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 2010

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
Turnover 5 434.5 - 434.5 439.3 - 439.3
Net operating expenses 6 (415.1) 3.1 (412.0) (404.1) 4.7 (399.4)
Operating profit 5, 7 19.4 3.1 22.5 35.2 4.7 39.9
Finance income 8 1.9 - 1.9 0.9 - 0.9
Finance costs 8 (2.4) - (2.4) (7.3) - (7.3)
Net financing costs (0.5) - (0.5) (6.4) - (6.4)
Profit on disposal of fixed assets 0.2 - 0.2 - - -
Profit before taxation 19.1 3.1 22.2 28.8 4.7 33.5
Taxation 10 (5.6) (1.0) (6.6) (5.1) (1.3) (6.4)
Profit for the year (all attributable to
equity shareholders of the Parent)
13.5 2.1 15.6 23.7 3.4 27.1
Earnings per share(2)
- basic 12 11.06p 19.27p
- diluted 12 10.62p 18.80p
Non-GAAP measures
Underlying earnings per share(3)
- basic 12 9.54p 16.87p
- diluted 12 9.17p 16.46p

(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 fair value movements.

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Consolidated Group Balance Sheet
at 31 March 2010

Note 2010
£m
2009
£m
Non-current assets
Goodwill 13 7.0 6.8
Property, plant and equipment 14 191.4 490.5
Derivative financial instruments 21 2.9 2.4
201.3 199.7
Current assets
Inventories 15 0.3 0.4
Trade and other receivables 17 66.8 45.1
Derivative financial instruments 21 18.8 32.7
Cash and cash equivalents 16 52.2 11.8
138.1 90.0
Total assets 339.4 289.7
Current liabilities
Trade and other payables 18 181.9 139.9
Borrowings 20 0.3 -
Derivative financial instruments 21 9.4 30.8
191.6 170.7
Non-current liabilities
Other non-current liabilities 19 6.6 6.4
Borrowings 20 0.3 -
Derivative financial instruments 21 0.3 0.2
Deferred tax liabilities 10 25.1 19.0
32.3 25.6
Total liabilities 223.9 196.3
Net assets 115.5 93.4
Shareholders' equity
Share capital 1.8 1.8
Share premium 22 9.3 9.3
Cash flow hedging reserve 22 9.6

1.9

Retained earnings 94.8 80.4
Total shareholders' equity 115.5 93.4

The accounts on pages 33 to 74 were approved by the Board of Directors at a meeting held on 23 July 2010 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 2010

Note 2010
£m
2009
£m
Cash flows from operating activities
Profit on ordinary activities before taxation 22.2 33.5
Adjustments for:
Finance income 8 (1.9) (0.9)
Finance costs 8 2.4 7.3
Profit on disposal of property, plant and equipment (0.2) -
Depreciation 14 33.0 30.7
Equity settled share based payments 22 0.3 0.2
Net financial derivative close out costs 6.0 -
Specific fair value movements (2.8) (4.7
Operating cash flows before movements in working capital 59.0 66.1
Increase/decrease in inventories 0.1 (0.1)
Increase in trade and other receivables (21.8) (5.3)
Increase in trade and other payables 40.0 7.3
Financial derivative close out costs - (6.5)
Cash generated from operations 77.3 64.5
Interest received - 0.1
Interest paid (2.4) (2.8)
Income taxes paid (1.7) (0.4)
Net cash from operating activities 73.2 58.4
Cash flows from investing activities
Purchase of property, plant and equipment 14 (32.1) (27.9
Business acquisitions 13 (0.5 -
Net cash used in investing activities 0.3 0.1
Net cash used in investing activities 32.3 (27.8)
Cash flows from financing activities
Repayment of borrowings (0.4)

(22.0)

Transaction costs paid - (0.9)
Equity dividends paid 11 (1.5) -
Net cash used in financing activities (1.9) (22.9)
Effect of foreign exchange rate changes 1.4 0.1
Net increase in cash in the year 40.4 7.8
Cash and cash equivalents at beginning of year 11.8 4.0
Cash and cash equivalents at end of year 25 52.2 11.8

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