REG - Whitbread PLC - Whitbread Preliminary Results <Origin Href="QuoteRef">WTB.L</Origin> - Part 2
26/04/2016 07:06
- Part 2: For the preceding part double click ID:nRSZ2864Wa
Tax on share-based payments - - - 3.1 - - 3.1 - 3.1
Equity dividends - - - (130.6) - - (130.6) - (130.6)
Additions - - - - - - - 0.4 0.4
At 26 February 2015 149.8 59.2 12.3 3,833.0 (1.4) (2,080.9) 1,972.0 5.9 1,977.9
Profit for the year - - - 391.2 - - 391.2 (3.9) 387.3
Other comprehensive income - - - 158.8 7.0 6.5 172.3 0.1 172.4
Total comprehensive income - - - 550.0 7.0 6.5 563.5 (3.8) 559.7
Ordinary shares issued 0.2 3.4 - - - - 3.6 - 3.6
Loss on ESOT shares issued - - - (6.7) - 6.7 - - -
Accrued share-based payments - - - 17.3 - - 17.3 - 17.3
Tax rate change on historical revaluation - - - 1.3 - - 1.3 - 1.3
Equity dividends - - - (155.1) - - (155.1) - (155.1)
At 3 March 2016 150.0 62.6 12.3 4,239.8 5.6 (2,067.7) 2,402.6 2.1 2,404.7
Consolidated balance sheet
At 3 March 2016
3 March 2016 26 February 2015
Notes £m £m
ASSETS
Non-current assets
Intangible assets 258.1 248.1
Property, plant and equipment 3,831.0 3,278.4
Investment in joint ventures 39.5 30.3
Investment in associate - 2.0
Derivative financial instruments 21.6 2.2
Trade and other receivables 7.7 7.3
4,157.9 3,568.3
Current assets
Inventories 44.8 37.1
Derivative financial instruments 3.2 1.2
Trade and other receivables 140.0 124.0
Cash and cash equivalents 9 57.1 2.1
245.1 164.4
Assets held for sale 2.3 1.1
Total assets 4,405.3 3,733.8
LIABILITIES
Current liabilities
Financial liabilities 9 94.0 73.1
Provisions 14.7 6.7
Derivative financial instruments 4.4 4.8
Income tax liabilities 6 41.2 35.4
Trade and other payables 538.2 464.1
692.5 584.1
Non-current liabilities
Financial liabilities 9 872.9 512.2
Provisions 22.7 27.8
Derivative financial instruments 9.6 13.8
Deferred income tax liabilities 6 94.7 43.7
Pension liability 288.1 553.8
Trade and other payables 20.1 20.5
1,308.1 1,171.8
Total liabilities 2,000.6 1,755.9
Net assets 2,404.7 1,977.9
EQUITY
Share capital 150.0 149.8
Share premium 62.6 59.2
Capital redemption reserve 12.3 12.3
Retained earnings 4,239.8 3,833.0
Currency translation reserve 5.6 (1.4)
Other reserves (2,067.7) (2,080.9)
Equity attributable to equity holders of the parent 2,402.6 1,972.0
Non-controlling interest 2.1 5.9
Total equity 2,404.7 1,977.9
Alison Brittain Nicholas Cadbury
Chief Executive Finance Director
25 April 2016
Consolidated cash flow statement
Year ended 3 March 2016
Year to 3 March 2016 Year to 26 February 2015
Notes £m £m
Profit for the year 387.3 366.1
Adjustments for:
Taxation charged on total operations 6 100.4 97.7
Net finance cost 40.4 37.1
Total income from joint ventures (3.3) (2.6)
Total income from associate (0.9) (0.8)
Loss on disposal of property, plant and equipment and property reversions 5 20.9 3.3
Depreciation and amortisation 197.6 168.4
Impairment of property, plant and equipment 5 5.4 (3.4)
Share-based payments 17.3 13.5
Other non-cash items 5.6 7.9
Cash generated from operations before working capital changes 770.7 687.2
Increase in inventories (7.6) (6.6)
Increase in trade and other receivables (15.2) (7.4)
Increase in trade and other payables 34.3 41.0
Cash generated from operations 782.2 714.2
Payments against provisions (15.1) (12.3)
Pension payments (84.3) (81.4)
Interest paid (25.6) (18.6)
Interest received 0.6 0.3
Corporation taxes paid (85.1) (82.8)
Net cash flows from operating activities 572.7 519.4
Cash flows from investing activities
Purchase of property, plant and equipment 4 (680.3) (518.5)
Purchase of intangible assets 4 (35.4) (27.3)
Costs from disposal of property, plant and equipment (0.2) (0.1)
Business combinations, net of cash acquired (9.2) (19.5)
Capital contributions and loans to joint ventures (3.0) (0.6)
Dividends from associate 0.8 0.8
Net cash flows from investing activities (727.3) (565.2)
Cash flows from financing activities
Proceeds from issue of share capital 3.6 3.2
Increase in short-term borrowings 9 20.8 71.2
Proceeds from long-term borrowings 9 445.2 -
(Repayments of)/ increases in long-term borrowings 9 (101.9) 63.9
Renegotiation costs of long-term borrowings 9 (3.6) (0.4)
Dividends paid 8 (155.1) (130.6)
Net cash flows from financing activities 209.0 7.3
Net increase/ (decrease) in cash and cash equivalents 9 54.4 (38.5)
Opening cash and cash equivalents 9 2.1 41.4
Foreign exchange differences 9 0.6 (0.8)
Closing cash and cash equivalents shown within current assets on the balance sheet 9 57.1 2.1
Notes to the accounts
1. Basis of accounting and preparation
The consolidated financial statements and preliminary announcement of
Whitbread PLC for the year ended 3 March 2016 were authorised for issue by the
Board of Directors on 25 April 2016.
