REG - Legal & General Grp - L&G Half-year results 2015 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 4
05/08/2015 07:01
- Part 4: For the preceding part double click ID:nRSE1056Vc
Group
expenses
and debt
Insurance Savings2 LGR LGIM2 LGC LGA costs Total
For the six months ended 30 June 2014 £m £m £m £m £m £m £m £m
Operating profit/(loss) 179 54 188 149 102 43 (79) 636
Investment and other variances 14 (18) 76 (5) (44) (3) (26) (6)
Gains attributable to non-controlling
interests - - - - - - 6 6
Profit/(loss) before tax attributable to
equity holders 193 36 264 144 58 40 (99) 636
Tax (expense)/credit attributable to equity
holders of the Company (44) (8) (56) (31) 6 (21) 25 (129)
Profit/(loss) for the period 149 28 208 113 64 19 (74) 507
Group
expenses
and debt
Insurance Savings2 LGR LGIM2 LGC LGA costs Total
For the year ended 31 December 2014 £m £m £m £m £m £m £m £m
Operating profit/(loss) 370 105 428 321 203 56 (208) 1,275
Investment and other variances 12 (24) 67 (7) (37) (13) (42) (44)
Gains attributable to non-controlling
interests - - - - - - 7 7
Profit/(loss) before tax attributable to
equity holders 382 81 495 314 166 43 (243) 1,238
Tax (expense)/credit attributable to equity
holders of the Company (90) (14) (97) (68) (9) (19) 51 (246)
Profit/(loss) for the year 292 67 398 246 157 24 (192) 992
1. At H1 15 Investment and other variances - Insurance and Savings include the recognition of £38m and £2m respectively of impairment losses arising on the classification of disposal groups as held for sale.
2. LGIM includes the Workplace Savings business which was previously reported in Savings. Prior period comparatives have been amended. At H1 14, the impact includes the reduction of operating profit by £10m and profit before tax by £10m (FY 14: £15m and £10m respectively). Offsetting movements have been reflected in the Savings segment.
IFRS and Cash
40
2.09 Segmental analysis (continued)
(b) Revenue
LGC
and
Insurance Savings1 LGR LGIM1 LGA other2 Total
For the six months ended 30 June 2015 £m £m £m £m £m £m £m
Internal revenue 197 - - 43 (86) (154) -
External revenue 1,176 1,714 561 4,752 205 (19) 8,389
Total revenue 1,373 1,714 561 4,795 119 (173) 8,389
LGC
and
Insurance Savings1 LGR LGIM1 LGA other2 Total
For the six months ended 30 June 2014 £m £m £m £m £m £m £m
Internal revenue 150 - - 69 (98) (121) -
External revenue 1,269 1,741 5,300 10,410 197 267 19,184
Total revenue 1,419 1,741 5,300 10,479 99 146 19,184
LGC
and
Insurance Savings1 LGR LGIM1 LGA other2 Total
For the year ended 31 December 2014 £m £m £m £m £m £m £m
Internal revenue 300 - 373 220 (218) (675) -
External revenue 2,444 2,154 13,767 28,345 377 4,430 51,517
Total revenue 2,744 2,154 14,140 28,565 159 3,755 51,517
1. LGIM includes the Workplace Savings business which was previously reported in Savings. Prior year comparatives have been amended. The impact includes the increase of LGIM external revenue for H1 14 by £146m (FY 14: increase of £373m). Offsetting movements have been reflected in the Savings segment.
2. LGC and other includes LGC, inter-segmental eliminations and group consolidation adjustments.
Total revenue includes investment return of £5,062m (H1 14: £13,481m; FY 14: £40,639m).
IFRS and Cash
41
2.10 Earnings per share
(a) Earnings per share
Adjusted Adjusted
Profit Earnings profit earnings Profit Earnings
after tax per share after tax per share1,2 after tax per share1
30.06.15 30.06.15 30.06.15 30.06.15 30.06.14 30.06.14
£m p £m p £m £m
Operating profit 588 9.94 588 9.94 493 8.38
Investment and other variances (49) (0.83) (9) (0.15) 9 0.15
Impact of change in UK tax rates3 - - - - (1) (0.02)
Earnings per share based on profit
attributable to equity holders 539 9.11 579 9.79 501 8.51
Profit Earnings
after tax per share1
Full year Full year
31.12.14 31.12.14
£m £m
Operating profit 998 16.92
Investment and other variances (13) (0.22)
Impact of change in UK tax rates - -
Earnings per share based on profit
attributable to equity holders 985 16.70
1. Earnings per share is calculated by dividing profit after tax derived from continuing operations by the weighted average number of ordinary shares in issue during the year, excluding employee scheme treasury shares.
2. Adjusted earnings per share has been calculated excluding the impairment loss, £40m, resulting from the classification of disposal groups as held for sale.
3. The impact of the further corporation tax reductions announced on 8 July 2015 has not been included in the half year 2015 results as required under IAS 12. The impact will be included in the FY 15 results.
(b) Diluted earnings per share
Profit Number Earnings Profit Number Earnings
after tax of shares1 per share after tax of shares1 per share
30.06.15 30.06.15 30.06.15 30.06.14 30.06.14 30.06.14
£m m p £m m p
Profit attributable to equity holders of the Company 539 5,915 9.11 501 5,884 8.51
Net shares under options allocable for no further consideration - 38 (0.06) - 65 (0.09)
Diluted earnings per share 539 5,953 9.05 501 5,949 8.42
Profit Number Earnings
after tax of shares1 per share
Full year Full year Full year
31.12.14 31.12.14 31.12.14
£m m p
Profit attributable to equity holders of the Company 985 5,897 16.70
Net shares under options allocable for no further consideration - 59 (0.16)
Diluted earnings per share 985 5,956 16.54
1. For diluted earnings per share, the weighted average number of ordinary shares in issue, excluding employee scheme treasury
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