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Appendix 2 - Reconciliations between pro forma and statutory reported periods

H1 2006/07
£m
 6 months to
30 Sept 2006		   Pro forma
restatement		   26 weeks to
2 Sept 2006
           
Argos 1,794.1   (40.5)   1,753.6
Homebase 979.1   (122.3)   856.8
Financial Services 46.7   (0.7)   46.0
Sales 2,819.9   (163.5)   2,656.4
           
Cost of sales (1,851.2)   94.8   (1,756.4)
Gross profit 968.7   (68.7)   900.0
           

Net operating expenses before exceptional items and costs related to demerger incentive schemes

 (861.8)   63.5   (798.3)
           
Argos 72.4   (6.0)   66.4
Homebase 40.8   1.1   41.9
Financial Services 4.1   (0.4)   3.7
Central Activities (10.4)   0.1   (10.3)
Benchmark operating profit 106.9   (5.2)   101.7
           
Net interest income (see below) 5.7   (0.2)   5.5
Share of post-tax results of joint ventures and associates -   -   -
Benchmark PBT 112.6   (5.4)   107.2
           
Net interest costs attributable to GUS capital structure (see below) (42.2)   6.5   (35.7)
Exceptional items included in operating profit (16.4)   -   (16.4)
Costs related to demerger incentive schemes -   -   -
Financing fair value remeasurements (0.9)   -   (0.9)
Financing impact on retirement benefit balances 6.6   -   6.6
Profit before tax 59.7   1.1   60.8
           
Taxation (25.1)   2.0   (23.1)
of which: taxation attributable to benchmark PBT (36.6)   1.8   (34.8)
           
Profit for the period 34.6   3.1   37.7
           
           
Basic benchmark EPS 8.7p   (0.4p)   8.3p
           
Basic EPS 4.0p   0.3p   4.3p
           
Number of shares for basic EPS 869.0m   -   869.0m
           
           
Net interest reconciliation:          
Third party net interest expense (2.6)   (0.5)   (3.1)
Financing costs charged to Financial Services 8.3   0.3   8.6
Net interest income 5.7   (0.2)   5.5
           
Interest costs attributable to GUS capital structure (35.7)   -   (35.7)
Adjustment on merger accounting (note a) (6.5)   6.5   -
Financing costs charged to Financial Services -   -   -
Net interest costs attributable to GUS capital structure (42.2)   6.5   (35.7)
           
Financing fair value remeasurements (0.9)   -   (0.9)
Financing impact on retirement benefit balances 6.6   -   6.6
Income statement net financing costs (30.8)   6.3   (24.5)
   
a. Information previously provided in the demerger prospectus dated 14 September 2006 and the Interim Results released on 21 November 2006 was required to be produced on an ‘aggregated basis’ containing certain ‘carve out adjustments’. The financial statements were subsequently required to be prepared on a retrospective ‘consolidated’ basis; as a result, merger accounting and certain reclassification adjustments have been made to reverse “carve out” entries between GUS group companies that were not actually accounted for in the individual statutory demerged entities.
   
FY 2006/07
£m
 Short period to
3 March 2007		   Pro forma
restatement		   52 weeks to
3 March 2007
           
Argos 3,912.8   251.2   4,164.0
Homebase 1,606.3   (12.1)   1,594.2
Financial Services 87.6   5.6   93.2
Sales 5,606.7   244.7   5,851.4
           
Cost of sales (3,680.5)   (171.7)   (3,852.2)
Gross profit 1,926.2   73.0   1,999.2
           

Net operating expenses before exceptional items and costs related to demerger incentive schemes

 (1,592.5)   (47.3)   (1,639.8)
           
Argos 300.9   24.1   325.0
Homebase 51.2   2.2   53.4
Financial Services 4.5   0.5   5.0
Central Activities (22.9)   (1.1)   (24.0)
Benchmark operating profit 333.7   25.7   359.4
           
Net interest income (see below) n/a   16.6   16.6
Share of post-tax results of joint ventures and associates 0.7   -   0.7
Benchmark PBT n/a   42.3   376.7
           
Net interest costs attributable to GUS capital structure (see below) (21.0)   (18.2)   (39.2)
Exceptional items included in operating profit (22.7)   -   (22.7)
Costs related to demerger incentive schemes (5.8)   -   (5.8)
Financing fair value remeasurements (0.1)   -   (0.1)
Financing impact on retirement benefit balances 12.1   0.2   12.3
Profit before tax 296.9   24.3   321.2
           
Taxation (109.5)   (8.0)   (117.5)
of which: taxation attributable to benchmark PBT n/a   n/a   (122.1)
           
Profit for the period 187.4   16.3   203.7
           
           
Basic benchmark EPS n/a   n/a   29.3p
           
Basic EPS 21.6p   1.8p   23.4p
           
Number of shares for basic EPS 869.6m   -   869.6m
           
           
Net interest reconciliation:          
Third party net interest expense n/a   (1.2)   (1.2)
Financing costs charged to Financial Services n/a   17.8   17.8
Net interest income n/a   16.6   16.6
           
Interest costs attributable to GUS capital structure (44.3)   (1.8)   (46.1)
Exceptional finance income 6.9   -   6.9
Financing costs charged to Financial Services 16.4   (16.4)   -
Net interest costs attributable to GUS capital structure (21.0)   (18.2)   (39.2)
           
Financing fair value remeasurements (0.1)   -   (0.1)
Financing impact on retirement benefit balances 12.1   0.2   12.3
Income statement net financing costs (9.0)   (1.4)   (10.4)

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