Annual Report 2008 in PDF - GKN

84
Notes to the Financial Statements
continued
2 Segmental analysis
The Group is managed by type of business. Segmental information is provided having regard to the nature of the goods and services provided
and the markets served.
Primary reporting format — business segments
Automotive
Other Powder Corporate and
Driveline Automotive Metallurgy OffHighway Aerospace Unallocated Total
2008 £m £m £m £m £m £m £m
Sales 2,123 84 618 549 1,002 — 4,376
EBITDA 168 — 31 53 136 (11) 377
Depreciation and impairment charges (92) (4) (32) (12) (25) (1) (166)
Amortisation of intangible assets (3) — (1) (1) (5) — (10)
Trading profit/(loss) 73 (4) (2) 40 106 (12) 201
Restructuring — 2008 plan (23) (13) (106) (3) (3) (1) (149)
— 2004 plan (4) — — — — — (4)
Other impairments — — — — — — —
Amortisation of business combination non-operating intangibles (2) — — (2) (6) — (10)
Profits and losses on sale or closures of businesses — — — — — — —
Change in value of derivative and other financial instruments (35) 1 (4) (2) (93) 9 (124)
Operating profit/(loss) 9 (16) (112) 33 4 (4) (86)
Share of post-tax earnings of joint ventures before impairment 13 4 — — (1) — 16
Impairment — post-tax (10) — — — — — (10)
Share of post-tax earnings of joint ventures
Segment assets
3 4 — — (1) — 6
Goodwill 79 — 32 51 205 — 367
Investments in joint ventures 90 27 — 2 — — 119
Derivative financial instruments 1 — — 1 60 — 62
Operating assets
Other unallocated assets:
1,579 50 543 342 816 6 3,336
— Cash and cash equivalents — — — — — 114 114
— Current tax assets — — — — — 17 17
— Deferred tax assets — — — — — 52 52
Total assets
Segment liabilities
1,749 77 575 396 1,081 189 4,067
Derivative financial instruments
Operating liabilities:
(31) — (5) (4) (152) — (192)
— Post-employment obligations (308) — (47) (77) (111) (291) (834)
— Other
Other unallocated liabilities:
(474) (18) (114) (150) (305) (52) (1,113)
— Borrowings — — — — — (822) (822)
— Current tax liabilities — — — — — (115) (115)
— Deferred tax liabilities — — — — — (63) (63)
Total liabilities
Other segment items
Capital expenditure
(813) (18) (166) (231) (568) (1,343) (3,139)
— Property, plant and equipment 108 1 33 18 31 1 192
— Intangible assets 3 — — 1 9 — 13
Other non-cash expenses (share-based payments) 1 — — — — 1 2
All business segments shown above are continuing. EBITDA is earnings before interest, tax, depreciation and amortisation.
Amounts in respect of discontinued operations in the period, £13 million post-tax, were attributable to the final proceeds on the disposal of the
Group’s Aerospace joint venture investment in AgustaWestland.
GKN plc Annual Report 2008