G4S plc
Half-Yearly Results Announcement
January - June 2009
G4S, the world's leading international security solutions group,
today announces its half year results for the six months to 30 June
2009.
RESULTS HIGHLIGHTS
* Group turnover* up 11.8% to £3,486.1 million (2008:£ 3,117.0m)
* Organic turnover growth* of 4.8% (2008: 10.5%)
* PBITA* up 13.4% to £229.8 million (2008:£202.6m)
* Margin* improved to 6.6% (2008: 6.5%)
* Operating cash flow generation of 75% of PBITA (2008: 77%)
* Adjusted earnings per share increased 25.0% to 9.0p (2008:
7.2p) and by 9.8% at constant exchange rates (2008: 8.2p)
* Interim dividend up 10% to 3.02 pence per share, DKK 0.2599
(2008: 2.75p/DKK 0.2572)
* Continued good performance across all regions and business
segments
* Expect a strong performance for the full year
* at constant (2009) exchange rates
Nick Buckles, Chief Executive Officer, commented:
"Our overall achievement of 4.8% organic growth and 9.8% EPS growth
is a strong performance against a back-drop of lower economic growth
and inflation falling in many of our markets. This demonstrates the
resilience of our business model and the robustness of our customer
relationships and contract base. Our higher growth, more complex
business segments in government, cash solutions and new markets are
all performing very well.
Through good cost control, productivity improvements and focus on
service quality across the group, we have achieved double digit
profit growth and an improvement in the margin compared to the prior
year.
Overall, we remain confident about our performance for the year and
into 2010."
For further enquiries, please
contact:
Nick Buckles Chief Executive +44 (0) 1293
Officer 554400
Trevor Dighton Chief Financial
Officer
Helen Parris Director of Investor
Relations
Media enquiries:
Kevin Smith Citigate Dewe Rogerson +44 (0) 7973
672649
High resolution images are available for the media to view and
download free of charge from www.vismedia.co.uk
Notes to Editors:
G4S is the world's leading international security solutions group,
which specialises in outsourced business processes in sectors where
security and safety risks are considered a strategic threat.
G4S is the largest employer quoted on the London Stock Exchange and
has a secondary stock exchange listing in Copenhagen. G4S has
operations in over 110 countries and over 585,000 employees. For
more information on G4S, visit www.g4s.com.
Presentation of Results:
A presentation to investors and analysts is taking place today at
0900hrs at the London Stock Exchange, 10 Paternoster Square, London,
EC4M 7LS. The presentation will be webcast at:
http://streamstudio.world-television.com/CCUIv3/login.aspx?ticket=707-803-7777&target=en
A telephone dial-in facility will be available on:
+---------------------------------------------+
| UK Access Number | +44 (0)20 7075 6551 |
|-----------------------+---------------------|
| UK Toll Free* Number | 0800 376 4751 |
|-----------------------+---------------------|
| US Toll Free* Number | 1866 793 4273 |
|-----------------------+---------------------|
| US Toll Number | +1 703 621 9125 |
|-----------------------+---------------------|
| DK Toll Free* Number | 80 88 49 45 |
|-----------------------+---------------------|
| Participant PIN Code | 933947# |
+---------------------------------------------+
*If you are calling from a mobile phone your provider may charge you
when connected to our toll free phone number.
FINANCIAL SUMMARY
Results
The results which follow have been prepared under International
Financial Reporting Standards, as adopted by the European Union
(adopted IFRSs).
Group Turnover
+---------------------------------------------------------+
| Turnover of Continuing Businesses | H109 | H108 |
| | £m | £m |
|-------------------------------------+---------+---------|
| Turnover at constant exchange rates | 3,486.1 | 3,117.0 |
|-------------------------------------+---------+---------|
| Exchange difference | - | (417.0) |
|-------------------------------------+---------+---------|
| Total continuing business turnover | 3,486.1 | 2,700.0 |
+---------------------------------------------------------+
Turnover, at constant exchange rates, increased by 11.8% to £3,486.1
million. Organic turnover growth was 4.8%.
+-------------------------------------------------------------------+
| Organic Turnover | Europe | North | Developed | New | Total |
| Growth * | | America | Markets | Markets | |
|------------------+--------+---------+-----------+---------+-------|
| Secure Solutions | 4.2% | -3.8% | 1.1% | 13.2% | 4.1% |
|------------------+--------+---------+-----------+---------+-------|
| Cash Solutions | 6.8% | 5.7% | 6.7% | 12.1% | 7.9% |
|------------------+--------+---------+-----------+---------+-------|
| Total | 4.9% | -3.3% | 2.2% | 13.0% | 4.8% |
+-------------------------------------------------------------------+
* Calculated to exclude acquisitions and disposals, and at constant
exchange rates
Group Profit
+----------------------------------------------------------+
| PBITA * of Continuing Businesses | H109 | H108 |
| | £m | £m |
|-----------------------------------------+-------+--------|
| PBITA at constant exchange rates | 229.8 | 202.6 |
|-----------------------------------------+-------+--------|
| Exchange difference | - | (28.2) |
|-----------------------------------------+-------+--------|
| Total continuing business PBITA | 229.8 | 174.4 |
|-----------------------------------------+-------+--------|
| PBITA margin at constant exchange rates | 6.6% | 6.5% |
+----------------------------------------------------------+
* PBITA is defined as profit before interest, taxation and
amortisation of acquisition-related intangible assets
PBITA at constant exchange rates increased by 13.4% to £229.8
million. The PBITA margin improved to 6.6%.
Cash Flow and Financing
+-------------------------------------------------------------------+
| Cash Flow | H109 | H108 at constant exchange | H108 |
| | £m | rates | £m |
| | | £m | |
|-----------------------+-------+---------------------------+-------|
| Operating cash flow | 171.2 | 155.0 | 132.1 |
|-----------------------+-------+---------------------------+-------|
| Operating cash flow / | 75% | 77% | 77% |
| PBITA | | | |
+-------------------------------------------------------------------+
Operating cash flow, as analysed on page 22, was up 30% to £171.2
million in the period, representing 75% of PBITA. Net cash invested
in acquistions was £54.8 million. Net debt at the end of the period,
as analysed on page 21, was £1,385.9 million (June 2008: £1,134.2m,
December 2008 £1,347.7m).
