Signet Reports Strong First Quarter Results.Business Editors LONDON--(BUSINESS WIRE)--June 9, 2004 Signet Group Signet Group plc is the world's largest speciality retail jeweller. The British based company is listed on the London Stock Exchange and the New York Stock Exchange. The group focuses on the middle mass jewellery market and has number one positions in both the US and UK speciality plc (LSE LSE - Language Sensitive Editor : SIG and Nasdaq NMS See NetWare Management System. : SIGY Sigy is a French commune located in the Seine-et-Marne département, in the Île-de-France région. Demographics Inhabitants of Sigy are called Sigyssois. As of the census of 1999, the village has a population of 70. ), the world's largest speciality retail jeweller, today announces its first quarter results for the 13 week period 1 February February: see month. to 1 May 2004. Group Group profit before tax was GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 28.1 million (Q1 2003/04: GBP 24.1 million), up by 33.2% at constant exchange rates (see note 8 for reconciliation). On a reported basis the increase was 16.6% reflecting the weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of the average US dollar rate to GBP 1/$1.84 from GBP
1/$1.59 in the comparable period last year. Like for like sales rose by
8.7%. Total sales at GBP 344.6 million (Q1 2003/04: GBP 342.9 million)
advanced by 11.6% at constant exchange rates and by 0.5% on a reported
basis. Operating profit Operating profit (or loss)Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. at GBP 30.2 million (Q1 2003/04: GBP 27.2 million) increased by 27.4% at constant exchange rates and by 11.0% on a reported basis. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: rose to 8.8% (Q1 2003/04: 7.9%), while the gross margin decreased slightly compared with the same quarter last year. The tax rate was 34.5% (Q1 2003/04: 35.5%). Earnings per share rose by 22.2% to 1.1p (Q1 2003/04: 0.9p), equivalent to $0.58 per ADR ADR - Astra Digital Radio (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ). United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (circa circa prep. Abbr. ca In approximately; about. 69% of Group annual sales) Operating profit at GBP 28.7 million (Q1 2003/04: GBP 26.2 million) was up by 26.4% at constant exchange rates and by 9.5% on a reported basis. The operating margin increased to 11.6% (Q1 2003/04: 10.5%), reflecting leverage from the increase in like for like sales. Like for like sales rose by 9.5% reflecting consistent execution of the division's growth strategy and benefit from soft comparatives in the previous year. Total sales increased by 14.4% at constant exchange rates to GBP 247.4 million (Q1 2003/04: GBP 250.3 million) but fell by 1.2% on a reported basis. Gross margin eased reflecting anticipated mix changes and the increased cost of gold offset partially by a range of management initiatives including an increase in selling prices implemented in late February. The bad debt ratio fell slightly compared to the first quarter of last year. United Kingdom (circa 31% of Group annual sales) The UK business continued to perform strongly with like for like sales growth ahead of the general retail market. Operating profit rose to GBP 3.0 million (Q1 2003/04: GBP 2.4 million) on total sales up by 5.0% to GBP 97.2 million (Q1 2003/04: GBP 92.6 million). Like for like sales increased by 6.7%, with H.Samuel Samuel, two books of the Bible, originally a single work, called First and Second Samuel in modern Bibles, and First and Second Kingdoms in the Septuagint. They are considered part of "Deuteronomistic history," in which the book of Deuteronomy functions as the up 4.2% and Ernest Jones
