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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Flybe Grp | LSE:FLYB | London | Ordinary Share | GB00B4QMVR10 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.964 | 0.964 | 0.99 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMFLYB
RNS Number : 7020P
Flybe Group PLC
10 June 2015
Flybe Group PLC
10(th) June 2015
Flybe Group plc
("Flybe" or "the Group")
Continuing Our Transformation
Flybe today announces its results for the year ended 31(st) March 2015. This year represented the first full financial year of Flybe's three year transformation plan and the focus has been on resolving legacy issues and laying foundations for profitable growth, with significant progress on both fronts. Flybe is now returning to revenue and capacity growth as it enters the next chapter of its transformation.
Financial highlights:
-- 3.3% increase in Passenger Revenue per Seat to GBP51.35 (2013/14: GBP49.70)
-- 5.7percentage points increase in Load Factor to 75.2% (2013/14: 69.5%), an annual all-time high
-- 7.7m Passengers, held in line with previous year as a result of improved Load Factor
-- 7.5% reduction in Group Revenue to GBP574.1m (2013/14: GBP620.5m), as a result of reduction in charter flying and a planned reduction in capacity of 7.6%
-- GBP27m incremental gross cost savings delivered in the year, on top of the GBP47m reduction achieved in 2013/14. Cumulative gross savings over two years to GBP74m, GBP3m ahead of the commitment made in November 2013
-- Reported loss before tax of GBP(35.6)m, including GBP(12.0)m loss on discontinued operations of Finland JV.
-- Illustrative profit of GBP16.6m excluding GBP(10.2)m USD aircraft loan revaluations, GBP(26.0)m surplus aircraft costs, GBP(12.0)m discontinued operations and GBP(4.0)m EU261 provision (2013/14: GBP1.7m)(1)
-- Strong Balance sheet with Total Cash as at 31(st) March 2015 of GBP195.9m (31(st) March 2014: GBP218.4m). Total Cash per Share was 90.4p
Operational highlights
Resolution of nearly all of the Company's legacy issues:
-- Completed its cost restructuring and improved aircraft utilisation by 13% through improved schedule planning and design and more effective crewing and rostering
-- Exited the loss-making joint venture with Finnair
-- Exited, without any penalties, the USD892m obligation to buy 24 additional E175 jets from Embraer with a simultaneous agreement to secure young, attractively priced turbo-prop Q400s
-- Signed landmark deal with Bombardier to upgrade the reliability of Flybe's 45 Q400 aircraft
-- Found solutions for seven of the 14 surplus E195 jets. Further work ongoing to divest the remaining seven E195 jets.
Significant progress in laying foundations for future profitable growth:
-- Drove unit revenue growth in core UK business through investment in yield and improved commercial execution
-- Launched two new bases (Bournemouth & Aberdeen) and 26 new routes
-- Signed new codeshare agreements with Cathay Pacific and Finnair and commercial partnerships agreed with Avios, STA Travel and booking.com
-- Signed a six year agreement with SAS, Scandinavia's largest carrier, for a new regional White Label programme at Stockholm initially with four turboprop aircraft to start in the autumn of 2015
-- Signed an eight and a half year contract with Airbus for air frame related maintenance, repair and overhaul of the Royal Air Force's new fleet of 22 A400M Atlas airlifters at Brize Norton
Q1 2015/16 UK Trading @ 31(st) May 2015 (versus prior year)
-- 13% increase in capacity
-- 65% of capacity already sold, 2ppts behind prior year in part due to year-on-year Easter shift
-- Stable yields -- 1.7% decrease in passenger revenue per seat
Summer trading is on track withthe additional capacity selling through as planned.
Saad Hammad, Chief Executive, said: "We have just completed the first full financial year of our three year transformation plan. Despite a more challenging environment than anticipated, significant progress has been made. There is much more to do, but I am keen to put on record my thanks to all our pilots, cabin crew, engineers and everyone in the field and at HQ in Exeter for their commitment and effort. Flybe is back on track to recovery and profitable growth."
Note:
1 Reported PBT for 2013/14 was GBP8.1m. This was after charging GBP(1.7)m surplus capacity costs, GBP(10.7)m restructuring costs and crediting GBP10.5m from the sale of Gatwick slots and GBP8.3m from USD revaluation of aircraft loans. Illustrative profit for 2013/14 was therefore GBP1.7m. Reported PBT for 2014/15 is GBP(35.6)m. Excluding GBP(10.2)m USD revaluation of aircraft loans, GBP(26.0)m surplus E195 costs,GBP(4.0)m EU261 catch up provision, and GBP(12.0)m Finland discontinued operations, Illustrative profit for 2014/15 is therefore GBP16.6m
The annual report of accounts is published today and available on the website at:
http://www.flybe.com/corporate/investors/reports_and_accounts.htm
Enquiries: Flybe Tel: +44 (0)20 7379 5151 Philip de Klerk, Chief Financial Officer Maitland Tel: +44 (0)20 7379 5151 Neil Bennett Andy Donald
Financial Review
During the first full financial year of our three year transformation plan, we have taken significant actions to reduce the cost base and to refocus the commercial operations of the business. These have entailed the departure of over 65 employees, a reconfiguration of the routes we serve and the sale of our joint venture in Finland. As a result, there are a number of one-off and technical items that mask the underlying profit performance.
Flybe made a reported loss before tax of GBP(35.6)m (2013/14: GBP8.1m profit). However, this loss before tax is affected by non-cash revaluations on our USD loans that are intended to be hedges against the value of each aircraft, whose value is denominated in dollars. If these movements are excluded, we made an adjusted loss of GBP(25.4)m (2013/14: loss of GBP(0.1)m).
Total revenue reduced by 7.5% to GBP574.1m from GBP620.5m, as the UK business has optimised its network through the planned reduction of overall capacity by 7.6% to 10.3m seats whilst maintaining passenger numbers at 2013/14 levels (7.7m) through yield investment and improved marketing.
The MRO business, Flybe Aviation Services, generated a profit before tax of GBP2.3m (2013/14: profit before tax of GBP2.2m).
Flybe Finland generated a loss from the joint venture of GBP(2.2)m from April 2014 to September 2014 (2013/14: GBP0.8m) and interest income of GBP0.2m. Flybe Finland did not deliver on its expectations of generating profits in 2014/15 due to poor performance in its scheduled flying operations and therefore Flybe sold its interest in Flybe Finland for one Euro. GBP10.0m was provided for the impairment of the interest in Flybe Finland. The loss in the first half of GBP(2.0)m and the impairment of GBP(10.0)m combined is a GBP(12.0)m loss for the year.
