REG - Vesuvius plc - Half-year Report <Origin Href="QuoteRef">VSVS.L</Origin> - Part 2
29/07/2016 07:08
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whether it contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting
the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK
FCA"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRS as adopted by the
EU. The condensed set of financial statements included in this half-yearly financial report has been prepared in
accordance with IAS 34, Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the
half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, Review of
Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for
use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less
in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial
statements in the half-yearly financial report for the six months ended 30 June 2016 is not prepared, in all material
respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FCA.
Paul Korolkiewicz
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London, E14 5GL
29 July 2016
Condensed Group Income Statement
For the six months ended 30 June 2016
Half year 2016 Half year 2015 Full year 2015
Unaudited Unaudited
Headline Separately Half year Headline Separately Half year Headline Separately Full year
Performance reported items 2016 performance reported items 2015 Performance reported items 2015
Notes £m £m £m £m £m £m £m £m £m
Continuing operations
Revenue 2 668.3 - 668.3 702.6 - 702.6 1,322.0 - 1,322.0
Manufacturing costs (485.2) - (485.2) (512.5) - (512.5) (968.9) - (968.9)
Administration, selling and distribution costs (124.0) - (124.0) (119.7) - (119.7) (229.1) - (229.1)
Tradingprofit 2 59.1 - 59.1 70.4 - 70.4 124.0 - 124.0
Amortisation of acquired intangible assets - (8.3) (8.3) - (8.3) (8.3) - (16.6) (16.6)
Restructuring charges 3 - (5.3) (5.3) - (2.2) (2.2) - (14.6) (14.6)
Gain on employee benefit plan 11 - 1.0 1.0 - - - - - -
Operating profit/(loss) 2 59.1 (12.6) 46.5 70.4 (10.5) 59.9 124.0 (31.2) 92.8
Net finance costs 4 (7.9) - (7.9) (8.0) - (8.0) (15.4) - (15.4)
Share of post-tax (loss) of joint ventures (0.4) - (0.4) (0.5) - (0.5) - - -
Profit/(loss) before tax 50.8 (12.6) 38.2 61.9 (10.5) 51.4 108.6 (31.2) 77.4
Income tax (charge)/credits 5 (13.1) 2.7 (10.4) (15.9) 2.4 (13.5) (27.7) 2.9 (24.8)
Profit/(loss) from continuing operations 37.7 (9.9) 27.8 46.0 (8.1) 37.9 80.9 (28.3) 52.6
Discontinued operations - - - - - - - 1.4 1.4
Profit/(loss) 37.7 (9.9) 27.8 46.0 (8.1) 37.9 80.9 (26.9) 54.0
Profit attributable to:
Owners of the parent 34.4 (9.9) 24.5 43.3 (8.1) 35.2 75.7 (26.9) 48.8
Non-controlling interests 3.3 - 3.3 2.7 - 2.7 5.2 - 5.2
Profit/(loss) 37.7 (9.9) 27.8 46.0 (8.1) 37.9 80.9 (26.9) 54.0
Earnings per share (pence) 6
Continuing operations:
Basic 9.1 13.0 17.6
Diluted 9.1 13.0 17.5
Total operations:
Basic 9.1 13.0 18.1
Diluted 9.1 13.0 18.1
Condensed Group Statement of Comprehensive Income/(Loss)For the six months ended 30 June 2016 Unaudited Unaudited
Half year Half year Full year
2016 2015 2015
Note £m £m £m
Profit 27.8 37.9 54.0
Other comprehensive income/(loss), net of income tax:
Items that will not be subsequently reclassified to income statement:
Remeasurement of defined benefit liabilities/assets (9.9) 3.4 13.0
Income tax relating to items not reclassified 5 1.4 (0.7) 1.6
Items that will not be subsequently reclassified to income statement (8.5) 2.7 14.6
Items that may be subsequently reclassified to income statement:
Exchange differences on translation of the net assets of foreign operations 146.7 (48.6) (29.3)
Exchange translation differences arising on net investment hedges (27.1) 0.7 (6.1)
Change in fair value of cash flow hedges - - -
Change in fair value of available-for-sale investments - - -
Items that may be subsequently reclassified to income statement 119.6 (47.9) (35.4)
Other comprehensive income/(loss), net of income tax 111.1 (45.2) (20.8)
Total comprehensive income/(loss) 138.9 (7.3) 33.2
Total comprehensive income/(loss) attributable to:
Owners of the parent 132.4 (9.1) 28.2
