MyTravel Group Profit and Loss Account

 

 

 

Restated

 

 

Pre-goodwill

 

Pre-goodwill

 

 

and

 

and

 

 

exceptional

 

exceptional

 

 

operating

 

operating

Restated

 

items

Total

items

Total

 

2002

2002

2001

2001

Year ended 30 September

 £m

£m

£m

£m

Turnover: Group and share of joint ventures

Continuing operations

4,412.7

4,412.7

5,056.6

5,056.6

Acquisitions

0.6

0.6

-

-

 

4,413.3

4,413.3

5,056.6

5,056.6

Discontinued operations

-

-

22.3

22.3

 

4,413.3

4,413.3

5,078.9

5,078.9

Less: share of joint ventures’ turnover

Continuing operations

(34.1)

(34.1)

(28.1)

(28.1)

Group turnover

4,379.2

4,379.2

5,050.8

5,050.8

Cost of sales

(3,731.0)

(3,760.5)

(4,245.5)

(4,245.5)

Gross profit

648.2

618.7

805.3

805.3

Net operating expenses pre-goodwill

(675.7)

(680.1)

(698.0)

(722.3)

Goodwill

-

(30.7)

-

(30.1)

Net operating expenses

(675.7)

(710.8)

(698.0)

(752.4)

Operating (loss)/profit

Continuing operations

(24.9)

(89.4)

107.3

52.9

Acquisitions

(2.6)

(2.7)

-

-

Group operating (loss)/profit

(27.5)

(92.1)

107.3

52.9

Income from interests in joint ventures

and associates

Joint ventures

- continuing operations

5.2

5.2

3.0

3.0

 

- goodwill

-

(1.2)

-

(1.2)

Associates

- continuing operations

1.9

1.9

2.9

2.9

 

- goodwill

-

(0.6)

-

(0.5)

Group and share of joint ventures’

 

 

 

 

and associates’ operating (loss)/profit

(20.4)

(86.8)

113.2

57.1

Exceptional items

 

 

 

 

Profit on sale of subsidiary undertaking

 

9.6

 

-

Profit on sale of tangible fixed assets

 

0.2

 

22.8

Provision for losses on terminated operations

 

(2.5)

 

-

Losses on terminated operations

 

(2.6)

 

(19.7)

Less utilisation of provision

 

0.8

 

15.8

Costs of a fundamental reorganisation

 

-

 

(11.3)

(Loss)/profit on ordinary activities before

 

 

 

 

finance charges

 

(81.3)

 

64.7

Finance charges (net)

 

 

 

 

Group

 

9.8

 

(2.3)

Joint ventures and associates

 

(1.3)

 

(0.1)

(Loss)/profit on ordinary activities before tax

 

(72.8)

 

62.3

Tax on (loss)/profit on ordinary activities

 

29.5

 

(24.7)

(Loss)/profit on ordinary activities after tax

 

(43.3)

 

37.6

Equity minority interests

 

(0.1)

 

(3.5)

Non-equity minority interests

 

(16.7)

 

(16.7)

(Loss)/profit for the financial year

 

(60.1)

 

17.4

Dividends

 

(9.8)

 

(46.6)

Transfer from reserves

 

(69.9)

 

(29.2)

 

 

 

 

 

Restated

 

 

Total

 

Total

 

 

2002

 

2001

 

 

 

 

 


(Loss)/earnings per share

 

 

 

 

Basic

 

(12.22p)

 

3.55p

 - pre-goodwill

 

(5.62p)

 

10.05p

 - pre-goodwill and exceptional items

 

(1.08p)

 

13.45p

Diluted

 

(12.22p)

 

3.53p

 - pre-goodwill

 

(5.62p)

 

9.99p

 - pre-goodwill and exceptional items

 

(1.08p)

 

13.38p

 

Group Balance Sheet

 

 

Restated

 

2002

2001

At 30 September

£m

£m

Fixed assets

 

 

Intangible assets – goodwill

490.4

540.2

Tangible assets

489.6

431.1

Joint venture undertakings

 

 

      Share of gross assets

70.8

73.0

      Share of gross liabilities

(51.3)

(55.9)

      Goodwill

22.2

23.5

 

41.7

40.6

Investments in associated undertakings

30.1

29.9

Other investments

11.7

13.2

 

