REG-Capita PLC: Half-year Report <Origin Href="QuoteRef">CPI.L</Origin> - Part 3

CapitaAnnouncement

27/07/2016 07:05

- Part 3: For the preceding part double click  ID:nPRrQ9C74b 

H2 2015                    —            (£18.7 m)                     Businesses reported in H1 2015 as underlying       
                                                                                                                      reported in H1 2016 as non-underlying              
 Businesses held for sale like-for-like comparison                         —            (£54.0 m)                     Businesses reported in H1 2015 as underlying       
                                                                                                                      reported in H1 2016 as non-underlying              
 Underlying revenue on a like-for-like basis                        £2,405.4 m        £2,210.0 m         8.8      %   Underlying revenue excluding businesses exited     
 2015 acquisitions                                                    (£67.4 m)              —          (3.0     )%   Additional contribution in H1 2016 of acquisitions 
                                                                                                                      acquired in 2015                                   
 2016 acquisitions                                                    (£17.0 m)              —          (0.8     )%   Contribution in H1 2016 of acquisitions acquired in 
                                                                                                                      2016                                               
 Underlying organic revenue                                         £2,321.0 m        £2,210.0 m         5.0      %   Underlying revenue excluding businesses exited and 
                                                                                                                      acquired                                           
 Underlying operating profit                                          £317.6 m          £288.8 m        10.0      %   Line item in income statement                      
 Businesses held for sale like-for-like comparison                              n/a      (£4.3 m)                     Businesses reported in H1 2015 as underlying       
                                                                                                                      reported in H1 2016 as non-underlying              
 Like-for-like operating profit                                                 n/a     £284.5 m                      Underlying operating profit excluding businesses   
                                                                                                                      exited                                             
 Underlying operating margin                                            13.2      %       12.7      %                 Calculation (underlying operating profit/underlying 
                                                                                                                      revenue)                                           
 Like-for-like operating margin                                         13.2      %       12.9      %       30 b.p.   Calculation (like-for-like operating profit/like   
                                                                                                                      -for-like underlying revenue)                      
 Underlying profit before tax                                         £285.3 m          £264.9 m         7.7      %   Line item in income statement                      
 Underlying earnings per share                                               34.24p            32.03p    6.9      %   Line item in income statement and note 7           
 Cash generated by operations before non-underlying cash items              £387.7m           £300.3m                 Line item in cash flow statement                   
 Underlying operating profit to cash conversion rate                     122      %        104      %                 Calculation (cash generated from operations before 
                                                                                                                      non-underlying cash items/underlying operating     
                                                                                                                      profit)                                            
 Underlying free cash flow                                                  £235.8m           £181.0m                 Line item in note 11 – additional cash flow        
                                                                                                                      information                                        
 Underlying net interest charge                                        £32.3 m           £23.9 m                      Line item in income statement and note 6           
 Annualised underlying EBITDA                                               £763.1m           £699.1m                 This is underlying profit before tax plus          
                                                                                                                      underlying interest plus depreciation and          
                                                                                                                      amortisation treated as depreciation. To arrive at 
                                                                                                                      an annualised figure, HY1 results are added to the 
                                                                                                                      prior year's HY2 results which can be deduced by   
                                                                                                                      subtracting the prior year's HY1 results from the  
                                                                                                                      FY results.                                        
 Annualised underlying interest charge                                 £61.9 m           £42.3 m                      Annualised calculation per EBITDA above            
 Annualised underlying interest cover                                   12.3 x            16.5 x                      Calculation (annualised underlying EBITDA /        
                                                                                                                      annualised Interest charge)                        
 Net debt                                                            1,901.3 m         1,761.0 m                      Line item in note 11 – additional cash flow        
                                                                                                                      information                                        
 Annualised net debt to EBITDA ratio                                    2.49              2.52                        Calculation (Net debt / annualised underlying      
                                                                                                                      EBITDA)                                            
 Post-tax return on average capital employed (ROCE)                     15.0      %       15.0      %                 This is calculated as annualised underlying        
                                                                                                                      operating profit after tax divided by average      
                                                                                                                      capital employed. Capital employed is the total of 
                                                                                                                      equity shareholders' funds, net debt and pension   
                                                                                                                      deficit adjusted for the cumulative impact of non  
                                                                                                                      -underlying items such as amortisation of acquired 
                                                                                                                      intangibles. The average is calculated based on the 
                                                                                                                      capital employed at the beginning and end of the 12 
                                                                                                                      month period to the reporting date. Capital        
                                                                                                                      employed is also adjusted to reflect the timing of 
                                                                                                                      acquisitions during the 12 month period. Annualised 
                                                                                                                      operating profit is calculated by adding the HY1   
                                                                                                                      figure to the prior year's HY2 figure calculated as 
                                                                                                                      noted above by subtracting the prior year's HY1    
                                                                                                                      figure from the FY figure.                         



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