|
04 May 2000
Interim results for the six months to 29 February 2000
Financial Information
The financial information is set out in the following sections including an independent review report by KPMG Audit Plc.
Group profit and Loss Account
- Trading profits for the group after exceptionals increased from £244m in 1999 to £250m in 2000. Trading profits before exceptionals reduced from £347m to £256m, but the disposals of UK Retail and Cantrell & Cochrane masked growth in the ongoing business where trading profits have increased from £219m to £244m (see note 3). Including Britannia and Panrico to report on a proforma normalised basis, trading profits increased from £225m to £252m (see note 2).
- Exceptional items before taxation totalled £13m; these comprise Year 2000 costs of £5m and EMU costs of £1m offset by £19m income from surplus property disposals. After the inclusion of £2m tax benefit on these items, basic earnings include £15m for exceptional items.
- Year 2000 - the company came through the critical dates (1 January 2000 and 29 February 2000) successfully. £5m exceptional costs were charged in the six months in addition to the £21m spent up to August 1999. The total to February 2000 of £26m compares with our estimate of £30m.
Geographical analysis (note 4)
- The geographical analysis of turnover and trading profit both by country of destination and by country of operation are prepared on a statutory basis, based on actual exchange rates. Translation of trading profit year on year had a nil effect but was adversely impacted by the Euro, which has depreciated by around 10%, offset by the appreciation of the Mexican Peso by 8% and the US Dollar by 2%.
- On a management reporting basis, analysed by the marketing regions and prepared at 1999/00 foreign currency translation rates, the Spirits & Wine trading profits were as follows for the six months to 29 February 2000:
| |
1999/00
£m |
1998/99
£m |
Growth
% |
| Europe |
81 |
71 |
14 |
| The Americas |
75 |
67 |
12 |
| Mexico |
32 |
29 |
10 |
| Asia Pacific |
17 |
12 |
35 |
| Others |
20 |
28 |
(26) |
| Total |
225 |
207 |
9 |
- The 1998/99 figures published last year have been restated, to be comparable with the six months to 29 February 2000, for a) foreign currency translation at 1999/00 actual rates and b) reallocation of production savings.
| |
resented
£m |
Foreign Currency
£m |
Production savings
£m |
Restated
£m |
| Europe |
75 |
(8) |
4 |
71 |
| The Americas |
67 |
- |
- |
67 |
| Mexico |
25 |
3 |
1 |
29 |
| Asia Pacific |
13 |
(2) |
1 |
12 |
| Others |
27 |
7 |
(6) |
28 |
| Total |
225 |
- |
- |
207 |
- Others includes unallocated overheads, unallocated production cost savings, profits on bulk sales of spirits and profits from the stand alone Duty Free operations (i.e. not included in the marketing regions). It also includes foreign currency transaction gains and losses which are not allocated to individual regions (profit in 1999 £4m, loss in 2000 £2m) and foreign currency translation of non-regional profits.
|
