Exhibit No.
|
Exhibit Description
|
99.1
|
Interim
results for the six months ended 30 Apr 18, dated 11 July
2018
|
Results at a glance
|
Six months
ended
30 April 2018
(unaudited)
|
Six months
ended
30 April 2017
(unaudited)
|
Growth /(Decline)
%
|
Revenue (Pro-forma CCY*
comparatives)
|
|
|
|
-
Licence
|
$396.4m
|
$486.0m
|
(18.4%)
|
-
Maintenance
|
$1,109.2m
|
$1,149.5m
|
(3.5%)
|
-
Subscription
|
$181.0m
|
$155.5m
|
16.4%
|
-
Consulting
|
$152.2m
|
$209.3m
|
(27.3%)
|
-
SaaS
|
$162.6m
|
$149.4m
|
8.8%
|
Total Revenue before
haircut
|
$2,001.4m
|
$2,149.7m
|
(6.9%)
|
Deferred revenue haircut
|
$(27.2)m
|
$(3.7)m
|
635.1%
|
CCY Revenue
|
$1,974.2m
|
$2,146.0m
|
(8.0%)
|
|
|
|
|
Revenue (Pro-forma* comparatives)
|
$1,974.2m
|
$2,097.1m
|
(5.9%)
|
Adjusted EBITDA* (Pro-forma* comparatives)
|
$710.5m
|
$667.8m
|
6.4%
|
Adjusted EBITDA* margin (Pro-forma* comparatives)
|
36.0%
|
31.8%
|
+ 4.2 ppt
|
|
|
|
|
Earnings per share (“EPS”)
|
|
|
|
-
Adjusted
EPS*
|
90.01c
|
89.32c
|
0.8%
|
-
Adjusted
Diluted EPS*
|
86.62c
|
86.21c
|
0.5%
|
|
|
|
|
Net Debt*
|
$4,337.4m
|
$1,410.6m
|
207.5%
|
Net Debt / Adjusted EBITDA ratio*
|
3.0
|
2.1
|
|
|
|
|
|
Dividend per share
|
58.33c
|
58.33c
|
-
|
|
|
|
|
Statutory Measures
|
|
|
|
Revenue
|
$1,974.2m
|
$696.0m
|
183.6%
|
Operating profit
|
$65.0m
|
$130.2m
|
(50.1%)
|
(Loss)/Profit before tax
|
$(68.5)m
|
$83.1m
|
(182.4%)
|
Profit for the period
|
$619.7m
|
$67.2m
|
822.2%
|
Earnings per share (“EPS”):
|
|
|
|
-
Basic
EPS
|
142.26c
|
29.32c
|
385.2%
|
-
Diluted
EPS
|
136.90c
|
28.30c
|
383.7%
|
Micro Focus
|
Tel: +44 (0) 1635 565200
|
Kevin Loosemore, Executive Chairman
|
|
Stephen Murdoch, Chief Executive Officer
|
|
Chris Kennedy, Chief Financial Officer
|
|
Tim Brill, IR Director
|
|
Powerscourt
|
Tel:
+44 (0) 20 7250 1446
|
Elly
Williamson
|
Celine
MacDougall
|
|
Six months
ended
30 April 2018
(unaudited)
|
Six
months
ended
30
April 2017
(unaudited)
|
|
|
As reported
|
As
reported
|
Change
|
|
$m
|
$m
|
%
|
Revenue
|
1,974.2
|
696.0
|
183.6%
|
Operating profit
|
65.0
|
130.2
|
(50.1%)
|
Share
of results of associates
|
(0.7)
|
(0.1)
|
600.0%
|
Net
finance costs
|
(132.8)
|
(46.9)
|
183.2%
|
(Loss)/Profit before tax
|
(68.5)
|
83.2
|
(182.3%)
|
Taxation
|
688.2
|
(16.0)
|
4,401.3%
|
Profit for the period
|
619.7
|
67.2
|
822.2%
|
|
|
|
|
Key performance indicators:
|
As reported
|
Pro-forma
|
Change
|
|
$m
|
$m
|
%
|
CCY
Revenue
|
1,974.2
|
2,146.0
|
(8.0%)
|
|
|
|
|
Revenue
|
1,974.2
|
2,097.1
|
(5.9%)
|
Adjusted
EBITDA
|
710.5
|
667.8
|
6.4%
|
Adjusted
EBITDA margin %*
|
36.0%
|
31.8%
|
4.2
ppt
|
|
Six months
ended
30 April 2018
As reported
(unaudited)
|
Six
months
ended
30
April 2017
As
reported
(unaudited)
|
Change
|
|
$m
|
$m
|
%
|
Operating profit
|
65.0
|
130.2
|
(50.1%)
|
Exceptional
items (reported in Operating profit)
|
195.4
|
56.2
|
247.7%
|
Share-based
compensation charge
|
28.2
|
19.0
|
48.4%
|
Amortization
of purchased intangible assets
|
352.7
|
106.5
|
231.2%
|
Depreciation of property, plant and equipment
|
36.0
|
6.0
|
500.0%
|
Amortization of purchased software intangibles
|
11.1
|
0.6
|
1,750.0%
|
Foreign
exchange loss
|
22.5
|
4.4
|
411.4%
|
Net
capitalization of product development costs
|
(0.4)
|
(2.4)
|
(83.3%)
|
Adjusted EBITDA
|
710.5
|
320.5
|
121.7%
|
|
Six months
ended
30 April 2018
As reported
(unaudited)
|
Six
months
ended
30
April 2017
As
reported
(unaudited)
|
|
$m
|
$m
|
System
and IT infrastructure costs
|
44.8
|
-
|
Integration
costs incurred as a result of HPE Software acquisition
|
75.1
|
-
|
Severance
as a result of the HPE Software acquisition
|
60.8
|
-
|
Property
costs as a result of the HPE Software acquisition
|
8.1
|
-
|
MF/HPE Software integration related costs
|
188.8
|
-
|
HPE
Software acquisition / pre-acquisition costs
|
2.9
|
38.3
|
Integration
in respect of previous acquisitions
|
3.7
|
14.3
|
Other
acquisition costs
|
-
|
1.1
|
Property
costs relating to previous acquisitions
|
-
|
3.0
|
Severance
costs relating to previous acquisitions
|
-
|
(0.5)
|
Total exceptional costs (reported in Operating profit)
|
195.4
|
56.2
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
Growth
|
|
cents
|
cents
|
%
|
Basic
EPS
|
142.26
|
29.32
|
385.2%
|
Diluted
EPS
|
136.90
|
28.30
|
383.7%
|
|
|
|
|
Basic
Adjusted EPS
|
90.01
|
89.32
|
0.8%
|
Diluted
Adjusted EPS
|
86.62
|
86.21
|
0.5%
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
|
|
As reported
|
Pro-forma
|
Change
|
|
$m
|
$m
|
%
|
Pro-forma CCY Revenue:
|
|
|
|
Licence
|
396.4
|
486.0
|
(18.4%)
|
Maintenance
|
1,109.2
|
1,149.5
|
(3.5%)
|
SaaS
|
162.6
|
149.4
|
8.8%
|
Consulting
|
149.9
|
206.9
|
(27.5%)
|
CCY Revenue before haircut
|
1,818.1
|
1,991.8
|
(8.7%)
|
Deferred
revenue haircut
|
(26.8)
|
(2.4)
|
1,016.7%
|
CCY Revenue
|
1,791.3
|
1,989.4
|
(10.0%)
|
Foreign
exchange CCY impact
|
-
|
(48.1)
|
-
|
Revenue (at actual FX rates)
|
1,791.3
|
1,941.3
|
(7.7%)
|
|
|
|
|
Adjusted EBITDA (at actual FX rates)
|
654.5
|
622.2
|
5.2%
|
|
|
|
|
Adjusted
EBITDA margin %
|
36.5%
|
32.1%
|
4.4
ppt
|
|
Six months ended 30 April 2018
|
|
Pro-forma
CCY change to prior period
|
|||||||
|
Licence
|
Maintenance
|
SaaS
|
Consulting
|
Total
|
|
Licence
|
Maintenance
|
SaaS
|
Consulting
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
%
|
%
|
%
|
%
|
Product portfolio:
|
|
|
|
|
|
|
|
|
|
|
Application
Modernization & Connectivity
|
73.2
|
167.9
|
-
|
5.8
|
246.9
|
|
(30.5%)
|
1.5%
|
-
|
-
|
Application
Delivery Management (”ADM”)
|
65.8
|
258.4
|
49.5
|
17.9
|
391.6
|
|
(5.5%)
|
(7.5%)
|
23.4%
|
(48.4%)
|
IT
Operations Management (“ITOM”)
|
132.5
|
Retirement
benefit obligations (continued)
362.2
|
7.1
|
80.8
|
582.6
|
|
(10.2%)
|
(2.5%)
|
(22.0%)
|
(28.8%)
|
Security
|
93.3
|
220.1
|
16.8
|
32.2
|
362.4
|
|
(20.9%)
|
(2.8%)
|
33.3%
|
(6.1%)
|
Information
Management & Governance (“IM&G”)
|
11.8
|
78.2
|
88.9
|
8.2
|
187.1
|
|
(41.3%)
|
(8.4%)
|
1.7%
|
(26.1%)
|
Vertica
|
19.8
|
22.4
|
0.3
|
5.0
|
47.5
|
|
(22.4%)
|
5.2%
|
50.0%
|
(33.3%)
|
Revenue before haircut
|
396.4
|
1,109.2
|
162.6
|
149.9
|
1,818.1
|
|
(18.4%)
|
(3.5%)
|
8.8%
|
(27.5%)
|
|
|
|
|
|
|
|
|
|
|
|
Regional:
|
|
|
|
|
|
|
|
|
|
|
Americas
|
169.2
|
623.9
|
121.4
|
62.7
|
977.2
|
|
(29.4%)
|
(4.7%)
|
8.0%
|
(28.3%)
|
EMEA
|
170.7
|
374.1
|
30.3
|
68.5
|
643.6
|
|
(6.9%)
|
(1.8%)
|
2.7%
|
(23.9%)
|
Asia
Pacific & Japan
|
56.5
|
111.2
|
10.9
|
18.7
|
197.3
|
|
(10.6%)
|
(2.3%)
|
45.3%
|
(36.6%)
|
|
396.4
|
1,109.2
|
162.6
|
149.9
|
1,818.1
|
|
|
|
|
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
Change
|
|
$m
|
$m
|
%
|
CCY Revenue:
|
|
|
|
Subscription
|
181.0
|
155.5
|
16.4%
|
Consultancy
|
2.3
|
2.4
|
(4.2%)
|
CCY Revenue before haircut
|
183.3
|
157.9
|
16.1%
|
Deferred
revenue haircut
|
(0.4)
|
(1.3)
|
(69.2%)
|
CCY Revenue
|
182.9
|
156.6
|
16.8%
|
Foreign
exchange CCY impact
|
-
|
(0.6)
|
-
|
Revenue (at actual FX rates)
|
182.9
|
156.0
|
17.2%
|
|
|
|
|
Adjusted EBITDA (at actual FX rates)
|
56.0
|
45.6
|
22.8%
|
|
|
|
|
Adjusted
EBITDA margin %
|
30.6%
|
29.2%
|
1.4
ppt
|
|
Six months ended 30 April 2018
|
|
CCY
change to prior period
|
|||
|
Subscription
|
Consulting
|
Total
|
|
|
|
|
As reported
|
As reported
|
As reported
|
|
Subscription
|
Consulting
|
|
$m
|
$m
|
$m
|
|
%
|
%
|
Americas
|
74.1
|
0.9
|
75.0
|
|
12.4%
|
(25.0%)
|
EMEA
|
81.5
|
1.2
|
82.7
|
|
19.7%
|
-
|
Asia
Pacific & Japan
|
25.4
|
0.2
|
25.6
|
|
18.1%
|
-
|
Revenue before haircut
|
181.0
|
2.3
|
183.3
|
|
16.4%
|
(4.2%)
