Final Results - Part 2
Kingfisher PLC
21 March 2006
KINGFISHER PLC
CONSOLIDATED INCOME STATEMENT
For the year ended 28 January 2006
Before Exceptional Total Before Exceptional Total
exceptional items exceptional items
items (note 3) items (note 3)
£ millions Notes 2006 2006 2006 2005 2005 2005
Continuing operations
Revenue 2 8,010.1 - 8,010.1 7,649.6 - 7,649.6
Cost of sales (5,165.1) (7.9) (5,173.0) (4,785.7) - (4,785.7)
Gross profit 2,845.0 (7.9) 2,837.1 2,863.9 - 2,863.9
Selling and distribution (2,005.0) (181.0) (2,186.0) (1,834.1) - (1,834.1)
expenses
Administrative expenses (390.7) (26.4) (417.1) (370.7) - (370.7)
Other income 24.2 18.9 43.1 17.0 4.0 21.0
Other expenses - (19.0) (19.0) - (17.7) (17.7)
Share of post tax results of 11.4 - 11.4 14.0 - 14.0
joint ventures and
associates
Operating profit 2 484.9 (215.4) 269.5 690.1 (13.7) 676.4
Analysed as:
Retail profit before central 533.0 (219.1) 313.9 740.2 2.7 742.9
costs
Central costs (37.8) 3.7 (34.1) (37.3) (16.4) (53.7)
Share of joint venture and (10.3) - (10.3) (12.8) - (12.8)
associate interest and
taxation
Total finance costs (51.6) - (51.6) (43.9) - (43.9)
Total finance income 13.9 - 13.9 15.2 - 15.2
Net finance costs 4 (37.7) - (37.7) (28.7) - (28.7)
Profit before taxation 447.2 (215.4) 231.8 661.4 (13.7) 647.7
Income tax expense 6 (161.6) 68.8 (92.8) (206.5) 5.3 (201.2)
Profit for the year 285.6 (146.6) 139.0 454.9 (8.4) 446.5
Attributable to:
Equity shareholders of the 139.5 446.0
parent
Minority interest (0.5) 0.5
139.0 446.5
Earnings per share 7
Basic 6.0 19.3
Diluted 6.0 19.2
The proposed final dividend for 28 January 2006, subject to approval by
shareholders at the Annual General Meeting, amounts to £160.0m (2005: £159.7m).
Adjusted earnings per share information is provided in note 7.
KINGFISHER PLC
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the year ended 28 January 2006
£ millions Notes 2006 2005
Actuarial losses on post employment benefits 12 (45.6) (79.3)
Currency translation differences 12 28.4 59.7
Cash flow and net investment hedges
- Gains deferred in equity 12 7.5 -
- Transferred to income statement in the period 12 (2.7) -
- Transferred to initial carrying amount of asset 12 3.2 -
Tax on items taken directly to equity 12 20.1 24.8
Net income recognised directly in equity 10.9 5.2
Profit for the financial year 139.0 446.5
Total recognised income and expense for the year 149.9 451.7
Attributable to:
Equity holders of the parent 149.4
451.6
Minority interests 0.5 0.1
149.9 451.7
Effect of changes in accounting policy on adoption of IAS 39
Attributable to:
Equity holders of the parent (2.2) -
Minority interests - -
(2.2) -
KINGFISHER PLC
CONSOLIDATED BALANCE SHEET
As at 28 January 2006
£ millions Notes 2006 2005
Non-current assets
Goodwill 2,558.8 2,463.1
Intangible assets 101.7 69.9
Property, plant and equipment 3,265.0 3,031.8
Investment property 15.3 18.7
Investments accounted for using equity method 185.0 173.7
Other receivables 51.7 26.6
6,177.5 5,783.8
Current assets
Inventories 1,355.3 1,320.0
Trade and other receivables 570.6 453.9
Income tax 20.7 8.8
Cash and cash equivalents 234.1 162.1
2,180.7 1,944.8
Total assets 8,358.2 7,728.6
Current liabilities
Short-term borrowings (346.8) (184.9)
Trade and other payables (1,750.8) (1,687.9)
Provisions (46.6) (10.1)
Current tax liabilities (77.0) (113.6)
(2,221.2) (1,996.5)
Net current liabilities (40.5) (51.7)
Total assets less current liabilities 6,137.0 5,732.1
Non-current liabilities
Long-term borrowings (1,255.5) (818.3)
Other payables (5.7) (0.9)
Provisions (111.4) (7.7)
Deferred income tax liabilities (204.4) (192.2)
Post employment benefits 16 (239.6) (325.7)
(1,816.6) (1,344.8)
Total liabilities (4,037.8) (3,341.3)
Net assets 4,320.4 4,387.3
Capital and reserves
Share capital 2,450.0 2,434.9
Other reserves 12 1,861.0 1,949.7
Minority interests 9.4 2.7
Total equity 4,320.4 4,387.3
KINGFISHER PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 28 January 2006
£ millions Notes
2006 2005
Net cash flows from operating activities 9 304.1 531.5
Cash flows from investing activities
Purchase of subsidiary and business undertakings 11 (167.5) (0.4)
Cash acquired on purchase of subsidiary undertakings 6.5 -
Sale of subsidiary and business undertakings - 10.4
Purchase of associates and joint ventures (2.2) (3.4)
Sale of associates and joint ventures - 4.8
Payments to acquire property, plant and equipment & investment property (435.3) (387.6)
Payments to acquire intangible fixed assets (71.7) (25.7)
Receipts from sale of property, plant and equipment & investment property 111.2 20.9
Receipts from sale of intangible fixed assets 0.4 -
Receipts from sale of available for sale financial assets 3.6 0.4
Dividends received from joint ventures and associates 4.9 2.3
Net cash (used) in investing activities (550.1) (378.3)
Cash flows from financing activities
Interest paid (39.3) (37.5)
Interest element of finance lease rental payments (6.6) (5.9)
Interest received 10.9 25.2
Exceptional finance receipt - 23.9
Proceeds from issue of share capital 9.7 18.0
Capital injections from minority interests 1.7 -
Receipts from the sale of own shares 2.6 14.0
Increase in medium term notes 373.5 -
Increase in other loans 150.5 94.8
Capital element of finance lease rental payments (7.8) (11.3)
Receipts from sale of available for sale financial assets - 7.9
Dividends paid to Group shareholders (247.4) (204.8)
Dividends paid to minority interests - (0.7)
Net cash generated/(used) in financing activities 247.8 (76.4)
Net cash increase in cash and cash equivalents 10 1.8 76.8
Cash and cash equivalents at beginning of period 105.9 28.1
Currency translation differences 6.0 1.0
Cash and cash equivalents at end of year 113.7 105.9
For the purposes of the cash flow statement, cash and cash equivalents are
included net of overdrafts repayable on demand. These overdrafts are excluded
from cash and cash equivalents disclosed on the balance sheet.
