Balance Sheet
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
Assets
Non Current Assets
Intangible
184.60
209.10
203.20
160.90
–
Tangible
5,980.10
6,302.00
6,427.00
6,577.80
–
Investments
230.50
208.70
193.10
137.40
–
Other
4.70
0.10
0.10
0.10
0.00
Total
6,399.90
6,719.90
6,823.40
6,876.20
–
Current Assets
Stock
30.60
26.50
27.10
34.40
–
Debtors
447.10
472.80
478.50
479.40
–
Cash and Securities
677.90
230.70
319.50
325.10
–
Total
1,155.60
730.00
825.10
838.90
–
Total Assets
7,555.50
7,449.90
7,648.50
7,715.10
–
Liabilities and Equity
Liabilities
Current
790.00
822.40
494.80
550.90
–
Non-Current
5,813.40
5,680.50
6,047.60
6,182.80
–
Total
6,603.40
6,502.90
6,542.40
6,733.70
–
Equity
Share Capital
302.90
307.50
312.20
316.40
–
Reserves
643.20
633.20
787.60
657.10
–
Shareholders Funds
946.10
940.70
1,099.80
973.50
–
Minorities
6.00
6.30
6.30
7.90
–
Total
952.10
947.00
1,106.10
981.40
–
Total Liabilities and Equity
7,555.50
7,449.90
7,648.50
7,715.10
0.00
Net Borrowings
3,797.00
3,948.70
4,029.20
4,103.70
–
Investment Ratios
Net Tangible Asset Value Per Share
322.75
304.01
373.09
337.55
–
ROCE
6.28
9.70
7.77
6.59
–
Return On Equity
6.61
13.53
9.37
5.98
–
Net Gearing
401.33
419.76
366.36
421.54
–
Gross Gearing
469.83
443.98
395.02
451.85
–
Cash
68.50
24.22
28.66
30.31
–
Interest Cover x
1.83
2.85
2.17
1.78
–
Quick Ratio r
1.42
0.86
1.61
1.46
–
Current Ratio r
1.46
0.89
1.67
1.52
–
Borrowings
Total Borrowings
4,445.10
4,176.50
4,344.40
4,398.80
–
Due < 1 Yr 256.20 260.90 23.90 89.30 - Due 1-2 Yrs 56.40 0.00 - - - Due 2-5 Yrs 487.70 0.00 - - - Due > 5 Yrs
3,644.80
0.00
–
–
–
(End of Section)(Start of Section)
GBP in Millions except per share data.
Figures from 2005 in accordance with IFRS
Income Statement
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
Turnover
1,642.20
1,703.90
1,711.30
1,770.60
–
Expenses
1,191.20
1,196.50
1,213.60
1,300.80
–
EBITDA
712.00
825.90
791.60
764.90
–
EBIT
464.10
564.60
514.70
478.10
–
Operating Profit (reported)
451.00
507.40
497.70
469.80
–
Operating Profit (adjusted)
465.90
566.80
516.50
480.60
–
Investment Income
0.00
0.10
0.10
0.10
–
Exceptional Items
-11.80
-52.00
-11.10
-46.50
–
Net Interest
-283.40
-173.10
-244.80
-296.70
–
Pre-tax Profit
167.60
334.40
253.00
156.70
–
Tax
223.60
82.90
-21.50
-17.70
–
Profit After Tax
-56.00
251.50
274.50
174.40
–
Minority Interests
1.80
2.30
1.90
2.60
–
Profit For Financial Year
-57.80
249.20
272.60
171.80
–
Ordinary Dividends
158.80
159.70
169.40
159.00
–
Non Equity Dividends
0.00
0.00
–
–
–
Retained Profit
-216.60
89.50
103.20
12.80
–
Per Share Data
Dividend per Share p
67.58
67.76
71.65
67.09
–
Normalized EPS p
60.76
130.64
92.06
53.92
–
Reported EPS p
-24.60
105.50
114.60
72.10
–
Norm Discontinued EPS p
0.00
0.00
–
–
–
Investment Ratios
Profit Margin
22.62
35.18
29.22
23.57
–
DPS Growth
7.24
0.27
5.74
-6.36
–
Dividend Cover x
0.90
1.93
1.29
0.80
–
Norm EPS Growth %
-33.67
115.02
-29.53
-41.43
–
Reported EPS Growth %
–
–
–
–
–
Other
Market Cap at B/S Date
2,335.64
2,827.18
3,464.59
3,668.58
–
Foreign Turnover
235.60
244.70
245.90
232.60
–
Discontinued Turnover
0.00
0.00
–
–
–
Discontinued Pre-tax Profit
0.00
0.00
–
–
–
Discontinued Post-tax Profit
0.00
0.00
0.00
0.00
–
(End of Section)(Start of Section)
GBP in Millions except per share data.
