REG - Whitbread PLC - Final Results <Origin Href="QuoteRef">WTB.L</Origin> - Part 2
15/07/2015 14:55
- Part 2: For the preceding part double click ID:nRSb4665La
(2.6) (1.6)
Total income from associate (0.8) (0.9)
Loss on disposal of property, plant and equipment and property reversions 5 3.3 11.7
Depreciation and amortisation 168.4 152.5
Impairment of property, plant and equipment and intangibles 5 (3.4) 20.2
Share-based payments 13.5 10.6
Other non-cash items 7.9 7.0
Cash generated from operations before working capital changes 687.2 591.0
Increase in inventories (6.6) (4.2)
Increase in trade and other receivables (7.4) (25.5)
Increase in trade and other payables 41.0 45.1
Cash generated from operations 714.2 606.4
Payments against provisions (12.3) (5.1)
Pension payments (81.4) (71.2)
Interest paid (18.6) (19.8)
Interest received 0.3 0.7
Corporation taxes paid (82.8) (81.4)
Net cash flows from operating activities 519.4 429.6
Cash flows from investing activities
Purchase of property, plant and equipment (518.5) (286.3)
Purchase of intangible assets (27.3) (19.9)
(Costs)/ proceeds from disposal of property, plant and equipment (0.1) 1.0
Business combinations, net of cash acquired (19.5) -
Capital contributions and loans to joint ventures (0.6) (1.6)
Dividends from associate 0.8 0.7
Net cash flows from investing activities (565.2) (306.1)
Cash flows from financing activities
Proceeds from issue of share capital 3.2 2.4
Capital contributions from non-controlling interests - 4.0
Increase/ (decrease) in short-term borrowings 9 71.2 (9.0)
Increase in/ (repayments of) long-term borrowings 9 63.9 (54.9)
Renegotiation costs of long-term borrowings 9 (0.4) (1.7)
Dividends paid 8 (130.6) (62.4)
Net cash flows from financing activities 7.3 (121.6)
Net (decrease)/ increase in cash and cash equivalents 9 (38.5) 1.9
Opening cash and cash equivalents 9 41.4 40.8
Foreign exchange differences 9 (0.8) (1.3)
Closing cash and cash equivalents shown within current assets on the balance sheet 9 2.1 41.4
Notes to the accounts
1. Basis of accounting and preparation
The consolidated financial statements and preliminary announcement of
Whitbread PLC for the year ended 26 February 2015 were authorised for issue by
the Board of directors on 27 April 2015.
The financial information included in this preliminary statement of results
does not constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006 (the "Act"). The financial information for the year
ended 26 February 2015 has been extracted from the statutory accounts on which
an unqualified audit opinion has been issued. Statutory accounts for the year
ended 26 February 2015 will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.
The statutory accounts for the year ended 27 February 2014, have been
delivered to the Registrar of Companies, and the Auditors of the Company made
a report thereon under Chapter 3 of part 16 of the Act. That report was
unqualified and did not contain a statement under sections 498 (2) or (3) of
the Act.
The consolidated financial statements of Whitbread PLC, and all its
subsidiaries, have been prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted for use in the European Union and as
applied in accordance with the provisions of the Companies Act 2006.
2 Basis of consolidation
The consolidated financial statements incorporate the accounts of Whitbread
PLC, and all its subsidiaries, together with the Group's share of the net
assets and results of joint ventures and associate incorporated using the
equity method of accounting. These are adjusted, where appropriate, to conform
to Group accounting policies. The financial statements of principal
subsidiaries are prepared for the same reporting year as the parent Company
except for Yueda Costa (Shanghai) Food & Beverage Management Company Limited
which has a year-end of 31 December as per Chinese legislation.
A subsidiary is an entity controlled by the Group. Control is the power to
direct the relevant activities of the subsidiary which significantly affect
the subsidiary's return, so as to have rights to the variable return from its
activities.
Apart from the acquisition of Whitbread Group PLC by Whitbread PLC in 2000/01,
which was accounted for using merger accounting, acquisitions by the Group are
accounted for under the acquisition method and any goodwill arising is
capitalised as an intangible asset. The results of subsidiaries acquired or
disposed of during the year are included in the consolidated financial
statements from, or up to, the date that control passes respectively. All
intra-Group transactions, balances, income and expenses are eliminated on
consolidation. Unrealised losses are also eliminated, unless the transaction
provides evidence of an impairment of the asset transferred.
