REG - Compass Group PLC - Interim Results Announcement <Origin Href="QuoteRef">CPG.L</Origin> - Part 2
15/07/2015 17:19
- Part 2: For the preceding part double click ID:nRSM9844Ma
Standard 34 ('IAS 34'), defines the minimum content of an interim financial report, including disclosures, and identifies the accounting recognition and measurement
principles that should be applied to an interim financial report. Directors are also required to: • select suitable accounting policies and then apply them
consistently;• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information; and• provide
additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand the impact of particular transactions, other
events and conditions on the entity's financial position and financial performance. The directors are responsible for keeping adequate accounting records which disclose
with reasonable accuracy at any time the financial position of the Company, for safeguarding the assets, for taking reasonable steps for the prevention and detection of
fraud and other irregularities and which comply with the requirements of the Companies Act 2006. The directors, having prepared the financial statements, have permitted
the auditor to take whatever steps and undertake whatever inspections they consider to be appropriate for the purpose of enabling them to give their review opinion. The
directors are also responsible for the maintenance and integrity of the Compass Group PLC website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Compass Group PLC
Condensed Financial Statements (continued)
Independent review report to Compass Group PLC
IntroductionWe have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March Our responsibilityOur responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Scope of reviewWe conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. ConclusionBased on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 March 2015 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FCA. Anthony SykesFor and on behalf of KPMG LLPChartered Accountants15 Canada SquareLondonE14 5GL13 May 2015
2015 which comprises the condensed income statement, the condensed statement of comprehensive income, the condensed statement of changes in equity, the condensed balance
sheet, the condensed cash flow and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether
it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This report is made solely to the
company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's
Financial Conduct Authority ("the UK FCA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in this
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work,
for this report, or for the conclusions we have reached. Directors' responsibilitiesThe half-yearly financial report is the responsibility of, and has been approved by,
the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA. The annual financial statements of
the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly financial report has been
prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
Compass Group PLC
Condensed Financial Statements (continued)
Condensed income statement
for the six months ended 31 March 2015 Six months to 31 March
2015 2014 Restated1 Year ended30 September 2014
Notes Unaudited Unaudited Restated1
£m £m £m
Continuing operations
Combined sales of Group and share of equity accounted joint ventures 3 9,062 8,659 17,058
Less: share of sales of equity accounted joint ventures (121) (101) (204)
Revenue 8,941 8,558 16,854
Operating costs (8,287) (7,942) (15,670)
Operating profit 654 616 1,184
Share of profit after tax of joint ventures 3 12 11 21
Share of profit after tax of associates 3 8 6 9
Total operating profit 3 674 633 1,214
Underlying operating profit 2 688 647 1,245
Amortisation of intangibles arising on acquisition (13) (11) (25)
Acquisition transaction costs (1) - (3)
Adjustment to contingent consideration on acquisition 1 (2) -
Tax on share of profit of joint ventures (1) (1) (3)
(Loss)/profit on disposal of US business (1) - 1
Profit on disposal of interest in associates - - 13
Finance income 4 2 3 5
Finance costs 4 (53) (42) (91)
Hedge accounting ineffectiveness 4 (1) - -
Change in the fair value of investments 4 - - 2
Profit before tax 621 594 1,144
Income tax expense 5 (155) (147) (276)
Profit for the period from continuing operations 466 447 868
Discontinued operations
Profit for the period from discontinued operations - - 3
Continuing and discontinued operations
Profit for the period 466 447 871
Attributable to
Equity shareholders of the Company 462 445 865
Non-controlling interests 4 2 6
Profit for the period 466 447 871
Basic earnings per share (pence)
From continuing operations 6 27.7p 24.8p 48.8p
From discontinued operations 6 - - 0.2p
From continuing and discontinued operations 6 27.7p 24.8p 49.0p
Diluted earnings per share (pence)
From continuing operations 6 27.6p 24.7p 48.7p
From discontinued operations 6 - - 0.2p
From continuing and discontinued operations 6 27.6p 24.7p 48.9p
1 2014 has been restated for change in accounting treatment of joint ventures in accordance with IFRS 11, as detailed in note 16.