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
|
|
As reported
|
CCY
|
Change
|
|
$m
|
$m
|
%
|
Total Contract Value:
|
|
|
|
-
Americas
|
77.7
|
64.8
|
19.9%
|
-
EMEA
|
108.3
|
101.2
|
7.0%
|
-
Asia Pacific & Japan
|
26.2
|
24.9
|
5.2%
|
|
212.2
|
190.9
|
11.2%
|
|
|
|
|
Annual Contract Value:
|
|
|
|
- Americas
|
57.8
|
47.7
|
21.2%
|
- EMEA
|
60.2
|
58.6
|
2.7%
|
- Asia Pacific &
Japan
|
21.2
|
19.7
|
7.6%
|
|
139.2
|
126.0
|
10.5%
|
|
Six
months
ended
30
April 2018
|
Six
months
ended
30
April 2017
|
|
$m
|
$m
|
Cash generated from operations
|
494.9
|
362.9
|
|
|
|
Adjusted
EBITDA
|
710.5
|
320.5
|
Less:
Exceptional items
|
(195.4)
|
(56.2)
|
Adjusted EBITDA less exceptional items
|
515.1
|
264.3
|
|
|
|
Adjusted Cash conversion ratio
|
96.1%
|
137.3%
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
|
$m
|
$m
|
Adjusted EBITDA
|
710.5
|
320.5
|
Less:
|
|
|
Exceptional
items
|
(195.4)
|
(56.2)
|
Movements
in provisions
|
140.0
|
28.5
|
Other
non-cash items
|
16.9
|
10.6
|
Cash generated from operations before working capital
|
672.0
|
303.4
|
Movement
in working capital
|
(177.1)
|
59.5
|
Cash generated from operations
|
494.9
|
362.9
|
Interest
payments
|
(122.8)
|
(38.2)
|
Bank
loan costs
|
(10.7)
|
(0.8)
|
Tax
payments
|
(71.0)
|
(6.5)
|
Purchase
of intangible assets
|
(54.0)
|
(13.9)
|
Purchase
of property, plant and equipment
|
(23.0)
|
(5.3)
|
Free cash flow
|
213.4
|
298.2
|
|
12 months
ended
30 April 2018
|
12
months
ended
30
April 2017
|
|
$m
|
$m
|
Pro-forma
Adjusted EBITDA (2017: Reported Adjusted EBITDA)
|
1,443.8
|
640.9
|
Net
Debt
|
4,337.4
|
1,410.6
|
Net
Debt / Adjusted EBITDA ratio
|
3.0 times
|
2.2
times
|
|
Term Loan
B-2
|
Term Loan
B-3
|
HPE Software
Term Loan
|
Euro
Loan
|
Revolving
Facility
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
At 1 November 2017
|
1,515.2
|
385.0
|
2,600.0
|
547.5
|
-
|
5,047.7
|
Repayments
|
(3.8)
|
(1.0)
|
(6.5)
|
(1.4)
|
-
|
(12.7)
|
Foreign
exchange
|
-
|
-
|
-
|
22.0
|
-
|
22.0
|
At 30 April 2018
|
1,511.4
|
384.0
|
2,593.5
|
568.1
|
-
|
5,057.0
|
|
Payment due by period
|
||||
|
Less than 1 year
|
1-3 years
|
3-5 years
|
After 5 years
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
Debt
principal repayment
|
50.7
|
101.4
|
1,537.0
|
3,367.9
|
5,057.0
|
Finance
Leases
|
13.9
|
14.6
|
1.0
|
-
|
29.5
|
Operating
Leases
|
61.3
|
84.2
|
53.2
|
37.3
|
236.0
|
Interest
payments on debt
|
223.2
|
440.3
|
338.2
|
169.9
|
1,171.6
|
|
349.1
|
640.5
|
1,929.4
|
3,575.1
|
6,494.1
|
Stephen Murdoch
|
Chris Kennedy
|
Chief Executive Officer
|
Chief Financial Officer
|
|
Six months ended
30 April 2018
(unaudited)
|
Six
months ended
30
April 2017
(unaudited)
|
||||
|
Micro
Focus
|
SUSE
|
Total
|
Micro
Focus
|
SUSE
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Revenue before deferred revenue haircut
|
1,818,045
|
183,332
|
2,001,377
|
542,336
|
157,295
|
699,631
|
Unwinding
of fair value adjustment to acquired deferred revenue
|
(26,753)
|
(468)
|
(27,221)
|
(2,374)
|
(1,298)
|
(3,672)
|
Revenue
|
1,791,292
|
182,864
|
1,974,156
|
539,962
|
155,997
|
695,959
|
|
12 months ended
30 April 2018
(unaudited)
|
12
months ended
30
April 2017
(audited)
|
||||
|
Micro
Focus
|
SUSE
|
Total
|
Micro
Focus
|
SUSE
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Revenue before deferred revenue haircut
|
2,914,402
|
348,595
|
3,262,997
|
1,084,165
|
306,613
|
1,390,778
|
Unwinding
of fair value adjustment to acquired deferred revenue
|
(53,030)
|
(1,291)
|
(54,321)
|
(6,892)
|
(3,184)
|
(10,076)
|
Revenue
|
2,861,372
|
347,304
|
3,208,676
|
1,077,273
|
303,429
|
1,380,702
|
|
Six months
ended
30 April 2018
(unaudited)
|
Six
months
ended
30
April 2017
(unaudited)
|
12 months
ended
30 April 2018
(unaudited)
|
12
months
ended
30
April 2017
(audited)
|
|
$’000
|
$’000
|
$’000
|
$’000
|
Profit for the period
|
619,676
|
67,186
|
726,281
|
157,803
|
Finance
costs
|
135,633
|
47,369
|
211,120
|
96,824
|
Finance
income
|
(2,859)
|
(477)
|
(4,558)
|
(979)
|
Taxation
|
(688,189)
|
15,952
|
(649,060)
|
38,541
|
Share
of results of associates
|
709
|
127
|
1,147
|
1,254
|
Depreciation
of property, plant and equipment
|
36,041
|
6,082
|
52,330
|
11,794
|
Amortization
of intangible assets
|
378,043
|
117,349
|
576,649
|
236,434
|
EBITDA
|
479,054
|
253,588
|
913,909
|
541,671
|
Exceptional
items (reported in Operating profit)
|
195,364
|
56,210
|
293,844
|
97,258
|
Share-based
compensation charge
|
28,164
|
18,985
|
46,466
|
34,506
|
Amortization
of and impairment of product development costs
|
(14,267)
|
(10,281)
|
(26,642)
|
(22,398)
|
Foreign
exchange loss/(gain)
|
22,542
|
4,380
|
17,843
|
(4,890)
|
Net
capitalization of product development costs
|
(363)
|
(2,335)
|
(4,866)
|
(5,266)
|
Adjusted EBITDA
|
710,494
|
320,547
|
1,240,554
|
640,881
|
|
|
|
|
|
Revenue
|
1,974,156
|
695,959
|
3,208,676
|
1,380,702
|
Adjusted EBITDA Margin
|
36.0%
|
46.1%
|
38.7%
|
46.4%
|
|
Six months
ended
30 April 2018
(unaudited)
|
Six
months
ended
30
April 2017
(unaudited)
|
12 months ended
30 April 2018
(unaudited)
|
12
months
ended
30
April 2017
(audited)
|
|
$’000
|
$’000
|
$’000
|
$’000
|
(Loss)/Profit before tax
|
(68,513)
|
83,138
|
77,221
|
196,344
|
|
|
|
|
|
Share-based
compensation charge
|
28,164
|
18,985
|
46,466
|
34,506
|
Amortization
of purchased intangibles
|
352,755
|
106,467
|
536,234
|
212,861
|
Exceptional
items
|
195,364
|
56,210
|
299,617
|
97,258
|
Adjusting items
|
576,283
|
181,662
|
882,317
|
344,625
|
|
|
|
|
|
Adjusted Profit before tax
|
507,770
|
264,800
|
959,538
|
540,969
|
|
Six months
ended
30 April 2018
(unaudited)
|
|
Six months
ended
30 April 2017
(unaudited)
|
|||||
|
Statutory
|
Adjusting items
|
Exceptional tax items
|
Adjusted Measures
|
|
Statutory
|
Adjusting items
|
Adjusted Measures
|
|
$’000
|
$’000
|
$’000
|
$’000
|
|
$’000
|
$’000
|
$’000
|
(Loss)/Profit before tax
|
(68,513)
|
576,283
|
|
507,770
|
|
83,138
|
181,662
|
264,800
|
Taxation
|
688,189
|
(113,761)
|
(690,200)
|
(115,772)
|
|
(15,952)
|
(43,893)
|
(59,845)
|
Profit after tax
|
619,676
|
462,522
|
(690,200)
|
391,998
|
|
67,186
|
137,769
|
204,955
|
Effective tax rate
|
1,004.4%
|
|
|
22.8%
|
|
19.1%
|
|
22.6%
|
|
12 months
ended
30 April 2018
(unaudited)
|
|
12 months
ended
30 April 2017
(audited)
|
|||||
|
Statutory
|
Adjusting items
|
Exceptional tax items
|
Adjusted Measures
|
|
Statutory
|
Adjusting items
|
Adjusted Measures
|
|
$’000
|
$’000
|
$’000
|
$’000
|
|
$’000
|
$’000
|
$’000
|
Profit before tax
|
77,221
|
882,317
|
-
|
959,538
|
|
196,344
|
344,625
|
540,969
|
Taxation
|
649,060
|
(207,380)
|
(690,200)
|
(248,520)
|
|
(38,541)
|
(85,341)
|
(123,882)
|
Profit after tax
|
726,281
|
674,937
|
(690,200)
|
711,018
|
|
157,803
|
259,284
|
417,087
|
Effective tax rate
|
(840.5)%
|
|
|
25.9%
|
|
19.6%
|
|
22.9%
|
|
Six months
ended
30 April 2018
(unaudited)
|
Six
months
ended
30
April 2017
(unaudited)
|
12 months ended
30 April 2018
(unaudited)
|
12
months
ended
30
April 2017
(audited)
|
|
$’000
|
$’000
|
$’000
|
$’000
|
Cash Tax Paid
|
71,011
|
6,461
|
91,483
|
24,644
|
|
|
|
|
|
Adjusted
EBITDA
|
710,494
|
320,547
|
1,240,554
|
640,881
|
Less:
|
|
|
|
|
Exceptional
items
|
(195,364)
|
(56,210)
|
(299,617)
|
(97,258)
|
Purchase
of intangible assets
|
(54,036)
|
(13,867)
|
(89,686)
|
(31,438)
|
Purchase
of property, plant and equipment
|
(22,970)
|
(5,273)
|
(32,814)
|
(11,727)
|
Net
finance costs
|
(132,774)
|
(46,892)
|
(206,562)
|
(95,845)
|
|
305,350
|
198,305
|
611,875
|
404,613
|
|
|
|
|
|
Cash Tax Rate
|
