ASHTEAD GROUP PLC
CONSOLIDATED PROFIT & LOSS ACCOUNT
----------------------------------
 
 Unaudited Audited
 Three months to Nine months to Year to
 31 January 31 January 30 April
 2005 2004 2005 2004 2004
 ------ ------ ------ ------  ------
 £m £m £m £m £m
 
Turnover 123.4 111.7 398.1 381.1 497.0
 ======= ======= ======= ======= =======
 
Operating profit/(loss) 8.9 (2.2) 45.3 16.2 16.2
 
Loss on sale of business - (3.8) - (3.8) (3.8)
 
Interest payable and similar
charges (10.3) (8.6) (31.0) (35.5) (45.5)
 
(Loss)/profit before taxation (1.4) (14.6) 14.3 (23.1) (33.1)
 
Profit/(loss) before taxation,
exceptional
items and goodwill amortisation 0.8 (6.6) 20.9 4.5 7.6
 
Exceptional items - (5.7) - (20.8) (31.5)
 
Goodwill amortisation (2.2) (2.3) (6.6) (6.8) (9.2)
 
(Loss)/profit on ordinary
activities 
before taxation (1.4) (14.6) 14.3 (23.1) (33.1)
 
Taxation on (loss)/profit on
ordinary activities: 
- current tax (0.1) - (0.6) (0.1) 0.3
- deferred tax (0.8) 0.3 (9.6) (2.2) (2.0)
  (0.9) 0.3 (10.2) (2.3) (1.7)
(Loss)/profit for the financial
period transferred to reserves (2.3) (14.3) 4.1 (25.4) (34.8)
 
Basic and diluted (loss)/earnings
per share (0.7p) (4.4p) 1.3p (7.9p) (10.8p)
 -------- -------- ------ -------- ---------
 
 
Reconciliation of operating profit to EBITDA before exceptional items
 
 
Operating profit 8.9 (2.2) 45.3 16.2  16.2
 
Exceptional items - 1.9 - 9.2 18.8
 
Goodwill amortisation 2.2 2.3 6.6 6.8 9.2
 
Depreciation excluding exceptional
impairment 25.4 25.1  74.0 79.8 102.8
 ------ ------ ------ ------ -------
EBITDA before exceptional items 36.5 27.1 125.9 112.0 147.0
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EBITDA is presented here as an additional performance measure as it is commonly
used by investors and lenders.
 
 
 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
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  Unaudited Audited
 Three months to Nine months to Year to
 31 January 31 January 30 April
 2005 2004 2005 2004 2004
 ------ ------ ------ ------ ------
 £m £m £m £m £m
 
(Loss)/profit for the financial
period (2.3) (14.3) 4.1 (25.4) (34.8)
Foreign currency translation
differences (3.2) 0.8 (6.8) 1.3 4.9
 
Total recognised gains and
losses 
in the period  (5.5) (13.5) (2.7) (24.1) (29.9)
 
 
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
 
 Unaudited Audited
 Three months to Nine months to Year to
 31 January 31 January 30 April
 2005 2004 2005 2004 2004
 ------ ------ ------ ------ ------
  £m £m £m £m £m
 
Total recognised gains and losses
in the period (5.5) (13.5) (2.7) (24.1) (29.9)
Charge for share scheme awards 0.1 - 0.2 -  -
Goodwill transferred to profit and
loss account in respect of businesses
sold - 2.3 - 2.3 2.3
 
Net decrease in shareholders'
funds in the period (5.4) (11.2) (2.5) (21.8)  (27.6)
Opening shareholders' funds 134.7 148.8 131.8 159.4 159.4
 ------- ------- ------- ------- -------
 
Closing shareholders' funds 129.3 137.6 129.3 137.6 131.8
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CONSOLIDATED BALANCE SHEET
--------------------------
 Unaudited Audited
  31 January 30 April
 2005 2004 2004
 ------ ------ ------
 £m £m £m
Fixed assets
 
Intangible assets:
 
