REG-Misys PLC <MSY.L> Interim Results - Part 2
Released: 24/01/2008
RNS Number:4270M
Misys PLC
Part 2 : For preceding part double-click [nRNSX4270M]
Investing activities
Acquisitions and disposals of businesses
(note 9) 179.8 (1.3) (3.8)
Expenditure on developed software (6.2) (7.8) (15.6)
Other capital expenditure and financial
investment (10.3) (5.0) (8.0)
---------------------------------- ---------- ------- -------
Net cash flow from investing activities 163.3 (14.1) (27.4)
Net cash flow from financing activities (note
10) (194.3) 3.8 (46.6)
Net cash flow from operating, investing and
financing activities (57.1) (23.7) (18.2)
Differences on exchange (1.2) (1.1) (2.2)
---------------------------------- ---------- ------- -------
Decrease in cash and cash equivalents in the
period (58.3) (24.8) (20.4)
Net cash and cash equivalents at the start of
the period 87.3 107.7 107.7
---------------------------------- ---------- ------- -------
Net cash and cash equivalents at the end of
the period 29.0 82.9 87.3
---------------------------------- ---------- ------- -------
------------------------------------ ------- ------- -------
all figures in £ millions First half First half Year
2007/08 2006/07 2006/07
------------------------------------ ------- ------- -------
Continuing operations
Profit after taxation 16.1 8.6 0.9
Net finance costs 3.4 8.0 14.8
Taxation charge 5.3 4.3 3.1
Amortisation and impairment charge net of
(profit) loss on disposal of other intangible
assets 3.4 5.4 30.8
Depreciation charge net of (profit) loss on
disposal of property, plant and equipment 2.6 2.9 5.3
Share-based payment charge 2.2 2.3 4.2
Differences between pension charge and cash
contributions - - (0.2)
Net profit on disposal of businesses - (1.0) (1.0)
(Increase) decrease in inventories (0.1) - 0.3
Increase in trade and other receivables (7.2) (0.4) (14.2)
(Decrease) increase in payables and
provisions (16.2) (6.7) 8.2
(Decrease) increase in deferred income (34.4) (27.6) 2.0
Other non-cash movements 2.6 0.8 0.6
------------------------------------ ------- ------- -------
Net cash flow generated from continuing
operations (22.3) (3.4) 54.8
------------------------------------ ------- ------- -------
------------------------------------ ------- ------- -------
Discontinued operations
------------------------------------ ------- ------- -------
Profit after taxation 78.5 14.2 14.1
Net finance income - (1.6) (3.4)
Taxation charge 7.2 2.2 4.7
Amortisation and impairment net of (profit)
loss on disposal of intangible assets 0.1 0.6 21.0
Depreciation charge net of (profit) loss on
disposal of property, plant and equipment 0.3 1.0 1.9
Share-based payment charge 0.2 0.9 0.7
Net profit on disposal of businesses (76.5) - -
Decrease in trade and other receivables 3.2 2.8 23.1
Decrease in payables and provisions (2.1) (20.4) (38.1)
(Decrease) increase in deferred income (1.8) 6.8 6.6
Other non cash movements - (0.4) 0.1
------------------------------------ ------- ------- -------
Net cash flow generated from discontinued
operations 9.1 6.1 30.7
------------------------------------ ------- ------- -------
Net cash flow generated from operations (13.2) 2.7 85.5
------------------------------------ ------- ------- -------
Consolidated balance sheet as at 30 November 2007
---------------------------------- -------- -------- --------
all figures in £ millions November November May
2007 2006 2007
---------------------------------- -------- -------- --------
Non current assets
Goodwill (note 12) 63.0 231.8 198.2
Other intangible assets (note 13) 36.8 49.9 30.4
Property, plant and equipment 12.2 17.5 15.2
Investments 6.4 3.7 2.6
Trade and other receivables 3.7 14.4 1.2
Derivative financial instruments 0.5 0.6 0.5
Deferred tax assets 21.5 19.8 24.5
---------------------------------- -------- -------- --------
144.1 337.7 272.6
Current assets
Inventories 0.7 0.8 0.6
Trade and other receivables 103.6 173.0 124.1
Derivative financial instruments 0.9 2.5 0.8
Current tax assets 2.6 5.4 3.2