The financial year represents the 53 weeks to 3 March 2016 (prior financial
year: 52 weeks to 26 February 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 3 March 2016 has been extracted from the statutory accounts on which an
unqualified audit opinion has been issued. Statutory accounts for the year
ended 3 March 2016 will be delivered to the Registrar of Companies following
the Company's Annual General Meeting.
The statutory accounts for the year ended 26 February 2015, 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 significant trading
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 26 February 2015
except for the adoption of new standards and interpretations applicable as of
27 February 2015.
The Group has adopted the following standards and interpretations which have
been assessed as having no financial impact or disclosure requirements at this
time:
· The IASB's annual improvement process, 2010-2012;
· The IASB's annual improvement process, 2011-2013;
· IFRIC Interpretation 21 Levies (IFRIC 21); and
· IAS 19 Defined Benefit Plans: Employee Contributions - Amendment to IAS
19.
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,
statutory 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 and other onerous leases, 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 and the impact of tax rate changes are 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 3 March 2016 and 26 February 2015.
Unallocated
Hotels & and Total
Restaurants Costa elimination operations
Year to 3 March 2016 £m £m £m £m
Revenue
Underlying revenue from external customers 1,822.0 1,099.8 - 2,921.8
Inter-segment revenue - 3.4 (3.4) -
Total revenue 1,822.0 1,103.2 (3.4) 2,921.8
Underlying operating profit 446.9 153.5 (31.6) 568.8
Underlying interest - - (22.5) (22.5)
Underlying profit before tax 446.9 153.5 (54.1) 546.3
Exceptional items and non underlying adjustments (Note 5):
Amortisation of acquired intangibles - (4.3) - (4.3)
IAS 19 income statement charge for pension finance cost - - (17.2) (17.2)
Net loss on disposal of property, plant and equipment and property reversions (0.4) (5.5) (15.0) (20.9)
Intangible assets accelerated amortisation (7.2) (0.9) (2.0) (10.1)
Impairment (1.7) (6.0) - (7.7)
Impairment reversal 2.0 0.3 - 2.3
Exceptional interest - - (0.7) (0.7)
Profit before tax 439.6 137.1 (89.0) 487.7
Tax expense (Note 6) (100.4)
Profit for the year 387.3
Assets and liabilities
Segment assets 3,842.2 444.4 - 4,286.6
Unallocated assets - - 118.7 118.7
Total assets 3,842.2 444.4 118.7 4,405.3
Segment liabilities (366.4) (136.8) - (503.2)
Unallocated liabilities - - (1,497.4) (1,497.4)
Total liabilities (366.4) (136.8) (1,497.4) (2,000.6)
Net assets 3,475.8 307.6 (1,378.7) 2,404.7
Other segment information
Share of profit from joint ventures 3.3 - - 3.3
Share of profit from associate 0.9 - - 0.9
Investment in joint ventures and associate 36.3 3.2 - 39.5
Total property rent 123.4 111.2 0.1 234.7
Capital expenditure:
Property, plant and equipment - cash basis 581.0 99.3 - 680.3
Property, plant and equipment - accruals basis 604.6 102.6 - 707.2
Intangible assets 32.2 3.2 - 35.4
Depreciation - underlying (112.0) (59.4) - (171.4)
Amortisation - underlying (9.0) (2.7) (0.1) (11.8)
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 - underlying (102.3) (53.4) - (155.7)
Amortisation - underlying (7.5) (2.0) (0.7) (10.2)
(10.2)
Revenues from external customers are split geographically as follows: 2015/16£m 2014/15£m
United Kingdom* 2,822.4 2,519.8
Non United Kingdom 99.4 88.3
2,921.8 2,608.1
* 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: 2016£m 2015£m
United Kingdom 3,973.1 3,477.1
Non United Kingdom 163.2 89.0
4,136.3 3,566.1
** Non-current assets exclude derivative financial instruments
5. Exceptional items and non underlying adjustments
