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Consolidated Income Statement for the Year Ended 31 March

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Financial statements CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH 2018 2017 Specific Specific adjusting adjusting all figures in £ million Note Underlying* items* Total Underlying* items* Total Revenue 2, 3 833.0 – 833.0 783.1 – 783.1 Operating costs excluding depreciation and amortisation (690.9) – (690.9) (647.0) (1.0) (648.0) Other income 2 9.7 21.1 30.8 9.2 18.4 27.6 EBITDA (earnings before interest, tax, depreciation and amortisation) 151.8 21.1 172.9 145.3 17.4 162.7 Depreciation of property, plant and equipment 3, 15 (25.6) – (25.6) (26.4) – (26.4) Amortisation of intangible assets 3, 14 (3.7) (2.6) (6.3) (2.6) (1.0) (3.6) Operating profit 3 122.5 18.5 141.0 116.3 16.4 132.7 Finance income 6 0.7 4.2 4.9 1.0 – 1.0 Finance expense 6 (1.1) – (1.1) (1.2) (1.0) (2.2) Profit before tax 5 122.1 22.7 144.8 116.1 15.4 131.5 Taxation (expense)/income 8 (13.1) 6.4 (6.7) (12.3) 4.1 (8.2) Profit for the year attributable to equity shareholders 109.0 29.1 138.1 103.8 19.5 123.3 Earnings per share Basic 12 19.3p 24.4p 18.1p 21.5p Diluted 12 19.2p 24.3p 17.9p 21.3p * Alternative performance measures are used to supplement the statutory figures. These are additional financial indicators used by management internally to assess the underlying performance of the Group. Definitions can be found in the glossary on page 139. 90 QinetiQ Group plc Annual Report and Accounts 2018 CONSOLIDATED COMPREHENSIVE INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH all figures in £ million 2018 2017 Profit for the year 138.1 123.3 Items that will not be reclassified to profit or loss: Actuarial gain recognised in defined benefit pension schemes 143.6 183.3 Tax on items that will not be reclassified to profit and loss (24.4) (31.2) Total items that will not be reclassified to profit or loss 119.2 152.1 Items that may be reclassified to profit or loss: Foreign currency translation (losses)/gains on foreign operations (9.7) 12.2 Movement in deferred tax on foreign currency translation (1.0) – Decrease in fair value of hedging derivatives (2.2) – Movement in deferred tax hedging derivatives 0.4 – Fair value losses on available-for-sale investments (0.6) (0.4) Total items that may be reclassified to profit or loss (13.1) 11.8 Other comprehensive income for the year, net of tax 106.1 163.9 Total comprehensive income for the year 244.2 287.2 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH Issued Capital Non- share redemption Share Hedge Translation Retained controlling Total all figures in £ million capital reserve premium reserve reserve earnings Total interest equity At 1 April 2017 5.7 40.8 147.6 – 10.3 328.0 532.4 0.2 532.6 Profit for the year – – – – – 138.1 138.1 – 138.1 Other comprehensive income/(expense) for the year, net of tax – – – (1.8) (10.7) 118.6 106.1 – 106.1 Purchase of own shares – – – – – (0.7) (0.7) – (0.7) Share-based payments – – – – – 2.7 2.7 – 2.7 Dividends – – – – – (34.5) (34.5) – (34.5) At 31 March 2018 5.7 40.8 147.6 (1.8) (0.4) 552.2 744.1 0.2 744.3 At 1 April 2016 5.9 40.6 147.6 – (1.9) 132.4 324.6 0.2 324.8 Profit for the year – – – – – 123.3 123.3 – 123.3 Other comprehensive income for the year, net of tax – – – – 12.2 151.7 163.9 – 163.9 Purchase of own shares – – – – – (0.7) (0.7) – (0.7) Purchase and cancellation of shares (0.2) 0.2 – – – (47.4) (47.4) – (47.4) Share-based payments – – – – – 2.1 2.1 – 2.1 Dividends – – – – – (33.4) (33.4) – (33.4) At 31 March 2017 5.7 40.8 147.6 – 10.3 328.0 532.4 0.2 532.6 Financial statements QinetiQ Group plc Annual Report and Accounts 2018 91 Financial statements C ONSOLIDATED BALANCE SHEET ASCONSOLIDATED AT 31 MARCH BALANCE SHEET AS AT 31 MARCH all figures in £ million Note 2018 2017 allNon figures-current in £assets million Note 2018 2017 Goodwill 13 101.5 107.8 Non-current assets Intangible assets 14 41.1 34.7 Goodwill 13 101.5 107.8 Property, plant and equipment 15 269.0 238.8 Intangible assets 14 41.1 34.7 Other financial assets 24 0.3 0.5 Property, plant and equipment 15 269.0 238.8 Equity accounted investments 16 2.2 1.5 Other financial assets 24 0.3 0.5 Retirement benefit surplus 30 316.2 156.0 Equity accounted investments 16 2.2 1.5 Deferred tax asset 17 6.4 5.4 Retirement benefit surplus 30 316.2 156.0 Deferred tax asset 17 736.76.4 544.75.4 Current assets 736.7 544.7 