During 2014/15 Flybe has continued to reduce costs and we have removed GBP27m of costs from the business during 2014/15 in addition to the GBP47m achieved in 2013/14. This totals GBP74m gross savings, GBP3m above the original GBP71m identified as part of the commitments outlined in last year's turnaround plan.
Flybe continues to have a robust balance sheet with free cash of GBP177.9m at the end of March 2015 (2013/14: GBP177.9m), with restricted cash of GBP18.0m (2013/14: GBP40.5m) and net cash of GBP76.7m (2013/14: GBP116.9m).
EBITDAR reduced 29.9% to GBP69.4m from 2013/14's GBP98.7m. Set out below is a reconciliation from operating loss to the EBITDAR figures. All EBITDAR metrics are non-GAAP measures(1) .
EBITDAR is a common airline profit measure which is used for making comparisons between airlines.
Hot Features
Premium
2015 2014 Change
GBPm GBPm %
--------------------------------------- ------------- ------------ --------------
Operating (Loss)/profit (13.0) 1.3 (1100)%
Discontinued Operations (Loss)/profit (12.0) (0.5) (2300)%
Depreciation and amortisation(2) 13.8 14.3 (3.3)%
Aircraft rental charges 80.6 83.6 (3.6)%
--------------------------------------- ------------- ------------ --------------
EBITDAR - unadjusted 69.4 98.7 (29.9)%
The table below sets out a reconciliation from (loss)/profit before tax to adjusted (loss)/profit before tax which adjusts the result for USD loan revaluations.
2015 2014 Change
GBPm GBPm %
--------------------------------------- ------- ------- ---------
Profit/(loss) before tax - unadjusted (35.6) 8.1 (327.2)%
USD loan revaluation 10.2 (8.3) (222.9)%
--------------------------------------- ------- ------- ---------
Adjusted Profit/(loss) before tax and
USD loan revaluations (25.4) (0.2) 11600%
--------------------------------------- ------- ------- ---------
The adjusted profit/(loss) before tax figures given above are non-GAAP measures(1) .
1. Non-GAAP measures exclude amounts that are included in the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. The reconciliations above describe how the non-GAAP measure is determined from the most directly comparable measure calculated and presented in accordance with IFRS. The non-GAAP measures are not regarded as a substitute for, or to be superior to, the equivalent measures calculated and presented in accordance with IFRS or those calculated using financial measures that are calculated in accordance with IFRS. The non-GAAP measures described may not be directly comparable with similarly-titled measures used by other companies.
2. Excludes depreciation on maintenance assets set up in accordance with IFRS requirements.
Illustrative Profit/(Loss) before tax
Flybe made a loss before tax of GBP(35.6)m (2013/14: GBP8.1m profit). However, this loss before tax is affected by non-cash revaluations on our USD loans that are intended to be hedges against the value of each aircraft, whose value is denominated in dollars. If these movements are excluded, we made an adjusted loss of GBP(25.4)m (2013/14: loss of GBP(0.1)m). Cost of surplus aircraft were GBP(26.0)m this year against GBP(1.7)m the previous year and this year included significant costs of the Finland discontinued operations of GBP(12.0)m and GBP(4.0)m provision for EU261 claims on delayed and cancelled flights prior to 1(st) April 2014. Conversely, 2013/14 had one-off restructuring costs of GBP(10.7)m, offset by one-off GBP10.5m profit from the sale of our Gatwick slots. For illustrative purposes, therefore the UK profit net of these factors would have been GBP16.6m (2013/14 GBP1.7m).
The business continues to focus on exiting surplus aircraft costs and will continue to monitor as they are relevant into 2015/16.
2013 2014 2015
GBPm GBPm GBPm
Illustrative Profit/(Loss) Before
Tax (33.5) 1.7 16.6
----------------------------------- ---------------------- ---------------------- -----------------------
EU261 catch up provision (4.0)
Discontinued operations 0.1 (12.0)
Restructuring costs - (10.7) -
Sale of Gatwick slots - 10.5 -
Surplus aircraft costs (2.9) (1.7) (26.0)
----------------------------------- ---------------------- ---------------------- -----------------------
Adjusted PBT (36.4) (0.2) (25.4)
Foreign Exchange Translation of
loans (4.7) 8.3 (10.2)
----------------------------------- ---------------------- ---------------------- -----------------------
Reported PBT (41.1) 8.1 (35.6)
Fleet
Flybe UK
One of the key legacy issues tackled by Flybe during 2014/15 was to resolve the contractual commitment to acquire 24 additional Embraer E175 aircraft. This has been done without any penalties. In addition, as part of this resolution, Flybe has committed to receiving four E175s in 2018 and an additional 24 used republic Q400 aircraft between 2015 and 2019.
Five Q400 aircraft were contracted to return to lessors in 2014/15, but these aircraft were purchased from the lessors in order to provide capacity for the expansion at London City that commenced in October 2014.
The following table shows the current number of aircraft that are contracted for delivery to the Group.
ATRs E175s Bombardier
Q400s
--------- ---- ----- ----------
Flybe UK
2015/16 4 - 10
2016/17 - - 9
2017/18 - 3 5
2018/19 - 1 -
Total 4 4 24
--------- ---- ----- ----------
Fleet under management
The profile of Flybe's fleet under management at 31(st) March 2015 is summarised below:
Number of aircraft
-------------------- ------------------ -------------------
At 31(st) At 31(st)
Number of March Net movements March
seats 2014 in period 2015
----------------------------- ----------------------- -------------------- ------------------ -------------------
UK Airline
Embraer E195 regional
jet 118 14 (4) 10
Embraer E175 regional
jet 88 11 0 11
Bombardier Q400 turboprop 78 45 0 45
-------------------- ------------------ -------------------
70 (4) 66
Flybe Finland
ATR 42 turboprop 48 2 (2) -
ATR 72 turboprop 68-72 12 (12) -
Embraer E170 regional
jet 76 2 (2) -
Embraer E190 regional
jet 100 12 (12) -
-------------------- ------------------ -------------------
28 (28) 0
----------------------------- ----------------------- -------------------- ------------------ -------------------
Total 98 (32) 66
----------------------------- ----------------------- -------------------- ------------------ -------------------
Held on operating lease 89 (37) 52
Owned and debt financed 9 5 14
----------------------------- ----------------------- -------------------- ------------------ -------------------
Total 98 (32) 66
----------------------------- ----------------------- -------------------- ------------------ -------------------
Total seats in fleet 8,410 5,658
Average seats per aircraft 85.8 86.0
Average age of fleet (years) 5.93 7.0
----------------------------- ----------------------- -------------------- ------------------ -------------------
As at 31(st) March 2015 Flybe had 66 aircraft under management. Flybe Finland is no longer part of the Flybe Group.