3 Accounting policies
The accounting policies adopted in the preparation of these consolidated
financial statements are consistent with those followed in the preparation of
the consolidated financial statements for the year ended 27 February 2014,
except for a change in presentation and the adoption of the new Standards and
Interpretations that are applicable for the year ended 26 February 2015
detailed as follows:
Change in presentation
There have been some minor changes to the presentation of the consolidated
income statement and the consolidated cash flow statement.
The consolidated income statement has been amended to remove the "profit
before tax and exceptionals" subtotal. The directors do not use this
definition anymore to manage the business and therefore references to "before
exceptional" in the statements have been removed.
Certain categories in the consolidated cash flow statement have been
reclassified and the corresponding comparatives re-presented. Interest
received has moved from "investing activities" to "operating activities",
bringing it in line with interest payable. Payments against provisions and
pension payments have been reclassified from "cash generated from operations"
to "net cash flows from operating activities". This is more representative of
the nature of the cash flows.
Amendments to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets
This amendment addresses the disclosure of information about the recoverable
amount of impaired assets if that amount is based on fair value less costs of
disposal. Whilst applicable to the Group, the impairment values for this year
are immaterial and therefore no further disclosure is necessary.
IFRS 12 Disclosure of Involvement with Other Entities
Identifies the disclosure requirements for all forms of interests in other
entities, including joint arrangements, associates, structured entities and
other off balance sheet vehicles. Additional disclosure has been provided
where relevant in the financial statements.
In addition to the above, the Group has adopted the following standards and
interpretations which have been assessed as having no financial impact or
disclosure requirements at this time:
· IAS 28 Investments in Associates and Joint Ventures (as revised in
2011);
· IAS 32 Offsetting Financial Assets and Liabilities-Amendments to IAS
32;
· IAS 39 Novation of Derivatives and Continuation of Hedge
Accounting-Amendments to IAS 39;
· IFRS 10 Consolidated Financial Statements; and
· IFRS 11 Joint Arrangements.
Non underlying performance measures
To monitor the financial performance of the Group, certain items are excluded
from the profit measure. This measure is called "underlying" and represents
the business performance excluding items that the directors consider could
distort the understanding of the performance or the comparability between
periods. The face of the income statement presents underlying profit before
tax and reconciles this to profit before tax as required to be presented under
the applicable accounting standards.
Underlying earnings per share is calculated having adjusted profit after tax
on the same basis. The term underlying profit is not defined under IFRSs and
may not be comparable with similarly titled profit measures reported by other
companies. It is not intended to be a substitute for, or superior to, GAAP
measurements of profit. The adjustments made to reported profit in the
consolidated income statement, in order to present an underlying performance
measure, include:
Exceptional items
The Group includes in non underlying performance measures those items which
are exceptional by virtue of their size or incidence so as to allow a better
understanding of the underlying trading performance of the Group. The Group
includes within exceptional items the profit or loss on disposal of property,
plant and equipment, property reversions, profit or loss on the sale of a
business, impairment and exceptional interest and tax;
IAS 19 income statement finance charge/credit for defined benefit pension
schemes
Underlying profit excludes the finance cost/revenue element of IAS 19 as this
does not relate to the Group's ongoing activities as the schemes are closed to
future accrual;
Amortisation charge on acquired intangible assets
Underlying profit excludes the amortisation charge on acquired intangible
assets as this relates to transactions outside of the underlying business;
and
Taxation
The tax impact of the items above is also excluded in arriving at underlying
earnings.
4. Segment information
For management purposes, the Group is organised into two strategic business
units (Hotels & Restaurants and Costa) based upon their different products and
services:
· Hotels & Restaurants provide services in relation to accommodation and
food; and
· Costa generates income from the operation of its branded, owned and
franchised coffee outlets.
The UK and International Hotels & Restaurants segments have been aggregated on
the grounds that the International segment is immaterial.
