REG - Sage Group PLC - Final Results <Origin Href="QuoteRef">SGE.L</Origin> - Part 2
22/11/2017 07:07
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Underlying Prior period underlying measures are retranslated at the current year exchange rates to neutralise the effect of currency fluctuations. Underlying operating profit Underlying measures allow management and investors to compare performance without the potentially distorting effects of foreign exchange movements, one-off items or non-operational items. By including part-period contributions from acquisitions, discontinued operations, disposals and assets held for sale of standalone businesses in the current and/or prior periods, the impact of M&A decisions on earnings per share growth can be evaluated.
excludes:- Recurring items:· Amortisation of acquired intangible assets and purchase price adjustments made to reduce deferred income
arising on acquisitions;· M&A activity-related items;· Fair value adjustments on non-debt-related financial instruments and foreign currency movements
on intercompany debt balances; and - Non-recurring items that management judge are one-off or non-operational. Underlying profit before tax excludes:-
All the items above; and- Imputed interest; and- Fair value adjustments on debt-related financial instruments. Underlying profit after tax and earnings
per share excludes:- All the items above net of tax.
Organic In addition to the adjustments made for underlying measures, organic measures exclude the contribution from acquisitions, discontinued operations, disposals and assets Organic measures allow management and investors to understand the like-for-like performance of the business.
held for sale of standalone businesses in the current and prior period. Acquisitions and disposals which occurred close to the start of the opening comparative period
where the contribution impact would be immaterial are not adjusted.
Underlying cash conversion Underlying cash conversion is underlying cash flow from operating activities divided by underlying operating profit. Underlying cash flow from operating activities is Underlying cash conversion informs management and investors about the cash operating cycle of the business and how efficiently operating profit is converted into cash.
statutory cash flow from operating activities less net capital expenditure and adjusted for movements on foreign exchange rates, and non-recurring cash items.
Underlying (as reported) Where prior period underlying measures are included without retranslation at current period exchange rates, they are labelled as underlying (as reported). This measure is used to report comparative figures for external reporting purposes where it would not be appropriate to retranslate. For instance, on the face of primary financial statements.
Underlying adjusted EPS The underlying adjusted EPS excludes the impact of acquisitions and disposals. The underlying adjusted EPS measure allows management and investors to compare performance without the distorting effects arising from acquisitions and disposals.
Revenue Type DESCRIPTION
Recurring revenue Recurring revenue is revenue earned from customers for the provision of a good or service, where risks and rewards are transferred to the customer over the term of a contract, with the customer being unable to continue to benefit from the full functionality of the good or service without ongoing payments. Recurring revenue includes both software subscription revenue and maintenance and service revenue.
Software subscription revenue Subscription revenue is revenue earned from customers for the provision of a good or service, where the risk and rewards are transferred to the customer over the term of a contract. In the event that the customer stops paying, they lose the legal right to use the software and the Company has the ability to restrict the use of the product or service. (Also known as 'Pay to play').
Software and software related services ("SSRS") SSRS revenue is for goods or services where the entire benefit is passed to the customer at the point of delivery. It comprises revenue for software or upgrades sold on a perpetual license basis and software related services, including hardware sales, professional services and training.
Processing revenue Processing revenue is revenue earned from customers for the processing of payments or where Sage colleagues process our customers' payroll.
Annual contract value Annual Contact Value (ACV) is the value of bookings that will be generated over the ensuing year under a given contract or contracts.
Annual recurring revenue Annual recurring revenue (ARR) is the value of all components of recurring revenue, annualised for the ensuing year.
Consolidated income statement
For the year ended 30 September 2017
Note Underlying2017 Adjustments*2017 Statutory 2017 Underlying as reported 2016Restated Adjustments* 2016Restated Statutory 2016Restated
£m £m £m £m £m £m
Revenue 2 1,720 (5) 1,715 1,439 - 1,439
Cost of sales (114) - (114) (91) - (91)
Gross profit 1,606 (5) 1,601 1,348 - 1,348
Selling and administrative expenses (1,139) (114) (1,253) (955) (126) (1,081)
Operating profit 2 467 (119) 348 393 (126) 267
Share of loss of an associate - (1) (1) - (1) (1)
Gain on remeasurement of existing investment in an associate - 13 13 - - -
Finance income 2 8 10 2 3 5
Finance costs (27) (1) (28) (23) (6) (29)
Profit before income tax 442 (100) 342 372 (130) 242
Income tax expense 4 (115) 30 (85) (92) 38 (54)
Profit for the year - continuing operations 327 (70) 257 280 (92) 188
Profit on discontinued operations 11 18 25 43 20 - 20
Profit for the year 345 (45) 300 300 (92) 208
* Adjustments are detailed in note 3.
