Five-year financial summary


Download and print this table (PDF)

The following tables are the consolidated income statements, the consolidated income statements excluding exceptional items and specific IAS 39 mark to market movements and the summary balance sheets for the five years ended 31 December 2007. For the year ended 31 December 2003 results have been prepared under UK GAAP. They have been re-presented under an IFRS format, in the table below, to aid comparability.

Consolidated income statements

Year ended
31 December
2007
(IFRS)
£m		 Year ended
31 December
2006
(IFRS)
£m		 Year ended
31 December
2005
(IFRS)
£m		 Year ended
31 December
2004
(IFRS)
£m		 Year ended
31 December
2003
(UK GAAP)
£m
Revenue: Group and share of joint ventures and associates 3,485 3,783 2,936 1,267 1,273
Less: share of joint ventures’ and associates’ revenue (1,160) (1,199) (1,003) (499) (421)
Group revenue 2,325 2,584 1,933 768 852
Cost of sales (1,929) (1,839) (1,513) (637) (1,133)
Gross profit/(loss) 396 745 420 131 (281)
Other operating income 96 102 122 56 66
Other operating expenses (172) (163) (129) (67) (64)
Share of results of joint ventures and associates 198 214 198 113 195
Profit/(loss) from operations 518 898 611 233 (84)
Disposal of interests in businesses 289 – 10 4 27
Finance income 77 53 53 30 42
Finance expenses (401) (327) (255) (138) (169)
Profit/(loss) before tax 483 624 419 129 (184)
Tax expense 46 (147) (89) (25) (28)
Profit/(loss) for the year 529 477 330 104 (212)
Attributable to:
Minority interests 26 67 45 6 7
Equity holders of the parent 503 410 285 98 (219)
Basic earnings/(loss) per share 33.6p 27.6p 19.4p 7.5p (17.6)p
Diluted earnings/(loss) per share 31.8p 26.2p 18.5p 7.4p (17.6)p

The share of results from joint ventures and associates for the year ended 31 December 2003, presented under UK GAAP in the above table, is shown before interest, taxation and minority interests.

With effect from 1 January 2004, we reverted to the equity method of accounting for our 36% stake in KAPCO and now account for it as an associate. KAPCO had previously been accounted for as a trade investment with dividend receipts recorded in income from investments. To aid comparability the dividends received in 2003 have been included in the share of results of joint ventures and associates in the above table.

Consolidated income statements excluding exceptional items and specific IAS 39 mark to market movements





 Year ended
31 December
2007
(IFRS)
£m		 Year ended
31 December
2006
(IFRS)
£m		 Year ended
31 December
2005
(IFRS)
£m		 Year ended
31 December
2004
(IFRS)
£m		 Year ended
31 December
2003
(UK GAAP)
£m
Revenue: Group and share of joint ventures and associates 3,872 3,645 2,980 1,267 1,273
Less: share of joint ventures’ and associates’ revenue (1,160) (1,193) (1,000) (499) (421)
Group revenue 2,712 2,452 1,980 768 852
Cost of sales (1,927) (1,807) (1,570) (637) (729)
Gross profit 785 645 410 131 123
Other operating income 96 83 64 56 66
Other operating expenses (163) (163) (129) (78) (64)
Share of results of joint ventures and associates 186 208 191 113 160
Profit from operations 904 773 536 222 285
Finance income 77 53 53 30 42
Finance expenses (385) (301) (255) (107) (153)
Profit before tax 596 525 334 145 174
Tax expense (113) (122) (68) (25) (54)
Profit for the year 483 403 266 120 120
Attributable to:
Minority interests 77 71 52 8 7
Equity holders of the parent 406 332 214 112 113
Basic earnings per share 27.1p 22.4p 14.6p 8.6p 9.1p

The comments set out underneath the preceding table also apply to the results presented above.

Consolidated balance sheets





 As at
31 December
2007
(IFRS)
£m		 As at
31 December
2006
(IFRS)
£m		 As at
31 December
2005
(IFRS)
£m		 As at
31 December
2004
(IFRS)
£m		 As at
31 December
2003
(UK GAAP)
£m
Non-current assets 9,444 7,420 6,592 5,667 2,585
Inventories 158 141 110 91 65
Other current asset receivables and derivatives 990 806 676 238 160
Cash and cash equivalents and assets held for trading 1,161 1,022 672 612 743
Current assets 2,309 1,969 1,458 941 968
Current liabilities (2,042) (1,174) (1,305) (551) (847)
Non-current liabilities (6,704) (5,475) (4,370) (3,999) (1,146)
Net assets 3,007 2,740 2,375 2,058 1,560
Net debt 4,662 3,575 3,060 2,752 692
Gearing 155% 130% 129% 134% 44%
Debt capitalisation 61% 57% 56% 57% 31%
Capital expenditure (including acquisitions) 1,072 1,080 847 1,549 130
[ Back to top ]