Interim Results
McBride PLC
12 February 2007
McBride plc
12 February 2007
McBride plc, Europe's leading supplier of private label household and personal
care products, announces its Interim Results for the six months ended 31
December 2006
• Results in line with market expectations
• Group revenue up 3% at £278.2m (2005: £270.4m) with UK sales up 9%
• Profit before tax up 5% to £15.6m (2005: £14.9m)
• Basic earnings per share up 9% to 6.3p (2005: 5.8p)
• Underlying cash flow* at £12.2m (2005: £11.7m)
• Net debt of £25.1m, a reduction of £4m
• Interim dividend per share of 1.7p, up 6% (2005: 1.6p)
• Acquisition of Dasty Italia SpA, Italian private label household
liquid business, for €29m (£19m)
* Cash flow before financing activities excluding exceptional items and
acquisition of subsidiaries
Miles Roberts, Chief Executive, commented:
'These results show good progress for the group as a whole despite very
competitive market conditions. Strong performance in the UK, Spain, Italy as
well as in personal care has more than offset continued weakness in the French
household products market. We continue to focus our efforts on improving
innovation, service and efficiency throughout the group.
We have today announced the acquisition of Dasty Italia SpA. This acquisition
furthers our ambition to become the clear leader in the Italian market with a
particular focus on the fast growing discount retail sector. The more modest
acquisitions made during the last year have been successfully integrated and are
performing to plan. We continue to seek further value enhancing acquisitions to
strengthen our overall European market position.
Trading since the end of December has been in line with our expectations'.
For further information please contact:
McBride plc
Miles Roberts, Chief Executive 07748 180076
Bob Beveridge, Finance Director 07876 593182
Financial Dynamics
Andrew Dowler 020 7831 3113
Overview
• Personal care sales were up 6% at £56.9m, with continued growth in all
key markets, whilst operating profit improved from £4.7m to £4.9m.
• Household product sales were up 2% with strong growth in the UK, Italy
and Spain partly offset by a decline in France. Household sector operating
profits grew by 5% in line with this change in geographic mix.
• UK revenue increased 9% to £134.6m (2005: £123.5m) comprising 5% from
the recent Sanmex / Coventry acquisitions and 4% of organic growth. UK
operating profit grew 17% to £12.3m (2005: £10.5m).
• The operating margin improved to 5.9% from 5.7% despite continuing
increases in material input and energy costs, driven by synergies, product
reformulations and overhead savings.
• Western Continental Europe revenue declined 2% to £138.3m (2005:
£141.5m), or down 1% excluding exchange impacts, as growth in Personal Care,
Spain and Italy was offset by a reduction in French household sales.
Operating profit was £3.9m (2005: £4.6m).
• Revenues in Eastern Continental Europe were up 4%, to £11.8m (2005:
£11.4m). However an organisational restructure and additional expenditure to
facilitate our developments in the broader ECE market resulted in operating
profit reducing from £1.1m to £0.8m.
Acquisitions
The group today announced the acquisition of Dasty SpA, a manufacturer of
household liquid products for the Italian market specialising in discount
retailers. This acquisition offers us the opportunity to become the clear
market leader in the growing Italian market.
The Sanmex International and Coventry Chemicals acquisitions in 2006 have both
been integrated into the UK division's household liquids business and are
contributing as planned.
The acquisition of Schneider, a household liquids business in Poland with
turnover of around £2m, was completed in January 2007.
We continue to seek further value enhancing acquisitions to strengthen our
overall European market position.
Current trading and outlook
Trading since the end of December has been in line with our expectations and the
Group expects to maintain its progress in the second half. The focus on
marketing, new product development and cost reduction initiatives, as well as
considering potential value enhancing acquisition opportunities, will continue.
Market and Commercial review
The UK household products market grew by nearly 4% in value for the 52 weeks
ending 31 December 2006. In the same period private label sales increased by 6%,
with particular strong performances in laundry up 8%, washing up liquids up 5%,
household cleaners up 9% and air fresheners up 18%.
The UK personal care market was up 2% but several sectors demonstrated strong
growth such as skincare up 8%, mouthwash up 15% and liquid soap up 10%. Private
label share of this market fell 2% compared to the prior year although volumes
were mainly flat.
