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Raising Capital – Debt or Equity; if Debt, which bonds

Balance Sheet

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

Assets

Non Current Assets

Intangible

184.60

209.10

203.20

160.90

Tangible

5,980.10

6,302.00

6,427.00

6,577.80

Investments

230.50

208.70

193.10

137.40

Other

4.70

0.10

0.10

0.10

0.00

Total

6,399.90

6,719.90

6,823.40

6,876.20

Current Assets

Stock

30.60

26.50

27.10

34.40

Debtors

447.10

472.80

478.50

479.40

Cash and Securities

677.90

230.70

319.50

325.10

Total

1,155.60

730.00

825.10

838.90

Total Assets

7,555.50

7,449.90

7,648.50

7,715.10

Liabilities and Equity

Liabilities

Current

790.00

822.40

494.80

550.90

Non-Current

5,813.40

5,680.50

6,047.60

6,182.80

Total

6,603.40

6,502.90

6,542.40

6,733.70

Equity

Share Capital

302.90

307.50

312.20

316.40

Reserves

643.20

633.20

787.60

657.10

Shareholders Funds

946.10

940.70

1,099.80

973.50

Minorities

6.00

6.30

6.30

7.90

Total

952.10

947.00

1,106.10

981.40

Total Liabilities and Equity

7,555.50

7,449.90

7,648.50

7,715.10

0.00

Net Borrowings

3,797.00

3,948.70

4,029.20

4,103.70

Investment Ratios

Net Tangible Asset Value Per Share

322.75

304.01

373.09

337.55

ROCE

6.28

9.70

7.77

6.59

Return On Equity

6.61

13.53

9.37

5.98

Net Gearing

401.33

419.76

366.36

421.54

Gross Gearing

469.83

443.98

395.02

451.85

Cash

68.50

24.22

28.66

30.31

Interest Cover x

1.83

2.85

2.17

1.78

Quick Ratio r

1.42

0.86

1.61

1.46

Current Ratio r

1.46

0.89

1.67

1.52

Borrowings

Total Borrowings

4,445.10

4,176.50

4,344.40

4,398.80

Due < 1 Yr 256.20 260.90 23.90 89.30 - Due 1-2 Yrs 56.40 0.00 - - - Due 2-5 Yrs 487.70 0.00 - - - Due > 5 Yrs

3,644.80

0.00

(End of Section)(Start of Section)

GBP in Millions except per share data.

Figures from 2005 in accordance with IFRS

Income Statement

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

Turnover

1,642.20

1,703.90

1,711.30

1,770.60

Expenses

1,191.20

1,196.50

1,213.60

1,300.80

EBITDA

712.00

825.90

791.60

764.90

EBIT

464.10

564.60

514.70

478.10

Operating Profit (reported)

451.00

507.40

497.70

469.80

Operating Profit (adjusted)

465.90

566.80

516.50

480.60

Investment Income

0.00

0.10

0.10

0.10

Exceptional Items

-11.80

-52.00

-11.10

-46.50

Net Interest

-283.40

-173.10

-244.80

-296.70

Pre-tax Profit

167.60

334.40

253.00

156.70

Tax

223.60

82.90

-21.50

-17.70

Profit After Tax

-56.00

251.50

274.50

174.40

Minority Interests

1.80

2.30

1.90

2.60

Profit For Financial Year

-57.80

249.20

272.60

171.80

Ordinary Dividends

158.80

159.70

169.40

159.00

Non Equity Dividends

0.00

0.00

Retained Profit

-216.60

89.50

103.20

12.80

Per Share Data

Dividend per Share p

67.58

67.76

71.65

67.09

Normalized EPS p

60.76

130.64

92.06

53.92

Reported EPS p

-24.60

105.50

114.60

72.10

Norm Discontinued EPS p

0.00

0.00

Investment Ratios

Profit Margin

22.62

35.18

29.22

23.57

DPS Growth

7.24

0.27

5.74

-6.36

Dividend Cover x

0.90

1.93

1.29

0.80

Norm EPS Growth %

-33.67

115.02

-29.53

-41.43

Reported EPS Growth %

Other

Market Cap at B/S Date

2,335.64

2,827.18

3,464.59

3,668.58

Foreign Turnover

235.60

244.70

245.90

232.60

Discontinued Turnover

0.00

0.00

Discontinued Pre-tax Profit

0.00

0.00

Discontinued Post-tax Profit

0.00

0.00

0.00

0.00

(End of Section)(Start of Section)

GBP in Millions except per share data.

