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G4S presents 2019 segmental results reflecting the restatement for recent business disposals and foreign exchange rates

16 June 2020

G4S presents 2019 segmental results reflecting the restatement for recent business disposals and foreign exchange rates

Ahead of the announcement on 12 August 2020 of its half-year results to 30 June 2020, to aid comparison with the results of prior periods, a summary of the Group’s results for HY 2019 and FY 2019, based on alternative performance measures, reflecting businesses sold, and presented at average exchange rates for the five months ended 31 May 2020, is set out below:

£m

HY 2019

FY 2019



Revenue

Adjusted PBITA



EPS



Revenue

Adjusted PBITA



EPS

Underlying results as previously reported

3,747

234

7.7

7,672

501

17.0

Business disposals1

(305)

(38)

(1.4)

(625)

(82)

(3.2)

Underlying results at actual exchange rates

3,442

196

6.3

7,047

419

13.8

Exchange differences

(50)

(1)

-

(137)

(6)

(0.2)

Underlying results at May 2020 exchange rates

3,392

195

6.3

6,910

413

13.6

1 Business disposals include the businesses sold to The Brink’s Company (“Brink’s”) as part of the sale of the majority of the conventional cash businesses announced on 26 February 2020, including those disposals which have not yet completed, as well as two other minor businesses closed.

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Reconciliations from the segmental and total Group results as previously reported, are set out at the end of this announcement.

For further enquiries, please contact:
Helen Parris Director of Investor Relations +44 (0) 208 7222125

Media enquiries:
Sophie McMillan Head of Media +44 (0) 759 5523483

Notes to Editors:
G4S is the world’s leading global, integrated security company, specialising in the provision of security services and solutions to customers. Our mission is to create material, sustainable value for our customers and shareholders by being the supply partner of choice in all our markets.

G4S is quoted on the London Stock Exchange and has a secondary stock exchange listing in Copenhagen. After taking account of the businesses being sold in the year, G4S is active in around 85 countries and has around 533,000 employees. For more information on G4S, visit www.g4s.com.

Statutory accounts:
This Statement is not the Group’s statutory accounts and should be read in conjunction with the Integrated Report and Accounts 2019, which is available at www.g4s.com. The Integrated Report and Accounts 2019 was reported on by the company’s auditor. The report of the auditor was (i) unqualified, (ii) did not contain a reference to any matters to which the auditor drew attention by emphasis of matter without qualifying their report, and (iii) did not contain any statement under section 498 (2) or (3) of the Companies Act 2006.


Reconciliation from segmental and total Group results for the six months ended 30 June 2019 as previously reported

Underlying results at actual exchange rates
(at HY 2019)

Businesses sold and completed or closed since HY 2019
(a)

Businesses sold since HY 2019 but
not yet completed
(a)

Restated underlying results at actual exchange rates
(at May 2020)

Exchange differences

Underlying results at May 2020 exchange rates

Revenue - £m

Africa

211

-

-

211

(11)

200

Americas

1,309

(6)

-

1,303

(22)

1,281

Asia

453

(11)

-

442

(7)

435

Europe & Middle East

1,239

(14)

(12)

1,213

(3)

1,210

Cash Solutions

535

(230)

(32)

273

(7)

266

Total Underlying

3,747

(261)

(44)

3,442

(50)

3,392

Adjusted PBITA (b) - £m

Africa

17

-

-

17

(1)

16

Americas

61

-

-

61

1

62

Asia

31

-

-

31

(1)

30

Europe & Middle East

92

-

(2)

90

-

90

Cash Solutions

60

(31)

(5)

24

-

24

Total before corporate costs

261

(31)

(7)

223

(1)

222

Corporate costs

(27)

-

(27)

-

(27)

Total Underlying

234

(31)

(7)

196

(1)

195


Underlying results at actual exchange rates1
(at HY 2019)

Businesses sold and completed or closed since HY 2019
(a)

Businesses sold since HY 2019 but
not yet completed
(a)

Restated underlying results at actual exchange rates
(at May 2020)

Exchange differences

Underlying results at May 2020 exchange rates

Other financial KPIs - £m

Profit before tax

175

(29)

(5)

141

(1)

140

Profit after tax

129

(21)

(4)

104

(1)

103

Earnings

119

(20)

(2)

97

-

97

Earnings per share - p

7.7

(1.3)

(0.1)

6.3

-

6.3

Operating cash flow1

209

(36)

(9)

164

-

164

1 Underlying operating cash flow as originally stated of £206m has increased by £3m to reflect an IFRS 16 adjustment identified when finalising the 2019 Integrated Report and Accounts.