KINGFISHER PLC
NOTES TO THE FINANCIAL INFORMATION
For the year ended 28 January 2006
1. General information
a) Basis of Preparation
The consolidated income statement, consolidated balance sheet, consolidated cash
flow statement, consolidated statement of recognised income and expense and
extracts from the notes to the accounts for 28 January 2006 and 29 January 2005
do not constitute the Group's Annual Report & Accounts. The auditors have
reported on the Group's statutory accounts for each of the years 2006 and 2005
under section 235 of the Companies Act 1985, which do not contain statements
under sections 237 (2) or (3) of the Companies Act and are unqualified. The
statutory accounts for 2005 under UK GAAP have been delivered to the Registrar
of Companies and the statutory accounts for 2006 will be filed with the
Registrar in due course. Copies of the Annual Report & Accounts will be posted
to shareholders during the week beginning 17 April 2006.
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union and International Financial Reporting Standards issued by the IASB, and
with those part of the Companies Act 1985 applicable to companies reporting
under IFRS. All International Financial Reporting Standards issued by the IASB
and effective at the time of preparing these consolidated financial statements
have been adopted by the EU through the endorsement procedure established by the
European Commission. The Group had previously reported under UK GAAP. The
disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS as
adopted by the EU are given in note 14.
Since the company is not affected by the provisions regarding portfolio hedging
that are not required by the EU-endorsed version of IAS 39, the accompanying
financial statements comply with both International Financial Reporting
Standards as adopted by the European Union and International Financial Reporting
Standards issued by the IASB.
The consolidated financial statements have been prepared under the historical
cost convention, as modified by the revaluation of available for sale
investments, financial assets and liabilities (including derivative instruments)
held at fair value through the income statement.
The clarification of IAS 21 has been adopted in these financial statements. The
clarification requires exchange differences arising on a monetary item that
forms part of a reporting entity's net investment in a foreign operation to be
recognised initially in a separate component of equity in the consolidated
financial statements. This requirement applies irrespective of whether the
monetary item results from a transaction with the parent or with any of its
subsidiaries. As a result of this clarification, gains and losses on
intercompany balances previously recognised in the income statement within net
finance costs are no longer recognised in the income statement but rather
directly in reserves which offset the equal and opposite amount in reserve
movements on consolidation. The impact of this change is a reduction in profit
before tax of £12.0m for the year ended 29 January 2005 and a reduction in net
assets of £nil at 29 January 2005.
With regard to leases that contain predetermined, fixed minimum rental
increases, the International Financial Reporting Interpretations Committee
(IFRIC) have recently clarified that it is necessary to account for these leases
on a straight-line basis over the life of the lease. Formerly, the Group
accounted for these property lease rentals such that the increases were charged
to the income statement in the year that they arose. This represents a change
from the Group's IFRS information previously announced. The impact of this
change is a reduction in profit before tax of £1.7m for the year ended 29
January 2005 and a reduction in net assets of £4.2m at 29 January 2005.
The Group has taken the option to defer the implementation of the standards IAS
32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial
Instruments: Recognition and Measurement' until the financial year ended 28
January 2006. In accordance with IFRS 1 paragraph 36A comparative information
for financial instruments for the year ended 29 January 2005 has been prepared
in accordance with UK GAAP. Details of the Group's accounting policies, as
defined under UK GAAP, can be found in the accounting policies note of the
annual report and accounts for the year ended 29 January 2005 and in note 15 of
these accounts. Details of the accounting policy change are provided in note
15.
The Group has chosen to early adopt the EU endorsed Amendment to IAS 19 '
Employee Benefits - Actuarial Gains and Losses, Group Plans and Disclosures',
the amendments only being mandatory for annual periods beginning on or after 1
January 2006. As a result, actuarial gains and losses are recognised in the
statement of recognised income and expense.
b) Use of adjusted measures
Kingfisher believes that retail profit, adjusted profit before tax, adjusted
profit after tax and adjusted earnings per share provide additional useful
information on underlying trends to shareholders. These measures are used by
Kingfisher for internal performance analysis and incentive compensation
arrangements for employees. The terms 'retail profit', 'exceptional item' and '
adjusted' are not defined terms under IFRS and may therefore not be comparable
with similarly titled profit measures reported by other companies. It is not
intended to be a substitute for, or superior to GAAP measurements of profit. The
term 'adjusted' refers to the relevant measure being reported excluding
exceptional items, financing fair value remeasurements and amortisation of
acquisition intangibles. Retail profit is defined as operating profit before
central costs (the costs of the Corporate Centre), exceptional items and the
Group's share of joint venture and associate interest and tax.
The separate reporting of non-recurring exceptional items, which are presented
as exceptional within their relevant consolidated income statement category,
helps provide a better indication of the Group's underlying business
performance. The principal items that will be included as exceptional items are:
• non trading items included in operating profit such as profits and losses
on the disposal of subsidiaries, associates and investments which do not
form part of the Group's trading activities;
• gains and losses on the disposal of properties; and
• the costs of significant restructuring and incremental acquisition
integration costs.
2. Segmental analysis
The Group's primary reporting segments are geographic, with the Group operating
in four main geographical areas, being the UK, France, Rest of Europe and Asia.
The Group only has one business segment being retail sales, therefore no
secondary segment disclosure is given.
The 'Rest of Europe' segment consists of B&Q Ireland, Castorama Poland,
Castorama Italy, Castorama Russia, Brico Depot Spain, Koctas and Hornbach.
Poland has been included separately as it meets the reportable segment criteria
as prescribed by IAS 14. The 'Asia' segment consists of B&Q China, B&Q Korea and
B&Q Taiwan.
