Elementis
Annual Report 2002
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Notes to the financial statements: page 3 of 10

Unallocated liabilities comprise:

       
2002
£million
  2001
restated £million
 
     
Net borrowings (37.4 ) (40.0 )
Taxation and dividends (7.9 ) (11.2 )
Post retirement benefits and government grants (65.0 ) (26.1 )
Other (12.4 ) (13.1 )
  (122.7 ) (90.4 )

  Continuing operations Discontinued operations Total
2002 2001 2002 2001 2002 2001
  £million £million £million £million £million £million
Group turnover analysed by geographical markets          
North America 175.3 197.0 - 137.5 175.3 334.5
Europe 129.6 134.6 - - 129.6 134.6
Rest of the World 60.0 61.3 - - 60.0 61.3
  364.9 392.9 - 137.5 364.9 530.4

3 Supplementary profit & loss account information

  Before exceptionals
and goodwill
amortisation
  Exceptionals
and goodwill
amortisation
  Acquisitions
  Total 2002   2001 Total
restated
 
£million   £million   £million   £million   £million  
Turnover 361.4 - 3.5 364.9 530.4  
Cost of sales (236.4 ) (44.7 ) (3.2 ) (284.3 ) (379.0 )
Gross profit/(loss) 125.0 (44.7 ) 0.3 80.6 151.4  
Distribution costs (61.5 ) - - (61.5 ) (87.5 )
Administrative expenses (42.8 ) (13.5 ) (0.6 ) (56.9 ) (68.1 )
Operating profit/(loss) 20.7 (58.2 ) (0.3 ) (37.8 ) (4.2 )
 

There were no discontinued operations in 2002.In 2001 discontinued operations contributed turnover of £137.5 million,cost of sales of £111.3 million, distribution costs of £20.6 million and administrative expenses of £3.2 million.

4 Exceptionals

2002
£million
  2001
restated
£million
 
Operating exceptionals:    
Impairment charge against Chromium assets 35.4  
Restructuring of combined Chromium businesses 5.1  
Restructuring of Linatex business 0.7 0.5  
Restructuring of Pigments & Specialties Birtley operation 4.5  
Chromium insurance recovery (1.0 )  
Costs of preparing company for sale 4.6  
  44.7 5.1  
Non-operating exceptionals:    
Profit on disposal of properties – continuing operations (4.8 )  
Profit on disposal of properties – discontinued operations (1.4 )  
Loss on disposal of businesses – continuing operations 2.9  
Profit on disposal of businesses – discontinued operations (1.0 ) (1.3 )
  (4.3 ) (1.3 )
  40.4 3.8  
Tax credit on exceptionals (3.6 ) (4.9 )
  36.8 (1.1 )
 
The profit on disposal of businesses from respect of a business discontinued operations includes £1.9 million in that was sold in 1997.

5 Net interest payable

2002
£million
  2001
restated
£million
 
Interest payable:      
On bank loans 3.2   10.1  
On other loans 0.2 0.3  
Unwinding of discount on environmental provisions 1.0 -  
  4.4 10.4  
Interest receivable:        
On bank deposits (1.5 ) (6.2 )
On pension and post-retirement liabilities (0.1 ) (3.7 )
Other finance income (2.0 ) -  
  (3.6 ) (9.9 )
  0.8 0.5  
 
Other finance income represents interest receivable in respect of refunds of corporation tax.
 
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