REG - Trinity Mirror PLC - Half-yearly Report <Origin Href="QuoteRef">TNI.L</Origin> - Part 2
01/08/2016 07:08
- Part 2: For the preceding part double click ID:nRSA7907Fa
(2.2) 9.8
Profit for the period attributable to equity holders of the parent 36.0 9.9 77.0
Statutory earnings per share 2016Pence 2015Pence 2015Pence
Earnings per share - basic 10 12.8 4.0 30.2
Earnings per share - diluted 10 12.8 3.9 29.6
Adjusted* earnings per share 2016Pence 2015Pence 2015Pence
Earnings per share - basic 10 19.1 15.3 33.9
Earnings per share - diluted 10 19.1 14.9 33.2
* Adjusted items relate to the exclusion of non-recurring items, restructuring
charges in respect of cost reduction measures, the amortisation of intangible
assets, the pension administrative expenses, the retranslation of foreign
currency borrowings, the impact of fair value changes on derivative financial
instruments, the pension finance charge 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 27 weeks ended 3 July 2016 (26 weeks ended 28 June 2015 and 52 weeks
ended 27 December 2015)
notes 27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Profit for the period 36.0 9.9 77.0
Items that will not be reclassified to profit and loss:
Actuarial (losses)/gains on defined benefit pension schemes 13 (132.5) 7.0 (11.0)
Tax on actuarial (losses)/gains on defined benefit pension schemes 8 23.8 (1.4) 2.2
Deferred tax charge resulting from the future change in tax rate 8 - - (6.0)
Share of items recognised by associates 1.1 (3.2) (3.2)
Other comprehensive (costs)/income for the period (107.6) 2.4 (18.0)
Total comprehensive (costs)/income for the period (71.6) 12.3 59.0
Consolidated cash flow statement
for the 27 weeks ended 3 July 2016 (26 weeks ended 28 June 2015 and 52 weeks
ended 27 December 2015)
notes 27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Cash flow from operating activities
Cash generated from operations 11 66.8 42.0 62.6
Income tax paid (5.7) (4.6) (9.7)
Net cash inflow from operating activities 61.1 37.4 52.9
Investing activities
Interest received 0.3 0.3 0.6
Dividends received from associates - 16.3 16.3
Purchases of property, plant and equipment (2.5) (2.1) (3.6)
Acquisition of subsidiary undertaking - - (148.2)
Net debt acquired on acquisition of subsidiary undertaking - - (11.9)
Net cash (used in)/received from investing activities (2.2) 14.5 (146.8)
Financing activities
Dividends paid (8.8) (7.5) (12.5)
Interest paid on borrowings (3.2) (1.2) (1.7)
Repayment of borrowings (15.0) - -
Increase in borrowings - - 80.0
Issue of ordinary share capital - 34.5
Purchase of shares for LTIP (2.0) - -
Net cash (used in)/received from financing activities (29.0) (8.7) 100.3
Net increase in cash and cash equivalents 29.9 43.2 6.4
Cash and cash equivalents at the beginning of the period 12 55.4 49.0 49.0
Cash and cash equivalents at the end of the period 12 85.3 92.2 55.4
Consolidated statement of changes in equity
for the 27 weeks ended 3 July 2016 (26 weeks ended 28 June 2015 and 52 weeks
ended 27 December 2015)
Sharecapital£m Share premiumaccount£m Merger reserve£m Capitalredemptionreserve£m Retained earnings and other reserves£m Total£m
At 27 December 2015 (audited) (28.3) (606.7) (37.9) (4.4) (6.3) (683.6)
Profit for the period - - - - (36.0) (36.0)
Other comprehensive costs for the period - - - - 107.6 107.6
Total comprehensive costs for the period - - - - 71.6 71.6
Credit to equity for equity-settled share-based payments - - - - (0.5) (0.5)
Purchase of shares for LTIP - - - - 2.0 2.0
Dividends paid - - - - 8.8 8.8
At 3 July 2016 (unaudited) (28.3) (606.7) (37.9) (4.4) 75.6 (601.7)
At 28 December 2014 (audited) (25.8) (606.7) - (4.4) 42.0 (594.9)
Profit for the period - - - - (9.9) (9.9)
Other comprehensive income for the period - - - - (2.4) (2.4)
Total comprehensive income for the period - - - - (12.3) (12.3)
Credit to equity for equity-settled share-based payments - - - - (0.2) (0.2)
Dividends paid - - - - 7.5 7.5
At 28 June 2015 (unaudited) (25.8) (606.7) - (4.4) 37.0 (599.9)
