MICRO FOCUS INTERNATIONAL PLC
(Exact name of registrant as specified in its charter)
|
|
Exhibit No.
|
Exhibit Description
|
99.1
|
Interim
results for six months ended 30 April 2019, dated 09 July
2019
|
Results at a glance
|
Six months
ended
30 April 2019
(unaudited)
|
Restated 2
Six months
ended
30 April 2018
(unaudited)
|
Growth
/(Decline)
%
|
|
|
|
|
Alternative performance measures from
continuing operations1
|
|
|
|
|
|
|
|
Revenue (versus CCY comparatives)
|
$1,657.1m
|
$1,749.6m
|
(5.3)%
|
Adjusted EBITDA (versus CCY comparatives)
|
$662.3m
|
$650.4m
|
1.8%
|
% Adjusted EBITDA margin (versus CCY
comparatives)
|
40.0%
|
37.2%
|
+ 2.8 ppt
|
|
|
|
|
Adjusted Diluted Earnings per Share – continuing
operations
|
85.53c
|
78.93c
|
8.4%
|
|
|
|
|
Adjusted Net Debt
|
$3,807.5m
|
$4,337.3m
|
12.2%
|
Adjusted Net Debt / Adjusted EBITDA ratio
|
2.7 times
|
3.0 times
|
|
|
|
|
|
Statutory Measures
|
|
|
|
Revenue
|
$1,657.1m
|
$1,791.3m
|
(7.5)%
|
Operating profit
|
$32.6m
|
$31.8m
|
2.5%
|
Profit for the period
|
$1,397.1m
|
$619.7m
|
125.4%
|
|
|
|
|
Diluted Earnings per Share
|
322.74c
|
136.90c
|
135.7%
|
|
|
|
|
Micro Focus
|
Tel: +44 (0) 1635 565200
|
Stephen Murdoch, Chief Executive Officer
|
|
Ben Donnelly, IR Manager
|
|
|
|
Brunswick
|
Tel:
+44 (0) 20 7404 5959
|
Sarah
West
|
MicroFocus@brunswickgroup.com
|
Jonathan
Glass
|
|
Craig
Breheny
|
|
|
Six months ended
30 April 2019
(unaudited)
|
Six months ended
30 April 2018
(unaudited)
|
|
|
As reported
|
CCY (restated)
|
CCY Change
|
|
$m
|
$m
|
%
|
Alternative performance measures:
|
|
|
|
Revenue
|
1,657.1
|
1,749.6
|
(5.3)%
|
Operating costs included in AEBITDA
|
(994.8)
|
(1,099.2)
|
(9.5)%
|
Adjusted EBITDA
|
662.3
|
650.4
|
1.8%
|
Adjusted EBITDA margin %
|
40.0%
|
37.2%
|
2.8ppt
|
|
|
|
|
|
Six months ended
30 April 2019
(unaudited)
|
Six months ended
30 April 2018
(unaudited)
|
|
|
As reported
|
As reported (restated)
|
Change
|
Statutory performance measures:
|
$m
|
$m
|
%
|
Revenue
|
1,657.1
|
1,791.3
|
(7.5)%
|
Operating profit
|
32.6
|
31.8
|
2.5%
|
(Loss)/Profit for the period from continuing
operations
|
(78.3)
|
600.0
|
(113.1)%
|
Profit for the period from discontinued operations
|
1,475.4
|
19.7
|
7,389.3%
|
Profit for the period
|
1,397.1
|
619.7
|
125.5%
|
|
Six months ended
30 April 2019
(unaudited)
|
|
CCY %
change to
Six
months ended
30
April 2018 (restated***)
(unaudited)
|
|
|||||||
|
Licence
|
Maintenance
|
SaaS
& other recurring
|
Consulting
|
Total
|
|
Licence
|
Maintenance
|
SaaS
& other recurring
|
Consulting
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
|
%
|
%
|
%
|
%
|
%
|
Product portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
AMC*
|
72.0
|
163.1
|
|
5.5
|
240.6
|
|
1.4%
|
(0.7)%
|
-%
|
(3.5)%
|
(0.1)%
|
ADM*
|
63.0
|
246.5
|
42.5
|
10.4
|
362.4
|
|
(1.4)%
|
(2.3)%
|
(12.7)%
|
(38.8)%
|
(5.1)%
|
ITOM*
|
108.0
|
344.4
|
6.2
|
67.0
|
525.6
|
|
(16.9)%
|
(2.4)%
|
(12.7)%
|
(12.6)%
|
(7.2)%
|
Security
|
69.1
|
210.0
|
19.2
|
24.4
|
322.7
|
|
(23.9)%
|
(3.6)%
|
17.1%
|
(22.0)%
|
(9.5)%
|
IM&G*
|
31.6
|
94.0
|
75.7
|
8.7
|
210.0
|
|
2.6%
|
(4.8)%
|
(14.1)%
|
(31.5)%
|
(8.8)%
|
Revenue
before haircut
|
343.7
|
1,058.0
|
143.6
|
116.0
|
1,661.3
|
|
(11.1)%
|
(2.6)%
|
(10.4)%
|
(19.1)%
|
(6.5)%
|
Haircut
|
|
(3.7)
|
(0.5)
|
|
(4.2)
|
|
-%
|
(82.4)%
|
(88.4)%
|
(100.0)%
|
(84.3)%
|
Revenue**
|
343.7
|
1,054.3
|
143.1
|
116.0
|
1,657.1
|
|
(11.1)%
|
(1.0)%
|
(8.3)%
|
(18.3)%
|
(5.3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
Regional:
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
153.2
|
557.2
|
105.7
|
43.3
|
859.4
|
|
(0.6)%
|
(5.0)%
|
(9.6)%
|
(27.8)%
|
(6.3)%
|
International
|
138.6
|
389.7
|
30.6
|
58.4
|
617.3
|
|
(21.9)%
|
(0.7)%
|
(7.8)%
|
(11.1)%
|
(7.7)%
|
Asia
Pacific & Japan
|
51.9
|
111.1
|
7.3
|
14.3
|
184.6
|
|
(5.5)%
|
3.8%
|
(28.4)%
|
(19.2)%
|
(2.7)%
|
Revenue
before haircut
|
343.7
|
1,058.0
|
143.6
|
116.0
|
1,661.3
|
|
(11.1)%
|
(2.6)%
|
(10.4)%
|
(19.1)%
|
(6.5)%
|
Haircut
|
|
(3.7)
|
(0.5)
|
|
(4.2)
|
|
-%
|
(82.4)%
|
(88.4)%
|
(100.0)%
|
(84.3)%
|
Revenue**
|
343.7
|
1,054.3
|
143.1
|
116.0
|
1,657.1
|
|
(11.1)%
|
(1.0)%
|
(8.3)%
|
(18.3)%
|
(5.3)%
|
|
Six months
ended
30 April 2019
As reported
(unaudited)
|
Six
months
ended
30
April 2018
Restated
(unaudited)
|
Change
|
|
$m
|
$m
|
%
|
Operating profit
|
32.6
|
31.8
|
2.5%
|
Exceptional items (reported in Operating profit)
|
161.4
|
195.4
|
(17.4)%
|
Share-based compensation charge
|
70.0
|
25.0
|
180.0%
|
Amortisation of intangible assets
|
356.3
|
362.4
|
(1.7)%
|
Depreciation of property, plant and equipment
|
32.8
|
34.1
|
(3.8)%
|
Product development intangible costs capitalised
|
(10.3)
|
(14.6)
|
29.5%
|
Foreign exchange losses
|
19.5
|
20.4
|
(4.4)%
|
Adjusted EBITDA at reported rates
|
662.3
|
654.5
|
1.2%
|
Foreign exchange
|
-
|
(4.1)
|
n/a
|
Adjusted EBITDA at CCY
|
662.3
|
650.4
|
1.8%
|
|
Six months
ended
30 April 2019
As reported
(unaudited)
|
Six
months
ended
30
April 2018
As
reported
(unaudited)
|
|
$m
|
$m
|
System
and IT infrastructure costs
|
80.9
|
44.8
|
Integration
costs incurred as a result of HPE Software business
acquisition
|
56.0
|
75.1
|
Severance
as a result of the HPE Software business acquisition
|
15.7
|
60.8
|
Property
costs as a result of the HPE Software business
acquisition
|
10.6
|
8.1
|
MF/HPE Software business integration related costs
|
163.2
|
188.8
|
HPE
Software business acquisition / pre-acquisition costs
|
-
|
2.9
|
Integration
in respect of previous acquisitions
|
-
|
3.7
|
Gain on
disposal of Atalla
|
(4.4)
|
-
|
Other
acquisition costs
|
2.6
|
-
|
Total exceptional costs (reported in Operating profit)
|
161.4
|
195.4
|
Gain on
disposal of SUSE (net of transaction costs)
|
(1,727.2)
|
-
|
Total exceptional (gain)/costs for the period including the gain on
disposal of SUSE
|
(1,565.8)
|
195.4
|
|
Six months
ended
30 April 2019
(unaudited)
|
Six
months
ended
30
April 2018
(unaudited)
|
Growth
/(Decline)
|
|
cents
|
cents
|
%
|
|
|
|
|
EPS from continuing operations:
|
|
|
|
Basic
EPS
|
(18.79)
|
137.72
|
(113.6)%
|
Diluted
EPS
|
(18.79)
|
132.54
|
(114.2)%
|
|
|
|
|
Basic
Adjusted EPS
|
88.86
|
82.02
|
8.3%
|
Diluted
Adjusted EPS
|
85.53
|
78.93
|
8.4%
|
|
|
|
|
Total EPS attributable to the ordinary equity shareholders of the
Company
|
|
|
|
Basic
EPS
|
335.32
|
142.26
|
135.7%
|
Diluted
EPS
|
322.74
|
136.90
|
135.7%
|
|
|
|
|
Basic
Adjusted EPS
|
96.30
|
90.01
|
7.0%
|
Diluted
Adjusted EPS
|
92.69
|
86.62
|
7.0%
|
|
Six
months
ended
30
April 2019
|
Six
months
ended
30
April 2018
|
|
$m
|
$m
|
Cash generated from operations
|
622.6
|
495.0
|
|
|
|
Adjusted
EBITDA
|
|
|
-
Continuing
operations
|
662.3
|
654.5
|
-
Discontinued
operation
|
39.8
|
56.0
|
Total Adjusted EBITDA
|
702.1
|
710.5
|
Less:
Exceptional items (included in Adjusted EBITDA)
|
(161.4)
|
(195.4)
|
Adjusted EBITDA less exceptional items
|
540.7
|
515.1
|
|
|
|
Adjusted Cash conversion ratio
|
115.1%
|
96.1%
|
|
Six months
ended
30 April 2019
|
Six
months
ended
30
April 2018
|
|
$m
|
$m
|
Total Adjusted EBITDA
|
702.1
|
710.5
|
Less:
|
|
|
Exceptional
items
|
(161.4)
|
(195.4)
|
Movements
in provisions
|
23.0
|
140.0
|
Other
non-cash items
|
11.6
|
16.8
|
Cash generated from operations before working capital
|
575.3
|
671.9
|
Movement
in working capital
|
47.3
|
(176.9)
|
Cash generated from operations
|
622.6
|
495.0
|
Interest
payments
|
(117.7)
|
(122.8)
|
Bank
loan costs
|
-
|
(10.7)
|
Tax
payments
|
(39.1)
|
(71.0)
|
Purchase
of intangible assets
|
(12.8)
|
(53.9)
|
Purchase
of property, plant and equipment
|
(23.1)
|
(22.9)
|
Free cash flow
|
429.9
|
213.7
|
|
30 April 2019
|
30
April 2018
|
|
$m
|
$m
|
Borrowings
|
(4,649.2)
|
(4,881.5)
|
Cash
and cash equivalents
|
2,666.2
|
573.7
|
Finance
lease obligations
|
(24.5)
|
(29.5)
|
Net Debt
|
(2,007.5)
|
(4,337.3)
|
Return
