London Stock Exchange Group PLC Final Results -19-
March 05 2015 - 2:02AM
UK Regulatory
Annual Improvements 2010-2012 and Annual Improvements 2011-2013;
and
IFRIC 21, 'Levies'.
The adoption of these standards did not have a material impact
on these non-statutory consolidated financial statements.
The following standards and interpretations were issued by the
IASB and IFRIC since the last Annual Report, but have not been
adopted either because they were not endorsed by the European Union
(EU) at 31 December 2014 or they are not yet mandatory and the
Group has not chosen to early adopt. The impact on the Group's
financial statements of the future standards, amendments and
interpretations is still under review, but the Group does not
expect any of these changes to have a material impact on the
results or the net assets of the Group:
International accounting standards and interpretations Effective date
Amendments to IFRS 11, 'Joint arrangements' 1 January 2016
on accounting for acquisitions of interest in
a joint operations
Amendment to IAS 16,'Property,plant and equipment' 1 January 2016
and IAS 38,'Intangible assets',
on Clarification of Acceptable Methods of Depreciation
and Amortisation
Amendments to IAS 27, 'Separate financial statements' 1 January 2016
on equity method in separate financial statements
Amendments to IFRS 10, 'Consolidated financial 1 January 2016
statements' and IAS 28, 'Associates and joint
ventures' on sale and contribution of assets
between an investor and its associate or joint
venture
Annual Improvements 2012-2014 1 January 2016
Amendments to IFRS 10, 'Consolidated financial 1 January 2016
statements', IFRS 12, 'Disclosure of interests
in other entities' and IAS 28, 'Associates and
joint ventures' on applying the consolidated
exception for investment entities
Proposed amendments to IAS 1,'Presentation of 1 January 2016
financial statements' disclosure initiative
IFRS 14,'Regulatory deferral accounts' 1 January 2016
IFRS 15 'Revenue from contracts with customers' 1 January 2017
IFRS 9 'Financial instruments' on classification 1 January 2018
and measurement and amendments regarding general
hedge accounting
The preparation of the non-statutory financial statements
requires management to make estimates and assumptions that affect
the reported income and expense, assets and liabilities and
disclosure of contingencies at the date of the non-statutory
financial statements. Although these estimates and assumptions are
based on management's best judgment at the date of the
non-statutory financial statements, actual results may differ from
these estimates.
For these non-statutory financial statements the Group is not
adopting the columnar format for its consolidated income
statement.
Prior period restatements
The restatement to the 12 months ended 31 December 2013 relates
to insufficient deferred tax liability being recognised against
historical intangible assets acquired and the 2014 Rights
Issue.
The deferred tax liability is recognised in respect of the
amortisation of the acquired intangibles which have no or partial
tax base for the Group. The deferred tax is then released to the
income statement over the same period as the amortisation of the
acquired intangible assets.
The correction of these entries result in an increase in
deferred tax liability, goodwill and a resulting credit to the
income statement as the deferred tax liability is unwound over the
useful economic lives of the associated purchased intangibles. In
addition in circumstances where the underlying assets have been
recognised in a currency other than sterling there is an adjustment
in relation to the retranslation of these balances.
On 22 August 2014, the Group announced a Rights Issue in
relation to its proposed acquisition of the Frank Russell Company.
The
Rights Issue constituted 74,347,813 new ordinary shares of par
value 6 79/86 at 1,295p. This generated share premium of GBP957.7m.
Consequently the 2013 basic and adjusted earnings per share numbers
have been restated using the weighted average share count as if the
rights issue had taken place at the start of the period.
2. Segmental Information
Unaudited segmental disclosures for the 12 months to 31 December 2014
are as follows:
Post
Trade Post
Services Trade
- CC&G Services
Capital and Monte - LCH. Information Technology Investment
Markets Titoli Clearnet Services Services Management Other Eliminations Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------- ----------
Revenue from
external
customers 333.2 96.5 329.4 373.0 66.0 79.7 5.4 - 1,283.2
Inter-segmental
revenue - 1.1 - - 10.1 - - (11.2) -
----------- ----------
Revenue 333.2 97.6 329.4 373.0 76.1 79.7 5.4 (11.2) 1,283.2
Net treasury
income through
CCP business - 32.6 60.0 - - - - - 92.6
Other income - - (0.5) - - - 5.3 - 4.8
----------- ----------
Total income 333.2 130.2 388.9 373.0 76.1 79.7 10.7 (11.2) 1,380.6
Operating
profit before
amortisation
of purchased
intangible
assets and
non-recurring
items 162.8 62.9 113.9 190.1 12.0 9.7 4.4 1.7 557.5
Amortisation
of purchased
intangible
assets (122.0)
Impairment
of purchased
intangibles
and goodwill (22.0)
Non-recurring
items (67.5)
Operating
profit 346.0
Net finance
expense (68.1)
Profit before
taxation 277.9
Other income
statement
items
Depreciation
and
non-acquisition
software
amortisation (14.9) (5.5) (26.1) (12.2) (4.2) (0.6) (0.3) 3.7 (60.1)
----------- ----------
Unaudited segmental disclosures for the 12 months to 31 December 2013
are as follows:
Post
Trade Post
Services Trade
- CC&G Services
Capital and Monte - LCH. Information Technology
Markets Titoli Clearnet Services Services Other Eliminations Group
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------- ----------
Revenue
from external
customers 296.8 98.7 172.3 339.5 62.2 4.5 - 974.0
Inter-segmental
revenue - 0.5 - - 16.5 - (17.0) -
Revenue 296.8 99.2 172.3 339.5 78.7 4.5 (17.0) 974.0
Net treasury
income through
CCP business - 59.2 48.1 - - - - 107.3
Other income - - (2.9) - - 15.1 - 12.2
Total income 296.8 158.4 217.5 339.5 78.7 19.6 (17.0) 1,093.5
Operating
profit before
amortisation
of purchased
intangible
assets and
non-recurring
items 133.0 99.5 49.2 161.4 21.4 6.5 6.0 477.0
Amortisation
of purchased
intangible
assets (108.9)
Non-recurring
items (38.7)
Operating
profit 329.4
Net finance
expense (67.2)
Profit before
taxation 262.2
Other income
statement
items
Depreciation
and non-acquisition
software
amortisation (27.8) (5.5) (14.2) (15.7) (4.2) (0.1) 13.8 (53.7)
3. Expenses by nature
Expenses comprise the following:
12 months 12 months
to to
31 December 31 December
2014 2013
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