Non-controlling interests 6.5 1.8 5.0
Total comprehensive income/(loss) 138.9 (7.3) 33.2
Condensed Group Statement of Cash FlowsFor the six months ended 30 June 2016 Unaudited Unaudited
Half year Half year Full year
2016 2015 2015
Notes £m £m £m
Cash flows from operating activities
Cash generated from operations 10 63.0 66.8 140.0
Net interest paid (5.8) (7.0) (13.6)
Income taxes paid (16.3) (16.2) (31.8)
Net cash inflow from operating activities 40.9 43.6 94.6
Cash flows from investing activities
Capital expenditure (9.1) (17.9) (38.1)
Proceeds from the sale of property, plant and equipment 0.7 0.5 1.1
Proceeds from sale of investments - - 0.3
Acquisition of subsidiaries and joint ventures, net of cash acquired - (24.5) (25.1)
Dividends received from joint ventures 0.9 - -
Other investing outflows - (1.3) (1.6)
Net cash (outflow) from investing activities (7.5) (43.2) (63.4)
Net cash inflow before financing activities 33.4 0.4 31.2
Cash flows from financing activities
Proceeds from borrowings 4.9 54.8 44.7
Settlement of forward foreign exchange contracts 10.4 (1.6) 3.9
Purchase of own shares - (5.2) (5.2)
Borrowing facility arrangement costs - (1.2) (1.4)
Dividends paid to equity shareholders 7 (30.0) (30.1) (43.9)
Dividends paid to non-controlling shareholders (0.9) (0.9) (2.2)
Net cash (outflow)/inflow from financing activities (15.6) 15.8 (4.1)
Net increase in cash and cash equivalents 9 17.8 16.2 27.1
Cash and cash equivalents at beginning of period 67.0 38.5 38.5
Effect of exchange rate fluctuations on cash and cash equivalents 6.7 (0.3) 1.4
Cash and cash equivalents at end of period 91.5 54.4 67.0
Unaudited Unaudited
Half year Half year Full year
2016 2015 2015
£m £m £m
Free cash flow from continuing operations
Net cash inflow from operating activities 40.9 50.9 100.8
Additional funding contributions into Group pension plans 1.0 1.0 3.7
Capital expenditure (9.1) (17.9) (38.1)
Proceeds from the sale of property, plant and equipment 0.7 0.5 1.1
Dividends received from joint ventures 0.9 - -
Dividends paid to non-controlling shareholders (0.9) (0.9) (2.2)
Free cash flow from continuing operations 33.5 33.6 65.3
Discontinued operations (0.2) (7.4) (6.2)
Free cash flow 33.3 26.2 59.1
Condensed Group Balance SheetAs at 30 June 2016 Unaudited Unaudited
Half year Half year* Full year*
2016 2015 2015
Notes £m £m £m
Assets
Property, plant and equipment 309.8 278.7 285.3
Intangible assets 755.4 678.1 684.6
Employee benefits - net surpluses 11 65.5 49.5 59.9
Interests in joint ventures 17.0 16.3 16.1
Investments 2.8 3.3 3.0
Income tax recoverable 1.3 2.9 1.3
Deferred tax assets 76.3 70.1 70.7
Other receivables 20.3 15.2 19.0
Total non-current assets 1,248.4 1,114.1 1,139.9
Cash and short-term deposits 9 134.0 76.3 101.5
Inventories 190.0 182.9 167.7
Trade and other receivables 375.0 327.6 316.3
Income tax recoverable 1.8 2.8 2.8
Derivative financial instruments 0.7 - 0.5
Total current assets 701.5 589.6 588.8
Total assets 1,949.9 1,703.7 1,728.7
Equity
Issued share capital 27.8 27.8 27.8
Retained earnings 2,333.4 2,335.5 2,346.5
Other reserves 12 (1,385.5) (1,513.7) (1,501.9)
Equity attributable to the owners of the parent 975.7 849.6 872.4
Non-controlling interests 38.4 30.8 32.7
Total equity 1,014.1 880.4 905.1
Liabilities
Interest-bearing borrowings 9 396.6 350.3 351.7
Employee benefits - net liabilities 11 119.7 92.8 95.2
Other payables 19.6 16.9 17.0
Provisions 30.3 29.2 29.5
Deferred tax liabilities 45.4 48.1 44.6
Total non-current liabilities 611.6 537.3 538.0
Interest-bearing borrowings 9 47.7 22.7 41.4
Trade and other payables 217.5 197.8 178.2
Income tax payable 43.9 52.6 48.3
Provisions 15.1 12.9 17.7
Derivative financial instruments - - -
Total current liabilities 324.2 286.0 285.6
Total liabilities 935.8 823.3 823.6
Total equity and liabilities 1,949.9 1,703.7 1,728.7
*Restated to reflect the amendments to the acquisition balance sheet of Sidermes spa (note 8)
Condensed Group Statement of Changes in Equity
For the six months ended 30 June 2016
Issued Non-
share Other Retained Owners of controlling Total
