7 November 2005
Dairy Crest Group plc
Restatement of financial information under International Accounting Standards and
International Financial Reporting Standards
Dairy Crest Group plc today releases a restatement of results for the half year ended 30
September 2004 and the full year ended 31 March 2005 in accordance with International
Financial Reporting Standards (“IFRS”). These results will form the comparative data for the
Group’s interim and full year results for 2006.
There is no change to the Group’s underlying operations under IFRS and, in particular, there
is no impact on the Group’s cash flows. The move to IFRS has no direct impact on our bank
covenants as these are based on “frozen GAAP”.
The financial restatements result in a:
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£8.5 million decrease in adjusted profit before tax and special items (including share
of joint ventures) for the year ended 31 March 2005.
3.2 pence increase in 2005 full year earnings per share.
5.4 pence decrease in 2005 full year adjusted earning per share.
£56.8 million decrease in net assets at 1 April 2004 principally due to the recognition
of the net pension liability of £70.5 million offset by the reversal of the final dividend
of £16.5 million.
£52.1 million decrease in net assets at 31 March 2005 principally due to the
recognition of the net pension liability of £77.3 million offset by the reversal of the final
dividend of £17.7 million.
The standards that give rise to the most significant changes to the Group Accounts on
transition from UK GAAP to IFRS are as follows:
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IFRS 3 “Business combinations” - cessation of goodwill amortisation.
IFRS 2 “Share-based payments” - inclusion of a charge for share based payments
based on the fair values of these awards.
IAS 23 “Borrowing costs” - election of cessation of interest capitalisation.
IAS 19 “Employee benefits” - inclusion on the balance sheet of the net pension
liabilities.
IAS 10 “Events after the balance sheet date” - dividend liability recognised when
approved.
IAS 39 “Financial Instruments: Recognition and Measurement” - recognition of
financial instruments at fair value or amortised cost at 1 April 2005.
The Consolidated Balance sheets at 1 April 2004, 31 March 2005 and 1 April 2005 and the
results for the year ended 31 March 2005 as restated under IFRS are audited. The
Consolidated Balance sheet at 30 September 2004 and the results for the period ended 30
September 2004 as restated under IFRS are unaudited.
The full restated financial
information is available through the investor relations section of the company’s website at
www.dairycrest.co.uk.
Dairy Crest will announce its interim results for the six months ended 30 September 2005 on
Thursday 10 November 2005.
For further information:
Dairy Crest Group plc
Alastair Murray, Finance Director
Will Shaw, Investor Relations
Tel: 01372 472200
Brunswick
William Cullum / Laura Cummings
Tel: 020 7404 5959
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Dairy Crest Group plc
Restatement of financial information under International Accounting Standards and
International Financial Reporting Standards
1. Introduction
Dairy Crest Group plc previously prepared its consolidated financial statements under UK
Generally Accepted Accounting Principles (“UK GAAP”). International Accounting Standards
(“IAS”) and International Financial Reporting Standards (“IFRS”) will apply for the first time in
the Group’s Interim Report for the six months to 30 September 2005 and for the full year 2006
Annual Report and Accounts. This document explains how the Group’s previously reported
financial performance and position are reported under IFRS. The following restatements are
included as appendices to this document:
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Group’s consolidated balance sheet at 1 April 2004, the Group’s date of transition to
IFRS;
the Group’s consolidated balance sheet at 30 September 2004 and 31 March 2005;
the Group’s consolidated income statement, consolidated statement of recognised
income and expense and consolidated cash flow statement, for the year ended 31 March
2005 and for the six months ended 30 September 2004;
The Group’s consolidated balance sheet at 1 April 2005.
The Consolidated Balance sheets at 1 April 2004, 31 March 2005 and 1 April 2005 and the
results for the year ended 31 March 2005 as restated under IFRS are audited. The
Consolidated Balance sheet at 30 September 2004 and the results for the period ended 30
September 2004 as restated under IFRS are unaudited. The financial information contained
in this document does not constitute the Company’s statutory accounts within the meaning of
Section 240 of the Companies Act 1985 (as amended). The UK GAAP figures in this
document for 31 March 2004 and 31 March 2005 have been extracted from the statutory
accounts for the year ended 31 March 2004 and 31 March 2005, which has been filed with
the Registrar of Companies. The UK GAAP figures for 30 September 2004 have been
extracted from the Interim Report. The auditors reported on the statutory accounts for the
year ended 31 March 2004 and 31 March 2005; their reports were unqualified and did not
contain a statement under either section 237 (2) or section 237 (3) of the Companies Act
1985 (as amended).
This financial information has been prepared on the basis of IFRS expected to be applicable
at 31 March 2006. In particular the Directors have assumed that the European Commission
will endorse the amendment to IAS 19 “Employee Benefits” issued by the International
Accounting Standards Board (“IASB”) in December 2004 allowing actuarial gains and losses
to be recognised in full through reserves. IFRS are subject to ongoing review and
endorsement by the European Union or possible amendment by interpretive guidance from
the IASB and the International Financial Reporting Interpretations Committee (“IFRIC”) and
are therefore still subject to change. Reference to IFRS throughout this document refers to
the application of both IAS and IFRS.
A summary of major impacts on the adoption of IFRS and a summary of significant
accounting policies under IFRS are discussed below.
2. First time adoption of IFRS
The rules for first time adoption of IFRS are set out in IFRS 1 “First-Time Adoption of
International Financial Reporting Standards”. The Group’s date of transition to IFRS is 1 April
2004 and the comparative information in the financial statements is restated to reflect the
Group’s adoption of IFRS except where otherwise required or permitted by IFRS 1. As a
general rule IFRS 1 requires these standards to be applied retrospectively. However, IFRS 1
allows for a number of exemptions to these general principles to assist companies in reporting
under IFRS. The key exemptions the Group has take advantage of are as follows:
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Business combinations – The Group will not restate business combinations prior
to the transition date. Acquisitions prior to this date will be recorded under previous
accounting rules. IFRS 1 requires that an impairment review of goodwill should be
conducted in accordance with IAS 36 at the date of transition and at the balance
sheet date. Dairy Crest has performed this review and no adjustment is required.
