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IMI plc
Financial statements
FINANCE DIRECTOR’S INTRODUCTION
Introduction from Douglas Hurt
Dear Shareholder
Welcome to the financial statements section of our Annual
Report, which will be my last as Finance Director of IMI plc ahead
of my retirement and following the announcement of Daniel Shook
as my successor. I have thoroughly enjoyed my nine years with
the Group and I am proud of the progress that the Group has
made over this time. I wish Daniel every success in the future.
My financial review commentary is set out in this section
alongside the primary statements. These financial statements
are presented with the primary statements first, followed by five
sections: ‘Basis of Preparation’, ‘Results for the Year’, ‘Operating
Assets and Liabilities’, ‘Capital Structure and Financing Costs’
and ‘Other Notes’.
As previously reported, the Retail Dispense businesses were
disposed of on 1 January 2014 and consequently their
comparative results are shown as discontinued operations
in the income statement, while their comparative assets and
liabilities are presented as held for sale in the balance sheet.
Following our Strategic Review the Eley Group and AFP were
both disposed of in the year. In addition, the Group acquired
Bopp & Reuther for an enterprise value of
€
153m (£118m)
on 2 January 2015.
Douglas Hurt
Finance Director
Introduction from Daniel Shook
Dear Shareholder
I am extremely pleased to be joining IMI.
Since joining it has been great to see how committed and
passionate people are about the Group and its future. I have
visited as much of the organisation as possible during my first
two months.
It is clear that we really have a great foundation with which to
grow and I look forward to working with everyone to achieve the
longer term strategy that the Board, Mark and the Executive
team have set out.
I would personally like to thank Douglas both for his support
during the initial months and for handing me such a strong and
dedicated organisation, a good set of results and strong balance
sheet to build from.
I look forward to meeting many of you at the AGM in May 2015.
Daniel Shook
Finance Director Designate
