REG - Wilmington PLC - Final Results <Origin Href="QuoteRef">WIL.L</Origin> - Part 3

WilmingtonAnnouncement

14/09/2016 07:05

- Part 3: For the preceding part double click  ID:nRSN7510Jb 

Profit on disposal of property, plant and equipment      (4)      (21)     
 Operating cash flows before movement in working capital  24,562   22,320   
 Net working capital movement                             (690)    (440)    
 Funds from operations before adjusting items             23,872   21,880   
 Cash conversion                                          106%     107%     
                                                                            
 Free cash flows:                                                           
 Operating cash flows before movement in working capital  24,562   22,320   
 Profit on disposal of property, plant and equipment      (4)      (22)     
 Net working capital movement                             (690)    (440)    
 Interest paid                                            (1,502)  (1,883)  
 Tax paid                                                 (3,197)  (3,680)  
 Purchase of property, plant and equipment                (641)    (829)    
 Purchase of intangible assets                            (870)    (1,739)  
 Free cash flows                                          17,658   13,727   
 
 
Free cash flows 
 
17,658 
 
13,727 
 
21. Events after the reporting period 
 
On 19 July 2016 the Group acquired the entire share capital of SWAT Group
Limited ('SWAT') a provider of training and technical compliance support to
accountancy firms in London and the South West of England. The consideration
will be settled by an initial cash payment of £2.4m and a deferred
consideration payment of up to £3.0m payable in September 2018 in cash subject
to SWAT achieving challenging profit targets over the two financial years
ending 30 June 2018. 
 
On acquisition SWAT had £0.4m in cash. The Group acquired SWAT from its
founding management team, who will continue in the business. The initial cash
payment of £2.4m has been financed out of the £65m revolving credit facility.
The process of fair valuing SWAT has not been completed at the date of these
financial statements. Subject to this process to fair value, the group
acquired approximately £0.4m of net liabilities and £0.6m of deferred revenue.
The excess consideration above the fair value of these acquired net
liabilities and deferred revenue will be recognised as goodwill and intangible
asset following completion of the exercise to fair value. All amounts are
disclosed as provisional. 
 
1 Constant currency - eliminating the effects of exchange rate fluctuations 
 
2 Organic Revenue - Revenue eliminating the impact of any acquisitions or
disposals made in the year 
 
3 Adjusted EBITA - see note 3 
 
4 Adjusted EBITA margins - Adjusted EBITA divided by Revenue 
 
5 Adjusted Profit before Tax - see note 3 
 
6 Adjusted Earnings per Share - see note 10 
 
7 Cash conversion - see note 20 
 
8 Group contribution of £26,153k (2015: £23,829k) - see note 4 
 
This information is provided by RNS
The company news service from the London Stock Exchange