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

HaysAnnouncement

01/09/2016 07:06

- Part 3: For the preceding part double click  ID:nRSA6247Ib 

1,440.9    0.01       
 discontinued operations                                                                                                             
                                                                                                                                     
 Continuing and discontinued                                                                                                         
 operations:                                                                                                                         
 Basic earnings per share from       105.6                                                                     1,416.4    7.46       
 continuing and discontinued                                                                                                         
 operations                                                                                                                          
 Dilution effect of share options    -                                                                         24.5       (0.13)     
 Diluted earnings per share from     105.6                                                                     1,440.9    7.33       
 continuing and discontinued                                                                                                         
 operations                                                                                                                          
                                                                                                                                                                                               
 The weighted average number of      
 shares in issue for both years      
 exclude shares held in treasury.    
                                                                                                                                                                                               
 9                                   RETIREMENT BENEFIT OBLIGATIONS                                                                           
 (In £s million)                                                                                                                                            2016        2015       
 Deficit in the scheme brought                                                                                 (58.7)     (43.9)     
 forward                                                                                                                             
 Effect of settlement                                                                                          (1.6)      -          
 Administration costs                                                                                          (1.9)      (1.3)      
 Employer contributions (towards                                                                               14.4       14.0       
 funded and unfunded schemes)                                                                                                        
 Net interest expense                                                                                          (2.0)      (1.7)      
 Remeasurement of the net defined                                                                              35.5       (25.8)     
 benefit liability                                                                                                                   
 Deficit in the scheme carried                                                                                 (14.3)     (58.7)     
 forward                                                                                                                             
                                                                                                                                                                                               
 10                                  PROVISIONS                                                                                                                                                
 (In £s million)                                                                                                                              Discontinued  Continuing  Total      
 At 1 July 2015                                                                                                12.1       2.8        14.9     
 Exchange adjustments                                                                                          -          0.2        0.2      
 (Credited)/Charged to income                                                                                  (4.6)      (0.6)      (5.2)    
 statement                                                                                                                                    
 Utilised                                                                                                      (0.6)      -          (0.6)    
 At 30 June 2016                                                                                               6.9        2.4        9.3      
                                                                                                                                                                                               
 (In £s million)                                                                                                                                            2016        2015       
 Current                                                                                                                  3.1        3.0      
 Non-current                                                                                                              6.2        11.9     
                                                                                                                                                                        9.3        14.9        
                                                                                                                                                                                               
 Discontinued provisions comprise    
 potential exposures arising as a    
 result of the business disposals    
 that were completed in 2004,        
 together with deferred employee     
 benefits relating to former         
 employees. During the year a number 
 of property leases and warranty     
 periods associated with those       
 business disposals expired resulting 
 in a release of £4.6 million to the 
 income statement                    
                                                                                                                                                                                               
 Of the continuing and discontinuing 
 provisions that remain, £3.1 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 CASH/(DEBT)                                                                                                                   
                                                                                                                                              1 July        Cash        Exchange   30 June     
 (In £s million)                                                                                                                     2015     flow          movement    2016       
 Cash and cash equivalents                                                                                                           69.8     (28.1)        21.2        62.9       
 Bank loans and overdrafts                                                                                                           (100.5)  74.4          -           (26.1)     
 Net cash/(debt)                                                                                                                     (30.7)   46.3          21.2        36.8       
                                                                                                                                                                                               
 The table above is presented as     
 additional information to show      
 movement in net cash/(debt), defined 
 as cash and cash equivalents less   
 bank loans and overdrafts.          
                                                                                                                                                                                               
 The Group has a £210 million        
 unsecured revolving credit facility 
 which expires in April 2020. 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  
 0.90% to 1.55%.                     
                                                                                                                                                                                               
 At 30 June 2016, £185 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 2016                                                                                                              
 these are calculated as follows:                                                                                                             
 (In £s million)                                                                                                                                                                   
 Net fees for the year ended 30 June                                                                                                                        764.2       
 2015                                                                                                                                                                   
 Foreign exchange impact                                                                                                                                                (16.4)     
 Net fees for the year ended 30 June                                                                                                 747.8    
 2015 at constant currency                                                                                                                    
 Net fee increase resulting from                                                                                                                            9.7         
 acquisition                                                                                                                                                            
 Net fee increase resulting from                                                                                                                            52.8        
 organic growth                                                                                                                                                         
 Net fees for the year ended 30 June                                                                                                                        810.3       
 2016                                                                                                                                                                   
 Profit from operations for the year                                                                                                          164.1         
 ended 30 June 2015                                                                                                                                         
 Foreign exchange impact                                                                                                                                                (4.5)      
 Profit from operations for the year                                                                                      159.6      
 ended 30 June 2015 at constant                                                                                                      
 currency                                                                                                                            
 Profit from operations increase                                                                                                              0.5           
 resulting from acquisition                                                                                                                                 
 Profit from operations increase                                                                                                     20.9     
 resulting from organic growth                                                                                                                
 Profit from operations for the year                                                                                                          181.0         
 ended 30 June 2016                                                                                                                                         
                                                                                                                                                                                               
 13                                  LIKE-FOR-LIKE RESULTS H1 VERSUS H2 ANALYSIS BY DIVISION                                                  
                                                                                                                                                                                               
 Net fee growth/(decline)            Q1                                                                        Q2         H1         Q3       Q4            H2          FY         
 versus same period last year        2016                                                                      2016       2016       2016     2016          2016        2016       
 Asia Pacific                        6%                                                                        1%         4%         3%       4%            4%          4%         
 Continental Europe & Rest of World  11%                                                                       16%        14%        11%      21%           16%         15%        
 United Kingdom & Ireland            6%                                                                        1%         3%         (3%)     (4%)          (3%)        0%         
 Group                               8%                                                                        7%         8%         4%       8%            6%          7%         
                                                                                                                                                                                               
                                                                                                                                                                                               
 H1 2016 is the period from 1 July   
 2015 to 31 December 2015.  H2 2016  
 is the period from 1 January 2016 to 
 30 June 2016.                       
                                                                                                                                                                                                         
 
 
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