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Employee benefits – The Group has elected to take advantage of the exemption
which allows cumulative actuarial gains and losses in relation to the defined benefit
pension schemes to be recognised in full immediately in equity at the transition date.
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Cumulative translation differences - IAS 21 “The Effects of Changes in Foreign
Exchange Rates” requires the cumulative amount of exchange differences previously
recognised directly in equity in relation to a foreign operation to be transferred to the
income statement as part of the profit or loss on disposal. The Group has adopted the
exemption allowing these cumulative translation differences to be set to zero at the
transition date.
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Financial instruments - The Group has elected to apply the exemption which allows
companies not to restate comparatives for IAS 32 “Financial Instruments: Disclosure
and Presentation” and IAS 39 “Financial Instruments: Recognition and
Measurement”. The general principle set out by IAS 39 is that financial assets and
liabilities should be recognised at fair value or amortised cost. These standards will
be applied from 1 April 2005 where the fair value of derivatives will be included in the
balance sheet. The net adjustment at 1 April 2005 is £0.3 million comprising the fair
value of interest rate swaps and forward foreign currency contracts.
The exemptions that Dairy Crest has elected not to adopt include the following:

IFRS 2 “Share-based payments” - The Group has not adopted the exemption to
apply IFRS 2 Share-based payments only to awards made after 7 November 2002.
Instead a full retrospective approach has been followed on all awards granted but not
fully vested at 1 April 2004 to maintain consistency across reporting periods.

Fair value or revaluation at deemed cost - The Group has not adopted the
exemption to restate property, plant and equipment to fair value at the transition date.
Such items have been maintained at historical cost in order to maintain consistency
with the Group accounting policy under UK GAAP.
3. Summary of the major impacts of adoption of International Financial Reporting
Standards
IAS 19 “Employee benefits”
The Group previously accounted for the pensions schemes using SSAP 24 “Accounting for
Pension Costs” and also complied with the transitional rules of FRS 17 “Retirement Benefits”.
Under IFRS Dairy Crest is required to recognise the net deficits in the Dairy Crest Pension
Fund of £64.1 million (after deferred tax of £27.4 million) and in the Wexford Creamery
Limited pension schemes of £1.6 million (after deferred tax of £0.2 million) and its share of the
net deficit in the Yoplait Dairy Crest Final Salary Pension Scheme of £1.1 million (after
deferred tax of £0.4 million) at the transition date. In addition, the net SSAP 24 pension asset
of £3.7 million has been written off. This will result in a net reduction to shareholders’ equity of
£70.2 million. Despite some minor differences in the method of determining the value of the
assets of the pension fund between IAS 19 and FRS 17 there is no material net difference
between the balance sheet deficit computed under FRS 17 at 31 March 2004 and 31 March
2005 and the amount recognised under IAS 19.
IFRS has increased the net pension costs by £7.2 million (net of interest income of £0.3
million) for the year ended 31 March 2005.
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IFRS 3 “Business combinations”
IFRS 3 prohibits goodwill amortisation. All goodwill has been frozen at UK GAAP carrying
values on 1 April 2004. The standard requires goodwill to be carried at cost with impairment
reviews undertaken annually and also when there are indications that the carrying value may
not be recoverable. The full year operating profit impact for 2005 is to reduce the amortisation
charge and increase net assets by £13.1 million.
IFRS 2 “Share-based payments”
Under IFRS share-based payments must be measured at fair value at grant date and should
be recognised as an expense over the vesting period. This expense is primarily in relation to
the Group’s Save as You Earn schemes (“SAYE”) and Long Term Incentive Share Plan
(“LTISP”). The Group has sought advice from external valuation specialists to value its sharebased payments. The fair value of the total shareholders return (“TSR”) element of the LTISP
has been calculated using a Monte Carlo option-pricing model. The fair value for the
Sharesave schemes have been calculated using a Black-Scholes model.
The effect of adopting IFRS 2 for the year ended 31 March 2005 has reduced operating profit
by £1.7 million. Additionally there is a cumulative charge for the adoption of IFRS 2 at the
transition date to retained earnings of £1.2 million (after deferred tax of £0.5 million).
IAS 23 “Borrowing costs”
IAS 23 allows the capitalisation of borrowing costs where they are directly attributable to the
construction of a qualifying asset. However, where borrowing costs are capitalised the
treatment must be consistently applied to all borrowing costs that are directly attributable to
the acquisition, construction or production of qualifying assets. Dairy Crest’s current
accounting policy is to only capitalise interest on major capital projects. Due to the
administration involved in applying capitalisation to all qualifying assets we have amended our
accounting policy to expense all interest as incurred and cease capitalisation of interest as
part of the cost of qualifying assets.
This has resulted in a reduction in the net book value of tangible fixed assets of £6.1 million
offset by the reversal of a deferred tax liability of £1.8 million at the date of transition. Profit
before tax has also increased by £0.4 million for the year ended 31 March 2005 as a result of
this adjustment.
IAS 10 “Events after balance sheet date”
Under this standard the liability for dividend payments is recognised when the dividend is
approved. The normal practice under UK GAAP is for dividends to be recognised in the period
to which it relates.
At 31 March 2004 the final dividend for the year of £16.5 million had not been approved by
the Board. In the opening IFRS balance sheet the dividend creditor has been reversed.
Similarly, shareholders’ equity at 31 March 2005 has been increased by £17.7 million.
IAS 17 “Leases”
Under IFRS lease incentives are required to be written off over the life of the lease. Under UK
GAAP these have been written off over the period up to the first rent review. The adoption of
IFRS has resulted in the recognition of deferred income of £0.7 million and a deferred tax
asset of £0.2 million. The deferred income will be credited to income at £0.1 million pa until
2012.
IAS 12 “Income taxes”
IAS 12 “Income taxes” covers accounting for both current and deferred taxation. The
adoption of IAS 12 does not in itself result in any restatement of the Group’s tax charge.
Page 4
However, the basis of recognising deferred tax under IAS 12 compared to the UK standard
FRS 19 “Deferred tax” gives rise to the following differences:
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deferred tax must be recognised on all fair value adjustments recorded as a result of
acquisitions. This results in reduction in the deferred tax liability of £1.5 million in the
opening balance sheet; and
separate disclosure of a deferred tax asset of £3.6 million is required which was
previously netted off against deferred tax liabilities.
