAAP |
IFRS | |||||
| 2004 | 2005 | 2006 | 2007 | 2008 | ||
|
Continuing operations:
Consolidated income statement
Revenue |
£m |
844.1 |
878.9 |
862.0 |
888.5 |
931.9 |
|
Profit from operations* † †
Operating margin* † † |
£m
% |
86.7
10.3 |
69.6
7.9 |
55.4
6.4 |
45.7
5.1 |
48.4
5.2 |
|
Share of associated undertakings*
Net finance (costs)/income* † † |
£m
£m |
0.4
(21.4) |
-
(26.8) |
-
(22.4) |
-
(5.7) |
-
1.7 |
|
Profit before taxation* |
£m |
65.7 |
42.8 |
33.0 |
40.0 |
50.1 |
|
Profit after taxation* † |
£m |
53.9 |
34.7 |
27.7 |
31.9 |
38.4 |
|
Earnings per share
Before restructuring items † |
pence |
10.53 |
7.08 |
5.68 |
6.52 |
7.88 |
|
Return on operating assets
Average net operating assets
Return on net assets |
£m
% |
|
|
407.3
13.6 |
375.6
12.2 |
353.1
13.7 |
|
Return on invested capital † † ‡
Profit from operations*
Average invested capital
Return on continuing average invested capital |
£m £m
% |
|
|
|
45.7
448.2
10.2 |
48.4
442.0
11.0
|
|
| ||||||
|---|---|---|---|---|---|---|
|
Discontinued operations:
Consolidated income statement
Revenue |
£m |
698.0 |
569.9 |
576.2 |
317.4 |
- |
|
Profit from operations* |
£m |
20.3 |
19.4 |
12.1 |
1.3 |
- |
|
| ||||||
|
Continuing and discontinued operations (as reported):
Earnings per share
Before restructuring items |
pence |
13.77 |
10.27 |
7.77 |
6.72 |
7.88 |
|
After restructuring items |
pence |
12.78 |
4.66 |
(1.03) |
(4.60) |
7.08 |
|
Dividend per share
Dividend cover*
EBITDA: Debt* |
pence
times
times |
8.90
1.5
1.9 |
9.05
1.1
2.0 |
4.25
1.8
2.5 |
4.25
1.6
1.8 |
4.50
1.8
2.0 |
|
Capital expenditure |
£m |
71.3 |
62.2 |
55.3 |
28.1 |
19.3 |
|
Invested capital
Net equity
(Less surplus)/add back deficit on retirement benefit schemes
(Less deferred tax asset)/add back deferred tax liability on retirement benefit schemes |
£m
£m
£m |
356.3
-
- |
155.6
171.2
(50.4) |
152.1
90.2
(26.4) |
121.2
8.6
(6.5) |
165.4
(61.6)
(15.8) |
|
Adjusted net equity
Net debt |
£m
£m |
356.3
332.4 |
276.4
326.3 |
215.9
363.1 |
123.3
174.2 |
119.6
200.2 |
|
Trading capital employed
Accumulated goodwill written off |
£m
£m |
688.7
239.2 |
602.7
211.0 |
579.0
211.0 |
297.5
116.6 |
319.8
116.6 |
|
Total invested capital |
£m |
927.9 |
813.7 |
790.0 |
414.1 |
436.4 |
|
Total invested capital excluding net debt |
£m |
595.5 |
487.4 |
426.9 |
239.9 |
236.2 |
|
Return on invested capital
Profit from operations* † † |
£m |
107.0 |
89.0 |
67.5 |
47.0 |
48.4 |
|
Average invested capital |
£m |
929.1 |
840.0 |
801.9 |
602.1 |
425.3 |
|
Return on average invested capital |
% |
11.5 |
10.6 |
8.4 |
7.8 |
11.4 |
* Stated before goodwill amortisation and restructuring items for UK GAAP and before restructuring items for IFRS.
† The effective taxation rate for continuing operations for each period has been assumed to be the same as that for the group.
‡ Continuing return on invested capital is calculated using continuing profit from operations divided by continuing average invested capital. Continuing average invested capital has been calculated using a 13 month average (used for Peformance share plan).
† † Periods reporting under IFRS have been restated for the change in presentation of the pension finance (charge)/credit from within profit from operations to net finance costs.
The period ended 2004 has been restated to comply with Urgent Issue Task Force (UITF) Abstract 38 'Accounting for ESOP trusts'.
The amounts disclosed for 2004 are stated on the basis of UK GAAP because it is not practicable to restate amounts for periods prior to the date of transition to IFRS. The principal differences between UK GAAP and IFRS are explained in the published financial statements for Northern Foods plc for the 52 weeks ended 1 April 2006. These are available from the company's website at www.northernfoods.com.
