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Consolidated Financial Statements
Consolidated Profit and Loss
| |
TOTAL* |
Before exceptional items |
Exceptional items |
TOTAL |
| FOR THE YEAR ENDED 31 MARCH | £m |
£m |
£m |
£m |
| | | | | |
| Sales (including share of joint ventures) |
916.3 |
810.4 |
- |
810.4 |
| Less: share of joint ventures | (274.6) |
(238.5) |
- |
(238.5) |
| |
|
|
|
|
| Group sales | 641.7 |
571.9 |
- |
571.9 |
| Cost of Sales | (371.7) |
(343.0) |
|
(343.0) |
| |
|
|
|
|
| Gross Profit | 270.0 |
228.9 |
- |
228.9 |
| Distribution Costs | (179.0) |
136.3 |
(46.0) |
182.3 |
| Administrative Expenses | (33.6) |
(32.7) |
- |
(32.7) |
| |
|
|
|
|
| Group operating profit | 57.4 |
59.9 |
(46.0) |
13.9 |
| Share of operating profit of joint ventures | 58.8 |
39.8 |
- |
39.8 |
| Share of operating profit of associates | 1.5 |
0.9 |
- |
0.9 |
| |
|
|
|
|
| Total operating profit | 117.7 |
100.6 |
(46.0) |
54.6 |
| Profit on disposal of businesses | - |
- |
13.5 |
13.5 |
| Profit on sale of fixed assets | - |
- |
45.8 |
45.8 |
| Loss on termination of business | - |
- |
(2.8) |
(2.8) |
| |
|
|
|
|
| Profit before interest and taxation | 117.7 |
100.6 |
10.5 |
111.1 |
| Interest receivable | 3.3 |
1.8 |
- |
1.8 |
| Interest payable | (8.5) |
(2.9) |
- |
(2.9) |
| |
|
|
|
|
| Profit on ordinary activities before taxation | 112.5 |
99.5 |
10.5 |
110.0 |
| Tax on profit on ordinary activities | (34.4) |
(29.0) |
5.4 |
(23.6) |
| |
|
|
|
|
| Profit on ordinary activities after taxation | 78.1 |
70.5 |
15.9 |
86.4 |
| Equity minority interests | (0.5) |
- |
- |
- |
| |
|
|
|
|
| Profit for the financial year |
77.6 |
70.5 |
15.9 |
86.4 |
*There were no exceptional items in the current year.
There is no difference in the profit for the financial period as reported as compared to an historical cost
basis in either the current or prior year.
The profit for the current and prior year is derived from continuing operations.
Consolidated Balance Sheet
| AS AT 31 MARCH |
£m |
£m |
|
|
|
| Fixed assets |
|
|
| Intangible fixed assets |
87.3 |
10.2 |
| Tangible fixed assets |
25.2 |
14.0 |
| Investment programmes for future sale |
85.1 |
98.5 |
| Interest in joint ventures: |
|
|
| Share of group assets |
195.7 |
172.6 |
| Share of gross liabilities |
(177.1) |
(161.8) |
| Adjustment to reflect effective obligation |
25.3 |
32.3 |
| Loan recieveable from joint ventures |
- |
0.8 |
| Goodwill |
19.6 |
20.9 |
| |
63.5 |
64.8 |
| Interests in associated undertakings |
3.8 |
1.0 |
| Interests in trade investments |
2.7 |
5.0 |
| Total investments |
70.0 |
70.8 |
| |
267.6 |
193.5 |
| Current Assets |
|
|
| Stocks |
30.0 |
13.0 |
| Current debtors |
179.8 |
152.8 |
| Long-term debtors |
17.7 |
23.9 |
| Total debtors |
197.5 |
176.7 |
| Cash at bank and in hand |
50.7 |
27.3 |
| |
278.2 |
217.0 |
| Creditors: amounts due within one year |
(271.1) |
(252.9) |
| Net current liabilities |
7.1 |
(35.9) |
| Total assets less current liabilities |
274.7 |
157.6 |
| Creditors: amounts falling after more than 1 year |
(140.7) |
(20.0) |
| Provisions for liabilities |
(11.0) |
(18.8) |
| Net assets |
123.0 |
118.8 |
| |
|
|
| Capital and reserves |
|
|
| Called up share capital |
0.2 |
0.2 |
| Profit and loss account |
147.2 |
118.6 |
| Other reserves |
(31.0) |
- |
| Total equity shareholder's funds |
116.4 |
118.8 |
| Minority interests |
6.6 |
- |
| Capital employed |
123.0 |
118.8 |
Consolidated Cash Flow Statement
| FOR THE YEAR END 31 MARCH |
£m |
£m |
| |
|
|
| Net cash inflow from operating activities |
153.5 |
131.2 |
| Dividends from joint ventures and associates |
45.7 |
22.4 |
| Returns on investments and servicing of finance |
|
|
| Interest received |
1.4 |
1.0 |
| Interest paid |
(7.0) |
(2.3) |
| Interest element of finance lease payments |
(0.1) |
- |
| Net cash outflow from return on investments and servicing finance |
(5.7) |
(1.3) |
| Taxation |
(18.3) |
(15.8) |
| Capital expenditure and financial investments |
|
|
| Purchase of tangible fixed assets |
(14.7) |
(7.5) |
| Proceeds from sale of fixed assets |
- |
45.8 |
| Investment in programmes for future sale |
(88.2) |
(109.5) |
| Drawdown of loan to joint venture |
(0.7) |
(0.8) |
| Repayment of loan associated undertaking |
- |
0.3 |
| Net cash outflow for capital expenditure and financial investments |
(103.6) |
(71.7) |
| Acquisitions and disposals |
|
|
| Purchase of subsidiary undertaking |
(90.3) |
- |
| Net cash acquired with subsidiary undertaking |
5.9 |
- |
| Purchase of trade investment |
- |
(0.9) |
| Purchase of investment in joint ventures |
(4.5) |
- |
| Purchase of associates |
(1.8) |
(5.5) |
| Disposal of business |
- |
26.6 |
| Net cash (outflow) / inflow from acquisitions and disposals |
(90.7) |
20.2 |
| Cash (outflow) / inflow before distributions and financing |
(19.1) |
85.0 |
| Equity dividends paid shareholders |
(49.4) |
(75.3) |
| Cash (outflow) / inflow before financing |
(68.5) |
9.7 |
| Financing |
|
|
| Capital element of finance lease payments |
(0.5) |
- |
| Increase/ (decrease) in loan from parent undertaking |
66.4 |
(23.2) |
| Net cash inflow from bank loan |
30.0 |
20.0 |
| Outflow in respect of other short term loans |
(4.0) |
(4.8) |
| Net cash inflow / (outflow) from financing |
91.9 |
(8.0) |
| Increase in cash in the year |
23.4 |
1.7 |
The full Directors' Report is contained in BBC Worldwide's Report and financial statements which may be obtained
from Companies House.