Consolidated balance sheet
As at 31 December 2005

Assets
	Notes	2005 £m	2004 £m
Non-current assets
Goodwill	14	209.5	219.0
Other intangible assets	15	4.1	5.2
Property, plant and equipment	16	92.8	93.7
Deferred tax asset	25	44.6	40.2
		351.0	358.1
Current assets
Inventories	17	88.2	94.0
Taxation recoverable		0.9	1.9
Trade and other receivables	18	150.4	145.8
Cash and cash equivalents	19	77.1	34.4
Assets held for sale	5	5.9	-
		322.5	276.1
Total assets		673.5	634.2

Liabilities
Current liabilities
Short-term borrowings	20	(59.4)	(0.3)
Derivative financial instruments	21	(0.6)	-
Trade and other payables	23	(132.4)	(134.5)
Current tax liabilities	16/18	(32.4)	(34.1)
Provisions	16/18	(12.3)	(7.0)
Liabilities held for sale	16	(3.7)	-
		(240.8)	(175.9)
Net current assets		81.7	100.2
Non-current liabilities
Medium and long-term borrowings	20	(121.6)	(193.0)
Derivative financial instruments	21	(24.7)	-
Other payables	23	(6.7)	(5.4)
Retirement benefit obligations	9	(22.6)	(20.7)
Provisions	24	(0.6)	(2.5)
Deferred tax liability	25	(1.0)	(1.9)
		(177.2)	(223.5)
Total liabilities		(418.0)	(399.4)
Net assets		255.5	(234.8)

Equity
Issued share capital	26	6.2	6.2
Share premium	27	229.1	227.8
Retained earnings	27	20.1	(1.7)
Translation reserve	27	(2.8)	(0.9)
Hedging reserve	27	(0.5)	-
Merger reserve	27	3.1	3.1
Capital redemption reserve	27	0.3	0.3
Equity shareholders' funds		255.5	234.8
Total equity and liabilities		673.5	634.2

The financial statements were approved by the Board of directors on 7 March 2006 and were signed on its behalf by:

Steve Hare
Director

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