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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jardine Lloyd | LSE:JLT | London | Ordinary Share | GB0005203376 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,914.00 | 1,914.00 | 1,916.00 | 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
TIDMJLT
RNS Number : 4667T
Jardine Lloyd Thompson Group PLC
03 July 2018
3 JuLY 2018
Jardine Lloyd Thompson Group plc
restated 2017 Results for IFRS 15 and
new segment structure (UNAUDITED)
As announced in the Full Year results on 28 February, Jardine Lloyd Thompson Group plc ("JLT" or "the Group") has today published a restatement of its Full Year and Half Year 2017 financial results, following the implementation of IFRS 15 "Revenue from Contracts with Customers" ("IFRS 15"), effective from 1 January 2018, and the new segmental reporting structure adopted on 1 April 2018. The purpose of this publication is to provide restated comparative figures in advance of the Group's 2018 Half Year results to be announced on 26 July 2018. The restated figures below are in line with the previous guidance provided in February 2018.
IFRS 15 addresses revenue recognition for customer contracts, with particular focus on aligning revenue recognition with the separate and distinct performance obligations to the customer. The new standard requires that revenue and the related costs are only recognised when the performance obligation has been satisfied and the customer obtains control of the asset. In certain service agreements this will defer the recognition of revenue compared to the previous accounting standards, but the Group will correspondingly defer the related costs for work performed and recognise a fulfilment cost asset where such costs are expected to be recovered. The standard replaces IAS 18 "Revenue" and IAS 11 "Construction Contracts" and related interpretations.
In line with previous guidance, the implementation of IFRS 15 reduced the Group's Full Year 2017 underlying trading profit by GBP4.5 million to GBP209.2 million, and for the Half Year 2017 by GBP0.9 million to GBP109.1 million. At a segmental level, the implementation of IFRS 15 has some seasonal impact, primarily at the Half Year, due to a realignment of operating costs with corresponding revenues as required in the new accounting standard; this occurs across all three business units of Specialty, Reinsurance, and Employee Benefits. On a Full Year basis however, this effect is less pronounced at a segmental level and the Group's trading margins are largely unaffected.
The Group has also been restructured into three trading divisions: Global Specialty, Global Reinsurance, Global Employee Benefits, and Head Office.
The new segmental reporting structure, together with the IFRS 15 restatement, are shown below.
Twelve months ended 31 December 2017 financial results
Hot Features
Premium
Total Revenue Underlying Trading Underlying Trading
Profit(2) Margin(2)
As reported Restated As reported Restated As reported Restated
for IFRS for IFRS for IFRS
15 15 15
----------------------- ------------ ----------------------- ------------ ----------------------- ------------
GBPm Old New New Old New New Old New New
segments segments(1) segments(1) segments segments(1) segments(1) segments segments(1) segments(1)
Risk &
Insurance 1,065.8 - - 197.9 - - 19% - -
Global
Specialty - 838.2 838.9 - 156.1 154.7 - 19% 18%
Global
Reinsurance - 227.6 227.4 - 41.8 41.5 - 18% 18%
Global
Employee
Benefits 320.2 320.2 314.9 50.1 50.1 47.3 16% 16% 15%
Head Office - - - (34.3) (34.3) (34.3) - - -
------------- --------- ------------ ------------ --------- ------------ ------------ --------- ------------ ------------
Total 1,386.0 1,386.0 1,381.2 213.7 213.7 209.2 15.4% 15.4% 15.1%
------------- --------- ------------ ------------ --------- ------------ ------------ --------- ------------ ------------
Six months ended 30 June 2017 financial results
Total Revenue Underlying Trading Profit(2) Underlying Trading Margin(2)
As reported Restated As reported Restated As reported Restated
for IFRS 15 for IFRS 15 for IFRS 15
----------------------- ------------ ----------------------- ------------ ----------------------- ------------
GBPm Old New New Old New New Old New New
segments segments(1) segments(1) segments segments(1) segments(1) segments segments(1) segments(1)
Risk &
Insurance 540.8 - - 108.7 - - 20% - -
Global
Specialty - 391.3 392.9 - 57.6 60.2 - 15% 15%
Global
Reinsurance - 149.5 146.9 - 51.1 43.8 - 34% 30%
Global
Employee
Benefits 149.1 149.1 152.0 17.9 17.9 21.7 12% 12% 14%
Head Office - - - (16.6) (16.6) (16.6) - - -
------------- --------- ------------ ------------ --------- ------------ ------------ --------- ------------ ------------
Total 689.9 689.9 691.8 110.0 110.0 109.1 15.9% 15.9% 15.8%
------------- --------- ------------ ------------ --------- ------------ ------------ --------- ------------ ------------
(1) Risk & Insurance has been split into Global Specialty and Global Reinsurance. All Specialty businesses are a part of Global Specialty and JLT Re and Insurance Management form Global Reinsurance.