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
Condensed Financial Statements (continued)
Condensed statement of comprehensive income
for the six months ended 31 March 2015
Six months to 31 March
2015 2014 Year ended30 September
Notes Unaudited Unaudited 2014
£m £m £m
Profit for the period 466 447 871
Other comprehensive income
Items that are not subsequently reclassified to profit or loss
Remeasurement of post-employment benefit obligations - (loss) 9 (240) (17) (146)
Return on plan assets, excluding interest income - gain 9 255 45 137
Tax on items relating to the components of other comprehensive income (2) (5) 3
13 23 (6)
Items that may be subsequently reclassified to profit or loss
Currency translation differences (19) (81) (103)
(19) (81) (103)
Total other comprehensive loss for the period (6) (58) (109)
Total comprehensive income for the period 460 389 762
Attributable to
Equity shareholders of the Company 456 388 756
Non-controlling interests 4 1 6
Total comprehensive income for the period 460 389 762
Compass Group PLC
Condensed Financial Statements (continued)
Condensed statement of changes in equity
for the six months ended 31 March 2015
Attributable to equity shareholders of the Company
Share Capital Non-
Share premium redemption Own Other Retained controlling
capital account reserve shares reserves earnings interests 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 period - - - - - 462 4 466
Other comprehensive income
Currency translation differences - - - - (19) - - (19)
Remeasurement of post-employment benefit obligations - loss - - - - - (240) - (240)
Return on plan assets, excluding interest income - gain - - - - - 255 - 255
Tax on items relating to the components of other comprehensive income - - - - (2) - - (2)
Total other comprehensive income - - - - (21) 15 - (6)
Total comprehensive income for the period - - - - (21) 477 4 460
Issue of shares (for cash) - 2 - - - - - 2
Fair value of share-based payments - - - - 8 - - 8
Tax on items taken directly to equity - - - - - 3 - 3
Share buyback1 (1) - 1 - - (139) - (139)
Release of LTIP award settled by issue of new shares - 6 - - (6) - - -
Other changes - - - 1 1 3 - 5
177 182 294 - 4,259 (2,738) 13 2,187
Dividends paid to Compass shareholders (note 7) - - - - - (295) - (295)
Dividends paid to non-controlling interests - - - - - - (3) (3)
At 31 March 2015 177 182 294 - 4,259 (3,033) 10 1,889
1 Including stamp duty and brokers' commission.
Share-
based payment Merger Revaluation Translation Total other
reserve reserve reserve reserve reserves
Other reserves £m £m £m £m £m
At 1 October 2014 170 4,170 7 (70) 4,277
Other comprehensive income
Currency translation differences - - - (19) (19)
Tax on items relating to the components of other comprehensive income - - - (2) (2)
Total other comprehensive income - - - (21) (21)
Total comprehensive income for the period - - - (21) (21)
Fair value of share-based payments 8 - - - 8
Release of LTIP award settled by issue of new shares (6) - - - (6)
Other changes - - - 1 1
At 31 March 2015 172 4,170 7 (90) 4,259
Compass Group PLC
Condensed Financial Statements (continued)
Condensed statement of changes in equity
for the six months ended 31 March 2014
Attributable to equity shareholders of the Company
Share Share premium Capitalredemption Own Other Retained Non-controlling
capital account reserve shares reserves earnings1 interests Total
£m £m £m £m £m £m £m £m
At 1 October 2013 as previously reported 180 400 55 (1) 4,374 (2,226) 9 2,791
Past service cost recognised in accordance with IAS 19 (R)1 - - - - - (1) - (1)
At 1 October 2013 as restated 180 400 55 (1) 4,374 (2,227) 9 2,790
Profit for the period - - - - - 445 2 447
Other comprehensive income
Currency translation differences - - - - (80) - (1) (81)
Remeasurement of post-employment benefit obligations - loss - - - - - (17) - (17)
Return on plan assets, excluding interest income - gain - - - - - 45 - 45
Tax on items relating to the components
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