Annual report 2016

Group financial record


Income statement


2016
(52 weeks)
£m
2015
(52 weeks)
£m
2014
(53 weeks)
£m
20133
(52 weeks)
£m
20123
(52 weeks)
£m
Revenue 2,073.0 1,315.3 1,301.6 1,194.7 1,140.4
Operating profit before exceptionals 392.2 256.2 265.6 248.2 236.2
Profit before taxation and exceptionals 256.5 168.5 173.1 158.2 147.2
Profit before taxation 189.8 118.2 105.2 111.0 125.1
Basic earnings per share1 64.4p 40.9p 44.2p 44.1p 46.0p
Adjusted basic earnings per share1 69.9p 61.0p 61.4p 55.6p 51.3p
Adjusted dividend per share1 32.1p 29.75p 28.4p 26.6p 24.8p
Adjusted operating profit/revenue 18.9% 19.5% 20.4% 20.8% 20.7%
Adjusted tax expense/profit before tax 19.3% 20.9% 23.0% 24.0% 25.0%
Adjusted interest cover (times) 2.9 2.9 3.0 2.9 2.7
Adjusted dividend cover (times)2 2.2 2.1 2.1 2.1 2.1

Balance sheet

£m £m £m £m £m
Property, plant and equipment 3,671.3 2,235.4 2,169.7 2,211.1 2,191.3
Intangibles 174.6
Goodwill 1,121.9 700.9 703.8 724.8 729.3
Financial assets 26.6 30.4 32.8 34.1 39.0
Property, plant and equipment held for sale 2.3 0.4 81.7 8.4 6.2
Working capital (303.7) (236.4) (198.6) (174.2) (168.6)
Derivatives (440.9) (236.9) (172.4) (239.2) (200.8)
Off-market contract liabilities (299.9)
Provisions (30.2) (96.2) (118.7) (143.1) (157.9)
Net debt (2,048.4) (1,368.7) (1,435.6) (1,450.4) (1,493.2)
Net assets 1,873.6 1,028.9 1,062.7 971.5 945.3
Gearing 109% 133% 135% 149% 158%

Cash flow and investment

£m £m £m £m £m
EBITDA before exceptionals 496.9 319.0 329.7 306.5 292.0
Cash inflow from operations 421.8 323.6 325.2 312.5 282.0
Interest, tax and dividends (270.3) (189.1) (179.6) (170.7) (167.1)
Capital expenditure (194.1) (160.5) (169.6) (123.6) (126.8)
Proceeds from sales of property, plant and equipment 82.6 94.0 38.4 28.0 29.9
Trade loans and investments 0.7 2.4 1.3 3.0 2.2
Acquisitions (0.9) (70.8)
Other (720.4) (3.5) (0.9) (5.5) (32.4)
(Increase)/decrease in debt (679.7) 66.9 14.8 42.8 (83.0)
  1. Adjusted earnings per share, operating profit, taxation, interest cover and dividend cover exclude the effect of exceptional items.
  2. 2014 assumes adjusted earnings per share on a 52 week basis.
  3. 2012–2013 restated for the impact of IAS 19(R).