The segment results for the year ended 28 January 2006 are as follows:
£ millions United France Poland Rest of Asia Total
Kingdom Europe
External revenue 4,172.0 2,724.9 417.0 378.2 318.0 8,010.1
Segment result before joint ventures and 10.9 228.9 52.5 20.3 (20.4) 292.2
associates
Share of post tax results of joint ventures and - 0.3 - 5.5 5.6 11.4
associates
Total segment result 10.9 229.2 52.5 25.8 (14.8) 303.6
Unallocated central costs (34.1)
Operating profit 269.5
Net finance costs (37.7)
Profit before taxation 231.8
Income tax expense (92.8)
Profit for the year 139.0
The segment results for the year ended 29 January 2005 are as follows:
£ millions United France Poland Rest of Asia Total
Kingdom Europe
External revenue 4,277.3 2,546.7 321.9 292.0 211.7 7,649.6
Segment result before joint ventures and 445.0 209.9 46.2 18.4 (3.4) 716.1
associates
Share of post tax results of joint ventures and - 0.7 - 9.9 3.4 14.0
associates
Total segment result 445.0 210.6 46.2 28.3 - 730.1
Unallocated central costs (53.7)
Operating profit 676.4
Net finance costs (28.7)
Profit before taxation 647.7
Income tax expense (201.2)
Profit for the year 446.5
3. Exceptional items
The following are considered to be one-off items which have been charged in
arriving at profit before interest and taxation:
£ millions 2006 2005
Included within cost of sales, selling & distribution and administrative expenses:
B&Q UK - reorganisation costs (205.3) -
OBI China - integration costs (10.0) -
(215.3) -
Included within other income:
Profit on disposal of properties 15.3 3.1
Profit on disposal of available for sale financial 3.6 0.9
assets
18.9 4.0
Included within other expenses:
B&Q UK - financial services termination fee (19.0) -
Loss on sale of operations - (17.7)
(19.0) (17.7)
Total exceptional items (215.4) (13.7)
Current year
The Group incurred a £205.3 million restructuring charge in B&Q UK relating to
the planned closure of 21 stores, the downsizing of a further 16 stores and the
costs of streamlining B&Q's corporate offices . A further charge of £19.0m was
incurred following B&Q's decision to terminate a contract with its current
supplier of consumer credit services, which gave rise to the repayment of part
of the original proceeds received on disposal of Time Retail Finance in 2003.
£10m of costs were also incurred in relation to the integration of the OBI China
business into B&Q China. These costs include the incremental costs of the
dedicated integration team, re-branding costs and the write-off of property,
plant and equipment which were not deemed suitable for the B&Q China business
model.
The Group disposed of a number of properties during the year giving rise to a
profit of £15.3m. The Group also disposed of its investment in improveline.com,
for cash consideration of £3.6m and realising a profit of £3.6m as the
investment had been fully provided against in a prior year.
Prior year
During the prior year, the Group provided £17.7m against the remaining balance
of the unsecured working capital loan advanced to the purchases of the ProMarkt
business as part of the disposal.
4. Finance costs
£ millions 2006 2006 2005 2005
Bank and other interest payable 46.7 36.7
Less amounts capitalised in the cost of qualifying assets (3.3) (3.8)
Interest payable 43.4 32.9
Finance lease charges 6.0 5.9
Net interest charge on pension schemes 3.8 5.1
Financing fair value remeasurements (1.6) -
Total finance cost 51.6 43.9
Bank and other interest receivable (13.9) (15.2)
Total finance income (13.9) (15.2)
Net finance costs 37.7 28.7
5. Dividends
£ millions 2006 2005
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 29 January 2005 of 6.8p per share (31 January 159.7 143.4
2004: 6.15p per share)
Interim dividend for the year ended 28 January 2006 of 3.85p per share (29 January 89.5 89.9
2005: 3.85p per share)
Dividend paid to Employee Share Ownership Plan Trust (ESOP) shares (1.8) (3.1)
247.4 230.2
Proposed final dividend for the year ended 28 January 2006 of 6.8p per share 160.0
The proposed final dividend for the year ended 28 January 2006 is subject to
approval by shareholders at the Annual General Meeting and has not been included
as a liability in these financial statements.
For the 2005 interim dividend, a scrip dividend alternative was offered to
shareholders at 1 share for every 80 ordinary shares and was elected for by
holders of 520.9 million shares. For the 2004 final dividend, a scrip dividend
alternative was offered to shareholders at 1 share for every 47 ordinary shares
and was elected for by holders of 86.5 million shares.
A cash dividend and the Dividend Reinvestment Plan (DRIP) for the year ended 28
January 2006 has been approved for payment with allotment due on 2 June 2006.
The ex-dividend date will be 5 April 2006 and the record date will be 7 April
2006. If shareholders wish to elect for the DRIP for the dividend for the year
ended 28 January 2006 and have not already done so, a letter or completed DRIP
mandate form must be received by Kingfisher's Registrars, Computershare Investor
Services PLC, by 11 May 2006 at the latest.
6. Income tax expense
£millions 2006 2005
UK corporation tax
Current tax on profits for the period 7.2 280.8
Adjustment in respect of prior periods (15.8) (8.3)
(8.6) 272.5
Double taxation relief (0.4) (156.1)
(9.0) 116.4
Foreign tax
Current tax on profits for the period 86.9 73.9
Adjustments in respect of prior periods 0.2 0.2
87.1 74.1
Deferred tax
Current year 20.2 13.4
Adjustment in respect of prior periods (4.3) (1.8)
Attributable to changes in tax rates (1.2) (0.9)
14.7 10.7
92.8 201.2
A tax credit of £68.8m has been recognised in the income statement relating to
exceptional items, of which £40.1m is credited against the current year tax
charge in relation to the £215.4m net exceptional charge, with the remaining
£28.7m credited in respect of prior periods, relating to tax previously provided
on exceptional items which is no longer required.
7. Earnings per share
Basic earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue
during the year, excluding those held in the Executive Share Option Plan (ESOP)
which are treated as cancelled.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. These represent share options granted to employees where the exercise
price is less than the average market price of the Company's shares during the
year.
Supplementary earnings per share figures are presented. These exclude the
effects of exceptional items, IAS39 financing fair value, remeasurements and
amortisation of acquisition intangibles to allow comparison of underlying
trading performance on a consistent basis.
