14th Mar 2005 07:00
GROUP 4 SECURICOR plc Preliminary Results Announcement 1 January 2004 - 31 December 2004 Group 4 Securicor, the international security solutions group, today announcesits preliminary results for the twelve months to 31 December 2004. RESULTS HIGHLIGHTSOrganic turnover growth of 6.2%Group Turnover of continuing businesses up 2% to ‚£3.80 billion (7% at constantexchange rates)EBITA of continuing businesses up from ‚£196.3 to ‚£216.5m, an increase of 10%(16% at constant exchange rates)Margin up from 5.3% to 5.7%Operating cash flow 102% of operating profitRecommended final dividend of 1.85p (DKK 0.1981)Merger integration proceeding ahead of planOverall strong performance in 2004 and good base for 2005 Lars Norby Johansen, Group Chief Executive, commented:"Following the merger last July, the new group has delivered a good tradingperformance. Organic turnover growth has been strong and there have been goodmargin improvements. Integration of the two businesses, with the consequentsynergy benefits, is running ahead of plan. Our cashflow is particularlypleasing.We have established a solid base for future development and we expect continuedgood progress in 2005."The statutory figures for 2004 shown on pages 3 to 12 represent a combinationof a full year's trading for the ex-Group 4 Falck businesses and trading from20 July to 31 December 2004 for the ex-Securicor businesses. Because of thisunusual position, we have also shown pro forma figures on pages 1 and 2 torepresent trading for all businesses for the full year and to provide guidancefor investors and analysts of the financial performance for the enlarged group.Reconciliation of pro forma to statutory figuresPro forma EBITA on continuing business 216.5 Less pre merger Securicor EBITA and discontinued activities (47.8) Statutory EBITA 168.7 Goodwill amortisation (49.8) Interest/tax and minority interests (73.6) Exceptional items (net of tax) (147.1) Loss for the year (101.8) For further enquiries, please contact:Lars Norby Johansen +44 (0) 1293 554400Nick Buckles Trevor Dighton Debbie McGrath Media Enquiries: Patrick Toyne-Sewell +44 (0) 7973 672649Sarah Gestetner Notes to Editors:Group 4 Securicor is an international security solutions group, formed by themerger of Securicor plc and the security businesses of Group 4 Falck which wascompleted in July 2004. The group operates in over 100 countries throughoutthe world and employs over 340,000 people. Group 4 Securicor is a marketleader in the provision of manned security, security systems and cash servicesin many of the countries in which it operates. For more information on Group 4Securicor, visit http://www.group4securicor.com/. Presentation of Results:A presentation to investors and analysts is taking place today at 0900 at theLondon Stock Exchange, 10 Paternoster Square, London, EC4M 7LS. A telephonedial-in facility is also available on 020 7162 0181 if dialling from within theUK and +44 20 7162 0181 if dialling from outside the UK. Annual General MeetingThe company's annual general meeting will be held in London on 30 June 2005. FINANCIAL SUMMARYResultsGroup 4 Securicor is the result of the merger of the security businesses ofGroup 4 Falck and Securicor on 19 July 2004. The statutory figures for 2004shown on pages 3 to 12 represent a combination of a full year's trading for theex Group 4 Falck businesses and trading from 20 July to 31 December 2004 forthe ex-Securicor businesses. Because of this unusual position, we have alsoshown pro-forma figures on pages 1 and 2 to represent trading for allbusinesses for the full year and to provide guidance for investors andanalysts.Group 4 Securicor shares were listed on the London and Copenhagen StockExchanges on 20 July 2004. Group Turnover 2004 2003 Turnover of Continuing Businesses ‚£m ‚£m Turnover at constant exchange rates* 3,807.5 3,547.2 Exchange difference 179.6 Total continuing business turnover 3,807.5 3,726.8 * converted at the average exchange rate for 2004.Organic turnover growth at constant exchange rates was 6.2% on continuingbusinesses. The impact of changes in exchange rates, in particular the US$ / ‚£rate, produces a 2% increase in continuing business turnover. When adjustedfor the inclusion of discontinued businesses, there