REG - Aggreko PLC - Final Results <Origin Href="QuoteRef">AGGK.L</Origin> <Origin Href="QuoteRef">HTG.L</Origin> - Part 2
05/03/2015 07:01
- Part 2: For the preceding part double click ID:nRSE5860Ga
(24) 1
Movement in net debt in year (131) 230
Net debt at beginning of year (363) (593)
Net debt at end of year 9 (494) (363)
Group statement of changes in equity
For the year ended 31 December 2014
As at 31 December 2014 Attributable to equity holders of the Company
Foreign
Ordinary Share Capital exchange
share premium Treasury redemption Hedging reserve Retained Total
capital account shares reserve reserve (translation) earnings equity
£ million £ million £ million £ million £ million £ million £ million £ million
Balance at 1 January 2014 49 20 (24) 6 (1) (72) 1,162 1,140
Profit for the year - - - - - - 215 215
Other comprehensive (loss)/income:
Transfers from hedging reserve to revenue - - - - (6) - - (6)
Fair value gains on foreign currency cash flow hedge - - - - 2 - - 2
Fair value gains on interest rate swap - - - - 1 - - 1
Currency translation differences (i) - - - - - (9) - (9)
Remeasurement of retirement benefits (net of tax) - - - - - - (3) (3)
Total comprehensive (loss)/income for the year ended 31 December 2014 - - - - (3) (9) 212 200
Transactions with owners:
Employee share awards - - - - - - 3 3
Issue of ordinary shares to employees under share options schemes - - 10 - - - (7) 3
Return of capital to shareholders - - - - - - (198) (198)
Capital redemption reserve (7) - - 7 - - - -
Dividends paid during 2014 - - - - - - (70) (70)
(7) - 10 7 - - (272) (262)
Balance at 31 December 2014 42 20 (14) 13 (4) (81) 1,102 1,078
(i) Included in currency translation differences of the Group are exchange losses of £29 million arising on borrowings denominated in foreign currencies designated as hedges of net investments overseas, offset by exchange gains of £20 million relating to the translation of overseas results and net assets.
As at 31 December 2013 Attributable to equity holders of the Company
Foreign
Ordinary Share Capital exchange
share premium Treasury redemption Hedging reserve Retained Total
capital account shares reserve reserve (translation) earnings equity
£ million £ million £ million £ million £ million £ million £ million £ million
Balance at 1 January 2013 49 19 (34) 6 (9) 15 999 1,045
Profit for the year - - - - - - 246 246
Other comprehensive (loss)/income:
Transfers from hedging reserve to property, plant and equipment - - - - (2) - - (2)
Transfers from hedging reserve to revenue - - - - (6) - - (6)
Fair value gains on foreign currency cash flow hedge - - - - 12 - - 12
Fair value gains on interest rate swap - - - - 5 - - 5
Currency translation differences (i) - - - - - (89) - (89)
Deferred tax on items taken to or transferred from equity - - - - (1) - - (1)
Current tax on items taken to or transferred from equity - - - - - 2 - 2
Remeasurement of retirement benefits (net of tax) - - - - - - (4) (4)
Total comprehensive (loss)/income for the year ended 31 December 2013 - - - - 8 (87) 242 163
Transactions with owners:
Purchase of treasury shares - - (1) - - - - (1)
Employee share awards - - - - - - (2) (2)
Issue of ordinary shares to employees under share options schemes - - 11 - - - (11) -
Current tax on items taken to or transferred from equity - - - - - - 3 3
Deferred tax on items taken to or transferred from equity - - - - - - (3) (3)
New share capital subscribed - 1 - - - - - 1
Dividends paid during 2013 - - - - - - (66) (66)
- 1 10 - - - (79) (68)
Balance at 31 December 2013 49 20 (24) 6 (1) (72) 1,162 1,140
(i) Included in currency translation differences of the Group are exchange gains of £8 million arising on borrowings denominated in foreign currencies designated as hedges of net investments overseas, offset by exchange losses of £97 million relating to the translation of overseas results and net assets.
Notes to the Group Cash Flow Statement
For the year ended 31 December 2014
(i) Cashflow from operating activities 2014 2013
£ million £ million
Profit for the year 215 246
Adjustments for:
Tax 74 87
Depreciation 259 273
Amortisation of intangibles 3 5
Finance income (2) (1)
Finance cost 23 26
Profit on sale of PPE (see below) (4) (6)
Share-based payments 3 (2)
Changes in working capital (excluding the effects of exchange differences on consolidation):
(Increase)/decrease in inventories (11) 23
Increase in trade and other receivables (57) (32)
Decrease in trade and other payables (5) (10)
Net movement in provisions for liabilities and charges - (6)
Cash generated from operations 498 603
In the cash flow statement, proceeds from sale of PPE comprise:
2014 2013
£ million £ million
Net book amount 8 8
Profit on sale of PPE 4 6
Proceeds from sale of PPE 12 14
Profit on sale of PPE is shown within other income in the Income Statement.
Note 1
Segmental reporting
(a) Revenue by segment
External revenue
2014 2013
£ million £ million
Americas 684 645
Europe, Middle East and Africa 647 625
Asia, Pacific and Australia 246 303
Group 1,577 1,573
Local business 904 904
Power Projects 673 669
Group 1,577 1,573
(i) Inter-segment transfers or transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated third-parties. All inter-segment revenue was less than £1 million.(ii) Trading profit in table 1(b) below is defined as operating profit of £310 million. (2013: £358 million) excluding gain on sale of property, plant and equipment of £4 million (2013: £6 million).
(b) Profit by segment
Trading profit Gain on sale of PPE Operating Profit
2014 2013 2014 2013 2014 2013
£ million £ million £ million £million £ million £million
Americas 141 147 2 3 143 150
Europe, Middle East and Africa 116 114 1 2 117 116
Asia, Pacific and Australia 49 91 1 1 50 92
Group 306 352 4 6 310 358
Local business 139 158 2 4 141 162
Power Projects 167 194 2 2 169 196
Operating profit 306 352 4 6 310 358
Finance costs - net (21) (25)
Profit before taxation 289 333
Taxation (74) (87)
Profit for the year 215 246
(c) Depreciation and amortisation by segment
2014 2013
£ million £million
Americas 101 107
Europe, Middle East and Africa 108 109
Asia, Pacific and Australia 53 62
Group 262 278
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