capital reserves earnings the parent interests equity
£m £m £m £m £m £m
As at 1 January 2015 27.8 (1,466.7) 2,332.1 893.2 29.9 923.1
Profit - - 35.2 35.2 2.7 37.9
Other comprehensive income/(loss), net of income taxes:
Items that will not be reclassified subsequently to income statement:
Remeasurement of defined benefit liabilities/assets - - 3.4 3.4 - 3.4
Income tax relating to items not reclassified - - (0.7) (0.7) - (0.7)
Items that will not be reclassified subsequently to income statement - - 2.7 2.7 - 2.7
Items that may be reclassified subsequently to income statement:
Exchange differences on the net assets of foreign operations - (47.7) - (47.7) (0.9) (48.6)
Exchange translation differences arising on net investment hedges - 0.7 - 0.7 - 0.7
Change in fair value of cash flow hedges - - - - - -
Items that may be reclassified subsequently to income statement - (47.0) - (47.0) (0.9) (47.9)
Other comprehensive loss, net of income tax - (47.0) 2.7 (44.3) (0.9) (45.2)
Total comprehensive (loss)/income - (47.0) 37.9 (9.1) 1.8 (7.3)
Purchase of own shares - - (5.2) (5.2) - (5.2)
Recognition of share-based payments - - 0.8 0.8 - 0.8
Dividends paid (note 7) - - (30.1) (30.1) (0.9) (31.0)
Total transactions with owners - - (34.5) (34.5) (0.9) (35.4)
As at 1 July 2015*, unaudited 27.8 (1,513.7) 2,335.5 849.6 30.8 880.4
Profit - - 13.6 13.6 2.5 16.1
Other comprehensive income/(loss), net of income taxes:
Items that will not be reclassified subsequently to income statement:
Remeasurement of defined benefit liabilities/assets - - 9.6 9.6 - 9.6
Income tax relating to items not reclassified - - 2.3 2.3 - 2.3
Items that will not be reclassified subsequently to income statement - - 11.9 11.9 - 11.9
Items that may be reclassified subsequently to income statement:
Exchange differences on the net assets of foreign operations - 18.6 - 18.6 0.7 19.3
Exchange translation differences arising on net investment hedges - (6.8) - (6.8) - (6.8)
Items that will may be reclassified subsequently to income statement - 11.8 - 11.8 0.7 12.5
Other comprehensive income, net of income tax - 11.8 11.9 23.7 0.7 24.4
Total comprehensive income - 11.8 25.5 37.3 3.2 40.5
Purchase of own shares - - - - - -
Recognition of share-based payments - - (0.7) (0.7) - (0.7)
Dividends paid (note 7) - - (13.8) (13.8) (1.3) (15.1)
Total transactions with owners - - (14.5) (14.5) (1.3) (15.8)
As at 1 January 2016* 27.8 (1,501.9) 2,346.5 872.4 32.7 905.1
*Restated to reflect the amendments to the acquisition balance sheet of Sidermes spa (note 8)
Condensed Group Statement of Changes in EquityFor the six months ended 30 June 2016
Issued share capital Other reserves Retained earnings Owners of the parent Non-controlling interests Total equity
£m £m £m £m £m £m
As at 1 January 2016* 27.8 (1,501.9) 2,346.5 872.4 32.7 905.1
Profit - - 24.5 24.5 3.3 27.8
Other comprehensive income/(loss), net of income taxes:
Items that will not be reclassified subsequently to income statement:
Remeasurement of defined benefit liabilities/assets - - (9.9) (9.9) - (9.9)
Income tax relating to items not reclassified - - 1.4 1.4 - 1.4
Items that will not be reclassified subsequently to income statement - - (8.5) (8.5) - (8.5)
Items that may be reclassified subsequently to income statement:
Exchange differences on the net assets of foreign operations - 143.5 - 143.5 3.2 146.7
Exchange translation differences arising on net investment hedges - (27.1) - (27.1) - (27.1)
Items that may be reclassified subsequently to income statement - 116.4 - 116.4 3.2 119.6
Other comprehensive income/(loss), net of income tax - 116.4 (8.5) 107.9 3.2 111.1
Total comprehensive income - 116.4 16.0 132.4 6.5 138.9
Purchase of own shares - - - - - -
Recognition of share-based payments - - 0.9 0.9 - 0.9
Dividends paid (note 7) - - (30.0) (30.0) (0.8) (30.8)
Total transactions with owners - - (29.1) (29.1) (0.8) (29.9)
As at 30 June 2016, unaudited 27.8 (1,385.5) 2,333.4 975.7 38.4 1,014.1
*Restated to reflect the amendments to the acquisition balance sheet of Sidermes spa (note 8)
Notes to the condensed financial statements
1. Basis of preparation
