曝光臺(tái) 注意防騙 網(wǎng)曝天貓店富美金盛家居專營(yíng)店坑蒙拐騙欺詐消費(fèi)者

which we operate 33%
Utilisation of tax losses & other factors (16%)
“Cash Tax” rate on 2007 Profits 17% Stable – ranging from
17% to 20%
Movement in provisions for uncertain tax positions
(2007 and prior years – net) 2%
Recognition of tax assets & deferred tax movement (16%)
Reported rate on underlying profit of subsidiaries 3% Below cash tax rate
0%
10%
20%
30%
40%
Japan
Germany
US
Brazil
France
Italy
Spain
UK
Australia
India
RoW
Mexico
Poland
Weighted average Statutory CT rate 33%
39 March 2008
Capital Expenditures
Targeting
capex to
depreciation
ratio at 1.1 to
1.2x
2007
£m
2006
£m
Tangible expenditure 172 197
Depreciation 142 137
Ratio (times) 1.2 1.4
2007
£m
2006
£m
Intangible expenditure 20 33
Amortisation 9 8
Total expenditures 192 230
40 March 2008
Dividends
Full year dividend per share
Dividend cover * - actual
- cash tax rate
Cash cost
13.5p
2.6
2.3
£95m
12.8p
2.4
2.1
£90m
2007 2006
* Earnings before restructuring charges, amortisation of non-operating intangible arising on business combinations, profits on sale or closures of businesses
and changes in the fair value of derivative financial instruments
Up 5.5%
41 March 2008
Operating Cash Flow
2007
£m
2006
£m
Trading profit 277 251
Depreciation and amortisation 151 145
Change in working capital and provisions (45) (7)
Strategic restructuring (40) (57)
Post-employment obligation (33) (205)
Other (11) (10)
Subtotal 299 117
Proceeds from sale of fixed assets 21 13
Capital expenditure (tangible and intangible) (192) (230)
Operating cash flow 128 (100)
42 March 2008
Free Cash Flow
2007
£m
2006
£m
Operating cash flow 128 (100)
Interest (44) (33)
Tax (28) (31)
Dividends Paid (including minorities) (92) (89)
Dividends Received (joint ventures) 13 7
Free cash flow (23) (246)
Acquisitions (71) (126)
Divestments - 13
Share buy back - (40)
Other 14 38
Net movement in borrowings (80) (361)
Net borrowings (506) (426)
43 March 2008
Net Assets & Net Borrowings
2007
£m
2006
£m
Net operating assets 2,159 1,916
Current & deferred tax (121) (42)
Post-employment obligations (331) (561)
Net borrowings (506) (426)
Derivatives (5) 21
Net assets 1,196 908
Return on average invested capital 15.1% 14.4%
44 March 2008
Outlook 2008
GKN’s markets and environment
Asia, Eastern Europe, Latin America automotive to grow
strongly
North America, Western Europe automotive to soften
OffHighway and Aerospace markets remain strong
Material costs remain high and volatile – potential
headwind
Current sterling levels would bring translational benefit
45 March 2008
Outlook 2008
GKN’s businesses
Further solid improvement in Automotive and Powder Metallurgy
Continued strong growth in OffHighway and Aerospace
Driveline and Powder Metallurgy
Restructuring completed – improved global positioning and stable
operations
Strong order book in both businesses
OffHighway and Aerospace
Record order book in OffHighway, end markets robust
Aerospace order book strength continues – benefit of Teleflex
Filton acquisition expected to complete around mid year
2008: Another year of progress and growth
March 2008
GKN
A Global Engineer

　
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