Group financial history
| Consolidated income statement summary | 2006 £m |
2007 £m |
2008 £m |
2009 £m |
2010 £m |
|
|---|---|---|---|---|---|---|
| Segment revenue | ||||||
| Cheese | 170.9 | 194.6 | 255.5 | 244.2 | 260.0 | |
| Spreads | 167.3 | 178.7 | 234.5 | 284.2 | 277.7 | |
| Dairies | 813.9 | 925.7 | 1,067.6 | 1,108.2 | 1,081.2 | |
| Joint ventures | 69.0 | 68.5 | 66.9 | 70.3 | 1.2 | |
| Other | 8.9 | 10.3 | 12.1 | 11.0 | 10.8 | |
| Group including share of joint ventures | 1,230.0 | 1,377.8 | 1,636.6 | 1,717.9 | 1,630.9 | |
| Less: share of joint ventures | (69.0) | (68.5) | (66.9) | (70.3) | (1.2) | |
| Group | 1,161.0 | 1,309.3 | 1,569.7 | 1,647.6 | 1,629.7 | |
| Segment profit | ||||||
| Cheese | 17.1 | 20.5 | 34.8 | 34.3 | 16.9 | |
| Spreads | 34.9 | 32.4 | 38.1 | 59.5 | 54.0 | |
| Dairies | 16.8 | 27.1 | 31.6 | 7.9 | 34.9 | |
| Joint ventures | 9.3 | 10.0 | 7.7 | 7.3 | 0.1 | |
| Group including share of joint ventures | 78.1 | 90.0 | 112.2 | 109.0 | 105.9 | |
| Less: share of joint ventures | (9.3) | (10.0) | (7.7) | (7.3) | (0.1) | |
| Group | 68.8 | 80.0 | 104.5 | 101.7 | 105.8 | |
| Amortisation of acquired intangibles | – | (2.7) | (9.0) | (9.6) | (9.2) | |
| Exceptional items | (23.2) | (10.4) | (21.1) | (24.0) | 2.0 | |
| Profit on disposal of JV | – | – | – | 50.4 | 2.0 | |
| Finance costs | (16.7) | (19.2) | (26.2) | (29.5) | (22.4) | |
| Other finance (costs)/income – pensions | 2.2 | 9.5 | 10.1 | 6.9 | (0.5) | |
| Share of joint ventures’ net profit | 7.3 | 7.4 | 7.7 | 7.3 | 0.1 | |
| Profit before tax | 38.4 | 64.6 | 66.0 | 103.2 | 77.8 | |
| Adjusted profit before tax | 61.4 | 70.8 | 86.0 | 79.5 | 83.5 | |
| Balance sheet summary | ||||||
| Property, plant & equipment, goodwill and intangibles, investments | 470.1 | 767.8 | 817.8 | 837.1 | 794.4 | |
| Inventories, receivables, payables, deferred income & provisions | 150.5 | 105.3 | 98.2 | 86.8 | 43.7 | |
| Total operating assets | 620.6 | 873.1 | 916.0 | 923.9 | 838.1 | |
| Financial instruments excluding amounts included in net debt | – | 6.5 | 12.5 | 4.2 | 0.9 | |
| Tax | (20.4) | (85.1) | (97.6) | (92.0) | (70.3) | |
| Retirement obligations | (62.0) | (0.4) | 31.6 | (63.3) | (142.4) | |
| Disposal group held for sale (excluding cash) | – | – | – | – | 3.7 | |
| Net debt | (280.2) | (451.0) | (474.8) | (415.8) | (337.2) | |
| Net assets | 258.0 | 343.1 | 387.7 | 357.0 | 292.8 | |
| Minority interests | (10.8) | (4.0) | (5.1) | (4.7) | (3.0) | |
| Shareholders’ equity | 247.2 | 339.1 | 382.6 | 352.3 | 289.8 | |
| Cash flow summary | ||||||
| Generated from operating activities | 73.4 | 94.2 | 108.4 | 129.1 | 145.9 | |
| Dividends from joint ventures | 9.0 | 8.9 | 7.3 | 2.9 | 0.1 | |
| Fixed asset investments (net of grants) | (44.0) | (36.3) | (34.0) | (49.3) | (26.9) | |
| 38.4 | 66.8 | 81.7 | 82.7 | 119.1 | ||
| Interest paid | (16.4) | (15.3) | (22.9) | (30.3) | (22.1) | |
| Taxation paid | (15.5) | (6.1) | (6.7) | (9.2) | (10.5) | |
| Dividends paid | (25.6) | (27.7) | (30.8) | (32.3) | (24.3) | |
| Purchase of businesses | (43.7) | (293.3) | (7.8) | (1.3) | (1.9) | |
| Other items (principally asset disposals and exchange movements) | 10.1 | 104.8 | (37.3) | 49.4 | 18.3 | |
| Movement in net debt | (52.7) | (170.8) | (23.8) | 59.0 | 78.6 | |
| Basic earnings per share (pence) | 27.1 | 38.5 | 41.1 | 56.8 | 40.6 | |
| Adjusted basic earnings per share (pence)* | 36.9 | 41.2 | 51.7 | 45.0 | 44.5 |
* Adjusted to remove pension interest credit/charge