Financial Analysis

Balance Sheet

As at 30 April 2016

Notes
2016
£m

2015
£m
ASSETS
Non-current assets
Goodwill 10 136.9 132.9
Other intangible assets 11 88.7 84.7
Property, plant and equipment 12 1,165.2 1,097.9
Interests in joint ventures 13 22.4 57.8
Derivative instruments at fair value 5.6 2.3
Retirement benefit asset 26 24.8 25.5
Other receivables 19 5.6 12.1
1,449.2 1,413.2
Current assets
Inventories 18 27.5 26.9
Trade and other receivables 19 382.2 375.2
Derivative instruments at fair value   1.0 1.1
Foreign tax recoverable - 0.1
Cash and cash equivalents 20 382.3 395.6
793.0 798.9
Total assets 2(d) 2,242.2 2,212.1
LIABILITIES
Current liabilities
Trade and other payables 21 825.2 830.4
Current tax liabilities 33.2 38.2
Borrowings 22 53.6 51.6
Derivative instruments at fair value   41.3 35.9
Provisions 24 54.9 64.7
1,008.2 1,020.8
Non-current liabilities
Other payables 21 45.5 40.0
Borrowings 22 738.2 733.7
Derivative instruments at fair value   19.5 5.4
Deferred tax liabilities 23 25.6 25.1
Provisions 24 105.9 106.1
Retirement benefit obligations 25 121.5 186.0
1,056.2 1,096.3
Total liabilities   2,064.4 2,117.1
Net assets / (liabilities)   177.8 95.0
EQUITY
Ordinary share capital 28 3.2 3.2
Share premium account 29 8.4 8.4
Retained earnings 29 (185.1) (279.6)
Capital redemption reserve 29 422.8 422.8
Own shares 29 (34.3) (32.1)
Translation reserve 29 1.3 (1.8)
Non-controlling interests 29 1.8 -
Cash flow hedging reserve (40.3) (26.8)
Total equity 177.8 94.1

These financial statements have been approved for issue by the Board of Directors on 8 July 2016. The accompanying notes form an integral part of this consolidated balance sheet.