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ICI » Topics » (3) Operating profit before exceptional items and goodwill amortisation

This excerpt taken from the ICI 20-F filed Apr 1, 2005.

(3)      Operating profit before exceptional items and goodwill amortisation

Operating profit before exceptional items and goodwill amortisation is presented before the charge for goodwill amortisation. This is a non-UK GAAP measure for which the most directly comparable UK GAAP financial measure is operating profit before exceptional items. A detailed explanation of management’s reasons for believing this non-UK GAAP financial measure to be useful is provided in the Basis of Presentation section of Item 5 “Operating and Financial Review and Prospects” under the heading “Trading profit” on page 12 of this Annual Report on Form 20-F.

A reconciliation between the UK GAAP financial measure of operating profit before exceptional items and operating profit before exceptional items and goodwill amortisation for each of the five years ended December 31, 2004, inclusive, is shown in the table below:

  Year ended December 31,  
        2004     2003     2002     2001     2000  
        £m     £m     £m     £m     £m  
Operating profit before exceptional items (1)       444     394     496     536     577  
Goodwill amortisation (2)       35     36     37     37     35  
Operating profit before exceptional items and goodwill amortisation       479     430     533     573     612  
   
 (1) Operating profit consists of turnover, royalties and other income, less related costs of sales, distribution, research and development, administration and other expenses. Depreciation is included in each category, as appropriate, in the Group profit and loss account.
   
(2) Goodwill amortisation relates solely to continuing operations.

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