Earnings per share attributable to the owners of the parent (pence)
From continuing operations
Basic 6 30.28p 23.86p 25.90p 17.43p
Diluted 6 30.18p 23.78p 25.75p 17.33p
From continuing and discontinued operations
Basic 6 31.90p 27.80p 27.84p 19.28p
Diluted 6 31.79p 27.71p 27.67p 19.16p
Consolidated statement of comprehensive income
For the year ended 30 September 2017
2017£m 2016£m
Profit for the year 300 208
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss
Actuarial loss on post-employment benefit obligations 4 (2)
Deferred tax credit on actuarial loss on post-employment benefit obligations (1) -
3 (2)
Items that may be reclassified to profit or loss
Deferred tax credit on foreign currency movements 2 3
Exchange differences on translating foreign operations (26) 117
Exchange differences recycled through income statement on sale of foreign operations (32) -
(56) 120
Other comprehensive (expense)/income for the year, net of tax (53) 118
Total comprehensive income for the year 247 326
The notes on pages 27 to 47 form an integral part of this condensed consolidated yearly report.
Consolidated balance sheet
As at 30 September 2017
Note 2017 2016
£m £m
Non-current assets
Goodwill 7 2,023 1,659
Other intangible assets 7 274 109
Property, plant and equipment 7 133 123
Fixed asset investment 15 -
Investment in associate - 9
Other financial assets 2 3
Deferred income tax assets 61 58
2,508 1,961
Current assets
Inventories 3 2
Trade and other receivables 466 420
Current income tax asset 14 8
Cash and cash equivalents (excluding bank overdrafts) 10 231 264
Assets classified as held for sale 11 1 1
715 695
Total assets 3,223 2,656
Current liabilities
Trade and other payables (337) (350)
Current income tax liabilities (18) (21)
Borrowings (55) (43)
Provisions (37) (38)
Deferred income (585) (536)
Liabilities classified as held for sale 11 (1) -
(1,033) (988)
Non-current liabilities
Borrowings (914) (535)
Post-employment benefits (22) (25)
Deferred income tax liabilities (46) (13)
Provisions (31) (29)
Trade and other payables (5) (8)
Deferred income (4) (5)
(1,022) (615)
Total liabilities (2,055) (1,603)
Net assets 1,168 1,053
Equity attributable to owners of the parent
Ordinary shares 9 12 12
Share premium 9 548 544
Other reserves 131 187
Retained earnings 477 310
Total equity 1,168 1,053
Consolidated statement of changes in equity
For the year ended 30 September 2017
Attributable to owners of the parent
Ordinary shares Share premium Other reserves Retained earnings Totalequity
£m £m £m £m £m
At 1 October 2016 12 544 187 310 1,053
Profit for the year - - - 300 300
Other comprehensive income/(expense)
Exchange differences on translating foreign operations - - (26) - (26)
Exchange differences recycled through income statement on sale of foreign operations (32) (32)
Deferred tax credit on foreign currency movements - - 2 - 2
Actuarial gain on post-employment benefit obligations - - - 4 4
Deferred tax charge on actuarial loss on post-employment obligations - - - (1) (1)
Total comprehensive income - - (56) 303 247
for the year ended 30 September 2017
Transactions with owners
Employee share option scheme:
- Proceeds from shares issued - 4 - - 4
- Value of employee services, net of deferred tax - - - 9 9
- Value of employee services on acquisition - - - 21 21
Purchase of treasury shares - - - (9) (9)
Dividends paid to owners of the parent - - - (157) (157)
Total transactions with owners - 4 - (136) (132)
for the year ended 30 September 2017
At 30 September 2017 12 548 131 477 1,168
Attributable to owners of the parent
Ordinary shares Share premium Other reserves Retained earnings Totalequity
£m £m £m £m £m
At 1 October 2015 12 541 67 242 862
Profit for the year - - - 208 208
Other comprehensive income/(expense)
Exchange differences on translating foreign operations - - 117 - 117
Deferred tax credit on foreign currency movements - - 3 - 3
Actuarial loss on post-employment benefit obligations - - - (2) (2)
Total comprehensive income - - 120 206 326
for the year ended 30 September 2016
Transactions with owners
Employee share option scheme:
- Proceeds from shares issued - 3 - - 3
- Value of employee services, net of deferred tax - - - 9 9
Purchase of treasury shares - - - (2) (2)
Dividends paid to owners of the parent - - - (145) (145)
Total transactions with owners - 3 - (138) (135)
for the year ended 30 September 2016
At 30 September 2016 12 544 187 310 1,053
Consolidated statement of cash flows
