Preliminary Results -12-
November 30 2011 - 2:01AM
UK Regulatory
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Insurance/
Claims Dilapidation Onerous
Restructuring provisions provisions contracts
provisions[2] (2) (3) (4) Total
GBPm GBPm GBPm GBPm GBPm
=========================== -------------- ----------- ------------ ---------- -----
Current 17.3 - 0.9 2.7 20.9
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Between one and two years - - 0.7 2.0 2.7
Between two and five years - 3.6 0.5 0.1 4.2
Over five years - - 1.2 - 1.2
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Non-current - 3.6 2.4 2.1 8.1
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At 31 July 2010 17.3 3.6 3.3 4.8 29.0
=========================== ============== =========== ============ ========== =====
Insurance/
Claims Dilapidation Onerous
Restructuring provisions provisions contracts
provisions[3] (2) (3) (4) Total
GBPm GBPm GBPm GBPm GBPm
========================================= -------------- ----------- ------------ ---------- ------
At 1 August 17.3 3.6 3.3 4.8 29.0
Amounts provided for during the year 0.9 0.8 0.9 - 2.6
Amounts released to the income statement - (0.1) (0.7) - (0.8)
Amounts utilised during the year (17.4) (2.4) (0.4) (3.1) (23.3)
========================================= ============== =========== ============ ========== ======
At 31 July 2011 0.8 1.9 3.1 1.7 7.5
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(1) Restructuring provisions principally relate to redundancy
costs expected to be incurred at the balance sheet date as a result
of communicated and committed restructuring plans. The majority of
these provisions will unwind within one year. No reimbursement is
expected for these provisions.
(2) Insurance/claims provisions reflect management's view of the
likely outcome of insurance and other legal claims made against the
group in connection with operational activities. These provisions
are held until utilised, by the settlement of a claim, or until
such time as the claim is considered unlikely. Due to the very
nature of these provisions it is uncertain when they may unwind as
individual cases progress at unpredictable rates. Based on historic
trends and given the nature of the items being provided against it
is management's judgment that they will largely settle within 2 to
5 years of the year end. No reimbursement is expected for these
provisions.
(3) Dilapidation provisions relate to the expected costs of
meeting dilapidation/reinstatement requirements for properties
leased by the group when they are exited and these are provided for
over the term of the lease. The lease expiry dates range between
one and 10 years. No reimbursement is expected for these
provisions.
(4) Onerous contract provisions relate principally to property
lease contracts where the ongoing level of unavoidable costs is not
expected to be fully recovered by the economic benefits expected to
be derived from using those properties. The expectation is that
this expenditure will be incurred over the remaining periods of the
leases which range up to 2 years. No reimbursement is expected for
these provisions.
14 Cash generated from operations
2011 2010
GBPm GBPm
================================================================================================ ====== ======
Loss for the year before taxation (64.8) (14.7)
Adjustments for:
- depreciation 5.7 6.5
- gross loss on disposal of property, plant and equipment 0.1 -
- gross loss on disposal of intangible assets 0.2 -
- amortisation of intangible assets - arising from business
combinations 6.4 6.8
- software and other acquired intangibles 5.3 4.9
- impairment of goodwill and intangible assets arising from
business combinations 45.3 -
- share based payments cost/(credit) (excluding tax) 0.7 (0.2)
- other exceptional costs 18.1 38.4
- loss on foreign exchange 0.4 -
- interest receivable (1.1) (0.2)
- finance costs 11.8 10.9
Changes in working capital:
- decrease in trade and other receivables including unbilled
revenue (before exceptional impairment charges) 14.7 34.2
- decrease in trade and other payables (3.5) (16.1)
================================================================================================ ====== ======
Cash generated from operations before exceptional items 39.3 70.5
Exceptional receipt 1.5 -
Exceptional items (23.4) (17.6)
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Cash generated from operations 17.4 52.9
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15 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Group
2011 2010
GBPm GBPm
========================== ===== =====
Cash and cash equivalents 47.3 45.4
========================== ===== =====
Of the above cash balances, GBP22.8m (2010: GBP23.3m) is
restricted by virtue of it being held within our joint ventures and
captive insurance company.
16 Retirement benefit obligations
The Group operates several occupational pension schemes for its
employees. These schemes are a combination of defined benefit,
defined contribution and third-party defined benefit schemes.
a Schemes accounted for on a defined contribution basis
Cash contributions to the Group's defined contribution schemes
are recognised as pension costs in the Consolidated Income
Statement and no asset or liability is shown on the Consolidated
Balance Sheet.
Some employees who transferred to the Group under the Transfer
of Undertakings (Protection of Employment) Regulations (1981) as
amended (TUPE) remain members of their previous schemes, which are
pre-funded defined benefit schemes. Where under the terms of the
contracts, the defined benefit liability effectively remains with
the transferor, the Group accounts for these schemes as defined
contribution schemes. Cash contributions are recognised as pension
costs in the Consolidated Income Statement and no asset or
liability is shown on the balance sheet.
During the year, as part of its pension review, the Group looked
at the number of defined contribution pension arrangements it had
in place to see how these could be streamlined. The majority of
defined contribution members were on an age related structure where
the Company paid contributions at twice the member rate. From 1
January 2011, a new defined contribution arrangement was launched
which provided matching contributions on a grade related basis.
This resulted in a reduction in both the number of defined
contribution schemes and the amount of employer contributions.
b Schemes accounted for on a defined benefit basis - third-party
schemes
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