At 28 December 2014 (audited) (25.8) (606.7) - (4.4) 42.0 (594.9)
Profit for the period - - - - (77.0) (77.0)
Other comprehensive costs for the period - - - - 18.0 18.0
Total comprehensive income for the period - - - - (59.0) (59.0)
Issue of shares (2.5) - (37.9) - - (40.4)
Credit to equity for equity-settled share-based payments - - - - (1.8) (1.8)
Dividends paid - - - - 12.5 12.5
At 27 December 2015 (audited) (28.3) (606.7) (37.9) (4.4) (6.3) (683.6)
Consolidated balance sheet
at 3 July 2016 (28 June 2015 and 27 December 2015)
notes 3 July2016 (unaudited)£m 28 June 2015(unaudited)£m 27 December2015(audited)£m
Non-current assets
Goodwill 102.5 12.0 104.5
Other intangible assets 799.6 667.8 799.8
Property, plant and equipment 290.9 307.1 300.1
Investment in associates 20.5 23.9 19.2
Retirement benefit assets 13 9.5 17.6 29.4
Deferred tax assets 76.6 59.3 55.2
Derivative financial instruments 12 - 1.2 3.5
1,299.6 1,088.9 1,311.7
Current assets
Inventories 6.1 5.7 6.2
Trade and other receivables 105.5 100.8 121.8
Derivative financial instruments 12 10.8 - -
Cash and cash equivalents 12 85.3 92.2 55.4
207.7 198.7 183.4
Total assets 1,507.3 1,287.6 1,495.1
Non-current liabilities
Borrowings 12 (59.0) (64.4) (132.6)
Retirement benefit obligations 13 (435.5) (308.4) (334.6)
Deferred tax liabilities (176.0) (177.1) (175.9)
Provisions 14 (5.3) (11.8) (7.2)
(675.8) (561.7) (650.3)
Current liabilities
Trade and other payables (99.4) (87.9) (94.3)
Borrowings 12 (81.9) - (15.0)
Current tax liabilities 8 (9.4) (9.3) (8.4)
Provisions 14 (39.1) (28.8) (43.5)
(229.8) (126.0) (161.2)
Total liabilities (905.6) (687.7) (811.5)
Net assets 601.7 599.9 683.6
Equity
Share capital 15 (28.3) (25.8) (28.3)
Share premium account 15 (606.7) (606.7) (606.7)
Merger Reserve 15 (37.9) - (37.9)
Capital redemption reserve 15 (4.4) (4.4) (4.4)
Retained earnings and other reserves 15 75.6 37.0 (6.3)
Total equity attributable to equity holders of the parent (601.7) (599.9) (683.6)
Notes to the consolidated financial statements
For the 27 weeks ended 3 July 2016 (26 weeks ended 28 June 2015 and 52 weeks
ended 27 December 2015)
1. General information
The financial information in respect of the 52 weeks ended 27 December 2015
does not constitute statutory accounts within the meaning of Section 434 of
the Companies Act 2006. A copy of the statutory accounts for that period has
been delivered to the Registrar of Companies and is available at the Company's
registered office at One Canada Square, Canary Wharf, London E14 5AP and on
the Company's website at www.trinitymirror.com. The auditors reported on those
accounts: their report was unqualified, did not draw attention to any matters
by way of emphasis and did not contain a statement under section 498(2) or (3)
of the Companies Act 2006.
The financial information for the 27 weeks ended 3 July 2016 and 26 weeks
ended 28 June 2015 do not constitute statutory accounts within the meaning of
Section 434 of the Companies Act 2006 and have not been audited. No statutory
accounts for these periods have been delivered to the Registrar of Companies.
This half-yearly financial report constitutes a dissemination announcement in
accordance with Section 6.3 of the Disclosure and Transparency Rules.
The auditors have carried out a review of the condensed set of financial
statements and their report is set out on page 30.
The half-yearly financial report was approved by the directors on 1 August
2016. This announcement is available at the Company's registered office at One
Canada Square, Canary Wharf, London E14 5AP and on the Company's website at
www.trinitymirror.com.
2. Accounting policies
Basis of preparation
The Group's annual consolidated financial statements are prepared in
accordance with IFRS as adopted by the European Union. The condensed
consolidated financial statements included in this financial report have been
prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by
the European Union.