For the year ended 30 September 2017
Notes 2017 £m 2016
Restated£m
Cash flows from operating activities
Cash generated from continuing operations 403 360
Interest paid (24) (21)
Income tax paid (102) (92)
Operating cash flows generated from discontinued operations 25 38
Net cash generated from operating activities 302 285
Cash flows from investing activities
Acquisitions of subsidiaries, net of cash acquired 11 (693) (6)
Proceeds on settlement of debt investment 7 -
Purchases of intangible assets 7 (22) (8)
Purchases of property, plant and equipment 7 (30) (23)
Purchase of investment in an associate - (10)
Interest received 2 2
Disposal of discontinued operations 11 158 -
Net cash used in investing activities (578) (45)
Cash flows from financing activities
Proceeds from issuance of ordinary shares 9 4 3
Purchase of treasury shares (9) (2)
Finance lease principal payments - (1)
Proceeds from borrowings 662 69
Repayments of borrowings (275) (189)
Movements in cash held on behalf of customers 5 (4)
Borrowing costs (1) (2)
Dividends paid to owners of the parent 5 (157) (145)
Financing cash flows generated from discontinued operations 4 (8)
Net cash generated from/(used in) financing activities 233 (279)
Net decrease in cash, cash equivalents and bank overdrafts 10 (43) (39)
(before exchange rate movement)
Effects of exchange rate movement 10 (4) 36
Net increase/(decrease) in cash, cash equivalents and bank overdrafts 47 (3)
Cash, cash equivalents and bank overdrafts at 1 October 10 260 263
Cash, cash equivalents and bank overdrafts at 30 September 10 213 260
Notes to the financial information
For the year ended 30 September 2017
1 Group accounting policies
General information
The Sage Group plc ("the Company") and its subsidiaries (together "the Group") is a leading global supplier of business
management software to Small & Medium Businesses.
The financial information set out above does not constitute the Company's Statutory Accounts for the year ended 30
September 2017 or 2016, but is derived from those accounts. Statutory Accounts for the year ended 30 September 2016 have
been delivered to the Registrar of Companies and those for 2017 will be delivered in December 2017. The auditors have
reported on both sets of accounts; their reports were unqualified and did not contain statements under section 498 (2), (3)
or (4) of the Companies Act 2006.
Whilst the financial information included in this announcement has been computed in accordance with International Financial
Reporting Standards ("IFRSs") as adopted by the European Union ("EU"), this announcement does not in itself contain
sufficient information to comply with IFRSs. The financial information has been prepared on the basis of the accounting
policies and critical accounting estimates and judgements as set out in the Annual Report & Accounts for 2017.
The Company is a limited liability company incorporated and domiciled in the UK. The address of its registered office is
North Park, Newcastle upon Tyne, NE13 9AA. The Company is listed on the London Stock Exchange.
Basis of preparation
The consolidated financial statements of The Sage Group plc have been prepared in accordance with International Financial
Reporting Standards ("IFRS") as adopted by the European Union ("EU"). The consolidated financial statements have been
prepared under the historical cost convention, except where adopted IFRS require an alternative treatment. The principal
variations from the historical cost convention relate to derivative financial instruments which are measured at fair value
through profit or loss.
The prior year consolidated income statement, consolidated statement of cash flows and their related notes have been
restated for the presentation of discontinued operations. For further information on discontinued operations see note 11.
In line with the requirements of IFRS 5 'Non-current assets held for sale and discontinued operations', the statement of
financial position has not been restated.
The financial statements of the Group comprise the financial statements of the Company and entities controlled by the
Company (its subsidiaries) prepared at the end of the reporting period. The accounting policies have been consistently
applied across the Group. Control is achieved where the Company has the power to govern the financial and operating
policies of an entity so as to benefit from its activities which is usually from date of acquisition.
Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended 30
September 2017 as described in those annual financial statements.
Future accounting standards
The directors also considered the impact on the Group of new and revised accounting standards, interpretations or
amendments. The following revised and new accounting standards may have a material impact on the Group. They are currently
issued but not effective for the Group for the year ended 30 September 2017:
- IFRS 9 "Financial Instruments"
- IFRS 15 "Revenue from Contracts with Customers"
- IFRS 16 "Leases"
IFRS 9 will be effective for the Group starting 1 October 2018 and will replace the current requirements of IAS 39
'Financial Instruments: Recognition and Measurement'. The main changes introduced by the new standard are new
classification and measurement requirements for certain financial assets, a new expected loss model for the impairment of
financial assets, revisions to the hedge accounting model and amendments to disclosures. The changes are generally to be
applied retrospectively. Given the nature of the financial assets and liabilities currently held by the Group and its
hedging arrangements, the changes are not expected to have a significant impact on the financial statements when the
standard is first adopted.
IFRS 15 will be effective for the Group starting 1 October 2018. The Group does not plan to adopt IFRS 15 early. The
standard permits a choice of two possible transition methods for the initial application of the requirements of the new
standard: (1) retrospectively to each prior reporting period presented in accordance with IAS 8 (Accounting Policies,
Changes in Accounting Estimates and Errors), or (2) retrospectively with the cumulative effect of initially applying the
standard recognised on the date of initial application, being 1 October 2018 for the Group (the "cumulative catch-up"
approach). The Group currently has not selected the transition method for applying the new standard.
The Group is in the process of developing its future IFRS 15 revenue recognition policies and adjusting the relevant
business processes to adopt these new policies. A project has been established across Sage's main markets. This project
covers the development of new revenue recognition policies as well as the identification of aspects of processes, data
requirements and systems that need to be addressed in order to apply IFRS 15.
As part of this effort, several differences between current accounting policies and the future IFRS 15 based policies (as
far as these have already been developed) have been identified. Based on the analyses performed so far, these differences
include:
- IFRS 15 introduces a new concept of performance obligations. This will require changes to the way the transaction
price is allocated to separately identiable components of a bundle, within a contract, which can impact the timing of
recognising revenue.
- A revised recognition pattern is expected for certain on-premise software subscription contracts, which combine the
delivery of software and support service and the obligation to deliver, in the future, unspecified software upgrades. Under
current policies, the Group recognises the entire price on a straight line basis over the subscription term. In contrast,
under IFRS 15, a portion of the transaction price will be recognised upon delivery of the initial software at the outset of
the arrangement.
- IFRS 15 requires the establishment of standalone selling prices to be used as the basis for the apportionment of the
transaction price to separate performance obligations. This is a new concept compared to current requirements and can
impact timing of recognising revenue.
- The Group will have to assess whether to recognise revenue gross or net for business partner arrangements at the
performance obligation level rather than at contract level.
- The Group is currently already capitalising costs to obtain a contract where revenue is recognised over time. The
capitalisation amount is expected to increase under IFRS 15 due to a broader definition of what qualifies for
capitalisation as costs to obtain a contract.
In addition to the effects on our Consolidated income statement, the Group expects changes to the Consolidated balance
sheet (in particular, due to the recognition of contract assets/contract liabilities, the differentiation between contract
assets and trade receivables, and an impact in retained earnings from the initial adoption of IFRS 15) and additional
quantitative and qualitative disclosures in the notes to the financial statements. The quantitative impact of IFRS 15 on
the Group's FY19 financial statements cannot currently be reasonably estimated, as the following have not yet been
finalised:
- Decision on a transition method;
- Completion of the analysis of the volume of contracts that will be affected by the different policy changes upon
adoption of IFRS 15;
- Establish standalone selling prices; or
- Estimation of the potential changes in business practices that may result from the adoption of the new policies.
The Group will continue to assess all the impacts that the application of IFRS 15 will have on its financial statements in
the period of initial application, which will also significantly depend on its business and go-to-market strategy in the
accounting year ending 30 September 2019 and beyond. The impacts, if material, will be disclosed, including statements on
whether and how the Group plans to apply any of the practical expedients available in the standard.