Adjusted earnings per share
+-------------------------------------------------------------------+
| Adjusted earnings per | H109 | H108 at constant | H108 |
| share | £m | exchange rates | £m |
| | | £m | |
|----------------------------+---------+------------------+---------|
| PBITA from continuing | 229.8 | 202.6 | 174.4 |
| operations | | | |
|----------------------------+---------+------------------+---------|
| Interest (before pensions) | (47.8) | (45.7) | (37.6) |
|----------------------------+---------+------------------+---------|
| Tax | (47.3) | (42.3) | (37.1) |
|----------------------------+---------+------------------+---------|
| Minorities | (8.6) | (7.3) | (5.7) |
|----------------------------+---------+------------------+---------|
| Adjusted profit | 126.1 | 107.3 | 94.0 |
| attributable to | | | |
| shareholders | | | |
|----------------------------+---------+------------------+---------|
| Average number of shares | 1,402.5 | 1,310.3 | 1,310.3 |
| (m) | | | |
|----------------------------+---------+------------------+---------|
| Adjusted EPS (p) | 9.0 | 8.2 | 7.2 |
+-------------------------------------------------------------------+
Adjusted earnings per share, reconciled to basic earnings per share
on page 20, increased by 25%, or by 9.8% at constant exchange rates.
BUSINESS ANALYSIS
Secure Solutions
+--------------------------------------------------------------------------+
| | Turnover| PBITA| Margins|Organic|
| | £m| £m| | Growth|
|* At constant exchange |---------------+------------+---------+-------|
|rates | H109| H108| H109| H108|H109|H108| H109|
|---------------------------+-------+-------+-----+------+----+----+-------|
|Europe * |1,304.2|1,134.6| 79.7| 69.9|6.1%|6.2%| 4.2%|
|---------------------------+-------+-------+-----+------+----+----+-------|
|North America * | 753.8| 758.9| 42.3| 40.8|5.6%|5.4%| -3.8%|
|---------------------------+-------+-------+-----+------+----+----+-------|
|New Markets * | 759.6| 603.9| 58.2| 46.0|7.7%|7.5%| 13.3%|
|---------------------------+-------+-------+-----+------+----+----+-------|
|Total Secure Solutions * |2,817.6|2,497.4|180.2| 156.7|6.4%|6.3%| 4.1%|
|---------------------------+-------+-------+-----+------+-----------------|
|Exchange differences | -|(362.1)| -|(22.8)| |
|---------------------------+-------+-------+-----+------+-----------------|
|At actual exchange rates |2,817.6|2,135.3|180.2| 133.9| |
+--------------------------------------------------------------------------+
The secure solutions business continued its robust performance with
organic growth of 4.1% and margins slightly higher at 6.4%. Margins
were improved due to the mix effect of continued strong growth in the
higher margin segments of government and New Markets, but were
negatively impacted by a margin reduction in the security systems
businesses. In some markets customers have come under pressure to
reduce costs and we have worked with them to reconfigure their
security requirements. This has dampened organic growth in the short
term but profitability was maintained. The group has also reduced
overheads in selected markets where necessary to maintain margins.
Europe
+-----------------------------------------------------------------------+
| | Turnover| PBITA| Margins|Organic|
| | £m| £m| | Growth|
|* At constant exchange |---------------+---------+---------+-------|
|rates | H109| H108|H109|H108|H109|H108| H109|
|---------------------------+-------+-------+----+----+----+----+-------|
|UK & Ireland * | 556.9| 398.5|44.1|31.4|7.9%|7.9%| 9.6%|
|---------------------------+-------+-------+----+----+----+----+-------|
|Continental Europe * | 747.3| 736.1|35.6|38.5|4.8%|5.2%| 0.6%|
|---------------------------+-------+-------+----+----+----+----+-------|
|Total Europe * |1,304.2|1,134.6|79.7|69.9|6.1%|6.2%| 4.2%|
+-----------------------------------------------------------------------+
Organic growth in Europe was 4.2% and margins were 6.1%.
In the UK & Ireland, organic growth increased from 8.2% in the prior
year to 9.6%, with margins remaining at 7.9%. Organic growth and
margins have been helped by strong growth in the risk management and
government sectors offset by lower growth in commercial security
particularly in Ireland, where turnover has declined 12%.
In the government sector, new contracts won or commencing during the
first half included Brook House immigration and detention centre from
March (£10m pa for five years) and Tinsley House Immigration Removal
Centre which started in May (£5m pa for five years). The electric
monitoring contract (£40m pa) was extended for a further two years
and the detention and escorting contract has been extended for nine
months into 2010.
In Continental Europe, organic growth from continuing operations
reduced to 0.6%. Growth was slightly negative in a number of larger
markets and in the Baltics organic growth was a negative 13%. Romania
continues to be a strong performer with organic growth of more than
45% and Greece benefited from a good performance in the aviation
sector.
Margins were impacted by a reduction in security systems margins and
a 50% decline in high margin temporary security work, both of which
we would expect to recover when economic growth improves. These
negatives were partly offset by the operational restructuring of two
aviation contracts to address declining passenger numbers. The group
continues to respond to customer demand to reduce security spend with
innovation and further deployment of solutions that include
technology, which has helped maintain our very high level of customer
retention of 94%.
New contracts won during the first half included an output based
solutions contract with an oil and gas major, local government
contracts in Denmark and Estonia and Tartu Airport in Estonia.
North America
+-------------------------------------------------------------------+
| | Turnover | PBITA | Margins | Organic |
| | £m | £m | | Growth |
| * At | | | | |
| constant |---------------+-------------+-------------+---------|
| exchange | H109 | H108 | H109 | H108 | H109 | H108 | H109 |
| rates | | | | | | | |
|-------------+-------+-------+------+------+------+------+---------|
| North | 753.8 | 758.9 | 42.3 | 40.8 | 5.6% | 5.4% | -3.8% |
| America * | | | | | | | |
+-------------------------------------------------------------------+
Organic growth in North America was a decline of 3.8%, of which 3%
was due to the loss of the Exelon contract. Margins improved to 5.6%
from 5.4% in the prior year.
In the United States, organic growth in the government and commercial
sectors were relatively flat but new contracts in the second half
will see growth improve.
