REG - Compass Group PLC - Full year results <Origin Href="QuoteRef">CPG.L</Origin> - Part 2
24/11/2015 07:02
- Part 2: For the preceding part double click ID:nRSX7239Ga
are assessed as part of the Group's formal governance process and are reviewed by the Board and the Audit Committee on a regular basis.
Information systems and technology
Information systems and technology The digital world creates many risks for a global business including technology failures, loss of confidential data and damage to brand reputation. We seek to assess and manage the maturity of our enterprise risk and security infrastructure and our ability to effectively defend against current and future cyber risks
by using analysis tools and experienced professionals to evaluate and mitigate potential impacts. The Group relies on a variety of IT systems in order to manage and
deliver services and communicate with our clients, consumers, suppliers and employees. We are focused on the need to maximise the effectiveness of our information systems
and technology as a business enabler and to reduce both cost and exposure as a result.
Compass Group PLC
Consolidated Financial Statements
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2015
Total Total
Notes 2015 2014 Restated1
£m £m
CONTINUING OPERATIONS
Combined sales of Group and share of equity accounted joint ventures 1 17,843 17,058
Less: share of sales of equity accounted joint ventures (253) (204)
Revenue 17,590 16,854
Operating costs 2 (16,368) (15,670)
Operating costs, excluding Emerging Markets and Offshore & Remote restructuring (16,342) (15,670)
Emerging Markets and Offshore & Remote restructuring (26) -
Operating profit before joint ventures and associates 1,222 1,184
Share of profit after tax of joint ventures and associates 1,12 39 30
Operating profit 1 1,261 1,214
Underlying operating profit² 1 1,296 1,245
Amortisation of intangibles arising on acquisition 10 (26) (25)
Acquisition transaction costs 25 (2) (3)
Adjustment to contingent consideration on acquisition (5) -
Tax on share of profit of joint ventures (2) (3)
(Loss)/profit on disposal of US businesses (1) 1
Profit on disposal of interest in associates - 13
Finance income 4 3 5
Finance costs 4 (107) (91)
Other financing items 4 3 2
Profit before tax 1,159 1,144
Income tax expense 5 (282) (276)
Profit for the year from continuing operations 1 877 868
DISCONTINUED OPERATIONS
Profit for the year from discontinued operations 6 - 3
CONTINUING AND DISCONTINUED OPERATIONS
Profit for the year 877 871
ATTRIBUTABLE TO
Equity shareholders of the Company 7 869 865
Non-controlling interests 8 6
Profit for the year 877 871
BASIC EARNINGS PER SHARE (PENCE)
From continuing operations 7 52.3p 48.8p
From discontinued operations 7 - 0.2p
From continuing and discontinued operations 7 52.3p 49.0p
DILUTED EARNINGS PER SHARE (PENCE)
From continuing operations 7 52.2p 48.7p
From discontinued operations 7 - 0.2p
From continuing and discontinued operations 7 52.2p 48.9p
1 2014 has been restated for the change in the accounting treatment of joint ventures in accordance with IFRS11, as detailed in note 15.
2 Underlying operating profit excludes amortisation of intangibles arising on acquisition, acquisition transaction costs and adjustment to contingent consideration on acquisition, but includes share of profit after tax of associates and operating profit of joint ventures.
Compass Group PLC
Consolidated Financial Statements (continued)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2015
Notes 2015 2014 Restated1
£m £m
Profit for the year 877 871
Other comprehensive income
Items that are not reclassified subsequently to profit or loss
Remeasurement of post-employment benefit obligations - loss 22 (37) (146)
Return on plan assets, excluding interest income - gain 22 145 137
Tax on items relating to the components of other comprehensive income 5 (20) 3
88 (6)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (92) (103)
(92) (103)
Total other comprehensive loss for the year (4) (109)
Total comprehensive income for the year 873 762
ATTRIBUTABLE TO
Equity shareholders of the Company 865 756
Non-controlling interests 8 6
Total comprehensive income for the year 873 762
1 2014 has been restated for the change in the accounting treatment of joint ventures in accordance with IFRS11.
