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Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
Business Details Share Data Key Statistics
Sector: General Retailers Index FTSE All Share, FTSE 100 Mkt Cap £m 5,198.705
Address Nottingham , NG2 3AA , United Kingdom   Turnover 00 £m 5187
EPIC Code BOOT No. Emp. 84681
Tel/Fax (0115) 950 6111   / (0115) 959 2727 Shares in issue 899.430m  
Website www.boots-plc.com          
Co Sec OLIVER, M J Progress Report Key Dates
Registrar Computershare Services PLC ; Yr. on Yr. Q1 Interim Q3 Next AR Year End 31-Mar-01
Tel (0870) 702 0000 Growth % Q1 Results  
Advisers Broker: Deutsche Bank AG London; Auditor: KPMG Audit PLC; Solicitor: Slaughter and May; Financial PR: Tulchan Communications; Bank: National Westminster Bank PLC; Turnover Interim Results 2-Nov-01
P.tax Prf Q3 Results  
EPS norm Prelim Results 31-May-01
  Annual Report 5-Jun-01
AGM 26-Jul-01
             
Full Activities
The Boots company embraces businesses involved in the retailing of chemists' merchandise; the provision of opticians' services; the development' manufacture and marketing of healthcare and consumer products; and property investment' development and management
Outlook Major Shareholders (greater than 3%)
16/01/2001 ce - "The underlying performance in Boots The Chemist was in line with expectations. Health and Beauty sales increased by 3.60%, 2.10% on a like-for-like basis...as anticipated, the managed exit from non-core leisure ranges has given rise to a decline in total sales but a good increase in margins" Prudential Portfolios Managers Ltd (3.990%);
Directors
MCGRATH, John Brian , BSc (ch) ; BUCHANAN, Dr John G S ; READ, Dr Martin Peter , MA AMIEE MInstD CIMgt DPhil CDipAF ; RUDD, Sir Anthony Nigel Russell DL, FCA ; PLOIX, Helene ; WHITMORE, Sir Clive GCB CVO ; HARRISON, Fiona Mary , BSc ; RUSSELL, Stephen George (ce) ; THOMPSON, David Anthony Roland , FCA (dce & fd) ; SMITH, Andy P (psnl) ; WATSON, Joseph John Henderson , BSc ; CLARE, Barry ; PIGGOTT, Kenneth Stanton Ken ;
5 Year Price Chart (price -v- sector index -v- FTSE all share) Valuation Metrics
 
P/E Ratio (pros.) x 11.79
EPS Grwth 1 yr % 6.87
PEG (pros)   x 1.72
Dividend Yield (pros) % 4.83
Price/Sales X 1.00
Price/Cash Flow X 8.82
Price/Tng Book Val X 2.91
cashflow ps (av.) p 66.56
net gearing % 33.49
Dividend cover (pros) x 1.76
12 Month Range
 High: 649 21-Dec-00
 Low:   479 21-Jun-00
 Change (%) Price Rel
 1 Week 611 934
 1 Months  
 3 Months 605 982
 12 Months 531 977
This Month's News Stories - RNS
(27/04/2001 RNS):   The company has sold Foval' its private label manufacturing business in France and Spain to the exisiting Roval management team  
Five Year Trading Record + Forecasts
year ended 31 Mar     1996 1997 1998 1999 2000 2001 (E) 2002 (E)
turnover £m 4124.70 4578.00 5021.90 5044.60 5187.00 5422.84 5657.43
FRS3 pretax profit £m 507.70 571.10 431.90 170.30 561.70  
normal pretax £m 499.00 541.10 560.30 568.30 570.80 583.91 624.27
FRS3 earn per share p 35.80 42.90 28.80 2.60 44.80  
norm. earn per share p 35.28 39.99 43.02 43.32 45.11 45.87 49.02
norm. eps growth %   13.36 7.59 0.70 4.14 1.68 6.87
norm. per x     12.81 12.60 11.79
peg f     3.10 7.52 1.72
cashflow per share (av) p 42.04 41.43 39.83 50.99 66.56  
capex per share p 18.88 20.08 22.91 34.22 16.10  
dividend ps p 18.50 20.50 22.30 23.80 25.20 26.36 27.89
dividend growth %   10.81 8.78 6.73 5.88 4.60 5.80
dividend yield %     4.36 4.56 4.83
dividend cover x   1.91 1.95 1.93 1.82 1.79 1.74 1.76
turnover per share £ 4.34 4.99 5.52 5.54 5.86    
