REG - Close Bros Grp PLC - Half-year Report <Origin Href="QuoteRef">CBRO.L</Origin> - Part 3
14/03/2017 07:07
- Part 3: For the preceding part double click ID:nRSN3300Zb
July
2017 2016 2016
million million million
Average number of shares
Basic weighted 148.6 148.4 148.4
Effect of dilutive share options and awards 0.6 1.9 1.7
Diluted weighted 149.2 150.3 150.1
5. Dividends
Six months ended Year ended
31 January 31 July
2017 2016 2016
£ million £ million £ million
For each ordinary share
Interim dividend for previous financial year paid in April 2016: 19.0p - - 28.0
Final dividend for previous financial year paid in November 2016: 38.0p (November 2015: 35.5p) 56.0 52.3 52.3
56.0 52.3 80.3
An interim dividend relating to the six months ended 31 January 2017 of 20.0p, amounting to an estimated £29.5 million, is
declared. This interim dividend, which is due to be paid on 26 April 2017 to shareholders on the register at 24 March
2017, is not reflected in these financial statements.
6. Loans and advances to customers
The contractual maturity of loans and advances to customers is set out below:
On demand Within three months Between three months and one year Between one and two years Between two and five years After more than five years Impairment provisions Total
£ million £ million £ million £ million £ million £ million £ million £ million
At 31 January 2017 58.3 1,900.7 1,872.4 1,324.6 1,355.9 81.9 (50.0) 6,543.8
At 31 January 2016 87.0 1,614.5 1,801.2 1,160.3 1,304.6 55.0 (53.8) 5,968.8
At 31 July 2016 58.1 1,746.0 2,014.4 1,279.3 1,328.2 65.3 (59.7) 6,431.6
31 January 31 July
2017 2016 2016
£ million £ million £ million
Impairment provisions on loans and advances to customers
Opening balance 59.7 56.1 56.1
Charge for the period 17.3 16.7 37.9
Amounts written off net of recoveries (27.0) (19.0) (34.3)
Impairment provisions 50.0 53.8 59.7
At 31 January 2017, gross impaired loans were £126.2 million (31 January 2016: £160.0 million; 31 July 2016: £158.5
million) and equate to 2% (31 January 2016: 3%; 31 July 2016: 2%) of the gross loan book before impairment provisions. The
majority of the group's lending is secured and therefore the gross impaired loans quoted do not reflect the expected loss.
7. Debt securities
Held for trading Available for sale Loans and receivables Total
£ million £ million £ million £ million
Long trading positions in debt securities 14.5 - - 14.5
Certificates of deposit - - 145.3 145.3
Sovereign and central bank debt - 40.7 - 40.7
At 31 January 2017 14.5 40.7 145.3 200.5
Held for trading Available for sale Loans and receivables Total
£ million £ million £ million £ million
Long trading positions in debt securities 12.2 - - 12.2
Certificates of deposit - - 200.9 200.9
Sovereign and central bank debt - - - -
At 31 January 2016 12.2 - 200.9 213.1
Held for trading Available for sale Loans and receivables Total
£ million £ million £ million £ million
Long trading positions in debt securities 20.3 - - 20.3
Certificates of deposit - - 201.0 201.0
Sovereign and central bank debt - - - -
At 31 July 2016 20.3 - 201.0 221.3
Movements in the book value of sovereign and central bank debt held as available for sale during the period
comprise:
Sovereign and central bank debt
£ million
At 1 August 2015 20.1
Additions -
Disposals -
Redemptions at maturity (20.0)
Currency translation differences -
Movement in value (0.1)
At 31 January 2016 -
Additions -
Disposals -
Redemptions at maturity -
Currency translation differences -
Movement in value -
At 31 July 2016 -
Additions 41.6
Disposals -
Redemptions at maturity -
