Information
|
Required by/when | ||
Public
Announcements/Press
|
The London Stock Exchange |
Announcement
Preliminary
results for the year ended 30 June
2009.
|
Diageo
plc
|
|||||
(Registrant)
|
|||||
Date
|
27
August 2009
|
By
|
/S/
C Kynaston
|
||
Name:
|
C
Kynaston
|
||||
Title:
|
Senior
Company Secretarial Assistant
|
Preliminary results for the
year ended 30 June 2009
|
2009
|
2008
|
Organic
movement
|
Reported
movement
|
|||||||||||||
Volume
in millions of equivalent units
|
141.3 | 145.0 | (4 | )% | (3 | )% | ||||||||||
£
million
|
||||||||||||||||
Net
sales
|
9,311 | 8,090 | - | 15 | % | |||||||||||
Operating
profit before exceptional items
|
2,613 | 2,304 | 4 | % | 13 | % | ||||||||||
Operating profit | 2,443 | 2,226 | 10 | % | ||||||||||||
Profit
attributable to parent company’s equity shareholders
|
1,621 | 1,521 | 7 | % | ||||||||||||
Basic
eps
|
65.2 | p | 59.3 | p | 10 | % |
|
·
|
Exchange
rate movements increased net sales by £1,095 million; brand additions,
primarily Ketel One vodka, contributed £151 million and there was an
organic decline of £25 million.
|
|
·
|
Operating
profit before exceptional items benefited by £167 million from exchange
rate movements, £43 million from brand additions and £99 million from
organic growth.
|
|
·
|
Exceptional
operating costs were £170 million, in respect of the global restructuring
programme and the restructuring of Irish brewing
operations.
|
|
·
|
Associate
income was £164 million.
|
|
·
|
Finance
charges were £592 million. Net interest was £516 million, including £14
million impact of IAS 39, and other finance charges were £76 million,
including £44 million impact of IAS 21 and
39.
|
|
·
|
Exchange
rate movements increased finance charges by £66
million.
|
|
·
|
The
reported tax rate was 14.5% and the underlying tax rate was
22.2%.
|
|
·
|
Free
cash flow was £1,204 million.
|
|
·
|
Recommended
increase of 5% in final dividend per share to 22.20
pence.
|
·
|
Volume
flat
|
·
|
Net
sales up 1%
|
·
|
Marketing
spend down 9%
|
·
|
Operating
profit flat
|
·
|
Volume
down 6%
|
·
|
Net
sales down 5%
|
·
|
Marketing
spend down 14%
|
·
|
Operating
profit down 1%
|
·
|
Volume
down 4%
|
·
|
Net
sales up 7%
|
·
|
Marketing
spend down 3%
|
·
|
Operating
profit up 10%
|
·
|
Volume
down 11%
|
·
|
Net
sales down 4%
|
·
|
Marketing
spend down 5%
|
·
|
Operating
profit flat
|
Volume
movement
%
|
Organic
net
sales
movement
%
|
Reported
net
sales
movement
%
|
||||||||||
Smirnoff
|
(2 | ) | 2 | 17 | ||||||||
Johnnie
Walker
|
(11 | ) | (6 | ) | 4 | |||||||
Captain
Morgan
|
3 | 7 | 29 | |||||||||
Baileys
|
(10 | ) | (9 | ) | 3 | |||||||
JεB
|
(13 | ) | (12 | ) | - | |||||||
Jose
Cuervo
|
2 | 3 | 27 | |||||||||
Tanqueray
|
(10 | ) | (8 | ) | 12 | |||||||
Crown
Royal - North America
|
(1 | ) | (1 | ) | 23 | |||||||
Buchanan’s
- International
|
(15 | ) | 2 | 18 | ||||||||
Windsor
- Asia Pacific
|
3 | 22 | 17 | |||||||||
Guinness
|
(3 | ) | 4 | 16 | ||||||||
(5 | ) | (1 | ) | 13 |
Organic
volume
movement
%
|
Organic
net
sales
movement
%
|
Reported
volume
movement
%
|
Reported
net
sales
movement
%
|
|||||||||||||
Global
priority brands
|
(5 | ) | (2 | ) | (5 | ) | 11 | |||||||||
Local
priority brands
|
(1 | ) | 1 | 5 | 24 | |||||||||||
Category
brands
|
(2 | ) | 4 | (1 | ) | 17 | ||||||||||
Spirits
|
(4 | ) | - | (3 | ) | 16 | ||||||||||
Beer
|
- | 5 | - | 16 | ||||||||||||
Wine
|
1 | (5 | ) | 2 | 12 | |||||||||||
Ready
to drink
|
(11 | ) | (8 | ) | (11 | ) | 5 |
·
|
Despite
the difficult economic environment, North America delivered net sales
growth.
