Financial Data

Consolidated Profit and Loss Account

For the year ended 31 December 1998

	operating activities	other items	total	restated total	note
Sales
Continuing operations	2,121	–	2,121	2,011
Acquisitions	130	–	130	–
	2,251	–	2,251	2,011
Discontinued operations	144	–	144	282
Total sales	2,395	–	2,395	2,293	2
Cost of sales	(1,127)	(49)	(1,176)	(1,114)	3
Gross profit	1,268	(49)	1,219	1,179
Net operating expenses – before goodwill amortisation	(930)	(78)	(1,008)	(898)
Net operating expenses – goodwill amortisation	(12)	–	(12)	–	3
Net operating expenses	(942)	(78)	(1,020)	(898)	3
Operating profit
Continuing operations – Group	292	(77)	215	252
Acquisitions – Group	11	(50)	(39)	–
	303	(127)	176	252
Discontinued operations – Group	23	–	23	29
Total operating profit – Group	326	(127)	199	281
Share of operating profit/(loss) of associates:
Continuing operations	53	–	53	43	13
Discontinued operations	(2)	–	(2)	4	13
Total share of operating profit of associates	51	–	51	47	13
Total operating profit analysed between:
Operating profit before goodwill amortisation	389	(127)	262	328	2
Goodwill amortisation	(12)	–	(12)	–	3
Total operating profit	377	(127)	250	328	2
Continuing operations:
Profit on sale of fixed assets and investments			142	23	4
Profit on sale of businesses and associates			50	33	5
Discontinued operations:
Profit/(loss) on sale of businesses and associates			215	(212)	5
			407	(156)
Continuing operations:
Profit/(loss) on sale of businesses and associates by an associate			11	(1)	13
Profit before interest			668	171
Net interest payable – Group			(36)	(37)	6
Net interest payable – associates			(3)	(5)	13
Total net interest payable			(39)	(42)
Profit before taxation			629	129
Taxation			(188)	(89)	7
Profit after taxation			441	40
Equity minority interests			(4)	(2)
Profit for the financial year			437	38
Dividends on equity shares			(126)	(112)	8
Profit/(deficit) retained			311	(74)
Adjusted earnings per equity share			42.0p	34.9p	9
Earnings per equity share			74.1p	6.6p	9
Diluted earnings per equity share			73.3p	6.4p	9
Dividends per equity share			21.0p	19.5p	8

NOTE: 1997 has been restated to reflect the adoption of FRS9 ‘Associates and Joint Ventures’ and FRS14 ’Earnings Per Share‘ (see note 1). There were no ‘other items’ in 1997.