Change in presentational currency

RNS Number : 8621B

Ashtead Group PLC

15 June 2021

 

Ashtead Group Plc

15 June 2021

Change in presentational currency

As announced with today's full year results, Ashtead Group plc ('the Group') has decided to change its presentational currency from sterling to US dollars with effect from 1 May 2021.

The Board believes that the change in presentational currency will provide investors and other stakeholders with greater transparency of the Group's performance and reduced foreign exchange volatility given that c. 80% of the Group's revenue and c. 90% of the Group's operating profit originate in US dollars.

Commencing with the 2021/22 interim dividend in December, future dividends will be declared in US dollars in accordance with the Group's existing progressive dividend policy.  Eligible shareholders will receive dividends in sterling unless they submit an election form to the Group's registrars stating their wish to receive their dividend in US dollars.  The sterling dividend will be translated at the prevailing exchange rate a week prior to its payment, the date of which will be announced with the respective results.

As noted above, the change in the Group's presentational currency will be effective from 1 May 2021.  Consequently, the Group's first quarter results for the three month period ending 31 July 2021, due to be announced on 16 September 2021, and all subsequent financial information, will be prepared using US dollars as the presentational currency. In accordance with the relevant accounting standards, comparative information will be provided in US dollars.

Selected historical financial information for the financial years ended 30 April 2020 and 30 April 2021, and for the four quarters ended 31 July 2020, 31 October 2020, 31 January 2021 and 30 April 2021, together with key financial highlights for the five years ended 30 April 2021, (collectively the 'Restated Financial Information'), has been re-presented in US dollars and is set out herein for comparative purposes.

Contacts :

Will Shaw	Director of Investor Relations		[phone]
Neil Bennett	Maitland/AMO		[phone] [phone]
James McFarlane	Maitland/AMO

RESTATED FINANCIAL INFORMATION

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 30 APRIL 2021

	2021			2020
				Before
				exceptional	Exceptional
	Before			items and	items and
	amortisation	Amortisation	Total	amortisation	amortisation	Total
	$m	$m	$m	$m	$m	$m
Revenue
Rental revenue	5,901.6	-	5,901.6	5,832.7	-	5,832.7
Sale of new equipment,
merchandise and consumables	347.7	-	347.7	233.0	-	233.0
Sale of used rental equipment	389.3	-	389.3	333.2	-	333.2
	6,638.6	-	6,638.6	6,398.9	-	6,398.9
Operating costs
Staff costs	(1,501.5)	-	(1,501.5)	(1,484.4)	-	(1,484.4)
Used rental equipment sold	(364.4)	-	(364.4)	(291.2)	-	(291.2)
Other operating costs	(1,735.9)	-	(1,735.9)	(1,615.1)	-	(1,615.1)
	(3,601.8)	-	(3,601.8)	(3,390.7)	-	(3,390.7)
EBITDA	3,036.8	-	3,036.8	3,008.2	-	3,008.2
Depreciation	(1,457.6)	-	(1,457.6)	(1,380.8)	-	(1,380.8)
Amortisation of intangibles	-	(81.2)	(81.2)	-	(78.1)	(78.1)
Operating profit	1,579.2	(81.2)	1,498.0	1,627.4	(78.1)	1,549.3
Interest expense	(262.9)	-	(262.9)	(284.2)	(21.1)	(305.3)
Profit on ordinary activities
before taxation	1,316.3	(81.2)	1,235.1	1,343.2	(99.2)	1,244.0
Taxation	(335.0)	20.0	(315.0)	(332.1)	24.4	(307.7)
Profit attributable to equity
holders of the Company	981.3	(61.2)	920.1	1,011.1	(74.8)	936.3
Basic earnings per share	219.1¢	(13.7¢)	205.4¢	221.5¢	(16.3¢)	205.2¢
Diluted earnings per share	218.4¢	(13.6¢)	204.8¢	220.7¢	(16.3¢)	204.4¢

