Last checked at 19 Jan 2016 07:00
19 January 2016
Regional restatement
As announced in November 2015, we have made minor changes to our regional reporting structure. Our Europe & Japan region, now becomes Europe and excludes Japan and includes Turkey and Russia. Our Fast Growing & Emerging region now becomes Rest of World and includes Japan and excludes Turkey and Russia. Our North America region remains unchanged.
To enable comparison with prior periods we are providing restated 5 year historical figures for the new regional structure. While these restatements affect regional results, they do not affect the Group's overall income statement, balance sheet, or cash flow.
Reported figures £'s million | Full Year | ||||||||||||
| Europe |
| ROW | ||||||||||
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| 2015 | 2014 | 2013 | 2012 | 2011 |
| 2015 | 2014 | 2013 | 2012 | 2011 | ||
Revenue |
| Old | 5,469 | 5,716 | 6,039 | 6,243 | 6,217 |
| 3,013 | 3,143 | 3,368 | 3,145 | 2,767 |
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| Net restatement | (277) | (295) | (398) | (529) | (549) |
| 277 | 295 | 398 | 529 | 549 |
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| New | 5,192 | 5,421 | 5,641 | 5,714 | 5,668 |
| 3,290 | 3,438 | 3,766 | 3,674 | 3,316 |
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Organic revenue growth | Old | 1.9% | (1.5)% | (3.0)% | (0.7)% | (0.4)% |
| 6.9% | 8.1% | 10.2% | 11.8% | 14.5% | |
New | 2.2% | (0.9)% | (2.4)% | (0.7)% | 0.5% |
| 5.9% | 6.1% | 7.6% | 10.1% | 10.0% | ||
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Operating profit | Old | 397 | 409 | 420 | 397 | 400 |
| 218 | 226 | 242 | 235 | 207 | |
Net restatement | (23) | (23) | (28) | (28) | (27) |
| 23 | 23 | 28 | 28 | 27 | ||
New | 374 | 386 | 392 | 369 | 373 |
| 241 | 249 | 270 | 263 | 234 | ||
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Margin | Old | 7.3% | 7.2% | 7.0% | 6.4% | 6.4% |
| 7.2% | 7.2% | 7.2% | 7.5% | 7.5% | |
New | 7.2% | 7.1% | 6.9% | 6.5% | 6.6% |
| 7.3% | 7.2% | 7.2% | 7.2% | 7.1% | ||
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Cash flow | Old | 335 | 360 | 416 | 376 | 325 |
| 135 | 161 | 170 | 207 | 163 | |
Net restatement | (39) | (39) | (32) | (46) | (32) |
| 39 | 39 | 32 | 46 | 32 | ||
New | 296 | 321 | 384 | 330 | 293 |
| 174 | 200 | 202 | 253 | 195 | ||
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ROCE | Old | 11.8% | 12.5% | 12.4% | 11.2% | 11.8% |
| 23.6% | 23.2% | 22.9% | 24.9% | 25.7% | |
New | 11.5% | 12.0% | 11.7% | 10.9% | 11.7% |
| 20.8% | 18.7% | 18.7% | 19.9% | 20.7% | ||
Reported figures in £'s million | Half Year | ||||||||||||||
| Europe |
| ROW | ||||||||||||
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| 2015 | 2014 | 2013 | 2012 | 2011 |
| 2015 | 2014 | 2013 | 2012 | 2011 | ||||
Revenue |
| Old | 2,805 | 2,951 | 3,080 | 3,228 | 3,126 |
| 1,564 | 1,557 | 1,665 | 1,523 | 1,297 | ||
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| Net restatement | (116) | (138) | (202) | (244) | (268) |
| 116 | 138 | 202 | 244 | 268 | ||
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| New | 2,689 | 2,813 | 2,878 | 2,984 | 2,858 |
| 1,680 | 1,695 | 1,867 | 1,767 | 1,565 | ||
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Organic revenue growth | Old | 0.9% | (1.6)% | (3.6)% | (0.4)% | (0.4)% |
| 7.7% | 9.7% | 10.5% | 12.4% | 15.7% | |||
New | 1.3% | (1.0)% | (2.9)% | (0.2)% | 0.4% |
| 6.5% | 7.3% | 7.6% | 10.7% | 10.8% | ||||
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Operating profit | Old | 205 | 213 | 212 | 214 | 214 |
| 109 | 110 | 126 | 115 | 98 | |||
Net restatement | (6) | (7) | (5) | (7) | (11) |
| 6 | 7 | 5 | 7 | 11 | ||||
New | 199 | 206 | 207 | 207 | 203 |
| 115 | 117 | 131 | 122 | 109 | ||||
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Margin | Old | 7.3% | 7.2% | 6.9% | 6.6% | 6.8% |
| 7.0% | 7.1% | 7.6% | 7.6% | 7.6% | |||
New | 7.4% | 7.3% | 7.2% | 6.9% | 7.1% |
| 6.8% | 6.9% | 7.0% | 6.9% | 7.0% | ||||