23.3%
|
3.3%
|
15.0%
|
6.1%
|
|
Six months ended
30 April 2018
|
Six
months
ended
30
April 2017
|
12 months
ended
30 April 2018
|
12
months
ended
30
April 2017
|
|
|
|
|
|
Basic EPS – cents
|
142.26
|
29.32
|
198.61
|
68.88
|
Diluted EPS - cents
|
136.90
|
28.30
|
191.77
|
66.51
|
Basic Adjusted EPS – cents
|
90.01
|
89.32
|
194.43
|
181.91
|
Diluted Adjusted EPS - cents
|
86.62
|
86.21
|
187.74
|
175.65
|
|
|
|
|
|
Basic EPS – pence
|
103.58
|
23.55
|
148.41
|
53.25
|
Diluted EPS – pence
|
99.67
|
22.73
|
143.30
|
51.42
|
Basic Adjusted EPS - pence
|
65.54
|
71.73
|
145.29
|
140.63
|
Diluted Adjusted EPS – pence
|
63.07
|
69.23
|
140.29
|
135.80
|
|
|
|
|
|
|
$’000
|
$’000
|
$’000
|
$’000
|
Profit after tax
|
619,676
|
67,186
|
726,281
|
157,803
|
Non-controlling
interests
|
257
|
82
|
(47)
|
103
|
Earnings attributable to ordinary shareholders
|
619,933
|
67,268
|
726,234
|
157,906
|
|
|
|
|
|
Adjusting items:
|
|
|
|
|
Exceptional
items
|
195,364
|
56,210
|
299,617
|
97,258
|
Share-based
compensation charge
|
28,164
|
18,985
|
46,466
|
34,506
|
Amortization
of purchased intangibles
|
352,755
|
106,467
|
536,234
|
212,861
|
|
576,283
|
181,662
|
882,317
|
344,625
|
|
|
|
|
|
Tax relating to above adjusting items and exceptional tax credit in
the period
|
(803,961)
|
(44,014)
|
(897,580)
|
(85,527)
|
|
|
|
|
|
Adjusted earnings attributable to ordinary
shareholders
|
392,255
|
204,916
|
710,971
|
417,004
|
|
|
|
|
|
Weighted average number of shares:
|
Number
|
Number
|
Number
|
Number
|
Basic
|
435,769
|
229,413
|
365,662
|
229,238
|
Effect
of dilutive securities – Options
|
17,081
|
8,281
|
13,042
|
8,165
|
Diluted
|
452,850
|
237,694
|
378,704
|
237,403
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
12 months
ended
30 April 2018
|
12
months
ended
30
April 2017
|
|
$’000
|
$’000
|
$’000
|
$’000
|
Cash generated from operations
|
494,903
|
362,882
|
762,056
|
564,792
|
Less:
|
|
|
|
|
Interest
payments
|
(122,818)
|
(38,236)
|
(205,159)
|
(81,115)
|
Bank
loan costs
|
(10,669)
|
(790)
|
(100,988)
|
(6,654)
|
Tax
payments
|
(71,011)
|
(6,461)
|
(91,483)
|
(24,644)
|
Purchase
of intangible assets
|
(54,036)
|
(13,867)
|
(89,686)
|
(31,438)
|
Purchase
of property, plant and equipment
|
(22,970)
|
(5,273)
|
(32,814)
|
(11,727)
|
Free cash flow
|
213,399
|
298,255
|
241,926
|
409,214
|
|
30 April 2018
|
31
October 2017
|
30
April 2017
|
|
$’000
|
$’000
|
$’000
|
Borrowings
|
(4,881,535)
|
(4,849,216)
|
(1,561,536)
|
Cash
and cash equivalents
|
573,674
|
730,372
|
150,983
|
Finance
lease obligations
|
(29,505)
|
(32,894)
|
-
|
Net debt
|
(4,337,366)
|
(4,151,738)
|
(1,410,553)
|
Amounts
due to HPE
|
-
|
(257,937)
|
-
|
Adjusted Net Debt
|
(4,337,366)
|
(4,409,675)
|
(1,410,553)
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
Year
ended
30 April 2018
|
Year
ended
30
April 2017
|
||||
|
Average
|
Closing
|
Average
|
Closing
|
Average
|
Closing
|
Average
|
Closing
|
£1
= $
|
1.37
|
1.37
|
1.25
|
1.29
|
1.34
|
1.37
|
1.29
|
1.29
|
€1
= $
|
1.21
|
1.21
|
1.07
|
1.09
|
1.18
|
1.21
|
1.09
|
1.09
|
C$ =
$
|
0.79
|
0.78
|
0.75
|
0.73
|
0.78
|
0.78
|
0.78
|
0.73
|
|
Six months
ended
30 April 2017
|
Six months
ended
30 April 2017
|
12 months
ended
30 April 2017
|
|
CCY
Revenue
|
Adjusted
EBITDA
|
Adjusted EBITDA
|
|
$m
|
$m
|
$m
|
Existing Micro Focus:
|
|
|
|
Reported
|
696.0
|
320.5
|
640.9
|
Foreign
exchange CCY impact
|
15.3
|
-
|
-
|
Micro Focus CCY
|
711.3
|
320.5
|
640.9
|
HPE Software
|
1,434.7
|
347.3
|
802.9
|
Pro-forma
|
2,146.0
|
667.8
|
1,443.8
|
|
|
Six months ended
30 April 2018
(unaudited)
|
Six
months ended
30
April 2017
(unaudited)
|
||||
|
|
Before exceptional items
|
Exceptional items
(note 7)
|
Total
|
Before
exceptional items
|
Exceptional
items
(note
7)
|
Total
|
|
Note
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Revenue
|
5,6
|
1,974,156
|
-
|
1,974,156
|
695,959
|
-
|
695,959
|
Cost of
sales
|
|
(430,059)
|
(25,143)
|
(455,202)
|
(112,045)
|
(1,684)
|
(113,729)
|
Gross profit
|
|
1,544,097
|
(25,143)
|
1,518,954
|
583,914
|
(1,684)
|
582,230
|
Selling
and distribution costs
|
|
(591,442)
|
(11,975)
|
(603,417)
|
(245,079)
|
(3,477)
|
(248,556)
|
Research
and development expenses
|
|
(292,125)
|
(7,484)
|
(299,609)
|
(89,097)
|
(4,617)
|
(93,714)
|
Administrative
expenses
|
|
(400,196)
|
(150,762)
|
(550,958)
|
(63,371)
|
(46,432)
|
(109,803)
|
Operating profit
|
|
260,334
|
(195,364)
|
64,970
|
186,367
|
(56,210)
|
130,157
|
|
|
|
|
|
|
|
|
Share
of results of associates
|
|
(709)
|
-
|
(709)
|
(127)
|
-
|
(127)
|
|
|
|
|
|
|
|
|
Finance
costs
|
11
|
(135,633)
|
-
|
(135,633)
|
(47,369)
|
-
|
(47,369)
|
Finance
income
|
11
|
2,859
|
-
|
2,859
|
477
|
-
|
477
|
Net
finance costs
|
11
|
(132,774)
|
-
|
(132,774)
|
(46,892)
|
-
|
(46,892)
|
|
|
|
|
|
|
|
|
(Loss)/Profit before tax
|
|
126,851
|
(195,364)
|
(68,513)
|
139,348
|
(56,210)
|
83,138
|
Taxation
|
12
|
(40,989)
|
729,178
|
688,189
|
(22,034)
|
6,082
|
(15,952)
|
Profit for the period
|
|
85,862
|
533,814
|
619,676
|
117,314
|
(50,128)
|
67,186
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Equity
shareholders of the parent
|
|
86,119
|
533,814
|
619,933
|
117,396
|
(50,128)
|
67,268
|
Non-controlling
interests
|
|
(257)
|
-
|
(257)
|
(82)
|
-
|
(82)
|
Profit for the period
|
|
85,862
|
533,814
|
619,676
|
117,314
|
(50,128)
|
67,186
|
|
|
Six months ended
30 April 2018
(unaudited)
|
Six
months ended
30
April 2017
(unaudited)
|
||||
|
|
Before exceptional items
|
Exceptional items
(note 7)
|
Total
|
Before
exceptional items
|
Exceptional
items
(note
7)
|
Total
|
|
Note
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Profit for the period
|
|
85,862
|
533,814
|
619,676
|
117,314
|
(50,128)
|
67,186
|
Other comprehensive income/(expense):
|
|
|
|
|
|
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
Actuarial
(loss)/gain on pension schemes liabilities
|
|
(8,765)
|
-
|
(8,765)
|
3,923
|
-
|
3,923
|
Actuarial
gain/(loss) on non-plan pension assets
|
|
628
|
-
|
628
|
(2,352)
|
-
|
(2,352)
|
Deferred
tax movement
|
|
(973)
|
-
|
(973)
|
(651)
|
-
|
(651)
|
Items that may be subsequently reclassified to profit or
loss
|
|
|
|
|
|
|
|
Cash
flow hedge movements
|
|
57,937
|
-
|
57,937
|
-
|
-
|
-
|
Currency
translation differences
|
|
(6,436)
|
-
|
(6,436)
|
(245)
|
-
|
(245)
|
Other comprehensive income for the period
|
|
42,391
|
-
|
42,391
|
675
|
-
|
675
|
Total comprehensive income/(expense) for the period
|
|
128,253
|
533,814
|
662,067
|
117,989
|
(50,128)
|
67,861
|
Attributable to:
|
|
|
|
|
|
|
|
Equity
shareholders of the parent
|
|
128,510
|
533,814
|
662,324
|
118,071
|
(50,128)
|
67,943
|
Non-controlling
interests
|
|
(257)
|
-
|
(257)
|
(82)
|
-
|
(82)
|
Total comprehensive income for the period
|
|
128,253
|
533,814
|
662,067
|
117,989
|
(50,128)
|
67,861
|
|
|
|
|
|
|
|
|
Earnings
per share expressed in cents per share
|
|
|
|
cents
|
|
|
cents
|
-
basic
|
10
|
|
|
142.26
|
|
|
29.32
|
-
diluted
|
10
|
|
|
136.90
|
|
|
28.30
|
Earnings
per share expressed in pence per share
|
|
|
|
Pence
|
|
|
pence
|
-
basic
|
10
|
|
|
103.58
|
|
|
23.55
|
-
diluted
|
10
|
|
|
99.67
|
|
|
22.73
|
|
|
12 months ended
30 April 2018
(unaudited)
|
12
months ended
30
April 2017
(audited)
|
||||
|
|
Before exceptional items
|
Exceptional items
(note 7)
|
Total
|
Before
exceptional items
|
Exceptional
items
(note
7)
|
Total
|
|
Note
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Revenue
|
5,6
|
3,208,676
|
-
|
3,208,676
|
1,380,702
|
-
|
