Shanks Group plc (ticker: SKS.L, exchange: London Stock Exchange (.L))
News Release -
17-Oct-2005
Shanks Group PLC - Adoption of IFRS RNS Number:7371S
Shanks Group PLC
17 October 2005
17 October 2005
Company Announcement
Shanks Group plc
Adoption of International Financial Reporting Standards
From 1 April 2005, the Group has adopted International Financial Reporting
Standards (IFRS). Accordingly, the interim results for the six months ended 30
September 2005 will be presented under IFRS.
This announcement explains the key presentational changes and accounting policy
adjustments that arise from the first time adoption of IFRS by the Group. It
also details how the results for the year ended 31 March 2005 would have
appeared had they been prepared under IFRS.
The adoption of IFRS has no impact on the Group's cash flows, its ability to pay
dividends or the manner in which the Group's operations are run.
The IFRS adjustments and financial information are provisional and unaudited.
The UK GAAP information used in this report is based on the Group's statutory
financial statements for the year ended 31 March 2005, which contained an
unqualified report from the Group's auditors.
Ends
For further information please contact:
Fraser Welham, Group Finance Director
Shanks Group plc, telephone +44 (0) 1628 524523
Ginny Pulbrook, Executive Director
Citigate Dewe Rogerson, telephone +44(0) 20 7282 2945
Shanks Group plc
Adoption of International Financial Reporting Standards
17 October 2005
Contents
1 Introduction
2 Overview
3 Financial Highlights for the Year Ended 31 March 2005
4 First Time Adoption of IFRS and Changes in Accounting Policies
5 Financial Statements under IFRS for the Year Ended 31 March 2005
* Consolidated Income Statement
* Consolidated Balance Sheet
* Consolidated Cash Flow Statement
* Consolidated Statement of Recognised Income and Expense
* Consolidated Statement of Changes in Equity
6 Selected Notes to the IFRS Financial Statements
Appendices
A Consolidated Income Statement for the Year Ended 31 March 2005
* Effect of IAS1 - Presentation of Financial Statements
* Adjustments arising from IFRS adoption
B Consolidated Balance Sheet at 31 March 2005
* Effect of IAS1 - Presentation of Financial Statements
* Adjustments arising from IFRS adoption
C Consolidated Balance Sheet at 31 March 2004
* Effect of IAS1 - Presentation of Financial Statements
* Adjustments arising from IFRS adoption
D UK GAAP to IFRS Reconciliation of Financial Highlights
1 Introduction
From 1 April 2005, Shanks Group plc is required to prepare its consolidated
financial statements in accordance with International Financial Reporting
Standards (IFRS). Previously, the Group had reported its results under United
Kingdom Generally Accepted Accounting Principles (UK GAAP). Accordingly, the
interim results for the six months ended 30 September 2005 will be presented
under IFRS. This report explains the key presentational changes and accounting
policy adjustments that arise from the first time adoption of IFRS by the Group.
Part of the move to IFRS involves the restatement of comparative figures. This
report details how the results for the year ended 31 March 2005 would have
appeared had they been prepared under IFRS.
The Directors are responsible for the preparation of the restated financial
information. This report was approved by the Audit Committee of the Board on 30
September 2005.
The IFRS adjustments and financial information are provisional and unaudited.
The UK GAAP information used in this report is based on the Group's statutory
financial statements for the year ended 31 March 2005, which contained an
unqualified report from the Group's auditors.
2 Overview
The adoption of IFRS has no impact on the Group's cash flows, its ability to pay
dividends or the manner in which the Group's operations are run.
The major impact of the adoption of IFRS on the Group's reported results are:
* the presentation of the results relating to discontinued activities;
* the reclassification of certain elements of goodwill to intangible assets
which are subject to amortisation over their useful lives. The remaining
goodwill is no longer amortised but is subject to annual impairment reviews;
* the net deficit of the Group's UK pension scheme is now consolidated into
the Group's balance sheet. The change in the basis for recognising future
pension liabilities gives rise to an increased pension charge;
* the cost of share based payments to employees is charged to profits;
* the Group has various integrated waste management contracts with certain
UK local authorities concluded under the Private Finance Initiative (PFI).
It is also bidding for further contracts. At the financial close of a PFI
contract, the price of the service is determined, inter alia, by the long
term interest rate available in the market. The Group therefore protects its
risk by entering into an interest rate swap to match its future cash inflows
and outflows.
Under IFRS we are required to revalue these swaps at current market value
irrespective of the commercial reasons for entering into them. Revaluation
of these swaps can lead to large accounting gains or losses but does not
affect the long term profitability of the contract as the Group has matched
its long term revenue and costs. Whilst IFRS does allow these gains and
losses to be taken directly to reserves, it is on the proviso that onerous
verification requirements are fulfilled. The Group believes it is not worth
expending significant resources fulfilling these requirements in respect of
an item that does not reflect the commercial reality. In future accounting
for changes in the market value could therefore cause major fluctuations to
our reported profits. These will be excluded from our "Headline Profit".
If these swaps had been included at market value at 31 March 2005 a
cumulative accounting loss of #3.7m would have been recognised under IAS39.
These have not been recognised in the restated comparatives as IFRS1 exempts
the Group from restating comparative information when adopting IAS39;
* certain leases classified as operating under UK GAAP are now classified as
finance, increasing fixed assets and net debt accordingly;
* joint venture investments are proportionately consolidated resulting in
our share of assets and liabilities, including debt, being consolidated on a
line basis;
* dividends are now only included in the accounts once approved; and
* deferred tax is now provided in respect of revalued properties even if
there is little likelihood of the revaluation crystallizing.
