Legal & General Group Plc L&G FY 2014 results -5-
04 März 2015 - 8:02AM
UK Regulatory
Cash and cash equivalents at 31 December 22,709 17,454
1. The Consolidated Cash Flow Statement has been restated to reflect
the adoption by the Group of IFRS 10, 'Consolidated Financial Statements'.
Further details are contained in Note 2.24.
2. Tax comprises UK corporation tax paid of GBP29m (2013: GBP133m),
overseas corporate taxes of GBP24m (2013: GBP6m) and withholding tax
of GBP23m (2013: GBP148m).
3. Net cash flows from acquisitions includes cash paid of GBP38m (2013:
GBP287m) less cash and cash equivalents acquired of GBPnil (2013: GBP190m).
The Group's Consolidated Cash Flow Statement includes all cash and cash
equivalent flows, including those relating to the UK long-term fund
policyholders.
IFRS and Cash 40
2.08 Earnings per share
(a) Earnings per share
Profit Earnings Profit Earnings
after per share(1) after per share(1)
tax tax
2014 2014 2013 2013
GBPm p GBPm p
Operating profit 998 16.92 883 15.03
Investment and other
variances (13) (0.22) 13 0.22
Impact of change in
UK tax rates - - (3) (0.05)
Earnings per share
based on profit
attributable to equity
holders 985 16.70 893 15.20
1. Earnings per share is calculated by dividing profit after tax derived
from continuing operations by the weighted average number of ordinary
shares in issue during the year, excluding employee scheme treasury
shares.
(b) Diluted earnings per share
Profit Number Earnings Profit Number Earnings
after of shares(1) per share after of shares(1) per share
tax tax
2014 2014 2014 2013 2013 2013
GBPm m p GBPm m p
Profit attributable to equity holders
of the Company 985 5,897 16.70 893 5,875 15.20
Net shares under options allocable
for no further consideration - 59 (0.16) - 79 (0.20)
Diluted earnings per
share 985 5,956 16.54 893 5,954 15.00
1. For diluted earnings per share, the weighted average number of ordinary
shares in issue, excluding employee scheme treasury shares, is adjusted
to assume conversion of all potential ordinary shares, such as share
options granted to employees.
IFRS and Cash 41
2.09 Acquisition
Global Index Advisors
Inc.
On 19 May 2014, the Group acquired the trade and assets of
Global Index Advisors Inc., an asset management advisory based
in
Atlanta, US. The acquisition provides the Group with
opportunities to accelerate growth into the US Defined Contribution
market
2014
GBPm
Total cash and deferred contingent consideration
for 100% acquisition 24
Recognised amounts of identifiable assets transferred
and liabilities assumed at fair value
Intangibles 38
Deferred tax liabilities (14)
Net assets attributable to equity holders of
the Company 24
Deferred contingent consideration represents amounts payable for
the trade and assets of Global Index Advisors Inc. contingent on
meeting certain financial performance targets over a 1 to 2 year
period. The range of undiscounted amounts the company could pay under
the contingent consideration arrangements is between GBPnil and GBP6.9m.
2.10 Disposals
On 28 May 2014, the Group sold Amber Taverns, the operator of 95
community pubs in the North of England to funds managed by MxP
Partners LLP and their associates for GBP50m. The carrying value of
the company was cGBP37m, realising the profit on disposal of
cGBP13m reported in the operational income in the Consolidated
Income Statement. The majority of the profit on disposal is
allocated to the with-profits fund.
On 31 October 2014, the Group sold its estate agency franchise
business, Xperience, to the well established lettings franchise
business, Martin & Co. for GBP6m. The carrying value of the
business was GBP1m, realising the profit on disposal of GBP5m
reported in operational income in the Consolidated Income
Statement.
2.11 Financial investments and Investment property
2014 2013 (1)
GBPm GBPm
Equities 162,177 166,663
Unit trusts 7,529 7,426
Debt securities(2) 178,766 153,742
Accrued interest 1,604 1,633
Derivative assets(3) 10,035 4,746
Loans and receivables 503 330
Financial investments 360,614 334,540
Investment property 8,152 6,377
Total financial investments and
investment property 368,766 340,917
1. Financial investments and Investment property and fair value hierarchy
have been restated to reflect the adoption by the Group of IFRS 10,
'Consolidated Financial Statements'. Further details are contained in
Note 2.24.
2. Detailed analysis of debt securities which shareholders are directly
exposed to are disclosed in Note 4.05.
3. Derivatives are used to ensure efficient portfolio management, especially
the use of interest rate swaps, inflation swaps, credit default swaps
and foreign exchange forward contracts for asset and liability management.
Derivative assets are shown gross of derivative liabilities and include
GBP6,011m (2013: GBP2,391m) held on behalf of unit linked policyholders.
IFRS and Cash 42
2.12 Dividends
Per Per
Dividend share(1) Dividend share(1)
2014 2014 2013 2013
GBPm p GBPm p
Ordinary share dividends paid in the year
- Prior year final
dividend 408 6.90 337 5.69
- Current year interim
dividend 172 2.90 142 2.40
580 9.80 479 8.09
Ordinary share dividend
proposed(2) 496 8.35 408 6.90
1. The dividend per share calculation is based on the number
of equity shares registered on the ex-dividend date.
2. The dividend proposed is not included as a liability
on the Consolidated Balance Sheet.
2.13 Share capital and share premium
2014 2013
Number 2014 Number 2013
of of
Authorised share capital shares GBPm shares GBPm
At 31 December: ordinary shares
of 2.5p each 9,200,000,000 230 9,200,000,000 230
Share Share
Number capital premium
of
Issued share capital, shares GBPm GBPm
fully paid
As at 1 January 2014 5,917,066,636 148 959
Options exercised under share option schemes
- Executive share option - - -
scheme
- Savings related share
option scheme 25,003,593 1 10
As at 31 December 2014 5,942,070,229 149 969
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