1,380,702
|
Cost of
sales
|
|
(700,827)
|
(28,269)
|
(729,096)
|
(234,220)
|
(2,949)
|
(237,169)
|
Gross profit
|
|
2,507,849
|
(28,269)
|
2,479,580
|
1,146,482
|
(2,949)
|
1,143,533
|
Selling
and distribution costs
|
|
(981,527)
|
(20,528)
|
(1,002,055)
|
(461,605)
|
(5,479)
|
(467,084)
|
Research
and development expenses
|
|
(458,362)
|
(14,886)
|
(473,248)
|
(173,312)
|
(6,792)
|
(180,104)
|
Administrative
expenses
|
|
(489,186)
|
(230,161)
|
(719,347)
|
(120,864)
|
(82,038)
|
(202,902)
|
Operating profit
|
|
578,774
|
(293,844)
|
284,930
|
390,701
|
(97,258)
|
293,443
|
|
|
|
|
|
|
|
|
Share
of results of associates and gain on dilution of
investment
|
|
(1,147)
|
-
|
(1,147)
|
(1,254)
|
-
|
(1,254)
|
|
|
|
|
|
|
|
|
Finance
costs
|
11
|
(204,794)
|
(6,326)
|
(211,120)
|
(96,824)
|
-
|
(96,824)
|
Finance
income
|
11
|
4,005
|
553
|
4,558
|
979
|
-
|
979
|
Net
finance costs
|
11
|
(200,789)
|
(5,773)
|
(206,562)
|
(95,845)
|
-
|
(95,845)
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
376,838
|
(299,617)
|
77,221
|
293,602
|
(97,258)
|
196,344
|
Taxation
|
12
|
(105,648)
|
754,708
|
649,060
|
(50,174)
|
11,633
|
(38,541)
|
Profit for the period
|
|
271,190
|
455,091
|
726,281
|
243,428
|
(85,625)
|
157,803
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Equity
shareholders of the parent
|
|
271,143
|
455,091
|
726,234
|
243,531
|
(85,625)
|
157,906
|
Non-controlling
interests
|
|
47
|
-
|
47
|
(103)
|
-
|
(103)
|
Profit for the period
|
|
271,190
|
455,091
|
726,281
|
243,428
|
(85,625)
|
157,803
|
|
|
12 months ended
30 April 2018
(unaudited)
|
12
months ended
30
April 2017
(audited)
|
||||
|
|
Before exceptional items
|
Exceptional items
(note 7)
|
Total
|
Before
exceptional items
|
Exceptional
items
(note
7)
|
Total
|
|
Note
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Profit for the period
|
|
271,190
|
455,091
|
726,281
|
243,428
|
(85,625)
|
157,803
|
Other comprehensive income/(expense):
|
|
|
|
|
|
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
Actuarial
(loss)/gain on pension schemes liabilities
|
21
|
(1,906)
|
-
|
(1,906)
|
402
|
-
|
402
|
Actuarial
gain on non-plan pension assets
|
|
278
|
-
|
278
|
130
|
-
|
130
|
Deferred
tax movement
|
|
(1,628)
|
-
|
(1,628)
|
(325)
|
-
|
(325)
|
Items that may be subsequently reclassified to profit or
loss
|
|
|
|
|
|
|
|
Cash
flow hedge movements
|
23
|
59,700
|
-
|
59,700
|
-
|
-
|
-
|
Currency
translation differences
|
|
(3,694)
|
-
|
(3,694)
|
(5,953)
|
-
|
(5,953)
|
Other comprehensive income/(expense) for the period
|
|
52,750
|
-
|
52,750
|
(5,746)
|
-
|
(5,746)
|
Total comprehensive income/(expense) for the period
|
|
323,940
|
455,091
|
779,031
|
237,682
|
(85,625)
|
152,057
|
Attributable to:
|
|
|
|
|
|
|
|
Equity
shareholders of the parent
|
|
323,893
|
455,091
|
778,984
|
237,785
|
(85,625)
|
152,160
|
Non-controlling
interests
|
|
47
|
-
|
47
|
(103)
|
-
|
(103)
|
Total comprehensive income for the period
|
|
323,940
|
455,091
|
779,031
|
237,682
|
(85,625)
|
152,057
|
|
|
|
|
|
|
|
|
Earnings
per share expressed in cents per share
|
|
|
|
cents
|
|
|
cents
|
-
basic
|
10
|
|
|
198.61
|
|
|
68.88
|
-
diluted
|
10
|
|
|
191.77
|
|
|
66.51
|
Earnings
per share expressed in pence per share
|
|
|
|
pence
|
|
|
pence
|
-
basic
|
10
|
|
|
148.41
|
|
|
53.25
|
-
diluted
|
10
|
|
|
143.30
|
|
|
51.42
|
|
Note
|
30 April 2018
(unaudited)
$’000
|
30
April 2017
(audited)
$’000
|
Non-current assets
|
|
|
|
Goodwill
|
13
|
7,695,796
|
2,828,604
|
Other
intangible assets
|
14
|
7,155,959
|
1,089,370
|
Property,
plant and equipment
|
15
|
183,569
|
40,956
|
Investments
in associates
|
|
10,281
|
11,457
|
Derivative
asset
|
19
|
73,704
|
-
|
Long
term pension assets
|
|
25,676
|
22,031
|
Other
non-current assets
|
|
45,396
|
3,093
|
Deferred
tax assets
|
|
111,913
|
208,253
|
|
|
15,302,294
|
4,203,764
|
Current assets
|
|
|
|
Inventories
|
|
229
|
64
|
Trade
and other receivables
|
16
|
1,340,349
|
289,509
|
Current
tax receivables
|
|
11,856
|
1,637
|
Cash
and cash equivalents
|
|
573,674
|
150,983
|
|
|
1,926,108
|
442,193
|
Total assets
|
|
17,228,402
|
4,645,957
|
|
|
|
|
Current liabilities
|
|
|
|
Trade
and other payables
|
17
|
605,882
|
170,042
|
Borrowings
|
18
|
33,038
|
71,184
|
Finance
leases
|
|
13,929
|
-
|
Provisions
|
20
|
72,738
|
20,142
|
Current
tax liabilities
|
|
49,891
|
42,679
|
Deferred
income
|
|
1,404,599
|
640,650
|
|
|
2,180,077
|
944,697
|
Non-current liabilities
|
|
|
|
Deferred
income
|
|
332,083
|
223,786
|
Borrowings
|
18
|
4,848,497
|
1,490,352
|
Finance
leases
|
|
15,576
|
-
|
Retirement
benefit obligations
|
21
|
115,024
|
30,773
|
Long-term
provisions
|
20
|
47,870
|
11,937
|
Other
non-current liabilities
|
|
64,887
|
4,191
|
Current
tax liabilities
|
|
171,172
|
-
|
Deferred
tax liabilities
|
|
1,298,219
|
326,731
|
|
|
6,893,328
|
2,087,770
|
Total liabilities
|
|
9,073,405
|
3,032,467
|
Net assets
|
|
8,154,997
|
1,613,490
|
Capital and reserves
|
|
|
|
Share
capital
|
22
|
65,723
|
39,700
|
Share
premium account
|
|
37,017
|
192,145
|
Merger
reserve
|
23
|
5,780,184
|
338,104
|
Capital
redemption reserve
|
23
|
666,289
|
163,363
|
Hedging
reserve
|
23
|
59,700
|
-
|
Retained
earnings
|
|
1,571,736
|
902,183
|
Foreign
currency translation deficit
|
|
(26,653)
|
(22,959)
|
Total equity attributable to owners of the parent
|
|
8,153,996
|
1,612,536
|
Non-controlling interests
|
|
1,001
|
954
|
Total equity
|
|
8,154,997
|
1,613,490
|
|
|
Share capital
|
Share premium account
|
Retained
earnings/
(deficit)
|
Foreign currency translation reserve/ (deficit)
|
Capital redemption reserves
|
Hedging reserve
|
Merger reserve
|
Equity attributable to the parent
|
Non-controlling interests
|
Total
equity
|
|
Note
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Balance as at 1 May 2016
|
|
39,573
|
190,293
|
228,344
|
(17,006)
|
163,363
|
-
|
988,104
|
1,592,671
|
1,057
|
1,593,728
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
for the financial year
|
|
-
|
-
|
157,906
|
-
|
-
|
-
|
-
|
157,906
|
(103)
|
157,803
|
Other
comprehensive income/(expense) for the year
|
|
-
|
-
|
207
|
(5,953)
|
-
|
-
|
-
|
(5,746)
|
-
|
(5,746)
|
Total
comprehensive income/(expense) for the year
|
|
-
|
-
|
158,113
|
(5,953)
|
-
|
-
|
-
|
152,160
|
(103)
|
152,057
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners:
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
9
|
-
|
-
|
(177,535)
|
-
|
-
|
-
|
-
|
(177,535)
|
-
|
(177,535)
|
Treasury
shares purchased
|
|
-
|
-
|
(7,678)
|
-
|
-
|
-
|
-
|
(7,678)
|
-
|
(7,678)
|
Share Options:
|
|
|
|
|
|
|
|
|
|
|
|
Issue
of share capital – share options
|
22
|
127
|
1,852
|
(90)
|
-
|
-
|
-
|
-
|
1,889
|
-
|
1,889
|
Movement
in relation to share options
|
|
-
|
-
|
23,952
|
-
|
-
|
-
|
-
|
23,952
|
-
|
23,952
|
Corporation
tax on share options
|
|
-
|
-
|
4,081
|
-
|
-
|
-
|
-
|
4,081
|
-
|
4,081
|
Deferred
tax on share options
|
|
-
|
-
|
22,996
|
-
|
-
|
-
|
-
|
22,996
|
-
|
22,996
|
Reallocation of merger reserve
|
23
|
-
|
-
|
650,000
|
-
|
-
|
-
|
(650,000)
|
-
|
-
|
-
|
Balance as at 30 April 2017
|
|
39,700
|
192,145
|
902,183
|
(22,959)
|
163,363
|
-
|
338,104
|
1,612,536
|
954
|
1,613,490
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1 May 2017
|
|
39,700
|
192,145
|
902,183
|
(22,959)
|
163,363
|
-
|
338,104
|
1,612,536
|
954
|
1,613,490
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
for the financial period
|
|
-
|
-
|
726,234
|
-
|
-
|
-
|
-
|
726,234
|
47
