Financial overview
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Group Income Statement
For the year ended 31 December 2023 Note Adjusted
result
2023
£mAdjusting
items
(note 5)
2023
£mTotal
2023
£mAdjusted
result
2022
£m(Restated)
Adjusting
items
(note 5)
20221
£m(Restated)
Total
20211
£mRevenue
4
3,150.9 – 3,150.9 2,807.5 – 2,807.5 Operating costs
5, 6 (2,982.3) (190.0) (3,172.3) (2,610.2) (370.8) (2,981.0) Group operating profit/(loss)
168.6 (190.0) (21.4) 197.3 (370.8) (173.5) Share of results from associates and joint ventures
18 (0.5) - (0.5) (0.4) - (0.4) Finance income
10 4.0 - 4.0 2.2 - 2.2 Finance costs
10 (79.2) (1.2) (80.4) (53.2) (0.4) (53.6) Profit/(loss) before tax
92.9 (191.2) (98.3) 145.9 (371.2) (225.3) Tax (charge)/credit
11
(42.5) (21.9) (64.4) (30.3) 24.4 (5.9) Profit/(loss) for the year
50.4 (213.1) (162.7) 115.6 (346.8) (231.2) Profit/(loss) attributable to equity
shareholders49.1 (212.9) (163.8) 113.4 (345.7) (232.3) Profit/(loss) attributable to non-controlling
interests1.3 (0.2) 1.1 2.2 (1.1) 1.1 50.4 (213.1) (162.7) 115.6 (346.8) (231.2) Earnings per share:
13 – basic earnings per share
(30.2)p (41.4)p – diluted earnings per share
(30.2)p (41.4)p 1 Restated for correction to deferred tax assets and liabilities, see note 2 for further information.
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Group Balance Sheet
At 31 December 2023 Note 2023
£m(Restated)
20221
£m(Restated)
20211
£mNon-current assets Intangible assets 14 1,551.8 1,620.9 1,778.5 Property, plant and equipment 15 1,164.5 1,175.3 1,129.6 Non-current financial assets 17 15.3 26.9 32.6 Investments accounted for using the equity method 18 11.1 13.9 13.7 Trade and other receivables 20 153.8 173.5 147.1 Finance lease receivable 34 6.5 9.7 12.7 Deferred tax assets 27 164.4 193.6 162.2 Defined benefit pension assets 33 0.2 0.4 3.8 Total non-current assets 3,067.6 3,214.2 3,280.2 Current assets Inventories 21 33.7 32.4 28.8 Trade and other receivables 22 573.1 560.7 428.3 Finance lease receivable 34 2.7 4.3 4.1 Derivative financial instruments 17 11.1 37.7 31.0 Current tax assets 12.4 2.3 3.3 Cash and cash equivalents 23 356.3 291.8 508.4 Assets classified as held for sale 19 989.3
18.2929.2
18.61,003.9
18.6Total current assets 1,007.5 947.8 1,022.5 Total assets 4,075.1 4,162.0 4,302.7 Non-current liabilities Borrowings 28 (1,290.6) (886.3) (1,294.3) Derivative financial instruments 28 (15.3) (22.4) (11.1) Deferred tax liability 27 (47.1) (26.9) (14.5) Other non-current liabilities 25 (115.2) (121.2) (123.8) Defined benefit pension liabilities 33 (32.8) (42.5) (99.2) Provisions 26 (146.4) (79.3) (76.8) Total non-current liabilities (1,647.4) (1,178.6) (1,619.7) Current liabilities Trade and other payables 24 (960.6) (874.5) (787.7) Borrowings 28 (271.2) (602.0) (302.3) Derivative financial instruments 28 (31.6) (41.9) (24.5) Current tax liabilities - (4.2) (3.0) Provisions 26 (98.3) (87.0) (89.6) Total current liabilities (1,361.7) (1,609.6) (1,207.1) Total liabilities (3,009.1) (2,788.2) (2,826.8) Net assets 1,066.0 1,373.8 1,475.9 Shareholders' equity Share capital 32 30.7 30.7 30.7 Share premium 533.6 533.6 533.6 Own shares (3.6) (3.9) (4.5) Hybrid reserve 513.0 513.0 513.0 Other reserves 32 397.6 481.1 384.0 Retained earnings (435.5) (223.7) (22.0) Total shareholders' equity
Non-controlling interests in equity1,035.8
30.21,330.8
43.01,434.8
41.1Total equity 1,066.0 1,373.8 1,475.9 1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information