Currency translation differences -
Movement in value (0.9)
At 31 January 2017 40.7
8. Equity shares
31 January 31 July
2017 2016 2016
£ million £ million £ million
Long trading positions 33.5 35.5 26.1
Other equity shares 2.1 2.2 2.1
35.6 37.7 28.2
Movements in the book value of other equity shares held during the period comprise:
Available for sale Fair valuethroughprofit or loss Total
£ million £ million £ million
At 1 August 2015 10.0 0.1 10.1
Additions - - -
Disposals (7.5) - (7.5)
Currency translation differences 0.2 - 0.2
Movement in value of:
Equity shares classified as available for sale (0.6) - (0.6)
At 31 January 2016 2.1 0.1 2.2
Additions - - -
Disposals (0.2) - (0.2)
Currency translation differences 0.2 - 0.2
Movement in value of:
Equity shares classified as available for sale (0.1) - (0.1)
At 31 July 2016 2.0 0.1 2.1
Additions - - -
Disposals - (0.1) (0.1)
Currency translation differences - - -
Movement in value of:
Equity shares classified as available for sale 0.1 - 0.1
At 31 January 2017 2.1 - 2.1
9. Settlement balances and short positions
31 January 31 July
2017 2016 2016
£ million £ million £ million
Settlement balances 442.3 325.2 456.3
Short positions held for trading:
Debt securities 11.2 10.6 5.8
Equity shares 12.8 14.4 13.5
24.0 25.0 19.3
466.3 350.2 475.6
10. Financial liabilities
The contractual maturity of financial liabilities is set out below:
On Within Between Between Between After more than five years Total
demand three three months one and two and
months and one year two years five years
£ million £ million £ million £ million £ million £ million £ million
Deposits by banks 17.1 17.2 34.2 1.5 - - 70.0
Deposits by customers 112.8 770.7 2,284.3 1,111.8 585.3 - 4,864.9
Loans and overdrafts from banks 13.1 54.7 50.8 90.2 210.1 - 418.9
Debt securities in issue 10.4 208.8 111.1 189.0 897.4 286.4 1,703.1
Subordinated loan capital1 (0.9) 1.4 0.2 - - 218.7 219.4
At 31 January 2017 152.5 1,052.8 2,480.6 1,392.5 1,692.8 505.1 7,276.3
1 Comprises issuances of £175 million and £45 million with contractual maturity dates of 2027 and 2026 and optional
prepayment dates of 2022 and 2021 respectively.
On Within Between Between Between Aftermore thanfive years Total
demand three three months one and two and
months and one year two years five years
£ million £ million £ million £ million £ million £ million £ million
Deposits by banks 18.7 3.5 15.1 11.5 - - 48.8
Deposits by customers 496.0 896.3 2,005.0 859.2 358.7 - 4,615.2
Loans and overdrafts from banks 12.3 153.3 - 60.3 90.0 - 315.9
Debt securities in issue 20.5 6.6 201.0 602.2 246.2 317.8 1,394.3
Subordinated loan capital1 - 1.4 - - - 45.0 46.4
At 31 January 2016 547.5 1,061.1 2,221.1 1,533.2 694.9 362.8 6,420.6
1 Comprises two issuances totalling £45 million with a contractual maturity date of 2026 and an optional prepayment date
of 2021.
On Within Between Between Between After more than five years Total
demand three three months one and two and
months and one year two years five years
£ million £ million £ million £ million £ million £ million £ million
Deposits by banks 31.9 1.9 26.5 10.1 0.7 - 71.1
Deposits by customers 130.8 918.0 2,117.3 1,233.4 495.1 - 4,894.6
Loans and overdrafts from banks 11.0 207.8 160.1 90.2 - - 469.1
Debt securities in issue 30.2 7.1 557.1 201.5 589.1 37.8 1,422.8
Subordinated loan capital1 - 1.4 - - - 45.0 46.4
At 31 July 2016 203.9 1,136.2 2,861.0 1,535.2 1,084.9 82.8 6,904.0
1 Comprises two issuances totalling £45 million with a contractual maturity date of 2026 and an optional prepayment date
of 2021.
