REG - Rentokil Initial PLC - Preliminary Results 31.12.14 <Origin Href="QuoteRef">RTO.L</Origin> - Part 2
27/02/2015 07:01
- Part 2: For the preceding part double click ID:nRSa0302Ga
13 2.5 5.5
One-off items - financing - 1.5
Share of profit from associates, net of tax of £2.8m (2013: 3.1m) 3.9 4.3
Profit before income tax 163.2 112.2
Income tax expense2 5 (37.1) (28.9)
Profit for the period from continuing operations 126.1 83.3
Discontinued operations:
Profit/(loss) for the period from discontinued operations 6 135.4 (44.6)
Profit for the period (including discontinued operations) 261.5 38.7
Attributable to:
Equity holders of the company 261.8 37.5
Non controlling interests (0.3) 1.2
261.5 38.7
Basic earnings per share
- Continuing operations 7 6.96p 4.52p
- Discontinued operations 7 7.45p (2.45p)
- Continuing and discontinued operations 7 14.41p 2.06p
Diluted earnings per share
- Continuing operations 7 6.95p 4.50p
- Discontinued operations 7 7.44p (2.45p)
- Continuing and discontinued operations 7 14.39p 2.06p
Basic adjusted earnings per share3
- Continuing operations 7 8.05p 7.36p
Diluted adjusted earnings per share
- Continuing operations 7 8.04p 7.33p
1 excluding computer software
2 taxation includes £37.1m (2013: £30.6m as restated) in respect of overseas taxation
3 earnings per share before the tax adjusted amortisation and impairment of intangibles (excluding computer software),
restructuring costs and one-off items and net interest credit from pensions
*restated as a result of discontinued operations. Please refer to note 1 for further details
Consolidated statement of comprehensive income
Restated
2014 2013
£m £m
Profit for the year 261.5 38.7
Other comprehensive income:
Items that are not reclassified subsequently to the income statement:
Remeasurement of net defined benefit asset/liability 114.3 (75.6)
Tax related to items taken to other comprehensive income (19.9) 18.6
Items that may be reclassified subsequently to the income statement:
Net exchange adjustments offset in reserves 17.7 (33.1)
Revaluation of available-for-sale investments - (0.5)
Available-for-sale investments reclassified to the income statement - (1.5)
Effective portion of changes in fair value of cash flow hedge (0.1) 1.2
Recycling cumulative exchange on disposal of foreign operations 0.6 -
Net income/(loss) not recognised in income statement 112.6 (90.9)
Total comprehensive income/(expense) for the year 374.1 (52.2)
Attributable to:
Equity holders of the company 374.4 (52.7)
Non controlling interests (0.3) 0.5
374.1 (52.2)
Consolidated balance sheet
Restated
2014 2013
Notes £m £m
Assets
Non-current assets
Intangible assets 9 431.3 425.0
Property, plant and equipment 10 505.5 537.1
Investment property - 4.4
Investments in associated undertakings 14.4 13.0
Other investments 0.1 0.2
Deferred tax assets 3.5 9.2
Retirement benefit assets 13 192.2 70.6
Other receivables 11.5 8.2
Derivative financial instruments 1.4 0.2
1,159.9 1,067.9
Current assets
Other investments 51.4 292.0
Inventories 58.9 63.8
Trade and other receivables 314.5 417.4
Current tax assets 6.0 5.7
Derivative financial instruments 0.6 3.4
Cash and cash equivalents 11 197.1 143.8
628.5 926.1
Liabilities
Current liabilities
Trade and other payables (382.0) (492.8)
Current tax liabilities (71.8) (66.5)
Provisions for other liabilities and charges 14 (24.5) (30.0)
Bank and other short-term borrowings 12 (31.1) (444.2)
Derivative financial instruments (6.7) (7.8)
(516.1) (1,041.3)
Net current assets/(liabilities) 112.4 (115.2)
Non-current liabilities
Other payables (12.9) (13.0)
Bank and other long-term borrowings 12 (976.1) (1,022.5)
Deferred tax liabilities (78.3) (62.7)
Retirement benefit obligations 13 (25.8) (23.6)
Provisions for other liabilities and charges 14 (59.8) (62.9)
Derivative financial instruments (19.4) -
(1,172.3) (1,184.7)
Net assets/(liabilities) 100.0 (232.0)
Equity
Capital and reserves attributable to the company's equity holders
Called up share capital 15 18.2 18.2
Share premium account 6.8 6.8
Other reserves (1,772.0) (1,790.2)
Retained profits 1,847.2 1,533.1
100.2 (232.1)
Non controlling interests (0.2) 0.1
Total equity 100.0 (232.0)
Consolidated statement of changes in equity
Called up share capital Share premium account Other reserves Restated Retained earnings Noncontrolling interests Total equity
£m £m £m £m £m £m
At 1 January 2013 18.1 6.8 (1,757.0) 1,598.2 6.7 (127.2)
Profit for the period - - - 37.5 1.2 38.7
Other comprehensive income:
Net exchange adjustments offset in reserves - - (32.4) - (0.7) (33.1)
Remeasurement of net defined benefit asset/liability - - - (75.6) - (75.6)
Revaluation of available-for-sale investments - - (0.5) - - (0.5)
Available-for-sale investments reclassified to the income statement - - (1.5) - - (1.5)
Effective portion of changes in fair value of cash flow hedge - - 1.2 - - 1.2
Tax related to remeasurement of net defined benefit asset/liability - - - 18.6 - 18.6
Total comprehensive expense for the year - - (33.2) (19.5) 0.5 (52.2)
Transactions with owners:
Issue of Ordinary shares 0.1 - - (0.1) - -
Dividends paid to equity shareholders - - - (38.6) - (38.6)
Cost of share options and long-term incentive plan - - - 2.0 - 2.0
Transactions with non controlling interests:Acquisition of non controlling interest - - - (8.9) (3.7) (12.6)
Dividends paid to non controlling interests - - - - (3.4)Recent news on Rentokil Initial
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