Going concern
Having considered all the factors impacting the Group's businesses, including
downside sensitivities, the directors are satisfied that the Group will be
able to operate within the terms and conditions of the Group financing
facilities for the foreseeable future.
The directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the
Group's half-yearly financial report.
Changes in accounting policy
The same accounting policies, presentation and methods of computation are
followed in the condensed consolidated financial statements as applied in the
Group's latest annual consolidated financial statements.
The Group has adopted the following amended standards during the current
financial period which had no impact on the Group:
· IFRS 10 (Amended) 'Consolidated Financial Statements'
· IFRS 11 (Amended) 'Joint Arrangements'
· IFRS 12 (Amended) 'Disclosure of Interests in Other Entities'
· IAS 16 (Amended) 'Property, Plant and Equipment'
· IAS 1 (Amended) 'Presentation of Financial Statements'
· IAS 27 (Amended) 'Separate Financial Statements'
· IAS 28 (Amended) 'Investments in Associates and Joint Ventures'
· IAS 38 (Amended) 'Intangible Assets'
Annual Improvements 2010-2012 cycle and 2011-2013 cycle have been implemented
and had no material impact on the Group.
The following new and amended standards, which have not been applied and for
which the impact on the Group is being assessed, were not yet endorsed by the
European Union and/or have no effective date:
· IFRS 9 (Issued) 'Financial Instruments' - effective for periods
beginning on or after 1 January 2018
· IFRS 10 (Amended) 'Consolidated Financial Statements'
· IFRS 15 (Issued) 'Revenue from Contracts with Customers' - effective
for periods beginning on or after 1 January 2018
· IFRS 16 (Issued) 'Leases' - effective for periods beginning on or after
1 January 2019
· IAS 28 (Amended) 'Investments in Associates and Joint Ventures'
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation
uncertainty that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year,
are discussed below:
Provisions
There is uncertainty as to liabilities arising from the outcome or resolution
of the ongoing historical legal issues. Provisions are measured at the best
estimate of the expenditure required to settle the obligation based on the
assessment of the related facts and circumstances at each reporting date.
2. Accounting policies (continued)
Key sources of estimation uncertainty (continued)
Retirement benefits
Actuarial assumptions adopted and external factors can significantly impact
the surplus or deficit of defined benefit pension schemes. Valuations for
funding and accounting purposes are based on assumptions about future economic
and demographic variables. This results in risk of a volatile valuation
deficit and the risk that the ultimate cost of paying benefits is higher than
the current assessed liability value. Advice is sourced from independent and
qualified actuaries in selecting suitable assumptions at each reporting date.
Critical judgements in applying the Group's accounting policies
In the process of applying the Group's accounting policies, described above,
management has made the following judgements that have the most significant
effect on the amounts recognised in the financial statements:
Impairment of goodwill and other intangible assets
Determining whether goodwill and other intangible assets are impaired requires
an estimation of the value in use of the cash-generating unit to which these
have been allocated. It also requires assessment of the appropriateness of the
cash-generating unit at each reporting date. The value in use calculation
requires the Group to estimate the future cash flows expected to arise from
the cash-generating unit and a suitable discount rate in order to calculate
present value. Projections are based on both internal and external market
information and reflect past experience. The discount rate reflects a
long-term equity and debt mix based on the period end enterprise value
assuming a long-term debt to EBITDA ratio of 2.5 times.
3. Operating segments
Operating segments are identified on the basis of internal reports about
components of the Group that are regularly reviewed by the Board and chief
operating decision maker (Executive directors) to allocate resources to the
segments and to assess their performance. The Group has four operating
segments that are regularly reviewed by the Board and chief operating decision
maker.
The operating segments are: Publishing which includes all of our newspapers
and associated digital publishing; Printing which provides printing services
to the Publishing segment and to third parties; Specialist Digital which
includes our digital classified recruitment business and our digital marketing
services businesses; and Central which includes revenue and costs not
allocated to the operational divisions and our share of results of associates.
After completing the acquisition of the 80.02% of Local World not previously
owned on 13 November 2015, Local World is included in the Publishing division.
Prior to 13 November 2015, the Group's 19.98% interest was equity accounted
for as an associated undertaking and included in the Central division.