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Group Cash Flow Statement
For the year ended 31 December 2023 Note 2023
£m2022
£mCash generated from operations 38 315.7 284.9 Tax paid (27.3) (17.6) Interest paid (62.9) (48.6) Interest received 4.5 2.5 Net cash flow from operating activities 230.0 221.2 Cash flows from investing activities Payments to acquire businesses, net of cash acquired 19 (9.4) (4.8) Deferred consideration for businesses acquired 19 (3.6) (3.7) Purchase of property, plant and equipment (128.2) (169.0) Proceeds from disposal of property, plant and equipment 33.8 9.3 Payments to acquire intangible assets (12.9) (10.7) Proceeds from disposal of intangible assets 4.9 5.2 Payments to settle net investment hedge derivative contracts (5.0) (10.5) Receipts on settlement of net investment hedge derivative contracts 15.8 3.1 Receipts relating to joint ventures and associates 1.5 0.7 Net cash flow from investing activities (103.1) (180.4) Cash flows from financing activities Dividends paid to holders of hybrid instrument (21.3) (21.3) Net principal lease payments 34 (57.4) (85.9) Increase in borrowings 668.9 128.8 Repayment of borrowings (576.6) (169.5) Transaction costs relating to new borrowings (4.1) - Payments to settle foreign exchange forward contracts (30.3) (61.7) Receipts on settlement of foreign exchange forward contracts 44.6 22.3 Purchase of own shares - (0.3) Acquisition of non-controlling interests1 (46.1) (19.1) Contributions from non-controlling interest 0.5 3.2 Disposals of non-controlling interests 0.4 0.6 Dividends paid to shareholders of the Company 12 (41.1) - Net cash flow from financing activities (62.5) (202.9) Increase/(decrease) in net cash and cash equivalents 64.4 (162.1) Opening net cash and cash equivalents 233.1 376.2 Increase/(decrease) in net cash and cash equivalents 64.4 (162.1) Foreign exchange (3.8) 19.0 Closing net cash and cash equivalents 23 293.7 233.1 1 Amounts in 2023 include £46.1m (2022: £19.1m) paid on exercise of the final 20% (2022: 10%) of the WeDriveU put liability
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Five Year Summary
2023 2022 2021 2020 2019 Group Adjusted Revenue 3,150.9 2,807.5 2,170.3 1,955.9 2,744.4 Adjusted operating profit/(loss) 168.6 197.3 87.0 (50.8) 295.3 Return on capital 7.0% 7.6%1 3.4% (2.0)% 12.4% Basic EPS 4.5 15.0 0.2 (14.6) 34.5% IFRS Revenue 3,150.9 2,807.5 2,170.3 1,955.9 2,744.4 Operating (loss)/profit (21.4) (173.5)1 (36.2) (381.4) 242.3 PBT (98.3) (225.3)1 (84.9) (447.7) 187.0 Basic EPS (30.2) (41.4)1 (16.6) (57.9) 27.6 Dividends per share 1.7 5.0 Nil Nil 16.4 Net (debt)/funds Cash 356.3 291.8 508.4 629.8 715.8 Bank overdrafts (62.6) (58.7) (132.2) (109.3) (237.5) Other debt receivable 2.9 2.7 1.0 1.2 2.4 Bonds (659.2) (621.4) (640.9) (647.0) (1,081.9) Bank loans (243.9)2 (194.7) (189.6) (101.8) (242.6) Fair value of derivatives included in net debt (18.6) (32.0) (3.7) (4.7) 15.0 Lease liabilities3 (171.9) (183.7) (218.9) (311.3) (385.0) Private placements (404.7) (411.9) (393.9) (476.8) (68.3) Net debt (1,201.7) (1,207.9) (1,069.8) (1,019.9) (1,282.1) 1 Restated for a correction to the German Rail onerous contract provision, see note 2 for further information
2 Net of arrangement fees totalling £3.3m on bank and other loans
3 Lease liabilities are reported net of finance lease receivables that are reported separately from borrowings on the face of the Group’s Balance Sheet