REG - Close Bros Grp PLC - Preliminary results for year ended 31 July 2017 <Origin Href="QuoteRef">CBRO.L</Origin> - Part 2
26/09/2017 07:06
- Part 2: For the preceding part double click ID:nRSZ7673Ra
managers, and incremental acquisitions.
DEFINITIONS
Adjusted: Adjusted measures are used to increase comparability between periods and exclude amortisation of intangible
assets on acquisition, and any exceptional items
Bad debt ratio: Impairment losses as a percentage of average net loans and advances to customers and operating lease
assets
Compensation ratio: Total staff costs as a percentage of operating income
Dividend per share ("DPS"): Comprises the final dividend proposed for the respective year together with the interim
dividend declared and paid in the year
Earnings per share ("EPS"): Profit attributable to shareholders divided by number of basic shares
Effective tax rate: Tax on operating profit/(loss) as a percentage of operating profit/(loss) ordinary activities before
tax
Expense/income ratio: Total adjusted operating expenses divided by operating income
Funding allocated to loan book: Total funding excluding equity and funding held for liquidity purposes
Funding % loan book: Total funding divided by net loans and advances to customers
High quality liquid assets ("HQLAs"): Assets which qualify for regulatory liquidity purposes, including Bank of England
deposits and sovereign and central bank debt, including funds drawn under the Funding for Lending Scheme
Leverage ratio: Tier 1 capital as a percentage of total balance sheet assets, adjusted for certain capital deductions,
including intangible assets, and off balance sheet exposures
Liquidity coverage ratio: Measure of the group's HQLAs as a percentage of expected net cash outflows over the next 30 days
in a stressed scenario
Loan to value ratio ("LTV"): For a secured loan, the loan balance as a percentage of the total value of the asset
Net interest margin ("NIM"): Net income generated by lending activities, including net interest income, net fees and
commissions and net operating lease income less depreciation on operating lease assets, divided by average net loans and
advances to customers and operating lease assets
Operating margin: Adjusted operating profit divided by operating income
Return on net loan book ("RoNLB"): Adjusted operating profit from lending activities divided by average net loans and
advances to customers and operating lease assets
Return on opening equity ("RoE"): Adjusted operating profit after tax and non-controlling interests divided by opening
equity, excluding non-controlling interests
Revenue margin: Income from advice, investment management and related services divided by average total client assets
Term funding: Funding with a remaining maturity greater than 12 months
Consolidated Income Statement
for the year ended 31 July 2017
2017 2016
Note £ million £ million
Interest income 578.9 550.1
Interest expense (117.3) (127.5)
Net interest income 461.6 422.6
Fee and commission income 206.5 189.2
Fee and commission expense (29.0) (28.5)
Gains less losses arising from dealing in securities 94.2 67.9
Other income 57.3 55.8
Depreciation of operating lease assets 10 (25.0) (19.6)
Non-interest income 304.0 264.8
Operating income 765.6 687.4
Administrative expenses (460.6) (415.9)
Impairment losses on loans and advances 6 (40.2) (37.9)
Total operating expenses before amortisation of intangible assets on acquisition (500.8) (453.8)
Operating profit before amortisation of intangible assets on acquisition 264.8 233.6
Amortisation of intangible assets on acquisition 9 (6.2) (5.1)
Operating profit before tax 258.6 228.5
Tax 3 (67.7) (42.2)
Profit after tax 190.9 186.3
Profit attributable to non-controlling interests (0.3) (0.2)
Profit attributable to shareholders 191.2 186.5
Basic earnings per share 4 128.3p 125.7p
Diluted earnings per share 4 127.5p 124.3p
