Annual Report and Accounts - Hemscott IR

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NOTES TO THE FINANCIAL STATEMENTS 5. Profit continued c. Adjusted operating margin General Specialist Plumbing merchanting Merchanting Consumer & Heating Unallocated Group –––––––––––––––––––––– –––––––––––––––––––––– –––––––––––––––––––––– –––––––––––––––––––––– –––––––––––––––––––––– –––––––––––––––––––––– 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 £m £m £m £m £m £m £m £m £m £m £m £m Revenue 1,456.7 1,443.3 603.6 582.2 1,152.5 1,017.8 1,632.1 1,735.8 - - 4,844.9 4,779.1 Segment result 167.3 164.6 31.3 25.3 65.8 46.0 45.8 63.6 (9.7) (9.0) 300.5 290.5 Amortisation of intangible assets - - - - 4.9 - 12.5 12.9 - - 17.4 12.9 Exceptional items - 5.9 0.2 0.6 (6.0) - 14.5 3.3 - - 8.7 9.8 Adjusted segment result 167.3 170.5 31.5 25.9 64.7 46.0 72.8 79.8 (9.7) (9.0) 326.6 313.2 Adjusted operating margin 11.5% 11.8% 5.2% 4.4% 5.6% 4.5% 4.5% 4.6% - - 6.7% 6.6% Segmental information is shown in note 6. As outlined in note 6, on 1 January 2012 the Group was reorganised into four divisions, General Merchanting, Specialist Merchanting, Consumer and Plumbing and Heating. 6. Business and geographical segments As required by IFRS 8 the operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Executive to assess their performance. On 1 January 2012, the Group was reorganised into four divisions, General Merchanting, Specialist Merchanting, Consumer and Plumbing and Heating. Prior year figures have been restated to reflect the new segments. All four divisions sell building materials to a wide range of customers, none of which are dominant, and operate almost exclusively in the United Kingdom and consequently no geographical information is presented. Segment profit represents the profit earned by each segment without allocation of certain central costs, finance income and costs and income tax expense. Unallocated segment assets and liabilities comprise financial instruments, current and deferred taxation, cash and borrowings and pension scheme assets and liabilities. Inter-segment sales are eliminated. During 2012 and 2011 there were no impairment losses or reversals of impairment losses recognised in profit or loss or in equity in any of the reportable segments. 2012 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– General Specialist Plumbing M merchanting Merchanting Consumer & Heating Unallocated Eliminations Consolidated £m £m £m £m £m £m £m Revenue 1,456.7 603.6 1,152.5 1,632.1 - - 4,844.9 Result Segment result 167.3 31.3 65.8 45.8 (9.7) - 300.5 Exceptional investment income - - 39.5 - - - 39.5 Finance income - - - - 13.8 - 13.8 Finance costs - - - - (40.5) - (40.5) Profit before taxation 167.3 31.3 105.3 45.8 (36.4) - 313.3 Taxation - - - - (53.7) - (53.7) Profit for the year 167.3 31.3 105.3 45.8 (90.1) - 259.6 Segment assets 2,121.7 469.7 1,653.4 1,166.6 179.3 (1,233.5) 4,357.2 Segment liabilities (659.7) (13.7) (415.5) (232.4) (1,961.3) 1,233.5 (2,049.1) Consolidated net assets 1,462.0 456.0 1,237.9 934.2 (1,782.0) - 2,308.1 Exceptional items - 0.2 (6.0) 14.5 - - 8.7 Capital expenditure 44.2 11.5 17.8 11.0 - - 84.5 Amortisation - - 4.9 12.5 - - 17.4 Depreciation 33.6 8.3 17.8 9.7 - - 69.4 96
TRAVIS PERKINS ANNUAL REPORT AND ACCOUNTS 2012 6. Business and geographical segments continued 2011 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– General Specialist Plumbing & M merchanting Merchanting Consumer Heating Unallocated Eliminations Consolidated £m £m £m £m £m £m £m Revenue 1,443.3 582.2 1,017.8 1,735.8 - - 4,779.1 Result Segment result 164.6 25.3 46.0 63.6 (9.0) - 290.5 Finance income - - - - 22.4 - 22.4 Finance costs - - - - (43.3) - (43.3) Profit before taxation 164.6 25.3 46.0 63.6 (29.9) - 269.6 Taxation - - - - (57.2) - (57.2) Profit for the year 164.6 25.3 46.0 63.6 (87.1) - 212.4 Segment assets 2,096.3 457.9 1,520.3 1,145.2 198.7 (1,227.2) 4,191.2 Segment liabilities (655.6) (17.6) (398.7) (288.9) (1,949.8) 1,227.2 (2,083.4) Consolidated net assets 1,440.7 440.3 1,121.6 856.3 (1,751.1) - 2,107.8 Exceptional items 5.9 0.6 3.3 - - - 9.8 Capital expenditure 58.1 14.8 25.8 9.3 0.1 - 108.1 Amortisation - - - 12.9 - - 12.9 Depreciation 32.6 7.7 13.9 9.7 - - 63.9 Unallocated segment assets and liabilities comprise the following: 2012 2011 £m £m Assets Interest in associates 6.7 51.3 Financial instruments 25.5 43.4 Cash and cash equivalents 139.1 78.6 Retirement benefit asset 1.6 19.3 Unallocated corporate assets 6.4 6.1 179.3 198.7 Liabilities Financial instruments (7.5) (5.9) Tax liabilities (74.8) (75.9) Deferred tax liabilities (85.0) (97.4) Retirement benefit obligations (59.1) (65.0) Interest bearing loans, borrowings and loan notes (591.3) (661.8) Intra-group creditors (1,124.2) (1,026.8) Unallocated corporate liabilities (19.4) (17.0) (1,961.3) (1,949.8) FINANCIAL STATEMENTS 97
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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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Finance Director’s Review of the
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Statement of Principal Risks and Un
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