Cash and cash equivalents (note 11) 31.1 84.8 21.1
---------------------------------- -------- -------- --------
138.9 266.5 149.8
---------------------------------- -------- -------- --------
Assets classified as held for sale - - 144.8
---------------------------------- -------- -------- --------
138.9 266.5 294.6
---------------------------------- -------- -------- --------
Current liabilities
Trade and other payables (85.7) (135.8) (110.8)
Loans and overdrafts (note 14) (2.7) (3.0) (3.1)
Derivative financial instruments (2.4) (2.2) (1.2)
Current tax liabilities (42.3) (47.1) (40.1)
Provisions (note 15) (5.7) (54.4) (6.9)
Deferred income (53.3) (89.4) (117.0)
---------------------------------- -------- -------- --------
(192.1) (331.9) (279.1)
---------------------------------- -------- -------- --------
Liabilities classified as held for sale - - (93.3)
---------------------------------- -------- -------- --------
(192.1) (331.9) (372.4)
---------------------------------- -------- -------- --------
Net current liabilities (53.2) (65.4) (77.8)
---------------------------------- -------- -------- --------
Total assets less current liabilities 90.9 272.3 194.8
---------------------------------- -------- -------- --------
Non current liabilities
Trade and other payables (4.4) (3.9) (3.7)
Deferred tax liability (0.7) - (0.7)
Loans and overdrafts (note 14) (0.6) (217.6) (176.9)
Derivative financial instruments (3.7) (2.8) (2.1)
Provisions (note 15) (9.4) (31.8) (10.5)
Deferred income (2.5) (3.9) (3.2)
Retirement benefit obligations (1.3) (0.7) (1.1)
---------------------------------- -------- -------- --------
(22.6) (260.7) (198.2)
---------------------------------- -------- -------- --------
Net assets (liabilities) 68.3 11.6 (3.4)
---------------------------------- -------- -------- --------
Equity
Share capital (note 17) 5.5 5.5 5.5
Share premium account (note 17) 67.3 67.2 67.3
Capital redemption reserve (note 17) 0.3 0.3 0.3
Other reserves (note 17) (4.8) (61.4) (76.5)
---------------------------------- -------- -------- --------
Equity shareholders' funds (deficit) 68.3 11.6 (3.4)
---------------------------------- -------- -------- --------
NOTES TO THE ACCOUNTS
1 Basis of preparation
The condensed consolidated financial statements for the half year ended 30
November 2007 have been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and IAS 34 'Interim
Financial Reporting' as adopted by the European Union. The accounting policies
adopted are consistent with those of the annual financial statements for the
year ended 31 May 2007, as described in those annual financial statements. The
IFRIC interpretations, amendments to existing standards and new standards which
became mandatory for accounting periods beginning on or after 1 January 2007
have been adopted in the current financial year, but since this interim report
contains only contains a condensed set of financial statements, full disclosure
will be given in the annual financial statements for the year ending 31 May 2008
where the impact is considered material. This half yearly condensed consolidated
financial report should be read in conjunction with the annual financial
statements for the year ended 31 May 2007 which were prepared in accordance with
International Financial Reporting Standards as adopted by the European Union.
The financial information contained in this interim report does not comprise
statutory accounts within the meaning of Section 240 of the UK Companies Act
1985. Statutory accounts for the year ended 31 May 2007 were approved by the
Board of Directors on 24 July 2007 and delivered to the Registrar of Companies.
The auditors' report on those statutory accounts was unqualified and did not
contain a statement under section 272 (2) or (3) of the Companies Act 1985.
This interim report was approved by the Board of Directors on 24 January 2008.
It is unaudited but has been reviewed by the auditors and their report is
attached to this document.