At 31 January 2017, asset finance loan receivables of £745.7 million (31 January 2016: £745.2 million; 31 July 2016: £737.4
million) and part of the £168.1 million (31 January 2016: £nil; 31 July 2016: £168.1 million) asset-backed securities in
issue retained for liquidity purposes were positioned with the Bank of England. These loan receivables and asset-backed
securities were used as collateral within the Bank of England's Funding for Lending Scheme and Term Funding Scheme, against
which £275.0 million of UK Treasury Bills (31 January 2016: £375.0 million; 31 July 2016: £451.0 million) and £210.0
million cash (31 January 2016: £nil; 31 July 2016: £nil) had been drawn at the reporting date. The term of these
transactions is four years from the date of each drawdown.
The group also had repurchase agreements whereby £175.0 million (31 January 2016: £300.0 million; 31 July 2016: £451.0
million) from a total of £275.0 million (31 January 2016: £375.0 million; 31 July 2016: £451.0 million) UK Treasury Bills
drawn, have been lent in exchange for cash included within loans and overdrafts from banks.
The Treasury Bills are not recorded on the group's consolidated balance sheet as ownership remains with the Bank of
England. The risk and rewards of the loans and advances to customers remain with the group and continue to be recognised
in the consolidated balance sheet.
The group has securitised without recourse and restrictions £1,458.2 million (31 January 2016: £1,200.8 million; 31 July
2016: £1,443.9 million) of its insurance premium and motor loan receivables in return for asset-backed securities in issue
of £1,065.5 million (31 January 2016: £848.4 million; 31 July 2016: £1,015.9 million) which includes £168.1 million (31
January 2016: £nil; 31 July 2016: £168.1 million) asset-backed securities in issue retained for liquidity purposes. As the
group has retained exposure to substantially all the credit risk and rewards of the residual benefit of the underlying
assets it continues to recognise these assets in loans and advances to customers in its consolidated balance sheet.
11. Capital
The group's individual regulated entities and the group as a whole complied with all of the externally imposed capital
requirements to which they were subject for the periods to 31 January 2017 and 31 January 2016, and the year ended 31 July
2016. The table below summarises the composition of regulatory capital and Pillar 1 risk weighted assets at those
financial period ends.
31 January 31 July
2017 2016 2016
£ million £ million £ million
Common equity tier 1 capital
Called up share capital 37.7 37.7 37.7
Share premium account 284.0 284.0 284.0
Retained earnings1 840.7 728.9 797.5
Other reserves recognised for common equity tier 1 capital 19.3 20.6 21.8
Deductions from common equity tier 1 capital
Intangible assets, net of associated deferred tax liabilities (158.2) (140.8) (145.3)
Foreseeable dividend2 (44.8) (43.8) (56.1)
Investment in own shares (36.6) (39.6) (37.2)
Pension asset, net of associated deferred tax liabilities (3.1) (1.1) (0.9)
Prudent valuation adjustment (0.2) (0.1) (0.1)
Common equity tier 1 capital 938.8 845.8 901.4
Tier 2 capital
Subordinated debt3 203.8 23.9 24.0
Unrealised gains on available for sale equity shares 0.1 - -
Tier 2 capital 203.9 23.9 24.0
Total regulatory capital 1,142.7 869.7 925.4
Risk weighted assets (notional) - unaudited
Credit and counterparty risk 6,585.2 5,385.8 5,824.9
Operational risk4 784.9 753.5 784.9
Market risk4 85.9 78.8 72.7
7,456.0 6,218.1 6,682.5
Common equity tier 1 capital ratio 12.6% 13.6% 13.5%
Total capital ratio 15.3% 14.0% 13.8%
1 Retained earnings for periods ended 31 January 2017 and 31 January 2016 include all profits (both verified and
unverified) for the
respective six month period.
2 Under the Regulatory Technical Standard on own funds, a deduction has been recognised for a foreseeable dividend. In
accordance with this standard, for 31 January 2017 and 31 January 2016 a foreseeable dividend has been determined based
on the average payout ratio over the previous three years applied to the retained earnings for the period. For 31 July
2016 a
foreseeable dividend was determined as the proposed final dividend.
3 Shown after applying the Capital Requirements Regulation's transitional and qualifying own funds arrangements.
4 Operational and market risk include a notional adjustment at 8% in order to determine notional risk weighted assets.
During the period ending 31 January 2017, credit risk RWAs increased due to the application of the EBA's guidance mandating
150% risk weighting of property development loans. During the same period, the group issued £175 million of tier 2
capital. More information on these developments can be found on page 7.
