REG - Rolls-Royce Holdings - Rolls-Royce 2016 Full Year Results <Origin Href="QuoteRef">RR.L</Origin> - Part 3
14/02/2017 07:07
- Part 3: For the preceding part double click ID:nRSN7784Wb
payables 234 242
Cash flows on other financial assets and liabilities held for operating purposes (608) (305)
Net defined benefit post-retirement cost recognised in profit before financing 11 510 213
Cash funding of defined benefit post-retirement schemes 11 (271) (259)
Share-based payments 35 5
Net cash inflow from operating activities before taxation 1,568 1,254
Taxation paid (157) (160)
Net cash inflow from operating activities 1,411 1,094
Cash flows from investing activities
Additions of unlisted investments - (6)
Additions of intangible assets 8 (631) (408)
Disposals of intangible assets 8 4
Purchases of property, plant and equipment (585) (487)
Government grants received 15 8
Disposals of property, plant and equipment 8 33
Acquisitions of businesses (6) (5)
Disposal of discontinued operations - (121)
Disposals of other businesses 7 2
Increase in share in joint ventures (154) -
Other investments in joint ventures and associates (30) (15)
Cash and cash equivalents in joint ventures reclassified as joint operations 5 -
Net cash outflow from investing activities (1,363) (995)
Cash flows from financing activities
Repayment of loans 10 (434) (54)
Proceeds from increase in loans and finance leases 93 1,150
Capital element of finance lease payments (4) (1)
Net cash flow from (decrease)/increase in borrowings and finance leases (345) 1,095
Interest received 14 5
Interest paid (84) (58)
Interest element of finance lease payments (2) (2)
(Increase)/decrease in short-term investments (1) 5
Issue of ordinary shares (net of expenses) 1 32
Purchase of ordinary shares - share buyback - (433)
Purchase of ordinary shares - other (21) (2)
Redemption of C Shares (301) (421)
Net cash (outflow)/inflow from financing activities (739) 221
Change in cash and cash equivalents (691) 320
Cash and cash equivalents at 1 January 3,176 2,862
Exchange gains/(losses) on cash and cash equivalents 286 (6)
Cash and cash equivalents at 31 December 2,771 3,176
3,176
2016£m 2015£m
Reconciliation of movements in cash and cash equivalents to movements in net debt
Change in cash and cash equivalents (691) 320
Cash flow from decrease/(increase) in borrowings and finance leases 345 (1,095)
Cash flow from (decrease)/increase in short-term investments 1 (5)
Change in net debt resulting from cash flows (345) (780)
Net debt (excluding cash and cash equivalents) of joint ventures reclassified to joint operations (9) -
Exchange gains on net debt 240 3
Fair value adjustments (345) 45
Movement in net debt (459) (732)
Net debt at 1 January excluding the fair value of swaps (124) 608
Net debt at 31 December excluding the fair value of swaps (583) (124)
Fair value of swaps hedging fixed rate borrowings 358 13
Net debt at 31 December (225) (111)
The movement in net funds (defined by the Group as including the items shown below) is as follows:
At 1 January 2016£m Funds flow£m Reclassification of joint ventures to joint operations£m Exchange differences£m Fair value adjustments £m Reclassifications£m At 31 December
2016£m
Cash at bank and in hand 662 96 5 109 - - 872
Money market funds 783 (260) -- 29 - - 552
Short-term deposits 1,731 (532) - 148 - - 1,347
Cash and cash equivalents 3,176 (696) 5 286 - - 2,771
Short-term investments 2 1 - - - - 3
Current borrowings (417) 350 (9) (24) - (69) (169)
Non-current borrowings (2,833) (1) - (11) (345) 69 (3,121)
Finance leases (52) (4) - (11) - - (67)
Net debt excluding the fair value of swaps (124) (350) (4) 240 (345) - (583)
Fair value of swaps hedging fixed rate borrowings 13 345 358
Net debt (111) (350) (4) 240 - - (225)
Condensed consolidated statement of changes in equity
For the year ended 31 December 2016
Attributable to ordinary shareholders
Share capital Share premium Capital redemption reserve Cash flow hedging reserve Other reserves 1 Retained earnings 2 Total Non-controlling interests (NCI) Total equity
£m £m £m £m £m £m £m £m £m
At 1 January 2015 376 179 159 (81) 78 5,671 6,382 5 6,387
Profit for the year − - - - - 83 83 1 84
Foreign exchange translation differences on foreign operations - - - - (128) - (128) (1) (129)
