Overview of Results for the year ended 30 September 2016

The continuing Group delivered adjusted operating profit of €104.2 million in 2016, the details of which are disclosed in the table below. This is an 8% increase on 2015 (9% increase on a constant currency basis).

Overview of Results IFRS based
€’m
Adjustments1
€’m
Adjusted
€’m
Increase
on 2015
Constant
currency
increase on 2015
%
Continuing operations          
Revenue 943.1 - 943.1 3 3
Operating profit 87.8 16.4 104.2 8 9
Profit before tax  75.2 16.4 91.6 10 11
EBITDA  122.3 2.0 124.3 8 8
Diluted earnings per share (cent)  24.78 3.83 28.61 8 9
Discontinued operations2          
Profit after tax 132.0 (115.1) 16.9 (19) (18)
Diluted earnings per share (cent) 53.33 (46.53) 6.80 (19) (19)
Total diluted earnings per share (cent) 78.11 (42.70) 35.41 1 2
Dividend per share (cent) 11.55 - 11.55 5 5

 

1. Adjusted operating profit, profit before tax and diluted EPS from continuing operations are stated before the amortisation of acquired intangible assets (€14.4 million, pre-tax) and transaction costs (€2.0 million, pre-tax). Adjusted profit after tax from discontinued operations is stated after deducting the profit on disposal of the discontinued operations (€132.1 million, net of tax), and adding back impairment of the investment in Magir Limited, an asset held for sale (€17.0 million, net of tax).

2. The discontinued operations include United Drug Supply Chain Services, United Drug Sangers, TCP Group and MASTA. These operations were included in the Group’s disposal which was announced on 18 September 2015 and completed on 1 April 2016. The discontinued operations also include Magir Limited, which is classified as an asset held for sale at 30 September 2016.

 

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Group Income Statement for the year ended 30 September 2016


Group Income Statement

Year ended 30 September 2016 Restated
Year ended 30 September 2015
Continuing operations  Total
2016
€'000
Pre-exceptional items
2015
€'000
Exceptional items
2015
€'000
Total
2015 €'000
Revenue 943,080 919,274 - 919,274
Cost of sales (658,981)  (654,086)  (2,092) (656,178) 
         
Gross profit 284,099 265,188 (2,092) 263,096
Selling and distribution expenses (159,820)  (151,196) (7,449) (158,645) 
Administrative expenses (18,771) (16,074) (1,713) (17,787)
Other operating expenses (16,395) (17,008) (2,216) (19,224)
Transaction costs (1,993) (1,225) (1,225)
Share of joint ventures' profit after tax 718 292 - 292
Profit on disposal of subsidiary undertakings 176 176
         
Operating profit 87,838 79,977 (13,294) 66,683
Finance income 4,781 29,510 - 29,510
Finance expense (17,417) (42,569) - (42,569)
         
Profit before tax from continuing operations 75,202 66,918 (13,294) 53,624
Income tax (expense)/credit (13,888)  (16,125)  2,096  (14,029) 
         
Profit for the financial year from continuing operations 61,314 50,793 (11,198) 39,595
Profit after tax for the year from discontinued operations 131,958 16,424  (1,146)  15,278 
         
Profit for the financial year 193,272 67,217  (12,344)  54,873
         
Profit attributable to:        
Owners of the parent 193,272      54,852
Non-controlling interests  -     21
  193,272     54,873
Profit attributable to:         
Continuing operations 61,314     39,595
Discontinued operations 131,958      15,278 
  193,272     54,873
Earnings per ordinary share        
Basic - continuing operations  24.88c     16.21c 
Basic - discontinued operations 53.56c      6.26c 
Basic  78.44c      22.47c 
Diluted - continuing operations 24.78c      16.13c 
Diluted - discontinued operations 53.33c      6.22c 
Diluted 78.11c      22.35c 

 

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Group Balance Sheet as at 30 September 2016

Group Balance sheet 2016
€'000
2015
€'000
ASSETS    
Non-current    
Property, plant and equipment 122,638 117,903
Goodwill 344,521 358,213
Intangible assets 97,054 101,693
Investment in joint ventures and associates 8,124 23,079
Derivative financial instruments 11,814 22,048
Deferred income tax assets 3,849 3,984
Employee benefits 12,489 13,067
Total non-current assets 600,489 639,987
     
Current    
Inventories 49,226 55,017
Trade and other receivables 209,472 205,248
Cash and cash equivalents 384,131 214,078
Current income tax assets 4,061 1,612
Derivative financial instruments 7,382 4,750
Assets held for sale - 473,820
Total current assets 654,272 954,525
Total assets 1,254,761 1,594,512
     
EQUITY    
Equity share capital 12,751 12,621
Share premium 156,084 152,164
Other reserves (41,295) 10,077
Retained earnings 595,449 433,912
Total equity 722,953 608,774
     
LIABILITIES     
Non-current    
Interest-bearing loans and borrowings 216,923 415,840
Provisions 5,451 7,508
Employee benefits 18,315 18,303
Deferred income tax liabilities 27,782 28,050
Total non-current liabilities 268,471 469,701
     
Current    
Interest-bearing loans and borrowings 58,133 20,811
Trade and other payables 183,190 191,758
Current income tax liabilities  13,070 4,452
Provisions 8,944 18,683
Liabilities held for sale - 280,333
Total current liabilities 263,337 516,037
Total liabilities 531,808 985,738
Total equity and liabilities  1,254,761 1,594,512

 

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