REG - Hargreaves Lansdown - Final Results <Origin Href="QuoteRef">HRGV.L</Origin> - Part 2
07/09/2016 07:05
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related
costs expensed within staff costs. Any costs relating to the development of
new systems have been capitalised and are being depreciated over their useful
economic life.
We have capitalised £1.1 million of staff costs relating to the development of
the cash deposit and Peer to Peer platforms in HL Savings (2015: £nil). Again
this will be depreciated over its useful economic life but only once it has
been brought into use which is expected to be towards the end of the calendar
year 2016.
Finally we capitalised £0.4 million relating to a book of business that was
acquired from J.P. Morgan. As a result of the acquisition an additional £223
million of assets were added to the Vantage platform and an additional 4,312
clients. At the interim results these costs were expensed within marketing and
advertising, but they will be now be amortised over their useful economic life
and subject to an annual impairment review.
Current assets
Group cash balances totalled £208.2 million at the end of the year. The only
significant cash outflows have been the 2015 second interim ordinary and
special dividends totalling £121.4 million paid in September 2015 and a 2016
interim dividend of £36.8 million paid in March 2016.
Capital is defined as the total of share capital, share premium, retained
earnings and other reserves. Total capital at 30 June 2016 was £254.2 million
(2015: £237.1m) and this capital is managed via the net assets to which it
relates. The Group has four subsidiary companies authorised and regulated by
the Financial Conduct Authority (FCA). These firms have capital resources at
a level which satisfies both their regulatory capital requirements and their
working capital requirements. As a Group, we maintain a robust balance sheet
retaining a capital base over and above regulatory capital requirements.
Further disclosures are published in the Pillar 3 document on the Group's
website at www.hl.co.uk.
Increase in counterparty balances
In accordance with market practice, certain balances with clients, Stock
Exchange member firms and other counterparties are included in the balance
sheet. These balances fluctuate according to the volume and value of recent
trading. At the year-end, trade receivables and trade payables included
counterparty balances of £560.9 million (2015: £363.2 million) and £555.5
million (2015: £361.9 million) respectively. The higher balances resulted from
a significant increase in deal volumes post the EU Referendum until the
financial year-end.
Dividends
The Board remains committed to a progressive dividend policy, and has declared
a second interim (final) ordinary dividend of 16.30 pence and a special
dividend of 9.90 pence per ordinary share. These dividends will be paid on 28
September 2016 to all shareholders on the register at the close of business on
16 September 2016. This brings the total dividends in respect of the year to
34.0 pence per ordinary share (2015: 33.0p), an increase of 3%. This total
ordinary dividend pay-out equates to 65% (2015: 65%) of post-tax profits, with
a further 26% (2015: 34%) of post-tax profits paid by way of special dividend.
Any special dividend in future years will depend upon future cash requirements
and therefore may vary.
An arrangement exists under which the Hargreaves Lansdown EBT has agreed to
waive all dividends.
Dividend (pence per share)
2016 2015 Change
First interim dividend paid 7.80p 7.30p +7%
Second interim dividend declared 16.30p 14.30p +14%
Total ordinary dividend 24.10p 21.60p +12%
Special dividend declared 9.90p 11.40p -13%
Total dividend for the year 34.0p 33.0p +3%
Consolidated Income Statement
Note Year ended 30 June2016£'000 Year ended 30 June2015£'000
Revenue 2 388,333 395,137
Commission payable (61,797) (100,949)
Net revenue 326,536 294,188
Staff costs (60,217) (53,117)
Other operating costs (42,575) (38,603)
FSCS costs (5,494) (4,417)
Operating profit 218,250 198,051
Investment revenue 4 629 987
Profit before tax 218,879 199,038
Tax 5 (41,623) (41,789)
Profit after tax 177,256 157,249
Attributable to:
Equity shareholders of the parent Company 176,895 156,664
Non-controlling interest 361 585
177,256 157,249
Earnings per shareBasic earnings per share (pence) 7 37.4 33.2
Diluted earnings per share (pence) 7 37.3 33.1
The results relate entirely to continuing operations.