1.1 Basis of accounting
These condensed financial statements of Vesuvius plc ("Vesuvius" or the "Company") and its subsidiary and joint venture
companies (the "Group") have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim
Financial Reporting, as adopted by the EU and in accordance with the Disclosure and Transparency Rules of the UK's
Financial Conduct Authority.
These condensed financial statements have been prepared using the same accounting policies as used in the preparation of
the Group's annual financial statements for the year ended 31 December 2015, which were prepared in accordance with
International Financial Reporting Standards as adopted by the EU ("IFRS"). They do not include all of the information
required for full annual financial statements, and should be read in conjunction with the consolidated financial statements
of the Group for the year ended 31 December 2015. The financial information presented in this document is unaudited, but
has been reviewed by the Company's auditor.
The comparative figures for the financial year ended 31 December 2015 are not the Company's statutory accounts for that
financial year. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies.
The report of the auditor was unqualified, did not include reference to any matters to which the auditor drew attention by
way of emphasis without qualifying its report and did not contain a statement under section 498(2) or (3) of the Companies
Act 2006. These sections address whether proper accounting records have been kept, whether the Company's accounts are in
agreement with those records and whether the auditor has obtained all the information and explanations necessary for the
purposes of its audit.
1.2 Basis of consolidation
The consolidated financial statements of the Group incorporate the financial statements of the Company and entities
controlled by the Company (its "subsidiaries"). Control exists when the Company has the power to direct the relevant
activities of an entity that significantly affect the entity's return so as to have rights to the variable return from its
activities. In assessing whether control exists, potential voting rights that are currently exercisable are taken into
account. The results of subsidiaries acquired or disposed of during the year are included in the Group income statement
from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into
line with those detailed herein to ensure that the Group financial statements are prepared on a consistent basis. All
intra-Group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group's
interest therein. Non-controlling interests consist of the amount of those interests at the date of the original business
combination together with the non-controlling interests' share of profit or loss, each component of other comprehensive
income, and dividends paid since the date of the combination. Total comprehensive income is attributed to the
non-controlling interests even if this results in the non-controlling interests having a deficit balance.
1.3 Going concern
The Directors have prepared cash flow forecasts for the Group for a period in excess of 12 months from the date of approval
of the 2016 interim financial statements. These forecasts reflect an assessment of current and future end-market conditions
and their impact on the Group's future trading performance. The forecasts show that the Group will be able to operate
within the current committed debt facilities and show continued compliance with the Company's financial covenants. On the
basis of the exercise described above and the Group's available committed debt facilities, the Directors consider that the
Group and Company have adequate resources to continue in operational existence for the foreseeable future. Accordingly,
they continue to adopt a going concern basis in preparing the financial statements of the Group.
1.4 Functional and presentation currency
The condensed financial statements are presented in millions of pounds sterling, which is the functional currency of the
Company, and rounded to one decimal place.
