Financial overview
-
Group Income Statement
For the year ended 31 December 2022 Note Underlying
result
2022
£mSeparately
disclosed
items
(note 5)
2022
£mTotal
2022
£m(Restated) Underlying
result
20211
£mSeparately
disclosed
items
(note 5)
2021
£mTotal
20211
£mRevenue
4
2,807.5 – 2,807.5 2,170.3 – 2,170.3 Operating costs
5, 6 (2,610.2) (355.8) (2,966.0) (2,083.3) (123.2) (2,206.5) Group operating profit/(loss)
197.3 (355.8) (158.5) 87.0 (123.2) (36.2) Share of results from associates and joint ventures
18 (0.4) - (0.4) (1.0) - (1.0) Finance income
10 2.2 - 2.2 3.2 - 3.2 Finance costs
10 (53.2) - (53.2) (49.5) (1.4) (50.9) Profit/(loss) before tax
145.9 (355.8) (209.9) 39.7 (124.6) (84.9) Tax (charge)/credit
11
(30.3) 19.5 (10.8) (12.0) 19.8 7.8 Profit/(loss) for the year
115.6 (336.3) (220.7) 27.7 (104.8) (77.1) Profit/(loss) attributable to equity
shareholders113.4 (335.2) (221.8) 22.4 (103.2) (80.8) Profit/(loss) attributable to non-controlling
interests2.2 (1.1) 1.1 5.3 (1.6) 3.7 115.6 (336.3) (220.7) 27.7 (104.8) (77.1) Earnings per share:
13 – basic earnings per share
(39.7)p (16.6)p – diluted earnings per share
(39.7)p (16.6)p 1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.
Group Income Statement in Excel format
Notes to the consolidated accounts in PDF format -
Group Balance Sheet
At 31 December 2021 Note 2021 £m (Restated)
20201,2 £m(Restated)
20191,2
£mNon-current assets Intangible assets 14 1,778.5 1,851.8 1,901.8 Property, plant and equipment 15 1,129.6 1,233.2 1,348.2 Non-current financial assets 17 32.6 14.3 24.9 Investments accounted for using the equity method 18 13.7 15.6 17.9 Trade and other receivables 20 147.1 91.7 9.6 Finance lease receivable 35 12.7 10.6 3.6 Deferred tax assets 27 150.6 140.5 31.8 Defined benefit pension assets 34 3.8 12.3 14.2 Total non-current assets 3,268.6 3,370.0 3,352.0 Current assets Inventories 21 28.8 27.0 29.4 Trade and other receivables 22 428.3 391.7 496.8 Finance lease receivable 35 4.1 4.3 1.4 Derivative financial instruments 17 31.0 44.9 44.5 Current tax assets 3.3 2.6 1.6 Cash and cash equivalents 23 508.4 629.8 715.8 Total curent assets 1,003.9 1,100.3 1,289.5 Assets classified as held for sale 19 18.6 18.8 4.3 Total assets 4,291.1 4,489.1 4,645.8 Non-current liabilities Borrowings 28 (1,294.3) (1,313.0) (1,091.0) Derivative financial instruments 28 (11.1) (10.6) (9.6) Deferred tax liability 27 (39.2) (40.7) (56.4) Other non-current liabilities 25 (123.8) (202.7) (178.2) Defined benefit pension liability 34 (99.2) (147.4) (104.2) Provisions 26 (68.8) (54.8) (43.1) Total non-current liabilities (1,636.4) (1,769.2) (1,482.5) Current liabilities Trade and other payables 24 (787.7) (783.0) (998.4) Borrowings 28 (302.3) (354.6) (944.8) Derivative financial instruments 28 (24.5) (23.0) (37.8) Current tax liabilities (3.0) (2.2) (8.8) Provisions 26 (89.0) (81.1) (61.0) Total current liabilities (1,206.5) (1,243.9) (2,050.8) Total liabilities (2,842.9) (3,013.1) (3,533.3) Net assets 1,448.2 1,476.0 1,112.5 Shareholders’ equity Called up share capital 32 30.7 30.7 25.6 Share premium account 533.6 533.6 532.7 Own shares (4.5) (3.5) (6.0) Hybrid reserve 513.0 497.6 – Other reserves 33 380.1 367.8 130.7 Retained earnings (45.8) 9.6 391.4 Total shareholders' equity 1,407.1 1,435.8 1,074.4 Non-controlling interest in equity 41.1 40.2 38.1 Total equity 1,448.2 1,476.0 1,112.5 1 Restated for a change in accounting policy where amounts outstanding in relation to advance subsidy factoring arrangements have been reclassified from trade and
other payables to borrowings. See note 2 for further information
2 Restated to reflect a change in the presentation of cash and cash equivalents and bank overdrafts.Group Balance Sheet in Excel format
Notes to the consolidated accounts in PDF format -
Group Cash Flow Statement
For the year ended 31 December 2021 Note 2021
£m20201