Reclassified to income statement on disposal of business - - - - 1 - 1 - 1
Movements on post-retirement schemes - - - - - (722) (722) - (722)
Share of comprehensive income of joint ventures and associates - - - (19) - - (19) - (19)
Related tax movements - - - - (2) 257 255 - 255
Total comprehensive income for the year - - - (19) (129) (382) (530) - (530)
Arising on issues of ordinary shares - 1 - - - - 1 - 1
Issue of C Shares4 - - (430) - - 2 (428) - (428)
Redemption of C Shares - - 423 - - (423) - - -
Ordinary shares purchased - buyback5 - - - - - (433) (433) - (433)
Ordinary shares cancelled5 (9) - 9 - - - - - -
Ordinary shares purchased - other - - - - - (2) (2) - (2)
Share-based payments - direct to equity3 - - - - - 30 30 - 30
Transactions with NCI - - - - - - - (3) (3)
Related tax movements - - - - - (6) (6) - (6)
Other changes in equity in the year (9) 1 2 - - (832) (838) (3) (841)
At 1 January 2016 367 180 161 (100) (51) 4,457 5,014 2 5,016
Loss for the year - - - - - (4,032) (4,032) - (4,032)
Foreign exchange translation differences on foreign operations - - - - 861 - 861 - 861
Movements on post-retirement schemes - - - - - 495 495 - 495
Share of comprehensive income of joint ventures and associates - - - (7) - (2) (9) - (9)
Related tax movements - - - - 4 (179) (175) - (175)
Total comprehensive income for the year - - - (7) 865 (3,718) (2,860) - (2,860)
Arising on issues of ordinary shares - 1 - - - - 1 - 1
Issue of C Shares4 - - (301) - - 1 (300) - (300)
Redemption of C Shares - - 302 - - (302) - - -
Ordinary shares purchased - - - - - (21) (21) - (21)
Share-based payments - direct to equity3 - - - - - 30 30 - 30
Related tax movements - - - - - (2) (2) - (2)
Other changes in equity in the year - 1 1 - - (294) (292) - (292)
At 31 December 2016 367 181 162 (107) 814 445 1,862 2 1,864
1 Other reserves include a merger reserve of £3m and a translation reserve of £811m.
2 At 31 December 2016, 6,854,216 ordinary shares with a net book value of £56m (2015: 5,894,064, 2014: 14,561,097
ordinary shares with net book values of £52m and £129m respectively) were held for the purpose of share-based payment plans
and included in retained earnings. During the year, 1,955,390 ordinary shares with a net book value of £17m (2015:
10,892,026 shares with a net book value of £98m) vested in share-based payment plans. During the year the Company acquired
165,542 (2015: 224,993) of its ordinary shares via reinvestment of dividends received on its own shares and purchased
2,750,000 (2015: 2,000,000) of its ordinary shares through purchases on the London Stock Exchange.
3 Share-based payments- direct to equity is the net of the credit to equity in respect of the share-based charge to the
income statement and the actual cost of shares vesting in the period, excluding those vesting from shares already held.
4 In Rolls-Royce Holdings plc's own financial statements, C Shares are issued from the merger reserve. As this reserve is
eliminated on consolidation, in the consolidated financial statements, the C Shares are shown as being issued from the
capital redemption reserve.
5 Following the completion of the sale of the Energy business to Siemens on 1 December 2014 and further to the
announcement on 19 June 2014 of a £1bn share buyback, the Company put in place a programme to enable the purchase of its
ordinary shares. The aim of the buyback was to reduce the issued share capital of the Company, helping enhance returns for
shareholders. In the year to 31 December 2015, 46,016,303 shares were purchased at an average price of 937p. 44,016,303 of
these shares were cancelled and 2,000,000 were retained for use in share-based payment plans.
1 Basis of preparation and accounting policies
Reporting entity
Rolls-Royce Holdings plc is a company domiciled in the UK. These condensed consolidated year financial statements of the
Company as at and for the year ended 31 December 2016 comprise the Company and its subsidiaries (together referred to as
the "Group") and the Group's interests in joint arrangements and associates.
The consolidated financial statements of the Group as at and for the year ended 31 December 2015 (2015 Annual Report) are
available upon request from the Company Secretary, Rolls----Royce Holdings plc, 62 Buckingham Gate, London SW1E 6AT.