4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UNDER IFRS
The following are the proposed policies for the year ending 31 March 2006:
Basis of preparation
The financial statements have been prepared under the historical cost convention except for
certain financial instruments and pension assets and liabilities, which are measured at fair
value. The consolidated financial statements are presented in sterling and all values are
rounded to the nearest 0.1 million (£ million) except when otherwise indicated.
The consolidated financial statements of Dairy Crest Group plc have been prepared in
accordance with International Financial Reporting Standards (“IFRS”).
Consolidation
The Group financial statements consolidate the accounts of Dairy Crest Group plc and its
subsidiary undertakings drawn up to 31 March each year using consistent accounting
policies. All intercompany balances and transactions, including unrealised profits arising from
intra-group transactions, have been eliminated in full. Unrealised losses are eliminated unless
costs cannot be recovered.
Subsidiary undertakings and joint ventures acquired during the year are consolidated from the
date on which control is transferred to the Group. Minority interests represent the interests in
Wexford Creamery Limited and Haverfordwest Cheese Limited not held by the Group.
Interest in Joint Ventures
The Group’s investment in joint ventures are accounted for under the equity method of
accounting. Joint ventures are entities which the Group has joint control and are not
subsidiaries. The reporting date of the major joint venture, Yoplait Dairy Crest, is not identical
to the Group although financial statements are prepared to 31 March each year. The
company and joint ventures both use consistent accounting policies. The investment in joint
ventures is carried in the balance sheet at cost plus post-acquisition changes in the Group’s
share of net assets of the joint ventures, less any impairment in value. The income statement
reflects the share of the results of the joint ventures. Where there has been a change
recognised directly in the joint ventures’ equity, the Group recognises its share of any
changes and discloses this, when applicable in the Statement of Recognised Income and
Expenses.
Foreign currency translation
The functional and presentational currency of Dairy Crest Group plc and its United Kingdom
subsidiaries is the pound sterling (£). Transactions in foreign currency are initially recorded in
the functional currency rate ruling at the date of the transaction. On consolidation, assets and
liabilities of foreign subsidiaries are translated into sterling at year end exchange rates. The
results of foreign subsidiaries are translated into sterling at average rates of exchange for the
year. Exchange differences arising from the retranslation of the net investment in foreign
subsidiaries at year end exchange rates, less exchange differences on borrowings, which
finance or provide a hedge against those undertakings are taken to a separate component of
equity. Exchange differences relating to foreign currency borrowings that provide a hedge
against a net investment in a foreign entity remain in equity until the disposal of the net
investment, at which time they are recognised in the consolidated income statement. Tax
charges and credits attributable to exchange differences on those borrowings are also dealt
with in equity.
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Property plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any
impairment losses. Cost comprises the purchase price and any costs directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating in
the manner intended by management. Depreciation is calculated to write off the cost of
tangible fixed assets, excluding freehold land, on a straight-line basis over the estimated
useful lives of the assets as follows:
Freehold buildings – 25 years
Leasehold land and buildings – 25 years or, if shorter, the period of the lease
Plant and equipment – 4 to 20 years
Vehicles – 4 to 10 years
The carrying value of property, plant and equipment is reviewed for impairment when events
or changes in circumstances indicate that the carrying value may not be recoverable. If the
carrying value exceeds the estimated recoverable value, the net asset is written down to its
recoverable amount. The recoverable amount of plant and equipment is the greater of the net
selling price or value in use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For an asset that
does not generate largely independent cash flows, the recoverable amount is determined for
the cash-generating unit to which the asset belongs. Impairment losses are charged to the
Income Statement.
An item of property, plant and equipment is derecognised upon disposal or when no future
economic benefits are expected to arise from the continued use of the asset. Any gain or loss
arising on derecognition of the asset is included in the Income Statement in the year that it is
derecognised.
Borrowing costs
Borrowing costs are recognised as an expense when incurred in accordance with IAS 23.
Goodwill
Goodwill recognised under UK GAAP prior to the date of transition to IFRS is stated at the net
book value as at this date. Goodwill on acquisition is initially measured at cost being the
excess of the costs of the business combination over the Group’s (acquirer’s) interest in the
net fair value of the identifiable assets, liabilities and contingent liabilities. Following initial
recognition goodwill is measured at cost less any accumulated impairment losses. Goodwill is
reviewed for impairment annually, or more frequently if events or changes in circumstances
indicate that the carrying value may be impaired.
As at the acquisition date, any goodwill acquired is allocated to the cash-generating units
expected to benefit from the combination’s synergies. Impairment is determined by assessing
the recoverable amount of the cash-generating unit to which the goodwill relates. Where the
recoverable amount of the cash-generating unit is less than the carrying amount, an
impairment loss is recognised. Where goodwill forms part of a cash generating unit and part
of the operation within that unit is disposed of, the goodwill associated with the operation
disposed of is included in the carrying amount of the operation when determining the gain or
loss on disposal of the operation. Goodwill disposed of in this circumstance is measured on
the basis of the relative values of the operation disposed of and the portion of the cashgenerating unit retained.
Intangible assets
Intangible assets acquired as part of an acquisition of a business are capitalised at fair value
separately from goodwill if the fair value can be measured reliably on initial recognition and
the future expected economic benefits flow to the Group. Following initial recognition, the
carrying amount of an intangible asset is its cost less any accumulated amortisation and any
accumulated impairment losses. The useful lives of intangible assets are assessed to be
either finite or indefinite. Intangibles with a finite life are amortised to the Income Statement
using a methodology that matches management's estimate of how the benefit of the assets
Page 6
will be recovered. Intangible assets are tested for impairment annually either individually or at
the cash generating unit level. Useful lives are also examined on an annual basis and
adjustments, where applicable, are made on a prospective basis.
Intangible assets acquired separately from business combinations include software
development expenditure. Software is carried at cost less accumulated amortisation. Software
is amortised over 5 years.
Research and development
Expenditure on research is written off as incurred. Development expenditure is also written off
as incurred unless the future recoverability of this expenditure can reasonably be assured as
required by IAS 38.