of Value
|
(1,800.0)
|
-
|
Adjusted Net Debt
|
(3,807.5)
|
(4,337.3)
|
|
|
|
Trailing 12 months Adjusted EBITDA*:
|
|
|
Six
months to 30 April
|
662.3
|
710.5
|
Six
months to 31 October
|
759.1
|
733.3
|
|
1,421.4
|
1,443.8
|
|
|
|
Net
Debt / Adjusted EBITDA ratio
|
1.4 times
|
3.0
times
|
Adjusted
Net Debt / Adjusted EBITDA ratio
|
2.7 times
|
3.0
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 2018
|
1,503.8
|
382.1
|
2,580.5
|
530.5
|
-
|
4,996.9
|
Repayments
|
(89.1)
|
(13.9)
|
(94.2)
|
(15.4)
|
-
|
(212.6)
|
Foreign
exchange
|
-
|
-
|
-
|
(7.3)
|
-
|
(7.3)
|
At 30 April 2019
|
1,414.7
|
368.2
|
2,486.3
|
507.8
|
-
|
4,777.0
|
|
30 April 2019
(unaudited)
$m
|
30
April 2018
(unaudited)
$m
|
31
October 2018
(audited)
$m
|
Non-current
assets
|
13,436.1
|
15,190.4
|
13,720.5
|
Current
assets
|
3,629.3
|
1,926.1
|
1,917.6
|
Current
assets classified as held for sale
|
-
|
-
|
1,142.5
|
Total assets
|
17,065.4
|
17,116.5
|
16,780.6
|
|
|
|
|
Current
liabilities
|
3,928.1
|
2,180.0
|
2,010.4
|
Current
liabilities classified as held for sale
|
-
|
-
|
437.7
|
Non-current
liabilities
|
6,231.7
|
6,781.5
|
6,540.5
|
Total liabilities
|
10,159.8
|
8,961.5
|
8,988.6
|
Net assets
|
6,905.6
|
8,155.0
|
7,792.0
|
|
|
|
|
Total
equity attributable to owners of the parent
|
6,904.6
|
8,154.0
|
7,791.0
|
Non-controlling
interests
|
1.0
|
1.0
|
1.0
|
Total equity
|
6,905.6
|
8,155.0
|
7,792.0
|
Stephen Murdoch
|
Brian McArthur-Muscroft
|
Chief Executive Officer
|
Chief Financial Officer
|
|
Six months ended
30 April 2018
|
||
|
As reported
|
Transfer to discontinued operations
|
restated
|
|
$m
|
$m
|
$m
|
Revenue
|
1,974.2
|
(182.9)
|
1,791.3
|
Cost of
sales
|
(493.5)
|
10.9
|
(482.6)
|
Gross profit
|
1,480.7
|
(172.0)
|
1,308.7
|
Selling
and distribution costs
|
(634.7)
|
60.6
|
(574.1)
|
Research
and development expenses
|
(294.1)
|
39.7
|
(254.4)
|
Administrative
expenses
|
(487.0)
|
38.6
|
(448.4)
|
Operating profit
|
64.9
|
(33.1)
|
31.8
|
|
|
|
|
Share
of results of associates
|
(0.7)
|
0.7
|
-
|
|
|
|
|
Finance
costs
|
(135.6)
|
-
|
(135.6)
|
Finance
income
|
2.9
|
-
|
2.9
|
Net
finance costs
|
(132.7)
|
-
|
(132.7)
|
|
|
|
|
Loss before tax
|
(68.5)
|
(32.4)
|
(100.9)
|
Taxation
|
688.2
|
12.7
|
700.9
|
Profit from continuing operations
|
619.7
|
(19.7)
|
600.0
|
Profit
from discontinued operation (attributable to equity shareholders of
the Company)
|
-
|
19.7
|
19.7
|
Profit for the period
|
619.7
|
-
|
619.7
|
|
|
|
|
Operating profit (before exceptional items)
|
260.3
|
(33.1)
|
227.2
|
Exceptional items (note 7)
|
(195.4)
|
-
|
(195.4)
|
Operating profit
|
64.9
|
(33.1)
|
31.8
|
|
Six months ended
30 April 2019
(unaudited)
|
|
Six
months ended
30
April 2018
(unaudited)
|
||||
|
Continuing operations
|
Discontinued operation
|
Total
|
|
Continuing
operations
|
Discontinued
operation
|
Total
|
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
Revenue before deferred revenue haircut
|
1,661.3
|
127.1
|
1,788.4
|
|
1,818.0
|
183.3
|
2,001.3
|
Unwinding
of fair value adjustment to acquired deferred revenue
|
(4.2)
|
(0.1)
|
(4.3)
|
|
(26.7)
|
(0.4)
|
(27.1)
|
Revenue
|
1,657.1
|
127.0
|
1,784.1
|
|
1,791.3
|
182.9
|
1,974.2
|
|
Six months
ended
30 April 2019
(unaudited)
|
|
Six
months
ended
30
April 2018
(unaudited)
|
||||
|
Continuing
Operations
|
Discontinued
Operation
|
Total
|
|
Continuing
operations
|
Discontinued
Operation
|
Total
|
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
(Loss)/Profit for the period
|
(78.3)
|
1,475.4
|
1,397.1
|
|
600.0
|
19.7
|
619.7
|
Finance
costs
|
144.7
|
-
|
144.7
|
|
135.6
|
-
|
135.6
|
Finance
income
|
(12.5)
|
-
|
(12.5)
|
|
(2.9)
|
-
|
(2.9)
|
Taxation
|
(21.3)
|
289.0
|
267.7
|
|
(700.9)
|
12.7
|
(688.2)
|
Share
of results of associates
|
-
|
0.3
|
0.3
|
|
-
|
0.7
|
0.7
|
Depreciation
of property, plant and equipment
|
32.8
|
-
|
32.8
|
|
34.1
|
1.9
|
36.0
|
Amortisation
of intangible assets
|
356.3
|
-
|
356.3
|
|
362.4
|
15.7
|
378.1
|
EBITDA
|
421.7
|
1,764.7
|
2,186.4
|
|
428.3
|
50.7
|
479.0
|
Gain on
disposal of discontinued operation
|
-
|
(1,727.2)
|
(1,727.2)
|
|
-
|
-
|
-
|
Exceptional
items (reported in Operating profit)
|
161.4
|
-
|
161.4
|
|
195.4
|
-
|
195.4
|
Share-based
compensation charge
|
70.0
|
2.5
|
72.5
|
|
25.0
|
3.2
|
28.2
|
Product
development intangible costs capitalised
|
(10.3)
|
-
|
(10.3)
|
|
(14.6)
|
-
|
(14.6)
|
Foreign
exchange loss/(gain)
|
19.5
|
(0.2)
|
19.3
|
|
20.4
|
2.1
|
22.5
|
Adjusted EBITDA
|
662.3
|
39.8
|
702.1
|
|
654.5
|
56.0
|
710.5
|
|
|
|
|
|
|
|
|
Revenue
|
1,657.1
|
127.0
|
1,784.1
|
|
1,791.3
|
182.9
|
1,974.2
|
Adjusted EBITDA Margin
|
40.0%
|
31.3%
|
39.4%
|
|
36.5%
|
30.6%
|
36.0%
|
|
Six months ended
30 April 2019
(unaudited)
|
|
Six
months ended
30
April 2018
(unaudited)
|
||||
|
Continuing operations
|
Discontinued operation
|
Total
|
|
Continuing
operations
|
Discontinued
operation
|
Total
|
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
(Loss)/Profit before tax
|
(99.6)
|
1,764.4
|
1,664.8
|
|
(100.9)
|
32.4
|
(68.5)
|
|
|
|
|
|
|
|
|
Gain on
disposal of discontinued operation
|
-
|
(1,727.2)
|
(1,727.2)
|
|
-
|
-
|
-
|
Share-based
compensation charge
|
70.0
|
2.5
|
72.5
|
|
25.0
|
3.2
|
28.2
|
Amortisation
of purchased intangibles
|
333.9
|
-
|
333.9
|
|
338.1
|
14.7
|
352.8
|
Exceptional
items
|
161.4
|
-
|
161.4
|
|
195.4
|
-
|
195.4
|
Adjusting items
|
565.3
|
(1,724.7)
|
(1,159.4)
|
|
558.5
|
17.9
|
576.4
|
|
|
|
|
|
|
|
|
Adjusted Profit before tax
|
465.7
|
39.7
|
505.4
|
|
457.6
|
50.3
|
507.9
|
Effective tax rate (continuing operations)
|
Six months
ended
30 April 2019
(unaudited)
|
|||
|
Statutory
|
Adjusting
items
|
Exceptional
tax items
|
Adjusted
Measures
|
|
$m
|
$m
|
$m
|
$m
|
(Loss)/Profit before tax
|
(99.6)
|
565.3
|
-
|
465.7
|
Taxation
|
21.3
|
(116.8)
|
-
|
(95.5)
|
(Loss)/Profit after tax
|
(78.3)
|
448.5
|
-
|
370.2
|
Effective tax rate
|
21.4%
|
|
|
20.5%
|
Effective
tax rate (continuing operations)
|
Six months
ended
30 April 2018
(unaudited)
|
|||
|
Statutory
|
Adjusting
items
|
Exceptional
tax items
|
Adjusted
Measures
|
|
$m
|
$m
|
$m
|
$m
|
(Loss)/Profit before tax
|
(100.9)
|
558.5
|
-
|
457.6
|
Taxation
|
700.9
|
(111.0)
|
(690.2)
|
(100.3)
|
(Loss)/Profit after tax
|
600.0
|
447.5
|
(690.2)
|
357.3
|
Effective tax rate
|
(694.6)%
|
|
|
21.9%
|
|
Six months
ended
30 April 2019
|
Six
months
ended
30
April 2018
|
|
(unaudited)
|
(unaudited)
|
CENTS
|
|
|
|
|
|
EPS from continuing operations attributable to the ordinary equity
shareholders of the Company
|
|
|
Basic
EPS – cents
|
(18.79)
|
137.72
|
Diluted
EPS - cents
|
(18.79)
|
132.54
|
Basic
Adjusted EPS – cents
|
88.86
|
82.02
|
Diluted
Adjusted EPS - cents
|
85.53
|
78.93
|
|
|
|
EPS from discontinued operation
|
|
|
Basic
EPS – cents
|
354.12
|
4.54
|
Diluted
EPS - cents
|
340.82
|
4.36
|
Basic
Adjusted EPS – cents
|
7.44
|
7.99
|
Diluted
Adjusted EPS - cents
|
7.16
|
7.69
|
|
|
|
Total EPS attributable to the ordinary equity shareholders of the
Company
|
|
|
Basic
EPS – cents
|
335.32
|
142.26
|
Diluted
EPS - cents
|
322.74
|
136.90
|
Basic
Adjusted EPS – cents
|
96.30
|
90.01
|
Diluted
Adjusted EPS - cents
|
92.69
|
86.62
|
|
|
|
PENCE
|
|
|
|
|
|
EPS from continuing operations attributable to the ordinary equity
shareholders of the Company
|
|
|
Basic
EPS – pence
|
(14.52)
|
100.28
|
Diluted
EPS – pence
|
(14.52)
|
96.50
|
Basic
Adjusted EPS - pence
|
68.67
|
59.72
|
Diluted
Adjusted EPS – pence
|
66.09
|
57.47
|
|
|
|
EPS from discontinued operation
|
|
|
Basic
EPS – pence
|
273.64
|
3.30
|
Diluted
EPS – pence
|
263.37
|
3.17
|
Basic
Adjusted EPS - pence
|
5.75
|
5.82
|
Diluted
Adjusted EPS – pence
|
5.53
|
5.60
|
|
|
|
Total EPS attributable to the ordinary equity shareholders of the
Company
|
|
|
Basic
EPS – pence
|
259.12
|
103.58
|
Diluted
EPS – pence
|
249.39
|
99.67
