Ladbrokes PLC
5 Year Profit & Loss
| 2007 £m |
Restated(1) 2006 £m |
2005(1),(2) £m |
2004(1),(3) £m |
2003(1),(3) £m |
|
|---|---|---|---|---|---|
| Revenue: | |||||
| Continuing operations | 1,235.0 | 947.4 | 908.5 | 10,125.9 | 7,267.1 |
| Discontinued operations | 16.8 | 283.0 | 1,848.9 | 1,771.2 | 1,663.4 |
| 1,251.8 | 1,230.4 | 2,757.4 | 11,897.1 | 8,930.5 | |
| Profit before tax and finance costs(1) | |||||
| Continuing operations: | |||||
| European Retail | 209.5 | 216.8 | 222.3 | 227.9 | 184.6 |
| eGaming | 55.0 | 44.3 | 39.0 | 21.3 | 14.2 |
| Telephone Betting | 183.6 | 17.3 | (0.5) | 17.8 | 9.4 |
| Other | (7.0) | (1.6) | - | - | - |
| Central costs and income | (21.1) | (14.6) | (17.6) | (14.1) | (6.7) |
| 420.0 | 262.2 | 243.2 | 252.9 | 201.5 | |
| Discontinued operations | 6.0 | 17.1 | 192.8 | 164.8 | 145.5 |
| 426.0 | 279.3 | 436.0 | 417.7 | 347.0 | |
| Net finance costs | (69.2) | (22.0) | (22.1) | (41.0) | (74.6) |
| Profit before taxation(4) | 356.8 | 257.3 | 413.9 | 376.7 | 272.4 |
| Income tax expense(4) | (56.2) | (47.7) | (62.1) | (57.1) | (59.9) |
| Profit for the year(4) | 300.6 | 209.6 | 351.8 | 319.6 | 212.5 |
| Minority interests | - | - | (0.2) | (0.1) | (0.2) |
| Profit attributable to equity holders of the parent(4) | 300.6 | 209.6 | 351.6 | 319.5 | 212.3 |
| Goodwill amortisation (under UK GAAP) | - | - | - | - | (72.2) |
| Non-trading items | 38.2 | 412.5 | (19.9) | (0.6) | (29.0) |
| Tax on non-trading items | - | (4.9) | (0.9) | - | 0.9 |
| Non-trading tax credit | 2.0 | - | - | 9.0 | - |
| Profit attributable to equity holders of the parent | 340.8 | 617.2 | 330.8 | 327.9 | 112.0 |
| Dividends | (84.6) | (4,208.4) | (156.8) | (144.4) | (141.1) |
| Non current assets | 873.7 | 738.5 | 642.8 | 4,356.8 | 4,309.2 |
| Equity shareholders' (deficit)/funds | (450.8) | (626.9) | 2,592.7 | 2,373.6 | 2,443.7 |
| Dividend per share | 13.90p | 13.20p | 243.80p | 9.60p | 8.92p |
| Basic earnings per share(4) | 48.0p | 22.8p | 22.0p | 20.2p | 13.4p |
| Basic earnings per share | 54.4p | 67.2p | 20.7p | 20.7p | 7.1p |
(1)Revenue and profit before tax and finance costs restated for discontinued operations.
(2)Profit before tax and finance costs restated for reallocation of shared costs.
(3)This information has been prepared under UK GAAP.
(4)Before non-trading items (before exceptional items and goodwill amortisation in periods prior to 2004).
The categories of the main adjustments for this information to comply with IFRSs are as follows:
IAS 19 Employee Benefits:
IAS 19 requires separate recognition of the operating and financing costs of defined benefit pension schemes in the income statement and permits for the recognition of the actuarial gains and losses in the statement of recognised income and expense.
IAS 12 Deferred Taxes:
IAS 12 requires entities to calculate deferred taxation based on temporary differences, which are defined as the difference between the carrying amount of liabilities and their tax base.
IFRS 2 Share-Based Payment:
IFRS 2 requires the Group to recognise a charge reflecting the fair value of options granted to employees. The fair value is calculated by using a binomial valuation model and is charged to profit over the relevant option vesting period, adjusted to reflect actual and expected level of vesting.
IFRS 3 Business Combinations:
IFRS 3 prohibits the amortisation of goodwill. The standard requires goodwill to be carried at cost less any impairment charges.
IAS 37 Provisions:
Under IAS 37, a provision should only be recognised when there is a present legal or constructive obligation to transfer resources. Therefore under IFRSs, the Group will no longer accrue unapproved dividends at period ends.
IAS 32 & IAS 39 Financial Instruments:
IAS 39 requires the measurement, at fair value, of a wide range of financial assets and liabilities and derivatives. For derivatives, any changes in fair value are accounted for in income immediately unless the derivative is part of a designated hedging relationship. Under IAS 39, the Group's £300 million convertible bond was required to be split into debt and equity components, net of issue costs.
