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Notes to the condensed financial statements
7. Non-GAAP measures
|
Unaudited 27 weeks to 3 October 2009 £000 |
Unaudited 26 weeks to 27 September 2008 £000 |
Audited 52 weeks to 28 March 2009 £000 |
|
|---|---|---|---|
| Return on capital employed | |||
|
Operating profit from continuing operations before amortisation of acquired intangible assets |
39,732 | 40,859 | 82,508 |
| Computer software costs within intangible assets | 2,893 | 2,521 | 3,022 |
| Capitalised development costs within intangible assets | 9,929 | 8,784 | 10,194 |
| Other intangibles within intangible assets | 236 | – | – |
| Property, plant and equipment | 68,009 | 59,930 | 71,408 |
| Inventories | 45,792 | 47,879 | 51,381 |
| Trade and other receivables | 90,078 | 98,366 | 103,544 |
| Trade and other payables | (56,008) | (62,928) | (63,379) |
| Net tax liabilities | (6,535) | (10,977) | (481) |
| Non–current trade and other payables | (2,970) | (2,670) | (3,732) |
| Add back retirement benefit accruals included within payables | 295 | 1,595 | 1,103 |
| Add back accrued deferred purchase consideration | 55 | 603 | 68 |
| Capital employed | 151,774 | 143,103 | 173,128 |
| Return on capital employed (annualised) | 52.4% | 57.1% | 47.7% |
| Return on total invested capital | |||
| Post–tax profit from continuing operations before amortisation of acquired intangibles | 27,595 | 28,094 | 57,199 |
| Total shareholders’ funds | 296,397 | 243,244 | 299,615 |
| Add back retirement benefit accruals included within payables | 295 | 1,595 | 1,103 |
| Add back retirement benefit obligations | 45,591 | 48,804 | 42,568 |
| Less associated deferred tax assets | (12,766) | (13,665) | (11,920) |
| Cumulative amortisation of acquired intangible assets | 19,864 | 13,597 | 17,360 |
| Goodwill on disposals | 5,441 | 5,441 | 5,441 |
| Goodwill amortised prior to 3 April 2004 | 13,177 | 13,177 | 13,177 |
| Goodwill taken to reserves prior to 28 March 1998 | 70,931 | 70,931 | 70,931 |
| Total invested capital | 438,930 | 383,124 | 438,275 |
| Return on total invested capital (annualised) | 12.6% | 14.7% | 13.1% |
Organic growth
Organic growth measures the change in revenue and profit from continuing operations. The effect of acquisitions and disposals during the current or prior financial period has been equalised by adjusting for their contribution based on their revenue and profit at the date of acquisition or disposal.