Cash Flow
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
Operating Activities
643.50
708.00
753.00
725.90
–
Investment Returns & Financing
-206.40
-204.70
-190.60
-217.10
–
Taxation
1.10
-53.80
-32.40
-72.00
–
Investing Activities
-432.50
-488.20
-389.20
-344.50
–
Net Outflow/Inflow
5.70
-38.70
140.80
92.30
–
Financing
-16.30
-381.20
-52.50
-112.60
–
Net Cash Increase
-10.60
-419.90
88.30
-20.30
–
Foreign Exchange Adjustments
5.30
-0.40
-0.90
-0.20
–
Opening Balance
427.00
390.10
208.20
256.30
–
Closing Balance
421.70
-30.20
295.60
235.80
–
Investment Ratios
Cash Flow Per Share p
200.38
194.96
228.26
187.13
–
CAPEX PS p
208.98
214.32
176.98
157.81
–
(End of Section)(Start of Section)
GBP in Millions except per share data.
Figures from 2005 in accordance with IFRS
Dividend Yield (E)
%
3.92
5.16
3.96
Price Earning Growth (E)
f
-107.73
-1.99
0.28
Return on Capital Employed
%
–
15.25
9.53
Operating Margin
%
–
22.11
7.98
EPS Growth (E)
%
-0.21
-8.38
15.33
EV/EBITDA
x
–
8.43
21.77
Net Gearing
%
–
210.02
2.95
Net Tangible Asset Value Per Share
p
–
1.17
1.60
Price to Tangible Book Value
x
–
10.42
-4.82
Price/Cash Flow
x
–
6.81
14.35
Price/Sales
x
–
0.81
2.64
(End of Section)(Start of Section)
Valuation
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
Net Tangible Asset Value Per Share
p
322.75
304.01
373.09
337.55
–
(End of Section)(Start of Section)
Profitability
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
Operating Margin
%
22.62
35.18
29.22
23.57
–
Profit Margin
%
11.11
23.11
15.88
10.39
–
ROE
%
6.61
13.53
9.37
5.98
–
ROCE
%
6.28
9.70
7.77
6.59
–
(End of Section)(Start of Section)
Financial Health
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
Net Gearing
%
401.33
419.76
366.36
421.54
–
Gross Gearing
%
469.83
443.98
395.02
451.85
–
Dividend Cover
x
0.90
1.93
1.29
0.80
–
Interest Cover
x
1.83
2.85
2.17
1.78
–
Quick Ratio
r
1.42
0.86
1.61
1.46
–
Current Ratio
r
1.46
0.89
1.67
1.52
–
(End of Section)(Start of Section)
Growth
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
DPS Growth
%
7.24
0.27
5.74
-6.36
–
Norm EPS Growth
%
-33.67
115.02
-29.53
-41.43
–
Reported EPS Growth
%
–
–
–
–
–
(End of Section)(Start of Section)
Cash Flow
2009
2010
2011
2012
2013
Fiscal Year Ends
31/03/09
31/03/10
31/03/11
31/03/12
–
Cash Flow Per Share
p
200.38
194.96
228.26
187.13
–
CAPEX PS
p
208.98
214.32
176.98
157.81
–
(End of Section)(Start of Section)
(E)=Estimate (A)=Actual or achieved result (en) (p)=Pence (m)=Million (f)=Factor (r)=Ratio (x)=Multiple
Dividends
Company
Sector
Market
Dividend Yield (E) %
3.92
5.16
3.96
Next Dividend Dates
Event
Date
Ex-Dividend Date
19/06/13
Record Date
21/06/13
Payment Date
26/07/13
Dividend History and Forecast
2011
2012
2013
2014 (E)
2015 (E)
Fiscal Year Ends
31/03/11
31/03/12
–
–
–
DPS p
71.65
67.09
–
80.40
84.41
Dividend Growth %
5.74
-6.36
–
11.05
4.99
Dividend Yield (%) %
–
–
3.50
3.88
4.08
Dividend Cover x
1.29
0.80
–
1.14
1.12
IFRS Accounts
Yes
Yes
–
–
–
Dividend Record
Type
Ex-Dividend Date
Payment Date
Amount (p)
Prelim
19/06/13
26/07/13
45.51
Interim
05/12/12
11/01/13
30.34
Special Div
20/06/12
27/07/12
63.00
(End of Section)(Start of Section)
(E)=Estimate (A)=Actual or achieved result
Figures from 2005 in accordance with IFRS