Inventories 18 38.1 28.9 Current assets Other financial assets 24 16.9 10.7 Inventories 18 38.1 28.9 Trade and other receivables 19 150.3 175.6 Other financial assets 24 16.9 10.7 Investments 20 0.7 1.3 Trade and other receivables 19 150.3 175.6 Assets held for sale 15 1.2 – Investments 20 0.7 1.3 Cash and cash equivalents 24 254.1 211.8 Assets held for sale 15 1.2 – Cash and cash equivalents 24 461.3254.1 428.3211.8 Total assets 1,198.0461.3 428.3973.0 TotalCurrent assets liabilities 1,198.0 973.0 Trade and other payables 21 (334.9) (322.1) Current liabilities Current tax 22 (8.9) (43.7) Trade and other payables 21 (334.9) (322.1) Provisions 23 (6.0) (6.2) Current tax 22 (8.9) (43.7) Other financial liabilities 24 (2.6) (0.8) Provisions 23 (6.0) (6.2) Other financial liabilities 24 (352.4(2.6)) (372.8)(0.8) Non-current liabilities (352.4) (372.8) Deferred tax liability 17 (66.4) (37.0) Non-current liabilities Provisions 23 (14.3) (17.8) Deferred tax liability 17 (66.4) (37.0) Other financial liabilities 24 (1.9) (0.3) Provisions 23 (14.3) (17.8) Other payables 21 (18.7) (12.5) Other financial liabilities 24 (1.9) (0.3) Other payables 21 (101.3(18.7) (67.6)(12.5) Total liabilities (101.3(453.7) (440.4)(67.6) TotalNet assets liabilities (453744.3.7) (440.4)532.6 NetCapital assets and reserves 744.3 532.6 Ordinary shares 28 5.7 5.7 Capital and reserves Capital redemption reserve 40.8 40.8 Ordinary shares 28 5.7 5.7 Share premium account 147.6 147.6 Capital redemption reserve 40.8 40.8 Hedging reserve (1.8) – Share premium account 147.6 147.6 Translation reserve (0.4) 10.3 Hedging reserve (1.8) – Retained earnings 552.2 328.0 Translation reserve (0.4) 10.3 RetainedCapital and earnings reserves attributable to shareholders of the parent company 745542..12 532.4328.0 Non-controlling interest 0.2 0.2 Capital and reserves attributable to shareholders of the parent company 744.1 532.4 NonTotal-controlling shareholders’ interest funds 744.30.2 532.60.2 Total shareholders’ funds 744.3 532.6 The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2018 and were signed on its behalf by: The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2018 and were signed on its behalf by: Mark Elliott Steve Wadey David Smith Chairman Chief Executive Officer Chief Financial Officer Mark Elliott Steve Wadey David Smith Chairman Chief Executive Officer Chief Financial Officer 92 QinetiQ Group plc Annual Report and Accounts 2018 92 QinetiQ Group plc Annual Report and Accounts 2018 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH all figures in £ million Note 2018 2017 Underlying net cash inflow from operations 27 126.5 111.9 Add back ‘specific adjusting items’: proceeds from sale of intellectual property 5.9 – Net cash inflow from operations 132.4 111.9 Tax paid (15.7) (3.0) Interest received 0.7 1.0 Interest paid (0.7) (0.6) Net cash inflow from operating activities 116.7 109.3 Purchases of intangible assets (8.5) (2.2) Purchases of property, plant and equipment (46.0) (30.7) Proceeds from sale of property, plant and equipment 23.1 14.3 Acquisition of business and investment in joint venture (1.6) (65.7) Investment in available-for-sale investments (5.0) – Net cash outflow from investing activities (38.0) (84.3) Purchase of own shares (0.7) (48.1) Dividends paid to shareholders (34.5) (33.4) Net cash outflow from financing activities (35.2) (81.5) Increase/(decrease) in cash and cash equivalents 43.5 (56.5) Effect of foreign exchange changes on cash and cash equivalents (1.2) 4.8 Cash and cash equivalents at beginning of the year 211.8 263.5 Cash and cash equivalents at end of the year 24 254.1 211.8 Reconciliation of movement in net cash for the year ended 31 March all figures in £ million Note 2018 2017 Increase/(decrease) in cash and cash equivalents in the year 43.5 (56.5) Add back net cash flows not impacting net cash 5.0 – Change in net cash resulting from cash flows 48.5 (56.5) Other movements including foreign exchange (3.6) 3.9 Increase/(decrease) in net cash as defined by the Group 44.9 (52.6) Net cash as defined by Group at the beginning of the year 221.9 274.5 Net cash as defined by Group at the end of the year 24 266.8 221.9 Less: other financial assets and liabilities 24 (12.7) (10.1) Total cash and cash equivalents 24 254.1 211.8 Financial statements QinetiQ Group plc Annual Report and Accounts 2018 93 Financial statements NOTES TO THE FINANCIAL STATEMENTS 1.
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