Regional restatement

RNS Number : 2374M

Compass Group PLC

19 January 2016

 

19 January 2016                                                                                                             

Regional restatement

As announced in November 2015, we have made minor changes to our regional reporting structure.  Our Europe & Japan region, now becomes Europe and excludes Japan and includes Turkey and Russia.  Our Fast Growing & Emerging region now becomes Rest of World and includes Japan and excludes Turkey and Russia.  Our North America region remains unchanged. 

To enable comparison with prior periods we are providing restated 5 year historical figures for the new regional structure.  While these restatements affect regional results, they do not affect the Group's overall income statement, balance sheet, or cash flow. 

Reported figures £'s million			Full Year
			Europe						ROW
			2015	2014	2013	2012	2011		2015	2014	2013	2012	2011
Revenue		Old	5,469	5,716	6,039	6,243	6,217		3,013	3,143	3,368	3,145	2,767
		Net restatement	(277)	(295)	(398)	(529)	(549)		277	295	398	529	549
		New	5,192	5,421	5,641	5,714	5,668		3,290	3,438	3,766	3,674	3,316
Organic revenue growth		Old	1.9%	(1.5)%	(3.0)%	(0.7)%	(0.4)%		6.9%	8.1%	10.2%	11.8%	14.5%
		New	2.2%	(0.9)%	(2.4)%	(0.7)%	0.5%		5.9%	6.1%	7.6%	10.1%	10.0%
Operating profit		Old	397	409	420	397	400		218	226	242	235	207
		Net restatement	(23)	(23)	(28)	(28)	(27)		23	23	28	28	27
		New	374	386	392	369	373		241	249	270	263	234
Margin		Old	7.3%	7.2%	7.0%	6.4%	6.4%		7.2%	7.2%	7.2%	7.5%	7.5%
		New	7.2%	7.1%	6.9%	6.5%	6.6%		7.3%	7.2%	7.2%	7.2%	7.1%
Cash flow		Old	335	360	416	376	325		135	161	170	207	163
		Net restatement	(39)	(39)	(32)	(46)	(32)		39	39	32	46	32
		New	296	321	384	330	293		174	200	202	253	195
ROCE		Old	11.8%	12.5%	12.4%	11.2%	11.8%		23.6%	23.2%	22.9%	24.9%	25.7%
		New	11.5%	12.0%	11.7%	10.9%	11.7%		20.8%	18.7%	18.7%	19.9%	20.7%

Reported figures in £'s million			Half Year
				Europe							ROW
				2015	2014	2013	2012		2011		2015	2014	2013	2012	2011
Revenue		Old		2,805	2,951	3,080	3,228		3,126		1,564	1,557	1,665	1,523	1,297
		Net restatement		(116)	(138)	(202)	(244)		(268)		116	138	202	244	268
		New		2,689	2,813	2,878	2,984		2,858		1,680	1,695	1,867	1,767	1,565
Organic revenue growth		Old		0.9%	(1.6)%	(3.6)%	(0.4)%		(0.4)%		7.7%	9.7%	10.5%	12.4%	15.7%
		New		1.3%	(1.0)%	(2.9)%	(0.2)%		0.4%		6.5%	7.3%	7.6%	10.7%	10.8%
Operating profit		Old		205	213	212	214		214		109	110	126	115	98
		Net restatement		(6)	(7)	(5)	(7)		(11)		6	7	5	7	11
		New		199	206	207	207		203		115	117	131	122	109
Margin		Old		7.3%	7.2%	6.9%	6.6%		6.8%		7.0%	7.1%	7.6%	7.6%	7.6%
		New		7.4%	7.3%	7.2%	6.9%		7.1%		6.8%	6.9%	7.0%	6.9%	7.0%
Cash flow		Old		139	162	174	162		149		37	60	62	94	62
		Net restatement		(9)	(11)	(12)	(18)		(6)		9	11	12	18	6
		New		130	151	162	144		143		46	71	74	112	68
Note: 2015 operating profit shown before EM & OR restructuring costs

Compass will hold a conference call hosted by Sandra Moura, Head of Investor Relations and Kate Dunham, Group Financial Controller for investors and analysts on Tuesday, 19 January 2016 at 9:00 a.m. (UK time).

Participants dial-in numbers

UK Toll-Free Participant dial-in:               0808 237 0030

UK Toll Participant dial-in:                      0203 139 4830

US Toll Participant dial-in:                      [phone]

US Toll-Free Participant dial-in:               [phone]

Participant PIN Code:                             97141250#

A replay service will be available until 25^th January 2016

UK Toll dial-in:                                       0203 426 2807

UK Toll-Free dial-in:                               0808 237 0026

US Toll-Free dial-in:                               [phone]

Audio playback reference:                       666960#

Enquires:                   Sandra Moura / Agatha Donnelly                    [phone]

Media:                         Clare Hunt                                                      [phone]

Website:                     www.compass-group.com                            

Note to Editors

a)   Compass Group PLC is one of the world's leading foodservice and support services companies which generated annual revenues of £18 billion in the year to 30 September 2015. It operates in over 50 countries, employs over 500,000 people and serves over 5 billion meals every year. The Company specialises in providing food and a range of support services across the core sectors of Business & Industry, Healthcare & Seniors, Education, Defence, Offshore & Remote, Sports & Leisure and Vending with an established brand portfolio.

b)    MAP (Management and Performance) is a simple, but clearly defined Group operating framework. MAP focuses on five key value drivers, enabling the businesses to deliver disciplined, profitable growth with the focus more on organic growth and like for like growth.

The five key value drivers are:

MAP 1: Client sales and marketing

MAP 2: Consumer sales and marketing

MAP 3: Cost of food

MAP 4: Unit costs

MAP 5: Above unit overheads

c)    Organic revenue growth, a term used throughout the announcement, is calculated by adjusting for acquisitions (excluding current period acquisitions and including a full period in respect of prior period acquisitions), disposals (excluded from both periods) and exchange rate movements (translating the prior period at current period exchange rates).

d)    Forward looking statements

Certain information included in this announcement is forward-looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company's plans and objectives for future operations, including, without limitation, discussions of expected future revenues, financing plans, expected expenditures and divestments, risks associated with changes in economic conditions, the strength of the foodservice and support services markets in the jurisdictions in which the Group operates, fluctuations in food and other product costs and prices and changes in exchange and interest rates. Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as "believes", "estimates", "anticipates", "expects", "forecasts", "intends", "plans", "projects", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are not guarantees of future performance. All forward-looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward-looking statements, which speak only at their respective dates. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

e)    A copy of this release, together with all other recent announcements and presentations can be found on Compass Group's website at www.compass-group.com.

 

END

 

 

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