operating margins % 11.19 10.87 10.85 11.34 11.05  
ROCE % 20.54 27.55 28.46 27.98 25.16  
ROE %   14.93 21.39 23.17 22.06 21.39    
shareholder funds £m 2201.50 1621.60 1650.90 1780.20 1853.00  
net borrowings £m 368.00 378.00 385.00 403.40 620.50  
net tangible asset value ps p   228.03 175.24 177.63 187.48 198.97    
Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
Detailed Broker Forecasts
Broker Date Rec 2001 ESTIMATES 2002 ESTIMATES
  Pretax Eps Dps Pretax Eps Dps
              £m p p £m p p
HSBC Securities 15-Nov-00 HOLD 538.04 44.23 26.00 609.95 48.04 27.50
DrKW 23-Mar-01 ADD 575.00 45.50 26.20 613.00 48.50 28.20
Merrill Lynch 28-Mar-01 ACCU 0.00 42.25 26.00 0.00 47.68 27.50
UBS Warburg 24-Apr-01 HOLD 0.00 42.85 26.30 0.00 46.30 27.70
ING Barings Charterhouse 02-Feb-01 BUY 580.00 46.40 26.30 650.70 52.90 27.70
Credit Lyonnais Securities Europe (UK) 20-Mar-01 RED 581.00 45.10 26.30 626.50 48.70 28.60
Lloyds TSB Private Banking 06-Apr-01 HOLD 590.00 47.30 26.50 620.00 49.60 28.00
Teather & Greenwood 24-Jan-01 BUY 582.00 46.90 26.40 650.00 52.50 28.10
Investec Henderson Crosthwaite Securities 30-Mar-01 SELL 540.00 41.30 26.20 610.00 46.60 27.50
SG Securities 02-May-01 SBUY 585.00 47.20 26.80 650.10 51.80 28.60
Williams de Broe 23-Jan-01 BUY 580.00 45.70 26.80 630.00 49.70 28.40
Seymour Pierce Ltd 22-Feb-01 BOW 585.00 44.80 26.50 630.00 48.30 28.00
Numis Securities Ltd 13-Feb-01 SELL 590.00 48.40 26.40 635.00 51.90 26.70
Gilbert Eliott & Co Ltd 06-Mar-01 BUY 590.00 45.90 26.50 645.00 50.20 28.00
ABN AMRO 26-Mar-01 HOLD 580.00 46.89 26.30 545.00 44.07 27.30
Charles Stanley & Co Ltd 20-Dec-00 BUY 591.00 46.20 26.70 618.00 47.80 28.20
Prudential-Bache Ltd 17-Nov-00 HOLD 590.00 46.60 26.00 620.00 49.90 26.50
Peel Hunt PLC 23-Feb-01 BUY 580.00 47.30 26.50 625.00 53.40 28.00
Schroder Salomon SB 15-Feb-01 4M 0.00 45.90 26.50 0.00 48.90 27.70
Tilney I/M 30-Mar-01 UNDP 585.00 47.30 27.00 624.40 51.10 29.00
Deutsche Bank excluded 01-Feb-01 BUY 0.00 43.60 26.30 0.00 48.10 28.30
BNP Paribas 29-Dec-00 UNDP 609.09 44.36 26.30 634.10 49.55 27.50
                         
Broker Forecasts - Consensus (15 May 01)
  2001 ESTIMATES 2002 ESTIMATES
  Pretax Eps Dps Pretax Eps Dps
  £m p p £m p p
          Consensus   583.91 45.87 26.36 624.27 49.02 27.89
  1M Change -0.01 0.05 -0.01 -0.04 0.19 0.02
  3M Change -3.42 -0.06 -0.02 -7.45 -0.14 0.09
          6M Change   -8.44 -0.96 -0.15 -10.56 -0.63 0.05
  Brokers 18.00 22.00 22.00 18.00 22.00 22.00
          Std dev   16.37 1.79 0.26 23.14 2.25 0.58
  incr/decr 13.11 0.76 1.16 40.36 3.15 1.53
          growth   2.30 1.68 4.60 6.91 6.87 5.80
Normal EPS Price Earnings Ratio
 
 
Operating Margins ROCE
 
 
Turnover £m Capital Employed £m
  1996 1997 1998 1999 2000   1996 1997 1998 1999 2000
turnover £m 4124.70 4578.00 5021.90 5044.60 5187.00 Capital Employed £m 2630.50 2122.40 2123.00 2241.50 2543.80
Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
Executive Directors
RUSSELL, Stephen George ; Ords - 95,544; Incentive shares - 39,414; Listed Company Directorships - Barclays PLC (Non-Executive Director); Boots Company (The) PLC (ce);
THOMPSON, David Anthony Roland , FCA ; Ords - 128,160; Incentive shares - 41,932; Listed Company Directorships - Boots Company (The) PLC (dce & fd); Cadbury Schweppes PLC (Non-Executive Director);
SMITH, Andy P ; Ords - 6,017; Listed Company Directorships - Boots Company (The) PLC (psnl);
WATSON, Joseph John Henderson , BSc ; Ords - 80,011; Incentive shares - 24,700; Listed Company Directorships - Boots Company (The) PLC (md - Boots Contract Manufacturing); Non Listed Company Directorships - Greater Nottingham TEC; Boots Pensions Ltd (ch); Nottingham Development Enterprise