2 Segmental analysis
A review of the primary segments was carried out following the Group's strategic
review. As a result the Treasury & Capital Markets (TCM) business was broken out
of the Banking operating segment. This was announced on 8 November 2007 and
figures for comparative periods were disclosed.
The business sectors on which the Company reports now comprise Banking, TCM,
Healthcare and Central Services.
Revenue, operating profit (loss) by business
-------------------------- ------- ------- -------- -------- -------
all figures in £ millions Banking TCM Healthcare Central First half
2007/08
Continuing operations Services
-------------------------- ------- ------- -------- -------- -------
Revenue 74.3 62.9 92.7 - 229.9
-------------------------- ------- ------- -------- -------- -------
Operating profit
before exceptional items 5.5 12.7 17.0 (2.5) 32.7
Exceptional items (0.5) (0.4) (4.3) (2.7) (7.9)
-------------------------- ------- ------- -------- -------- -------
Operating profit 5.0 12.3 12.7 (5.2) 24.8
Net finance costs (3.4)
-------------------------- ------- ------- -------- -------- -------
Profit before taxation 21.4
Taxation before
exceptional items (6.6)
Exceptional taxation items 1.3
-------------------------- ------- ------- -------- -------- -------
Taxation (5.3)
-------------------------- ------- ------- -------- -------- -------
Profit for the period from
continuing operations 16.1
Profit for the period from
discontinued operations 78.5
-------------------------- ------- ------- -------- -------- -------
Profit for the period 94.6
-------------------------- ------- ------- -------- -------- -------
Amortisation of acquired
intangibles (0.7) - (0.6) - (1.3)
Losses on embedded
derivatives (1.5) (0.2) - - (1.7)
Translation exchange
differences recycled from
reserves - - - 0.9 0.9
-------------------------- ------- ------- -------- -------- -------
-------------------------- ------- ------- -------- -------- -------
all figures in £ millions Banking TCM Healthcare Central First half
Services 2006/07
Continuing operations
-------------------------- ------- ------- -------- -------- -------
Revenue 71.7 61.3 99.6 - 232.6
-------------------------- ------- ------- -------- -------- -------
Operating profit before
exceptional items 5.2 12.3 11.6 (3.2) 25.9
Exceptional items(1) 1.0 - - (6.0) (5.0)
-------------------------- ------- ------- -------- -------- -------
Operating profit 6.2 12.3 11.6 (9.2) 20.9
Net finance costs (8.0)
-------------------------- ------- ------- -------- -------- -------
Profit before taxation 12.9
Taxation before
exceptional items (4.2)
Exceptional taxation items (0.1)
-------------------------- ------- ------- -------- -------- -------
Taxation (4.3)
-------------------------- ------- ------- -------- -------- -------
Profit for the period from
continuing operations 8.6
Profit for the period from
discontinued operations 14.2
-------------------------- ------- ------- -------- -------- -------
Profit for the period 22.8
-------------------------- ------- ------- -------- -------- -------
Amortisation of acquired
intangibles (1.4) - (0.6) - (2.0)
Losses on embedded
derivatives (0.9) - - - (0.9)
-------------------------- ------- ------- -------- -------- -------
(1) Exceptional charges in the first half of 2006/07 have increased by £2.4m to
be consistent with the treatment applied at May 2007 (see note 3).