(2) Underlying results exclude exceptional items.
IFRS 9 "Financial Instruments" ("IFRS 9"), effective 1 January 2018, is the new accounting standard setting out rules on classification and measurement of financial assets and financial liabilities, and impairment. The impact of the application of IFRS 9 on the Group's results and retained earnings is not material and no restatement of 2017 has been performed.
The Consolidated Income Statement, Alternative Income Statement and Segment Information are included below.
LEI: 213800XRWB6SDDCZZ434
Enquiries
Jardine Lloyd Thompson Group plc
Paul Dransfield Head of Investor Relations 020 7528 4933
Brunswick Group LLP
Tom Burns/Dania Saidam Brunswick Group LLP 020 7404 5959
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/4667T_1-2018-7-3.pdf
Consolidated income statement
Restated for the impact of IFRS 15
6 months 6 months 12 months 12 months
ended 30 ended 30 ended 31 ended 31
June 2017 June 2017 December December
Reported Restated 2017 2017
GBP'000 GBP'000 Reported Restated
GBP'000 GBP'000
---------- ---------- --------- ---------
Fees and commissions 686,912 688,738 1,378,554 1,373,689
Investment income 3,021 3,021 7,474 7,474
--------------------------------------------- ---------- ---------- --------- ---------
Total revenue 689,933 691,759 1,386,028 1,381,163
--------------------------------------------- ---------- ---------- --------- ---------
Salaries and associated expenses (423,083) (424,502) (861,189) (858,813)
Premises (35,564) (35,564) (70,625) (70,625)
Other operating costs (105,469) (106,862) (213,862) (215,952)
Depreciation, amortisation and impairment
charges (16,668) (16,668) (36,491) (36,491)
--------------------------------------------- ---------- ---------- --------- ---------
Operating profit 109,149 108,163 203,861 199,282
--------------------------------------------- ---------- ---------- --------- ---------
Analysed as:
Operating profit before exceptional
items 110,040 109,054 213,743 209,164
Acquisition and integration costs (1,022) (1,022) (2,605) (2,605)
Net litigation costs - - (9,067) (9,067)
Net gains on disposals - - 1,835 1,835
Other exceptional items 131 131 (45) (45)
--------------------------------------------- ---------- ---------- --------- ---------
Operating profit 109,149 108,163 203,861 199,282
--------------------------------------------- ---------- ---------- --------- ---------
Finance costs (13,520) (13,520) (27,327) (27,327)
Finance income 1,567 1,567 2,978 2,978
---------- ---------- --------- ---------
Finance costs - net (11,953) (11,953) (24,349) (24,349)
Share of results of associates 2,051 2,051 2,149 2,149
--------------------------------------------- ---------- ---------- --------- ---------
Profit before taxation 99,247 98,261 181,661 177,082
Income tax expense (28,730) (28,951) (52,980) (52,002)
--------------------------------------------- ---------- ---------- --------- ---------
Profit for the period/year 70,517 69,310 128,681 125,080
--------------------------------------------- ---------- ---------- --------- ---------
Profit attributable to:
Owners of the parent 68,316 67,163 118,378 114,822
Non-controlling interests 2,201 2,147 10,303 10,258
--------------------------------------------- ---------- ---------- --------- ---------
70,517 69,310 128,681 125,080
--------------------------------------------- ---------- ---------- --------- ---------
Earnings per share attributable to the
owners of the parent during the period/year
(expressed in pence per share)
Basic earnings per share 32.4p 31.9p 56.1p 54.4p
Underlying basic earnings per share 32.6p 32.0p 60.0p 58.3p
Diluted earnings per share 31.8p 31.2p 54.7p 53.0p
Underlying diluted earnings per share 31.9p 31.4p 58.5p 56.9p
Alternative income statement
Restated for the impact of IFRS 15
12 months ended 31 December
2017
----------------------------------
Underlying Exceptional Total
profit items GBP'000
GBP'000 GBP'000
------------------------------------------ ---------- ----------- ---------
Fees and commissions 1,373,689 - 1,373,689
---------- ----------- ---------
Investment income 7,474 - 7,474
---------- ----------- ---------
Salaries and associated expenses (857,678) (1,135) (858,813)
---------- ----------- ---------
Premises (70,590) (35) (70,625)
---------- ----------- ---------
Other operating costs (210,677) (5,275) (215,952)
---------- ----------- ---------
Depreciation, amortisation and impairment
charges (33,054) (3,437) (36,491)
------------------------------------------ ---------- ----------- ---------
Trading profit 209,164 (9,882) 199,282
---------- ----------- ---------
Finance costs - net (24,349) - (24,349)
---------- ----------- ---------
Share of results of associates 2,149 - 2,149
------------------------------------------ ---------- ----------- ---------
Profit before taxation 186,964 (9,882) 177,082
6 months ended 30 June
2017
----------------------------------
Underlying Exceptional Total
profit items GBP'000
GBP'000 GBP'000
------------------------------------------ ---------- ----------- ---------
Fees and commissions 688,738 - 688,738
---------- ----------- ---------
