Key financial data
| US$ million (unless otherwise stated) | 2007 | 2006(1) | 2005(1) | 2004(1) |
|---|---|---|---|---|
| Group revenue including associates | 30,559 | 29,404 | 24,872 | 22,610 |
| Less: Share of associates’ revenue | (5,089) | (4,413) | (4,740) | (5,429) |
| Group revenue | 25,470 | 24,991 | 20,132 | 17,181 |
| Operating profit including associates before special items and remeasurements | 9,590 | 8,888 | 5,549 | 3,832 |
| Special items and remeasurements (excluding financing special items and remeasurements) | (227) | 24 | 16 | 556 |
| Net finance costs (including remeasurements), tax and minority interests of associates | (434) | (398) | (315) | (391) |
| Total profit from operations and associates | 8,929 | 8,514 | 5,250 | 3,997 |
| Net finance costs (including special items and remeasurements) | (108) | (71) | (220) | (385) |
| Profit before tax | 8,821 | 8,443 | 5,030 | 3,612 |
| Income tax expense | (2,693) | (2,518) | (1,208) | (765) |
| Profit for the financial year – continuing operations | 6,128 | 5,925 | 3,822 | 2,847 |
| Profit for the financial year – discontinued operations | 2,044 | 997 | 111 | 1,094 |
| Profit for the financial year – total Group | 8,172 | 6,922 | 3,933 | 3,941 |
| Minority interests | (868) | (736) | (412) | (440) |
| Profit attributable to equity shareholders of the Company | 7,304 | 6,186 | 3,521 | 3,501 |
| Underlying earnings(2)– continuing operations | 5,477 | 5,019 | 3,335 | 2,178 |
| Underlying earnings(2)– discontinued operations | 284 | 452 | 401 | 506 |
| Underlying earnings(2) – total Group | 5,761 | 5,471 | 3,736 | 2,684 |
| Earnings per share ($) – continuing operations | 4.04 | 3.51 | 2.35 | 1.84 |
| Earnings per share ($) – discontinued operations | 1.54 | 0.70 | 0.08 | 0.60 |
| Earnings per share ($) – total Group | 5.58 | 4.21 | 2.43 | 2.44 |
| Underlying earnings per share ($) – continuing operations | 4.18 | 3.42 | 2.30 | 1.52 |
| Underlying earnings per share ($) – discontinued operations | 0.22 | 0.31 | 0.28 | 0.35 |
| Underlying earnings per share ($) – total Group | 4.40 | 3.73 | 2.58 | 1.87 |
| Ordinary dividend per share (US cents) | 124.0 | 108.0 | 90.0 | 70.0 |
| Special dividend per share (US cents) | – | 67.0 | 33.0 | – |
| Weighted average number of shares outstanding (million) | 1,309 | 1,468 | 1,447 | 1,434 |
| EBITDA(3) – continuing operations | 11,171 | 10,431 | 7,172 | 5,359 |
| EBITDA(3) – discontinued operations | 961 | 1,766 | 1,787 | 1,672 |
| EBITDA(3) – total Group | 12,132 | 12,197 | 8,959 | 7,031 |
| EBITDA interest cover(4) – total Group | 42.0 | 45.5 | 20.0 | 18.5 |
| Operating margin (before special items and remeasurements) – total Group | 28.4% | 25.4% | 18.5% | 14.7% |
| Ordinary dividend cover (based on underlying earnings per share) – total Group | 3.5 | 3.5 | 2.9 | 2.7 |
| Balance sheet | ||||
| Intangible and tangible assets | 25,090 | 25,632 | 33,368 | 35,816 |
| Other non-current assets and investments | 8,952 | 7,819 | 5,375 | 5,375 |
| Working capital | 2,125 | 3,246 | 3,719 | 3,715 |
| Other net current liabilities | (877) | (1,177) | (1,492) | (611) |
| Other non-current liabilities and obligations | (6,261) | (5,790) | (8,399) | (8,339) |
| Cash and cash equivalents and borrowings(5) | (5,170) | (3,244) | (4,993) | (8,243) |
| Net assets classified as held for sale | 471 | 641 | – | – |
| Net assets | 24,330 | 27,127 | 27,578 | 27,713 |
| Minority interests | (1,869) | (2,856) | (3,957) | (4,588) |
| Equity attributable to the equity shareholders of the Company | 22,461 | 24,271 | 23,621 | 23,125 |
| Total capital(6) | 29,569 | 30,451 | 32,571 | 35,956 |
| Cash inflows from operations – continuing operations | 9,375 | 9,012 | 5,963 | 3,857 |
| Cash inflows from operations – discontinued operations | 470 | 1,045 | 1,302 | 1,434 |
| Cash inflows from operations – total Group | 9,845 | 10,057 | 7,265 | 5,291 |
| Dividends received from associates and financial asset investments – continuing operations | 311 | 251 | 468 | 380 |
| Dividends received from associates and financial asset investments – discontinued operations | 52 | 37 | 2 | 16 |
