Halma

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Half Year Report 2012/13

9 Non-GAAP measures

Return on capital employed

 

Unaudited
26 weeks to
29 September 2012
£000

Unaudited
26 weeks to
1 October
2011
£000

Audited
52 weeks to
31 March
 2012
£000

Operating profit before amortisation of acquired intangible assets, acquisition transaction costs and movement on contingent consideration, but after share of results of associates

62,580

58,064

121,907

Computer software costs within intangible assets

2,421

2,948

2,678

Capitalised development costs within intangible assets

10,602

9,823

10,508

Other intangibles within intangible assets

179

216

215

Property, plant and equipment

72,860

72,508

72,118

Inventories

63,269

63,310

57,368

Trade and other receivables

116,286

109,029

114,674

Trade and other payables

(84,379)

(86,304)

(93,499)

Provisions

(1,762)

(2,691)

(2,618)

Net tax liabilities

(12,100)

(12,179)

(11,582)

Non-current trade and other payables

(6,253)

(14,971)

(13,388)

Non-current provisions

(3,193)

(2,108)

(2,301)

Add back accrued contingent purchase consideration

16,870

29,142

29,110

Capital employed

174,800

168,723

163,283

Return on capital employed (annualised)

71.6%

68.8%

74.7%

Return on total invested capital

 

Unaudited
26 weeks to 29 September
2012
£000

Unaudited
26 weeks to
1 October
2011
£000

Audited
52 weeks to
31 March
 2012
£000

Post-tax profit before amortisation of acquired intangible assets, acquisition transaction costs, movement on contingent consideration, and profit on disposal of continuing operations

46,556

44,243

92,209

Total shareholders' funds

404,263

367,555

398,112

Add back retirement benefit obligations

40,611

44,590

32,997

Less associated deferred tax assets

(9,341)

(11,148)

(7,920)

Cumulative amortisation of acquired intangible assets

41,850

31,663

36,306

Goodwill on disposals

5,441

5,441

5,441

Goodwill amortised prior to 3 April 2004

13,177

13,177

13,177

Goodwill taken to reserves prior to 3 April 1998

70,931

70,931

70,931

Total invested capital

566,932

522,209

549,044

Return on total invested capital (annualised)

16.4%

16.9%

16.8%

Organic growth

Organic growth measures the change in revenue and profit from continuing Group operations. The effect of acquisitions and disposals made during the current and prior financial periods has been equalised by adjusting the results for a pro-rated contribution based on their revenue and profit before taxation at the date of acquisition or disposal.