REG-FirstGroup PLC: Half-year Report <Origin Href="QuoteRef">FGP.L</Origin> - Part 2
14/11/2017 07:05
- Part 2: For the preceding part double click ID:nPRrE9E1Aa
£m
Profit for the period 1.0 9.1 116.1
Items that will not be reclassified subsequently to profit or loss
Actuarial gains/(losses) on defined benefit pension schemes 23.6 (232.1) (89.7)
Deferred tax on actuarial gains/(losses) on defined benefit pension schemes (4.5) (1.2) 7.3
19.1 (233.3) (82.4)
Items that may be reclassified subsequently to profit or loss
Derivative hedging instrument movements 22.4 51.8 69.7
Deferred tax on derivative hedging instrument movements (6.1) (14.1) (19.0)
Exchange differences on translation of foreign operations (210.0) 244.8 356.2
(193.7) 282.5 406.9
Other comprehensive (expense)/income for the period (174.6) 49.2 324.5
Total comprehensive (expense)/income for the period (173.6) 58.3 440.6
Attributable to:
Equity holders of the parent (172.5) 58.2 436.8
Non-controlling interests (1.1) 0.1 3.8
(173.6) 58.3 440.6
Condensed consolidated balance sheet
Note Unaudited Unaudited 30 September 2016 £m 31 March 2017 £m
30 September 2017
£m
Non-current assets
Goodwill 8 1,826.7 1,887.4 1,956.1
Other intangible assets 9 117.2 155.8 150.6
Property, plant and equipment 10 2,166.9 2,246.7 2,276.5
Deferred tax assets 17.6 49.5 25.8
Retirement benefit assets 22 41.8 20.0 34.0
Derivative financial instruments 17 45.5 70.3 48.6
Investments 31.3 29.8 33.3
4,247.0 4,459.5 4,524.9
Current assets
Inventories 62.2 62.0 64.5
Trade and other receivables 12 780.3 696.6 790.9
Current tax assets 4.1 - 0.7
Cash and cash equivalents 428.8 310.5 400.9
Assets held for sale 11 3.0 3.9 2.9
Derivative financial instruments 17 4.2 1.1 1.7
1,282.6 1,074.1 1,261.6
Total assets 5,529.6 5,533.6 5,786.5
Current liabilities
Trade and other payables 13 1,283.8 1,034.1 1,155.3
Tax liabilities – Current tax liabilities 2.1 16.7 5.1
– Other tax and social security 34.4 27.5 20.3
Borrowings 14 432.6 173.9 204.4
Derivative financial instruments 17 13.7 36.3 29.5
1,766.6 1,288.5 1,414.6
Net current liabilities 484.0 214.4 153.0
Non-current liabilities
Borrowings 14 1,246.3 1,725.4 1,586.4
Derivative financial instruments 17 4.7 18.1 8.6
Retirement benefit liabilities 22 338.0 520.3 392.5
Deferred tax liabilities 21.0 15.4 24.3
Provisions 18 253.1 280.6 284.2
1,863.1 2,559.8 2,296.0
Total liabilities 3,629.7 3,848.3 3,710.6
Net assets 1,899.9 1,685.3 2,075.9
Equity
Share capital 20 60.5 60.2 60.4
Share premium 679.9 676.4 678.9
Hedging reserve (1.6) (30.9) (17.9)
Other reserves 4.6 4.6 4.6
Own shares (3.3) (1.6) (1.2)
Translation reserve 498.4 597.0 708.4
Retained earnings 642.8 363.0 621.9
Equity attributable to equity holders of the parent 1,881.3 1,668.7 2,055.1
Non-controlling interests 18.6 16.6 20.8
Total equity 1,899.9 1,685.3 2,075.9
Condensed consolidated statement of changes in equity
Share capital £m Share premium £m Hedging reserve £m Other reserves £m Own shares £m Translation reserve £m Retained earnings £m Total £m Non-controlling interests £m Total equity £m
