GPG Report & Accounts 2003 - Guinness Peat Group plc

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GUINNESS PEAT GROUP PLC • ANNUAL REPORT • 11Fixed AssetsDetails of fixed assets are set out in the notes to thefinancial statements.DirectorsThe directors who all served throughout the year arethose whose details appear on page 8.Creditor Payment PolicyThe majority of the Group’s investment activity takesplace on regulated exchanges and the Group abidesby the terms of payment laid down by thoseexchanges. Otherwise, and in the absence of dispute,amounts due to trade and other suppliers are settledwithin their terms of payment. The Group does notfollow a specific code or standard in respect of suchcreditors. As at 31 December 2003, the Company’strade creditors (excluding amounts attributable toinvestments) represented 36 days’ purchases(2002: 65 days).EmployeesParticipation in the conduct and affairs of relevantemploying companies is encouraged; arrangementsfor communication vary with each operating entity.Within the investment holding companies, full and fairconsideration to the employment of disabled personsis given having regard to their abilities and aptitudes,and any existing employee who becomes disabled istrained to ensure that, wherever possible, continuityof employment can be maintained. At operatingsubsidiary level, practice varies according to industrynorms and the legal and regulatory obligations in thecountry in which the company operates.DonationsDuring the year to 31 December 2003, GPG made nocharitable donations (2002: £nil). In the year ended31 December 2003, the Group made charitabledonations of £69,340 (2002: £24,500). No contributionsto political parties were made during the year.AuditorsShareholders will recall that Deloitte & Touche wereappointed as auditors at the last Annual GeneralMeeting,in place of PricewaterhouseCoopers LLP.On 1 August 2003,Deloitte & Touche convertedto a limited liability partnership known as Deloitte &Touche LLP and the directors appointed the partnershipas auditor on 12 September 2003. A resolution tore-appoint Deloitte & Touche LLP as auditor will beproposed at the AGM.By order of the BoardRichard RussellSecretary15 March 2004
12 • GUINNESS PEAT GROUP PLC • ANNUAL REPORTConsolidated Profit and Loss AccountYear ended 31 December 2003 2002Notes £000 £000TurnoverGroup and share of joint ventures 612,523 501,487Less: share of joint ventures (59,784) (42,939)Continuing operations (excluding acquisitions) 552,739 458,548AcquisitionsTurnover: group and share of joint ventures 482,299 –Less: share of joint ventures (482,050) –249 –Group turnover – continuing operations 552,988 458,548Group turnover – discontinued operations – 56,288Group turnover 2 552,988 514,836Cost of sales 4 (423,029) (425,292)Gross profit 129,959 89,544Profit on disposal of investments and other net investment income 3 41,868 47,420Net operating expenses 4 (104,310) (90,101)Operating profit – continuing operations (excluding acquisitions) 67,554 39,820Operating loss – acquisitions (excluding joint ventures and associates) (37) –Operating profit – continuing operations 67,517 39,820Operating profit – discontinued operations – 7,043Group operating profit 4 67,517 46,863Share of operating profit/(loss) of joint ventures 5 24,748 (635)Share of operating (loss)/profit of associated undertakings 5 (178) 3,16992,087 49,397Profit on sale of business – continuing operations 34 19,056 –Profit on sale of subsidiary – discontinued operations – 12,238Interest payable and similar charges 7 (23,423) (10,546)Profit on ordinary activities before taxation 2 87,720 51,089Tax on profit on ordinary activities 9 (21,113) (5,203)Profit on ordinary activities after taxation 66,607 45,886Equity minority interests (2,641) (3,425)PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 63,966 42,461Equity dividends 12 (6,894) (6,252)RETAINED PROFIT FOR THE YEAR 57,072 36,209Earnings per Ordinary Share - Basic (pence) 11 9.28p 6.36pEarnings per Ordinary Share - Diluted (pence) 11 6.78p 5.39pDividend per Ordinary Share (pence) 12 1.00p 0.91pNotes on pages 17 to 54 form part of these financial statements
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