£mCash generated from operations 39 231.1 (48.3) Tax paid (19.2) (8.1) Interest paid (45.0) (64.7) Interest received 4.0 7.1 Net cash flow from operating activities 170.9 (114.0) Cash flows from investing activities Payments to acquire businesses, net of cash acquired 19 (20.8) (9.6) Deferred consideration for businesses acquired 19 (13.0) (27.3) Proceeds from the disposal of business, net of cash disposed 19 (0.9) 4.4 Purchase of property, plant and equipment (168.5) (215.3) (Costs)/Proceeds from disposal of property, plant and equipment 13.7 17.7 Payments to acquire intangible assets (44.4) (22.7) Proceeds from disposal of intangible assets 0.7 2.3 Payments to settle net investment hedge derivative contracts – (15.7) Receipts on settlement of net investment hedge derivative contracts 35.1 10.9 Receipts/(payments) relating to associates and investments 0.9 (0.1) Net cash flow from investing activities (197.2) (255.4) Cash flows from financing activities Share issue proceeds2 – 230.1 Issuance of hybrid instrument3 (0.5) 495.5 Dividends paid to holders of hybrid instrument (5.3) - Principal lease payments (118.2) (97.7) Increase in borrowings 243.0 858.3 Repayment of borrowings (220.1) (1,049.2) Payments to settle foreign exchange forward contracts (11.9) (39.8) Receipts on settlement of foreign exchange forward contracts 20.7 18.8 Purchase of own shares (2.5) (3.9) Acquisition of non-controlling interests4 (18.3) (4.0) Dividends paid to non-controlling interests (0.4) (2.2) Dividends paid to shareholders of the Company 12 - – Net cash flow from financing activities (113.5) 405.9 Increase in cash and cash equivalents (139.8) 36.5 Opening cash and cash equivalents 520.5 478.3 (Decrease)/Increase in cash and cash equivalents (139.8) 36.5 Foreign exchange (4.5) 5.7 Closing cash and cash equivalents 23 376.2 520.5 1 Prior year amounts have been restated with respect to advance subsidy factoring receipts and payments – see note 2 for further information
2 Prior year amounts are net of transaction fees totalling £5.3m
3 Net of transaction fees totalling £4.5m incurred during 2020. A further £0.5m of transaction costs were paid in 2021
4 Amounts in 2021 include £17.7m paid on exercise of 10% of the WeDriveU put liabilityGroup Cash Flow Statement in Excel format
Notes to the consolidated accounts in PDF format -
Five Year Summary
2021
£m20203,4
£m20193,4
£m2018
£m2017
£mGroup normalised Revenue 2,170.3 1,955.9 2,744.4 2,450.7 2,321.2 Underlying operating profit/(loss) 87.0 (50.8) 295.3 257.7 241.5 Return on capital 3.4% (2.1)% 12.4% 12.4% 11.9% Basic EPS 0.1 (14.6) 34.5 32.9 29.1 IFRS Revenue 2,170.3 1,955.9 2,744.4 2,450.7 2,321.2 Operating (loss)/profit (36.2) (381.4) 242.3 215.4 197.9 PBT (84.9) (447.7) 187.0 177.7 156.4 Basic EPS (16.8) (57.9) 27.6 26.6 25.7 Dividends per share Nil Nil 16.4 14.9 13.5 Net (debt)/funds Cash4 508.4 520.5 478.3 117.7 314.3 (132.2) (109.3) (237.5) - - Other debt receivable4 1.0 1.2 2.4 2.1 0.7 Bonds (640.9) (647.0) (1,081.9) (852.4) (851.9) Bank loans3 (189.6)1 (23.5) (184.5) (9.0) (115.6) Fair value of derivatives included in financing activities (3.7) (4.7) 15.0 6.4 11.3 Lease liabilities² (218.9) (311.3) (385.0) (142.6) (173.1) Other debt payable (393.9) (476.8) (68.3) (73.7) (73.6) Net debt3 (1,069.8) (941.6) (1,241.5) (951.5) (887.9) 1 Net of arrangement fees totalling £1.5m on bank and other loans
2 Lease liabilities are reported net of finance lease receivables that are reported separately from borrowings on the face of the Group’s Balance Sheet
3 Net debt in 2020 and 2019 have been restated for a change in presentation in advance subsidy factoring liabilities from other payables to borrowings
4 Restated to reflect a change in the presentation of cash and cash equivalents and bank overdrafts. See note 2 for further informationFive Year Summary in Excel format
Notes to the consolidated accounts in PDF format