|
726,281
|
Other
comprehensive (expense)/income for the period
|
|
-
|
-
|
(3,256)
|
(3,694)
|
-
|
59,700
|
-
|
52,750
|
-
|
52,750
|
Total
comprehensive income/(expense) for the period
|
|
-
|
-
|
722,978
|
(3,694)
|
-
|
59,700
|
-
|
778,984
|
47
|
779,031
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners:
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
9
|
-
|
-
|
(290,132)
|
-
|
-
|
-
|
-
|
(290,132)
|
-
|
(290,132)
|
Share options:
|
|
|
|
|
|
|
|
|
|
|
|
Issue
of share capital – share options
|
22
|
176
|
1,555
|
(60)
|
-
|
-
|
-
|
-
|
1,671
|
-
|
1,671
|
Movement
in relation to share options
|
|
-
|
-
|
52,077
|
-
|
-
|
-
|
-
|
52,077
|
-
|
52,077
|
Corporation
tax on share options
|
|
-
|
-
|
1,820
|
-
|
-
|
-
|
-
|
1,820
|
-
|
1,820
|
Deferred
tax on share options
|
|
-
|
-
|
(17,130)
|
-
|
-
|
-
|
-
|
(17,130)
|
-
|
(17,130)
|
Acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
Shares
issued to acquire HPE Software
|
22/23
|
28,773
|
-
|
-
|
-
|
|
-
|
6,485,397
|
6,514,170
|
-
|
6,514,170
|
Share reorganization and buy-back:
|
|
|
|
|
|
|
|
|
|
|
|
Return
of Value – share consolidation
|
23
|
(2,926)
|
-
|
-
|
-
|
2,926
|
-
|
-
|
-
|
-
|
-
|
Issue
and redemption of B shares
|
22/23
|
-
|
(156,683)
|
(500,000)
|
-
|
500,000
|
-
|
(343,317)
|
(500,000)
|
-
|
(500,000)
|
Reallocation of merger reserve
|
23
|
-
|
-
|
700,000
|
-
|
-
|
-
|
(700,000)
|
-
|
-
|
-
|
Balance as at 30 April 2018
|
|
65,723
|
37,017
|
1,571,736
|
(26,653)
|
666,289
|
59,700
|
5,780,184
|
8,153,996
|
1,001
|
8,154,997
|
|
Note
|
Six months
ended
30 April 2018
$’000
|
Six
months
ended
30
April 2017
$’000
|
12 months
ended
30 April 2018
$’000
|
12
months
ended
30
April 2017
$’000
|
Cash flows from operating activities
|
|
|
|
|
|
Net
profit for the period
|
|
619,676
|
67,186
|
726,281
|
157,803
|
Adjustments for:
|
|
|
|
|
|
Net
interest
|
11
|
132,774
|
46,892
|
206,562
|
95,845
|
Taxation
|
12
|
(688,189)
|
15,952
|
(649,060)
|
38,541
|
Share
of results of associates
|
|
709
|
127
|
1,147
|
1,254
|
Operating profit
|
|
64,970
|
130,157
|
284,930
|
293,443
|
Research
and development tax credits
|
|
630
|
(2,062)
|
(1,555)
|
(2,998)
|
Depreciation
|
15
|
36,041
|
6,082
|
52,330
|
11,794
|
Loss on
disposal of property, plant and equipment
|
|
1,569
|
36
|
1,996
|
520
|
Amortization
of intangible assets
|
14
|
378,043
|
117,349
|
576,649
|
236,434
|
Share-based
compensation charge
|
8
|
28,164
|
18,985
|
46,466
|
34,506
|
Exchange
movements
|
|
22,542
|
4,380
|
17,843
|
(4,890)
|
Provisions
movements
|
20
|
140,050
|
28,478
|
213,483
|
47,266
|
Changes in working capital:
|
|
|
|
|
|
Inventories
|
|
236
|
(1)
|
20
|
29
|
Trade
and other receivables
|
|
(294,525)
|
(10,849)
|
(526,287)
|
10,224
|
Payables
and other liabilities
|
|
155,484
|
16,866
|
170,974
|
(33,252)
|
Provision
utilization
|
20
|
(138,248)
|
(24,895)
|
(193,737)
|
(43,476)
|
Deferred
income
|
|
98,977
|
77,683
|
114,845
|
15,375
|
Pension
funding in excess of charge to operating profit
|
|
970
|
673
|
4,099
|
(183)
|
Cash generated from operations
|
|
494,903
|
362,882
|
762,056
|
564,792
|
Interest
paid
|
|
(122,818)
|
(38,236)
|
(205,159)
|
(81,115)
|
Bank
loan costs
|
|
(10,669)
|
(790)
|
(100,988)
|
(6,654)
|
Tax
paid
|
|
(71,011)
|
(6,461)
|
(91,483)
|
(24,644)
|
Net cash generated from operating activities
|
|
290,405
|
317,395
|
364,426
|
452,379
|
Cash flows from investing activities
|
|
|
|
|
|
Payments
for intangible assets
|
14
|
(54,036)
|
(13,867)
|
(89,686)
|
(31,438)
|
Purchase of
property, plant and equipment
|
15
|
(22,970)
|
(5,273)
|
(32,814)
|
(11,727)
|
Interest
received
|
11
|
2,859
|
477
|
4,558
|
979
|
Payment
for acquisition of subsidiaries
|
25
|
(16,770)
|
(5,264)
|
(16,770)
|
(299,061)
|
Repayment
of bank borrowings on acquisitions
|
|
-
|
-
|
-
|
(316,650)
|
Repayment
of working capital in respect of HPE Software
acquisition
|
25
|
(225,800)
|
-
|
(225,800)
|
-
|
Net
cash acquired with acquisitions
|
25
|
939
|
-
|
321,668
|
68,173
|
Net cash generated used in investing activities
|
|
(315,778)
|
(23,927)
|
(38,844)
|
(589,724)
|
Cash
flows from financing activities
|
|
|
|
|
|
Investment
in non-controlling interest
|
|
-
|
(2)
|
-
|
(2)
|
Proceeds
from issue of ordinary share capital
|
|
570
|
1,512
|
1,731
|
1,979
|
Purchase
of treasury shares
|
|
-
|
(7,678)
|
-
|
(7,678)
|
Return
of Value paid to shareholders
|
23
|
-
|
-
|
(500,000)
|
-
|
Repayment
of bank borrowings
|
18
|
(12,698)
|
(245,687)
|
(227,698)
|
(372,062)
|
Proceeds
from bank borrowings
|
18
|
-
|
65,000
|
1,043,815
|
180,000
|
Dividends
paid to owners
|
9
|
(156,243)
|
(66,512)
|
(290,132)
|
(177,535)
|
Net
cash generated (used in)/from financing activities
|
|
(168,371)
|
(253,367)
|
27,716
|
(375,298)
|
Effects
of exchange rate changes
|
|
37,046
|
(12,088)
|
69,393
|
(3,552)
|
Net
(decrease)/increase in cash and cash equivalents
|
|
(156,698)
|
28,013
|
422,691
|
(516,195)
|
Cash
and cash equivalents at beginning of period
|
|
730,372
|
122,970
|
150,983
|
667,178
|
Cash and cash equivalents at end of period
|
|
573,674
|
150,983
|
573,674
|
150,983
|
|
|
Six months ended 30 April 2018
|
|
Six
months ended 30 April 2017
|
||||
|
|
(unaudited)
|
|
(unaudited)
|
||||
|
|
Micro Focus
|
SUSE
|
Total
|
|
Micro
Focus
|
SUSE
|
Total
|
|
Note
|
$’000
|
$’000
|
$’000
|
|
$’000
|
$’000
|
$’000
|
Revenue before deferred revenue haircut
|
|
1,818,045
|
183,332
|
2,001,377
|
|
542,336
|
157,295
|
699,631
|
Deferred
revenue haircut
|
|
(26,753)
|
(468)
|
(27,221)
|
|
(2,374)
|
(1,298)
|
(3,672)
|
Segment revenue
|
|
1,791,292
|
182,864
|
1,974,156
|
|
539,962
|
155,997
|
695,959
|
Directly
managed costs
|
|
(1,221,796)
|
(111,106)
|
(1,332,902)
|
|
(286,775)
|
(97,365)
|
(384,140)
|
Allocation
of centrally managed costs
|
|
20,643
|
(20,643)
|
-
|
|
13,545
|
(13,545)
|
-
|
Total segment costs
|
|
(1,201,153)
|
(131,749)
|
(1,332,902)
|
|
(273,230)
|
(110,910)
|
(384,140)
|
Adjusted
Operating Profit
|
|
590,139
|
51,115
|
641,254
|
|
266,732
|
45,087
|
311,819
|
Exceptional
items
|
7
|
|
|
(195,364)
|
|
|
|
(56,210)
|
Share
based compensation charge
|
8
|
|
|
(28,164)
|
|
|
|
(18,985)
|
Amortization
of purchased intangibles
|
|
|
|
(352,756)
|
|
|
|
(106,467)
|
Operating profit
|
|
|
|
64,970
|
|
|
|
130,157
|
Share
of results of associates
|
|
|
|
(709)
|
|
|
|
(127)
|
Net
finance costs
|
11
|
|
|
(132,774)
|
|
|
|
(46,892)
|
(Loss) / Profit before tax
|
|
|
|
(68,513)
|
|
|
|
83,138
|
|
|
|
|
|
|
|
|
|
Adjusted
Operating Profit
|
|
590,139
|
51,115
|
641,254
|
|
266,732
|
45,087
|
311,819
|
Depreciation of property, plant and equipment
|
|
34,058
|
1,983
|
36,041
|
|
4,945
|
1,137
|
6,082
|
Amortization of purchased software intangibles
|
|
10,135
|
885
|
11,020
|
|
541
|
60
|
601
|
Foreign
exchange debit/(credit)
|
|
20,477
|
2,065
|
22,542
|
|
5,080
|
(700)
|
4,380
|
Net
capitalization of product development costs
|
|
(363)
|
-
|
(363)
|
|
(2,335)
|
-
|
(2,335)
|
Adjusted EBITDA
|
|
654,446
|
56,048
|
710,494
|
|
274,963
|
45,584
|
320,547
|
|
|
12 months ended 30 April 2018
|
|
12
months ended 30 April 2017
|
||||
|
|
(unaudited)
|
|
(audited)
|
||||
|
|
Micro Focus
|
SUSE
|
Total
|
|
Micro
Focus
|
SUSE
|
Total
|
|
Note
|
$’000
|
$’000
|
$’000
|
|
$’000
|
$’000
|
$’000
|
Revenue before deferred revenue haircut
|
|
2,914,402
|
348,595
|
3,262,997
|
|
1,084,165
|
306,613
|
1,390,778
|
Deferred
revenue haircut
|
|
(53,030)
|
(1,291)
|
(54,321)
|
|
(6,892)
|
(3,184)
|
(10,076)
|