Recoverable amount of non-current assets
At each reporting date, the Group assesses whether there is any indication that an asset may
be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of
recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount
the asset is considered impaired and is written down to its recoverable amount. Recoverable
amount is the higher of an asset’s or cash-generating unit’s fair value less costs to sell and its
value in use and is determined for an individual asset, unless the asset does not generate
cash inflows that are largely independent of those from other assets or groups of assets.
Inventories
Inventories is valued at the lower of cost and net realisable value. Cost includes the purchase
price of raw materials (on a first in first out basis), direct labour and a proportion of
manufacturing overheads based on normal operating capacity incurred in bringing each
product to its present location and condition. Net realisable value is the estimated selling price
in the ordinary course of business less estimated costs of completion and selling costs.
Trade and other receivables
Trade and other receivables are recognised and carried at original invoice amount less an
allowance for any uncollectible amounts. An estimate for doubtful debts is made when
collection of the full amount is no longer probable. Bad debts are written off when identified.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and in hand and short-term deposits with
an original maturity of three months or less. For the purposes of the Consolidated cash flow
statement, cash and cash equivalents consist of cash and cash equivalents as defined above,
net of bank overdrafts.
Interest Bearing Loans
All loans and borrowings are initially recognised at cost, being the fair value of the
consideration received net of issue costs associated with the borrowing. After initial
recognition, interest-bearing loans and borrowings are subsequently measured at amortised
cost using the effective interest method. Amortised cost is calculated by taking into account
any issue costs, and any discount or premium on settlement. Gains and losses are
recognised in net profit or loss when the liabilities are derecognised or impaired, as well as
through the amortisation process.
Pensions
The liability in respect of defined benefit schemes is the present value of the relevant defined
benefit obligation at the balance sheet date less the fair value of plan assets, along with
adjustments for actuarial gains and losses and past service cost. The independent actuary
completes a full actuarial valuation triennially. The obligation is updated annually for financial
reporting purposes by the actuary using the projected unit credit method. The present value
of the obligation is determined by the estimated future cash outflows using interest rates of
high quality corporate bonds which have terms to maturity approximating the terms of the
related liability.
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The current service cost are recognised in operating costs in the Income Statement. Past
service costs are included in operating costs where the benefit have vested, otherwise they
are amortised on a straight-line basis over the vesting period. The expected return on assets
of funded defined benefit schemes and the interest on pension scheme liabilities comprise the
finance element of the pension cost and are included in finance income. Actuarial gains and
loses arising from experience adjustments, changes in actuarial assumptions and
amendments to pension plans are charged or credited to the Statement of Recognised
Income or Expense in the period in which they arise.
Share based payments
Equity based performance payments
The Group has issued equity-settled share based payments for which the Group receives
services from employees in consideration for the equity instrument. Equity-settled share
based payments are measured at fair value at the grant date by an external valuer using a
Monte Carlo option-pricing model. The costs of equity settled transactions are recognised on
a straight-line basis over the vesting period. The cumulative expense recognised for equity
settled transactions at each reporting date until vesting reflects the expired vesting period and
the number of awards that, in the opinion of the directors, will eventually vest. The amount
charged to the Income Statement is credited to reserves.
No expense is recognised for awards that do not ultimately vest, except for awards where
vesting is conditional on market conditions, which are treated as vesting irrespective of
whether the market conditions are satisfied.
The Group also provides employees with the ability to purchase the Group’s ordinary shares
at 80% of the fair value at the grant date (SAYE Scheme). The Group records an expense,
based on the estimate of the 20% discount related to the shares expected to vest on a
straight-line basis over the vesting period using a Black Scholes option pricing model.
Employees’ Share Ownership Plan (“ESOP”)
The shares in the Company held by the Dairy Crest Employees’ Share Ownership Plan Trust
to satisfy Long Term Incentive Share Plan awards are presented as a deduction from equity
in arriving at shareholders equity.
Leased assets
Assets acquired under finance leases, which transfer to the Group substantially all the risks
and benefits incidental to ownership of the leased item, are capitalised at the inception of the
lease at fair value of the leased asset or, if lower, the present value of the minimum lease
payments. The net present value of future lease rentals is included as a liability on the
balance sheet. The interest element of lease rentals is charged to the Income Statement in
the year. Capitalised leased assets are depreciated over the shorter of the useful life of the
asset or the lease term. Leases where the lessor retains substantially all the risks and
benefits of ownership of the asset are classified as operating leases. Operating lease rentals
are charged to the Income Statement on a straight-line basis over the lease term.
Revenue
Revenue on sale of goods and services is recognised when the significant risks and rewards
of owning the goods are transferred to the buyer and can be reliably measured. Revenue
comprises the invoiced value for the sale of goods net of value added tax, rebates and
discounts and after eliminating sales within the Group.
Government and other grants
Government grants are recognised at their fair value where there is reasonable assurance
that the grant will be received and all attaching conditions will be complied with. When the
grant relates to an expense item, it is recognised as income over the periods necessary to
match the grant on a systematic basis to the costs that it is intended to compensate. Where
the grant relates to an asset, the fair value is credited to a deferred income account and is
released to the Income Statement over the expected useful life of the relevant asset in equal
annual instalments.
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Income tax
Deferred income tax is provided, using the liability method, on all temporary differences at the
balance sheet date between the tax bases of assets and liabilities and their carrying amounts
for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences:

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except where the deferred income tax liability arises from initial recognition of
goodwill or the initial recognition of an asset or liability in a transaction that is not a
business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
in respect of taxable temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, except where the timing of the
reversal of the temporary differences can be controlled and it is probable that the
temporary differences will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carryforward of unused tax assets and unused tax losses, to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the
carry-forward of unused tax assets and unused tax losses can be utilised:


except where the deferred income tax asset relating to the deductible temporary
difference arises from the initial recognition of an asset or liability in a transaction that
is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
in respect of deductible temporary differences associated with investments in
subsidiaries, associates and interests in joint ventures, deferred tax assets are only
recognised to the extent that it is probable that the temporary differences will reverse
in the foreseeable future and taxable profit will be available against which the
temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date
and reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred income tax asset to be utilised. Deferred income
tax assets and liabilities are measured at the tax rates that are expected to apply to the year
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted at the balance sheet date. Income tax relating to items
recognised directly in equity are recognised in equity and not in the income statement.