The following table shows a reconciliation between equity and common equity tier 1 capital after deductions:
31 January 31 July
2017 2016 2016
£ million £ million £ million
Equity 1,141.0 1,026.5 1,096.9
Regulatory deductions from equity:
Intangible assets, net of associated deferred tax liabilities (158.2) (140.8) (145.3)
Foreseeable dividend1 (44.8) (43.8) (56.1)
Pension asset, net of associated deferred tax liabilities (3.1) (1.1) (0.9)
Prudent valuation adjustment (0.2) (0.1) (0.1)
Other reserves not recognised for common equity tier 1 capital:
Available for sale movements reserve (0.1) - -
Cash flow hedging reserve 3.9 5.1 6.7
Non-controlling interests 0.3 - 0.2
Common equity tier 1 capital 938.8 845.8 901.4
1 Under the Regulatory Technical Standard on own funds, a deduction has been recognised for a foreseeable dividend. In
accordance with this standard, for 31 January 2017 and 31 January 2016 a foreseeable dividend has been determined based
on the average payout ratio over the previous three years applied to the retained earnings for the period. For 31 July
2016 a
foreseeable dividend was determined as the proposed final dividend.
The following table shows the movement in common equity tier 1 capital during the period:
£ million
Common equity tier 1 capital at 31 July 2016 901.4
Profit in the period attributable to shareholders 96.8
Dividends paid and foreseen (44.7)
Other movements in retained reserves 2.4
Decrease in share-based payments reserve (1.6)
Increase in exchange movements reserve 0.2
Decrease in available for sale movements reserve (0.5)
Increase in prudent valuation adjustment (0.1)
Increase in intangible assets, net of associated deferred tax liabilities (12.9)
Increase in pension assets, net of associated deferred tax liabilities (2.2)
Common equity tier 1 capital at 31 January 2017 938.8
12. Contingent liabilities
Financial Services Compensation Scheme ("FSCS")
As disclosed in note 23 of the Annual Report 2016, the group is exposed to the FSCS which provides compensation to
customers of financial institutions in the event that an institution is unable, or is likely to be unable, to pay claims
against it. The FSCS raises levies on UK licensed deposit-taking institutions to meet such claims based on their share of
UK deposits on 31 December of the year preceding the scheme year (which runs from 1 April to 31 March).
Following the default of a number of deposit takers in 2008, the FSCS borrowed funds from HM Treasury to meet the
compensation costs for customers of those firms. While it is expected that the substantial majority of the principal will
be repaid from funds the FSCS receives from asset sales, surplus cash flow or other recoveries in relation to the assets of
the institutions that defaulted, to the extent that there remains a shortfall, the FSCS will raise compensation levies on
all deposit-taking participants.
The amount of any future compensation levies payable by the group also depends on a number of factors including
participation in the market at 31 December, the level of protected deposits and the population of deposit-taking
participants. The group continues to accrue for its share of levies that have been raised by the FSCS.
13. Related party transactions
Related party transactions, including salary and benefits provided to directors and key management, did not have a material
effect on the financial position or performance of the group during the period. There were no changes to the type and
nature of the related party transactions disclosed in the Annual Report 2016 that could have a material effect on the
financial position and performance of the group in the six months to 31 January 2017.
