TIDMWIN
RNS Number : 2120Z
Wincanton PLC
20 May 2021
20 May 2021
LEI: 213800Z5WTW8QKOHWQ82
Wincanton plc
Preliminary announcement of results for the financial year ended
31 March 2021
Wincanton delivers against strategy with continued positive
momentum
Wincanton plc ('Wincanton' or the 'Group'), a leading supply
chain partner for UK business, today announces its preliminary
results for the year ended 31 March 2021.
Key Financial Measures
2021 2020 Change
---------------------------------------- -------- --------- --------
Revenue (GBPm) 1,221.9 1,201.2 1.7%
Underlying EBITDA (GBPm)(1) 95.2 104.1 (8.5)%
Underlying profit before tax (GBPm)(1) 47.2 52.8 (10.6)%
Underlying basic EPS(1) 32.0p 36.1p (11.4)%
Free cash flow (GBPm)(2) 43.8 40.8 7.4%
Net cash / (debt) (GBPm)(3) 11.9 (10.1)
Dividend per share 10.35p 3.90p
Statutory results
---------------------------------------- -------- --------- --------
Profit before tax (GBPm) 48.4 43.8 10.5%
Basic EPS (p) 33.3p 31.1p 7.1%
Financial Highlights
-- Revenue increased 1.7% to GBP1,222m:
o Full year growth of 5.6% from continuing businesses, 12.7% in
the second half
o Strong growth across all sectors after initial pandemic
impact
-- Underlying profit before tax of GBP47.2m (2020: GBP52.8m):
o Rapid recovery following initial pandemic disruption
o Surge in eCommerce activity, unprecedented retail volumes,
upturn in construction activity
-- Stronger balance sheet:
o Net cash position of GBP11.9m (2020: net debt of GBP10.1m)
o Pension triennial valuation agreed, reducing risk and
contributions, GBP48.2m net surplus at year end
-- HMRC withdraw excise duty and VAT assessments, following internal reviews
-- Recommended final dividend of 7.5p, following interim dividend of 2.85p
Continued Progress Against Strategy
-- Reorganised business structure and disposed of non-core
businesses to focus on growth at greater pace
-- First "darkstore" Customer Fulfilment Centre delivered and
operational, partnering with Waitrose & Partners
-- New eFulfilment centres in Rockingham and Nuneaton, extending service propositions
-- Significant new wins awarded by Dobbies, Heineken, Wickes, HMRC and DHSC
-- New ESG strategy launched with commitments to reach net-zero
by 2040, home deliveries to be net-zero by April 2022
James Wroath, Chief Executive Officer, said:
"Wincanton has made significant progress in a challenging year,
showing flexibility, agility and resilience for our customers
across our business. These results clearly show the benefits of the
breadth of our offer and the commitment of our people who stepped
up to meet the challenges we faced. We have grown revenues strongly
since the early impact of the pandemic, fuelled by particularly
good performance in Digital & eFulfilment and new wins in the
public sector. We continue to invest to ensure we can deliver on
the opportunities ahead in these markets. While profitability was
impacted by the unprecedented disruption caused by Covid-19 in the
first half it was significantly ahead of pre-pandemic levels in the
second. We have taken this strong momentum into the new financial
year and current trading is encouraging."
"We have also made positive progress against the strategy set
out last year. We completed the reorganisation of the business,
which provides us with a clearer focus on growth markets and
ensures we are well placed to respond to the changing dynamics in
our markets that have been accelerated by the Covid-19 pandemic.
Furthermore, today we set out our new ESG strategy which sets us on
a path to net-zero by 2040 with a clear plan to decarbonise our
supply chain services and operations."
"Looking ahead, we remain confident that we are well placed to
make further progress, though we are mindful of the competitive
environment and short term uncertainties as the country moves out
of lockdown. We have in place the right strategy and the right
people and believe our wide range of supply chain services and
capabilities will continue to enable growth across a broad set of
sectors."
For further enquiries please contact:
Wincanton plc Tel: 01249 710000
Tim Lawlor, Chief Financial Officer
Headland Tel: 020 3805 4822
Susanna Voyle
Henry Wallers
Analyst presentation and conference call:
A presentation for analysts will be held at 11.00am today and
will be available to view at:
https://webcasting.brrmedia.co.uk/broadcast/608290190386285386cca86d
The presentation will be followed immediately by a Q&A
conference call for analysts with James Wroath and Tim Lawlor.
Notes
(1) The section on Alternative Performance Measures (APMs) below
provides further information on these measures, including
definitions and a reconciliation of APMs to statutory measures.
(2) Free cash flow is defined as net cash inflow/(outflow)
before the movement in debt, pension payments, dividends and the
acquisition of own shares. Further information is provided in the
Financial Review below.
(3) Net cash/(debt) is the sum of cash and bank balances, bank
loans and overdrafts and other financial liabilities excluding
lease liabilities Note 9 to the accompanying financial statements
provides a breakdown of net cash/(debt) for the current and prior
periods.
Group Performance Overview
2020/21 was a successful year for the Wincanton Group in the
face of the many challenges of Covid-19 and our people responded
with agility and huge levels of commitment to deliver for our
customers.
Significant progress was made in the delivery of our strategic
plan. As announced at the end of last year, we reorganised the
business into four sectors to simplify our operations and align our
management structure with our markets. We also streamlined the
Group with the disposal of our Containers and Pullman Fleet
Services business units. This allows us to focus on those markets
where we believe we can grow profitably and where we can deliver
true sustainable value through the power of our supply chain
expertise.
The breadth of industry sectors that we operate in ensured our
business remained resilient despite a difficult first quarter.
Volumes in construction were initially hit heavily by the
suspension of activity in the house building market. This was also
temporarily the case for our two-person 'white glove' home delivery
service whilst we adjusted to the new Government guidelines. Since
Q1, construction has gradually recovered and only our energy
business has seen persistent Covid-19 related impacts.
Financial performance for the year ending 31 March 2021 was
therefore robust despite Covid-19, with revenue increasing 1.7%.
Excluding the Containers and Pullman Fleet Services businesses,
underlying revenue growth was over 5%, driven by buoyant retail
performance positively impacting three of our four sectors. Several
key new contract wins earlier in the year were implemented in time
to deliver revenue in the second half.
Our full year underlying profit before tax reduced by 10.6%, due
to the impacts of Covid-19 in the first quarter. However, second
half profit performance was strong and the tight control of cash,
coupled with the cash management actions taken in the first
quarter, resulted in our cash position remaining healthy throughout
the year. We were able to repay all amounts deferred in the first
quarter, including VAT and pension contributions and were able to
repay our furlough money to the Government. Year end net cash was
GBP11.9m, an improvement of GBP22.0m compared to the prior
year.
As we previously reported, sizeable excise duty and VAT
assessments were raised against us by HMRC. These are disclosed as
a contingent liability in our accounts as at 31 March 2021. We have
always remained confident in our legal position and are pleased to
report that HMRC withdrew their assessments on 18 May 2021.
The service performance of our operations was again generally
excellent, underlining Wincanton's reputation for delivering
quality on a large scale in close collaboration with our customers.
This has been a year like no other, with sometimes wildly
fluctuating volumes and challenges with increased absence resulting
from both infections and isolations. Our Covid-19 response has
reflected the core strength of the operational capability of the
business, reacting with agility to the volatile demand patterns we
have experienced.
Sector Performance
Following the reorganisation of the Group, Wincanton is now able
to better focus on the key growth opportunities within its four
sectors:
Grocery & Consumer
Our Grocery & Consumer team worked tirelessly throughout the
year in challenging circumstances, delivering for customers as they
sought to manage the erratic nature of consumer demand. Prior year
new business wins with Morrisons and Co-op flowed through to
further support volume growth in the sector, yielding full year
revenue growth of 4.9%. Additional new business was awarded by
Morrisons this year as our partnership strengthened and we secured
a major renewal of all our Asda contracts for a further 2 years. In
the consumer market we expanded our relatively small relationship
with Heineken into a much larger transport engagement.
