Annual Report 2008 in PDF - GKN

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122 Notes to the Financial Statements of GKN plc continued 4 Profit and loss account GKN plc Annual Report 2008 2008 2007 £m £m At 1 January 518 441 Profit for the year 151 162 Sale of treasury shares 1 — Share-based payments 2 6 Dividends (97) (91) At 31 December 575 518 5 Reconciliation of movements in shareholders’ funds 2008 2007 £m £m At 1 January 919 837 Increase in share capital/premium — 5 Profit for the year 151 162 Sale of treasury shares 1 — Share-based payments 2 6 Dividends (97) (91) At 31 December 976 919 Details of the dividends paid, share capital and share premium of GKN plc are disclosed in notes 8, 22 and 23 to the Group financial statements.
Group Financial Record For the year ended 31 December 2008 Financial Statements Notes to the Financial Statements Group Financial Record 2008 2007 2006‡ 2005† 2004† £m £m £m £m £m Consolidated income statements Sales — continuing subsidiaries 4,376 3,869 3,634 3,648 3,481 Trading profit 201 277 251 229 215 Restructuring and impairment charges (153) (31) (74) (98) (262) Amortisation of non-operating intangible assets arising on business combinations (10) (8) (3) (1) (1) Profits and losses on sale or closures of businesses — (7) (4) 1 24 Change in value of derivative and other financial instruments (124) (10) 33 (33) — Operating profit/(loss) (86) 221 203 98 (24) Share of post-tax earnings of continuing joint ventures and associates 6 24 17 10 16 Net financing costs (50) (46) (38) (35) (75) Profit/(loss) before taxation from continuing operations (130) 199 182 73 (83) Taxation 10 (1) (5) (14) (32) Profit/(loss) after taxation from continuing operations (120) 198 177 59 (115) Share of post-tax earnings of joint ventures — — — — 62 Profit on disposal of joint ventures after taxation 13 — — — 825 Profit/(loss) after taxation from discontinued operations 13 — — — 887 Profit/(loss) for the year (107) 198 177 59 772 Less: profit attributable to minority interests (2) (2) — (4) (3) Profit/(loss) attributable to equity shareholders (109) 196 177 55 769 Profit before taxation from continuing operations — adjusted* 167 255 230 204 156 Earnings per share — p As reported (17.3) 27.9 25.0 7.7 (16.1) As adjusted* 23.8 35.1 30.1 22.3 23.2 Dividend per share — p 4.5 13.5 12.8 12.2 11.9 Consolidated balance sheets Non-current assets Intangible assets (including goodwill) 520 416 356 295 248 Property, plant and equipment 1,797 1,462 1,354 1,364 1,286 Investments in joint ventures 119 100 83 81 94 Deferred tax assets 52 56 114 172 206 Other non-current assets 23 22 24 21 23 Current assets 2,511 2,056 1,931 1,933 1,857 Inventories 718 552 470 467 448 Trade and other receivables 645 571 520 566 576 Cash and cash equivalents 114 282 342 724 860 Other (including assets held for sale) 79 27 32 50 1 Current liabilities 1,556 1,432 1,364 1,807 1,885 Borrowings (97) (92) (39) (47) (54) Trade and other payables (972) (837) (743) (795) (796) Current income tax liabilities (115) (104) (93) (109) (128) Other current liabilities (including liabilities associated with assets held for sale) (239) (75) (77) (107) (36) Non-current liabilities (1,423) (1,108) (952) (1,058) (1,014) Borrowings (725) (696) (729) (734) (741) Deferred tax liabilities (63) (75) (63) (60) (84) Other non-current liabilities (40) (31) (29) (24) (17) Provisions (54) (51) (53) (78) (97) Post-employment obligations (834) (331) (561) (885) (854) (1,716) (1,184) (1,435) (1,781) (1,793) Net assets 928 1,196 908 901 935 Net (debt)/funds (708) (506) (426) (65) 65 * Adjusted profit before taxation and earnings per share excludes the impact of restructuring and impairment charges, profits and losses on sale or closures of businesses, amortisation of nonoperating intangible assets arising on business combinations, change in value of derivative and other financial instruments and discontinued operations. † As restated for separate presentation of amortisation of non-operating intangibles. ‡ As restated for reclassification of the trading results of the UK cylinder liner manufacturing operation within the caption ‘profits and losses on sale or closures of businesses’. www.gkn.com 123
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GKN plc Annual Report and Accounts
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Our Objective GKN is committed to p
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2008 Performance* Group results sig
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Although we expect 2009 to be a ver
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Constant velocity joints (CVJs) rev
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Off-highway driveshaft Blended wing
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Strategy and business objectives Th
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Operating cash flow performance of
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Restructuring and impairment costs
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2008 2007 Tax charge analysis % % W
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Overseas pensions The principal cou
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GKN received the prestigious Nissan
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GKN Driveline manufactures across a
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2008 2007 GKN Driveline £m £m Sal
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Continuing evolution of powder meta
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Despite a £6 million positive impa
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GKN OffHighway is a first tier supp
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Trading profit of subsidiaries of
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In January 2009 GKN completed the a
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Divisional strategy GKN Aerospace
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Financing The following section des
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Competitive markets and competition
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Living the Values GKN is a group of
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Delivering advanced technology Deli
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Engaging more fully with our employ
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Accident frequency rate (AFR) Numbe
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Contributing to our communities We
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Andrew Reynolds Smith (42) Chief Ex
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Dividend An interim dividend of 4.5
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On joining the Board, a Director re
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Directors’ attendance record The
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Audit Committee Report Role of the
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Directors’ Remuneration Report Ro
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The companies making up the compara
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The arrangements for providing reti
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Governance Directors’ Remuneratio
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Details of the options over GKN sha
Page 75 and 76: Governance Share interests The bene
Page 77 and 78: Independent Auditors’ Report to t
Page 79 and 80: Consolidated Statement of Recognise
Page 81 and 82: Consolidated Cash Flow Statement Fo
Page 83 and 84: charges relating to the Group-wide
Page 85 and 86: Financial Statements Notes to the F
Page 89 and 90: 2 Segmental analysis continued Prim
Page 91 and 92: 3 Operating profit continued (v) Au
Page 93 and 94: 3 Operating profit continued (c) Am
Page 95 and 96: 5 Taxation continued Financial Stat
Page 101 and 102: 11 Goodwill and other intangible as
Page 103 and 104: 11 Goodwill and other intangible as
Page 105 and 106: 14 Other receivables and investment
Page 107 and 108: 18 Net borrowings continued Financi
Page 111 and 112: Financial Statements 19 Financial r
Page 115 and 116: 24 Acquisitions There were no acqui
Page 117 and 118: 26 Post-employment obligations Fina
Page 119 and 120: 26 Post-employment obligations cont
Page 123 and 124: Independent Auditors’ Report to t
Page 125: Notes to the Financial Statements o
Page 129 and 130: OffHighway GKN OffHighway Ltd GKN W
Page 131 and 132: Unsolicited mail GKN is obliged by
Page 133 and 134: Contact Details GKN plc PO Box 55 I
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