The Group will continue to match capacity to demand, particularly in its core UK market. Flybe has found solutions for seven of the surplus E195s during 2014/15, with four returned to lessors, one has been returned in May 2015, and two to be operated as part of the new Cardiff base. This leaves seven further aircraft to be resolved. Flybe is pursuing multiple options in order to find appropriate solutions.
Business results
Flybe's results analysed by segment are summarised below. These results are before tax, other than share of joint venture results.
2015 2014
GBPm GBPm
----------------------------------------- --------------------- ---------------------
Business revenues:
Flybe UK 550.7 599.6
FAS 40.8 35.4
Inter-segment sales (17.4) (14.5)
----------------------------------------- --------------------- ---------------------
Group revenue 574.1 620.5
----------------------------------------- --------------------- ---------------------
Business adjusted (loss)/profit before
tax:
Flybe UK(1) (24.1) 1.2
FAS(2) 2.3 2.2
Group costs (3.6) (3.6)
----------------------------------------- --------------------- ---------------------
Group adjusted loss before tax and USD
loan revaluations(3) (25.4) (0.2)
Revaluation gain/(loss) on USD aircraft
loans (10.2) 8.3
----------------------------------------- --------------------- ---------------------
Group (loss)/profit before tax (35.6) 8.1
----------------------------------------- --------------------- ---------------------
1 Flybe UK adjusted loss before tax, restructuring is the segment loss of GBP(24.1)m (2013/14: GBP1.2m profit) after deducting group costs of GBP3.6m (2013/14: GBP3.6m), net restructuring of GBP0.0m (2013/14: GBP0.2m) and revaluation losses on USD aircraft loans of GBP(10.2)m (2013/14: gains of GBP8.3m).
2 FAS profit before tax is the segment profit of GBP2.3m (2013/14: GBP2.2m).
3 Adjusted (loss)/profit before tax and USD loan revaluations defined as (loss)/profit before tax and revaluation losses on USD aircraft loans of GBP(10.2)m (2013/14: gain of GBP8.3m).
Flybe UK
Revenue
2015 2014
---------------- ----------------
GBP per GBP per
GBPm seat GBPm seat
------------------- ------ -------- ------ --------
Passenger revenue 528.6 51.35 553.9 49.70
Contract flying 11.6 16.2
Other revenue 10.5 29.5
Total revenue 550.7 599.6
------------------- ------ -------- ------ --------
As discussed in the Business review above, Flybe UK discontinued under-performing routes and drove load factors by yield investment and improved commercial execution. The 7.6% reduction in seat capacity was offset by a 5.7 percentage point increase in load factor. This resulted in annual passenger numbers being maintained at 7.7m. However, with constant passenger numbers the reduction in passenger yield did result in a 4.6% reduction in passenger revenue to GBP528.6m.
The benefit of this rationalisation, however, is shown in the improved performance per seat. Revenue per seat rose by 3.3% (to GBP51.35).
Contract flying was carried out for Helvetic and Aurigny for a few months during 2013/14 in addition to a long term Brussels Airlines contract that continues in 2014/15, albeit on a smaller scale.
Other revenue in Flybe UK totalled GBP10.5m, representing a 64.4% decrease on the GBP29.5m generated in 2013/14, as we reduced unprofitable charter operations, which had been used in the previous year to deploy surplus capacity.
Operating costs
Operating costs (on a Flybe UK basis, including restructuring and surplus capacity costs)
2015 2014
GBPm GBPm
------------------------------- ------ ------
Fuel and aircraft operations 283.3 315.8
Aircraft ownership and
maintenance 148.6 153.9
Staff and other net operating
expenses 133.8 130.1
Operating costs 565.7 599.8
------------------------------- ------ ------
Operating costs, including restructuring and surplus capacity costs decreased by 5.7% from GBP599.8m to GBP565.7m largely due to the reduction in fuel price and capacity. Fuel and aircraft operations costs decreased by 10.2%, or GBP32.5m. There was a 3.4%, or GBP5.3m, saving in aircraft ownership and maintenance costs due to a lower average fleet in the year (66 aircraft versus 70 in 2013/14).
Operating costs (on a Flybe UK basis, excluding restructuring and surplus capacity costs)
2015 2014
---------------- --------
GBP per GBP per
GBPm seat GBPm seat
------------------------------- ------ -------- ------ --------
Fuel and aircraft operations 283.3 27.50 315.8 28.45
Aircraft ownership and
maintenance 122.6 11.90 152.2 13.71
Staff and other net operating
expenses 133.8 13.00 129.9 11.70
Operating costs 539.7 52.40 597.9 53.86
------------------------------- ------ -------- ------ --------
Fuel
The spot price of fuel has dropped by nearly 50% in 2014/15. However, Flybe has a hedging policy to protect itself from short term fluctuations in spot prices, and so, in line with most other airlines, our net fuel costs decreased by only 12.1% to GBP105.5m (GBP120.0m in 2013/14). Aviation fuel prices remain liable to large and unpredictable movements due to a variety of external factors, including changes in supply and demand for oil and oil-related products and volatility in the futures markets.
During the year to 31(st) March 2015, Flybe UK used some 160,702 tonnes of jet fuel, a reduction on 2013/14 of 8% from 175,200 tonnes. The average market price during the year was USD807 per tonne (2013/14: USD974), with the Group paying a blended rate (net of hedges) of USD949 per tonne (2013/14: USD982). Including 'into plane' costs, Flybe's fuel costs in 2014/15 of GBP105.5m (2013/14: GBP120.0m) represent an all-in cost of USD1,041 per tonne for 2014/15 (2013/14: USD1,062). Using constant currency, our fuel costs per seat decreased by 3.9% from GBP10.63 to GBP10.24.
Flybe UK operates a policy of managing fuel price volatility by entering into derivative contracts representing a portion (between 60% and 90%) of its aviation fuel requirements a minimum of 12 months forward from the current date. The intention of this programme is to provide a significant element of certainty over its fuel costs for any forthcoming IATA season. As at March 2015, 70% of the year's fuel requirement to March 2016 is hedged at an average price of USD919 per tonne. Further details are given in note 36 to the Consolidated Financial Statements. Taking into account our hedged position, each USD50 increase/decrease in the price of jet fuel reduces/improves group profits in 2015/16 by GBP1.7m.