Balance at 1 April 2017 60.4 678.9 (17.9) 4.6 (1.2) 708.4 621.9 2,055.1 20.8 2,075.9
Total comprehensive expense for the period - - 16.3 - - (210.0) 21.2 (172.5) (1.1) (173.6)
Shares issued 0.1 1.0 - - - - - 1.1 - 1.1
Dividends paid/other - - - - - - - - (1.1) (1.1)
Movement in EBT and treasury shares - - - - (2.1) - (4.7) (6.8) - (6.8)
Share-based payments - - - - - - 4.4 4.4 - 4.4
Balance at 30 September 2017 (unaudited) 60.5 679.9 (1.6) 4.6 (3.3) 498.4 642.8 1,881.3 18.6 1,899.9
Balance at 1 April 2016 60.2 676.4 (68.6) 4.6 (1.4) 352.2 585.4 1,608.8 24.4 1,633.2
Total comprehensive income for the period - - 37.7 - - 244.8 (224.3) 58.2 0.1 58.3
Dividends paid/other - - - - - - - - (7.9) (7.9)
Movement in EBT and treasury shares - - - - (0.2) - (1.7) (1.9) - (1.9)
Share-based payments - - - - - - 3.6 3.6 - 3.6
Balance at 30 September 2016 (unaudited) 60.2 676.4 (30.9) 4.6 (1.6) 597.0 363.0 1,668.7 16.6 1,685.3
Balance at 1 April 2016 60.2 676.4 (68.6) 4.6 (1.4) 352.2 585.4 1,608.8 24.4 1,633.2
Total comprehensive income for the period - - 50.7 - - 356.2 29.9 436.8 3.8 440.6
Shares issued 0.2 2.5 - - - - - 2.7 - 2.7
Dividends paid/other - - - - - - - - (7.4) (7.4)
Movement in EBT and treasury shares - - - - 0.2 - (1.6) (1.4) - (1.4)
Share-based payments - - - - - - 8.2 8.2 - 8.2
Balance at 31 March 2017 60.4 678.9 (17.9) 4.6 (1.2) 708.4 621.9 2,055.1 20.8 2,075.9
Condensed consolidated cash flow statement
Note Unaudited Unaudited 6 months to 30 September 2016 £m Year to 31 March 2017 £m
6 months to 30 September 2017
£m
Net cash from operating activities 21 288.0 125.8 520.4
Investing activities
Interest received 0.4 0.7 1.2
Proceeds from disposal of property and plant and equipment 7.0 29.1 43.0
Purchases of property, plant and equipment (183.9) (197.6) (374.1)
Purchases of software (7.2) (8.9) (30.2)
Acquisition of business 19 (2.9) - -
Net cash used in investing activities (186.6) (176.7) (360.1)
Financing activities
Dividends paid to non-controlling shareholders - (11.9) (11.9)
Shares purchased by Employee Benefit Trust (5.2) (1.5) (1.5)
Shares issued 0.8 - 2.1
Drawdowns from bank facilities - 52.5 -
Repayment of senior unsecured loans (38.7) - (41.0)
Repayment of loan notes - (0.1) (0.1)
Repayments under HP contracts and finance leases (30.1) (47.7) (75.0)
Fees for bank facility amendments - - (1.8)
Net cash flow used in financing activities (73.2) (8.7) (129.2)
Net increase/(decrease) in cash and cash equivalents before foreign exchange movements 28.2 (59.6) 31.1
Cash and cash equivalents at beginning of period 400.9 360.1 360.1
Foreign exchange movements (0.3) 10.0 9.7
Cash and cash equivalents at end of period per consolidated balance sheet 428.8 310.5 400.9
Cash and cash equivalents are included within current assets on the condensed
consolidated balance sheet. Cash and cash equivalents includes ring-fenced
cash of £384.7m (H1 2016: £230.7m; full year 2017: £259.8m).