Consolidated Statement of Comprehensive Income
Year ended 30 June2016£'000 Year ended 30 June2015£'000
Profit for the financial year 177,256 157,249
Total comprehensive income for the financial year 177,256 157,249
Attributable to:-
Owners of the parent 176,895 156,664
Non-controlling interest 361 585
177,256 157,249
Consolidated Statement of Changes in Equity
Attributable to the owners of the Company
Share capital Share premium account Capital redemption reserve Shares held by EBT reserve EBT reserve Retained earnings Total Non-controlling interest Total Equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2014 1,897 8 12 (16,221) 13,545 228,512 227,753 591 228,344
Total comprehensive income - - - - - 156,664 156,664 585 157,249
Change to non-controlling interest - - - - - (964) (964) (103) (1,067)
Employee Benefit Trust:-
Shares sold in the year - - - 5,203 - - 5,203 - 5,203
Shares acquired in the year - - - (2,000) - - (2,000) - (2,000)
EBT share sale net of tax - - - - (841) - (841) - (841)
Employee share option scheme:-
Share-based payments expense - - - - - 2,109 2,109 - 2,109
Current tax effect of share-based payments - - - - - 1,305 1,305 - 1,305
Deferred tax effect of share-based payments - - - - - (592) (592) - (592)
Dividend paid (Note 6) - - - - - (152,071) (152,071) (572) (152,643)
At 30 June 2015 1,897 8 12 (13,018) 12,704 234,963 236,566 501 237,067
Total comprehensive income - - - - - 176,895 176,895 361 177,256
Employee Benefit Trust:-
Shares sold in the year - - - 14,095 - - 14,095 - 14,095
Shares acquired in the year - - - (15,927) - - (15,927) - (15,927)
EBT share sale net of tax - - - - (3,441) - (3,441) - (3,441)
Reserve transfer on exercise of share options 2,736 (2,736) - - -
Employee share option scheme:-
Share-based payments expense - - - - - 2,525 2,525 - 2,525
Current tax effect of share-based payments - - - - - 3,122 3,122 - 3,122
Deferred tax effect of share-based payments - - - - - (1,955) (1,955) - (1,955)
Dividend paid (Note 6) - - - - - (158,182) (158,182) (396) (158,578)
At 30 June 2016 1,897 8 12 (14,850) 11,999 254,632 253,698 466 254,164
The share premium account represents the difference between the issue price
and the nominal value of shares issued.
The capital redemption reserve relates to the repurchase and cancellation of
the Company's own shares.
The Shares held by the Employee Benefit Trust ("the EBT") reserve represents
the cost of shares in Hargreaves Lansdown plc purchased in the market and held
by the Hargreaves Lansdown plc Employee Benefit Trust to satisfy options under
the Group's share option schemes.
The EBT reserve represents the cumulative gain on disposal of investments held
by the Hargreaves Lansdown EBT. The reserve is not distributable by the
Company as the assets and liabilities of the EBT are subject to management by
the Trustees in accordance with the EBT trust deed.
Non-controlling interests in the net assets of consolidated subsidiaries are
identified separately from the Group's equity therein. Non-controlling
interests consist of the minority's proportion of the net fair value of the
assets and liabilities acquired at the date of the original business
combination and the non-controlling interest's change in equity since that
date. The non-controlling interest represents a 22% shareholding in Library
Information Services Limited, a subsidiary of the Company.
