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* Before exceptional items and amortisation of acquired intangibles; excluding joint ventures
** Before exceptional items, amortisation of acquired intangibles and pension interest charges / income
*** Cash generated from operations less capital expenditure
| Consolidated income statement summary | 2007 £m |
2008 £m |
2009 £m |
2010 £m |
2011 £m |
|
|---|---|---|---|---|---|---|
Segment revenue |
||||||
| Cheese | 194.6 | 255.5 | 244.2 | 260.0 | 223.1 | |
| Spreads | 178.7 | 234.5 | 284.2 | 277.7 | 285.5 | |
| Dairies | 925.7 | 1,067.6 | 1,108.2 | 1,081.2 | 1,089.8 | |
| Other | 10.3 | 12.1 | 11.0 | 10.8 | 6.1 | |
| Group | 1,309.3 | 1,569.7 | 1,647.6 | 1,629.7 | 1,604.5 | |
Segment profit |
||||||
| Cheese | 20.5 | 34.8 | 34.3 | 16.9 | 28.0 | |
| Spreads | 32.4 | 38.1 | 59.5 | 54.0 | 53.3 | |
| Dairies | 27.1 | 31.6 | 7.9 | 34.9 | 27.1 | |
| Associates & joint ventures | 10.0 | 7.7 | 7.3 | 0.1 | (0.2) | |
| Group including share of joint ventures | 90.0 | 112.2 | 109.0 | 105.9 | 108.2 | |
| Less: share of associates & joint ventures | (10.0) | (7.7) | (7.3) | (0.1) | 0.2 | |
| Group | 80.0 | 104.5 | 101.7 | 105.8 | 108.4 |
| Amortisation of acquired intangibles | (2.7) | (9.0) | (9.6) | (9.2) | (8.7) |
| Exceptional items | (10.4) | (21.1) | (24.0) | 2.0 | (1.1) |
| Profit on disposal of JV | - | - | 50.4 | 2.0 | - |
| Finance costs | (19.2) | (26.2) | (29.5) | (22.4) | (20.6) |
| Other finance (costs) / income - pensions | 9.5 | 10.1 | 6.9 | (0.5) | - |
| Share of joint ventures' net (loss)/profit | 7.4 | 7.7 | 7.3 | 0.1 | (0.2) |
| Profit before tax | 64.6 | 66.0 | 103.2 | 77.8 | 77.8 |
| Adjusted profit before tax | 70.8 | 86.0 | 79.5 | 83.5 | 87.6 |
| Property, plant & equipment, goodwill and intangibles, investments | 767.8 | 817.8 | 837.1 | 794.4 | 800.6 |
| Inventories, receivables, payables, deferred income & provisions | 105.3 | 98.2 | 86.8 | 43.7 | 21.9 |
| Total operating assets | 873.1 | 916.0 | 923.9 | 838.1 | 822.5 |
| Financial instruments excluding amounts included in net debt | 6.5 | 12.5 | 4.2 | 0.9 | 5.0 |
| Tax | (85.1) | (97.6) | (92.0) | (70.3) | (90.3) |
| Retirement obligations | (0.4) | 31.6 | (63.3) | (142.4) | (60.1) |
| Disposal group held for sale (excluding cash) | - | - | - | 3.7 | - |
| Net debt | (451.0) | (474.8) | (415.8) | (337.2) | (311.6) |
| Net assets | 343.1 | 387.7 | 357.0 | 292.8 | 365.5 |
| Non-controlling interests | (4.0) | (5.1) | (4.7) | (3.0) | - |
| Shareholders' equity | 339.1 | 382.6 | 352.3 | 289.8 | 365.5 |
Cash flow summary
| Generated from operating activities | 94.2 | 108.4 | 129.1 | 145.9 | 128.1 |
| Dividends from joint ventures | 8.9 | 7.3 | 2.9 | 0.1 | - |
| Fixed asset investments (net of grants) | (36.3) | (34.0) | (49.3) | (26.9) | (48.5) |
| 66.8 | 81.7 | 82.7 | 119.1 | 79.6 | |
| Interest paid | (15.3) | (22.9) | (30.3) | (22.1) | (19.8) |
| Taxation paid | (6.1) | (6.7) | (9.2) | (10.5) | (16.1) |
| Dividends paid | (27.7) | (30.8) | (32.3) | (24.3) | (25.4) |
| Purchase of businesses | (293.3) | (7.8) | (1.3) | (1.9) | (0.1) |
| Other items (principally asset disposals) | 104.8 | (37.3) | 49.4 | 18.3 | 7.4 |
| Movement in net debt | (170.8) | (23.8) | 59.0 | 78.6 | 25.6 |
| Basic earnings per share (pence) | 38.5 | 41.1 | 56.8 | 40.6 | 43.2 |
| Adjusted basic earnings per share (pence) * | 41.2 | 51.7 | 45.0 | 44.5 | 47.1 |
*adjusted to remove pension interest credit/charge