|
Basic
Adjusted EPS - pence
|
74.42
|
65.54
|
Diluted
Adjusted EPS – pence
|
71.62
|
63.07
|
|
Six months
ended
30 April 2019
|
Six
months
ended
30
April 2018
|
|
(unaudited)
|
(unaudited)
|
|
$m
|
$m
|
Profit for the period
|
1,397.1
|
619.7
|
Non-controlling
interests
|
-
|
0.3
|
Earnings attributable to ordinary shareholders
|
1,397.1
|
620.0
|
|
|
|
From
continuing operations
|
(78.3)
|
600.3
|
From
discontinued operation
|
1,475.4
|
19.7
|
Earnings attributable to ordinary shareholders
|
1,397.1
|
620.0
|
|
|
|
Adjusting items:
|
|
|
Gain on
disposal of discontinued operation
|
(1,727.2)
|
-
|
Exceptional
items
|
161.4
|
195.4
|
Share-based
compensation charge
|
72.5
|
28.2
|
Amortisation
of purchased intangibles
|
333.9
|
352.8
|
|
(1,159.4)
|
576.4
|
Tax relating to above adjusting items and exceptional tax credit in
the prior period
|
163.5
|
(804.0)
|
Adjusted earnings attributable to ordinary
shareholders
|
401.2
|
392.4
|
|
|
|
From
continuing operations
|
370.2
|
357.6
|
From
discontinued operation
|
31.0
|
34.8
|
Adjusted
earnings attributable to ordinary shareholders
|
401.2
|
392.4
|
|
|
|
Weighted average number of shares:
|
Number (m)
|
Number
(m)
|
Basic
|
416.6
|
435.8
|
Effect
of dilutive securities – Options
|
16.3
|
17.1
|
Diluted
|
432.9
|
452.9
|
|
Six months ended 30 April 2019
(unaudited)
|
|
Six
months ended 30 April 2018
(unaudited)
|
||||
|
Continuing operations
|
Discontinued operation
|
Total
|
|
Continuing
operations
|
Discontinued
operation
|
Total
|
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
Adjusting items:
|
|
|
|
|
|
|
|
Gain on
disposal of discontinued operation
|
-
|
(1,727.2)
|
(1,727.2)
|
|
-
|
-
|
-
|
Share-based
compensation charge
|
70.0
|
2.5
|
72.5
|
|
25.0
|
3.2
|
28.2
|
Amortisation
of purchased intangibles
|
333.9
|
-
|
333.9
|
|
338.1
|
14.7
|
352.8
|
Exceptional
items
|
161.4
|
-
|
161.4
|
|
195.4
|
-
|
195.4
|
|
565.3
|
(1,724.7)
|
(1,159.4)
|
|
558.5
|
17.9
|
576.4
|
Tax relating to above adjusting items and exceptional tax credit in
the prior period
|
(116.8)
|
280.3
|
163.5
|
|
(801.2)
|
(2.8)
|
(804.0)
|
|
448.5
|
(1,444.4)
|
(995.9)
|
|
(242.7)
|
15.1
|
(227.6)
|
|
Six months
ended
30 April 2019
(unaudited)
|
Six
months
ended
30
April 2018
(unaudited)
|
|
$m
|
$m
|
Cash generated from operations
|
622.6
|
495.0
|
Less:
|
|
|
Interest
payments
|
(117.7)
|
(122.8)
|
Bank
loan costs
|
-
|
(10.7)
|
Tax
payments
|
(39.1)
|
(71.0)
|
Purchase
of intangible assets
|
(12.8)
|
(53.9)
|
Purchase
of property, plant and equipment
|
(23.1)
|
(22.9)
|
Free cash flow
|
429.9
|
213.7
|
|
30 April 2019
(unaudited)
|
30
April 2018
(unaudited)
|
31
October 2018
(audited)
|
|
$m
|
$m
|
$m
|
Borrowings
|
(4,649.2)
|
(4,881.5)
|
(4,845.9)
|
Cash
and cash equivalents
|
2,666.2
|
573.7
|
620.9
|
Finance
lease obligations
|
(24.5)
|
(29.5)
|
(28.5)
|
Net debt
|
(2,007.5)
|
(4,337.3)
|
(4,253.5)
|
Return of Value
|
(1,800.0)
|
|
|
Adjusted Net Debt
|
(3,807.5)
|
|
|
|
Six months
ended
30 April 2019
|
|
Six
months
ended
30
April 2018
|
||
|
Average
|
Closing
|
|
Average
|
Closing
|
£1
= $
|
1.29
|
1.29
|
|
1.37
|
1.37
|
€1
= $
|
1.13
|
1.12
|
|
1.21
|
1.21
|
C$ =
$
|
0.75
|
0.74
|
|
0.79
|
0.78
|
ILS =
$
|
0.27
|
0.28
|
|
0.29
|
0.28
|
Condensed
Consolidated Statement of Changes in Equity
(unaudited)
|
|
Six months ended
30 April 2019
(unaudited)
|
Restated
1
Six
months ended
30
April 2018
(unaudited)
|
||||
|
|
Before exceptional items
|
Exceptional items
(note 7)
|
Total
|
Before
exceptional items
|
Exceptional
items
(note
7)
|
Total
|
Continuing operations
|
Note
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
5,6
|
1,657.1
|
-
|
1,657.1
|
1,791.3
|
-
|
1,791.3
|
Cost of
sales
|
|
(397.1)
|
(7.5)
|
(404.6)
|
(457.5)
|
(25.1)
|
(482.6)
|
Gross profit
|
|
1,260.0
|
(7.5)
|
1,252.5
|
1,333.8
|
(25.1)
|
1,308.7
|
Selling
and distribution costs
|
|
(599.8)
|
(2.9)
|
(602.7)
|
(562.1)
|
(12.0)
|
(574.1)
|
Research
and development expenses
|
|
(249.1)
|
(1.4)
|
(250.5)
|
(246.9)
|
(7.5)
|
(254.4)
|
Administrative
expenses
|
|
(217.1)
|
(149.6)
|
(366.7)
|
(297.6)
|
(150.8)
|
(448.4)
|
Operating profit
|
|
194.0
|
(161.4)
|
32.6
|
227.2
|
(195.4)
|
31.8
|
|
|
|
|
|
|
|
|
Finance
costs
|
11
|
(144.7)
|
-
|
(144.7)
|
(135.6)
|
-
|
(135.6)
|
Finance
income
|
11
|
12.5
|
-
|
12.5
|
2.9
|
-
|
2.9
|
Net
finance costs
|
11
|
(132.2)
|
-
|
(132.2)
|
(132.7)
|
-
|
(132.7)
|
|
|
|
|
|
|
|
|
(Loss)/Profit before tax
|
|
61.8
|
(161.4)
|
(99.6)
|
94.5
|
(195.4)
|
(100.9)
|
Taxation
|
12
|
(7.8)
|
29.1
|
21.3
|
(28.3)
|
729.2
|
700.9
|
(Loss)/Profit from continuing operations
|
|
54.0
|
(132.3)
|
(78.3)
|
66.2
|
533.8
|
600.0
|
Profit from discontinued operation (attributable to equity
shareholders of the company)
|
24
|
1,475.4
|
-
|
1,475.4
|
19.7
|
-
|
19.7
|
Profit for the period
|
|
1,529.4
|
(132.3)
|
1,397.1
|
85.9
|
533.8
|
619.7
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Equity
shareholders of the parent
|
|
1,529.4
|
(132.3)
|
1,397.1
|
86.2
|
533.8
|
620.0
|
Non-controlling
interests
|
|
-
|
-
|
-
|
(0.3)
|
-
|
(0.3)
|
Profit for the period
|
|
1,529.4
|
(132.3)
|
1,397.1
|
85.9
|
533.8
|
619.7
|
|
|
Six months ended
30 April 2019
(unaudited)
|
Restated
1
Six
months ended
30
April 2018
(unaudited)
|
||||
|
|
Before exceptional items
|
Exceptional items
(note 7)
|
Total
|
Before
exceptional items
|
Exceptional
items
(note
7)
|
Total
|
|
Note
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Profit for the period
|
|
1,529.4
|
(132.3)
|
1,397.1
|
85.9
|
533.8
|
619.7
|
Other comprehensive (expense)/income:
|
|
|
|
|
|
|
|
Items that will not be reclassified to profit or loss
|
|
|
|
|
|
|
|
Continuing operations:
|
|
|
|
|
|
|
|
Actuarial
loss on pension schemes liabilities
|
21
|
(1.3)
|
-
|
(1.3)
|
(8.8)
|
-
|
(8.8)
|
Actuarial
gain on non-plan pension assets
|
21
|
0.3
|
-
|
0.3
|
0.9
|
-
|
0.9
|
Deferred
tax movement
|
|
0.8
|
-
|
0.8
|
(1.6)
|
-
|
(1.6)
|
Discontinued operation:
|
|
|
|
|
|
|
|
Actuarial
loss on pension schemes liabilities
|
21
|
(0.1)
|
-
|
(0.1)
|
-
|
-
|
-
|
Actuarial
gain/(loss) on non-plan pension assets
|
21
|
0.1
|
-
|
0.1
|
(0.3)
|
-
|
(0.3)
|
Items that may be subsequently reclassified to profit or
loss
|
|
|
|
|
|
|
|
Cash
flow hedge movements
|
23
|
(69.0)
|
-
|
(69.0)
|
71.9
|
-
|
71.9
|
Current
tax movement
|
23
|
13.1
|
-
|
13.1
|
(13.3)
|
-
|
(13.3)
|
Currency
translation differences – continuing operations
|
|
35.1
|
-
|
35.1
|
(6.2)
|
-
|
(6.2)
|
Currency
translation differences – discontinued
operations
|
|
-
|
-
|
-
|
(0.2)
|
-
|
(0.2)
|
Other comprehensive (expense)/income for the period
|
|
(21.0)
|
-
|
(21.0)
|
42.4
|
-
|
42.4
|
Total comprehensive income/(expense) for the period
|
|
1,508.4
|
(132.3)
|
1,376.1
|
128.3
|
533.8
|
662.1
|
Attributable to:
|
|
|
|
|
|
|
|
Equity
shareholders of the parent
|
|
1,508.4
|
(132.3)
|
1,376.1
|
128.6
|
533.8
|
662.4
|
Non-controlling
interests
|
|
-
|
-
|
-
|
(0.3)
|
-
|
(0.3)
|
Total comprehensive income for the period
|
|
1,508.4
|
(132.3)
|
1,376.1
|
128.3
|
533.8
|
662.1
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to the equity shareholders
of the company arises from:
|
|
|
|
|
|
|
|
Continuing
operations
|
|
33.0
|
(132.3)
|
(99.3)
|
109.1
|
533.8
|
642.9
|
Discontinued
operations
|
|
1,475.4
|
-
|
1,475.4
|
19.2
|
-
|
19.2
|
|
|
1,508.4
|
(132.3)
|
1,376.1
|
128.3
|
533.8
|
662.1
|
Earnings per share (cents)
|
|
|
|
|
|
|
|
From continuing and discontinued operations
|
|
|
|
cents
|
|
|
cents
|
-
basic
|
10
|
|
|
335.32
|
|
|
142.26
|
-
diluted
|
10
|
|
|
322.74
|
|
|
136.90
|
From continuing operations
|
|
|
|
|
|
|
|
-
basic
|
10
|
|
|
(18.79)
|
|
|
137.72
|
-
diluted
|
10
|
|
|
(18.79)
|
|
|
132.54
|
|
|
|
|
|
|
|
|
Earnings per share (pence)
|
|
|
|
|
|
|
|
From continuing and discontinued operations
|
|
|
|
pence
|
|
|