McBride gained share in the period with UK sales up 9% overall. Key developments
included the launch of new products and formats in the growing ecologically
sensitive and premium household and personal care ranges. We are well placed to
benefit from the continuation of this trend.
France is the group's second largest market where we have annual revenues in the
region of €240m (£160m). The French grocery market remains highly competitive
partly following the introduction last year of the Loi Dutreil which encompasses
supply and promotional agreements between manufacturers and retail chains. The
overall value of the French household product market for the 12 months ending
December 2006 was flat with 2005, this compared to a decline of 5.5% in 2005.
During 2006 the market value of household private label products started to grow
again after 2 years of falls, increasing by 1% with laundry liquids and air
fresheners being the best performing sectors with value sales up 6% and 5%
respectively.
Our strategy to improve returns in this market has been to focus on cost
controls, product development and particularly to work with selected retailers
on the marketing of their private label household and personal care ranges.
Where we have given this focus, the initial signs are encouraging with our sales
to these retailers increasing ahead of the market. The outlook for innovation is
encouraging particularly in product categories such as machine dishwash, liquid
textile wash and cleaners. Growth of discount retailers was flat during the year
but the outlook is for further growth over the next years. The average headcount
in the Western Continental European division during the half year was nearly 10%
below the comparative period last year.
In Italy, the overall household cleaners and laundry products market saw growth
of 3% with private label household cleaners up 5% and private label laundry
products up 0.5%. Private label products now account for 1 in every 5 products
sold in Italy and the overall private label volume share increased from 21% to
22%. The discount sector in Italy has been a major factor in this growth of
private label.
In the Polish household market, the overall private label share remains low at
about 5% aimed primarily at the low value end of the market. Work is well in
progress to expand and improve the current range of household and personal care
products for the Polish market and we see this as a significant opportunity to
build our business over the coming years. The development of our new management
team for the Eastern Continental European region has been completed during the
first half and has been accompanied by the closure of the international sales
division in the UK.
Group financial review
Overview
Profit after tax for the half year ended 31 December 2006 was £11.2m, an 8%
increase over the prior year (2005: £10.4m). Key drivers included a continuing
increase in personal care revenue across the Group, growth in underlying UK
household sales, first time contribution and synergies from the Sanmex
International and Coventry Chemicals acquisitions, and continuing operational
efficiencies and overhead savings. These factors were partially offset by lower
French household sales as well as higher material and energy costs.
Underlying cash flow, before financing and excluding acquisition and outflows
relating to exceptional items was strong at £12.2m (2005: £11.7m) and net debt
declined £4.0m in the half year to £25.1m.
Revenue
First half revenue improved £7.8m or 3% to £278.2m (2005: £270.4m).
Household revenues were up 2% from £216.5m to £221.3m with acquisitions
contributing £6m in the period. Organic household revenues were broadly flat
with UK divisional growth offset by lower Western Continental Europe (WCE)
revenues. There was also a £1m adverse currency impact due to a modest
weakening of the Euro versus sterling.
Personal care revenues were up 6%, reaching £56.9m or 20% of total revenue for
this half year (2005: £53.9m) with increases in both the UK and WCE.
By geographic region, UK revenues grew 9% to £134.6m (2005: £123.5m), with 5%
from acquisition contribution and the remainder from organic growth, this
comprised household up £2.5m and personal care up £2.2m. WCE revenues
contracted 2% to £138.3m (2005: £141.5m), with lower French household revenues
and £1m from currency movements accounting for the adverse variance. This was
partially offset by growth in household sales in Italy (up 6%), Spain (up 8%)
and Personal Care sales (up 1%). Eastern Continental Europe's revenues improved
4% from £11.4m to £11.8m.
Operating profit
Despite an environment of higher material, energy and packaging costs operating
profit grew to £16.3m (2005: £15.4m). This £0.9m increase was driven by revenue
growth from acquisitions and personal care, product reformulation and purchase
savings, and from reduced overheads. The UK's operating profit increased £1.8m
to £12.3m reflecting both organic growth and a contribution from acquisitions.
The 2006 full year announcement last September referred to measures taken to
improve WCE's performance. However, despite several cost reduction initiatives
and improving customer service WCE operating profit reduced £0.7m to £3.9m
primarily due to the continuing tough retail environment in France. Efforts in
these and other areas will continue in the second half.
