Corporate and Operating Measures
Sales – underlying growth
Sales growth excluding the impact of acquisitions and disposals and movements in exchange rates.
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| 2001 | 2001 | |
| all figures in £ millions | pre-internet | post-internet |
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| Underlying decrease | (24) | (11) |
| Portfolio changes | 283 | 283 |
| Foreign exchange | 78 | 79 |
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| Total sales increase | 337 | 351 |
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| Underlying decrease | (0.7%) | (0.3%) |
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EBITDA*
Earnings before interest, taxation, depreciation and amortisation, seen to be a close proxy for operating cash flow.
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| 2001 | 2001 | |
| all figures in £ millions | pre-internet | post-internet |
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| Operating profit | 600 | 463 |
| Depreciation | 118 | 125 |
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| EBITDA | 718 | 588 |
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Trading margin
Trading profit (operating profit excluding profit from joint ventures, associates and investments) as a proportion of sales.
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| 2001 | 2001 | |
| all figures in £ millions | pre-internet | post-internet |
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| Total operating profit – Group | 568 | 444 |
| Investment income | (2) | (2) |
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| Trading profit | 566 | 442 |
| Sales | 4,166 | 4,225 |
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| Trading margin | 13.6% | 10.5% |
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Free cash flow per share*
Operating cash flow less taxation paid on operating profits and interest paid, divided by the weighted average number of shares in issue.
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| 2001 | 2001 | |
| all figures in £ millions | pre-internet | post-internet |
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| Operating profit | 600 | 463 |
| Cash conversion | 92% | 94% |
| Operating cash flow | 553 | 437 |
| Taxation paid on operating profits | (50) | (44) |
| Interest paid | (142) | (157) |
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| Free cash flow | 361 | 236 |
| Weighted average shares in issue (millions) | 795.4 | 795.4 |
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| Free cash flow per share | 45.3p | 29.6p |
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* Before goodwill, integration costs and non-operating items.
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