In 2009, the Group recognised an additional loss of $4.4 million in relation to discontinued operations that were sold in previous years.
In 2007, the Group recognised a loss of $59.6 million on the disposal of Trico. Also during 2007, the Group recognised a gain of $2.4 million on the receipt of additional proceeds in relation to businesses sold in previous years. After the attributable tax expense of $8.0 million, the loss on disposal of discontinued operations was $65.2 million.
The loss for the period from discontinued operations may be analysed as follows:
| Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
|
|---|---|---|---|
| Loss for the period of discontinued operations | |||
| Sales | – | – | 157.6 |
| Cost of sales | – | – | (131.2) |
| Gross profit | – | – | 26.4 |
| Distribution costs | – | – | (12.8) |
| Administrative expenses | – | – | (9.9) |
| Restructuring costs | – | – | (1.6) |
| Operating profit | – | – | 2.1 |
| Net finance costs | – | – | (1.0) |
| Profit before tax | – | – | 1.1 |
| Income tax expense | – | – | (2.6) |
| Loss after tax | – | – | (1.5) |
| Loss on disposal of discontinued operations | |||
| Loss before tax | (4.4) | – | (57.2) |
| Income tax benefit/(expense) | 0.5 | – | (8.0) |
| Loss after tax | (3.9) | – | (65.2) |
| Loss for the period from discontinued operations | (3.9) | – | (66.7) |
Cash flows arising from discontinued operations during the period were as follows:
| Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
|
|---|---|---|---|
| Cash inflow from operating activities | – | – | 7.3 |
| Cash outflow from investing activities | – | – | (2.6) |
| Cash outflow from financing activities | – | – | (1.2) |
| Net increase in net cash and cash equivalents from discontinued operations | – | – | 3.5 |
The segment sales and adjusted operating profit of discontinued operations may be analysed as follows:
| Sales | Adjusted operating profit/(loss) | |||||
|---|---|---|---|---|---|---|
| Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
|
| By operating segment | ||||||
| Industrial & Automotive: | ||||||
| – Wiper Systems | – | – | 157.6 | – | – | 3.7 |
| By origin | ||||||
| US | – | – | 123.1 | – | – | 5.1 |
| UK | – | – | 13.6 | – | – | (2.6) |
| Rest of the world | – | – | 20.9 | – | – | 1.2 |
| – | – | 157.6 | – | – | 3.7 | |
| By destination | ||||||
| US | – | – | 113.6 | |||
| UK | – | – | 7.5 | |||
| Rest of Europe | – | – | 9.3 | |||
| Rest of the world | – | – | 27.2 | |||
| – | – | 157.6 | ||||
Reconciliation of the adjusted operating profit to the profit before tax of discontinued operations:
| Year ended 2 January 2010 $ million |
Year ended 3 January 2009 $ million |
Year ended 29 December 2007 $ million |
|
|---|---|---|---|
| Adjusted operating profit | – | – | 3.7 |
| Restructuring costs | – | – | (1.6) |
| Net finance costs | – | – | (1.0) |
| Profit before tax | – | – | 1.1 |