Continued

8 Profit for the financial year attributable to shareholders
As permitted by Section 230 of the Companies Act 1985, the Company has not presented its own profit and loss account. Of the profit for the financial year attributable to shareholders, a loss of £1.2 million (2002: loss of £1.2 million) is dealt with in the financial statements of the Company.

9 Fees paid to auditors

	Group		Company
	2003	2002	2003	2002
	£million	£million	£million	£million
Audit fees and expenses	0.5	0.5	-	-
Other fees paid to the Company's auditors:
United Kingdom	0.4	0.3	-	-
Overseas	0.2	0.3	-	-
	0.6	0.6	-	-
Analysis of other fees by type of service:
Accounting	-	0.1	-	-
Tax	0.3	0.4	-	-
Advisory	0.3	0.1	-	-
	0.6	0.6	-	-

10 Employees

	2003	2002
	£million	£million
Employee costs:
Wages and salaries	61.9	62.1
Social security costs	5.3	5.0
Pension costs (including other post-retirement costs)	4.3	5.4
	71.5	72.5
	2003	2002
	Number	Number
Average number of persons employed:
Chromium	496	436
Specialties & Pigments	1,099	1,140
Specialty Rubber	609	605
	2,204	2,181

11 Directors’ emoluments
Detailed information on directors’ emoluments, including performance related bonuses and long term incentives, is provided in the Directors’ remuneration report.

12 Goodwill

	£million
Group
Cost
At 1 January 2003	249.5
Currency translation differences	(22.7	)
At 31 December 2003	226.8
Amortisation
At 1 January 2003	61.6
Charge for the year	12.4
Currency translation differences	(6.5	)
At 31 December 2003	67.5
Net book value
At 31 December 2003	159.3
At 31 December 2002	187.9

13 Tangible fixed assets

	Land &		Plant &		Fixtures, fittings, tools &		Under
	buildings £million		machinery £million		equipment £million		construction £million		Total £million
Group
Cost
At 1 January 2003	93.3		287.2		20.1		13.1		413.7
Additions	1.4		1.8		0.9		17.3		21.4
Disposals	(1.1	)	(3.3	)	(2.7	)	-		(7.1	)
Transfers	-		9.2		0.6		(9.8	)	-
Currency translation differences	(4.4	)	(12.0	)	(0.9	)	(1.9	)	(19.2	)
At 31 December 2003	89.2		282.9		18.0		18.7		408.8
Depreciation
At 1 January 2003	46.7		188.7		16.1		0.3		251.8
Charge for the year	3.0		11.2		1.5		-		15.7
Disposals	(0.8	)	(3.2	)	(2.7	)	-		(6.7	)
Reclassification	(0.3	)	0.2		0.1		-		-
Currency translation differences	(2.0	)	(7.0	)	(0.7	)	-		(9.7	)
At 31 December 2003	46.6		189.9		14.3		0.3		251.1
Net book value
At 31 December 2003	42.6		93.0		3.7		18.4		157.7
At 31 December 2002	46.6		98.5		4.0		12.8		161.9

Group capital expenditure contracted but not provided for in these financial statements amounted to £0.5 million (2002: £0.6 million). During the year £0.1 million (2002: £0.1 million) was released to the profit and loss account in respect of government grants received.
Land and buildings at cost comprised the following:

Group	2003 £ million	2002 £ million
Freehold property	85.9	88.4
Property on short leases	3.3	4.9
	89.2	93.3

Notes to the financial statements continue on the next page >
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