pence
|
-
basic
|
10
|
|
|
259.12
|
|
|
103.58
|
-
diluted
|
10
|
|
|
249.39
|
|
|
99.67
|
From continuing operations
|
|
|
|
|
|
|
|
-
basic
|
10
|
|
|
(14.52)
|
|
|
100.28
|
-
diluted
|
10
|
|
|
(14.52)
|
|
|
96.50
|
|
Note
|
30 April 2019
(unaudited)
$m
|
30 April 2018
(unaudited)
$m
|
31 October 2018
(audited)
$m
|
Non-current assets
|
|
|
|
|
Goodwill
|
13
|
6,839.2
|
7,695.8
|
6,805.0
|
Other
intangible assets
|
14
|
6,352.9
|
7,156.0
|
6,629.3
|
Property,
plant and equipment
|
15
|
136.3
|
183.6
|
144.3
|
Investments
in associates
|
|
-
|
10.3
|
-
|
Derivative
asset
|
19
|
17.4
|
73.7
|
86.4
|
Long
term pension assets
|
21
|
17.3
|
25.7
|
16.7
|
Contract-related
costs
|
|
26.4
|
-
|
-
|
Other
non-current assets
|
|
46.6
|
45.3
|
38.8
|
|
|
13,436.1
|
15,190.4
|
13,720.5
|
Current assets
|
|
|
|
|
Inventories
|
|
0.1
|
0.2
|
0.2
|
Trade
and other receivables
|
16
|
937.2
|
1,340.3
|
1,272.0
|
Contract-related
costs
|
|
13.4
|
-
|
-
|
Current
tax receivables
|
|
-
|
11.9
|
24.5
|
Derivative
asset
|
19
|
12.4
|
-
|
-
|
Cash
and cash equivalents
|
|
2,666.2
|
573.7
|
620.9
|
|
|
3,629.3
|
1,926.1
|
1,917.6
|
Assets
classified as held for sale
|
|
-
|
-
|
1,142.5
|
Total
current assets
|
|
3,629.3
|
1,926.1
|
3,060.1
|
Total assets
|
|
17,065.4
|
17,116.5
|
16,780.6
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
Trade
and other payables
|
17
|
608.4
|
605.9
|
676.9
|
“B”
share liability
|
22
|
1,800.0
|
-
|
-
|
Borrowings
|
18
|
-
|
33.0
|
3.7
|
Finance
leases
|
|
12.1
|
13.9
|
13.6
|
Provisions
|
20
|
44.3
|
72.7
|
57.4
|
Current
tax liabilities
|
|
401.0
|
49.9
|
124.1
|
Contract
liabilities - deferred income
|
|
1,062.3
|
1,404.6
|
1,134.7
|
|
|
3,928.1
|
2,180.0
|
2,010.4
|
Current
liabilities classified as held for sale
|
|
-
|
-
|
437.7
|
|
|
3,928.1
|
2,180.0
|
2,448.1
|
Non-current liabilities
|
|
|
|
|
Contract
liabilities - deferred income
|
|
164.4
|
332.1
|
178.1
|
Borrowings
|
18
|
4,649.2
|
4,848.5
|
4,842.2
|
Finance
leases
|
|
12.4
|
15.6
|
14.9
|
Retirement
benefit obligations
|
21
|
114.2
|
115.0
|
110.4
|
Long-term
provisions
|
20
|
37.0
|
47.9
|
35.4
|
Other
non-current liabilities
|
|
57.4
|
64.9
|
58.0
|
Current
tax liabilities
|
|
119.7
|
171.2
|
131.0
|
Deferred
tax liabilities
|
|
1,077.4
|
1,186.3
|
1,170.5
|
|
|
6,231.7
|
6,781.5
|
6,540.5
|
Total liabilities
|
|
10,159.8
|
8,961.5
|
8,988.6
|
Net assets
|
|
6,905.6
|
8,155.0
|
7,792.0
|
Capital and reserves
|
|
|
|
|
Share
capital
|
22
|
47.2
|
65.7
|
65.8
|
Share
premium account
|
|
41.5
|
37.0
|
41.0
|
Merger
reserve
|
23
|
1,924.4
|
5,780.2
|
3,724.4
|
Capital
redemption reserve
|
23
|
2,485.0
|
666.3
|
666.3
|
Hedging
reserve
|
23
|
14.1
|
59.7
|
70.0
|
Retained
earnings
|
|
2,409.0
|
1,571.7
|
3,275.2
|
Foreign
currency translation deficit
|
|
(16.6)
|
(26.6)
|
(51.7)
|
Total equity attributable to owners of the parent
|
|
6,904.6
|
8,154.0
|
7,791.0
|
Non-controlling interests
|
|
1.0
|
1.0
|
1.0
|
Total equity
|
|
6,905.6
|
8,155.0
|
7,792.0
|
|
|
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
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Balance at 1 November 2018
|
|
65.8
|
41.0
|
3,275.2
|
(51.7)
|
666.3
|
70.0
|
3,724.4
|
7,791.0
|
1.0
|
7,792.0
|
Impact
of adoption of IFRS 15
|
|
-
|
-
|
52.4
|
-
|
-
|
-
|
-
|
52.4
|
-
|
52.4
|
Revised balance at 1 November 2018
|
|
65.8
|
41.0
|
3,327.6
|
(51.7)
|
666.3
|
70.0
|
3,724.4
|
7,843.4
|
1.0
|
7,844.4
|
Profit
for the financial period
|
|
-
|
-
|
1,397.1
|
-
|
-
|
-
|
-
|
1,397.1
|
-
|
1,397.1
|
Other
comprehensive (expense)/income for the period
|
|
-
|
-
|
(0.2)
|
35.1
|
-
|
(55.9)
|
-
|
(21.0)
|
-
|
(21.0)
|
Total
comprehensive income/(expense) for the period
|
|
-
|
-
|
1,396.9
|
35.1
|
-
|
(55.9)
|
-
|
1,376.1
|
-
|
1,376.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners:
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
9
|
-
|
-
|
(240.7)
|
-
|
-
|
-
|
-
|
(240.7)
|
-
|
(240.7)
|
Share options:
|
|
|
|
|
|
|
|
|
|
|
|
Issue
of share capital – share options
|
22
|
0.1
|
0.5
|
(0.5)
|
-
|
-
|
-
|
-
|
0.1
|
-
|
0.1
|
Movement
in relation to share options
|
|
-
|
-
|
59.7
|
-
|
-
|
-
|
-
|
59.7
|
-
|
59.7
|
Current
tax on share options
|
|
-
|
-
|
10.9
|
-
|
-
|
-
|
-
|
10.9
|
-
|
10.9
|
Deferred
tax on share options
|
|
-
|
-
|
(1.0)
|
-
|
-
|
-
|
-
|
(1.0)
|
-
|
(1.0)
|
Share reorganisation and buy-back:
|
|
|
|
|
|
|
|
|
|
|
|
Return
of Value – share consolidation
|
22
|
(18.7)
|
-
|
-
|
-
|
18.7
|
-
|
-
|
-
|
-
|
-
|
Issue
and redemption of B shares
|
22,23
|
-
|
-
|
(1,800.0)
|
-
|
1,800.0
|
-
|
(1,800.0)
|
(1,800.0)
|
-
|
(1,800.0)
|
Expenses
relating to Return of Value
|
22
|
-
|
-
|
(0.5)
|
-
|
-
|
-
|
-
|
(0.5)
|
-
|
(0.5)
|
Share
buy-back
|
22
|
-
|
-
|
(343.4)
|
-
|
-
|
-
|
-
|
(343.4)
|
-
|
(343.4)
|
Balance as at 30 April 2019
|
|
47.2
|
41.5
|
2,409.0
|
(16.6)
|
2,485.0
|
14.1
|
1,924.4
|
6,904.6
|
1.0
|
6,905.6
|
|
|
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
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Balance as at 1 November 2017
|
|
65.6
|
36.4
|
1,095.2
|
(20.2)
|
666.3
|
1.1
|
5,780.2
|
7,624.6
|
1.2
|
7,625.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
for the financial period
|
|
-
|
-
|
619.9
|
-
|
-
|
-
|
-
|
619.9
|
(0.2)
|
619.7
|
Other
comprehensive income/(expense) for the period
|
|
-
|
-
|
(9.8)
|
(6.4)
|
-
|
58.6
|
-
|
42.4
|
-
|
42.4
|
Total
comprehensive income/(expense) for the period
|
|
-
|
-
|
610.1
|
(6.4)
|
-
|
58.6
|
-
|
662.3
|
(0.2)
|
662.1
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners:
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
9
|
-
|
-
|
(156.2)
|
-
|
-
|
-
|
-
|
(156.2)
|
-
|
(156.2)
|
Share Options:
|
|
|
|
|
|
|
|
|
|
|
|
Issue
of share capital – share options
|
22
|
0.1
|
0.6
|
(0.1)
|
-
|
-
|
-
|
-
|
0.6
|
-
|
0.6
|
Movement
in relation to share options
|
|
-
|
-
|
37.1
|
-
|
-
|
-
|
-
|
37.1
|
-
|
37.1
|
Current
tax on share options
|
|
-
|
-
|
0.9
|
-
|
-
|
-
|
-
|
0.9
|
-
|
0.9
|
Deferred
tax on share options
|
|
-
|
-
|
(15.3)
|
-
|
-
|
-
|
-
|
(15.3)
|
-
|
(15.3)
|
Balance as at 30 April 2018
|
|
65.7
|
37.0
|
1,571.7
|
(26.6)
|
666.3
|
59.7
|
5,780.2
|
8,154.0
|
1.0
|
8,155.0
|
|
Note
|
Six months ended
30 April 2019
$m
|
Six months ended
30 April 2018
$m
|
Cash flows from operating activities
|
|
|
|
Cash generated from operations
|
27
|
622.6
|
495.0
|
Interest
paid
|
|
(117.7)
|
(122.8)
|
Bank
loan costs
|
|
-
|
(10.7)
|
Tax
paid
|
|
(39.1)
|
(71.0)
|
Net cash generated from operating activities
|
|
465.8
|
290.5
|
Cash flows from investing activities
|
|
|
|
Payments
for intangible assets 1
|
14
|
(12.8)
|
(53.9)
|
Purchase of
property, plant and equipment 1
|
15
|
(23.1)
|
(22.9)
|
Finance
leases
|
|
(10.4)
|
-
|
Interest
received
|
11
|
12.5
|
2.9
|
Payment
for acquisition of subsidiaries
|
25
|
(89.7)
|
(16.8)
|
Net
cash acquired with acquisitions
|
25
|
1.2
|
0.9
|
Investing
cash flows generated from disposals
|
24
|
20.0
|
-
|
Investing
cash flows generated from discontinued operation, net of cash
disposed
|
24
|
2,476.9
|
-
|
Net cash generated/ (used in) investing activities
|
|
2,374.6
|
(89.8)
|
Cash
flows from financing activities
|
|
|
|
Proceeds
from issue of ordinary share capital
|
22
|
0.6
|
0.7
|
Purchase
of treasury shares and related expenses
|
22
|
(343.4)
|
-
|
Repayment
of working capital in respect of HPE Software business
acquisition
|
|
-
|
(225.8)
|
Repayment
of bank borrowings
|
18
|
(212.6)
|
(12.7)
|
Dividends
paid to owners
|
9
|
(240.7)
|
(156.2)
|
Net
cash used in financing activities
|
|
(796.1)
|
(394.0)
|
Effects
of exchange rate changes
|
|
1.0
|
36.6
|
Net
increase/(decrease) in cash and cash equivalents
|
|
2,045.3
|
(156.7)
|
Cash
and cash equivalents at beginning of period
|
|
620.9
|
730.4
|
Cash and cash equivalents at end of period
|
|
2,666.2
|
573.7
|
1.
