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Consolidated Income Statement

for the year ended 31 December

		2007								2006
		Notes		Underlying1 €m		Amounts excluded from underlying €m		Total €m		Underlying1 as restated2 €m		Amounts excluded from underlying €m		Total as restated2 €m
Continuing operations
Revenue		1, 2		1,326.8		–		1,326.8		1,255.8		–		1,255.8
Cost of sales				(750.1)		–		(750.1)		(698.8)		–		(698.8)
Gross profit				576.7		–		576.7		557.0		–		557.0
Administrative expenses				(470.2)		(5.2)		(475.4)		(467.5)		(27.7)		(495.2)
Operating profit/(loss)		2, 3		106.5		(5.2)		101.3		89.5		(27.7)		61.8
Finance income		6		5.4		0.8		6.2		4.3		1.8		6.1
Finance costs		6		(75.1)		–		(75.1)		(64.3)		(2.3)		(66.6)
Share of profit of joint venture and associate		14		0.8		–		0.8		0.5		–		0.5
Profit/(loss) before taxation				37.6		(4.4)		33.2		30.0		(28.2)		1.8
Taxation		7		(11.4)		(6.5)		(17.9)		(8.8)		5.5		(3.3)
Profit/(loss) after taxation				26.2		(10.9)		15.3		21.2		(22.7)		(1.5)
Discontinued operation – Greece
Profit/(loss) after taxation		39		3.5		(15.9)		(12.4)		3.0		–		3.0
Profit/(loss) for the year				29.7		(26.8)		2.9		24.2		(22.7)		1.5
Attributable to:
– equity holders of the Company		32		29.8		(26.8)		3.0		24.2		(22.7)		1.5
– minority interest		36		(0.1)		–		(0.1)		–		–		–
Profit/(loss) for the year				29.7		(26.8)		2.9		24.2		(22.7)		1.5
Earnings per share (euro cents)
Basic and diluted		9						0.3						0.2
Basic and diluted – continuing		9						1.6						(0.2)

• 1 Underlying excludes exceptional items, certain re-measurement items and economic hedges - see Basis of Preparation.
• 2 Restated following the prior year adjustment regarding Avis Portugal (see Note 33) and the reclassification of the discontinued operation - Greece (see Note 39).

The accompanying Notes form an integral part of these Consolidated Financial Statements.