Efficiencies have been derived from our fleet replacement programme, operational improvements and careful management of routes and frequencies. Overall, 15.6kg of fuel was consumed for each seat flown (2013/14: 15.7kg per seat). This remains a significant improvement on the 19.1kg per seat consumed in 2007/08 due to our investment in a modern, fuel-efficient, two-type aircraft fleet best suited to regional flying.
Net finance costs
Net finance costs worsened by GBP(10.2)m due to a non-cash, non-underlying movement on the retranslation of US Dollar denominated debt used to fund the acquisition of aircraft, particularly the newer E175 regional jets, compared to a gain of GBP8.3m in 2013/14. The movement in this US Dollar liability cannot be naturally offset against the value of the aircraft as the latter is recorded in pounds Sterling in order to comply with the requirements of International Financial Reporting Standards. This income statement charge has therefore been removed in arriving at adjusted loss before tax.
Foreign exchange
The Group foreign currency hedging policy has an objective to reduce the volatility of costs. Flybe manages its foreign exchange positions based on its net foreign currency exposure, being foreign currency expenditure less associated revenue. Flybe UK currently has a relatively small net exposure to the Euro, but has significant US Dollar costs in relation to fuel, maintenance, aircraft operating leases and loan repayments. The Group generates no significant US Dollar revenue and actively manages its US Dollar position through a foreign exchange forward purchase programme similar to that outlined for fuel. As at 31(st) March 2015, 69% of our anticipated US Dollar requirements for the year to 31(st) March 2016 were hedged at an average exchange rate of USD1.5764. All existing derivative financial instruments are forward swap arrangements.
Taking into account our hedged position, each USD0.05 reduction/improvement in the US Dollar exchange rate has the effect of reducing/increasing Flybe UK's profits in 2015/16 by approximately GBP2.6m.
Carbon emissions
The Group is required to purchase carbon allowances for all flights departing from and arriving into the EU in order to offset its carbon footprint in each calendar year. Flybe manages its exposure by purchasing carbon emissions allowances through a forward purchase programme to top up the free allowances awarded to it under the scheme. The table below sets out Flybe UK's emissions and carbon allowances for each of the periods under review:
Calendar year 2015 2014
Budget Actual
------------------------------------------ -------- --------
Anticipated carbon allowances required,
tonnes 544,390 448,909
Free allowance allocation, tonnes 222,778 222,778
Proportion hedged at beginning of period 100% 99%
Effective carbon rate EUR5.40 EUR5.04
------------------------------------------ -------- --------
Flybe Finland
Flybe has divested its interest in Flybe Finland, however the summary results are as follows:
2015 2014
GBPm GBPm
-------------------------------------- -------- ------
60% share of Flybe Finland joint
venture loss (2.2) (0.5)
Other net costs including interest 0.2 (0.3)
Impairment of discontinued Operation (10.0) -
Business result - Flybe Finland (12.0)* (0.8)
--------------------------------------- -------- ------
'* Flybe's share of the joint venture loss was GBP(2.2)m between April 2014 to September 2014, interest income was GBP0.2m, and the Flybe investment was impaired by GBP(10.0)m, for a total of GBP(12.0)m.
With ongoing profitability issues in Flybe Finland, and the slower than expected turnaround, Flybe has divested its interest in the joint venture to Finnair for one Euro resulting in the impairment of the Group's investment of GBP10m.
FAS
In November 2014 we created FAS, a stand-alone maintenance, repair and overhaul (MRO) business which includes the MRO business that was part of Flybe Ltd. The combined results for MRO and FAS during 2014/15 were as follows:
2015 2014 Change
GBPm GBPm %
Revenue 40.8 35.4 15.4%
Operating costs (38.5) (33.2) (16.00)%
------------------- ------- ------- ---------
Profit before tax 2.3 2.2 4.5%
------------------- ------- ------- ---------
Revenue increased by 15.4% in 2014/15 to GBP40.8m (2013/14: GBP35.4m), of which GBP23.2m was for third party customers (2013/14: GBP20.9m). This increase was driven by the 17.3% increase in manhours from 455,100 manhours in 2013/14 to 533,800 hours in 2014/15. This, in turn, resulted in higher fixed costs and available capacity in the MRO business. The increase in revenue generating capacity led to a 16% increase in operating costs from GBP33.2m to GBP38.5m, and an improved profit performance.
Group costs
Group costs of GBP3.6m were held flat to 2013/14 and include Group Board salary costs and group related legal and professional fees. The reduction in Board costs in the year has been offset by higher advisor, legal and professional fees. No bonuses were paid or accrued for in the year.
Profit/(loss) before and after tax
The Group's reported loss before tax was GBP(35.6)m (2013/14: GBP8.1m profit).
The Group's adjusted loss before tax and USD aircraft loans revaluation was GBP(25.4)m (2013/14: GBP(0.2)m).
Losses after tax were GBP(35.7)m (2013/14 GBP8.0m profit). The current year tax charge was GBP0.1m (2013/14: GBP0.1m).
EPS and dividends
Basic earnings per share for the year were (16.5)p, compared to earnings per share of 9.6p in 2013/14.
No dividends were paid or proposed in either the current or prior financial year.
Cash flow
2015 2014 Change
GBPm GBPm GBPm
------------------------------------------- ------- ------- --------
Net cash inflow from operating activities
before restructuring 30.1 7.3 22.8
Cash flows from restructuring activities - (12.8) 12.8
Net cash inflow/(outflow) from operating
activities after restructuring 30.1 (5.5) 35.6
Net proceeds from issuing new equity - 150.1 (150.1)
Net capital (expenditure)/income after
disposal proceeds (36.6) 21.7 (58.3)
Net proceeds/(repayment) from loans 7.0 (10.7) 17.7
Net interest paid (0.5) (1.0) 0.5
Net increase in cash and cash equivalents - 154.6 154.6
------------------------------------------- ------- ------- --------
Cash and cash equivalents at beginning
of year 177.9 23.3 154.6
------------------------------------------- ------- ------- --------
Cash and cash equivalents at end of year 177.9 177.9 -
Restricted cash 18.0 40.5 (22.5)
Total cash 195.9 218.4 (22.5)
------------------------------------------- ------- ------- --------
The group generated GBP7.6m from operating activities (2013/14 used GBP5.5m after restructuring costs). Largely due to the strengthened balance sheet arising from the equity issue, the group succeeded in reducing restricted cash (i.e. cash held as security for others, such as merchant acquirers) to GBP18.0m, from GBP40.5m in the prior year. Of this, GBP(36.6)m was spent on capital expenditure, largely for the purchase of 5 end of lease Q400's for GBP31.7m, in line with our stated aim to own a higher proportion of our fleet.
