Inchcape Plc · LSE:INCH
Inchcape — FY2004 Earnings Presentation
8 slides from Inchcape's earnings presentation, 2005
Slide 1: Alan Ferguson, Group Finance Director
Alan Ferguson Group Finance Director NOTES
Slide 2: Operating profit
Operating profit £m 2004 2003 Increase Operating profit 163.1 150.6 8.3% VAT exceptional (1.8) (15.3) Goodwill - amortisation 5.5 5.5 - impairment 9.4 - Operating profit before goodwill amortisation and exceptional items 176.2 140.8 25.1% NOTES
Slide 3: Operating profit before goodwill amortisation and exceptional items
Operating profit before goodwill amortisation and exceptional items £m Total % Change 2003 140.8 Variances at constant rates Operating units 44.5 Central costs - 2004 at 2003 rates 185.3 31.6 Exchange translation (9.1) 2004 176.2 25.1 NOTES
Slide 4: VAT exceptional
VAT exceptional • £37.5m recognised in 2003 • Further £0.6m recognised relating to these claims • Some additional claims agreed in January 2005 – £5.4m in total • Total exceptional for 2004 of £6.0m NOTES
Slide 5: Interest (income)/charge
Interest (income)/charge £m 2004 2003 Subsidiaries 4.3 5.2 Associates (0.1) (0.2) Sub total 4.2 5.0 VAT exceptional (4.2) (22.2) Total - (17.2) NOTES
Slide 6: Tax and minorities
Tax and minorities • 2004 Headline tax rate* – Headline rate in 2004 of 24.6% – Underlying rate in 2004 of 25.9% • 2005 expected to be broadly in line with the underlying rate in 2004 • Ongoing discussions with Revenue on tax treatment of VAT recoveries • Minority charge of £3.2m, up £1.2m * Before
Slide 7: Operational cash flow
Operational cash flow £m 2004 Subsidiaries operating profit* 168.4 Depreciation 27.3 Working capital (31.5) Other (includes £15.5m for VAT recovery) 13.0 Operating cash flow 177.2 Net capex (34.8) Operational cash flow 142.4 * Before goodwill amortisation and exceptional items NOTES
Slide 8: Total cash movement
Total cash movement £m 2004 Operational cash flow 142.4 (includes £15.5m for VAT recovery) Dividends from associates/JVs 4.9 Acquisitions/disposals (1.4) Tax/interest (21.4) (includes £21.5m for VAT recovery) Other (17.6) Free cash flow 106.9 Dividend (32.2) Total cash movement 74.7 NOTES