REG - Johnson Matthey PLC - Final Results <Origin Href="QuoteRef">JMAT.L</Origin> - Part 2
02/06/2016 07:07
- Part 2: For the preceding part double click ID:nRSB9581Za
Return on invested capital (ROIC) 16.9% 18.4%
Fine Chemicals made steady progress. Adjusting for the disposal of our Research Chemicals business, which was sold on 30th
September 2015, sales were up 3% (1% down at constant rates), and underlying operating profit was 1% higher. Whilst sales
in our API Manufacturing business were stable, the division saw strong demand for catalysts and chiral technologies.
Performance was adversely impacted by the safety shutdown following a fatal accident in July 2015 at our API Manufacturing
facility in Riverside, USA. Return on sales improved by 0.7% to 27.8% as a result of the sale of Research Chemicals.
However, there was a reduction in ROIC of 1.5% to 16.9% due to increased investment over the year to support future
growth.
API Manufacturing
Our API Manufacturing business' sales were up 1% at £217 million (down 3% at constant rates) and operating profit was down
slightly due to the safety shutdown in the first half of the year. Demand for bulk opiates was lower primarily as a result
of increased imports of finished drug products from outside the UK. However, sales of speciality opiates grew strongly,
with increased demand for speciality APIs used in pain relief and drug addiction therapies. There was a reduction in sales
of APIs for Attention Deficit Hyperactivity Disorder (ADHD) treatments due to lower volumes and the timing of some orders.
On the other hand, continued good demand for the provision of custom services for API development and manufacturing
supported the business' sales.
During the year, we have made progress in the development of APIs to ensure a steady pipeline of new products. This has
continued to support our portfolio of abbreviated new drug applications (ANDAs) that have received, or are awaiting, Food
and Drug Administration (FDA) approval.
Catalysis and Chiral Technologies (CCT)
CCT has had a good year, growing its position as a developer and supplier of speciality technologies and products which are
used by customers in complex multi step reactions for the production of APIs or agrochemicals. The business saw strong
demand for catalyst products and sales grew by 16% to £41 million. Underlying operating profit was also well ahead.
Research Chemicals
On 30th September 2015 we completed the sale of this business to Thermo Fisher Scientific Inc. for £255 million. Prior to
disposal, it contributed sales of £38 million and underlying operating profit of £7.5 million for the six months to 30th
September 2015.
Key Investments and Developments
We have continued to invest in the future growth of Fine Chemicals. Pharmorphix, a small acquisition which was completed
in October 2015, has now been integrated into our European API manufacturing operations.
During the year we have continued our investment in the refurbishment of our manufacturing site in Annan, Scotland and the
facility has received Home Office approval for the production of controlled substances. We expect the plant to commence
operation by the end of 2016. In North America, we have expanded our custom development and manufacturing capabilities and
continued to invest in developing our API product portfolio.
New Businesses
Year to 31st March % at
2016 2015 % constant
£ million £ million change rates
Revenue 161 93 +72 +82
Sales (excluding precious metals)
Battery Technologies 130 84 +56 +66
Fuel Cells 10 6 +59 +59
Atmosphere Control Technologies 16 -
Other 1 1
Total sales 157 91 +73 +83
Underlying operating profit / (loss) (17.9) (22.1) +19 +20
New Businesses continued to make good progress with sales up 73% to £157 million, boosted by recent acquisitions in Battery
Technologies and Atmosphere Control Technologies (ACT). Excluding these acquisitions, sales were 20% higher. As expected,
the underlying operating loss reduced modestly in the year to £17.9 million.
Battery Technologies
Our Battery Technologies business made good progress with sales up 56% to £130 million (up 66% at constant rates) supported
by the contribution from the two battery materials acquisitions completed during 2014/15. Excluding these acquisitions,
sales were 17% higher. Overall, excluding acquisition-related costs, Battery Technologies broke even in the year.
In battery materials, where our focus is on materials for highly demanding applications such as for the automotive sector,
we have continued to grow sales to around £40 million in 2015/16. We have fully integrated the businesses acquired in
2014/15, establishing Johnson Matthey as a major supplier of lithium iron phosphate (LFP) cathode material to 15 platforms
across the light and heavy duty sectors. Sales of LFP have been strong, especially in China. We continue to develop our
leading position in LFP by further enhancing our products in a market which is expected to grow strongly. We also plan to
expand into a wider range of materials, including nickel rich cathode materials which offer improved range compared to
LFP.
