London Stock Exchange Group PLC Final Results -20-
March 05 2015 - 2:02AM
UK Regulatory
(Unaudited) (Unaudited)
GBPm GBPm
Cost of sales 120.9 71.5
Employee costs 354.4 254.5
Depreciation and non-acquisition
software amortisation 60.1 53.7
IT costs 123.6 105.0
Other costs 164.2 131.8
Total expenses 823.2 616.5
4. Amortisation of purchased intangible assets and non-recurring
items
12 months 12 months
to to
31 December 31 December
2014 2013
(Unaudited) (Unaudited)
Restated
GBPm GBPm
--------------------------------------------- ------------
Amortisation of purchased intangible
assets 122.0 108.9
Transaction costs 56.1 15.9
Transaction credit (2.4) -
Restructuring costs 4.6 16.7
Restructuring credit (3.8) -
Integration costs 13.0 6.1
Impairment of purchased intangibles
and goodwill 22.0 -
---------------------------------------------- ------------
Total affecting operating profit 211.5 147.6
Charge for new transaction related
revolving credit facility 1.8 -
Total affecting profit before tax 213.3 147.6
Tax effect on items affecting profit
before tax
Deferred tax on amortisation and impairment
of purchased intangible assets (35.5) (30.9)
Current tax on amortisation of purchased
intangible assets (3.2) (1.1)
Tax effect on other items affecting
profit before tax (9.5) (7.6)
---------------------------------------------- ------------
Total tax effect on items affecting
profit before tax (48.2) (39.6)
Total charge to income statement 165.1 108.0
---------------------------------------------- ------------
Transaction costs comprise charges incurred for ongoing services
related to potential or completed acquisitions.
The transaction credit relates to a reduction in obligations
arising from the acquisition of LCH.Clearnet Group.
Restructuring and integration costs principally relate to the
acquisition, restructuring and integration of LCH.Clearnet and
Frank Russell Company.
The restructuring credit relates to contributions made by third
parties to cover restructuring costs incurred in previous periods.
Of the impairment recognised during the period GBP21.8m relates
to licenses recognised on the acquisition of the LCH.Clearnet
Group. Following a review it was determined that the cash flows
required to maintain the current valuation are too uncertain.
Consequently it was considered appropriate to impair the asset.
The remaining GBP0.2m relates to the goodwill on EDX London
Limited, following the transfer of the UK derivatives business
to its parent company.
5. Earnings per share
12 months 12 months
to to
31 December 31 December
2014 2013
(Unaudited)
(Unaudited) Restated
Basic earnings per share 56.5p 64.2p
Adjusted basic earnings per share 103.3p 96.5p
GBPm GBPm
------------
Profit for the financial period attributable
to equity holders 179.3 188.1
Adjustments:
Amortisation and non-recurring items:
Amortisation of purchased intangible
assets 122.0 108.9
Transaction costs 56.1 15.9
Transaction credits (2.4) -
Restructuring costs 4.6 16.7
Restructuring credit (3.8) -
Integration costs 13.0 6.1
Charge for new revolving credit facility 1.8 -
Impairment of purchased intangibles
and goodwill 22.0 -
Other adjusting items:
Unrealised net investment loss (included
in other income) 0.5 2.9
Tax effect of amortisation of purchased
intangible assets and non-recurring
items (48.2) (39.6)
Tax effect of other adjusting items (0.2) (1.0)
Adjusted items, amortisation of purchased
intangible assets and taxation attributable
to non-controlling interests (17.1) (15.1)
------------
Adjusted profit for the financial period
attributable to equity holders 327.6 282.9
------------
Weighted average number of shares
- million 317.1 293.1
Earnings per share for the year ended 31 December 2013 have been
restated for the prior year adjustment and the Rights Issue of the
Group issued on 11 September 2014.
6. Analysis of net debt
31 December 31 December
2014 2013
(Unaudited)
GBPm GBPm
Due within one year
Cash and cash equivalents 1,127.2 955.4
Bank borrowings (789.9) (304.1)
Derivative financial assets 0.4 -
Derivative financial liabilities - (17.4)
337.7 633.9
Due after one year
Bonds (796.7) (796.5)
Preferred securities (139.8) (149.6)
Derivative financial assets 22.7 5.3
Derivative financial liabilities - (5.6)
Total net debt (576.1) (312.5)
----------------------------------
12 months 12 months
to to
Reconciliation of net cash flow to 31 December 31 December
movement in net debt 2014 2013
(Unaudited) (Unaudited)
GBPm GBPm
Increase in cash in the period 224.3 568.2
Bank loan repayments less new drawings (495.8) (215.9)
Change in net debt resulting from
cash flows (271.5) 352.3
Foreign exchange movements (33.1) (2.4)
Movement on derivative financial
assets and liabilities 40.8 (27.0)
Bond valuation adjustment 0.2 (0.5)
Acquired debt - (242.3)
Net debt at the start of the period (312.5) (392.6)
Net debt at the end of the period (576.1) (312.5)
----------------------------------------
7. Net cash flow generated from operations
12 Months 12 Months
to to
31 December 31 December
2014 2013
(Unaudited) (Unaudited)
GBPm GBPm
-----------------------------------------------------
Profit before taxation 277.9 262.2
Depreciation and amortisation 181.8 162.6
Loss on disposal of property, plant
and equipment 0.1 0.1
Profit on disposal of shares in subsidiary/associate - (6.9)
Net finance expense 68.1 67.2
Increase in inventories (3.9) (1.0)
(Increase)/decrease in trade and
other receivables (6.7) 53.6
Decrease in trade and other payables (85.6) (49.2)
Impairment of purchased intangibles
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