Compass Group Plc · LSE:CPG
Compass — FY2009 Earnings Presentation
78 slides from Compass's earnings presentation, Nov 25, 2009
Slide 1: Forward looking statements
This presentation contains certain forward looking statements as defined under US legislation (section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934). By their nature, such statements involve uncertainty; as a consequence, actual results and developments ma
Slide 2: 2009 Full Year Results
2009 Full Year Results 25th November 2009 2
Slide 3: Presentation Structure
Presentation Structure 1. Sir Roy Gardner Welcome & Highlights 2. Andrew Martin Full Year Results 3. Richard Cousins Business Review, Strategy, Summary & Outlook 4. Q&A 3
Slide 4: Business Highlights
Business Highlights • Constant currency EPS +15% • Free cash flow of £593m • Significant efficiency gains • Exciting future growth opportunities • Full year dividend increased by 10% to 13.2 pence 4
Slide 5: Andrew Martin
Andrew Martin 2009 Full Year Results 5
Slide 6: Revenue
Revenue Change Reported Constant 2 Organic 3 2009 2008 Rates Currency Growth £m £m % % % North America 5,871 4,553 28.9% 3.6% 1.6% Continental Europe 3,429 3,021 13.5% 0.1% (1.1)% UK & Ireland 1,829 1,926 (5.0)% (5.0)% (5.4)% Rest of the World 2,315 1,940 19.3% 2.9% 2.3% Total revenue 13,444 11,440
Slide 7: Operating Profit and Margin - Reported
Operating Profit and Margin - Reported Margin 2 2009 2008 Change 2009 2008 £m £m £m % % North America 441 311 130 7.5% 6.8% Continental Europe 232 197 35 6.8% 6.5% UK & Ireland 114 108 6 6.2% 5.6% Rest of the World 148 104 44 6.4% 5.4% Unallocated overheads (58) (62) 4 Associates 7 4 3 Operating pro
Slide 8: Operating Profit and Margin – Constant Currency
Operating Profit and Margin – Constant Currency Margin 3 2009 2008 2 Change 2009 2008 £m £m £m % % North America 441 392 49 7.5% 6.9% Continental Europe 232 223 9 6.8% 6.5% UK & Ireland 114 108 6 6.2% 5.6% Rest of the World 148 121 27 6.4% 5.4% Unallocated overheads (58) (64) 6 Associates 7 4 3 Oper
Slide 9: Impact of Currency
Impact of Currency US $ Euro Average exchange rate for 2009 1.56 1.15 Estimated impact on 2009 operating profit of a 5 cent +/- £13m +/- £7m movement 9
Slide 10: 3 Year Operating Margin Progression
3 Year Operating Margin Progression +60bps £900m £884m +70bps £800m £784m £700m +70bps £668m £600m £537m £500m 2006 2007 2008 2009 Notes: 1. Based on continuing operations, excluding amortisation of intangibles arising on acquisition. 10 2. All years have been restated to 2009 average exchange rates
Slide 11: Operating Profit Growth
Operating Profit Growth £m (estimated) 2009 2008 2007 Historic Net new business 27 28 30 50 Base estate 30 57 35 (15) - price and volume - cost inflation - efficiencies Above unit overheads 31 6 36 (10) - inflation - efficiencies Associates 3 - - - Acquisitions/disposals 9 13 - - Total operating pro
Slide 12: Base Estate Growth
Base Estate Growth £m (estimated) Profit Impact Price increase 200 Cost inflation (200) Like for like volume contraction - revenue (400) - costs 300 - net (100) Improved efficiency - food 60 - labour 0 - unit overheads 70 130 Total base estate growth 30 12
Slide 13: Income Statement
Income Statement 2009 2008 £m Reported Underlying 3 Reported Underlying 3 Revenue 13,444 13,444 11,440 11,440 Operating profit 2 877 884 659 662 Net finance costs (104) (100) (93) (73) Profit before tax Average short to 773 784 566 589 medium term tax rate Tax of 27% (221) (224) (169) (171) Profit a
Slide 14: Income Statement at Constant Currency: Pro-forma