Set out below is a reconciliation between UK GAAP and IFRS of selected 2004/5
financial highlights:
Adjusted
earnings Profit
Headline per before
profit share tax Net assets Net debt
Year ended 31 March 2005 #m pence #m #m #m
___________________________________________________________________________________________________________
As reported under UK GAAP 33.3 9.4 64.4 194.7 (162.3)
Discontinued activities (3.0) (0.8) (54.1) - -
___________________________________________________________________________________________________________
UK GAAP - continuing 30.3 8.6 10.3 194.7 (162.3)
Intangible/goodwill amortisation (0.2) (0.1) 9.4 9.4 -
Pensions (0.7) (0.2) (0.7) (18.9) -
Share based payments - - (0.1) - -
Leases 0.1 - 0.1 0.1 (9.6)
Joint ventures - - - - (1.5)
Dividends - - - 8.9 -
Deferred tax - - - (2.9) -
___________________________________________________________________________________________________________
As reported under IFRS 29.5 8.3 19.0 191.3 (173.4)
___________________________________________________________________________________________________________
3 Financial Highlights for the Year Ended 31 March 2005
The table below sets out all of the Group's previously reported financial
highlights and their corresponding equivalents as if they had been presented
under IFRS:
IFRS UK GAAP
Year ended 31 Year ended 31
March 2005 March 2005
________________________________________________________________________________________________________
Revenues #476m #504m
Headline profit (Notes 1 and 2) #29.5m #33.3m
Exceptional item - restructuring costs (Note 3) #(10.5)m #(10.4)m
Exceptional item - disposal of operations (Note 3) - #51.5m
Goodwill amortisation - #(10.0)m
Profit on ordinary activities before tax #19.0m #64.4m
Profit on continuing businesses before interest, exceptional items,
goodwill amortisation and tax #38.6m #38.3m
Adjusted basic earnings per share 8.3p 9.4p
Basic earnings per share 32.9p 25.7p
Net assets #191m #195m
Core Business net debt (Note 4) #109m #99m
PFI Companies net debt #63m #63m
Total Group net debt (Note 4) #172m #162m
EBITDA (Note 5) #72m #83m
________________________________________________________________________________________________________
Notes:
1 UK GAAP: Profit before exceptional items, goodwill amortisation and tax
(including discontinued activities).
2 IFRS: Profit from continuing activities before exceptional items, changes in
fair value of financial instruments and tax.
3 IFRS does not use the term "exceptional items". Significant
non-recurring operating income and expenses may be shown on the face
of the income statement. The Group considers these items as
exceptional for the purposes of determining Headline Profit.
4 Excluding share of net debt of joint ventures.
5 EBITDA excluding exceptional items (and discontinued
activities under IFRS).
To assist in the understanding of the nature and effect of specific IAS/IFRS
applications, the previously reported UK GAAP information is reconciled to the
IFRS-based financial highlights in Appendix D.
4 First Time Adoption of IFRS and Changes in Accounting Policies
The financial information has been prepared in accordance with IFRS, including
interpretations issued by the International Accounting Standards Board (IASB)
and its committees. These are subject to ongoing review and endorsement by the
European Commission and are subject to change. Consequently, information within
this document may require updating for any subsequent amendments to IFRS and its
interpretations.
IFRS1 First-time adoption of IFRS
IFRS1 sets out the rules that the Group is following for the first consolidation
under IFRS. It requires that the IFRS accounting policies to be applied for the
first consolidation as at 31 March 2006 are determined and then applied
retrospectively to the opening balance sheet at 31 March 2004 (the transition
date). IFRS1 contains certain optional exemptions to assist the Group in its
transition to IFRS. Significant instances where the Group has opted for these
exemptions together with other changes in accounting policy required through the
adoption of IFRS are described below.
IAS1 Presentation of financial statements
IAS1 sets out the basis on which the Group's financial statements are to be
presented. The most significant change to presentation made to the Income
Statement is in respect of the position of the profits of discontinued
activities and the profit on their disposal. These are now included on an after
tax basis below profit after tax on continuing activities.
For the balance sheet the most significant change is in respect of deferred tax
where certain deferred tax assets are no longer netted from deferred tax
liabilities.
IFRS3 Business combinations
Acquisitions that took place after the transition date must be accounted for
under IFRS. The Group has taken advantage of the exemption given in IFRS1 to not
restate acquisitions made prior to the transition date on an IFRS basis.
The Group has applied the exemption given in IFRS1 to treat the net book value
of goodwill as deemed cost as at the transition date. This exemption extends to
amounts written off directly to reserves. Consequently, on disposal of
operations, there is no requirement to reinstate any associated goodwill
previously written off to reserves. Amortisation of goodwill under UK GAAP is
replaced by an annual impairment review under IFRS3.
IAS38 Intangible assets
The transition to IFRS will affect the classification of costs associated with
the 25 year PFI waste management contracts won after the transition date. Under
UK GAAP costs in excess of the fair value of net assets taken over were
classified as goodwill, recognised in the balance sheet at cost and amortised
over 25 years. Under IAS38, these costs will be re-classified as contract
rights. These will be recognised at cost in the balance sheet as intangible
assets and amortised over 25 years.
IAS19 Employee benefits
Previously the Group has accounted for pensions under SSAP 24 - Pension Costs
and had adopted the transitional arrangements of FRS 17 - Retirement Benefits.
IAS19 (like FRS 17) requires the Group to consolidate its proportion of the
assets, liabilities and returns of the defined benefit schemes in which the
Group participates. It also changes the basis for recognising the cost of future
pension liabilities. The net pension deficit is included within liabilities with
the corresponding deferred tax asset included in assets. Actuarial gains and
losses on the pension scheme will be taken in the year they arise through the
Statement of Recognised Income and Expense from the transition date.
IAS21 The effect of changes in foreign exchange rates
Under IAS21 cumulative exchange rate variances on the net investment in foreign
operations are recognised in a separate equity reserve. The Group has elected to
set these exchange differences to zero at the transition date, as permitted
under IFRS1.
The Group intends to apply the principles of IAS39 on hedge accounting for
intercompany loans denominated in euros and reported in subsidiaries that have a
sterling functional currency. As a result, exchange rate variances arising on
these loans will be reflected in reserves.
IFRS2 Share based payments
IFRS2 requires measurement of share based transactions with employees at fair
value at the date of grant. This value forms the basis of the charge to the
income statement over the period between grant and exercise. The fair values of
the various incentive or share plans have been calculated using appropriate
valuation models. Under a transitional exemption covering first-time adoption,
this applies only to options granted after 7 November 2002.
IAS39 Financial instruments - recognition and measurement; and
IAS32 Financial instruments - disclosure and presentation
The Group will take advantage of the IFRS1 provision that allows Companies not
to restate comparative information under IAS32 and IAS39. These standards will
therefore be applied prospectively from 31 March 2005.
The Group has various integrated waste management contracts with certain UK
local authorities concluded under the Private Finance Initiative (PFI). It is
also bidding for further contracts. At the financial close of a PFI contract,
the price of the service is determined, inter alia, by the long term interest
rate available in the market. The Group therefore protects its risk by entering
into an interest rate swap to match its future cash inflows and outflows.