Financing activities of GBP6.5m included net borrowings of GBP7.0m and GBP0.5m of net interest payments, (2013/14 repaid GBP10.7m loans, and increased cash and equivalents by GBP154.6m as a result of the GBP150.1m net equity issuance). As a result, total cash (excluding debt) available was GBP195.9m at the year-end (2013/14: GBP218.4m). This reinforces the strength of the balance sheet.
Balance sheet
2015 2014 Change
GBPm GBPm GBPm
------------------------------------------ -------- -------- -------
Aircraft 166.4 147.0 19.4
Other property, plant and equipment 22.7 23.6 (0.9)
Interest in joint ventures - 12.4 (12.4)
Net funds 76.7 116.9 (40.2)
Derivative financial instruments (7.2) (7.6) 0.4
Other working capital - net (119.9) (105.4) (10.2)
Deferred taxation 8.5 4.5 4.0
Other non-current assets and liabilities (7.2) 2.7 (14.2)
Net assets/(liabilities) 140.0 194.1 (54.1)
------------------------------------------ -------- -------- -------
The GBP166.4m of net book value of aircraft represents owned aircraft, engines and aircraft modifications.
On 31(st) March 2015, Flybe sold its interest in our joint venture in Finland for one euro.
Net funds, representing cash offset by debt, at 31(st) March 2015 of GBP76.7m (2014: GBP116.9m) benefited from the capital inflows. Net funds at 31(st) March 2015 includes restricted cash of GBP18.0m (GBP40.5m at 31(st) March 2014) which represents, predominantly, cash held with the Group's bankers to facilitate card acquiring services and guarantee arrangements with suppliers, and cash deposits held in favour of aircraft owners to secure operating lease arrangements. Since the year-end, a net GBP22.5m of restricted cash has been released by the Group's bankers.
The mark-to-market valuation of derivative financial instruments decreased from a liability of GBP7.6m at 31(st) March 2014 to a liability of GBP7.2m at 31(st) March 2015, as foreign exchange rates and fuel prices moved against Flybe's portfolio of contracts. Net negative other working capital increased from GBP(105.4)m to GBP(119.9)m, largely due to increased current deferred income, the creation of the EU261 flight delay provision, being offset by a reduction in the restructuring provision.
The balance sheet also includes the impact of the defined benefit pension scheme deficit of GBP21.0m which is included in "Other non-current assets and liabilities" above. This scheme, which is closed to future benefit accrual, had been in deficit by GBP2.5m at March 2014. The year on year increase of GBP18.5m in the deficit is primarily due to the change in the discount rates. A recovery plan of GBP0.5m contribution per annum from Flybe was agreed as part of the last actuarial review in 2013.
Covenants
The Group has certain financial performance covenants in relation to some of its aircraft financing agreements. These specify performance, depending on the contractual terms, against a series of tests, which are performed either quarterly, half-yearly or annually. Flybe has met all the terms of the covenants tested since the inception of the arrangements to 31(st) March 2015 (see note 24 to the Consolidated Financial Statements).
Country and currency risk
Flybe's UK and European businesses operate in a global marketplace. Most of Flybe's customers are based in Europe, although the MRO business also has customers in Africa, the Middle East and the central Asian republics. Most of Flybe's revenues are derived from UK-based customers (about 85% of group revenue). Aircraft are bought and sold in US dollars as are other key costs such as fuel and aviation insurance. Airport and en route charges are payable in a mix of Sterling and euros and the further development of European operations will mean greater exposure to Euro revenues and costs. This is further considered in the Risks and Uncertainties section and note 36 'Financial instruments' of the annual report.
Going concern
Flybe's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chairman\'s and Chief Executive Officer's statements. The financial position of the Group, its cash flows and liquidity position, and events since the balance sheet date are described in the financial performance section of that statement and in the Financial Review of the annual report. In addition, note 36 in the annual report covers Flybe's financial risk management objectives, details of its financial instruments and hedging activities and its exposures to credit risk and liquidity risk.
Flybe had free cash balances of GBP177.9m at 31(st) March 2015, and has met all of its operating lease commitments and debt repayments as they have fallen due during the year.
Flybe faces trading risks presented by current economic conditions in the aviation sector, particularly in relation to passenger volumes and yields and the associated profitability of individual routes.
The Group is exposed to uctuations in fuel prices and foreign exchange rates. The Group's policy is to hedge between 60% and 90% of estimated exposures 12 months in advance. As of 5(th) June 2015, we had purchased 81% of our anticipated fuel requirements and 64% of our anticipated US Dollar requirements for the following 12 months.
The Directors have prepared a detailed trading budget and cash flow forecast for a period which covers at least 12 months after the date of approval of these Financial Statements. Having considered the forecasts and making other enquiries, the Directors have a reasonable expectation that Flybe has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the Annual Financial Statements.