Profit before tax and tax charge
Profit before tax for the period was £15.6m (2005: £14.9m) after net financing
costs of £0.7m (2005: £0.5m). The £4.4m taxation charge represents a 28%
effective rate, 2% less than the prior half year and 1% less than the prior full
year, following changes in Belgian tax law.
Cash flow
Underlying cash flow - before financing, acquisitions and exceptional items -
remained strong at £12.2m. This was an improvement on the prior year, £11.7m in
the first half and £8.3m in the second half. There was a small working capital
outflow of £2.3m (2005: £1.4m), with the increase reflecting higher volumes and
the impact of acquisitions. Capital expenditure was slightly below depreciation
at £8.0m, although this is not expected to continue in the second half when
several cost saving projects will occur.
Net debt level reduced by £4.0m in the half year, to close at £25.1m. The £8.2m
of non underlying net outflows included £2.7m on acquisitions, primarily
Coventry Chemicals, £0.5m on 30 June 2006 exceptional items and £6.2m on
dividends less £0.7m from executive share options exercised and translation
movements.
Balance sheet
Net assets have risen to £108.9m from £103.9m at 30 June 2006. The Coventry
Chemicals acquisition is included within non-current assets, inventory is
slightly higher and net debt has reduced. Property, plant and equipment reduced
from £130.6m to £128.8m because of the weaker Euro and depreciation exceeding
capital expenditure.
The average return on capital employed declined slightly to 24.4% (2005: 25.3%)
despite a higher operating profit and because of the higher capital base.
Earnings per share and dividends
Basic earnings per share were 6.3p, a 9% increase on the prior year (2005:
5.8p). The weighted average number of shares in issue in the period used in
calculating the earnings per share was 177,144,652 (2005: 177,575,301).
An interim dividend of 1.7p per share, a 6% increase on 2005, 1.6p, will be paid
on 25 May 2007 to shareholders on the register on 27 April 2007.
CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 June 2006
Note £m £m £m
Revenue 1 278.2 270.4 540.1
Cost of sales (185.0) (178.3) (355.8)
Gross profit 93.2 92.1 184.3
Distribution costs (18.9) (17.7) (35.2)
Administrative costs:
Before exceptional items (58.0) (59.0) (118.1)
Exceptional items (note 1(a)) - - (3.8)
Administrative costs including exceptional items (58.0) (59.0) (121.9)
Operating profit 1 16.3 15.4 27.2
Financial income 2.4 2.2 3.9
Financial expenses (3.1) (2.7) (5.2)
Net financing costs (0.7) (0.5) (1.3)
Profit before tax 15.6 14.9 25.9
Taxation 3 (4.4) (4.5) (7.5)
Profit for the period 1 11.2 10.4 18.4
Attributable to:
Equity holders of the parent 11.1 10.3 18.2
Minority interest 0.1 0.1 0.2
Profit for the period 11.2 10.4 18.4
Earnings per ordinary share (pence) 4
Basic 6.3 5.8 10.3
Diluted 6.1 5.7 10.1
Dividends
Paid in period (£m) 6.2 5.9 8.7
Paid in period (pence per share) 3.5 3.3 4.9
Proposed (£m) 3.0 2.8 6.2
Proposed (pence per share) 1.7 1.6 3.5
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
as at as at as at
31 Dec 2006 31 Dec 2005 30 June 2006
Note £m £m £m
Non-current assets
Intangible assets 17.1 9.0 15.4
Property, plant and equipment 128.8 127.6 130.6
Other non-current assets 0.5 0.5 0.5
Deferred tax 4.6 6.5 5.1
151.0 143.6 151.6
Current assets
Assets classified as held for sale - 1.5 -
Inventories 48.9 46.1 41.3
Trade and other receivables 104.8 99.1 106.6
Cash and cash equivalents 2.8 0.2 1.3
156.5 146.9 149.2
Total assets 1 307.5 290.5 300.8
Current liabilities
Interest bearing loans and borrowings 2.6 7.3 5.2
Trade and other payables 145.0 140.9 141.7
Current tax payable 2.9 2.8 1.7
Provisions 0.6 1.0 1.3
151.1 152.0 149.9
Non-current liabilities