Alfred Ernest Jones (January 1, 1879 – February 11, 1958) Welsh neurologist, psychoanalyst and Sigmund Freud’s official biographer. up 10.2%. The operating margin rose to 3.1% (Q1 2003/04: 2.6%) and the gross margin was also up. Both chains saw a further increase of diamonds in the sales mix sales mix See product mix. . Central administrative functions are being relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. and consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: to enhance efficiency which should result in future cost savings of about GBP 0.6 million per annum Per annum Yearly. . This is likely to result in a non-recurring charge of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. GBP 1.75 million in the second quarter. Group Costs, Financial Items and Net Debt Group costs were GBP 1.5 million (Q1 2003/04: GBP 1.4 million). Net interest payable was GBP 2.1 million (Q1 2003/04: GBP 3.1 million), after crediting GBP 0.3 million in respect of FRS FRS abbr. Fellow of the Royal Society FRS, n “flexed rotated side-bent,” an osteopathic abbreviation used to describe vertebral position in cases of spinal dysfunction. 17 (Q1 2003/04: GBP 0.2 million credit). Net debt at 1 May 2004 was GBP 68.2 million (3 May 2003: GBP 137.7 million), reflecting the improved position at 31 January January: see month. 2004 and the benefit of favourable exchange translation movements. Comment Terry Burman Bur·man adj. 1. Of or relating to the principal, Burmese-speaking ethnic group of Myanmar. 2. Of or relating to Myanmar; Burmese. n. pl. Bur·mans 1. , Group Chief Executive, commented: "The Group had an excellent first quarter with a 16.6% increase in reported profit before tax, equivalent to a rise of 33.2% at constant exchange rates. The quarter was marked by particularly strong trading during the Valentine's Day Valentine's Day: see Saint Valentine's Day. Valentine's Day Lovers' holiday celebrated on February 14, the feast day of St. Valentine, one of two 3rd-century Roman martyrs of the same name. St. period. The US business again outperformed its main competition. Operating profit rose by 26.4% at constant exchange rates primarily driven by 9.5% growth in like for like sales. Further enhancements in customer service and increased television advertising were important contributors to the excellent progress made in the quarter. The UK division also had a strong first quarter with like for like sales up by 6.7% resulting in increased operating profit. The drive to grow diamond sales showed further success with upgrading of staff training and customer service contributing to the uplift. The modernisation programme continues with 22 stores completed during the first quarter and 85 in total planned for this year compared to 32 stores last year." Enquiries: Terry Burman, Group Chief Executive +44 (0) 20 7399 9520 Walker Boyd, Group Finance Director +44 (0) 20 7399 9520 Mike Smith, Brunswick +44 (0) 20 7404 5959 A conference call for all interested parties will take place today at 3.00 p.m. BST. European dial-in: +44 (0) 20 7984 7582 Password: "Signet" European 48 hr replay: +44 (0) 20 7984 7578 Access code: 354916 US dial-in: +1 718 354 1158 Password: "Signet" US 48 hr replay: +1 718 354 1112 Access code: 354916 The Annual General Meeting will take place at 12.00 Noon today. The second quarter sales performance for the 13 weeks ending 31 July July: see month. 2004 is expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. on Thursday Thursday: see week. 5 August 2004. Signet operated 1,717 speciality retail jewellery stores at 1 May 2004; these included 1,115 stores in the US, where the Group trades as "Kay KAY Kick Ass Year KAY Kansas Association of Youth Jewelers", "Jared Jared (jâr`ĭd), in the Bible, father of Enoch. It is also spelled Jered. The Galleria Of Jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. " and under a number of regional names. At that date Signet operated 602 stores in the UK, where the Group trades as "H.Samuel", "Ernest Jones" and "Leslie Davis Leslie A. Davis was an American diplomat and wartime US consul to Harput, Ottoman Empire from 1914 to 1917, who witnessed the Armenian Genocide. Witnessing the Armenian Genocide ". Further information on Signet is available at www.signetgroupplc.com. This release includes statements which are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements, based upon management's beliefs as well as on assumptions made by and data currently available to management, appear in a number of places throughout this release and include statements regarding, among other things, our results of operation, financial condition, liquidity, prospects, growth, strategies and the industry in which the Group operates. Our use of the words "expects," "intends," "anticipates," "estimates," "may," "forecast," "objective," "plan" or "target," and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including but not limited to general economic conditions, the merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. , pricing and inventory policies followed by the Group, the reputation of the Group, the level of competition in the jewellery sector, the price and availability of diamonds, gold and other precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. , seasonality of the Group's business and financial market risk. For a discussion of these and other risks and uncertainties which could cause actual results to differ materially, see the "Risk and Other Factors" section of the Company's 2003/04 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 22, 2004 and other filings made by the Company with the Commission. Actual results may differ materially from those anticipated in such forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. therein may not be realised. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
SIGNET GROUP plc
Unaudited interim consolidated profit and loss account
for the 13 weeks ended 1 May 2004
13 weeks 13 weeks 52 weeks
ended ended ended
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
Notes GBP m GBP m GBP m
----------------------------------------------------------------------
Sales 2,8 344.6 342.9 1,617.2
----------------------------------------------------------------------
Operating profit 2,8 30.2 27.2 222.3
Net interest payable and
similar charges 3 (2.1) (3.1) (10.4)
----------------------------------------------------------------------
Profit on ordinary activities
before taxation 8 28.1 24.1 211.9
Tax on profit on ordinary
activities 4 (9.7) (8.6) (74.7)
----------------------------------------------------------------------
Profit for the financial
period 18.4 15.5 137.2
Dividends - - (43.2)
----------------------------------------------------------------------
Retained profit attributable
to shareholders 18.4 15.5 94.0
----------------------------------------------------------------------
Earnings per share - basic 6 1.1p 0.9p 8.0p
- diluted 1.1p 0.9p 7.9p
----------------------------------------------------------------------
All of the above relates to continuing activities.
Unaudited consolidated balance sheet
at 1 May 2004
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
Notes GBP m GBP m GBP m
----------------------------------------------------------------------
Fixed assets
Intangible assets 17.0 20.0 16.8
Tangible assets 210.7 209.1 202.8
----------------------------------------------------------------------
227.7 229.1 219.6
----------------------------------------------------------------------
Current assets
Stocks 574.2 578.9 541.5
Debtors (see note below) 318.6 331.1 339.5
Cash at bank and in hand 113.5 71.5 128.0
----------------------------------------------------------------------
1,006.3 981.5 1,009.0
Creditors: amounts falling
due within one year (300.0) (298.5) (332.0)
------------------------------
Bank loans and overdrafts (29.7) (28.4) (59.3)
Other (270.3) (270.1) (272.7)
------------------------------
Net current assets (see note below) 706.3 683.0 677.0
----------------------------------------------------------------------
Total assets less current
liabilities 934.0 912.1 896.6
Creditors: amounts falling
due after more than one year (162.0) (193.6) (157.2)
------------------------------
Bank loans (150.3) (175.6) (146.2)
Other (11.7) (18.0) (11.0)
------------------------------
Deferred tax (5.6) - (5.4)
Provisions for liabilities
and charges (6.3) (7.4) (6.4)
----------------------------------------------------------------------
Total net assets 760.1 711.1 727.6
----------------------------------------------------------------------
Capital and reserves - equity
Called up share capital 8.7 8.6 8.6
Reserves 751.4 702.5 719.0
----------------------------------------------------------------------
Shareholders' funds 7 760.1 711.1 727.6
----------------------------------------------------------------------
Note: Debtors and net current assets include amounts recoverable after
more than one year of GBP 1.7 million (3 May 2003: GBP 5.6
million, 31 January 2004: GBP 1.2 million).