83.5

83.7

Total fixed assets

1,063.5

1,055.0

Current assets

Stocks

14.0

13.3

Debtors: amounts falling due within one year

556.0

591.1

Debtors: amounts falling due after one year

168.2

181.0

Cash and deposits

292.7

378.6

 

1,030.9

1,164.0

Creditors: amounts falling due within one year

(1,165.4)

(1,212.9)

Net current liabilities

(134.5)

(48.9)

Total assets less current liabilities

929.0

1,006.1

Creditors: amounts falling due after one year

Convertible debt

(219.9)

(271.3)

Other creditors

(228.8)

(189.3)

 

(448.7)

(460.6)

Provisions for liabilities and charges

(93.6)

(90.6)

Net assets

386.7

454.9

Capital and reserves

Called up share capital

49.5

49.3

Share premium account

113.9

109.5

Capital redemption reserve

3.2

3.2

Other reserves

18.0

18.0

Profit and loss account

(8.1)

65.3

Equity shareholders’ funds

176.5

245.3

Equity minority interests

0.7

1.1

Non-equity minority interests

209.5

208.5

 

386.7

454.9

 

Group Cash Flow Statement

 

2002

2001

Year ended 30 September

£m

£m

Net cash inflow/(outflow) from operating activities

9.9

(10.5)

Dividends received from associated undertakings

2.4

0.6

Returns on investments and servicing of finance

 

 

Interest received

41.2

34.3

Interest paid

(32.9)

(30.1)

Interest element of finance leases

(7.9)

(3.4)

Dividends paid on undated preference shares

(15.8)

(15.8)

Minority interests

(0.3)

(3.3)

Net cash outflow from returns on investments

 

 

and servicing of finance

(15.7)

(18.3)

Tax received/(paid)

0.6

(1.3)

Capital expenditure and financial investment

 

 

Purchase of tangible fixed assets

(70.1)

(126.2)

Purchase of fixed asset investments

(1.8)

(7.9)

Sale of tangible fixed assets

30.1

86.0

Loans to joint venture undertaking repaid

18.7

18.0

Net cash outflow from capital expenditure and

 

 

financial investment

(23.1)

(30.1)

Acquisitions and disposals

 

 

Purchase of subsidiary undertakings

(8.5)

(31.6)

Acquisition expenses

(0.6)

(1.1)

Cash at bank and in hand acquired with subsidiaries

-

5.9

Proceeds less cash at bank and in hand relating to

 

 

disposal of subsidiaries

35.5

(3.5)

Investment in joint venture and associated undertakings

(0.1)

(27.4)

Net cash inflow/(outflow) from acquisitions

 

 

and disposals

26.3

(57.7)

Equity dividends paid

(46.8)

(45.1)

Cash outflow before use of liquid resources

 

 

and financing

(46.4)

(162.4)

Management of liquid resources

 

 

Movement on term deposits

79.7

328.9

Net cash inflow from management

 

 

of liquid resources

79.7

328.9

Financing

 

 

Issue of shares

4.0

2.2

Issue of unsecured senior loan notes

-

66.5

Redemption of Convertible Bonds due 2004

(45.0)

(25.0)

Loan repayments

(14.3)

(277.1)

Capital element of finance lease rental payments

(18.8)

(9.8)

Net cash outflow from financing

(74.1)

(243.2)

Decrease in cash in the year

(40.8)

(76.7)

 

Group Statement of Total Recognised Gains and Losses

 

 

Restated

 

2002

2001

Year ended 30 September

£m

£m

(Loss)/profit for the financial year

(60.1)

17.4

Currency differences on foreign currency net investments

(2.9)

(8.8)

Total recognised gains and losses relating to the year

(63.0)

8.6

Prior year adjustment

(67.0)

-

Total gains and losses recognised since last financial statements

(130.0)

8.6

 

Notes to the Financial Statements

 

1.   Basis of Preparation

 

The accounts have been prepared using accounting policies stated in the Company’s report and accounts for the year ended 30 September 2002.  These policies are different to those applied for the year ended 30 September 2001 with respect to policies for the recognition of retail revenue, insurance, indirect selling costs and deferred tax.  The effect of these changes on the Group is set out in note 4.  The results shown above do not constitute statutory accounts for the year ended 30 September 2002 and 30 September 2001 within the meaning of section 240 of the Companies Act 1985.  The results in respect of the financial years ended 30 September 2002 and 30 September 2001 are an abridged version of the Company’s consolidated statutory accounts which have been reported on without qualification, and without a statement under section 237(2) or (3) of the Companies Act 1985, by the auditors. The 2001 consolidated statutory accounts have been delivered to the Registrar of Companies.