Consolidated Statement of Financial Position
Note At 30 June2016£'000 At 30 June2015 £'000
ASSETS
Non-current assets
Goodwill 1,333 1,333
Other intangible assets 7,050 4,614
Property, plant and equipment 10,987 11,990
Deferred tax assets 11 2,775 6,118
22,145 24,055
Current assets
Trade and other receivables 9 617,013 411,705
Cash and cash equivalents 10 211,393 216,753
Investments 8 994 909
Current tax assets 33 -
829,433 629,367
Total assets 851,578 653,422
LIABILITIES
Current liabilities
Trade and other payables 12 581,685 397,262
Current tax liabilities 15,242 18,861
596,927 416,123
Net current assets 232,506 213,244
Non-current liabilities
Provisions 487 232
Total liabilities 597,414 416,356
Net assets 254,164 237,067
EQUITY
Share capital 13 1,897 1,897
Share premium account 8 8
Investment revaluation reserve - -
Capital redemption reserve 12 12
Shares held by Employee Benefit Trust reserve (14,850) (13,018)
EBT reserve 11,999 12,704
Retained earnings 254,632 234,963
Total equity, attributable to the owners of the parent Company 253,698 236,566
Non-controlling interest 466 501
Total equity 254,164 237,067
Consolidated Statement of Cash Flows
Note Year ended 30 June2016 Year ended 30 June2015
£'000 £'000
Operating activities
Cash generated from operations 14 205,360 212,991
Income tax paid (40,766) (41,603)
Net cash generated from operating activities 164,594 171,388
Investing activities
Interest received 458 896
Dividends received from investments 171 91
Purchases of property, plant and equipment (2,534) (2,590)
Purchase of intangible assets (4,114) (2,887)
Purchase of available-for-sale investments (85) (35)
Net cash used in investing activities (6,104) (4,525)
Financing activities
Purchase of own shares in EBT (15,927) (2,000)
Proceeds on sale of own shares in EBT 10,655 4,362
Dividends paid to owners of the parent (158,182) (152,071)
Dividends paid to non-controlling interests (396) (572)
Purchase of non-controlling interest in subsidiary - (1,067)
Net cash used in financing activities (163,850) (151,348)
(5,360) 15,515
Cash and cash equivalents at beginning of year 216,753 201,238
Cash and cash equivalents at end of year 10 211,393 216,753
Notes to the Consolidated Financial Statements
1. General information
Hargreaves Lansdown plc (the "Company") and ultimate parent of the Group is a
company incorporated and domiciled in the United Kingdom under the Companies
Act 2006 whose shares are publicly traded on the London Stock Exchange. The
address of the registered office is One College Square South, Anchor Road,
Bristol, BS1 5HL, United Kingdom. The nature of the Group's operations and its
principal activities are set out in the Operating and Financial Review.
These financial statements are presented in pounds sterling which is the
currency of the primary economic environment in which the Group operates and
are rounded to the nearest thousand.
The consolidated financial statements contained in this preliminary
announcement do not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The financial statements are extracted from the 2016
Group financial statements which have been signed and audited but have not yet
been delivered to the Registrar of Companies but will be following the
Company's annual general meeting. The financial information included in this
preliminary announcement has been based on the Company's financial statements
which are prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted for use in the EU. The principal accounting
policies are set out in the Group's 2016 statutory accounts.
The report of the auditors on the financial statements for the years ended 30
June 2016 and 30 June 2015, which were prepared in accordance with IFRS as
adopted for use in the EU, was unqualified, did not draw attention to any
matters by way of emphasis without qualifying their report and did not contain
a statement under section 498 (2) or 498 (3) of the Companies Act 2006. The
financial statements for the financial year ended 30 June 2015 have been
delivered to Companies House
2. Revenue
Revenue represents commission receivable from financial services provided to
clients, interest income on settlement accounts and management fees charged to
clients. It relates to services provided in the UK and is stated net of value
added tax. An analysis of the Group's revenue is as follows:
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Revenue from services:
Recurring income 317,089 329,900
Transactional income 65,035 58,816
Other income 6,209 6,421
Total revenue 388,333 395,137
Recurring income comprises renewal income (2016: £76.9m, 2015: £121.1m),
management fees relating to the PMS Service and Vantage SIPP and ISA accounts
(2016: £25.5m, 2015: £24.2m), management fees relating to the Hargreaves
Lansdown Multi-Manager Funds (2016: £44.1m, 2015: £36.5m), platform fees
(2016: £139.4m, 2015: £123.8m) and interest income on client money (2016:
£31.2m, 2015: £24.3m). Transactional income comprises commission earned from
stockbroking transactions (2016: £46.8m, 2015: £39.3m), adviser charges (2016:
£10.5m, 2015: £9.7m) and other income (2016: £7.7m, 2015: £9.8m). Other income
represents the amount of fees receivable from the provision of funds data
services and research through Library Information Services Ltd to external
parties.