Unaudited consolidated statement of total recognised gains and losses
for the 13 weeks ended 1 May 2004
13 weeks 13 weeks 52 weeks
ended ended ended
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
GBP m GBP m GBP m
----------------------------------------------------------------------
Profit for the financial period 18.4 15.5 137.2
Translation differences 17.0 17.1 (96.7)
Actuarial gain arising on pension asset - - 6.4
Prior year adjustment on adoption of
FRS 17 - 'Retirement Benefits' - - (18.1)
----------------------------------------------------------------------
Total recognised gains and losses
relating to the period 35.4 32.6 28.8
----------------------------------------------------------------------
Unaudited consolidated cash flow statement
for the 13 weeks ended 1 May 2004
13 weeks 13 weeks 52 weeks
ended ended ended
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
GBP m GBP m GBP m
----------------------------------------------------------------------
Net cash inflow from operating
activities 49.5 36.8 203.8
Net cash outflow from returns on
investments and servicing of finance (2.4) (3.1) (11.0)
Taxation paid (16.7) (20.9) (69.0)
Net cash outflow for capital
expenditure (13.0) (9.4) (50.7)
Equity dividends paid - - (36.7)
----------------------------------------------------------------------
Cash inflow before use of liquid
resources and financing 17.4 3.4 36.4
Management of liquid resources -
decrease/(increase) in bank deposits 15.6 18.9 (42.4)
Financing - proceeds from issue of shares 1.8 0.1 6.3
- purchase of own shares (4.8) - -
- repayment of bank loans (0.8) (0.1) (12.1)
----------------------------------------------------------------------
Increase/(decrease) in cash in the
period 29.2 22.3 (11.8)
----------------------------------------------------------------------
Reconciliation of net cash flow to movement in net debt
----------------------------------------------------------------------
Increase/(decrease) in cash in the
period 29.2 22.3 (11.8)
Cash outflow from decrease in debt 0.8 0.1 12.1
Cash (inflow)/outflow from
(decrease)/increase in liquid
resources (15.6) (18.9) 42.4
----------------------------------------------------------------------
Change in net debt resulting from cash
flows 14.4 3.5 42.7
Translation difference (2.7) (1.1) 17.5
----------------------------------------------------------------------
Movement in net debt in the period 11.7 2.4 60.2
Opening net debt (79.9) (140.1) (140.1)
----------------------------------------------------------------------
Closing net debt (68.2) (137.7) (79.9)
----------------------------------------------------------------------
Reconciliation of operating profit to operating cash flow
----------------------------------------------------------------------
Operating profit 30.2 27.2 222.3
Depreciation and amortisation charges 9.2 9.3 40.4
Increase in stocks (20.9) (29.3) (44.9)
Decrease/(increase) in debtors 28.6 23.1 (31.1)
Increase in creditors 2.5 6.6 18.2
Decrease in other provisions (0.1) (0.1) (1.1)
----------------------------------------------------------------------
Net cash inflow from operating
activities 49.5 36.8 203.8
----------------------------------------------------------------------
Notes to the unaudited interim financial results
for the 13 weeks ended 1 May 2004
----------------------------------------------------------------------
1. Basis of preparation
These interim financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985. They have been prepared on a basis which
is consistent with the financial statements for the 52 weeks ended
31 January 2004. The comparative figures for the 52 weeks ended 31
January 2004 are not the Company's statutory accounts for that
period. Those accounts have been reported on by the Company's
auditors under Section 235 of the Companies Act 1985 and have not
yet been delivered to the Registrar of Companies. The report of
the auditors was unqualified and did not contain a statement under
Section 237(2) or Section 237(3) of the Companies Act 1985.
2. Segment information
13 weeks 13 weeks 52 weeks
ended ended ended
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
GBP m GBP m GBP m
----------------------------------------------------------------------
Sales by origin and destination
UK, Channel Islands & Republic of Ireland 97.2 92.6 501.0
US 247.4 250.3 1,116.2
----------------------------------------------------------------------
344.6 342.9 1,617.2
----------------------------------------------------------------------
Operating profit/(loss)
UK, Channel Islands & Republic of Ireland
- Trading(1) 3.0 2.4 76.6
- Group central costs (1.5) (1.4) (5.7)
----------------------------------------------------------------------
1.5 1.0 70.9
US 28.7 26.2 151.4
----------------------------------------------------------------------
30.2 27.2 222.3
----------------------------------------------------------------------
The Group's results derive from one business segment - the retailing
of jewellery, watches and gifts.
(1) UK trading profit for the 13 weeks ended 1 May 2004 includes a
charge of GBP 0.7 million relating to pension net service cost in
accordance with FRS 17 - 'Retirement Benefits' (13 weeks ended 3
May 2003: GBP 0.7 million, 52 weeks ended 31 January 2004: GBP 2.5
million).
