REG-FirstGroup PLC: Final Results <Origin Href="QuoteRef">FGP.L</Origin> - Part 3
01/06/2017 07:05
- Part 3: For the preceding part double click ID:nPRr16553b
7.9 165.7 29.3 202.9
At 31 March 2017 100.1 1,789.6 603.1 2,492.8
Carrying amount
At 31 March 2017 422.0 1,679.7 174.8 2,276.5
At 31 March 2016 400.8 1,569.1 172.3 2,142.2
11 Inventories
2017 2016 £m
£m
Spare parts and consumables 64.5 61.4
12 Trade and other receivables
Amounts due within one year 2017 2016 £m
£m
Trade receivables 457.3 381.2
Provision for doubtful receivables (4.2) (4.3)
Other receivables 74.6 72.7
Prepayments 79.0 88.2
Accrued income 184.2 156.6
790.9 694.4
13 Trade and other payables
Amounts falling due within one year 2017 2016 £m
£m
Trade payables 255.6 242.6
Other payables 217.6 239.6
Accruals 607.3 554.3
Deferred income 49.7 39.4
Season ticket deferred income 25.1 26.0
1,155.3 1,101.9
14 Borrowings
2017 2016 £m
£m
On demand or within 1 year
Finance leases (note 15) 65.3 73.9
Senior unsecured loan notes 80.0 35.4
Bond 8.125% (repayable 2018) (1) 12.9 12.9
Bond 6.125% (repayable 2019) (1) 3.0 3.0
Bond 8.75% (repayable 2021) (1) 30.2 30.2
Bond 5.25% (repayable 2022) (1) 5.8 5.8
Bond 6.875% (repayable 2024) (1) 7.2 7.2
Total current liabilities 204.4 168.4
Within 1 – 2 years
Finance leases (note 15) 53.5 58.3
Loan notes (note 16) 9.5 9.7
Senior unsecured loan notes – 70.5
Bond 8.125% (repayable 2018) 298.8 –
Bond 6.125% (repayable 2019) 270.0 –
631.8 138.5
Within 2 – 5 years
Finance leases (note 15) 64.8 106.1
Bond 8.125% (repayable 2018) – 298.3
Bond 6.125% (repayable 2019) – 279.0
Bond 8.75% (repayable 2021) 369.0 –
433.8 683.4
Over 5 years
Finance leases (note 15) 0.1 –
Bond 8.75% (repayable 2021) – 370.1
Bond 5.25% (repayable 2022) 321.1 320.5
Bond 6.875% (repayable 2024) 199.6 199.6
520.8 890.2
Total non-current liabilities at amortised cost 1,586.4 1,712.1
(1) Relates to accrued interest.
15 HP contracts and finance leases
The Group had the following obligations under HP contracts and finance leases
as at the balance sheet dates:
2017 2016
Minimum Present value of payments Minimum payments £m Present value of payments £m
payments £m
£m
Due in less than one year 66.9 65.3 75.9 73.9
Due in more than one year but not more than two years 56.4 53.5 61.5 58.3
Due in more than two years but not more than five years 70.2 64.8 116.8 106.1
Due in more than five years 0.1 0.1 – –
193.6 183.7 254.2 238.3
Less future financing charges (9.9) – (15.9) –
183.7 183.7 238.3 238.3
16 Loan notes
The Group had the following loan notes issued as at the balance sheet dates:
2017 2016 £m
£m
Due in more than one year but not more than two years 9.5 9.7
17 Derivative financial instruments
2017 2016 £m
£m
Total derivatives
Total non-current assets 48.6 41.5
Total current assets 1.7 16.7
Total assets 50.3 58.2
Total current liabilities 29.5 68.1
Total non-current liabilities 8.6 35.5
Total liabilities 38.1 103.6
Derivatives designated and effective as hedging instruments carried at fair value
Non-current assets
Coupon swaps (fair value hedge) 48.6 41.3
Fuel derivatives (cash flow hedge) – 0.2
48.6 41.5
Current assets
Coupon swaps (fair value hedge) – 16.4
Fuel derivatives (cash flow hedge) 0.6 0.3
Currency forwards (cash flow hedge) 0.7 –
1.3 16.7
Current liabilities
Fuel derivatives (cash flow hedge) 29.4 66.9
Currency forwards (cash flow hedge) 0.1 –
29.5 66.9
Non-current liabilities
Fuel derivatives (cash flow hedge) 8.6 35.5
8.6 35.5
Derivatives classified as held for trading
Current assets
Currency forwards 0.4 –
Current liabilities
Interest rate swaps – 1.2
18 Deferred tax
The major deferred tax liabilities/(assets) recognised by the Group and
movements thereon during the current and prior reporting periods are as
follows:
Accelerated tax depreciation £m Retirement benefit schemes £m Other temporary differences £m Tax losses £m Total £m
At 1 April 2015 162.7 (67.4) 80.6 (195.7) (19.8)
(Credit)/charge to income statement 4.7 8.1 (10.7) (6.1) (4.0)
Credit to other comprehensive income – (16.1) (0.6) – (16.7)
Foreign exchange and other movements 6.8 (2.9) 1.4 (10.5) (5.2)
At 31 March 2016 174.2 (78.3) 70.7 (212.3) (45.7)
Charge/(credit) to income statement 22.6 8.5 (19.2) 28.9 40.8
Charge/(credit) to other comprehensive income – (7.3) 19.0 – 11.7
Foreign exchange and other movements 21.2 (8.8) 11.7 (32.4) (8.3)
At 31 March 2017 218.0 (85.9) 82.2 (215.8) (1.5)
Certain deferred tax assets and liabilities have been offset. The following is
the analysis of the deferred tax balances for financial reporting purposes:
2017 2016 £m
£m
Deferred tax assets (25.8) (62.7)
Deferred tax liabilities 24.3 17.0
(1.5) (45.7)
No deferred tax has been recognised on deductible temporary differences of
£62.1m (2016: £51.3m) and tax losses of £141.1m (2016: £113.3m). The
earliest period in which some of the assets will expire is year ended 31 March
2027.