CONSOLIDATED BALANCE SHEET AT 30 APRIL 2021

		2021	2020
		$m	$m
Current assets
Inventories		102.2	105.0
Trade and other receivables		1,083.7	1,036.1
Current tax asset		18.4	41.3
Cash and cash equivalents		26.6	304.4
		1,230.9	1,486.8
Non-current assets
Property, plant and equipment
- rental equipment		6,908.9	7,429.2
- other assets		867.2	893.9
		7,776.1	8,323.1
Right-of-use assets		1,545.9	1,372.7
Goodwill		1,796.1	1,690.6
Other intangible assets		387.3	411.3
Other non-current assets		95.5	-
Net defined benefit pension plan asset		6.2	-
		11,607.1	11,797.7
Total assets		12,838.0	13,284.5
Current liabilities
Trade and other payables		819.5	724.9
Current tax liability		5.7	2.8
Lease liabilities		168.7	133.6
Provisions		54.0	67.7
		1,047.9	929.0
Non-current liabilities
Lease liabilities		1,464.6	1,269.2
Long-term borrowings		4,194.0	5,666.0
Provisions		61.0	49.0
Deferred tax liabilities		1,514.2	1,607.3
Other non-current liabilities		30.8	-
Net defined benefit pension plan liability		-	15.3
		7,264.6	8,606.8
Total liabilities		8,312.5	9,535.8
Equity
Share capital		81.8	82.3
Share premium account		6.5	6.5
Capital redemption reserve		20.0	19.5
Own shares held by the Company		(66.2)	(149.7)
Own shares held by the ESOT		(36.8)	(36.0)
Cumulative foreign exchange translation differences		(134.0)	(210.8)
Retained reserves		4,654.2	4,036.9
Equity attributable to equity holders of the Company		4,525.5	3,748.7
Total liabilities and equity		12,838.0	13,284.5

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 APRIL 2021

		2021		2020
		$m		$m
Cash flows from operating activities
Cash generated from operations before exceptional
items and changes in rental equipment		3,017.0		3,076.2
Payments for rental property, plant and equipment		(817.0)		(1,729.8)
Proceeds from disposal of rental property, plant and
equipment		384.7		312.2
Cash generated from operations		2,584.7		1,658.6
Financing costs paid (net)		(254.9)		(249.4)
Exceptional financing costs paid		-		(16.1)
Tax paid (net)		(387.6)		(143.2)
Net cash generated from operating activities		1,942.2		1,249.9
Cash flows from investing activities
Acquisition of businesses		(195.1)		(577.0)
Payments for non-rental property, plant and equipment		(138.3)		(263.6)
Proceeds from disposal of non-rental
property, plant and equipment		18.3		15.2
Net cash used in investing activities		(315.1)		(825.4)
Cash flows from financing activities
Drawdown of loans		643.4		2,939.9
Redemption of loans		(2,228.4)		(2,168.3)
Repayment of principal under lease liabilities		(73.9)		(81.4)
Dividends paid		(235.5)		(234.3)
Purchase of own shares by the ESOT		(15.5)		(22.1)
Purchase of own shares by the Company		-		(569.7)
Net cash used in financing activities		(1,909.9)		(135.9)
(Decrease)/increase in cash and cash equivalents		(282.8)		288.6
Opening cash and cash equivalents		304.4		16.7
Effect of exchange rate difference		5.0		(0.9)
Closing cash and cash equivalents		26.6		304.4
Reconciliation of net cash flows to net debt
Decrease/(increase) in cash and cash equivalents
in the period		282.8		(288.6)
(Decrease)/increase in debt through cash flow		(1,658.9)		690.2
Change in net debt from cash flows		(1,376.1)		401.6
Exchange differences		129.3		(37.5)
Debt acquired		25.2		115.7
Non-cash movements:
- deferred costs of debt raising		11.0		12.8
- new lease liabilities		246.9		239.1
(Decrease)/increase in net debt in the period		(963.7)		731.7
Net debt at 1 May (as previously stated)	6,764.4		4,881.9
Effect of adoption of IFRS 16	-		1,150.8
Net debt at 1 May (restated)		6,764.4		6,032.7
Net debt at 30 April		5,800.7		6,764.4

NOTES TO THE RESTATED CONSOLIDATED FINANCIAL INFORMATION

1.  Basis of preparation

The Restated Financial Information should be read in conjunction with the preliminary results announcement for the year ended 30 April 2021; the Annual Report and Accounts for the year ended 30 April 2020; and the interim financial information for the three months ended 31 July 2020, 31 October 2020 and 31 January 2021, all of which have been prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, including IAS 34 where applicable.