3. Net interest payable and similar charges
13 weeks 13 weeks 52 weeks
ended ended ended
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
GBP m GBP m GBP m
----------------------------------------------------------------------
Net interest payable (2.4) (3.3) (11.0)
FRS 17 - net interest credit 0.3 0.2 0.6
----------------------------------------------------------------------
(2.1) (3.1) (10.4)
----------------------------------------------------------------------
4. Taxation
The net taxation charge in the profit and loss account for the 13
weeks to 1 May 2004 has been based on the anticipated effective
taxation rate for the 52 weeks ending 29 January 2005.
Notes to the unaudited interim financial results
for the 13 weeks ended 1 May 2004
5. Translation differences
The exchange rates used for the translation of US dollar
transactions and balances in these interim statements are as
follows:
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
Profit and loss account (average rate) 1.84 1.59 1.68
Balance sheet (closing rate) 1.77 1.60 1.82
----------------------------------------------------------------------
The effect of restating the balance sheet at 3 May 2003 to the
exchange rates ruling at 1 May 2004 would be to decrease net debt
by GBP 15.6 million to GBP 122.1 million. Restating the profit and
loss account would decrease the pre-tax profit for the 13 weeks
ended 3 May 2003 by GBP 3.0 million to GBP 21.1 million.
6. Earnings per share
13 weeks 13 weeks 52 weeks
ended ended ended
1 May 3 May 31
2004 2003 January
2004
----------------------------------------------------------------------
GBP m GBP m GBP m
----------------------------------------------------------------------
Profit attributable to shareholders 18.4 15.5 137.2
----------------------------------------------------------------------
Weighted average number of shares in issue
(million) 1,727.6 1,713.9 1,718.4
Dilutive effect of share options (million) 14.1 10.5 12.5
----------------------------------------------------------------------
Diluted weighted average number of shares
(million) 1,741.7 1,724.4 1,730.9
----------------------------------------------------------------------
Earnings per share - basic 1.1p 0.9p 8.0p
- diluted 1.1p 0.9p 7.9p
----------------------------------------------------------------------
The number of shares in issue at 1 May 2004 was 1,730,211,626 (3
May 2003: 1,714,002,284 shares, 31 January 2004: 1,726,190,848
shares).
7. Changes in shareholders' equity
Share Share Revaluation Special Profit
capital premium reserve reserves and Total
account loss
account
----------------------------------------------------------------------
GBP m GBP m GBP m GBP m GBP m GBP m
----------------------------------------------------------------------
Balance at 31
January 2004 8.6 60.7 3.1 142.2 513.0 727.6
Retained
profit - - - - 18.4 18.4
Share options
exercised 0.1 1.8 - - - 1.9
Purchase of
own shares(1) - - - - (4.8) (4.8)
Translation
differences - - - (10.4) 27.4 17.0
----------------------------------------------------------------------
Balance at
1 May 2004 8.7 62.5 3.1 131.8 554.0 760.1
----------------------------------------------------------------------
(1) Shares purchased to satisfy the exercise of share options granted
to employees of Signet Group plc and its subsidiaries.
Notes to the unaudited interim financial results
for the 13 weeks ended 1 May 2004
8. Impact of constant exchange rates
The Group has historically used constant exchange rates to compare
period-to-period changes in certain financial data. This is
referred to as 'at constant exchange rates' throughout this
release. The Group considers this a useful measure for analysing
and explaining changes and trends in the Group's results. The
impact of the re-calculation of sales, operating profit, profit
before tax and net debt at constant exchange rates, including a
reconciliation to the Group's GAAP results, is analysed below.