was a slight reduction ingroup turnover.Group Profit 2004 2003 EBITA of Continuing Businesses** ‚£m ‚£m EBITA at constant exchange rates* 216.5 186.1 Exchange difference 10.2 Total continuing business EBITA 216.5 196.3 * converted at the average exchange rate for 2004** including share of associates EBITA at constant exchange rates increased by 16% and, after adjusting forexchange differences, the increase was 10%. The EBITA margin increased from5.3% to 5.7%.Cashflow and financing 2004 2003 Cashflow ‚£m ‚£m Operating Cash Flow 213.1 151.2 Operating Cash Flow / EBITA 102% 79% Operating cash flow was very strong in the year, representing 102% of operatingprofit. This was achieved through low levels of capital expenditure andstrong controls on working capital.Net borrowings at the end of the year were ‚£595.8m.DIVISIONAL ANALYSISManned Security Turnover*** EBITA** Margins ‚£m ‚£m 2004 2003 2004 2003 2004 2003 At constant exchange rates* 2690.4 2512.6 154.5 143.4 Exchange differences 154.7 8.9 At actual exchange rates 2690.4 2667.3 154.5 152.3 5.7% 5.7% * converted at the average exchange rate for the year to 31 December 2004** includes share of joint ventures and associates*** excludes share of joint ventures Organic turnover growth was 5.8%. Margins were constant at 5.7%. EUROPE Turnover*** EBITA** Margins ‚£m ‚£m 2004 2003 2004 2003 2004 2003 At constant exchange rates* 1307.7 1261.0 75.4 70.6 Exchange differences 22.2 1.0 At actual exchange rates 1307.7 1283.2 75.4 71.6 5.8% 5.6% * converted at the average exchange rate for the year to 31 December 2004** includes share of associates*** excluding share of joint ventures Organic growth was 3.7% and margins increased from 5.6% to 5.8%. Performance in UK manned guarding, the business most affected by theintegration, was good with organic growth of 3.7% and 0.4% margin improvementfrom the combined businesses. Customer retention was good and the business iswell prepared for the implementation of the new UK security industryregulations. Justice Services in the UK had an excellent year, especially with the taggingcontract which had very high volume increases. We were pleased to win three ofthe five new regions for the new UK tagging contract although the margin onthis contract will be lower than the margin we have previously achieved. Eventhough the margins will be lower, the extended regional coverage puts us in avery strong position. In Netherlands manned guarding there is still a tight market and our inabilityto merge the two businesses (European Commission ruling) disrupted activity. We experienced a slight reduction in turnover although margins weremaintained. We also successfully retained the Justice Services contract underre-bid. Elsewhere in Europe, Germany stabilised and improved performance, Franceachieved good growth and an increased margin and Belgium had a very goodyear. There was also good growth in Ireland, Luxembourg, Greece and the BalticStates. Sweden was a disappointment, as we had negative growth and margindeterioration, mainly due to the loss of a large contract and other operationalissues. We now have a new local management team in place and we expect astronger performance in 2005. NORTH AMERICA Turnover EBITA** Margins ‚£m ‚£m 2004 2003 2004 2003 2004 2003 At constant exchange rates* 1002.6 920.7 53.1 48.8 Exchange differences 107.1 5.6 At actual exchange rates 1002.6 1027.8 53.1 54.4 5.3% 5.3% * converted at the average exchange rate for the year to 31 December 2004** includes share of associates Organic growth was 7.2% and margins were maintained at 5.3%. In the US Wackenhut continued to grow strongly with 11% organic growth acrossall business lines. A number of new national accounts were won and serviceswith existing customers were expanded. Even though the market is competitive,margins were maintained. Healthcare and State and Federal employment taxeswere higher than previous years but we continue to manage this cost increase toprotect margins.Cognisa continues to operate at a slight loss but did win some transportationcontracts during the year.In Canada the loss of aviation security work affected the 2004 performance butthere was good growth and margin performance outside the aviation area. NEW MARKETS Turnover