Note to the condensed consolidated cash flow statement – reconciliation of
net cash flow to movement in net debt
Unaudited Unaudited 6 months to 30 September 2016 £m Year to 31 March 2017 £m
6 months to 30 September 2017
£m
Net increase/(decrease) in cash and cash equivalents in period 28.2 (59.6) 31.1
Decrease/(increase) in debt and finance leases 68.8 (4.7) 116.1
Net cash flow 97.0 (64.3) 147.2
Foreign exchange movements 13.9 (16.0) (26.5)
Other non-cash movements in relation to financial instruments (0.9) (1.0) (0.4)
Movement in net debt in period 110.0 (81.3) 120.3
Net debt at beginning of period (1,289.9) (1,410.2) (1,410.2)
Net debt at end of period (1,179.9) (1,491.5) (1,289.9)
Net debt includes the value of derivatives in connection with the bonds
maturing in 2019 and 2021 and excludes all accrued interest. These bonds are
included in non-current liabilities in the condensed consolidated balance
sheet.
Notes to the half yearly financial report
1 Basis of preparation
This half-yearly financial report does not constitute statutory accounts as
defined in section 434 of the Companies Act 2006. The statutory accounts for
the year ended 31 March 2017 have been delivered to the Registrar of
Companies. The auditor reported on those accounts; their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The figures for the six months to 30 September 2017 include the results and
financial position of the First Rail division for the period ended 16
September 2017 and the results and financial position for the other divisions
for the 26 weeks ended 23 September 2017. The comparative figures for the six
months to 30 September 2016 include the results and financial position of the
First Rail division for the period ended 17 September 2016 and the results and
financial position of the other divisions for the 26 weeks ended 24 September
2016.
The condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with the DTR of the Financial
Conduct Authority and International Accounting Standard 34, ‘Interim
Financial Reporting’, as adopted by the European Union.
The accounting policies used in this half-yearly financial report are
consistent with International Financial Reporting Standards (IFRS) as adopted
by the European Union. The accounting policies applied are consistent with
those described in the Group’s latest annual audited financial statements,
except for a number of amendments to IFRSs which became effective for the
financial year beginning on 1 April 2017. There has been no material change as
a result of applying these new accounting standards. We have also included
certain non-GAAP measures in order to reflect management’s reported view of
financial performance excluding other intangible asset amortisation charges
and certain other items.
These results are unaudited but have been reviewed by the auditor. The
comparative figures for the six months to 30 September 2016 are unaudited and
are derived from the half-yearly financial report for that period, which was
also reviewed by the auditor.
The Directors have carried out a review of the Group’s budget for the year
to 31 March 2018 and medium term plans, with due regard for the risks and
uncertainties to which the Group is exposed, the uncertain economic climate
and the impact that this could have on trading performance. Based on this
review, the Directors believe that the Company and the Group have adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, the condensed consolidated financial statements have been
prepared on the going concern basis in preparing this half-yearly report.
The operating and financial review statement contained in this half-yearly
report, including the summarised principal risks and uncertainties, has been
prepared by the Directors in good faith based on the information available to
them up to the time of their approval of this report solely for the
Company’s shareholders as a body, so as to assist them in assessing the
Group's strategies and the potential for those strategies to succeed and
accordingly should not be relied on by any other party or for any other
purpose and the Company hereby disclaims any liability to any such other party
or for reliance on such information for any such other purpose.
The operating and financial review considers the impact of seasonality on the
Group and also the principal risks and uncertainties facing it in the
remaining six months of the financial year.
This half-yearly report has been prepared in respect of the Group as a whole
and accordingly matters identified as being significant or material are so
identified in the context of FirstGroup plc and its subsidiary undertakings
taken as a whole.
This half-yearly financial report was approved by the Board on 14 November
2017.
2 Revenue
6 months to 6 months to 30 September 2016 £m Year to 31 March 2017 £m
30 September 2017
£m
Services rendered 2,771.3 2,564.7 5,653.3
Investment income 0.4 0.7 1.2
Total revenue as defined by IAS 18 2,771.7 2,565.4 5,654.5
3 Reconciliation to non-gaap measures and performance
In measuring the Group adjusted operating performance, additional financial
measures derived from the reported results have been used in order to
eliminate factors which distort year-on-year comparisons. The Group’s
adjusted performance is used to explain year-on-year changes when the effect
of certain items is significant, including restructuring and reorganisation
costs relating to the business turnarounds, property disposals, aged legal and
self-insurance claims, revisions to onerous contracts and pension settlement
gains or losses. In addition, management assess divisional performance before
other intangible asset amortisation charges as these are typically a result of
Group decisions and therefore the divisions have little or no control over
these charges. Management consider that this overall basis more appropriately
reflects operating performance and provide a better understanding of the key
performance indicators of the business.