General Merchandise
The General Merchandise sector delivered a high level of volume
growth throughout the year. The various lockdowns created well
documented surges in consumer demand for DIY projects benefitting
several of our major customers and leading us to mobilise an
additional warehouse for the Screwfix network. Overall growth
year-on-year was over 11%, even with a slow Q1 where stores were
partially closed. A new transport contract was secured with Kelkay,
strengthening our reputation in homes and gardens retail.
Digital & eFulfilment
Our new Digital & eFulfilment sector had an exceptional
year. Volumes from existing customers were very strong, again
benefitting from the Covid-19 impact of people spending more on
their homes. Our two-person 'white glove' home delivery network
performed superbly, distributing sofas, wardrobes and many other
items of furniture to houses across the nation. Major new business
was secured with Waitrose & Partners to provide a home delivery
Customer Fulfilment Centre (CFC) in London and for Dobbies to
support their entire supply chain. Further home delivery contracts
were also secured with Homebase and Wickes.
We have opened a new warehouse in Nuneaton focused entirely on
this sector, extending our relationship with Loaf and Neal's Yard
Remedies as well as adding new customers into the location. The
success of this initiative has led us to make a further larger
investment with a new eCommerce facility in Rockingham. This
building has state-of-the-art automation to drive market leading
fulfilment volume capability. We are already working here with
B&Q on their 'Click & Collect' service and the facility has
attracted two new customers - Snug and Saint-Gobain. The investment
in these two facilities represents clear evidence of the Group's
strategic focus on the high-growth eCommerce market.
Public & Industrial
Our Public & Industrial sector had an exciting year after a
difficult first quarter. Second half volumes for our critical
mechanical offload fleet (MOL) were strong as the housing market
experienced an unexpected Covid-19 uplift. Our defence business
performed consistently throughout the year. Elsewhere, we extended
our services with Alstom, through the creation of a logistics
facility for the refurbishment of Alstom's high-speed passenger
train fleet. Our energy business had a challenging year as volumes
fluctuated throughout the pandemic. We did however secure a renewal
with Philips 66 in this sector.
Most notable was our successful pursuit of new opportunities
within the public sector. Business was won and implemented with
HMRC (inland border clearance centres), Department of Health and
Social Care (DHSC) (storage, handling and distribution of Covid-19
testing kits) and Department for Transport (DfT) (Covid-19 driver
testing). We continue to see a pipeline of opportunities emerging
from our framework agreement with the Crown Commercial Service.
Current Trading and Outlook
We have been able to carry strong momentum into the new
financial year and current trading is encouraging. Retail volumes
have remained strong and our construction and public sector
businesses continue to perform well.
We remain highly confident that we are well placed to make
further progress, though we are mindful of the competitive
environment and short term uncertainties as the country moves out
of lockdown. We have in place the right strategy and the right
people and believe our wide range of supply chain services and
capabilities will enable growth ahead of historic levels across our
four sectors.
Our ESG Strategy
Today we set out our plan to deliver long term sustainable
solutions across each of our business sectors and to lead the way
in responsible supply chain management.
The Group has undertaken a considerable amount of work during
the year to review and update our ESG commitments and strategy
centred around three key pillars:
-- Environmental - building the road to net-zero by 2040: a
commitment to being the leading third party logistics provider of
net-zero solutions for fleet, property and waste
-- Social - celebrating diversity, fostering a safe, empowering
and inclusive workplace and supporting the communities in which we
operate
-- Governance - ensuring direction and control of our business
through effective management, culture, systems and processes
Environmental
Our new strategy makes explicit environmental commitments both
for the long term - net-zero carbon emissions by 2040 - and for the
near term, with our home delivery business reaching carbon
neutrality by the end of next year. Progress is already being made
with our carbon intensity ratio decreasing again year-on-year to
270 tonnes of carbon dioxide equivalent (tCO2e) per GBPm revenue
(2020: 290).
Wincanton's strategy for improving our impact on the environment
contains five core commitments:
Net-zero emissions by 2040: Three 'net-zero roadmaps' have been
developed which set out how the Group will achieve its target to be
net-zero by 2040 across transport, property and waste. The top
priorities are being net-zero on 'to home' operations by April
2022, investing in an all-electric company car fleet by 2026 and
offsetting residual carbon emissions through Wincanton Woodland. We
are already taking strides to meet these commitments having become
the first premium home delivery service in the UK to offer net-zero
home delivery service. As a result, customers, including M&S,
Loaf, The White Company and Snug, are already using our enhanced
vehicle technology, electrification and carbon offsetting to create
carbon-neutral final mile deliveries.
Eliminate waste: By 2025, through a waste elimination programme,
we will double recycling rates from residual waste and ensure all
plastic packaging will contain a minimum 30% of recycled product.
By 2030, we aim to eliminate all single-use plastics, removing up
to 300 tonnes of waste.
Offering net-zero propositions to all customers: The Group has
committed to providing net-zero deliveries on home delivery
operations throughout our transport network by April 2022. As part
of this, we are working on offering diesel alternative fuel
options, such as Hydrotreated Vegetable Oil (HVO) or biomethane
fuel options, that will reduce transport emissions by 70 - 85%.
Innovation and collaboration: We are working with industry
partners to tackle some of the big issues within the logistics
sector, including how to eliminate red diesel use for refrigeration
by 2030 and launching a circular packaging programme.
Wincanton Woodland: A woodland planting scheme provides
Wincanton's customers the opportunity to offset their own carbon
emission through a certified and recognised programme.
Social
We have a strong internal people strategy focused on health,
safety and wellbeing; learning and development; diversity and
inclusion; and employee engagement. Externally, our sites have a
passion for supporting their local community through fundraising
activity. Our graduate group, the Wincantoneers, led the way this
year, raising GBP29,000 for the Prince's Trust and receiving the
'Shoot for the Stars Award' by the organisers for their fantastic
efforts. We use initiatives such as a funding match to further
encourage involvement in social engagement.
Governance
Our Code of Conduct, is now embedded across the business,
underpinning our Group strategy through a solid corporate
governance structure and robust risk, controls and compliance
programme. This forms part of our onboarding processes for all new
joiners as well as being a consistent part of our engagement
communications to all employees.
Safety
Safety remains a clear priority within our business and the
teams dealt exceptionally well with the unique challenges to our
ways of working presented by Covid-19. Safety has been paramount as
we played our vital role in keeping the country moving. Once again,
a clear year-on-year improvement has been made in our, already
strong, safety performance. The Lost Time Incident Frequency Rate
performance indicator improved again from 0.41 last year to 0.32
this year, a further 22% year-on-year reduction in an already
rapidly improving trend.
We have also been using our advanced vehicle telematics to focus
further on our Collision per Million Kilometres (CMK) measure and
have delivered an improvement of 44% versus last year.
Notwithstanding the benefit of reduced traffic in the year, we
consider this to be an impressive achievement.
We received external recognition with the Wincanton IKEA team
winning the Safety Award at the annual SHD Logistics Awards. The
award celebrates the best health and safety practice across the
supply chain and logistics industries. The Wincanton and IKEA
partnership was recognised for its commitment to continuous
improvement and establishing a 'zero accident target culture'. We
are very proud of this achievement delivered through a mixture of
training, awareness and adaptations to daily procedures to make
safe behaviours habitual.
Colleague Engagement
Engagement with our colleagues has been more important than ever
through the pandemic. As well as our normal bi-annual engagement
surveys, three additional pulse surveys were run with a focus on
safety, wellbeing, line manager support and communication. Despite
the challenges, overall engagement has remained relatively stable
at 67% group-wide, reflecting good levels of continued commitment
to the business. Areas of strength remain in safety, team working,
autonomy and line management support.
Good progress has been made over the past twelve months on our
inclusion agenda. The CEO chairs our Diversity & Inclusion
Steering Group and several of our senior leaders chair our new
networks including Ethnicity, LGBT+ and Disability. Clear steps
have been made on addressing the gender balance of our senior
leadership population. The Executive Management Team has increased
to 38% female and our Senior Management Group has increased from
20% to 32% female representation. The opportunity to do more to
improve in other groups is real and will create significant benefit
for the business. We have a clear focus to drive further progress
over the coming year, led from the top.