Interim dividend per share paid 5 20.0p 19.0p
Final dividend per share 5 40.0p 38.0p
Consolidated Statement of COMPREHENSIVE INCOME
for the year ended 31 July 2017
2017 2016
£ million £ million
Profit after tax 190.9 186.3
Other comprehensive income/(expense) that may be
reclassified to income statement
Currency translation gains 0.4 3.2
Gains/(losses) on cash flow hedging 4.7 (6.1)
Gains on financial instruments classified as available for sale:
Sovereign and central bank debt 0.7 -
Equity shares - 0.2
Contingent consideration 0.3 -
Available for sale investment gains transferred to income statement on disposal - (4.2)
Tax relating to items that may be reclassified (2.3) 0.9
3.8 (6.0)
Other comprehensive income/(expense) that will not be reclassified to income statement
Defined benefit pension scheme gains/(losses) 2.7 (1.9)
Tax relating to items that will not be reclassified (0.5) 0.3
2.2 (1.6)
Other comprehensive income/(expense), net of tax 6.0 (7.6)
Total comprehensive income 196.9 178.7
Attributable to
Non-controlling interests (0.3) (0.2)
Shareholders 197.2 178.9
196.9 178.7
Consolidated Balance Sheet
at 31 July 2017
2017 2016
Note £ million £ million
Assets
Cash and balances at central banks 805.1 847.4
Settlement balances 546.7 478.1
Loans and advances to banks 99.8 121.5
Loans and advances to customers 6 6,884.7 6,431.6
Debt securities 7 240.1 221.3
Equity shares 8 32.7 28.2
Loans to money brokers against stock advanced 48.6 52.4
Derivative financial instruments 27.0 44.7
Intangible assets 9 191.7 147.9
Property, plant and equipment 10 202.7 185.8
Deferred tax assets 47.4 55.2
Prepayments, accrued income and other assets 158.7 134.1
Total assets 9,285.2 8,748.2
Liabilities
Settlement balances and short positions 11 552.6 475.6
Deposits by banks 12 72.0 71.1
Deposits by customers 12 5,113.1 4,894.6
Loans and overdrafts from banks 12 330.9 469.1
Debt securities in issue 12 1,489.6 1,422.8
Loans from money brokers against stock advanced 4.3 30.0
Derivative financial instruments 11.5 16.3
Current tax liabilities 21.4 20.0
Accruals, deferred income and other liabilities 233.1 205.4
Subordinated loan capital 220.7 46.4
Total liabilities 8,049.2 7,651.3
Equity
Called up share capital 13 38.0 37.7
Share premium account 307.8 284.0
Retained earnings 906.6 797.5
Other reserves (15.9) (22.1)
Total shareholders' equity 1,236.5 1,097.1
Non-controlling interests (0.5) (0.2)
Total equity 1,236.0 1,096.9
Total liabilities and equity 9,285.2 8,748.2
COnsolidated Statement of CHANGES IN EQUITY
for the year ended 31 July 2017
Other reserves
Called up share capital Share premium account Retained earnings Available for sale movements reserve Share-basedpayments reserve Exchange movements reserve Cashflow hedging reserve Total attributable to equity holders Non-controlling interests Total equity
£ million £ million £ million £ million £ million £ million £ million £ million £ million £ million
At 1 August 2015 37.7 284.0 694.4 3.3 (4.5) (2.8) (2.3) 1,009.8 0.1 1,009.9
Profit for the year - - 186.5 - - - - 186.5 (0.2) 186.3
Other comprehensive (expense)/income - - (1.6) (3.3) - 1.7 (4.4) (7.6) - (7.6)
Total comprehensive income/(expense) for the year - - 184.9 (3.3) - 1.7 (4.4) 178.9 (0.2) 178.7
Exercise of options - - - - - - - - - -
Dividends paid - - (80.3) - - - - (80.3) - (80.3)
Shares purchased - - - - (24.4) - - (24.4) - (24.4)
Shares issued - - - - - - - - - -
Shares released - - - - 12.8 - - 12.8 - 12.8
Other movements - - (2.5) - 1.8 - - (0.7) (0.1) (0.8)
Income tax - - 1.0 - - - - 1.0 - 1.0
At 31 July 2016 37.7 284.0 797.5 - (14.3) (1.1) (6.7) 1,097.1 (0.2) 1,096.9
Profit for the year - - 191.2 - - - - 191.2 (0.3) 190.9
Other comprehensive income/(expense) - - 2.2 0.7 - (0.4) 3.5 6.0 - 6.0
Total comprehensive income/(expense) for the year - - 193.4 0.7 - (0.4) 3.5 197.2 (0.3) 196.9
Exercise of options - 0.1 - - - - - 0.1 - 0.1