2015/16 £m 2014/15 £m
Exceptional items before tax and interest:
Operating costs
Net loss on disposal of property, plant and equipment and property reversions (a) (20.9) (3.3)
Intangible assets accelerated amortisation (b) (10.1) -
Impairment of property, plant and equipment (7.7) (5.2)
Impairment reversal 2.3 8.6
Exceptional operating costs (36.4) 0.1
Share of impairment in fixed assets in joint venture (c) - (1.1)
Exceptional items before interest and tax (36.4) (1.0)
Exceptional interest:
Interest on exceptional tax (d) - 1.6
Unwinding of discount rate on provisions (e) (0.7) (0.8)
(0.7) 0.8
Exceptional items before tax (37.1) (0.2)
Non underlying adjustments made to underlying profit before tax to arrive at reported profit before tax:
Amortisation of acquired intangibles (4.3) (2.5)
IAS 19 income statement charge for pension finance cost (17.2) (21.6)
(21.5) (24.1)
Items included in reported profit before tax, but excluded in arriving at underlying profit before tax (58.6) (24.3)
2015/16 £m 2014/15 £m
Tax adjustments included in reported profit after tax, but excluded from underlying profit after tax:
Tax on exceptional items (1.5) 0.4
Exceptional tax items - tax base cost (0.1) 2.0
Deferred tax relating to UK tax rate change (f) 13.0 -
Tax on non underlying adjustments 4.3 4.8
15.7 7.2
(a) The Group is currently negotiating terms on a number of properties with
onerous leases, which reverted to the Group in prior years under privity of
contracts, and as a consequence has increased the provision by £14.7m to
reflect those expected terms. The balance relates to other onerous leases in
France of £1.4m and Poland of £0.8m and minor disposals in the year of £4.0m.
(b) Following a review of IT software and technology assets during the year,
additional amortisation of £10.1m has been recognised in the income statement
in respect of systems for which there is now no future economic benefit.
(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) Impact of the reduction in the main rate of UK corporation tax to 19% from
1 April 2017 and to 18% from 1 April 2020.
6. Taxation
Consolidated income statement 2015/16£m 2014/15£m
Current tax:
Current tax expense 116.1 110.3
Adjustments in respect of previous periods (8.0) (6.2)
108.1 104.1
Deferred tax:
Origination and reversal of temporary differences (2.9) (6.3)
Adjustments in respect of previous periods 8.2 (0.1)
Change in UK tax rate to 18% (13.0) -
(7.7) (6.4)
Taxreported in the consolidated income statement 100.4 97.7
Consolidated statement of comprehensive income 2015/16£m 2014/15£m
Current tax:
Cash flow hedges 0.9 -
Pensions (14.7) (15.4)
Deferred tax:
Cash flow hedges 0.4 (0.6)
Pensions 55.4 (0.8)
Change in UK tax rate to 18% - pensions 0.7 -
Change in UK tax rate to 18% - cash flow hedges 0.1 -
Tax reported in other comprehensive income 42.8 (16.8)
(16.8)
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 3 March 2016 and 26
February 2015 respectively is as follows:
2015/16 2014/15
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 546.3 487.7 488.1 463.8
Tax at current UK tax rate of 20.08% (2014/15: 21.17%) 109.7 98.0 103.3 98.2
Effect of different tax rates and unrecognised losses in overseas companies 3.5 5.1 4.6 5.2
Effect of joint ventures and associate (0.9) (0.9) (1.0) (0.8)
Expenditure not allowable 4.0 11.0 2.0 1.4
Adjustments to current tax expense in respect of previous years (8.0) (8.0) (4.5) (6.2)
Adjustments to deferred tax expense in respect of previous years 7.8 8.2 0.5 (0.1)
Impact of change of tax rate on deferred tax balance - (13.0) - -
Tax expense reported in the consolidated income statement 116.1 100.4 104.9 97.7
Current tax liability
The corporation tax balance is a liability of £41.2m (2015: liability of
£35.4m).