Following the implementation of the Retail Distribution Review ("RDR") on 1
March 2014, total revenue earned from investment funds held by clients
significantly increased as a new platform fee was introduced. At the same time
commission income was being received from the fund management groups on funds
purchased by clients before the RDR implementation date. Where we still
received commission on these pre RDR or "legacy funds" the vast majority was
passed back to our clients in the form of a significantly higher loyalty bonus
which is shown within commission payable in the income statement. This
continued up until 31 March 2016 from which point any commission received on
legacy funds was passed on entirely to clients and as a result was no longer
recognised as revenue or a cost. In order to aid comparability across this
transitional period the measure of net revenue is felt to be more meaningful
and hence has been used in the Operating and Financial review section and is
shown in the Income statement. Net revenue is measured as revenue less
commission payable.
3. Segment information
The Group is organised into three business segments, namely the Vantage
division, the Discretionary/Managed division and the Third Party/Other
Services division. This is based upon the Group's internal organisation and
management structure and is the primary way in which the Chief Operating
Decision Maker (CODM) is provided with financial information. The CODM has
been identified as the Board of Executive Directors.
The 'Vantage' division represents all activities relating to our direct to
private investor platform.
The 'Discretionary/Managed' division is focused on the provision of managed
services such as our Portfolio Management Service (PMS) and range of
Multi-Manager funds.
The 'Third Party/Other Services' division includes activities relating to the
broking of third party investments and pensions, certificated share dealing
and other niche services such as currency, CFDs and spread betting. In this
division, clients' investments are not administered within the Group.
The 'Group' segment contains items that are shared by the Group as a whole and
cannot be reasonably allocated to other operating segments.
Segment expenses are those that are directly attributable to a segment
together with the relevant portion of other expenses that can reasonably be
allocated to the segment. Gains or losses on the disposal of
available-for-sale investments, investment income, interest payable and tax
are not allocated by segment.
Segment assets and liabilities include items that are directly attributable to
a segment plus an allocation on a reasonable basis of shared items. Corporate
assets and liabilities are not included in business segments and are thus
unallocated. At 30 June 2016 and 2015, these comprise cash and cash
equivalents, short-term investments, tax-related and other assets or
liabilities.
Consolidation adjustments relate to the elimination of inter-segment
counterparty balances required on consolidation.
Vantage Discretionary/ Managed Third Party/Other Services Group Consolidation Adjustments Consolidated
£'000 £'000 £'000 £'000 £'000 £'000
Year ended 30 June 2016
Revenue from external customers 307,522 58,956 21,855 - - 388,333
Commission payable (61,702) (27) (68) - - (61,797)
Total segment net revenue 245,820 58,929 21,787 - - 326,536
Depreciation and amortisation 4,143 376 697 - - 5,216
Investment revenue - - - 629 - 629
Reportable segment profit before tax 166,373 45,348 7,613 (455) - 218,879
Reportable segment assets 614,314 31,336 6,156 239,426 (39,654) 851,578
Reportable segment liabilities (571,409) (26,550) (548) (38,561) 39,654 (597,414)
Net segment assets 42,905 4,786 5,608 200,865 - 254,164
Year ended 30 June 2015
Revenue from external customers 320,849 52,451 21,837 - - 395,137
Commission payable (100,879) (15) (55) - - (100,949)
Total segment net revenue 219,970 52,436 21,782 - - 294,188
Depreciation and amortisation 3,537 355 488 - - 4,380
Investment revenue - - - 987 - 987
Reportable segment profit before tax 147,463 39,855 11,516 204 - 199,038
Reportable segment assets 398,582 35,022 13,159 247,229 (40,570) 653,422
Reportable segment liabilities (387,092) (24,966) (409) (44,458) 40,570 (416,355)
Net segment assets 11,490 10,056 12,750 202,771 - 237,067
Information about products/services
The Group's operating segments are business units that provide different
products and services. The breakdown of revenue from external customers for
each type of service is therefore the same as the segmental analysis above.
Information about geographical area
All business activities are located within the UK.
Information about major customers
The Group does not rely on any individual customer.