CLARE, Barry ; Ords - 27,066; Incentive shares - 18,815; Listed Company Directorships - Standard Chartered PLC (Non-Executive Director); Boots Company (The) PLC (md - Boots Healthcare International); Non Listed Company Directorships - Procter & Gamble and Diversey Corporation
PIGGOTT, Kenneth Stanton Ken ; Ords - 63,184; Incentive shares - 29,022; Listed Company Directorships - Boots Company (The) PLC (md - Boots The Chemist);
Non-Executive Directors
MCGRATH, John Brian , BSc ; Ords - 2,731; Listed Company Directorships - Boots Company (The) PLC (ch);
BUCHANAN, Dr John G S ; Ords - 2,000; Listed Company Directorships - Boots Company (The) PLC (Non-Executive Director); BP PLC (cfo);
READ, Dr Martin Peter , MA AMIEE MInstD CIMgt DPhil CDipAF ; Ords - 3,500; Listed Company Directorships - Boots Company (The) PLC (Non-Executive Director); Logica PLC (md & ce); British Airways PLC (Non-Executive Director); Non Listed Company Directorships - Southampton Innovations Ltd; The Portsmouth Housing Association Ltd; The Southlands Housing Association Ltd
RUDD, Sir Anthony Nigel Russell DL, FCA ; Ords - 2,000; Listed Company Directorships - Barclays PLC (Non-Executive Director); Boots Company (The) PLC (Non-Executive Director); Pilkington PLC (ch); Pendragon PLC (ch); Kidde PLC (ch);
PLOIX, Helene ; Ords - n/a; Listed Company Directorships - Boots Company (The) PLC (Non-Executive Director); Non Listed Company Directorships - Pechel Industries (ch & ce); Publicis (dir)
WHITMORE, Sir Clive GCB CVO ; Ords - 1,592; Listed Company Directorships - Boots Company (The) PLC (Non-Executive Director); Morgan Crucible Company (The) PLC (Non-Executive Director); Non Listed Company Directorships - NM Rothchild & Sons Ltd (dir*)
HARRISON, Fiona Mary , BSc ; Ords - 3,061; Listed Company Directorships - Boots Company (The) PLC (Non-Executive Director); Retail Stores PLC (ce); SMG PLC (Non-Executive Director); Thorntons PLC (Non-Executive Director); Non Listed Company Directorships - Liberty PLC (dir*)
Director Share Dealings - All trades in excess of £1000 during last 2 years
Date Trade Price (p) Number Dealt Director Action Amount Additional Information Trade as % of shares in issue Residual holding (and as % of shares in issue)
   
14-Feb-01 531 5,000 PIGGOTT, Kenneth Stanton Ken exe opt £26,550 80642 (0.009%)
14-Feb-01 614 12,500 PIGGOTT, Kenneth Stanton Ken opt sale £76,750 0.001% 63142 (0.007%)
14-Feb-01 482 7,500 PIGGOTT, Kenneth Stanton Ken exe opt £36,150 88142 (0.010%)
06-Sep-00 511.5 2,000 WATSON, Joseph John Henderson , BSc sale £10,230 55269 (0.006%)
06-Sep-00 511.5 4,058 RUSSELL, Stephen George sale £20,757 56079 (0.006%)
01-Sep-00 410 841 RUDDELL, Michael Frith , MA exe opt £3,448 SAYE 80928 (0.009%)
31-Jul-00 415 831 PIGGOTT, Kenneth Stanton Ken exe opt £3,449 SAYE 70036 (0.008%)
17-Jul-00 523 4,490 THOMPSON, David Anthony Roland , FCA opt sale £23,483 109954 (0.012%)
17-Jul-00 523 1,639 CLARE, Barry opt sale £8,572 19267 (0.002%)
11-Jul-00 510.5 1,786 PIGGOTT, Kenneth Stanton Ken opt sale £9,118 69205 (0.008%)
11-Jul-00 510.5 3,856 RUDDELL, Michael Frith , MA opt sale £19,685 80769 (0.009%)
11-Jul-00 0 4,413 PIGGOTT, Kenneth Stanton Ken exe opt £19,475 70991 (0.008%)
25-Feb-00 499 4,436 Lord BLYTH OF ROWINGTON, James , FRSA lieu div £22,136 302906 (0.034%)
31-Jan-00 497 2,000 RUDD, Sir Anthony Nigel Russell DL, FCA purchase £9,940 2,000
10-Nov-99 605 3,500 READ, Dr Martin Peter , MA AMIEE MInstD CIMgt DPhil CDipAF purchase £21,175 3,500