Reconciliation of operating profit to adjusted operating profit 6 months to 6 months to 30 September 2016 £m Year to 31 March 2017 £m
30 September 2017
£m
Operating profit 57.4 77.9 283.6
Adjustments for:
Other intangible asset amortisation charges 32.0 28.5 60.2
Gain on disposal of property - (21.6) (21.6)
Restructuring and reorganisation costs - 4.2 16.8
Total operating profit adjustments 32.0 11.1 55.4
Adjusted operating profit 89.4 89.0 339.0
Reconciliation of (loss)/profit before tax to adjusted profit before tax 6 months to 6 months to 30 September 2016 £m Year to 31 March 2017 £m
30 September 2017
£m
(Loss)/profit before tax (1.9) 11.1 152.6
Operating profit adjustment (see table above) 32.0 11.1 55.4
Ineffectiveness on financial derivatives 0.4 (0.3) (1.0)
Adjusted profit before tax 30.5 21.9 207.0
Adjusted tax charge (9.2) (5.5) (53.8)
Non-controlling interests 1.1 (0.1) (3.8)
Adjusted earnings 22.4 16.3 149.4
The principal adjusting items are as follows:
Other intangible asset amortisation charges
The charge for the period was £32.0m (H1 2016: £28.5m). The increase
primarily reflects the higher charge on software intangible amortisation this
period.
Ineffectiveness on financial derivatives
There was a £0.4m non-cash charge (H1 2016: credit £0.3m) in the period due
to ineffectiveness on financial derivatives.
4 Business segments information
The segment results for the six months to 30 September 2017 are as follows:
First Student First Transit Greyhound First Bus First Rail Group items (1) Total
£m £m £m £m £m £m £m
Revenue 763.1 536.4 358.8 428.2 677.4 7.4 2,771.3
EBITDA (2) 104.1 31.4 40.1 47.4 70.9 (15.7) 278.2
Depreciation (89.3) (10.5) (16.6) (31.6) (43.5) (1.0) (192.5)
Capital grant amortisation - - - - 3.7 - 3.7
Segment results 14.8 20.9 23.5 15.8 31.1 (16.7) 89.4
Other intangible asset amortisation charges (25.3) (0.5) (5.3) - (0.9) - (32.0)
Operating profit (10.5) 20.4 18.2 15.8 30.2 (16.7) 57.4
Balance sheet Total assets Total liabilities Net assets/(liabilities)
£m £m £m
First Student 2,641.9 (400.5) 2,241.4
First Transit 580.6 (137.4) 443.2
Greyhound 636.0 (326.9) 309.1
First Bus 753.9 (306.1) 447.8
First Rail 344.6 (670.8) (326.2)
4,957.0 (1,841.7) 3,115.3
Group items 122.1 (121.8) 0.3
Net debt 428.8 (1,608.7) (1,179.9)
Taxation 21.7 (57.5) (35.8)
Total 5,529.6 (3,629.7) 1,899.9
The segment results for the six months to 30 September 2016 are as follows:
First Student £m First Transit £m Greyhound £m First Bus £m First Rail £m Group items (1) £m Total £m
Revenue 719.5 482.5 333.4 426.1 595.8 7.4 2,564.7
EBITDA (2) 98.4 38.6 43.2 45.5 41.4 (15.4) 251.7
Depreciation (84.4) (8.6) (17.4) (32.0) (22.3) (1.0) (165.7)
Capital grant amortisation - - - - 3.0 - 3.0
Segment results 14.0 30.0 25.8 13.5 22.1 (16.4) 89.0
Other intangible asset amortisation charges (23.6) (1.6) (3.3) - - - (28.5)
Other adjustments (note 3) (1.9) (0.2) 19.8 - - (0.3) 17.4
Operating profit (11.5) 28.2 42.3 13.5 22.1 (16.7) 77.9
(1) Group items comprise Tram operations, central management and other
items.