1.5 Disclosure of "separately reported items"
International Accounting Standard 1 ("IAS 1"), Presentation of Financial Statements, provides no definitive guidance as to
the format of the income statement, but states key lines which should be disclosed. It also encourages the disclosure of
additional line items and the reordering of items presented on the face of the income statement when appropriate for a
proper understanding of the entity's financial performance. In accordance with IAS 1, the Company has adopted a policy of
disclosing separately on the face of its condensed Group income statement, within the column entitled "Separately reported
items", the effect of any components of financial performance for which the Directors consider separate disclosure would
assist both in a better understanding of the financial performance achieved and in making projections of future results. In
its adoption of this policy, the Company applies an even-handed approach to both gains and losses and aims to be both
consistent and clear in its accounting and disclosure of such items.
Both materiality and the nature and function of the components of income and expense are considered in deciding upon such
presentation. Such items may include, inter alia, the financial effect of exceptional items which occur infrequently, such
as major restructuring activity, initial recognition and subsequent increase, decrease and amortisation of deferred tax
assets, together with items always reported separately, such as amortisation charges relating to acquired intangible
assets, profits or losses arising on the disposal of continuing or discontinued operations and the taxation impact of the
aforementioned exceptional items and items separately reported.
2. Segment information
Operating segments for continuing operations:
Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Directors of
the Board, who make the key operating decisions and are responsible for allocating resources and assessing performance of
the operating segments. Reflecting the Group's management and internal reporting structure, segmental information is
presented in respect of the two main business segments: Steel and Foundry.
Segment revenue represents revenue from external customers (inter-segment revenue is not material). Trading profit includes
items directly attributable to a segment as well as those items that can be allocated on a reasonable basis.
The operating segment results from continuing operations are presented below.
Unaudited half year 2016
Continuing
Steel Foundry Operations
£m £m £m
Segment revenue 443.1 225.2 668.3
Segment EBITDA (note 15.12) 46.3 32.8 79.1
Segment depreciation (13.1) (6.9) (20.0)
Segment trading profit 33.2 25.9 59.1
Amortisation of acquired intangible assets (8.3)
Restructuring charges (5.3)
Gain on employee benefit plan 1.0
Operating profit 46.5
Net finance costs (7.9)
Share of post-tax profit of joint ventures (0.4)
Profit before tax 38.2
Return on sales margin (%) (note 15.3) 7.5 11.5 8.8
Capital expenditure additions (£m) 6.7 2.7 9.4
Unaudited half year 2015
Continuing
Steel Foundry Operations
£m £m £m
Segment revenue 476.3 226.3 702.6
Segment EBITDA (note 15.12) 57.7 32.8 90.5
Segment depreciation (13.2) (6.9) (20.1)
Segment trading profit 44.5 25.9 70.4
Amortisation of acquired intangible assets (8.3)
Restructuring charges (2.2)
Operating profit 59.9
Net finance costs (8.0)
Share of post-tax profit of joint ventures (0.5)
Profit before tax 51.4
Return on sales margin (%) (note 15.3) 9.3 11.5 10.0
Capital expenditure additions (£m) 11.3 4.1 15.4
Full year 2015
Continuing
Steel Foundry Operations
£m £m £m
Segment revenue 897.6 424.4 1,322.0
Segment EBITDA (note 15.12) 103.8 57.3 161.1
Segment depreciation (24.3) (12.8) (37.1)
Segment trading profit 79.5 44.5 124.0
Amortisation of acquired intangible assets (16.6)
Restructuring charges (14.6)
Operating profit 92.8
Net finance costs (15.4)
Profit before tax 77.4
Return on sales margin (%) (note 15.3) 8.9 10.5 9.4
Capital expenditure additions (£m) 24.4 10.6 35.0
3. Restructuring charges
During 2016 charges resulting from the Group wide restructuring programme were £5.3m (2015: half year £3.1m; full year
£15.5m) reflecting redundancy costs of £4.9m and consultancy fees of £0.4m. During 2015 these costs were partially offset
by a release of onerous lease provisions of £0.5m and a £0.4m release of provisions for potential claims that had since
expired.