Dividends paid - - (85.6) - - - - (85.6) - (85.6)
Shares purchased - - - - (12.7) - - (12.7) - (12.7)
Shares issued 0.3 23.7 - - - - - 24.0 - 24.0
Shares released - - - - 15.8 - - 15.8 - 15.8
Other movements - - 0.2 - (0.7) - - (0.5) - (0.5)
Income tax - - 1.1 - - - - 1.1 - 1.1
At 31 July 2017 38.0 307.8 906.6 0.7 (11.9) (1.5) (3.2) 1,236.5 (0.5) 1,236.0
Consolidated Cash Flow Statement
for the year ended 31 July 2017
2017 2016
Note £ million £ million
Net cash inflow/(outflow) from operating activities 14(a) 120.0 (18.8)
Net cash (outflow)/inflow from investing activities
Purchase of:
Property, plant and equipment (7.1) (13.6)
Intangible assets - software (33.1) (21.7)
Subsidiaries and non-controlling interest 14(b) (6.3) (3.6)
Sale of:
Property, plant and equipment - 0.1
Equity shares held for investment 1.3 7.6
Subsidiary 14(c) (0.3) 2.3
(45.5) (28.9)
Net cash inflow/(outflow) before financing activities 74.5 (47.7)
Financing activities 14(d)
Purchase of own shares for employee share award schemes (12.7) (24.4)
Equity dividends paid (85.6) (80.3)
Interest paid on subordinated loan capital and debt financing (13.6) (28.0)
Redemption of group bond (200.0) -
Issuance of subordinated loan capital, net of transaction costs 173.7 -
Net decrease in cash (63.7) (180.4)
Cash and cash equivalents at beginning of year 923.3 1,103.7
Cash and cash equivalents at end of year 14(e) 859.6 923.3
THE NOTES
1. Basis of preparation and accounting policies
The financial information contained in this announcement does not constitute the statutory accounts for the years ended 31
July 2017 or 31 July 2016 within the meaning of section 435 of the Companies Act 2006, but is derived from those accounts.
The accounting policies used are consistent with those set out in the Annual Report 2016.
The financial statements are prepared on a going concern basis.
Whilst the financial information has been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards ("IFRS"), this announcement does not itself contain sufficient information to
comply with IFRS. The company expects to publish full financial statements that comply with IFRS by 2 October 2017.
The financial information for the year ended 31 July 2017 has been derived from the audited financial statements of Close
Brothers Group plc for that year. Statutory accounts for 2016 have been delivered to the Registrar of Companies and those
for 2017 will be delivered following the company's Annual General Meeting. The auditor, Deloitte LLP, has reported on those
accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain
statements under Section 498(2) or (3) of the Companies Act 2006.
2. Segmental analysis
The directors manage the group by class of business and we present the segmental analysis on that basis. As announced on 20
February 2017, following the growth of the group and particularly the Banking division in recent years, the group's
activities are now presented in five (2016: three) operating segments: Commercial Finance, Retail Finance, Property Finance
(previously all Banking), Securities and Asset Management. The day-to-day operations of these businesses remain unchanged.
Prior periods have been re-presented for comparability.
In the segmental reporting information that follows, Group consists of central functions as well as various non-trading
head office companies and consolidation adjustments and is presented in order that the information presented reconciles to
the consolidated income statement. The Group balance sheet primarily includes treasury assets and liabilities comprising
cash and balances at central banks, debt securities, customer deposits and other borrowings.
Divisions continue to charge market prices for the limited services rendered to other parts of the group. Funding charges
between segments take into account commercial demands. More than 90% of the group's activities, revenue and assets are
located in the UK.