To support this, since the year end we have licensed the CAM-7TM platform of nickel rich cathode material technologies for
lithium-ion batteries from CAMX Power LLC. The CAM-7 platform of patented materials is particularly suited to demanding,
high energy density applications such as battery electric vehicles and
plug-in hybrid electric vehicles. This licence will accelerate our move into nickel rich products for the automotive
market and support the longer term growth in our Battery Technologies business.
Our battery systems business for non-automotive applications, such as powertools and e-bikes, made further progress,
although sales of battery systems to automotive customers were slower. We commenced the relocation of our battery systems
automotive business from Dundee to Milton Keynes, UK, in order to better serve our customers.
Fuel Cells
Sales in our Fuel Cells business were £10 million, well ahead of last year, benefiting from good demand from non-automotive
customers for applications including combined heat and power (CHP), backup power and materials handling.
For transport applications, the phased emissions regulation in California, USA and the impact of Japan's Basic Energy Plan
continue to incentivise the introduction of small numbers of fuel cell powered cars and we have continued to work with a
number of original equipment manufacturers on their development programmes. However, we do not anticipate any significant
penetration of fuel cell electric vehicles until at least 2025. As a result, we have completed a review of the business
and we have impaired it.
The net expense of our Fuel Cells business reduced to £8.5 million in the year (2014/15 £9.9 million).
New Business Development
Our ACT business, now fully integrated following the acquisition of StePac Modified Atmosphere Packaging in May 2015, made
good progress and delivered sales of £16 million and a small operating profit in the year.
In addition, we invested just under £10 million in other new opportunities, the most advanced being our Water Technologies
business. As part of our strategy in this area, in April 2016 we completed the purchase of MIOX Corporation and in May
2016 we acquired Finex, both of which enable us to broaden our technology and commercial capabilities in this market.
Water purification is one of our new business areas where we believe there is an attractive and growing market for high
value technologies, developed using our chemistry and applications expertise. We anticipate that in 2016/17 the Water
Technologies business will deliver sales of around £15 million and, excluding integration costs, make a small operating
loss.
Outlook
The structural drivers for the group's technologies remain robust despite the challenging macroeconomic conditions which
are expected to continue in 2016/17. Increased investment in R&D and capex, together with the restructuring actions taken
in 2015/16, provide strong foundations for future growth.
At current exchange rates, the outlook for the divisions is as follows:
Emission Control Technologies
ECT's performance in 2016/17 is expected to be slightly ahead of 2015/16. The division should benefit from continued growth
in vehicle production in Asia and Europe, and robust demand for trucks in Western Europe. However, this will be partially
offset by significantly lower demand for HDD catalysts for the large (Class 8) trucks in North America which will result in
a weaker first half performance for the division. ECT remains well positioned to benefit from the strong growth
opportunities provided by continued tightening of legislation around the world, including the introduction of Euro 6c and
real world driving standards in Europe, which should positively impact the business from 2018.
Process Technologies
We expect challenging trading conditions to continue and that many of PT's markets will remain subdued. However, the
division's performance is expected to be ahead in 2016/17 as a result of recent actions taken to reduce costs. The order
book for catalysts indicates stable demand, but income from licensing is likely to remain at current low levels and the low
oil price will continue to negatively impact the Diagnostic Services business.
Precious Metal Products
Although pgm prices have stabilised since our year end, they remain low relative to the same time last year. Consequently,
we expect the performance of our Pgm Refining and Recycling business in 2016/17 will be lower than in 2015/16, if prices
remain at current levels. Our Manufacturing businesses, which represent around three quarters of the division's sales,
should see good demand and we expect performance will be slightly ahead of last year. Taken together, at current pgm
prices, we expect performance in Precious Metal Products will be slightly lower than in 2015/16.
Fine Chemicals
Fine Chemicals is expected to make progress in 2016/17 on a continuing basis. We anticipate growth in the API Manufacturing
business in North America, and our business in Europe will benefit from increased capacity once the refurbishment of the
Annan facility in Scotland is completed in late 2016. CCT is expected to maintain its good performance.
New Businesses
In 2016/17 New Businesses will continue to reduce its underlying operating loss supported by a profitable contribution from
our Battery Technologies and ACT businesses, and benefiting from lower costs in Fuel Cells following its restructure. The
division remains on track to reach breakeven in 2017/18.