Statement of compliance
These condensed consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards (IFRS) adopted for use in the EU. They do not include all of the information required for full annual statements,
and should be read in conjunction with the 2016 Annual Report.
The comparative figures for the financial year 31 December 2015 are not the Group's statutory accounts for that financial
year. Those accounts have been reported on by the Group'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.
The Board of directors approved the condensed consolidated year financial statements on 13 February 2017.
Significant accounting policies
No new accounting policies had a significant impact in 2016.
During the year, the Group has reassessed the categorisation of joint arrangements. As a result of this review, certain
entities, previously classified as joint ventures, have been reclassified as joint operations from 1 January 2016. This
reclassification does not affect profit before tax or net assets, but the Group's share of the individual income statement
and balance sheet categories are included on a proportional basis, rather than as a single figure. The adjustment to the
opening balance was to reclassify £57m of investments in joint ventures to: property, plant and equipment (£41m), inventory
(£19m), receivables (£18m), cash (£5m), payables (£17m) and borrowings (£9m). Prior figures have not been restated. In
addition, following a review of consistency, £92m of accruals have been reclassified as provisions.
Forthcoming accounting standards
IFRS 15 Revenue from Contracts with Customers (effective for the year beginning 1 January 2018), provides a single,
principles-based five-step model to be applied to all sales contracts, based on the transfer of control of goods and
services to customers. It replaces the separate models for goods, services and construction contracts currently included in
IAS 11 Construction Contracts and IAS 18 Revenue.
The Group has undertaken significant analysis of how IFRS 15 should be implemented and has taken tentative accounting
policy decisions. Based on this analysis, we expect that adoption of IFRS 15 will have a significant impact on the timing
of recognition of revenue on individual long-term contracts, most particularly in the Civil Aerospace business. The most
significant changes are:
• IFRS 15 contains more specific requirements on the combination of contracts. Contracts can only be combined if they
are with the same counterparty or related counterparties. The existing standards require contracts with different
counterparties to be combined where that reflects the overall substance of a transaction. As a result, it will no longer be
possible to link contracts entered into at the same time (with an airframer) for installed original equipment (OE) with
long-term contracts (with the aircraft operator) for aftermarket services (LTSAs) relating to that OE.
• For similar reasons, it will no longer be possible to recognise an intangible asset in respect of contractual
aftermarket rights (relating to future aftermarket business with an operator) when OE is sold to an airframer.
• For each performance obligation identified, IFRS 15 requires revenue to be recognised based on the transfer of
control of the relevant goods or services. In contrast, under the existing standards, revenue is recognised based on when
risk and reward is transferred. As a result it will no longer be possible to use flying hours (or equivalent) as a basis
for measuring the stage of completion of LTSAs.
• Compared to IAS 11, IFRS 15 includes only limited guidance on accounting for costs incurred to fulfil a performance
obligation and in general these will be recognised as incurred. It is no longer possible to defer or accrue costs to report
a consistent margin percentage over the term of the LTSAs.
In summary, the impact of these changes will be that upon adoption of IFRS 15:
• Revenues and costs relating to deliveries of engines will be recognised when they are delivered. The revenue
recognised will comprise that included in the contract with the airframer reduced (if applicable) by any OE concession
agreed with the operator (which IFRS 15 describes as a payment to "a customer's customer"). Consequently, the revenues and
costs recognised on OE deliveries will more closely match the related cash flows. No contractual aftermarket revenue will
be allocated to the OE delivery (where contracts are currently combined - 'linked accounting') and no intangible asset will
be recognised (where contracts are not currently combined - 'unlinked accounting'). This will result in a loss being
recognised on engine deliveries when the direct costs exceed the direct revenues.
• Revenues on LTSAs will be recognised as services are performed rather than as the equipment is used (engine flying
hours) as is the case under the current accounting policy. The stage of completion will be measured using the actual costs
incurred to date compared to the estimated costs to complete the performance obligation. In practice the bulk of the
revenue and costs will relate to overhaul activity which occurs at distinct points of time during the period of the LTSA.
As the first major overhaul typically occurs some years after delivery, this change will generally defer the recognition of
revenue on LTSAs, as compared to the current accounting policy.
