Financial statements

Summarised income statement

£m 2015 2014 2013 2012 2011
Revenue 2,384.7 2,219.8 2,094.9 2,047.1 2,226.6
Gross profit 213.2 181.0 171.3 186.7 215.7
Operating profit 38.8 28.9 33.6 48.1 46.1
Net finance income/(expense) -4.5 -3.7 -2.3 -1.0 -0.8
PBTA 34.3 25.2 31.3 47.1 45.3
Exceptional items -46.9 0.0 -14.7 -10.0 -1.4
Intangible amortisation -2.2 -2.4 -2.7 -2.9 -3.9
Statutory profit before tax -14.8 22.8 13.9 34.2 40.0
Tax charge 4.8 -4.8 1.1 -3.5 -7.2
Profit after tax -10.0 18.0 15.0 30.7 32.8
Adjusted earnings per share 63.0 46.7 60.9 92.0 80.2
Dividend per share 29.0 27.0 27.0 27.0 42.0

Other data

Net cash 57.9 55.7 69.7 50.4 108.9
Average number of employees 5,828.0 5,750.0 5,752.0 6,384.0 6,744.0
Market cap at b/s date 327.8 273.3 326.6 222.8 256.5

The information above should be read in conjunction with Morgan Sindall Group plc’s annual reports from which it has been extracted.

Consolidated income statement

for the year ended 31 December 2015

   
2015
2014
  Notes Before
exceptional
items
£m

Exceptional
operating
items note 3
£m
Total
£m
Total
£m
Revenue
2,384.7 2,384.7 2,219.8
Cost of sales   (2,171.5) (46.9) (2,218.4) (2,038.8)
Gross profit   213.2 (46.9) 166.3 181.0
Administrative expenses   (184.0) (184.0) (160.3)
Share of net profit of joint ventures 9.6 9.6 6.3
Other gains and losses   1.9
Operating (loss)/profit before amortisation of intangible assets   38.8 (46.9) (8.1) 28.9
Amortisation of intangible assets   (2.2)   (2.2) (2.4)
Operating (loss)/profit   36.6 (46.9) (10.3) 26.5
Finance income 1.2 1.2 1.0
Finance costs (5.7) (5.7) (4.7)
(Loss)/profit before tax   32.1 (46.9) (14.8) 22.8
Tax 4 (4.7) 9.5 4.8 (4.8)
(Loss)Profit for the year   27.4 (37.4) (10.0) 18.0
Attributable to:          
Owners of the Company   27.5 (37.4) (9.9) 18.1
Non-controlling interests   (0.1) (0.1) (0.1)
(Loss)/profit for the year   27.4 (37.4) (10.0) 18.0
           
(Loss)/earnings per share          
Basic 6     (22.6p) 42.3p
Diluted 6     (22.3p) 41.6p

There were no discontinued operations in either the current or comparative periods.

Consolidated statement of comprehensive income

for the year ended 31 December 2015

  2015
£m
2014
£m
(Loss)/profit for the year (10.0) 18.0
Items that will not be reclassified subsequently to profit or loss:    
Actuarial (loss)/gain arising on defined benefit obligation (0.1) 0.1
Deferred tax on retirement benefit obligation (0.1) (0.2)
  (0.2) (0.1)
Items that may be reclassified subsequently to profit or loss:      
Movement on cash flow hedges in equity accounted joint ventures (0.2)
Foreign exchange movement on translation of overseas operations (0.4) (0.2)
Other movement on cash flow hedges 0.2 -
  (0.2) (0.4)
Other comprehensive expense (0.4) (0.5)
Total comprehensive (expense)/income (10.4) 17.5
Attributable to:    
Owners of the Company (10.3) 17.6
Non-controlling interests (0.1) (0.1)
Total comprehensive (expense)/income (10.4) 17.5
Consolidated balance sheet