Income Statement at Constant Currency : Pro-forma 2009 2008 £m Underlying Proforma 3 Growth Revenue 13,444 13,270 Operating profit 2 884 784 +13% Net finance costs (100) (88) Profit before tax 784 696 Tax (224) (202) Profit after tax 560 494 Minority interest (6) (9) Attributable profit 554 485 Aver
Slide 15: Free Cash Flow
Free Cash Flow £m 2009 2008 Operating profit 2 884 662 Depreciation and amortisation 225 206 EBITDA 1,109 868 Net capital expenditure 3 (259) (166) Working capital (including provisions) 8 46 Net interest (100) (81) Net tax (166) (149) Dividends to minorities (3) (4) Net other non cash items 4 6 Fre
Slide 16: Free Cash Flow – 3 Year Progression
Free Cash Flow – 3 Year Progression £750m Total £593m £600m H2 £520m H1 £450m £357m £353m £340m £300m £212m £221m £150m £174m £240m £136m £180m £0m £38m 2006 2007 2008 2009 Notes: 1. 2006 has been restated to exclude businesses discontinued in 2007. 16
Slide 17: Net Debt
Net Debt £m Opening net debt at 1 October 2008 1,005 Free cash flow from continuing operations (593) Acquisitions 1 165 Disposals 31 Net proceeds from issue of ordinary share capital 2 (16) Equity dividends 229 Impact of foreign exchange rates 118 Other 4 Closing net debt at 30 September 2009 943 No
Slide 18: Financial Summary
Financial Summary • Strong financial performance – Operating margin growth (constant currency) + 60 basis points – Pro-forma EPS growth (constant currency) + 15% – Free cash flow + 14% • Cost base – Demonstrated flexibility and variability – Continuing significant opportunity on efficiencies • Stron
Slide 19: Richard Cousins
Richard Cousins Business Review, Strategy, Summary & Outlook 19
Slide 20: Agenda
Agenda 1. Business Performance and MAP 2. Regional Reviews 3. Strategy 4. Summary and Outlook 20
Slide 21: 2009 – Analysis of Revenue Growth
2009 – Analysis of Revenue Growth 2008 2009 Change New business 8.5% 8.5% Retention (6.0)% (7.0)% (1.0)% Net new business 2.5% 1.5% LFL price 2.5% 1.5% (1.0)% LFL volume 1.0% (3.0)% (4.0)% Organic growth 6.0% 0% (6.0)% Consistent structural growth, short term economic impact 21
Slide 22: 2009 – Organic Revenue Growth
2009 – Organic Revenue Growth Q1 Q2 Q3 Q4 FY New business 8.5% 8.5% 8.5% 8.5% 8.5% Retention (7.0)% (7.0)% (7.0)% (7.0)% (7.0)% LFL price 1.5% 1.5% 1.5% 1.5% 1.5% LFL volume 1.0% (2.5)% (5.0)% (6.0)% (3.0)% Organic growth 4.0% 0.5%* (2.0)% * (3.0)% 0.0% Change (ppt) (3.5) (2.5) (1.0) Slowing pace of
Slide 23: Operating Profit Growth
Operating Profit Growth £m (estimated) 2009 2008 2007 Historic Net new business 27 28 30 50 Base estate 30 57 35 (15) - price and volume - cost inflation - efficiencies Above unit overheads 31 6 36 (10) - inflation - efficiencies Associates 3 Acquisitions/disposals 9 13 - - Total operating profit gr
Slide 24: Client Sales & Marketing
- Client Sales & Marketing • Good new business wins; all sectors and geographies • Significant new multi service business • International clients delivering new growth opportunities • Core retention rate stable • Strong pipeline 24
Slide 25: Consumer Sales & Marketing
- Consumer Sales & Marketing Core Concepts • Solid LFL growth in Healthcare and HEALTH COMFORT CRAVING SPICE IT UP Education • LFL pressure in B&I and Sports & Leisure masks good progress with: Technology Solutions The consumer offer Value offer / promotions Sensible pricing Promotions Parti
Slide 26: Efficiency Improvements
Efficiency Improvements Cost Base £bn Savings £m Cost of Food 4.4 60 Unit Labour 5.4 0 Unit Overheads 1.8 70 Above Unit Costs 0.9 31 12.5 161 An exceptional performance in 2009 26
Slide 27: Cost of Food
- Cost of Food • Vendor rationalisation • Waste collection • Product rationalisation • Measurement • Improved discipline • Sustainability Compass Group Gross Profit Margin Development 67.2% • Supply chain restructuring 66.9% • APL: 5500 – 1500 items 66.7% 66.6% • Major cost saving 2006 2007 2008 200