Taken together, had IFRS 15 been applicable with effect from 1 January 2015, the Group currently estimates the results for
the year ended 31 December 2015 would have been as follows:
IAS 11 and IAS 18 IFRS 15
Reported£bn Underlying£bn Reported£bn Underlying£bn
Revenue
Civil Aerospace original equipment 3.3 2.6
Civil Aerospace aftermarket services 3.7 3.5
Other 6.4 6.4
Total revenue 13.7 13.4 12.8 12.5
Gross profit
Civil Aerospace 1.5 0.6
Other 1.7 1.7
Total gross profit 3.3 3.2 2.4 2.3
Profit before financing and taxation 1.5 1.5 0.6 0.6
Net financing (1.3) (0.1) (1.3) (0.1)
Taxation (0.1) (0.3) 0.1 (0.1)
Profit for the year 0.1 1.1 (0.6) 0.4
Net assets 5.0 2.0
The Group plans to adopt IFRS 15 in 2018 using the 'full' retrospective approach. The comparative 2017 results included in
the 2018 financial statements will be restated, with an adjustment to equity as at 1 January 2017.
The Group will continue to work during 2017 to design, implement and refine procedures to apply the new requirements of
IFRS 15 and to finalise accounting policy choices. As a result of this ongoing work, it is possible that some changes to
the impact above may result.
2 Analysis by business segment
The analysis by Divisions (business segment) is presented in accordance with IFRS 8 Operating segments, on the basis of
those segments whose operating results are regularly reviewed by the Board (the Chief Operating Decision Maker as defined
by IFRS 8).
Civil development, manufacture, marketing and sales of commercial aero engines and aftermarket
services.
Defence development, manufacture, marketing and sales of military aero engines and aftermarket services.
Power Systems development, manufacture, marketing and sales of reciprocating engines and power systems.
Marine development, manufacture, marketing and sales of marine-power propulsion systems and aftermarket
services.
Nuclear development, manufacture, marketing and sales of nuclear systems for civil power generation and
naval propulsion systems.
The operating results are prepared on an underlying basis, which the Board considers reflects better the economic substance
of the Group's trading during the year and provides financial measures that, together with the results prepared in
accordance with Adopted IFRS, allow better analysis of the factors affecting the year's results compared to the prior
period. The principles adopted to determine the underlying results are:
Underlying revenues and costs - Where revenues and costs are denominated in a currency other than the functional currency
of the Group undertaking and the Group hedges the net exposure, these reflect the achieved exchange rates arising on
derivative contracts settled to cover the net exposure. These achieved exchange rates are applied to all relevant revenues
and costs, including those for which there is a natural offsetting position, rather than translating the offsetting
transactions at spot rates. The underlying profits would be the same under both approaches, but the Board considers that
the approach taken provides a better indication of trends over time.
Underlying profit before financing - In addition to impact of exchange rates on revenues and costs above, adjustments have
been made to exclude one-off past service credits on post-retirement schemes, exceptional restructuring costs (associated
with the substantial closure or exit of a site, facility or line of business, or other major transformation activities),
the effect of acquisition accounting, the effect of business disposals, the impairment of goodwill, and in 2016 financial
penalties from agreements with investigating bodies.
Underlying profit before taxation - In addition to those adjustments in underlying profit before financing:
• includes amounts realised from settled derivative contracts and revaluation of relevant assets and liabilities to
exchange rates forecast to be achieved from future settlement of derivative contracts; and
• excludes unrealised amounts arising from revaluations required by IAS 39 Financial Instruments: Recognition and
Measurement, changes in value of financial RRSA contracts arising from changes in forecast payments, and the net impact of
financing costs related to post-retirement scheme benefits.
Taxation - the tax effect of the adjustments above are excluded from the underlying tax charge. In addition changes in the
amount of recoverable advance corporation tax recognised and the impact of changes in tax rates are also excluded.
This analysis also includes a reconciliation of the underlying results to those reported in the consolidated income
statement.
The 2016 underlying results below are shown at 2015 exchange rates, with the adjustment to 2016 exchange rates shown
separately.
