5 year review

Profit and loss account summary

	2005 £m	2006 £m	2007 £m	2008 £m	2009 £m
Revenue by segment:
Foods	605.5	414.3	449.8	566.5	607.6
Dairies	743.3	815.7	928.0	1070.1	1110.3
Group including share of joint ventures:	1348.8	1230.0	1377.8	1636.6	1717.9
Less: share of join ventures	(88.2)	(69.0)	(68.5)	(66.9)	(70.3)
Group	1260.6	1161.0	1309.3	1569.7	1647.6
Operating assets by segment:
Foods	56.7	61.3	61.8	72.5	92.6
Dairies	35.2	16.8	25.5	30.7	6.8
Group including share of joint ventures:	91.9	78.1	87.3	103.2	99.4
Less: share of join ventures	(7.5)	(9.3)	(10.0)	(7.7)	(7.3)
Group	84.4	68.8	77.3	95.5	92.1
Exceptional items	(0.4)	(23.2)	(10.4)	(21.1)	(24.0)
Goodwill amortisation	–	–	–	–
Profit on disposal of JV					50.4
Net finance costs	(16.1)	(14.5)	(9.7)	(16.1)	(22.6)
Share of joint ventures' net profit	2.3	7.3	7.4	7.7	7.3
Profit before tax:	70.2	38.4	64.6	66.0	103.2

Operating assets by segment:
Foods	371.5	371.3	594.3	641.7	692.7
Dairies	197.6	249.3	278.8	274.3	231.2
Total operating assets	569.1	620.6	873.1	916.0	923.9
Tax, retirement obligations and dividends	(121.0)	(82.4)	(85.5)	(66.0)	(155.3)
Net borrowings	(227.5)	(280.2)	(444.5)	(462.3)	(411.6)
Net assets	220.6	258.0	343.1	387.7	357.0
Minority interests	(9.8)	(10.8)	(4.0)	(5.1)	(4.7)
Shareholders' equity	210.8	247.2	339.1	382.6	352.3

Generated from operating activities	143.0	73.4	94.2	108.4	129.1
Dividends from joint ventures	–	9.0	8.9	7.3	2.9
Fixed asset investments (net of grants)	(37.7)	(44.0)	(36.3)	(34.0)	(49.3)
	105.3	38.4	66.8	81.7	82.7
Interest paid	(17.7)	(16.4)	(15.3)	(22.9)	(30.3)
Taxation paid	(12.6)	(15.5)	(6.1)	(6.7)	(9.2)
Dividends paid	(23.9)	(25.6)	(27.7)	(30.8)	(32.3)
Purchases of businesses	(9.9)	(43.7)	(293.3)	(7.8)	(1.3)
Other items (principally asset disposals)	11.0	10.1	104.8	(37.3)	49.4
Movement in net debt	52.2	(52.7)	(170.8)	(23.8)	59.0
Basic earnings per share (p)	41.4	27.1	38.5	41.1	56.8
Adjusted basic earnings per share (p)	43.9	38.7	48.7	57.1	45.0
* Adjusted to remove pension interest credit