Deferred tax
Deferred tax relates to the following:
Consolidatedbalance sheet Consolidated income statement
2016£m 2015£m 2015/16£m 2014/15£m
Deferred tax liabilities
Accelerated capital allowances 48.7 52.0 (3.3) (0.3)
Rolled over gains and property revaluations 73.3 82.6 (8.0) (3.3)
Gross deferred tax liabilities 122.0 134.6
Deferred tax assets
Pensions (28.7) (82.6) (2.2) (3.1)
Other 1.4 (8.3) 5.8 0.3
Gross deferred tax assets (27.3) (90.9)
Deferred tax expense (7.7) (6.4)
Net deferred tax liability 94.7 43.7
Total deferred tax liabilities relating to disposals during the year was £nil
(2015: £nil).
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 £10.7m (2015: £10.0m), of which, the share attributable to the
parent shareholders is £8.9m (2015: £7.8m).
At 3 March 2016, there was no recognised deferred tax liability (2015: £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 £2.0m (2015: £0.8m).
Factors affecting the tax charge for future years
The Finance (No 2) Act 2015 reduced the main rate of UK corporation tax to 19%
from 1 April 2017 and to 18% from 1 April 2020. The effect of the new rate is
a reduction of the deferred tax liability by a net £13.5m, comprising a credit
of £13.0m to the income statement, a charge of £0.8m to the consolidated
statement of comprehensive income, and a reserves movement of £1.3m. In his
Budget of 16 March 2016, the Chancellor of the Exchequer announced an
additional 1% reduction in the main rate of UK corporation tax to 17% with
effect from 1 April 2020. This change had not been substantively enacted at
the balance sheet date and consequently is not included in these financial
statements. The effect of the proposed reduction would be to reduce the net
deferred tax liability by £6.9m. The rate changes will also impact the amount
of the future cash tax payments to be made by the Group.
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 (2015: nil).
The numbers of shares used for the earnings per share calculations are as
follows:
2015/16million 2014/15million
Basic weighted average number of ordinary shares 181.4 180.7
Effect of dilution - share options 1.4 1.8
Diluted weighted average number of ordinary shares 182.8 182.5
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
195.2m, less 12.6m treasury shares held by Whitbread PLC and 0.9m held by the
ESOT (2015: 195.0m, less 13.3m treasury shares held by Whitbread PLC and 0.6m
held by the ESOT).
The profits used for the earnings per share calculations are as follows:
2015/16£m 2014/15 £m
Profit for the year attributable to parent shareholders 391.2 370.1
Exceptional items and non underlying adjustments - gross 58.6 24.3
Exceptional items and non underlying adjustments - taxation (15.7) (7.2)
Exceptional items and non underlying adjustments - non-controlling interest (1.2) (1.1)
Underlying profit for the year attributable to parent shareholders 432.9 386.1
2015/16pence 2014/15pence
Basic on profit for the year 215.66 204.81
Exceptional items and non underlying adjustments - gross 32.30 13.45
Exceptional items and non underlying adjustments - taxation (8.65) (3.98)
Exceptional items and non underlying adjustments - non-controlling interest (0.66) (0.61)
Basic on underlying profit for the year 238.65 213.67
Diluted on profit for the year 214.00 202.79
Diluted on underlying profit for the year 236.82 211.56
8. Dividends paid and proposed
2015/16 2014/15
Pence per share £m Pence per share £m
Final dividend relating to the prior year 56.95 103.4 47.00 85.1
Paid in the year 103.4 85.1
Interim dividend for the current year 28.50 51.7 25.20 45.5
Paid in the year 51.7 45.5
Total equity dividends paid in the year 155.1 130.6
Dividends on other shares:
B share dividend 0.80 - 0.70 -
C share dividend 0.80 - 0.70 -
- -
Total dividends paid 155.1 130.6
Proposed for approval at Annual General Meeting:
Final equity dividend for the current year 61.85 112.4 56.95 103.1
9. Movements in cash and net debt
Year ended 3 March 2016 26 February 2015 Cost of borrowings Cash flow Foreign exchange Fair value adjustments to loans Amortisation of premiums and discounts 3 March 2016
£m £m £m £m £m £m £m
Cash at bank and in hand 1.9 57.0
Short-term deposits 0.2 0.1
Overdrafts - -
Cash and cash equivalents 2.1 - 54.4 0.6 - - 57.1
Short-term bank borrowings (71.2) - (20.8) - - - (92.0)
Loan capital under one year (1.9) (2.0)
Loan capital over one year (512.2) (872.9)
Total loan capital (514.1) 3.6 (343.3) (14.1) (5.1) (1.9) (874.9)
Net debt (583.2) 3.6 (309.7) (13.5) (5.1) (1.9) (909.8)
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
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AnnouncementREG - Whitbread PLC - Transaction in Own Shares
AnnouncementREG - Whitbread PLC - Director/PDMR Shareholding
Announcement