13 weeks ended 13 13 weeks Growth Impact of At Growth at
1 May 2004 weeks ended at actual exchange constant constant
ended 3 May exchange rate exchange exchange
1 May 2003 rates movement rates rates
2004 as (non- (non-
reported GAAP) GAAP)
----------------------------------------------------------------------
GBP m GBP m % GBP m GBP m %
----------------------------------------------------------------------
Sales by origin and destination
UK, Channel Islands &
Republic of
Ireland 97.2 92.6 5.0 - 92.6 5.0
US 247.4 250.3 (1.2) (34.0) 216.3 14.4
----------------------------------------------------------------------
344.6 342.9 0.5 (34.0) 308.9 11.6
----------------------------------------------------------------------
Operating profit/(loss)
UK, Channel Islands &
Republic of Ireland
- Trading 3.0 2.4 25.0 - 2.4 25.0
- Group central
costs (1.5) (1.4) n/a - (1.4) n/a
----------------------------------------------------------------------
1.5 1.0 n/a - 1.0 n/a
US 28.7 26.2 9.5 (3.5) 22.7 26.4
----------------------------------------------------------------------
30.2 27.2 11.0 (3.5) 23.7 27.4
----------------------------------------------------------------------
Profit before
tax 28.1 24.1 16.6 (3.0) 21.1 33.2
----------------------------------------------------------------------
At 1 May 2004 1 May 3 May Impact of At
2004 2003 exchange constant
as rate exchange
reported movement rates
(non-GAAP)
----------------------------------------------------------------------
GBP m GBP m GBP m GBP m
----------------------------------------------------------------------
Net debt (68.2) (137.7) 15.6 (122.1)
----------------------------------------------------------------------
Reconciliation of UK GAAP to US GAAP
for the 13 weeks ended 1 May 2004
Estimated effect on profit for the financial period of differences
between UK GAAP and US GAAP
13 weeks 13 weeks 52 weeks
ended ended ended
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
GBP m GBP m GBP m
----------------------------------------------------------------------
Profit for the financial period in
accordance with UK GAAP 18.4 15.5 137.2
US GAAP adjustments:
Goodwill amortisation 0.3 0.3 1.1
Sale and leaseback transactions 0.2 0.2 0.8
Extended service plan revenues (0.3) (0.2) (3.5)
Pensions (0.2) (0.5) (1.9)
Stock compensation (1.3) (1.7) 0.7
----------------------------------------------------------------------
US GAAP adjustments before taxation (1.3) (1.9) (2.8)
Taxation 0.7 0.9 0.6
----------------------------------------------------------------------
US GAAP adjustments after taxation (0.6) (1.0) (2.2)
----------------------------------------------------------------------
Net income attributable to shareholders
in accordance with US GAAP 17.8 14.5 135.0
----------------------------------------------------------------------
Income per ADS in accordance with US GAAP:
- basic 30.9p 25.4p 235.7p
- diluted 30.7p 25.2p 234.0p
Weighted average number of ADSs
outstanding (million):
- basic 57.6 57.1 57.3
- diluted 58.1 57.5 57.9
----------------------------------------------------------------------
Estimated cumulative effect on shareholders' funds of differences
between UK GAAP and US GAAP
1 May 3 May 31 January
2004 2003 2004
----------------------------------------------------------------------
GBP m GBP m GBP m
----------------------------------------------------------------------
Shareholders' funds in
accordance with UK GAAP 760.1 711.1 727.6
US GAAP adjustments:
Goodwill in respect of
acquisitions (gross) 501.0 541.3 490.5
Adjustment to goodwill (59.8) (66.1) (58.2)
Accumulated goodwill amortisation (152.7) (165.2) (149.9)
Sale and leaseback transactions (8.6) (9.5) (8.9)
Extended service plan revenues (19.0) (17.2) (18.2)
Pensions 21.3 11.4 21.5
Depreciation of properties (2.5) (2.5) (2.5)
Revaluation of properties (3.1) (3.1) (3.1)
Dividends 37.3 30.9 37.3
----------------------------------------------------------------------
US GAAP adjustments before taxation 313.9 320.0 308.5
Taxation (0.9) 2.3 (1.3)
----------------------------------------------------------------------
US GAAP adjustments after taxation 313.0 322.3 307.2
----------------------------------------------------------------------
Shareholders' funds in accordance with
US GAAP 1,073.1 1,033.4 1,034.8
----------------------------------------------------------------------
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