Reconciliation of benchmark figures

(all from continuing operations)

Operating profit

436

498

Amortization of publishing rights and impairments

161

147

EBITA

597

645

Non-benchmark costs in operating profit

131

71

Ordinary EBITA

728

716

Profit for the year from continuing operations attributable to the equity holders of the Company (A)

244

297

Amortization of publishing rights and impairments (adjusted for non-controlling interests)

157

144

Tax on amortization and impairments

(54)

(51)

Profit/(loss) on divestments of operations (after taxation)

9

0

Non-benchmark costs in operating profit (after taxation)

88

46

Ordinary net income (B)

444

436

Net cash from operating activities

536

532

Capital expenditure

(143)

(138)

Acquisition related costs

9

8

Paid divestment expenses

1

1

Dividends received

1

1

Appropriation of Springboard provisions (after taxation)

39

42

Ordinary free cash flow (C)

443

446

Total number of shares outstanding at 31 December^

296.6

298.6

Weighted average number of shares (D)^

298.4

296.4

Diluted weighted average number of shares (E)^

301.5

300.3

Ordinary EPS (B/D)

1.49

1.47

Diluted ordinary EPS (minimum of ordinary EPS and (B/E))

1.47

1.45

Diluted ordinary EPS in constant currencies

1.51

1.48

Diluted ordinary EPS including discontinued operations in constant currencies

1.52

1.50

Basic EPS (A/D)

0.82

1.00

Diluted EPS (minimum of basic EPS and (A/E))

0.81

0.99

Ordinary free cash flow per share (C/D)

1.48

1.51

Diluted ordinary free cash flow per share (minimum of ordinary free cash flow per share and (C/E))

1.47

1.49

Acquisition integration costs

18

5

Springboard costs:

Personnel related restructuring costs

50

25

Onerous contracts

6

0

Third party costs

33

26

Other exceptional items

13

6

Additions to Springboard provisions

102

57

Asset write-offs

2

1

Total Springboard costs

104

58

Acquisition related costs

9

8

Total non-benchmark costs in operating profit

131

71

Income tax expense

68

74

Tax benefit on amortization of publishing rights and impairments

54

51

Tax benefit on profit/(loss) on divestments of operations

(1)

0

Tax benefit on non-benchmark costs

43

25

Tax on ordinary Income (F)

164

150

Ordinary net income

444

436

Adjustment for non-controlling interests

2

2

Ordinary income before tax (G)

610

588

Benchmark tax rate (F/G) (%)

27

26

Ordinary EBITA

728

716

Allocated tax

(195)

(183)

Net operating profit after allocated tax (NOPAT)

533

533

Average invested capital

6,019

6,002

ROIC (NOPAT/Average invested capital) (%)

8.9

8.9

Ordinary EBITA (H)

728

716

Amortization of other intangible assets

76

73

Depreciation of property, plant, and equipment

30

28

Ordinary EBITDA

834

817

Autonomous movements in working capital

23

8

Cash flow from operations (I)

857

825

Capital expenditure (J)

143

138

Cash conversion ratio ([I-J]/H) (%)

98

96

Revenues

217

248

Expenses

(222)

(265)

Operating profit

(5)

(17)

Income tax

3

8

Results from operating activities, after tax

(2)

(9)

Impairment of discontinued operations

(112)

-

Income tax on impairment of discontinued operations

0

-

Gain/(loss) on sale of discontinued operations

(16)

-

Income tax on loss on sale of discontinued operations

6

-

Profit/(loss) from discontinued operations

(124)

(9)

Operating profit

(5)

(17)

Amortization of publishing rights and impairments

4

28

Non-benchmark costs in operating profit

4

-

Ordinary EBITA

3

11