Compass Group PLC
Consolidated Financial Statements (continued)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2015
Attributable to equity shareholders of the Company
Share premium account Capital redemption reserve
Own shares Other reserves Retained earnings Non- controlling interests
Share capital Total
£m £m £m £m £m £m £m £m
At 1 October 2014 178 174 293 (1) 4,277 (3,082) 9 1,848
Profit for the year - - - - - 869 8 877
Other comprehensive income
Currency translation differences - - - - (92) - - (92)
Remeasurement of post-employment benefit obligations - loss - - - - - (37) - (37)
Return on plan assets, excluding interest income - gain - - - - - 145 - 145
Tax on items relating to the components of other comprehensive income - - - - (1) (19) - (20)
Total other comprehensive (loss)/income - - - - (93) 89 - (4)
Total comprehensive (loss)/income for the year - - - - (93) 958 8 873
Issue of shares (for cash) - 2 - - - - - 2
Fair value of share-based payments - - - - 15 - - 15
Tax on items taken directly to equity (note 5) - - - - - 2 - 2
Share buyback 1 (2) - 2 - - (328) - (328)
Receipts from issue of treasury shares to satisfy employee share scheme awards exercised - - - - - 1 - 1
Release of LTIP award settled by issue of new shares - 6 - - (6) - - -
Other changes - - - - (4) 2 2 -
176 182 295 (1) 4,189 (2,447) 19 2,413
Dividends paid to Compass shareholders (note 8) - - - - - (457) - (457)
Dividends paid to non-controlling interests - - - - - - (6) (6)
At 30 September 2015 176 182 295 (1) 4,189 (2,904) 13 1,950
1 Including stamp duty and brokers' commission.
Share-based payment reserve Adjustment for MI put options reserve
Merger reserve Revaluation reserve Translation reserve Total other reserves
OTHER RESERVES £m £m £m £m £m £m
At 1 October 2014 170 4,170 7 (70) - 4,277
Other comprehensive income
Currency translation differences - - - (92) - (92)
Tax on items relating to the components of other comprehensive income (note 5) - - - (1) - (1)
Total other comprehensive loss - - - (93) - (93)
Fair value of share-based payments 15 - - - - 15
Release of LTIP award settled by issue of new shares (6) - - - - (6)
Other changes - - - 2 (6) (4)
At 30 September 2015 179 4,170 7 (161) (6) 4,189
Own shares held by the Group represent 27,799 ordinary shares in Compass Group PLC (2014: 54,941 ordinary shares). 11,601 (2014: 38,743) shares are held by the Compass Group Employee Share Trust (ESOP) and 16,198 (2014: 16,198) shares by the Compass Group Long Term Incentive Plan Trust (LTIPT). These shares are listed on a recognised stock exchange and their market value at 30 September 2015 was £0.3 million (2014: £0.5 million). The nominal value held at 30 September 2015 was £2,954 (2014: £5,837).
ESOP and LTIPT are discretionary trusts for the benefit of employees and the shares held are used to satisfy some of the Group's liabilities to employees for share options, share bonus and long term incentive plans. All of the shares held by the ESOP and LTIPT are required to be made available in this way.
From 17 June 2015, repurchased ordinary shares were transferred and held in treasury for the purpose of satisfying the Company's obligations under employee equity incentive schemes.
The merger reserve arose in 2000 following the demerger from Granada Compass plc.