The accounting policies used in the preparation of each segment's revenue and
results are the same as the Group's accounting policies. The Board and chief
operating decision maker are not provided with an amount for total assets by
segment. The Group's operations are primarily located in the UK and the Group
is not subject to significant seasonality during the year.
Segment revenue and results
27 weeks ended 3 July 2016 (unaudited) Publishing2016£m Printing 2016£m Specialist Digital 2016£m Central2016£m Total2016£m
Revenue
Segment sales 345.5 76.6 8.0 2.0 432.1
Inter-segment sales - (57.1) (0.3) - (57.4)
Total revenue 345.5 19.5 7.7 2.0 374.7
Segment result 74.1 - 1.2 (6.2) 69.1
Non-recurring items (4.1)
Restructuring charges in respect of cost reduction measures (10.1)
Amortisation of intangible assets (0.3)
Pension administrative expenses (1.0)
Operating profit 53.6
Investment revenues 0.3
Pension finance charge (5.2)
Finance costs (3.5)
Profit before tax 45.2
Tax charge (9.2)
Profit for the period 36.0
36.0
3. Operating segments (continued)
Segment revenue and results (continued)
26 weeks ended 28 June 2015 (unaudited) Publishing2015£m Printing 2015 £m Specialist Digital 2015 £m Central2015£m Total2015£m
Revenue
Segment sales 254.6 79.2 8.2 1.9 343.9
Inter-segment sales - (55.0) (0.4) - (55.4)
Total revenue 254.6 24.2 7.8 1.9 288.5
Segment result 49.5 - 1.3 (2.9) 47.9
Non-recurring items (17.5)
Restructuring charges in respect of cost reduction measures (7.3)
Amortisation of intangible assets (2.5)
Pension administrative expenses (1.0)
Operating profit 19.6
Investment revenues 0.3
Pension finance charge (5.5)
Finance costs (2.3)
Profit before tax 12.1
Tax charge (2.2)
Profit for the period 9.9
9.9
52 weeks ended 27 December 2015 (audited) Publishing2015£m Printing 2015 £m Specialist Digital 2015 £m Central2015£m Total2015£m
Revenue
Segment sales 528.8 148.9 16.2 3.6 697.5
Inter-segment sales - (104.0) (0.8) - (104.8)
Total revenue 528.8 44.9 15.4 3.6 592.7
Segment result 113.7 - 2.6 (6.7) 109.6
Non-recurring items (5.7)
Restructuring charges in respect of cost reduction measures (15.3)
Amortisation of intangible assets (4.3)
Pension administrative expenses (2.1)
Operating profit 82.2
Investment revenues 0.6
Pension finance charge (10.9)
Finance costs (4.7)
Profit before tax 67.2
Tax credit 9.8
Profit for the period 77.0
77.0
4. Revenue
27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Publishing Print 305.8 235.7 485.9
Circulation 161.7 134.3 271.7
Advertising 127.2 87.7 182.0
Other 16.9 13.7 32.2
Publishing Digital 39.7 18.9 42.9
Display and transactional 28.1 13.8 30.6
Classified 11.6 5.1 12.3
Specialist Digital 7.7 7.8 15.4
Printing 19.5 24.2 44.9
Central 2.0 1.9 3.6
Total revenue 374.7 288.5 592.7
4. Revenue (continued)
The Group's operations are located primarily in the UK. The Group's revenue by
location of customers is set out below:
27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
UK and Republic of Ireland 373.5 287.1 589.6
Continental Europe 1.1 1.3 2.8
Rest of World 0.1 0.1 0.3
Total revenue 374.7 288.5 592.7
5. Non-recurring items
27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Contract termination fee (a) (2.0) - -
Impairment of goodwill (b) (2.0) - -
Provision for historical legal issues (c) - (16.0) (29.0)
Closure of print sites (d) - (1.4) (3.4)
Local World acquisition transaction costs (e) - - (5.6)
Gain on deemed disposal of Local World associate interest (f) - - 33.6
Non-recurring items included in administrative expenses (4.0) (17.4) (4.4)
Non-recurring items included in share of results of associates (g) (0.1) (0.1) (1.3)
Total non-recurring items (4.1) (17.5) (5.7)
(a) In the first quarter of 2016, following extensive work on the separation
of certain titles the Group had agreed to dispose to the Iliffe family as part
of the acquisition of Local World, the Board concluded that it was in the best
interests of the Company not to proceed with the disposal and therefore pay a
break fee of £2.0 million to Iliffe Print Cambridge Limited.