As expected, good margin improvement was achieved through a reduction
in non-billed overtime across a number of our businesses and an
improvement in the commercial nuclear sector margins. We now have
annual revenues of over $180m in the sector and the contracts
starting under the new solutions model have improved margins.
In the government sector, the landmine clearance business which was
acquired in 2008 is performing very strongly and the NASA contract
was extended (up to $120m pa for up to 10 years).
Canada had an improved performance compared to the same period in
2008, with better margins in a continuing tough market.
New Markets
+-------------------------------------------------------------------+
| | Turnover | PBITA | Margins | Organic |
| | £m | £m | | Growth |
| * At | | | | |
| constant |---------------+-------------+-------------+---------|
| exchange | H109 | H108 | H109 | H108 | H109 | H108 | H109 |
| rates | | | | | | | |
|-------------+-------+-------+------+------+------+------+---------|
| Asia * | 255.4 | 208.5 | 18.8 | 16.4 | 7.4% | 7.9% | 7.7% |
|-------------+-------+-------+------+------+------+------+---------|
| Middle East | 211.1 | 157.9 | 16.9 | 11.5 | 8.0% | 7.3% | 22.4% |
| * | | | | | | | |
|-------------+-------+-------+------+------+------+------+---------|
| Africa * | 155.6 | 122.1 | 15.4 | 10.8 | 9.9% | 8.8% | 11.8% |
|-------------+-------+-------+------+------+------+------+---------|
| Latin | 137.5 | 115.4 | 7.1 | 7.3 | 5.2% | 6.3% | 12.7% |
| America & | | | | | | | |
| Caribbean * | | | | | | | |
|-------------+-------+-------+------+------+------+------+---------|
| Total New | 759.6 | 603.9 | 58.2 | 46.0 | 7.7% | 7.6% | 13.3% |
| Markets * | | | | | | | |
+-------------------------------------------------------------------+
In New Markets, organic growth was very strong at 13.3 %, with
margins slightly higher at 7.7% compared to the previous year.
Organic growth in Asia was 7.7% and margins were lower at 7.4%
mainly due to the mix effect of Australia having lower margins on
average. However, Australia is performing well and is integrating a
secure solutions acquisition to build on its existing care and
justice expertise. India and Thailand both had organic growth of
around 15%. G4S signed an electronic monitoring contract for New
Zealand which will be in operation in the fourth quarter of 2009.
In the Middle East there was organic growth of 22.4%, with
particularly strong performances in UAE, Qatar and Saudi Arabia.
Margins in Iraq improved as expected and organic growth was helped by
the AUL contract and further outsourcing, partly offset by reduced
service requirements for the US air-force contract supplying
paramedic and firefighter support. In the UAE, the cost of regulated
wage increases of around 200% was recovered successfully.
In Africa, organic growth was 11.8% and margins improved strongly to
9.9%. In South Africa, margins have improved considerably due to a
deliberate termination of low margin contracts and continued strong
performance of the justice services business. Tenders for four new
prisons in South Africa were submitted at the end of May with news of
awards expected in Q2 2010. G4S was awarded the UK Embassy contracts
for Uganda, Kenya, DRC, Zambia and Mozambique. Strong growth was
achieved in Ghana and Morocco.
The Latin America and Caribbean region achieved organic growth of
12.7% but margins were lower at 5.2% as expected due to the
renegotiated Colombia tolls contracts. Good levels of organic growth
were achieved across most of the region with Argentina and Peru
being particularly strong performers.
Cash Solutions
+-----------------------------------------------------------------------+
| | Turnover| PBITA| Margins|Organic|
|* At constant exchange | £m| £m| | Growth|
|rates |------------+----------+-----------+-------|
| | H109| H108|H109| H108| H109| H108| H109|
|---------------------------+-----+------+----+-----+-----+-----+-------|
|Europe * |460.1| 430.5|45.0| 42.3| 9.8%| 9.8%| 6.8%|
|---------------------------+-----+------+----+-----+-----+-----+-------|
|North America * | 48.8| 46.5| 2.0| 0.2| 4.1%| 0.4%| 5.7%|
|---------------------------+-----+------+----+-----+-----+-----+-------|
|New Markets * |159.6| 142.6|23.3| 21.6|14.6%|15.1%| 12.1%|
|---------------------------+-----+------+----+-----+-----+-----+-------|
|Total Cash Solutions * |668.5| 619.6|70.3| 64.1|10.5%|10.3%| 7.9%|
|---------------------------+-----+------+----+-----+-------------------|
|Exchange differences | -|(54.9)| -|(6.5)| |
|---------------------------+-----+------+----+-----+-------------------|
|At actual exchange rates |668.5| 564.7|70.3| 57.6| |
+-----------------------------------------------------------------------+
The cash solutions division performance in the first half of the year
was very robust with organic growth of 7.9% compared with 10.6% in
2008. Margins were up slightly on the same period last year at 10.5%
assisted by a turnaround in the Canadian business.
Organic growth in Europe was 6.8%. In the UK, organic growth was
around 4% due to fewer services being required by the retail sector
and lower interest rates. However margins have been maintained due to
overhead controls and a strong focus on operational efficiency.
The Baltics and Benelux have performed well despite very challenging
market and economic conditions by being proactive in cutting costs
and optimising CIT routes.
A new Head Office and cash centre in Riga, Latvia, will open in
September 2009 and will allow the company to pursue its outsourcing
agenda. A new facility will open in Belgium later this year. Romania
continues to grow very strongly with organic growth of more than 50%.
In Sweden, the management will be working hard to achieve cost
reductions and efficiency improvements. Hungary has seen increased
CIT volumes as the level of cash in circulation has increased
dramatically due to worries surrounding the financial services
industry.
Following its restructuring the operational performance of the Canada
business has been transformed and margins are now at 4.1%.
In New Markets, organic growth was 12.1% and margins were still very
strong at 14.6%, but slightly lower compared to 2008 as a result of
the further renegotiated Colombia tolls contracts and a price war in
Taiwan. The South Africa cash services business remains a very
strong performer with good organic growth and margin improvements.
In Cash 360, the group's retail solutions technology, pilot trials in
a number of countries have been converted into sales or paid pilots
pending a sales agreement. There is strong pipeline which continues
to grow in all countries in which the solution offering is being
marketed actively.