The remaining restructuring provision as at half year 2016 is £5.3m (2015: half year £6.4m; full year £9.8m) of which £2.9m
(2015: half year £3.8m; full year £3.3m) relates to onerous lease costs in respect of leases expiring between one and six
years.
4. Net finance costs
Net finance costs for the half year 2016 of £7.9m is analysed in the table below.
Unaudited Unaudited
Half year Half year Full year
2016 2015 2015
£m £m £m
Interest payable on borrowings
Loans, overdrafts and factoring arrangements 7.0 7.8 14.9
Obligations under finance leases 0.1 0.1 0.1
Amortisation of capitalised borrowing costs 0.3 0.1 0.4
Total interest payable on borrowings 7.4 8.0 15.4
Interest on net retirement benefits obligations 0.6 0.5 0.9
Unwinding of discounted provisions 1.4 0.5 1.0
Finance Income (1.5) (1.0) (1.9)
Net finance costs 7.9 8.0 15.4
5. Income tax
The Group's effective tax rate, based on the income tax costs associated with headline performance of £13.1m (2015: half
year £15.9m; full year £27.7m), was 25.5% in the first half of 2016 (2015: half year 25.5%; full year 25.5%).
The Group's total income tax costs include a credit of £2.7m (2015: half year £2.4m credit; full year £2.9m credit)
relating to separately reported items comprising: a credit of £0.8m (2015: half year £0.5m; full year £4.7m) in relation to
restructuring charges; a credit of £1.9m (2015: half year £1.9m; full year £1.5m) relating to the amortisation of acquired
intangible assets; and a charge of £nil (2015: half year £nil; full year £3.3m) in respect of the potential recognition of
US temporary differences. Tax charged in the Group statement of comprehensive income in the year amounted to £1.4m (2015:
half year £0.7m credit; full year £1.6m credit), all of which related to net actuarial gains and losses on employee
benefits plans.
6. Earnings per share ("EPS")
6.1
Per share amounts
Unaudited Unaudited
Continuing Discontinued Half year Continuing Discontinued Half year
operations operations 2016 operations operations 2015
pence pence pence pence pence pence
Earnings per share - basic 9.1 - 9.1 13.0 - 13.0
- headline 12.8 - 12.8 16.0 - 16.0
- diluted 9.1 - 9.1 13.0 - 13.0
- diluted headline 12.7 - 12.7 16.0 - 16.0
Continuing Discontinued Full year
operations operations 2015
pence pence pence
Earnings per share - basic 17.6 0.5 18.1
- headline 28.1 0.5 28.6
- diluted 17.5 0.6 18.1
- diluted headline 28.0 0.5 28.5
6.2
Earnings for EPS
Basic and diluted EPS from continuing operations are based upon the profit from continuing operations of £27.8m (2015: half
year £37.9m; full year £52.6m) less non-controlling interests of £3.3m (2015: half year £2.7m; full year £5.2m), being
£24.5m (2015: half year £35.2m; full year £47.4m).
Basic and diluted EPS from total operations are based on the total profit attributable to owners of the parent of £24.5m
(2015: half year £35.2m; full year £48.8m). Headline and diluted headline EPS are based upon headline profit from
continuing operations attributable to owners of the parent of £34.4m (2015: half year £43.3m; full year £75.7m). The table
below reconciles these different profit measures:
. Unaudited Unaudited
Half year Half year Full year
2016 2015 2015
£m £m £m
Continuing operations
Profit attributable to owners of the parent 24.5 35.2 47.4
Adjustments for separately reported items:
Amortisation of acquired intangible assets 8.3 8.3 16.6
Restructuring costs 5.3 2.2 14.6
Gains relating to employee benefits plans (1.0) - -
Profit on disposal of non-current assets - - -
Tax relating to separately reported items (2.7) (2.4) (2.9)
Headline profit attributable to owners of the parent - continuing operations 34.4 43.3 75.7
6.3
Weighted average number of shares
Unaudited Unaudited
Half year Half year Full year
2016 2015 2015
m m m
For calculating basic and headline EPS 269.7 270.0 269.7
Adjustment for dilutive potential ordinary shares 0.5 1.1 0.6
For calculating diluted and diluted headline EPS 270.2 271.1 270.3
For the purposes of calculating diluted basic and
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AnnouncementREG-Vesuvius Plc: Transaction in Own Shares
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