Under IFRS we are required to revalue these swaps at current market value
irrespective of the commercial reasons for entering into them. Revaluation of
these swaps can lead to large accounting gains or losses but does not affect the
long term profitability of the contract as the Group has matched its long term
revenue and costs. Whilst IFRS does allow these gains and losses to be taken
directly to reserves, it is on the proviso that onerous verification
requirements are fulfilled. The Group believes it is not worth expending
significant resources fulfilling these requirements in respect of an item that
does not reflect the commercial reality. In future accounting for changes in the
market value could therefore cause major fluctuations to our reported profits.
These will be excluded from our "Headline Profit".
If these swaps had been included at market value at 31 March 2005 a cumulative
accounting loss of #3.7m would have been recognised under IAS39. These have not
been recognised in the restated comparatives as IFRS1 exempts the Group from
restating comparative information when adopting IAS39.
IAS31 Interest in joint ventures
IAS31 gives a choice for accounting for joint ventures under either the equity
method or the preferred method of proportional consolidation. The Group has
opted to use proportional consolidation, which requires line by line
consolidation of the Group's share of income and expenditure and the share of
assets and liabilities. This change has no effect on the Group's consolidated
profits after tax and net assets.
IAS17 Leases
The definition of a finance lease under IAS17 differs to that under UK GAAP.
Accordingly, a number of operating leases are now accounted for as finance
leases under IFRS. The relevant asset is recognised as part of tangible fixed
assets and a corresponding finance lease creditor included in net debt.
IAS10 Events after the balance sheet date
Under IAS 10 dividends declared after the period end do not represent a present
obligation under IAS37 - Provisions, Contingent Liabilities and Contingent
Assets as it is subject to approval. The accrual for the final dividend under UK
GAAP is reversed for IFRS purposes and accounted for in the subsequent reporting
period.
IAS12 Income taxes
Provision for deferred tax has to be included where assets are held at values
different to the tax base cost. Whilst the Group does not revalue property,
certain properties were held at valuation prior to acquisition by the Group.
Under UK GAAP no deferred tax provision was included, as there was no intention
to dispose of the properties. IFRS requires provision irrespective of any plans
for the property's use.
5 Financial Statements under IFRS for the Year Ended 31 March 2005
Consolidated Income Statement
year ended 31 March 2005 (unaudited)
Joint
Group ventures Total
Note #m #m #m
_____________________________________________________________________________________________________________
Continuing operations:
Revenue 5(a) 465.7 10.2 475.9
Cost of sales - ongoing (379.1)
Cost of sales - restructuring costs 5(a) (5.2)
_________
Cost of sales (384.3) (5.6) (389.9)
_____________________________________________________________________________________________________________
Gross profit 81.4 4.6 86.0
Administrative expenses - ongoing (49.9)
Administrative expenses - restructuring
costs 5(a) (5.3)
_________
Administrative expenses (55.2) (2.7) (57.9)
_____________________________________________________________________________________________________________
Operating profit 5(a) 26.2 1.9 28.1
Finance charges - interest (8.3) (0.2) (8.5)
Finance charges - other (0.6) - (0.6)
_____________________________________________________________________________________________________________
Profit before tax 17.3 1.7 19.0
Tax (6.3) (0.6) (6.9)
_____________________________________________________________________________________________________________
Profit for the year from continuing
operations 5(a) 11.0 1.1 12.1
Discontinued operations:
Profit for the year from discontinued
operations 5(a) 65.0 - 65.0
_____________________________________________________________________________________________________________
Profit for the year 5(a) 76.0 1.1 77.1
_____________________________________________________________________________________________________________
Earnings per share 5(b)
basic 32.9p
diluted 32.9p
Earnings per share from continuing
operations 5(b)
basic 5.2p
diluted 5.2p
_____________________________________________________________________________________________________________
Consolidated Balance Sheet
at 31 March 2005 (unaudited)
Share of Share of
joint joint
Group ventures Total Group ventures Total
2005 2005 2005 2004 2004 2004
#m #m #m #m #m #m
___________________________________________________________________________________________________________________
Non-current assets
Intangible assets 160.7 - 160.7 185.8 - 185.8
Property, plant and equipment 238.2 12.1 250.3 365.0 11.9 376.9
Loans to joint ventures 3.2 - 3.2 3.9 - 3.9
Other investments 1.0 - 1.0 1.1 - 1.1
Deferred tax assets 14.2 - 14.2 9.1 - 9.1
___________________________________________________________________________________________________________________
417.3 12.1 429.4 564.9 11.9 576.8
___________________________________________________________________________________________________________________
Current assets
Inventories 9.1 0.2 9.3 8.1 0.1 8.2
Trade and other receivables 111.4 2.4 113.8 136.2 1.7 137.9
Current tax assets 3.0 - 3.0 1.2 - 1.2
Cash and cash equivalents 32.1 0.4 32.5 30.3 0.5 30.8
___________________________________________________________________________________________________________________
155.6 3.0 158.6 175.8 2.3 178.1
___________________________________________________________________________________________________________________
Total assets 572.9 15.1 588.0 740.7 14.2 754.9
___________________________________________________________________________________________________________________
Current liabilities
Borrowings (3.1) (0.9) (4.0) (17.7) (0.9) (18.6)
Trade and other payables (123.1) (2.6) (125.7) (153.8) (2.9) (156.7)
Current tax liabilities (3.7) (0.5) (4.2) (2.4) (0.2) (2.6)
Provisions (11.2) - (11.2) (1.9) - (1.9)
___________________________________________________________________________________________________________________
(141.1) (4.0) (145.1) (175.8) (4.0) (179.8)
___________________________________________________________________________________________________________________
Non-current liabilities
Borrowings (200.9) (1.0) (201.9) (332.3) (1.5) (333.8)
Other non-current liabilities (0.1) (2.5) (2.6) (8.4) (2.5) (10.9)
Deferred tax liabilities (15.4) (0.2) (15.6) (21.8) (0.1) (21.9)
Provisions (12.8) (1.8) (14.6) (54.8) (1.4) (56.2)
Retirement benefit obligations (16.9) - (16.9) (28.2) - (28.2)
___________________________________________________________________________________________________________________
(246.1) (5.5) (251.6) (445.5) (5.5) (451.0)
___________________________________________________________________________________________________________________
Total liabilities (387.2) (9.5) (396.7) (621.3) (9.5) (630.8)
___________________________________________________________________________________________________________________
Net assets 185.7 5.6 191.3 119.4 4.7 124.1