Discontinuing operations have not been shown separately as all business is
continuing.
2006 2005
Earnings Weighted Per share Earnings Weighted Per share
average amount average amount
number of number of
shares shares
£m millions pence £m millions pence
Basic earnings per share
Earnings attributable to ordinary shareholders 139.5 2,324.7 6.0 446.0 2,307.5 19.3
Effect of dilutive securities
Options 10.3 - 16.9 (0.1)
Diluted earnings per share 139.5 2,335.0 6.0 446.0 2,324.4 19.2
Basic earnings per share 139.5 2,324.7 6.0 446.0 2,307.5 19.3
Effect of non-recurring costs
Exceptional items 215.4 9.3 13.7 0.6
Tax impact arising on exceptional items (40.1) (1.7) (5.3) (0.2)
Financing fair value remeasurements (1.6) (0.1) - -
Tax impact arising on financing remeasurements 0.5 - - -
Amortisation of acquisition intangibles 0.1 - - -
Reversal of prior year exceptional tax charge (28.7) (1.2) - -
Basic - adjusted earnings per share 285.1 2,324.7 12.3 454.4 2,307.5 19.7
Diluted earnings per share 139.5 2,335.0 6.0 446.0 2,324.4 19.2
Effect of non-recurring costs
Exceptional items 215.4 9.2 13.7 0.5
Tax impact arising on exceptional items (40.1) (1.7) (5.3) (0.2)
Financing fair value remeasurements (1.6) (0.1) - -
Tax impact arising on financing remeasurements 0.5 - - -
Amortisation of acquisition intangibles 0.1 - - -
Reversal of prior year exceptional tax charge (28.7) (1.2) - -
Diluted - adjusted earnings per share 285.1 2,335.0 12.2 454.4 2,324.4 19.5
8. Operating leases
The Group's operating lease charges were as follows:
Year ended Year ended
£millions 28 January 2006 29 January 2005
Land and buildings 275.7 226.7
Plant and equipment 26.0 22.9
9. Net cash flows from operating activities
£ millions 2006 2005
Group operating profit 269.5 676.4
Adjustments for:
Depreciation of property, plant and equipment and investment property 149.8 135.6
Amortisation of intangible assets 32.0 23.7
Impairment loss on property, plant and equipment and investment property 40.1 -
Impairment loss on intangible assets 7.5 -
Share based compensation charge 14.1 6.7
Loss on sale of operations - 17.7
Share of post tax results of joint ventures and associates (11.4) (14.6)
Loss on disposal of property, plant and equipment and investment property* 22.5 2.8
Loss on disposal of intangible assets 2.0 -
Profit on disposal of available for sale financial assets (3.6) (0.9)
Operating cash flows before movements in working capital 522.5 847.4
Movements in working capital (excluding the effects of acquisitions and disposals
of subsidiaries and exchange differences on consolidation):
Increase in inventories (33.3) (246.6)
Increase in trade and other receivables (97.3) (72.9)
Increase in trade and other payables 27.3 175.2
Decrease in post employment benefits (135.2) (4.3)
Increase in provisions 140.2 -
(98.3) (148.6)
Cash generated by operations 424.2 698.8
Income taxes paid (120.1) (167.3)
Net cash flows from operating activities 304.1 531.5
*Includes £19.6m relating to the B&Q UK restructuring and included within the
£205.3m exceptional charge (note 3).
10. Reconciliation of net debt
Net debt incorporates the Group's borrowings (together with related fair value
movements of derivatives on the debt), bank overdrafts and obligations under
finance leases, less cash and cash equivalents.
£ millions 2006 2005
Net debt at start of year (841.1) (891.4)
Net increase in cash and cash equivalents 1.8 76.8
Decrease in available for sale financial assets - (7.9)
Amortisation of underwriting and issue costs of new debt (0.5) -
Increase in debt and lease financing (516.2) (30.4)
Currency translation differences and fair value adjustments on financial 0.8 11.8
instruments
Net debt at end of year (1,355.2) (841.1)
11. Acquisitions
On 30 June 2005, the Group acquired 100 per cent of the issued share capital of
OBI Asia Holdings Limited (the name of which was subsequently changed to B&Q
Asia Holdings Limited) for cash consideration of £143.5m generating goodwill of
£73.9m. OBI Asia Holdings Limited was the parent company of OBI AG's home
improvement retailing operations in China. A number of its subsidiaries have
minority interests ranging from 3% to 35%.
Kingfisher also acquired the remaining minority interest in two of its B&Q China
subsidiaries for cash consideration of £6.8m generating goodwill of £2.7m, and
acquired a number of stores in France through either company or business
acquisitions for cash consideration of £17.2m, generating goodwill of £13.0m.
Total purchase consideration for the above acquisitions amounted to £167.5m with
total goodwill arising of £89.6m. All these acquisitions have been accounted for
by the acquisition method of accounting.
There were no material disposals during the year.
There were no material acquisitions or disposals for the year ended 29 January
2005.
12. Reserves
The movements in the Group's consolidated reserves in the year ended 28 January
2006 and the comparative year are summarised as follows:
£ millions Hedging Translation Non-distributable Retained Total
reserve reserve reserves earnings
Balance at 1 February 2004 - - 159.0 1,550.7 1,709.7
Actuarial losses on post employment benefits - - - (79.3) (79.3)
Scrip dividend alternative - - - 25.4 25.4
Treasury shares disposed - - - (13.1) (13.1)
Share-based compensation charge - - - 6.7 6.7
Currency translation differences - 59.7 - - 59.7
Tax on items taken from/transferred to - (3.6) - 28.4 24.8
equity
Net gains and losses recognised directly in - 56.1 - (31.9) 24.2
equity
Profit for the year - - - 446.0 446.0
Total recognised income and expense for the - 56.1 - 414.1 470.2
year
Dividends - - - (230.2) (230.2)
At 29 January 2005 - 56.1 159.0 1,734.6 1,949.7
First time adoption adjustment in respect of (4.4) 0.7 - 1.5 (2.2)
IAS 39
Restated balance at 30 January 2005 (4.4) 56.8 159.0 1,736.1 1,947.5
Actuarial losses on post employment benefits - - - (45.6) (45.6)
Treasury shares disposed - - - (2.6) (2.6)
Share-based compensation charge - - - 14.0 14.0
Share-based compensation - shares awarded - - - (0.9) (0.9)
Currency translation differences - 28.4 - - 28.4
Gains and losses deferred in equity 7.5 - - - 7.5
Transferred to income statement in the (2.7) - - - (2.7)
period
Transferred to initial carrying amount of 3.2 - - - 3.2
asset
Tax on items taken from/transferred to (2.4) 6.9 - 15.6 20.1
equity
Net gains and losses recognised directly in 5.6 35.3 - (19.5) 21.4
equity
Profit for the year - - - 139.5 139.5
Total recognised income and expense for the 5.6 35.3 - 120.0 160.9
year
Dividends - - - (247.4) (247.4)
At 28 January 2006 1.2 92.1 159.0 1,608.7 1,861.0
13. Post employment benefits
The Group operates a variety of post employment benefit arrangements covering
both funded and unfunded defined benefit schemes and funded defined contribution
schemes. The most significant are the funded, final salary defined benefit and
defined contribution schemes for the Group's UK employees; however various
defined benefit and defined contribution schemes are operated in France, Poland,
Italy, China and Korea. In France and Poland, they are retirement indemnity in
nature; and in Korea and Italy termination indemnity in nature.
