BOC Report and accounts 2005 - Alle jaarverslagen

134 The BOC Group plc Annual report and accounts 2005 Notes to the financial statements
30. US accounting information continued
2005 2004 2003 2002 2001
pence pence pence pence pence
Earnings per share – basic 66.0 60.4 53.7 52.1 48.1
Earnings per share – diluted 65.8 60.3 53.6 51.9 47.9
2005 2004 2003 2002 2001
million million million million million
Weighted average ordinary shares – basic 495.0 493.0 492.5 490.4 486.9
Weighted average ordinary shares – diluted 496.6 493.8 492.7 492.2 488.6
c) Income statement in US GAAP format
The Group profit and loss account on page 86 complies with UK GAAP. For SEC reporting purposes this presentation would be considered ‘non GAAP’
and therefore disclosed below is the income statement which meets the SEC reporting format set forth in Item 10 of Regulation S-X.The financial
numbers disclosed within the income statement below are prepared under UK GAAP.
2005 2004 2003
£ million £ million £ million
Revenue 3,754.7 3,885.4 3,718.3
Operating expenses
Payroll costs (951.9) (1,015.6) (1,037.8)
Depreciation and amortisation (301.9) (324.0) (333.4)
Other operating expenses (1,848.8) (2,060.9) (1,908.5)
Total operating expenses (3,102.6) (3,400.5) (3,279.7)
Net operating income 652.1 484.9 438.6
Other income, net 18.2 15.8 9.4
Net interest expense (76.7) (88.4) (96.1)
Income taxes (159.9) (101.7) (96.4)
Minority interests (66.7) (46.6) (36.4)
Net income 367.0 264.0 219.1
Earnings per share – basic 74.1p 53.5p 44.5p
Earnings per share – diluted 73.9p 53.5p 44.5p
d) Reconciliation of net profit
2005 2004 2003
Years ended 30 September Notes £ million £ million £ million
Net profit as reported in the Group profit and loss account under UK GAAP 367.0 264.0 219.1
Pensions (0.8) 7.5 62.5
Post retirement medical costs 0.1 (2.4) –
Revaluations realised on asset disposals 7.2 – 1.1
Depreciation of revalued fixed assets 0.5 0.2 0.1
Non-amortisation of goodwill under SFAS142 12.6 14.0 13.9
Goodwill adjustment relating to disposals (3.4) – –
Consolidation of variable interest entity under FIN46 0.5 – –
Amortisation of other intangibles (0.6) (0.5) (0.5)
Unrealised profit on disposal of subsidiary – – 8.2
Other adjustments on profit on disposal of subsidiary 1 – – (20.7)
Share of results of joint ventures and associates (3.5) 0.3 0.6
Termination of interest rate swaps 1.5 1.6 1.7
Financial and other derivative instruments (1.1) (15.7) (2.8)
Adjustment on disposal of the US packaged gas business 2 (9.6) 39.9 –
ESOPs and other share options (1.5) 3.5 1.7
Sale and leaseback 0.1 0.1 0.1
Restructuring provisions 1.0 – –
Goodwill impairments (16.3) – –
Taxation adjustments 3 (27.0) (14.8) (20.7)
Net income under US GAAP 326.7 297.7 264.3
1. The adjustment on profit of disposal of subsidiary of £(20.7) million in 2003 relates to differences relating to the combination of the Group’s Japanese gases business with part of Air Liquide Japan.
It comprises £(11.7) million relating to the difference in the net book value of tangible assets and £(9.0) million relating to the difference in the net book value of intangible assets recognised in the
Group’s Japanese business.
2. The adjustment on disposal of the US packaged gas business of £39.9 million in 2004 comprised £13.4 million relating to asset impairments, £19.9 million relating to goodwill and £6.6 million
relating to restructuring provisions. In 2005, the adjustment relates to timing differences on restructuring provisions and expenses between UK GAAP and US GAAP.
3. During 2005 the deferred tax provision in respect of undistributed earnings of subsidiaries and joint ventures was reviewed. In connection with this, the amount of taxation adjustments includes a
charge of £28.5 million (2004: £nil, 2003: £nil).
4. All net income arose from continuing operations.