Financial Statements
Group income statement
for the year ended 31 March 2006
| Notes | 2006 £m |
2005 £m |
||
| Continuing operations: | ||||
| Sales | 3 | 7,262 | 6,663 | |
| Cost of sales | (4,103) | (3,879) | ||
| Gross profit | 3,159 | 2,784 | ||
| Net operating expenses | 6 | (2,505) | (2,150) | |
| Operating profit | 654 | 634 | ||
| Interest income | 98 | 102 | ||
| Interest expense | (137) | (130) | ||
| Financing fair value remeasurements | (3) | – | ||
| Net financing costs | 9 | (42) | (28) | |
| Share of post tax profits of associates | 37 | 42 | ||
| Profit before tax | 3 | 649 | 648 | |
| Group tax expense | ||||
| – UK | (152) | (163) | ||
| – Overseas | (13) | (13) | ||
| 10 | (165) | (176) | ||
| Profit after tax for the financial year from continuing operations | 484 | 472 | ||
| Discontinued operations: | ||||
| Profit for the financial year from discontinued operations | 12 | 111 | 173 | |
| Profit for the financial year | 595 | 645 | ||
| Profit attributable to: | ||||
| Equity shareholders in the parent company | 569 | 596 | ||
| Minority interests | 26 | 49 | ||
| Profit for the financial year | 595 | 645 | ||
| Earnings per share | 14 | |||
| – Basic | 60.2p | 59.6p | ||
| – Diluted | 59.2p | 58.8p | ||
| Earnings per share from continuing operations | ||||
| – Basic | 51.2p | 47.2p | ||
| – Diluted | 50.4p | 46.7p | ||
Non-GAAP measures |
2006 £m |
2005 £m |
||
| Reconciliation of profit before tax to Benchmark PBT | Notes | |||
| Profit before tax | 3 | 649 | 648 | |
| exclude: amortisation of acquisition intangibles | 8 | 37 | 11 | |
| exclude: exceptional items relating to continuing operations | 8 | 4 | 7 | |
| exclude: store impairment charges | 8 | 13 | – | |
| exclude: financing fair value remeasurements | 8 | 3 | – | |
| exclude: tax expense on continuing operations’ share of profit of associates | 3 | 1 | 1 | |
| include: EBIT of discontinued operations | 12 | 119 | 239 | |
| include: net interest of discontinued operations | 12 | 3 | 4 | |
| Benchmark PBT | 3 | 829 | 910 | |
| Dividend per share (including proposed final dividend) | 13 | 31.5p | 29.5p |