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 2011

 

 

Year ended 31 March 2011

 

Year ended 31 March 2010

 

 

Results before specific fair value movements

 

Specific
fair value movements (1)

 

Results for the year

 

Results before specific fair value
movements

Specific
fair value movements (1)

Results for the year

Continuing operations

Note

£m

£m

£m

 

£m

£m

£m

 

 

 

 

 

 

 

 

 

Turnover

5

542.9

-

542.9

434.5

-

434.5

 

 

 

Net operating expenses

6

(516.3)

0.3

(516.0)

(415.1)

3.1

(412.0)

 

 

 

 

Operating profit

5, 7

26.6

0.3

26.9

19.4

3.1

22.5

 

 

 

Finance income

8

1.3

-

1.3

1.9

-

1.9

Finance costs

8

(2.0)

-

(2.0)

(2.4)

-

(2.4)

Net financing costs

 

(0.7)

-

(0.7)

(0.5)

-

(0.5)

 

 

 

 

Profit on disposal of fixed assets

 

 

-

-

 

-

0.2

-

0.2

 

 

 

 

Profit  before taxation

25.9

0.3

26.2

19.1

3.1

22.2

 

 

 

-

Taxation

10

(8.8)

(0.1)

(8.9)

(5.6)

(1.0)

(6.6)

 

 

 

 

 

 

 

 

 

 

 

 

Profit for the year
(all attributable to equity shareholders of the parent)

 

17.1

0.2

17.3

13.5

2.1

15.6

 

 

 

 

Earnings per share (2)

 

 

- basic

12

 

 

12.20p

11.06p

- diluted

12

 

 

11.68p

10.62p

 

 

 

 

Non-GAAP measures

 

 

 

 

Underlying earnings per share (3)

 

- basic

12

12.03p

 

 

9.54p

- diluted

12

11.52p

 

 

9.17p

(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.

Consolidated balance sheet

at 31 March 2011

 

2011

  2010

Note

£m

£m

Non-current assets

 

 

 

 

 

 

 

 

 

Goodwill

13

6.8

7.0

Property, plant and equipment

14

222.2

191.4

Derivative financial instruments

22

19.7

2.9

 

248.7

201.3

Current assets

 

 

 

 

 

 

 

 

 

Inventories

15

0.8

0.3

Trade and other receivables

17

74.1

66.8

Derivative financial instruments

22

39.7

18.8

Money market deposits

16

8.5

-

Cash and cash equivalents

16

98.3

52.2

 

221.4

138.1

 

 

Total assets

 

470.1

339.4

Current liabilities

 

 

 

 

 

 

 

 

 

Trade and other payables

18

239.9

179.2

Borrowings

20

0.7

0.3

Provisions

21

3.9

2.7

Derivative financial instruments

22

24.7

9.4

 

269.2

191.6

Non-current liabilities

 

 

Other non-current liabilities

19

9.9

6.6

Borrowings

20

8.7

0.3

Derivative financial instruments

22

-

0.3

Deferred tax liabilities

10

34.4

25.1

 

 

53.0

32.3

 

 

 

Total liabilities

 

322.2

223.9

 

 

Net assets

 

147.9

115.5

Shareholders’ equity

 

 

 

Share capital

23

1.8

1.8

Share premium

 

9.6

9.3

Cash flow hedging reserve

23

25.6

9.6

Retained earnings

 

110.9

94.8

 

 

Total shareholders’ equity

 

147.9

115.5

The accounts on pages 35to 79 were approved by the Board of Directors at a meeting held on 29 July 2011 and were signed on its behalf by:

 

Andrew Merrick
Director
Dart Group PLC
Registered no. 01295221

Consolidated group cash flow statement

for the year ended 31 March 2011

 

2011

2010

Note

£m

£m

 

 

Cash flows from operating activities

 

 

 

 

Profit on ordinary activities before taxation

 

26.2

22.2

 

 

Adjustments for:

 

 

Finance income

8

(1.3)

(1.9)

Finance costs

8

2.0

2.4

Profit on disposal of property, plant and equipment

 

-

(0.2)

Depreciation

14

37.1

33.0

Impairment of goodwill

13

0.2

-

Equity settled share based payments

23

0.4

0.3

Net financial derivative close out costs

(1.8)

6.0

Specific fair value movements

 

-

(2.8)

 

 

Operating cash flows before movements in working capital

 

62.8

59.0

 

 

(Increase)/decrease in inventories

 

(0.5)

0.1

Increase in trade and other receivables

 

(7.3)

(21.8)

Increase in trade and other payables

 

62.4

39.8

Increase in provisions

 

1.2

0.2

 

 

Cash generated from operations

 

118.6

77.3

 

 

Interest received

 

0.1

-

Interest paid

 

(1.6)

(2.4)

Income taxes paid

 

(3.3)

(1.7)

 

 

Net cash from operating activities

 

113.8

73.2

 

 

 

Cash flows from investing activities

 

 

Purchase of property, plant and equipment

14

(68.0)

(32.1)

Business acquisitions

 

-

(0.5)

Proceeds from sale of property, plant and equipment

 

0.1

0.3

Net increase in money market deposits

16

(8.5)

-

 

 

Net cash used in investing activities

 

(76.4)

(32.3)

 

 

 

 

Cash flows from financing activities

 

 

Repayment of borrowings

 

(0.6)

(0.4)

New loans advanced

 

9.4

-

Proceeds on issue of shares

 

0.3

-

Equity dividends paid

11

(1.6)

(1.5)

 

 

Net cash from financing activities

 

7.5

(1.9)

 

 

 

Effect of foreign exchange rate changes 1.2 1.4

 

 

 

 

 

 

 

 

 

 
Net increase in cash in the year 46.1 40.4

 

 

 

 

 

 

 

 

 

 
Cash and cash equivalents at beginning of year 52.2 11.8

 

 

 

 

 

 

 

 

 

 
Cash and cash equivalents at end of year 26 98.3 52.2