Slide 28: Unit Labour
- Unit Labour Chartwells “STAFF” Project Unit Labour as a % of Revenue • Excellent performance given LFL pressures % 40.5 40.3% 40 • Labour scheduling and productivity 39.8% 39.5% 39.5 • Considerable future potential 39 38.5% 38.5 2009 • Chartwells “STAFF” project 38 2006 2007 2008 2009 37.5 Labour
Slide 29: Unit Overhead
- Unit Overhead Kitchen Rolls • No focus until 2007 / 08 42% • Unit manager handbook • Measurement and reporting Detergent 20% • Significant further opportunities 29
Slide 30: Above Unit Costs
- Above Unit Costs Above Unit Cost • Significant focus area £m 960 • Remove cost duplication 940 920 900 • Costs redeployed to operations and sales 880 860 840 • Ongoing cost containment 2006 2007 2008 2009 30
Slide 31: Agenda
Agenda 1. Business Performance and MAP 2. Regional Reviews 3. Strategy 4. Summary and Outlook 31
Slide 32: North America – Progress and Results
North America – Progress and Results Revenue (£bn) & Organic Growth (%) 5.9 5.7 • Strong new business in B&I and Education 5.3 1.6% 7.1% 5.0 6% • High retention rates 13% 12% • Excellent growth in Healthcare multi services 2006 2007 2008 2009 Operating Profit (£m) & Margin (%) • Significant efficien
Slide 33: Major Contract Wins/Renewals
Major Contract Wins/Renewals • American Express • Shell • US Senate • World Bank • Suncor Energy • Duval County Public Schools • The University of North Carolina at Greensboro • University of Pennsylvania • Mount Sinai Hospital • The Palace of Auburn Hills 33
Slide 34: Continental Europe – Progress and Results
Continental Europe – Progress and Results Revenue (£bn) & Organic Growth (%) 3.4 3.4 • France Challenging environment; steady performance 3.3 (1.1)% 5.4% 3.1 • Germany Successful integration of Plural 4% 2% • Italy Challenging environment; margin progress 2006 2007 2008 2009 Operating Profit (£m) &
Slide 35: Major Contract Wins/Renewals
Major Contract Wins/Renewals • AstraZeneca AB • Electrolux Stockholm • Ford-Werke GmbH • Pfizer GmbH • Rabobank • Shell • Siemens Austria • Statoil • Groupe Seniors Sante • Stadt Offenburg 35
Slide 36: UK & Ireland – Progress and Results
UK & Ireland – Progress and Results Revenue (£bn) & Organic Growth (%) 1.9 1.9 1.9 • Growing B&I Multi Service business 1.8 - 2% (0.3)% (5.4)% • Solid growth in Healthcare • Turnaround in Education 2006 2007 2008 2009 Operating Profit (£m) & Margin (%) 114 • Labour productivity improvements 108 6.2%
Slide 37: Major Contract Wins/Renewals
Major Contract Wins/Renewals • BSkyB • Heinz • Lloyds Banking Group • National Grid • Royal Military Academy Sandhurst • Warwick University • Roehampton University • Royal Hampshire Hospital • Jockey Club Racecourses • 2010 Ryder Cup 37
Slide 38: Rest of the World – Progress and Results
Rest of the World – Progress and Results Revenue (£bn) & Organic Growth (%) 2.3 2.2 • Australia Strong performance 2.0 2.2% 10.6% 1.9 9% • Japan Excellent margin growth 13% • Brazil Significant new business wins 2006 2007 2008 2009 Operating Profit (£m) & Margin (%) 148 • UAE Good performance; stron
Slide 39: Major Contract Wins/Renewals
Major Contract Wins/Renewals • Fujifilm Holdings Corporation • HSBC • Nikkei Inc • Shell • Unilever • Anglo American Group (Usina) • Antofagasta Minerals – Minera Esperanza • Westpac • Chevron Australia Pty Ltd - Gorgon • Petrobras 39
Slide 40: Agenda
Agenda 1. Business Performance and MAP 2. Regional Reviews 3. Strategy 4. Summary and Outlook 40
Slide 41: Strategy
Strategy Focus on Foodservice Fast growing Support Services Scale in countries Our strategy is delivering Geographic spread Sectorisation 41
