Annual Report and
Accounts 2006

As at 31 July 2006


  Notes 2006
£m		 2005
£m
Assets
Non-current assets 		     
Intangible assets: goodwill 11 1,173 815
Intangible assets: other 12 333 133
Property, plant and equipment 13 1,144 883
Deferred tax assets 15 16 55
Trade and other receivables 17 36 37
Financial assets: available-for-sale investments 14 21 6
    2,723 1,929
Current assets      
Inventories 16 1,954 1,706
Trade and other receivables 17 2,650 2,198
Current tax receivable   1 7
Financial assets: trading investments 19 4 5
Derivative financial assets 20 10 3
Financial receivables: construction loans (secured) 21 313 262
Cash and cash equivalents 22 416 381
    5,348 4,562
Assets held for sale 18 7 8
Total assets   8,078 6,499
Liabilities
Current liabilities 		     
Trade and other payables 23 2,294 1,943
Current tax payable   91 70
Borrowings: construction loans (unsecured) 21 313 262
Bank loans and overdrafts 24 192 439
Obligations under finance leases 25 18 4
Derivative financial liabilities 20 29 14
Provisions 26 29 22
Retirement benefit obligations 27 29 17
    2,995 2,771
Non-current liabilities
Trade and other payables 23 25 18
Bank Loans 24 2,084 1,045
Obligations under finance leases 25 57 58
Deferred tax liabilities 15 88 62
Provisions 26 77 63
Retirement benefit obligations 27 160 181
    2,491 1,427
Total liabilities   5,486 4,198
Net assets   2,592 2,301
Shareholders' equity      
Called up share capital 28 149 148
Share premium account 30 288 241
Foreign currency translation reserve 30 (49) 82
Retained earnings 30 2,204 1,830
Equity shareholders' funds   2,592 2,301

The consolidated financial statements were approved by the Board of Directors on 25 September 2006 and were signed on its behalf by

Chip Hornsby's signature
Chip Hornsby
Group Chief Executive

Stephen Webster's signature
Stephen P Webster
Group Finance Director

The accompanying notes are an integral part of these Company financial statements.