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WHAT IF...? REVISIONS TO TREND ESTIMATES


EFFECT OF NEW SEASONALLY ADJUSTED ESTIMATES ON TREND ESTIMATES


TREND REVISIONS

The most recent seasonally adjusted and trend estimates are likely to be revised when original estimates for subsequent quarters become available. To assess reliability of the trend estimate at the current end, the 'what-if' chart presents trend estimates under different scenarios for the next quarter. The approximate effect of two possible scenarios on the current and previous trend estimates for total company gross operating profits and total inventories are presented below.

1. Next quarter's seasonally adjusted estimate of total inventories, and seasonally adjusted estimate for company gross operating profits respectively, are higher than the current quarter's estimate by the percentage shown.

2. Next quarter's seasonally adjusted estimate of total inventories, and seasonally adjusted estimate for company gross operating profits respectively, are lower than the current quarter's estimate by the percentage shown.

Inventories (Chain Volume Measures)

What if next quarter's seasonally adjusted estimate: Trend as published (1) rises by 1.1% on this quarter (2) falls by 1.1% on this quarter $m % change $m % change $m % change 2004 September 100,058 0.5 100,062 0.6 100,062 0.6 December 100,471 0.4 100,417 0.4 100,550 0.5 2005 March 101,197 0.7 101,217 0.8 101,171 0.6 June 102,101 0.9 102,348 1.1 101,711 0.5

Company gross operating profits (Current prices)

What if next quarter's seasonally adjusted estimate: Trend as published (1) rises by 4.0% on this quarter (2) falls by 4.0% on this quarter $m % change $m % change $m % change 2004 September 34,129 2.2 34,129 2.2 34,129 2.2 December 34,601 1.4 34,502 1.1 34,678 1.6 2005 March 35,269 1.9 35,310 2.3 35,248 1.6 June 36,288 2.9 36,846 4.4 35,999 2.1