John Lewis Partnership plc annual report and accounts 2012

2 Segmental reporting (continued) Corporate

Table showing Segmental reporting 

28 January 2012 | Waitrose (£m) | John Lewis (£m) | Corporate and other (£m) | Group (£m) 

Gross sales 5,400.4 | 3,329.1 | – | 8,729.5
Adjustment for sale or return sales – | (120.7) | – | (120.7)
Value added tax (328.1) | (522.1) | – | (850.2)
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Revenue 5,072.3 | 2,686.3 | – | 7,758.6
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Operating profit excluding property profits(1) 260.6 | 156.4 | (25.2) | 391.8
Property profits – | 1.5 | – | 1.5
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Operating profit 260.6 | 157.9 | (25.2) | 393.3
Finance costs – | – | (72.3) | (72.3)
Finance income – | – | 32.8 | 32.8
Partnership bonus – | – | (165.2) | (165.2)
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Profit before tax 260.6 | 157.9 | (229.9) | 188.6
Taxation – | – | (52.4) | (52.4)
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Profit after tax 260.6 | 157.9 | (282.3) | 136.2
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Segment assets 2,713.9 | 1,648.5 | 883.6 | 5,246.0
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Segment liabilities (591.6) | (538.8) | (2,106.7) | (3,237.1)
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Net assets 2,122.3 | 1,109.7 | (1,223.1) | 2,008.9
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Other segment items:
– Depreciation 134.0 | 91.4 | 15.6 | 241.0
– Amortisation of intangible assets 14.3 | 10.7 | 7.3 | 32.3
– Capital expenditure – property, plant and equipment 247.6 | 153.8 | 28.0 | 429.4
– Capital expenditure – intangible assets 45.0 | 28.6 | 14.8 | 88.4
– Movement in provisions 1.4 | (1.4) | 8.3 | 8.3

(1) The basis of allocation of pension costs to the divisions was changed for 2011/12 and is charged as a fixed proportion of total pay based on the estimated long-term costs of providing the benefit, with the difference between these costs and the total annual pension operating costs recognised in Corporate and other. This was income of £16.8m in 2011/12, which is principally due to market driven volatility.

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