REG - Tullett Prebon Plc - Final Results <Origin Href="QuoteRef">TLPR.L</Origin> - Part 2
03/03/2015 07:01
- Part 2: For the preceding part double click ID:nRSC3208Ga
Attributable to:
Equity holders of the parent 71.2 (46.6) 24.6
Minority interests 0.4 - 0.4
71.6 (46.6) 25.0
Earnings per share
Basic 8 32.3p 11.2p
Diluted 8 32.3p 11.2p
2013
Revenue 3 803.7 - 803.7
Administrative expenses 4 (699.3) (15.2) (714.5)
Other operating income 5 11.0 - 11.0
Operating profit 115.4 (15.2) 100.2
Finance income 6 3.7 - 3.7
Finance costs 7 (19.5) - (19.5)
Profit before tax 99.6 (15.2) 84.4
Taxation (22.4) 2.4 (20.0)
Profit of consolidated companies 77.2 (12.8) 64.4
Share of results of associates 1.4 - 1.4
Profit for the year 78.6 (12.8) 65.8
Attributable to:
Equity holders of the parent 78.4 (12.8) 65.6
Minority interests 0.2 - 0.2
78.6 (12.8) 65.8
Earnings per share
Basic 8 36.0p 30.1p
Diluted 8 36.0p 30.1p
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2014
2014 2013
£m £m
Profit for the year 25.0 65.8
Items that will not be reclassified subsequentlyto profit or loss:
Remeasurement of the defined benefit pension scheme 10.0 7.2
Taxation charge relating to items not reclassified (3.5) (2.5)
6.5 4.7
Items that may be reclassified subsequently to profit or loss:
Revaluation of investments (0.5) (0.5)
Effect of changes in exchange rates on translation of foreign operations 7.7 (7.8)
Taxation (charge)/credit relating to items that may be reclassified (0.2) 0.2
7.0 (8.1)
Other comprehensive income for the year 13.5 (3.4)
Total comprehensive income for the year 38.5 62.4
Attributable to:
Equity holders of the parent 37.8 62.5
Minority interests 0.7 (0.1)
38.5 62.4
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Consolidated Balance Sheet
as at 31 December 2014
Notes 2014£m 2013£m
Non-current assets
Intangible assets arising on consolidation 10 336.6 275.6
Other intangible assets 20.1 21.8
Property, plant and equipment 29.4 28.8
Interest in associates 5.0 4.0
Investments 5.2 5.7
Deferred tax assets 2.3 2.9
Defined benefit pension scheme 62.1 50.5
460.7 389.3
Current assets
Trade and other receivables 3,261.9 5,820.2
Financial assets 13 10.7 31.2
Cash and cash equivalents 13 287.1 251.6
3,559.7 6,103.0
Total assets 4,020.4 6,492.3
Current liabilities
Trade and other payables (3,269.2) (5,812.7)
Interest bearing loans and borrowings 13 - (8.5)
Current tax liabilities (12.3) (19.3)
Short term provisions (6.6) (1.8)
(3,288.1) (5,842.3)
Net current assets 271.6 260.7
Non-current liabilities
Interest bearing loans and borrowings 13 (219.7) (219.1)
Deferred tax liabilities (24.1) (17.9)
Long term provisions (9.7) (4.3)
Other long term payables (15.3) (10.3)
(268.8) (251.6)
Total liabilities (3,556.9) (6,093.9)
Net assets 463.5 398.4
Equity
Share capital 60.9 54.4
Share premium 17.1 17.1
Merger reserve 178.5 121.5
Other reserves (1,173.4) (1,180.1)
Retained earnings 1,378.8 1,383.4
Equity attributable to equity holders of the parent 461.9 396.3
Minority interests 1.6 2.1
Total equity 463.5 398.4
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Consolidated Statement of Changes in Equity
for the year ended 31 December 2014
Equity attributable to equity holders of the parent
Sharecapital Sharepremiumaccount Mergerreserve Reverseacquisitionreserve Re-valuationreserve Hedgingandtranslation Ownshares Retainedearnings Total Minorityinterests Totalequity
2014 £m £m £m £m £m £m £m £m £m £m £m
Balance at1 January 2014 54.4 17.1 121.5 (1,182.3) 1.9 0.4 (0.1) 1,383.4 396.3 2.1 398.4
Profit for the year - - - - - - - 24.6 24.6 0.4 25.0
Other comprehensiveincome for the year - - - - (0.5) 7.2 - 6.5 13.2 0.3 13.5
Total comprehensive income for the year - - - - (0.5) 7.2 - 31.1 37.8 0.7 38.5
Dividends paid - - - - - - - (36.7) (36.7) (0.2) (36.9)
Issue of ordinary shares 6.5 - 58.4 - - - - - 64.9 - 64.9
Share issue costs - - (1.4) - - - - - (1.4) - (1.4)
Decrease in minority interests - - - - - - - (0.2) (0.2) (1.0) (1.2)
Credit arising on share-basedpayment awards - - - - - - - 1.2 1.2 - 1.2