|
General
information
|
|
|
Six months
ended
30 April 2019
|
Six
months
ended
30
April 2018
|
||
|
|
Post IFRS 15
|
Adjustments
|
Pre IFRS 15
|
|
|
Notes
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
5,6
|
1,657.1
|
(7.0)
|
1,650.1
|
1,791.3
|
|
|
|
|
|
|
Operating profit
|
|
32.6
|
(10.3)
|
22.3
|
31.8
|
Finance
costs
|
11
|
(144.7)
|
-
|
(144.7)
|
(135.6)
|
Finance
income
|
11
|
12.5
|
-
|
12.5
|
2.9
|
Loss before tax
|
|
(99.6)
|
(10.3)
|
(109.9)
|
(100.9)
|
Taxation
Included
within other comprehensive income:
|
12
|
21.3
|
2.5
|
23.8
|
700.9
|
(Loss) / Profit from continuing operations
|
|
(78.3)
|
(7.8)
|
(86.1)
|
600.0
|
Profit from discontinued operation (attributable to equity
shareholders of the company)
|
24
|
1,475.4
|
30.6
|
1,506.0
|
19.7
|
Profit for the period
|
|
1,397.1
|
22.8
|
1,419.9
|
619.7
|
|
Included
within other comprehensive income:
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Equity
shareholders of the parent
|
|
1,397.1
|
22.8
|
1,419.9
|
620.0
|
Non-controlling
interests
|
|
-
|
-
|
-
|
(0.3)
|
Profit for the period
|
|
1,397.1
|
22.8
|
1,419.9
|
619.7
|
|
|
|
|
|
|
Earnings per share (cents)
|
|
|
|
|
|
From continuing and discontinued operations
|
|
cents
|
cents
|
cents
|
cents
|
-
Basic
|
10
|
335.32
|
5.47
|
340.79
|
142.26
|
-
Diluted
|
10
|
322.74
|
5.27
|
328.01
|
136.90
|
|
|
|
|
|
|
From continuing operations
|
|
|
|
|
|
-
Basic
|
10
|
(18.79)
|
(1.87)
|
(20.66)
|
137.72
|
-
Diluted
|
10
|
(18.79)
|
(1.87)
|
(20.66)
|
132.54
|
|
|
|
|
|
|
Earnings per share (pence)
|
|
|
|
|
|
From continuing and discontinued operations
|
|
pence
|
pence
|
pence
|
pence
|
-
Basic
|
10
|
259.12
|
4.23
|
263.35
|
103.58
|
-
Diluted
|
10
|
249.39
|
4.07
|
253.46
|
99.67
|
|
|
|
|
|
|
From continuing operations
|
|
|
|
|
|
-
Basic
|
10
|
(14.52)
|
(1.45)
|
(15.97)
|
100.28
|
-
Diluted
|
10
|
(14.52)
|
(1.45)
|
(15.97)
|
96.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 April 2019
|
31
October 2018
|
||
|
|
Post IFRS 15
|
Adjustments
|
Pre IFRS 15
|
|
|
Notes
|
$m
|
$m
|
$m
|
$m
|
ASSETS
|
|
|
|
|
|
Non-current Assets
|
|
|
|
|
|
Contract-related
costs
|
|
26.4
|
(26.4)
|
-
|
-
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
Trade
and other receivables
|
16
|
937.2
|
-
|
937.2
|
1,272.0
|
Contract-related
costs
|
|
13.4
|
(13.4)
|
-
|
-
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
Trade
and other payables
|
17
|
(608.4)
|
-
|
(608.4)
|
(676.9)
|
Contract
liabilities – deferred income
|
|
(1,062.3)
|
-
|
(1,062.3)
|
(1,134.7)
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Contract
liabilities – deferred income
|
|
(164.4)
|
-
|
(164.4)
|
(178.1)
|
Deferred
tax liabilities
|
|
(1,077.4)
|
9.8
|
(1,067.6)
|
(1,170.5)
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
Discontinued operation
|
||
|
Increase / (decrease) in opening retained earnings on
1 November 2018
|
increase / (decrease) in
Revenuein the six months ended
30 April 2019
|
increase / (decrease) in Operating expensesin the six months
ended
30 April
2019
|
increase / (decrease) in
Profit before tax and Adjusted EBITDA
in the six months ended
30 April
2019
|
|
Profit/(loss) from discontinued operation (attributable to equity
shareholders of the company) in the six months ended
30 April
2019
|
|
$m
|
$m
|
$m
|
$m
|
|
$m
|
Cost of
obtaining customer contracts
|
64.7
|
-
|
(10.3)
|
10.3
|
|
(35.4)
|
Rebillable
Expenses
|
-
|
1.4
|
1.4
|
-
|
|
-
|
Consideration
payable to a customer
|
5.0
|
5.6
|
5.6
|
-
|
|
(5.0)
|
Deferred
tax
|
(17.3)
|
-
|
-
|
-
|
|
9.8
|
|
52.4
|
7.0
|
(3.3)
|
10.3
|
|
(30.6)
|
|
|
Six months
ended
30 April 2019
(unaudited)
|
Restated
1
Six
months
ended
30
April 2018
(unaudited)
|
|
Note
|
$m
|
$m
|
Revenue before deferred revenue haircut
|
|
1,661.3
|
1,818.0
|
Deferred
revenue haircut
|
|
(4.2)
|
(26.7)
|
Segment revenue
|
6
|
1,657.1
|
1,791.3
|
Directly
managed costs
|
|
(1,065.8)
|
(1,221.7)
|
Allocation
of centrally managed costs
|
|
6.6
|
20.7
|
Total segment costs
|
|
(1,059.2)
|
(1,201.0)
|
Adjusted
Operating Profit
|
|
597.9
|
590.3
|
Exceptional
items
|
7
|
(161.4)
|
(195.4)
|
Share
based compensation charge
|
8
|
(70.0)
|
(25.0)
|
Amortisation
of purchased intangibles
|
14
|
(333.9)
|
(338.1)
|
Operating profit
|
|
32.6
|
31.8
|
Net
finance costs
|
11
|
(132.2)
|
(132.7)
|
Profit before tax
|
|
(99.6)
|
(100.9)
|
|
|
|
|
Reconciliation to Adjusted EBITDA:
|
|
|
|
Profit before tax
|
|
(99.6)
|
(100.9)
|
Finance
costs
|
11
|
144.7
|
135.6
|
Finance
income
|
11
|
(12.5)
|
(2.9)
|
Depreciation of property, plant and equipment
|
15
|
32.8
|
34.1
|
Amortisation of intangible assets
|
14
|
356.3
|
362.4
|
Exceptional items (reported in Operating profit)
|
7
|
161.4
|
195.4
|
Share-based compensation charge
|
8
|
70.0
|
25.0
|
Product development intangible costs capitalised
|
14
|
(10.3)
|
(14.6)
|
Foreign
exchange credit
|
|
19.5
|
20.4
|
Adjusted EBITDA
|
|
662.3
|
654.5
|
|
Six months ended
30 April 2019
(unaudited)
|
Six months
ended
30 April 2018
(unaudited)
|
|
$m
|
$m
|
Revenue from contracts with customers
|
1,657.1
|
1,791.3
|
|
|
|
Being:
|
|
|
Recognised over time:
|
|
|
Maintenance revenue
|
1,054.3
|
1,088.3
|
SaaS & other recurring revenue
|
143.1
|
158.3
|
|
1,197.4
|
1,246.6
|
Recognised at point in time:
|
|
|
Licence revenue
|
343.7
|
396.3
|
Consulting revenue
|
116.0
|
148.4
|
|
459.7
|
544.7
|
|
|
|
Total revenue
|
1,657.1
|
1,791.3
|
|
Licence
$m
|
Maintenance
$m
|
Consulting
$m
|
SaaS & other recurring
$m
|
Total
$m
|
Six months ended 30 April 2019 (unaudited):
|
|
|
|
|
|
Micro Focus Product Portfolio
|
|
|
|
|
|
Application
Modernisation & Connectivity
|
72.0
|
163.1
|
5.5
|
-
|
240.6
|
Application
Delivery Management
|
63.0
|
246.5
|
10.4
|
42.5
|
362.4
|
IT
Operations Management
|
108.0
|
344.4
|
67.0
|
6.2
|
525.6
|
Security
|
69.1
|
210.0
|
24.4
|
19.2
|
322.7
|
Information
Management & Governance
|
31.6
|
94.0
|
8.7
|
75.7
|
210.0
|
Subtotal
|
343.7
|
1,058.0
|
116.0
|
143.6
|
1,661.3
|
Deferred
revenue haircut
|
-
|
(3.7)
|
-
|
(0.5)
|
(4.2)
|
Total Micro Focus Product Portfolio
|
343.7
|
1,054.3
|
116.0
|
143.1
|
1,657.1
|
|
Licence
$m
|
Maintenance
$m
|
Consulting
$m
|
SaaS
& other recurring
$m
|
Total
$m
|
Six
months ended 30 April 2018 (unaudited):
|
|
|
|
|
|
Micro
Focus Product Portfolio
|
|
|
|
|
|
Application
Modernisation & Connectivity
|
73.2
|
167.9
|
5.8
|
-
|
246.9
|
Application
Delivery Management
|
65.8
|
258.4
|
17.9
|
49.5
|
391.6
|
IT
Operations Management
|
132.5
|
362.2
|
80.8
|
7.1
|
582.6
|
Security
|
93.3
|
220.1
|
32.2
|
16.8
|
362.4
|
Information
Management & Governance
|
31.5
|
100.7
|
13.1
|
89.2
|
234.5
|
Subtotal
|
396.3
|
1,109.3
|
149.8
|
162.6
|
1,818.0
|
Deferred
revenue haircut
|
-
|
(21.0)
|
(1.4)
|
(4.3)
|
(26.7)
|
Total
Micro Focus Product Portfolio
|
396.3
|
1,088.3
|
148.4
|
158.3
|
1,791.3
|
|
Six months
ended
30 April 2019
(unaudited)
|
Six
months
ended
30
April 2018
(unaudited)
|
Reported within Operating profit:
|
$m
|
$m
|
Integration
costs
|
136.9
|
120.6
|
Acquisition
costs
|
2.6
|
3.3
|
Property
related costs
|
10.6
|
10.8
|
Severance
and legal costs
|
15.7
|
60.7
|
Gain on
disposal of Atalla
|
(4.4)
|
-
|
Exceptional costs before tax
|
161.4
|
195.4
|
|
|
|
Tax:
|
|
|
Tax
effect of exceptional items
|
(29.1)
|
(39.0)
|
Tax
exceptional item
|
-
|
(690.2)
|
|
(29.1)
|
(729.2)
|
|
|
|
Exceptional costs after tax
|
132.3
|
(533.8)
|
|
Six months
ended
30 April 2019
(unaudited)
|
Restated 1
Six months
ended
30 April 2018
(unaudited)
|
|
$m
|
$m
|
Share-based compensation – IFRS 2 charge
|
57.1
|
33.7
|
Employer taxes
|
12.9
|
(8.7)
|
|
70.0
|
25.0
|
|
Six months
ended
30 April 2019
(unaudited)
|
Six months
ended
30 April 2018
(unaudited)
|
Equity - ordinary
|
$m
|
$m
|
Final paid 58.33 cents per ordinary share
|
240.7
|
-
|
Interim paid 34.60 cents per ordinary share
|
-
|
156.2
|
|
240.7
|
156.2
|
|
Six monthsended30 April 2019
(unaudited)
|
Restated1Six months ended30 April 2018
(unaudited)
|
Earnings ($m)
|
|
|
Profit for the period from continuing operations
|
(78.3)
|
600.0
|
Profit for the period from discontinued operations
|
1,475.4
|
19.7
|
Profit for the period
|
1,397.1
|
619.7
|
|
|
|
Number of shares (‘m)
|
|
|
Weighted average number of shares
|
416.6
|
435.8
|
Dilutive effects of shares
|
16.3
|
17.1
|
|
432.9
|
452.9
|
Earnings per share
|
|
|
CENTS
|
|
|
Basic earnings per share
|
|
|
Continuing operations
|
(18.79)
|
137.72
|
Discontinued operation
|
354.12
|
4.54
|
Total Basic earnings per share
|
335.32
|
142.26
|
|
|
|
Diluted earnings per share
|
|
|
Continuing operations
|
(18.79)
|
132.54
|
Discontinued operation
|
340.82
|
4.36
|
Total Diluted earnings per share
|
322.74
|
136.90
|
|
|
|
PENCE
|
|
|
Basic earnings per share
|
|
|
Continuing operations
|
(14.52)
|
100.28
|
Discontinued operation
|
273.64
|
3.30
|
Total Basic earnings per share
|
259.12
|
103.58
|
|
|
|
Diluted earnings per share
|
|
|