EBITA** Margins ‚£m ‚£m 2004 2003 2004 2003 2004 2003 At constant exchange rates* 380.1 330.9 26.0 24.0 Exchange differences 25.4 2.3 At actual exchange rates 380.1 356.3 26.0 26.3 6.8% 7.4% * converted at the average exchange rate for the year to 31December 2004** includes share of associates There was good progress in New Markets with 10% organic growth. The EBITAmargin declined a little to 6.8%, due mainly to South Africa, where the loss ofsome higher margin contracts and an unforeseen statutory wage award in July hada significant impact. Turnover was also flat in South Africa as it was in Hong Kong, although therest of Africa and Asia showed good growth. India continues to grow verystrongly, as do most of the smaller countries, in particular Kuwait, UAE and Kazakhstan. Apart from South Africa, margins have held up well in most countries andcontinue to be high in these markets. Security Systems Turnover EBITA** Margins ‚£m ‚£m At constant exchange rates* 2004 2003 2004 2003 2004 2003 Europe 317.9 306.5 25.5 18.3 8.0% 6.0% North America 1.8 1.2 0.2 0.1 9.3% 11.7% New Markets 29.5 14.4 2.9 1.0 9.7% 7.2% Exchange differences 10.0 0.4 At actual exchange rates 349.2 332.1 28.6 19.8 8.2% 6.0% * converted at the average exchange rate for the year to 31December 2004** includes share of associates The division performed well, with organic growth of 7.8% and margins increasingto 8.2% from 6.0% in the previous year. There was strong growth in the UK, Norway, Germany and the Netherlands with UKTechnology returning very good results. Both the Swedish and Danish markets are currently flat, although we have seensome recent improvement in the top line. There was strong margin improvement across most businesses with some goodproductivity measures and focus on contract profitability. Cash Services Turnover EBITA** Margins ‚£m ‚£m At constant exchange rates* 2004 2003 2004 2003 2004 2003 Europe 635.1 604.3 44.7 46.4 7.0% 7.7% North America 64.3 63.3 3.9 2.1 6.1% 3.4% New Markets 68.5 44.8 11.0 6.2 16.0% 13.9% Exchange differences 15.0 0.9 At actual exchange rates 767.9 727.4 59.6 55.6 7.8% 7.6% * converted at the average exchange rate for the year to 31 December 2004** includes share of associates There was good progress overall, with organic growth of 6.5% and marginsincreasing slightly, to 7.8%. In the UK there was an overall strong performance with excellent customerservice levels and good productivity improvements. We completed theintegration of Cash Centres and Cash Services successfully and started theAbbey cash centre contract in October. In Germany growth remains flat and the business was loss-making in the year. Major turnaround initiatives are well underway in combination with the mergingof the two businesses. In France and Sweden we achieved strong growth and Belgium had good marginimprovement although turnover was flat. The Netherlands had a modest growthyear, but returned good levels of profit and won a major contract to startearly this year. OTHER FINANCIAL ISSUES Exceptional Items There were a number of exceptional items in the statutory accounts. These arose for several reasons: As part of the assessment of goodwill in the new group, certain of the ‚£individual company goodwill balances relating to the ex Group 4 Falck 51.2mbusinesses have been impaired and the impairment is treated as an exceptional item. Harmonisation of accounting estimates across the group and a complete ‚£review of all balance sheets have given rise to adjustment to the 57.9mcarrying value of certain assets and liabilities. Examples include revisions of depreciation rates, bad debt policy alignment and stock provisions. The eventual cost of achieving the ‚£30m of targeted annual synergies ‚£has been estimated at ‚£45m. By the end of 2004 a total amount of ‚£ 37.2m37.2m had either been spent or was sufficiently identifiable to be provided against. The enforced disposal of Falck Netherlands is expected to generate a ‚£loss of ‚£34.5m, and this is treated as an exceptional item. The 34.5mdisposal of Securicor Luxembourg and the Cash Services business in Scotland which was completed in early March, generated a profit of ‚£ 12.0m. This is accounted for as a fair value adjustment to the Securicor acquired assets and is part of