|
·
|
Total
spirits volume grew 1% with 3 percentage points of price/mix. Smirnoff
vodka, Captain Morgan and Jose Cuervo positioned in the more resilient
premium segment contributed most to net sales
growth.
|
·
|
Vodka
remained the largest and most resilient of the major categories in the
United States. Diageo out-performed the category as a whole, growing net
sales 16% led by Smirnoff in the premium segment and Cîroc and Ketel One
at higher price points.
|
·
|
Stock
levels of beer and malt based ready to drink brands were reduced adversely
impacting mix.
|
·
|
Stock
levels of spirits have reduced across the supply
chain.
|
·
|
Innovation
launches contributed significantly to overall performance as the focus on
premium spirits line extensions and pre-mixed cocktails capitalised on
consumer shifts.
|
·
|
Ketel
One vodka performed ahead of
expectations.
|
·
|
Marketing
spend decreased as a result of media efficiencies and a refocus away from
beer and ready to drink, however Diageo’s share of voice in spirits
improved.
|
·
|
Net
sales growth of 7% in Canada was led by strong performances of Captain
Morgan rum of 19% and Smirnoff vodka of
10%.
|
Key
measures:
|
2009
|
2008
|
Organic
movement
|
Reported
movement
|
||||||||||||
£
million
|
£
million
|
%
|
%
|
|||||||||||||
Volume
|
- | 4 | ||||||||||||||
Net
sales
|
3,290 | 2,523 | 1 | 30 | ||||||||||||
Marketing
spend
|
429 | 366 | (9 | ) | 17 | |||||||||||
Operating
profit before exceptional items
|
1,156 | 907 | - | 27 |
Brand
performance:
|
Organic
volume
movement
|
Organic
net
sales
movement
|
Reported
volume
movement
|
Reported
net
sales
movement
|
||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||
Global
priority brands
|
(2 | ) | (2 | ) | (2 | ) | 22 | |||||||||
Local
priority brands*
|
1 | - | 19 | 47 | ||||||||||||
Category
brands*
|
6 | 11 | 6 | 36 | ||||||||||||
Total
|
- | 1 | 4 | 30 | ||||||||||||
Key
spirits brands:**
|
||||||||||||||||
Smirnoff
|
1 | 6 | 1 | 30 | ||||||||||||
Johnnie
Walker
|
(6 | ) | (8 | ) | (6 | ) | 14 | |||||||||
Captain
Morgan
|
3 | 7 | 3 | 32 | ||||||||||||
Baileys
|
(5 | ) | (5 | ) | (5 | ) | 16 | |||||||||
Jose
Cuervo
|
3 | 4 | 3 | 30 | ||||||||||||
Tanqueray
|
(12 | ) | (12 | ) | (12 | ) | 10 | |||||||||
Crown
Royal
|
(1 | ) | (1 | ) | (1 | ) | 23 | |||||||||
Guinness
|
(11 | ) | (6 | ) | (11 | ) | 15 | |||||||||
Ready
to drink
|
(10 | ) | (8 | ) | (10 | ) | 14 |
*
|
Brand
additions in the year ended 30 June 2008 Ketel One vodka and Rosenblum
Cellars wine are included in local priority brands
while Zacapa rum is included in category
brands.
|
**
|
Spirits
brands excluding ready to drink.