Civil Defence Power Systems Marine Nuclear Inter-segment Total reportable segments
£m £m £m £m £m £m £m
For the year ended 31 December 2016
Underlying revenue from original equipment 3,272 823 1,609 575 346 (33) 6,592
Underlying revenue from aftermarket services 3,634 1,229 751 437 415 (35) 6,431
Total underlying revenue at 2015 exchange rates 6,906 2,052 2,360 1,012 761 (68) 13,023
Translation to 2016 exchange rates 161 157 295 102 16 (8) 723
Total underlying revenue 7,067 2,209 2,655 1,114 777 (76) 13,746
Gross profit 1,129 530 628 216 117 - 2,620
Commercial and administrative costs (339) (127) (305) (207) (67) - (1,045)
Restructuring (11) 10 - 3 - - 2
Research and development costs (549) (68) (157) (39) (6) - (819)
Share of results of joint ventures and associates 96 15 1 - - - 112
Underlying profit before financing and taxation at 2015 exchange rates 326 360 167 (27) 44 - 870
Translation to 2016 exchange rates 41 24 24 - 1 - 90
Underlying profit before financing and taxation 367 384 191 (27) 45 - 960
For the year ended 31 December 2015
Underlying revenue from original equipment 3,258 801 1,618 773 251 (53) 6,648
Underlying revenue from aftermarket services 3,675 1,234 767 551 436 (53) 6,610
Total underlying revenue 6,933 2,035 2,385 1,324 687 (106) 13,258
Gross profit 1,526 579 656 260 111 7 3,139
Commercial and administrative costs (296) (124) (296) (201) (53) - (970)
Restructuring (7) (8) (4) (16) (2) - (37)
Research and development costs (515) (73) (162) (28) 14 - (764)
Share of results of joint ventures and associates 104 19 - - - - 123
Underlying profit before financing and taxation 812 393 194 15 70 7 1,491
Reconciliation to reported results Total reportable segments Other businesses* and corporate Total underlying Underlying adjustments Reported results
£m £m £m £m £m
For the year ended 31 December 2016
Revenue from original equipment 6,592 20 6,612 976 7,588
Revenue from aftermarket services 6,431 15 6,446 921 7,367
Total underlying revenue at 2015 exchange rates 13,023 35 13,058 1,897 14,955
Translation to 2016 exchange rates 723 2 725 (725) -
Total revenue 13,746 37 13,783 1,172 14,955
Gross profit 2,620 6 2,626 422 3,048
Other operating income - - - 5 5
Commercial and administrative costs (1,045) (51) (1,096) (1,112) (2,208)
Restructuring 2 - 2 (2) -
Research and development costs (819) 7 (812) (106) (918)
Share of results of joint ventures and associates 112 (5) 107 10 117
Profit before financing and taxation at 2015 exchange rates 870 (43) 827 (783) 44
Translation to 2016 exchange rates 90 (2) 88 (88) -
Loss on disposal of businesses - - - (3) (3)
Profit before financing and taxation 960 (45) 915 (874) 41
Net financing (102) (102) (4,575) (4,677)
Profit/(loss) before taxation (147) 813 (5,449) (4,636)
Taxation (261) (261) 865 604
Profit/(loss) for the period 552 (4,584) (4,032)
Attributable to:
Ordinary shareholders 552 (4,584) (4,032)
Non-controlling interests - - -
For the year ended 31 December 2015
Revenue from original equipment 6,648 76 6,724 215 6,939
Revenue from aftermarket services 6,610 20 6,630 156 6,786
Total revenue 13,258 96 13,354 371 13,725
Gross profit 3,139 64 3,203 74 3,277
Other operating income - - - 10 10
Commercial and administrative costs (970) (55) (1,025) (45) (1,070)
Restructuring (37) (2) (39) 39 -
Research and development costs (764) (1) (765) (53) (818)
Share of results of joint ventures and associates 123 (5) 118 (18) 100
Profit on disposal of businesses - - - 2 2
Profit before financing and taxation 1,491 1 1,492 9 1,501
Net financing (60) (60) (1,281) (1,341)
(Loss)/profit before taxation (59) 1,432 (1,272) 160
Taxation (351) (351) 275 (76)
(Loss)/profit for the period (410) 1,081 (997) 84
Attributable to:
Ordinary shareholders 1,080 (997) 83
Non-controlling interests 1 - 1
* Other businesses comprise former Energy businesses not included in the disposal to Siemens in 2014.