The most recent actuarial valuations of plan assets and the present value of the
defined benefit obligations were carried out at 28 January 2006. The principal
actuarial assumptions and expected rates of return used were as follows:
2006 2005
UK Other UK Other
Annual percentage rate % % % %
Discount rate 4.7 4.0 to 6.0 5.3 4.2 to 5.5
Salary escalation 4.3 2.0 to 6.7 4.3 2.0 to 6.7
Rate of pension increases 2.7 n/a 2.7 n/a
Price inflation 2.7 2.0 to 2.5 2.7 2.0 to 2.5
2006 2005
% rate of return UK Other UK Other
Equities 7.6 - 7.8 -
Bonds 4.2 - 4.7 -
Property 5.9 - 6.2 -
Other 3.7 4.0 3.7 4.0
Overall expected rate of 6.1 4.0 6.6 4.0
return
The overall expected rate of return is effectively a weighted average of the
individual asset categories and their inherent expected rates of return.
The main financial assumption is the real discount rate, i.e. the excess of the
discount rate over the rate of inflation. If this assumption increased/decreased
by 0.1%, the UK defined benefit obligation would decrease/increase by
approximately £30m, and the annual UK current service cost would decrease/
increase by approximately £1.4m.
13. Post employment benefits continued
The assumptions for pensioner longevity are based on an analysis of pensioner
death trends under the scheme over the period from 1998 to 2004, together with
allowances for future improvements to death rates for all members. The specific
tables used are the same as those used in the 2004 funding valuation, namely
PMA92C2010 for male pensioners, PFA92C2010 (+2 year age rating) for female
pensioners. Further allowances for improving longevity are included for members
yet to retire. Based on observed trends, the assumed average age at death for
current pensioners reaching age 60 is 81.2 for a male and 83.3 for a female.
When members who are yet to retire reach age 60, our assumed average age at
death is 84.4 for a male and 85.8 for a female. These assumptions will be
reviewed following the next funding valuation due no later than as at 31 March
2007.
The amounts recognised in the income statement are as follows:
£ millions 2006 2005
UK Other Total UK Other Total
Amounts charged to operating
profit:
Current service cost 33.2 3.7 36.9 33.8 3.7 37.5
Past service cost - - - 0.5 - 0.5
Total operating charge (note 8) 33.2 3.7 36.9 34.3 3.7 38.0
Amounts credited/(charged) to other finance
costs:
Expected return on pension scheme assets (58.9) (0.4) (59.3) (51.5) (0.4) (51.9)
Interest on pension scheme 61.7 1.4 63.1 55.5 1.5 57.0
liabilities
Net financing cost (note 6) 2.8 1.0 3.8 4.0 1.1 5.1
Total charged to income 36.0 4.7 40.7 38.3 4.8 43.1
statement
The amounts recognised in the balance sheet is determined as
follows:
2006 2005
£ millions UK Other Total UK Other Total
Present value of defined benefit obligations (1,420.4) (39.1) (1,459.5) (1,186.1) (33.0) (1,219.1)
Fair value of scheme assets 1,209.8 10.1 1,219.9 884.0 9.4 893.4
Net liability recognised in the balance sheet (210.6) (29.0) (239.6) (302.1) (23.6) (325.7)
Movements in the deficit during the year:
2006 2005
£ millions UK Other Total UK Other Total
Deficit at start of year (302.1) (23.6) (325.7) (228.0) (18.3) (246.3)
Total service cost charged in the income statement (as (33.2) (3.7) (36.9) (34.3) (3.7) (38.0)
above)
Interest cost (61.7) (1.4) (63.1) (55.5) (1.5) (57.0)
Expected return of pension scheme assets (as 58.9 0.4 59.3 51.5 0.4 51.9
above)
Actuarial gains and losses (43.2) (2.4) (45.6) (78.8) (0.5) (79.3)
Contributions paid by employer 170.7 1.6 172.3 43.0 1.1 44.1
Exchange differences - 0.1 0.1 - (1.1) (1.1)
Deficit at end of year (210.6) (29.0) (239.6) (302.1) (23.6) (325.7)
The analysis of the scheme assets at the balance sheet date is as follows:
2006 2005
£ millions UK Other Total % of Total UK Other Total % of Total
Equities 638.5 - 638.5 52% 509.7 - 509.7 57%
Bonds 449.4 - 449.4 37% 262.8 - 262.8 29%
Property 96.7 - 96.7 8% 80.2 - 80.2 9%
Other 25.2 10.1 35.3 3% 31.0 9.4 40.4 5%
Total market value of assets 1,209.8 10.1 1,219.9 100% 884.0 9.4 893.4 100%
The pension plans do not hold any other assets than those disclosed above.
14. Explanation of transition to IFRS
Kingfisher plc reported under UK GAAP in its previously published financial
statements for the year ended 29 January 2005 and this is the first year that
the company has presented its financial statements under IFRS. The analysis
below shows a reconciliation of net assets and profit as reported under UK GAAP
as at 29 January 2005 to the revised net assets and profit under IFRS as
reported in these financial statements. A reconciliation of the net assets is
provided from UK GAAP to IFRS at the transition date, being 1 February 2004.