-------------------------- ------- ------- -------- -------- -------
all figures in £ millions Banking TCM Healthcare Central Year 2006/07
Services
Continuing operations
-------------------------- ------- ------- -------- -------- -------
Revenue 148.6 125.1 196.0 - 469.7
-------------------------- ------- ------- -------- -------- -------
Operating profit before
exceptional items 16.3 28.4 20.6 (9.5) 55.8
Exceptional items (10.8) - (12.7) (13.5) (37.0)
-------------------------- ------- ------- -------- -------- -------
Operating profit 5.5 28.4 7.9 (23.0) 18.8
Net finance costs (14.8)
-------------------------- ------- ------- -------- -------- -------
Profit before taxation 4.0
Taxation before exceptional
items (9.3)
Exceptional taxation items 6.2
-------------------------- ------- ------- -------- -------- -------
Taxation (3.1)
-------------------------- ------- ------- -------- -------- -------
Profit for the period from
continuing operations 0.9
Profit for the period from
discontinued operations 14.1
-------------------------- ------- ------- -------- -------- -------
Profit for the period 15.0
-------------------------- ------- ------- -------- -------- -------
Amortisation of acquired
intangibles (2.8) - (1.3) - (4.1)
Losses on embedded
derivatives (0.3) 0.1 - - (0.2)
-------------------------- ------- ------- -------- -------- -------
Excluded from the above are the following items relating to discontinued
operations: revenue £30.7m (First half 2006/07: £235.6m; Year 2006/07: £435.1m);
operating profit before exceptional items £9.2m (First half 2006/07: £14.8m;
Year 2006/07: £35.6m) and operating profit £85.7m (First half 2006/07: £14.8m;
Year 2006/07: £15.4m).
------------------------------ -------- -------- -------- --------
Continuing operations Banking TCM Healthcare First half
all figures in £ millions 2007/08
------------------------------ -------- -------- -------- --------
ILF 18.7 17.3 11.6 47.6
Maintenance 36.4 26.7 34.7 97.8
Transaction processing - 6.1 35.6 41.7
Global services 19.1 12.8 6.5 38.4
Hardware 0.1 - 4.3 4.4
------------------------------ -------- -------- -------- --------
74.3 62.9 92.7 229.9
------------------------------ -------- -------- -------- --------
------------------------------ -------- -------- -------- --------
Continuing operations Banking TCM Healthcare First half
all figures in £ millions 2006/07
------------------------------ -------- -------- -------- --------
ILF 19.1 19.5 13.2 51.8
Maintenance 35.3 26.2 35.2 96.7
Transaction processing - 6.5 35.7 42.2
Global services 17.2 9.1 8.3 34.6
Hardware 0.1 - 7.2 7.3
------------------------------ -------- -------- -------- --------
71.7 61.3 99.6 232.6
------------------------------ -------- -------- -------- --------
3 Exceptional items
----------------------------------- -------- ------- --------
all figures in £ millions First half First half Year
2007/08 2006/07(1) 2006/07
----------------------------------- -------- ------- --------
Turnaround programme (7.9) (1.3) (30.8)
Terminated offer process and executive team - (4.7) (7.2)
Profit on disposal of businesses - 1.0 1.0
----------------------------------- -------- ------- --------
Exceptional items within continuing operations (7.9) (5.0) (37.0)
Exceptional taxation items within continuing
operations 1.3 (0.1) 6.2
----------------------------------- -------- ------- --------
Exceptional items after taxation within
continuing operations (6.6) (5.1) (30.8)
----------------------------------- -------- ------- --------
Profit on disposal of businesses (note 5) 76.5 - -
----------------------------------- -------- ------- --------
Impairment of goodwill - - (17.0)
Turnaround programme - - (3.2)
Exceptional taxation items within discontinued
operations (3.7) - 0.3
----------------------------------- -------- ------- --------
Exceptional items within discontinued
operations 72.8 - (19.9)
----------------------------------- -------- ------- --------
Total exceptional items after taxation 66.2 (5.1) (50.7)
----------------------------------- -------- ------- --------
(1) Exceptional charges in the first half of 2006/07 have been increased by
£2.4m to be consistent with the treatment applied at May 2007. These comprise
£1.3m relating to the turnaround programme and £1.1m relating to the terminated
offer process and executive team.
Turnaround programme
A charge of £7.9m (First half 2006/07: £1.3m; Year 2006/07: £30.8m) has been
recognised relating to costs incurred in the Group-wide turnaround programme.
These costs primarily related to consultancy services, recruitment, severance
and contract cancellation, and additionally in the prior year related to the
impairment and derecognition of assets of £22.8m. There was a related cash
outflow of £9.9m in respect of this item (First half 2006/07: £0.1m; Year 2006/
07: £6.5m).