OTHER FINANCIAL ISSUES
Acquisitions and divestments
G4S spent a total of £54.8m on acquisitions during the period. Of
this, £19.7m was invested in capability building acquisitions such as
juvenile justice business in the US, security systems capability in
Ghana, a cash solutions business in Greater China and SecuraMonde, a
worldwide cash consultancy based in the UK. G4S also purchased
minority interests for a total of £33.5m mainly in Malaysia and
Nigeria and paid a further £1.6m in deferred consideration from
previous acquisitions. The disposal of the French security business
was completed in the period.
Risks and uncertainties
A discussion of the group's risk assessment and control processes and
the principal risks and uncertainties that could affect the business
activities or financial results are detailed on pages 22 and 23 of
the company's annual report for the financial year ended 31 December
2008, a copy of which is available on the group website www.g4s.com.
The risks and uncertainties are expected to be the same during the
remaining six months of the financial year.
Financing & Interest
The group has a prudent approach to managing its financing and over
the last two years has diversified its sources away from the bank
market by raising funds from the private placement market. To further
increase the group's funding flexibility a BBB credit rating from
Standard & Poor's was obtained on 9 March 2009. The rating enables
the group to access finance from the public markets and this resulted
in the 13 May bond issue.
The group is currently well capitalised with no significant
maturities until 2012. Borrowings are at attractive rates and
liabilities broadly match the business mix by currency.
The group's primary sources of finance are:-
Ø £1.1bn multicurrency revolving credit facility provided by a
consortium of banks at a margin of 0.225% over LIBOR and maturing 28
June 2012. As at 30 June the drawings were US$ 355m, Euro 361m and
£35m.
Ø $550m private placement notes, issued 1 March 2007, which
mature at various dates between 2014 and 2022 with interest coupons
of between 5.77% and 6.06%.
Ø $514m and £69m private placement notes, issued 15 July 2008
which mature at various dates between 2013 and 2020 with interest
coupons of between 6.09% and 7.56%.
Ø £350m 7.75% 2019 bond. This bond was issued 13 May 2009 and
matures 13 May 2019.
At 30 June 2009 the group had other short term committed facilities
of £45m and uncommitted facilities of £430m. The group headroom
available from committed funds was £541m. The group has sufficient
borrowing capacity to finance its current investment plans.
As of 30 June 2009, net debt was £1,385.9m which gave book gearing of
111%. The market gearing, using the 30 June closing share price of
208.5 pence, is 48%.
Net interest payable on net debt was £47.8m. This is an increase of
27% over the 2008 cost of £37.6m and reflects the further
diversification of the group's funding sources, the increase in the
group's average gross debt caused by the high level of acquisitions
in 2008 and the depreciation of the £ against the US$ and Euro. These
factors were partially offset by the reduction in short term LIBOR
interest rates.
The group's average cost of borrowings during the half year was 4.9%
compared to 5.6% in 2008.
Also included within financing costs is a net cost of £9.8m (2008:
net income £2.5m) in respect of movements in the group's retirement
benefit obligations.
Taxation
Tax has been provided for at the estimated effective tax rate for the
full year of 26.0% on adjusted earnings, compared to 26.9% for the
full year in 2008. The group believes that this rate is sustainable
going forward as a result of planning initiatives undertaken.
Retirement benefit obligations
The group's funding shortfall on funded defined retirement benefit
schemes, on the valuation basis specified in IAS19 Employee Benefits,
was £392m before tax or £290m after tax (31 December 2008: £286m and
£207m respectively). The main schemes are in the UK. The latest
full actuarial valuations were undertaken at 5 April 2006 in respect
of the Securicor scheme, 31 March 2007 in respect of the Group 4
scheme and March 2005 in respect of the GSL scheme. All UK schemes
are currently undergoing a full valuation as at 31 March 2009.
The valuation of gross liabilities has increased since 31 December
2008 due to a decrease in the appropriate AA corporate bond rate from
6.3% to 6.2% and due to higher inflation assumptions. However, the
value of the assets held in the funds (adjusted for acquired pension
funds and additional contributions) increased by £35m during the
period. Additional company contributions were £23m.
The group believes that, over the very long term in which retirement
benefits become payable, investment returns should eliminate the
deficit reported in the schemes in respect of past service
liabilities.
Dividend
The Board has declared an interim dividend for 2009 of 3.02p per
share (DKK 0.2599) payable on 30 October 2009. This represents an
increase of 9.8% on the interim dividend for 2008.
REVIEW AND OUTLOOK
Our overall achievement of 4.8% organic growth and 9.8% EPS growth is
a strong performance against a back-drop of significant reductions in
economic growth and falling inflation across many of our markets.
Any pressure on growth in Continental Europe and the commercial
segment in the UK and North America is being countered strongly by
continued double digit growth in New Markets and strong performances
in the higher growth, more complex government and cash solutions
segments.
Through good cost control, productivity improvements and service
quality across the group, we have achieved double digit profit growth
and an improvement in the margin compared to the prior year.
Continental Europe is the only major segment where margins are behind
the same period last year, elsewhere margins are holding firm in the
UK and North American commercial segment, and improving in the
government, New Markets and cash solutions segments.
This strong performance demonstrates the quality of our management
across the businesses, the resilience of our business model and the
robustness of our customer relationships and contract base.
Overall, we remain confident about our performance for the year and
into 2010.
24 August 2009
G4S plc
Unaudited half-yearly results announcement
For the six months ended 30 June 2009
Directors' responsibility statement in respect of the half-yearly
results announcement
We confirm that to the best of our knowledge:
* this condensed set of financial statements has been
prepared in accordance with International Accounting Standard (IAS)
34 Interim Financial Reporting as adopted by the EU and gives a
true and fair view of the assets, liabilities, financial position
and profit of the group as required by DTR 4.2.4;
* this half-yearly results announcement includes a fair
review of the information required by DTR 4.2.7-8.