Management monitors the operating results of its strategic business units
separately for the purpose of making decisions about allocating resources and
assessing performance. Segment performance is measured based on underlying
operating profit. Included within the unallocated and elimination columns in
the tables below are the costs of running the public company. The unallocated
assets and liabilities are cash and debt balances (held and controlled by the
central treasury function), taxation, pensions, certain property, plant and
equipment, centrally held provisions and central working capital balances.
Inter-segment revenue is from Costa to the Hotels & Restaurants segment and is
eliminated on consolidation. Transactions are entered into on an arm's length
basis in a manner similar to transactions with third parties.
The following tables present revenue and profit information and certain asset
and liability information regarding business operating segments for the years
ended 26 February 2015 and 27 February 2014.
Unallocated
Hotels & and Total
Restaurants Costa elimination operations
Year to 26 February 2015 £m £m £m £m
Revenue
Underlying revenue from external customers 1,659.2 948.9 - 2,608.1
Inter-segment revenue - 3.0 (3.0) -
Total revenue 1,659.2 951.9 (3.0) 2,608.1
Underlying operating profit 401.4 132.5 (29.5) 504.4
Underlying interest - - (16.3) (16.3)
Underlying profit before tax 401.4 132.5 (45.8) 488.1
Exceptional items and non underlying adjustments (Note 5):
Amortisation of acquired intangibles - (2.5) - (2.5)
IAS 19 income statement charge for pension finance cost - - (21.6) (21.6)
Net loss on disposal of property, plant and equipment and property reversions (0.5) (2.8) - (3.3)
Impairment (2.9) (2.3) - (5.2)
Impairment reversal 8.1 0.5 - 8.6
Share of impairment in fixed assets in joint venture (1.1) - - (1.1)
Exceptional interest - - 0.8 0.8
Profit before tax 405.0 125.4 (66.6) 463.8
Tax expense (Note 6) (97.7)
Profit for the year 366.1
Assets and liabilities
Segment assets 3,293.0 395.8 - 3,688.8
Unallocated assets - - 45.0 45.0
Total assets 3,293.0 395.8 45.0 3,733.8
Segment liabilities (308.7) (109.7) - (418.4)
Unallocated liabilities - - (1,337.5) (1,337.5)
Total liabilities (308.7) (109.7) (1,337.5) (1,755.9)
Net assets 2,984.3 286.1 (1,292.5) 1,977.9
Other segment information
Share of profit from joint ventures 2.6 - - 2.6
Share of profit from associate 0.8 - - 0.8
Investment in joint ventures and associate 29.3 3.0 - 32.3
Total property rent 107.5 101.0 0.2 208.7
Capital expenditure:
Property, plant and equipment - cash basis 451.1 67.4 - 518.5
Property, plant and equipment - accruals basis 449.5 71.2 - 520.7
Intangible assets 22.7 4.4 0.2 27.3
Depreciation (102.3) (53.4) - (155.7)
Amortisation (7.5) (4.5) (0.7) (12.7)
(12.7)
Unallocated
Hotels & and Total
Restaurants Costa elimination operations
Year to 27 February 2014 £m £m £m £m
Revenue
Underlying revenue from external customers 1,494.0 804.9 - 2,298.9
Inter-segment revenue - 2.8 (2.8) -
Exceptional revenue (4.6) - - (4.6)
Total revenue 1,489.4 807.7 (2.8) 2,294.3
Underlying operating profit 348.1 109.8 (27.2) 430.7
Underlying interest - - (18.9) (18.9)
Underlying profit before tax 348.1 109.8 (46.1) 411.8
Exceptional items and non underlying adjustments (Note 5):
Amortisation of acquired intangibles - (2.7) - (2.7)
IAS 19 income statement charge for pension finance cost - - (23.6) (23.6)
VAT on gaming machine income (4.6) - - (4.6)
Net loss on disposal of property, plant and equipment and property reversions (1.2) (3.7) (6.8) (11.7)
Impairment (15.5) (10.6) - (26.1)
Impairment reversal 5.4 0.5 - 5.9
Exceptional interest - - (2.0) (2.0)
Profit before tax 332.2 93.3 (78.5) 347.0
Tax expense (Note 6) (23.6)
Profit for the year 323.4
Assets and liabilities
Segment assets 2,914.5 350.9 - 3,265.4
Unallocated assets - - 82.1 82.1
Total assets 2,914.5 350.9 82.1 3,347.5
Segment liabilities (293.0) (79.5) - (372.5)
Unallocated liabilities - - (1,192.0) (1,192.0)
Total liabilities (293.0) (79.5) (1,192.0) (1,564.5)
Net assets 2,621.5 271.4 (1,109.9) 1,783.0
Other segment information
Share of profit/ (loss) from joint ventures 2.2 (0.6) - 1.6
Share of profit from associate 0.9 - - 0.9
Investment in joint ventures and associate 24.2 2.7 - 26.9
Total property rent 89.0 92.5 0.2 181.7
Capital expenditure:
Property, plant and equipment - cash basis 214.2 72.0 0.1 286.3
Property, plant and equipment - accruals basis 245.1 71.6 - 316.7
Intangible assets 16.9 2.2 0.8 19.9
Depreciation (94.8) (48.5) - (143.3)
Amortisation (4.9) (3.8) (0.5) (9.2)
(9.2)
Revenues from external customers are split geographically as follows: 2014/15£m 2013/14£m
United Kingdom* 2,519.8 2,211.8
Non United Kingdom 88.3 82.5
2,608.1 2,294.3
* United Kingdom revenue is revenue where the source of the supply is the
United Kingdom. This includes Costa franchise income invoiced from the UK.