Summary Income Statement for the year ended 31 July 2017
Banking
RetailFinance Commercial Finance Property Finance Securities Asset Management Group Total
£ million £ million £ million £ million £ million £ million £ million
Net interest income/(expense) 195.9 146.4 119.8 (0.9) (0.1) 0.5 461.6
Non-interest income 26.5 66.9 (0.2) 107.6 103.0 0.2 304.0
Operating income 222.4 213.3 119.6 106.7 102.9 0.7 765.6
Administrative expenses (106.7) (117.4) (24.9) (76.7) (83.7) (24.9) (434.3)
Depreciation and amortisation (11.0) (7.8) (3.8) (1.9) (1.8) - (26.3)
Impairment losses on loans and advances (25.8) (15.5) 1.1 - - - (40.2)
Total operating expenses (143.5) (140.7) (27.6) (78.6) (85.5) (24.9) (500.8)
Adjusted operating profit/(loss)1 78.9 72.6 92.0 28.1 17.4 (24.2) 264.8
Amortisation of intangible assets on acquisition (0.4) (0.5) - - (5.3) - (6.2)
Operating profit/(loss) before tax 78.5 72.1 92.0 28.1 12.1 (24.2) 258.6
External operating income/(expense) 266.2 260.9 141.8 106.7 103.2 (113.2) 765.6
Inter segment operating (expense)/income (43.8) (47.6) (22.2) - (0.3) 113.9 -
Segment operating income 222.4 213.3 119.6 106.7 102.9 0.7 765.6
1 Adjusted operating profit/(loss) is stated before amortisation of intangible assets on acquisition and tax.
Balance Sheet Information at 31 July 2017
Banking
Retail Finance Commercial Finance Property Finance Securities Asset Management Group2 Total
£ million £ million £ million £ million £ million £ million £ million
Total assets1 2,702.8 2,730.4 1,629.3 699.5 113.2 1,410.0 9,285.2
Total liabilities - - - 628.8 57.7 7,362.7 8,049.2
1 Total assets for the Banking operating segments comprise the loan book and operating lease assets only.
2 Balance sheet includes £1,402.7 million assets and £7,490.9 million liabilities attributable to the Banking division
primarily
comprising the treasury balances described in the second paragraph of this note.
Equity is allocated across the group as set out below with equity managed for the Banking division as a whole rather than
on a segmental basis. Equity for the Banking division is inclusive of the loan book and operating lease assets of £7,062.5
million, as well as assets and liabilities of £1,402.7 million and £7,490.9 million respectively primarily comprising
treasury balances which are included within the Group column above.
Banking Securities Asset Management Group Total
£ million £ million £ million £ million £ million
Equity 974.3 70.7 55.5 135.5 1,236.0
Other segmental information for the year ended 31 July 2017
Banking
Retail Finance Commercial Finance Property Finance Securities Asset Management Group Total
Employees (average number)1 1,055 1,013 139 246 600 61 3,114
1 Banking segments are inclusive of a central function headcount allocation.
Summary Income Statement for the year ended 31 July 2016
Banking
RetailFinance Commercial Finance Property Finance Securities Asset Management Group Total
£ million £ million £ million £ million £ million £ million £ million
Net interest income/(expense) 181.1 139.2 101.9 (0.6) 0.4 0.6 422.6
Non-interest income 23.5 63.1 2.4 82.9 91.9 1.0 264.8
Operating income 204.6 202.3 104.3 82.3 92.3 1.6 687.4
Administrative expenses (95.5) (110.3) (23.9) (61.7) (75.9) (24.2) (391.5)
Depreciation and amortisation (12.2) (5.9) (2.5) (1.6) (2.0) (0.2) (24.4)
Impairment losses on loans and advances (17.8) (16.5) (3.6) - - - (37.9)
Total operating expenses (125.5) (132.7) (30.0) (63.3) (77.9) (24.4) (453.8)
Adjusted operating profit/(loss)1 79.1 69.6 74.3 19.0 14.4 (22.8) 233.6
Amortisation of intangible assets on acquisition (0.3) (0.2) - - (4.6) - (5.1)
Operating profit/(loss) before tax 78.8 69.4 74.3 19.0 9.8 (22.8) 228.5
External operating income/(expense) 251.9 272.1 128.3 82.3 92.9 (140.1) 687.4
Inter segment operating (expense)/income (47.3) (69.8) (24.0) - (0.6) 141.7 -
Segment operating income 204.6 202.3 104.3 82.3 92.3 1.6 687.4
1 Adjusted operating profit/(loss) is stated before amortisation of intangible assets on acquisition and tax.
Balance Sheet Information at 31 July 2016
Banking
Retail Finance Commercial Finance Property Finance Securities Asset Management Group2 Total
£ million £ million £ million £ million £ million £ million £ million
Total assets1 2,511.0 2,623.2 1,457.2 647.5 104.8 1,404.5 8,748.2
Total liabilities - - - 577.8 49.1 7,024.4 7,651.3
1 Total assets for the Banking operating segments comprise the loan book and operating lease assets only.
2 Balance sheet includes £1,400.0 million assets and £7,198.2 million liabilities attributable to the Banking division
primarily
comprising the treasury balances described in the second paragraph of this note.