The responsibility statement is signed by:
Nick Buckles Trevor Dighton
Chief Executive Chief Financial Officer
G4S plc
Unaudited half-yearly results announcement
For the six months ended 30 June 2009
Consolidated income statement
For the six months ended 30 June 2009
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
Notes £m £m £m
Continuing operations
Revenue 2 3,486.1 2,700.0 5,948.0
Profit from operations before
amortisation of
acquisition-related intangible
assets and share of profit from
associates 229.2 172.6 412.0
Share of profit from associates 0.6 1.8 3.4
Profit from operations before
amortisation of
acquisition-related intangible
assets (PBITA) 2 229.8 174.4 415.4
Amortisation of (43.6) (30.4) (67.8)
acquisition-related intangible
assets
Profit from operations before 186.2 144.0 347.6
interest and taxation (PBIT) 2, 3
Finance income 6 41.4 50.0 104.9
Finance costs 7 (99.0) (85.1) (189.7)
Profit from operations before 128.6 108.9 262.8
taxation (PBT)
Taxation:
- Before amortisation of (44.8) (37.8) (89.3)
acquisition-related intangible assets
- On amortisation of 11.4 8.5 19.1
acquisition-related intangible
assets
8 (33.4) (29.3) (70.2)
Profit from continuing 95.2 79.6 192.6
operations after taxation
(Loss)/profit from discontinued 4 (1.5) 0.5 (27.7)
operations
Profit for the period 93.7 80.1 164.9
Attributable to:
Equity holders of the parent 85.1 74.4 151.2
Minority interests 8.6 5.7 13.7
Profit for the period 93.7 80.1 164.9
Earnings per share attributable
to ordinary equity shareholders 9
of the parent from continuing
and discontinued operations
Basic 6.1p 5.7p 11.1p
Diluted 6.1p 5.7p 11.1p
Dividends declared and proposed 10
in respect of the period
Interim dividend of 3.02p per 42.5 38.7 38.6
share (2008: 2.75p per share)
Final dividend (2008: 3.68p per - - 51.8
share)
Total 42.5 38.7 90.4
Condensed consolidated balance sheet
As at 30 June 2009
As at As at As at
30.06.09 30.06.08 31.12.08
Notes £m £m £m
ASSETS
Non-current assets
Goodwill 1,956.8 1,733.3 2,090.9
Other acquisition-related 355.2 436.0 403.1
intangible assets
Other intangible assets 57.9 37.9 61.0
Property, plant and equipment 493.6 459.4 528.5
Investment in associates 5.5 3.0 7.4
Trade and other receivables 284.0 143.9 353.0
3,153.0 2,813.5 3,443.9
Current assets
Inventories 78.6 72.4 85.5
Investments 86.7 72.3 92.7
Trade and other receivables 1,251.8 1,086.9 1,364.8
Cash and cash equivalents 480.9 446.6 562.1
Assets classified as held for 11 19.9 111.1 71.0
sale
1,917.9 1,789.3 2,176.1
Total assets 5,070.9 4,602.8 5,620.0
LIABILITIES
Current liabilities
Bank overdrafts (167.0) (127.1) (195.1)
Bank loans (71.5) (59.8) (87.9)
Obligations under finance leases (17.8) (19.0) (22.1)
Trade and other payables (1,056.5) (986.9) (1,269.2)
Retirement benefit obligations (54.0) (48.3) (48.9)
Provisions (41.9) (95.7) (40.1)
Liabilities associated with 11 (11.0) (74.8) (74.1)
assets classified as held for
sale
(1,419.7) (1,411.6) (1,737.4)
Non-current liabilities
Bank loans (604.3) (1,112.5) (877.8)
Loan notes (1,107.2) (290.8) (901.9)
Obligations under finance leases (59.5) (61.1) (63.6)
Trade and other payables (45.1) (37.1) (63.5)
Retirement benefit obligations (379.7) (130.5) (278.6)
Provisions (195.5) (142.0) (226.3)
(2,391.3) (1,774.0) (2,411.7)
Total liabilities (3,811.0) (3,185.6) (4,149.1)
Net assets 1,259.9 1,417.2 1,470.9
EQUITY
Share capital 352.1 352.1 352.1
Share premium and reserves 872.3 1,030.1 1,074.9
Equity attributable to equity 1,224.4 1,382.2 1,427.0
holders of the parent
Minority interests 35.5 35.0 43.9
Total equity 1,259.9 1,417.2 1,470.9
Condensed consolidated cash flow statement
For the six months ended 30 June 2009
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
Notes £m £m £m
Profit from continuing 128.6 108.9 262.8
operations before taxation
Adjustments for:
Finance income (41.4) (50.0) (104.9)
Finance costs 99.0 85.1 189.7
Depreciation of property, plant 60.0 48.9 105.0
and equipment
Amortisation of 43.6 30.4 67.8
acquisition-related intangible
assets
Amortisation of other 7.3 4.8 11.1
intangible assets
Other operating cash flow 2.6 0.3 4.7
movements
Operating cash flow before 299.7 228.4 536.2
movements in working capital
Net working capital movement (82.5) (60.2) (55.0)
Net cash flow from operating 217.2 168.2 481.2
activities of continuing
operations
Net cash used by operating (11.0) (0.8) (26.2)
activities of discontinued
operations
Cash generated by operations 206.2 167.4 455.0
Tax paid (37.6) (37.9) (82.0)
Net cash flow from operating 168.6 129.5
activities 373.0
Investing activities
Interest received 4.8 7.7 17.2
Cash flow from associates 1.9 9.5 12.2
Net cash flow from capital (69.3) (61.1)
expenditure (161.3)
Net cash flow from acquisitions (54.6) (308.0)
and disposals (368.6)
(Purchase)/sale of trading (5.1) 1.9
investments 5.6
Own shares purchased (4.6) (4.5) (8.8)
Net cash used in investing (126.9) (354.5)
activities (503.7)
Financing activities
Share issues 0.1 276.8 276.8
Dividends paid to minority (4.4) (3.4)
interests (11.9)
Loan to minority interests - (4.2) -
Dividends paid to equity (51.7) (36.4)
shareholders of the parent (75.0)
Net increase in borrowings 99.5 129.4 173.7
Interest paid (55.2) (50.4) (97.2)
Net cash flow from translation (10.2) (39.0)
hedging financial instruments (65.9)
Repayment of obligations under (10.9) (4.8)
finance leases (13.5)
Net cash flow from financing (32.8) 268.0
activities 187.0
Net increase in cash, cash equivalents
and bank overdrafts
13 8.9 43.0 56.3
Cash, cash equivalents and bank 360.7 270.7
overdrafts at the beginning of
the period 270.7
Effect of foreign exchange rate (51.2) 8.6
fluctuations on cash held 33.7
Cash, cash equivalents and bank 318.4 322.3
overdrafts at the end of the
period 360.7
Consolidated statement of comprehensive income
For the six months ended 30 June 2009
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Exchange differences on translation (135.2) 25.8 182.0
of foreign operations
Actuarial losses on defined (129.4) (56.5) (196.9)
retirement benefit schemes
Change in fair value of cash flow (28.8) 5.0 36.4
hedging financial instruments
Change in fair value of net 28.6 (19.1) (81.1)
investment hedging financial
instruments
Tax on items taken directly to 29.9 27.5 50.3
equity
Net expense recognised directly in (234.9) (17.3) (9.3)
equity
Profit for the period 93.7 80.1 164.9
Total comprehensive income for the (141.2) 62.8 155.6
period
Attributable to:
Equity holders of the parent (149.8) 57.1 141.9
Minority interests 8.6 5.7 13.7
Total comprehensive income for the (141.2) 62.8 155.6
period
Consolidated statement of changes in equity
For the six months ended 30 June 2009
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
At beginning of period 1,427.0 1,087.1 1,087.1
Net recognised (loss)/income
attributable to equity shareholders
of the parent (149.8) 57.1 141.9
Shares issued 0.1 276.8 276.8
Dividends declared (51.7) (36.4) (75.0)
Own shares purchased (4.6) (4.5) (8.8)
Equity settled transactions 3.4 2.1 5.0
At end of period 1,224.4 1,382.2 1,427.0
Notes to the half-yearly results announcement
1) Basis of preparation and accounting policies
These condensed financial statements comprise the unaudited interim
consolidated results of G4S plc ("the group") for the six months
ended 30 June 2009. These half-yearly financial results do not
comprise statutory accounts within the meaning of Section 240 of the
Companies Act 1985 and should be read in conjunction with the Annual
Report and Accounts 2008.