Terminated offer process and executive team
A charge of £nil (First half 2006/07: £4.7m; Year 2006/07: £7.2m) was recognised
in the period relating to the terminated offer process (announced on 9 June 2006
and terminated on 29 September 2006) and severance of the previous executive
team, with a related cash outflow of £1.3m (First half 2006/07: £2.4m; Year
2006/07: £5.0m).
Profit on disposal of businesses
The prior period profit on disposal of £1.0m relates to the disposal of the 100%
holding in Misys Asset Management Systems SA in July 2006. There was a cash
inflow of £0.9m in respect of this item in the period.
Impairment of goodwill
A charge of £17.0m was recognised in the second half of the prior year relating
to the impairment of goodwill in Sesame, with no related cash flow in the year.
Taxation
Included within current taxation is a credit of £1.3m (First half 2006/07:
charge of £0.1m; Year 2006/07: credit of £6.2m) in respect of taxation on
exceptional items.
4 Earnings per share
Earnings per share ('EPS') have been calculated in accordance with IAS 33
'Earnings Per Share' by dividing profit attributable to shareholders by the
weighted average number of shares in issue during the period.
Adjusted basic and adjusted diluted EPS are presented to provide more comparable
and representative information on continuing and established trading activities.
Accordingly, the adjusted basic and adjusted diluted EPS figures exclude
exceptional items, gains and losses on embedded derivatives, amortisation of
acquired intangibles and translation exchange differences recycled from
reserves. Adjusted basic and adjusted diluted EPS for continuing operations
excludes the adjusted profit attributable to shareholders derived from
discontinued operations.
Where applicable, all items below are shown net of taxation.
---------------------------------- -------- ------- --------
all figures in £ millions First half First half Year
2007/08 2006/07(1) 2006/07
---------------------------------- -------- ------- --------
Profit attributable to shareholders 94.6 22.8 15.0
Exceptional items after taxation (66.2) 5.1 50.7
Gains and losses on embedded derivatives 1.7 0.7 0.2
Amortisation of acquired intangibles 1.3 2.0 4.1
Translation exchange differences from reserves (0.9) - -
---------------------------------- -------- ------- --------
Adjusted profit attributable to shareholders 30.5 30.6 70.0
---------------------------------- -------- ------- --------
Profit for the year from discontinued
operations 78.5 14.2 14.1
---------------------------------- -------- ------- --------
pence pence pence
---------------------------------- -------- ------- --------
Basic earnings per share 19.6 4.8 3.1
Diluted earnings per share 19.5 4.7 3.1
Basic earnings per share from discontinued
operations 16.3 3.0 3.0
Diluted earnings per share from discontinued
operations 16.1 2.9 2.9
Adjusted basic earnings per share 6.3 6.4 14.6
Adjusted diluted earnings per share 6.3 6.3 14.5
Adjusted basic earnings per share from
continuing operations 5.1 3.4 7.5
Adjusted diluted earnings per share from
continuing operations 5.1 3.4 7.5
---------------------------------- -------- ------- --------
(1) The reclassification of costs in the prior year as discussed in note 3
resulted in the adjusted EPS for the first half of 2006/07 to increase from 5.9p
to 6.4p.
The weighted average number of basic and diluted shares in issue during the
period were 482.5m and 486.3m respectively (First half 2006/07: 477.6m and
483.0m; Year 2006/07: 478.7m and 482.9m). Dilution principally arises as a
result of outstanding share options.