22-Sep-99 686.5 1,000 BUCHANAN, Dr John G S purchase £6,865 2,000
20-Sep-99 421 4,097 RUSSELL, Stephen George exe opt £17,248 50542 (0.006%)
20-Aug-99 789 6,107 Lord BLYTH OF ROWINGTON, James , FRSA lieu div £48,184 297761 (0.033%)
02-Aug-99 752 325 ANGUS, Sir Michael Richardson , CIMgt BSc DSc LLD purchase £2,444 ISA 3,673
   
                         
Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
Full Five Year Profit & Loss
year ended 31 Mar 1996 1997 1998 1999 2000
days     366 365 365 365 366
TURNOVER:            
continuing operations £m 4010.40 4455.70 4638.40 4894.70 5187.00
acquisitions £m 0.00 0.00 0.00 17.70  
discontinued operations   £m 114.30 122.30 383.50 132.20 0.00
    £m 4124.70 4578.00 5021.90 5044.60 5187.00
non-UK turnover   £m 165.10 216.00 298.30 360.70 326.20
PROFIT AND LOSS      
continuing operations £m 456.80 512.10 545.20 493.70 551.30
acquisitions £m 0.00 0.00 0.00 -8.60  
discontinued operations £m -1.40 -11.70 -1.70 2.70  
prov. for discontinuations   £m 0.00 0.00 0.00 0.00  
OPERATING PROFIT (reported)   £m 455.40 500.40 543.50 487.80 551.30
OPERATING PROFIT (adjusted)   474.50 510.10 556.40 510.30 573.30
interest £m 35.40 15.00 -11.50 -27.10 5.90
investment income £m 1.90 28.70 26.70 23.60 -8.40
structural items £m -4.10 17.30 -18.20 -25.20 -9.10
asset write offs £m   -121.50 -313.10  
debt restructuring £m 0.00 0.00 0.00 0.00 0.00
bid defence costs   £m 0.00 0.00 0.00 0.00  
PROFIT BEFORE TAX £m 507.70 571.10 431.90 170.30 561.70
taxation   £m 167.10 178.30 169.20 146.30 162.50
PROFIT AFTER TAX £m 340.60 392.80 262.70 24.00 399.20
minority interests £m 0.00 0.50 1.30 -0.10 -0.20
extraordinary items   £m 0.00 0.00 0.00 0.00 0.00
AVAILABLE FOR DIVIDEND £m 340.60 393.30 264.00 23.90 399.00
preference dividends £m 0.00 0.00 0.00 0.00  
ordinary dividends   £m -176.40 -586.10 -203.40 -214.50 -221.70
RETAINED PROFIT   £m 164.20 -192.80 60.60 -190.60 177.30
EPS AND DPS (unadjusted for bonus issues etc):      
FRS3 eps p 35.80 42.90 29.00 2.60 45.00
FRS3 eps (diluted) p 35.80 42.90 28.80 2.60 44.80
company adj eps p 34.70 39.50 42.60 42.90 45.00
company adj eps (diluted) p 34.70 39.50 42.20 42.50 44.80
dps   p 18.50 20.50 22.30 23.80 25.20
Subsidiaries
BCM Cosmetique SA; BCM Italia SpA; BCM Kosmetik GmbH; BCM Ltd; Boots (Retail Buying) Ltd; Boots Development Properties Ltd; Boots Healthcare (Switzerland) AG; Boots Healthcare Australia Pty Ltd; Boots Healthcare BV; Boots Healthcare International Ltd; Boots Healthcare Ltd; Boots Healthcare New Zealand Ltd; Boots Healthcare Portugal - Produtos De Saude LDA; Boots Healthcare Products (Austria) GmbH; Boots Healthcare SA; Boots Healthcare SA NV; Boots Healthcare Sp.z.o.o.; Boots Healthcare SpA; Boots Investments Ltd; Boots MC Company k.k.; Boots Opticians Ltd; Boots Piramal Healthcare Ltd; Boots Properties PLC; Boots Retail (Thailand) Ltd; Boots The Chemists Ltd; Boots Trading (Malaysia) Sdn Bhd; Clearasil; Crookes Healthcare Ltd; Halfords Ltd; Hermal Kurt Herrman oHG; Laboratories Lutsia SA; Marco Viti Farmaceutici SpA; Optrex Ltd; Portland Ceramics Ltd; The Boots Company (Far East) Pte Ltd; The Boots Company (Philippines) Inc; The Boots Company (Thailand) Ltd; handbag.com Ltd;
Divisions Products
Boots The Chemists; Halfords; Boots Opticians; Boots Healthcare International; Boots Contract Manufacturing; Boots Properties; Boots Retail International; handbag.com; Advantage Card; Daily contact lenses; E45; Elite fashion frames; Halfords; Mother & Baby at Home (home shopping catalogue); No7; Transitions; Zero;
