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Wolseley plc

Annual Report and Accounts 2007


Principal subsidiary undertakings and their directors Turn Page Pro forma information in United States dollars

Five year summary

  IFRS UK GAAP
  2007
£m		 2006
£m		 2005
£m		 2004
£m		 2003
£m
Revenue          
UK and Ireland 3,171 2,690 2,351 2,107 1,889
France 1,872 1,725 1,644 1,621 658
Nordic 1,617 – – – –
Central and Eastern Europe 899 735 642 520 410
Europe 7,559 5,150 4,637 4,248 2,957
US plumbing and heating 5,685 5,396 3,858 3,390 3,155
US building materials 2,358 2,966 2,249 2,044 1,713
Canada 619 646 512 446 396
North America 8,662 9,008 6,619 5,880 5,264
  16,221 14,158 11,256 10,128 8,221
Trading profit
UK and Ireland 211 201 183 163 144
France 101 91 98 92 39
Nordic 99 – – – –
Central and Eastern Europe 35 31 30 21 16
Europe central costs (13) (7) (4) – –
Europe 433 316 307 276 199
US plumbing and heating 411 378 260 230 180
US building materials 44 192 131 109 81
Canada 42 44 36 32 28
North America central costs (10) (11) (1) – –
North America 487 603 426 371 289
Group central costs (43) (37) (25) (28) (15)
  877 882 708 619 473
Amortisation and impairment of acquired intangibles (122) (48) (6) – –
Goodwill amortisation and impairment (2) – – (39) (30)
Operating profit 753 834 702 580 443
Net interest (payable) (119) (65) (37) (21) (17)
Profit on ordinary activities before tax 634 769 665 559 426
Current tax charge (174) (223) (142) (153) (118)
Deferred tax credit/(charge) 14 (9) (44) (9) (10)
Profit on ordinary activities after tax 474 537 479 397 298
Ordinary dividends (211) (186) (155) (139) (123)
 
Net assets employed
Intangible fixed assets 2,680 1,506 948 666 687
Property, plant and equipment 1,718 1,144 833 719 717
Other net assets, excluding liquid funds 1,520 1,892 1,691 1,458 1,197
  5,918 4,542 3,472 2,843 2,601
Financed by
Share capital 165 149 148 146 145
Share premium 945 288 241 200 178
Foreign currency translation reserve (181) (49) 82 – –
Profit and loss account 2,522 2,204 1,830 1,556 1,451
Shareholders’ funds 3,451 2,592 2,301 1,902 1,774
Net debt 2,467 1,950 1,171 941 827
Net assets employed 5,918 4,542 3,472 2,843 2,601
 
Cumulative goodwill and acquired intangibles written off 791 667 619 613 574
Gross capital employed 6,709 5,209 4,091 3,456 3,175
 
Trading margin 5.4% 6.2% 6.3% 6.1% 5.8%
Earnings per share before amortisation and impairment of goodwill          
and acquired intangibles 87.80p 98.90p 82.60p 74.84p 56.69p
Basic earnings per share 73.52p 90.77p 81.61p 68.15p 51.53p
Dividends per share (in respect of the financial year) 32.40p 29.40p 26.40p 23.80p 21.20p
Cover for ordinary dividends 2.2 3.1 3.1 2.9 2.4
Gearing ratio (note 1) 71.5% 75.2% 50.9% 49.5% 46.6%
Net tangible assets per ordinary share 116.64p 181.61p 228.55p 211.26p 187.26p
Return on gross capital employed (note 2) 13.7% 18.8% 19.1% 18.4% 16.7%
Average number of employees 78.948 65,223 53,668 48,379 39,299
Aggregate wages and salaries (£ million) 1,854 1,630 1,257 1,108 941
Number of shares in issue at year end (million) 661 598 592 585 581
 
Number of branches at year end
Europe 3,311 2,861 2,486 2,393 2,266
North America 1,985 1,797 1,434 1,244 1,183
Total branches 5,296 4,658 3,920 3,637 3,449
 
US dollar translation rate
Income statement/profit and loss 1.9487 1.7885 1.8514 1.7522 1.5951
Balance sheet 2.0285 1.8673 1.7564 1.8198 1.6076
 
Canadian dollar translation rate
Income statement/profit and loss 2.1932 2.0595 2.2997 2.3473 2.3835
Balance sheet 2.1644 2.1128 2.1464 2.4229 2.2427
 
Euro translation rate
Income statement/profit and loss 1.4823 1.4577 1.4587 1.4635 1.5039
Balance sheet 1.4835 1.4628 1.4479 1.5144 1.4171