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Net profit
operational net profit: € 19.0
million”
Finance costs fell in 2011 to - € 5.2 million (2010: - € 6.5 million) because of average net debt being lower again (year-end effect: - € 61.7 million), being the net effect of the sale of BelCompany and the acquisition of Jones Bootmaker. The effective tax rate increased from 14.3% in 2010 to 15.1% in 2011.
The net profit on continuing operations was € 21.9 million (2010: € 32.7 million), excluding - € 2.9 million due to one-off effects. Jones Bootmaker’s contribution to net profit amounted to € 2.7 million.
Net profit on discontinued operations amounted to € 79.8 million in 2011, being
the balance of the operating results of BelCompany, Halfords and GP Décors, the realised gain on the sale of BelCompany and the expected loss on the transactions involving Halfords and GP Décors. In 2010, the net profit on discontinued operations amounted to € 7.4 million, relating exclusively to the operating results of the companies concerned.
The total net profit more than doubled to land at € 98.8 million (2010: € 40.1 million). Net earnings per share came to € 0.82 (2010: € 1.41) for continuing operations, and to € 4.24 (2010: € 1.74) in total.
| (in € million) | ||
| Net profit | 2011 | 2010 |
| Continuing operations1 | 19.0 | 32.7 |
| Discontinued operations2 | 79.8 | 7.4 |
| Total | 98.8 | 40.1 |
1 Including one-off effect of - € 2.9 million on balance, recorded for in the second
half 2011.
(intended sales).