Previously published IFRS information has been adjusted in accordance with
clarification of IAS 21 and recent IFRIC guidance concerning the accounting
treatment of fixed minimum rental increases, both of which are described more
fully in note 1a. With the exception of these areas, the adjustments set out
below are those that were notified to investors in the press release dated 17
March 2005 which is available on www.kingfisher.com.
To aid comparability, the UK GAAP numbers presented below have been reformatted
using the new IFRS format rather than the previously disclosed UK GAAP format.
Reconciliation of the consolidated income statement for the year ended 29
January 2005
£ millions Notes UK GAAP Effect of IFRS
transition to
IFRS
Revenue 7,649.6 - 7,649.6
Cost of sales (i),(k) (4,783.3) (2.4) (4,785.7)
Gross profit 2,866.3 (2.4) 2,863.9
Selling and distribution expenses (d),(g),(i) (1,834.4) 0.3 (1,834.1)
Administrative expenses (d),(f),(g) (363.4) (7.3) (370.7)
Other income 17.9 3.1 21.0
Other expenses (m) (17.7) - (17.7)
Share of post tax results of joint ventures and (a),(e) 27.5 (13.5) 14.0
associates
Operating profit 696.2 (19.8) 676.4
Analysed as:
Retail profit 747.9 (7.7) 740.2
Central costs (36.1) (1.2) (37.3)
Acquisition goodwill amortisation (net) (b) 1.0 (1.0) -
Exceptional items (m) (16.6) 2.9 (13.7)
Share of joint venture and associate interest and (a),(e) - (12.8) (12.8)
taxation
Financing
Net finance costs (a),(d),(g) (25.3) (3.4) (28.7)
Profit before taxation 670.9 (23.2) 647.7
Income tax expense (a),(e) (201.4) 0.2 (201.2)
Profit for the year 469.5 (23.0) 446.5
Reconciliation of the statement of recognised income and expense for the year
ended 29 January 2005
£ millions Notes UK GAAP Effect of IFRS
transition to
IFRS
Actuarial losses on defined benefit pension schemes (d) - (79.3) (79.3)
Gain on revaluation of properties (h) 175.8 (175.8) -
Currency translation differences 65.2 (5.5) 59.7
Tax on items taken directly to equity (2.5) 27.3 24.8
Net income recognised directly in equity 238.5 (233.3) 5.2
Profit for the financial period 469.5 (23.0) 446.5
Total recognised income and expense for the year 708.0 (256.3) 451.7
Attributable to:
Equity holders of the parent 707.9 (256.3) 451.6
Minority interests 0.1 - 0.1
708.0 (256.3) 451.7
14. Explanation of transition to IFRS continued
Reconciliation of consolidated balance sheet as at 1 February 2004 (date of
transition to IFRS)
£ millions Notes UK GAAP Effect of IFRS
transition to
IFRS
Non-current assets
Goodwill (b) 2,455.3 - 2,455.3
Intangible assets (c) - 68.2 68.2
Property, plant and equipment (c),(g),(h) 2,769.2 (37.1) 2,732.1
Investment property (h) 12.0 (6.3) 5.7
Investments accounted for using equity method (b) 145.7 17.0 162.7
Available for sale financial assets 0.2 - 0.2
Other receivables 25.8 - 25.8
5,408.2 41.8 5,450.0
Current assets
Inventories (k) 1,071.7 (10.8) 1,060.9
Trade and other receivables 491.6 1.2 492.8
Income tax 1.4 - 1.4
Investments (l) 23.8 (13.8) 10.0
Cash and cash equivalents (l) 144.2 13.8 158.0
1,732.7 (9.6) 1,723.1
Total assets 7,140.9 32.2 7,173.1
Current liabilities
Short-term borrowings (g) (267.6) (0.8) (268.4)
Trade and other payables (d),(f),(i), (1,584.5) 122.1 (1,462.4)
(j)
Current tax liabilities (79.2) - (79.2)
Provisions (0.9) - (0.9)
(1,932.2) 121.3 (1,810.9)
Net current liabilities (199.5) 111.7 (87.8)
Total assets less current liabilities 5,208.7 153.5 5,362.2
Non-current liabilities
Long-term borrowings (g) (744.2) (46.8) (791.0)
Other payables (0.7) - (0.7)
Deferred income tax liabilities (e) (14.6) (189.1) (203.7)
Post employment benefits (d) (25.1) (221.2) (246.3)
Provisions (17.5) - (17.5)
(802.1) (457.1) (1,259.2)
Total liabilities (2,734.3) (335.8) (3,070.1)
Net assets 4,406.6 (303.6) 4,103.0
Capital and reserves
Share capital 2,390.4 - 2,390.4
Other reserves (d),(e),(h) 2,013.3 (303.6) 1,709.7
Minority interests 2.9 - 2.9
Total equity 4,406.6 (303.6) 4,103.0
14. Explanation of transition to IFRS continued
Reconciliation of consolidated balance sheet as at 29 January 2005
£ millions Notes UK GAAP Effect of IFRS
transition to
IFRS
Non-current assets
Goodwill (b) 2,463.1 - 2,463.1
Intangible assets (c) - 69.9 69.9
Property, plant and equipment (c),(g),(h) 3,247.9 (216.1) 3,031.8
Investment property (h) 22.8 (4.1) 18.7
Investments accounted for using equity method (b) 158.3 15.4 173.7
Other receivables 26.6 - 26.6
5,918.7 (134.9) 5,783.8
Current assets
Inventories (k) 1,333.0 (13.0) 1,320.0
Trade and other receivables 451.6 2.3 453.9
Income tax 8.8 - 8.8
Investments 9.4 (9.4) -
Cash and cash equivalents (l) 152.7 9.4 162.1
1,955.5 (10.7) 1,944.8
Total assets 7,874.2 (145.6) 7,728.6
Current liabilities
Short-term borrowings (g) (184.0) (0.9) (184.9)
Trade and other payables (d),(f),(i), (1,822.7) 134.8 (1,687.9)
(j)
Current tax liabilities (113.6) - (113.6)
Provisions (10.1) - (10.1)
(2,130.4) 133.9 (1,996.5)
Net current liabilities (174.9) 123.2 (51.7)
Total assets less current liabilities 5,743.8 (11.7) 5,732.1
Non-current liabilities
Long-term borrowings (g) (772.4) (45.9) (818.3)
Other payables (0.9) - (0.9)
Deferred income tax liabilities (e) (20.8) (171.4) (192.2)
Post employment benefits (d) (17.8) (307.9) (325.7)
Provisions (7.7) - (7.7)
(819.6) (525.2) (1,344.8)
Total liabilities (2,950.0) (391.3) (3,341.3)
Net assets 4,924.2 (536.9) 4,387.3
Capital and reserves
Share capital 2,434.9 - 2,434.9
Other reserves (d),(e),(h) 2,486.6 (536.9) 1,949.7
Minority interests 2.7 - 2.7
Total equity 4,924.2 (536.9) 4,387.3
14. Explanation of transition to IFRS continued
Explanation of reconciling items between UK GAAP and IFRS
(a) Presentation of joint ventures and associates
The presentation of the Group's share of the results of joint ventures and
associated undertakings in the Group's consolidated income statement has changed
under IFRS. Under UK GAAP the Group's share of joint venture and associated
undertaking operating profit, interest and tax were disclosed separately in the
consolidated income statement. In accordance with IAS 1 'Presentation of
Financial Statements', the results of joint venture and associated undertakings
have been presented net of interest and tax as a single line item. There is no
effect on the net result for the financial period from this adjustment.
