A.COLEMAN'S As was widely reported, we closely examined the possibility of merging with a food-distribution business during the year. However, whilst the strategic rationale for combination was sound, it became clear that it would not be in our shareholders' best interests to proceed with the deal, with its risk of increasing debt. Instead, we intend to concentrate on our core activity. Nevertheless, the market within which we operate is fiercely competitive, and the advent of new entrants is creating market conditions in which continued earnings growth will become increasingly challenging.
正如很多报道的那样，我们仔细研究了今年和食品分销公司合并的可能性。然而，虽然合并的战略理由是合理的，但是很明显，继续交易并不符合我们股东的最佳利益，容易存在增加债务的风险。相反，我们打算专注于我们的核心业务。尽管如此，我们运营所在的市场竞争激烈，新进入者的出现正在创造市场条件，在这种条件下，持续的收入增长将变得越来越有挑战性。
B.SHERIFF This is a momentous period for the pharmaceutical industry. Against the background of scientific and economic change, we are seeing inevitable further consolidation of what remains one of the most fragmented of the great global industries. Sheriff will not shrink from participating in this process if circumstances necessitate such action in the interests of future success. However, today, the overwhelming preoccupation of your Board, executive management and staff is with the job at hand, which is to grow the business and deliver the promises we have made in terms of turning around our losses of recent years.
这是制药行业一个重要时期。在科学和经济变革的背景下，我们看到不可避免地进一步整合仍然是全球最大行业中最分散的行业之一。如果为了将来成功而有必要采取这种行动，SHERIFF将不遗余力地参加了这一过程。然而，今天，你们的董事会，执行管理者和员工最关心的是手头的工作，那就是发展业务，兑现我们在扭转近年亏损方面做出的承诺。
C.BVL Profit before taxation was 20m, in comparison with the 32m achieved in the previous year. This disappointing result includes a provisions of 26m on one project, due to costs exceeding the guaranteed maximum price quoted to the client. One result is that the Construction Division has been set targets to increase the level of partnering and fee work. Turnover, already stagnant, may decline, but profits are expected to recover. In addition, improvements will be made to the control processes relating to tendering, and to the quality of project management.
和去年同期的3千2百万英镑相比较，今年的税前利润2千万英镑。这样令人失望的结果包含了在一个工厂上投入了2千6百万英镑，原因是成本超过了报价客户的最高的价格保证。其中的一个结果是，已经将施工部门制定目标，提高合作和收费的工作水平。销售额，已经停滞，可能会下滑，但是利润期望恢复。除此之外，还将改进和招标有关的流程控制和项目管理质量。
D.MARTIN'S Martin's has developed a distinctive retail format based on convenient locations for the shopper. Last year's merger of Martin's and Hoyle has provided us with the opportunity to build on our leadership in this neighborhood retail market. Building awareness of the Martin's brand continues, and its visibility and familiarity will grow as we convert Hoyle stores into Martin's operation. In line with our vision, we aim to set the pace in developing new shopping services and channels such as home and office shopping.
Martin's开发了一种独特的零售模式，这种模式基于购物者便利的地理位置。去年Martin's和Hoyle的合并提供给我们一个机会，使我们在社区零售业建立领导地位。Martin's品牌认知度将继续提高，当我们把Hoyle商店转变成Martin's运营模式时候，她的知名度和熟悉度将会提高。根据我们的愿景，我们的目标是开发新的购物服务和渠道，比如家庭和办公室购物。
TAYOR'S Despite a downturn in consumer confidence during the period, we continued to experience positive like-for-like sales growth for the financial year, unlike many others in our peer group. Encroachment by our new openings on 38 of our established restaurants had a 3% negative effect on like-for-like sales, but this percentage is certain to be reduced. Since the year-end, our like-for-like sales trend continues to be positive. We have changed a net debt position of 11.2m this time last year to net cash of 1.7m this year.
尽管在此期间消费者的信心有所下降，但我们在本财务年度内销售额仍继续呈现正增长，和我们其他的同行不一样。
我们新开张的38家餐馆对同类店的销售额产生了3%的负面影响，但是这一比例肯定会下降。自从去年年底以来，我们的同店销售趋势持续变好。我们已经从去年这个时候的近负债1120万英镑到今年的170万英镑现金。
- Some of this company's outlets were affected by competition from its own new outlets. 公司的一些outlets 受到来自公司新开的outlets竞争的影响。E
- This company expects the number of companies in its sector to be reduced. 这个公司希望减少该领域公司的数量。B
- Not all this company's competitors are increasing their turnover. 不是所有的公司的竞争对手销售额都在增加。E
- This company has had to allow for covering a loss made on particular contract. 这个公司必须允许特定合同弥补损失。C
- This company has paid off the money it owed. 这个公司已经偿还了债务。E
- It is likely that this company will made more money on reduced sales revenue. 可能这家公司将会通过减少销售收入赚更多的钱。C
- Some of this company's outlets will be required to change their name. 这个公司的其他outlets将要求改变他们的名字。D
- This company has decided against going ahead with a plan.这家公司已决定不执行计划。A