Interest bearing loans and borrowings 25.3 15.4 25.2
Pensions and other post-employment benefits 14.4 16.9 13.7
Provisions 0.7 0.7 1.0
Deferred tax 7.1 7.1 7.1
47.5 40.1 47.0
Total liabilities 198.6 192.1 196.9
Net assets 108.9 98.4 103.9
Equity
Issued share capital 17.8 17.7 17.7
Share premium account 141.8 141.8 141.8
Other reserves (0.9) (0.2) (0.8)
Retained earnings (50.4) (61.7) (55.2)
Total equity attributable to equity holders of the parent 108.3 98.0 103.5
Minority interest 0.6 0.4 0.4
Total equity and reserves 108.9 98.4 103.9
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 June 2006
£m £m £m
Profit before tax 15.6 14.9 25.9
Net financing costs 0.7 0.5 1.3
Pre-tax exceptional charge in the period - - 3.8
Profit on sale of property, plant and equipment (0.1) - (0.3)
Depreciation & amortisation 8.4 9.1 18.0
Operating cash flow before changes in working capital 24.6 24.5 48.7
Decrease in receivables - 8.5 2.1
(Increase)/decrease in inventories (7.6) (4.4) 1.5
Increase/(decrease) in payables 5.3 (5.5) (6.4)
Cash outflow in respect of exceptional items (0.5) (2.2) (5.5)
Cash generated from operations 21.8 20.9 40.4
Interest paid (1.1) (0.9) (2.4)
Taxation paid (2.4) (3.1) (6.5)
Net cash from operating activities 18.3 16.9 31.5
Cash flows from investing activities
Proceeds from sale of land and buildings 0.1 - 2.2
Acquisition of property, plant and equipment (8.0) (7.2) (19.1)
Acquisition of intangible assets - (0.3) (0.4)
Acquisition of subsidiaries (2.7) - (7.3)
Interest received 1.3 0.1 0.3
(9.3) (7.4) (24.3)
Cash flows from financing activities
Proceeds from issue of share capital 0.7 0.6 0.6
Repurchase of own shares - (2.0) (3.3)
(Repayment of)/increase in borrowings (0.6) (5.3) 6.0
Payment of finance lease liabilities (0.2) (0.2) (0.4)
Dividends paid (6.2) (5.9) (8.7)
(6.3) (12.8) (5.8)
Net increase/(decrease) in cash and cash equivalents 2.7 (3.3) 1.4
Cash and cash equivalents at start of period (1.3) (2.7) (2.7)
Effect of exchange rate fluctuations on cash held (0.1) (0.1) -
Cash and cash equivalents at end of period 1.3 (6.1) (1.3)
Reconciliation of cash and cash equivalents per the balance sheet and cash flow statement
Cash and cash equivalents per the balance sheet 2.8 0.2 1.3
Overdrafts (1.5) (6.3) (2.6)
Cash and cash equivalents per the cash flow 1.3 (6.1) (1.3)
statement
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 June 2006
£m £m £m
Increase/(decrease) in cash and cash equivalents in the 2.7 (3.3) 1.4
period
Cash outflow/(inflow) from movement in debt 0.6 5.3 (6.0)
Movement on finance leases 0.2 0.2 0.4
Change in net debt resulting from cash flows 3.5 2.2 (4.2)
Translation differences 0.5 (0.3) (0.5)
Movement in net debt in the period 4.0 1.9 (4.7)
Net debt at the beginning of the period (29.1) (24.4) (24.4)
Net debt at the end of the period (25.1) (22.5) ( 29.1)
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 June 2006
£m £m £m
Profit for the period 11.2 10.4 18.4
Foreign exchange translation differences (1.0) (1.2) 0.7
Net gain/(loss) on hedge of net investment in foreign
subsidiaries
0.9 1.1 (0.7)
Cash flow hedge reserve movement (0.3) 0.3 0.4
Tax on items taken directly to equity - - (0.1)
Actuarial loss net of deferred tax (0.3) (3.0) (0.6)
Total recognised income and expense for the period 10.5 7.6 18.1
Attributable to:
Equity shareholders of the parent 10.4 7.4 17.9
Minority interest 0.1 0.2 0.2
10.5 7.6 18.1
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1) Segment Reporting
Segment information is presented below in respect of the Group's geographic, UK, Western Continental Europe
and Eastern Continental Europe, and business, Household and Personal Care, segments. The primary format,
geographic segments, is based on the Group's operating divisions and internal reporting structure.