Segment revenue
|
|
2,861,372
|
347,304
|
3,208,676
|
|
1,077,273
|
303,429
|
1,380,702
|
Directly
managed costs
|
|
(1,837,482)
|
(209,720)
|
(2,047,202)
|
|
(564,072)
|
(178,562)
|
(742,634)
|
Allocation
of centrally managed costs
|
|
36,594
|
(36,594)
|
-
|
|
26,196
|
(26,196)
|
-
|
Total segment costs
|
|
(1,800,888)
|
(246,314)
|
(2,047,202)
|
|
(537,876)
|
(204,758)
|
(742,634)
|
Adjusted
Operating Profit
|
|
1,060,484
|
100,990
|
1,161,474
|
|
539,397
|
98,671
|
638,068
|
Exceptional
items
|
7
|
|
|
(293,844)
|
|
|
|
(97,258)
|
Share
based compensation charge
|
8
|
|
|
(46,466)
|
|
|
|
(34,506)
|
Amortization
of purchased intangibles
|
14
|
|
|
(536,234)
|
|
|
|
(212,861)
|
Operating profit
|
|
|
|
284,930
|
|
|
|
293,443
|
Share
of results of associates
|
|
|
|
(1,147)
|
|
|
|
(1,254)
|
Net
finance costs
|
11
|
|
|
(206,562)
|
|
|
|
(95,845)
|
Profit before tax
|
|
|
|
77,221
|
|
|
|
196,344
|
|
|
|
|
|
|
|
|
|
Adjusted
Operating Profit
|
|
1,060,484
|
100,990
|
1,161,474
|
|
539,397
|
98,671
|
638,068
|
Depreciation of property, plant and equipment
|
15
|
49,048
|
3,282
|
52,330
|
|
9,704
|
2,090
|
11,794
|
Amortization of purchased software intangibles
|
14
|
12,071
|
1,702
|
13,773
|
|
1,070
|
105
|
1,175
|
Foreign
exchange debit/(credit)
|
|
13,297
|
4,546
|
17,843
|
|
(2,901)
|
(1,989)
|
(4,890)
|
Net
capitalization of product development costs
|
14
|
(4,866)
|
-
|
(4,866)
|
|
(5,266)
|
-
|
(5,266)
|
Adjusted EBITDA
|
|
1,130,034
|
110,520
|
1,240,554
|
|
542,004
|
98,877
|
640,881
|
|
Licence
$’000
|
Maintenance
$’000
|
Subscription
$’000
|
Consulting
$’000
|
SaaS
$’000
|
Total
$’000
|
Six months ended 30 April 2018 (unaudited):
|
|
|
|
|
|
|
Micro Focus Product Portfolio
|
|
|
|
|
|
|
Application
Modernization & Connectivity
|
73,230
|
167,900
|
-
|
5,814
|
-
|
246,944
|
Application
Delivery Management
|
65,800
|
258,414
|
-
|
17,877
|
49,531
|
391,622
|
IT
Operations Management
|
132,464
|
362,193
|
-
|
80,800
|
7,122
|
582,579
|
Security
|
93,276
|
220,149
|
-
|
32,180
|
16,758
|
362,363
|
Information
Management & Governance
|
11,796
|
78,232
|
-
|
8,151
|
88,889
|
187,068
|
Vertica
|
19,766
|
22,430
|
-
|
4,954
|
319
|
47,469
|
Subtotal
|
396,332
|
1,109,318
|
-
|
149,776
|
162,619
|
1,818,045
|
Deferred
revenue haircut
|
-
|
(21,092)
|
-
|
(1,363)
|
(4,298)
|
(26,753)
|
Total Micro Focus Product Portfolio
|
396,332
|
1,088,226
|
-
|
148,413
|
158,321
|
1,791,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUSE Product Portfolio
|
-
|
-
|
181,003
|
2,329
|
-
|
183,332
|
Deferred
revenue haircut
|
-
|
-
|
(468)
|
-
|
-
|
(468)
|
Total SUSE Product Portfolio
|
-
|
-
|
180,535
|
2,329
|
-
|
182,864
|
|
|
|
|
|
|
|
Total
|
396,332
|
1,088,226
|
180,535
|
150,742
|
158,321
|
1,974,156
|
|
|
|
|
|
|
|
Six
months ended 30 April 2017 (unaudited):
|
|
|
|
|
|
|
Micro
Focus Product Portfolio:
|
|
|
|
|
|
|
CDMS
|
53,515
|
74,348
|
-
|
4,097
|
-
|
131,960
|
Host
Connectivity
|
30,260
|
51,914
|
-
|
922
|
-
|
83,096
|
Identity,
Access & Security
|
28,790
|
70,220
|
-
|
8,143
|
-
|
107,153
|
Development
& IT Operations Management Tools
|
30,955
|
107,630
|
-
|
6,524
|
-
|
145,109
|
Collaboration
& Networking
|
18,001
|
54,700
|
-
|
2,317
|
-
|
75,018
|
Subtotal
|
161,521
|
358,812
|
-
|
22,003
|
-
|
542,336
|
Deferred
revenue haircut
|
-
|
(2,374)
|
-
|
-
|
-
|
(2,374)
|
Total
Micro Focus Product Portfolio
|
161,521
|
356,438
|
-
|
22,003
|
-
|
539,962
|
|
|
|
|
|
|
|
SUSE
Product Portfolio
|
-
|
-
|
155,024
|
2,271
|
-
|
157,295
|
Deferred
revenue haircut
|
-
|
-
|
(1,298)
|
-
|
-
|
(1,298)
|
Total
SUSE Product Portfolio
|
-
|
-
|
153,726
|
2,271
|
-
|
155,997
|
|
|
|
|
|
|
|
Total
|
161,521
|
356,438
|
153,726
|
24,274
|
-
|
695,959
|
|
Licence
$’000
|
Maintenance
$’000
|
Subscription
$’000
|
Consulting
$’000
|
SaaS
$’000
|
Total
$’000
|
12 months ended 30 April 2018 (unaudited):
|
|
|
|
|
|
|
Micro Focus Product Portfolio
|
|
|
|
|
|
|
Application
Modernization & Connectivity
|
145,932
|
332,419
|
-
|
11,607
|
-
|
489,958
|
Application
Delivery Management
|
109,990
|
384,723
|
-
|
26,950
|
65,201
|
586,864
|
IT
Operations Management
|
246,697
|
499,343
|
-
|
118,284
|
9,752
|
874,076
|
Security
|
167,260
|
354,389
|
-
|
50,541
|
22,740
|
594,930
|
Information
Management & Governance
|
26,729
|
134,266
|
-
|
13,724
|
120,233
|
294,952
|
Vertica
|
34,962
|
30,383
|
-
|
7,863
|
414
|
73,622
|
Subtotal
|
731,570
|
1,735,523
|
-
|
228,969
|
218,340
|
2,914,402
|
Deferred
revenue haircut
|
(7,592)
|
(35,790)
|
-
|
(2,046)
|
(7,602)
|
(53,030)
|
Total Micro Focus Product Portfolio
|
723,978
|
1,699,733
|
-
|
226,923
|
210,738
|
2,861,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUSE Product Portfolio
|
-
|
-
|
344,459
|
4,136
|
-
|
348,595
|
Deferred
revenue haircut
|
-
|
-
|
(1,291)
|
-
|
-
|
(1,291)
|
Total SUSE Product Portfolio
|
-
|
-
|
343,168
|
4,136
|
-
|
347,304
|
|
|
|
|
|
|
|
Total
|
723,978
|
1,699,733
|
343,168
|
231,059
|
210,738
|
3,208,676
|
|
|
|
|
|
|
|
12
months ended 30 April 2017 (audited):
|
|
|
|
|
|
|
Micro
Focus Product Portfolio:
|
|
|
|
|
|
|
CDMS
|
105,962
|
149,668
|
-
|
9,530
|
-
|
265,160
|
Host
Connectivity
|
69,158
|
104,912
|
-
|
1,857
|
-
|
175,927
|
Identity,
Access & Security
|
48,635
|
141,298
|
-
|
18,354
|
-
|
208,287
|
Development
& IT Operations Management Tools
|
55,464
|
219,604
|
-
|
13,860
|
-
|
288,928
|
Collaboration
& Networking
|
29,175
|
112,079
|
-
|
4,609
|
-
|
145,863
|
Subtotal
|
308,394
|
727,561
|
-
|
48,210
|
-
|
1,084,165
|
Deferred
revenue haircut
|
-
|
(6,892)
|
-
|
-
|
-
|
(6,892)
|
Total
Micro Focus Product Portfolio
|
308,394
|
720,669
|
-
|
48,210
|
-
|
1,077,273
|
|
|
|
|
|
|
|
SUSE
Product Portfolio
|
-
|
-
|
301,835
|
4,778
|
-
|
306,613
|
Deferred
revenue haircut
|
-
|
-
|
(3,184)
|
-
|
-
|
(3,184)
|
Total
SUSE Product Portfolio
|
-
|
-
|
298,651
|
4,778
|
-
|
303,429
|
|
|
|
|
|
|
|
Total
|
308,394
|
720,669
|
298,651
|
52,988
|
-
|
1,380,702
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
12 months
ended
30 April 2018
|
12
months
ended
30
April 2017
|
Reported within Operating profit:
|
$’000
|
$’000
|
$’000
|
$’000
|
Integration
costs
|
120,582
|
14,264
|
140,611
|
27,696
|
Pre-acquisition
costs
|
-
|
38,335
|
43,025
|
58,004
|
Acquisition
costs
|
3,319
|
1,129
|
29,139
|
2,597
|
Property
related costs
|
10,787
|
3,004
|
10,591
|
5,525
|
Severance
and legal costs
|
60,676
|
(522)
|
70,478
|
3,436
|
|
195,364
|
56,210
|
293,844
|
97,258
|
Reported within finance costs:
|
|
|
|
|
Finance
costs incurred in escrow period (note 11)
|
-
|
-
|
6,326
|
-
|
Reported within finance income:
|
|
|
|
|
Finance
income earned in escrow period (note 11)
|
-
|
-
|
(553)
|
-
|
|
-
|
-
|
5,773
|
-
|
|
|
|
|
|
Exceptional costs before tax
|
195,364
|
56,210
|
299,617
|
97,258
|
|
|
|
|
|
Tax:
|
|
|
|
|
Tax
effect of exceptional items
|
(38,978)
|
(6,082)
|
(64,508)
|
(11,633)
|
Tax
exceptional item
|
(690,200)
|
-
|
(690,200)
|
-
|
|
(729,178)
|
(6,082)
|
(754,708)
|
(11,633)
|
|
|
|
|
|
Exceptional costs after tax
|
(533,814)
|
50,128
|
(455,091)
|
85,625
|
|
Six months ended
30 April 2018
|
Six months
ended
30 April 2017
|
12 months ended
30 April 2018
|
12 months ended
30 April 2017
|
Equity - ordinary
|
$’000
|
$’000
|
$’000
|
$’000
|
Final paid 58.33 cents (49.74 cents) per ordinary
share
|
-
|
-
|
133,889
|
111,023
|
Interim paid 34.60 cents (29.73 cents) per ordinary
share
|
156,243
|
66,512
|
156,243
|
66,512
|
|
156,243
|
66,512
|
290,132
|
177,535
|
|
