Balance sheet

Consolidated balance sheet

at 31 December 2008

	2008 £m	2007 £m
Assets
Property, plant and equipment	111.3	91.0
Intangible assets	1,301.3	990.3
Investment in associates	0.5	-
Derivative assets	49.1	11.3
Deferred tax assets	2.8	0.5
Total non-current assets	1,465.0	1,093.1
Inventories	490.6	331.6
Income tax receivable	5.8	4.4
Trade and other receivables	724.8	575.4
Derivative assets	1.7	1.5
Cash and deposits	65.6	76.0
Total current assets	1,288.5	988.9
Total assets	2,753.5	2,082.0
Equity
Share capital	112.6	112.4
Share premium	126.6	124.6
Merger reserve	2.5	2.5
Capital redemption reserve	8.6	8.6
Cash flow hedge reserve	(4.9)	(1.1)
Translation reserve	96.0	9.5
Retained earnings	271.2	219.7
Total equity attributable to the Company’s equity holders	612.6	476.2
Liabilities
Interest bearing loans and borrowings	919.7	656.4
Retirement benefit obligations	50.4	13.2
Other payables	11.9	10.6
Provisions	50.2	50.6
Deferred tax liabilities	134.1	92.3
Total non-current liabilities	1,166.3	823.1
Bank overdrafts	8.1	20.3
Interest bearing loans and borrowings	57.6	79.4
Income tax payable	55.0	60.5
Trade and other payables	833.9	611.8
Derivative liabilities	6.4	1.5
Provisions	13.6	9.2
Total current liabilities	974.6	782.7
Total liabilities	2,140.9	1,605.8
Total equity and liabilities	2,753.5	2,082.0

Approved by the Board of Directors of Bunzl plc on 23 February 2009 and signed on its behalf by Mr M J Roney, Chief Executive and Mr B M May, Finance Director.