The Restated Financial Information does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.  The statutory accounts for the year ended 30 April 2021 were approved by the directors on 14 June 2021 and will be delivered to shareholders and filed with the Register of Companies and made available on the Group's website ( www.ashtead-group.com ) in July 2021.  The auditor's report on those accounts was unqualified, did not include a reference to any matter by way of emphasis of matter and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

Presentational currency

The Group will present its consolidated financial statements for the year ending 30 April 2022 in US dollars.  In accordance with IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, this change in presentational currency will be applied retrospectively.

The restated financial information included herein will form the basis of the comparative financial information to be included in the Annual Report and Accounts of the Group for the year ending 30 April 2022 and all published financial information from 1 May 2021 onwards.

In accordance with the provisions of IAS 21, the Effects of Changes in Foreign Exchange Rates, in respect of changes in presentational currency, financial information has been restated from sterling to US dollars as follows:

· assets and liabilities in non-US denominated currencies were translated into US dollars at the rate of exchange ruling at the relevant balance sheet date;

· non-US dollar income statements and cash flows were translated into US dollars at average rates of exchange for the relevant period;

· share capital, share premium and all other equity items were translated at the historical rates prevailing at 1 May 2004, the date of transition to IFRS, or the subsequent rates prevailing on the date of each relevant transaction; and

· the cumulative foreign exchange translation reserve was set to zero on 1 May 2004, the date of transition to IFRS and this reserve has been restated on the basis that the Group has reported in US dollars since that date.

The exchange rates of US dollars to Pound sterling (£) and Canadian dollar (C$) used were:

	Year ended		Three months ended
	30 April	30 April		31 July	31 October	31 January	30 April
	2021	2020		2020	2020	2021	2021
Average
-  Pound sterling	1.32	1.27		1.25	1.30	1.34	1.39
-  Canadian dollar	0.76	0.75		0.73	0.76	0.78	0.79
Period end
-  Pound sterling	1.38	1.26		1.31	1.29	1.37	1.38
-  Canadian dollar	0.81	0.72		0.75	0.75	0.78	0.81

2.  Quarterly financial information

(a)  Income statement

	Three	Three	Three	Three
	months to	months to	months to	months to	Year to
	31 July	31 October	31 January	30 April	30 April
	2020	2020	2021	2021	2021
	$m	$m	$m	$m	$m
Revenue
Rental revenue	1,351.8	1,579.1	1,448.6	1,522.1	5,901.6
Sale of new equipment,
merchandise and consumables	64.5	77.7	98.2	107.3	347.7
Sale of used rental equipment	88.2	97.1	74.6	129.4	389.3
	1,504.5	1,753.9	1,621.4	1,758.8	6,638.6
Operating costs
Staff costs	(360.0)	(369.6)	(377.7)	(394.2)	(1,501.5)
Used rental equipment sold	(92.1)	(81.0)	(71.9)	(119.4)	(364.4)
Other operating costs	(367.3)	(443.6)	(445.5)	(479.5)	(1,735.9)
	(819.4)	(894.2)	(895.1)	(993.1)	(3,601.8)
EBITDA	685.1	859.7	726.3	765.7	3,036.8
Depreciation	(354.0)	(367.2)	(358.9)	(377.5)	(1,457.6)
Amortisation of intangibles	(19.8)	(21.0)	(19.8)	(20.6)	(81.2)
Operating profit	311.3	471.5	347.6	367.6	1,498.0
Interest expense	(70.7)	(66.3)	(63.8)	(62.1)	(262.9)
Profit on ordinary activities
before taxation	240.6	405.2	283.8	305.5	1,235.1
Taxation	(61.2)	(106.8)	(67.8)	(79.2)	(315.0)
Profit attributable to equity
holders of the Company	179.4	298.4	216.0	226.3	920.1
Basic earnings per share	40.1¢	66.6¢	48.2¢	50.5¢	205.4¢
Diluted earnings per share	39.9¢	66.4¢	48.1¢	50.4¢	204.8¢