(b) An impairment review comparing the carrying value of the Group's assets
with the value in use was undertaken in accordance with IAS 36. The review
indicated that a £2.0 million charge against the carrying value of goodwill in
our Specialist Digital division was required.
(c) In the first half of 2015 a provision of £16.0 million and in the second
half of 2015 a further £13.0 million was provided to cover the costs of
dealing with historical legal issues in relation to phone hacking. It remains
uncertain as to how these matters will progress, whether further allegations
or claims will be made, and their financial impact. Due to this uncertainty a
contingent liability has been highlighted in note 17.
(d) Relates to the costs associated with the closure of the printing sites
in Scotland (Blantyre) in June 2015 and Newcastle in December 2015 including
the non-cash write off of fixed assets of £2.5 million.
(e) Transaction costs incurred by the Group relating to the acquisition of
Local World on 13 November 2015.
(f) Gain on the accounting deemed disposal of the 19.98% interest in Local
World on 13 November 2015.
(g) Group's share of restructuring costs incurred by PA Group (2015: Group's
share of transaction related costs incurred by Local World and restructuring
costs incurred by PA Group and Local World).
6. Investment revenues
27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Interest income on bank deposits and other interest receipts 0.3 0.3 0.6
7. Finance costs
27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Interest on bank overdrafts and borrowings (2.5) (1.2) (2.7)
Total interest expense (2.5) (1.2) (2.7)
Fair value gain/(loss) on derivative financial instruments 7.3 (2.0) 0.3
Foreign exchange (loss)/gain on retranslation of borrowings (8.3) 0.9 (2.3)
Finance costs (3.5) (2.3) (4.7)
8. Tax
27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Current tax
Corporation tax charge for the period (9.0) (3.0) (9.8)
Prior period adjustment - 0.4 0.9
Current tax charge (9.0) (2.6) (8.9)
Deferred tax
Deferred tax (charge)/credit for the period (0.6) 0.7 2.1
Prior period adjustment 0.4 (0.3) (0.6)
Deferred tax rate change - - 17.2
Deferred tax (charge)/credit (0.2) 0.4 18.7
Tax (charge)/credit (9.2) (2.2) 9.8
Reconciliation of tax (charge)/credit % % %
Standard rate of corporation tax (20.0) (20.3) (20.3)
Tax effect of items that are not deductible in determining taxable profit (1.3) (2.0) (2.6)
Tax effect of items that are not taxable in determining taxable profit 0.4 - 10.9
Prior period adjustment 0.4 0.8 0.4
Deferred tax rate change - - 25.6
Tax effect of share of results of associates 0.1 3.3 0.6
Tax (charge)/credit (20.4) (18.2) 14.6
Included in the 'tax effect of items that are not taxable in determining
taxable profit' is the impact of the utilisation of unrecognised losses of
£1.7 million (gross) (2015: utilisation of unrecognised losses of £2.1 million
(gross) and the impact of the non-taxable gain on the accounting deemed
disposal of the 19.98% interest in Local World of £33.6 million). The standard
rate of corporation tax for the period is 20% (2015: blended rate of 20.25%
being a mix of 21% up to 31 March 2015 and 20% from 1 April 2015). The current
tax liabilities amounted to £9.4 million (28 June 2015: £9.3 million and 27
December 2015: £8.4 million) at the reporting date.
The tax on actuarial (losses)/gains on defined benefit pension schemes taken
to the consolidated statement of comprehensive income is a charge of £23.8
million comprising a deferred tax charge of £21.5 million and a current tax
charge of £2.3 million (26 weeks ended 28 June 2015: charge of £1.4 million
comprising deferred tax charge of £2.1 million and current tax credit of £0.7
million and 52 weeks ended 27 December 2015: credit of £2.2 million comprising
a deferred tax credit of £0.8 million and a current tax credit of £1.4
million). The tax on share-based payments taken to equity is nil (26 weeks
ended 28 June 2015: charge of £0.3 million comprising a deferred tax charge of
£0.6 million and a current tax credit of £0.3 million and 52 weeks ended 27
December 2015: credit of £0.5 million comprising a deferred tax charge of £1.1
million and a current tax credit of £1.6 million).
