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| FOR THE YEAR ENDED 31 DECEMBER 2003 |
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Year ended 31 December |
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Year ended 31 December |
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Excluding |
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Including |
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Excluding |
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Including |
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exceptional |
Exceptional |
exceptional |
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exceptional |
Exceptional |
exceptional |
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items |
items |
items |
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items |
items |
items |
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2003 |
2003 |
2003 |
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2002 |
2002 |
2002 |
| Note |
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£m |
£m |
£m |
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£m |
£m |
£m |
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| 1 |
Turnover: Group and share of |
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joint ventures and associates |
1,273 |
– |
1,273 |
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1,129 |
– |
1,129 |
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Less: share of joint ventures’ turnover |
(136) |
– |
(136) |
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(122) |
– |
(122) |
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Less: share of associates’ turnover |
(285) |
– |
(285) |
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(290) |
– |
(290) |
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| 1 |
Group turnover |
852 |
– |
852 |
|
717 |
– |
717 |
| 2/8 |
Net operating costs |
(727) |
(404) |
(1,131) |
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(509) |
(103) |
(612) |
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Operating profit/(loss) |
125 |
(404) |
(279) |
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208 |
(103) |
105 |
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Share of operating profit of: |
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Joint ventures |
32 |
– |
32 |
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26 |
– |
26 |
| 8 |
Associates |
95 |
35 |
130 |
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123 |
– |
123 |
| 8 |
Income from investments |
33 |
– |
33 |
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31 |
42 |
73 |
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| 1/8 |
Operating profit/(loss) and |
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investment income |
285 |
(369) |
(84) |
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388 |
(61) |
327 |
| 8 |
Non-operating exceptional items: |
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Profit on sale of fixed asset investments |
– |
27 |
27 |
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– |
– |
– |
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| 1 |
Profit/(loss) on ordinary |
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activities before interest |
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and taxation |
285 |
(342) |
(57) |
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388 |
(61) |
327 |
| 4 |
Interest receivable and similar income |
42 |
– |
42 |
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24 |
– |
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| 5/8 |
Interest payable and similar charges |
(121) |
(16) |
(137) |
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(121) |
– |
(121) |
| 5 |
Share of net interest of joint |
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ventures and associates |
(32) |
– |
(32) |
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(35) |
– |
(35) |
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Net interest |
(111) |
(16) |
(127) |
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(132) |
– |
(132) |
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| 3 |
Profit/(loss) on ordinary activities before taxation |
174 |
(358) |
(184) |
|
256 |
(61) |
195 |
| 8/9 |
Tax (charge)/credit on profit/(loss) on ordinary activities |
(54) |
26 |
(28) |
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(77) |
1 |
(76) |
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Profit/(loss) on ordinary activities after taxation |
120 |
(332) |
(212) |
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179 |
(60) |
119 |
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Minority interests – equity |
(7) |
– |
(7) |
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(6) |
– |
(6) |
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Profit/(loss) for the financial year |
113 |
(332) |
(219) |
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173 |
(60) |
113 |
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| 11 |
Earnings/(loss) per share: |
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Basic |
10.2p |
(29.9)p |
(19.7)p |
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15.5p |
(5.4)p |
10.1p |
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Diluted |
10.1p |
(29.9)p |
(19.7)p |
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15.5p |
(5.4)p |
10.1p |
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