(b)  Balance sheet

	July	October	January	April
	2020	2020	2021	2021
	$m	$m	$m	$m
Current assets
Inventories	104.7	102.5	101.1	102.2
Trade and other receivables	1,047.4	1,164.4	1,112.0	1,083.7
Current tax asset	8.8	10.7	13.9	18.4
Cash and cash equivalents	13.0	18.2	20.2	26.6
	1,173.9	1,295.8	1,247.2	1,230.9
Non-current assets
Property, plant and equipment
- rental equipment	7,199.4	7,118.9	7,011.1	6,908.9
- other assets	878.8	860.2	866.7	867.2
	8,078.2	7,979.1	7,877.8	7,776.1
Right-of-use assets	1,395.5	1,400.3	1,436.7	1,545.9
Goodwill	1,698.8	1,698.5	1,714.3	1,796.1
Other intangible assets	397.2	376.6	363.8	387.3
Other non-current assets	-	-	-	95.5
Net defined benefit pension plan asset	-	-	-	6.2
	11,569.7	11,454.5	11,392.6	11,607.1
Total assets	12,743.6	12,750.3	12,639.8	12,838.0
Current liabilities
Trade and other payables	709.6	915.6	787.1	819.5
Current tax liability	60.7	41.8	26.7	5.7
Lease liabilities	145.7	155.4	159.9	168.7
Provisions	59.3	49.0	44.1	54.0
	975.3	1,161.8	1,017.8	1,047.9
Non-current liabilities
Lease liabilities	1,298.4	1,310.5	1,353.6	1,464.6
Long-term borrowings	4,898.2	4,630.6	4,376.3	4,194.0
Provisions	45.1	63.2	69.5	61.0
Deferred tax liabilities	1,571.7	1,532.9	1,505.9	1,514.2
Other non-current liabilities	-	-	-	30.8
Net defined benefit pension plan liability	16.0	13.4	14.6	-
	7,829.4	7,550.6	7,319.9	7,264.6
Total liabilities	8,804.7	8,712.4	8,337.7	8,312.5
Equity
Share capital	82.3	81.8	81.8	81.8
Share premium account	6.5	6.5	6.5	6.5
Capital redemption reserve	19.5	20.0	20.0	20.0
Own shares held by the Company	(149.7)	(66.2)	(66.2)	(66.2)
Own shares held by the ESOT	(36.7)	(36.8)	(36.8)	(36.8)
Cumulative foreign exchange translation differences	(188.1)	(195.9)	(153.0)	(134.0)
Retained reserves	4,205.1	4,228.5	4,449.8	4,654.2
Equity attributable to equity holders of
the Company	3,938.9	4,037.9	4,302.1	4,525.5
Total liabilities and equity	12,743.6	12,750.3	12,639.8	12,838.0

(c)  Cash flow statement

	Three	Six	Nine
	months to	months to	months to	Year
	31 July	31 October	31 January	30 April
	2020	2020	2021	2021
	$m	$m	$m	$m
Cash flows from operating activities
Cash generated from operations before exceptional
items and changes in rental equipment	679.3	1,513.1	2,255.0	3,017.0
Payments for rental property, plant and equipment	(134.2)	(300.4)	(602.0)	(817.0)
Proceeds from disposal of rental property,
plant and equipment	102.2	190.3	280.2	384.7
Cash generated from operations	647.3	1,403.0	1,933.2	2,584.7
Financing costs paid (net)	(59.4)	(134.3)	(187.0)	(254.9)
Tax paid (net)	(9.4)	(174.9)	(285.7)	(387.6)
Net cash generated from operating activities	578.5	1,093.8	1,460.5	1,942.2
Cash flows from investing activities
Acquisition of businesses	(15.2)	(17.7)	(23.7)	(195.1)
Payments for non-rental property, plant and equipment	(23.5)	(52.1)	(95.4)	(138.3)
Proceeds from disposal of non-rental
property, plant and equipment	3.2	7.4	12.1	18.3
Net cash used in investing activities	(35.5)	(62.4)	(107.0)	(315.1)
Cash flows from financing activities
Drawdown of loans	-	301.4	272.5	643.4
Redemption of loans	(807.0)	(1,383.0)	(1,654.6)	(2,228.4)
Repayment of principal under lease liabilities	(11.9)	(29.9)	(51.4)	(73.9)
Dividends paid	-	(191.8)	(191.8)	(235.5)
Purchase of own shares by the ESOT	(15.3)	(15.5)	(15.5)	(15.5)
Net cash used in financing activities	(834.2)	(1,318.8)	(1,640.8)	(1,909.9)
Decrease in cash and cash equivalents	(291.2)	(287.4)	(287.3)	(282.8)
Opening cash and cash equivalents	304.4	304.4	304.4	304.4
Effect of exchange rate difference	(0.2)	1.2	3.1	5.0
Closing cash and cash equivalents	13.0	18.2	20.2	26.6
Reconciliation of net cash flows to net debt
Decrease in cash and
cash equivalents in the period	291.2	287.4	287.3	282.8
Decrease in debt through cash flow	(818.9)	(1,111.5)	(1,433.5)	(1,658.9)
Change in net debt from cash flows	(527.7)	(824.1)	(1,146.2)	(1,376.1)
Exchange differences	45.6	48.0	102.7	129.3
Debt acquired	-	-	-	25.2
Non-cash movements:
- deferred costs of debt raising	2.8	5.6	8.5	11.0
- new lease liabilities	44.2	84.4	140.2	246.9
Decrease in net debt in the period	(435.1)	(686.1)	(894.8)	(963.7)
Net debt at 1 May 2020	6,764.4	6,764.4	6,764.4	6,764.4
Net debt at end of period	6,329.3	6,078.3	5,869.6	5,800.7

