30th Mar 2007 16:54
Guinness Peat Group PLC30 March 2007 GUINNESS PEAT GROUP PLC ANNUAL RESULTS On 27 February 2007 GPG released its Preliminary Announcement of Final Resultsfor the year ended 31 December 2006. Contained within that announcement were anunaudited Consolidated Balance Sheet, Consolidated Income Statement,Consolidated Statement of Recognised Income & Expense and Consolidated Cash FlowStatement (together the "Principal Financial Statements") for the year ended 31December 2006. Following a request to GPG from the Australian Securities Exchange, theCompany's auditors, Deloitte & Touche LLP, have written to the Board to confirmthat the Principal Financial Statements are consistent, in all materialrespects, with those in the full Annual Report & Financial Statements ofGuinness Peat Group plc on which they have now expressed an unmodified opinionand which will be posted to shareholders on 13 April 2007 ("the 2007 GPG AnnualReport & Accounts"). The 2007 GPG Annual Report & Accounts will also be sent tothe three stock exchanges on which the Company's shares are listed on that dateand will be available for inspection on GPG's website at www.gpgplc.com. A copy of the Auditor's Report and the Principal Financial Statements to whichit relates is attached herewith. Richard RussellCompany Secretary30 March 2007 INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF GUINNESS PEAT GROUP PLC ON EXTRACT OF THE PRELIMINARY FINANCIAL REPORT We have examined the accompanying extract of the preliminary financial report ofGuinness Peat Group plc, comprising the consolidated balance sheet, theconsolidated income statement, the consolidated statement of recognised incomeand expense and the consolidated cash flow statement, which is consistent withthe full Annual Report and Financial Statements of Guinness Peat Group plc forthe year ended 31 December 2006. We expressed an unmodified auditor's opinionon that financial report in our auditor's report dated 30 March 2007. This report is made solely to the Board of Directors of Guinness Peat Group plcin accordance with our letter of engagement dated 30 November 2006, as amendedby an addendum dated 27 March 2007. Our work has been undertaken so that wemight state to the Board of Directors those matters we are required to state tothem in an auditors' report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other thanthe Board of Directors as a body for our work, for this report, or for theopinions we have formed. The Responsibility of the Directors of Guinness Peat Group plc for thePreliminary Financial Report The Directors of Guinness Peat Group plc are responsible for the preparation andpresentation of the preliminary financial report in accordance with thedisclosure requirements of the Listing Rules of the UK Financial ServicesAuthority and the Listing Rules of the Australian Securities Exchange. Auditor's Responsibility Our responsibility in relation to the extract of the preliminary financialreport is to express an opinion based on our procedures, which were conducted inaccordance with International Auditing Standard 800 applicable to summarisedfinancial statements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion. Auditor's Opinion In our opinion, the information reported in the attached extract of thepreliminary financial report is consistent, in all material respects, with thefull Annual Report and Financial Statements from which it was derived. For abetter understanding of the scope of our audit, this auditor's report should beread in conjunction with our audit report on the full Annual Report andFinancial Statements when it is published. Deloitte & Touche LLP30 March 2007London, UK Guinness Peat Group plcConsolidated Income Statement Unaudited UnauditedYear ended 31 December 2006 2005 Restated ** £m £mContinuing Operations Revenue 1,356 1,195 Cost of sales (956) (825) Gross profit 400 370 Profit on disposal of investments and other net investment income 45 77 Distribution costs (177) (179)Administrative expenses (196) (150) Operating profit 72 118 Share of profit of joint ventures - 4 Share of loss of associated undertakings (1) (1) Profit on sale of business - continuing operations 5 1 Finance costs (40) (43) Profit before taxation from continuing operations 36 79 Tax