Improved Adjusted Operating Margin YTD

Despite Q2 Expense Variance, Underlying Margin Improved YTD

OperatingMargin –Reported

RestructuringCharge

AssetImpairmentCharge

Operating Margin Before Charges 2004

Restructuringin O&G

Motor-sportsCharge

Operating Margin Before Charges 2003

Year to Date 2004: % to Revenue

1.6%

2.2%

0.4%

0.3%

2.7%

7.2%

6.7%

For detailed reconciliation see slide 11.

Q2 ‘04 Summary

Previous slide

Next slide

Back to first slide

View graphic version