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P R E L I M I N A R Y R E S U L T S 1 March 2006. Financial highlights 2005. * Including the share of the loss of the joint venture. Key features. Growth in each major trading region Excellent Cutisin performance UK pricing pressure Adverse foreign exchange Higher input costs
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Financial highlights 2005 * Including the share of the loss of the joint venture
Key features • Growth in each major trading region • Excellent Cutisin performance • UK pricing pressure • Adverse foreign exchange • Higher input costs • Cutisin investment progressing well • Substantial reduction in net debt
Regional sales by destination 2005Sales change vs 2004 • Strong performance in Continental Europe • Adverse impact of Czech Crown • Subdued UK market
Regional sales by destination 2005Sales change vs 2004 • Slower second half in US • Supply restricted to other markets • Pricing stable
Regional sales by destination 2005Sales change vs 2004 • Solid performance in Australia / New Zealand • Continued growth in Japan • Volume gains in South East Asia • Opportunities developing in China
Income statement 2005 * Including the share of the loss of the joint venture
Outlook • New products • Solid start to 2006 • Cost reduction • Further investment in Cutisin