Consolidated Income Statement
2014 2014 Restructuring
Before costs
2015 restructuring (note 7) 2014
Total costs GBPm Total
GBPm GBPm GBPm
-------------------- ----------- ------------------- ------------------- --------------------------------------
GROUP REVENUE 574.1 620.5 - 620.5
Consisting of:
Passenger revenue 528.6 553.9 - 553.9
Contract flying
revenue 11.6 16.2 - 16.2
Revenue from other
activities 33.9 50.4 - 50.4
--------------------- ----------- ------------------- ------------------- --------------------------------------
GROUP REVENUE 574.1 620.5 - 620.5
--------------------- ----------- ------------------- ------------------- --------------------------------------
Staff costs (90.4) (98.0) (9.6) (107.6)
Fuel (105.5) (120.0) - (120.0)
Net airport and en
route charges (108.7) (122.1) - (122.1)
Ground operations (69.1) (73.7) - (73.7)
Maintenance (37.2) (41.9) - (41.9)
Depreciation and
amortisation (13.8) (14.3) - (14.3)
Aircraft rental
charges (80.6) (83.6) - (83.6)
Marketing and
distribution
costs (27.4) (23.3) - (23.3)
Other operating
gains/(losses) 0.8 0.9 10.5 11.4
Other operating
expenses (54.9) (43.0) (1.1) (44.1)
--------------------- ----------- ------------------- ------------------- --------------------------------------
Operating
(loss)/profit (12.7) 1.5 (0.2) 1.3
Investment income 0.8 0.7 - 0.7
Finance costs (1.5) (1.7) - (1.7)
Other gains/(losses) (10.2) 8.3 - 8.3
--------------------- ----------- ------------------- ------------------- --------------------------------------
(LOSS)/PROFIT BEFORE
TAX (23.6) 8.8 (0.2) 8.6
Tax charge (0.1) (0.1) - (0.1)
--------------------- ----------- ------------------- ------------------- --------------------------------------
(LOSS)/PROFIT AFTER
TAX of continuing
operations (23.7) 8.7 (0.2) 8.5
--------------------- ----------- ------------------- ------------------- --------------------------------------
Loss on discontinued
operations (12.0) (0.5) - (0.5)
--------------------- ----------- ------------------- ------------------- --------------------------------------
(LOSS)/PROFIT (35.7) 8.2 (0.2) 8.0
--------------------- ----------- ------------------- ------------------- --------------------------------------
Earnings/(loss) per
share:
Basic and diluted (16.5) 9.6
--------------------- ----------- ------------------- ------------------- --------------------------------------
Consolidated statement of comprehensive income
Year ended 31st March 2015
2015 2014
GBPm GBPm
(Loss)/profit for the financial year (35.7) 8.0
------------------------------------------------ ----------------------------- -----------------------------
Items that will not be reclassified to
profit or loss:
Re-measurement of net defined benefit
obligation (18.4) (2.2)
Deferred tax arising on net defined benefit
obligation 4.1 0.5
(14.3) (1.7)
Items that may be reclassified subsequently
to profit or loss:
Losses arising during the year on cash
flow hedges (23.4) (15.7)
Reclassification of gains/(losses) on
cash flow hedges included in the income
statement 15.5 3.2
Deferred tax arising on cash flow hedges (0.2) 2.1
Foreign exchange translation differences 3.8 (0.6)
------------------------------------------------ ----------------------------- -----------------------------
(4.3) (11.0)
Other comprehensive loss for the year (18.6) (12.7)
------------------------------------------------ ----------------------------- -----------------------------
Total comprehensive loss for the year (54.3) (4.7)
------------------------------------------------ ----------------------------- -----------------------------
Consolidated statement of changes in equity
Year ended 31(st) March 2015
Share Share Hedging Other Capital Retained Total
capital premium reserve reserves redemp- earnings/ equity
GBPm GBPm GBPm GBPm tion (deficit) GBPm
reserve GBPm
GBPm
Balance at 1(st) April 2013 0.7 60.6 3.6 6.7 22.5 (46.0) 48.1
Loss for the year - - - - - 8.0 8.0
Other comprehensive income
for the year - - (11.0) - - (1.7) (12.7)
Equity--settled share--based
payment transactions - - - - - 0.6 0.6
Share capital issued 1.5 154.2 - - - - 155.7
Share issue expenses - (5.6) - - - - (5.6)
----------------------------- ----------- ----------- -------- ------------- ---------- ---------- ------------
Balance at 31(st) March 2014 2.2 209.2 (7.4) 6.7 22.5 (39.1) 194.1
Loss for the year - - - - - (35.7) (35.7)
Other comprehensive loss for
the year - - (4.3) - - (14.3) (18.6)
Equity--settled share--based
payment transactions - - - - - 0.1 0.1
Share capital issued - - - - - - -
Share issue expenses - 0.1- - - - - 0.1
----------------------------- ----------- ----------- -------- ------------- ---------- ---------- ------------
Balance at 31(st) March 2015 2.2 209.3 (11.7) 6.7 22.5 (89.0) 140.0
----------------------------- ----------- ----------- -------- ------------- ---------- ---------- ------------
Consolidated balance sheet
Year ended 31st March 2015
2015 2014
GBPm GBPm
NON-CURRENT ASSETS
Intangible assets 8.8 5.2
Property, plant and equipment 189.1 170.6
Interests in joint ventures - 12.4
Other non-current assets 38.0 42.3
Restricted cash 7.1 6.6
Deferred tax asset 8.8 6.1
Derivative financial instruments 0.2 -
252.0 243.2
----------------------------------- ----------------------------- -----------------------------
CURRENT ASSETS
Inventories 7.1 6.8
Trade and other receivables 98.3 85.8
Cash and cash equivalents 177.9 177.9
Restricted cash 10.9 33.9
Derivative financial instruments 14.1 0.4
308.3 304.8
----------------------------------- ----------------------------- -----------------------------
TOTAL ASSETS 560.3 548.0
----------------------------------- ----------------------------- -----------------------------
CURRENT LIABILITIES
Trade and other payables (96.3) (82.0)
Deferred income (77.1) (70.7)
Borrowings (13.0) (10.4)
Provisions (51.9) (45.3)
Derivative financial instruments (18.9) (8.0)
----------------------------------- ----------------------------- -----------------------------
(257.2) (216.4)
----------------------------------- ----------------------------- -----------------------------
NON-CURRENT LIABILITIES
Borrowings (106.2) (91.1)
Deferred tax liabilities (0.3) (1.6)
Provisions (24.3) (31.9)
Deferred income (8.3) (9.5)
Employee benefits (21.0) (2.5)
Derivative financial instruments (2.6) -
Liability for share-based payments (0.4) (0.9)
----------------------------------- ----------------------------- -----------------------------
(163.1) (137.5)
----------------------------------- ----------------------------- -----------------------------
TOTAL LIABILITIES (420.3) (353.9)
----------------------------------- ----------------------------- -----------------------------
NET ASSETS 140.0 194.1
----------------------------------- ----------------------------- -----------------------------
EQUITY ATTRIBUTABLE TO OWNERS OF
THE COMPANY
Share capital 2.2 2.2
Share premium account 209.3 209.2
Hedging reserve (11.7) (7.4)
Other reserves 6.7 6.7
Capital redemption reserve 22.5 22.5
Retained deficit (89.0) (39.1)
TOTAL EQUITY 140.0 194.1
----------------------------------- ----------------------------- -----------------------------
Consolidated cash flow statement
Year ended 31st March 2015
2015 2014
GBPm GBPm
Cash flows from operating activities
(Loss)/profit for the year (35.7) 8.0