Six months ended 30 April 2018
|
Six
months ended 30 April 2017
|
||||||
|
Total earnings
|
Weighted
average
number
of shares
|
Per share amount
|
Per share amount
|
Total
earnings
|
Weighted average number
of shares
|
Per share amount
|
Per share amount
|
|
$’000
|
‘000
|
Cents
|
Pence
|
$’000
|
‘000
|
Cents
|
Pence
|
Basic EPS
|
|
|
|
|
|
|
|
|
Earnings attributable to ordinary shareholders 1
|
619,933
|
435,769
|
142.26
|
103.58
|
67,268
|
229,413
|
29.32
|
23.55
|
Effect of dilutive securities
|
|
|
|
|
|
|
|
|
Options
|
|
17,081
|
|
|
|
8,281
|
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
Earnings attributable to ordinary shareholders
|
619,933
|
452,850
|
136.90
|
99.67
|
67,268
|
237,694
|
28.30
|
22.73
|
|
|
|
|
|
|
|
|
|
|
12 months ended 30 April 2018
|
12
months ended 30 April 2017
|
||||||
|
Total earnings
|
Weighted
average
number
of shares
|
Per share amount
|
Per share amount
|
Total
earnings
|
Weighted average number
of shares
|
Per share amount
|
Per share amount
|
|
$’000
|
‘000
|
Cents
|
Pence
|
$’000
|
‘000
|
Cents
|
Pence
|
Basic EPS
|
|
|
|
|
|
|
|
|
Earnings attributable to ordinary shareholders 2
|
726,234
|
365,662
|
198.61
|
148.41
|
157,906
|
229,238
|
68.88
|
53.25
|
Effect of dilutive securities
|
|
|
|
|
|
|
|
|
Options
|
|
13,042
|
|
|
|
8,165
|
|
|
Diluted EPS
|
|
|
|
|
|
|
|
|
Earnings attributable to ordinary shareholders
|
726,234
|
378,704
|
191.77
|
143.30
|
157,906
|
237,403
|
66.51
|
51.42
|
|
|
|
|
|
|
|
|
|
|
Six months
ended
30 April 2018
|
Six months
ended
30 April 2017
|
12 months
ended
30 April 2018
|
12 months
ended
30 April 2017
|
|
$’000
|
$’000
|
$’000
|
$’000
|
Finance costs
|
|
|
|
|
Interest
on bank borrowings
|
103,833
|
40,326
|
163,373
|
81,953
|
Amortization
of facility costs and original issue discounts
|
23,240
|
6,917
|
36,688
|
14,219
|
Finance costs on bank borrowings
|
127,073
|
47,243
|
200,061
|
96,172
|
Net
interest expense on retirement obligations (note 21)
|
1,149
|
303
|
1,728
|
565
|
Finance
lease expense
|
431
|
-
|
1,592
|
-
|
Interest
rate swaps: cash flow hedges, transfer from equity
|
4,513
|
-
|
4,969
|
-
|
Other
|
2,467
|
(177)
|
2,770
|
87
|
Total
|
135,633
|
47,369
|
211,120
|
96,824
|
|
|
|
|
|
Finance income
|
|
|
|
|
Bank
interest
|
618
|
123
|
1,648
|
438
|
Interest
on non-plan pension assets
|
240
|
217
|
471
|
404
|
Other
|
2,001
|
137
|
2,439
|
137
|
Total
|
2,859
|
477
|
4,558
|
979
|
|
|
|
|
|
Net finance cost
|
132,774
|
46,892
|
206,562
|
95,845
|
|
|
|
|
|
Included within exceptional items (note 7)
|
|
|
|
|
Finance
costs incurred in escrow period
|
-
|
-
|
6,326
|
-
|
Finance
income earned in escrow period
|
-
|
-
|
(553)
|
-
|
|
-
|
-
|
5,773
|
-
|
|
30 April 2018
|
30
April 2017
|
Cost and Net book value
|
$’000
|
$’000
|
1
May
|
2,828,604
|
2,436,168
|
Acquisitions
(note 25)
|
4,867,192
|
392,436
|
|
7,695,796
|
2,828,604
|
|
|
|
A segment-level summary of the goodwill allocation is presented
below:
|
|
|
Micro Focus
|
6,836,230
|
1,969,038
|
SUSE
|
859,566
|
859,566
|
|
7,695,796
|
2,828,604
|
|
|
|
Purchased
intangibles
|
|
|||
|
Purchased
software
|
Product
Development costs
|
Technology
|
Trade
names
|
Customer
relationships
|
Lease
contracts
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Net book value
|
|
|
|
|
|
|
|
At 1
May 2016
|
1,967
|
43,249
|
149,784
|
194,656
|
576,899
|
-
|
966,555
|
Acquisitions
|
-
|
-
|
95,245
|
22,111
|
210,744
|
-
|
328,100
|
Additions
|
3,162
|
27,664
|
-
|
-
|
-
|
-
|
30,826
|
Additions
– external consultants
|
-
|
612
|
-
|
-
|
-
|
-
|
612
|
Amortization
charge for the year
|
(1,175)
|
(22,398)
|
(69,098)
|
(15,995)
|
(127,768)
|
-
|
(236,434)
|
Exchange
adjustments
|
(289)
|
-
|
-
|
-
|
-
|
-
|
(289)
|
At 30 April 2017
|
3,665
|
49,127
|
175,931
|
200,772
|
659,875
|
-
|
1,089,370
|
|
|
|
|
|
|
|
|
Net book value
|
|
|
|
|
|
|
|
At 1 May 2017
|
3,665
|
49,127
|
175,931
|
200,772
|
659,875
|
-
|
1,089,370
|
Acquisition – HPE Software (note 25)
|
72,825
|
-
|
1,809,000
|
163,000
|
4,480,000
|
15,000
|
6,539,825
|
Acquisition – COBOL-IT (note 25)
|
-
|
-
|
1,537
|
154
|
12,317
|
-
|
14,008
|
Additions
|
57,245
|
31,508
|
-
|
-
|
-
|
-
|
88,753
|
Additions – external consultants
|
-
|
933
|
-
|
-
|
-
|
-
|
933
|
Amortization charge for the period
|
(13,773)
|
(26,642)
|
(185,967)
|
(23,282)
|
(325,167)
|
(1,818)
|
(576,649)
|
Exchange adjustments
|
41
|
(322)
|
-
|
-
|
-
|
-
|
(281)
|
At 30 April 2018
|
120,003
|
54,604
|
1,800,501
|
340,644
|
4,827,025
|
13,182
|
7,155,959
|
|
|
|
|
|
|
|
|
|
Freehold
land
|
Leasehold
|
Computer
|
Fixtures
|
|
|
and
buildings
|
improvements
|
equipment
|
and
fittings
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Net book value
|
|
|
|
|
|
At 1
May 2016
|
13,612
|
14,604
|
8,714
|
3,937
|
40,867
|
Acquisitions
|
-
|
1,068
|
759
|
295
|
2,122
|
Additions
|
75
|
3,536
|
7,739
|
377
|
11,727
|
Reclassified
from assets held for sale
|
888
|
-
|
-
|
-
|
888
|
Disposals
|
-
|
(371)
|
(29)
|
(120)
|
(520)
|
Depreciation
charge for the year
|
(454)
|
(4,170)
|
(6,132)
|
(1,038)
|
(11,794)
|
Exchange
adjustments
|
(1,609)
|
(149)
|
(499)
|
(77)
|
(2,334)
|
At 30 April 2017
|
12,512
|
14,518
|
10,552
|
3,374
|
40,956
|
|
|
|
|
|
|
Net book value
|
|
|
|
|
|
At 1 May 2017
|
12,512
|
14,518
|
10,552
|
3,374
|
40,956
|
Acquisitions – HPE Software (note 25)
|
4,510
|
52,058
|
81,315
|
24,076
|
161,959
|
Acquisitions – COBOL-IT (note 25)
|
-
|
-
|
52
|
-
|
52
|
Additions
|
-
|
6,354
|
22,070
|
4,390
|
32,814
|
Disposals
|
-
|
(746)
|
(114)
|
(1,136)
|
(1,996)
|
Depreciation charge for the period
|
(878)
|
(11,130)
|
(33,211)
|
(7,111)
|
(52,330)
|
Exchange adjustments
|
868
|
796
|
1,257
|
(807)
|
2,114
|
At 30 April 2018
|
17,012
|
61,850
|
81,921
|
22,786
|
183,569
|
|
30 April 2018
|
30
April 2017
|
|
$’000
|
$’000
|
Trade
receivables
|
1,130,616
|
266,225
|
Less:
provision for impairment of trade receivables
|
(20,030)
|
(2,599)
|
Trade
receivables net
|
1,110,586
|
263,626
|
Prepayments
|
78,660
|
23,239
|
Other
receivables
|
89,560
|
1,534
|
Accrued
income
|
61,543
|
1,110
|
Total
|
1,340,349
|
289,509
|
|
30 April 2018
$’000
|
30
April 2017
$’000
|
Trade
payables
|
82,782
|
16,891
|
Tax and
social security
|
56,158
|
3,032
|
Accruals
|
466,942
|
150,119
|
Total
|
605,882
|
170,042
|
|
30 April 2018
|
30
April 2017
|
|
$’000
|
$’000
|
Bank
loans secured
|
5,057,003
|
1,595,188
|
Unamortized
prepaid facility arrangement fees and original issue
discounts
|
(175,468)
|
(33,652)
|
|
4,881,535
|
1,561,536
|
|
30 April 2018
|
30
April 2017
|
||||
|
Bank loan secured
|
Unamortized prepaid facility arrangement fees and original issue
discounts
|
Total
|
Bank
loan secured
|
Unamortized
prepaid facility arrangement fees and original issue
discounts
|
Total
|
Reported within:
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
Current
liabilities
|
50,697
|
(17,659)
|
33,038
|
83,788
|
(12,604)
|
71,184
|
Non-current
liabilities
|
5,006,306
|
(157,809)
|
4,848,497
|
1,511,400
|
(21,048)
|
1,490,352
|
|
5,057,003
|
(175,468)
|
4,881,535
|
1,595,188
|
(33,652)
|
1,561,536
|
|
Term Loan B-2
|
Term
Loan B
|
Term
Loan C
|
Term
Loan B-3
|
HPE
Software
Term
Loan
|
Euro
Loan
|
Revolving Facility
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
At 1
May 2016
|
-
|
1,112,250
|
450,000
|
-
|
-
|
-
|
225,000
|
1,787,250
|
Repayments
|
-
|
(9,562)
|
(37,500)
|
-
|
-
|
-
|
(325,000)
|
(372,062)
|
Draw
downs
|
-
|
-
|
-
|
-
|
-
|
-
|
180,000
|
180,000
|
Transfer
|
1,515,188
|