14. Consolidated cash flow statement reconciliation
31 January 31 July
2017 2016 2016
£ million £ million £ million
(a) Reconciliation of operating profit before tax to net cash inflow from operating activities
Operating profit before tax 131.4 108.7 228.5
Tax paid (27.5) (21.4) (53.7)
Depreciation and amortisation 27.6 23.2 49.1
(Increase)/decrease in:
Interest receivable and prepaid expenses (15.5) (5.5) (16.0)
Net settlement balances and trading positions 6.5 9.5 (9.7)
Net loans to/from money broker against stock advanced (22.9) 0.7 16.0
(Decrease)/increase in interest payable and accrued expenses (17.7) (35.8) 3.2
Net cash inflow from trading activities 81.9 79.4 217.4
(Increase)/decrease in:
Loans and advances to banks not repayable on demand 3.4 (6.3) (26.7)
Loans and advances to customers (112.2) (231.0) (693.8)
Assets held under operating leases (27.1) (22.4) (51.9)
Certificates of deposit 55.7 (85.6) (85.7)
Sovereign and central bank debt (41.6) 20.0 20.0
Other assets less other liabilities 9.2 2.4 28.9
Increase/(decrease) in:
Deposits by banks (1.1) 13.7 36.0
Deposits by customers (29.7) 133.8 413.2
Loans and overdrafts from banks (50.2) (65.3) 87.9
Debt securities in issue, net of transaction costs 470.9 19.0 35.9
Net cash inflow/(outflow) from operating activities 359.2 (142.3) (18.8)
(b) Analysis of net cash outflow in respect of the purchase of subsidiaries and non-controlling interests
Cash consideration paid (6.3) - (3.6)
(c) Analysis of net cash (outflow)/inflow in respect of the sale of a subsidiary
Cash consideration received 0.3 2.4 2.4
Cash and cash equivalents disposed of (0.6) (0.1) (0.1)
(0.3) 2.3 2.3
(d) Analysis of changes in financing activities
Share capital (including premium), CBG bond and subordinated loan capital1:
Opening balance 566.6 566.6 566.6
Prepayment of subordinated loan capital - - -
Shares issued for cash - - -
Closing balance 566.6 566.6 566.6
31 January 31 July
2017 2016 2016
£ million £ million £ million
(e) Analysis of cash and cash equivalents2
Cash and balances at central banks 1,113.8 802.5 840.6
Loans and advances to banks repayable on demand 68.4 70.3 82.7
1,182.2 872.8 923.3
1 Excludes accrued interest.
2 Excludes Bank of England cash reserve account and amounts held as collateral.
15. Fair value of financial assets and liabilities
The fair values of the group's financial assets and liabilities are not materially different from their carrying values.
The main differences are as follows:
31 January 2017 31 January 2016 31 July 2016
Fair value Carrying value Fair value Carrying value Fair value Carrying value
£ million £ million £ million £ million £ million £ million
Subordinated loan capital 230.9 219.4 54.1 46.4 52.4 46.4
Debt securities in issue 1,722.3 1,703.1 1,400.6 1,394.3 1,432.2 1,422.8
The group issued £175 million of subordinated loan capital in the period ended 31 January 2017.
The group holds financial instruments that are measured at fair value subsequent to initial recognition. Each instrument
has been categorised within one of three levels using a fair value hierarchy that reflects the significance of the inputs
used in making the measurements. These levels are based on the degree to which the fair value is observable and are defined
in note 28 "Financial risk management" of the Annual Report 2016.
The table below shows the classification of financial instruments held at fair value into the valuation hierarchy:
Level 1 Level 2 Level 3 Total
£ million £ million £ million £ million
At 31 January 2017
Assets
Debt securities:
Long trading positions in debt securities held for trading 12.7 1.8 - 14.5
Sovereign and central bank debt classified as available for sale 40.7 - - 40.7
Equity shares:
Held for trading 5.8 27.7 - 33.5
Fair value through profit or loss - - - -
Available for sale - - 2.1 2.1
Derivative financial instruments - 29.8 - 29.8
Contingent consideration - - 2.4 2.4
59.2 59.3 4.5 123.0
Liabilities
Short positions:
Debt securities 8.6 2.6 - 11.2
Equity shares 3.7 9.1 - 12.8
Derivative financial instruments - 17.9 - 17.9
Contingent consideration - - 4.6 4.6
12.3 29.6 4.6 46.5
Level 1 Level 2 Level 3 Total
£ million £ million £ million £ million
At 31 January 2016
Assets
Debt securities:
Long trading positions in debt securities held for trading 9.8 2.4 - 12.2
Sovereign and central bank debt classified as available for sale - - - -
Equity shares:
Held for trading 7.8 27.7 - 35.5
Fair value through profit or loss - 0.1 - 0.1
Available for sale - - 2.1 2.1
Derivative financial instruments - 30.0 - 30.0
Contingent consideration - - - -
17.6 60.2 2.1 79.9
Liabilities
Short positions:
Debt securities 8.5 2.1 - 10.6
Equity shares 5.2 9.2 - 14.4
Derivative financial instruments - 9.6 - 9.6
Contingent consideration - - - -
13.7 20.9 - 34.6