Non-current assets** are split geographically as follows: 2015£m 2014£m
United Kingdom 3,477.1 3,084.6
Non United Kingdom 89.0 65.4
3,566.1 3,150.0
** Non-current assets exclude derivative financial instruments
5. Exceptional items and non underlying adjustments
2014/15 £m 2013/14 £m
Exceptional items before tax and interest:
Revenue
VAT on gaming machine income (a) - (4.6)
Operating costs
Net loss on disposal of property, plant and equipment and property reversions (b) (3.3) (11.7)
Impairment of property, plant and equipment (5.2) (22.4)
Impairment reversal 8.6 5.9
Impairment of other intangibles - (3.7)
Exceptional operating costs 0.1 (31.9)
Share of impairment in fixed assets in joint venture (c) (1.1) -
Exceptional items before interest and tax (1.0) (36.5)
Exceptional interest:
Interest on exceptional tax (a, d) 1.6 (1.1)
Unwinding of discount rate on provisions (e) (0.8) (0.9)
0.8 (2.0)
Exceptional items before tax (0.2) (38.5)
Non underlying adjustments made to underlying profit before tax to arrive at reported profit before tax:
Amortisation of acquired intangibles (2.5) (2.7)
IAS 19 income statement charge for pension finance cost (21.6) (23.6)
(24.1) (26.3)
Items included in reported profit before tax, but excluded in arriving at underlying profit before tax (24.3) (64.8)
2014/15 £m 2013/14 £m
Tax adjustments included in reported profit after tax, but excluded from underlying profit after tax:
Tax on continuing exceptional items 0.4 5.6
Exceptional tax items - tax base cost (f) 2.0 40.2
Deferred tax relating to UK tax rate change - 18.6
Tax on non underlying adjustments 4.8 6.1
7.2 70.5
(a) In the year ended 3 March 2011, the Group received a refund of VAT charged
on gaming machine income of £4.6m together with some associated interest.
HMRC appealed against the original ruling and the decision was overturned on
30 October 2013. Hence, a liability was booked in the prior year for £4.6m of
revenue and £1.1m of associated interest costs.
(b) In 2014/15, a £3.3m loss on disposal was recorded mainly relating to Costa
store closures in the international business (2013/14: £4.9m). The
non-controlling interest portion of this cost was £0.4m (2013/14: £0.7m).
Additionally, in 2013/14 a £6.8m provision was raised, for previously sublet
properties that had reverted to Whitbread.
(c) Share of impairment of fixed assets in the Gulf joint venture
(d) Interest calculated and settled on closure of prior tax periods
(e) The interest arising from the unwinding of the discount rate within
provisions is included in exceptional interest, reflecting the exceptional
nature of the provisions created.
(f) Reduction in the deferred tax liability due to differences between the tax
deductible cost and accounts' residual value of assets.