Overall
In 2016/17 the group will benefit from progress in Fine Chemicals and New Businesses. ECT's performance for the year as a
whole is expected to be slightly ahead and, whilst market conditions in Process Technologies remain challenging, its
performance should improve as a result of the reduced cost base. At current pgm prices, performance in Precious Metal
Products is expected to be slightly lower. Overall, at current exchange rates, we expect the group's performance in
2016/17 to be ahead of 2015/16, in line with current market expectations.
Looking Further Ahead
Johnson Matthey remains well positioned in markets with strong growth drivers. Our strong cash generation and balance sheet
provide a platform for investment, and we continue to increase R&D and capital expenditure to support future growth.
Supported by a clear purpose and strategy, Johnson Matthey is well positioned to deliver long term growth for our
shareholders through the creation of value adding sustainable technologies.
Consolidated Income Statement
for the year ended 31st March 2016
2016 2015
Notes £ million £ million
Revenue 6 10,713.9 10,059.7
Cost of sales (9,947.1) (9,242.0)
Gross profit 766.8 817.7
Distribution costs (126.1) (133.3)
Administrative expenses (189.9) (207.3)
Profit on sale or liquidation of businesses 3 130.0 73.0
Amortisation of acquired intangibles 4 (20.9) (17.3)
Major impairment and restructuring charges 5 (141.0) -
Operating profit 6 418.9 532.8
Finance costs (40.2) (47.0)
Finance income 7.6 9.5
Share of profit of joint venture and associate - 0.5
Profit before tax 386.3 495.8
Income tax expense (60.6) (68.5)
Profit for the year 325.7 427.3
Attributable to:
Owners of the parent company 333.1 428.7
Non-controlling interests (7.4) (1.4)
325.7 427.3
pence pence
Earnings per ordinary share attributable to the equity holders of the parent company
Basic 9 166.2 211.2
Diluted 9 165.9 210.7
Consolidated Statement of Total Comprehensive Income
for the year ended 31st March 2016
2016 2015
Notes £ million £ million
Profit for the year 325.7 427.3
Other comprehensive income:
Items that will not be reclassified to profit or loss:
Remeasurements of post-employment benefit assets and liabilities 13 180.1 (52.1)
Tax on above items taken directly to or transferred from equity (39.1) 13.7
141.0 (38.4)
Items that may be reclassified subsequently to profit or loss:
Currency translation differences 24.1 (11.6)
Cash flow hedges 5.6 (16.2)
Fair value (losses) / gains on net investment hedges (1.2) 26.5
Fair value (losses) / gains on available-for-sale investments (5.5) 6.1
Tax on above items taken directly to or transferred from equity (4.7) 2.3
18.3 7.1
Other comprehensive income / (expense) for the year 159.3 (31.3)
Total comprehensive income for the year 485.0 396.0
Attributable to:
Owners of the parent company 492.8 397.2
Non-controlling interests (7.8) (1.2)
485.0 396.0
Consolidated Balance Sheet
as at 31st March 2016
2016 2015
restated
(note 2)
Notes £ million £ million
Assets
Non-current assets
Property, plant and equipment 1,086.3 1,080.8
Goodwill 570.0 547.2
Other intangible assets 225.0 187.5
Deferred income tax assets 22.2 21.6
Investments and other receivables 92.3 82.0
Interest rate swaps 10 11.1 19.0
Post-employment benefit net assets 13 109.1 6.9
Total non-current assets 2,116.0 1,945.0
Current assets
Inventories 653.7 858.8
Current income tax assets 21.9 20.6
Trade and other receivables 948.0 1,132.5
Cash and cash equivalents ─ cash and deposits 10 304.5 59.4
Interest rate swaps 10 4.6 -
Other financial assets 8.5 14.4
Assets classified as held for sale - 149.0
Total current assets 1,941.2 2,234.7
Total assets 4,057.2 4,179.7
Liabilities
Current liabilities
Trade and other payables (812.3) (799.5)
Current income tax liabilities (115.0) (95.9)
Cash and cash equivalents ─ bank overdrafts 10 (20.7) (55.5)
Other borrowings, finance leases and related swaps 10 (138.5) (234.7)
Other financial liabilities (17.9) (25.5)
Provisions (41.3) (36.4)
Liabilities classified as held for sale - (49.8)
Total current liabilities (1,145.7) (1,297.3)
Non-current liabilities