Banking Securities Asset Management Group Total
£ million £ million £ million £ million £ million
Equity1 793.2 69.7 55.7 178.3 1,096.9
1 Equity for the Banking division is inclusive of the loan book and operating lease assets of £6,591.4 million, as well as
assets and liabilities of £1,400.0 million and £7,198.2 million respectively primarily comprising treasury balances which
are included within the Group column.
Other segmental information for the year ended 31 July 2016
Banking
Retail Finance Commercial Finance Property Finance Securities Asset Management Group Total
Employees (average number)1 986 959 132 238 570 61 2,946
1 Banking segments are inclusive of a central function headcount allocation.
3. Taxation
2017 2016
£ million £ million
Tax charged/(credited) to the income statement
Current tax:
UK corporation tax 64.8 56.5
Foreign tax 2.1 2.5
Adjustments in respect of previous years (0.6) (1.1)
66.3 57.9
Deferred tax:
Deferred tax charge/(credit) for the current year 0.5 (16.5)
Adjustments in respect of previous years 0.9 0.8
67.7 42.2
Tax on items not charged/(credited) to the income statement
Current tax relating to:
Financial instruments classified as available for sale 0.2 -
Share-based payments (1.0) (2.1)
Deferred tax relating to:
Cash flow hedging 1.2 (1.7)
Defined benefit pension scheme 0.5 (0.3)
Financial instruments classified as available for sale 0.1 (0.7)
Share-based payments (0.1) 1.1
Currency translation gains 0.8 1.5
1.7 (2.2)
Reconciliation to tax expense
UK corporation tax for the year at 19.7% (2016: 20.0%) on operating profit 50.9 45.7
Gain on sale of subsidiaries and available for sale investment (0.3) (0.5)
Effect of different tax rates in other jurisdictions (0.4) (0.6)
Disallowable items and other permanent differences 0.9 1.5
Banking surcharge 14.2 8.2
Deferred tax impact of decreased/(increased) tax rates 2.1 (11.8)
Prior year tax provision 0.3 (0.3)
67.7 42.2
The standard UK corporation tax rate for the financial year is 19.7% (2016: 20.0%). However, an additional 8% surcharge
applies to banking company profits as defined in legislation. The effective tax rate of 26.2% (2016: 18.5%) is above the UK
corporation tax rate primarily due to the surcharge applying to most of the group's profits and a write down of deferred
tax assets due to a 1% cut in the standard corporation tax rate applying from April 2020, which was passed into law in the
period.
Movements in deferred tax assets and liabilities were as follows:
Capital allowances Pension scheme Share-based payments and deferred compensation Available for sale assets Cash flow hedging Intangible assets Other Total
£ million £ million £ million £ million £ million £ million £ million £ million
At 1 August 2015 33.1 (0.6) 10.2 (0.7) 0.6 (3.6) 0.4 39.4
Credit to the income statement 13.3 - 1.1 - - 1.0 0.3 15.7
(Charge)/credit to other comprehensive income (1.5) 0.3 - 0.7 1.7 - - 1.2
Charge to equity - - (1.1) - - - - (1.1)
Acquisitions - - - - - - - -
At 31 July 2016 44.9 (0.3) 10.2 - 2.3 (2.6) 0.7 55.2
(Charge)/credit to the income statement (1.5) - (0.8) - - 1.1 (0.2) (1.4)
Charge to other comprehensive income (0.8) (0.5) - (0.1) (1.2) - - (2.6)
Credit to equity - - 0.1 - - - - 0.1
Acquisitions - - - - - (3.9) - (3.9)
At 31 July 2017 42.6 (0.8) 9.5 (0.1) 1.1 (5.4) 0.5 47.4
As the group has been and is expected to continue to be consistently profitable, it is appropriate to recognise the
full deferred tax assets.