Segmental Analysis
Geographical     Turnover   Pretax profit
        Mar-99 % Mar-00 %   Mar-99 % Mar-00 %
UK 4551.70 92.66 4788.20 92.27 569.20 97.62 578.30 98.97
Rest of Europe 283.90 5.78 304.30 5.86 9.40 1.61 5.40 0.92
Rest of the World 76.80 1.56 96.90 1.87 4.50 0.77 0.60 0.10
                   
        4912.40 100.00 5189.40 100.00   583.10 100.00 584.30 99.99
Discontinued operations 132.20 0.00 0.00 0.00 2.70 0.00 0.00 0.00
Group costs 0.00 0.00 0.00 0.00 -99.70 0.00 -41.40 0.00
Share of joint ventures 0.00 0.00 -2.40 0.00 0.00 0.00 0.00 0.00
Exceptional items 0.00 0.00 0.00 0.00 -314.00 0.00 12.90 0.00
Net interest 0.00 0.00 0.00 0.00 -1.80 0.00 5.90 0.00
                   
        5044.60 100.00 5187.00 100.00   170.30 100.00 561.70 99.99
Product Turnover   Pretax profit
        Mar-99 % Mar-00 %   Mar-99 % Mar-00 %
Boots The Chemist 3823.10 77.83 3978.80 76.74 432.00 73.99 437.00 72.24
Halfords 456.70 9.30 492.00 9.49 40.30 6.90 45.20 7.47
Boots Opticians 194.30 3.96 195.70 3.77 14.50 2.48 11.20 1.85
Boots Healthcare Intl 289.80 5.90 307.10 5.92 10.10 1.73 24.00 3.97
Boots Contract Manuf 115.70 2.36 122.40 2.36 21.80 3.73 25.20 4.17
Boots Properties 17.00 0.35 58.40 1.13 65.20 11.17 62.30 10.30
International Retail 15.80 0.32 30.20 0.58 0.00 0.00 0.00 0.00
                   
        4912.40 100.02 5184.60 99.99   583.90 100.00 604.90 100.00
Discontinued operations 132.20 0.00 0.00 0.00 2.70 0.00 0.00 0.00
Group strategic initiatives 0.00 0.00 2.40 0.00 -0.80 0.00 -17.70 0.00
Group costs 0.00 0.00 0.00 0.00 -99.70 0.00 -41.40 0.00
Exceptional items 0.00 0.00 0.00 0.00 -314.00 0.00 12.90 0.00
Net interest 0.00 0.00 0.00 0.00 -1.80 0.00 5.90 0.00
Share of associates 0.00 0.00 0.00 0.00 0.00 0.00 -2.90 0.00
                   
        5044.60 100.02 5187.00 99.99   170.30 100.00 561.70 100.00
Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
                     
Profit and Loss Account (Backup 1)
year ended 31 Mar 1996 1997 1998 1999 2000
days   366 365 365 365 366
INCLUDED IN ADJ OPERATING PROFIT            
abnormal pensions £m 0.00 0.00 0.00 0.00  
other exceptional charges £m 0.00 0.00 3.00 59.70 0.00
other exceptional credits   £m -12.80 -12.70 -14.30 0.00  
net exceptionals   £m -12.80 -12.70 -11.30 59.70 0.00
depreciation, amortisation £m 104.80 112.40 122.10 139.20 154.40
equip hire and lease charges £m 4.40 5.20 5.40 4.00 4.00
property rental expenditure £m 151.20 185.90 215.90 182.10 198.90
other rental expenditure £m 0.00 0.00 0.00 0.00  
audit remuneration £m 0.80 0.90 0.80 0.80 0.80
other fees charged by auditors £m 0.70 0.70 2.50 2.20 6.80
politcal donations £m 0.00 0.00 0.01 0.02  
charitable cash donations £m 2.06 2.13 2.68 2.90 2.80
non-cash comm invlovement £m 0.00 0.00 0.00 0.00  
research and development   £m 17.00 20.40 25.60 24.80 26.50
EXTRACTED FROM OPERATING PROFIT      
interest £m 0.00 0.00 0.00 0.00  
investment income £m -13.60 -0.70 0.00 0.00  
structural items £m -5.50 -9.00 -12.90 -23.40 -22.00
asset write offs £m 0.00 0.00 0.00 0.90 0.00
bid defence, debt restruct   £m 0.00 0.00 0.00 0.00  
TOTAL     -19.10 -9.70 -12.90 -22.50 -22.00
INTEREST        
under five years £m 38.60 38.10 40.50 42.60 53.30
over five years £m 0.00 0.00 0.00 0.00  
on finance leases £m 0.30 1.20 1.50 1.30 1.30
capitalised   £m -3.20 -5.10 -6.50 -3.10 -1.00
net interst payable £m 35.70 34.20 35.50 40.80 53.60
interest receivable   £m 71.10 49.20 24.00 13.70 59.50
TOTAL   £m -35.40 -15.00 11.50 27.10 -5.90
INVESTMENT INCOME      
share of associates £m -17.10 -1.20 0.00 -1.70 -8.40