 

2.   Segmental Information

 

 

Restated

 

2002

2001

 

£m

£m

 

Turnover

UK

   continuing

2,473.4

2,661.6

Other Europe

   continuing

Northern Europe

914.0

1,032.3

 

Germany

422.6

684.4

   acquisitions

0.6

-

   discontinued

-

22.3

North America

   continuing

 

568.6

650.2

Group

4,379.2

5,050.8

Joint ventures

 

 

 

   continuing

Hotetur

27.2

20.0

 

Other

6.9

8.1

Group and share of joint ventures

4,413.3

5,078.9

 

 

 

 

 

 

The impact of the prior year adjustment on 2001 is on UK turnover only.

 

 

Pre-goodwill

Post goodwill

 

and exceptional

and exceptional

 

operating items

operating items

 

 

Restated

 

Restated

 

2002

2001

2002

2001

 

£m

£m

£m

£m

Operating (loss)/profit

UK

   continuing

(24.1)

77.7

(58.2)

51.0

Other Europe

   continuing

Northern Europe

9.3

33.9

5.0

29.4

 

Germany

(31.2)

(25.5)

(40.1)

(32.2)

   acquisitions

 

(2.6)

-

(2.7)

-

North America

   continuing

 

21.1

21.2

3.9

4.7

 

(27.5)

107.3

(92.1)

52.9

 

 

 

 

 

 

 

 

The impact of the prior year adjustment on 2001 is to reduce UK operating profit by £14.7m, Northern Europe operating profit by £0.8m and North America operating profit by £3.5m.

 

 

Pre-goodwill

Post goodwill

 

and exceptional

and exceptional

 

operating items

operating items

 

2002

2001

2002

2001

 

£m

£m

£m

£m

 

Income from interests in joint ventures

and associates

Joint ventures

   continuing

Hotetur

3.7

1.9

2.5

0.7

 

Other

1.5

1.1

1.5

1.1

Associates

 

 

 

 

 

   continuing

Germany - direct distribution

0.1

1.1

0.1

0.8

 

Aqua Sol

1.8

1.8

1.2

1.6

 

 

7.1

5.9

5.3

4.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2002

2001

 

£m

£m

 

Exceptional operating items

UK

   continuing

(28.1)

(20.7)

Other Europe

   continuing

Northern Europe

(3.3)

(3.6)

 

Germany

(2.5)

-

 

(33.9)

(24.3)

 

 

2002

2001

 

£m

£m

 

Goodwill

UK

   continuing

(6.0)

(6.0)

Other Europe

   continuing

Northern Europe

(1.0)

(0.9)

 

Germany

(6.4)

(6.7)

   acquisitions

 

(0.1)

-

North America

   continuing

 

(17.2)

(16.5)

 

 

(30.7)

(30.1)

Joint ventures

   continuing

Hotetur

(1.2)

(1.2)

Associates

 

 

 

   continuing

Germany - direct distribution

-

(0.3)

 

Aqua Sol

(0.6)

(0.2)

 

(32.5)

(31.8)

 

 

 

 

 

 

Profit on sale of subsidiary undertaking

 

On 28 September 2002, the Group disposed of its interests in the Eurosites camping division.  The tax effect of the profit on disposal of £9.6m was £2.4m.

 

 

2002

2001

 

£m

£m

Profit on sale of tangible fixed assets

UK

 

 

   continuing

 

2.6

22.9

Other Europe

 

 

   continuing

Northern Europe

(2.0)

-

 

Germany

(0.4)

(0.1)

 

0.2

22.8

 

 

 

 

 

 

The tax effect of the profit on sale of tangible fixed assets was £0.1m (2001: £7.9m).

 

 

2002

2001

 

£m

£m

Losses on terminated operations

UK

4.3

1.9

Other Europe

-

2.0

 

4.3

3.9

 

The losses on terminated operations in the UK represent the costs of exiting of the Group from Vacation Ownership operations.  During 2002, the Group recorded £1.8m of losses relating to these operations and provided £2.5m for losses on the related fixed assets.

 

In Other Europe, the Group announced in 2000 the closure of its Belgian charter airline operations and closed its tour operations in France and Belgium and made provision for £20.2m of related costs.  During 2002, £0.8m of costs were incurred and £0.8m of the provision utilised.

 

There was no material tax effect as a result of these transactions.