3.  Segmental analysis

(a)  Annual income statement analysis

Year to 30 April 2021
				Corporate
US		UK	Canada	items	Group
	$m	$m	$m	$m	$m
Revenue
Rental revenue	4,932.7	635.2	333.7	-	5,901.6
Sale of new equipment, merchandise
and consumables	152.3	164.8	30.6	-	347.7
Sale of used rental equipment	332.5	38.1	18.7	-	389.3
	5,417.5	838.1	383.0	-	6,638.6
Operating profit before amortisation	1,444.6	80.4	74.8	(20.6)	1,579.2
Amortisation					(81.2)
Interest expense					(262.9)
Profit before taxation					1,235.1
Taxation					(315.0)
Profit attributable to equity shareholders					920.1

Year to 30 April 2020
				Corporate
US		UK	Canada	items	Group
	$m	$m	$m	$m	$m
Revenue
Rental revenue	5,046.1	516.3	270.3	-	5,832.7
Sale of new equipment, merchandise
and consumables	167.8	38.4	26.8	-	233.0
Sale of used rental equipment	276.0	39.4	17.8	-	333.2
	5,489.9	594.1	314.9	-	6,398.9
Operating profit before amortisation	1,560.0	46.1	40.8	(19.5)	1,627.4
Amortisation					(78.1)
Interest expense					(284.2)
Exceptional items					(21.1)
Profit before taxation					1,244.0
Taxation					(307.7)
Profit attributable to equity shareholders					936.3

(b)  Quarterly income statement analysis

Three months to 31 July 2020
				Corporate
	US	UK	Canada	items	Group
	$m	$m	$m	$m	$m
Revenue
Rental revenue	1,174.1	123.6	54.1	-	1,351.8
Sale of new equipment, merchandise
and consumables	36.5	20.4	7.6	-	64.5
Sale of used rental equipment	73.5	10.3	4.4	-	88.2
	1,284.1	154.3	66.1	-	1,504.5
Operating profit before amortisation	324.1	10.4	-	(3.4)	331.1
Amortisation					(19.8)
Interest expense					(70.7)
Profit before taxation					240.6
Taxation					(61.2)
Profit attributable to equity shareholders					179.4

Three months to 31 October 2020
				Corporate
US		UK	Canada	items	Group
	$m	$m	$m	$m	$m
Revenue
Rental revenue	1,341.1	152.2	85.8	-	1,579.1
Sale of new equipment, merchandise
and consumables	37.9	31.1	8.7	-	77.7
Sale of used rental equipment	83.8	10.2	3.1	-	97.1
	1,462.8	193.5	97.6	-	1,753.9
Operating profit before amortisation	457.5	15.1	24.7	(4.8)	492.5
Amortisation					(21.0)
Interest expense					(66.3)
Profit before taxation					405.2
Taxation					(106.8)
Profit attributable to equity shareholders					298.4

Three months to 31 January 2021
				Corporate
US		UK	Canada	items	Group
	$m	$m	$m	$m	$m
Revenue
Rental revenue	1,187.5	167.2	93.9	-	1,448.6
Sale of new equipment, merchandise
and consumables	38.6	52.9	6.7	-	98.2
Sale of used rental equipment	61.2	8.6	4.8	-	74.6
	1,287.3	228.7	105.4	-	1,621.4
Operating profit before amortisation	323.8	24.9	23.5	(4.8)	367.4
Amortisation					(19.8)
Net financing costs					(63.8)
Profit before taxation					283.8
Taxation					(67.8)
Profit attributable to equity shareholders					216.0