associates' exceptionals £m 0.00 0.00 0.00 0.00  
associates' structural £m 0.00 0.00 0.00 0.00  
other investment income £m 19.00 29.90 26.70 25.30  
rental income   £m 0.00 0.00 0.00 0.00  
TOTAL   £m 1.90 28.70 26.70 23.60 -8.40
Profit and Loss Account (Backup 2)
year ended 31 Mar 1996 1997 1998 1999 2000
days   366 365 365 365 366
STRUCTURAL ITEMS            
discontinuations £m -0.20 -15.00 52.40 6.70 0.00
provs for discontinuations £m 0.00 0.00 0.00 0.00  
reorganisation costs £m 0.00 0.00 0.00 16.60 22.00
provs for reorganisations £m 0.00 4.10 8.80 0.00  
asset disposals   £m 4.30 -6.40 -43.00 1.90 -12.90
CAPITAL AND RESERVES   £m 4.10 -17.30 18.20 25.20 9.10
ASSET WRITE DOWNS:      
investments £m 0.00 0.00 0.00 0.00  
intangibles, incl. amort £m 0.00 0.00 121.50 313.10 0.00
fixed assets   £m 0.00 0.00 0.00 0.00  
TOTAL   £m     121.50 313.10  
TAXATION      
normal corp tax rate   % 33.00 33.00 31.50 31.00 30.00
domestic tax £m 155.40 170.90 165.90 139.20 162.10
double tax relief £m -2.50 -1.20 -0.80 -1.30 -3.70
unrelieved ACT w'off £m 0.00 0.00 0.00 0.00  
foreign tax £m 7.50 4.80 4.00 4.40 7.50
deferred tax £m 11.60 4.20 0.10 4.00 -3.40
share of associates' tax   £m -4.90 -0.40 0.00 0.00 0.00
charge for year   £m 167.10 178.30 169.20 146.30 162.50
prior year element £m 0.00 0.00 -6.00 0.00  
benefit from tax losses £m 0.00 0.00 0.00 0.00  
tax norm adjusted £m 4.20 2.90 2.00 -23.60 -6.30
tax IIMR adjusted £m -0.50 0.40 0.00 0.00  
share of assoc. exceptionals tax £m 0.00 0.00 0.00 0.00  
share of assoc. struct. tax £m 0.00 0.00 0.00 0.00  
gross tax losses cfwd   £m 0.00 0.00 0.00 0.00  
Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
Full Five Year Cash Flow
year ended 31 Mar 1996 1997 1998 1999 2000
days   366 365 365 365 366
operating profit £m 455.40 500.40 543.50 487.80 551.30
share of associates £m 10.10 0.70 0.00 0.00  
depreciation chgs £m 104.80 111.80 122.10 139.20 154.40
profits on disposals £m 5.50 4.90 4.10 6.80 9.60
incr/decr in provisions, write downs £m -0.50 0.00 0.00 0.90 9.80
incr, decr stocks £m -30.50 -73.50 -53.10 -78.30 30.40
incr, decr debtors £m -19.30 -6.90 -30.10 -55.30 -8.30
incr, decr creds £m 11.00 9.60 54.00 39.60 4.80
tax of FII £m 0.00 0.00 0.00 0.00  
foreign exch adjs £m 0.00 0.00 0.00 0.00  
discontinued activities £m 0.00 0.00 0.00 0.00  
reorg, other costs £m 0.00 -31.90 -34.90 61.20 1.70
OPERATING CASH FLOW £m 536.50 515.10 605.60 601.90 753.70
interest rec’d £m 55.80 74.40 33.80 18.20 25.20
interest paid £m -39.60 -35.30 -44.30 -43.10 -35.00
other investment receipts £m 0.00 0.00 0.00 0.00  
ord divs paid £m -154.40 -169.80 -563.30 -207.10 -216.30
prefs, minorities £m 0.00 0.00 0.00 0.00  
INVEST RETURNS AND FINANCE £m -138.20 -130.70 -573.80 -232.00 -226.10
UK tax paid £m -139.10 -174.40 -232.80 -112.40 -154.40
overseas tax paid £m -13.60 0.00 0.00 0.00  
tax on capital items £m 0.00 0.00 0.00 0.00  
TAXATION £m -152.70 -174.40 -232.80 -112.40 -154.40
purchases of undertakings £m -17.20 -130.80 -190.20 -12.80 -2.60
purchases of associates £m -24.50 0.00 0.00 -6.10  
investment purchases £m 0.00 -0.70 -3.50 -160.10 -57.90
property purchases £m -32.10 -27.80 -22.40 -43.70 -104.60
other asset purchases £m -193.00 -195.00 -226.70 -328.40 -161.10
disposals of undertakings £m -6.70 130.40 -10.20 64.10  
disposals of associates £m 0.00 0.00 0.00 0.00  
investment disposals £m 0.00 0.00 0.00 0.00 10.10
property disposals £m 14.40 43.00 243.40 57.10 74.00
other asset disposals £m 13.40 10.90 18.30 16.60 18.50
net short term investments £m 122.80 288.50 371.90 122.80 -283.60