|
·
|
The
region was severely impacted by the economic downturn, with conditions in
Spain and Ireland deteriorating
significantly.
|
·
|
Great
Britain out-performed a declining total beverage alcohol market, growing
net sales despite the difficult trading
environment.
|
·
|
Russia
net sales grew 1% following a strong first half although the worsening
economic conditions in the second half led to consumers trading down,
driving negative mix. In response to this trend, smaller bottle sizes at
lower price points were introduced.
|
·
|
In
a declining beer category, Guinness performed well with flat net sales
across the region and grew share in the on-trade in Great Britain and
Ireland supported by the 250th
Anniversary and ‘Alive Inside’
campaigns.
|
Key
measures:
|
2009
|
2008
|
Organic
movement
|
Reported
movement
|
||||||||||||
£
million
|
£
million
|
%
|
%
|
|||||||||||||
Volume
|
(6 | ) | (6 | ) | ||||||||||||
Net
sales
|
2,750 | 2,630 | (5 | ) | 5 | |||||||||||
Marketing
spend
|
419 | 438 | (14 | ) | (4 | ) | ||||||||||
Operating
profit before exceptional items
|
856 | 798 | (1 | ) | 7 |
Brand
performance:
|
Organic
volume
movement
|
Organic
net
sales
movement
|
Reported
volume
movement
|
Reported
net
sales
movement
|
||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||
Global
priority brands
|
(8 | ) | (6 | ) | (8 | ) | 4 | |||||||||
Local
priority brands
|
(6 | ) | (6 | ) | (6 | ) | 4 | |||||||||
Category
brands*
|
(1 | ) | (2 | ) | (1 | ) | 8 | |||||||||
Total
|
(6 | ) | (5 | ) | (6 | ) | 5 | |||||||||
Key
spirits brands:**
|
||||||||||||||||
Smirnoff
|
(8 | ) | (6 | ) | (8 | ) | - | |||||||||
Johnnie
Walker
|
(5 | ) | (4 | ) | (5 | ) | 7 | |||||||||
Baileys
|
(9 | ) | (10 | ) | (9 | ) | - | |||||||||
JεB
|
(13 | ) | (13 | ) | (13 | ) | - | |||||||||
Guinness
|
(6 | ) | - | (6 | ) | 8 | ||||||||||
Ready
to drink
|
(17 | ) | (11 | ) | (17 | ) | (2 | ) |
*
|
Brand
additions in the year ended 30 June 2008 Ketel One vodka, Rosenblum
Cellars wine and Zacapa rum are included in category
brands.
|
**
|
Spirits
brands excluding ready to drink.
|
·
|
Volume
growth in Africa and price increases in both Africa and Latin America
drove net sales growth of 7%.
|
·
|
Volume
and net sales growth in Venezuela, Mexico and Brazil, the three largest
markets in Latin America offset declines in the duty free channel in Latin
America and in the Caribbean.
|
·
|
Strong
growth in beer with volume up 5% and net sales up
17%.
|
·
|
Pressure
on the Global Travel business due to declining passenger numbers and
customer de-stocking.
|
·
|
Marketing spend efficiencies in
Latin America and the transition of spend on ready to drink, cider and
beer brands into the new South Africa joint venture offset increases on
beer and ready to drink elsewhere in
Africa.
