Guinness Peat Group plc

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GUINNESS PEAT GROUP PLC • ANNUAL REPORT 15Creditor Payment PolicyThe majority of the Group’s investment activity takesplace on regulated exchanges and the Group abides bythe terms of payment laid down by those exchanges.Otherwise,and in the absence of dispute,amounts dueto trade and other suppliers are settled within theirterms of payment.The Group does not follow a specificcode or standard in respect within such creditors. As at31 December 2004,the Company’s trade creditors(excluding amounts attributable to investments)represented 13 days’purchases (2003:36 days).EmployeesParticipation in the conduct and affairs of relevantemploying companies is encouraged: arrangementsfor communication vary within 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 2004, the Companymade no charitable donations (2003: £nil). In the yearended 31 December 2004, the Group madecharitable donations of £101,089 (2003: £69,340).No contributions to political parties were madeduring the year.Directors’ ResponsibilitiesThe directors are required by UK company law toprepare financial statements for each financial yearthat give a true and fair view of the state of affairs ofthe Company and the Group as at the end of thefinancial year and of the profit or loss of the Groupfor that period. The directors confirm that suitableaccounting policies have been used and appliedconsistently and reasonable and prudentjudgements and estimates have been made in thepreparation of financial statements for the yearended 31 December 2004. The directors alsoconfirm that, except as disclosed in note 1 to thefinancial statements, applicable accountingstandards have been followed and the Group’saccounting policies have been applied consistently.The directors are responsible for keeping properaccounting records, for the system of internal control,for safeguarding the assets of the Company andhence for taking reasonable steps for the preventionand detection of fraud and other irregularities.AuditorsA resolution to re-appoint Deloitte & Touche LLP asauditor will be proposed at the AGM.By order of the BoardRichard RussellSecretary8 April 2005
16 GUINNESS PEAT GROUP PLC • ANNUAL REPORTConsolidated Profit and Loss AccountYear ended 31 December 2004 2003Notes £m £mTurnoverGroup and share of joint ventures 737.1 1,085.8Less: share of joint ventures (204.1) (541.8)Continuing operations (excluding acquisitions) 533.0 544.0AcquisitionsTurnover: group and share of joint ventures 654.1 –Less: share of joint ventures – –654.1 –Group turnover – continuing operations 1,187.1 544.0Group turnover – discontinued operations 7.7 9.0Group turnover 2 1,194.8 553.0Cost of sales 4 (874.5) (423.0)Gross profit 320.3 130.0Profit on disposal of investments and other net investment income 3 64.8 41.8Net operating expenses 4 (310.2) (104.3)Operating profit – continuing operations (excluding acquisitions) 53.4 66.4Operating profit – acquisitions (excluding joint ventures and associates) 20.8 –Operating profit – continuing operations 74.2 66.4Operating profit – discontinued operations 0.7 1.1Group operating profit 4 74.9 67.5Share of operating profit of joint ventures 5 3.0 24.8Share of operating loss of associated undertakings (2.2) (0.2)75.7 92.1Profit on sale of business – continuing operations 34 – 19.0Profit on sale of subsidiary – discontinued operations 34 1.8 –Interest payable and similar charges 7 (43.5) (23.4)Profit on ordinary activities before taxation 2, 6 34.0 87.7Tax on profit on ordinary activities 9 (8.0) (21.1)Profit on ordinary activities after taxation 26.0 66.6Equity minority interests (0.7) (2.6)PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 25.3 64.0Equity dividends 12 (8.8) (6.9)RETAINED PROFIT FOR THE YEAR 16.5 57.1Restated*Earnings per Ordinary Share - basic (pence) 11 3.07p 8.43pEarnings per Ordinary Share - diluted (pence) 11 2.60p 6.16pDividend per Ordinary Share (pence) 12 1.00p 0.91p* Re-stated to reflect the 2004 Capitalisation IssueNotes on pages 21 to 56 form part of these financial statements
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