___________________________________________________________________________________________________________________
Equity
Share capital 23.4 23.4
Share premium 93.2 93.1
Exchange reserve 3.1 -
Retained earnings 71.6 7.6
___________________________________________________________________________________________________________________
Total equity 191.3 124.1
___________________________________________________________________________________________________________________
Consolidated Cash Flow Statement
year ended 31 March 2005 (unaudited)
Dis-
Continuing continued Total
Note #m #m #m
__________________________________________________________________________________________________________________
Net cash from operating activities 5(d) 29.4 28.2 57.6
__________________________________________________________________________________________________________________
Investing activities
Interest paid (13.2) (2.3) (15.5)
Interest received 2.2 - 2.2
Purchases of property, plant and equipment (66.9) (2.7) (69.6)
Disposal of property, plant and equipment 6.8 - 6.8
Acquisition of subsidiary (3.9) - (3.9)
Disposal of subsidiary and other businesses 189.4 - 189.4
Movements in loans and dividends received from joint ventures 0.8 - 0.8
___________________________________________________________________________________________________________________
Net cash used in investing activities 115.2 (5.0) 110.2
___________________________________________________________________________________________________________________
Financing activities
Proceeds from issue of shares 0.1
Dividends paid (13.3)
Repayment of borrowings (151.3)
Increase in obligations under finance leases 0.9
Repayments of obligations under finance leases (2.5)
__________________________________________________________________________________________________________________
Net cash flow from financing activities (166.1)
___________________________________________________________________________________________________________________
Net increase in cash and cash equivalents 1.7
Cash and cash equivalents at beginning of year 30.8
___________________________________________________________________________________________________________________
Cash and cash equivalents at end of year 32.5
___________________________________________________________________________________________________________________
Consolidated Statement of Recognised Income and Expense
year ended 31 March 2005 (unaudited)
2005
#m
___________________________________________________________________________________________________________________
Exchange gain on translation of foreign operations 3.1
Actuarial gain on defined benefit pension schemes 0.1
Share based payments 0.1
___________________________________________________________________________________________________________________
Net income recognised directly in equity 3.3
Profit for the period 77.1
___________________________________________________________________________________________________________________
Total recognised income and expense for the period 80.4
___________________________________________________________________________________________________________________
Consolidated Statement of Changes in Equity
year ended 31 March 2005 (unaudited)
Share Share Exchange Retained
capital premium reserve earnings Total
Note #m #m #m #m #m
_____________________________________________________________________________________________________________________
Balance at 31 March 2004 23.4 93.1 - 7.6 124.1
Issue of share capital - 0.1 - - 0.1
Exchange gain on translation of foreign operations - - 3.1 - 3.1
Profit for the year - - - 77.1 77.1
Actuarial gain on defined benefit pension schemes - - - 0.1 0.1
Share based payments - - - 0.1 0.1
Dividends 5(c) - - - (13.3) (13.3)
_____________________________________________________________________________________________________________________
Balance at 31 March 2005 23.4 93.2 3.1 71.6 191.3
_____________________________________________________________________________________________________________________
6 Selected Notes to the IFRS Financial Statements
(a) Segmental analysis
The Group operates in one segment, Waste Management, in the United Kingdom,
Belgium and the Netherlands.
United Central
Kingdom Belgium Netherlands Services Total
Year ended 31 March 2005 #m #m #m #m #m
___________________________________________________________________________________________________________________
Continuing operations:
Revenue - group 161.7 100.9 203.1 - 465.7
Revenue - joint ventures 8.9 1.3 - - 10.2
___________________________________________________________________________________________________________________
Revenue - total 170.6 102.2 203.1 - 475.9
___________________________________________________________________________________________________________________
Trading profit - group (0.7) 16.5 24.3 (3.4) 36.7
Trading profit - joint ventures 1.8 0.1 - - 1.9
Restructuring costs (see below) (10.5) - - - (10.5)
___________________________________________________________________________________________________________________
Operating profit - total (9.4) 16.6 24.3 (3.4) 28.1
___________________________________________________________________________________________________________________
Finance charges - group interest (8.3)
Finance charges - joint venture interest (0.2)
Finance charges - other (0.6)
___________________________________________________________________________________________________________________
Finance charges - total (9.1)
___________________________________________________________________________________________________________________
Profit before tax 19.0
Tax (6.9)
___________________________________________________________________________________________________________________
Profit for the year from continuing operations 12.1
___________________________________________________________________________________________________________________
Discontinued operations (United Kingdom):
Revenue - group 37.9
___________________________________________________________________________________________________________________
Operating profit 5.4
Profit on disposal of operations 59.8
Finance charges - group interest (2.3)
Finance charges - other (0.5)
___________________________________________________________________________________________________________________
Profit before tax 62.4
Tax 2.6
___________________________________________________________________________________________________________________
Profit for the year from discontinued operations 65.0
___________________________________________________________________________________________________________________
Profit for the year 77.1
___________________________________________________________________________________________________________________
The restructuring costs of #10.5m relate to the integration and
reorganisation of the Group's business in the United Kingdom, following
the sale of the landfill and power business. It includes #3.3m for the
impairment of tangible and intangible fixed assets. The remaining charge
relates to redundancies and other closure costs. This charge reduces the
tax charge by #3.1m.
