REG - Oxford Instruments - Half-year Report <Origin Href="QuoteRef">OXIG.L</Origin> - Part 2
14/11/2017 07:06
- Part 2: For the preceding part double click ID:nRSN3816Wa
0.1 - 0.1
Interest charge on pension scheme net liabilitiesOther financial expenditure (0.3) (2.3) - - (0.3) (2.3) (0.6) (2.8) - (6.6) (0.6) (9.4)
Financial expenditure (2.6) - (2.6) (3.4) (6.6) (10.0)
Profit/(loss) before income tax from continuing operations 3 16.3 (3.6) 12.7 13.1 (13.7) (0.6)
Income tax (expense)/credit 7 (3.6) 0.9 (2.7) (2.8) 2.9 0.1
Profit/(loss) for the period from continuing operations 12.7 (2.7) 10.0 10.3 (10.8) (0.5)
Profit/(loss) from discontinued operations after tax 6 0.3 45.3 45.6 1.9 (2.1) (0.2)
Profit/(loss) for the period attributable to equity holders of the parent 13.0 42.6 55.6 12.2 (12.9) (0.7)
pence pence pence pence
Earnings per share
Basic earnings per share 8
From continuing operations 22.3 17.5 18.0 (0.9)
From discontinued operations 6 0.5 79.9 3.4 (0.4)
From profit/(loss) for the period 22.8 97.4 21.4 (1.3)
Diluted earnings per share 8
From continuing operations 22.1 17.4 18.0 (0.9)
From discontinued operations 6 0.5 79.5 3.3 (0.4)
From profit/(loss) for the period 22.6 96.9 21.3 (1.3)
Dividends per share
Dividends paid 9 3.70 3.70
Dividends proposed 9 3.70 3.70
* Adjusted numbers are stated to give a better understanding of the underlying business performance. Details of adjusting
items can be found in note 2 of this Half Year Report.
Condensed Consolidated Statement of Income
Half year ended 30 September 2017 - unaudited
Year to 31 March 2017
Adjusted Adjusting items* Total
Notes £m £m £m
Revenue 3 300.2 - 300.2
Cost of sales (142.9) - (142.9)
Gross profit 157.3 - 157.3
Research and development 4 (23.6) (0.7) (24.3)
Selling and marketing (54.1) - (54.1)
Administration and shared services (28.8) (49.6) (78.4)
Share of loss of associate, net of tax (0.8) (8.4) (9.2)
Foreign exchange loss (12.0) - (12.0)
Operating profit/(loss) 38.0 (58.7) (20.7)
Other financial income 0.2 1.2 1.4
Financial income 0.2 1.2 1.4
Interest charge on pension scheme net liabilitiesOther financial expenditure (1.1)(5.6) -(0.2) (1.1)(5.8)
Financial expenditure (6.7) (0.2) (6.9)
Profit/(loss) before income tax from continuing operations 3 31.5 (57.7) (26.2)
Income tax (expense)/credit 7 (7.8) 8.5 0.7
Profit/(loss) for the year from continuing operations 23.7 (49.2) (25.5)
Profit from discontinued operations after tax 6 4.3 0.9 5.2
Profit/(loss) for the year attributable to equity holders of the parent 28.0 (48.3) (20.3)
Earnings per share
Basic earnings per share 8
From continuing operations 41.5 (44.7)
From discontinued operations 7.5 9.1
From profit/(loss) for the period 49.0 (35.6)
Diluted earnings per share 8
From continuing operations 41.4 (44.7)
From discontinued operations 7.5 9.1
From profit/(loss) for the period 48.9 (35.6)
Dividends per share
Dividends paid 9 13.0
Dividends proposed 9 13.0
*Adjusted numbers are stated to give a better understanding of the underlying business performance. Details of adjusting
items can be found in note 2 of this Half Year Report.
Condensed Consolidated Statement of Comprehensive Income
Half year ended 30 September 2017 - unaudited
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2017 2016 2017
£m £m £m
Profit/(loss) for the period 55.6 (0.7) (20.3)
Other comprehensive income/(expense):
Items that may be reclassified subsequently to profit or loss
Gain/(loss) on effective portion of changes in fair value of cash flow hedges, net of amounts recycled - 0.1 0.1
Foreign exchange translation differences (5.4) 14.7 18.8
Net cumulative foreign exchange gain on disposal of subsidiaries recycled to the Income Statement (4.8) - (5.7)
Tax on items that may be reclassified to profit or loss - - -
Items that will not be reclassified subsequently to profit or loss
Remeasurement (loss)/gain in respect of post retirement benefits (0.8) (15.1) 4.4
Tax on items that will not be reclassified to profit or loss 0.2 2.7 (0.9)
Total other comprehensive income (10.8) 2.4 16.7
Total comprehensive income for the period attributable to equity shareholders of the parent 44.8 1.7 (3.6)
Condensed Consolidated Statement of Changes in Equity
Half year ended 30 September 2017 - unaudited
Sharecapital£m Sharepremiumaccount£m Otherreserves£m Foreignexchangetranslationreserve£m Retainedearnings£m Total£m
Balance at 1 April 2017 2.9 61.5 0.2 22.8 45.1 132.5
Total comprehensive income:
Profit for the period - - - - 55.6 55.6
Other comprehensive income:
- Foreign exchange translation differences - - - (5.4) - (5.4)
- Net foreign exchange gain on disposal of subsidiaries recycled to the Income Statement - - - (4.8) - (4.8)
- Remeasurement loss in respect of post-retirement benefits - - - - (0.8) (0.8)
- Tax on items recognised directly in other comprehensive income - - - - 0.2 0.2
Total comprehensive (expense)/income attributable to equity shareholders of the parent - - - (10.2) 55.0 44.8
Transactions with owners recorded directly in equity:
- Proceeds from issue of shares - 0.2 - - - 0.2
- Credit in respect of employee service costs settled by award of share options - - - - 0.5 0.5
- Dividends payable - - - - (7.4) (7.4)
Total transactions with owners recorded directly in equity: - 0.2 - - (6.9) (6.7)
Balance at 30 September 2017 2.9 61.7 0.2 12.6 93.2 170.6
Sharecapital£m Sharepremiumaccount£m Otherreserves£m Foreignexchangetranslationreserve£m Retainedearnings£m Total£m
Balance at 1 April 2016 2.9 61.5 0.1 9.7 68.8 143.0
Total comprehensive income:
Loss for the period - - - - (0.7) (0.7)
Other comprehensive income:
- Foreign exchange translation differences - - - 14.7 - 14.7
- Gain on effective portion of changes in fair value of cash flow hedges, net of amounts recycled - - 0.1 - - 0.1
- Remeasurement loss in respect of post-retirement benefits - - - - (15.1) (15.1)
- Tax on items recognised directly in other comprehensive income - - - - 2.7 2.7
Total comprehensive income/(expense) attributable to equity shareholders of the parent - - 0.1 14.7 (13.1) 1.7
Transactions with owners recorded directly in equity:
- Dividends payable - - - - (7.4) (7.4)
Total transactions with owners recorded directly in equity: - - - - (7.4) (7.4)
Balance at 30 September 2016 2.9 61.5 0.2 24.4 48.3 137.3
Condensed Consolidated Statement of Changes in Equity
Half year ended 30 September 2017 - unaudited continued
Sharecapital£m Sharepremiumaccount£m Otherreserves£m Foreignexchangetranslationreserve£m Retainedearnings£m Total£m
Balance at 1 April 2016 2.9 61.5 0.1 9.7 68.8 143.0
Total comprehensive income:
Loss for the year - - - - (20.3) (20.3)
Other comprehensive income:
- Foreign exchange translation differences - - - 18.8 - 18.8
- Net foreign exchange gain on disposal of subsidiaries taken to the Income Statement - - - (5.7) - (5.7)
- Gain on effective portion of changes in fair value of cash flow hedges, net of amounts recycled - - 0.1 - - 0.1
- Remeasurement gain in respect of post-retirement benefits - - - - 4.4 4.4
- Tax on items recognised directly in other comprehensive income - - - - (0.9) (0.9)
Total comprehensive (expense)/income attributable to equity shareholders of the parent - - 0.1 13.1 (16.8) (3.6)
Transactions with owners recorded directly in equity:
- Charge in respect of employee service costs settled by award of share options - - - - 0.5 0.5
- Dividends payable - - - - (7.4) (7.4)
Total transactions with owners recorded directly in equity: - - - - (6.9) (6.9)
Balance at 31 March 2017 2.9 61.5 0.2 22.8 45.1 132.5
Condensed Consolidated Statement of Financial Position
As at 30 September 2017 - unaudited
As at As at As at
30 Sept 30 Sept 31 March
2017 2016 2017
£m £m £m
Assets
Non-current assets
Property, plant and equipment 29.3 36.0 32.5
Intangible assets 164.9 220.7 181.0
Investment in associate 5.7 12.6 3.9
Long-term receivables 2.1 3.6 3.6
Deferred tax assets 28.8 21.5 26.0
230.8 294.4 247.0
Current assets
Inventories 48.6 69.8 53.9
Trade and other receivables 67.8 79.2 81.1
Current income tax receivable 3.9 2.4 4.2
Derivative financial instruments 2.3 - 0.6
Cash and cash equivalents 14.3 20.9 27.2
136.9 172.3 167.0
Total assets 367.7 466.7 414.0
Equity
Capital and reserves attributable to the Company's equity shareholders
Share capital 2.9 2.9 2.9
Share premium 61.7 61.5 61.5
Other reserves 0.2 0.2 0.2
Translation reserve 12.6 24.4 22.8
Retained earnings 93.2 48.3 45.1
170.6 137.3 132.5
Liabilities
Non-current liabilities
Bank loans 59.2 154.0 129.6
Retirement benefit obligations 22.5 47.5 25.1
Deferred tax liabilities 10.3 1.8 5.6
92.0 203.3 160.3
Current liabilities
Bank loans and overdrafts 0.6 8.0 6.9
Trade and other payables 79.0 87.3 93.0
Current income tax payables 9.3 3.5 6.5
Accrued dividend 5.3 5.3 -
Derivative financial instruments 1.0 10.9 5.0
Provisions 9.9 11.1 9.8
105.1 126.1 121.2
Total liabilities 197.1 329.4 281.5
Total liabilities and equity 367.7 466.7 414.0
Condensed Consolidated Statement of Cash Flows
half year ended 30 September 2017 - unaudited
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2017 2016 2017
£m £m £m
Profit/(loss) for the period from continuing operations 10.0 (0.5) (25.5)
Adjustments for:
Income tax expense/(credit) 2.7 (0.1) (0.7)
Net financial (income)/expense (0.1) 9.9 5.5
Acquisition related costs - 0.3 0.3
Restructuring costs 0.3 - 0.4
Restructuring costs - relating to associate 0.3 0.1 0.4
Impairment of capitalised development costs - 0.7 0.7
Loss on disposal of subsidiary - - 0.4
Impairment of investment in associate - - 8.0
Amortisation and impairment of acquired intangibles 5.6 6.0 46.3
Impairment of capitalised intangible software costs - - 2.2
Depreciation of property, plant and equipment 2.4 2.5 5.1
Amortisation of capitalised development costs 1.6 1.5 3.8
Adjusted earnings before interest, tax, depreciation and amortisation 22.8 20.4 46.9
Loss on disposal of plant, property and equipment 0.2 0.3 0.5
Cost of equity settled employee share schemes 0.5 - 0.5
Share of loss from associate - 0.4 0.8
Acquisition related costs paid - - -
Restructuring costs paid (0.7) (0.4) (1.1)
Foreign currency loss on intra-Group Dividends - - (0.8)
Cash payments to the pension scheme more than the charge to operating profit (3.5) (3.5) (6.9)
Operating cash flows before movements in working capital 19.3 17.2 39.9
Increase in inventories (6.6) (3.7) (1.7)
(Increase)/decrease in receivables (1.3) 2.9 (1.1)
Decrease in payables and provisions (9.2) (14.3) (2.5)
Increase in customer deposits 2.1 0.2 0.9
Purchase of rental assets held for later resale (0.6) (0.5) (1.0)
Cash generated by operations 3.7 1.8 34.5
Interest paid (1.0) (2.6) (5.0)
Income taxes paid (2.5) (0.7) (2.1)
Net cash from operating activities 0.2 (1.5) 27.4
Cash flows from investing activities
Acquisition of subsidiaries - net of cash acquired - (6.8) (9.8)
Acquisition of property, plant and equipment (2.2) (1.6) (3.0)
Acquisition of intangible assets (0.2) (0.1) (0.1)
Net cash flow on disposal of businesses 73.0 - 12.2
Capitalised development expenditure (3.1) (3.0) (5.9)
Increase in investment in associate (2.1) - -
Net cash generated from/(used in) investing activities 65.4 (11.5) (6.6)
Cash flows from financing activities
Proceeds from issue of share capital 0.2 - -
(Decrease)/increase in borrowings (77.6) 11.6 (12.8)
Dividends paid (2.1) (2.1) (7.4)
Net cash (used in)/generated from financing activities (79.5) 9.5 (20.2)
Net decrease in cash and cash equivalents from continuing operations (13.9) (3.5) 0.6
Increase in cash from discontinued operations 1.9 0.6 3.6
Cash and cash equivalents at beginning of the period 26.5 20.4 20.4
Effect of exchange rate fluctuations on cash held (0.8) 1.6 1.9
Cash and cash equivalents at end of the period 13.7 19.1 26.5
Reconciliation of changes in cash and cash equivalents to movement in net debt
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2017 2016 2017
£m £m £m
(Decrease)/increase in cash and cash equivalents (12.0) (2.9) 4.2
Effect of foreign exchange rate changes on cash and cash equivalents (0.8) 1.6 1.9
(12.8) (1.3) 6.1
Cash outflow/(inflow) from decrease/increase in debt 77.6 (11.6) 12.8
Accrued interest (1.0) - -
Movement in net debt in the period 63.8 (12.9) 18.9
Net debt at start of the period (109.3) (128.2) (128.2)
Net debt at the end of the period (45.5) (141.1) (109.3)
Notes on the Half Year Financial Statements
Half year ended 30 September 2017 - unaudited
1 BASIS OF PREparATION OF ACCOUNTS
Reporting entity
Oxford Instruments plc is a company incorporated in England and Wales. The condensed consolidated half year financial
statements consolidate the results of the Company and its subsidiaries (together referred to as the Group). They have been
prepared and approved by the Directors in accordance with International Financial Reporting Standard (IFRS) IAS 34 Interim
Financial Reporting as adopted by the EU. They do not include all of the information required for full annual financial
statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31
March 2017.
The financial information contained herein is unaudited and does not constitute statutory accounts as defined by Section
435 of the Companies Act 2006. The comparative figures for the financial year ended 31 March 2017 are not the company's
statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered
to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain
a statement under section 498 (2) or (3) of the Companies Act 2006.
Significant accounting policies
As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial
statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the
Company's published consolidated financial statements for the year ended 31 March 2017, except as explained below.
Adoption of new and revised standards
At present, there are no other new standards, amendments to standards or interpretations mandatory for the first time for
the year ending 31 March 2018.
Estimates
The preparation of half year financial statements requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing these half year financial statements, the significant judgements made by management in applying the group's
accounting policies and key sources of estimation uncertainty were the same as those that applied to the Consolidated
Financial Statements as at and for the year ended 31 March 2017.
Going concern
The condensed consolidated half year financial statements have been prepared on a going concern basis, based on the
Directors' opinion, after making reasonable enquiries, that the Group has adequate resources to continue in operational
existence for the foreseeable future.
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2017 - unaudited
1 BASIS OF PREparATION OF ACCOUNTS continued
Exchange rates
The principal exchange rates used to translate the Group's overseas results were as follows:
Period end rates Half year to Half year to Year to
30 Sept 30 Sept 31 March
2017 2016 2017
US Dollar 1.34 1.30 1.25
Euro 1.13 1.16 1.17
Yen 151 132 139
Average translation rates US Dollar Euro Yen
Half year to 30 September 2017
April 1.27 1.18 142
May 1.29 1.17 143
June 1.29 1.14 144
July 1.31 1.13 146
August 1.30 1.10 143
September 1.31 1.11 146
Average translation rates year ended 31 March 2017 US Dollar Euro Yen
April 1.45 1.27 159
May 1.46 1.30 159
June 1.41 1.27 150
July 1.35 1.21 138
August 1.32 1.18 134
September 1.31 1.16 132
October 1.26 1.13 130
November 1.23 1.14 134
December 1.24 1.17 142
January 1.25 1.17 144
February 1.25 1.18 142
March 1.25 1.18 140
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2017 - unaudited
2 NON-GAAP MEASURES
The Directors present the following non-GAAP measures as they believe it gives a better indication of the underlying
performance of the business.
Reconciliation between operating profit and profit before income tax and adjusted profit from continuing operations
Operating profit/(loss) Profit/(loss) before income tax
Half year to 30 Sep 2017 Half year to 30 Sep 2016 Year to 31 Mar 2017 Half year to 30 Sep 2017 Half year to 30 Sep 2016 Year to 31 Mar 2017
£m £m £m £m £m £m
Statutory measure from continuing operations 12.6 9.3 (20.7) 12.7 (0.6) (26.2)
Acquisition related costs - 0.3 0.3 - 0.3 0.3
Restructuring costs 0.3 - 0.4 0.3 - 0.4
Restructuring costs - relating to associate 0.3 0.1 0.4 0.3 0.1 0.4
Loss on disposal of subsidiary - - 0.4 - - 0.4
Unwind of discount in respect of contingent consideration and acquisition related accruals - - - - 0.2 0.2
Non-recurring and acquisition related items 0.6 0.4 1.5 0.6 0.6 1.7
Impairment of acquired intangibles - - 33.8 - - 33.8
Impairment of investment in associate - - 8.0 - - 8.0
Impairment of capitalised development costs - 0.7 0.7 - 0.7 0.7
Impairment of capitalised software costs - - 2.2 - - 2.2
Amortisation of acquired intangibles 5.6 6.0 12.5 5.6 6.0 12.5
Mark-to-market (gain)/loss in respect of derivative financial instruments - - - (2.6) 6.4 (1.2)
Adjusted measure from continuing operations 18.8 16.4 38.0 16.3 13.1 31.5
Share of taxation - - - (3.6) (2.8) (7.8)
Adjusted profit for the period from continuing operations 18.8 16.4 38.0 12.7 10.3 23.7
Acquisition related costs comprise professional fees incurred in relation to mergers and acquisitions activity and any
consideration which, under IFRS 3 (revised), falls to be treated as a post-acquisition employment expense.
Restructuring costs comprise one-off costs in respect of cost reduction programmes in the US Healthcare and Asylum
businesses. Restructuring costs relating to the Group's associate relate to exceptional costs incurred by the associate
arising from the merger of the Scienta and Omicron businesses.
In order to assist with comparability between peers, adjusted profit excludes the non-cash amortisation and impairment of
acquired intangible assets and goodwill and the unwind of discounts in respect of contingent consideration relating to
business combinations.
The Group reports ineffectiveness of its hedging as an adjusting item. In the prior year, this included losses on certain
contracts relating to the hedging of the Japanese Yen which were not required for ordinary trading and which were
re-allocated for use against the remittance of net income of the Group's Japan operations. Additionally, under IAS 39, all
derivative financial instruments are recognised initially at fair value. Subsequent to initial recognition, they are also
measured at fair value. In respect of instruments used to hedge foreign exchange risk and interest rate risk the Group does
not take advantage of the hedge accounting rules provided for in IAS 39 since that standard requires certain stringent
criteria to be met in order to hedge account, which, in the particular circumstances of the Group, are considered by the
Board not to bring any significant economic benefit. Accordingly, the Group accounts for these derivative financial
instruments at fair value through profit or loss. To the extent that instruments are hedges of future transactions,
adjusted profit for the year is stated before changes in the valuation of these instruments so that the underlying
performance of the Group can be more clearly seen.
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2017 - unaudited
2 NON-GAAP MEASUREScontinued
In the prior year:
· the Group settled various claims totalling £0.4m relating to the disposal of its Omicron business in 2015;
· the Group recognised an impairment of £8.0m relating to its equity accounted associate investment;
· the one off impairment of capitalised development costs related to a specific internal systems project that was
stopped as the Group focused and directed resources so as to accelerate projects; and
· the one off impairment of capitalised software costs was carried out following a reassessment of the future value
expected to be derived from internally developed software.
3 SEGMENT Information
The Group has ten operating segments. These operating segments have been combined into three aggregated operating segments
to the extent that they have similar economic characteristics, with relevance to products and services, type and class of
customer, methods of sale and distribution and the regulatory environment in which they operate. Each of these three
aggregated operating segments is a reportable segment.
The Group's internal management structure and financial reporting systems differentiate the three aggregated operating
segments on the basis of the economic characteristics discussed below:
· the Materials and Characterisation segment comprises a group of businesses focusing on applied R&D and commercial
customers, enabling the fabrication and characterisation of materials and devices down to the atomic scale;
· the Research and Discovery segment comprises a group of businesses providing advanced solutions that create unique
environments and enable measurements down to the molecular and atomic level which are used in fundamental research; and
· the Service and Healthcare segment provides customer service and support for the Group's products and the service,
sale and rental of third party healthcare imaging systems.
Reportable segment results include items directly attributable to a segment as well as those which can be allocated on a
reasonable basis. Inter-segment pricing is determined on an arm's length basis. The operating results of each are
regularly reviewed by the Chief Operating Decision Maker, which is deemed to be the Board of Directors. Discrete financial
information is available for each segment and used by the Board of Directors for decisions on resource allocation and to
assess performance. No asset information is presented below as this information is not presented in reporting to the
Group's Board of Directors.
Results from continuing operations
Half year to 30 September 2017
Materials & Research & Service &
Characterisation Discovery Healthcare Total
£m £m £m £m
External revenue 50.1 47.9 34.1 132.1
Inter-segment revenue - 0.1 -
Total segment revenue 50.1 48.0 34.1
Segment operating profit from continuing operations 7.2 4.2 7.4 18.8
Results from continuing operations
Half year to 30 September 2016
Materials & Research & Service &
Characterisation Discovery Healthcare Total
£m £m £m £m
External revenue 45.3 55.4 31.7 132.4
Inter-segment revenue - - -
Total segment revenue 45.3 55.4 31.7
Segment operating profit from continuing operations 4.2 7.0 5.2 16.4
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2017 - unaudited
3 SEGMENT Information continued
Results from continuing operations
Year to 31 March 2017
Materials & Research & Service &
Characterisation Discovery Healthcare Total
£m £m £m £m
External revenue 104.1 125.2 70.9 300.2
Inter-segment revenue - 0.1 -
Total segment revenue 104.1 125.3 70.9
Segment operating profit from continuing operations 10.9 13.8 13.3 38.0
The adjusted result after tax of £nil (2016/17 half year: £0.4m loss; full year: £0.8m loss) from the Group's associate is
reported within the Research & Discovery segment.
Reconciliation of reportable segment profit
Materials & Characterisation Research & Discovery Service & Healthcare Unallocated Group items Total
Half year to 30 September 2017 £m £m £m £m £m
Operating profit for reportable segments from continuing operations 7.2 4.2 7.4 - 18.8
Restructuring costs (0.1) - (0.2) - (0.3)
Restructuring costs - relating to associate - (0.3) - - (0.3)
Amortisation of acquired intangibles (1.3) (3.8) (0.5) - (5.6)
Financial income - - - 2.7 2.7
Financial expenditure - - - (2.6) (2.6)
Profit before income tax from continuing operations 5.8 0.1 6.7 0.1 12.7
Materials & Characterisation Research & Discovery Service & Healthcare Unallocated Group items Total
Half year to 30 September 2016 £m £m £m £m £m
Operating profit for reportable segments from continuing operations 4.2 7.0 5.2 - 16.4
Acquisition related costs - (0.3) - - (0.3)
Restructuring costs - relating to associate - (0.1) - - (0.1)
Impairment of capitalised development costs (0.7) - - - (0.7)
Amortisation of acquired intangibles (1.4) (3.7) (0.9) - (6.0)
Financial income - - -
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