Three months to 30 April 2021
				Corporate
US		UK	Canada	items	Group
	$m	$m	$m	$m	$m
Revenue
Rental revenue	1,230.0	192.2	99.9	-	1,522.1
Sale of new equipment, merchandise
and consumables	39.3	60.4	7.6	-	107.3
Sale of used rental equipment	114.0	9.0	6.4	-	129.4
	1,383.3	261.6	113.9	-	1,758.8
Operating profit before amortisation	339.2	30.0	26.6	(7.6)	388.2
Amortisation					(20.6)
Net financing costs					(62.1)
Profit before taxation					305.5
Taxation					(79.2)
Profit attributable to equity shareholders					226.3

(c)  Segmental asset analysis

				Corporate
US		UK	Canada	items	Group
	$m	$m	$m	$m	$m
At 30 April 2021
Segment assets	10,384.3	1,208.7	1,141.0	59.0	12,793.0
Cash					26.6
Taxation assets					18.4
Total assets					12,838.0
At 31 January 2021
Segment assets	10,338.1	1,185.7	1,071.2	10.7	12,605.7
Cash					20.2
Taxation assets					13.9
Total assets					12,639.8
At 31 October 2020
Segment assets	10,615.9	1,085.1	1,011.7	8.7	12,721.4
Cash					18.2
Taxation assets					10.7
Total assets					12,750.3
At 31 July 2020
Segment assets	10,623.2	1,091.3	998.2	9.1	12,721.8
Cash					13.0
Taxation assets					8.8
Total assets					12,743.6
At 30 April 2020
Segment assets	10,897.0	1,053.4	979.2	9.2	12,938.8
Cash					304.4
Taxation assets					41.3
Total assets					13,284.5

FIVE YEAR HISTORY

	2021 1	2020 1	2019	2018	2017
	$m	$m	$m	$m	$m
Income statement
Revenue	6,638.6	6,398.9	5,869.7	4,959.1	4,125.0
Operating costs	(3,601.8)	(3,390.7)	(3,121.7)	(2,640.1)	(2,177.7)
EBITDA	3,036.8	3,008.2	2,748.0	2,319.0	1,947.3
Depreciation	(1,457.6)	(1,380.8)	(1,099.7)	(930.7)	(785.5)
Operating profit*	1,579.2	1,627.4	1,648.3	1,388.3	1,161.8
Interest*	(262.9)	(284.2)	(200.1)	(147.5)	(134.8)
Pre-tax profit	1,316.3	1,343.2	1,448.2	1,240.8	1,027.0
Operating profit	1,498.0	1,549.3	1,582.2	1,330.2	1,125.1
Pre-tax profit	1,235.1	1,244.0	1,382.1	1,154.5	990.3
Cash flow
Cash flow from operations before
exceptional items and changes in
rental fleet	3,017.0	3,076.2	2,664.4	2,248.0	1,889.3
Free cash flow	1,822.2	1,001.5	480.4	516.6	433.1
Balance Sheet
Capital expenditure	994.2	1,870.5	2,069.0	1,706.4	1,404.5
Book cost of rental equipment	11,854.9	11,868.2	10,796.9	9,046.5	7,564.0
Shareholders' funds	4,525.5	3,748.7	3,650.8	3,481.1	2,549.0
In cents
Dividend per share2	58.76	52.91	49.81	43.59	36.88
Earnings per share	205.4	205.2	216.7	262.5	130.0
Adjusted earnings per share*	219.1	221.5	227.2	170.6	135.0
In per cent
EBITDA margin*	45.7%	47.0%	46.8%	46.8%	47.2%
Operating profit margin*	23.8%	25.4%	28.1%	28.0%	28.2%
Pre-tax profit margin*	19.8%	21.0%	24.7%	25.0%	24.9%
Return on investment*	14.9%	15.2%	17.8%	17.6%	17.3%
People
Employees at year-end	18,826	19,284	17,803	15,996	14,220
Locations
Stores at year-end	1,126	1,105	1,036	899	808

¹ The Group elected to apply IFRS 16 using the modified retrospective approach with no restatement of comparative figures. As a result, the results for 2021 and 2020 are not comparable directly to the prior years with the adoption of IFRS 16 resulting in higher EBITDA and operating profit but lower profit before exceptional items, amortisation and tax than under the previous accounting standard.  

² The 2021 final dividend has been translated at a rate of 1.40 for the purpose of presenting this five year history.

*Before exceptional items and amortisation.

 

END

 

 

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