REG - Hays PLC - Final Results <Origin Href="QuoteRef">HAYS.L</Origin> - Part 3

HaysAnnouncement

29/10/2014 15:48

- Part 3: For the preceding part double click  ID:nRSb1776Qb 

                           
 Basic earnings per share 71.7                                                                                                               1,393.8    5.14       
 from continuing                                                                                                                                                  
 operations                                                                                                                                                       
 Dilution effect of share -                                                                                                                  23.4       (0.08)     
 options                                                                                                                                                          
 Diluted earnings per    71.7                                                                                                               1,417.2    5.06       
 share from continuing                                                                                                                                            
 operations                                                                                                                                                       
                                                                                                                                                                  
 There are no                                                                                                                                                     
 discontinued operations                                                                                                                                          
 in the prior year.                                                                                                                                               
                                                                                                                                                                                                                            
 The weighted average    
 number of shares in     
 issue for both years    
 exclude shares held in  
 treasury and shares held 
 by the Hays plc Employee 
 Share Trust.            
                                                                                                                                                                                                                            
 9                       RETIREMENT BENEFIT OBLIGATIONS                                                                                                                    
 (In £s million)                                                                                                                                                                         2014        2013       
 Deficit in the scheme                                                                                                                      (33.0)     (15.4)     
 brought forward                                                                                                                                                  
 Current service cost                                                                                                                       (1.3)      (1.2)      
 Employer contributions                                                                                                                     13.5       12.8       
 Net interest expense                                                                                                                       (1.3)      (0.4)      
 Remeasurement of the net                                                                                                                    (21.8)     (28.8)     
 defined benefit                                                                                                                                                  
 liability                                                                                                                                                        
 Deficit in the scheme                                                                                                                      (43.9)     (33.0)     
 carried forward                                                                                                                                                  
                                                                                                                                                                                                                            
 10                      PROVISIONS                                                                                                                                                                                         
 (In £s million)                                                                                                                                                           Property      Other       Total      
 At 1 July 2013                                                                                                                             10.8       11.8       22.6     
 Exchange adjustments                                                                                                                       -          (0.1)      (0.1)    
 Credited to income                                                                                                                                                        (3.2)         (1.8)       (5.0)      
 statement                                                                                                                                                                                                      
 Utilised                                                                                                                                   (2.3)      0.2        (2.1)    
 At 30 June 2014                                                                                                                            5.3        10.1       15.4     
                                                                                                                                                                                                                            
 (In £s million)                                                                                                                                                                         2014        2013       
 Current                                                                                                                                               3.4        4.2      
 Non-current                                                                                                                                           12.0       18.4     
                                                                                                                                                                                                     15.4       22.6        
                                                                                                                                                                                                                            
 Property provisions are 
 for rents and other     
 related amounts payable 
 on certain leased       
 properties for periods  
 in which they are not   
 anticipated to be in use 
 by the Group. The leases 
 expire in periods up to 
 2015 and the amounts    
 will be paid over this  
 period.                 
                                                                                                                                                                                                                            
 Other provisions include 
 potential warranty claim 
 liabilities arising as a 
 result of the business  
 disposals that were     
 concluded in 2004,      
 deferred employee       
 benefit provisions, and 
 restructuring           
 provisions. Of these    
 provisions, £3.4 million 
 is expected to be paid  
 in the next 12 months   
 and it is not possible  
 to estimate the timing  
 of the payments for the 
 other items.            
                                                                                                                                                                                                                            
 11                      MOVEMENT IN NET DEBT                                                                                                                                                                               
                                                                                                                                                                           1 July        Cash        Exchange   30 June     
 (In £s million)                                                                                                                                                  2013     flow          movement    2014       
 Cash and cash           40.0                                                                                                               13.7       (5.7)      48.0     
 equivalents                                                                                                                                                               
 Bank loans and          (145.2)                                                                                                            34.5       -          (110.7)  
 overdrafts                                                                                                                                                                
 Net debt                (105.2)                                                                                                            48.2       (5.7)      (62.7)   
                                                                                                                                                                                                                            