4. Investment revenue
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Interest on bank deposits 458 896
Dividends from equity investment 171 91
629 987
5. Tax
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Current tax: on profits for the year 40,771 41,749
Current tax: adjustments in respect of prior years (536) -
Deferred tax (Note 11) 231 41
Deferred tax: adjustments in respect of prior years (Note 11) 1,157 (1)
41,623 41,789
Corporation tax is calculated at 20.0% of the estimated assessable profit for
the year to 30 June 2016 (2015: 20.75%). In addition to the amount charged to
the income statement, certain tax amounts have been charged or (credited)
directly to equity as follows:
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Deferred tax relating to share-based payments 1,955 592
Current tax relating to share-based payments (3,122) (1,305)
(1,167) (713)
Factors affecting tax charge for the year
It is expected that the ongoing effective tax rate will remain at a rate
approximating to the standard UK corporation tax rate in the medium term
except for the impact of deferred tax arising from the timing of exercising of
share options which is not under our control. The standard UK corporation tax
rate was reduced to 20% (from 21%) on 1 April 2015 and accordingly the Group's
profits for this accounting year are taxed at an effective rate of 20.0%.
Deferred tax has been recognised at 20%, being the rate at which the deferred
tax assets are expected to reverse. A deferred tax asset in respect of future
share option deductions has been recognised based on the Company's share price
as at 30 June 2016.
Factors affecting future tax charge
Any increase or decrease to the Company's share price will impact the amount
of tax deduction available in future years on the value of shares acquired by
staff under share incentive schemes. The Finance Act 2015 received Royal
Assent on 18 November 2015 and has reduced the standard rate of UK corporation
tax to 19% from 1 April 2017 and to 18% from 1 April 2020. A planned reduction
in the rate to 17% has yet to be substantively enacted.
The charge for the year can be reconciled to the profit per the income
statement as follow:
Year ended 30 June 2016 £'000 Year ended 30 June 2015£'000
Profit before tax 218,879 199,038
Tax at the UK corporation tax rate of 20.00% (2015 - 20.75%)
43,776 41,302
Items (allowable) / not allowable for tax (2,774) 424
Adjustments in respect of prior years 621 (1)
Impact of the changes in tax rate - 64
Tax expense for the year 41,623 41,789
Effective tax rate 19.0% 21.0%
6. Dividends
Amounts recognised as distributions to equity holders in the year:
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
2015 Second interim dividend of 14.30p (2014: 15.39p) per share 67,515 72,449
2015 Special dividend of 11.40p (2014: 9.61p) per share 53,850 45,248
2016 First interim dividend of 7.80p (2015: 7.30p) per share 36,817 34,374
Total dividends paid during the year 158,182 152,071
After the balance sheet date, the Directors declared a second interim (final)
ordinary dividend of 16.30 pence per share and a special dividend of 9.90
pence per share payable on 28 September 2016 to shareholders on the register
on 16 September 2016. Dividends are required to be recognised in the
financial statements when paid, and accordingly the declared dividend amounts
are not recognised in these financial statements, but will be included in the
2017 financial statements as follows:
£'000
2016 Second interim dividend of 16.30p (2015: 14.30p) per share 77,036
2016 Special dividend of 9.90p (2015: 11.40p) per share 46,789
2016 Total declared dividend of 34.00p (2015: 33.00p) per share 160,642
Under an arrangement dated 30 June 1997 the Hargreaves Lansdown Employee
Benefit Trust, which held the following number of ordinary shares in
Hargreaves Lansdown plc at the date shown, has agreed to waive all dividends.
Year ended 30 June 2016 Year ended 30 June 2015
No. of shares No. of shares
Number of shares held by the Hargreaves Lansdown Employee Benefit Trust 1,724,330 2,726,361
Representing % of called-up share capital 0.36% 0.57%
7. Earnings per share (EPS)
Basic earnings per share is calculated by dividing the profit attributable to
equity holders of the Company by the weighted average number of ordinary
shares in free issue during the year, including ordinary shares held in the
EBT reserve which have vested unconditionally with employees.
Diluted earnings per share is calculated adjusting the weighted average number
of ordinary shares outstanding to assume conversion of all dilutive potential
ordinary shares.
The weighted average number of anti-dilutive share options and awards excluded
from the calculation of diluted earnings per share was 1,285,073 at 30 June
2016 (2015: 1,010,928).