Prior to 30 June 2006 there were two reported geographic segments with Western and Eastern Continental Europe
consolidated as Continental Europe. The 31 December 2005 numbers below have been restated onto the new basis.
Geographic segments
Segment revenue Segment profit
6 months to 6 months to Year ended 6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006 31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m £m £m £m
UK 134.6 123.5 249.8 12.3 10.5 21.8
Western Continental Europe 138.3 141.5 280.3 3.9 4.6 9.0
Eastern Continental Europe 11.8 11.4 21.9 0.8 1.1 1.6
Total reporting segments 284.7 276.4 552.0 17.0 16.2 32.4
Inter segment revenue (6.5) (6.0) (11.9)
Exceptional items (note 1(a)) - - (3.8)
Corporate * (0.7) (0.8) (1.4)
Revenue/operating profit 278.2 270.4 540.1 16.3 15.4 27.2
Net financing costs (0.7) (0.5) (1.3)
Taxation (4.4) (4.5) (7.5)
Profit for the period 11.2 10.4 18.4
* Corporate costs relate primarily to head office costs that are not allocated to one of the geographic
segments.
Segment assets Segment liabilities
As at As at As at As at As at As at
31 Dec 2006 31 Dec 2005 30 Jun 2006 31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m £m £m £m
UK 127.3 110.4 119.1 (73.5) (72.8) (70.1)
Western Continental Europe 161.1 159.1 163.2 (82.9) (88.6) (85.0)
Eastern Continental Europe 13.3 14.3 12.1 (3.4) (3.2) (4.0)
Total reporting segments 301.7 283.8 294.4 (159.8) (164.6) (159.1)
Corporate * 5.8 6.7 6.4 (38.8) (27.5) (37.8)
Total 307.5 290.5 300.8 (198.6) (192.1) (196.9)
* Corporate liabilities include external debt and tax liabilities.
Segment amortisation and depreciation
Segment capital expenditure*
6 months to 6 months to Year ended 6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006 31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m £m £m £m
UK 3.7 3.4 8.7 3.8 4.5 9.0
Western Continental Europe 3.0 3.8 10.1 4.3 4.3 8.4
Eastern Continental Europe 1.3 0.3 0.7 0.3 0.3 0.5
Total reporting segments 8.0 7.5 19.5 8.4 9.1 17.9
Corporate - - - - - 0.1
Total 8.0 7.5 19.5 8.4 9.1 18.0
*Capital expenditure on property, plant and equipment and intangible assets.
Business segments
Segment revenue Segment profit
6 months to 6 months to Year ended 6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006 31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m £m £m £m
Household 221.3 216.5 434.9 12.1 11.5 23.2
Personal Care 56.9 53.9 105.2 4.9 4.7 9.2
Total reporting segments 278.2 270.4 540.1 17.0 16.2 32.4
Exceptional items (note 1(a)) - - (3.8)
Corporate * (0.7) (0.8) (1.4)
Revenue/operating profit 278.2 270.4 540.1 16.3 15.4 27.2
Net finance costs (0.7) (0.5) (1.3)
Taxation (4.4) (4.5) (7.5)
Profit for the period 11.2 10.4 18.4
* Corporate costs relate primarily to head office costs that are not allocated
to one of the business segments.
Segment assets Segment capital expenditure*
6 months to 6 months to Year ended 6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006 31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m £m £m £m
Household 231.5 223.2 229.7 6.0 6.1 14.5
Personal Care 70.2 60.6 64.7 2.0 1.4 5.0
Total reporting segments 301.7 283.8 294.4 8.0 7.5 19.5
Corporate 5.8 6.7 6.4 - - -
Total 307.5 290.5 300.8 8.0 7.5 19.5
*Capital expenditure on property, plant and equipment and intangible assets.
External revenue by destination
Segmental information is also presented below in respect of external revenue by
destination.
