Highlights

Financial highlights

Record underlying operating profits of £471m, up 18% despite the challenging geopolitical and economic environment
Record profits delivered by the UK as a result of increased sales of differentiated and exclusive products, with online being the biggest channel
Record profits also delivered by the Nordic region, Belgium, the Netherlands, Canada and Austria
Record cash flow generation, with free cash flow before dividends and acquisitions of £451m and a £4m net cash position, providing balance sheet strength
Significant reduction in net separately disclosed items to £74m (2010: £255m) contributed to a £211m improvement in statutory operating profit
Strong underlying earnings per share growth of 24%
Business improvement target increased by £29m to £107m, to be delivered in broadly even tranches over the next three years
Johan Lundgren appointed as Deputy CEO with overall responsibility for Mainstream
Final dividend of 8.0p per share, resulting in a full year dividend of 11.3p per share, up 3% on 2010, comfortably covered by both earnings and free cash flow