|
Key
measures:
|
2009
|
2008
|
Organic
movement
|
Reported
movement
|
||||||||||||
£
million
|
£
million
|
%
|
%
|
|||||||||||||
Volume
|
(4 | ) | (4 | ) | ||||||||||||
Net
sales
|
2,286 | 1,971 | 7 | 16 | ||||||||||||
Marketing
spend
|
256 | 244 | (3 | ) | 5 | |||||||||||
Operating
profit before exceptional items
|
645 | 593 | 10 | 9 |
Brand
performance:
|
Organic
volume
movement
|
Organic
net
sales
movement
|
Reported
volume
movement
|
Reported
net
sales
movement
|
||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||
Global
priority brands
|
(5 | ) | 5 | (5 | ) | 12 | ||||||||||
Local
priority brands
|
- | 9 | - | 20 | ||||||||||||
Category
brands*
|
(5 | ) | 11 | (5 | ) | 20 | ||||||||||
Total
|
(4 | ) | 7 | (4 | ) | 16 | ||||||||||
Key
spirits brands:**
|
||||||||||||||||
Smirnoff
|
- | 9 | - | 17 | ||||||||||||
Johnnie
Walker
|
(12 | ) | (3 | ) | (12 | ) | 2 | |||||||||
Baileys
|
(16 | ) | (11 | ) | (16 | ) | (5 | ) | ||||||||
Buchanan’s
|
(15 | ) | 2 | (15 | ) | 18 | ||||||||||
Guinness
|
2 | 15 | 2 | 28 | ||||||||||||
Ready
to drink
|
6 | 13 | 6 | 23 |
*
|
Brand
additions in the year ended 30 June 2008 Ketel One vodka, Rosenblum
Cellars wine and Zacapa rum are included in category
brands.
|
**
|
Spirits
brands excluding ready to drink.
|
|
·
|
Net
sales declines were primarily driven by the impact of the excise duty
increase on ready to drink products in
Australia.
|
|
·
|
Declining
consumer confidence and supply chain inventory reductions have impacted
performance particularly in China and South East
Asia.
|
|
·
|
Top
and bottom line growth in Korea and share gains for Windsor following the
return to in-market company
distribution.
|
|
·
|
Price/mix
benefit of 7 percentage points came from the return to in-market
distribution in Korea and strong price increases on scotch brands offset
by negative product mix from lower volume in the higher net sales per case
ready to drink segment.
|
|
·
|
Marketing
spend decreased 5% although investment behind spirits grew 7% reflecting
the importance of this category to future growth of the
region.
|
Key
measures:
|
2009
|
2008
|
Organic
movement
|
Reported
movement
|
||||||||||||
£
million
|
£
million
|
%
|
%
|
|||||||||||||
Volume
|
(11 | ) | (11 | ) | ||||||||||||
Net
sales
|
910 | 877 | (4 | ) | 4 | |||||||||||
Marketing
spend
|
208 | 191 | (5 | ) | 9 | |||||||||||
Operating
profit before exceptional items
|
164 | 170 | - | (4 | ) |
Brand performance:
|
Organic
volume
movement
|
Organic
net sales
movement
|
Reported
volume
movement
|
Reported
net sales
movement
|
||||||||||||
%
|
%
|
%
|
%
|
|||||||||||||
Global
priority brands
|
(14 | ) | (8 | ) | (14 | ) | 2 | |||||||||
Local
priority brands
|
(1 | ) | 8 | (1 | ) | 8 | ||||||||||
Category
brands*
|
(10 | ) | (8 | ) | (10 | ) | 3 | |||||||||
Total
|
(11 | ) | (4 | ) | (11 | ) | 4 | |||||||||
Key
spirits brands: **
|
||||||||||||||||
Smirnoff
|
1 | 13 | 1 | 24 | ||||||||||||
Johnnie
Walker
|
(20 | ) | (12 | ) | (20 | ) | (1 | ) | ||||||||
Bundaberg
rum
|
17 | 29 | 17 | 34 | ||||||||||||
Windsor
|
3 | 22 | 3 | 17 | ||||||||||||
Guinness
|
5 | 6 | 5 | 20 | ||||||||||||
Ready
to drink
|
(26 | ) | (22 | ) | (26 | ) | (17 | ) |
*
|
Brand
additions in the year ended 30 June 2008 Ketel One vodka,
Rosenblum Cellars wine and Zacapa rum are included in category
brands.
|
**
|
Spirits
brands excluding ready to drink.