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m
UK 126.8 115.2 233.7
Western Continental Europe 129.3 133.8 263.9
Eastern Continental Europe and Rest of World 22.1 21.4 42.5
Total 278.2 270.4 540.1
1(a) Exceptional items
The Group presents certain items as 'exceptional'. These are items which, in
management's judgement, need to be disclosed by virtue of their size or
incidence in order to obtain a proper understanding of the financial
information.
There was a £3.8 million pre-tax operating exceptional charge to the income
statement in the year ended 30 June 2006. This related primarily, £2.5 million,
to a programme to reduce administrative costs in the Group's Western Continental
Europe division, that enabled a reduction of 85 jobs without significant change
in support provided to the business. The remainder of the exceptional charge
related to restructuring the UK division, £0.5 million, and a termination
payment and related costs, £0.8 million, for the previous Chief Executive.
2) Basis of preparation
These financial statements have been prepared on the basis of the recognition and measurement requirements of
IFRS applied in the financial statements at 30 June 2006 and those standards that have been endorsed and will
be applied at 30 June 2007.
The results for each half-year are unaudited and do not represent the Group's statutory accounts. The
comparative figures for the year ended 30 June 2006 have been abridged from the Group's financial statements
for that year, which have been delivered to the Registrar of Companies. The auditors have reported on those
financial statements; their report was unqualified and did not contain statements under section 237 (2) or (3)
of the Companies Act 1985. Comparative figures for the period ended 31 December 2005 have been restated so as
to be consistently presented with those of the year end.
The interim financial statements were approved by the Board on 9 February 2007.
3) Taxation
The £4.4m tax charge for the half year ended 31 December 2006 (2005: £4.5m) consists of £3.3m (2005: £2.4m) of
UK tax and £1.1m (2005: £2.1m) of overseas tax.
4) Earnings per ordinary share
Basic earnings per ordinary share is calculated on profit after tax and minority interest, attributable to
equity holders of the parent, divided by the weighted average number of ordinary shares in issue during the
period in accordance with IAS 33.
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m
Total earnings (£m) 11.1 10.3 18.2
Weighted average number of ordinary shares 177,144,652 177,575,301 177,364,227
Basic earnings per share (pence) 6.3 5.8 10.3
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue
on assumption of conversion of all potentially dilutive ordinary shares. The Company has two categories of
potentially dilutive ordinary shares; share awards with no option price and shares allocated to an approved
Save As You Earn scheme.
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m
Weighted average number of ordinary shares (million) 177.1 177.6 177.4
Effect of dilutive share options (million) 0.3 0.9 0.9
Effect of dilutive share awards (million) 0.7 - 0.2
Effect of dilutive SAYE scheme shares (million) 2.7 2.5 2.5
180.8 181.0 181.0
Diluted earnings per share (pence) 6.1 5.7 10.1
4) Earnings per ordinary share (continued)
Adjusted basic earnings per share applies to earnings excluding exceptional items since the directors consider
that this gives additional information as to the underlying performance of the Group.
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 Jun 2006
£m £m £m
Earnings used to calculate Basic and Diluted EPS 11.1 10.3 18.2
Exceptional items after tax - - 2.6
Earnings before exceptional items 11.1 10.3 20.8
Basic earnings per share before exceptional items (pence) 6.3 5.8 11.7
Financial calendar for the year ending 30 June 2007
Dividends
Interim Announcement 12 February 2007
Payment 25 May 2007
Final Announcement September 2007
Payment November 2007
Results
Interim Announcement 12 February 2007
Preliminary statement for full year Announcement September 2007
Report and Accounts Circulated September 2007
Annual General Meeting To be held October 2007
Exchange rates
The exchange rates used for conversion to sterling were as follows:
Unaudited Unaudited Audited
6 months to 6 months to Year ended
31 Dec 2006 31 Dec 2005 30 June 2006
Average rate:
Euro 1.48 1.47 1.46
Polish Zloty 5.77 5.82 5.74
Czech Koruna 41.74 43.27 42.4
Hungarian Forint 396.6 364.8 372.1
Closing rate:
Euro 1.48 1.46 1.45
Polish Zloty 5.68 5.59 5.90
Czech Koruna 40.85 42.27 41.3
Hungarian Forint 373.1 367.4 409.7
This information is provided by RNS
The company news service from the London Stock Exchange
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