Derivative instruments
The Group uses derivative financial instruments such as foreign currency contracts and
interest rate swaps to hedge its risks associated with interest rate and foreign currency
fluctuations. Such derivative financial instruments are stated at fair value.
The fair value of forward exchange contracts is calculated by reference to current forward
exchange rates for contracts with similar maturity profiles. The fair value of interest rate swap
contracts is determined by reference to market values for similar instruments.
For the purpose of hedge accounting, hedges are classified as either fair value hedges when
they hedge the exposure to changes in the fair value of a recognised asset or liability or cash
flow hedges where they hedge exposure to variability in cash flows that is either attributable
to a particular risk associated with a recognised asset or liability or a forecasted transaction.
In relation to cash flow hedges to hedge firm commitments which meet the conditions for
hedge accounting, the portion of the gain or loss on the hedging instrument that is determined
to be an effective hedge is recognised directly in equity and the ineffective portion is
recognised in the Income Statement.
When the hedged firm commitment results in the recognition of an asset or a liability, then, at
the time the asset or liability is recognised, the associated gains or losses that had previously
Page 9
been recognised in equity are included in the initial measurement of the acquisition cost or
other carrying amount of the asset or liability. For all other cash flow hedges, the gains or
losses that are recognised in equity are transferred to the Income Statement in the same year
in which the hedged item affects the net profit and loss, for example when the future sale
actually occurs. For derivatives that do not qualify for hedge accounting, any gains or losses
arising from changes in fair value are taken directly to the Income Statement for the year.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated
or exercised, or no longer qualifies for hedge accounting. At that point in time, any cumulative
gain or loss on the hedging instrument recognised in equity is kept in equity until the
forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net
cumulative gain or loss recognised in equity is transferred to the Income Statement for the
year.
Presentation of results under IFRS
The attached appendices are presented in accordance with the IFRS accounting policies the
Group intends to adopt for the year ending 31 March 2006.
Appendices – Statements and reconciliations
Page
Consolidated Balance Sheet at 1 April 2004
11
Consolidated Income Statement for the period ended 30 September 2004
Consolidated Income Statement for the year ended 31 March 2005
12
13
Consolidated Balance Sheet at 30 September 2004
Consolidated Balance Sheet at 31 March 2005
Consolidated Balance Sheet at 1 April 2005
14
15
16
Consolidated Statement of Recognised Income and Expense for the period
ended 30 September 2004
Consolidated Statement of Recognised Income and Expense for the year ended
31 March 2005
Consolidated Cash Flow Statement for the period ended 30 September 2004
Consolidated Cash Flow Statement for the year ended 31 March 2005
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17
18
19
20
Dairy Crest Group plc
Consolidated Balance Sheet
1 April 2004 (Audited)
£m
Opening balance sheet adjustments
Previously
reported under
UK GAAP
ASSETS
Non-current assets
Goodwill
Property, plant and equipment
Deferred tax asset
Investment in joint ventures using equity
method
99.8
321.2
-
LIABILITIES
Non-current liabilities
Borrowings
Retirement benefit obligations
Deferred tax liability
Deferred income
760.8
(292.8)
(32.4)
(10.3)
(335.5)
Current liabilities
Trade and other payables
Current tax liabilities
Borrowings
Dividend
Employee Benefits
Employee
Benefits
Wexford/
YDC
Employee
Benefits
Leases
Taxation
(6.1)
0.5
27.4
0.2
0.2
3.6
(1.1)
(6.1)
0.5
-
130.6
188.5
16.6
335.7
TOTAL ASSETS
Share based
payments
4.1
425.1
Current assets
Trade and other receivables
Inventories
Financial assets
Cash and cash equivalents
Borrowing
costs
-
27.4
(0.9)
0.2
3.6
(5.3)
(6.1)
-
-
(5.3)
-
0.5
-
(5.3)
27.4
(0.9)
(91.5)
(1.8)
1.8
-
(162.0)
(13.2)
(3.5)
-
1.6
(1.8)
3.0
24.7
449.8
(5.3)
-
125.3
188.5
16.6
0.2
3.6
19.4
780.2
(93.3)
1.3
(0.7)
(292.8)
(93.3)
(31.1)
(11.0)
(92.7)
(428.2)
16.5
-
(145.5)
(13.2)
(3.5)
16.5
(162.2)
(2.1)
(76.2)
(590.4)
(31.0)
(24.8)
3.8
(55.9)
(72.4)
(0.7)
(2.1)
(178.7)
-
-
16.5
-
TOTAL LIABILITIES
(514.2)
1.8
-
16.5
1.6
EQUITY
Equity attributable to equity holders