Finally, in this most challenging of years, we have also ensured
that wellbeing has been a key priority in our discussions launching
an overarching strategy governed by a Wellbeing Steering Group.
Strategy
"Great people delivering sustainable supply chain value"
Covid-19 has further strengthened the conviction we have in this
purpose, with supply chains across the country coming under much
closer scrutiny and requiring expert advice, implementation and
operations delivery.
Consumer habits have changed rapidly, and we believe many of
these shifts will be permanent. Consequently, short lead time
eFulfilment capability is essential for customers in our retail
markets. The nation's scrutiny of our public sector supply chains
is also much increased with people wanting to understand why some
areas have faltered in the pandemic and how this will be improved
in the future. Finally, we believe that investment in major
infrastructure will be used as a key stimulus for the country's
recovery from the economic impact of Covid-19.
Taking all this into consideration, we are deliberate in our
choice of markets and focused on developing an operating model with
products and services that will continue our success.
Our Markets
Deliberately chosen markets for investment that offer the
potential for organic and inorganic growth, leveraging both our
capabilities and our expertise
In addition to our new four sector organisation we have
strengthened our focus on the markets where we believe we can be
most successful. We want to grow in all markets where we choose to
compete, but we see some as having enhanced opportunity. We have
therefore segmented markets into 'foundation' and 'strategic
growth' categories.
Our Grocery & Consumer and General Merchandise sectors
contain foundation markets for the Group. The former covers food
retailers and the latter non-food, with both reaching into the
supply chains of the manufacturers and consumer products businesses
that supply them. Non-food is a broad category and to a large
degree we are agnostic about the products we work with; however, we
clearly have a prominent market position in DIY thanks to our long
standing relationship with B&Q and Screwfix. Existing and
target customers in these markets are constantly reviewing their
supply chains, we are ensuring that we continue to work in close
collaboration with both, bringing our expertise to add value to
solutions and maximise opportunities for the Group.
Digital & eFulfilment is an area where market shifts mean
that we see significant strategic growth opportunities. We are
building on our reputation as a strong provider to eCommerce
retailers especially in the home goods; garden products; and health
and beauty markets. Our focus is on bringing value to customers who
need high volume eFulfilment and to those that require home
deliveries with an emphasis on service. We continue to attract
furniture retailers such as Loaf and Snug to complement existing
customers like M&S and IKEA. Our new contract with Dobbies is
expanding us further into the homes and garden market. We are also
combining both our substantial experience with grocers and home
delivery to offer dark stores for the grocery eCommerce market. The
opening of our Waitrose & Partners facility makes us the first
outsourced provider of this service for a supermarket in the
UK.
Finally, in our Public & Industrial sector we see a mixture
of foundation and strategic growth markets. We have a long standing
track record of success in the construction market focused on
building materials. Our bulk tanking operations servicing customers
in the fuel, food services and water markets are well established,
as is our commitment to defence industry suppliers. We are
leveraging this broad experience into two strategic growth markets.
Firstly, with the public sector where we are now working with the
DHSC, and the DfT, in addition to our existing relationship with
HMRC. Secondly, we are targeting the major infrastructure market,
taking our growing relationship with EDF and Hinkley Point and
looking to expand into other projects such as Smart Motorways and
HS2 that have a high demand for supply chain services.
Our Products and Services
Customer propositions that deliver sustainable value and
innovation throughout the supply chain, meeting changing market
demands and harnessing the best technologies
Developing products and services to drive value for customers in
our target markets is a critical part of our strategy. We are
taking a leading position in the industry creating innovative
supply chain solutions in partnership with new and existing
customers.
Supported by our Wincanton W(2) innovation programme we are
investing in both technology and automation. This is particularly
relevant for our Digital & eFulfilment sector where we are also
building capacity. Our eFulfilment solutions are designed to offer
smaller customers rapidly implemented, attractive supply chain
solutions to create or enhance their online offer.
We have acquired a new site in Rockingham, Northamptonshire with
state-of-the-art automation capability. This creates an end-to-end
proposition that we can offer to customers with immediate effect,
facilitating high volume next-day parcel fulfilment with the
ability to deliver even with late cut-off times. This kind of
technology was previously only available on a dedicated basis to
very large customers who could justify major standalone capital
investment.
We have also invested in our Nuneaton eFulfilment centre,
working with Neal's Yard Remedies on a solution that uses
autonomous robots (or co-bots) to assist our people in individually
picking and packing parcel consignments. The increased efficiency,
accuracy and speed of this solution will appeal to many new and
existing customers across the sectors in which we operate.
Coupled with the increasing focus on automation, we have also
developed a cloud-based Warehouse Management System (WMS). This new
WMS is based on the latest version of the industry-leading
Manhattan WMS platform and is designed specifically for flexible
deployment in any site in a matter of days. This allows Wincanton
to dramatically reduce our implementation timescales and our
customers' lead-time to market.
Technology products and services are not only for our retail
customers though. In the major infrastructure market of our Public
& Industrial sector, we have designed a Materials Management
System (MMS) for EDF to manage the supply chain of inbound
materials. This innovative technology solution will have widespread
applicability in the market. The same also applies for the Yard
Management System (YMS) implemented for our Inland Border Clearance
Centres that can be used wherever large numbers of vehicles need to
be effectively controlled.
Finally, and importantly, we are leveraging one of Wincanton's
key strengths in health and safety to position ourselves in key
markets. Two examples illustrate the power of digital applications
to enhance our offer. Firstly, we have developed a package of
training courses that can be offered in 'Virtual Reality', creating
an immersive experience that improves learning outcomes and
overcomes issues with social distancing. Secondly, we have worked
with Soter Analytics (a graduate of the Wincanton 'W(2) '
innovation labs programme) to offer an app-enabled safety tool that
utilises artificial intelligence to analyse manual handling
behaviours and provide feedback to individuals on improving their
techniques, reducing accidents and improving productivity.
Our People
An inclusive culture supporting performance and growth for our
colleagues; developing the best teams that attract and retain the
most talented people in the industry
We will continue to drive our people agenda, recognising that
our colleagues are at the heart of everything we do. We are
ensuring that Wincanton attracts and retains the best people
through an engagement and inclusion agenda that is the best in the
industry.
We are focusing on future talent by maintaining a rolling
graduate programme with at least 40 placements across the business.
We also have an apprenticeship scheme with over 350 participants
augmented now by the creation of 200 "Kickstart" opportunities.
Excitingly, we are also launching a Driver Academy designed to
'grow our own' drivers through a fast track licence acquisition
programme. We already have over 100 people signed up for the scheme
and see this as an excellent customer proposition in an area where
the labour pool is increasingly constrained.
Our Operating Model
A disciplined and efficient operating model that is agile and
easy for our customers and our people to engage with; and enables
economies of scale
Our clearly defined four sector approach, and the disposal of
the Containers and Pullman Fleet Services businesses, have
streamlined the Wincanton operating model.
The business now has a much greater 'Group' focus with functions
such as transport; health and safety; sustainability;
implementation; and continuous improvement under one Group
operations remit. This enables consistency of delivery for our
customers and maximises opportunities to create synergistic value.
This has been especially critical in the past Covid-19 impacted
year but the benefits of a more coordinated approach will also
deliver value as our operating environment normalises.
We are again investing in technology to improve our operating
model with the implementation of the first phase of a new
Cloud-based finance and HR system planned for later in 2021. Our
new Group-wide Transport Management System (TMS) has commenced
roll-out and will be fully implemented across all transport
operations in the new financial year. Both these investments allow
us to better leverage our economies of scale and create additional
value for our customers.
Financial Review
Despite challenging market conditions due to the widespread
impact of Covid-19, Wincanton's overall financial performance was
strong. Revenues increased by GBP20.7m and further strengthening of
the Balance Sheet was achieved as the Group closed with a net cash
position of GBP11.9m (2020: net debt of GBP10.1m).