(b) Intangible assets - Goodwill
IFRS 3 'Business Combinations' requires that negative goodwill is recognised
immediately in the income statement as opposed to being amortised. The negative
goodwill that arose on the acquisition of the shares in Hornbach has been
credited back to opening reserves under IFRS and increases the Group's interest
in joint ventures and associates by £19.3m. The removal of the amortisation
credit in the year ended 29 January 2005 reduced profit before tax by £1m.
The non-amortisation of positive goodwill required under IFRS has no impact as
all positive goodwill held was deemed to have an indefinite life under UK GAAP.
(c) Intangible assets - Computer software
Under UK GAAP all capitalised computer software was included within property,
plant and equipment on the balance sheet. Under IFRS, only computer software
that is integral to a related item of hardware should be included as property,
plant and equipment. All other computer software should be classified as an
intangible asset. Accordingly, a net balance sheet reclassification has been
made of £68.2m at the opening balance sheet date and £69.9m at 29 January 2005
between property, plant and equipment and intangible assets. There was no
impact on the income statement from this reclassification.
(d) Post employment benefits
Under UK GAAP the Group applied the provisions of SSAP 24 which are
significantly different to IAS 19. As disclosed in note 1, the Group has
elected to early adopt the amendment to IAS 19 'Employment Benefits' issued by
the IASB on 16 December 2004 which allows all actuarial gains and losses to be
charged to equity. Other differences include valuing pension scheme assets at
bid value as opposed to mid value and the split of the charge to the income
statement between operating (service charge) and financing (return on pension
scheme assets and interest on pension liabilities).
The Group's opening IFRS balance sheet reflects the assets and liabilities of
the Group's defined benefit schemes totalling a net liability of £246.3m. The
transitional adjustment of £221.2m to opening reserves comprises the reversal of
entries in relation to UK GAAP accounting under SSAP 24 less the recognition of
the net liabilities of the Group's defined benefit schemes. The incremental
charge arising from the adoption of IAS 19 on the Group's income statement in
the year ended 29 January 2005 was £6m, being the total of £0.9m to operating
profit and £5.1m to net financing charges.
The actuarial loss before tax of £79.3m arising in the year ended 29 January
2005 has been recorded in the statement of recognised income and expense. The
pension deficit under IFRS at 29 January 2005 was £325.7m.
(e) Deferred and current taxes
The scope of IAS 12 'Income Taxes' is wider than the corresponding UK GAAP
standards, and requires deferred tax to be provided on temporary differences
rather than just taxable timing differences as under UK GAAP.
As a result, the Group's IFRS opening balance sheet at 1 February 2004 included
an additional deferred tax liability of £189.1m. The majority of this
adjustment related to the deferred tax provided on the revaluation reserve less
the deferred tax asset recognised on the pension deficit at 1 February 2004.
The 'income tax expense' on the face of the consolidated income statement
comprises the tax charge of the Company and its subsidiaries under IFRS. The
Group's share of its joint venture and associated undertakings' tax charges is
shown as part of the 'share of post tax result of joint ventures and associates'
within operating profit.
(f) Share-based payment
IFRS 2 'Share-based Payment' requires that an expense for equity instruments
granted is recognised in the income statement based on their fair value at the
date of grant, with a corresponding increase in equity. This expense, which is
primarily in relation to employee option and performance share schemes, is
recognised over the vesting period of the scheme. Under UK GAAP, the income
statement charge, if any, was based on the difference between the exercise price
and the market price on the date of issue with a corresponding increase in
accruals.
The Group elected to apply IFRS 2 only to relevant share based payment
transactions granted after 7 November 2002. The additional pre-tax charge
arising from the adoption of IFRS 2 on the Group's income statement for the year
ended 29 January 2005 was £1.8m. The impact from the adoption of this standard
is small as the Group ceased offering share options in 2003 and replaced them
with deferred shares for which a charge equating to the market value of the
deferred shares was recognised under UK GAAP.
(g) Capitalisation of building leases
IAS 17 'Leases' requires that the land element of leases on land and buildings
is considered separately for the purposes of determining whether the lease is a
finance or operating lease. A majority of the Group's buildings are on leases
of 25 years or less which remain as operating under IFRS. There are a small
number of leases greater than 25 years where the building element of the lease
has been classified as a finance lease based on the criteria set out in IAS 17.
14. Explanation of transition to IFRS continued
As a result, the Group's IFRS opening balance sheet at 1 February 2004 includes
additional property, plant and equipment of £30.6m and additional finance lease
obligations of £47.7m included within current and non-current borrowings. The
main impact on the income statement is that the operating lease payment charged
to operating profit under UK GAAP is replaced with a depreciation charge for the
asset (in operating profit) and an interest expense charge (in financing costs).
Whilst the total charge for a lease over the life of the lease will be the
same under UK GAAP and IFRS, the profile of the charge is different, with the
charge being more front loaded under IFRS. The net pre-tax impact on the income
statement for the year ended 29 January 2005 was a further charge of £1.3m.