6. Taxation
Consolidated income statement 2014/15£m 2013/14£m
Current tax:
Current tax expense 110.3 100.1
Adjustments in respect of previous periods (6.2) (4.6)
104.1 95.5
Deferred tax:
Origination and reversal of temporary differences (6.3) (13.0)
Adjustments in respect of previous periods (0.1) (40.3)
Change in UK tax rate in prior year to 20% - (18.6)
(6.4) (71.9)
Taxreported in the consolidated income statement 97.7 23.6
Consolidated statement of comprehensive income 2014/15£m 2013/14£m
Current tax:
Pensions (15.4) (14.4)
Deferred tax:
Cash flow hedges (0.6) 0.3
Pensions (0.8) 5.7
Change in UK tax rate in prior year to 20% - pensions - 11.8
Change in UK tax rate in prior year to 20% - cash flow hedges - 0.5
Tax reported in other comprehensive income (16.8) 3.9
3.9
A reconciliation of the tax charge applicable to underlying profit before tax
and profit before tax at the statutory tax rate, to the actual tax charge at
the Group's effective tax rate, for the years ended 26 February 2015 and 27
February 2014 respectively is as follows:
2014/15 2013/14
Tax on underlying profit£m Tax on profit £m Tax on underlying profit £m Tax on profit £m
Profit before tax as reported in the consolidated income statement 488.1 463.8 411.8 347.0
Tax at current UK tax rate of 21.17% (2013/14: 23.08%) 103.3 98.2 95.1 80.1
Effect of different tax rates and unrecognised losses in overseas companies 4.6 5.2 3.8 6.2
Effect of joint ventures and associate (1.0) (0.8) (0.6) (0.6)
Expenditure not allowable 2.0 1.4 0.5 1.4
Adjustments to current tax expense in respect of previous years (4.5) (6.2) (4.6) (4.6)
Adjustments to deferred tax expense in respect of previous years (a) 0.5 (0.1) (0.1) (40.3)
Impact of change of tax rate on deferred tax balance - - - (18.6)
Tax expense reported in the consolidated income statement 104.9 97.7 94.1 23.6
The corporation tax balance is a liability of £35.4m (2014: liability of
£35.1m).
(a) The £40.3m in the prior year includes a £40.2m exceptional item which is
disclosed in Note 5.
Deferred tax
Deferred tax relates to the following:
Consolidatedbalance sheet Consolidated income statement
2015£m 2014£m 2014/15£m 2013/14£m
Deferred tax liabilities
Accelerated capital allowances 52.0 50.3 (0.3) (7.5)
Rolled over gains and property revaluations 82.6 86.0 (3.3) (59.0)
Gross deferred tax liabilities 134.6 136.3
Deferred tax assets
Pensions (82.6) (78.7) (3.1) (4.0)
Other (8.3) (10.8) 0.3 (1.4)
Gross deferred tax assets (90.9) (89.5)
Deferred tax expense (6.4) (71.9)
Net deferred tax liability 43.7 46.8
The Group has incurred overseas tax losses which, subject to any local
restrictions, can be carried forward and offset against future taxable profits
in the companies in which they arose. The Group carries out an annual
assessment of the recoverability of these losses and does not think it
appropriate at this stage to recognise any deferred tax asset. If the Group
were to recognise these deferred tax assets in their entirety, profits would
increase by £10.0m (2014: £6.2m), of which, the share attributable to the
parent shareholders is £7.8m (2014: £5.0m).
At 26 February 2015, there was no recognised deferred tax liability (2014:
£nil) for taxes that would be payable on any unremitted earnings, as all such
amounts are permanently reinvested or, where they are not, there are no
corporation tax consequences of such companies paying dividends to parent
companies.
Tax relief on total interest capitalised amounts to £0.8m (2014: £0.6m).
Factors affecting the tax charge for future years
The Finance Act 2013 reduced the main rate of UK corporation tax to 21% from 1
April 2014 and to 20% from 1 April 2015. The effect of the new rate was
included in the accounts for 2013/14.
7. Earnings per share
The basic earnings per share figures (EPS) are calculated by dividing the net
profit for the year attributable to ordinary shareholders, therefore before
non-controlling interests, by the weighted average number of ordinary shares
in issue during the year after deducting treasury shares and shares held by an
independently managed employee share ownership trust (ESOT).
