Brambles 2006 Annual Report - Alle jaarverslagen

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170 Brambles 2006 Annual Report FIVE YEAR FINANCIAL PERFORMANCE SUMMARY 2006 US$m IFRS UK GAAP 1 2005 US$m 2004 US$m 2003 US$m 2002 US$m Continuing operations Sales revenue 3,522.1 3,274.8 2,893.2 2,436.2 2,061.3 Comparable operating profit (before special items) 771.3 599.8 444.7 365.4 340.6 Net finance costs (111.8) (130.1) (126.1) (129.6) (139.5) Profit before tax (before special items) 659.5 469.7 318.6 235.8 201.1 Tax expense (before special items) (229.4) (160.4) (102.8) (75.7) (56.8) Profit from continuing operations (before special items) 430.1 309.3 215.8 160.1 144.3 Special items, after tax (67.5) 3.8 (76.5) (60.1) (80.5) Goodwill amortisation 2 – – (24.2) (20.5) (15.9) Profit from continuing operations, after tax 362.6 313.1 115.1 79.5 47.9 Profit from discontinued operations, after tax 1,101.8 135.7 100.9 105.8 204.3 Profit for the year 1,464.4 448.8 216.0 185.3 252.2 Depreciation and amortisation (excluding goodwill) – Continuing operations 412.0 393.0 383.4 325.2 285.5 – Discontinued operations 80.7 212.4 194.0 178 .7 216.8 Net capex on property, plant & equipment – Continuing operations 474.7 443.3 448.9 518.6 513.4 – Discontinued operations 133.6 222.4 155.0 131.6 159.3 Cash flow Cash flow from operations (after net capex) 900.7 903.9 716.0 457.0 279.0 Free cash flow 559.7 622.2 450.2 121.0 (1.0) Dividends paid 296.7 256.5 242.1 198.0 143.0 Free cash flow after dividends 263.0 365.7 208.1 (77.0) (144.0) Balance sheet (year end) Capital employed 4,643.1 4,595.6 4,576.0 4,637.0 4,167.0 Net debt 1,690.1 2,208.3 2,541.0 2,664.0 2,427.0 Equity 2,953.0 2,387.3 2,035.0 1,973.0 1,740.0 Employees – Continuing operations 12,249 11,813 11,854 11,439 11,510 – Discontinued operations 14,043 15,759 16,345 18,523 18,828 26,292 27,572 28,199 29,962 30,338 Earnings per share – Basic 86.7 26.4 12.9 10.8 14.9 – Before special items and goodwill amortisation 38.3 26.8 21.8 18.2 18.8 Dividend declared per share – BIL (A$ cents) 59.5 21.5 20.0 20.0 20.0 – BIP (pence) 24.3 9.0 8.1 7.8 7.2 1 Results for years 2002 to 2004 are under UK GAAP. They have been reclassified into an IFRS presentation format. 2 Goodwill amortisation ceased on adoption of IFRS.
171 Brambles 2006 Annual Report GLOSSARY AGAAP AIFRS ASX Average Capital Invested (ACI) BIL BIP Black Scholes Brambles, Brambles Group or Group BVA Capital Invested (CI) Combined Code Comparable operating profit (COP) Constant currency Continuing operations Corporate Audit CSR Discontinued operations DLC DMS DPS EPS Exceptional items Free cash flow (FCF) FX IFRS LSE LTIFR LTISR LTIP Generally accepted accounting principles in Australia. Australian Equivalents to International Financial Reporting Standards. Australian Stock Exchange Limited. Average Capital Invested is calculated as a 12 month average of Capital Invested (CI – see definition below). Brambles Industries Limited. Brambles Industries plc. A common method of valuing options. BIL and BIP and all of their subsidiary undertakings. Brambles Value Added (BVA) is the value generated by a business over and above the cost of the capital it uses to generate that value. BVA is denominated in US dollars using Brambles’ IFRS results translated at June 2005 fixed exchange rates. It is calculated as comparable operating profit (COP – see definition below) less Average Capital Invested (ACI – see definition above) after adding back accumulated net pre-tax special items, multiplied by Brambles’ weighted average pre-tax cost of capital, or WACC (currently 12%). BVA = COP – (ACI (adjusted) x WACC). (Certain minor adjustments to BVA are also made in accordance with the scheme rules and subject to the approval of Brambles’ Chief Financial Officer.) Net assets before tax balances, cash, borrowings and accrued finance costs, but after adjustment for accumulated net pre-tax special items, actuarial gains or losses and net equity adjustments for equity-settled share-based payments. A set of corporate governance principles and a detailed code of best practice. Profit before special items, finance costs and tax. COP includes share of profits after tax of joint ventures and associates. Constant currency relative performance is calculated by translating both current period and comparable period results into US dollars at the actual monthly exchange rates applicable during the comparable period. Its purpose is to show relative performance between periods before the translation impact of currency fluctuations. Excludes operations which have been divested or which are held for sale. Internal audit. Corporate Social Responsibility. Operations which have been divested or which are held for sale. Dual-listed companies structure – a contractual arrangement between two companies under which they operate as if they were a single economic enterprise, while retaining their separate legal identities, tax residencies and stock exchange listings. Document Management Solutions, a Recall service line. Data Protection Services, a Recall service line. Earnings per share. See Special items. Cash flow generated after net capital expenditure, finance costs and taxation but excluding the net cost of acquisitions and proceeds from business disposals. Foreign Exchange. International Financial Reporting Standards. In prior years, Brambles reported results under both UK GAAP and AGAAP. London Stock Exchange. Lost time injury frequency rate. Lost time injury severity rate. Long term incentive plan.
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