Borrowings, finance leases and related swaps 10 (835.9) (782.6)
Deferred income tax liabilities (99.4) (70.0)
Employee benefit obligations 13 (115.1) (203.4)
Provisions (20.6) (20.8)
Other payables (5.9) (5.5)
Total non-current liabilities (1,076.9) (1,082.3)
Total liabilities (2,222.6) (2,379.6)
Net assets 1,834.6 1,800.1
Equity
Share capital 220.7 220.7
Share premium account 148.3 148.3
Shares held in employee share ownership trust (ESOT) (54.9) (54.7)
Other reserves (2.3) (21.0)
Retained earnings 1,541.3 1,517.3
Total equity attributable to owners of the parent company 1,853.1 1,810.6
Non-controlling interests (18.5) (10.5)
Total equity 1,834.6 1,800.1
Consolidated Cash Flow Statement
for the year ended 31st March 2016
2016 2015
restated
(note 2)
Notes £ million £ million
Cash flows from operating activities
Profit before tax 386.3 495.8
Adjustments for:
Share of profit of joint venture and associate - (0.5)
Profit on sale of continuing activities (130.0) (69.7)
Depreciation, amortisation, impairment losses and loss on sale of non-current assets 252.0 153.2
Share-based payments (2.8) 7.7
Decrease / (increase) in inventories 211.6 (223.3)
Decrease / (increase) in receivables 153.2 (143.5)
Increase / (decrease) in payables 47.1 (25.3)
(Decrease) / increase in provisions (0.7) 5.6
Contributions in excess of employee benefit obligations charge (21.0) (29.5)
Changes in fair value of financial instruments 4.0 (0.7)
Net finance costs 32.6 37.5
Income tax paid (65.8) (81.5)
Net cash inflow from operating activities 866.5 125.8
Cash flows from investing activities
Dividends received from joint venture 0.3 0.4
Interest received 5.2 7.4
Purchases of non-current assets and investments (253.5) (212.1)
Proceeds from sale of non-current assets and investments 4.0 3.8
Purchase of interest in associate (16.2) -
Purchases of businesses (16.6) (67.4)
Net proceeds from sale of businesses 244.6 113.7
Net cash outflow from investing activities (32.2) (154.2)
Cash flows from financing activities
Net cost of ESOT transactions in own shares (3.1) (17.1)
Purchase of non-controlling interests - (9.4)
(Repayment of) / proceeds from borrowings and finance leases (77.2) 49.1
Dividends paid to equity holders of the parent company 8 (444.6) (129.9)
Settlement of currency swaps for net investment hedging (4.8) 2.8
Interest paid (33.9) (40.9)
Net cash outflow from financing activities (563.6) (145.4)
Increase / (decrease) in cash and cash equivalents in the year 270.7 (173.8)
Exchange differences on cash and cash equivalents 9.2 -
Cash and cash equivalents at beginning of year 3.9 182.6
Transferred to current assets classified as held for sale - (4.9)
Cash and cash equivalents at end of year 10 283.8 3.9
Reconciliation to net debt
Increase / (decrease) in cash and cash equivalents in the year 270.7 (173.8)
Repayment of / (proceeds from) borrowings and finance leases 77.2 (49.1)
Change in net debt resulting from cash flows 347.9 (222.9)
Transferred to assets classified as held for sale - (4.9)
Exchange differences on net debt (28.4) (37.4)
Movement in net debt in year 319.5 (265.2)
Net debt at beginning of year (994.4) (729.2)
Net debt at end of year 10 (674.9) (994.4)
Consolidated Statement of Changes in Equity
for the year ended 31st March 2016
Share Shares Non-
Share premium held in Other Retained controlling Total
capital account ESOT reserves earnings interests equity
£ million £ million £ million £ million £ million £ million £ million
At 1st April 2014 220.7 148.3 (52.7) (27.9) 1,271.1 (6.3) 1,553.2
Total comprehensive income - - - 6.9 390.3 (1.2) 396.0
Dividends paid (note 8) - - - - (129.9) (0.2) (130.1)
Purchase of non-controlling interests - - - - (6.6) (2.8) (9.4)
Purchase of shares by ESOT - - (17.1) - - - (17.1)
Share-based payments - - - - 14.6 - 14.6
Cost of shares transferred to employees - - 15.1 - (22.2) - (7.1)
At 31st March 2015 220.7 148.3 (54.7) (21.0) 1,517.3 (10.5) 1,800.1
Total comprehensive income - - - 18.7 474.1 (7.8) 485.0
Dividends paid (note 8) - - - - (444.6) (0.2) (444.8)
Purchase of shares by ESOT - - (3.3) - - - (3.3)
Share-based payments - - - - 4.3 - 4.3