(2) EBITDA is adjusted operating profit less capital grant
amortisation plus depreciation.
Balance sheet Total assets £m Total liabilities £m Net assets/(liabilities) £m
First Student 2,775.4 (410.5) 2,364.9
First Transit 571.0 (150.5) 420.5
Greyhound 672.4 (346.4) 326.0
First Bus 774.9 (435.7) 339.2
First Rail 236.4 (467.4) (231.0)
5,030.1 (1,810.5) 3,219.6
Group items 143.5 (203.7) (60.2)
Net debt 310.5 (1,802.0) (1,491.5)
Taxation 49.5 (32.1) 17.4
Total 5,533.6 (3,848.3) 1,685.3
4 Business segments information (continued)
The segment results for the year to 31 March 2017 are as follows:
First Student £m First Transit £m Greyhound £m First Bus £m First Rail £m Group items (1) £m Total £m
Revenue 1,780.3 1,042.0 684.7 861.7 1,268.8 15.8 5,653.3
EBITDA (2) 348.7 91.9 79.4 104.5 98.8 (36.7) 686.6
Depreciation (177.6) (18.6) (36.8) (67.5) (50.3) (2.1) (352.9)
Capital grant amortisation - - - - 5.3 - 5.3
Segment results 171.1 73.3 42.6 37.0 53.8 (38.8) 339.0
Other intangible asset amortisation charges (49.6) (1.8) (8.5) - (0.3) - (60.2)
Other adjustments (note 3) (2.5) (0.2) 19.6 (10.9) - (1.2) 4.8
Operating profit 119.0 71.3 53.7 26.1 53.5 (40.0) 283.6
(1) Group items comprise Tram operations, central management and other
items.
(2) EBITDA is adjusted operating profit less capital grant
amortisation plus depreciation.
Balance sheet Total assets £m Total liabilities £m Net assets/(liabilities) £m
First Student 2,918.4 (414.9) 2,503.5
First Transit 600.6 (161.1) 439.5
Greyhound 694.5 (363.7) 330.8
First Bus 769.5 (364.6) 404.9
First Rail 245.8 (482.8) (237.0)
5,228.8 (1,787.1) 3,441.7
Group items 130.3 (183.0) (52.7)
Net debt 400.9 (1,690.8) (1,289.9)
Taxation 26.5 (49.7) (23.2)
Total 5,786.5 (3,710.6) 2,075.9
5 Investment income and finance costs
6 months to 6 months to 30 September 2016 £m Year to 31 March 2017 £m
30 September 2017
£m
Investment income
Bank interest receivable (0.4) (0.7) (1.2)
Finance costs
Bonds 41.3 42.1 83.7
Bank borrowings 3.3 6.8 11.4
Senior unsecured loan notes 1.0 2.3 4.3
Loan notes 0.5 0.5 1.0
Finance charges payable in respect of HP contracts and finance leases 2.4 3.4 6.4
Notional interest on long term provisions 5.6 7.9 17.5
Notional interest on pensions 5.2 4.8 8.9
Finance costs before adjustments 59.3 67.8 133.2
Hedge ineffectiveness on financial derivatives 0.4 (0.3) (1.0)
Net finance costs 59.7 67.5 132.2
Finance costs before adjustments 59.3 67.8 133.2
Investment income (0.4) (0.7) (1.2)
Net finance costs before adjustments 58.9 67.1 132.0
6 Tax on profit on ordinary activities
6 months to 6 months to 30 September 2016 £m Year to 31 March 2017 £m
30 September 2017
£m
Current tax 0.8 1.8 (4.3)
Deferred tax (3.7) 0.2 40.8
Total tax (credit)/charge (2.9) 2.0 36.5
The tax effect of the adjustments disclosed in note 3 was a credit of £12.1m
(H1 2016: credit of £3.5m; full year 2017: credit of £17.3m).