- goodwill 136.3 145.3 142.9
Tangible fixed assets:
- rental equipment 445.3 470.2 469.7
- other fixed assets  64.8 65.7 65.8
 ------ ------ ------
 510.1 535.9 535.5
 
 
  646.4 681.2 678.4
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Current assets
 
Stock 13.4 13.7 15.1
Trade debtors subject to non-recourse financing  - 75.8 82.4
Non-recourse financing received - (49.6) (52.2)
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Trade debtors net of non-recourse financing - 26.2 30.2
Other trade debtors, prepayments & accrued
income 90.2 17.3 11.7
Cash at bank and in hand 8.0 14.3 9.9
  ------ ------ -------
 111.6 71.5 66.9
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Creditors - amounts falling due within one year
 
Bank loans, overdrafts and finance lease
obligations (5.6) (20.2) (15.6)
Trade and other creditors (70.7) (64.2) (77.3)
 ------ ------ -------
 (76.3) (84.4) (92.9)
 ------ ------ -------
 
Net current assets/(liabilities) 35.3 (12.9) (26.0)
  ------ ------ -------
 
Total assets less current liabilities 681.7 668.3 652.4
 
Creditors - amounts falling due after more than
one year
 
Bank and other loans, and finance lease
obligations (362.1) (349.4) (338.2)
5.25% unsecured convertible loan note, due 2008 (131.1) (130.4) (130.6)
Trade and other creditors (7.8) (8.9) (9.4)
  ------ ------ -------
 (501.0) (488.7) (478.2)
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Provision for liabilities and charges
 
Deferred taxation (35.6) (27.7) (27.7)
 
Other provisions (15.8) (14.3) (14.7)
 ------ ------ -------
  (51.4) (42.0) (42.4)
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Total net assets 129.3 137.6 131.8
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Capital and reserves
 
Called up share capital 32.6 32.6 32.6
Share premium account 100.7 100.7 100.7
Revaluation reserve  0.5 0.5 0.5
Own shares held by ESOT (1.6) (1.6) (1.6)
Profit and loss account (2.9) 5.4 (0.4)
  ------ ------ -------
Total equity shareholders' funds 129.3 137.6 131.8
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CONSOLIDATED CASH FLOW STATEMENT
--------------------------------
 
 Unaudited Audited
 Nine months to Year to
 31 January  30 April
 2005 2004 2004
 ------ ------ ------
 £m £m £m
 
Net cash inflow from operating activities
 
Cash inflow before exceptional items 119.6 113.0 140.0
Exceptional costs (3.7) (7.6) (11.1)
Movement in non-recourse finance received
 
under trade debtors securitisation (51.7) (4.5) (2.2)
 ------ ------ ------
Net cash inflow from operating activities 64.2 100.9 126.7
  ------ ------ ------
 
Returns on investments and servicing of finance
 
Interest paid (21.9) (23.4) (32.9)
Exceptional finance costs (2.0) (3.7) (7.1)
  ------ ------ ------
Net cash outflow from returns on investments
and servicing of finance (23.9) (27.1) (40.0)
 ------- ------  ------
 
Taxation (outflow)/inflow (0.9) (0.3) 0.1
 
Capital expenditure and financial investment
 
Purchase of tangible fixed assets (86.5) (70.3) (82.9)
Sale of tangible fixed assets  25.4 17.2 32.3
 ------ ------ ------
Net cash outflow from capital expenditure and
financial investment (61.1) (53.1) (50.6)
  ------ ------ ------
Acquisitions & disposals inflow 0.5 13.0 15.2
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Net cash (outflow)/inflow before management of
liquid resources and financing (21.2) 33.4 51.4
 
Financing
 
Drawdown of loans 248.9 - 115.6
Redemption of loans (222.5) (17.3) (156.6)
Decrease/(increase) in cash collateral balances 5.7 (2.5) (2.6)
Capital element of finance lease payments (6.6) (6.5) (8.6)
 ------ ------ ------
Net cash outflow from financing 25.5 (26.3) (52.2)
 ------ ------ ------
Increase/(decrease) in cash 4.3 7.1 (0.8)
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