|
Year ended
30 June 2009
|
Year ended
30 June 2008
|
|||||||
£ million
|
£ million
|
|||||||
Sales
|
12,283 | 10,643 | ||||||
Excise
duties
|
(2,972 | ) | (2,553 | ) | ||||
Net
sales
|
9,311 | 8,090 | ||||||
Operating
costs
|
(6,698 | ) | (5,786 | ) | ||||
Operating
profit before exceptional items
|
2,613 | 2,304 | ||||||
Exceptional
items
|
(170 | ) | (78 | ) | ||||
Operating
profit
|
2,443 | 2,226 | ||||||
Sale
of businesses
|
- | 9 | ||||||
Net
finance charges
|
(592 | ) | (319 | ) | ||||
Share
of associates’ profits after tax
|
164 | 177 | ||||||
Profit
before taxation
|
2,015 | 2,093 | ||||||
Taxation
|
(292 | ) | (522 | ) | ||||
Profit
from continuing operations
|
1,723 | 1,571 | ||||||
Discontinued
operations
|
2 | 26 | ||||||
Profit
for the year
|
1,725 | 1,597 | ||||||
Attributable
to:
|
||||||||
Equity
shareholders of the parent company
|
1,621 | 1,521 | ||||||
Minority
interests
|
104 | 76 | ||||||
1,725 | 1,597 |
Gains/(losses)
£ million
|
||||
Operating
profit before exceptional items
|
||||
Translation
impact
|
274 | |||
Transaction
impact
|
(107 | ) | ||
167 | ||||
Translation
impact – operating exceptional items
|
(13 | ) | ||
Total
operating profit impact
|
154 | |||
Associates
|
||||
Translation
impact
|
30 | |||
Interest
and other finance charges
|
||||
Net
finance charges – translation impact
|
(66 | ) | ||
Exchange
– in respect of IAS 21 and IAS 39
|
(43 | ) | ||
Mark
to market impact of IAS 39 on interest expense
|
(8 | ) | ||
Total
exchange effect on profit before taxation
|
67 |
Year ended
30 June 2009
|
Year ended
30 June 2008
|
|||||||
Exchange
rates
|
||||||||
Translation
US$/£ rate
|
1.60 | 2.01 | ||||||
Transaction
US$/£ rate
|
2.29 | 1.90 | ||||||
Translation
€/£ rate
|
1.17 | 1.36 | ||||||
Transaction
€/£ rate
|
1.40 | 1.39 |
Cash flow
|
Year ended
30 June 2009
|
Year ended
30 June 2008
|
||||||
£ million
|
£ million
|
|||||||
Cash
generated from operations before exceptional costs
|
2,679 | 2,305 | ||||||
Exceptional
restructuring costs paid
|
(53 | ) | - | |||||
Cash
generated from operations
|
2,626 | 2,305 | ||||||
Interest
paid (net)
|
(415 | ) | (320 | ) | ||||
Dividends
paid to equity minority interests
|
(98 | ) | (56 | ) | ||||
Taxation
|
(522 | ) | (369 | ) | ||||
Net
capital expenditure
|
(313 | ) | (262 | ) | ||||
Net
(purchase)/sale of other investments
|
(24 | ) | 4 | |||||
Payment
into escrow in respect of UK pension fund
|
(50 | ) | (50 | ) | ||||
Free
cash flow
|
1,204 | 1,252 |
Year ended
30 June 2009
|
Year ended
30 June 2008
|
|||||||||||
Notes
|
£ million
|
£ million
|
||||||||||
Sales
|
2
|
12,283 | 10,643 | |||||||||
Excise
duties
|
(2,972 | ) | (2,553 | ) | ||||||||
Net
sales
|
9,311 | 8,090 | ||||||||||
Cost
of sales
|
(3,883 | ) | (3,245 | ) | ||||||||
Gross
profit
|
5,428 | 4,845 | ||||||||||
Marketing
expenses
|
(1,312 | ) | (1,239 | ) | ||||||||
Other
operating expenses
|
(1,673 | ) | (1,380 | ) | ||||||||
Operating
profit
|
2/3
|
2,443 | 2,226 | |||||||||
Sale
of businesses
|
3
|
- | 9 | |||||||||
Net
interest payable
|
4
|
(516 | ) | (341 | ) | |||||||
Net
other finance (charges)/income