The comparative figures for the financial year ended 31 December 2008
are not the company's statutory accounts for that year. Those
accounts have been reported on by the company's auditor and delivered
to the Registrar of Companies. The report of the auditor was (i)
unqualified, (ii) did not contain a reference to any matters to which
the auditor drew attention by emphasis of matter without qualifying
their report, and (iii) did not contain any statement under Section
237 of the Companies Act 1985.
The condensed financial statements of the group presented in this
interim announcement have been prepared in accordance with IAS 34
Interim Financial Reporting, and with the Disclosure and Transparency
Rules of the Financial Services Authority. The accounting policies
applied are the same as those set out in the group's Annual Report
and Accounts 2008, as adjusted for the effects of:
* IAS1 (Presentation of Financial Statements) The revised
IAS 1 (Presentation of Financial Statements) requires a number of
changes to the presentation of financial statements. All non-owner
changes in equity (i.e. comprehensive income) are required to be
presented in one statement of comprehensive income or in two
statements (a separate income statement and a statement of
comprehensive income). As a result, the group has elected to
present a consolidated income statement, a consolidated statement
of comprehensive income and a consolidated statement of changes in
equity.
* IFRS8 (Operating Segments) requires segment disclosures
based on the components that the Chief Operating Decision Maker
(i.e. the Board) monitors in making decisions about operating
matters. Such components are identified on the basis of internal
reports that the Board reviews regularly in allocating resources to
segments and in assessing performance. This results in a segmental
analysis which is similar to that presented previously under IAS 14
(Segmental Reporting).
The financial information in these condensed financial statements for
the half years to 30 June 2009 and 30 June 2008 have been neither
audited nor reviewed.
The comparative income statement for the six months ended 30 June
2008 has been re-presented for operations qualifying as discontinued
during the six months ended 31 December 2008 and the six months ended
30 June 2009. The comparative income statement for the year ended 31
December 2008 has been re-presented for operations qualifying as
discontinued during the six months ended 30 June 2009. For the six
months ended 30 June 2008, revenue has been increased by £2.7m and
PBT has been reduced by £0.5m compared to the figures published
previously. For the year ended 31 December 2008, revenue has been
increased by £5.1m and PBT has been reduced by £1.4m compared to the
figures published previously.
The comparative balance sheet as at 30 June 2008 has been restated to
reflect the completion during the six months ended 31 December 2008
and the six months ended 30 June 2009 of the initial accounting in
respect of acquisitions made during the six months ended 30 June
2008. Adjustments made to the provisional calculation of fair values
of assets and liabilities acquired and to the consideration payable
amount to £30.5m in total, resulting in an equivalent increase in the
reported value of goodwill.
The comparative balance sheet as at 31 December 2008 has been
restated to reflect (i) the completion during the six months ended 30
June 2009 of the initial accounting in respect of acquisitions made
during the six months ended 30 June 2008, and (ii) adjustments made
in the six months to 30 June 2009 to the preliminary assessment of
the fair values of assets and liabilities acquired during the six
months ended 31 December 2008. Adjustments made to the provisional
calculation of the fair values of assets and liabilities acquired and
the consideration payable amount to £30.5m in total, resulting in an
equivalent increase in the reported value of goodwill.
2) Segmental analysis
The group operates in two core product areas: secure solutions and
cash solutions. The group operates on a worldwide basis and derives a
substantial proportion of its revenue and profits from each of the
following geographic regions: Europe (comprising the United Kingdom
and Ireland, and Continental Europe), North America, and New Markets
(comprising the Middle East and Gulf States, Latin America and the
Caribbean, Africa, and Asia Pacific).