Loss from discontinued operations 2.2 0.5
Interest received on joint venture loan (0.2)
Impairment of joint venture 10.0 -
Loss from continued operations (23.7) 8.5
Adjustments for:
Restructuring costs - 10.7
Unrealised (gains)/losses on derivative contracts (2.5) (1.3)
Depreciation, amortisation and impairment 14.6 14.3
Investment income (0.8) (0.7)
Finance costs 1.5 1.7
Other net (gains)/losses 10.2 (8.3)
(Profit)/loss on sale of property, plant and
equipment - (0.2)
Profit on sale of assets held for sale - (0.4)
Profit on sale of intangible assets - (10.5)
Share-based payment expenses (0.5) 1.5
Taxation -0.1 0.1
-------------------------------------------------------- ----------------------------- -----------------------------
(1.1) 15.4
Cash paid in respect of restructuring costs - (12.8)
Cash paid for defined benefit pension funding (0.5) -
Increase in restricted cash 22.5 (9.1)
(Increase)/decrease in trade and other receivables (10.9) (8.2)
Increase in inventories (0.2) -
(Decrease)/increase in trade and other payables 21.3 (9.8)
Increase/(decrease) in provisions and employee
benefits (1.0) 19.0
-------------------------------------------------------- ----------------------------- -----------------------------
31.2 (20.9)
Tax paid - -
-------------------------------------------------------- ----------------------------- -----------------------------
Net cash flows from operating activities 30.1 (5.5)
-------------------------------------------------------- ----------------------------- -----------------------------
Cash flows from investing activities
Proceeds from sale of property, plant and equipment - 1.3
Proceeds from sale of intangible assets - 17.5
Proceed from sale of assets held for sale - 12.3
Decrease/(increase) in pre-delivery deposits - 11.8
Interest received 1.0 0.7
Acquisition of property, plant and equipment (32.3) (19.9)
Capitalised computer software expenditure (4.3) (1.3)
Net cash flows from investing activities (35.6) 22.4
-------------------------------------------------------- ----------------------------- -----------------------------
Cash flows from financing activities
Proceeds from new loans 25.4 14.7
Net proceeds on issue of shares - 150.1
Interest paid (1.5) (1.7)
Repayment of borrowings (18.4) (25.4)
Net cash flows from financing activities 5.5 137.7
-------------------------------------------------------- ----------------------------- -----------------------------
Net increase/(decrease) in cash and cash equivalents - 154.6
Cash and cash equivalents at beginning of year 177.9 23.3
-------------------------------------------------------- ----------------------------- -----------------------------
Cash and cash equivalents at end of year 177.9 177.9
-------------------------------------------------------- ----------------------------- -----------------------------
1. General information
The financial information set out above does not constitute the company's statutory accounts for the years ended 31 March 2015 or 2014, but is derived from those accounts. Statutory accounts for 2014 have been delivered to the Registrar of Companies and those for 2015 will be delivered following the company's annual general meeting. The auditors have reported on those accounts; their reports were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under s498(2) or (3) Companies Act 2016.
2. Discontinued operations
On 11th November 2014, the group entered into a sale agreement to dispose of its share in the joint venture, Flybe Finland. The disposal was completed on 31st March 2015, on which date control of the Group's share of Flybe Finland passed to the acquirer.
The loss for the year from discontinued operations was as follows:
2015 2014
GBP GBP
Post tax loss of discontinued operation
(see below) (2.2) (0.8)
Investment in joint venture impairment
charge (10.0) -
Interest received on joint venture
associated loan 0.2 -
(12.0) (0.8)
No gain or loss arose on the disposal of the Group's share of Flybe Finland, being the difference between the proceeds of disposal and the carrying amount of the Group's investment in the joint venture. The investment had been written down to EUR1 as at 30th September 2014, and an impairment of GBP10m recorded.
The results of the discontinued operations, which have been included in the consolidated income statement, were as follows:
2015 2014
GBP GBP
Revenue 117.2 247.9
Expenses (119.9) (248.9)
Loss before tax (2.7) (1.0)
Attributable tax credit 0.5 0.2
Net loss attributable to discontinued
operations (attributable to owners
of the Company) (2.2) (0.8)
3. BUSINESS AND GEOGRAPHICAL SEGMENTS
During the financial year, the Group's divisions have been removed and the business has been refocused into One Flybe. Under IFRS 8, Flybe reports two business segments in order to comply with accounting standards.
The chief operating decision maker responsible for resource allocation and assessing performance of operating segments has been identified as the Operating Board. Operating segments are reported in a manner which is consistent with internal reporting provided to the chief operating decision maker:
Flybe UK This business segment comprises the Group's
main scheduled UK domestic and UK-Europe
passenger operations and revenue ancillary
to the provision of those services.
Flybe Aviation Services This segment aims to provide aviation
(FAS) services to customers, largely in Western
Europe. The FAS supports Flybe's UK activities
as well as serving third-party customers.
Flybe Finland No longer a division as discontinued
and sold.
Segment revenues and results
Transfer prices between business segments are set on an arm's length basis.
2015 2014
GBPm GBPm
----------------------------- --------- ---------------- ------------------- ------------
Segment revenues:
Flybe UK 550.7 599.6
FAS 40.8 35.4
Inter-segment sales (17.4) (14.5)
----------------------------- --------- ---------------- ------------------- ------------
Group revenue (excluding
investment income) 574.1 620.5
----------------------------- --------- ---------------- ------------------- ------------
2015 2014
--------------------------- ---------------------------------
Net restruc-turing
Before costs
Total restruc-turing (note
GBPm costs 7) Total
GBPm GBPm GBPm
----------------------------- --------- ---------------- ------------------- ------------
Segment results:
Flybe UK (including
net finance costs
of GBP0.7m in 2015
and GBP1.4m in 2014) (25.9) 6.9 (0.2) 6.7
FAS 2.3 2.2 - 2.2
----------------------------- --------- ---------------- ------------------- ------------
Total segment profit/(loss)
before tax (23.6) 9.1 (0.2) 8.9
----------------------------- --------- ---------------- ------------------- ------------
The Flybe UK segment includes group costs of GBP3.6m (2013/14: GBP3.6m) and revaluation losses on USD aircraft loans of GBP (10.2) m (2013/14: GBP8.3m gains).
For the purposes of monitoring segment performance and allocation of resources between segments, the Operating Board monitors the tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable segments with the exception of revalued open fuel and foreign exchange derivatives, and tax assets and liabilities. Assets used jointly by reportable segments are allocated on the basis of the revenue earned by individual reportable segments.
