REG - Serco Group PLC - 2016 Half Year Results <Origin Href="QuoteRef">SRP.L</Origin> - Part 6
04/08/2016 07:09
- Part 6: For the preceding part double click ID:nRSD2055Ge
11.8 14.5 - 14.5
Exceptional loss on disposal of subsidiariesand operations - 1.2 1.2 - 4.9 4.9
Impairment of loan receivable - - - (0.2) - (0.2)
Loss on disposal of property, plant and equipment 0.4 - 0.4 0.2 - 0.2
Loss on disposal of intangible assets - - - 0.6 - 0.6
Non cash R&D expenditure offset against intangible assets 0.1 - 0.1 - - -
Decrease in provisions (77.8) (14.5) (92.3) (53.3) (18.5) (71.8)
Other non cash movements 23.7 - 23.7 14.5 - 14.5
Total non cash items (24.4) (13.3) (37.7) (7.2) 58.3 51.1
Operating cash inflow/(outflow) before movements in working capital 27.6 (25.2) 2.4 38.7 (26.3) 12.4
Decrease/(increase) in inventories 0.3 - 0.3 (3.9) - (3.9)
Decrease/(increase) in receivables 4.5 - 4.5 (96.9) 3.4 (93.5)
(Decrease)/increase in payables (19.0) (6.9) (25.9) 29.3 (18.6) 10.7
Movements in working capital (14.2) (6.9) (21.1) (71.5) (15.2) (86.7)
Cash generated by operations 13.4 (32.1) (18.7) (32.8) (41.5) (74.3)
Tax paid (6.6) - (6.6) (7.7) - (7.7)
Non cash R&D expenditure credit (0.1) - (0.1) (0.3) - (0.3)
Net cash (outflow)/inflow from operating activities 6.7 (32.1) (25.4) (40.8) (41.5) (82.3)
16. Notes to the Consolidated Cash Flow Statement (continued)
Year ended 31 December 2015Before Exceptional Items(audited)£m Year ended 31 December 2015Exceptional Items(audited)£m Year ended 31 December 2015Total(audited)£m
Operating profit/(loss) - continuing operations 106.2 (109.9) (3.7)
Operating profit/(loss)- discontinued operations 26.5 (77.6) (51.1)
Operating profit/(loss) 132.7 (187.5) (54.8)
Adjustments for:
Share of profits in joint ventures (37.0) - (37.0)
Non cash items:
Share-based payment expense 9.8 - 9.8
Exceptional impairment of goodwill - 153.4 153.4
Exceptional impairment of property, plant and equipment - 0.8 0.8
Exceptional impairment of intangible assets - (0.3) (0.3)
Impairment and write down of intangible assets - other 11.5 - 11.5
Impairment of property, plant and equipment - other 2.1 - 2.1
Depreciation of property, plant and equipment 28.9 - 28.9
Amortisation of intangible assets 29.0 - 29.0
Exceptional loss on disposal of subsidiariesand operations - (2.8) (2.8)
Loss on disposal of property, plant and equipment 0.1 - 0.1
Loss on disposal of intangible assets 1.5 - 1.5
Non cash R&D expenditure offset against intangible assets 0.8 - 0.8
Decrease in provisions (116.0) (9.5) (125.5)
Other non cash movements 19.1 - 19.1
Total non cash items (13.2) 141.6 128.4
Operating cash inflow/(outflow) before movements in working capital 82.5 (45.9) 36.6
Increase in inventories 5.6 - 5.6
Decrease in receivables 20.6 - 20.6
Increase in payables (48.8) (10.7) (59.5)
Movements in working capital (22.6) (10.7) (33.3)
Cash generated by operations 59.9 (56.6) 3.3
Tax paid (2.7) - (2.7)
Non cash R&D expenditure credit (0.7) - (0.7)
Net cash inflow/(outflow) from operating activities 56.5 (56.6) (0.1)
17. Related Party Transactions
Transactions between the Company and its wholly owned subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note. Transactions between the Group and its joint venture undertakings are
disclosed below.
Six months ended30 June 2016(unaudited)£m Six months ended30 June 2015(unaudited)£m Year ended 31 December 2015(audited)£m
Royalties and management fees receivable - 1.6 -
Dividends receivable 19.7 15.8 32.5
19.7 17.4 32.5
The following receivable balances were held relating to joint ventures:
At 30 June2016(unaudited)£m At 30 June2015(unaudited)£m At 31 December2015(audited)£m
Current:
Loans and other receivables 0.8 0.1 1.4
Non current:
Loans and other receivables 7.0 8.6 7.2
18. Assets Held For Sale
As part of the Strategy Review, certain assets and liabilities have been designated as non core and are held for sale. As
at 30 June 2016 only the remaining private sector BPO business has been disclosed as held for sale.
At 30 June2016 At 30 June2015 At 31 December 2015
£m £m £m
Assets
Goodwill 2.4 206.8 7.8
Other intangible assets - 24.9 0.4
Property, plant and equipment - 74.3 0.9
Deferred tax assets - 10.4 -
Other non current assets - 18.6 0.2
Inventories - 1.1 -
Current tax assets 4.7 - 4.7
Cash and cash equivalents 2.7 18.9 5.2
Other current assets 9.9 118.3 20.6
Assets classified as held for sale 19.7 473.3 39.8
Liabilities
Other current liabilities (3.2) (72.5) (7.4)
Current tax liabilities (0.1) (21.9) (0.1)
Provisions (2.0) (35.4) (24.5)
Obligations under finance leases (0.3) (33.3) (0.5)
Deferred tax liabilities - (2.5) -
Other non current liabilities - (0.5) -
Liabilities directly associated with assets classified as held for sale (5.6) (166.1) (32.5)
Directors' Responsibilities
Sir Roy Gardner Non-Executive Chairman
Rupert Soames OBE Group Chief Executive
Edward J Casey, Jr Group Chief Operating Officer
Angus Cockburn Group Chief Financial Officer
Mike Clasper CBE Senior Independent Director and Non-Executive Director
Ralph D Crosby, Jr Non-Executive Director
Rachel Lomax Non-Executive Director
Angie Risley Non-Executive Director
Malcolm Wyman Non-Executive Director
We confirm that to the best of our knowledge:
1. The financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair
view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the
consolidation taken as a whole; and
2. The Chief Executive's Review and the Divisional Reviews include 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 that they face.
This information is provided by RNS
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