DairyCrest

Consolidated income statement

Year ended 31 March 2014

 

 

 

2014

 

2013 – Restated

 

Note

 

Before

exceptional

items

£m

 

Exceptional

items

£m

 

Total

£m

 

Before

exceptional

items

£m

 

Exceptional

items

£m

 

Total

£m

Group revenue

1

1,391.0

–

1,391.0

1,381.6

–

1,381.6

Operating costs

2,4

(1,334.7)

(10.2)

(1,344.9)

(1,321.3)

(47.8)

(1,369.1)

Other income – property

3

18.2

–

18.2

7.7

–

7.7

Profit/(loss) on operations

74.5

(10.2)

64.3

68.0

(47.8)

20.2

Finance costs

5

(9.9)

(0.2)

(10.1)

(18.7)

(8.7)

(27.4)

Other finance expense – pensions

20

(0.3)

–

(0.3)

(3.5)

–

(3.5)

Share of associate’s net profit

14

0.3

–

0.3

–

–

–

Profit/(loss) before tax

64.6

(10.4)

54.2

45.8

(56.5)

(10.7)

Tax (expense)/credit

6

(9.4)

4.0

(5.4)

(9.2)

12.0

2.8

Profit/(loss) from continuing operations

55.2

(6.4)

48.8

36.6

(44.5)

(7.9)

Profit from discontinued operations

29

–

1.4

1.4

6.8

47.7

54.5

Profit for the year attributable to equity shareholders

55.2

(5.0)

50.2

43.4

3.2

46.6
The prior year comparatives have been restated to reflect the amendment to IAS 19R: Employee Benefits (see Note 20).

The prior year comparatives and current year information include discontinued operations that were a result of the disposal of the St Hubert business in August 2012.

The post-tax profit relating to discontinued activities is further analysed in Note 29.

 

Earnings per share

 

2014

2013 – Restated

 

Basic earnings per share

on profit for the year (pence)

8

36.8

34.6

Diluted earnings per share

on profit for the year (pence)

8

36.4

34.6

Basic earnings/(loss) per share

from continuing operations (pence)

8

35.8

(5.9)

Diluted earnings/(loss) per share

from continuing operations (pence)

8

35.3

(5.9)

Adjusted basic earnings per share

from continuing operations (pence)*

8

40.8

29.4

Adjusted diluted earnings per

share from continuing operations (pence)*

8

40.3

29.4

Basic earnings per share from

discontinued operations (pence)

8

1.0

40.5

Diluted earnings per share from

discontinued operations (pence)

8

1.0

40.5

 

Dividends

 

2014

2013

 

Proposed final dividend (£m)

7

21.0

20.5

Interim dividend paid (£m)

7

8.0

7.8

Proposed final dividend (pence)

7

15.4

15.0

Interim dividend paid (pence)

7

5.9

5.7

* Adjusted earnings per share calculations are presented to give an indication of the underlying operational performance of the Group. The calculations exclude exceptional items, amortisation of acquired intangibles and pension interest in relation to the Group’s defined benefit pension scheme, the latter being highly dependent upon market assumptions at 31 March each year.

The prior year comparatives have been restated to reflect the amendment to IAS 19R: Employee Benefits (see Notes 8 & 20).