Inchcape Plc · LSE:INCH
Inchcape — H1 2005 Earnings Presentation
7 slides from Inchcape's earnings presentation, 2005
Slide 1: Alan Ferguson, Group Finance Director
Alan Ferguson Group Finance Director
Slide 2: Operating profit
Operating profit H1 05 H1 04 Increase £m £m Operating profit 104.1 86.1 20.9% Exceptional (profit)/loss (4.0) 2.9 Operating profit before exceptional items 100.1 89.0 12.5%
Slide 3: Operating profit before exceptional items
Operating profit before exceptional items £m H1 04 89.0 Variances at constant rates Operating units 9.2 Central costs 1.7 H1 05 at H1 04 rates 99.9 Exchange translation 0.2 H1 05 100.1
Slide 4: Interest, tax and minorities
Interest, tax and minorities • Net interest charge 2005 2004 £m £m Bank/other interest 2.0 (1.4) Stock holding interest (4.4) (3.4) (2.4) (4.8) • 2005 Headline subsidiaries tax rate* 25.5% – Benefited from: • No UK losses • Greece – one off recovery of 0.5% • Profit attributable to minorities £2.1m,
Slide 5: Dividends and share buy back
Dividends and share buy back • Interim dividend up 26.7% at 19.0p per share • Policy remains at interim stage one third/two thirds interim/final split • £31.0m returned to shareholders through buy back programme to date • Full impact on earnings yet to be seen
Slide 6: Operational cash flow
Operational cash flow H1 05 £m Operating profit before exceptional items 100.1 Depreciation/amortisation 13.3 Working capital (5.2) Other 6.6 Cash generated from operations 114.8 Net capex (35.1) Operational cash flow 79.7
Slide 7: Total cash flow
Total cash flow H1 05 £m Operational cash flow 79.7 Acquisitions (28.5) Disposals* (5.5) Tax/interest (29.8) Other (mainly effect of foreign exchange rates) 10.2 Free cash flow 26.1 Share buy back/dividends (58.2) Total net funds movement (32.1) * Includes payment of £6.8m in claims re non-motors bu