at 31 December 2015

  Notes 2015
£m
2014
£m
Assets      
Goodwill and other intangible assets   217.3 218.1
Property, plant and equipment   20.8 19.2
Investment property   8.8 9.5
Investments in joint ventures   50.3 55.0
Other investments   - 0.3
Shared equity loan receivables 7 20.3 20.4
Retirement benefit asset   1.4 0.8
Non-current assets   318.9 323.3
Inventories   246.7 202.2
Trade and other receivables 8 353.6 442.4
Cash and cash equivalents 9 115.7 87.6
Current assets   716.0 732.2
Total assets   1,034.9 1,055.5
Liabilities      
Trade and other payables 11 (674.5) (690.1)
Current tax liabilities   (3.5) (5.2)
Finance lease liabilities   (1.6) (1.6)
Borrowings 9 (12.8) -
Provisions   (0.1) (1.2)
Current liabilities   (692.5) (698.1)
Net current assets   23.5 34.1
Trade and other payables   (17.8) (22.0)
Finance lease liabilities   (1.8) (2.5)
Borrowings 9 (45.0) (31.9)
Deferred tax liabilities   (11.9) (16.5)
Provisions   (16.9) (16.6)
Non-current liabilities   (93.4) (89.5)
Total liabilities   (785.9) (787.6)
Net assets   249.0 267.9
Equity      
Share capital   2.2 2.2
Share premium account   32.0 30.9
Other reserves   (1.0) (0.8)
Retained earnings   216.5 236.2
Equity attributable to owners of the Company   249.7 268.5
Non-controlling interests   (0.7) (0.6)
Total equity   249.0 267.9
Consolidated cash flow statement

for the year ended 31 December 2015

 
Notes
2015
£m
2014
£m
Operating activities      
Operating (loss)/profit   (10.3) 26.5
Adjusted for:      
Amortisation of intangible assets   2.2 2.4
Share of net profit of equity accounted joint ventures   (9.6) (6.3)
Depreciation   5.5 4.8
Share option expense   2.0 0.7
Profit on disposal of interests in joint ventures   (1.9)
Gain on disposal of property, plant and equipment   (0.3) (0.2)
Movement in fair value of shared equity loan receivables   (1.4) (1.8)
Non-cash impairment of investments   1.0
Non-cash exceptional operating items   46.9
Additional pension contributions   (0.7) (0.7)
Disposals of investment properties   0.7 0.5
Repayment of shared equity loan receivables   1.5 1.1
Decrease in provisions  (0.8) (6.6)
Operating cash inflow before movements in working capital   35.7 19.5
Increase in inventories   (44.5) (41.2)
Decrease/(increase) in receivables   41.5 (55.7)
(Decrease)/increase in payables   (20.3) 85.1
Movements in working capital   (23.3) (11.8)
Cash inflow from operations   12.4 7.7
Income taxes paid   (1.7) (4.4)
Net cash inflow from operating activities   10.7 3.3
Investing activities      
Interest received   1.3 0.9
Dividend from joint ventures   0.7 0.8
Proceeds on disposal of property, plant and equipment   0.6 0.4
Purchases of property, plant and equipment   (6.2) (5.7)
Purchases of intangible fixed assets   (1.4)
Net decrease/(increase) in loans with joint ventures   13.6 (0.9)
Proceeds on disposal of interests in joint ventures   5.9
Payment for the acquisition of subsidiaries, joint ventures and other businesses   (5.1)
Proceeds on disposal of other investments

 

0.3
Net cash inflow/(outflow) from investing activities   8.6 (3.4)
Financing activities      
Interest paid   (4.7) (4.9)
Dividends paid 5 (11.8) (11.5)
Repayments of obligations under finance leases   (1.9) (1.5)
Proceeds from borrowings 9 25.9 8.8
Proceeds on issue of share capital   1.1 4.0
Proceeds on exercise of share options   0.2  
Net cash inflow/(outflow) from financing activities   8.8 (5.1)
Net increase/(decrease) in cash and cash equivalents   28.1 (5.2)
Cash and cash equivalents at the beginning of the year   87.6 92.8
Cash and cash equivalents at the end of the year 9 115.7 87.6
Consolidated statement of changes in equity

for the year ended 31 December 2015

  Share
capital
£m
Share
premium
account
£m
Other
reserves
£m
Retained
earnings
£m
Total
£m
Non-controlling
interests
£m
Total
equity
£m
1 January 2014 2.2 26.9 (0.4) 228.8 257.5 (0.5) 257.0
Total comprehensive income (0.4) 18.0 17.6 (0.1) 17.5
Share option expense 0.7 0.7 0.7
Tax relating to share option expense 0.2 0.2 0.2
Issue of shares at a premium 4.0 4.0 4.0
Dividends paid (11.5) (11.5) (11.5)
1 January 2015 2.2 30.9 (0.8) 236.2 268.5 (0.6) 267.9
Total comprehensive income (0.2) (10.1) (10.3) (0.1) (10.4)
Share option expense 2.0 2.0 2.0
Issue of shares at a premium 1.1 1.1 1.1
Exercise of share options 0.2 0.2 0.2
Dividends paid (11.8) (11.8) (11.8)
31 December 2015 2.2 32.0 (1.0) 216.5 249.7 (0.7) 249.0