5 Discontinued operations
---------------------------------- -------- ------- --------
all figures in £ millions First half First half Year
2007/08 2006/07 2006/07
---------------------------------- -------- ------- --------
Revenue 30.7 235.6 435.1
Operating costs (21.5) (220.8) (419.7)
Profit on disposal of businesses 76.5 - -
---------------------------------- -------- ------- --------
Operating profit for the period 85.7 14.8 15.4
Net finance income - 1.6 3.4
---------------------------------- -------- ------- --------
Profit before tax from discontinued
operations 85.7 16.4 18.8
Tax (7.2) (2.2) (4.7)
---------------------------------- -------- ------- --------
Profit after tax from discontinued operations 78.5 14.2 14.1
---------------------------------- -------- ------- --------
Cash flows from discontinued operations
---------------------------------- -------- ------- --------
all figures in £ millions First half First half Year
2007/08 2006/07 2006/07
---------------------------------- -------- ------- --------
Net cash flows from operating activities 9.7 8.1 30.9
Net cash flows from investing activities 179.7 (2.2) (2.6)
Net cash flows from financing activities - 0.3 (0.1)
---------------------------------- -------- ------- --------
189.4 6.2 28.2
---------------------------------- -------- ------- --------
On 23 July 2007, the Group announced its decision to exit from the Hospital
Systems part of the Healthcare division to be completed through two separate
transactions during the half year. The disposal of CPR was completed on 24
September 2007 for a total cash consideration of £16.3m, realising a profit on
disposal of £12.1m. The disposal of the Diagnostic Information business was
completed on 11 October 2007 for a total cash consideration of £184.7m,
realising a profit on disposal of £63.7m. Per the Sale and Purchase Agreement,
the final purchase consideration is subject to a working capital adjustment
which was yet to be finalised with the buyer at the time of reporting. The
potential impact on the profit on disposal is not considered material. A tax
charge of £3.7m has been recognised in respect of this item. The Hospital
Systems business has been classified as a discontinued operation for the half
year ended 30 November 2007 with the comparative period being restated.
On 15 May 2007, the Group announced it had sold Sesame subject to FSA approval
and this transaction was completed on 8 June 2007 for a total cash consideration
of £84.3m and contributing a profit on disposal of £0.7m. Sesame was classified
as a discontinued operation in the income statement for 2007 and in the first
half of 2007/08 with the comparative period being restated.
all figures in £ millions CPR Diagnostics Sesame Total
-------------------------------- ------- -------- ------- -------
Proceeds on disposal, net of expenses 16.0 180.1 79.2 275.3
Cash at bank and in hand disposed of - - (95.5) (95.5)
Other net (assets) liabilities disposed
of (3.9) 13.2 35.7 45.0
Foreign exchange recycling from reserves - 0.9 - 0.9
Goodwill disposed(1) - (130.5) (18.7) (149.2)
-------------------------------- ------- -------- ------- -------
Profit on disposal 12.1 63.7 0.7 76.5
-------------------------------- ------- -------- ------- -------
(1) Includes £18.7m of goodwill transferred to 'Assets held for Sale' at May
2007.
6 Finance costs
------------------------------------ ------- ------- --------
Continuing operations First half First half Year
all figures in £ millions 2007/08 2006/07 2006/07
------------------------------------ ------- ------- --------
Bank loans and overdraft interest payable (4.2) (7.9) (14.4)
Amortisation of issue costs on financing (0.2) - (0.4)
Other interest payable - (0.3) (0.4)
Expected return on pension scheme assets 1.4 1.3 2.7
Interest on pension scheme liabilities (1.0) (1.0) (2.0)
Unwinding of discount on provisions (0.4) (0.3) (0.7)
------------------------------------ ------- ------- --------
Finance costs (4.4) (8.2) (15.2)
Interest receivable 1.0 0.2 0.4
------------------------------------ ------- ------- --------
Net finance costs (3.4) (8.0) (14.8)
------------------------------------ ------- ------- --------
7 Taxation
Taxation on ongoing ordinary activities
----------------------------------- -------- ------- --------
Continuing operations First half First half Year
all figures in £ millions 2007/08 2006/07 2006/07
----------------------------------- -------- ------- --------
Current taxation
UK corporation tax at 30% 0.4 0.7 1.7
UK prior year items - - (1.2)
Overseas taxation 2.5 0.9 6.6
Overseas prior year items - 0.2 (3.8)
Irrecoverable withholding taxes - - 0.3
----------------------------------- -------- ------- --------
Current taxation (including tax relating to
exceptional items) 2.9 1.8 3.6
Deferred taxation 2.4 2.5 (0.5)
----------------------------------- -------- ------- --------
5.3 4.3 3.1
----------------------------------- -------- ------- --------
Included within current taxation is a credit of £1.3m (First half 2006/07:
charge of £0.1m; Year 2006/07: credit of £6.2m) in respect of tax on exceptional
items.
