Annual Report and Accounts - Hemscott IR

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NOTES TO THE FINANCIAL STATEMENTS 36a. Adjusted ratio of net debt to earnings before interest, tax and depreciation THE GROUP –––––––––––––––––––––––––––––––––––––– 2012 2011 £m £m Profit before tax 313.3 269.6 Net finance costs 26.7 20.9 Depreciation and amortisation 86.8 76.7 EBITDA under IFRS 426.8 367.2 Exceptional operating items 8.7 9.8 Exceptional investment income (39.5) - IFRS adjustments not included in covenant calculations (2.6) (2.7) Adjusted EBITDA under covenant calculations 393.4 374.3 Net debt under covenant calculations 374.5 486.6 Adjusted net debt to EBITDA 0.95x 1.30x 36b. Lease adjusted ratio of net debt to earnings before interest, tax , depreciation and operating lease rentals THE GROUP –––––––––––––––––––––––––––––––––––––– 2012 2011 £m £m EBITDA under IFRS 393.4 374.3 Operating lease rentals 189.0 176.0 EBITDAR 582.4 550.3 Net debt under covenant calculations 374.5 486.6 Operating lease rentals x8 1,512.0 1,408.0 Lease adjusted net debt 1,886.5 1,894.6 Lease adjusted net debt to EBITDAR 3.2x 3.4x 128
TRAVIS PERKINS ANNUAL REPORT AND ACCOUNTS 2012 37. Adjusted pre-tax return on capital THE GROUP –––––––––––––––––––––––––––––––––––––– 2012 2011 £m £m Operating profit 300.5 290.5 Amortisation of intangible assets 17.4 12.9 Exceptional items 8.7 9.8 Adjusted operating profit 326.6 313.2 Opening net assets 2,107.8 1,951.8 Net pension deficit 34.3 20.1 Goodwill written off 92.7 92.7 Net borrowings 583.2 773.6 Exchange adjustment (36.6) (52.2) Opening capital employed 2,781.4 2,786.0 Closing net assets 2,308.1 2,107.8 Net pension deficit 44.5 34.3 Goodwill written off 92.7 92.7 Net borrowings 452.2 583.2 Exchange adjustment (19.5) (36.6) Closing capital employed 2,878.0 2,781.4 Average capital employed 2,829.7 2,783.7 Adjusted pre–tax return on capital 11.5% 11.3% FINANCIAL STATEMENTS 129
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TRAVIS PERKINS PLC Travis Perkins T
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T R A V I S P E R K I N S A N N U A
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Chairman’s Statement FOR THE YEAR
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Chief Executive’s Review of the Y
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C H I E F E X E C U T I V E ’ S R
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Post year end acquisition We expect
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Deputy Chief Executive’s Review o
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D E P U T Y C H I E F E X E C U T I
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Finance Director’s Review of the
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F I N A N C E D I R E C T O R ’ S
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F I N A N C E D I R E C T O R ’ S
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Statement of Principal Risks and Un
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Environmental Report FOR THE YEAR E
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E N V I R O N M E N T A L R E P O R
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Health and Safety Report FOR THE YE
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H E A L T H A N D S A F E T Y R E P
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Directors Robert Walker Geoff Coope
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Corporate Responsibility Statement
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Corporate Governance Board committe
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Corporate Governance Audit committe
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Audit Committee Report • The effe
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Directors’ Remuneration Report FO
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Directors’ Remuneration Report ta
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Directors’ Remuneration Report Re
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Directors’ Remuneration Report Ex
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Directors’ Remuneration Report Tr
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Directors’ Remuneration Report Ex
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Directors’ Report FOR THE YEAR EN
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Page 82 and 83: Statement of Directors’ Responsib
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Page 86 and 87: Balance Sheets As at 31 December 20
Page 88 and 89: Consolidated Statement of Changes i
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Page 134 and 135: Notice of Annual General Meeting No
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