Cost of shares transferred to employees - - 3.1 - (10.1) - (7.0)
Tax on share-based payments - - - - 0.3 - 0.3
At 31st March 2016 220.7 148.3 (54.9) (2.3) 1,541.3 (18.5) 1,834.6
Notes on the Preliminary Accounts
for the year ended 31st March 2016
1 Basis of preparation
The financial information contained in this release does not constitute the company's statutory accounts for the years
ended 31st March 2016 or 31st March 2015 within the meaning of section 435 of the Companies Act 2006, but is derived from
those accounts. The accounts are prepared in accordance with International Financial Reporting Standards (IFRS) and
interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) or the Standing
Interpretations Committee (SIC) as adopted by the European Union. For Johnson Matthey, there are no differences between
IFRS as adopted by the European Union and full IFRS as published by the International Accounting Standards Board and so the
accounts comply with IFRS. The accounting policies applied are set out in the Annual Report and Accounts for the year
ended 31st March 2015. None of the new standards or amendments to standards and interpretations which the group has
adopted during the year has had a material effect on the reported results or financial position of the group. Statutory
accounts for 2015 have been delivered to the Registrar of Companies and those for 2016 will be delivered following the
company's Annual General Meeting. The auditors have reported on both of these sets of accounts. Their reports were
unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without
qualifying their report and did not contain any statement under sections 498(2) or 498(3) of the Companies Act 2006. The
accounts for the year ended 31st March 2016 were approved by the Board of Directors on 1st June 2016.
2 Effect of restatements
During the year the fair value calculations for the acquisition of the battery materials business of Clariant AG were
finalised and the balance sheet at 31st March 2015 restated. Consideration of £1.4 million was refunded in addition to
that already estimated. The effect is to reduce goodwill by £0.8 million, reduce inventories by £0.6 million, reduce
property, plant and equipment by £0.2 million and increase trade and other receivables by £0.2 million.
The cash flow statement for 31st March 2015 has been represented to move interest received from financing activities to
investing activities and purchases of non-controlling interests from investing activities to financing activities. This
increases the outflow from financing activities and decreases the outflow from investing activities by £16.8 million.
3 Profit on sale or liquidation of businesses
On 30th September 2015 the group sold its Fine Chemicals' Research Chemicals business to Thermo Fisher Scientific Inc, a
world leader in providing services to the scientific community, for £255.5 million resulting in a profit of £130.5 million.
The sale of the Research Chemicals business is a further step in delivering the group's long term strategy to focus on
areas where it can use its expertise in complex chemistry and its applications to deliver value adding sustainable
technologies for its customers.
On 5th March 2015 the group sold its Precious Metal Products' Gold and Silver Refining business. The completion accounts
were finalised during the year which led to a charge this year of £0.5 million adjusting the profit on sale of £69.7
million recognised in the year ended 31st March 2015.
These are excluded from underlying operating profit.
4 Amortisation of acquired intangibles
The amortisation of intangible assets which arise on the acquisition of businesses, together with any subsequent impairment
of these intangible assets, is shown separately on the face of the income statement. It is excluded from underlying
operating profit.
5 Major impairment and restructuring charges
Due to challenging conditions in a number of its markets the group conducted restructuring programmes in a number of its
businesses. These resulted in a major impairment and restructuring charge of £141.0 million which is excluded from
underlying operating profit.