the calculation of acquired goodwill. Pensions The calculation of the funding level of our UK final salary pension schemesproduced the following: SSAP 24* FRS 17* 2004 2003 2004 2003 Surplus / (deficit) of assets over liabilities - ‚£m ‚£m ‚£m ‚£m Before tax Securicor scheme 4 (21) (154) (135) Group 4 scheme (2) (4) (39) (47) 2 (25) (193) (182) After tax Securicor scheme 4 (15) (108) (94) Group 4 scheme (1) (3) (27) (33) 3 (18) (135) (127) * 2003 comparatives are 30 September for Securicor and 31 December for Group 4. Although the value of the assets in the funds increased by ‚£64 million since2003 numbers, this was counteracted by a reduction in bond rates, which areused to discount liabilities for FRS17 purposes. The 2003 rates used were 6.2% on the Securicor fund and 5.6% for the Group 4fund. A rate of 5.9% was used for both funds for the 2004 calculations. In view of the continuing level of deficit, the board has approved anadditional payment to the scheme of ‚£15m (‚£10.5m after tax) in 2005. The level of subsequent payments will be reviewed on an annual basis. Thesepayments will not impact the profit and loss. The accounting treatment is thatthey accumulate on the balance sheet as a deferred debtor. Financing To finance the merged group a ‚£1 billion multicurrency revolving creditfacility was entered into on 1 June 2004. ‚£800 million of this facility is afive-year committed revolving facility and ‚£200 million is a 364-day committedrevolving facility with the ability to convert (at the company's option) into aterm loan for a further 12 months. The group has other facilities available of‚£265 million which results in total borrowing facilities of ‚£1.26 billion. Dividend The Directors recommend a final dividend of 1.85 pence per share (DKK 0.1981)payable on 12 July 2005. Integration update The integration of the two groups is now well on the way, with no majorissues. The key integrating businesses are: UK SecurityGermany - Security and Cash Services During the integration process, we have been particularly focused on businessretention and this has been very successful in all businesses. The Group 4 Falck head office in Copenhagen was closed on 28 February 2005. Disposal of two of the three businesses, as required by the European Commissionfor competition reasons, was completed on 4 March. The third disposal, FalckNetherlands, is at final offer stage and should be completed shortly. We are on track for the annual synergy benefit target of ‚£30m and we expect tohave all the savings in place by the end of 2005, with a benefit ofapproximately ‚£18m anticipated for 2005. Board changesAt the time of the merger between Securicor and the security businesses ofGroup4 Falck, it was announced that the chairman, Jorgen Philip-Sorensen, wouldretire in September 2005 and that his successor would be appointed on therecommendation of the company's Nomination Committee. It was furtherannounced that Nick Buckles, deputy chief executive and chief operatingofficer, would succeed Lars Norby Johansen as chief executive at theappropriate time. The board now believes that, with the businesses performing well, integrationon track, and the new management team working together successfully, Mr Buckles(44) should assume the chief executive role this summer. The board hastherefore agreed with Mr Norby Johansen that he will step down as chiefexecutive and leave the board after the annual general meeting on 30 June. It has also already been announced that Lord Sharman, joint deputy chairman andsenior independent director, will retire from the board later this year. Anannouncement as to his successor as senior independent director will be made indue course. The board believes that, given the changes noted above, it would be beneficialfor the chairman to remain on the board for longer than was originallyenvisaged. Accordingly, it is pleased to announce that Mr Philip-Sorensen hasagreed to remain as chairman for a further nine months, until the annualgeneral meeting in June 2006. The board has agreed, following a recommendation from the Nomination Committee,that Alf Duch-Pedersen (59), currently joint deputy chairman, should succeed MrPhilip-Sorensen as chairman at the annual general meeting in June 2006. MrDuch-Pedersen, who