The segment disclosures are based on the components that the Board
monitors in making decisions about operating matters. Such components
are identified on the basis of internal reports that the Board
reviews regularly in allocating resources to segments and in
assessing their performance
Notes to the half-yearly results announcement (continued)
Segment information for continuing operations is presented below:
Segment revenue
Six months ended Six months Year
Revenue by business segment ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Secure Solutions
UK and Ireland 556.9 397.8 929.9
Continental Europe 747.3 656.3 1,389.6
Europe 1,304.2 1,054.1 2,319.5
North America 753.8 570.8 1,222.3
Middle East and Gulf
States 211.1 119.9 315.6
Latin America and the
Caribbean 137.5 99.8 225.3
Africa 155.6 111.3 248.6
Asia Pacific 255.4 179.4 412.0
New Markets 759.6 510.4 1,201.5
Total Secure Solutions 2,817.6 2,135.3 4,743.3
Cash Solutions
Europe 460.1 402.1 859.1
North America 48.8 41.9 87.0
New Markets 159.6 120.7 258.6
Total Cash Solutions 668.5 564.7 1,204.7
Total revenue 3,486.1 2,700.0 5,948.0
Segment result
Six months Six months Year
PBITA by business segment ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Secure Solutions
UK and Ireland 44.1 30.7 76.8
Continental Europe 35.6 33.9 74.9
Europe 79.7 64.6 151.7
North America 42.3 30.8 70.6
Middle East and Gulf States 16.9 8.2 26.4
Latin America and the
Caribbean 7.1 5.8 13.7
Africa 15.4 9.6 22.4
Asia Pacific 18.8 14.9 32.6
New Markets 58.2 38.5 95.1
Total Secure Solutions 180.2 133.9 317.4
Cash Solutions
Europe 45.0 39.6 94.0
North America 2.0 0.2 0.8
New Markets 23.3 17.8 38.7
Total Cash Solutions 70.3 57.6 133.5
Total PBITA before head office costs 250.5 191.5 450.9
Head office costs (20.7) (17.1) (35.5)
Total PBITA 229.8 174.4 415.4
Result by business segment
Total PBITA 229.8 174.4 415.4
Amortisation of acquisition-related (43.6) (30.4)
intangible assets (67.8)
Total PBIT 186.2 144.0 347.6
Secure Solutions 147.6 115.5 270.4
Cash Solutions 59.3 45.6 112.7
Head office costs (20.7) (17.1) (35.5)
Total PBIT 186.2 144.0 347.6
Notes to the half-yearly results announcement (continued)
3) Profit from operations before interest and taxation
The income statement can be analysed as follows:
Six months Six months Year
Continuing operations ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Revenue 3,486.1 2,700.0 5,948.0
Cost of sales (2,726.4) (2,111.1) (4,632.6)
Gross profit 759.7 588.9 1,315.4
Administration expenses (574.1) (446.7) (971.2)
Share of profit from associates 0.6 1.8 3.4
Profit from operations before 186.2 144.0
interest and taxation 347.6
Included within administration expenses is the amortisation charge
for acquisition-related intangible assets.
4) Discontinued operations
Operations qualifying as discontinued in the current and prior period
primarily comprise the security services business in France, which
principally comprises Group 4 Securicor SAS, disposed of on 28
February 2009. Further operations qualifying as discontinued in the
prior year also comprised the security services business in Germany,
which principally comprises G4S Sicherheitsdienste GmbH and G4S
Sicherheitssysteme GmbH, disposed of on 15 May 2008. A deferred tax
asset in relation to the discontinued US Aviation business was also
taken in the period.
Notes to the half-yearly results announcement (continued)
5) Acquisitions
Current Period Acquisitions
The group undertook a number of acquisitions in the current period.
Principal acquisitions in subsidiary undertakings include the
purchase of controlling interests in SecPoint Security Limited, a
security solutions business in Ghana, Sunshine Youth Services, a
juvenile justice business in the US, CL Systems Limited, a cash
solutions business in Greater China and SecuraMonde, a cash solutions
business in the UK.
In addition, the group completed the minority buy-outs of its cash
solutions business in Malaysia and of Service Master Limited in
Nigeria.
The following table sets out the book values and provisional fair
values at acquisition of the identifiable assets and liabilities
acquired by the group during the period:
Fair value
Book
value adjustments Fair value
£m £m £m
Acquisition-related intangible
assets - 11.5 11.5
Property, plant and equipment 0.6 - 0.6
Inventories 0.3 (0.1) 0.2
Trade and other receivables 2.9 - 2.9
Cash and cash equivalents 1.8 - 1.8
Trade and other payables (2.3) - (2.3)
Borrowings (0.5) - (0.5)
Deferred tax liabilities - (3.3) (3.3)
Net assets acquired of
subsidiary undertakings 2.8 8.1 10.9
Acquisition of minority
interests 7.8 - 7.8
Goodwill 30.6
Total purchase consideration 49.3
Satisfied by:
Cash 47.1
Transaction costs 1.6
Contingent consideration 0.6
Total purchase consideration 49.3
Adjustments made to identifiable assets and liabilities on
acquisition are to reflect their fair value. These include the
recognition of customer-related intangible assets amounting to £11.5m
attributable to the acquisition of subsidiary undertakings. The fair
values of net assets acquired are provisional and represent estimates
following a preliminary valuation exercise. These estimates may be
adjusted to reflect refinements in their valuation and also any
development in the issues to which they relate. Final fair value
adjustments will, if required, be set out in the group's 2009 Annual
Report and Accounts and/or in the group's 2010 Annual Report and
Accounts as appropriate.
The goodwill arising on acquisitions can be ascribed to the existence
of a skilled, active workforce and the opportunities to obtain new
contracts and develop the business. Neither of these meets the
criteria for recognition as intangible assets separable from
goodwill. Goodwill resulting from acquisitions includes £21.2m
arising on the acquisition of minority interests.
Prior period acquisitions
The purchase consideration and provisional fair values of
acquisitions made during the financial year to 31 December 2008 and
their contribution to the group's results for the year are set out in
the group's Annual Report and Accounts 2008. Adjustments made during
the six months to 30 June 2009 to the provisional calculation of the
fair values of assets and liabilities acquired and to the
consideration payable during the year to 31 December 2008 amount to
£30.5m in total, resulting in an equivalent increase in the reported
value of goodwill.