Continuing operations
|
(14.52)
|
96.50
|
Discontinued operations
|
263.37
|
3.17
|
Total Diluted earnings per share
|
249.39
|
99.67
|
|
|
|
Earnings attributable to ordinary shareholders ($m)
|
|
|
From continuing operations
|
(78.3)
|
600.0
|
Excluding non-controlling interests
|
-
|
0.3
|
Profit for the period from continuing operations
|
(78.3)
|
600.3
|
From discontinued operation
|
1,475.4
|
19.7
|
|
1,397.1
|
620.0
|
Average exchange rate
|
$1.29 / £1
|
$1.37 / £1
|
|
Six months
ended
30 April 2019
(unaudited)
|
Six
months
ended
30
April 2018
(unaudited)
|
|
$m
|
$m
|
Finance costs
|
|
|
Interest
on bank borrowings
|
115.7
|
103.8
|
Commitment
fees
|
0.9
|
1.3
|
Amortisation
of facility costs and original issue discounts
|
23.3
|
23.3
|
Finance costs on bank borrowings
|
139.9
|
128.4
|
Net
interest expense on retirement obligations (note 21)
|
1.2
|
1.1
|
Finance
lease expense
|
1.0
|
1.2
|
Interest
rate swaps: cash flow hedges, transfer from equity
|
-
|
4.5
|
Other
|
2.6
|
0.4
|
Total
|
144.7
|
135.6
|
|
|
|
Finance income
|
|
|
Bank
interest
|
6.6
|
0.6
|
Interest
on non-plan pension assets (note 21)
|
0.1
|
0.1
|
Interest
rate swaps: cash flow hedges, transfer to equity
|
5.7
|
-
|
Other
|
0.1
|
2.2
|
Total
|
12.5
|
2.9
|
|
|
|
Net finance cost
|
132.2
|
132.7
|
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
Cost and Net book value
|
Note
|
$m
|
$m
|
$m
|
At 1
November / 1 May
|
|
6,805.0
|
7,934.1
|
2,828.6
|
Acquisitions
|
25
|
34.2
|
(238.3)
|
4,863.9
|
Reclassification
to assets held for sale
|
|
-
|
-
|
(887.5)
|
At 30 April / 31 October
|
|
6,839.2
|
7,695.8
|
6,805.0
|
|
|
|
|
|
A segment-level summary of the goodwill allocation is presented
below:
|
|
|
|
|
Micro Focus
|
|
6,839.2
|
6,836.2
|
6,805.0
|
SUSE
|
|
-
|
859.6
|
-
|
|
|
6,839.2
|
7,695.8
|
6,805.0
|
|
|
|
Purchased intangibles
|
|
|||
|
Purchased software
|
Product development costs
|
Technology
|
Trade names
|
Customer relationships
|
Lease contracts
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Net
book value
|
|
|
|
|
|
|
|
At 1
November 2017
|
92.5
|
54.1
|
1,887.8
|
378.7
|
4,772.1
|
14.6
|
7,199.8
|
Continuing
operations:
|
|
|
|
|
|
|
|
Acquisition
– HPE Software business
|
-
|
-
|
34.0
|
(25.0)
|
258.0
|
-
|
267.0
|
Acquisition
– COBOL-IT
|
-
|
-
|
1.5
|
0.1
|
12.3
|
-
|
13.9
|
Additions
|
38.9
|
14.6
|
-
|
-
|
-
|
-
|
53.5
|
Additions
– external consultants
|
-
|
0.4
|
-
|
-
|
-
|
-
|
0.4
|
Amortisation
charge for the period
|
(10.1)
|
(14.2)
|
(117.8)
|
(9.8)
|
(209.1)
|
(1.4)
|
(362.4)
|
Exchange
adjustments
|
(0.2)
|
(0.3)
|
-
|
-
|
-
|
-
|
(0.5)
|
|
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
|
|
Amortisation
charge for the period
|
(1.0)
|
-
|
(5.0)
|
(3.4)
|
(6.3)
|
-
|
(15.7)
|
At 30
April 2018
|
120.1
|
54.6
|
1,800.5
|
340.6
|
4,827.0
|
13.2
|
7,156.0
|
|
|
|
|
|
|
|
|
Net
book value
|
|
|
|
|
|
|
|
At 1
May 2017
|
3.7
|
49.1
|
175.9
|
200.8
|
659.9
|
-
|
1,089.4
|
|
|
|
|
|
|
|
|
Continuing
operations :
|
|
|
|
|
|
|
|
Acquisition
– HPE Software business
|
72.8
|
-
|
1,809.0
|
163.0
|
4,480.0
|
15.0
|
6,539.8
|
Acquisition
– COBOL-IT
|
-
|
-
|
1.5
|
0.1
|
12.3
|
-
|
13.9
|
Acquisition
– Covertix
|
2.5
|
-
|
-
|
-
|
-
|
-
|
2.5
|
Additions
|
46.8
|
44.3
|
-
|
-
|
-
|
-
|
91.1
|
Additions
– external consultants
|
-
|
1.0
|
-
|
-
|
-
|
-
|
1.0
|
Amortisation
charge for the period
|
(30.7)
|
(42.0)
|
(280.5)
|
(26.7)
|
(519.9)
|
(3.2)
|
(903.0)
|
Exchange
adjustments
|
0.4
|
-
|
-
|
-
|
-
|
-
|
0.4
|
|
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
|
|
Amortisation
charge for the period
|
(0.8)
|
-
|
(13.4)
|
(9.1)
|
(16.9)
|
-
|
(40.2)
|
Reclassification
to current assets classified as held for sale
|
(3.7)
|
-
|
(12.9)
|
(109.3)
|
(39.7)
|
-
|
(165.6)
|
At 31
October 2018
|
91.0
|
52.4
|
1,679.6
|
218.8
|
4,575.7
|
11.8
|
6,629.3
|
|
|
|
|
|
|
|
|
Net book value
|
|
|
|
|
|
|
|
At 1 November 2018
|
91.0
|
52.4
|
1,679.6
|
218.8
|
4,575.7
|
11.8
|
6,629.3
|
Acquisition - Interset Software Inc. (note 25)
|
-
|
-
|
44.5
|
4.2
|
12.5
|
-
|
61.2
|
Additions
|
7.7
|
10.3
|
-
|
-
|
-
|
-
|
18.0
|
Additions – external consultants
|
-
|
0.2
|
-
|
-
|
-
|
-
|
0.2
|
Amortisation charge for the period
|
(9.8)
|
(12.6)
|
(94.1)
|
(10.6)
|
(219.5)
|
(9.7)
|
(356.3)
|
Exchange adjustments
|
0.5
|
-
|
-
|
-
|
-
|
-
|
0.5
|
At 30 April 2019
|
89.4
|
50.3
|
1,630.0
|
212.4
|
4,368.7
|
2.1
|
6,352.9
|
|
Six months
ended
30 April 2019
|
Six months
ended
30 April 2018
|
18 months
ended
31 October 2018
|
For continuing operations:
|
$m
|
$m
|
$m
|
Cost of sales:
|
|
|
|
-
amortisation
of product development costs
|
12.6
|
14.2
|
42.0
|
-
amortisation
of acquired purchased technology
|
94.1
|
117.8
|
280.5
|
Selling and distribution:
|
|
|
|
-
amortisation
of acquired purchased trade names, customer relationships and lease
contracts
|
239.8
|
220.3
|
549.8
|
Administrative expenses:
|
|
|
|
-
amortisation
of purchased software
|
9.8
|
10.1
|
30.7
|
Total amortisation charge for the period
|
356.3
|
362.4
|
903.0
|
Research and development:
|
|
|
|
-
capitalisation
of product development costs
|
10.3
|
14.6
|
44.3
|
|
Freehold land
|
Leasehold
|
Computer
|
Fixtures
|
|
|
and buildings
|
improvements
|
equipment
|
and fittings
|
Total
|
Net
book value
|
$m
|
$m
|
$m
|
$m
|
$m
|
At 1
November 2017
|
32.7
|
53.0
|
87.3
|
27.3
|
200.3
|
Continuing
operations:
|
|
|
|
|
|
Acquisitions
– HPE Software business
|
(15.5)
|
11.1
|
0.5
|
0.3
|
(3.6)
|
Acquisitions
– COBOL-IT
|
-
|
-
|
0.1
|
-
|
0.1
|
Additions
|
(0.2)
|
5.4
|
15.7
|
2.0
|
22.9
|
Disposals
|
-
|
(0.6)
|
-
|
(1.0)
|
(1.6)
|
Depreciation
charge for the period
|
(0.6)
|
(7.5)
|
(21.0)
|
(5.0)
|
(34.1)
|
Exchange
adjustments
|
0.6
|
0.5
|
1.2
|
(0.8)
|
1.5
|
Discontinued
operation:
|
|
|
|
|
|
Depreciation
charge for the period
|
-
|
-
|
(1.9)
|
-
|
(1.9)
|
At 30
April 2018
|
17.0
|
61.9
|
81.9
|
22.8
|
183.6
|
|
|
|
|
|
|
At 1
May 2017
|
12.5
|
14.5
|
10.6
|
3.4
|
41.0
|
Continuing
operations:
|
|
|
|
|
|
Acquisitions
– HPE Software business
|
-
|
56.6
|
79.5
|
24.0
|
160.1
|
Acquisitions
– COBOL-IT
|
-
|
-
|
0.1
|
-
|
0.1
|
Additions
|
-
|
10.4
|
33.3
|
6.4
|
50.1
|
Disposals
|
-
|
(3.4)
|
(0.2)
|
(1.0)
|
(4.6)
|
Depreciation
charge for the period
|
(0.5)
|
(26.3)
|
(50.7)
|
(11.1)
|
(88.6)
|
Exchange
adjustments
|
0.1
|
(2.3)
|
(1.8)
|
0.2
|
(3.8)
|
Discontinued
operation:
|
|
|
|
|
|
Additions
|
-
|
0.1
|
2.0
|
-
|
2.1
|
Disposals
|
-
|
-
|
(0.1)
|
-
|
(0.1)
|
Depreciation
charge for the period
|
-
|
(2.7)
|
(2.6)
|
(1.3)
|
(6.6)
|
Exchange
adjustments
|
-
|
0.1
|
0.1
|
0.2
|
0.4
|
Reclassification
to current assets classified as held for sale
|
-
|
(2.1)
|
(3.5)
|
(0.2)
|
(5.8)
|
At 31
October 2018
|
12.1
|
44.9
|
66.7
|
20.6
|
144.3
|
|
|
|
|
|
|
At 1 November 2018
|
12.1
|
44.9
|
66.7
|
20.6
|
144.3
|
Acquisition – Interset Software Inc. (note 25)
|
-
|
-
|
0.2
|
0.1
|
0.3
|
Additions
|
-
|
16.3
|
9.1
|
1.4
|
26.8
|
Disposals
|
-
|
(1.6)
|
(1.9)
|
(0.1)
|
(3.6)
|
Depreciation charge for the period
|
(0.2)
|
(7.9)
|
(19.6)
|
(5.1)
|
(32.8)
|
Exchange adjustments
|
0.3
|
0.2
|
0.4
|
0.4
|
1.3
|
At 30 April 2019
|
12.2
|
51.9
|
54.9
|
17.3
|
136.3
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
Trade
receivables
|
765.2
|
1,130.6
|
1,089.6
|
Less:
provision for impairment of trade receivables
|
(44.8)
|
(20.0)
|
(41.9)
|
Trade
receivables net
|
720.4
|
1,110.6
|
1,047.7
|
Prepayments
|
72.7
|
78.7
|
60.0
|
Other
receivables
|
63.8
|
89.5
|
79.0
|
Accrued
income
|
80.3
|
61.5
|
85.3
|
Total
|
937.2
|
1,340.3
|
1,272.0
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
Trade
payables
|
66.0
|
82.8
|
46.1
|
Tax and
social security
|
51.8
|
56.2
|
46.5
|
Accruals
|
490.6
|
466.9
|
584.3
|
Total
|
608.4
|
605.9
|
676.9
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
Term
loans secured
|
4,777.0
|
5,057.0
|
4,996.9
|
Unamortised
prepaid facility arrangement fees and original issue
discounts
|
(127.8)
|
(175.5)
|
(151.0)
|
|
4,649.2
|
4,881.5
|
4,845.9
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
||||||
|
Term loan secured
|
Unamortised prepaid facility arrangement fees and original issue
discounts
|
Total
|
Term
loan secured
|
Unamortised
prepaid facility arrangement fees and original issue
discounts
|
Total
|
Term
loan secured
|
Unamortised
prepaid facility arrangement fees and original issue
discounts
|
Total
|
Reported within:
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Current
liabilities
|
-
|
-
|
-
|
50.7
|
(17.7)
|
33.0
|
50.3
|
(46.6)
|
3.7
|
Non-current
liabilities
|
4,777.0
|
(127.8)
|
4,649.2
|
5,006.3
|
(157.8)
|
4,848.5
|
4,946.6
|
(104.4)
|
4,842.2
|
|
4,777.0
|
(127.8)
|
4,649.2
|
5,057.0
|
(175.5)
|
4,881.5
|
4,996.9
|
(151.0)
|
4,845.9
|
|
Term
Loan
B-2
|
Term Loan
B-3
|
Seattle
Spinco
Term Loan
|
Euro
Term
Loan B
|
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
|
|
|
|
|
|
|
|
At 1
May 2017
|
1,515.2
|
-
|
-
|
-
|
80.0
|
1,595.2
|