IFRS 16 will change lease accounting mainly for lessees, and will replace the existing standard IAS 17. An asset for the
right to use the leased item and a liability for future lease payments will be recognised for all leases, subject to
limited exemptions for short-term leases and low-value lease assets. The costs of leases will be recognised in the income
statement split between depreciation of the lease asset and a finance charge on the lease liability. This is similar to the
existing accounting for finance leases, but substantively different to the existing accounting for operating leases under
which no lease asset or lease liability is recognised and rentals payable are charged to the income statement on a
straight-line basis.
The Group plans to adopt these standards in line with their effective dates. IFRSs 9 and 15 will be adopted for the
financial year commencing 1 October 2018, and IFRS 16 for the financial year commencing 1 October 2019. The Group is
continuing its assessment of the impact that the application of these standards will have on the Group's financial
statements, but it remains too early to determine how significant any effect on actual financial results and financial
position might be.
Critical accounting estimates and judgements
The preparation of financial statements requires the use of accounting estimates and assumptions by management. It also
requires management to exercise its judgement in the process of applying the accounting policies. We continually evaluate
our estimates, assumptions and judgements based on available information. The areas involving a higher degree of judgement
or complexity are described below.
Revenue recognition
Approximately 40% of the company's revenue is generated from sales to partners rather than to end users. The key judgement
in accounting for the three principal ways in which our business partners are remunerated is determining whether the
business partner is a customer of the Group in respect of the initial product sale. The key criteria in this determination
is whether the business partner has paid for and taken on the risks and rewards of ownership of the software product from
Sage. An additional area of judgement is the recognition and deferral of revenue on bundled products, for example the sale
of a perpetual licence with an annual maintenance and support contract.
The full revenue recognition policy is disclosed in the 30 September 2017 financial statements.
Goodwill impairment
The judgements in relation to goodwill impairment testing relate to two key areas. The first is the ongoing appropriateness
of the cash-generating units ("CGUs") for the purpose of impairment testing. The second relates to the assumptions applied
in calculating the value in use of the CGUs being tested for impairment.
The carrying value of goodwill and the key assumptions used in performing the annual impairment assessment are disclosed in
the 30 September 2017 financial statements.
Tax provisions
The Group recognises certain provisions and accruals in respect of tax which involve a degree of estimation and uncertainty
where the tax treatment cannot be finally determined until a resolution has been reached by the relevant tax authority.
When making this assessment, we utilise our specialist in-house tax knowledge and experience of similar situations
elsewhere to confirm these provisions. These judgements also take into consideration specialist tax advice provided by
third party advisors on specific items.
Business combinations
When the Group completes a business combination, the consideration transferred for the acquisition and the identifiable
assets and liabilities acquired are recognised at their fair values. The amount by which the consideration exceeds the net
assets acquired is recognised as goodwill. The application of accounting policies to business combinations involves
judgement and the use of estimates. During the year, the Group made two significant business combinations in which it
acquired Sage Intacct (formerly Intacct Corporation) and Sage People (formerly Fairsail Limited). The aspects of these
transactions that required particular judgement were the identification of acquired intangible assets that met the criteria
for recognition in both transactions. Estimates were required in the measurement of the intangible assets recognised for
both acquisitions and of deferred income for Sage Intacct. The Group engaged external experts to support these
assessments. Management concluded that the intangible assets acquired that qualified for recognition separately from
goodwill were customer relationships, technology and, additionally for Intacct, brands. The fair values of customer
relationships were determined using the excess earnings method, technology and brands using the relief from royalty method,
and deferred income using a bottom-up approach. These valuation techniques require a number of key assumptions including
revenue forecasts and the application of an appropriate discount rate to state future cash flows at their present value.
The total fair value of intangible assets acquired with Intacct and Sage People was £179m. Deferred income acquired with
Intacct was measured at £18m. Full analyses of the consideration transferred, assets and liabilities acquired and goodwill
recognised in business combinations are set out in note 11. Amounts recognised for Intacct at 30 September 2017 are
provisional due to the proximity of the acquisition date to the date of approval of the annual report, and will be
finalised during the coming year.
Website
This condensed consolidated annual financial report for the year ended 30 September 2017 can also be found on our website :
www.sage.com/investors/investor-downloads
2 Segment information
In accordance with IFRS 8, "Operating Segments", information for the Group's operating segments has been derived using the
information used by the chief operating decision maker. The Group's Executive Committee has been identified as the chief
operating decision maker in accordance with their designated responsibility for the allocation of resources to operating
segments and assessing their performance, through the Quarterly Business Reviews chaired by the President and Chief
Financial Officer. The Executive Committee use organic and underlying data to monitor business performance. Operating
segments are reported in a manner which is consistent with the operating segments produced for internal management
reporting.
