Source - LSE Regulatory
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

 

+44 (0)20 7726 9700

Neil Bennett

Maitland/AMO

 

+44 (0)20 7379 5151

+44 (0)7584 142665

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

 

 

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

 

 

20211

20201

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.

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFIMRTMTABBPB
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.