of the parent
Ordinary shares
Share premium account
Interest in ESOP
Merger reserve
Retained earnings
(31.0)
(24.8)
3.8
(55.9)
(128.9)
4.3
(0.5)
(16.5)
3.7
64.1
2.4
0.5
(1.5)
56.5
Total shareholders’ equity
(236.8)
4.3
(0.5)
(16.5)
3.7
64.1
2.4
0.5
(1.5)
56.5
(180.3)
Minority interests in equity
TOTAL EQUITY
(9.8)
(246.6)
4.3
(0.5)
(16.5)
3.7
64.1
0.3
2.7
0.5
(1.5)
0.3
56.8
(9.5)
(189.8)
TOTAL EQUITY AND LIABILITIES
(760.8)
6.1
(0.5)
-
5.3
(27.4)
0.9
(0.2)
(3.6)
(19.4)
(780.2)
Page 11
(91.5)
-
(1.1)
330.4
16.5
-
99.8
315.1
31.9
(5.3)
(2.1)
(91.5)
(6.1)
31.9
-
1.6
-
Restated
under IFRS
-
(0.7)
1.8
Total effect of
transition to IFRS
(1.8)
(0.7)
-
Dairy Crest Group plc
Consolidated Income Statement
Period Ended 30 September 2004 (Unaudited)
£m
Transitional Adjustments
Previously
reported under
UK GAAP
Group revenue
Operating costs
Share of profit of joint ventures
Employee
Benefits
Business
Combinations
Joint ventures
reclassification
Total effect of
transition to
IFRS
Other
Restated under
IFRS
630.5
(586.4)
630.5
0.3
(3.7)
0.2
3.3
Operating profit before goodwill and finance costs
47.4
Operating exceptional items/special items
(1.1)
Goodwill amortisation
(6.4)
Total operating profit
39.9
Profit on disposal of closed sites
Share based
payments
(3.3)
0.3
(3.7)
-
(3.3)
0.2
6.4
0.3
(3.7)
6.4
(3.3)
0.2
(3.2)
(589.6)
(3.3)
-
(6.5)
40.9
-
(1.1)
6.4
-
(0.1)
39.8
0.6
0.6
Net finance costs
Group
(8.5)
Share of joint ventures
(0.1)
Profit on ordinary activities before tax
31.9
Income tax expense
(9.1)
Profit after tax
22.8
Share of joint ventures' net profit
Group profit for the period
0.2
(0.1)
0.1
0.3
0.3
-
6.4
(3.2)
0.1
0.1
32.0
1.0
(1.3)
1.0
-
0.7
(8.4)
(2.5)
5.1
(2.2)
0.1
0.8
23.6
2.2
2.2
3.0
25.8
2.2
0.3
(8.4)
0.1
(3.5)
22.8
0.1
(2.5)
Page 12
5.1
-
0.1
Dairy Crest Group plc
Consolidated Income Statement
Year Ended 31 March 2005 (Audited)
£m
Transitional Adjustments
Previously
reported
under UK
GAAP
Group revenue
1,260.6
Operating costs
(1,167.5)
Share of profit of joint ventures
Operating profit before goodwill and interest
Operating exceptional items/special items
Employee
Benefits
Wexford/YDC
Employee
Business
Benefits
Combinations
100.6
(1.7)
(7.4)
(0.1)
Total operating profit
82.1
Total effect of
transition to IFRS
Other
0.5
(7.5)
(1.7)
(7.4)
(0.1)
-
(5.4)
(13.1)
Joint ventures
reclassification
Restated under
IFRS
1,260.6
7.5
Goodwill amortisation
Profit on disposal of closed sites
Share based
payments
(7.5)
0.5
4.3
13.1
(1.7)
(7.4)
(0.1)
13.1
1.0
(3.2)
0.5
(0.3)
(8.7)
(1,176.2)
(7.5)
-
(16.2)
84.4
4.3
(1.1)
13.1
-
1.2
83.3
(0.3)
0.7
0.2
(16.1)
0.1
-
Net finance costs
Group
(16.3)
0.3
Share of joint ventures
(0.1)
Profit on ordinary activities before tax
66.7
(1.7)
(7.1)
(19.0)
0.2
2.1
47.7
(1.5)
(5.0)
Income tax expense
Profit after tax
Share of joint ventures' net profit
Group profit for the year
(0.1)
0.1
(0.1)
(0.1)
13.1
(3.4)
0.4
1.2
67.9
(2.5)
1.1
(0.5)
0.4
(18.6)
10.6
(2.3)
(0.1)
1.6
49.3
2.3
2.3
3.9
51.6
-
47.7
2.3
(1.5)
(5.0)
(0.1)
Page 13
10.6
-
(0.1)
Dairy Crest Group plc
Consolidated Balance Sheet
30 September 2004 (Unaudited)
£m
Transitional Adjustments
Previously
reported under
UK GAAP
ASSETS
Non-current assets
Goodwill
Property, plant and equipment
Deferred tax asset
Investment in joint ventures using equity method
memethod
100.4
316.1
6.2
422.7
Current assets
Trade and other receivables
Inventories
Financial assets
Cash and cash equivalents
LIABILITIES
Non-current liabilities
Borrowings
Retirement benefit obligations
Deferred tax liability
Deferred income
755.2
(263.3)
(34.3)
(10.0)
(307.6)
Current liabilities
Trade and other payables
Current tax liabilities
Borrowings
Deferred income
Share based
payments
Employee
Benefits
Wexford/YDC
Employee
Benefits
Business
Combinations
Dividend
Taxation
Other
6.4
(6.1)
0.5
30.5
0.3
(1.2)
0.5
30.5
(0.9)
6.4
-
(6.1)
-
(5.3)
0.5
25.2
(0.9)
(102.3)
1.6
(2.0)
1.8
1.8
-
(100.7)
-
3.6
106.8
310.1
35.1
5.0
3.6
0.3
34.3
457.0
(5.3)
-
120.2
196.6
10.4
-
-
-
-
(5.3)
327.2
6.4
-
3.6
0.3
29.0
784.2
(0.7)
(104.3)
(0.7)
(263.3)
(104.3)
(34.3)
(10.7)
(0.7)
(105.0)
(412.6)
(1.3)
(2.0)
(1.3)
(2.1)
-
(161.0)
(15.0)
(7.6)
(0.7)
(184.3)
-
-
-
TOTAL LIABILITIES
(491.9)
1.8
-
(100.7)
EQUITY
Equity attributable to equity holders
of the parent
Ordinary shares
Share premium account
Interest in ESOP
Merger reserve
Retained earnings
(31.0)
(24.9)
2.2
(55.9)
(143.4)
4.3
(0.5)
75.5
2.6
(5.1)
(7.3)
Total shareholders’equity
(253.0)
4.3
(0.5)
75.5
2.6
(5.1)
Minority interests in equity
TOTAL EQUITY
(10.3)
(263.3)
4.3
(0.5)
75.5
0.3
2.9
(5.1)
TOTAL EQUITY AND LIABILITIES
(755.2)
6.1
(0.5)
(25.2)
0.9
(6.4)
(2.1)
7.3
