Annual Report and Accounts 2006
Earnings per ordinary share
| 2006 pence |
2005 pence |
2004 pence |
|
|---|---|---|---|
| Reported earnings per share | 56.4 | 37.3 | 25.9 |
| Restructuring costs | 6.4 | 4.2 | 8.2 |
| Amortisation and impairment of intangibles | 1.8 | 0.3 | 0.3 |
| Non-trading items | (32.3) | (0.8) | (0.9) |
| UK product recall | 1.4 | – | – |
| Nigeria adjustments | 1.1 | – | – |
| IAS 39 adjustment – fair value accounting | 0.5 | (1.1) | n/a |
| Tax effect on the above | (1.2) | (0.9) | (2.8) |
| Release of disposal tax provisions | (2.5) | – | n/a |
| Recognition of UK deferred tax asset | – | (5.1) | – |
| Underlying earnings per share | 31.6 | 33.9 | 30.7 |
Reported earnings per share increased by 51% or 19.1 pence principally reflecting the profit on disposal of our Europe, South African and Syrian beverage businesses offset by a reduction in the reported profit before tax, increases in restructuring costs and amortisation and impairment of intangibles and the UK product recall.
Underlying earnings per share (earnings before restructuring costs, non-trading items, amortisation and impairment of intangibles, exceptional items and the IAS 39 adjustment) decreased by 2.3 pence (7%) to 31.6 pence. Acquisitions, net of disposals, reduced full year earnings per share by 3.1p (9%). Movements in exchange rates reduced Underlying earnings per share by a further 2% or 0.5 pence. The base business grew Underlying earnings per share by 5% or 1.7 pence.