7 Earnings per share (EPS)
EPS is calculated by dividing the profit attributable to equity shareholders
of £2.1m (H1 2016: £9.0m; full year 2017: £112.3m) by the weighted average
number of ordinary shares in issue of 1,206.2m (H1 2016: 1,204.3m; full year
2017: 1,204.8m). The number of ordinary shares used for the basic and diluted
calculations are shown in the table below.
The difference in the number of shares between the basic calculation and the
diluted calculation represents the weighted average number of potentially
dilutive ordinary share options.
30 September 2017 30 September 2016 number m 31 March 2017 number m
number
m
Weighted average number of shares used in basic calculation 1,206.2 1,204.3 1,204.8
Executive share options 13.0 8.0 11.5
Weighted average number of shares used in the diluted calculation 1,219.2 1,212.3 1,216.3
The adjusted EPS is intended to highlight the recurring results of the Group
before amortisation charges, ineffectiveness on financial derivatives and
certain other adjustments as set out in note 3. A reconciliation is set out
below:
6 months to 6 months to 30 September 2016 Year to 31 March 2017
30 September 2017
£m EPS (p) £m EPS (p) £m EPS (p)
Basic profit / EPS 2.1 0.2 9.0 0.7 112.3 9.3
Other intangible asset amortisation charges (note 9) 32.0 2.7 28.5 2.4 60.2 5.0
Ineffectiveness on financial derivatives 0.4 - (0.3) - (1.0) (0.1)
Other adjustments (note 3) - - (17.4) (1.4) (4.8) (0.4)
Tax effect of above adjustments (12.1) (1.0) (3.5) (0.3) (17.3) (1.4)
Adjusted profit / EPS 22.4 1.9 16.3 1.4 149.4 12.4
6 months to 6 months to 30 September 2016 pence Year to 31 March 2017 pence
30 September 2017
pence
Diluted EPS 0.2 0.7 9.2
Adjusted diluted EPS 1.8 1.3 12.3
8 Goodwill
£m
Cost
At 1 April 2017 1,960.1
Additions (note 19) 1.2
Foreign exchange movements (130.6)
At 30 September 2017 1,830.7
Accumulated impairment losses
At 1 April 2017 and 30 September 2017 4.0
Carrying amount
At 30 September 2017 1,826.7
At 31 March 2017 1,956.1
At 30 September 2016 1,887.4
Disclosures including goodwill by cash generating unit, details of impairment
testing and sensitivities thereon are set out on page 106 of the 2017 Annual
Report. The projections for First Student assume the incremental benefits of
the existing recovery plan, the programme to address contract portfolio
pricing together with an economic recovery.
The sensitivity analysis indicated that the First Student margin or growth
rates would need to fall in excess of 218 or 184 basis points respectively
compared to medium term double digit margin expectations for there to be an
impairment to the carrying value of net assets in this business. An increase
in the discount rate in excess of 161 basis points would have led to the
value in use of the division being less than its carrying amount.
9 Other intangible assets
Customer contracts £m Greyhound brand and trade name £m Software £m Total £m
Cost
At 1 April 2017 491.0 74.7 42.9 608.6
Acquisitions (note 19) 0.7 - - 0.7
Additions - - 7.2 7.2
Disposals - - (1.6) (1.6)
Foreign exchange movements (32.7) (4.7) (3.0) (40.4)
At 30 September 2017 459.0 70.0 45.5 574.5
Amortisation
At 1 April 2017 415.5 35.7 6.8 458.0
Charge for the period 25.0 1.8 5.2 32.0
Disposals - - (0.9) (0.9)
Foreign exchange movements (28.9) (2.2) (0.7) (31.8)
At 30 September 2017 411.6 35.3 10.4 457.3
Carrying amount
At 30 September 2017 47.4 34.7 35.1 117.2
At 31 March 2017 75.5 39.0 36.1 150.6
At 30 September 2016 97.3 39.3 19.2 155.8
Intangible assets include customer contracts and the Greyhound brand and trade
name which were acquired through the purchases of businesses and subsidiary
undertakings and software. These are being amortised on a straight-line basis
over their useful lives which are between 3 and 20 years.