Reconciliation to statutory results - £m

Restated underlying results at actual exchange rates
(at May 2020)

Disposed businesses (including disposals not yet completed (a)

Onerous contracts

Restructuring and separation

Specific and other separately disclosed items

Statutory results at actual exchange rates

Exchange differences

Statutory results at May 2020 exchange rates

Revenue

3,442

305

60

3,807

(53)

3,754

Adjusted PBITA

196

38

-

234

(1)

233

Profit before tax

141

34

9

(36)

(40)

108

8

116

Profit after tax

104

25

7

(29)

(38)

69

8

77

Earnings

97

22

7

(29)

(38)

59

8

67

Earnings per share - p

6.3

1.4

0.5

(1.9)

(2.5)

3.8

0.5

4.3

Operating cash flow

164

47

(1)

(18)

-

192

-

192


Reconciliation from segmental and total Group results for the year ended 31 December 2019 as previously reported

Underlying results at actual exchange rates
(at FY 2019)

Businesses sold and completed or closed since FY 2019
(a)

Businesses sold since FY 2019 but
not yet completed
(a)

Restated underlying results at actual exchange rates
(at May 2020)

Exchange differences

Underlying results at May 2020 exchange rates

Revenue - £m

Africa

425

-

-

425

(24)

401

Americas

2,703

(9)

-

2,694

(55)

2,639

Asia

940

(24)

-

916

(25)

891

Europe & Middle East

2,504

(26)

(25)

2,453

(16)

2,437

Cash Solutions

1,100

(477)

(64)

559

(17)

542

Total Underlying

7,672

(536)

(89)

7,047

(137)

6,910

Adjusted PBITA (b) - £m

Africa

30

-

-

30

(2)

28

Americas

136

-

-

136

-

136

Asia

70

(1)

-

69

(2)

67

Europe & Middle East

179

-

(4)

175

(1)

174

Cash Solutions

134

(65)

(12)

57

(1)

56

Total before corporate costs

549

(66)

(16)

467

(6)

461

Corporate costs

(48)

-

-

(48)

-

(48)

Total Underlying

501

(66)

(16)

419

(6)

413


Underlying results at actual exchange rates
(at FY 2019)

Businesses sold and completed or closed since FY 2019
(a)

Businesses sold since FY 2019 but
not yet completed
(a)

Restated underlying results at actual exchange rates
(at May 2020)

Exchange differences

Underlying results at May 2020 exchange rates

Other financial KPIs - £m

Profit before tax

383

(64)

(12)

307

(4)

303

Profit after tax

280

(47)

(9)

224

(3)

221

Earnings

263

(44)

(6)

213

(3)

210

Earnings per share - p

17.0

(2.8)

(0.4)

13.8

(0.2)

13.6

Operating cash flow

633

(95)

(24)

514

-

514

Reconciliation to statutory results - £m

Restated underlying results at actual exchange rates
(at May 2020)

Disposed businesses (including disposals not yet completed
(a)

Onerous contracts

Restructuring and separation

Specific and other separately disclosed items

Statutory results at actual exchange rates

Exchange differences

Statutory results at May 2020 exchange rates

Revenue

7,047

625

86

7,758

(148)

7,610

Adjusted PBITA

419

82

-

501

(8)

493

Profit before tax

307

76

18

(57)

(317)

27

5

32

Profit after tax

224

56

15

(49)

(326)

(80)

7

(73)

Earnings

213

50

15

(49)

(320)

(91)

7

(84)

Earnings per share - p

13.8

3.2

1.0

(3.2)

(20.7)

(5.9)

0.5

(5.4)

Operating cash flow

514

119

5

(47)

(87)

504

-

504

a) To present results on a consistent and comparable basis, the results of any businesses sold or closed in either the current or prior periods (including those subject to the Group’s irrevocable sales agreement with Brink’s, announced on 26 February 2020, which have not yet completed) are excluded from the underlying results in both the current and prior periods. Most of the businesses which have been reclassified from underlying results to disposed businesses relate to the sale to Brink’s, which is approximately 75% complete as at 9 June 2020.

b) Adjusted PBITA is an Alternative Performance Measure as defined in page 53 of the 2019 Integrated Report and Accounts.