The diluted earnings per share figures allow for the dilutive effect of the
conversion into ordinary shares of the weighted average number of options
outstanding during the year. Where the average share price for the year is
lower than the option price the options become anti-dilutive and are excluded
from the calculation. The number of such options was nil (2014: nil).
The numbers of shares used for the earnings per share calculations are as
follows:
2014/15million 2013/14million
Basic weighted average number of ordinary shares 180.7 179.2
Effect of dilution - share options 1.8 1.9
Diluted weighted average number of ordinary shares 182.5 181.1
The total number of shares in issue at the year-end, as used in the
calculation of the basic weighted average number of ordinary shares, was
195.0m, less 13.3m treasury shares held by Whitbread PLC and 0.6m held by the
ESOT (2014: 194.7m, less 13.3m treasury shares held by Whitbread PLC and 1.2m
held by the ESOT).
The profits used for the earnings per share calculations are as follows:
2014/15£m 2013/14 £m
Profit for the year attributable to parent shareholders 370.1 327.9
Exceptional items and non underlying adjustments - gross 24.3 64.8
Exceptional items and non underlying adjustments - taxation (7.2) (70.5)
Exceptional items and non underlying adjustments - non-controlling interest (1.1) (1.4)
Underlying profit for the year attributable to parent shareholders 386.1 320.8
2014/15pence 2013/14pence
Basic on profit for the year 204.81 182.98
Exceptional items and non underlying adjustments - gross 13.45 36.16
Exceptional items and non underlying adjustments - taxation (3.98) (39.34)
Exceptional items and non underlying adjustments - non-controlling interest (0.61) (0.78)
Basic on underlying profit for the year 213.67 179.02
Diluted on profit for the year 202.79 181.06
Diluted on underlying profit for the year 211.56 177.14
8. Dividends paid and proposed
2014/15 2013/14
Pence per share £m Pence per share £m
Final dividend relating to the prior year 47.00 85.1 37.90 67.7
Settled via scrip issue - (28.2)
Paid in the year 85.1 39.5
Interim dividend for the current year 25.20 45.5 21.80 39.2
Settled via scrip issue - (16.3)
Paid in the year 45.5 22.9
Total equity dividends paid in the year 130.6 62.4
Dividends on other shares:
B share dividend 0.70 - 1.30 -
C share dividend 0.70 - 0.70 -
- -
Total dividends paid 130.6 62.4
Proposed for approval at Annual General Meeting:
Final equity dividend for the current year 56.95 103.1 47.00 84.7
9. Movements in cash and net debt
Year ended 26 February 2015 27 February 2014 Cost of borrowings Cash flow Foreign exchange Fair value adjustments to loans Amortisation of premiums and discounts 26 February 2015
£m £m £m £m £m £m £m
Cash at bank and in hand 41.3 2.1
Short-term deposits 0.1 -
Overdrafts - -
Cash and cash equivalents 41.4 - (38.5) (0.8) - - 2.1
Short-term bank borrowings - - (71.2) - - - (71.2)
Loan capital under one year - (1.9)
Loan capital over one year (433.0) (512.2)
Total loan capital (433.0) 0.4 (63.9) (12.3) (3.9) (1.4) (514.1)
Net debt (391.6) 0.4 (173.6) (13.1) (3.9) (1.4) (583.2)
Year ended 27 February 2014 28 February 2013 Cost of borrowings Cash flow Foreign exchange Fair value adjustments to loans Amortisation of premiums and discounts 27 February 2014
£m £m £m £m £m £m £m
Cash at bank and in hand 39.2 41.3
Short-term deposits 1.6 0.1
Overdrafts - -
Cash and cash equivalents 40.8 - 1.9 (1.3) - - 41.4
Short-term bank borrowings (9.0) - 9.0 - - - -
Loan capital under one year - -
Loan capital over one year (502.9) (433.0)
Total loan capital (502.9) 1.7 54.9 8.2 6.5 (1.4) (433.0)
Net debt (471.1) 1.7 65.8 6.9 6.5 (1.4) (391.6)
10. Events after the balance sheet date
A final dividend of 56.95p per share (2014: 47.00p) amounting to a dividend of
£103.1m (2014: £84.7m) was recommended by the directors at their meeting on 27
April 2015. A dividend reinvestment plan (DRIP) alternative will be offered.
These financial statements do not reflect this dividend payable.
This information is provided by RNS
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