Notes to the half-yearly results announcement (continued)
6) Finance income
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Interest receivable 7.7 7.1 18.4
Expected return on defined 33.7 42.9 86.5
retirement benefit scheme assets
Total finance income 41.4 50.0 104.9
7) Finance costs
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Total group borrowing costs (55.5) (44.7) (106.9)
Finance costs on defined retirement (43.5) (40.4) (82.8)
benefit obligations
Total finance costs (99.0) (85.1) (189.7)
8) Taxation
Six months ended Six months ended Year
ended
30.06.09 30.06.08 31.12.08
£m £m £m
UK taxation (2.0) (4.2) (7.6)
Overseas taxation (31.4) (25.1) (62.6)
Total taxation expense (33.4) (29.3) (70.2)
Notes to the half-yearly results announcement (continued)
9) Earnings per share attributable to ordinary shareholders of the
parent
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
From continuing and discontinued
operations
Earnings
Profit for the period attributable 151.2
to equity holders of the parent 85.1 74.4
Effect of dilutive potential 0.2
ordinary shares (net of tax) 0.1 0.1
Profit for the purposes of diluted 151.4
earnings per share 85.2 74.5
Number of shares (m)
Weighted average number of 1,357.7
ordinary shares 1,402.5 1,310.3
Effect of dilutive potential 1.3
ordinary shares 0.8 1.4
Weighted average number of
ordinary shares for the purposes
of diluted earnings per share 1,403.3 1,311.7 1,359.0
Earnings per share from continuing and
discontinued operations (pence)
Basic 6.1p 5.7p 11.1p
Diluted 6.1p 5.7p 11.1p
From adjusted earnings
Earnings
Profit for the period attributable 151.2
to equity holders of the parent 85.1 74.4
Adjustment to exclude 27.7
loss/(profit) from discontinued
operations 1.5 (0.5)
Adjustment to exclude net
retirement benefit finance income
(net of tax) 7.3 (1.8) (2.7)
Adjustment to exclude amortisation of
acquisition-related intangible
assets (net of tax) 32.2 21.9 48.7
Adjusted profit for the period 224.9
attributable to equity holders of
the parent 126.1 94.0
Weighted average number of 1,357.7
ordinary shares (m) 1,402.5 1,310.3
Adjusted earnings per share 16.6p
(pence) 9.0p 7.2p
10) Dividends
Six months Six months Year
ended ended ended
Pence DKK 30.06.09 30.06.08 31.12.08
per per £m £m £m
share share
Amounts recognised as
distributions to equity
holders of the parent in
the period
Final dividend for the 2.85 0.2786
year ended 31 December
2007 - 36.4 36.4
Interim dividend for the
six months ended 30 June
2008 2.75 0.2572 - - 38.6
Final dividend for the 3.68 0.3052
year ended 31 December
2008 51.7 - -
Total 51.7 36.4 75.0
An interim dividend of 3.02p (DKK 0.2599) per share, amounting to
£42.5m, for the six months ended 30 June 2009 will be paid on 30
October 2009 to shareholders on the register on 25 September 2009.
Notes to the half-yearly results announcement (continued)
11) Disposal groups classified as held for sale
Disposal groups classified as held for sale at 30 June 2009 primarily
comprise the assets and liabilities associated with the country
holding companies relating to historic disposals mainly in France and
Germany, as well as the deferred tax asset in relation to the
discontinued US Aviation business. At 31 December 2008 disposal
groups classified as held for sale also included the assets and
liabilities associated with the security services businesses in
Germany, which principally include G4S Sicherheitsdienste GmbH and
G4S Sicherheitssysteme GmbH.
12) Analysis of net debt
A reconciliation of net debt to amounts in the condensed consolidated
balance sheet is presented below:
As at As at As at
30.06.09 30.06.08 31.12.08
£m £m £m
Cash and cash equivalents 480.9 446.6 562.1
Investments 86.7 72.3 92.7
Net debt included within assets held 4.5 2.7 (7.3)
for sale
Current liabilities
Bank overdrafts and loans (238.5) (186.9) (283.0)
Obligations under finance leases (17.8) (19.0) (22.1)
Fair value of loan note derivative 8.5 14.5 9.6
financial instruments
Non-current liabilities
Bank loans (604.3) (1,112.5) (877.8)
Loan notes (1,107.2) (290.8) (901.9)
Obligations under finance leases (59.5) (61.1) (63.6)
Fair value of loan note derivative 60.8 - 143.6
financial instruments
Total net debt (1,385.9) (1,134.2) (1,347.7)
Included within Loan notes is the £350m 7.75% bond issued on 13 May
2009.
An analysis of movements in net debt in the period is presented
below:
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Increase in cash, cash equivalents
and bank overdrafts per condensed 8.9 43.0
consolidated cash flow statement 56.3
(Sale)/ purchase of investments 5.1 (1.9) (5.6)
Increase in debt and lease (88.6) (124.6)
financing (160.2)
Change in net debt resulting (74.6) (83.5)
from cash flows (109.5)
Borrowings acquired with (0.2) (225.0)
subsidiaries (230.0)
Net additions to finance leases (6.6) (8.3) (17.1)
Movement in net debt in the (81.4) (316.8)
period (356.6)
Translation adjustments 43.2 (12.5) (186.2)
Net debt at the beginning of the (1,347.7) (804.9)
period (804.9)
Net debt at the end of the (1,385.9) (1,134.2)
period (1,347.7)
13) Related party transactions
No related party transactions have taken place in the first six
months of the current financial year which have materially affected
the financial position or the performance of the group during that
period. The nature and amounts of related party transactions in the
first six months of the current financial year are consistent with
those reported in the group's Annual Report and Accounts 2008.
Non GAAP measure - cash flow
The directors consider it is of assistance to shareholders to present
an analysis of the group's operating cash flow in accordance with the
way in which the group is managed, together with a reconciliation of
that cash flow to the net cash flow from operating activities as
presented in the condensed consolidated cash flow statement.
Operating cash flow
For the six months ended 30 June 2009
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
PBITA before share of profit from 229.2 172.6
associates (group PBITA) 412.0
Depreciation and amortisation of
intangible assets other than
acquisition-related 67.3 53.7 116.1
(Loss)/profit on disposal of
property, plant and equipment and (0.2) -
intangible
assets other than
acquisition-related 2.1
Increase in working capital and (55.8) (33.1)
provisions (16.7)
Net cash flow from capital (69.3) (61.1)
expenditure (161.3)
Operating cash flow 171.2 132.1 352.2
Reconciliation of operating cash
flows
Six months Six months Year
ended ended ended
30.06.09 30.06.08 31.12.08
£m £m £m
Net cash flow from operating
activities per condensed consolidated
cash flow statement 168.6 129.5 373.0
Net cash flow from capital (69.3) (61.1) (161.3)
expenditure
Add-back cash flow from 11.0 0.8 26.2
exceptional items and discontinued
operations
Add-back additional pension 23.3 25.0 32.3
contributions
Add-back tax paid 37.6 37.9 82.0
Operating cash flow 171.2 132.1 352.2
---END OF MESSAGE---
Half-yearly report
| Source: G4S plc
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