Cash Flow

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

Operating Activities

643.50

708.00

753.00

725.90

Investment Returns & Financing

-206.40

-204.70

-190.60

-217.10

Taxation

1.10

-53.80

-32.40

-72.00

Investing Activities

-432.50

-488.20

-389.20

-344.50

Net Outflow/Inflow

5.70

-38.70

140.80

92.30

Financing

-16.30

-381.20

-52.50

-112.60

Net Cash Increase

-10.60

-419.90

88.30

-20.30

Foreign Exchange Adjustments

5.30

-0.40

-0.90

-0.20

Opening Balance

427.00

390.10

208.20

256.30

Closing Balance

421.70

-30.20

295.60

235.80

Investment Ratios

Cash Flow Per Share p

200.38

194.96

228.26

187.13

CAPEX PS p

208.98

214.32

176.98

157.81

(End of Section)(Start of Section)

GBP in Millions except per share data.

Figures from 2005 in accordance with IFRS

Dividend Yield (E)

%

3.92

5.16

3.96

Price Earning Growth (E)

f

-107.73

-1.99

0.28

Return on Capital Employed

%

15.25

9.53

Operating Margin

%

22.11

7.98

EPS Growth (E)

%

-0.21

-8.38

15.33

EV/EBITDA

x

8.43

21.77

Net Gearing

%

210.02

2.95

Net Tangible Asset Value Per Share

p

1.17

1.60

Price to Tangible Book Value

x

10.42

-4.82

Price/Cash Flow

x

6.81

14.35

Price/Sales

x

0.81

2.64

(End of Section)(Start of Section)

Valuation

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

Net Tangible Asset Value Per Share

p

322.75

304.01

373.09

337.55

(End of Section)(Start of Section)

Profitability

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

Operating Margin

%

22.62

35.18

29.22

23.57

Profit Margin

%

11.11

23.11

15.88

10.39

ROE

%

6.61

13.53

9.37

5.98

ROCE

%

6.28

9.70

7.77

6.59

(End of Section)(Start of Section)

Financial Health

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

Net Gearing

%

401.33

419.76

366.36

421.54

Gross Gearing

%

469.83

443.98

395.02

451.85

Dividend Cover

x

0.90

1.93

1.29

0.80

Interest Cover

x

1.83

2.85

2.17

1.78

Quick Ratio

r

1.42

0.86

1.61

1.46

Current Ratio

r

1.46

0.89

1.67

1.52

(End of Section)(Start of Section)

Growth

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

DPS Growth

%

7.24

0.27

5.74

-6.36

Norm EPS Growth

%

-33.67

115.02

-29.53

-41.43

Reported EPS Growth

%

(End of Section)(Start of Section)

Cash Flow

2009

2010

2011

2012

2013

Fiscal Year Ends

31/03/09

31/03/10

31/03/11

31/03/12

Cash Flow Per Share

p

200.38

194.96

228.26

187.13

CAPEX PS

p

208.98

214.32

176.98

157.81

(End of Section)(Start of Section)

(E)=Estimate (A)=Actual or achieved result (en) (p)=Pence (m)=Million (f)=Factor (r)=Ratio (x)=Multiple

Dividends

Company

Sector

Market

Dividend Yield (E) %

3.92

5.16

3.96

Next Dividend Dates

Event

Date

Ex-Dividend Date

19/06/13

Record Date

21/06/13

Payment Date

26/07/13

Dividend History and Forecast

2011

2012

2013

2014 (E)

2015 (E)

Fiscal Year Ends

31/03/11

31/03/12

DPS p

71.65

67.09

80.40

84.41

Dividend Growth %

5.74

-6.36

11.05

4.99

Dividend Yield (%) %

3.50

3.88

4.08

Dividend Cover x

1.29

0.80

1.14

1.12

IFRS Accounts

Yes

Yes

Dividend Record

Type

Ex-Dividend Date

Payment Date

Amount (p)

Prelim

19/06/13

26/07/13

45.51

Interim

05/12/12

11/01/13

30.34

Special Div

20/06/12

27/07/12

63.00

(End of Section)(Start of Section)

(E)=Estimate (A)=Actual or achieved result

Figures from 2005 in accordance with IFRS

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