Corporate and Operating
Measures
Sales - underlying and constant exchange rate movement
Sales movement excluding the impact of acquisitions and disposals and movements in exchange rates.
|
2004 |
All figures in £ millions |
Continuing |
Discontinued |
Total |
Underlying increase |
111 |
25 |
136 |
Portfolio changes |
41 |
- |
41 |
Exchange differences |
(302) |
(4) |
(306) |
Total sales decrease |
(150) |
21 |
(129) |
Underlying increase |
3% |
|
3% |
Constant exchange rate increase |
4% |
|
4% |
Adjusted operating profit - underlying and constant exchange rate movement
Operating profit movement excluding the impact of acquisitions and disposals and movements in exchange rates.
|
2004 |
All figures in £ millions |
Continuing |
Discontinued |
Total |
Underlying decrease |
30 |
(5) |
25 |
Portfolio changes |
(8) |
- |
(8) |
Exchange differences |
(51) |
(1) |
(52) |
Adjusted operating profit decrease |
(29) |
(6) |
(35) |
Underlying increase |
7% |
|
5% |
Constant exchange rate increase |
5% |
|
3% |
Free cash flow per share
Operating cash flow less tax, interest and integration costs paid, divided by the weighted average number of shares in issue.
All figures in £ millions |
2004 |
Adjusted operating profit* |
455 |
Cash conversion |
93% |
Operating cash flow |
422 |
Tax paid on operating profits |
(55) |
Net interest paid |
(85) |
Operating free cash flow |
282 |
Non operating tax received |
10 |
Integration costs |
(4) |
Total free cash flow |
288 |
Weighted average number of shares in issue (millions) |
795.6 |
Operating free cash flow per share |
35.4p |
Total free cash flow per share |
36.2p |
*Before goodwill charge and non operating items.
Return on invested capital*
Adjusted operating profit less cash tax expressed as a percentage of gross invested capital.
All figures in £ millions |
2004 |
Adjusted operating profit |
455 |
Cash tax (15%) |
(68) |
Return |
387 |
Gross goodwill |
5,029 |
Net operating assets |
1,196 |
Invested capital |
6,225 |
Return on invested capital |
6.2% |
*Before goodwill charge and non operating items.
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