Acquisitions
|
-
|
-
|
2,600.0
|
-
|
-
|
2,600.0
|
Draw
downs
|
-
|
385.0
|
-
|
523.8
|
135.0
|
1,043.8
|
Repayments
|
(11.4)
|
(2.9)
|
(19.5)
|
(4.1)
|
(215.0)
|
(252.9)
|
Foreign
exchange
|
-
|
-
|
-
|
10.8
|
-
|
10.8
|
At 31
October 2018
|
1,503.8
|
382.1
|
2,580.5
|
530.5
|
-
|
4,996.9
|
|
|
|
|
|
|
|
At 1 November 2018
|
1,503.8
|
382.1
|
2,580.5
|
530.5
|
-
|
4,996.9
|
Repayments
|
(89.1)
|
(13.9)
|
(94.2)
|
(15.4)
|
-
|
(212.6)
|
Foreign exchange
|
-
|
-
|
-
|
(7.3)
|
-
|
(7.3)
|
At 30 April 2019
|
1,414.7
|
368.2
|
2,486.3
|
507.8
|
-
|
4,777.0
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
Derivative
financial instruments- non-current asset – interest rate
swaps
|
17.4
|
73.7
|
86.4
|
Derivative
financial instruments- current asset – forward exchange
contract
|
12.4
|
-
|
-
|
|
29.8
|
73.7
|
86.4
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
Carrying
amount
|
17.4
|
73.7
|
86.4
|
Notional
amount (4 x $562.5m)
|
2,250.0
|
2,250.0
|
2,250.0
|
Maturity
date
|
30 September 2022
|
30
September 2022
|
30
September 2022
|
Change
in fair value of outstanding hedging instruments
|
(69.0)
|
71.9
|
86.4
|
Change
in value of hedging instruments adjusted for credit
risk
|
(69.2)
|
72.6
|
84.7
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
Onerous
leases and dilapidations
|
36.5
|
26.0
|
35.1
|
Restructuring
and integration
|
35.6
|
59.3
|
50.7
|
Legal
|
7.7
|
35.3
|
7.0
|
Other
|
1.5
|
-
|
-
|
|
81.3
|
120.6
|
92.8
|
|
|
|
|
Current
|
44.3
|
72.7
|
57.4
|
Non-current
|
37.0
|
47.9
|
35.4
|
|
81.3
|
120.6
|
92.8
|
|
Onerous Leases and
dilapidations
|
Restructuring
|
Legal
|
Other
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
At 1 November 2018
|
35.1
|
50.7
|
7.0
|
-
|
92.8
|
|
|
|
|
|
|
Acquisitions
– Interset Software Inc. (note 25)
|
-
|
-
|
-
|
0.7
|
0.7
|
Additional
provision in the period
|
7.4
|
21.4
|
0.7
|
1.5
|
31.0
|
Released
|
(0.8)
|
(7.4)
|
-
|
-
|
(8.2)
|
Utilisation
of provision
|
(5.4)
|
(29.1)
|
-
|
(0.7)
|
(35.2)
|
Exchange
adjustments
|
0.2
|
-
|
-
|
-
|
0.2
|
At 30 April 2019
|
36.5
|
35.6
|
7.7
|
1.5
|
81.3
|
|
|
|
|
|
|
Current
|
13.1
|
22.0
|
7.7
|
1.5
|
44.3
|
Non-current
|
23.4
|
13.6
|
-
|
-
|
37.0
|
Total
|
36.5
|
35.6
|
7.7
|
1.5
|
81.3
|
|
Onerous
Leases and
dilapidations
|
Restructuring
|
Legal
|
Other
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
At 1
November 2017
|
24.9
|
53.8
|
3.5
|
0.1
|
82.3
|
|
|
|
|
|
|
Acquisitions
– HPE Software business
|
-
|
-
|
36.4
|
-
|
36.4
|
Additional
provision in the period
|
3.6
|
137.4
|
-
|
-
|
141.0
|
Released
|
(0.8)
|
(0.2)
|
-
|
-
|
(1.0)
|
Utilisation
of provision
|
(1.7)
|
(131.6)
|
(4.7)
|
(0.1)
|
(138.1)
|
Exchange
adjustments
|
-
|
(0.1)
|
0.1
|
-
|
-
|
At 30
April 2018
|
26.0
|
59.3
|
35.3
|
-
|
120.6
|
|
|
|
|
|
|
Current
|
3.2
|
56.9
|
12.6
|
-
|
72.7
|
Non-current
|
22.8
|
2.4
|
22.7
|
-
|
47.9
|
Total
|
26.0
|
59.3
|
35.3
|
-
|
120.6
|
|
Onerous
Leases and
dilapidations
|
Restructuring
|
Legal
|
Other
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
At 1
May 2017
|
16.3
|
12.1
|
3.2
|
0.5
|
32.1
|
Continuing
operations:
|
|
|
|
|
|
Acquisitions
– HPE Software business
|
11.3
|
21.4
|
36.5
|
-
|
69.2
|
Additional
provision in the period
|
17.7
|
133.4
|
1.4
|
-
|
152.5
|
Released
|
(3.9)
|
(3.7)
|
(4.7)
|
(0.4)
|
(12.7)
|
Utilisation
of provision
|
(5.6)
|
(110.1)
|
(29.3)
|
(0.1)
|
(145.1)
|
Exchange
adjustments
|
(0.7)
|
(2.4)
|
(0.1)
|
-
|
(3.2)
|
|
|
|
|
|
|
Discontinued
operation:
|
|
|
|
|
|
Additional
provision in the period
|
2.8
|
0.2
|
-
|
-
|
3.0
|
Reclassification
to liabilities classified as held for sale
|
(2.8)
|
(0.2)
|
-
|
-
|
(3.0)
|
|
|
|
|
|
|
At 31
October 2018
|
35.1
|
50.7
|
7.0
|
-
|
92.8
|
|
|
|
|
|
|
Current
|
11.2
|
39.2
|
7.0
|
-
|
57.4
|
Non-current
|
23.9
|
11.5
|
-
|
-
|
35.4
|
Total
|
35.1
|
50.7
|
7.0
|
-
|
92.8
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
Within non-current assets
|
|
|
|
Long-term
pension assets
|
17.3
|
25.7
|
16.7
|
|
|
|
|
Within non-current liabilities
|
|
|
|
Retirement
benefit obligations
|
(114.2)
|
(115.0)
|
(110.4)
|
|
|
|
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
|
$m
|
$m
|
$m
|
As at 1
November / 1 May
|
16.7
|
23.7
|
22.0
|
Reclassification
to assets held for sale
|
0.1
|
-
|
(1.5)
|
Interest
on non-plan assets (note 11)
|
0.1
|
0.1
|
0.6
|
Benefits
paid
|
(0.1)
|
(0.1)
|
(0.2)
|
Contributions
|
0.3
|
0.3
|
0.5
|
|
|
|
|
Included within other comprehensive income:
|
|
|
|
-
Change in fair
value assessment
|
0.4
|
0.6
|
(6.1)
|
-
Actuarial
(loss)/gain on non-plan assets
|
-
|
-
|
0.3
|
-
Reclassification
from defined contribution scheme to defined benefit
scheme
|
-
|
-
|
-
|
|
0.4
|
0.6
|
(5.8)
|
|
|
|
|
Foreign
currency exchange (loss)/gain
|
(0.2)
|
1.1
|
1.1
|
As at 30 April / 31 October
|
17.3
|
25.7
|
16.7
|
|
|
|
|
Included within other comprehensive income:
|
|
|
|
Continuing
operations
|
0.3
|
0.9
|
(5.3)
|
Discontinued
operation
|
0.1
|
(0.3)
|
(0.5)
|
|
0.4
|
0.6
|
(5.8)
|
|
Six months
ended
30 April 2019
|
Restated1
Six months
ended
30 April 2018
|
|
$m
|
$m
|
Current service charge
|
4.6
|
5.4
|
Past service credit
|
-
|
-
|
Charge to operating profit
|
4.6
|
5.4
|
|
|
|
Current service charge – discontinued operations
|
-
|
0.1
|
|
|
|
Interest on pension scheme liabilities
|
2.1
|
2.1
|
Interest on pension scheme assets
|
(0.9)
|
(1.0)
|
Charge to finance costs (note 11)
|
1.2
|
1.1
|
|
|
|
Total charge to profit for the period
|
5.8
|
6.6
|
|
Six months
ended
30 April 2019
|
Six months
ended
30 April 2018
|
18 months
ended
31 October 2018
|
|
$m
|
$m
|
$m
|
Actuarial return on assets excluding amounts included in interest
income
|
6.2
|
(0.7)
|
0.6
|
|
|
|
|
Re-measurements – actuarial (gains) and losses:
|
|
|
|
-
Demographic
|
-
|
-
|
0.3
|
-
Financial
|
(8.1)
|
(8.2)
|
(11.1)
|
-
Experience
|
0.5
|
0.1
|
1.9
|
|
(7.6)
|
(8.1)
|
(8.9)
|
|
|
|
|
Reclassification from defined contribution scheme to defined
benefit scheme
|
-
|
-
|
(2.1)
|
|
|
|
|
Movement in the period
|
(1.4)
|
(8.8)
|
(10.4)
|
|
|
|
|
Continuing operations
|
(1.3)
|
(8.8)
|
(8.9)
|
Discontinued operation
|
(0.1)
|
-
|
(1.5)
|
|
(1.4)
|
(8.8)
|
(10.4)
|
|
Six months
ended
30 April 2019
|
Six months
ended
30 April 2018
|
18 months
ended
31 October 2018
|
Rate of
increase in final pensionable salary
|
2.63%
|
2.23%
|
2.61%
|
Rate of
increase in pension payments
|
1.99%
|
1.81%
|
1.99%
|
Discount
rate
|
1.75%
|
1.86%
|
1.92%
|
Inflation
|
1.89%
|
2.00%
|
1.89%
|
|
30 April 2019
|
|
30
April 2018
|
|
31
October 2018
|
||||||
|
Funded
|
Unfunded
|
Total
|
|
Funded
|
Unfunded
|
Total
|
|
Funded
|
Unfunded
|
Total
|
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
|
$m
|
$m
|
$m
|
Present
value of obligations
|
224.3
|
8.3
|
232.6
|
|
228.4
|
7.6
|
236.0
|
|
213.3
|
7.9
|
221.2
|
Fair
value of plan assets
|
(118.4)
|
-
|
(118.4)
|
|
(121.0)
|
-
|
(121.0)
|
|
(110.8)
|
-
|
(110.8)
|
|
105.9
|
8.3
|
114.2
|
|
107.4
|
7.6
|
115.0
|
|
102.5
|
7.9
|
110.4
|
|
30 April 2019
|
30
April 2018
|
31
October 2018
|
||||||
|
Defined
benefit
obligations
|
Scheme
assets
|
Retirement
benefit
obligations
|
Defined
benefit
obligations
|
Scheme
assets
|
Retirement
benefit
obligations
|
Defined
benefit obligations
|
Scheme
assets
|
Retirement
benefit obligations
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
At 1 November / 1 May
|
221.2
|
(110.8)
|
110.4
|
214.2
|
(116.5)
|
97.7
|
36.5
|
(5.7)
|
30.8
|
Acquisition
of the HPE Software business
|
-
|
-
|
-
|
-
|
-
|
-
|
181.4
|
(110.0)
|
71.4
|
Reclassification
to assets held for sale
|
0.5
|
(0.2)
|
0.3
|
-
|
-
|
-
|
(9.1)
|
3.6
|
(5.5)
|
Current
service cost
|
4.6
|
-
|
4.6
|
5.5
|
-
|
5.5
|
12.9
|
-
|
12.9
|
Past
service credit
|
-
|
-
|
-
|
-
|
-
|
-
|
(5.5)
|
-
|
(5.5)
|
Benefits
paid
|
(1.9)
|
1.8
|
(0.1)
|
(2.4)
|
2.3
|
(0.1)
|
(9.6)
|
9.4
|
(0.2)
|
Contributions
by plan participants
|
0.9
|
(0.9)
|
-
|
0.9
|
(0.9)
|
-
|
2.5
|
(2.3)
|
0.2
|
Contributions
by employer
|
-
|
(2.2)
|
(2.2)
|
-
|
(1.5)
|
(1.5)
|
-
|
(4.0)
|
(4.0)
|
Interest
cost/(income) (note 11)
|
2.1
|
(0.9)
|
1.2
|
2.1
|
(1.0)
|
1.1
|
5.3
|
(2.5)
|
2.8
|
|
|
|
|
|
|
|
|
|
|
Included within other comprehensive income:
|
|
|
|
|
|
|
|
|
|
Remeasurements
– actuarial (gains)/losses:
|
|
|
|
|
|
|
|
|
|
Demographic
|
-
|
-
|
-
|
-
|
-
|
-
|
(0.3)
|
-
|
(0.3)
|
Financial
|
8.1
|
-
|
8.1
|
8.2
|
-
|
8.2
|
11.1
|
-
|
11.1
|
Experience
|
(0.5)
|
-
|
(0.5)
|
(0.1)
|
-
|
(0.1)
|
(1.9)
|
-
|
(1.9)
|
Actuarial
return on assets excluding amounts included in interest
income
|
-
|
(6.2)
|
(6.2)
|
-
|
0.7
|
0.7
|
-
|
(0.6)
|
(0.6)
|
Reclassification
from defined contribution scheme to defined benefit
scheme
|
-
|
-
|
-
|
-
|
-
|
-
|
5.5
|
(3.4)
|
2.1
|
|
7.6
|
(6.2)
|
1.4
|
8.1
|
0.7
|
8.8
|
14.4
|
(4.0)
|
10.4
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency exchange changes
|
(2.4)
|
1.0
|
(1.4)
|
7.6
|
(4.1)
|
3.5
|
(7.6)
|
4.7
|
(2.9)
|
At 30 April / 31 October