net outward loans £m 0.00 -40.00 10.00 10.00  
restructuring costs £m 0.00 0.00 0.00 0.00 0.00
investment exes £m 0.00 0.00 0.00 0.00  
INVESTING ACTIVITIES £m -122.90 78.50 190.60 -280.50 -507.20
                     
Notes to Cash Flow
year ended 31 Mar 1996 1997 1998 1999 2000
days   366 365 365 365 366
share issues £m 9.10 7.80 11.70 8.80 0.50
new borrowings £m 0.00 148.20 0.00 0.00 300.00
repayments of borrowings £m -133.50 -111.20 -15.00 25.90 -25.40
cap element finance leases £m -1.00 -2.90 -5.50 -6.50 -6.90
capital redemptions £m 0.00 -300.00 0.00 0.00 -95.40
issue expenses £m 0.00 0.00 0.00 0.00  
other £m 0.00 0.00 0.00 0.00 0.00
FINANCING £m -125.40 -258.10 -8.80 28.20 172.80
RECONCILIATION            
opening balance -103.80 -170.70 -146.20 -222.10 -210.30
net cash incr, decr £m -2.70 30.40 -19.20 5.20 38.80
foreign exch adj £m -4.70 -1.20 -2.80 0.00 0.00
closing balance £m -111.20 -141.50 -168.20 -216.90 -171.50
cash £m 15.30 30.90 35.60 32.20 43.00
short term debt £m -126.50 -172.40 -203.80 -249.10 -214.50
cash and equivalents £m -111.20 -141.50 -168.20 -216.90 -171.50
CASH FLOW ATTRIBUTABLE TO ORDS      
operating cash flow £m 536.50 515.10 605.60 601.90 753.70
invest returns and finance £m -138.20 -130.70 -573.80 -232.00 -226.10
add back ordinary divs £m 154.40 169.80 563.30 207.10 216.30
taxation £m -152.70 -174.40 -232.80 -112.40 -154.40
NET ADJUSTMENT £m 400.00 379.80 362.30 464.60 589.50
Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
Full Five Year Balance Sheet
year ended 31 Mar 1996 1997 1998 1999 2000
days   366 365 365 365 366
FIXED ASSETS (GROSS)      
intangibles £m 37.60 47.00 44.80 83.90 85.80
property £m 947.90 1048.20 924.70 899.00 922.00
plant, equipment £m 1251.60 1376.00 1425.70 1621.80 1724.20
other fixed assets £m 81.50 62.60 62.70 73.60 27.60
fixed investments £m 46.40 0.50 2.60 112.40 141.20
  £m 2365.00 2534.30 2460.50 2790.70 2900.80
accumulated depreciation £m 667.60 730.30 763.70 825.30 898.30
  £m 1697.40 1804.00 1696.80 1965.40 2002.50
FIXED ASSETS (NET)      
intangibles £m 26.60 33.80 29.30 64.40 62.30
investment properties £m 179.30 249.60 122.40 105.20 93.10
other real estate £m 730.00 755.80 761.40 748.60 774.00
plant, equipment £m 633.60 701.70 718.40 861.20 904.30
other fixed assets £m 81.50 62.60 62.70 73.60 27.60
related, associated coys £m 46.40 0.00 0.00 6.20 8.00
other fixed investments £m 0.00 0.50 2.60 106.20 133.20
TOTAL £m 1697.40 1804.00 1696.80 1965.40 2002.50
CURRENT ASSETS:            
assets held for resale £m 0.00 0.00 0.00 0.00  
unclassified £m 0.00 0.00 0.00 0.00  
stocks and WIP £m 522.10 667.30 709.30 722.00 689.50
debtors £m 361.10 480.40 445.60 402.20 408.50
investments £m 893.90 603.00 228.70 105.80 379.20
cash and equivalents £m 15.30 30.90 35.60 32.20 43.00
TOTAL £m 1792.40 1781.60 1419.20 1262.20 1520.20
CURRENT LIABILITIES:            
borrowings £m -275.10 -172.40 -203.80 -249.10 -214.50
creditors, accruals £m -817.00 -1424.80 -951.20 -941.90 -938.70
TOTAL £m -1092.10 -1597.20 -1155.00 -1191.00 -1153.20
net current assets £m 700.30 184.40 264.20 71.20 367.00
long term borrowings £m -108.20 -236.50 -216.80 -186.50 -449.00
tax over 1 year £m 0.00 0.00 0.00 0.00  
other long term payables £m -42.30 -38.40 -41.80 -44.20 -40.20
deferred tax £m -26.10 -15.80 -14.60 -19.80 -16.80
other provisions £m -19.60 -76.20 -36.90 -5.50 -10.00
TOTAL NET ASSETS £m 2201.50 1621.50 1650.90 1780.60 1853.50
Notes to Balance Sheet - 1
year ended 31 Mar 1996 1997 1998 1999 2000
days   366 365 365 365 366
