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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