| |
| Financial summary |
| |
| Ongoing segments(1) |
|
Group |
 |
|
|
|
|
|
|
| $ million, unless stated otherwise |
2009 |
Restated(2)
2008 |
Change |
|
2009 |
Restated(2)
2008 |
|
|
|
|
|
|
|
| Continuing operations |
|
|
|
|
|
|
| Sales |
4,143.6 |
5,301.1 |
(21.8)% |
|
4,180.1 |
5,515.9 |
| Adjusted operating profit(3) |
262.9 |
404.8 |
(35.1)% |
|
249.8 |
402.9 |
| Adjusted operating margin(3) |
6.3% |
7.6% |
|
|
6.0% |
7.3% |
| Operating profit |
117.7 |
37.4 |
|
|
84.7 |
66.9 |
|
|
|
|
|
|
|
| |
|
|
|
| Profit/(loss) before tax |
|
38.4 |
(8.1) |
| |
|
|
|
| (Loss)/earnings per share |
|
|
|
| – Diluted |
|
(1.33)c |
(7.34)c |
| – Adjusted diluted(3) |
|
14.81c |
25.96c |
| Proposed final dividend per share |
|
6.50c |
2.00c |
|
|
|
|
|
|
|
| |
|
|
|
| Total operations |
|
|
|
| Trading cash flow(3) (4) |
|
422.0 |
442.8 |
| Cash outflow on restructurings |
|
(69.3) |
(16.3) |
| Net debt(3) |
|
207.5 |
476.4 |
|
|
|
|
|
|
|
|
| |
| (1) |
Ongoing segments excludes the Doors & Windows and Caps & Thermostats segments which have been exited. |
| (2) |
Restated for an amendment to IFRS 2 ‘Share-based Payment’ (see note 2 to the consolidated financial statements). |
| (3) |
Key performance measures are explained in Explanation of key performance measures. |
| (4) |
‘Trading cash flow’ was previously referred to as ‘operating cash flow’. |
|
| |
| |
| |
 |
Sales declined by 21.8% and adjusted operating profit declined by 35.1%. |
| |
|
Results positively impacted by restructuring initiatives and working capital management: |
| |
|
| • |
Ongoing adjusted operating margin improved to 8.0% in H2 2009 versus 4.6% in H1 2009. |
| • |
Generated $422.0 million of trading cash flow. |
| • |
Net debt reduced from $476.4 million to $207.5 million in the year. |
|
| |
|
Substantially completed major restructuring initiatives. |
| |
|
Reduced exposure to post-employment benefits by amending pension and healthcare plans in North America. |
| |
|
Acquisition of Koch Filter in February 2010, a $40 million revenue air filters business for Building Products. |
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