Page 14
(2.0)
Restated
under IFRS
6.4
(6.0)
35.1
(1.2)
(5.3)
-
Total effect of
transition to
IFRS
0.1
0.2
(6.1)
125.5
196.6
10.4
332.5
TOTAL ASSETS
Borrowing
costs
(1.3)
7.3
7.3
(153.7)
(15.0)
(7.6)
(0.7)
(177.0)
(0.7)
(97.7)
(589.6)
(1.5)
0.4
68.4
(31.0)
(24.9)
2.2
(55.9)
(75.0)
(7.3)
(1.5)
0.4
68.4
(184.6)
(7.3)
(1.5)
0.4
0.3
68.7
(10.0)
(194.6)
(3.6)
(0.3)
(29.0)
(784.2)
7.3
7.3
-
(2.1)
-
Dairy Crest Group plc
Consolidated Balance Sheet
31 March 2005 (Audited)
£m
Transitional Adjustments
Previously
reported under
UK GAAP
ASSETS
Non-current assets
Goodwill
Property, plant and equipment
Deferred tax asset
Investment in joint ventures using equity method
97.3
322.7
-
TOTAL ASSETS
Non-current liabilities
Borrowings
Retirement benefit obligations
Deferred tax liability
Deferred income
Share based
payments
Dividend
Employee
Benefits
Leasing
Taxation
Other
Total effect of
transition to
IFRS
1.8
13.1
(5.7)
36.2
110.4
317.0
36.2
(1.2)
5.2
(5.7)
0.3
30.0
0.3
0.2
3.6
(1.2)
13.1
(5.7)
0.3
-
30.0
(0.9)
0.2
3.6
1.8
(5.3)
329.2
-
755.6
13.1
(254.4)
(34.7)
(10.7)
Wexford/YDC
Employee
Benefits
13.1
129.3
172.7
27.2
(299.8)
Current liabilities
Trade and other payables
Financial liabilities
Current tax liabilities
Borrowings
Deferred income
Borrowing
costs
6.4
426.4
Current assets
Trade and other receivables
Inventories
Financial assets
Cash and cash equivalents
Business
Combinations
(2.5)
(5.7)
-
-
(5.3)
0.3
-
24.7
(0.9)
(100.4)
1.6
(2.3)
1.7
-
(165.6)
(16.3)
(0.3)
(0.9)
(183.1)
1.7
-
-
(98.8)
(2.3)
(2.5)
-
17.7
-
1.7
-
17.7
(98.8)
(2.3)
468.8
(5.3)
-
124.0
172.7
27.2
-
-
(5.3)
323.9
0.2
3.6
1.8
37.1
792.7
(102.7)
(3.5)
(0.7)
(254.4)
(102.7)
(38.2)
(11.4)
(106.9)
(406.7)
17.7
17.7
(147.9)
(16.3)
(0.3)
(0.9)
(165.4)
(89.2)
(572.1)
(31.2)
(28.2)
1.6
(55.9)
(97.1)
(2.5)
(1.8)
(0.7)
(2.5)
(1.8)
17.7
-
42.4
-
(0.7)
(2.5)
Restated under
IFRS
(0.7)
(2.5)
-
TOTAL LIABILITIES
(482.9)
(1.8)
EQUITY
Equity attributable to equity holders of the parent
Ordinary shares
Share premium account
Interest in ESOP
Merger reserve
Retained earnings
(31.2)
(28.2)
1.6
(55.9)
(148.8)
(10.6)
4.0
(0.3)
(17.7)
74.1
2.8
0.5
(1.1)
-
51.7
Total shareholders’ equity
(262.5)
(10.6)
4.0
(0.3)
(17.7)
74.1
2.8
0.5
(1.1)
-
51.7
(210.8)
Minority interests in equity
(10.2)
0.4
(9.8)
52.1
(220.6)
(37.1)
(792.7)
0.4
TOTAL EQUITY
(272.7)
(10.6)
4.0
(0.3)
(17.7)
74.1
3.2
0.5
(1.1)
TOTAL EQUITY AND LIABILITIES
(755.6)
(13.1)
5.7
(0.3)
-
(24.7)
0.9
(0.2)
(3.6)
Page 15
(1.8)
Dairy Crest Group plc
Consolidated Balance Sheet
1 April 2005 (Audited)
£m
31 March 2005
under IFRS
ASSETS
Non-current assets
Goodwill
Property plant and equipment
Deferred tax asset
Investment in joint ventures using the equity method
Current assets
Trade and other receivables
Inventories
Financial assets
Cash and cash equivalents
TOTAL ASSETS
LIABILITIES
Non-current liabilities
Borrowings
Retirement benefit obligations
Deferred tax liability
Deferred income
Current liabilities
Trade and other payables
Financial liabilities
Current tax liabilities
Borrowings
Deferred income
TOTAL LIABILITIES
EQUITY
Equity attributable to equity holders
of the parent
Ordinary shares
Share premium account
Interest in ESOP
Merger reserve
Hedging and translation reserves
Retained earnings
Derivatives
1 April 2005
Restated under
IFRS
110.4
317.0
36.2
5.2
(0.1)
110.4
317.0
36.2
5.1
468.8
(0.1)
468.7
124.0
172.7
27.2
0.5
124.0
172.7
0.5
27.2
323.9
0.5
324.4
792.7
0.4
793.1
(254.4)
(102.7)
(38.2)
(11.4)
(406.7)
-
(147.9)
(16.3)
(0.3)
(0.9)
(165.4)
(0.1)
(147.9)
(0.1)
(16.3)
(0.3)
(0.9)
(165.5)
(0.1)
(572.2)
(0.1)
(572.1)
(31.2)
(28.2)
1.6
(55.9)
(97.1)
(254.4)
(102.7)
(38.2)
(11.4)
(406.7)
(0.3)
(31.2)
(28.2)
1.6
(55.9)
(0.3)
(97.1)
Total shareholders’ equity
Minority interests in equity
(210.8)
(9.8)
(0.3)
(211.1)
(9.8)
TOTAL EQUITY
(220.6)
(0.3)
(220.9)
TOTAL EQUITY AND LIABILITIES
(792.7)
(0.4)
(793.1)
Page 16
Dairy Crest Group plc
Consolidated Statement of Recognised Income and Expense
Period Ended 30 September 2004 (Unaudited)
£m
Profit for the period
Previously
reported
under UK
GAAP
Share based
payments
Employee
Benefits
Business
combinations
22.8
0.3
(2.5)
5.1
Other
Total effect of
transition to
IFRS
Restated
under IFRS
0.1
3.0
25.8
0.3
0.3
0.3
(0.3)
Exchange differences on foreign currency net investments
-
Exchange differences on foreign currency borrowings
-
(0.3)
(0.3)
Actuarial losses
-
(7.3)
(7.3)
(7.3)
Tax on actuarial losses
-
2.1
2.1
2.1
(2.2)
20.6
Total recognised income and expenses relating to the period
22.8
0.3
Page 17
(7.7)
5.1
0.1
Dairy Crest Group plc
Consolidated Statement of Recognised Income and Expense
Year Ended 31 March 2005 (Audited)