Slide 42: Creating Shareholder Value
Creating Shareholder Value Revenue Profit & Margin Strong Reinvestment Growth Growth Free Cash For Growth Net New Business Ongoing Disciplined Accelerated Operating Capital Investment Organic Growth Efficiencies LFL Revenue: Cyclical Recovery Working Capital Control Infill Acquisitions Infill Acquis
Slide 43: Track Record of Top Line Delivery
Track Record of Top Line Delivery Organic growth - 2001-2008 average: >6% % 8 Return to 7 7 7 7 Trend 6 6 Growth? 5 0 ? 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Compass has delivered consistently strong organic revenue growth 43
Slide 44: Growing the Business – Future Opportunity
Growing the Business – Future Opportunity New Business; Food & Support Services Improved Retention 250 £200bn 200 Total Market Size (£bn) £160bn 150 £83bn £140bn 52% 70% 100 50 48% 30% 0 Food Services Soft Support Services Compass share Outsourced Self-operated 44
Slide 45: Growing the Business – Future Opportunity
Growing the Business – Future Opportunity LFL revenue: cyclical recovery, Infill Acquisitions participation & spend 45
Slide 46: Infill Acquisitions
Infill Acquisitions • Increasing headroom to acquire Recent Transactions Acquired Company Date Consideration Acquisition (£m) Criteria • Food and support services, Met / On- Track core countries McColls 2009 21 √ Plural 2009 17 √ • Professional integration Kimco 2008 52 √ Medi-Dyn 2008 23 √ Japan –
Slide 47: Support Services Development
Support Services Development • Increasingly important part of the business 2009 Revenue • Delivered in all core countries Multi Services • B&I, Healthcare, DOR £2.5bn 18% • Fast growing, £200m new B&I multi service business in 2009 • Vast cross selling opportunity • CSF (Compass Service Framework) 2
Slide 48: Further Margin Opportunities
Further Margin Opportunities Group Margin Larger Country Profit Margins 10.0% 8.0% 6.5% 6.0% 5.8% 5.1% 4.0% 4.4% 2.0% - 2006 2007 2008 2009 Average 6.5% 48
Slide 49: Agenda
Agenda 1. Business Performance and MAP 2. Regional Reviews 3. Strategy 4. Summary and Outlook 49
Slide 50: Summary: 2009 Performance
Summary: 2009 Performance • Continued high levels of new business and retention • Pace of organic revenue contraction slowing • Step change in efficiency levels • Significant margin growth • Strong cash flow and balance sheet; increasing headroom to invest 50
Slide 51: Outlook
Outlook “The Group’s core strategy remains focused on food and increasingly support services. Whilst in 2010 the prevailing economic conditions are expected to lead to broadly flat organic revenue growth, we are very encouraged by the pipeline of new business. In the medium term the Group is set to
Slide 52: Compass
‘ COMPASS * COMPASS
Slide 53: Supplementary Information
Compass Group PLC 2009 Full Year Results Supplementary Information 53
Slide 54: Contents
Contents Revenue 55 2009 Like for Like Volume Balance Sheet 66 Overview 56 Group Revenue by Geography 67 ROCE 68 Capital Expenditure % of Revenue Revenue by Sector 57 Group 58 North America Financing 69 Components of Net Debt 59 Continental Europe 70 Principal Borrowings 60 UK & Ireland 71 Maturity
Slide 55: Revenue – 2009 Like for Like Volume
Revenue – 2009 Like for Like Volume Estimated Q1 Q2 Q3 Q4 FY Non-cyclical – 50% 1.0% 1.0% 1.0% 1.0% 1.0% Cyclical – 50% 1.0% (5.5)% (10.0)% (11.5)% (6.5)% Like for Like Volume 1.0% (2.5)% (5.0)% (6.0)% (3.0)% Cyclical Revenues Event Catering/ 1.0% (15.0)% (17.5)% (20.0)% (13.5)% Corporate Hospitalit
Slide 56: Revenue – Group Revenue by Geography