|
4
|
(76 | ) | 22 | ||||||||
Share
of associates' profits after tax
|
164 | 177 | ||||||||||
Profit
before taxation
|
2,015 | 2,093 | ||||||||||
Taxation
|
5
|
(292 | ) | (522 | ) | |||||||
Profit
from continuing operations
|
1,723 | 1,571 | ||||||||||
Discontinued
operations
|
6
|
2 | 26 | |||||||||
Profit
for the year
|
1,725 | 1,597 | ||||||||||
Attributable
to:
|
||||||||||||
Equity
shareholders of the parent company
|
1,621 | 1,521 | ||||||||||
Minority
interests
|
104 | 76 | ||||||||||
1,725 | 1,597 | |||||||||||
Pence
per share
|
||||||||||||
Basic
earnings
|
65.2 | p | 59.3 | p | ||||||||
Diluted
earnings
|
65.0 | p | 58.9 | p | ||||||||
Average
shares
|
2,485 | m | 2,566 | m |
Year ended
30 June 2009
|
Year ended
30 June 2008
|
|||||||
£ million
|
£ million
|
|||||||
Exchange
differences on translation of foreign operations excluding
borrowings
|
931 | 336 | ||||||
Exchange
differences on borrowings and derivative net investment
hedges
|
(773 | ) | (366 | ) | ||||
Effective
portion of changes in fair value of cash flow hedges
|
||||||||
- gains
taken to equity
|
90 | 26 | ||||||
- transferred
to income statement
|
(71 | ) | (69 | ) | ||||
Net
actuarial losses on post employment plans
|
(1,007 | ) | (15 | ) | ||||
Fair
value movement on available for sale investments
|
4 | - | ||||||
Tax
on items taken directly to equity
|
254 | 15 | ||||||
Net
expense recognised directly in equity
|
(572 | ) | (73 | ) | ||||
Profit
for the year
|
1,725 | 1,597 | ||||||
Total
recognised income and expense for the year
|
1,153 | 1,524 | ||||||
Attributable
to:
|
||||||||
Equity
shareholders of the parent company
|
957 | 1,445 | ||||||
Minority
interests
|
196 | 79 | ||||||
1,153 | 1,524 |
30 June 2009
|
30 June 2008
|
|||||||||||||||||||
Notes
|
£ million
|
£ million
|
£ million
|
£ million
|
||||||||||||||||
Non-current
assets
|
||||||||||||||||||||
Intangible
assets
|
6,215 | 5,530 | ||||||||||||||||||
Property,
plant and equipment
|
2,268 | 2,122 | ||||||||||||||||||
Biological
assets
|
37 | 31 | ||||||||||||||||||
Investments
in associates
|
2,045 | 1,809 | ||||||||||||||||||
Other
investments
|
231 | 168 | ||||||||||||||||||
Other
receivables
|
18 | 11 | ||||||||||||||||||
Other
financial assets
|
364 | 111 | ||||||||||||||||||
Deferred
tax assets
|
672 | 590 | ||||||||||||||||||
Post
employment benefit assets
|
41 | 47 | ||||||||||||||||||
11,891 | 10,419 | |||||||||||||||||||
Current
assets
|
||||||||||||||||||||
Inventories
|
7 | 3,162 | 2,739 | |||||||||||||||||
Trade
and other receivables
|
2,031 | 2,051 | ||||||||||||||||||
Other
financial assets
|
98 | 104 | ||||||||||||||||||
Cash
and cash equivalents
|
8 | 914 | 714 | |||||||||||||||||
6,205 | 5,608 | |||||||||||||||||||
Total
assets
|
18,096 | 16,027 | ||||||||||||||||||
Current
liabilities
|
||||||||||||||||||||
Borrowings
and bank overdrafts
|
8 | (890 | ) | (1,663 | ) | |||||||||||||||
Other
financial liabilities
|
(220 | ) | (126 | ) | ||||||||||||||||
Trade
and other payables
|
(2,173 | ) | (2,143 | ) | ||||||||||||||||
Corporate
tax payable
|
(532 | ) | (685 | ) | ||||||||||||||||