£m
Previously
reported
under UK
GAAP
Profit for the year
47.7
Share based
payments
(1.5)
Employee
Benefits
(5.0)
Wexford/YDC
(0.1)
Business
combinations
10.6
Other
Total effect of
transition to
IFRS
Restated under
IFRS
(0.1)
3.9
51.6
0.5
0.5
0.5
(0.5)
(0.5)
(0.5)
(0.4)
(0.4)
Exchange differences on foreign currency net investments
-
Exchange differences on foreign currency borrowings
-
Deferred tax on share based payments
-
Actuarial losses
-
(1.8)
(0.5)
(2.3)
(2.3)
Tax on actuarial losses
-
0.5
0.2
0.7
0.7
(6.3)
(0.4)
1.9
49.6
Total recognIsed income and expenses relating to the year
47.7
(0.4)
(1.9)
Page 18
10.6
(0.1)
Dairy Crest Group plc
Consolidated Cash Flow Statement
Period Ended 30 September 2004 (Unaudited)
£m
Transitional Adjustments
Previously
reported under
UK GAAP
Cash flow from operating activities
Operating profit before finance costs
Adjustments for:
Pensions
Operating exceptional items/special items
Amortisation of goodwill
Depreciation
Release of grants
Share of joint ventures
Share based payments
Net profit on rationalisation of household business
Decrease in working capital
Cash generated from operations
Interest paid
Income tax paid
Net cash flow from operating activities
39.9
0.4
(0.1)
6.4
16.8
(0.3)
(3.3)
(2.3)
6.6
64.1
(9.9)
(4.5)
49.7
Share based
payments
0.3
Employee
Benefits
Business
combinations
(3.7)
6.4
Joint ventures
reclassification
(3.3)
Other
0.2
3.7
Total effect of
transition to
IFRS
(0.1)
39.8
3.7
(6.4)
(0.2)
3.3
(0.3)
-
-
-
-
-
-
-
-
-
-
-
-
4.1
(0.1)
16.6
(0.3)
(0.3)
(2.3)
6.6
64.1
(9.9)
(4.5)
49.7
-
-
(13.9)
5.6
(5.4)
0.2
(13.5)
4.1
(30.0)
(16.5)
(42.4)
(6.2)
16.6
10.4
(6.4)
(0.2)
3.3
(0.3)
Cash flow from investing activities
Payments to acquire fixed assets (net of grants)
Proceeds from disposal of fixed assets
Purchase of businesses
Receipt from sale of business
Net cash used in investing activities
(13.9)
5.6
(5.4)
0.2
(13.5)
Cash flow from financing activities
Increase in short term borrowings
Decrease in long term borrowings
Dividends paid
Net cash used in financing activities
4.1
(30.0)
(16.5)
(42.4)
-
-
-
-
-
-
(6.2)
16.6
10.4
-
-
-
-
-
-
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Restated under
IFRS
-
-
-
-
Reconciliation of net cash flow to movement in net debt
Net decrease in cash and cash equivalents
Decrease in debt
Exchange differences
Decrease in net funds
Opening net debt
Closing net debt
(6.2)
25.9
(0.5)
19.2
(279.7)
(260.5)
(6.2)
25.9
(0.5)
19.2
(279.7)
(260.5)
Page 19
Dairy Crest Group plc
Consolidated Cash Flow Statement
Year Ended 31 March 2005 (Audited)
£m
Previously reported
under UK GAAP
Transitional Adjustments
Share based
payments
Employee Benefits
Business
combinations
Cash flow from operating activities
Operating profit before finance costs
Adjustments for:
Pensions
Operating exceptional items
Amortisation of goodwill
Depreciation
Release of grants
Share of joint ventures
Share based payments
Net profit on rationalisation of household business
Decrease in stocks
Decrease in debtors
Increase in creditors
Cash generated from operations
Interest paid
Income tax paid
Net cash flow from operating activities
0.1
(0.2)
13.1
34.4
(0.8)
(3.2)
(3.1)
16.8
3.7
0.1
143.0
(17.7)
(12.6)
112.7
Cash flow from investing activities
Payments to acquire fixed assets (net of grants)
Proceeds from disposal of fixed assets
Purchase of businesses
Receipt from sale of business
Net cash used in investing activities
(37.7)
8.2
(9.9)
0.2
(39.2)
Cash flow from financing activities
Decrease in short term borrowings
Decrease in long term borrowings
Dividends paid
Proceeds from exercise of share options
Proceeds from sale and leaseback
Finance lease repayments
Net cash used in financing activities
(3.5)
(57.2)
(23.9)
3.6
18.7
(0.6)
(62.9)
-
-
-
10.6
16.6
27.2
-
-
-
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
82.1
(1.7)
(7.5)
13.1
Joint ventures
reclassification
(3.2)
Total effect of
transition to IFRS
Other
0.5
7.5
Restated under
IFRS
1.2
83.3
7.6
(0.2)
33.9
(0.8)
1.7
(3.1)
16.8
3.7
0.1
143.0
(17.7)
(12.6)
112.7
-
-
-
-
-
-
-
-
-
-
7.5
(13.1)
(0.5)
3.2
1.7
-
-
-
(37.7)
8.2
(9.9)
0.2
(39.2)
-
-
-
(3.5)
(57.2)
(23.9)
3.6
18.7
(0.6)
(62.9)
-
-
-
10.6
16.6
27.2
(13.1)
(0.5)
3.2
1.7
-
-
-
-
Reconciliation of net cash flow to movement in net debt
Net increase in cash and cash equivalents
Decrease in debt
Decrease in finance leases
Proceeds from sale and leaseback
Exchange differences
Decrease in net funds
Opening net debt
Closing net debt
10.6
60.7
0.6
(18.7)
(1.0)
52.2
(279.7)
(227.5)
10.6
60.7
0.6
(18.7)
(1.0)
52.2
(279.7)
(227.5)
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