10 Property, plant and equipment
Land and buildings £m Passenger carrying vehicle fleet £m Other plant and equipment £m Total £m
Cost
At 1 April 2017 522.1 3,469.3 777.9 4,769.3
Acquisitions (note 19) - 1.6 - 1.6
Additions 4.1 128.3 64.7 197.1
Disposals (1.9) (18.6) (5.5) (26.0)
Reclassified as held for sale - (75.6) - (75.6)
Foreign exchange movements (19.9) (176.4) (23.5) (219.8)
At 30 September 2017 504.4 3,328.6 813.6 4,646.6
Accumulated depreciation and impairment
At 1 April 2017 100.1 1,789.6 603.1 2,492.8
Charge for period 5.7 121.9 64.9 192.5
Disposals (1.1) (9.5) (5.4) (16.0)
Reclassified as held for sale - (75.6) - (75.6)
Foreign exchange movements (4.2) (91.3) (18.5) (114.0)
At 30 September 2017 100.5 1,735.1 644.1 2,479.7
Carrying amount
At 30 September 2017 403.9 1,593.5 169.5 2,166.9
At 31 March 2017 422.0 1,679.7 174.8 2,276.5
At 30 September 2016 417.8 1,653.1 175.8 2,246.7
11 Assets held for sale
30 September 2017 30 September 2016 £m 31 March 2017 £m
£m
Assets held for sale 3.0 3.9 2.9
These principally comprise First Student yellow school buses which are surplus
to requirements and are being actively marketed for sale. Gains or losses
arising on the disposal of such assets are included in arriving at operating
profit in the condensed consolidated income statement.
12 Trade and other receivables
Amounts due within one year 30 September 2017 30 September 2016 £m 31 March 2017 £m
£m
Trade receivables 420.7 352.4 457.3
Provision for doubtful receivables (7.7) (5.2) (4.2)
Accrued income 217.2 205.5 184.2
Other prepayments 79.3 83.4 79.0
Other receivables 70.8 60.5 74.6
780.3 696.6 790.9
13 Trade and other payables
Amounts falling due within one year 30 September 2017 30 September 2016 £m 31 March 2017 £m
£m
Trade payables 232.8 199.0 255.6
Other payables 230.7 189.2 217.6
Accruals 675.7 574.3 607.3
Deferred income 62.7 47.3 49.7
Season ticket deferred income 81.9 24.3 25.1
1,283.8 1,034.1 1,155.3
14 Borrowings
30 September 2017 30 September 2016 £m 31 March 2017 £m
£m
On demand or within 1 year
Finance leases (note 15) 56.7 55.9 65.3
Senior unsecured loan notes 36.9 77.1 80.0
Bond 8.125% (repayable 2018) 299.6 0.7 12.9
Bond 6.125% (repayable 2019) 10.4 10.7 3.0
Bond 8.75% (repayable 2021) 14.5 14.5 30.2
Bond 5.25% (repayable 2022) 14.3 14.6 5.8
Bond 6.875% (repayable 2024) 0.2 0.4 7.2
Total current liabilities 432.6 173.9 204.4
Within 1 – 2 years
Finance leases (note 15) 48.2 60.0 53.5
Loan notes (note 16) 9.5 9.6 9.5
Bond 8.125% (repayable 2018) - 298.8 298.8
Bond 6.125% (repayable 2019) 264.3 - 270.0
Senior unsecured loan notes - 38.4 -
322.0 406.8 631.8
Within 2
- More to follow, for following part double click ID:nPRrE9E1AcRecent news on Firstgroup
See all newsREG-FirstGroup Plc: Director/PDMR Shareholding
AnnouncementREG-FirstGroup Plc: Total Voting Rights
AnnouncementREG-FirstGroup Plc: Cancellation of Treasury Shares
AnnouncementREG-FirstGroup Plc: Director/PDMR Shareholding
AnnouncementREG-FirstGroup Plc: Director/PDMR Shareholding
Announcement