The key financial aspects are outlined below with the results
presented on an underlying basis, excluding non-underlying items,
in order to provide a better understanding of the underlying
performance. Details of the items reported as non-underlying in the
current and prior years are included in Note 3 to the accompanying
financial statements below and reconciliations to statutory numbers
are set out in the Adjusted Performance Measures at the end of this
review.
Financial Performance Summary
2021 2020
GBPm GBPm Change
------------------------------------------- ------- ------- -------
Revenue 1,221.9 1,201.2 1.7%
-------------------------------------------- ------- ------- -------
Underlying EBITDA (1) 95.2 104.1 (8.5)%
-------------------------------------------- ------- ------- -------
Underlying EBITDA margin (%)(1) 7.8% 8.7% (90)bps
Net financing costs (4.6) (8.2) 43.9%
-------------------------------------------- ------- ------- -------
Underlying profit before tax (1) 47.2 52.8 (10.6)%
Underlying profit before tax margin (%)(1) 3.9% 4.4% (50)bps
Non-underlying items (2) 1.2 (9.0)
-------------------------------------------- ------- ------- -------
Profit before tax 48.4 43.8 10.5%
Income tax (7.1) (5.3)
-------------------------------------------- ------- ------- -------
Profit after tax 41.3 38.5 7.3%
-------------------------------------------- ------- ------- -------
Underlying EPS 32.0p 36.1p (11.4)%
Basic EPS 33.3p 31.1p 7.1%
Closing net cash/ (debt) (GBPm) 11.9 (10.1) 22.0
Dividend per share 10.35p 3.90p
-------------------------------------------- ------- ------- -------
1 Further information on APMs, including definitions and a
reconciliation of APMs to statutory measures, are provided at the
end of this review.
2 The details of items reported as non-underlying in the current
and prior year are included in Note 3 to the accompanying financial
statements.
Revenue in the year ended 31 March 2021 increased by 1.7% to
GBP1,221.9m, despite the Covid-19 pandemic and the disposal of the
Containers and Pullman Fleet Services businesses during Q3. Growth
was particularly strong within Digital & eFulfilment due to the
take on of new business activity, together with strong retail sales
in General Merchandise and the grocery market, as retailers
benefitted from volume surges linked to the Covid-19 pandemic. The
increase in revenue was also despite the energy and construction
markets being adversely impacted by the pandemic, particularly
during Q1, with market recovery and strong public sector growth
improving the Public & Industrial performance.
The Group's underlying profit before tax declined to GBP47.2m
(-10.6%) due to the impact from Covid-19, particularly in our
construction and energy businesses during H1. We saw a sustained
recovery commence as the first lockdown lifted and profits in the
second half were well ahead of pre-pandemic levels. The Group
achieved an underlying profit before tax margin of 3.9%, a decrease
of 50bps from 4.4% in 2020 with the reduction in margin due to the
disproportionate impact of the pandemic on our higher-margin closed
book businesses in H1. Margins in the second half were at a similar
level to prior year with the positive margin impact of the high
eFulfilment growth offset by the margin dilutive impact of the high
growth in lower margin open book retail contracts.
The strong recovery in H2 resulted in revenue growth across all
four sectors for the second half and underlying profit before tax
increased to GBP28.1m (2020: GBP26.6m) with the improvement from H1
driven by a combination of market recovery, surging demand for
eCommerce and products for the home, new business and the disposal
of our non-core businesses:
-- Market recovery has been most notable in our construction
business where levels of demand for our specialised fleet
operations have been boosted by high activity levels in
housebuilding and with little weather disruption experienced this
winter. Only our energy business was notably affected by the second
and third lockdowns due to the impact of the reduction in road
transport on our fuel tanker utilisation. Underlying profit is
after recognising impairment charges of approximately GBP2m during
the year in our fuels business.
-- Following the shutdown of our home delivery network for a few
weeks in April and May, volumes quickly returned and remained
buoyant through the year. Our network was able to meet this boom in
demand with improved productivity and achieved good levels of
operational efficiency. It is unclear how long the surge in
spending on the home will continue but we expect the shift to
eCommerce to endure and the high growth of this area of our
business to continue.
-- The Group has delivered strong and profitable business growth
throughout the year, with new contracts going live in all sectors,
and most notably within Digital & eFulfilment and Public &
Industrial. Details of new business are provided in the Sector
Performance section above.
-- Both disposed businesses, Containers and Pullman Fleet
Services , made small losses in the first half of the year and the
disposal of these businesses benefitted the Group's profit run
rate.
Underlying EPS decreased by 11.4% to 32.0p per share (2020:
36.1p per share) reflecting the reduction in profits.
The uplift in dividend per share to 10.35p reflects a return to
pre-Covid-19 dividend levels, with the 2020 figure impacted by the
suspension of the final dividend award as a cash protection measure
as we faced into the Covid-19 pandemic.
Covid-19 Impact and Response
Wincanton was quick to adopt a number of operational and
financial initiatives to minimise the impact of Covid-19 on the
business where possible. Management renegotiated new terms with
suppliers and ceased all discretionary spend. In order to safeguard
jobs during the period of Covid-19, Wincanton received grants under
the Government's Coronavirus Job Retention Scheme (CJRS) in respect
of furloughed employees. In addition, Wincanton took advantage of
the HMRC deferred payment provisions relating to VAT and entered
into discussions with its pension trustee to defer pension
contributions. However, following the stabilisation of the business
and the return to growth, all deferred payments and GBP5.8m of
Government support from which it benefitted under the CJRS were
repaid in the second half of the year.
Sector Revenue
Revenue
2021 2020 Change
GBPm GBPm %
-------------------------------------- ------- ------- -------
Digital & eFulfilment 144.4 115.3 25.2%
Grocery & Consumer 447.0 426.3 4.9%
General Merchandise 334.3 299.1 11.8%
Public & Industrial 245.6 268.2 (8.4)%
--------------------------------------- ------- ------- -------
Ongoing operations 1,171.3 1,108.9 5.6%
--------------------------------------- ------- ------- -------
Containers and Pullman Fleet Services 50.6 92.3 (45.2)%
--------------------------------------- ------- ------- -------
Total 1,221.9 1,201.2 1.7%
--------------------------------------- ------- ------- -------
Revenue growth for the period was 1.7%, despite the disposal of
our non-core Containers and Pullman Fleet Services businesses early
in the third quarter. Excluding these operations, revenue growth
was 5.6% higher than prior year.
The highest growth rate, of over 25%, was in the Digital &
eFulfilment sector. This sector benefitted from the growth in
online activity and 'white glove' home delivery from our dedicated
eCommerce sites and the commencement of new contracts, including
Dobbies and the Waitrose & Partners CFC. The Digital &
eFulfilment growth excludes GBP5.0m of billed revenue in relation
to start-up activities which has been deferred over the life of the
contract in accordance with IFRS15 Revenue from Contracts with
Customers.
The various lockdowns through the year resulted in surges in
consumer demand within our Grocery & Consumer and General
Merchandise sectors which, coupled with contract expansion and new
business revenue, such as with Kelkay in General Merchandise and
Heineken in Grocery & Consumer, delivered encouraging growth
for the period.
The Public & Industrial sector had a challenging first half
of the year in the construction and energy markets due to the
impact of Covid-19, with first half revenue 22% down on the prior
year but returned to growth in the second half of the year. The 6%
second half growth benefitted from the return of construction
volumes and the start-up of new public sector business, most
notably with HMRC (Inland Border Clearance Centres), DHSC (Covid-19
testing kits) and DfT (Covid-19 driver testing).
The disproportionate impact of the pandemic on closed book
operations, together with the disposal of the closed book
Containers and Pullman Fleet Services businesses, led to an
increase in the share of Group revenue derived from open book
contracts to 69% (2020: 64%).
