2007/082006/072005/062004/052003/042002/03Key Documents

Dart Group PLC Company Reports

Financial Statements

Consolidated Group Income Statement
for the year ended 31 March 2009

  Year ended 31 March 2010 Year ended 31 March 2009
Continuing operations Note Results
before
specific
fair value
movements
£m
Specific
fair value
movements
(1)
£m

Results for
the year
£m

Results
before
specific
fair value
movements
£m
Specific
fair value
movements(1)
£m
Results for
the year
£m
Revenue 5 439.3 - 439.3 429.3 - 429.3
Net operating expenses 6 (404.1) 4.7 (399.4) (423.7) 4.7 (415.8)
Operating profit 5, 7 35.2 4.7 39.9 5.6 7.9 13.5
Finance income 8 0.8 - 0.9 2.7 - 2.7
Finance costs 8 (7.3) - (7.3) (5.7) - (5.7)
Net financing costs   (6.4) - (6.4) (3.0) - (3.0)
Profit on disposal of fixed assets   - - - 1.3 - 1.3
Profit before taxation   28.8 4.7 33.5 3.9 7.9 11.8
Taxation 10 (5.1) (1.3) (6.4) (0.8) (2.3) (3.1)
Profit for the year (all attributable to
equity shareholders of the Parent)
  23.7 3.4 27.1 3.1 5.6 8.7
Earnings per share(2)              
- basic 12     19.27p     6.18p
- diluted 12     18.80p     6.13p
Non-GAAP measures              
Underlying earnings per share(3)              
- basic 12     16.87p     2.15p
- diluted 12     16.46p     2.12p

(1)In order to assist the reader to understand the underlying business performance, the Group discloses separately within the income statement specific IAS 39 fair value movements (refer to note 2 accounting policies - basis of preparation).

(2)Earnings per share is calculated in accordance with IAS 33, "Earnings per share".

(3)Underlying earnings per share excludes specific IAS 39 fair value movements.

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Consolidated Group Balance Sheet
at 31 March 2010

  Note 2009
£m
2008
£m
Non-current assets      
Goodwill 13 6.8 6.8
Property, plant and equipment 14 190.5 193.4
Derivative financial instruments 21 2.4 1.6
Deferred tax assets 10 - 2.8
    199.7 204.6
Current assets      
Inventories 15 0.4 0.3
Trade and other receivables 17 45.1 50.0
Derivative financial instruments 21 32.7 13.7
Cash and cash equivalents 16 11.8 4.0
    90.0 68.0
Total assets   289.7 272.6
Current liabilities      
Trade and other payables 18 139.9 147.1
Derivative financial instruments 21 30.8 5.9
    170.7 153.0
Non-current liabilities      
Other non-current liabilities 19 6.4 2.9
Borrowings 20 - 21.2
Derivative financial instruments 21 0.2 2.5
Deferred tax liabilities 10 19.0 18.6
    25..6 45.2
Total liabilities   169.3 198.2
Net assets   93.4 74.4
Shareholders' equity      
Share capital 22 1.8 1.8
Share premium 23 9.3 9.3
Cash flow hedging reserve 23 1.9

10.0

Retained earnings 23 80.4

53.1

Translation reserves 23 - 0.2
Total shareholders' equity   93.4 74.4

The accounts on pages 24 to 64 were approved by the Board of Directors at a meeting held on 6 August 2009 and were signed on its behalf by:

A D Merrick
Director

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Consolidated Group Cash Flow Statement
for the year ended 31 March 2009

  Note 2009
£m
2008
£m
Cash flows from operating activities      
Profit for the year   27.1 8.7
       
Adjustments for:      
Tax charge   6.4 3.1
Finance income   (0.9) (2.7)
Finance costs   7.3 5.7
Profit on disposal of property, plant and equipment   - (1.3)
Depreciation   30.7 30.3
Equity settled share based payments   0.2 0.2
Specific fair value movements   (4.7) (7.9)
Operating cash flows before movements in working capital   66.1 36.1
       
Increase/decrease in inventories   (0.1) (0.1)
Increase in trade and other receivables   (5.3) (6.5)
Increase in trade and other payables   7.3 12.9
Financial derivative close out costs   (6.5) -
Cash generated from operations   61.5 42.4
       
Interest received   0.1 0.1
Interest paid   (2.8) (4.4)
Income taxes paid   (0.4) (0.5)
Net cash from operating activities   58.4 37.6
       
Cash flows from investing activities      
Purchase of property, plant and equipment 14 (27.9) (38.5)
Proceeds from sale of property, plant and equipment   0.1 1.5
Net cash used in investing activities   (27.8) (37.0)
       
Cash flows from financing activities      
Proceeds from issue of share capital   -

0.1

Net draw down of revolver facilities   -

3.2

Repayment of borrowings   (22.0) -
Transaction costs paid   (0.9) -
Equit dividends paid 11 - (2.9)
Net cash (used in)/ generated from financing activities   (22.9) 0.4
Effect of foreign exchange rate changes   0.1 (0.9)
Net increase in cash in the year   7.8 0.1
       
Cash and cash equivalents at beginning of year   4.0 3.9
Cash and cash equivalents at end of year 26 11.8 4.0

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