(b) Earnings per share
The calculation of the basic and diluted earnings per share for the Group is
based on the following data:
Continuing Discontinued
Year ended 31 March 2005 operations operations Total
________________________________________________________________________________________________________________________
Number of shares:
Weighted average number of ordinary shares for the purposes of basic
earnings per share 234.1
Effect of share options in issue 0.6
________________________________________________________________________________________________________________________
Weighted average number of ordinary shares for the purposes of diluted
earnings per share 234.7
________________________________________________________________________________________________________________________
Calculation of basic and adjusted basic earnings per share:
Earnings for the purposes of basic earnings per share being profit for the year (#m) 12.1 65.0 77.1
Discontinued operations (#m) - (65.0) (65.0)
Restructuring costs (net of tax) (#m) 7.4 - 7.4
________________________________________________________________________________________________________________________
Earnings for the purposes of adjusted basic earnings per share (#m) 19.5 - 19.5
________________________________________________________________________________________________________________________
Basic earnings per share (pence) 5.2p 27.7p 32.9p
Adjusted basic earnings per share (pence) 8.3p - 8.3p
________________________________________________________________________________________________________________________
Calculation of diluted earnings per share:
Earnings for the purposes of basic earnings per share being profit for the year (#m) 12.1 65.0 77.1
Effect of dilutive potential ordinary shares (#m) - - -
________________________________________________________________________________________________________________________
Earnings for the purposes of diluted earnings per share (#m) 12.1 65.0 77.1
________________________________________________________________________________________________________________________
Diluted earnings per share (pence) 5.2p 27.7p 32.9p
________________________________________________________________________________________________________________________
(c) Dividends
Year ended 31 March 2005 #m
________________________________________________________________________________________________________________________
Amounts recognised as distributions to ordinary shareholders in the year:
Final dividend paid for the year ended 31 March 2004 of 3.8p per share 8.9
Interim dividend paid for the year ended 31 March 2005 of 1.9p per share 4.4
________________________________________________________________________________________________________________________
13.3
________________________________________________________________________________________________________________________
Proposed final dividend for the year ended 31 March 2005 of 3.8p per
share, subject to approval of shareholders at the AGM 8.9
________________________________________________________________________________________________________________________
(d) Net cash from operating activities
Pre-
exceptional Exceptional Total Dis-
continuing continuing continuing continued Total
Year ended 31 March 2005 #m #m #m #m #m
________________________________________________________________________________________________________________________
Profit from continuing operations 38.6 (10.5) 28.1 - 28.1
Profit from discontinued operations - - - 5.4 5.4
Amortisation of intangible assets 0.6 - 0.6 - 0.6
Impairment loss on intangible assets - 0.5 0.5 - 0.5
Depreciation of property, plant and equipment 34.8 - 34.8 5.8 40.6
Impairment loss on property, plant and equipment - 2.8 2.8 - 2.8
Gain on disposal of property, plant and equipment (1.4) - (1.4) - (1.4)
Increase/(decrease) in provisions (13.5) 0.6 (12.9) 6.1 (6.8)
Share based payments - 0.1 0.1 - 0.1
________________________________________________________________________________________________________________________
Operating cash flows before movements in working capital 59.1 (6.5) 52.6 17.3 69.9
(Increase)/decrease in inventories (2.4) - (2.4) - (2.4)
(Increase)/decrease in receivables (5.0) - (5.0) 1.2 (3.8)
Increase/(decrease) in payables (9.1) 2.8 (6.3) 9.7 3.4
________________________________________________________________________________________________________________________
Cash generated by operations 42.6 (3.7) 38.9 28.2 67.1
Income taxes paid (9.5) - (9.5) - (9.5)
________________________________________________________________________________________________________________________
Net cash from operating activities 33.1 (3.7) 29.4 28.2 57.6
________________________________________________________________________________________________________________________
APPENDIX A
Consolidated Income Statement for the year ended 31 March 2005
Effect of IAS1 - Presentation of Financial Statements
Discontinued Exceptional
UK GAAP balances operations items UK GAAP balances
in UK GAAP format #m #m #m #m in IFRS format
________________________________________________________________________________________________________________________
Continuing operations:
Turnover 503.6 (37.9) - 465.7 Revenue
Cost of sales (409.4) 30.5 (5.2) (384.1) Cost of sales
________________________________________________________________________________________________________________________
Gross profit 94.2 (7.4) (5.2) 81.6 Gross profit
Administrative expenses (52.0) 1.6 (5.2) (55.6) Administrative expenses
Goodwill amortisation (10.0) 0.4 - (9.6) Goodwill amortisation
Share of operating profits of
joint ventures 1.9 - - 1.9 Share of results of joint ventures
Exceptional operating costs (10.4) - 10.4 - -
________________________________________________________________________________________________________________________
Total operating profit 23.7 (5.4) - 18.3 Operating profit
Non-operating exceptional items
disposal of operations 51.5 (51.5) - - -
________________________________________________________________________________________________________________________
Profit before finance Profit before finance charges and
charges and tax 75.2 (56.9) - 18.3 tax
Finance charges - interest (9.7) 2.3 - (7.4) Finance charges - interest
Finance charges - other (1.1) 0.5 - (0.6) Finance charges - other
________________________________________________________________________________________________________________________
Profit on ordinary activities
before tax 64.4 (54.1) - 10.3 Profit before tax
Tax (4.2) (2.9) - (7.1) Tax
________________________________________________________________________________________________________________________
(57.0) - 3.2 Profit for the year from
continuing operations
Discontinued operations:
57.0 - 57.0 Profit for the year from
discontinued operations
________________________________________________________________________________________________________________________
Profit on ordinary activities
after tax and profit for the year 60.2 - - 60.2 Profit for the year
_______________________________________________________________________
Dividends (13.3)
_________________________________________________
Retained profit transferred to
reserves 46.9
_________________________________________________
Consolidated Income Statement - adjustments arising from IFRS adoption
year ended 31 March 2005 (unaudited)
IFRS3 IAS31 IFRS2
Goodwill Share Share
and of joint IAS19 IAS17 based
UK GAAP intangibles ventures Pensions Leasing payments IFRS
#m #m #m #m #m #m #m
________________________________________________________________________________________________________________________
Continuing operations:
Revenue 465.7 - 10.2 - - - 475.9
Cost of sales (384.1) (0.2) (5.6) - - - (389.9)
________________________________________________________________________________________________________________________
Gross profit 81.6 (0.2) 4.6 - - - 86.0
Administrative expenses (55.6) - (2.7) (0.1) 0.6 (0.1) (57.9)
Goodwill amortisation (9.6) 9.6 - - - - -
Share of results of joint ventures 1.9 - (1.9) - - - -
________________________________________________________________________________________________________________________
Operating profit before finance
charges and tax 18.3 9.4 - (0.1) 0.6 (0.1) 28.1