Net Financing Costs
2021 2020 Change
GBPm GBPm GBPm
-------------------------------------------------- ------ ----- ------
Interest income 0.1 - 0.1
Interest on the net defined benefit pension asset 2.3 - 2.3
Interest expense (2.8) (3.9) 1.1
Unwinding of discount on provisions (0.4) (0.5) 0.1
Interest on lease liabilities (3.8) (3.8) -
-------------------------------------------------- ------ ----- ------
Net financing costs (4.6) (8.2) 3.6
-------------------------------------------------- ------ ----- ------
Net financing costs were GBP4.6m (2020: GBP8.2m), GBP3.6m lower
year on year. A large proportion of this reduction relates to
non-cash interest income of GBP2.3m (2020: GBPnil) on the defined
benefit pension surplus. This pension interest income benefitted
from a short term spike in the surplus position reported at 31
March 2020 which arose from pandemic-related market volatility at
that time. Non-cash pension interest income is expected to reduce
in FY22 in line with the reduction in the net pension surplus.
Bank interest payable on loans of GBP2.8m (2020: GBP3.9m) has
reduced due to the Group maintaining a net cash position for much
of the year, reducing the need to utilise the Group's revolving
credit facility. Interest payable also includes commitment fees and
arrangement fees (GBP1.5m) (2020: GBP0.8m).
Non-Underlying Items
2021 2020 Change
GBPm GBPm GBPm
---------------------------------------------------------------------- ----- ----- ------
Gain on disposal of businesses 0.4 - 0.4
Net profit on disposal of assets 0.8 - 0.8
Net profit on disposal of freehold property 0.5 2.3 (1.8)
Write back of accrued professional fees in relation to M&A activities 0.2 (2.0) 2.2
Pension Scheme - Guaranteed Minimum Pension (GMP) (0.7) - (0.7)
Covid-19 related impairments - (9.3) 9.3
Total non-underlying items(1) 1.2 (9.0) 10.2
---------------------------------------------------------------------- ----- ----- ------
1 The definition of non-underlying items is included in Note 3
to the accompanying financial statements.
During H2, the Group disposed of Containers and Pullman Fleet
Services, with the cash consideration, net of transaction costs and
other costs associated with the disposal, resulting in a net profit
on disposal of GBP0.4m. Containers was disposed of on 3 October
2020 for a total consideration of GBP1.7m. On 5 November 2020, the
Group disposed of Pullman Fleet Services for a cash consideration
of GBP0.7m, of which GBP0.5m has been received in the year. The
remaining GBP0.2m will be received in May 2021.
The Group also disposed of a number of specialist vehicles
during the year that were not required for ongoing operations,
resulting in a net gain on sale of GBP0.8m.
Costs of M&A activities, including a takeover bid for a
competitor Eddie Stobart Logistics plc, of GBP2.0m were incurred in
the prior year. Final costs incurred were GBP0.2m lower than
anticipated and have therefore been released in the current
year.
Also in the prior year, the non-underlying costs comprised of a
profit of GBP2.3m from the disposal of two freehold properties,
with the final position achieved being GBP0.5m favourable,
resulting in a further gain in the current year, and a Covid-19
related non-cash impairment charge of GBP9.3m.
The Group's pension Scheme accrued a Guaranteed Minimum Pension
(GMP), but amounts differed for men and women. Recent updated court
judgements now require the Scheme to recognise additional past
service costs relating to past transfers. The increase required is
GBP0.7m and treated as non-underlying which is consistent with the
amount recognised in 2018.
Taxation
2021 2020 Change
GBPm GBPm GBPm
--------------------------------------------------- ----- ----- ------
Underlying profit before tax (1) 47.2 52.8 (5.6)
--------------------------------------------------- ----- ----- ------
Underlying tax (7.5) (8.1) 0.6
Non-underlying tax 0.4 2.8 (2.4)
--------------------------------------------------- ----- ----- ------
Tax as reported (7.1) (5.3) (1.8)
--------------------------------------------------- ----- ----- ------
Effective tax rate on underlying profit before tax 15.9% 15.3% 60bps
--------------------------------------------------- ----- ----- ------
1 Further information on Alternative Performance Measures (APMs)
including definitions and a reconciliation of APMs to statutory
measures are provided in the APM table at the end of this
review.
Underlying tax of GBP7.5m (2020: GBP8.1m) represents an
underlying effective tax rate (ETR) of 15.9% (2020: 15.3%) on
underlying profit before tax and is stated before net tax credits
of GBP0.4m in respect of non-underlying items (2020: GBP2.8m).
The non-underlying tax credits are due to the majority of income
in respect of the disposal of Pullman Fleet Services being covered
by Group exemptions and therefore not being taxable, and the income
in respect of the disposal of the Containers business being offset
by the cost of the fixed assets disposed, therefore reducing the
taxable profits substantially.
The ETR is lower than the statutory rate of 19.0% due to
adjustments arising from finalising prior year positions. The
non-underlying tax credit in the prior year of GBP2.8m arose in
respect of the nil capital gain for tax purposes of the property
disposal. With effect from FY22, the ETR is expected to move
towards the current statutory tax rate of 19.0% (excluding any
one-off adjustments arising from the proposed increase in the
Corporation Tax rate). It was announced in the Budget on 3 March
2021 that the corporation tax rate will increase to 25% from 1
April 2023. This rate has not been substantively enacted and
therefore has not yet been incorporated into the Group's deferred
tax balances.
Wincanton has sought a Research and Development Expenditure
Credit with the cash benefit being offset against the Group's tax
payable. A claim for FY19 and FY20 was submitted in the current
financial year and a net benefit of GBP0.8m is reported in
operating profit.
Profit After Tax and Earnings Per Share
Underlying profit before tax for the year decreased to GBP47.2m
(2020: GBP52.8m) due to the impact of Covid-19 on operating
activities, as detailed above. This was partially offset by reduced
net financing costs, principally due to interest income on the
defined benefit pension surplus as well as lower bank interest
payable due to the Group's net cash position for much of the
year.
Underlying profit after tax for the year is GBP39.7m (2020:
GBP44.7m). The decrease is due to the drop in underlying profit
before tax as well as a marginal increase in the underlying tax
rate from 15.3% to 15.9%.
Profit after tax for the year on a statutory basis increased to
GBP41.3m (2020: GBP38.5m) due to the positive overall movement in
non-underlying items more than offsetting the reduction in
underlying profit after tax.
Underlying EPS, which excludes earnings from non-underlying
items, decreased by 11.4% to 32.0p (2020: 36.1p). Basic EPS
increased by 7.1% to 33.3p (2020: 31.1p).
The calculation of these EPS measures is set out in Note 7 to
the accompanying financial statements.
Dividend
2021 2020
pence pence
----------------- ------ ------
Interim 2.85 3.90
Final (proposed) 7.50 -
----------------- ------ ------
Total 10.35 3.90
----------------- ------ ------
In setting the dividend the Board considers a range of factors,
including the Group's strategy and its ability to grow, its
commitments to all stakeholders, the current and projected level of
distributable reserves and projected cash flows, including cash
payments to the pension scheme and deferred payment
arrangements.
Following the suspension of the final dividend in respect of the
year ended 31 March 2020 in response to Covid-19 uncertainty, the
Group declared an interim dividend of 2.85p (2020: 3.90p) during
the year ended 31 March 2021, that was paid on 22 January 2021.
This reflected the Board's confidence in the improved Group
performance and the importance of dividends to shareholders.
The Board is proposing a final dividend of 7.50p (2020: nil),
reflecting a return to the Group's established dividend policy,
with payout broadly following movements in underlying earnings. The
proposed final dividend is subject to approval by shareholders at
the Annual General Meeting on 7 July 2021 and if approved by
shareholders, will be paid on 6 August 2021 to shareholders on the
register on 9 July 2021. The estimated amount is GBP9.3m and in
accordance with Adopted IFRS has not been included as a liability
in these statements.
Dividend payments of GBP3.5m (2020: GBP13.8m) in the year
comprised the 2021 interim dividend.