Revenue – Group Revenue by Geography 2009 Rest of the North World 17% Other ROW 5% America 2008 Brazil 3% 44% Rest of the World 17% Other ROW 6% North Japan 5% Brazil 3% America 40% Australia 4% Japan 4% Australia 4% Other CE 6% USA 40% USA 35% Other CE 7% Norway 2% Netherlands 2% Norway 2% Spain 2%
Slide 57: Revenue by Sector - Group
Revenue by Sector - Group 2009 Sports & 2008 Leisure 11% Sports & Leisure 11% Healthcare Business Healthcare 19% 18% Business & Industry & Industry 46% 47% Education 14% Defence, Education Offshore, 15% Remote Defence, 10% Offshore, Remote 9% Notes: 1. Based on continuing operations. 57
Slide 58: Revenue by Sector – North America
Revenue by Sector – North America 2009 2008 Sports & Leisure 12% Sports & Leisure Business 14% & Industry Business 37% & Industry 38% Healthcare Healthcare 26% 24% Defence, Education Offshore, Defence, 21% Remote Education Offshore, 3% 22% Remote 3% Notes: 1. Based on continuing operations. 58
Slide 59: Revenue by Sector – Continental Europe
Revenue by Sector – Continental Europe 2009 2008 Sports & Leisure 5% Healthcare Sports & 17% Leisure Healthcare 5% 17% Education Education Business 12% Business 12% & Industry & Industry Defence, 61% Defence, 62% Offshore, Offshore, Remote 5% Remote 4% Notes: 1. Based on continuing operations. 59
Slide 60: Revenue by Sector – UK & Ireland
Revenue by Sector – UK & Ireland 2009 2008 Sports & Leisure 13% Sports & Leisure 13% Healthcare 11% Healthcare 10% Business Business Education & Industry & Industry 11% Education 53% 56% 12% Defence, Offshore, Remote Defence, 10% Offshore, Remote 11% Notes: 1. Based on continuing operations. 60
Slide 61: Revenue by Sector – Rest of the World
Revenue by Sector – Rest of the World 2009 2008 Sports & Leisure 13% Sports & Leisure Business 12% Healthcare & Industry Healthcare Business 11% 38% 10% & Industry 37% Education Education 5% 5% Defence, Offshore, Remote Defence, 36% Offshore, Remote 33% Notes: 1. Based on continuing operations. 61
Slide 62: Sector Financials - Group
Sector Financials - Group North Continental UK & Rest of 2 America Europe Ireland the World Other Total £m £m £m £m £m £m 2009 Revenue 5,871 3,429 1,829 2,315 13,444 Organic growth 1.6% (1.1)% (5.4)% 2.3% - Operating profit 441 232 114 148 (51) 884 3 Margin 7.5% 6.8% 6.2% 6.4% 6.5% Cash flow 443 243
Slide 63: Finance Cost – Net Finance Cost
Finance Cost – Net Finance Cost 2009 2008 £m £m Bank loans and overdrafts 8 14 Other loans 90 84 Finance lease interest 3 2 101 100 Bank interest income (14) (25) 87 75 Amount charged to pension scheme liabilities net of expected return on scheme assets 11 (2) Unwinding of discount on provisions and
Slide 64: EPS / Dividends – Earnings & Dividends Per Share
EPS / Dividends – Earnings & Dividends Per Share 2009 2008 £m £m Earnings per share Continuing and discontinued operations 31.7p 23.7p Discontinued operations (2.2)p (2.8)p Continuing operations 29.5p 20.9p Other adjustments 1 0.5p 1.1p Underlying earnings per share 30.0p 22.0p Dividends per share I
Slide 65: EPS / Dividends – Dividend Cover
EPS / Dividends – Dividend Cover 2009 2008 2007 2006 Per share (pence) Dividend (interim plus final) 13.2p 12.0p 10.8p 10.1p Underlying earnings 30.0p 22.0p 15.2p 9.4p Dividend earnings cover 2.3x 1.8x 1.4x 0.9x Cash (£m) Cash cost of dividend (in the year) 229 209 208 213 Free cash flow 593 520 357
Slide 66: Balance Sheet - Overview
Balance Sheet - Overview 2009 2008 £m £m Non-current assets 1,087 901 Working capital (363) (354) Provisions (465) (454) Interest payable (70) (58) Post employment benefit obligations (335) (131) Current tax payable (235) (215) Deferred tax 289 232 Net assets before goodwill (92) (79) Goodwill 3,580
Slide 67: Balance Sheet - ROCE