was a non-executive director of Group 4 Falck from 2000until the merger, is currently chief executive of the Danish company, Danisco A/S, a position from which he will be retiring in August 2006. The board is pleased to announce that Grahame Gibson (52), divisional presidentfor Americas & New Markets, will join the board as an executive director on 1April 2005. Mr Gibson joined Group 4 in 1983. He was finance director (UK)from 1983 to 1987, deputy managing director (UK) from 1987 to 1989, vicepresident (corporate strategy) from 1989 to 1992, vice president (finance andadministration) from 1992 to 1996, vice president (operations Central & SouthEastern Europe and UK) from 1996 to 2000 and chief operating officer of Group 4Falck from 2000 until the merger. In relation to his appointment, noinformation is required to be disclosed under paragraph 6.F.2(b) to (g) of theListing Rules. REVIEW and OUTLOOK The new group has delivered a good trading performance. Organic turnovergrowth has been strong and there have been good margin improvements. Integration of the two businesses, with the consequent synergy benefits, isrunning ahead of plan. Our cashflow is particularly pleasing. We have established a solid base for future development and we expect continuedgood progress in 2005.14 March 2005 Group 4 Securicor plcCombined unaudited pro forma financial informationFor the year ended 31 December 2004 Basis of preparation As explained in note 1 on page 7, the statutory results for Group 4 Securicorfor the year to 31 December 2004 include the full year of trading of thesecurity businesses of the former Group 4 Falck A/S and the trading of thebusinesses of Securicor plc for the period from 20 July 2004 to 31 December2004. However, the directors consider that it is of assistance to shareholdersto show pro forma financial information of the combined entities for the fullyear. The exchange rates used to translate the pro forma financial information are asstated on page 13. Combined pro forma EBITA 2004 2003 2004 2003 ‚£m ‚£m DKKm DKKm Turnover Total turnover 3,897.6 4,136.9 42,745.5 44,455.2 Less share of Manned Security joint venture (Europe) (8.2) (7.2) (89.9) (77.4) Less share of Distribution joint venture (discontinued) - (216.7) - (2,328.7) Group turnover 3,889.4 3,913.0 42,655.6 42,049.1 Continuing operations 3,807.5 3,726.8 41,757.4 40,048.2 Discontinued operations 81.9 186.2 898.2 2,000.9 Group turnover 3,889.4 3,913.0 42,655.6 42,049.1 Earnings before interest, taxation, goodwill amortisation and exceptional items (EBITA) Continuing operations 207.3 188.0 2,273.5 2,020.3 Discontinued operations 2.4 2.3 26.3 24.7 Group EBITA 209.7 190.3 2,299.8 2,045.0 Share of joint ventures and associates Continuing operations 9.2 8.3 100.9 89.2 Discontinued operations - 4.2 - 45.1 Total EBITA 218.9 202.8 2,400.7 2,179.3 Combined pro forma operating cash flow 2004 2003 2004 2003 ‚£m ‚£m DKKm DKKm Cash flow from operating activities Group EBITA 209.7 190.3 2,299.8 2,045.0 Depreciation 79.7 75.8 874.1 814.5 Profit on sale of fixed assets (1.1) (1.5) (12.1) (16.1) Decrease/(increase) in working capital and provisions 12.7 (12.2) 139.3 (131.1) Net cash flow from operating activities 301.0 252.4 3,301.1 2,712.3 Net cash flow from capital expenditure (87.9) (101.2) (1,060.5) (1,087.5) Operating cash flow 213.1 151.2 2,240.6 1,624.8 Combined pro forma net debt 2004 2003 2004 2003 ‚£m ‚£m DKKm DKKm Net debt 595.8 623.1 6,534.2 6,695.8 Combined unaudited pro forma financial informationFor the year ended 31 December 2004 Combined pro forma business sector and geographical analysis 2004 2003 2004 2003 ‚£m ‚£m DKKm DKKm Turnover Manned Security Europe 1,315.9 1,290.4 14,431.6 13,866.7 North America 1,002.6 1,027.8 10,995.7 11,044.7 New Markets 380.1 356.3 4,168.6 3,828.8 Total Manned Security 2,698.6 2,674.5 29,595.9 28,740.2 Security Systems Europe 317.9 315.2 3,486.5 3,387.1 North America 1.8 1.3 19.7 14.0 New Markets 29.5 15.6 323.5 167.7 Total Security Systems 349.2 332.1 3,829.7 3,568.8 Cash Services Europe 635.1 611.0 6,965.2 6,565.8 North America 64.3 66.1 705.2 710.3 New Markets 68.5 50.3 751.3 540.5 Total Cash Services 767.9 727.4 8,421.7 7,816.6 Total turnover Europe 2,268.9 2,216.6 24,883.3 23,819.6 North America 