REG - Hays PLC - Half Yearly Report <Origin Href="QuoteRef">HAYS.L</Origin> - Part 3

HaysAnnouncement

24/02/2016 07:10

- Part 3: For the preceding part double click  ID:nRSX9281Pb 

                                                                                                                                                                                                                                                                                
 8                                                                                                                                                                                                                                                                                                                                                                                    Provisions                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 (In £'s million)                                                                                                                                                                                                                                                                                                                                                                                                          Property     Other        Total          
 At 1 July 2015                                                                                                                                                                                                                                                                                                                                                                                                            2.9          12.0         14.9           
 Exchange adjustments                                                                                                                                                                                                                                                                                                                                                                                                      -            0.2          0.2            
 Utilised                                                                                                                                                                                                                                                                                                                                                                                                                               -            (0.3)          (0.3)          
 At 31 December 2015                                                                                                                                                                                                                                                                                                                                                                                                       2.9          11.9         14.8           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 Current                                                                                                                                                                                                                                                                                                                                                                                                                                                            2.9            
 Non-current                                                                                                                                                                                                                                                                                                                                                                                                                                         11.9           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   14.8         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 Provisions relate to continuing and discontinued operations. 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 the current year and the amounts will be paid over this period.                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 Other provisions mainly relate to potential warranty claim liabilities arising as a result of the business disposals that were concluded in 2004 and deferred employee benefit provisions.                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 9                                                                                                                                                                                                                                                                                                                                                                                    Movement in net debt                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                        1 July       Cash           Exchange       31 December  
 (In £'s million)                                                                                                                                                                                                                                                                                                                                                                     2015                                 flow         movement     2015           
 Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                            69.8                                 (8.7)        3.3          64.4           
 Bank loans and overdrafts                                                                                                                                                                                                                                                                                                                                                            (100.5)                              (20.0)       -            (120.5)        
 Net debt                                                                                                                                                                                                                                                                                                                                                                                                                  (30.7)       (28.7)       3.3            (56.1)         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 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's £210 million unsecured revolving credit facility 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%.  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 As at 31 December 2015, £90 million of the committed facility was un-drawn.                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 10                                                                                                                                                                                                                                                                                                                                                                                   Events after the balance sheet date                                                          
 There are no significant events after the balance sheet date to report.                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
 
 
 11                                                                                                             Like-for-like results                                                     
 Like-for-like results represent organic growth of continuing activities at constant currency.                                                                        
                                                                                                                                                                                                
 For the six months ended 31 December 2015 these are calculated as follows:                                                                                           
 (In £'s million)                                                                                                                                                                   
 Net fees for the six months ended 31 December 2014                                                                                                                         383.9   
 Foreign exchange impact                                                                                                                                                    (24.7)  
 Net fees for the six months ended 31 December 2014 at constant currency                                                                                       359.2  
 Net fee increase resulting from organic growth                                                                                                                             28.0    
 Net fee increase resulting from acquisition                                                                                                                                9.7     
 Net fees for the six months ended 31 December 2015                                                                                                                         396.9   
 Profit from operations for the six months ended 31 December 2014                                                                                              81.5   
 Foreign exchange impact                                                                                                                                                    (6.8)   
 Profit from operations for the six months ended 31 December 2014 at constant currency                                                                         74.7   
 Profit from operations increase resulting from organic growth                                                                                                              11.1    
 Profit from operations increase resulting from acquisition                                                                                                                 0.5     
 Profit from operations for the six months ended 31 December 2015                                                                                                     86.3  
                                                                                                                                                                                                
 12                                                                                                             Like-for-like results H1 analysis by division                             
 Net fee growth versus same period last year                                                                                                                   Q1     Q2    H1      
                                                                                                                                                                            2016    2016  2016  
 Asia Pacific                                                                                                                                                  6%     1%    4%      
 Continental Europe & Rest of World                                                                                                                            11%    16%   14%     
 United Kingdom & Ireland                                                                                                                                      6%     1%    3%      
 Group                                                                                                                                                                8%    7%      8%    
                                                                                                                                                                                                
 H1 2016 is the period from 1 July 2015 to 31 December 2015.                                                                                                                        
 The Q1 and Q2 net fee like-for-like growth percentages are as reported in the Q1 and the Q2 Quarterly Update.  
 
 
This information is provided by RNS
The company news service from the London Stock Exchange