Total assets Total liabilities Net assets/(liabilities)
2016£m 2015£m 2016£m 2015£m 2016£m 2015£m
Civil 13,856 11,774 (14,510) (8,709) (654) 3,065
Defence 1,759 1,449 (1,996) (1,698) (237) (249)
Power Systems 3,837 3,384 (1,151) (1,017) 2,686 2,367
Marine 1,520 1,488 (903) (783) 617 705
Nuclear 352 303 (435) (324) (83) (21)
Inter-segment (1,223) (850) 1,223 850 - -
Reportable segments 20,101 17,548 (17,772) (11,681) 2,329 5,867
Other businesses and corporate 51 120 (183) (120) (132) -
Net funds/(debt) 3,132 3,252 (3,357) (3,363) (225) (111)
Tax assets/(liabilities) 908 341 (987) (1,004) (79) (663)
Post-retirement scheme surpluses/(deficits) 1,346 1,063 (1,375) (1,140) (29) (77)
25,538 22,324 (23,674) (17,308) 1,864 5,016
Group employees average during the year 2016 2015
Civil 23,800 23,100
Defence 6,000 6,300
Power Systems 10,300 10,600
Marine 5,300 6,000
Nuclear 4,300 4,100
Other businesses and corporate1,2 200 400
49,900 50,500
1 Other businesses and corporate includes the Energy businesses not sold to Siemens in 2014 and corporate employees who
do not provide a shared service to the segments. Where corporate functions provide such a service, employees have been
allocated to the segments on an appropriate basis. 2015 figures have been restated on this basis.
2 As described in Note 1, the Group has reclassified certain joint ventures to joint operations from 1 January 2016. This
increased the reported Group employees by 800.
Underlying adjustments 2016 2015
Revenue£m Profit before financing£m Net financing£m Taxation£m Revenue£m Profit before financing£m Net financing£m Taxation£m
Underlying performance 13,783 915 (102) (261) 13,354 1,492 (60) (351)
Recognise revenue at exchange rate on date of transaction 1,172 - - - 371 - - -
Realised losses/(gains) on settled derivative contracts1 - 426 162 (107) - 287 (35) (51)
Net unrealised fair value changes to derivative contracts2 - - (4,420) 792 - (9) (1,306) 270
Effect of currency on contract accounting - 77 - (14) - (9) - 2
Revaluation of trading assets and liabilities - 67 (313) 56 - (13) 20 (6)
Financial risk and revenue sharing arrangements (RRSAs) - exchange differences and changes in forecast payments - - (8) (1) - - 8 (1)
Effect of acquisition accounting3 - (115) - 35 - (124) - 31
Impairment of goodwill - (219) - - - (75) - -
Pension restructuring4 - (306) - 107
Net post-retirement scheme financing - - 3 (2) - - 32 (12)
Disposal of business - (3) - - - 2 - 15
Exceptional restructuring - (129) - 34 - (49) - 11
Financial penalties from agreements with investigating bodies - (671) - - - - - -
Other - (1) 1 (5) - (1) - (2)
Reduction in rate of UK corporation tax - - - (30) - - - 18
Total underlying adjustments 1,172 (874) (4,575) 865 371 9 (1,281) 275
Reported per consolidated income statement 14,955 41 (4,677) 604 13,725 1,501 (1,341) (76)
1 The adjustments for realised losses/(gains) on settled derivative contracts include adjustments to reflect the
losses/(gains) in the same period as the related trading cash flows.
2 The adjustments for unrealised fair value changes to derivative contracts include those of equity accounted joint
ventures and exclude those for which the related trading contracts have been cancelled when the fair value changes are
recognised immediately in underlying profit.
3 The adjustment eliminates charges recognised as a result of recognising assets in acquired businesses at fair value.
4 In the UK, tax is provided on pension surpluses at a rate of 35%, which is the relevant rate if the surpluses were to be
return to the Group.
3 Research and development
2016 2015
£m £m
Expenditure in the year (937) (831)
Capitalised as intangible assets 99 51
Amortisation of capitalised costs (147) (136)
Impairment of capitalised costs (2) -
Net cost (987) (916)
Entry fees received 73 83
Entry fees deferred in respect of charges in future periods (40) (28)
Recognition of previously deferred entry fees 36 43
Net cost recognised in the income statement (918) (818)
Underlying
- More to follow, for following part double click ID:nRSN7784WdRecent news on Rolls-Royce Holdings
See all newsREG - Rolls-Royce Holdings - Total Voting Rights
AnnouncementREG - Rolls-Royce Holdings - Transaction in Own Shares
AnnouncementREG - Rolls-Royce Holdings - Transaction in Own Shares
AnnouncementREG - Rolls-Royce Holdings - Transaction in Own Shares
AnnouncementREG - Rolls-Royce Holdings - Director/PDMR Shareholding
Announcement