1,068.7 1,095.2 11,720.6 11,769.0 New Markets 478.1 422.2 5,243.4 4,537.0 3,815.7 3,734.0 41,847.3 40,125.6 Less Manned Security joint venture (Europe) (8.2) (7.2) (89.9) (77.4) Continuing operations 3,807.5 3,726.8 41,757.4 40,048.2 Discontinued operations 81.9 186.2 898.2 2,000.9 Group turnover 3,889.4 3,913.0 42,655.6 42,049.1 EBITA Manned Security Europe 75.4 71.6 826.9 769.4 North America 53.1 54.4 582.3 584.6 New Markets 26.0 26.3 285.2 282.6 Total Manned Security 154.5 152.3 1,694.4 1,636.6 Security Systems Europe 25.5 18.6 279.7 199.9 North America 0.2 0.1 2.2 1.1 New Markets 2.9 1.1 31.8 11.8 Total Security Systems 28.6 19.8 313.7 212.8 Cash Services Europe 44.7 46.5 490.2 499.7 North America 3.9 2.2 42.8 23.6 New Markets 11.0 6.9 120.6 74.2 Total Cash Services 59.6 55.6 653.6 597.5 Total EBITA Europe 145.6 136.7 1,596.8 1,469.0 North America 57.2 56.7 627.3 609.3 New Markets 39.9 34.3 437.6 368.6 242.7 227.7 2,661.7 2,446.9 Head office costs (26.2) (31.4) (287.3) (337.4) Continuing operations 216.5 196.3 2,374.4 2,109.5 Discontinued operations 2.4 2.3 26.3 24.7 Discontinued joint venture operations - 4.2 - 45.1 Total EBITA 218.9 202.8 2,400.7 2,179.3 Group 4 Securicor plcPreliminary results announcement for the year ended 31 December 2004 Consolidated profit and loss accountFor the year ended 31 December 2004 Exceptional Before Exceptional items exceptional items Before items exceptional (Note 4) Total items (Note 4) Total 2004 2004 2004 2003 2003 2003 Notes ‚£m ‚£m ‚£m ‚£m ‚£m ‚£m Turnover Total turnover 3,178.4 - 3,178.4 2,569.5 - 2,569.5 Less share of joint (4.5) - (4.5) - - -ventures Group turnover 2 3,173.9 - 3,173.9 2,569.5 - 2,569.5 Continuing operations 2,507.8 - 2,507.8 2,455.1 - 2,455.1 Acquisitions 602.5 - 602.5 - - - Discontinued 3 63.6 - 63.6 114.4 - 114.4operations Group turnover 2 3,173.9 - 3,173.9 2,569.5 - 2,569.5 Operating profit/ (loss) Continuing operations 84.4 (109.1) (24.7) 77.6 (15.3) 62.3 Acquisitions 27.5 - 27.5 - - - Discontinued 3 1.3 - 1.3 4.5 - 4.5operations Group operating 2 113.2 (109.1) 4.1 82.1 (15.3) 66.8profit/(loss) Share of operating profit in joint ventures and associates Continuing operations 2.4 - 2.4 1.7 - 1.7 Acquisitions 3.3 - 3.3 - - - Total operating profit before goodwill amortisation and operating exceptional items 168.7 - 168.7 118.4 - 118.4 Goodwill amortisation (49.8) - (49.8) (34.6) - (34.6) Operating exceptional - (109.1) (109.1) - (15.3) (15.3)items 4 Total operating 118.9 (109.1) 83.8 (15.3) 68.5profit/(loss) 9.8 Costs of a 4 - - - -fundamental restructuring (37.2) (37.2) (Loss)/profit on sale or closure of discontinued operations 4 - (37.3) (37.3) - 2.2 2.2 Profit/(loss) on ordinary activities before interest and 2 taxation 118.9 (183.6) (64.7) 83.8 (13.1) 70.7 Net interest: Group 5 (15.8) - (15.8) (20.4) (7.3) (27.7) Joint ventures and 5 (1.6) - (1.6) 0.2 - 0.2associates (17.4) - (17.4) (20.2) (7.3) (27.5) Profit/(loss) on ordinary activities before taxation 101.5 (183.6) (82.1) 63.6 (20.4) 43.2 Taxation 6 (49.3) 36.5 (12.8) (30.6) (15.8) (46.4) Profit/(loss) on ordinary activities after taxation 52.2 (147.1) (94.9) 33.0 (36.2) (3.2) Minority interests (6.9) - (6.9) (6.5) - (6.5) Profit/(loss) for the 45.3 (147.1) (101.8) 26.5 (36.2) (9.7)year Dividends 7 (23.5) (3.3) Retained deficit (125.3) (13.0) (Loss)/earnings per 8 share Basic loss per share (10.5)p (1.3)p Diluted loss per (10.5)p (1.3)pshare Normalised earnings per share 9.7p 8.0p Consolidated balance sheetAt 31 December 2004 2004 2003 Notes ‚£m ‚£m Fixed assets Goodwill 1,117.9 531.2 Tangible assets 341.7 159.8 Net investment in joint ventures: - Share of gross assets 76.6 - - Share of gross liabilities (67.4) - 9.2 - Investment in associated undertakings 18.2 2.6 1,487.0 693.6 Current assets Stocks 34.1 29.6 Debtors 755.0 523.6 Investments - liquid resources 7.1 6.5 Investments - other 89.9 46.6 Cash at bank and in hand 184.1 62.7 1,070.2 669.0 Creditors - amounts falling due within one year Borrowings (121.6) (72.2) Corporation tax (21.6) (12.0) Proposed dividends (23.5) (3.6) Other (687.6) (427.5) (854.3) (515.3) Net current assets 215.9 153.7 Total assets less current liabilities 1,702.9 847.3Related Shares:
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