 

 

2002

2001

 

£m

£m

 

Finance charges (net)

UK

   continuing

31.0

24.0

Other Europe

   continuing

Northern Europe

4.2

1.8

 

Germany

(8.2)

(9.1)

   acquisitions

 

(0.1)

-

North America

   continuing

 

(17.1)

(19.0)

Group

 

9.8

(2.3)

Joint ventures

   continuing

Hotetur

(1.5)

(0.3)

 

Other

0.4

-

Associates

 

 

 

   continuing

Germany - direct distribution

-

0.2

 

Aqua Sol

(0.2)

-

Joint ventures and associates

(1.3)

(0.1)

Total finance charges (net)

8.5

(2.4)

 

 

 

 

 

 

 

Pre-goodwill

Post goodwill

 

and exceptional

and exceptional

 

items*

items*

 

 

  Restated

 

Restated

 

2002

2001

2002

2001

 

£m

£m

£m

£m

(Loss)/profit on ordinary activities before tax

UK

   continuing

6.9

101.7

(19.3)

95.9

Other Europe

   continuing

Northern Europe

13.5

35.7

7.2

31.2

 

Germany

(39.4)

(34.6)

(48.7)

(52.6)

   acquisitions

 

(2.7)

-

(2.8)

-

   discontinued

-

-

-

(2.0)

North America

   continuing

 

4.0

2.2

(13.2)

(14.3)

Joint ventures

 

 

 

 

   continuing

Hotetur

2.2

1.6

1.0

0.4

 

Other

1.9

1.1

1.9

1.1

Associates

 

 

 

 

 

   continuing

Germany – direct distribution

0.1

1.3

0.1

1.0

 

Aqua Sol

1.6

1.8

1.0

1.6

 

(11.9)

110.8

(72.8)

62.3

 

 

 

 

 

 

 

 

*(Loss)/profit is stated after charging e-commerce costs of £23.2m (2001: £15.2m).

 

 

2002

2001

 

£m

£m

 

Exceptional items

UK

   continuing

(20.2)

0.2

Other Europe

   continuing

Northern Europe

(5.3)

(3.6)

 

Germany

(2.9)

(11.3)

   discontinued

-

(2.0)

 

(28.4)

(16.7)

 

 

 

Restated

 

2002

2001

 

£m

£m

Net assets

UK

57.0

48.2

Other Europe

210.0

281.2

North America

119.7

125.5

 

386.7

454.9

 

The impact of the prior year adjustment on 2001 is to reduce net assets by £58.7m in the UK, £5.3m in Other Europe and £3.0m in North America.

 

3.   Exceptional operating items

 

2002

2001

 

£m

£m

UK

 

 

 

 

 

   continuing

 

(i)

accounting errors

26.0

-

 

 

 

impairment of own shares

2.1

-

 

 

(ii)

reorganisation costs

-

20.7

Other Europe

 

 

 

 

 

   continuing

Northern Europe

(ii)

reorganisation costs

3.3

3.6

 

Germany

(iii)

reorganisation and

 

 

 

 

 

relocation costs

2.5

-

 

33.9

24.3

 

(i)

The exceptional charge of £26.0m represents the cumulative effect over several years of a

 

number of accounting errors identified in the current year relating to prior years.  These

 

comprised misallocations of costs between seasons and years (£10.3m) and differences on

 

intercompany accounts (£15.7m).  The comparative figures have not been restated because

 

the effect of these errors in the prior year was not fundamental to the stated results and 

 

balance sheets in those financial statements in that year.

(ii)

The costs in 2002 relate to reorganisation and shop closure costs in Norway and Finland. 

 

The comparative costs in 2001 relate to the reorganisation of certain businesses in the UK

 

and Scandinavia including the restructuring of the Group’s retail operations in those

 

countries.

(iii)

The costs relate to the relocation of the offices in Germany and associated reorganisation.

 

The tax effect of these exceptional items was £8.6m (2001: £7.2m).

 

4.   Prior year adjustment

 

Having undertaken a comprehensive review of accounting policies to consider their continuing appropriateness under Financial Reporting Standard No.18 – Accounting Policies, the directors have concluded that certain changes should be made in the areas of revenue recognition and cost deferrals.  The policies which have changed are those relating to revenue recognition for commission earned on sales made by the Group’s retail operations, the treatment of holiday insurance and that relating to indirect selling costs relating to future seasons.  The directors consider that the revised policies are the most appropriate for the Group. 