ordinary shares £m 238.40 226.50 228.20 228.80 224.80
redeemable pref shares £m 0.00 0.00 0.00 0.00  
other preference shares £m 0.00 0.00 0.00 0.00 0.00
share premium £m 226.90 233.70 243.80 252.00 252.50
revaluation reserves £m 321.40 351.90 286.10 276.20 266.90
goodwill reserve £m 0.00 0.00 0.00 0.00  
other reserves £m 24.00 36.80 36.80 36.80 42.20
profit and loss account £m 1390.80 772.70 856.00 986.40 1066.60
shareholders' funds £m 2201.50 1621.60 1650.90 1780.20 1853.00
minority interests £m 0.00 -0.10 0.00 0.40 0.50
TOTAL £m 2201.50 1621.50 1650.90 1780.60 1853.50
retained profit for period £m 164.20 -192.80 60.60 -190.60 177.30
prior year adj £m 0.00 0.00 0.00 0.00 0.00
fx translation adjs £m 3.30 -10.40 -13.70 3.00 -6.60
revaluations £m 16.00 27.10 -1.40 -1.40 -4.40
other gains, losses £m 0.00 0.30 0.00 -1.30 1.40
new share cap (net of exes) £m 19.70 16.00 39.60 8.80 0.50
purch goodwill for period £m -8.70 -124.50 -189.30 -1.40  
old goodwill amort in gains £m 0.00 0.00 0.00 0.00  
goodwill trans P&L re Sales £m 0.10 4.40 121.50 312.20  
other P&L transfers £m 0.00 -300.00 0.00 0.00 -95.40
net movements £m 194.60 -579.90 17.30 129.30 72.80
opening shareholders' funds £m 2006.90 2201.50 1633.60 1650.90 1780.20
net movements above £m 194.60 -579.90 17.30 129.30 72.80
CLOSING SHAREHOLDERS' FUNDS £m 2201.50 1621.60 1650.90 1780.20 1853.00
attributable to:      
shares redeemable 1 year £m 0.00 0.00 0.00 0.00  
other non-equity interests £m 0.00 0.00 0.00 0.00 1.40
equity interests £m 2201.50 1621.60 1650.90 1780.20 1851.60
TOTAL £m 2201.50 1621.60 1650.90 1780.20 1853.00
Boots Company (The) PLC Price: 5.78 (GBP) 15 May 01
Notes to Balance Sheet - 2
year ended 31 Mar 1996 1997 1998 1999 2000
days   366 365 365 365 366
real estate held for sale £m 5.60 38.00 37.40 51.00 14.30
raw materials £m 18.50 24.80 25.30 24.80 24.60
work in progress £m 10.70 10.30 11.60 9.20 10.50
long term contracts (net) £m 0.00 0.00 0.00 0.00  
finished goods £m 487.30 594.20 635.00 637.00 640.10
STOCKS AND WIP £m 522.10 667.30 709.30 722.00 689.50
prepayments £m 61.70 69.60 65.80 72.40 83.90
trade debtors £m 181.10 208.80 227.00 268.70 282.30
other debtors £m 116.10 68.80 94.10 47.00 38.30
debtors over 1 year £m 2.20 133.20 58.70 14.10 4.00
TOTAL DEBTORS £m 361.10 480.40 445.60 402.20 408.50
listed £m 199.80 0.10 0.10 0.10 0.10
unlisted £m 694.10 602.90 228.60 105.70 379.10
INVESTMENTS £m 893.90 603.00 228.70 105.80 379.20
trade creditors £m 269.60 331.10 366.30 360.20 355.30
payments rec'd on account £m 0.00 0.00 0.00 0.00  
accruals £m 89.90 111.60 116.10 101.80 124.40
taxation £m 170.90 291.80 155.30 122.10 124.70
dividends payable £m 122.00 530.00 142.30 149.80 155.20
other creditors £m 164.60 160.30 171.20 208.00 179.10
CREDITORS, ACCRUALS £m 817.00 1424.80 951.20 941.90 938.70
convertibles £m 0.00 0.00 0.00 0.00 0.00
bank loans £m 127.10 114.20 139.90 130.70 149.40
other loans £m 148.00 58.20 63.90 118.40 65.10
SHORT TERM BORROWINGS £m 275.10 172.40 203.80 249.10 214.50
convertibles £m 0.00 0.00 0.00 0.00  
bank loans £m 0.00 0.00 0.00 0.00  
other loans £m 108.20 236.50 216.80 186.50 449.00
LONG TERM BORROWINGS £m 108.20 236.50 216.80 186.50 449.00
under 1 year £m 275.10 172.40 203.80 249.10 214.50
1 to 2 years £m 22.50 35.30 37.50 44.10 45.10
2 to 5 years £m 58.00 105.60 104.20 85.50 68.70
over 5 years £m 27.70 95.60 75.10 56.90 335.20
unanalysed 1 to 5 years £m 0.00 0.00 0.00 0.00  
unanalysed over 1 year £m 0.00 0.00 0.00 0.00  
TOTAL BORROWINGS £m 383.30 408.90 420.60 435.60 663.50
 
HEMSCOTT LONG REPORT
15 May 01
www.HemscottGuru.com