With effect from 1 October 2016, the Group was organised into seven key operating segments: Northern Europe, Central
Europe, Southern Europe, North America, Africa and the Middle East, Asia (including Australia) and Latin America. The
structure reflected changes made to introduce a flatter, more focused structure to allow the Group to get closer to its
customers. Since August 2017, the newly-acquired Intacct business has been managed separately as an additional operating
segment, referred to as North America Intacct. Prior to these changes, the organisation structure reflected four operating
segments (Europe, North America, Brazil and Africa and Australia, Middle East and Asia) and three reportable segments. For
reporting under IFRS 8 for the year ended 30 September 2017, the Group has three reportable segments. These segments and
their main operating territories or businesses are as follows:
· Northern Europe (UK and Ireland)
· Central and Southern Europe (Germany, Switzerland, Poland, France, Spain and Portugal)
· North America (the US, Canada and North America Intacct)
The remaining operating segments of Africa and the Middle East, Asia and Latin America do not meet the quantitative
thresholds for presentation as separate reportable segments under IFRS 8, and so are presented together and described as
International. They include the Group's operations in South Africa, UAE, Australia, Singapore, Malaysia and Brazil.
The reportable segments reflect the aggregation of the operating segments for Central Europe and Southern Europe, and also
of those for North America (excluding Intacct) and North America Intacct. In each case, the aggregated operating segments
are considered to share similar economic characteristics because they have similar long-term gross margins and operate in
similar markets. Central Europe and Southern Europe both operate principally within the EU and the majority of their
businesses are in countries within the euro area. North America (excluding Intacct) and North America Intacct share the
same North American geographical market.
Segment information for the year ended 30 September 2016 has been restated to reflect the above organisation structure and
discontinued operations as detailed in note 11. The UK is the home country of the parent.
The revenue analysis in the table below is based on the location of the customer, which is not materially different from
the location where the order is received and where the assets are located.
Revenue by segment
Year ended 30 September 2017
Statutory £m Underlying adjustments £m Underlying£m Organic adjustments £m Organic £m Change Statutory Change Underlying Change Organic
% % %
Recurring revenue by segment
Northern Europe 292 - 292 (5) 287 12.1% 11.5% 9.4%
Central and Southern Europe 450 - 450 (1) 449 18.2% 5.8% 6.0%
North America 388 5 393 (15) 378 25.9% 13.3% 9.2%
International 201 - 201 (1) 200 40.2% 14.8% 15.1%
Recurring revenue 1,331 5 1,336 (22) 1,314 21.8% 10.5% 9.0%
Software and software related services ("SSRS") revenue by segment
Northern Europe 39 - 39 - 39 (2.7%) (4.0%) (4.0%)
Central and Southern Europe 130 - 130 - 130 19.6% 7.0% 7.2%
North America 72 - 72 (1) 71 1.7% (9.6%) (10.6%)
International 60 - 60 (1) 59 15.2% (4.1%) (4.6%)
SSRS revenue 301 - 301 (2) 299 10.8% (1.1%) (1.4%)
Processing revenue by segment
Northern Europe 37 - 37 - 37 5.5% 4.2% 4.2%
Central and Southern Europe - - - - - (100.0%) (100.0%) (100.0%)
North America 32 - 32 - 32 15.0% 2.3% 2.3%
International 14 - 14 - 14 31.3% 6.8% 6.8%
Processing revenue 83 - 83 - 83 10.7% 1.9% 1.9%
Total revenue by segment
Northern Europe 368 - 368 (5) 363 9.6% 8.9% 7.3%
Central and Southern Europe 580 - 580 (1) 579 18.2% 5.8% 6.0%
North America 492 5 497 (16) 481 21.0% 8.6% 5.3%
International 275 - 275 (2) 273 33.4% 9.7% 9.7%
Total revenue 1,715 5 1,720 (24) 1,696 19.2% 7.8% 6.6%
Revenue by segment (continued)
Year ended 30 September 2016
Statutory and underlying as reported Impact of foreign exchange Underlying Organic adjustments Organic
£m £m £m £m £m
Recurring revenue by segment
Northern Europe 261 1 262 - 262
Central and Southern Europe 381 45
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