REG - Dart Group PLC - Half Yearly Report <Origin Href="QuoteRef">DTG.L</Origin> - Part 2

Jet2Announcement

20/11/2014 08:01

- Part 2: For the preceding part double click  ID:nRST5089Xa 

145,021,355                                145,300,720                    
                                                                                                                                                                                                                                           
 Weighted average number of ordinary shares in issue during the period used to calculate diluted earnings per share  148,032,833                                 147,727,104                                147,703,529                    
 
 
6.             Separately disclosed items 
 
Separately disclosed items are presented in the middle column of the half year
ended 30 September 2014 Consolidated Group Income Statement in order to assist
the reader's understanding of underlying business performance and to provide a
more meaningful presentation.  The right hand column presents the results for
the half year showing all gains and losses recorded in the Consolidated Group
Income Statement. 
 
EU Regulation 261 
 
Subsequent to a judgment given on 11 June 2014, in which the Court of Appeal
held that a technical defect was not in itself an extraordinary circumstance
and that compensation for delay may be payable, Jet2.com had its application
to the Supreme Court, to appeal the Court of Appeal's earlier decision,
rejected. 
 
Accordingly, the Consolidated Group Income Statement includes an exceptional
provision of £17.0m in relation to possible passenger compensation claims,
which may be payable in certain circumstances, for historical flight delays
over the past six years. 
 
7.             Net financing costs 
 
                                                         Half year to 30 September2014Unaudited    Half year to30 September2013Unaudited    Year to31 March 2014    Audited  
                                                                                                                                                                             
 Finance income - interest receivable                    1.1                                       0.8                                      1.4                              
                                                                                                                                                                             
 Finance costs - borrowings                              (0.6)                                     (0.7)                                    (1.4)                            
                                                                                                                                                                             
 Revaluation of derivative hedges:                                                                                                                                           
 - ineligible for cash flow hedge accounting             -                                         (1.3)                                    (1.4)                            
 - change in fair value of ineffective cash flow hedges  (1.8)                                     (1.9)                                    (1.9)                            
                                                         (1.8)                                     (3.2)                                    (3.3)                            
                                                                                                                                                                             
 Revaluation of foreign currency balances                0.6                                       -                                        (3.8)                            
                                                                                                                                                                             
 Net financing costs                                     (0.7)                                     (3.1)                                    (7.1)                            
                                                                                                                                                                             
 
 
8.             Dividends 
 
The declared interim dividend of 0.75p per share (2013: 0.60p) will be paid,
out of the Company's available distributable reserves, on 2 February 2015, to
shareholders on the register at 5 January 2015.  In accordance with IAS 1,
dividends are recorded only when paid and are shown as a movement in equity
rather than as a charge to the Income Statement. 
 
9.             Taxation 
 
The tax charge for the period of £14.9m (2013: £17.9m) reflects an estimated
effective tax rate of approximately 21% (2013: 23%).  The Government has
enacted a further reduction in the headline rate of corporation tax to 20%
from 1 April 2015. 
 
10.          Reconciliation of net cash flow to movement in net cash 
 
 Half year to 30 September2014Unaudited £m Half year to 30 September2013Unaudited £m Year to31 March2014Audited £m Increase in cash in the period 91.1 59.9 20.3 Decrease / (increase) in net debt in the period 0.4 (1.7) (1.3)  Change in net cash resulting from cash flows in the period   91.5   58.2   19.0 Net cash at beginning of period 201.4 182.4 182.4 Net cash at end of period 292.9 240.6 201.4  
 
 
Half year to 30 September2014Unaudited £m 
 
Half year to 30 September2013Unaudited £m 
 
Year to31 March2014Audited £m 
 
Increase in cash in the period 
 
91.1 
 
59.9 
 
20.3 
 
Decrease / (increase) in net debt in the period 
 
0.4 
 
(1.7) 
 
(1.3) 
 
Change in net cash resulting from cash flows in the period 
 
91.5 
 
58.2 
 
19.0 
 
Net cash at beginning of period 
 
201.4 
 
182.4 
 
182.4 
 
Net cash at end of period 
 
292.9 
 
240.6 
 
201.4 
 
11.          Contingent liabilities 
 
The Group has issued various guarantees in the ordinary course of business,
none of which are expected to lead to a financial gain or loss. 
 
12.          Other matters 
 
This report will be posted on the Group's website, www.dartgroup.co.uk and
copies are available from the Group Company Secretary at the registered office
address: Low Fare Finder House, Leeds Bradford International Airport, Leeds,
LS19 7TU. 
 
This information is provided by RNS
The company news service from the London Stock Exchange