Financial highlights
| Year ended 31 December 2003 |
Year ended 31 December 2002 |
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| £m | £m | |||
| Turnover (including joint ventures and associates) | 1,273 | 1,129 | ||
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| Profit/(loss) on ordinary activities before interest and taxation | ||||
| Excluding exceptional items | 285 | 388 | ||
| Including exceptional items | (57) | 327 | ||
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| Profit/(loss) on ordinary activities before taxation | ||||
| Excluding exceptional items | 174 | 256 | ||
| Including exceptional items | (184) | 195 | ||
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| Earnings/(loss) per share (EPS) in pence | ||||
| Basic excluding exceptional items | 10.2p | 15.5p | ||
| Basic including exceptional items | (19.7)p | 10.1p | ||
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| Operating cash flow | 285 | 391 | ||
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| Free cash flow – see page 14 | 121 | 252 | ||
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| Capital expenditure | ||||
| Maintenance | 64 | 48 | ||
| Growth | 57 | 98 | ||
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| As at 31 December 2003 |
As at 31 December 2002 |
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| £m | £m | |||
| Net assets | 1,562 | 1,769 | ||
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| Net debt | 692 | 812 | ||
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| Gearing | 44% | 46% | ||
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| Debt capitalisation | 31% | 31% | ||
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