Revenue
EBITDA
Adjusted Earnings per Share
Dividend per Share
*
* The Group has proposed a final dividend of 9.0c per share in respect of 2021 to be paid during 2022.
Notwithstanding the continuing challenges posed by the Covid-19 pandemic in 2021, the Group maintained a strong liquidity position, generating free cash flow before strategic capital expenditure of €43.3m and a covenanted net debt to EBITDA ratio of 2.6x.
Five year summary
|
Summary extract of Income Statement |
2021 |
2020 |
20193 |
2018 |
2017 |
|
€m |
€m |
€m |
€m |
€m |
|
|
Revenue |
334.5 |
277.1 |
357.4 |
330.2 |
335.1 |
|
Operating expenses and employee benefits expense |
(282.2) |
(235.0) |
(270.6) |
(261.8) |
(254.1) |
|
Depreciation, impairment and amortisation |
(52.5) |
(41.3) |
(36.8) |
(22.1) |
(20.7) |
|
(0.2) |
0.8 |
50.0 |
46.3 |
60.3 |
|
|
Non-trading items 1 |
- |
(11.2) |
14.9 |
13.7 |
28.7 |
|
Interest (net) |
(3.9) |
(7.6) |
(3.4) |
(0.8) |
(1.3) |
|
(Loss) / profit before taxation |
(4.1) |
(18.0) |
61.5 |
59.2 |
87.7 |
|
Taxation |
(0.8) |
(1.0) |
(1.3) |
(1.4) |
(4.4) |
|
(Loss) / profit for the year |
(4.9) |
(19.0) |
60.2 |
57.8 |
83.3 |
|
EBITDA |
52.3 |
42.1 |
86.8 |
68.4 |
81.0 |
|
Per share information: |
€cent |
€cent |
€cent |
€cent |
€cent |
|
Earnings per share |
|||||
|
-Basic |
(2.6) |
(10.2) |
31.7 |
30.4 |
44.1 |
|
-Adjusted basic2 |
(2.7) |
(4.3) |
23.8 |
23.1 |
31.0 |
|
Dividend per share |
- |
- |
4.42 |
12.77 |
12.16 |
|
Shares in issue at year end: |
m |
m |
m |
m |
m |
|
-At year end |
182.8 |
187.0 |
187.4 |
190.3 |
189.9 |
|
-Average during the year |
186.7 |
187.0 |
189.8 |
190.0 |
188.8 |
1. Non-trading items are material non-recurring items that derive from events or transactions that fall outside the ordinary activities of the Group and which individually, or, if of a similar type, in aggregate, are separately disclosed by virtue of their size or incidence.
2. Adjusted basic earnings per share exclude pension interest and non-trading items.
3. The figures for years prior to 2019 have not been restated for the effects of IFRS 16 which was adopted with effect 1 January 2019. The effect on the Consolidated Income Statement for financial year 2019 was to decrease operating expenses by €9.4 million, increase depreciation charges by €8.6 million, increase interest expenses by €1.0 million and a net reduction in profit after tax of €0.2 million. The effect on the Consolidated Statement of Financial Position was to increase assets by €35.3 million and liabilities by €35.5 million and reduce retained earnings by €0.2 million.
|
Summary extract of Statement of Financial Position |
2021 |
2020 |
20193 |
2018 |
2017 |
|
€m |
€m |
€m |
€m |
€m |
|
|
Property, plant and equipment, right-of-use and intangible assets |
387.3 |
353.0 |
353.5 |
308.1 |
250.0 |
|
Retirement benefit surplus |
6.7 |
1.0 |
12.5 |
2.5 |
8.1 |
|
Other assets |
117.9 |
224.9 |
225.8 |
203.7 |
135.2 |
|
Total assets |
511.9 |
578.9 |
591.8 |
514.3 |
393.3 |
|
Equity capital and reserves |
249.7 |
265.9 |
287.9 |
252.9 |
223.8 |
|
Retirement benefit obligation |
1.4 |
2.2 |
3.7 |
4.2 |
3.4 |
|
Other non-current liabilities |
154.8 |
141.6 |
229.3 |
205.7 |
51.5 |
|
Current liabilities |
106.0 |
169.2 |
70.9 |
51.5 |
114.6 |
|
Total equity and liabilities |
511.9 |
578.9 |
591.8 |
514.3 |
393.3 |
|
Summary extract of Consolidated |
|||||
|
Net cash inflow from operating activities |
56.8 |
46.1 |
84.8 |
61.5 |
71.8 |
|
Net cash (outflow) / inflow from investing activities |
(52.7) |
7.8 |
(52.3) |
(158.8) |
27.7 |
|
Net cash (outflow) / inflow from financing activities |
(116.4) |
(14.4) |
(46.5) |
131.4 |
(51.3) |
|
Cash and cash equivalents at the beginning of the year |
150.4 |
110.9 |
124.7 |
90.3 |
42.2 |
|
Effect of foreign exchange rate changes |
0.4 |
- |
0.2 |
0.3 |
(0.1) |
|
Closing cash and cash equivalents |
38.5 |
150.4 |
110.9 |
124.7 |
90.3 |
|
€m |
€m |
€m |
€m |
€m |
|
|
Net (debt) / cash |
(142.2) |
(88.5) |
(129.0) |
(80.3) |
39.6 |
|
Times |
Times |
Times |
Times |
Times |
|
|
Net debt / EBITDA |
2.6x |
2.1x |
1.5x |
1.2x |
N/A |
|
Gearing (net debt as a percentage of shareholders’ funds) |
57% |
33% |
45% |
32% |
N/A |
3. The figures for years prior to 2019 have not been restated for the effects of IFRS 16 which was adopted with effect 1 January 2019. The effect on the Consolidated Income Statement for financial year 2019 was to decrease operating expenses by €9.4 million, increase depreciation charges by €8.6 million, increase interest expenses by €1.0 million and a net reduction in profit after tax of €0.2 million. The effect on the Consolidated Statement of Financial Position was to increase assets by €35.3 million and liabilities by €35.5 million and reduce retained earnings by €0.2 million.