Finance charges - interest (7.4) - - (0.6) (0.5) - (8.5)
Finance charges - other (0.6) - - - - - (0.6)
________________________________________________________________________________________________________________________
Profit before tax 10.3 9.4 - (0.7) 0.1 (0.1) 19.0
Tax (7.1) - - 0.2 - - (6.9)
________________________________________________________________________________________________________________________
Profit for the year from
continuing operations 3.2 9.4 - (0.5) 0.1 (0.1) 12.1
Discontinued operations:
Profit for the year from
discontinued operations 57.0 7.3 - 0.7 - - 65.0
________________________________________________________________________________________________________________________
Profit for the year 60.2 16.7 - 0.2 0.1 (0.1) 77.1
________________________________________________________________________________________________________________________
APPENDIX B
Consolidated Balance Sheet at 31 March 2005 (unaudited)
Effect of IAS1 - Presentation of Financial Statements
Deferred Current
UK GAAP balances Provisions tax tax UK GAAP balances
in UK GAAP format #m #m #m #m #m in IFRS format
________________________________________________________________________________________________________________________
Fixed assets Non-current assets
Intangible assets 150.1 - - - 150.1 Intangible assets
Tangible assets 229.5 - - - 229.5 Property, plant and equipment
Investment in joint ventures 8.8 - - - 8.8 Interests in joint ventures
Other unlisted investments 1.0 - - - 1.0 Other investments
- 6.1 - 6.1 Deferred tax assets
________________________________________________________________________________________________________________________
Total fixed assets 389.4 - 6.1 - 395.5
________________________________________________________________________________________________________________________
Current assets Current assets
Stocks 9.1 - - - 9.1 Inventories
Debtors 124.7 - - (3.0) 121.7 Trade and other receivables
- - 3.0 3.0 Current tax assets
Cash at bank and in hand 32.1 - - - 32.1 Cash and cash equivalents
________________________________________________________________________________________________________________________
165.9 - - - 165.9
________________________________________________________________________________________________________________________
561.4 Total assets
________________________________________________________________________________________________________________________
Creditors: due within 1 year Current liabilities
Borrowings (0.7) - - - (0.7) Borrowings
Other creditors (135.7) - - 3.7 (132.0) Trade and other payables
- - (3.7) (3.7) Current tax liabilities
(11.2) - - (11.2) Provisions
________________________________________________________________________________________________________________________
(136.4) (11.2) - - (147.6)
________________________________________________________________________________________________________________________
Net current assets 29.5
________________________________________________________________________________________________________________________
Total assets less current
liabilities 418.9
________________________________________________________________________________________________________________________
Creditors: due after 1 year Non-current liabilities
Borrowings (193.7) - - - (193.7) Borrowings
Other creditors (0.1) - - - (0.1) Other non-current liabilities
- (12.5) - (12.5) Deferred tax liabilities
(12.8) - - (12.8) Provisions
________________________________________________________________________________________________________________________
(193.8) (12.8) (12.5) - (219.1)
Provisions for liabilities
and charges (30.4) 24.0 6.4 - -
________________________________________________________________________________________________________________________
(366.7) Total liabilities
________________________________________________________________________________________________________________________
Net assets 194.7 - - - 194.7 Net assets
________________________________________________________________________________________________________________________
Capital and reserves Equity
Called up share capital 23.4 - - - 23.4 Share capital
Share premium account 93.2 - - - 93.2 Share premium
Profit and loss account 78.1 - - - 78.1 Retained earnings
________________________________________________________________________________________________________________________
Equity shareholders' funds 194.7 - - - 194.7 Total equity
________________________________________________________________________________________________________________________
Consolidated Balance Sheet at 31 March 2005 (unaudited)
Adjustments arising from IFRS adoption
IFRS3 IAS31
Goodwill Share IAS19 IAS12
UK and IAS10 of joint Employee IAS17 IAS21 Income
GAAP intangibles Dividends ventures benefits Leases Exchange taxes IFRS
#m #m #m #m #m #m #m #m #m
________________________________________________________________________________________________________________________
Non-current assets
Intangible assets 150.1 10.6 - - - - - - 160.7
Property, plant and equipment 229.5 (1.0) - 12.1 - 9.7 - - 250.3
Investment in joint ventures 5.6 - - (5.6) - - - - -
Loans to joint ventures 3.2 - - - - - - - 3.2
Other investments 1.0 - - - - - - - 1.0
Deferred tax assets 6.1 - - - 8.1 - - - 14.2
________________________________________________________________________________________________________________________
395.5 9.6 - 6.5 8.1 9.7 - - 429.4
________________________________________________________________________________________________________________________
Current assets
Inventories 9.1 - - 0.2 - - - - 9.3
Trade and other receivables 121.7 (0.2) - 2.4 (10.1) - - - 113.8
Current tax assets 3.0 - - - - - - - 3.0
Cash and cash equivalents 32.1 - - 0.4 - - - - 32.5
________________________________________________________________________________________________________________________
165.9 (0.2) - 3.0 (10.1) - - - 158.6
________________________________________________________________________________________________________________________
Total assets 561.4 9.4 - 9.5 (2.0) 9.7 - - 588.0
________________________________________________________________________________________________________________________
Current liabilities
Borrowings (0.7) - - (0.9) - (2.4) - - (4.0)
Trade and other payables (132.0) - 8.9 (2.6) - - - - (125.7)
Current tax liabilities (3.7) - - (0.5) - - - - (4.2)
Provisions (11.2) - - - - - - - (11.2)
________________________________________________________________________________________________________________________
(147.6) - 8.9 (4.0) - (2.4) - - (145.1)
________________________________________________________________________________________________________________________
Non-current liabilities
Borrowings (193.7) - - (1.0) - (7.2) - - (201.9)
Other non-current liabilities (0.1) - - (2.5) - - - - (2.6)
Deferred tax liabilities (12.5) - - (0.2) - - - (2.9) (15.6)
Provisions (12.8) - - (1.8) - - - - (14.6)
Retirement benefit obligations - - - (16.9) - - - (16.9)
________________________________________________________________________________________________________________________
(219.1) - - (5.5) (16.9) (7.2) - (2.9) (251.6)
________________________________________________________________________________________________________________________
Total liabilities (366.7) - 8.9 (9.5) (16.9) (9.6) - (2.9) (396.7)
________________________________________________________________________________________________________________________
Net assets 194.7 9.4 8.9 - (18.9) 0.1 - (2.9) 191.3
________________________________________________________________________________________________________________________
Equity
Share capital 23.4 - - - - - - - 23.4
Share premium 93.2 - - - - - - - 93.2
Exchange reserve - - - - - 0.1 3.1 (0.1) 3.1
Retained earnings 78.1 9.4 8.9 - (18.9) - (3.1) (2.8) 71.6
________________________________________________________________________________________________________________________
Total equity 194.7 9.4 8.9 - (18.9) 0.1 - (2.9) 191.3
________________________________________________________________________________________________________________________
APPENDIX C
Consolidated Balance Sheet at 31 March 2004 (unaudited)
Effect of IAS1 - Presentation of Financial Statements
Deferred Current
UK GAAP balances Provisions tax tax UK GAAP balances