 

In respect of the retail business, the Group had previously recognised commission and profits on holiday insurance on sales made through its retail operations at the dates on which the related holidays were booked or policies were provided.  The new policy moves the revenue recognition date to the date of departure for sales made of in-house leisure travel products and to the date of full receipt of cash for sales of third party leisure travel products.

 

In addition, indirect selling costs relating to future seasons which were previously deferred are now charged to the profit and loss account as incurred.

 

A further change in accounting policy has been necessary to comply with Financial Reporting Standard No.19 – Deferred Tax, which applies to the Group’s financial statements for the first time this year.  This standard requires the Group to make provision for deferred tax on all timing differences which have originated but not reversed at the balance sheet date which result in an obligation to pay more tax, or a right to pay less tax, in the future.  Previously provision was required only to the extent that timing differences were expected to reverse in the foreseeable future.

 

The prior year accounts have been restated accordingly to reflect these changes in accounting policy.

 

The effect of the changes on the Group are set out below:

 

 

 

 

Total

 

Pre

 

 

2002

Prior Year

2001

2001

 

 

£m

£m

£m

£m

Increase in loss/increase/(decrease) in

 

 

 

 

profit before tax

 

 

 

 

Retail commission

(14.3)

(48.5)

(11.0)

(37.5)

Free holiday insurance

(3.8)

(14.6)

0.4

(15.0)

Deferred indirect selling costs

(2.2)

(17.9)

(8.4)

(9.5)

 

(20.3)

(81.0)

(19.0)

(62.0)

Tax credit/(charge)

 

 

 

 

Tax effect of above changes

4.5

22.0

4.7

17.3

FRS 19 Deferred tax

-

(8.0)

0.9

(8.9)

 

4.5

14.0

5.6

8.4

Decrease in reserves

(15.8)

(67.0)

(13.4)

(53.6)

 

 

 

Restated

Adjustments

As reported

 

 

2001

2001

2001

 

 

£m

£m

£m

Balance sheet

 

 

 

 

Debtors due within one year

 

591.1

(66.4)

657.5

Creditors due within one year

 

(1,212.9)

(9.6)

(1,203.3)

Deferred taxation

 

(49.8)

9.0

(58.8)

Decrease in net assets

 

 

(67.0)

 

 

5.   Tax on (loss)/profit on ordinary activities

 

 

Restated

 

2002

2001

 

£m

£m

 

Analysis of charge in period

Current tax

The current tax charge is based on the (loss)/profit for the year and is

 

 

made up as follows:

 

 

UK

corporation tax at 30% (2001: 30%)

(16.7)

9.7

 

adjustments in respect of prior years

3.2

5.8

 

(13.5)

15.5

Overseas

corporation tax

8.3

10.4

 

adjustments in respect of prior years

(23.2)

-

 

(14.9)

10.4

 

tax on share of profits of joint ventures and

 

 

 

associates

0.2

2.3

Total current tax

(28.2)

28.2

Deferred tax

 

 

 

origination and reversal of timing differences

5.6

4.8

 

adjustments in respect of prior years

(6.9)

(8.3)

Total deferred tax

(1.3)

(3.5)

Tax on (loss)/profit on ordinary activities

(29.5)

24.7

 

6.   (Loss)/earnings per share

 

Basic (loss)/earnings per share is calculated by dividing the (loss)/earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year, excluding those held in the employee share ownership trusts.

 

For diluted (loss)/earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. These represent share options granted to employees where the exercise price is less than the average market price of the Company's shares during the year and the conversion of the Convertible Bonds.

 

Supplementary (loss)/earnings per share figures are presented. These exclude the effects of the amortisation of goodwill and also the effects of the exceptional items and are presented to allow comparison to the prior year on a like-for-like basis.

 

 

2002

2001

 

Weighted

 

 

Weighted

Restated

(Loss)/

ave. no.

Per share

Restated

ave. no.

Per share

earnings

of shares

amount

Earnings

of shares

amount

£m

m*

p

£m

 m*

p

Basic (loss)/earnings per share

(Loss)/profit attributable to

 

 

 

 

 

 

ordinary shareholders

(60.1)

492.1

(12.22)

17.4

490.2

3.55

Effect of dilutive securities:

 

 

 

 

 

 

Options **

-

-

-

-

2.1

(0.02)

Convertible Bonds ***

-

-

-

-

-

-

Diluted (loss)/earnings per share

Adjusted (loss)/profit

(60.1)

492.1

(12.22)

17.4

492.3

3.53

 

*

The number of shares has been reduced by 1.8m being the weighted average number of shares

 

held by the employee share ownership trusts (2001: 1.8m).

