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    STJ   GB0007669376

ST. JAMES'S PLACE PLC

(STJ)
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St James Place : FY 2021 cash result template and modelling guide for future Corporation Tax rate change

07/29/2021 | 11:59am EST

REVISED CASH PRESENTATION FROM FULL-YEAR 2021

We will be re-shaping our financial disclosure from FY 2021 to aid shareholders. We plan to adapt our reporting in line with our guidance on expense growth, combining Operational and Strategic development costs and removing the Operating cash subtotal from our Cash result analysis. The tables below indicate how our Cash result presentation will change, using FY 2020 as an example.

Current presentation - FY '20

Indicative revised presentation - FY'20

£'m

£'m

Net annual management fee

822.8

Net annual management fee

822.8

Reduction in fees in gestation period

(366.9)

Reduction in fees in gestation period

(366.9)

Net income from funds under management

455.9

Net income from funds under management

455.9

Margin arising from new business

116.8

Margin arising from new business

116.8

Establishment expenses

(200.0)

Establishment expenses

(200.0)

Operational development costs

(30.7)

Development expenses (Operational and Strategic)

(42.1)

Regulatory fees and FSCS levy

(38.9)

Academy

(9.5)

Academy

(9.5)

Asia - net investment

(17.4)

Shareholder interest

8.7

DFM - net investment

(9.2)

Tax relief from capital losses

13.7

Regulatory fees and FSCS levy

(38.9)

Miscellaneous

(13.3)

Shareholder interest

8.7

Operating cash

302.7

Tax relief from capital losses

13.7

Asia

(17.4)

Miscellaneous

(13.3)

DFM

(9.2)

Underlying cash

264.7

Strategic development costs

(11.4)

Back-office infrastructure development costs

(10.0)

Underlying cash

264.7

Variance

-

Back-office infrastructure development costs

(10.0)

Cash result

254.7

Variance

-

Cash result

254.7

CORPORATION TAX (CT) RATE: A MODELLING GUIDE

The main rate of CT will increase from 19% to 25% on 1 April 2023. A blended rate of 23.5% will apply in FY 2023, increasing to

25% from FY 2024 onwards. The tables below highlight the key impacts to our current and future financial results:

Immediate impact

  • IFRS: The relevant IFRS deferred tax balances have
    been remeasured, resulting in a net £0.2m positive deferred tax impact at H1 2021.
  • EEV: We have recognised the capitalised impact on future cashflows within embedded value and this has resulted in a decrease of £408.5m to EEV profit after tax at H1 2021.
  • EEV: The EEV in the current period has been adjusted to reflect increased CT rates that will be in force as the value created in 2021 emerges. This amounts to approximately £50 million of additional tax charge in the first half of 2021 and reflects a rate of tax of c.23% (2020: c.19%).

Future impact

  • Cash result: For simple modelling purposes, we recommend adjusting all line by line forecasts within the cash result by grossing up for tax at current CT rates and then netting down by the new CT rates that will apply (23.5% in FY 2023; 25% thereafter).
  • IFRS: CT rate attributable to shareholders' returns will be 23.5% in 2023 and 25% thereafter.
  • EEV: For the purposes of calculating EEV profit after tax, the CT rate will converge from c.23% in 2021 towards 25% by 2023/24.

Disclaimer

St James's Place Group plc published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 15:58:11 UTC.


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Financials
Sales 2021 718 M 958 M 958 M
Net income 2021 314 M 419 M 419 M
Net cash 2021 228 M 304 M 304 M
P/E ratio 2021 26,8x
Yield 2021 3,19%
Capitalization 8 278 M 11 024 M 11 041 M
EV / Sales 2021 11,2x
EV / Sales 2022 9,88x
Nbr of Employees 2 818
Free-Float 98,2%
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Number of Analysts 16
Last Close Price 1 537,50 GBX
Average target price 1 671,40 GBX
Spread / Average Target 8,71%
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Managers and Directors
Andrew Martin Croft Chief Executive Officer & Executive Director
Mark Aubrey Weinberg President
Craig Gordon Gentle Chief Financial Officer & Executive Director
Paul Victor Falzon Sant Manduca Chairman
Ian Donald Mackenzie Join Chief Operations Officer & CTO
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