No deferred tax asset has been recognised in respect of £2.4m (2016: £2.3m)
of capital losses.
19 Provisions
2017 2016 £m
£m
Insurance claims 236.1 219.9
Legal and other 45.7 39.6
Pensions 2.4 2.8
Non-current liabilities 284.2 262.3
Insurance claims £m Legal and other £m Pensions £m Total £m
At 1 April 2016 363.8 44.0 2.8 410.6
Charged to the income statement 162.5 13.4 – 175.9
Transfer from accruals – 7.5 – 7.5
Utilised in the year (194.3) (7.9) (0.4) (202.6)
Notional interest 17.5 – – 17.5
Foreign exchange movements 41.5 3.4 – 44.9
At 31 March 2017 391.0 60.4 2.4 453.8
Current liabilities 154.9 14.7 – 169.6
Non-current liabilities 236.1 45.7 2.4 284.2
At 31 March 2017 391.0 60.4 2.4 453.8
Current liabilities 143.9 4.4 – 148.3
Non-current liabilities 219.9 39.6 2.8 262.3
At 31 March 2016 363.8 44.0 2.8 410.6
20 Called up share capital
2017 2016 £m
£m
Allotted, called up and fully paid
1,207.7m (2016: 1,204.9m) ordinary shares of 5p each 60.4 60.2
The Company has one class of ordinary shares which carries no right to fixed
income.
During the year 2.8m shares were issued principally to satisfy SAYE exercises.
21 Net cash from operating activities
2017 2016 £m
£m
Operating profit 283.6 246.3
Adjustments for:
Depreciation charges 352.9 325.7
Capital grant amortisation (5.3) (10.5)
Amortisation charges 60.2 51.9
Impairment charges 4.5 –
Share-based payments 8.2 6.4
Profit on disposal of property, plant and equipment (18.9) –
Operating cash flows before working capital and pensions 685.2 619.8
Decrease in inventories 1.3 10.0
(Increase)/decrease in receivables (36.7) 29.3
Increase/(decrease) in payables 56.3 (73.6)
Decrease in provisions (30.6) (18.6)
Defined benefit pension payments in excess of income statement charge (37.6) (33.6)
Cash generated by operations 637.9 533.3
Tax paid (10.2) (7.0)
Interest paid (100.9) (107.9)
Interest element of HP contracts and finance leases (6.4) (8.9)
Net cash from operating activities 520.4 409.5
Responsibility Statement of the Directors on the Annual Report
The responsibility statement below has been prepared in connection with the
Group’s full annual report for the year ending 31 March 2017. Certain parts
thereof are not included within the announcement.
We confirm to the best of our knowledge:
*
the financial statements, prepared in accordance with the relevant financial
reporting framework, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company and the undertakings
included in the consolidation taken as a whole
*
the Management Report, which is incorporated into the Directors’ Report,
includes a fair review of the development and performance of the business and
the position of the Company and the undertakings included in the consolidation
taken as a whole, together with a description of the principal risks and
uncertainties that they face.
The Directors consider that the annual report and financial statements, taken
as a whole, are fair, balanced and understandable and provide information
necessary for the shareholders to assess the Company’s and the Group’s
position and performance, business model and strategy.
This responsibility statement was approved by the Board of Directors and is
signed on its behalf by:
Tim O’Toole Matthew Gregory
Chief Executive Chief Financial Officer
1 June 2017 1 June 2017
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