2011 Review
Financial
· EBITDA for 2011 down 15% at £334 million
- 2011 profits maximised by continued operational excellence and tight cost control
· Underlying earnings per share decreased 13% to 56 pence
- Reported earnings per share increased 144% to 127 pence, reflecting exceptional tax credit
· Eurobond tax position agreed in April 2011
- Exceptional tax credit of £198 million includes full recognition of Eurobond agreement
(£180 million) plus other legacy tax issues now resolved (£18 million)
· Strong balance sheet
- Net cash at 31 December 2011 of £225 million (31 December 2010: £204 million,
including £117 million ring-fenced tax cash)
- Bank refinancing completed in July 2011
· Total dividends of 27.8 pence per share, or £101 million (2010: 32.0 pence per share,
or £117 million), in line with our policy to distribute 50% of underlying earnings
- Final dividend of 11.8 pence per share, or £43 million