in UK GAAP format #m #m #m #m #m in IFRS format
_______________________________________________________________________________________________________________________
Fixed assets Non-current assets
Intangible assets 183.8 - - - 183.8 Intangible assets
Tangible assets 356.2 - - - 356.2 Property, plant and equipment
Investment in joint ventures 8.6 - - - 8.6 Interests in joint ventures
Other unlisted investments 1.1 - - - 1.1 Other investments
- 0.9 - 0.9 Deferred tax assets
_____________________________________________________________________________________________________________________
Total fixed assets 549.7 - 0.9 - 550.6
_______________________________________________________________________________________________________________________
Current assets Current assets
Stocks 8.1 - - - 8.1 Inventories
Debtors 137.7 - - (1.2) 136.5 Trade and other receivables
- - 1.2 1.2 Current tax assets
Cash at bank and in hand 30.3 - - - 30.3 Cash and cash equivalents
_______________________________________________________________________________________________________________________
176.1 - - - 176.1
_______________________________________________________________________________________________________________________
726.7 Total assets
_______________________________________________________________________________________________________________________
Creditors: due within 1 year Current liabilities
Borrowings (15.8) - - - (15.8) Borrowings
Other creditors (165.9) - - 2.4 (163.5) Trade and other payables
- - (2.4) (2.4) Current tax liabilities
(1.9) - - (1.9) Provisions
_______________________________________________________________________________________________________________________
(181.7) (1.9) - - (183.6)
_______________________________________________________________________________________________________________________
Net current liabilities (5.6)
_______________________________________________________________________________________________________________________
Total assets less current liabilities 544.1
_______________________________________________________________________________________________________________________
Creditors: due after 1 year Non-current liabilities
Borrowings (323.6) - - - (323.6) Borrowings
Other creditors (8.4) - - - (8.4) Other non-current liabilities
- (19.0) - (19.0) Deferred tax liabilities
(54.8) - - (54.8) Provisions
_______________________________________________________________________________________________________________________
(332.0) (54.8) (19.0) - (405.8)
Provisions for liabilities and charges (74.8) 56.7 18.1 - -
_______________________________________________________________________________________________________________________
(589.4) Total liabilities
_______________________________________________________________________________________________________________________
Net assets 137.3 - - - 137.3 Net assets
_______________________________________________________________________________________________________________________
Capital and reserves Equity
Called up share capital 23.4 - - - 23.4 Share capital
Share premium account 93.1 - - - 93.1 Share premium
Profit and loss account 20.8 - - - 20.8 Retained earnings
_______________________________________________________________________________________________________________________
Equity shareholders' funds 137.3 - - - 137.3 Total equity
_______________________________________________________________________________________________________________________
Consolidated Balance Sheet at 31 March 2004 (unaudited)
Adjustments arising from IFRS adoption
IFRS3 IAS31
Goodwill Share IAS19 IAS12
UK and IAS10 of joint Employee IAS17 Income
GAAP intangibles Dividends ventures benefits Leases taxes IFRS
#m #m #m #m #m #m #m #m
________________________________________________________________________________________________________________________
Non-current assets
Intangible assets 183.8 2.0 - - - - - 185.8
Property, plant and equipment 356.2 (1.7) - 11.9 - 10.5 - 376.9
Investment in joint ventures 4.7 - - (4.7) - - - -
Loans to joint ventures 3.9 - - - - - - 3.9
Other investments 1.1 - - - - - - 1.1
Deferred tax assets 0.9 - - - 8.2 - - 9.1
________________________________________________________________________________________________________________________
550.6 0.3 - 7.2 8.2 10.5 - 576.8
________________________________________________________________________________________________________________________
Current assets
Inventories 8.1 - - 0.1 - - - 8.2
Trade and other receivables 136.5 (0.3) - 1.7 - - - 137.9
Current tax assets 1.2 - - - - - - 1.2
Cash and cash equivalents 30.3 - - 0.5 - - - 30.8
________________________________________________________________________________________________________________________
176.1 (0.3) - 2.3 - - - 178.1
________________________________________________________________________________________________________________________
Total assets 726.7 - - 9.5 8.2 10.5 - 754.9
________________________________________________________________________________________________________________________
Current liabilities
Borrowings (15.8) - - (0.9) - (1.9) - (18.6)
Trade and other payables (163.5) - 8.9 (2.9) 0.8 - - (156.7)
Current tax liabilities (2.4) - - (0.2) - - - (2.6)
Provisions (1.9) - - - - - - (1.9)
________________________________________________________________________________________________________________________
(183.6) - 8.9 (4.0) 0.8 (1.9) - (179.8)
________________________________________________________________________________________________________________________
Non-current liabilities
Borrowings (323.6) - - (1.5) - (8.7) - (333.8)
Other non-current liabilities (8.4) - - (2.5) - - - (10.9)
Deferred tax liabilities (19.0) - - (0.1) - - (2.8) (21.9)
Provisions (54.8) - - (1.4) - - - (56.2)
Retirement benefit obligations - - - - (28.2) - - (28.2)
________________________________________________________________________________________________________________________
(405.8) - - (5.5) (28.2) (8.7) (2.8) (451.0)
________________________________________________________________________________________________________________________
Total liabilities (589.4) - 8.9 (9.5) (27.4) (10.6) (2.8) (630.8)
________________________________________________________________________________________________________________________
Net assets 137.3 - 8.9 - (19.2) (0.1) (2.8) 124.1
________________________________________________________________________________________________________________________
Equity
Share capital 23.4 - - - - - - 23.4
Share premium 93.1 - - - - - - 93.1
Retained earnings 20.8 - 8.9 - (19.2) (0.1) (2.8) 7.6
________________________________________________________________________________________________________________________
Total equity 137.3 - 8.9 - (19.2) (0.1) (2.8) 124.1
________________________________________________________________________________________________________________________
APPENDIX D
UK GAAP to IFRS Reconciliation of Financial Highlights
For the year ended 31 March 2005
(i) Revenues
#m
________________________________________________________________________________
Group turnover under UK GAAP 503.6
IAS1 - Discontinued activities (37.9)
________________________________________________________________________________
Group turnover on continuing activities under UK GAAP 465.7
IAS31 - Share of joint ventures 10.2
________________________________________________________________________________
Group revenues under IFRS 475.9
________________________________________________________________________________
(ii) Headline profit
#m
________________________________________________________________________________
Headline profit under UK GAAP 33.3
IAS1 - Discontinued activities (3.0)
________________________________________________________________________________
Headline profit on continuing activities under UK GAAP 30.3
Include intangible amortisation (contract rights) (0.2)
IAS19 - Employee benefits (0.7)
IAS17 - Leases 0.1
________________________________________________________________________________
Headline profit under IFRS 29.5
________________________________________________________________________________
IFRS Headline Profit represents profit from continuing activities before
exceptional items, changes in fair value of financial instruments and tax.