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Cash flow | Old | 139 | 162 | 174 | 162 | 149 |
| 37 | 60 | 62 | 94 | 62 | |||
Net restatement | (9) | (11) | (12) | (18) | (6) |
| 9 | 11 | 12 | 18 | 6 | ||||
New | 130 | 151 | 162 | 144 | 143 |
| 46 | 71 | 74 | 112 | 68 | ||||
Note: 2015 operating profit shown before EM & OR restructuring costs |
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Compass will hold a conference call hosted by Sandra Moura, Head of Investor Relations and Kate Dunham, Group Financial Controller for investors and analysts on Tuesday, 19 January 2016 at 9:00 a.m. (UK time).
Participants dial-in numbers
UK Toll-Free Participant dial-in: 0808 237 0030
UK Toll Participant dial-in: 0203 139 4830
US Toll Participant dial-in: +1 718 873 9077
US Toll-Free Participant dial-in: +1 866 928 7517
Participant PIN Code: 97141250#
A replay service will be available until 25th January 2016
UK Toll dial-in: 0203 426 2807
UK Toll-Free dial-in: 0808 237 0026
US Toll-Free dial-in: +1 866 535 8030
Audio playback reference: 666960#
Enquires: Sandra Moura / Agatha Donnelly +44 (0) 1932 573000
Media: Clare Hunt +44 (0) 1932 573000
Website: www.compass-group.com
Note to Editors
a) Compass Group PLC is one of the world's leading foodservice and support services companies which generated annual revenues of £18 billion in the year to 30 September 2015. It operates in over 50 countries, employs over 500,000 people and serves over 5 billion meals every year. The Company specialises in providing food and a range of support services across the core sectors of Business & Industry, Healthcare & Seniors, Education, Defence, Offshore & Remote, Sports & Leisure and Vending with an established brand portfolio.
b) MAP (Management and Performance) is a simple, but clearly defined Group operating framework. MAP focuses on five key value drivers, enabling the businesses to deliver disciplined, profitable growth with the focus more on organic growth and like for like growth.
The five key value drivers are:
MAP 1: Client sales and marketing
MAP 2: Consumer sales and marketing
MAP 3: Cost of food
MAP 4: Unit costs
MAP 5: Above unit overheads
c) Organic revenue growth, a term used throughout the announcement, is calculated by adjusting for acquisitions (excluding current period acquisitions and including a full period in respect of prior period acquisitions), disposals (excluded from both periods) and exchange rate movements (translating the prior period at current period exchange rates).
d) Forward looking statements
Certain information included in this announcement is forward-looking and involves risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements. Forward-looking statements cover all matters which are not historical facts and include, without limitation, projections relating to results of operations and financial conditions and the Company's plans and objectives for future operations, including, without limitation, discussions of expected future revenues, financing plans, expected expenditures and divestments, risks associated with changes in economic conditions, the strength of the foodservice and support services markets in the jurisdictions in which the Group operates, fluctuations in food and other product costs and prices and changes in exchange and interest rates. Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as "believes", "estimates", "anticipates", "expects", "forecasts", "intends", "plans", "projects", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are not guarantees of future performance. All forward-looking statements in this announcement are based upon information known to the Company on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward-looking statements, which speak only at their respective dates. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.
e) A copy of this release, together with all other recent announcements and presentations can be found on Compass Group's website at www.compass-group.com.