9. Dividends
Dividends paid per share and recognised as distributions to equity holders in the period 3.15 3.00 5.00
Dividend proposed per share but not paid nor included in the accounting records 2.10 2.00 3.15
Dividend proposed per share but not paid nor included in the accounting
records
2.10
2.00
3.15
The Board has approved an interim dividend for 2016 of 2.10 pence per share.
On 5 May 2016 the final dividend proposed for 2015 of 3.15 pence per share was
approved by shareholders at the Annual General Meeting and was paid on 10 June
2016. The total dividend payment amounted to £8.8 million. On 7 May 2015 the
final dividend proposed for 2014 of 3.00 pence per share was approved by
shareholders at the Annual General Meeting and was paid on 4 June 2015. An
interim dividend for 2015 of 2.00 pence per share was paid on 30 November
2015. The total dividend payment in 2015 amounted to £12.5 million.
10. Earnings per share
Profit after tax before adjusted* items 53.4 38.0 86.4
Adjusted* items:
Non-recurring items (after tax) (3.2) (13.9) 1.5
Amortisation of intangibles (after tax) (0.3) (2.3) (3.9)
Finance costs (after tax) (0.8) (0.9) (1.6)
Restructuring charges (after tax) (8.1) (5.8) (12.2)
Pension charges (after tax) (5.0) (5.2) (10.4)
Tax legislation changes (after tax) - - 17.2
Profit for the period 36.0 9.9 77.0
Weighted average number of ordinary shares Thousand Thousand Thousand
Weighted average number of ordinary shares for basic earnings per share 280,172 249,109 254,936
Effect of potential dilutive ordinary shares in respect of share options 842 5,288 5,024
Weighted average number of ordinary shares for diluted earnings per share 281,014 254,397 259,960
259,960
Basic earnings per share is calculated by dividing profit for the period
attributable to equity holders of the parent by the weighted average number of
ordinary shares during the period. Diluted earnings per share is calculated by
adjusting the weighted average number of ordinary shares in issue on the
assumption of conversion of all potentially dilutive ordinary shares. The
weighted average number of potentially dilutive ordinary shares not currently
dilutive was 3,442,642 (28 June 2015: 3,067,767 and 27 December 2015:
2,681,295).
Statutory earnings per share Pence Pence Pence
Earnings per share - basic 12.8 4.0 30.2
Earnings per share - diluted 12.8 3.9 29.6
Adjusted* earnings per share Pence Pence Pence
Earnings per share - basic 19.1 15.3 33.9
Earnings per share - diluted 19.1 14.9 33.2
The basic earnings per share impact for each non-recurring item disclosed in
note 5 are as follows:
Pence Pence Pence
Contract termination fee (0.6) - -
Impairment of goodwill (0.6) - -
Provision for historical legal issues - (5.1) (9.1)
Closure of print sites - (0.5) (1.1)
Local World acquisition transaction costs - - (1.9)
Gain on deemed disposal of Local World associate interest - - 13.2
(Loss)/profit per share - non-recurring items included in administrative expenses (1.2) (5.6) 1.1
Loss per share - non-recurring items included in share of results of associates - - (0.5)
(Loss)/profit per share - total non-recurring items (1.2) (5.6) 0.6
* Adjusted items relate to the exclusion of non-recurring items, restructuring
charges in respect of cost reduction measures, the amortisation of intangible
assets, the pension administrative expenses, the retranslation of foreign
currency borrowings, the impact of fair value changes on derivative financial
instruments, the pension finance charge and the impact of tax legislation
changes. Set out in note 16 is the reconciliation between the statutory
results and the adjusted results.
11. Notes to the consolidated cash flow statement
27 weeks ended 3 July2016 (unaudited)£m 26 weeks ended 28 June2015 (unaudited)£m 52 weeks ended 27 December2015(audited)£m
Operating profit 53.6 19.6 82.2
Depreciation of property, plant and equipment 11.3 11.7 22.4
Amortisation of intangible assets 0.2 1.1 1.8
Impairment of goodwill 2.0 - -
Share of results of associates (0.2) (2.0)
- More to follow, for following part double click ID:nRSA7907FcRecent news on Reach
See all newsREG - Reach PLC - Reach plc - Half-year Report
AnnouncementREG - Reach PLC - Notice of Results
AnnouncementREG - Reach PLC - Reach plc - Result of AGM
AnnouncementREG - Reach PLC - Total Voting Rights
AnnouncementREG - Reach PLC - Reach plc - Trading Update
Announcement