|
232.6
|
(118.4)
|
114.2
|
236.0
|
(121.0)
|
115.0
|
221.2
|
(110.8)
|
110.4
|
|
30 April 2019
|
|
30
April 2018
|
|
31
October 2018
|
|||
|
Shares
|
$m
|
|
Shares
|
$m
|
|
Shares
|
$m
|
Issued and fully paid
|
|
|
|
|
|
|
|
|
At 1
November /1 May
|
436,800,513
|
65.8
|
|
435,237,258
|
65.6
|
|
229,674,479
|
39.7
|
Shares
issued to satisfy option awards
|
3,928,849
|
0.1
|
|
1,032,280
|
0.1
|
|
1,894,673
|
0.2
|
Shares
utilised to satisfy option awards
|
(3,396,858)
|
-
|
|
-
|
-
|
|
-
|
-
|
Share
reorganisation
|
(74,521,459)
|
(18.7)
|
|
-
|
-
|
|
(16,935,536)
|
(2.9)
|
Shares
issued relating to acquisition of the HPE Software
business
|
-
|
-
|
|
-
|
-
|
|
222,166,897
|
28.8
|
At 30 April / 31 October
|
362,811,045
|
47.2
|
|
436,269,538
|
65.7
|
|
436,800,513
|
65.8
|
|
30 April 2019
|
|
30
April 2018
|
|
31
October 2018
|
|||
|
Shares
|
$m
|
|
Shares
|
$m
|
|
Shares
|
$m
|
Issued and fully paid
|
|
|
|
|
|
|
|
|
At 1
November / 1 May
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
Issue
of B shares
|
413,784,754
|
1,800.0
|
|
-
|
-
|
|
229,799,802
|
500.0
|
Redemption
of B shares
|
(413,784,754)
|
(1,800.0)
|
|
-
|
-
|
|
(229,799,802)
|
(500.0)
|
At 30 April / 31 October
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|
30 April 2019
|
|
30
April 2018
|
|
31
October 2018
|
|||
|
Shares
|
$m
|
|
Shares
|
$m
|
|
Shares
|
$m
|
Issued and fully paid
|
|
|
|
|
|
|
|
|
At 1
November / 1 May
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
Issue
of Deferred shares
|
74,521,459
|
-
|
|
-
|
-
|
|
-
|
-
|
Cancellation
of Deferred shares
|
(74,521,459)
|
-
|
|
-
|
-
|
|
-
|
-
|
At 30 April / 31 October
|
-
|
-
|
|
-
|
-
|
|
-
|
-
|
|
Note
|
Capital
redemption
reserve
|
Merger
reserve
|
Hedging
reserve
|
Total
|
|
|
$m
|
$m
|
$m
|
$m
|
|
|
|
|
|
|
As at 1
November 2017
|
|
666.3
|
5,780.2
|
1.1
|
6,447.6
|
Hedge
accounting 2
|
19
|
-
|
-
|
71.9
|
71.9
|
Current
tax movement on hedging 2
|
19
|
-
|
-
|
(13.3)
|
(13.3)
|
As at
30 April 2018
|
|
666.3
|
5,780.2
|
59.7
|
6,506.2
|
|
|
|
|
|
|
As at 1
May 2017
|
|
163.4
|
338.1
|
-
|
501.5
|
Return
of Value - share consolidation
|
22
|
2.9
|
-
|
-
|
2.9
|
Return
of Value - issue and redemption of B shares
|
22
|
500.0
|
(343.3)
|
-
|
156.7
|
Hedge
accounting 2
|
19
|
-
|
-
|
86.4
|
86.4
|
Current
tax movement on hedging 2
|
19
|
-
|
-
|
(16.4)
|
(16.4)
|
Acquisition
of HPE Software business 3
|
|
-
|
6,485.4
|
-
|
6,485.4
|
Reallocation
of merger reserve 1
|
|
-
|
(2,755.8)
|
-
|
(2,755.8)
|
As at
31 October 2018
|
|
666.3
|
3,724.4
|
70.0
|
4,460.7
|
|
|
|
|
|
|
As at 1 November 2018
|
|
666.3
|
3,724.4
|
70.0
|
4,460.7
|
Return of Value - share consolidation
|
22
|
18.7
|
-
|
-
|
18.7
|
Return of Value - issue and redemption of B shares
|
22
|
1,800.0
|
(1,800.0)
|
-
|
-
|
Hedge accounting 2
|
19
|
-
|
-
|
(69.0)
|
(69.0)
|
Current tax movement on hedging 2
|
19
|
-
|
-
|
13.1
|
13.1
|
At 30 April 2019
|
|
2,485.0
|
1,924.4
|
14.1
|
4,423.5
|
|
30 April 2019
|
31
October 2018
|
||||
Reported in:
|
Current
Assets
|
Current
liabilities
|
Total
|
Currentassets
|
Current
liabilities
|
Total
|
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
SUSE
|
-
|
-
|
-
|
1,114.3
|
(427.2)
|
687.1
|
Atalla
|
-
|
-
|
-
|
28.2
|
(10.5)
|
17.7
|
|
-
|
-
|
-
|
1,142.5
|
(437.7)
|
704.8
|
|
Six months
ended
30 April 2019
|
Six
monthsended30 April 2018
|
|
$m
|
$m
|
Revenue
|
127.0
|
182.9
|
Operating
costs
|
(89.5)
|
(149.8)
|
Operating profit
|
37.5
|
33.1
|
Share
of results of associate
|
(0.3)
|
(0.7)
|
Profit
on disposal of the SUSE business
|
1,727.2
|
-
|
Profit before taxation
|
1,764.4
|
32.4
|
Taxation
|
(289.0)
|
(12.7)
|
Profit for the period from discontinued operations
|
1,475.4
|
19.7
|
|
Six monthsended30 April 2019
|
Six
monthsended30 April 2018
|
|
$m
|
$m
|
Net
cash inflows from operating activities
|
18.6
|
49.1
|
Net
cash outflows from investing activities
|
-
|
(0.9)
|
Net
cash flows from financing activities
|
-
|
-
|
|
|
30 April 2019
|
31
October 2018
|
|
Note
|
$m
|
$m
|
Non-current assets
|
|
|
|
Goodwill
|
13
|
-
|
859.6
|
Other
Intangible assets
|
14
|
-
|
165.6
|
Property,
plant and equipment
|
15
|
-
|
5.6
|
Investment
in associates
|
|
-
|
9.6
|
Deferred
tax assets
|
|
-
|
1.6
|
Long-term
pension assets
|
21
|
-
|
1.5
|
Other
non-current assets
|
|
-
|
2.3
|
|
|
-
|
1,045.8
|
Current assets
|
|
|
|
Trade
and other receivables
|
|
-
|
65.6
|
Cash
and cash equivalents
|
|
-
|
2.9
|
|
|
-
|
68.5
|
Total assets held for sale
|
|
-
|
1,114.3
|
|
|
|
|
Current liabilities
|
|
|
|
Trade
and other payables
|
|
-
|
(37.8)
|
Provisions
|
20
|
-
|
(0.7)
|
Current
tax liabilities
|
|
-
|
(1.2)
|
Deferred
income
|
|
-
|
(218.3)
|
|
|
-
|
(258.0)
|
Non-current liabilities
|
|
|
|
Deferred
income
|
|
-
|
(160.8)
|
Retirement
benefit obligations
|
21
|
-
|
(5.5)
|
Long-term
provisions
|
20
|
-
|
(2.3)
|
Other
non-current liabilities
|
|
-
|
(0.6)
|
|
|
-
|
(169.2)
|
Total liabilities held for sale
|
|
-
|
(427.2)
|
Net assets classified as held for sale
|
|
-
|
687.1
|
|
Carrying value pre-disposal
|
|
$m
|
Non-current
assets classified as held for sale
|
1,089.0
|
Current
assets classified as held for sale
|
127.0
|
Current
liabilities classified as held for sale
|
(271.2)
|
Non-current
liabilities classified as held for sale
|
(177.3)
|
Net assets disposed
|
767.5
|
|
$m
|
Disposal
proceeds
|
2,540.3
|
Costs
to sell recognised in the period
|
(41.9)
|
Disposal
proceeds, less costs to sell recognised in the period
|
2,498.4
|
Net
assets disposed
|
(767.5)
|
Profit
on disposal
|
1,730.9
|
Cumulative
exchange gain in respect of the net assets of the subsidiaries,
reclassified from equity on disposal
|
(3.7)
|
Profit on disposal
|
1,727.2
|
|
$m
|
Disposal
proceeds, less total costs to sell
|
2,498.4
|
Cash
disposed
|
(21.5)
|
Investing cash flows generated from discontinued operations, net of
cash disposed
|
2,476.9
|
|
|
30 April 2019
|
31
October 2018
|
|
|
$m
|
$m
|
Goodwill
|
13
|
-
|
27.9
|
Property,
plant and equipment
|
15
|
-
|
0.2
|
Non-current assets
|
|
-
|
28.1
|
|
|
|
|
Deferred
income
|
|
-
|
(10.4)
|
Current Liabilities
|
|
-
|
(10.4)
|
|
|
|
|
Net assets classified as held for sale
|
|
-
|
17.7
|
|
|
Carrying value at acquisition
|
Fair value adjustments
|
Fair value
|
|
Note
|
$m
|
$m
|
$m
|
Intangible assets – purchased
1
|
14
|
-
|
61.2
|
61.2
|
Property,
plant and equipment
|
15
|
0.3
|
-
|
0.3
|
Other
non-current assets
|
|
0.1
|
-
|
0.1
|
Trade
and other receivables
|
|
2.6
|
-
|
2.6
|
Cash
and cash equivalent
|
|
1.2
|
-
|
1.2
|
Trade
and other payables
|
|
(3.5)
|
-
|
(3.5)
|
Current
tax liabilities
|
|
-
|
-
|
-
|
Finance
leases obligations – short term
|
|
(1.6)
|
-
|
(1.6)
|
Borrowings
– short term
|
|
(2.1)
|
-
|
(2.1)
|
Provisions
– short-term
|
20
|
(0.7)
|
-
|
(0.7)
|
Deferred income – short-term
2
|
|
(2.0)
|
0.2
|
(1.8)
|
Deferred income – long-term
2
|
|
(0.2)
|
-
|
(0.2)
|
Net
(liabilities) / assets
|
|
(5.9)
|
61.4
|
55.5
|
Goodwill
(note 13)
|
|
|
|
34.2
|
Consideration
|
|
|
|
89.7
|
|
|
|
|
|
Consideration satisfied by:
|
|
|
|
|
Cash
|
|
|
|
89.7
|
|
Note
|
Six months ended
30 April 2019
$m
|
Six
months ended
30
April 2018
$m
|
Cash flows from operating activities
|
|
|
|
(Loss)/Profit
from continuing operations
|
|
(78.3)
|
600.0
|
Profit
from discontinued operation
|
|
1,475.4
|
19.7
|
Profit
for the period
|
|
1,397.1
|
619.7
|
Adjustments for:
|
|
|
|
Gain on
disposal of SUSE
|
24
|
(1,727.2)
|
-
|
Net
interest
|
11
|
132.2
|
132.7
|
Taxation
– continuing operations
|
12
|
(21.3)
|
(700.9)
|
Taxation
– discontinued operations
|
|
289.0
|
12.7
|
Share
of results of associates
|
|
0.3
|
0.7
|
Operating profit
|
|
70.1
|
64.9
|
|
|
|
|
-
continuing
operations
|
|
32.6
|
31.8
|
-
discontinued
operation
|
24
|
37.5
|
33.1
|
|
|
70.1
|
64.9
|
|
|
|
|
Research
and development tax credits
|
|
(1.3)
|
0.6
|
Depreciation
|
15
|
32.8
|
36.0
|
Loss on
disposal of property, plant and equipment
|
15
|
3.6
|
1.6
|
Gain on
disposal of Atalla
|
7
|
(4.4)
|
-
|
Amortisation
of intangible assets
|
14
|
356.3
|
378.1
|
Amortisation
of contract-related assets
|
|
3.5
|
-
|
Share-based
compensation charge
|
8
|
72.5
|
28.2
|
Exchange
movements
|
|
19.2
|
22.5
|
Provisions
movements
|
20
|
23.0
|
140.0
|
Cash generated from operations before working capital
|
|
575.3
|
671.9
|
Changes in working capital:
|
|
|
|
Assets
held for sale
|
|
(39.1)
|
-
|
Inventories
|
|
0.1
|
0.2
|
Trade
and other receivables
|
|
282.7
|
(294.5)
|
Increase
in contract-related costs
|
|
(19.4)
|
-
|
Payables
and other liabilities
|
|
(80.9)
|
155.5
|
Provision
utilisation
|
20
|
(35.2)
|
(138.1)
|
Contract
liabilities - deferred income
|
|
(63.5)
|
99.0
|
Pension
funding in excess of charge to operating profit
|
|
2.6
|
1.0
|
Cash generated from operations
|
|
622.6
|
495.0
|
|
By:
|
/s/
Brian McArthur-Muscroft
|
|
Name:
|
Brian
McArthur-Muscroft
|
|
Title:
|
Chief
Financial Officer
|