| Highlights |
| Chairman's Statement |
| Chief Executive's Statement |
| Financial Highlights |
| Group Overview |
| Strategy and Objectives |
| Key Performance Indicators |
| Operating Review |
| Financial Review |
| Principal Risks |
| Corporate Responsibility and Employees |
| Board of Directors |
| Directors' Report |
| Directors' Remuneration Report |
Note |
2008 £m |
2007 £m |
|
|---|---|---|---|
Assets |
|
||
Goodwill |
14 |
342.6 |
223.1 |
Other intangible assets |
15 |
43.9 |
12.2 |
Property, plant and equipment |
16 |
118.2 |
87.7 |
Equity accounted investment |
31 |
0.6 |
? |
Deferred tax asset |
24 |
30.7 |
25.7 |
|
536.0 |
348.7 |
|
Current assets |
|
||
Inventories |
17 |
148.0 |
92.8 |
Taxation recoverable |
1.4 |
? |
|
Trade and other receivables |
18 |
207.8 |
153.7 |
Derivative financial instruments |
21 |
? |
0.1 |
Cash and cash equivalents |
19 |
64.4 |
51.4 |
Assets held for sale |
5 |
- |
1.2 |
|
|
421.6 |
299.2 |
Total assets |
957.6 |
647.9 |
|
|
|
||
Liabilities |
|
||
Short-term borrowings |
20 |
(35.0) |
(4.4) |
Derivative financial instruments |
21 |
(9.2) |
? |
Trade and other payables |
22 |
(197.9) |
(141.7) |
Current tax liabilities |
|
(38.4) |
(32.8) |
Provisions |
23 |
(23.1) |
(21.5) |
|
(303.6) |
(200.4) |
|
Net current assets |
|
118.0 |
98.8 |
Non-current liabilities |
|||
Medium- and long-term borrowings |
20 |
(173.6) |
(108.1) |
Derivative financial instruments |
21 |
(16.9) |
(16.1) |
Other payables |
22 |
(10.1) |
(8.4) |
Retirement benefit obligations |
9 |
(8.5) |
(11.1) |
Deferred tax liability |
24 |
(1.7) |
(1.0) |
|
(210.8) |
(144.7) |
|
Total liabilities |
|
(514.4) |
(345.1) |
Net assets |
|
443.2 |
302.8 |
|
|
||
Equity |
|||
Issued share capital |
25 |
6.2 |
6.2 |
Share premium |
26 |
231.4 |
231.4 |
Retained earnings |
26 |
117.3 |
63.8 |
Translation reserve |
26 |
93.0 |
(2.1) |
Hedging reserve |
26 |
(8.1) |
0.1 |
Merger reserve |
26 |
3.1 |
3.1 |
Capital redemption reserve |
26 |
0.3 |
0.3 |
Equity shareholders? funds |
|
443.2 |
302.8 |
Total equity and liabilities |
|
957.6 |
647.9 |
The financial statements were approved by the Board of Directors on 24 February 2009 and were signed on its behalf by:
