REG - Trinity Mirror PLC - Annual Results for 52 weeks ended 28 December 2014 <Origin Href="QuoteRef">TNI.L</Origin> - Part 2
02/03/2015 07:02
- Part 2: For the preceding part double click ID:nRSB1732Ga
financial position and
profit and loss of the Company and the undertakings included in the
consolidation taken as a whole; and
b) the Management Report includes a fair review of the development and
performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties they face.
By order of the Board of directors
Simon Fox Vijay Vaghela
Chief Executive Group Finance Director
Consolidated income statement
for the 52 weeks ended 28 December 2014 (52 weeks ended 29 December 2013)
notes 2014£m 2013£m
Revenue 3,4 636.3 663.8
Cost of sales (329.9) (344.9)
Gross profit 306.4 318.9
Distribution costs (67.5) (74.9)
Administrative expenses:
Non-recurring items: 5
Impairment of goodwill and other intangible assets - (225.0)
Other (12.0) 0.6
Amortisation of other intangible assets (2.2) (2.2)
Pension administrative expenses 13 (3.2) (2.8)
Restructuring charges in respect of cost reduction measures (14.0) (9.9)
Other administrative expenses (139.5) (142.8)
Share of results of associates:
Results before non-recurring items and amortisation 6.1 6.8
Non-recurring items 5 27.2 (0.5)
Amortisation of other intangible assets (2.7) (3.0)
Operating profit/(loss) 3 98.6 (134.8)
Investment revenues 6 0.3 0.3
Pension finance charge 13 (11.2) (13.2)
Finance costs 7 (6.1) (13.1)
Profit/(loss) before tax 81.6 (160.8)
Tax (charge)/credit 8 (11.8) 64.4
Profit/(loss) for the period attributable to equity holders of the parent 69.8 (96.4)
Statutory earnings/(loss) per share 2014Pence 2013Pence
Earnings/(loss) per share - basic 10 28.1 (39.0)
Earnings/(loss/ per share - diluted 10 27.4 (39.0)
Adjusted* earnings per share 2014Pence 2013Pence
Earnings per share - basic 10 32.8 32.0
Earnings per share - diluted 10 32.0 30.7
*Adjusted items relate to the exclusion of non-recurring items (share of
non-recurring credit from associate undertakings of £27.2 million and
provision for historical legal issues of £12.0 million), restructuring charges
in respect of cost reduction measures, the amortisation of intangible assets,
the retranslation of foreign currency borrowings, the impact of fair value
changes on derivative financial instruments, the pension finance charge, the
pension administrative expenses and the impact of tax legislation changes. Set
out in note 16 is the reconciliation between the statutory results and the
adjusted results.
Consolidated statement of comprehensive income
for the 52 weeks ended 28 December 2014 (52 weeks ended 29 December 2013)
notes 2014£m 2013£m
Profit/(loss) for the period 69.8 (96.4)
Items that will not be reclassified to profit and loss:
Actuarial (losses)/gains on defined benefit pension schemes 13 (52.8) 42.5
Tax on actuarial (losses)/gains on defined benefit pension schemes 8 10.6 (8.5)
Deferred tax charge resulting from the future change in tax rate 8 - (8.9)
Share of items recognised by associates - (1.0)
Other comprehensive (costs)/income for the period (42.2) 24.1
Total comprehensive income/(costs) for the period 27.6 (72.3)
Consolidated cash flow statement
for the 52 weeks ended 28 December 2014 (52 weeks ended 29 December 2013)
notes 2014£m 2013£m
Cash flows from operating activities
Cash generated from operations 11 90.1 92.9
Income tax paid (17.3) (22.0)
Net cash inflow from operating activities 72.8 70.9
Investing activities
Interest received 0.3 0.3
Dividends received from associates 16.0 2.3
Proceeds on disposal of subsidiary undertaking 0.9 2.5
Proceeds on disposal of property, plant and equipment 0.2 0.7
Purchases of property, plant and equipment (6.4) (8.0)
Acquisition of associate undertaking - (14.2)
Net cash received from/(used in) investing activities 11.0 (16.4)
Financing activities
Interest paid on borrowings (3.9) (5.7)
Repayment of borrowings (44.2) (54.5)
Purchase of shares for LTIP (2.2) (3.0)
Net cash used in financing activities (50.3) (63.2)
Net increase/(decrease) in cash and cash equivalents 33.5 (8.7)
Cash and cash equivalents at the beginning of the period 12 15.5 24.2
Cash and cash equivalents at the end of the period 12 49.0 15.5
Consolidated statement of changes in equity
for the 52 weeks ended 28 December 2014 (52 weeks ended 29 December 2013)
Sharecapital£m Share premiumaccount£m Capitalredemptionreserve£m Retained earnings and other reserves£m Total£m
At 30 December 2012 (25.8) (1,121.6) (4.3) 512.7 (639.0)
Loss for the period - - - 96.4 96.4
Other comprehensive income for the period - - - (24.1) (24.1)
Total comprehensive costs for the period - - - 72.3 72.3
Credit to equity for equity-settled share-based payments - - - (8.0) (8.0)
Purchase of shares for LTIP - - - 3.0 3.0
At 29 December 2013 (25.8) (1,121.6) (4.3) 580.0 (571.7)
Profit for the period - - - (69.8) (69.8)
Other comprehensive costs for the period - - - 42.2 42.2
Total comprehensive income for the period - - - (27.6) (27.6)
Capital reduction - 514.8 - (514.8) -
Charge to equity for equity-settled share-based payments - - - 2.2 2.2
Purchase of shares for LTIP - - - 2.2 2.2
Reclassification - 0.1 (0.1) - -
At 28 December 2014 (25.8) (606.7) (4.4) 42.0 (594.9)
Consolidated balance sheet
at 28 December 2014 (29 December 2013)
notes 2014£m 2013£m
Non-current assets
Goodwill 12.0 12.0
Other intangible assets 668.9 671.1
Property, plant and equipment 317.7 337.6
Investment in associates 41.4 26.8
Retirement benefit assets 13 17.8 15.7
Deferred tax assets 62.1 57.0
Derivative financial instruments 3.2 1.9
1,123.1 1,122.1
Current assets
Inventories 7.0 8.9
Trade and other receivables 103.3 110.5
Cash and cash equivalents 12 49.0 15.5
159.3 134.9
Total assets 1,282.4 1,257.0
Non-current liabilities
Borrowings 12 (65.3) (62.0)
Retirement benefit obligations 13 (319.0) (267.9)
Deferred tax liabilities (178.0) (180.7)
Provisions 14 (6.9) (13.8)
(569.2) (524.4)
Current liabilities
Borrowings 12 - (40.4)
Trade and other payables (83.0) (90.3)
Current tax liabilities (12.0) (16.7)
Provisions 14 (23.3) (10.3)
Derivative financial instruments 12 - (3.2)
(118.3) (160.9)
Total liabilities (687.5) (685.3)
Net assets 594.9 571.7
Equity
Share capital 15 (25.8) (25.8)
Share premium account 15 (606.7) (1,121.6)
Capital redemption reserve 15 (4.4) (4.3)
Retained earnings and other reserves 15 42.0 580.0
Total equity attributable to equity holders of the parent (594.9) (571.7)
Notes to the consolidated financial statements
for the 52 weeks ended 28 December 2014 (52 weeks ended 29 December 2013)
1. General information
The financial information in the Annual Results Announcement is derived from
but does not represent the full statutory accounts of Trinity Mirror plc. The
statutory accounts for the 52 weeks ended 29 December 2013 have been filed
with the Registrar of Companies and those for the 52 weeks ended 28 December
2014 will be filed following the Annual General Meeting on 7 May 2015. The
auditors' reports on the statutory accounts for the 52 weeks ended 29 December
2013 and for the 52 weeks ended 28 December 2014 were unqualified, do not
include reference to any matters to which the auditors drew attention by way
of emphasis of matter without qualifying the reports and do not contain a
statement under Section 498 (2) or (3) of the Companies Act 2006.
Whilst the financial information included in this Annual Results Announcement
has been prepared in accordance with the recognition and measurement criteria
of International Financial Reporting Standards (IFRS), this announcement does
not itself contain sufficient information to comply with IFRS. This Annual
Results Announcement constitutes a dissemination announcement in accordance
with Section 6.3 of the Disclosure and Transparency Rules (DTR). The Annual
Report for the 52 weeks ended 28 December 2014 is available on the Company's
website at www.trinitymirror.com and at the Company's registered office at One
Canada Square, Canary Wharf, London E14 5AP and will be sent to shareholders
who have elected to receive a hard copy by the end of March 2015.
The financial information has been prepared for the 52 weeks ended 28 December
2014 and the comparative period has been prepared for the 52 weeks ended 29
December 2013. Throughout this report, the financial information for the 52
weeks ended 28 December 2014 is referred to and headed 2014 and for the 52
weeks ended 29 December 2013 is referred to and headed 2013.
2. Accounting polices
The financial information has been prepared in accordance with IFRS as adopted
by the European Union. These are subject to ongoing amendment by the
International Accounting Standards Board and by the European Union and are
therefore subject to change. As a result, the financial information contained
herein will need to be updated for any subsequent amendment to IFRS or any new
standards that are issued. The financial information has been prepared under
the historical cost convention as modified by the revaluation of freehold
properties which on transition to IFRS were deemed to be the cost of the
asset.
The accounting policies used in the preparation of the consolidated financial
statements for the 52 weeks ended 28 December 2014 have been consistently
applied to all the periods presented except for the changes in accounting
policy noted below and are set out in the Trinity Mirror plc 2014 Annual
Report. These consolidated financial statements have been prepared on a going
concern basis as set out in the Management Report in this Annual Results
Announcement.
Changes in accounting policy
Except as noted below, the same accounting policies, presentation and methods
of computation are followed in the consolidated financial statements as
applied in the Group's latest annual consolidated financial statements.
The Group has adopted new, amended and revised standards and interpretations
during the current financial period which havRecent news on Reach
See all newsREG - Reach PLC - Reach plc - Result of AGM
AnnouncementREG - Reach PLC - Total Voting Rights
AnnouncementREG - Reach PLC - Reach plc - Trading Update
AnnouncementREG - Reach PLC - Holdings in Company
AnnouncementREG - Reach PLC - Director/PDMR Shareholding
Announcement