| Dividends received from associates and financial asset investments – total Group | 363 | 288 | 470 | 396 |
| Return on capital employed(7) – total Group | 37.8% | 32.4% | 19.2% | 14.6% |
| EBITDA/average total capital(6) – total Group | 40.4% | 38.7% | 26.0% | 21.2% |
| Net debt to total capital(8) | 20.0% | 12.9% | 17.0% | 25.4% |
| US$ million (unless otherwise stated) | 2003(9)(10) |
|---|---|
| Group turnover including share of joint ventures and associates | 24,909 |
| Less: Share of joint ventures’ turnover | (1,060) |
| Share of associates’ turnover | (5,212) |
| Group turnover – subsidiaries | 18,637 |
| Operating profit before exceptional items | 2,892 |
| Operating exceptional items | (286) |
| Total operating profit | 2,606 |
| Non-operating exceptional items | 386 |
| Net interest expense | (319) |
| Profit on ordinary activities before tax | 2,673 |
| Tax on profit on ordinary activities | (749) |
| Tax on exceptional items | 13 |
| Equity minority interests | (345) |
| Profit for the financial year | 1,592 |
| Underlying earnings(2) | 1,694 |
| Earnings per share ($) | 1.13 |
| Underlying earnings per share ($) | 1.20 |
| Dividend per share (US cents) | 54.0 |
| Basic number of shares outstanding (million) | 1,415 |
| EBITDA(3) | 4,785 |
| EBITDA interest cover(4) | 9.3 |
| Operating margin (before exceptional items) | 11.6% |
| Dividend cover (based on underlying earnings) | 2.2 |
| Balance sheet | |
| Intangible and tangible fixed assets | 26,646 |
| Investments | 7,206 |
| Working capital | 1,903 |
| Provisions for liabilities and charges | (3,954) |
| Cash and cash equivalents and borrowings | (8,633) |
| Equity minority interests | (3,396) |
| Total shareholders’ funds (equity) | 19,772 |
| Total capital(6) | 31,801 |
| Net cash inflow from operating activities | 3,184 |
| Dividends received from joint ventures and associates | 426 |
| Return on capital employed(7) | 10.7% |
| EBITDA/average total capital(6) | 17.3% |
| Net debt to total capital(8) | 32.0% |
Years 2004, 2005, 2006 and 2007 are prepared under IFRS. 2003 is prepared under UK GAAP.
(1) Comparatives have been adjusted to reclassify amounts relating to discontinued operations where applicable.
(2) Underlying earnings is net profit attributable to equity shareholder s, adjusted for the effect of special items and remeasurements and any related tax and minority interests.
(3) EBITDA is operating profit before special items, operating remeasurements (2003: exceptional items), depreciation and amortisation in subsidiaries and joint ventures and share of EBITDA of associates.
(4) EBITDA interest cover is EBITDA divided by net finance costs, excluding other net financial income, exchange gains and losses on monetary assets and liabilities, amortisation of discounts on provisions, special items and financial remeasurements (2003: exceptional items), but including share of associates’ net interest expense.
(5) This differs to the Group’s measure of net debt as it excludes the net debt of Net assets classified as held for sale (2007: ($69) million; 2006: ($80) million), and excludes the impact of derivative instruments that provide an economic hedge of assets and liabilities in net debt (2007: $388 million; 2006: $193 million). For more detail see note 31 Consolidated cash flow analysis.
(6) Total capital is net assets excluding net debt (excluding the impact of derivative instruments).
(7) Return on capital employed is calculated as total operating profit before impairments for the year divided by the average of total capital less other investments and adjusted for impairments.
(8) Net debt to total capital is calculated as net debt (excluding the impact of derivative instruments) divided by total capital less investments in associates.
(9) 2003 has been restated to reflect the adoption of UITF abstract 38 Accounting for ESOP trusts.
(10) The 2003 UK GAAP numbers include all business segments. The results have not been adjusted to reclassify amounts relating to Gold and Paper and Packaging.