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Corporate
Corporate costs were $32.3 million (2008: $37.0 million), a reduction of 12.7%. Also, in 2009, Corporate recognised an impairment of $15.5 million on receivables held in relation to the disposal of businesses in prior years.
Exited segments
Industrial & Automotive
Caps & Thermostats
Stant and Standard-Thomson, which comprised the Caps & Thermostats segment, were sold in June 2008. Prior to their disposal, these businesses contributed sales of $80.2 million in 2008 and, excluding the gain of $43.2 million made on their disposal, an adjusted operating profit of $10.3 million.
Building Products
Doors & Windows
In August 2009, the Philips Doors and Windows business, which comprised the Doors & Windows segment, ceased its operations. Prior to cessation, the business contributed sales of $36.5 million (2008: $134.6 million). In 2009, the business incurred an operating loss of $33.0 million (2008: loss of $24.0 million). Restructuring costs were $19.9 million (2008: $0.8 million) and, in 2008, an impairment of $11.0 million was incurred in relation to the closure of the business. Excluding these items, the business incurred an adjusted operating loss of $13.1 million (2008: loss of $12.2 million).
Discontinued operations
In 2009, the Group recognised an additional loss of $4.4 million in relation to businesses sold in previous years ($3.9 million net of tax). |
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