Balance at 31 December 2014 60.9 17.1 178.5 (1,182.3) 1.4 7.6 (0.1) 1,378.8 461.9 1.6 463.5
2013
Balance at1 January 2013 54.4 17.1 121.5 (1,182.3) 2.4 7.7 (0.1) 1,348.8 369.5 2.5 372.0
Profit for the year - - - - - - - 65.6 65.6 0.2 65.8
Other comprehensiveincome for the year - - - - (0.5) (7.3) - 4.7 (3.1) (0.3) (3.4)
Total comprehensive income for the year - - - - (0.5) (7.3) - 70.3 62.5 (0.1) 62.4
Dividends paid - - - - - - - (36.7) (36.7) (0.3) (37.0)
Credit arising on share-basedpayment awards - - - - - - - 1.0 1.0 - 1.0
Balance at 31 December 2013 54.4 17.1 121.5 (1,182.3) 1.9 0.4 (0.1) 1,383.4 396.3 2.1 398.4
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Consolidated Cash Flow Statement
for the year ended 31 December 2014
Notes 2014 2013
£m £m
Net cash from operating activities 12 52.8 62.1
Investing activities
Sale/(purchase) of financial assets 20.6 (1.9)
Interest received 1.5 1.9
Dividends from associates 1.0 1.0
Expenditure on intangible fixed assets (5.3) (6.7)
Purchase of property, plant and equipment (5.7) (10.4)
Investment in subsidiaries (5.5) (2.3)
Cash acquired with the acquisition of PVM 17.5 -
Net cash arising from investment activities 24.1 (18.4)
Financing activities
Dividends paid 9 (36.7) (36.7)
Dividends paid to minority interests (0.2) (0.3)
Equity issue costs (1.4) -
Repayment of debt (8.5) (30.0)
Debt issue and bank facility arrangement costs - (1.7)
Net cash used in financing activities (46.8) (68.7)
Net increase/(decrease) in cash and cash equivalents 30.1 (25.0)
Cash and cash equivalents at the beginning of the year 251.6 281.5
Effect of foreign exchange rate changes 5.4 (4.9)
Cash and cash equivalents at the end of the year 13 287.1 251.6
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Notes to the Consolidated Financial Statements
for the year ended 31 December 2014
1. General information
Tullett Prebon plc is a company incorporated in England and Wales under the
Companies Act.
2. Basis of preparation
(a) Basis of accounting
The financial information included in this document does not constitute the
Group's statutory accounts for the years ended 31 December 2014 or 2013, but
is derived from those accounts. Statutory accounts for 2013 have been
delivered to the Registrar of Companies and those for 2014 will be delivered
following the Company's Annual General Meeting. The auditor has reported on
those accounts; their reports were unqualified, did not draw attention to any
matters by way of emphasis without qualifying their report and did not contain
a statement under section 498(2) or 498(3) of the Companies Act 2006.
The Financial Statements have been prepared on the historical cost basis,
except for the revaluation of certain financial instruments.
The Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, the going concern basis continues to be used in preparing these
Financial Statements.
(b) Basis of consolidation
The Group's Consolidated Financial Statements incorporate the Financial
Statements of the Company and entities controlled by the Company made up to 31
December each year. Under IFRS 10, which has been adopted in 2014 (see
below), control is achieved where the Company exercises power over an entity,
is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to use its power to affect the returns from the
entity. Previously, control was defined as the power to govern the financial
and operating policies of an entity so as to obtain benefits from its
activities.
(c) Adoption of new and revised Accounting Standards
The following new and revised Standards and Interpretations have been adopted
in the current year although their adoption has not had any signRecent news on TP Icap
See all newsREG - TP ICAP Group plc - Trading Statement
AnnouncementREG - TP ICAP Group plc - Director Declaration
AnnouncementREG - TP ICAP Group plc - Transaction in Own Shares
AnnouncementREG - TP ICAP Group plc - Transaction in Own Shares
AnnouncementREG - TP ICAP Group plc - Transaction in Own Shares
Announcement