Provisions
|
(172 | ) | (72 | ) | ||||||||||||||||
(3,987 | ) | (4,689 | ) | |||||||||||||||||
Non-current
liabilities
|
||||||||||||||||||||
Borrowings
|
8 | (7,685 | ) | (5,545 | ) | |||||||||||||||
Other
financial liabilities
|
(99 | ) | (124 | ) | ||||||||||||||||
Other
payables
|
(30 | ) | (34 | ) | ||||||||||||||||
Provisions
|
(314 | ) | (329 | ) | ||||||||||||||||
Deferred
tax liabilities
|
(621 | ) | (676 | ) | ||||||||||||||||
Post
employment benefit liabilities
|
(1,424 | ) | (455 | ) | ||||||||||||||||
(10,173 | ) | (7,163 | ) | |||||||||||||||||
Total
liabilities
|
(14,160 | ) | (11,852 | ) | ||||||||||||||||
Net
assets
|
3,936 | 4,175 | ||||||||||||||||||
Equity
|
||||||||||||||||||||
Called
up share capital
|
797 | 816 | ||||||||||||||||||
Share
premium
|
1,342 | 1,342 | ||||||||||||||||||
Other
reserves
|
3,282 | 3,163 | ||||||||||||||||||
Retained
deficit
|
(2,200 | ) | (1,823 | ) | ||||||||||||||||
Equity
attributable to equity shareholders of the parent company
|
3,221 | 3,498 | ||||||||||||||||||
Minority
interests
|
715 | 677 | ||||||||||||||||||
Total
equity
|
10 | 3,936 | 4,175 |
Year ended
30 June 2009
|
Year ended
30 June 2008
|
|||||||||||||||
£ million
|
£ million
|
£ million
|
£ million
|
|||||||||||||
Cash
flows from operating activities
|
||||||||||||||||
Profit
for the year
|
1,725 | 1,597 | ||||||||||||||
Discontinued
operations
|
(2 | ) | (26 | ) | ||||||||||||
Taxation
|
292 | 522 | ||||||||||||||
Share
of associates’ profits after taxation
|
(164 | ) | (177 | ) | ||||||||||||
Net
interest and net other finance charges
|
592 | 319 | ||||||||||||||
Gains
on sale of businesses
|
- | (9 | ) | |||||||||||||
Depreciation
and amortisation
|
276 | 233 | ||||||||||||||
Movements
in working capital
|
(282 | ) | (282 | ) | ||||||||||||
Dividend
income
|
179 | 143 | ||||||||||||||
Other
items
|
10 | (15 | ) | |||||||||||||
Cash
generated from operations
|
2,626 | 2,305 | ||||||||||||||
Interest
received
|
63 | 67 | ||||||||||||||
Interest
paid
|
(478 | ) | (387 | ) | ||||||||||||
Dividends
paid to minority interests
|
(98 | ) | (56 | ) | ||||||||||||
Taxation
paid
|
(522 | ) | (369 | ) | ||||||||||||
Net
cash from operating activities
|
1,591 | 1,560 | ||||||||||||||
Cash
flows from investing activities
|
||||||||||||||||
Disposal
of property, plant and equipment and computer software
|
14 | 66 | ||||||||||||||
Purchase
of property, plant and equipment and computer software
|
(327 | ) | (328 | ) | ||||||||||||
Net
(purchase)/disposal of other investments
|
(24 | ) | 4 | |||||||||||||
Payment
into escrow in respect of the UK pension fund
|
(50 | ) | (50 | ) | ||||||||||||
Disposal
of businesses
|
1 | 4 | ||||||||||||||
Purchase
of businesses
|
(102 | ) | (575 | ) | ||||||||||||
Net
cash outflow from investing activities
|
(488 | ) | (879 | ) | ||||||||||||
Cash
flows from financing activities
|
||||||||||||||||
Proceeds
from issue of share capital
|
- | 1 | ||||||||||||||
Net
purchase of own shares for share schemes
|
(38 | ) | (78 | ) | ||||||||||||
Own
shares repurchased
|
(354 | ) | (1,008 | ) |