(All amounts are in millions of euros unless otherwise indicated)
Reconciliation between operating profit, EBITA, and ordinary EBITA
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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 |
Reconciliation between profit for the year and ordinary net income
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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 |
Reconciliation between cash flow from operating activities and ordinary free cash flow
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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 |
Earnings per share (EPS) and ordinary free cash flow per share calculations (in €)
|
Full Year |
2011 |
2010 | ||
|
|
|
| ||
| ||||
|
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 | ||
Non-benchmark costs in operating profit (in € million)
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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 |
Benchmark tax rate
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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 |
Return on invested capital (ROIC) calculation (in € million)
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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 |
Cash conversion ratio (in € million)
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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 |
Results from discontinued operations (in € million)
|
Full Year |
2011 |
2010 |
|
|
|
|
|
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) |
Reconciliation between operating profit and ordinary EBITA from discontinued operations
|
Full Year |
2011 |
2010 |
|
|
|
|
|
Operating profit |
(5) |
(17) |
|
Amortization of publishing rights and impairments |
4 |
28 |
|
Non-benchmark costs in operating profit |
4 |
- |
|
Ordinary EBITA |
3 |
11 |