Five Year Summary


	Cookson Group plc Annual Report 2008

FIVE YEAR SUMMARY – GROUP


	Group Income Statement

	Group Statement of Cash Flows

	Group Balance Sheet

	Group Statement of Recognised Income and Expense

	Notes to the Consolidated Financial Statements

	Company Balance Sheet

	Notes to the Company Financial Statements

	Five Year Summary - Divisional

•	Five Year Summary - Group

	Shareholder Information

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INCOME STATEMENT	2008 £m	2007 £m	2006 £m	2005 £m	2004 £m

Revenue:
Continuing operations	2,202.5	1,619.5	1,589.6	1,457.1	1,476.1
Discontinued operations	-	1.5	71.8	177.5	176.4

Total revenue	2,202.5	1,621.0	1,661.4	1,634.6	1,652.5


Trading profit:
Continuing operations	216.3	169.6	150.3	124.9	110.5
Discontinued operations	-	(0.2)	7.9	9.8	9.4

Total trading profit	216.3	169.4	158.2	134.7	119.9
Restructuring and integration costs	(39.6)	(5.8)	(34.7)	(18.5)	(22.7)
Inventory fair value adjustment	(2.6)	-	-	-	-
Profit/(loss) relating to non-current assets	3.4	7.0	13.1	-	(16.8)
Amortisation and impairment of intangible assets	(52.5)	-	-	-	-
Curtailment gains relating to employee benefits	6.0	1.0	8.6	-	-

Profit from operations	131.0	171.6	145.2	116.2	80.4
Net finance costs	(43.0)	(21.5)	(28.4)	(36.2)	(32.6)
Share of post-tax profit of joint ventures	0.7	1.7	1.4	1.4	2.3
Net profit/(loss) on disposal of continuing operations	0.9	(0.4)	(4.7)	(2.9)	(37.5)

Profit before tax	89.6	151.4	113.5	78.5	12.6
Income tax costs	(40.2)	(43.4)	(43.8)	(44.4)	(29.6)
Net post-tax loss on disposal of operations	-	(0.1)	(3.3)	(41.7)	-

Profit/(loss) for the year	49.4	107.9	66.4	(7.6)	(17.0)

BALANCE SHEET	2008 £m	2007 £m	2006 £m	2005 £m	2004 £m

Property, plant and equipment	446.6	254.7	222.4	264.9	322.9
Goodwill and other intangible assets	1,187.6	430.8	429.0	481.6	485.2
Employee benefits - net surpluses	70.6	-	-	-	-
Other non-current assets	59.3	50.0	50.8	58.8	75.4

Total non-current assets	1,764.1	735.5	702.2	805.3	883.5

Inventories	331.6	201.4	171.2	179.6	174.1
Trade receivables	412.7	299.9	263.7	267.2	274.3
Trade payables	(188.8)	(138.8)	(131.2)	(132.2)	(152.7)
Trade working capital	555.5	362.5	303.7	314.6	295.7
Other net liabilities	(429.8)	(185.4)	(186.1)	(141.1)	(224.4)

Total capital employed	1,889.8	912.6	819.8	978.8	954.8


Total parent company shareholders' equity	974.6	754.0	474.8	449.0	431.4
Minority interests	17.6	11.9	9.4	12.7	11.7
Net debt	731.7	50.6	180.5	292.3	321.8
Employee benefits - net liabilities	165.9	96.1	155.1	224.8	189.9

Total funding	1,889.8	912.6	819.8	978.8	954.8

STATEMENT OF CASH FLOWS	2008 £m	2007 £m	2006 £m	2005 £m	2004 £m

Profit from operations	131.0	171.6	145.2	116.2	80.4
Adjustments for:
- Restructuring and integration costs	39.6	5.8	34.7	18.5	22.7
- Inventory fair value adjustment	2.6	-	-	-	-
- (Profit)/loss relating to non-current assets	(3.4)	(7.0)	(13.1)	-	16.8
- Amortisation and impairment of intangible assets	52.5	-	-	-	-
- Curtailment gains relating to employee benefits	(6.0)	(1.0)	(8.6)	-	-
- Depreciation	47.2	34.9	37.0	47.9	47.7

EBITDA	263.5	204.3	195.2	182.6	167.6
Net increase in trade working capital	(8.9)	(44.8)	(29.2)	(43.3)	(1.4)
Net operating outflow related to assets and liabilities classified as held for sale	-	(1.5)	(7.2)	-	-
Outflow related to restructuring and integration costs	(23.0)	(14.7)	(16.1)	(17.0)	(14.2)
Additional funding contributions into Group pension plans	(25.0)	(28.1)	(25.5)	(10.0)	(6.5)

Cash generated from operations	206.6	115.2	117.2	112.3	145.5
Net interest paid	(34.2)	(19.1)	(22.0)	(29.5)	(31.5)
Income taxes paid	(52.0)	(26.7)	(27.5)	(20.2)	(20.7)

Net cash inflow from operating activities	120.4	69.4	67.7	62.6	93.3
Additional funding contributions into Group pension plans	25.0	28.1	25.5	10.0	6.5
Purchase of property, plant and equipment	(72.8)	(59.9)	(43.2)	(42.5)	(42.3)
Proceeds from the sale of property, plant and equipment	2.2	10.5	16.6	10.3	1.4
Dividends received from joint ventures	0.4	1.3	0.9	4.7	2.3
Dividends paid to minority shareholders	(2.1)	(1.8)	(3.0)	(2.2)	(3.1)

Free cash flow	73.1	47.6	64.5	42.9	58.1

SHAREHOLDER RETURN STATISTICS		2008	2007	2006	2005	2004

Earnings per share	- headline: continuing operations (pence)	8.9	8.2	6.4	4.8	4.1
	- headline: discontinued operations (pence)	-	-	0.6	0.8	0.6

	- headline: total operations (pence)	8.9	8.2	7.0	5.6	4.7
	- basic: total operations (pence)	3.3	8.0	4.9	(0.9)	(1.7)
	- diluted: total operations (pence)	3.3	8.0	4.9	(0.9)	(1.7)
Dividends per share (pence)		0.88	1.96	1.51	0.75	nil
Share price- year-end (pence)		127	697	628	425	355
Share price- high (pence)		776	875	638	427	495
Share price- low (pence)		75	578	425	288	300
Shares in issue- weighted average (millions)		1,407.8	1,306.2	1,271.4	1,251.5	1,250.1
Shares in issue- year-end (millions)		1,411.5	1,411.5	1,284.0	1,264.1	1,258.8

The shareholder return statistics reported above have been restated as follows:

•	Figures originally reported for 2004 have been adjusted by a factor of 10 to take account of a 10 for 1 share consolidation that took place on 26 May 2005.

•	All the figures reported above, with the exception of the share price information, have been adjusted to reflect the bonus element in the shares issued under a rights issue which completed on 4 March 2009. The adjustment factor used was 6.6391.