IMI Annual Report & Accounts 2014 - page 85

83 Annual Report and Accounts 2014
Primary statements
Consolidated income statement and commentary thereon ............ 84
Consolidated statement of comprehensive income,
consolidated statement of changes in equity and
commentary thereon .................................................................. 86
Consolidated balance sheet and
commentary thereon .................................................................. 88
Consolidated statement of cash flows and
commentary thereon .................................................................. 90
Section 1 – Basis of preparation ............................................. 92
Section 2 – Results for the year
2.1 Segmental information .......................................................... 93
2.2 Exceptional items . ................................................................ 98
2.3 Earnings per share ................................................................ 99
2.4 Taxation ............................................................................. 100
2.5 Discontinued operations ...................................................... 103
Section 3 – Operating assets and liabilities
3.1 Working capital ................................................................... 104
3.2 Intangible assets ................................................................. 105
3.3 Property, plant and equipment ............................................. 107
3.4 Acquisitions ........................................................................ 108
3.5 Disposals ........................................................................... 108
3.6 Provisions .......................................................................... 110
Section 4 – Capital structure and financing costs
4.1 Net debt . ........................................................................... 111
4.2 Interest-bearing loans and borrowings . ................................ 112
4.3 Net financing costs ............................................................. 113
4.4 Financial risk management .................................................. 114
4.5 Retirement benefits ............................................................. 123
4.6 Share capital ...................................................................... 129
4.7 Share-based payments ....................................................... 131
4.8 Non-controlling interests ...................................................... 134
Section 5 – Other notes
5.1 Contingent liabilities ............................................................ 135
5.2 Related party transactions ................................................... 135
5.3 Subsequent events ............................................................. 135
5.4 Significant accounting policies ............................................. 135
Directors’ Report ................................................................... 141
Statement of Directors’ Responsibilities ............................... 145
Independent Auditor’s Report to the
Members of IMI plc............................................................... 146
IMI plc Company financial statements ............................... 149
Subsidiary undertakings ....................................................... 153
Five year summary................................................................. 154
Shareholder and general information.................................... 156
Notes to the financial statements provide additional information
required by statute, accounting standards or the Listing Rules
to explain a particular feature of the financial statements. The
notes that follow will also provide explanations and additional
disclosure to assist readers’ understanding and interpretation
of the Annual Report and the financial statements.
Financial statements
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