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Earnings (all from continuing operations):
Earnings for the purposes of basic & diluted EPS - net profit attributable to equity holders of parent company 176,895 156,664
Number of shares:
Weighted average number of ordinary shares for the purposes of diluted EPS 474,720,091 473,716,102
Weighted average number of shares held by HL EBT which have not vested unconditionally with employees (1,818,222) (2,068,619)
Weighted average number of ordinary shares for the purposes of basic EPS 472,901,869 471,647,483
Earnings per share: Pence Pence
Basic EPS 37.4 33.2
Diluted EPS 37.3 33.1
8. Investments
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
At beginning of year 909 874
Purchases 85 35
At end of year 994 909
Comprising:
Current asset investment - UK listed securities valued at quoted market price 730 645
Current asset investment - Unlisted securities valued at cost 264 264
£730,000 (2015: £645,000) of investments are classified as held at fair value
through profit and loss and £264,000 (2015: £264,000) are classified as
available-for-sale. Available-for-sale investments have been included at fair
value where a fair value can be reliably calculated, with the revaluation
gains and losses reflected in the investment revaluation reserve as shown in
the Consolidated Statement of Changes in Equity, until sale when the
cumulative gain or loss is transferred to the income statement. If a fair
value cannot be reliably calculated by reference to a quoted market price or
other method of valuation, available-for-sale investments are included at
cost, with a fair value adjustment recognised upon disposal of the
investment.
9. Trade and other receivables
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Financial assets:
Trade receivables 576,402 380,803
Other receivables 559 1,460
576,961 382,263
Non-financial assets:
Prepayments and accrued income 40,052 29,442
617,013 411,705
Trade and other receivables are measured at initial recognition at fair value.
Appropriate allowances for estimated irrecoverable amounts are recognised in
profit or loss when there is objective evidence that the asset is impaired.
In accordance with market practice, certain balances with clients, Stock
Exchange member firms and other counterparties totalling £560.9 million (2015:
£363.2 million) are included in trade receivables. These balances are
presented net where there is a legal right of offset and the ability and
intention to settle net. The gross amount of trade receivables is £718.0
million and the gross amount offset in the balance sheet with trade payables
is £157.2 million. Other than counterparty balances trade receivables
primarily consist of fees and amounts owed by clients and renewal commission
owed by fund management groups. There are no balances where there is a legal
right of offset but not a right of offset in accordance with accounting
standards, and no collateral has been posted for the balances that have been
offset.
10. Cash and cash equivalents
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Cash and cash equivalents:
Restricted cash - balances held by EBT 3,184 7,602
Group cash and cash equivalent balances 208,209 209,151
211,393 216,753
Cash and cash equivalents comprise cash on hand and demand deposits held by
the Group that are readily convertible to a known amount of cash. The carrying
amount of these assets is approximately equal to their fair value.
At 30 June 2016 segregated deposit amounts held by the Group on behalf of
clients in accordance with the client money rules of the Financial Conduct
Authority amounted to £6,953 million (2015: £5,499 million). In addition there
were currency service cash accounts held on behalf of clients not governed by
the client money rules of £18 million (2015: £12m). The client retains the
beneficial interest in both these deposit and cash accounts and accordingly
they are not included in the balance sheet of the Group.
11. Deferred tax assets
Deferred tax assets arise because of temporary timing differences only. The
following are the major deferred tax assets recognised and movements thereon
during the current and prior reporting years. Deferred tax has been recognised
at 20%, being the rate in force at the balance sheet date.
Accelerated tax depreciation Share-based payments Other deductible temporary differences Total
£'000 £'000 £'000 £'000
At 1 July 2014 145 5,240 1,365 6,750
Credit / (charge) to income 80 83 (203) (40)
Charge to equity - (592) - (592)
At 30 June 2015 225 4,731 1,162 6,118
Charge to income - (259) (1,129) (1,388)
Charge to equity - (1,955) - (1,955)
At 30 June 2016 225 2,517 33 2,775
12. Trade and other payables
Year ended 30 June 2016£'000 Year ended 30 June 2015£'000
Financial liabilities:
Trade payables 556,754 362,808
Social security and other taxes 7,404 9,692
Other payables 3,888 12,176
568,046 384,676
Non-financial liabilities:
Accruals and deferred income 13,639 12,586
581,685 397,262
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