6 Segmental information by business segment
Emission Precious
Control Process Metal Fine New
Technologies Technologies Products Chemicals Businesses Eliminations Total
£ million £ million £ million £ million £ million £ million £ million
Year ended 31st March 2016
Revenue from external customers 3,262.8 519.4 6,454.1 318.5 159.1 - 10,713.9
Inter-segment revenue 221.0 31.3 1,213.3 6.4 1.6 (1,473.6) -
Total revenue 3,483.8 550.7 7,667.4 324.9 160.7 (1,473.6) 10,713.9
External sales excluding precious metals 1,912.7 510.0 307.9 291.4 155.0 - 3,177.0
Inter-segment sales 0.4 31.2 34.6 4.8 1.5 (72.5) -
Sales excluding precious metals 1,913.1 541.2 342.5 296.2 156.5 (72.5) 3,177.0
Segmental underlying operating profit / (loss) 272.2 73.6 66.3 82.3 (17.9) - 476.5
Unallocated corporate expenses (25.7)
Underlying operating profit 450.8
Profit on sale or liquidation of businesses (note 3) 130.0
Amortisation of acquired intangibles (note 4) (20.9)
Major impairment and restructuring charges (note 5) (141.0)
Operating profit 418.9
Net finance costs (32.6)
Profit before tax 386.3
Segmental net assets 903.2 756.2 313.5 457.3 100.8 - 2,531.0
Year ended 31st March 2015
Revenue from external customers 3,321.4 593.3 5,690.2 362.6 92.2 - 10,059.7
Inter-segment revenue 256.3 6.3 1,487.8 7.7 1.1 (1,759.2) -
Total revenue 3,577.7 599.6 7,178.0 370.3 93.3 (1,759.2) 10,059.7
External sales excluding precious metals 1,781.2 585.1 384.6 323.5 89.6 - 3,164.0
Inter-segment sales 0.7 6.1 32.5 4.6 0.9 (44.8) -
Sales excluding precious metals 1,781.9 591.2 417.1 328.1 90.5 (44.8) 3,164.0
Segmental underlying operating profit / (loss) 236.9 106.0 101.5 88.8 (22.1) - 511.1
Unallocated corporate expenses (34.0)
Underlying operating profit 477.1
Profit on sale or liquidation of businesses 73.0
Amortisation of acquired intangibles (note 4) (17.3)
Operating profit 532.8
Net finance costs (37.5)
Share of profit of joint venture 0.5
Profit before tax 495.8
Segmental net assets 1,033.8 778.3 554.2 509.5 134.0 - 3,009.8
Sales excluding precious metals have been adjusted to include certain non pass through precious metal items.
7 Effect of exchange rate changes on translation of foreign subsidiaries' sales excluding precious
metals and operating profit
Average exchange rates used for translation of results of foreign operations 2016 2015
US dollar / £ 1.510 1.613
Euro / £ 1.367 1.275
Chinese renminbi / £ 9.60 9.99
The main impact of exchange rate movements on the group's sales and operating profit comes from the translation of foreign
subsidiaries' results into sterling.
Year ended Year ended 31st March 2015 Change at
31st March At last At this this year's
2016 year's rates year's rates rates
£ million £ million £ million %
Sales excluding precious metals
Emission Control Technologies 1,913.1 1,781.9 1,779.9 +7
Process Technologies 541.2 591.2 595.2 -9
Precious Metal Products 342.5 417.1 420.5 -19
Fine Chemicals 296.2 328.1 338.6 -13
New Businesses 156.5 90.5 85.5 +83
Elimination of inter-segment sales (72.5) (44.8) (46.0)
Sales excluding precious metals 3,177.0 3,164.0 3,173.7 -
Underlying operating profit
Emission Control Technologies 272.2 236.9 234.7 +16
Process Technologies 73.6 106.0 106.2 -31
Precious Metal Products 66.3 101.5 102.0 -35
Fine Chemicals 82.3 88.8 92.5 -11
New Businesses (17.9) (22.1) (22.3) +20
Unallocated corporate expenses (25.7) (34.0) (34.4)
Underlying operating profit 450.8 477.1 478.7 -6
8 Dividends
A final dividend of 52.0 pence per ordinary share has been proposed by the board which will be paid on 2nd August 2016 to
shareholders on the register at the close of business on 10th June 2016, subject to shareholders' approval. The estimated
amount to be paid is £99.7 million and has not been recognised in these accounts.
2016 2015
£ million £ million
2013/14 final ordinary dividend paid − 45.5 pence per share - 92.3
2014/15 interim ordinary dividend paid − 18.5 pence per share - 37.6
2014/15 final ordinary dividend paid − 49.5 pence per share 100.5 -
Special dividend paid − 150.0 pence per share 304.5 -
2015/16 interim ordinary dividend paid − 19.5 pence per share 39.6 -
Total dividends 444.6 129.9
9 Earnings per ordinary share
The calculation of earnings per ordinary share is based on a weighted average of 200,470,481
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