Investment income 3,021 - 3,021
---------- ----------- ---------
Salaries and associated expenses (423,470) (1,032) (424,502)
---------- ----------- ---------
Premises (35,529) (35) (35,564)
---------- ----------- ---------
Other operating costs (107,038) 176 (106,862)
---------- ----------- ---------
Depreciation, amortisation and impairment
charges (16,668) - (16,668)
------------------------------------------ ---------- ----------- ---------
Trading profit 109,054 (891) 108,163
---------- ----------- ---------
Finance costs - net (11,953) - (11,953)
---------- ----------- ---------
Share of results of associates 2,051 - 2,051
------------------------------------------ ---------- ----------- ---------
Profit before taxation 99,152 (891) 98,261
segment INFORMATION
Restated for the impact of IFRS 15 and re-segmentation
12 months ended Global Specialty Global Reinsurance Global Employee Head Office Total
31 December 2017 GBP'000 GBP'000 Benefits GBP'000 & Other GBP'000
GBP'000
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Fees and commissions 833,027 225,894 314,768 - 1,373,689
---------------- ------------------ ----------------- ----------- -----------
Investment income 5,904 1,489 81 - 7,474
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Total revenue 838,931 227,383 314,849 - 1,381,163
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Underlying trading
profit/(loss) 154,563 41,522 47,240 (34,161) 209,164
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Operating profit/(loss) 142,767 41,144 49,302 (33,931) 199,282
---------------- ------------------ ----------------- ----------- -----------
Finance costs
- net - - - (24,349) (24,349)
---------------- ------------------ ----------------- ----------- -----------
Share of results
of associates - - - 2,149 2,149
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Profit/(loss)
before taxation 142,767 41,144 49,302 (56,131) 177,082
---------------- ------------------ ----------------- ----------- -----------
Income tax expense - - - (52,002) (52,002)
---------------- ------------------ ----------------- ----------- -----------
Non-controlling
interests - - - (10,258) (10,258)
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Net profit/(loss)
attributable
to the owners
of the parent 142,767 41,144 49,302 (118,391) 114,822
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Segment assets 2,658,707 2,658,707
---------------- ------------------ -----------------
Investments in
associates 53,055 53,055
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Total assets 2,711,762 2,711,762
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Segment liabilities (2,355,865) (2,355,865)
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Total liabilities (2,355,865) (2,355,865)
------------------------ ---------------- ------------------ ----------------- ----------- -----------
6 months ended Global Specialty Global Reinsurance Global Employee Head Office Total
30 June 2017 GBP'000 GBP'000 Benefits GBP'000 & Other GBP'000
GBP'000
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Fees and commissions 390,491 146,247 152,000 - 688,738
---------------- ------------------ ----------------- ----------- -----------
Investment income 2,390 594 37 - 3,021
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Total revenue 392,881 146,841 152,037 - 691,759
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Underlying trading
profit/(loss) 60,182 43,717 21,730 (16,575) 109,054
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Operating profit/(loss) 58,302 43,600 22,838 (16,577) 108,163
---------------- ------------------ ----------------- ----------- -----------
Finance costs
- net - - - (11,953) (11,953)
---------------- ------------------ ----------------- ----------- -----------
Share of results
of associates - - - 2,051 2,051
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Profit/(loss)
before taxation 58,302 43,600 22,838 (26,479) 98,261
---------------- ------------------ ----------------- ----------- -----------
Income tax expense - - - (28,951) (28,951)
---------------- ------------------ ----------------- ----------- -----------
Non-controlling
interests - - - (2,147) (2,147)
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Net profit/(loss)
attributable
to the owners
of the parent 58,302 43,600 22,838 (57,577) 67,163
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Segment assets 2,619,005 2,619,005
---------------- ------------------ -----------------
Investments in
associates 53,401 53,401
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Total assets 2,672,406 2,672,406
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Segment liabilities (2,356,803) (2,356,803)
------------------------ ---------------- ------------------ ----------------- ----------- -----------
Total liabilities (2,356,803) (2,356,803)
------------------------ ---------------- ------------------ ----------------- ----------- -----------
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
MSCRJMJTMBJMBMP
(END) Dow Jones Newswires
July 03, 2018 09:42 ET (13:42 GMT)
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