Financial Position
The summary financial position of the Group is set out
below:
2021 2020(1) Change
GBPm GBPm GBPm
--------------------------------------------------------- ------- ------- ------
Non-current assets (excl. pension asset) 237.3 221.9 15.4
Net current liabilities (excl. net debt) (158.0) (161.1) 3.1
Non-current liabilities (excl. net debt/pension deficit) (138.9) (130.4) (8.5)
Net cash/(debt) 11.9 (10.1) 22.0
Net pensions asset (excl. deferred tax) 48.2 94.4 (46.2)
--------------------------------------------------------- ------- ------- ------
Net assets 0.5 14.7 (14.2)
--------------------------------------------------------- ------- ------- ------
(1) The comparatives have been restated due to a prior year
adjustment as explained in Note 1 to the accompanying financial
statements.
The GBP14.2m reduction in net assets is primarily due to the
anticipated unwind in the pension position due to the temporary
benefit as a result of Covid-19 related market uncertainty at 31
March 2020, largely offset by the profit after tax of GBP41.3m. The
pension movement is explained in more detail in the Pension section
below.
Cash Flows and Net Debt
Net cash at 31 March 2021 was GBP11.9m (2020: net debt of
GBP10.1m), reflecting a net cash inflow of GBP22.0m over the
intervening 12 months. Free cash flow of GBP43.8m was generated
(2020: GBP40.8m) whereby free cash flow is defined as the movement
in net debt, before pension payments, dividends and the acquisition
of own shares.
2021 2020 Change
GBPm GBPm GBPm
-------------------------------------- ------ ------ ------
Underlying EBITDA(1) 95.2 104.1 (8.9)
Working capital 3.0 (4.0) 7.0
Tax (5.7) (7.0) 1.3
Net interest (6.3) (7.8) 1.5
Other items - (5.0) 5.0
Repayment of obligations under leases (35.1) (35.7) 0.6
Capital expenditure (11.8) (9.3) (2.5)
Proceeds from asset disposals 4.5 5.5 (1.0)
-------------------------------------- ------ ------ ------
Free cash flow 43.8 40.8 3.0
Pension recovery payment (18.3) (17.8) (0.5)
Dividends (3.5) (13.8) 10.3
Reduction in net debt 22.0 9.2 12.8
-------------------------------------- ------ ------ ------
1 Further information on Alternative Performance Measures (APMs)
including definitions and a reconciliation of APMs to statutory
measures are provided in the Alternative Performance Measures table
at the end of this review.
The working capital inflow for the year arose as a result of
investment in growth, offset by cash management actions taken
during the year, including the renegotiation of certain supplier
payment terms, the deferral of bonus payments and capital
investment paid for in advance. Temporary working capital benefits
during the year included the deferral of GBP43.9m of VAT payments
and GBP6.1m of pension contributions from the first quarter, both
of which have been paid during H2.
The Group paid cash tax in the year of GBP5.7m, with the cash
tax payable relating to FY21 continuing to trend below the
underlying charge primarily due to the impact of tax relief on the
pension deficit recovery payments made in the year. The reduction
in cash tax is due to the additional payment made in the prior year
arising from the change in timing of tax payments and the tax
benefit received due to R&D expenditure claims.
The amount of cash net interest paid during the year excluding
fees, of GBP6.3m, has decreased in the period due to the improved
cash position through the year leading to a reduced requirement to
draw down on the Group's revolving credit facility.
Capital expenditure of GBP11.8m (2020: GBP9.3m), increased
versus prior year driven by investment in business growth in H2,
particularly IT systems, our Customer Fulfilment Centre and
investment in contract start-ups. IT systems investments include
the enhancement of our transport management system, which went live
in early 2021 and the upgrade of our finance and HR systems, the
first phase of which is due to go live in the first half of FY22. A
similar level of capital expenditure is expected in FY22, although
this is subject to the nature and timing of new business
activity.
Net proceeds from asset disposals of GBP4.5m primarily relates
to the disposal of sundry vehicles during the period. In the prior
year, the net proceeds of GBP5.5m relate to the disposal of two
under-utilised freehold properties.
Equity dividends of GBP3.5m (2020: GBP13.8m) were paid in the
year, down 74.6% from the prior year with the final FY20 dividend,
which ordinarily would have been paid in H1 (2020: GBP9.0m),
suspended as a consequence of the uncertainty caused by Covid-19.
The interim cash dividend paid in the second half was GBP3.5m
(2020: GBP4.8m). The recommended FY21 final dividend, will result
in a cash outflow of GBP9.3m in H1 FY22.
The cash contributions to fund the pension deficit in the
current year to 31 March 2021 were GBP18.9m (31 March 2020:
GBP18.5m) together with interest on the contributions deferred of
GBP0.1m, less administration costs of GBP0.7m. Under the newly
agreed pension arrangements following the 31 March 2020 triennial
valuation, net payments in the next financial year will be
GBP18.5m.
Financing and Covenants
The Group's committed facilities at the year end were GBP177.7m
(2020: GBP141.2m), including a GBP36.5m extension to the facility
which expired in May 2021, while the main facility expires in
October 2023. The extension of GBP40m, secured in May 2020, was
reduced marginally in January 2021 by GBP3.5m which was equivalent
to the amount of interim dividend paid. The headroom in these
committed facilities compared to net cash of GBP11.9m at 31 March
2021 was GBP189.6m (2020: GBP131m). The Group also has a
Receivables Purchase Facility and operating overdrafts which
provide day to day flexibility, amounting to a further capacity of
GBP50m and GBP7.5m respectively in uncommitted facilities. At 31
March 2021, utilisation of the Group's non-recourse Receivables
Purchase Facility was GBP7.1m (2020: GBP5.2m).
Wincanton operates comfortably within its banking covenants, as
summarised in the table below:
Covenant Ratio At 31 March 2021 At 31 March 2020
------------------- -------- ---------------- ----------------
Leverage ratio <2.75:1 0.3 0.5
Interest cover >3.5:1 29.2 21.7
Fixed charge cover >1.4:1 2.8 3.1
------------------- -------- ---------------- ----------------
The calculation of these covenants and reconciliations to
reported numbers are included in Note 13 to the accompanying
financial statements.
Pensions
The Group operates a number of pension arrangements in the UK
and Ireland.
Defined benefit arrangements
The Wincanton plc Pension Scheme (the Scheme) includes defined
benefit sections which were closed to future accrual on 31 March
2014.
The Group has reported an IAS 19 net asset of GBP48.2m (GBP39.1m
net of deferred tax) at 31 March 2021 (2020: GBP94.4m).
GBPm 31 March 2021 30 September 2020 At 31 March 2020
------------------ ------------- ----------------- ----------------
Assets 1,211.9 1,284.5 1,157.5
Liabilities (1,163.7) (1,260.2) (1,063.1)
------------------ ------------- ----------------- ----------------
Pension net asset 48.2 24.3 94.4
------------------ ------------- ----------------- ----------------
Discount rate (%) 2.0% 1.55 2.3
------------------ ------------- ----------------- ----------------
The movement in the net asset since 31 March 2020 is due to the
unwinding throughout the year of market uncertainty caused in the
spring of 2020 by the Covid-19 pandemic. The valuation of Scheme
liabilities is calculated using a discount rate based on high
quality corporate bond yields while Scheme assets are hedged
against movements in gilt yields. Credit spreads on corporate bonds
increased due to market uncertainty resulting in a reduction in the
liabilities which was not matched with a corresponding fall in
assets as at 31 March 2020. This difference has reversed post 31
March 2020 as expected, significantly reducing the size of the net
asset during the year to 31 March 2021.
Other movements primarily relate to net cash contributions of
GBP18.2m in the year as agreed with the Trustee of the Scheme and
set out below. This cash contribution also includes the repayment
of GBP6.1m of deferred contributions from H1 FY21.
In September 2020, the Group reached an agreement with the
Trustee of the Scheme on the 2020 triennial valuation and recovery
plan. The key elements are set out below:
- The annual deficit funding contributions have been agreed at
GBP18.9m per annum from 1 April 2020 increasing by RPI over the
four years to March 2024, followed by GBP22.0m per annum from April
2024, increasing by RPI to March 2027, based on the ongoing
provision of a Letter of Credit equivalent to GBP3m p.a.. The Group
will continue to pay certain administration costs directly and, in
line with the Schedule of contributions, these will be deducted
from the deficit funding contributions.