on profit from continuing operations (12) (27) Profit for the year from continuing operations 24 52 Discontinued OperationsGain on discontinued operations 10 44 Profit for the year 34 96 Attributable to:EQUITY HOLDERS OF THE PARENT 36 96Minority interests (2) - 34 96 Earnings per Ordinary Share from continuing and discontinuedoperations:Basic 3.18p 9.02pDiluted 2.79p 7.90p Earnings per Ordinary Share from continuing operations:Basic 2.28p 4.90pDiluted 2.03p 4.69p ** Restated to reflect changes in accounting policy - see note 1. Guinness Peat Group plcConsolidated Balance Sheet Unaudited Unaudited31 December 2006 2005 Restated ** £m £mNON-CURRENT ASSETSIntangible assets 198 221Property, plant and equipment 391 426Investments in associates 122 62Investments in joint ventures 17 26Fixed asset investments 417 282Derivative financial instruments 6 5Deferred tax assets 6 4Pension surpluses 32 33Trade and other receivables 18 15 1,207 1,074 CURRENT ASSETSInventories 216 241Trade and other receivables 238 274Current asset investments 19 30Derivative financial instruments 3 2Cash and cash equivalents 254 253 730 800 Non-current assets classified as held for sale 3 18 TOTAL ASSETS 1,940 1,892 CURRENT LIABILITIESTrade and other payables 254 283Current income tax liabilities 9 5Capital notes - 99Other borrowings 123 113Provisions 87 90 473 590 NET CURRENT ASSETS 257 210 NON-CURRENT LIABILITIESTrade and other payables 21 24Deferred tax liabilities 18 8Capital notes 201 84Other borrowings 150 217Retirement benefit obligations: Funded schemes 14 29 Unfunded schemes 58 66Provisions 37 45 499 473 TOTAL LIABILITIES 972 1,063 NET ASSETS 968 829 Guinness Peat Group plcConsolidated Balance Sheet Unaudited Unaudited31 December 2006 2005 Restated ** £m £mEQUITYShare capital 57 49Share premium account 61 16Translation reserve (24) 12Unrealised gains reserve 188 86Other reserves 303 306Retained earnings 291 251 EQUITY SHAREHOLDERS' FUNDS 876 720Minority interests 92 109 TOTAL EQUITY 968 829 Net asset backing per share * 76.44p 66.87p * The net asset backing per share for December 2005 has been adjusted for the 2006 Capitalisation Issue.** Restated to reflect changes in accounting policy - see note 1. Guinness Peat Group plcConsolidated Statement of Recognised Income and Expense Unaudited UnauditedYear ended 31 December 2006 2005 Restated ** £m £m Gains on revaluation of available-for-sale investments 109 50 (Losses)/gains on cash flow hedges (2) 3 Exchange (losses)/gains on translation of foreign operations (36) 21 Actuarial gains on retirement benefit schemes 9 49 Net income recognised directly in equity 80 123 Transfers Transferred to profit or loss on sale of available-for-sale investments (7) (57) Transferred to profit or loss on cash flow hedges 1 - Profit for the year 34 96 Total recognised income and expense for the year 108 162 Attributable to: Equity holders of the parent 110 162 Minority interests (2) - 108 162 IAS 32 and 39 transitional adjustments 105 Attributable to: Equity holders of the parent 120 Minority interests (15) 105 ** Restated to reflect changes in accounting policy - see note 1 Guinness Peat Group plcConsolidated Cash Flow Statement Unaudited UnauditedYear ended 31 December 2006 2005 £m £m Cash inflow/(outflow) from operating activitiesNet cash inflow from operating activities 151 227Interest paid (42) (42)Taxation paid (18) (25)Net cash generated from operating activities 91 160 Cash inflow/(outflow) from investing activitiesDividends received from associates and joint ventures 5 7Capital expenditure and financial investment (82) (60)Acquisitions and disposals (30) (81)Net cash absorbed in investing activities (107) (134) Cash inflow/(outflow) from financing activitiesIssue of ordinary shares 48 1Equity dividends paid to Company's shareholders (4) (4)Dividends paid to minority interests (4) (6)Increase/(decrease) in debt 9 (58)Net cash generated by/(absorbed in) financing activities 49 (67) Net increase/(decrease) in cash and cash equivalents 33 (41)Cash and cash equivalents at beginning of the year 238 271Exchange (losses)/gains on cash and cash equivalents (30) 8Cash and cash equivalents at end of the year 241 238 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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