Level 1 Level 2 Level 3 Total
£ million £ million £ million £ million
At 31 July 2016
Assets
Debt securities:
Long trading positions in debt securities held for trading 16.1 4.2 - 20.3
Sovereign and central bank debt classified as available for sale - - - -
Equity shares:
Held for trading 3.4 22.7 - 26.1
Fair value through profit or loss - 0.1 - 0.1
Available for sale - - 2.0 2.0
Derivative financial instruments - 44.7 - 44.7
Contingent consideration - - - -
19.5 71.7 2.0 93.2
Liabilities
Short positions:
Debt securities 3.0 2.8 - 5.8
Equity shares 3.7 9.8 - 13.5
Derivative financial instruments - 16.3 - 16.3
Contingent consideration - - - -
6.7 28.9 - 35.6
At 31 January 2017, financial instruments classified as Level 3 predominantly comprise a legacy investment property fund
(as described in note 28 "Financial risk management" of the Annual Report 2016) and contingent consideration payable and
receivable in relation to two acquisitions and the disposal of a subsidiary.
The valuation of contingent consideration is determined on a discounted expected cash flow basis. The group believes that
there is no reasonably possible change to the inputs used in the valuation of this position which would have a material
effect on the group's consolidated income statement.
In the year ended 31 July 2016 a number of listed equity shares were classified as Level 2 (classified as Level 1 in the
previous year) following an assessment of the frequency of transactions in these shares. These shares remain classified as
Level 2 in the current period and the prior period has been re-presented for comparability. Aside from this there were no
significant transfers between Level 1, 2 and 3 during the periods.
Movements in financial instruments categorised as Level 3 during the periods were:
Equity shares available for sale Contingent consideration
£ million £ million
At 1 August 2015 10.0 -
Total losses recognised in the consolidated income statement (0.4) -
Total losses recognised in other comprehensive income - -
Purchases and issues - -
Sales and settlements (7.5) -
At 31 January 2016 2.1 -
Total losses recognised in the consolidated income statement 0.1 -
Total gains recognised in other comprehensive income - -
Purchases and issues - -
Sales and settlements (0.2) -
At 31 July 2016 2.0 -
Total losses recognised in the consolidated income statement - -
Total gains recognised in other comprehensive income 0.1 -
Purchases and issues - (4.6)
Sales and settlements - 2.4
At 31 January 2017 2.1 (2.2)
There were £nil unrealised losses recognised in the consolidated income statement relating to instruments held at 31
January 2017 (31 January 2016: £0.4 million losses; 31 July 2016: £0.3 million losses).
16. Post balance sheet event
On 3 February 2017, the group agreed to acquire a specialist provider of secured finance to law firms and their clients
which had net assets of £3.8 million including a loan book of £32.7 million at 31 March 2016. The acquisition is expected
to complete during the current financial year.
Cautionary Statement
Certain statements included or incorporated by reference within this announcement may constitute "forward-looking
statements" in respect of the group's operations, performance, prospects and/or financial condition. Forward-looking
statements are sometimes, but not always, identified by their use of a date in the future or such words as "anticipates",
"aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal"
or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and
actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no
assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking
statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a
representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to
update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast. Past performance is no guide to future performance and persons
needing advice should consult an independent financial adviser.
This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to
subscribe for or purchase any shares or other securities in the company or any of its group members, nor shall it or any
part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or
commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other
securities of the company or any of its group members. Past performance cannot be relied upon as a guide to future
performance and persons needing advice should consult an independent financial adviser. Statements in this announcement
reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this
announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable
laws that cannot be excluded in accordance with such laws.
This information is provided by RNS
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