- Annual cash contributions for the period from April 2021 to
March 2027 are c.GBP6m per annum lower than those agreed in the
2017 valuation due to positive investment returns and longevity
experience since the 2017 valuation was agreed.
- Additional protection has been provided to the Scheme in the
form of a letter of credit of GBP3.0m per annum in the event of
severe adverse Scheme experience and Group default. A further
GBP3.0m will be provided in March 2024.
The estimated actuarial deficit at 31 March 2021 has reduced to
GBP67.0m. As at 31 March 2021 the Scheme's investment was split
between 20% in return-seeking assets and 80% in defensive
assets.
The interest and inflation rate risks facing the Scheme are
hedged and, as set out above, the Trustee has increased the level
of this hedge during the year to 109% and 106% of the Scheme's
assets respectively. The discount rate for calculating liabilities
has reduced by 0.3% compared to the prior year. At 31 March 2021, a
0.1% reduction in the rate would increase liabilities by
approximately GBP19.0m while the hedging in place means assets
would increase by GBP22.0m.
Defined contribution arrangements
The Group's defined contribution arrangements include the
Retirement Savings Section, including the Auto Enrolment section,
and the Pension Builder Plan in the UK and a separate similar local
scheme in Ireland. Active membership of these schemes was 16,275
(2020: 16,502) at the end of the year. The charge incurred for
these arrangements totals GBP34.0m (2020: GBP33.6m).
Contingent Liability
During the year, the Group was notified by HMRC of claims for
excise duty and related VAT in connection with irregularities
during the export process of a group of former customers' excise
goods. Due to the nature of the excise regime Wincanton operates
in, HMRC considered Wincanton to be jointly and severally liable
for Excise duty and VAT arising as a result of these
irregularities.
Wincanton appealed the claims as it was confident in its legal
position having received clear, expert advice. At the Balance Sheet
date, as a result of the strength of the legal advice, no liability
was recognised in respect of these claims, noting that the total
value of the claims was approximately GBP50m before interest and
legal costs.
Following the completion of HMRC's internal governance process
on 18 May 2021, the Group received confirmation that all the
assessments have been withdrawn.
Going Concern
Based on the Group's cashflows forecasts and projections, the
Board are satisfied that the Group has adequate resources and will
be able to operate within the level of its bank facilities for the
foreseeable future. On this basis, the financial statements have
been prepared on a going concern basis.
In determining whether the financial statements can be prepared
on a going concern basis, the Board considered the Group's business
activities, together with the factors likely to affect its future
development, performance and position.
The Board considered in detail the future impact on the Group of
a possible downturn in financial and trading performance together
with unplanned working capital outflows. The Board has considered a
base case and a severe but plausible downside case. In both
scenarios, the Group has adequate headroom in existing bank
facilities to meet its liabilities as they fall due and it complies
with the financial covenants under its committed borrowing
facilities throughout the forecast period. Further details are
provided in the Basis of Preparation section in Note 1 Accounting
Policies in the accompanying financial statements.
Alternative Performance Measures
Alternative performance measures (APMs) are used by the Board to
assess the Group's performance and are applied consistently from
one period to the next. They therefore provide additional useful
information for shareholders on the underlying performance and
position of the Group. Additionally, underlying profit before tax
is used in determining annual bonus payments and underlying EPS is
used as a key performance indicator for the Long Term Incentive
Plan. These measures are not defined by IFRS and are not intended
to be a substitute for IFRS measures.
The Group presents underlying EBITDA, operating profit, profit
before tax and EPS which are calculated as the statutory measures
stated before non-underlying items, including exceptional items,
amortisation of acquired intangibles, related tax and exceptional
tax items, where applicable. The definition of non-underlying items
can be found in Note 3 to the accompanying financial statements.
The table below reconciles the APMs to the statutory reported
measures.
2021 2020
------------------------------------- ------------------------------------- -------------------------------------
Non-underlying Non-underlying
Statutory Items(1) Underlying Statutory Items(1) Underlying
GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------------- --------- -------------- ---------- --------- -------------- ----------
Revenue 1,221.9 - 1,221.9 1,201.2 - 1,201.2
-------------------------------------- --------- -------------- ---------- --------- -------------- ----------
EBITDA (2) 98.0 (2.8) 95.2 103.1 1.0 104.1
-------------------------------------- --------- -------------- ---------- --------- -------------- ----------
EBITDA margin (%) 8.0% - 7. 8 % 8.6% - 8.7%
Depreciation, amortisation and
impairments (45.0) 1.6 (43.4) (51.1) 8.0 (43.1)
-------------------------------------- --------- -------------- ---------- --------- -------------- ----------
Operating profit 53.0 (1.2) 51.8 52.0 9.0 61.0
Net financing costs (4.6) - (4.6) (8.2) - (8.2)
-------------------------------------- --------- -------------- ---------- --------- -------------- ----------
Profit before tax 48.4 (1.2) 47.2 43.8 9.0 52.8
Income tax (7.1) (0.4) (7.5) (5.3) (2.8) (8.1)
-------------------------------------- --------- -------------- ---------- --------- -------------- ----------
Profit after tax 41.3 (1.6) 39.7 38.5 6.2 44.7
-------------------------------------- --------- -------------- ---------- --------- -------------- ----------
Earnings per share(3) 33.3p 32.0p 31.1p 36.1p
Dividend per share 10.35p 10.35p 3.90p 3.90p
Net cash / (debt) excluding lease
liabilities(4) 11.9 11.9 (10.1) (10.1)
-------------------------------------- --------- -------------- ---------- --------- -------------- ----------
1 Note 3 to the accompanying financial statements provides the
definition of non-underlying items and details of the items
reported as non-underlying in the current and prior year.
2 EBITDA refers to operating profit before depreciation,
amortisation and impairment of non-current assets.
3 Note 7 to the accompanying financial statements provides
further detail of underlying earnings per share.
4 Net debt is the sum of cash and bank balances, bank loans and
overdrafts and other financial liabilities excluding lease
liabilities. Note 9 to the accompanying financial statements
provides a breakdown of net debt for the current and prior
periods.
Cautionary Statement
This announcement has been prepared to provide the Company's
shareholders with a fair review of the business of the Group and a
description of the principal risks and uncertainties facing it. It
may not be relied upon by anyone, including the Company's
shareholders, for any other purpose. This announcement contains
forward-looking statements that are subject to risk factors
including the economic and business circumstances occurring from
time to time in countries and markets in which the Group operates
and risk factors associated with the Group's broad industry
sectors. By their nature, forward-looking statements involve a
number of risks, uncertainties and assumptions because they relate
to events and/or depend on circumstances that may or may not occur
in the future and could cause actual results and outcomes to differ
materially from those expressed in or implied by the
forward-looking statements. Forward-looking statements in this
Announcement include, but are not limited to, statements about the
Group's future financial and operational performance, management's
ability to
successfully execute the new strategy, and the ability of the
Group and its industry sectors generally to respond to the effects
and aftermath of the Covid-19 pandemic. No assurance can be given
that the forward-looking statements in this announcement will be
realised. Statements about the Directors' expectations, beliefs,
hopes, plans, intentions and strategies are inherently subject to
change and they are based on expectations and assumptions as to
future events, circumstances and other factors which are in some
cases outside the Group's control. Actual results could differ
materially from the Group's current expectations. It is believed
that the expectations set out in these forward-looking statements
are reasonable but they may be affected by a wide range of
variables which could cause actual results or trends to differ
materially.