Balance Sheet - ROCE 2009 2008 £m £m NOPAT 1 627 468 Capital employed 3,488 3,211 Average capital employed 3,350 3,073 ROCE 18.7% 15.2% Notes: 1. Based on continuing operations, excluding amortisation of intangibles arising on acquisition £7m (2008: £3m), net of tax at the current year rate of 28.6%
Slide 68: Capital Expenditure % of Revenue
Balance Sheet – Capital Expenditure % of Revenue % of Revenue 5.0% 4.5% 3.9% 4.0% 3.6% 3.3% 2.9% 3.0% 2.5% 2.1% 1.9% 1.9% 2.0% 1.7% 1.0% 2001 2002 2003 2004 2005 2005 2006 2007 2008 2009 Group UK GAAP Continuing IFRS Notes: 1. For 2001 to 2005, total Group is shown on a UK GAAP basis. 68 2. For 2005
Slide 69: Financing – Components of Net Debt
Financing – Components of Net Debt £m Bonds 793 Private placements 593 Bank loans 13 1,399 Finance leases 53 Other loans 18 Swap monetisation and IFRS adjustments for derivatives (10) Gross debt 1,460 Cash net of overdrafts (517) Closing net debt at 30 September 2009 943 Notes: 1. Based on nominal v
Slide 70: Financing – Principal Borrowings
Financing – Principal Borrowings Maturing in Coupon Calendar Year £m Bonds £250m 4 7.00% 2014 268 £325m 6.38% 2012 325 £200m 7.13% 2010 200 Total 793 US private placements $572m (2002 notes) 6.53% - 7.96% 2010 - 2012 359 $50m (2003 notes) 5.11% - 5.67% 2010 - 2013 31 $267m (2008 notes) 6.45% - 6.72%
Slide 71: Financing – Maturity Profile of Principal Borrowings
Financing – Maturity Profile of Principal Borrowings £m 700 600 500 400 300 200 100 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 £ Bonds US $ Private Placement £ Private Placement Bank Notes: 1. Based on borrowings and facilities in place as at 30 September 2009, maturing in the financial years en
Slide 72: Financing – Sources of Committed Borrowings
Financing – Sources of Committed Borrowings Bank Loans 1% Private Placements 42% Bonds 57% Notes: 1. Based on borrowings as at 30 September 2009. 72
Slide 73: Financing – Effective Currency of Net Borrowings
Financing – Effective Currency of Net Borrowings £ Other Yen 2% 4% 9% € 16% US $ 69% Notes: 1. Based on net borrowings as at 30 September 2009. 2. In line with the Group’s treasury policy, the Group hedges its economic exposure to its non-sterling cash flows by matching the currencies of its central
Slide 74: Financing – Debt Ratings and Ratios
Financing – Debt Ratings and Ratios Ratings Outlook Confirmed Standard & Poors BBB+ Stable 25-Jan-08 Moodys Baa2 Positive 15-May-09 Fitch (unsolicited) BBB+ Stable 01-Feb-08 Ratios 2009 2008 Net debt 1 / EBITDA 2 1.0x 1.2x EBITDA 2 / net interest 3 11.1x 11.9x Net debt 1 / adjusted total capitalisat
Slide 75: Exchange Rates – Rates Used in Consolidation
Exchange Rates – Rates Used in Consolidation Income Statement 2 Balance Sheet 3 2009 2008 2009 2008 per £ per £ per £ per £ Australian Dollar 2.12 2.19 1.83 2.26 Brazilian Real 3.26 3.40 2.85 3.44 Canadian Dollar 1.82 1.99 1.73 1.90 Euro 1.15 1.32 1.10 1.27 Japanese Yen 149.65 212.97 143.86 189.23 N
Slide 76: Exchange Rates – Effect on 2009 Revenue & Profit
Exchange Rates – Effect on 2009 Revenue & Profit US Dollar Euro Japanese Yen £m incremental change for an £m incremental change for an £m incremental change for an incremental 5 cent movement incremental 5 cent movement incremental 10 yen movement Exchange Revenue Profit Exchange Revenue Profit Exch
Slide 77: Taxation – Statutory Tax Rates
Taxation – Statutory Tax Rates Key statutory tax rates within the Group 1 2009 UK 28% USA (blended average of federal and state taxes) 40% France 34% Germany 30% 3 Netherlands 26% Italy 28% Nordic 27% Brazil 34% Canada 31% Japan 41% Spain 30% Australia 30% Blended statutory tax rate 2 33% Notes: 1.
Slide 78: Compass
‘ COMPASS * COMPASS