(iii) Exceptional items
Those items separately disclosed on the face of the IFRS income statement due to
their size and incidence are considered exceptional for the purposes of
determining Headline Profit.
#m
________________________________________________________________________________
Exceptional operating costs - restructuring (10.4)
Non-operating exceptional costs - disposal of business 51.5
________________________________________________________________________________
Exceptional items under UK GAAP 41.1
IAS1 - Discontinued activities (51.5)
IFRS2 - Share based payments (0.1)
________________________________________________________________________________
Restructuring costs shown on the face of the Consolidated Income
Statement under IFRS (10.5)
________________________________________________________________________________
(iv) Intangibles/goodwill amortisation
#m
________________________________________________________________________________
Goodwill amortisation under UK GAAP (10.0)
IAS1 - Discontinued activities 0.4
________________________________________________________________________________
Goodwill amortisation on continuing activities under UK GAAP (9.6)
Include intangible amortisation under UK GAAP (0.4)
IFRS3 - Business combinations 9.4
________________________________________________________________________________
Intangibles amortisation under IFRS (0.6)
________________________________________________________________________________
Intangibles amortisation is included in the IFRS based Headline Profit.
(v) Profit before tax
#m
________________________________________________________________________________
Profit before tax under UK GAAP 64.4
IAS1 - Discontinued activities (54.1)
________________________________________________________________________________
Profit before tax on continuing activities under UK GAAP 10.3
IFRS3 - Business combinations 9.4
IAS19 - Employee benefits (0.7)
IFRS2 - Share based payments (0.1)
IAS17 - Leases 0.1
________________________________________________________________________________
Profit before tax under IFRS 19.0
________________________________________________________________________________
(vi) Profit on continuing businesses before interest, exceptional items,
goodwill amortisation and tax
#m
________________________________________________________________________________
Profit on continuing businesses before interest, exceptional items,
goodwill amortisation and tax under UK GAAP 38.3
Include intangible amortisation (contract rights) (0.2)
IAS19 - Employee benefits (0.1)
IAS17 - Leases 0.6
________________________________________________________________________________
Profit on continuing businesses before interest, exceptional items
and tax under IFRS 38.6
________________________________________________________________________________
(vii) Adjusted basic earnings per share
Earnings Earnings
#m Pence per share
________________________________________________________________________________
Adjusted basic earnings under UK GAAP 21.9 9.4
IAS1 - Discontinued activities (net of tax) (1.8) (0.8)
________________________________________________________________________________
Adjusted basic earnings on continuing
activities under UK GAAP 20.1 8.6
Include intangible amortisation of contract rights
under UK GAAP (net of tax) (0.2) (0.1)
IAS19 - Employee benefits (net of tax) (0.5) (0.2)
IAS17 - Leases (net of tax) 0.1 -
________________________________________________________________________________
Adjusted basic earnings under IFRS 19.5 8.3
________________________________________________________________________________
(viii) Basic earnings per share
Earnings Earnings
#m Pence per share
________________________________________________________________________________
Basic earnings under UK GAAP 60.2 25.7
IFRS3 - Business combinations 16.7 7.1
IAS19 - Employee benefits (net of tax) 0.2 0.1
IFRS2 - Share based payments (0.1) -
IAS17 - Leases (net of tax) 0.1 -
________________________________________________________________________________
Basic earnings under IFRS 77.1 32.9
________________________________________________________________________________
(ix) Net assets
31 March 2005 #m
________________________________________________________________________________
Net assets under UK GAAP 194.7
IFRS3 - Business combinations (net of tax) 9.4
IAS10 - Events after the balance sheet date 8.9
IAS19 - Employee benefits (net of tax) (18.9)
IAS17 - Leases (net of tax) 0.1
IAS12 - Deferred tax (2.9)
________________________________________________________________________________
Net assets under IFRS 191.3
________________________________________________________________________________
(x) Debt
Share
of joint Principal
ventures debt PFICOs Total
#m #m #m #m
________________________________________________________________________________
Net debt under UK GAAP - (99.5) (62.8) (162.3)
IAS31 - Accounting for Investments (1.5) - - (1.5)
IAS17 - Leases - (9.6) - (9.6)
________________________________________________________________________________
Net debt under IFRS (1.5) (109.1) (62.8) (173.4)
________________________________________________________________________________
(xi) Earnings before interest, tax, depreciation and amortisation (EBITDA)
Pre-
exceptional Exceptional Total Dis-
continuing continuing continuing continued Total
#m #m #m #m #m
_________________________________________________________________________________________________________________
EBITDA under UK GAAP presentation 83.4 (7.1) 76.3 - 76.3
IAS1 Presentation changes:
Operating profits on discontinued activities (5.4) - (5.4) 5.4 -
Depreciation on discontinued activities (5.8) - (5.8) 5.8 -
Provisions for aftercare and site restoration (3.1) - (3.1) - (3.1)
Profit on sale of fixed assets (1.4) - (1.4) - (1.4)
__________________________________________________________________________________________________________________
EBITDA under UK GAAP - IFRS presentation 67.7 (7.1) 60.6 11.2 71.8
IAS31 - Share of joint ventures depreciation 1.5 - 1.5 - 1.5
IAS17 - Leases 2.6 - 2.6 - 2.6
IAS19 - Employee benefits (0.1) - (0.1) - (0.1)
IFRS2 - Share based payments - (0.1) (0.1) - (0.1)
__________________________________________________________________________________________________________________
EBITDA under IFRS 71.7 (7.2) 64.5 11.2 75.7
__________________________________________________________________________________________________________________
Profit from continuing operations under IFRS 38.6 (10.5) 28.1 - 28.1
Profit from discontinued operations - - - 5.4 5.4
Amortisation of intangible assets 0.6 - 0.6 - 0.6
Impairment loss on intangible assets - 0.5 0.5 - 0.5
Depreciation of property, plant and equipment 33.9 - 33.9 5.8 39.7
Impairment loss on property, plant and equipment - 2.8 2.8 - 2.8
Gain on disposal of property, plant and equipment (1.4) - (1.4) - (1.4)
__________________________________________________________________________________________________________________
EBITDA under IFRS 71.7 (7.2) 64.5 11.2 75.7
__________________________________________________________________________________________________________________
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Shanks Group plc