 The table above is      
 presented as additional 
 information to show     
 movement in net debt,   
 defined as cash and cash 
 equivalents less bank   
 loans and overdrafts.   
                                                                                                                                                                                                                            
 The Group has a £300    
 million unsecured       
 revolving credit        
 facility which expires  
 in October 2017. The    
 financial covenants     
 require the Group's     
 interest cover ratio to 
 be at least 4:1 and its 
 leverage ratio (net debt 
 to EBITDA) to be no     
 greater than 2.5:1. The 
 interest rate of the    
 facility is based on a  
 ratchet mechanism with a 
 margin payable over     
 LIBOR in the range of   
 1.85% to 2.40%.         
                                                                                                                                                                                                                            
 At 30 June 2014, £190   
 million of the committed 
 facility was un-drawn.  
                                                                                                                                                                                                                            
 12                      LIKE-FOR-LIKE RESULTS                                                                                                                                                                              
 Like-for-like results                                                                                                                                 
 represent organic growth                                                                                                                               
 of continuing activities                                                                                                                               
 at constant currency.                                                                                                                                 
                                                                                                                                                                                                                            
 For the year ended 30                                                                                                                                                     
 June 2014 these are                                                                                                                                                       
 calculated as follows:                                                                                                                                                    
 (In £s million)                                                                                                                                                                                                
 Net fees for the year                                                                                                                                                                   719.0       
 ended 30 June 2013                                                                                                                                                                                  
 Foreign exchange impact                                                                                                                                                                             (27.9)     
 Net fees for the year                                                                                                                                            691.1    
 ended 30 June 2013 at                                                                                                                                                     
 constant currency                                                                                                                                                         
 Net fee increase                                                                                                                                                                        33.8        
 resulting from organic                                                                                                                                                                              
 growth                                                                                                                                                                                              
 Net fees for the year                                                                                                                                                                   724.9       
 ended 30 June 2014                                                                                                                                                                                  
 Profit from operations                                                                                                                                                    125.5         
 for the year ended 30                                                                                                                                                                   
 June 2013                                                                                                                                                                               
 Foreign exchange impact                                                                                                                                                                             (8.3)      
 Profit from operations                                                                                                                                117.2      
 for the year ended 30                                                                                                                                            
 June 2013 at constant                                                                                                                                            
 currency                                                                                                                                                         
 Profit from operations                                                                                                                                                    23.1          
 increase resulting from                                                                                                                                                                 
 organic growth                                                                                                                                                                          
 Profit from operations                                                                                                                                                    140.3         
 for the year ended 30                                                                                                                                                                   
 June 2014                                                                                                                                                                               
                                                                                                                                                                                                                            
 13                      LIKE-FOR-LIKE RESULTS H1 V H2 ANALYSIS BY DIVISION                                                                                                              
                                                                                                                                                                                                                            
 Net fee growth/(decline) Q1                                                                                                                 Q2         H1         Q3       Q4            H2          FY         
 versus same period last 2014                                                                                                               2014       2014       2014     2014          2014        2014       
 year                                                                                                                                                                                                           
 Asia Pacific            (12%)                                                                                                              (9%)       (10%)      (4%)     0%            (2%)        (6%)       
 Continental Europe &    6%                                                                                                                 5%         6%         11%      7%            9%          8%         
 Rest of World                                                                                                                                                                                                  
 United Kingdom & Ireland 8%                                                                                                                 10%        9%         14%      11%           13%         11%        
 Group                   2%                                                                                                                 3%         2%         8%       7%            8%          5%         
                                                                                                                                                                                                                            
                                                                                                                                                                                                                            
 H1 2014 is the period   
 from 1 July 2013 to 31  
 December 2013.  H2 2014 
 is the period from 1    
 January 2014 to 30 June 
 2014.                   
                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                    
 
 
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