Travis Perkins : sites/travis perkins/files/2021 06/2020 Disclosures Excluding Discontinued Ope…

Selected 2020 Results Excluding Discontinued Operations

Following the demerger of Wickes and the sale of the Plumbing & Heating business, the Group's income statement and related notes have been re-presented to exclude the results of the Retail and Plumbing & Heating segments, which are now shown as discontinued operations.

These figures are not audited and do not constitute statutory accounts.

1. Condensed consolidated income statement

	Six months ended	Year ended
£m	30 June 2020	31 December 2020
Revenue	1,669.2	3,697.5
Adjusted operating profit	16.8	128.3
Adjusting items - operating	(90.6)	(92.7)
Amortisation of acquired intangible assets	(4.7)	(8.6)
Operating (loss) / profit	(78.5)	27.0
Share of associates' results	(0.1)	0.1
Net finance costs	(15.9)	(47.4)
Loss before tax	(94.5)	(20.3)
Adjusting items - deferred tax	0.8(9.0)	(9.0)
Tax on adjusting items	15.2	20.9
Other tax	2.7	(26.7)
Total tax	8.9	(14.8)
Loss from continuing operations	(85.6)	(35.1)
(Loss) / profit from discontinued operations	(27.7)	13.2
Loss for the period	(113.3)	(21.9)

2.	Adjusted profit before tax
		Six months ended	Year ended
£m		30 June 2020	31 December 2020
Loss before tax	(94.5)	(20.3)
Adjusting items	90.6	92.7
Amortisation of acquired intangible assets	4.7	8.6
Adjusted profit before tax	0.8	81.0

3.	Business segments
Six months ended 30 June 2020
£m		Merchanting	Toolstation	Unallocated		Consolidated
Revenue	1,384.7	284.5	-		1,669.2
Adjusted segment result before property profits	35.2	1.2	(19.7)		16.7
Property profits	0.1	-	-		0.1
Adjusted segment result	35.3	1.2	(19.7)		16.8
Adjusting items	(93.2)	(0.7)	3.3		(90.6)
Amortisation of acquired intangible assets	(2.8)	(1.9)	-		(4.7)
Segment result	(60.7)	(1.4)	(16.4)		(78.5)
Adjusted segment margin excluding property	2.5%	0.4%	-		1.0%
profits
Adjusted segment margin	2.5%	0.4%	-		1.0%
Year ended 31 December 2020
£m		Merchanting	Toolstation	Unallocated		Consolidated
Revenue	3,064.8	632.7	-		3,697.5
Adjusted segment result before property profits	151.8	7.6	(40.3)		119.1
Property profits	9.2	-	-		9.2
Adjusted segment result	161.0	7.6	(40.3)		128.3
Adjusting items	(89.1)	(0.9)	(2.7)		(92.7)
Amortisation of acquired intangible assets	(6.2)	(2.4)	-		(8.6)
Segment result	65.7	4.3	(43.0)		27.0
Adjusted segment margin excluding property	5.0%	1.2%	-		3.5%
profits
Adjusted segment margin	5.3%	1.2%	-		3.2%

4. Earnings per share

		Six months ended	Year ended
£m		30 June 2020	31 December 2020
(Loss) / Earnings per share
-	from continuing operations	(34.5)p	(14.3)p
-	from discontinued operations	(11.2)p	5.3p
Diluted (loss) / earnings per share
-	from continuing operations	(34.5)p	(14.3)p
-	from discontinued operations	(11.2)p	5.3p
Earnings for adjusted earnings per share	2.4	52.2
Adjusted earnings per share	1.0p	21.0p
Adjusted diluted earnings per share	1.0p	21.0p

5. Return on capital employed

	(i)	Average capital employed
	£m		30 June 2020	31 December 2020
	Opening net assets	2,502.0	2,587.1
	Net pension asset	(37.9)	(43.7)
	Net borrowings	1,852.4	1,787.7
	Less: net assets of discontinued operations	(822.5)	(902.3)
	Less: net borrowings of discontinued operations	(932.9)	(918.7)
	Opening capital employed	2,561.1	2,510.1
	Closing net assets	2,480.5	2,713.8
	Net pension asset	(53.4)	(144.5)
	Net borrowings	1,440.9	1,397.2
	Less: net assets of discontinued operations	(661.8)	(747.7)
	Less: net borrowings of discontinued operations	(889.7)	(842.1)
	Closing capital employed	2,316.5	2,376.7
	Average capital employed	2,438.8	2,443.4
	(ii) Return on capital employed
	£m		30 June 2020	31 December 2020
	Adjusted operating profit (rolling 12 months)	168.0	128.3
	Average capital employed	2,438.8	2,443.4
	Return on capital employed	6.9%	5.3%