© Rolls-Royce Group plc 2004
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| Profit and loss account | 2003 £m |
2002 £m |
2001 £m |
2000 £m |
1999 £m |
| Group turnover | 5,645 | 5,788 | 6,328 | 5,864 | 4,634 |
| Operating profit before exceptional items and net research and development | 558 | 540 | 822 | 806 | 713 |
| Operating exceptional items | (54) | (75) | (230) | (145) | — |
| Research and development (net)* | (281) | (297) | (358) | (371) | (337) |
| Group operating profit | 223 | 168 | 234 | 290 | 376 |
| Share of operating profit of joint ventures | 52 | 66 | 82 | 76 | 31 |
| Non-operating exceptional items | (5) | (22) | (5) | (77) | 6 |
| Net interest payable | (90) | (107) | (119) | (123) | (53) |
| Profit on ordinary activities before taxation | 180 | 105 | 192 | 166 | 360 |
| Taxation | (64) | (52) | (86) | (87) | (123) |
| Profit on ordinary activities after taxation | 116 | 53 | 106 | 79 | 237 |
| Equity minority interests in subsidiary undertakings | — | — | — | — | (2) |
| Profit attributable to ordinary shareholders | 116 | 53 | 106 | 79 | 235 |
| Dividends | (53) | (133) | (132) | (126) | (112) |
| Transferred to/(from) reserves | 63 | (80) | (26) | (47) | 123 |
*Research and development (gross) |
(619) | (590) | (636) | (604) | (626) |
Earnings per ordinary share: |
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| Underlying | 12.20p | 11.10p | 20.20p | 19.38p | 16.47p |
| Basic | 7.04p | 3.29p | 6.67p | 5.07p | 15.60p |
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Payment to shareholders per ordinary share |
8.18p1 | 8.18p | 8.18p | 8.00p | 7.25p |
1 Including B Shares. |
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| Balance sheet | 2003 £m |
2002 £m |
2001 £m |
2000 £m |
1999 £m |
| Fixed assets | 2,879 | 3,010 | 2,789 | 2,856 | 2,839 |
| Current assets | 4,536 | 4,289 | 4,551 | 4,000 | 3,974 |
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7,415 | 7,299 | 7,340 | 6,856 | 6,813 |
| Liabilities and provisions | (5,271) | (5,262) | (5,270) | (4,815) | (4,833) |
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2,144 | 2,037 | 2,070 | 2,041 | 1,980 |
Share capital |
333 | 323 | 320 | 314 | 309 |
| Reserves | 1,808 | 1,712 | 1,748 | 1,726 | 1,658 |
| Equity shareholders' funds | 2,141 | 2,035 | 2,068 | 2,040 | 1,967 |
| Minority interests in subsidiary undertakings | 3 | 2 | 2 | 1 | 13 |
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2,144 | 2,037 | 2,070 | 2,041 | 1,980 |
Cash flow |
2003 £m |
2002 £m |
2001 £m |
2000 £m |
1999 £m |
| Cash inflow from operating activities | 673 | 611 | 418 | 479 | 359 |
| Interest, dividends and taxation | (176) | (222) | (147) | (162) | (152) |
| Capital expenditure and financial investment | (196) | (381) | (179) | (253) | (199) |
| Acquisitions and disposals | (16) | (20) | 79 | (53) | (666) |
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285 | (12) | 171 | 11 | (658) |
| Cash flow from financing | (19) | (81) | 111 | (360) | 622 |
| Increase/(decrease) in cash and liquid resources | 266 | (93) | 282 | (349) | (36) |