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1、ROCECalculation–including7xleaseadjustmentReported£mH1’14H1’13Earningsbeforeinterestandtax–reported(53)(40)Interestelementofoperatingleasepayments2016Earningsbeforeinterestandtax-adjusted(33)(24)Tax21%23%Normalisedoperatingprofitaftertax(NOPAT)(26)(19)Averageshareholder
2、s’equity–reported1,8391,731Averagenetcash–reported(504)(180)Openingcapitalisedleases714665Closingcapitalisedleases805644Averagecapitalisedleases760655Averagecapitalemployed2,0952,206Returnoncapitalemployed–7xbasis(1.2%)(0.9%)Footerboxonintersectoflineslineh=8.039andv=8.
3、75withfont10ptArialnotbold40ROCECalculation–including7xleaseadjustmentReported£mF'13F'12Earningsbeforeinterestandtax–reported497331Interestelementofoperatingleasepayments3432Earningsbeforeinterestandtax-adjusted531363Tax23%24%Normalisedoperatingprofitaftertax(NOPAT)4092
4、76Averageshareholders’equity–reported1,9061,750Averagenetcash–reported(242)(13)Openingcapitalisedleases665763Closingcapitalisedleases714665Averagecapitalisedleases690714Averagecapitalemployed2,3542,451ReturnoncapitalemployedFooterboxonintersectoflineslineh=8.039andv=8.7
5、5withfont10ptArialnotbold–7xbasis17.4%11.3%46ROCECalculation–including7xleaseadjustmentReported£mSep‘12Sep’11Earningsbeforeinterestandtax–reported331269Interestelementofoperatingleasepayments3236Earningsbeforeinterestandtax-adjusted363305Tax24%26%Normalisedoperatingprof
6、itaftertax(NOPAT)276226Averageshareholders’equity–reported1,7501,603Averagenetcash–reported(13)(30)Openingcapitalisedleases763714Closingcapitalisedleases665763Averagecapitalisedleases714739Averagecapitalemployed2,4512,312Returnoncapitalemployed–7xbasis11.3%9.8%48ROCERep
7、ortedMultipleNPV201120122011201220112012-2.8%-3.3%-4.3%-5.0%-5.2%-7.5%ReportedMultiple(1)NPV(2)ROCEcalculations(£m)Mar‟11Mar'12Mar‟11Mar'12Mar‟11Mar'12EBIT–reported-144-99-144-99-144-99Interestelementofoperatingleasepayments18171817AdjustedEBIT-144-99-126-82-126-82NOPAT
8、-107-75-93-62-93-62Averageshareholders'equity–reported1,5051,6061,5051,6061,5051,606Averagenetcash–reported-90