4. Earnings per share
The calculation of basic earnings per share is based on the profit attributable to shareholders and the number of basic
weighted average shares. When calculating the diluted earnings per share, the weighted average number of shares in issue is
adjusted for the effects of all dilutive share options and awards.
2017 2016
Basic 128.3p 125.7p
Diluted 127.5p 124.3p
Adjusted basic1 131.7p 128.4p
Adjusted diluted1 130.8p 127.0p
1 Excludes amortisation of intangible assets on acquisition and their tax effects.
2017 2016
£ million £ million
Profit attributable to shareholders 191.2 186.5
Adjustments:
Amortisation of intangible assets on acquisition 6.2 5.1
Tax effect of adjustments (1.2) (1.0)
Adjusted profit attributable to shareholders 196.2 190.6
2017 2016
million million
Average number of shares
Basic weighted 149.0 148.4
Effect of dilutive share options and awards 1.0 1.7
Diluted weighted 150.0 150.1
5. Dividends
2017 2016
£ million £ million
For each ordinary share
Final dividend for previous financial year paid in November 2016: 38.0p (2015: 35.5p) 56.0 52.3
Interim dividend for current financial year paid in April 2017: 20.0p (2016: 19.0p) 29.6 28.0
85.6 80.3
A final dividend relating to the year ended 31 July 2017 of 40.0p, amounting to an estimated £59.8 million, is proposed.
This final dividend, which is due to be paid on 21 November 2017 to shareholders on the register at 13 October 2017, is not
reflected in these financial statements.
6. Loans and advances to customers
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 July 2017 59.3 1,914.3 2,115.2 1,340.7 1,431.6 76.0 (52.4) 6,884.7
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
2017 2016
£ million £ million
Impairment provisions on loans and advances to customers
At 1 August 59.7 56.1
Charge for the year 40.2 37.9
Amounts written off net of recoveries (47.5) (34.3)
At 31 July 52.4 59.7
Loans and advances to customers comprise
Hire purchase agreement receivables 2,842.9 2,782.4
Finance lease receivables 418.9 440.1
Other loans and advances 3,622.9 3,209.1
At 31 July 6,884.7 6,431.6
At 31 July 2017, gross impaired loans were £135.8 million (31 July 2016: £158.5 million) and equate to 2% (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 16.2 - - 16.2
Certificates of deposit - - 180.3 180.3
Sovereign and central bank debt - 43.6 - 43.6
At 31 July 2017 16.2 43.6 180.3 240.1
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 on the book value of sovereign and central bank debt comprise:
£ million
At 1 August 2015 20.1
Additions -
Redemptions at maturity (20.0)
Currency translation differences -
Movement in value (0.1)
At 31 July 2016 -
Additions 41.6
Redemptions at maturity -
Currency translation differences 1.7
Movement in value 0.3
At 31 July 2017 43.6
8. Equity shares
31 July 31 July
2017 2016
£ million £ million
Long trading positions 31.9 26.1
Other equity shares 0.8 2.1
32.7 28.2
Movements on the book value of other equity shares comprise:
Available for sale Fair value through profit or loss Total
£ million £ million £ million
At 1 August 2015 10.0 0.1 10.1
Disposals (7.7) - (7.7)
Currency translation differences 0.4 - 0.4
Movement in value of:
Equity shares classified as available for sale (0.7) - (0.7)
At 31 July 2016 2.0 0.1 2.1
Disposals (1.3) (0.1) (1.4)
Currency translation differences 0.1 - 0.1
Movement in value of:
Equity shares classified as available for sale - - -
At 31 July 2017 0.8 - 0.8
9. Intangible assets
Goodwill Software Intangible assets on acquisition Total
£ million £ million £ million £ million
Cost
At 1 August 2015 146.0 81.0 43.9 270.9
Additions 1.7 24.1 0.4 26.2
Disposals (6.9) (0.5) - (7.4)
At 31 July 2016 140.8 104.6 44.3 289.7
Additions 16.9 31.1 22.7 70.7
Disposals (7.0) (4.1) - (11.1)
At 31 July 2017 150.7 131.6 67.0 349.3
Amortisation and impairment
At 1 August 2015 61.8 42.2 22.7
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