2013 2014
GBPm GBPm
-------------------------------- -------- --------
Segment assets:
Flybe UK 517.0 508.6
FAs 20.2 19.5
---------------------------------- -------- --------
Unallocated assets 23.1 6.5
---------------------------------- -------- --------
Consolidated total assets 560.3 534.6
---------------------------------- -------- --------
Segment liabilities:
Flybe UK (387.7) (329.6)
FAS (4.5) (7.9)
---------------------------------- -------- --------
Unallocated liabilities (28.1) (15.5)
---------------------------------- -------- --------
Consolidated total liabilities (420.3) (353.0)
---------------------------------- -------- --------
2013 2014
GBPm GBPm
Discontinued Operations
Share of Flybe Finland assets - 13.4
Share of Flybe Finland liabilities - (0.9)
The unallocated assets and liabilities refer to financial instruments, deferred tax and share based payments.
Other segment information
2015 2014
GBPm GBPm
----------------------------------- ------ -----
Depreciation and amortisation:
Flybe UK 14.4 14.3
FAS 0.2 -
----------------------------------- ------ -----
14.6 14.3
----------------------------------- ------ -----
Investment income:
Flybe UK 0.2 0.3
0.2 0.3
----------------------------------- ------ -----
Additions to non--current assets:
Flybe UK 96.5 21.2
FAS 8.5 -
----------------------------------- ------ -----
105.0 21.2
----------------------------------- ------ -----
Geographical information
The Group's revenue from external customers by geographical location is detailed below:
2015 2014
GBPm GBPm
--------------------------------------------------- ------ ------
Revenue under management from external customers:
United Kingdom 484.5 537.0
Europe excluding United Kingdom 76.6 70.2
Rest of world 13.0 13.3
--------------------------------------------------- ------ ------
Group revenue 574.1 620.5
--------------------------------------------------- ------ ------
No non--current assets were based outside of the United Kingdom for any of the periods presented other than joint venture assets. The Flybe interest in Flybe Finland was sold for one Euro as at 31st March 2015, hence at the period end, no assets/liabilities associated with the Finland joint venture appear in the balance sheet.
Information about major customers
None of the Group's customers exceeded 10% of its Group revenue.
4. OPERATING PROFIT
2015 2014
GBPm GBPm
-------------------------------------------------------- ------ -------
This has been arrived at after charging/(crediting):
Depreciation of property, plant and equipment 12.19 13.5
Amortisation of intangible assets 0.8 0.8
(Profit)/loss on the disposal of property,
plant and equipment - (0.2)
Profit on sale of intangibles - (10.5)
Profit on sale of assets held for sale at prior
year end - (0.4)
Cost of inventories recognised as an expense 14.9 11.7
Reversal of write-downs of inventories recognised
in the year - (0.7)
Write-down of inventories as a result of restructuring - -
Operating leases:
Land and buildings 2.6 2.7
Plant and machinery 1.9 1.9
Aircraft 80.6 83.6
Foreign exchange (gains)/losses (1.2) (0.2)
-------------------------------------------------------- ------ -------
5. TAX ON (LOSS)/profit on ordinary activities
2015 2014
GBPm GBPm
-------------------------------------- ----- ------
Deferred tax
Origination of temporary differences 0.1 3.7
Reversal of tax losses recognised - (3.6)
-------------------------------------- ----- ------
Total tax charge for the year 0.1 0.1
-------------------------------------- ----- ------
The Group did not incur or pay any current tax in this or the prior year.
The difference between the total tax shown above and the amount calculated by applying the standard rate of United Kingdom corporation tax to the profit/(loss) before tax is as follows:
2015 2014
GBPm GBPm
------------------------------------------------------------- ------- -------
(Loss)/profit on ordinary activities
before tax (35.6) 8.1
------------------------------------------------------------- ------- -------
Tax on profit/ (loss) on ordinary activities
before tax at 21% (2014: 23%) (7.1) 1.7
Factors affecting tax charge for the
year
Items outside the scope of UK taxation 0.1 0.1
Effect of change in corporation tax
rate (0.1) (0.3)
Effect of tax losses 2.4 3.5
(Capital allowances in excess of depreciation)/depreciation
in excess of capital allowances 4.8 (4.9)
Total tax charge for the year 0.1 0.1
------------------------------------------------------------- ------- -------
The further phased reduction in corporation tax rate, as enacted in July 2013, reducing the corporation tax rate to 20% from 1 April 2015, has been reflected by the Group. The Directors are not aware of any other factors that will materially affect the future tax charge.
6. (LOSS)/EARNINGS PER SHARE
The calculation of the basic, diluted, adjusted basic and adjusted diluted earnings per share is based on the following data:
2015 2014
GBPm GBPm
------------------------------------------- ------------ -----------
(Loss)/Earnings
(Loss)/Earnings for the purposes of
unadjusted earnings per share, being
net profit/(loss) attributable to owners
of the Group (35.7) 8.0
2015 2014
Weighted average number of ordinary
shares for the purposes of basic and
diluted earnings per share 216,655,910 82,906,411
------------------------------------------- ------------ -----------
(Loss)/Earnings per ordinary share -
basic and diluted (16.5)p 9.6p
------------------------------------------- ------------ -----------
LOSS PER SHARE - DISCONTINUED OPERATIONS
The calculation of the basic, diluted, adjusted basic and adjusted diluted earnings per share is based on the following data:
2015
GBPm
-------------------------------------------------- ------------
Loss - discontinued operations
Loss or the purposes of unadjusted earnings
per share, being net profit/(loss) attributable
to owners of the Group (12.0)
2015
Weighted average number of ordinary
shares for the purposes of basic and
diluted earnings per share 216,655,910
-------------------------------------------------- ------------
Loss per ordinary share - basic and
diluted (5.5)p
-------------------------------------------------- ------------
Diluted earnings per share is the same as basic earnings per share in the year ended 31st March 2015 because the Group recorded a loss and as such none of the shares that could, potentially, be issued are dilutive.
Diluted earnings per share is the same as basic earnings per share in the year ended 31st March 2014 because none of the shares that could, potentially, be issued are dilutive.
The weighted average number of shares reflects the impact of the issue of 1,185 ordinary shares on 1(st) September 2014 and the issue of 790 ordinary shares on 16 September 2014 (141,501,920 ordinary shares on 12(th) March 2014).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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