Final Results -5-
08 Março 2011 - 4:00AM
UK Regulatory
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CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business (net of cash acquired) (0.5) (0.8)
Proceeds from sale of business 0.1 0.2
Purchase of property, plant and equipment (7.7) (7.1)
Proceeds from sale of property, plant and
equipment 1.4 0.7
Purchase of intangible assets (0.3) (0.4)
Purchase of textile rental items (14.3) (15.4)
Proceeds from sale of textile rental items 2.2 3.0
Interest received - 0.2
Net cash used in investing activities (19.1) (19.6)
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CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 73.5 -
Repayments of borrowings (86.0) (13.7)
Capital element of finance leases (0.8) (0.8)
Net proceeds from issue of Ordinary shares 0.1 -
Dividends paid to Company Shareholders (1.9) (0.6)
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Net cash used in financing activities (15.1) (15.1)
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Net decrease in cash and cash equivalents (1.6) (5.0)
Cash and cash equivalents at beginning of period 0.2 5.2
Cash and cash equivalents at end of period (1.4) 0.2
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NOTES TO THE PRELIMINARY ANNOUNCEMENT
1 BASIS OF PREPARATION
The financial information contained within this report has been
prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union (IFRSs as adopted
by the EU), International Financial Reporting Interpretations
Committee (IFRIC) Interpretations and the Companies Act 2006
applicable to companies reporting under IFRS.
Other than for applying the revisions to IFRS 3 'Business
Combinations', the financial information has been prepared using
accounting policies consistent with those set out in the 2009
Annual Report.
2 SEGMENT ANALYSIS
Segment information is presented in respect of the Group's
business segments, which are based on the Group's management and
internal reporting structure as at 31st December 2010.
The chief operating decision-maker has been identified as the
Board of Directors (the Board). The Board reviews the Group's
internal reporting in order to assess performance and allocate
resources. Management has determined the operating segments based
on these reports and on the internal reporting structure.
The Board assesses the performance of the operating segments
based on a measure of earnings before interest and tax, both
including and excluding the effects of non-recurring items from the
operating segments, such as restructuring costs and impairments
when the impairment is the result of an isolated, non-recurring
event. Interest income and expenditure are not included in the
result for each operating segment that is reviewed by the Board.
Segment results include items directly attributable to a segment as
well as those that can be allocated on a reasonable basis, for
example rental income received by the property company is credited
back to the paying company for the purpose of segmental
reporting.
Other information provided to the Board is measured in a manner
consistent with that in the financial statements. Segmental assets
exclude deferred tax assets, current tax assets and cash, all of
which are managed on a central basis. Segmental liabilities include
non-bank borrowings but exclude deferred tax liabilities, current
tax liabilities, bank borrowings, derivative financial liabilities
and retirement benefit obligations that cannot be attributed
directly to a segment, all of which are managed on a central basis.
These balances are part of the reconciliation to total balance
sheet assets and liabilities.
Inter-segment pricing is determined on an arms length basis. The
exceptional items have been included within the appropriate
business segment as shown on pages 17 to 18.
The Group comprises the following segments:
Textile Rental Workwear rental supply -- Johnsons Apparelmaster
and laundering, linen rental for the Limited -- Stalbridge Linen
premium hotel, catering and corporate Services
hospitality markets and sale of
ancillary items.
Drycleaning With some 480 stores -- Johnson Cleaners UK Limited
nationwide, provides drycleaning, -- Jeeves of Belgravia Limited
laundry and ironing services, carpet -- Jeeves International Limited
cleaning, upholstery cleaning, -- Alex Reid Limited
wedding dress cleaning and suede &
leather cleaning and the supply of
drycleaning consumables.
Facilities Management -- SGP Property & Facilities
Delivering building, facilities Management Limited -- Barnhill
and property management services School Services Limited --
to public, commercial and retail Balfron Schools Services
organisations throughout the UK. Limited -- Cardinal Heenan
School Services Limited --
Colfox Schools Services Limited
-- Dundee Healthcare Services
Limited -- East Ren Schools
Services Limited
All Other Segments Comprising of -- Johnson Service Group PLC --
central and head office costs. Johnson Group Properties PLC --
Semara Estates Limited
NOTES TO THE PRELIMINARY ANNOUNCEMENT (continued)
2 SEGMENT ANALYSIS continued
All
Other
Segments
Year ended 31st December Textile Facilities (Group
2010 Rental Drycleaning Management Costs) Total
GBPm GBPm GBPm GBPm GBPm
REVENUE
Revenue 115.1 78.7 41.9 - 235.7
Inter-segment revenue - - (0.6) - (0.6)
--------------------------- ---------- ------------ ----------- --------- ------
REVENUE - CONTINUING 115.1 78.7 41.3 - 235.1
Revenue - Discontinued -
--------------------------- ---------- ------------ ----------- --------- ------
Total revenue 235.1
--------------------------- ---------- ------------ ----------- --------- ------
REVENUE EXCLUDING COSTS
RECHARGED TO CUSTOMERS
Revenue 115.1 78.7 34.2 - 228.0
Inter-segment revenue - - (0.6) - (0.6)
--------------------------- ---------- ------------ ----------- --------- ------
REVENUE EXCLUDING COSTS
RECHARGED TO CUSTOMERS
- CONTINUING 115.1 78.7 33.6 - 227.4
Revenue - Discontinued -
--------------------------- ---------- ------------ ----------- --------- ------
Total revenue excluding costs
recharged to customers 227.4
-------------------------------- ----- ------------ ----------- --------- ------
RESULT
Operating profit before
intangibles amortisation
and impairment (excluding
software amortisation)
and exceptional items 16.6 2.0 3.6 (3.9) 18.3
Amortisation and
impairment of intangible
assets (0.8) - (2.0) - (2.8)
Exceptional items
- Pension credits - - 0.6 1.6 2.2
- Reorganisation costs - (6.5) (0.3) - (6.8)
- Loss on disposal of property
and property provisions - - - (1.5) (1.5)
- Business acquisition
activity (0.1) - (1.3) - (1.4)
--------------------------- ---------- ------------ ----------- --------- ------
Operating profit / (loss) 15.7 (4.5) 0.6 (3.8) 8.0
Finance costs (3.8)
Profit before taxation 4.2
Taxation (1.0)
--------------------------- ---------- ------------ ----------- --------- ------
Profit for the period -
Continuing 3.2
Discontinued operations -
--------------------------- ---------- ------------ ----------- --------- ------
Profit for the period 3.2
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