Invensys plc
 
For the six months ended 30 September 2003
 
 
 
Consolidated profit and loss account (unaudited)
 
 
 
 Six months Six months Year ended
 ended ended
 
  30 September 30 September 31 March
 
 2003 2002 2003
 
 (restated) (restated)
 
 Notes £m  £m £m
 ------- ------- -------
 
 
 
Turnover
 
 
 
Continuing 1,986 2,008 4,014
operations
 
Discontinued 58 739 1,004
operations ------- ------- -------
 
 
 
 1 2,044 2,747 5,018
 
Operating
profit before
exceptional
items,
 
Goodwill
amortisation
and goodwill
impairment
 
 
 
Continuing 116 118 214
operations
 
Discontinued (13) 58 71
operations ------- ------- -------
 
 
 
  1 103 176 285
 
Operating
exceptional
items
 
 
 
Restructuring (46) (53) (119)
costs
 
Transition 3 (86) - -
costs  ------- ------- -------
 
 
 
 3 (132) (53) (119)
 ------- ------- -------
 
 
 
Operating (29)  123 166
(loss)/profit
before
goodwill
amortisation
and goodwill
impairment
 
Goodwill 3 (31) (62) (122)
amortisation
 
Goodwill - - (585)
impairment ------- ------- -------
 
 
 
Total (60) 61 (541)
operating
(loss)/
profit
 
 
 
Continuing 2 (38) 50 47
operations
 
Discontinued 2 (22) 11 (588)
operations ------- ------- -------
 
 
 
Total 2 (60) 61 (541)
operating
(loss)/
profit
 
 
 
Corporate
exceptional
items
 
Costs of (31) (8) (29)
closure
 
Loss on sale (2) (2) (12)
of fixed
assets
 
Loss on 4 (54) (102) (664)
disposal of ------- ------- -------
operations
 
 
 
Loss on 1 (147) (51) (1,246)
ordinary
activities
before
interest and
taxation
 
Net interest  (39) (61) (113)
payable and
similar
charges
 
Other finance (12) 15 30
(charges)/ ------- ------- -------
income - FRS
17
 
 
 
Loss on  (198) (97) (1,329)
ordinary
activities
before
taxation
 
Taxation on 5 49 (31) (57)
loss on ------- ------- -------
ordinary
activities
 
 
 
Loss on (149) (128) (1,386)
ordinary
activities
after
taxation
 
Minority - (1) 6
interests - ------- ------- -------
equity
 
 
 
Loss for the (149) (129) (1,380)
period
 
Dividends - (35) (35)
 ------- ------- -------
 
 
 
Retained loss (149) (164) (1,415)
for the ------- ------- -------
period
 
 
 
Loss per share 6 (4.3) p (3.7) p (39.4) p
(basic and
diluted)
 
Earnings per 6 0.8 p 2.2 p 2.6 p
share (total
Group before
exceptional
items,
goodwill
amortisation
and goodwill
impairment)
 
 ------- ------- -------
 
 
 
Average exchange rates for the period
 
US$ to £1 1.62 1.50 1.54
 
Euro to £1 1.43 1.59 1.56
 
Yen to £1 190.10 185.56 188.14
 
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The results for the period have been translated into sterling at the appropriate
average exchange rates.
 
 
 
At 30 September 2003
 
Consolidated balance sheet (unaudited)
 
  30 September 30 September 31 March
 2003 2002 2003
 (restated) (restated)
 Notes £m £m  £m
 ------- ------- -------
 
Fixed assets
 
Intangible assets - 578 1,413 746
goodwill
 
Tangible assets 816 1,209 880
 
Investments in 4 4 4
associated
undertakings
 
Other investments 20 58 30
 ------- ------- -------
 
 
 
  1,418 2,684 1,660
 ------- ------- -------
 
 
 
Current assets
 
Stocks 475 673 489
 
Debtors: amounts 960 1,273 1,053
falling due within
one year
 
Debtors: amounts 99 119 129
falling due after
more than one year
 
Investments 23 30 31
 
Cash and short-term 396 365 365
deposits ------- ------- -------
 
 
 
 1,953 2,460 2,067
 ------- ------- -------
 
Creditors: amounts falling due within
one year
 
Short-term (572) (624) (136)
borrowings
 
Other creditors (1,166) (1,468) (1,477)
  ------- ------- -------
 
 
 
 (1,738) (2,092) (1,613)
 ------- ------- -------
 
 
 
Net current assets 215 368  454
 ------- ------- -------
 
 
 
Total assets less 1,633 3,052 2,114
current liabilities ------- ------- -------
 
 
 
Creditors: amounts falling due after
more than one year
 
Long-term (1,433) (2,408) (1,785)
borrowings
 
Other creditors (26) (30) (23)
 ------- ------- -------
 
 
 
 (1,459) (2,438) (1,808)
 ------- ------- -------
 
 
 
Provisions for (320) (360) (322)
liabilities and  ------- ------- -------
charges
 
 
 
Net (liabilities)/ (146) 254 (16)
assets excluding ------- ------- -------
pension liability
 
 
 
Pension liability  (770) (939) (885)
 ------- ------- -------
 
 
 
 1 (916) (685) (901)
 ------- ------- -------
 
 
 
Capital and reserves
 
Called up share 875 875 875
capital
 
Share premium 15 15 15
account
 
Capital redemption 83 83  83
reserve
 
Capital reserve 2,126 576 2,047
 
Profit and loss (4,202) (2,425) (4,107)
account ------- ------- -------
 
 
 
Shareholders' deficit (1,103) (876) (1,087)
- equity
 
Minority interests - 187 191 186
including ------- ------- -------
non-equity
 
 
 
  (916) (685) (901)
 ------- ------- -------
 
 
 
Period end exchange rates
 
US$ to £1 1.66 1.57 1.58
 
Euro to £1 1.43  1.59 1.45
 
Yen to £1 185.60 191.45 187.43
 
-------------------------------------------------------------------------
 
The balance sheet has been translated into sterling at appropriate period end
exchange rates.