2005/06 First Quarter Performance. 25 August 2005. Financial Review. Adrian Hennah, CFO. This presentation comprises the following sections…. Income statement Segmental analysis Free cash flow Balance sheet Movement in net debt Analysis of financing Legacy liabilities. Income statement.
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2005/06 First Quarter Performance
25 August 2005
Adrian Hennah, CFO
1. Before exceptional items and goodwill impairment.
1. Includes intangible development costs of £70m; 31 Mar 05 £66m; 30 Jun 04 £61m.
2. Total Group net debt is £874m; £885m is disclosed in net debt, offset by £11m of net cash included in assets held for sale.
1. Including net cash divested (Q1 05/06 £nil; Q1 04/05 £18m; FY 04/05 £18m).
2. Including pre-disposal working capital movement (Q1 05/06 £nil; Q1 04/05 £(9)m; FY 04/05 £(11)m).
1. Excluding scheduled repayments.
2. L+ = margin over LIBOR.
3. Cash subject to “escrow” restrictions on usage.
1. The pension P&L charge comprises service cost, finance charge and settlement/curtailments for defined benefit schemes only.
2. Represents the Group’s total pension deficit, not actuarially assessed since March 2005. Includes £13m pension liability held for sale.
3. Changes in value of investments and liabilities.
Operational reviewUlf Henriksson, CEO
Grow market share
Build a foundation
with the past
Operating cash flow pre legacy
Group operating cash flow at CER before legacies
Operating margin for continuing operations
Orders received at CER for continuing operations
Days purchases outstanding
Days sales outstanding
Unbilled (project business)
Overall 2005/06 performance expected to remain in
line with expectations
1. Includes defined contribution charge of £2m (Q1 04/05: £2m and FY 04/05: £8m).
In addition to these intangible development costs, there is £8m of computer software included within the balance sheet caption ‘Intangible assets – other’.
1. CER movement % calculated using £000’s.