| |
Overview
Sales from ongoing segments in 2009 were $4,143.6 million (2008: $5,301.1 million), a decline of 21.8%. In the second half of 2009, sales increased by 10.6% compared with the first half. I&A’s sales were 16.2% higher in the second half of the year compared with the first half, mainly due to improvements in the automotive OE markets and industrial replacement markets, though industrial OE markets remained weak and the automotive aftermarket was broadly flat. On the same basis of comparison, Building Products’ sales were down 4.8% in the second half as relative stability in sales to the residential markets was more than offset by declining sales to the non-residential market, which comprised 67% of Building Products’ sales in 2009.
Adjusted operating profit from ongoing segments in 2009 was $262.9 million (2008: $404.8 million), a decline of 35.1% due to lower sales volumes that were partially offset by the benefits of restructuring initiatives completed in 2009 and price increases implemented in 2008. The adjusted operating margin was 6.3% in 2009, compared with 7.6% in 2008. While the margin declined in the first half of 2009, it recovered in the second half. In I&A, the margin increased from 5.2% in the first half to 9.0% in the second half and, despite the further fall in sales volumes, it increased from 5.8% in the first half to 7.9% in the second half in Building Products.
| $ million, unless otherwise stated |
H1 |
H2 |
H2 vs H1
Change % |
Total
2009 |
 |
|
|
|
|
| Sales |
|
|
|
|
| Industrial & Automotive |
1,447.5 |
1,681.6 |
16.2% |
3,129.1 |
| Building Products |
519.6 |
494.9 |
(4.8)% |
1,014.5 |
|
|
|
|
|
| Total |
1,967.1 |
2,176.5 |
10.6% |
4,143.6 |
|
|
|
|
|
| |
|
|
|
|
| Adjusted operating profit/(loss) |
|
|
|
|
| Industrial & Automotive |
75.5 |
150.6 |
99.5% |
226.1 |
| Building Products |
30.1 |
39.0 |
29.6% |
69.1 |
| Corporate |
(15.8) |
(16.5) |
(4.4)% |
(32.3) |
|
|
|
|
|
| Total |
89.8 |
173.1 |
92.8% |
262.9 |
|
|
|
|
|
| |
|
|
|
|
| Adjusted operating margin |
|
|
|
|
| Industrial & Automotive |
5.2% |
9.0% |
n/a |
7.2% |
| Building Products |
5.8% |
7.9% |
n/a |
6.8% |
| Total |
4.6% |
8.0% |
n/a |
6.3% |
|
|
|
|
|
|
|