8 Equity dividends
----------------------------------- -------- ------- --------
all figures in £ millions First half First half Year
2007/08 2006/07 2006/07
----------------------------------- -------- ------- --------
Amounts recognised as distributions to equity
holders in the period
Final dividend for the year ended 31 May 2007
of 4.71p per share 22.7 - -
Interim dividend for the year ended 31 May
2007 of 2.82p per share - - 13.5
Final dividend for the year ended 31 May 2006
of 4.49p per share - 21.4 21.4
----------------------------------- -------- ------- --------
22.7 21.4 34.9
----------------------------------- -------- ------- --------
Proposed interim dividend for the year ended
31 May 2008 of 2.96p per share 14.3
----------------------------------- --------
The proposed interim dividend of 2.96p per share will be paid on 7 April 2008 to
shareholders appearing on the register at the close of business on 1 February
2008. The shares will become ex-dividend on 30 January 2008.
9 Acquisitions and disposals of businesses
----------------------------------- -------- ------- --------
all figures in £ millions First half First half Year
2007/08 2006/07 2006/07
----------------------------------- -------- ------- --------
Cash consideration paid in respect of current
year acquisitions (including expenses) - (1.2) (3.7)
Cash consideration received in respect of
current year disposals (net of expenses) 275.3 0.9 0.9
Cash at bank and in hand disposed of (95.5) (1.0) (1.0)
----------------------------------- -------- ------- --------
Net cashflow from acquisitions and disposals 179.8 (1.3) (3.8)
----------------------------------- -------- ------- --------
10 Net cash flow from financing activities
----------------------------------- -------- ------- --------
all figures in £ millions First half First half Year
2007/08 2006/07 2006/07
----------------------------------- -------- ------- --------
Dividends paid (22.7) (21.4) (34.9)
(Decrease) increase in borrowings (171.3) 23.8 (16.2)
Capital element of finance leases (0.7) (0.6) (1.1)
Payments for purchase of own shares (2.4) (0.7) (0.9)
Share options exercised 2.8 2.7 6.5
----------------------------------- -------- ------- --------
Net cashflow from financing activities (194.3) 3.8 (46.6)
----------------------------------- -------- ------- --------
11 Analysis of net funds (debt)
all figures in At 1 June 2007 Cash flow Non cash Differences on At 30 November At 30 November
£ millions ------- ------- movements exchange 2007 2006
---------------- --------- --------- -------- --------
Cash 21.1 11.2 - (1.2) 31.1 84.8
Cash
classified as
held for sale 68.3 (68.3) - - - -
Overdraft (2.1) - - - (2.1) (1.9)
---------------- ------- ------- --------- --------- -------- --------
87.3 (57.1) - (1.2) 29.0 82.9
Bank loans (176.0) 171.3 0.5 4.2 - (216.7)
Interest
bearing
consideration (0.5) - - - (0.5) -
Finance leases (1.9) 0.7 - - (1.2) (2.0)
---------------- ------- ------- --------- --------- -------- --------
Net (debt)
funds (91.1) 114.9 0.5 3.0 27.3 (135.8)
---------------- ------- ------- --------- --------- -------- --------
12 Goodwill
all figures in £ millions Total goodwill
----------------------------------------------- --------
Cost and net book value at 1 June 2007 198.2
Differences on exchange (4.7)
Disposals (130.5)
----------------------------------------------- --------
Cost and net book value at 30 November 2007 63.0
----------------------------------------------- --------
Cost and net book value at 30 November 2006 231.8
----------------------------------------------- --------
More to follow, for following part double-click [nRN2X4270M]