Compass Group PLC
Consolidated Financial Statements (continued)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2015
Attributable to equity shareholders of the Company
Share premium account £m Capital redemption reserve £m Non- controlling interests £m
Share capital £m Own shares £m Other reserves £m Retained earnings Restated1 £m
Total Restated1£m
At 1 October 2013 180 400 55 (1) 4,374 (2,227) 9 2,790
Profit for the year - - - - - 865 6 871
Other comprehensive income
Currency translation differences - - - - (103) - - (103)
Remeasurement of post-employment benefit obligations - loss - - - - - (146) - (146)
Return on plan assets, excluding interest income - gain - - - - - 137 - 137
Tax on items relating to the components of other comprehensive income - - - - (3) 6 - 3
Total other comprehensive loss - - - - (106) (3) - (109)
Total comprehensive (loss)/income for the year - - - - (106) 862 6 762
Issue of shares (for cash) 1 6 - - - - - 7
Share issue expenses - (2) - - - - - (2)
B and C shares issued through capitalisation of share premium 235 (235) - - - - - -
Redemption and cancellation of B shares (235) - 235 - - - - -
Fair value of share-based payments - - - - 13 - - 13
Tax on items taken directly to equity (note 5)Share buyback 2 - - - - - 6 - 6
(3) - 3 - - (280) - (280)
Release of LTIP award settled by issue of new shares - 5 - - (5) - - -
Other changes - - - - 1 1 (1) 1
178 174 293 (1) 4,277 (1,638) 14 3,297
Return of Cash to Compass shareholders (note 8) - - - - - (1,000) - (1,000)
Dividends paid to Compass shareholders (note 8) - - - - - (444) - (444)
Dividends paid to non-controlling interests - - - - - - (5) (5)
At 30 September 2014 178 174 293 (1) 4,277 (3,082) 9 1,848
1 2014 has been restated for the change in the accounting treatment of joint ventures in accordance with IFRS11.2 Including stamp duty and brokers' commission.
Share-based payment reserve
Merger reserve Revaluation reserve Translation reserve Total other reserves
OTHER RESERVES
£m £m £m £m £m
At 1 October 2013 162 4,170 7 35 4,374
Other comprehensive income
Currency translation differences - - - (103) (103)
Tax on items relating to the components of other comprehensive income - - - (3) (3)
Total other comprehensive loss - - - (106) (106)
Fair value of share-based payments 13 - - - 13
Release of LTIP award settled by issue of new shares (5) - - - (5)
Other changes - - - 1 1
At 30 September 2014 170 4,170 7 (70) 4,277
Compass Group PLC
Consolidated Financial Statements (continued)
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2015
Notes 2015 2014 Restated 1
£m £m
NON-CURRENT ASSETS
Goodwill 9 3,538 3,528
Other intangible assets 10 1,130 1,010
Property, plant and equipment 11 764 724
Interests in joint ventures and associates 12 203 189
Other investments 13 38 36
Trade and other receivables 14 71 70
Deferred tax assets* 5 182 246
Derivative financial instruments** 19 58 50
Non-current assets 5,984 5,853
CURRENT ASSETS
Inventories 16 282 265
Trade and other receivables 14 2,115 2,069
Tax recoverable* 64 32
Cash and cash equivalents** 17 283 408
Derivative financial instruments** 19 19 16
Current assets 2,763 2,790
Total assets 8,747 8,643
CURRENT LIABILITIES
Short term borrowings2** 18 (247) (315)
Derivative financial instruments** 19 (7) (4)
Provisions 21 (136) (161)
Current tax liabilities* (169) (148)
Trade and other payables2 20 (3,157) (3,077)
Current liabilities (3,716) (3,705)
NON-CURRENT LIABILITIES
Long term borrowings** 18 (2,684) (2,525)
Derivative financial instruments** 19 (25) (1)
Post-employment benefit obligations 22 (9) (170)
Provisions 21 (251) (277)
Deferred tax liabilities* 5 (28) (39)
Trade and other payables 20 (84) (78)
Non-current liabilities (3,081) (3,090)
Total liabilities (6,797) (6,795)
Net assets 1,950 1,848
EQUITY
Share capital 23 176 178
Share premium account 182 174
Capital redemption reserve 295 293
Less: Own shares (1) (1)
Other reserves 4,189
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