REG - Dart Group PLC - Half Yearly Report <Origin Href="QuoteRef">DTG.L</Origin> - Part 2
19/11/2015 07:01
- Part 2: For the preceding part double click ID:nRSS2235Ga
hedges (1.8) - - (1.8)
Revaluation of foreign currency balances 0.6 - - 0.6
Net financing costs (0.7) - - (0.7)
Underlying profit before taxation 87.1 1.6 - 88.7
Separately disclosed items (17.0) - - (17.0)
Profit before taxation 70.1 1.6 - 71.7
Taxation (14.6) (0.3) - (14.9)
Profit after taxation 55.5 1.3 - 56.8
Assets and liabilities
Segment assets 737.3 76.7 (6.4) 807.6
Segment liabilities (540.8) (32.9) 6.4 (567.3)
Net assets 196.5 43.8 - 240.3
Other segment information
Property, plant and equipment additions 24.2 1.3 - 25.5
Depreciation, amortisation and impairment (41.4) (1.1) - (42.5)
Share based payments (0.2) - - (0.2)
LeisureTravel Distribution& Logistics Groupeliminations Total
£m £m £m £m
Restated year ended 31 March 2015 (Audited)
Turnover 1,101.5 151.7 - 1,253.2
Underlying EBITDA 116.0 5.5 - 121.5
Underlying operating profit 46.9 3.3 - 50.2
Finance income 1.7 - - 1.7
Finance costs (1.1) - - (1.1)
Revaluation of derivative hedges 1.6 - - 1.6
Revaluation of foreign currency balances 4.8 - - 4.8
Net financing income 7.0 - - 7.0
Underlying profit before taxation 53.9 3.3 - 57.2
Separately disclosed items (17.0) - - (17.0)
Profit before taxation 36.9 3.3 - 40.2
Taxation (6.7) (0.7) - (7.4)
Profit after taxation 30.2 2.6 - 32.8
Assets and liabilities
Segment assets 923.3 84.2 (6.5) 1,001.0
Segment liabilities (813.7) (36.6) 6.5 (843.8)
Net assets 109.6 47.6 - 157.2
Other segment information
Property, plant and equipment additions 74.4 2.0 - 76.4
Depreciation, amortisation and impairment (69.1) (2.2) - (71.3)
Share based payments (0.1) - - (0.1)
5. Earnings per share
The calculation of earnings per share is based on the following:
Half year to 30 September2015Unaudited Half year to30 September2014Unaudited Year to31 March2015 Audited
Underlying profit for the period (£m) 117.5 70.4 46.4
Profit for the period (£m) 117.5 56.8 32.8
Weighted average number of ordinary shares:
in issue during the period used to calculate basic earnings per share 147,181,935 145,907,224 146,278,585
in issue during the period used to calculate diluted earnings per share 148,281,860 148,032,833 147,734,230
6. Separately disclosed items
Separately disclosed items are presented in the middle column of the half year
ended 30 September 2014 and year ended 31 March 2015 Consolidated Income
Statement in order to assist the reader's understanding of the underlying
business performance and to provide a more meaningful presentation. In each
case, the right hand column presents the results for the period showing all
gains and losses recorded in the Consolidated Income Statement.
EU Regulation 261
Both the half year ended 30 September 2014 and the year ended 31 March 2015
Consolidated Income Statements include a separately disclosed, exceptional
provision of £17.0m, in relation to possible passenger compensation claims for
historical flight delays under Regulation (EC) No 261/2004.
7. Net financing (costs) / income
Half year to 30 September2015Unaudited Half year to30 September2014Unaudited Year to31 March2015 Audited
Finance income - interest receivable 1.3 1.1 1.7
Finance costs - borrowings (1.6) (0.6) (1.1)
Revaluation of derivative hedges - change in fair value of ineffective cash flow hedges - (1.8) 1.6
Revaluation of foreign currency balances - 0.6 4.8
Net financing (costs) / income (0.3) (0.7) 7.0
8. Dividends
The declared interim dividend of 0.90p per share (2014: 0.75p) will be paid,
out of the Company's available distributable reserves, on 1 February 2016, to
shareholders on the register at 4 January 2016. 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 £29.3m (2014: £14.9m) reflects an estimated
effective tax rate of approximately 20% (2014: 21%).
A reduction in the UK corporation tax rate from 21% to 20% (effective from 1
April 2015) was substantively enacted on 2 July 2013. In the Budget on 8 July
2015, the Chancellor announced additional planned reductions to 18% by 2020,
which will reduce the business's future tax charge accordingly.
10. Reconciliation of net cash flow to movement in net cash
Half year to 30 September2015Unaudited £m Half year to 30 September2014Unaudited £m Year to31 March2015Audited £m Increase in cash in the period 111.0 91.1 26.1 (Increase) / decrease in net debt in the period (4.8) 0.4 0.8 Change in net cash resulting from cash flows in the period 106.2 91.5 26.9 Net cash at beginning of period 228.3 201.4 201.4 Net cash at end of period 334.5 292.9 228.3
Half year to 30 September2015Unaudited £m
Half year to 30 September2014Unaudited £m
Year to31 March2015Audited £m
Increase in cash in the period
111.0
91.1
26.1
(Increase) / decrease in net debt in the period
(4.8)
0.4
0.8
Change in net cash resulting from cash flows in the period
106.2
91.5
26.9
Net cash at beginning of period
228.3
201.4
201.4
Net cash at end of period
334.5
292.9
228.3
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
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