**

Options are antidilutive in 2002 and have been ignored in the calculation of diluted loss per

 

share for 2002.

***

The Convertible Bonds are antidilutive and have been ignored in the calculation of diluted

 

(loss)/earnings per share for both years.

 

 

 

 

 

 

 

2002

2002

2001

2001

Supplementary (loss)/earnings per share to exclude

 

 

 

 

goodwill amortisation and exceptional items

 

 

 

 

Weighted average number of shares (millions) *

 

492.1

 

490.2

 

 

 

 

 

 

 

 

 

Restated

 

(Loss)/

Per share

Restated

Per share

 

earnings

amount

Earnings

amount

 

£m

p

£m

p

Basic (loss)/earnings per share

(60.1)

(12.22)

17.4

3.55

Effect of goodwill amortisation

32.5

6.60

31.8

6.50

Basic (loss)/earnings per share pre-goodwill

 

 

 

 

amortisation

(27.6)

(5.62)

49.2

10.05

Exceptional items (including tax

 

 

 

 

effect of £6.1m; 2001: £nil)

22.3

4.54

16.7

3.40

Basic (loss)/earnings per share pre-goodwill

 

 

 

 

amortisation and exceptional items

(5.3)

(1.08)

65.9

13.45

 

 

2002

2002

2001

2001

 

 

 

 

 

Weighted average number of shares (millions) *

 

492.1

 

492.3

 

 

 

 

 

 

 

 

 

Restated

 

(Loss)/

Per share

Restated

Per share

 

earnings

amount

Earnings

amount

 

£m

p

£m

p

Diluted (loss)/earnings per share

(60.1)

(12.22)

17.4

3.53

Effect of goodwill amortisation

32.5

6.60

31.8

6.46

Diluted (loss)/earnings per share pre-goodwill

 

 

 

 

amortisation

(27.6)

(5.62)

49.2

9.99

Exceptional items (including tax

 

 

 

 

effect of £6.1m; 2001: £nil)

22.3

4.54

16.7

3.39

Diluted (loss)/earnings per share pre-goodwill

 

 

 

 

amortisation and exceptional items

(5.3)

(1.08)

65.9

13.38

 

7.   Dividends

 

The Board is recommending that no final dividend is paid (2001: 7.50p).  The total dividend paid in the year was 2.00p (2001: 9.50p).

 

8.   Reconciliation of operating (loss)/profit to operating cash flows

 

 

Restated

 

2002

2001

 

£m

£m

Operating (loss)/profit

(92.1)

52.9

Depreciation charges

74.6

73.8

Goodwill amortisation

30.7

30.1

Provision against fixed asset investments

3.0

0.3

(Increase)/decrease in stocks

(0.5)

3.1

Decrease/(increase) in debtors

10.9

(36.3)

Increase/(decrease) in creditors

9.3

(89.8)

Decrease in provisions

(12.0)

(9.0)

Cash impact of the termination of operations

(1.8)

(17.2)

Cash impact of fundamental reorganisation

(12.2)

(18.4)

Net cash inflow/(outflow) from operating activities

9.9

(10.5)

 

9.   Reconciliation of net cash flow to movement in net debt

 

2002

2001

 

£m

£m

Decrease in cash in the year

(40.8)

(76.7)

Cash outflow from decrease in debt and lease financing

78.1

245.4

Cash inflow from decrease in liquid resources

(79.7)

(328.9)

Changes in net debt resulting from cash flows

(42.4)

(160.2)

Loans and finance leases acquired with subsidiary undertakings

-

(0.8)

Transfer of Convertible Bonds due 2004 redeemed 30 September 2002,

 

 

settled 3 October 2002

8.4

-

Transfer of Convertible Bonds due 2004 redeemed 29 September 2000,

 

 

settled 2 October 2000

-

(9.0)

Issue costs of Convertible Bonds due 2004

(2.0)

(2.0)

Capitalisation of finance leases

(122.4)

-

Exchange differences

48.5

(6.9)

Movement in net debt in the year

(109.9)

(178.9)

Net (debt)/funds brought forward

(20.0)

158.9

Net debt carried forward

(129.9)

(20.0)