(h) Valuation of properties
The Group has previously applied a policy of annual revaluations of property
under UK GAAP. The Group has now elected to treat the revalued amount of
operating properties at 1 February 2004 as deemed cost as at that date and will
not revalue for accounts purposes in future. The revaluation gain of £175.8m
recognised under UK GAAP for the year ended 29 January 2005 was therefore
reversed under IFRS.
Investment property was previously revalued annually under UK GAAP. Following
the disposal of the Chartwell Land investment property portfolio in 2004, the
amount of investment property now held by the Group is insignificant. The Group
has elected to restate the remaining investment property to historical cost
under IFRS. This results in an increased gain on disposal of properties of
£2.9m for the year ended 29 January 2005 under IFRS. There are no other
material impacts of this change on the income statement.
(i) Lease incentives
Under UK GAAP, lease incentives were recognised over the period to the first
market rent review. Under IFRS (SIC 15), lease incentives are required to be
recognised over the entire lease term. As a result, the Group's IFRS opening
balance sheet at 1 February 2004 includes additional deferred income of £21.7m
and operating profit for the year ended 29 January 2005 was reduced by £4.5m.
(j) Post balance sheet events
IAS 10 'Events after the Balance Sheet Date' requires that dividends approved
after the balance sheet date should not be recognised as a liability at that
date as the liability does not represent a present obligation as defined by IAS
37 'Provisions, Contingent Liabilities and Contingent Assets'.
The final dividend declared in March 2004 in relation to the financial year
ended 31 January 2004 of £143.4m was reversed in the opening balance sheet and
charged to equity in the year ended 29 January 2005. The final dividend accrued
for the year ended 29 January 2005 of £159.7m was reversed in the IFRS balance
sheet as at 29 January 2005.
(k) Inventories
IAS 2 requires the inclusion of certain elements of income from suppliers and
other similar items in the cost of inventories which is a more encompassing
requirement than UKGAAP. The value of inventories were reduced by £10.8m at 1
February 2004 and £13.0m at 29 January 2005.
(l) Cash
IAS 7 'Cash Flow Statements' defines cash equivalents as being short-term,
highly liquid investments that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value. Cash
deposits with a maturity of less than three months have therefore been
reclassified at both balance sheet dates as cash.
(m) Exceptional items
There are no FRS 3 non-operating exceptionals equivalent under IFRS and
therefore items not relating to underlying business performance such as property
disposal profits and losses are now included within operating profit. See note 1
(b) for further information.
(n) Significant changes to the cash flow statement under IFRS are as follows:
• Cash flows reported under IFRS and UK GAAP are defined differently -
under IFRS, cash flows, referred to as 'cash and cash equivalents', include bank
deposits repayable within 3 months. Under UK GAAP, these were treated as
short-term deposits.
• IFRS requires cash flows to be reported under the three headings of
operating, investing and financing activities whereas UK GAAP requires cash
flows to be reported in greater detail under the nine standard headings, such as
taxation and interest.
• IFRS requires foreign currency translation differences to be included
on the face of the cash flow statement in order that opening and closing cash
and cash equivalent balances may be reconciled. This is not a requirement under
UK GAAP.
15. First time adoption IAS 32 and IAS 39
As explained in note 1a, Kingfisher plc took the option to defer the
implementation of IAS 32 and IAS 39 until 30 January 2005. The adoption of IAS
32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial
Instruments: Recognition and Measurement' with affect from 30 January 2005
results in a change in the Group's accounting policy for financial instruments.
The impact of these standards on the Group's opening balance sheet is shown
below.
The principal impact of IAS 32 and IAS 39 on the Group's financial statements
relates to the recognition of derivative financial instruments at fair value.
Financial assets and financial liabilities that arise on derivatives that do not
qualify for hedge accounting are held on the balance sheet at fair value with
the changes in value reflected through the income statement. The accounting
treatment of derivatives that qualify for hedge accounting depends on how they
are designated. The different accounting treatments are explained below.
Fair value hedges
The Group uses interest rate and cross currency swaps to hedge the exposure to
interest rates and currency movements of its issued debt. Under UK GAAP,
derivative financial instruments held for hedging were accounted for using hedge
accounting and were not recognised at fair value in the balance sheet.
Under IAS 39, derivative financial instruments that meet the 'fair value'
hedging requirements are recognised in the balance sheet at fair value with
corresponding fair value movements recognised in the income statement. For an
effective fair value hedge, the hedged item is adjusted for changes in fair
value attributable to the risk being hedged with the corresponding entry in the
income statement. To the extent that the designated hedge relationship is fully
effective, the amounts in the income statement offset each other. As a result,
only the ineffective element of any designated hedging relationship impacts the
financing line in the income statement.
Cash flow hedges
The Group hedges the foreign currency exposure on inventory purchases. Under UK
GAAP, foreign currency derivatives were held off balance sheet. Under IAS 39,
derivative financial instruments that qualify for cash flow hedging are
recognised on the balance sheet at fair value with corresponding fair value
changes deferred in equity.
Net investment hedges
The gains or losses on the translation of currency borrowings and cross currency
swaps used to hedge the Group's net investments in foreign entities are
recognised in equity. Provided the hedging requirements of IAS 39 are met and
the hedging relationship is fully effective, this treatment does not differ from
UK GAAP.
On the adoption of IAS 32 and IAS 39, there is no material impact for the Group
of other financial assets and liabilities that are not part of a designated
hedge relationship.
The adjustments to the opening balance sheet at 30 January 2005 are as follows:
Opening balance sheet Effect of adoption Restated opening
under IFRS of IAS 32 and IAS position at 30
39 January 2005
Non-current assets
Other receivables 26.6 24.9 51.5
Current assets
Trade and other receivables 453.9 1.8 455.7
Current liabilities
Trade and other payables (1,698.0) (17.9) (1,715.9)
Non-current liabilities
Long-term borrowings (818.3) (12.7) (831.0)
Deferred tax liabilities (192.2) 1.7 (190.5)
Impact on net assets (2.2)
Translation reserve 56.1 0.7 56.8
Hedging reserve - (4.4) (4.4)
Retained earnings 1,949.7 1.5 1,951.2
Impact on equity (2.2)
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