(1,102,688)
|
(412,500)
|
-
|
-
|
-
|
-
|
-
|
At 30 April 2017
|
1,515,188
|
-
|
-
|
-
|
-
|
-
|
80,000
|
1,595,188
|
Acquisitions
|
-
|
-
|
-
|
-
|
2,600,000
|
-
|
-
|
2,600,000
|
Draw downs
|
-
|
-
|
-
|
385,000
|
-
|
523,815
|
135,000
|
1,043,815
|
Repayments
|
(3,788)
|
-
|
-
|
(962)
|
(6,500)
|
(1,448)
|
(215,000)
|
(227,698)
|
Foreign exchange
|
-
|
-
|
-
|
-
|
-
|
45,698
|
-
|
45,698
|
At 30 April 2018
|
1,511,400
|
-
|
-
|
384,038
|
2,593,500
|
568,065
|
-
|
5,057,003
|
|
30 April 2018
|
30
April 2017
|
|
$’000
|
$’000
|
Derivative
financial instruments-non-current asset – interest rate
swaps
|
73,704
|
-
|
|
|
|
|
30 April 2018
|
30
April 2017
|
|
$’000
|
$’000
|
Onerous
leases and dilapidations
|
25,979
|
16,243
|
Restructuring and
integration
|
59,366
|
12,132
|
Legal
|
35,263
|
3,220
|
Other
|
-
|
484
|
Total
|
120,608
|
32,079
|
|
|
|
Current
|
72,738
|
20,142
|
Non-current
|
47,870
|
11,937
|
Total
|
120,608
|
32,079
|
|
Onerous leases and dilapidations
|
Restructuring and integration
|
Legal
|
Other
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
At 1
May 2017
|
16,243
|
12,132
|
3,220
|
484
|
32,079
|
Acquisitions - HPE
Software (note 25)
|
11,321
|
21,398
|
36,446
|
-
|
69,165
|
Additional
provision in the period
|
4,162
|
211,594
|
815
|
-
|
216,571
|
Released
|
(1,773)
|
(487)
|
(410)
|
(418)
|
(3,088)
|
Utilization of
provision
|
(4,035)
|
(184,810)
|
(4,795)
|
(97)
|
(193,737)
|
Exchange
adjustments
|
61
|
(461)
|
(13)
|
31
|
(382)
|
At 30 April 2018
|
25,979
|
59,366
|
35,263
|
-
|
120,608
|
|
|
|
|
|
|
Current
|
3,181
|
56,983
|
12,574
|
-
|
72,738
|
Non-current
|
22,798
|
2,383
|
22,689
|
-
|
47,870
|
Total
|
25,979
|
59,366
|
35,263
|
-
|
120,608
|
|
Onerous
leases and dilapidations
|
Restructuring
and
integration
|
Legal
|
Other
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
At 1
May 2016
|
18,176
|
3,523
|
1,920
|
1,280
|
24,899
|
Acquisitions
|
-
|
1,201
|
2,844
|
-
|
4,045
|
Additional
provision in the period
|
4,584
|
48,498
|
98
|
501
|
53,681
|
Released
|
(857)
|
(2,886)
|
(1,492)
|
(1,180)
|
(6,415)
|
Utilization of
provision
|
(5,527)
|
(37,712)
|
(120)
|
(117)
|
(43,476)
|
Exchange
adjustments
|
(133)
|
(492)
|
(30)
|
-
|
(655)
|
At
30 April 2017
|
16,243
|
12,132
|
3,220
|
484
|
32,079
|
|
|
|
|
|
|
Current
|
4,406
|
12,132
|
3,220
|
384
|
20,142
|
Non-current
|
11,837
|
-
|
-
|
100
|
11,937
|
Total
|
16,243
|
12,132
|
3,220
|
484
|
32,079
|
|
30 April 2018
|
30
April 2017
|
|
$’000
|
$’000
|
Retirement
benefit obligations
|
115,024
|
30,773
|
|
30 April 2018
|
30
April 2017
|
||||
|
Defined benefit obligations
|
Scheme assets
|
Retirement benefit obligations
|
Defined
benefit obligations
|
Scheme
assets
|
Retirement
benefit obligations
|
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
$’000
|
At 1
May
|
36,480
|
(5,707)
|
30,773
|
37,524
|
(5,855)
|
31,669
|
HPE
Software acquisition (note 25)
|
181,456
|
(110,011)
|
71,445
|
-
|
-
|
-
|
Current
service cost
|
7,351
|
-
|
7,351
|
625
|
-
|
625
|
Benefits
paid
|
(3,343)
|
3,211
|
(132)
|
(197)
|
87
|
(110)
|
Contributions
by plan participants
|
2,740
|
(2,740)
|
-
|
-
|
-
|
-
|
Contribution
by employer
|
-
|
(2,165)
|
(2,165)
|
-
|
(114)
|
(114)
|
Interest
cost/(income) (note11)
|
3,093
|
(1,365)
|
1,728
|
660
|
(95)
|
565
|
|
|
|
|
|
|
|
Included within other comprehensive income:
|
|
|
|
|
|
|
Re-measurements
- actuarial losses:
|
|
|
|
|
|
|
- Demographic
|
-
|
-
|
-
|
-
|
-
|
-
|
- Financial
|
7,183
|
-
|
7,183
|
(2,821)
|
-
|
(2,821)
|
- Experience
|
(4,628)
|
-
|
(4,628)
|
(568)
|
-
|
(568)
|
Actuarial
return on assets excluding amounts included in interest
income
|
-
|
(649)
|
(649)
|
-
|
(9)
|
(9)
|
Reclassification
from defined contribution scheme to defined benefit
scheme
|
-
|
-
|
-
|
2,996
|
-
|
2,996
|
|
2,555
|
(649)
|
1,906
|
(393)
|
(9)
|
(402)
|
Foreign
currency exchange changes
|
5,665
|
(1,547)
|
4,118
|
(1,739)
|
279
|
(1,460)
|
At 30 April
|
235,997
|
(120,973)
|
115,024
|
36,480
|
(5,707)
|
30,773
|
|
30 April 2018
|
|
30
April 2017
|
||
|
Shares
|
$’000
|
|
Shares
|
$’000
|
Issued and fully paid
|
|
|
|
|
|
At 1
May
|
229,674,479
|
39,700
|
|
228,706,210
|
39,573
|
Shares
issued to satisfy option awards
|
1,363,698
|
176
|
|
968,269
|
127
|
Share
reorganization
|
(16,935,536)
|
(2,926)
|
|
-
|
-
|
Shares
issued relating to acquisition of HPE Software (note
25)
|
222,166,897
|
28,773
|
|
-
|
-
|
At 30 April
|
436,269,538
|
65,723
|
|
229,674,479
|
39,700
|
|
30 April 2018
|
|
30
April 2017
|
||
|
Shares
|
$’000
|
|
Shares
|
$’000
|
Issued and fully paid
|
|
|
|
|
|
At 1
May
|
-
|
-
|
|
-
|
-
|
Issue
of B shares
|
229,799,802
|
500,000
|
|
-
|
-
|
Redemption
of B shares
|
(229,799,802)
|
(500,000)
|
|
-
|
-
|
At 30 April
|
-
|
-
|
|
-
|
-
|
|
Capital redemption reserve
|
Merger
reserve
|
Hedging reserve
|
Total
|
|
$’000
|
$’000
|
$’000
|
$’000
|
|
|
|
|
|
As at 1 May 2016
|
163,363
|
988,104
|
-
|
1,151,467
|
Reallocation
of merger reserve 1
|
-
|
(650,000)
|
-
|
(650,000)
|
As at 30 April 2017
|
163,363
|
338,104
|
-
|
501,467
|
|
|
|
|
|
As at 1 May 2017
|
163,363
|
338,104
|
-
|
501,467
|
Return
of Value- share consolidation 2
|
2,926
|
-
|
-
|
2,926
|
Return
of Value- issue and redemption of B shares 2
|
500,000
|
(343,317)
|
-
|
156,683
|
Hedge
accounting (note 19) 3
|
-
|
-
|
73,704
|
73,704
|
Deferred
tax movement on hedging 3
|
|
|
(14,004)
|
(14,004)
|
Acquisition
of HPE Software 4
|
-
|
6,485,397
|
-
|
6,485,397
|
Reallocation
of merger reserve 1
|
-
|
(700,000)
|
-
|
(700,000)
|
As at 30 April 2018
|
666,289
|
5,780,184
|
59,700
|
6,506,173
|
|
Six months
ended
30 April 2018
|
Six
months
ended
30
April 2017
|
12 months
ended
30 April 2018
|
12
months
ended
30
April 2017
|
|
$’000
|
$’000
|
$’000
|
$’000
|
Short-term
employee benefits
|
5,427
|
3,302
|
9,420
|
8,051
|
Share-based
payments
|
23,150
|
3,065
|
32,422
|
9,391
|
|
28,577
|
6,367
|
41,842
|
17,442
|
|
Carrying
value
at
acquisition
|
Fair
value
Adjustments
(Provisional)
|
Fair
value
(Provisional)
|
|
$’000
|
$’000
|
$’000
|
Intangible assets
(note 14) 1
|
72,825
|
6,467,000
|
6,539,825
|
Property, plant and
equipment (note 15)
|
161,959
|
-
|
161,959
|
Other
non-current assets
|
41,929
|
-
|
41,929
|
Deferred tax
assets
|
460,946
|
(455,985)
|
4,961
|
Inventories
|
185
|
-
|
185
|
Trade
and other receivables
|
716,511
|
-
|
716,511
|
Current
tax recoverable
|
496
|
-
|
496
|
Cash
and cash equivalents
|
320,729
|
-
|
320,729
|
Trade
and other payables
|
(691,779)
|
1,616
|
(690,163)
|
Current
tax liabilities
|
(9,942)
|
-
|
(9,942)
|
Borrowings
|
(2,547,604)
|
-
|
(2,547,604)
|
Short-term
provisions
|
(30,182)
|
-
|
(30,182)
|
Short-term deferred
income (note 20) 2
|
(707,512)
|
58,004
|
(649,508)
|
Long-term deferred
income 2
|
(116,858)
|
8,652
|
(108,206)
|
Long-term
provisions (note 20)
|
(38,983)
|
-
|
(38,983)
|
Retirement benefit
obligations (note 21)
|
(71,445)
|
-
|
(71,445)
|
Other
non-current liabilities
|
(52,421)
|
12,145
|
(40,276)
|
Deferred tax
liabilities 3
|
-
|
(1,947,720)
|
(1,947,720)
|
Net
(liabilities)/assets
|
(2,491,146)
|
4,143,712
|
1,652,566
|
Goodwill (note
13)
|
-
|
|
4,861,604
|
Consideration
|
|
|
6,514,170
|
|
|
|
|
Consideration
satisfied by :
|
|
|
|
Shares
|
|
|
6,514,170
|
|
Fair value
|
|
$’000
|
Technology
|
1,809,000
|
Customer
relationships
|
4,480,000
|
Trade
names
|
163,000
|
Leases
|
15,000
|
|
6,467,000
|
|
By:
|
/s/
Mike Phillips
|
|
Name:
|
Mike
Phillips
|
|
Title:
|
Chief
Financial Officer
|