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MARCH 2021
2021 2020(1)
-------------------------------- ---- ---------- -------------- --------- ---------- -------------- ---------
Underlying Non-underlying Total Underlying Non-underlying Total
Note GBPm GBPm GBPm GBPm GBPm GBPm
-------------------------------- ---- ---------- -------------- --------- ---------- -------------- ---------
Revenue 1,221.9 - 1,221.9 1,201.2 - 1,201.2
Net operating (costs)/income (1,170.2) 1.2 (1,169.0) (1,140.2) (9.0) (1,149.2)
Share of results of joint
venture 0.1 - 0.1 - - -
-------------------------------- ---- ---------- -------------- --------- ---------- -------------- ---------
Operating profit 51.8 1.2 53.0 61.0 (9.0) 52.0
Financing income 5 2.4 - 2.4 - - -
Financing cost 5 (7.0) - (7.0) (8.2) - (8.2)
-------------------------------- ---- ---------- -------------- --------- ---------- -------------- ---------
Profit/(loss) before tax 47.2 1.2 48.4 52.8 (9.0) 43.8
Income tax expense 6 (7.5) 0.4 (7.1) (8.1) 2.8 (5.3)
-------------------------------- ---- ---------- -------------- --------- ---------- -------------- ---------
Profit/(loss) attributable to
equity shareholders of
Wincanton plc 39.7 1.6 41.3 44.7 (6.2) 38.5
-------------------------------- ---- ---------- -------------- --------- ---------- -------------- ---------
Earnings per share
- basic 7 32.0p 33.3p 36.1p 31.1p
- diluted 7 31.7p 32.9p 35.8p 30.8p
-------------------------------- ---- ---------- -------------- --------- ---------- -------------- ---------
1 The Consolidated Income Statement for the comparative year has
been re-presented in a columnar format separating out the
non-underlying items from underlying. The definition of
non-underlying is included in Note 3 to these financial
statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 MARCH 2021
2021 2020
Note GBPm GBPm
-------------------------------------------------------------------------------------------- ---- ------ ------
Profit for the year 41.3 38.5
-------------------------------------------------------------------------------------------- ---- ------ ------
Other comprehensive (loss)/income
Items which will not subsequently be reclassified to the Income Statement
Remeasurements of net defined benefit asset 12 (65.3) 84.0
Deferred tax relating to items that will not subsequently be reclassified to profit or loss 6 12.4 (15.8)
-------------------------------------------------------------------------------------------- ---- ------ ------
(52.9) 68.2
Items which are or may subsequently be reclassified to the Income Statement
Net foreign exchange (loss)/gain on investment in foreign subsidiaries (0.2) 0.1
Other comprehensive (loss)/income for the year, net of income tax (53.1) 68.3
-------------------------------------------------------------------------------------------- ---- ------ ------
Total comprehensive (loss)/income attributable to equity shareholders of Wincanton plc (11.8) 106.8
-------------------------------------------------------------------------------------------- ---- ------ ------
CONSOLIDATED BALANCE SHEET
AT 31 MARCH 2021
2020
2021 Restated(1)
Note GBPm GBPm
---------------------------------------------- ---- ------- ------------
Non-current assets
Goodwill and intangible assets 86.8 85.6
Property, plant, equipment and vehicles 21.0 26.6
Right-of-use assets 129.3 109.5
Investments, including those equity accounted 0.2 0.2
Employee benefits 12 50.8 96.5
---------------------------------------------- ---- ------- ------------
288.1 318.4
---------------------------------------------- ---- ------- ------------
Current assets
Inventories 1.4 2.0
Trade and other receivables 190.2 135.0
Income tax receivable 0.6 -
Cash at bank and in hand 9 30.6 79.0
---------------------------------------------- ---- ------- ------------
222.8 216.0
Assets classified as held for sale 0.9 -
---------------------------------------------- ---- ------- ------------
223.7 216.0
---------------------------------------------- ---- ------- ------------
Current liabilities
Income tax payable - (2.4)
Borrowings and other financial liabilities 9 (9.7) (18.1)
Lease liabilities (32.3) (35.4)
Trade and other payables (303.7) (248.1)
Provisions 10 (15.1) (12.2)
---------------------------------------------- ---- ------- ------------
(360.8) (316.2)
---------------------------------------------- ---- ------- ------------
Net current liabilities (137.1) (100.2)
---------------------------------------------- ---- ------- ------------
Total assets less current liabilities 151.0 218.2
---------------------------------------------- ---- ------- ------------
Non-current liabilities
Borrowings and other financial liabilities 9 (9.0) (71.0)
Lease liabilities (113.4) (94.3)
Provisions 10 (23.9) (24.8)
Deferred tax liabilities (1.6) (11.3)
Employee benefits 12 (2.6) (2.1)
---------------------------------------------- ---- ------- ------------
(150.5) (203.5)
---------------------------------------------- ---- ------- ------------
Net assets 0.5 14.7
---------------------------------------------- ---- ------- ------------
Equity
Issued share capital 12.5 12.5
Share premium 12.9 12.9
Merger reserve 3.5 3.5
Translation reserve (0.4) (0.2)
Own shares (1.0) (1.5)
Retained losses (27.0) (12.5)
---------------------------------------------- ---- ------- ------------
Total equity 0.5 14.7
---------------------------------------------- ---- ------- ------------
(1) The comparatives have been restated due to prior year adjustments as explained in Note 1.
These financial statements were approved by the Board of
Directors on 19 May 2021 and were signed on their behalf by:
J Wroath T Lawlor
Chief Executive Officer Chief Financial Officer
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MARCH 2021
Issued Total
share Share Merger Translation Own Retained (losses)/ equity/
capital premium reserve reserve shares earnings (deficit)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Balance at 1 April 2019 12.5 12.9 3.5 (0.3) (2.2) (104.7) (78.3)
Profit for the year - - - - - 38.5 38.5
Other comprehensive income - - - 0.1 - 68.2 68.3
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Total comprehensive income - - - 0.1 - 106.7 106.8
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Share based payment
transactions - - - - 0.7 (1.0) (0.3)
Current tax on share based
payment transactions - - - - - 0.3 0.3
Dividends paid to
shareholders - - - - - (13.8) (13.8)
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Balance at 31 March 2020 12.5 12.9 3.5 (0.2) (1.5) (12.5) 14.7
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Balance as at 1 April 2020 12.5 12.9 3.5 (0.2) (1.5) (12.5) 14.7
Profit for the year - - - - - 41.3 41.3
Other comprehensive income - - - (0.2) - (52.9) (53.1)
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Total comprehensive income - - - (0.2) - (11.6) (11.8)
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Share based payment
transactions - - - - 0.5 0.1 0.6
Deferred tax on share
based payment
transactions - - - - - 0.5 0.5
Dividends paid to
shareholders - - - - - (3.5) (3.5)
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
Balance at 31 March 2021 12.5 12.9 3.5 (0.4) (1.0) (27.0) 0.5
-------------------------- -------- -------- -------- ----------- ------- -------------------------- ----------
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MARCH 2021
2020
2021 Restated(1)
GBPm GBPm
------------------------------------------------------------------------------------------- ------- ------------
Operating activities
Profit before tax 48.4 43.8
Adjustments for
- depreciation and amortisation 41.1 43.1
- research and development expenditure credit (1.0) -
- net financing costs 4.6 8.2
- impairments 2.3 9.3
- profit on disposal of property, plant, equipment and vehicles (0.7) (2.3)
- profit on disposal of businesses (0.4) -
- share of results of joint venture (0.1) -
- write down of trade investment 0.1 -
- share based payment transactions 0.6 (0.3)
------------------------------------------------------------------------------------------- ------- ------------
94.9 101.8
(Increase)/decrease in trade and other receivables (64.8) 5.8
Decrease in inventories 0.6 0.4
Increase/(decrease) in trade and other payables 66.5 (11.2)
Decrease in provisions (0.3) (2.0)
Increase in employee benefits before pension deficit payment 1.5 0.3
Income taxes paid (5.7) (7.0)
------------------------------------------------------------------------------------------- ------- ------------
Cash generated before pension deficit payment 92.7 88.1
Pension deficit payment (18.3) (17.8)
------------------------------------------------------------------------------------------- ------- ------------
Cash flows from operating activities 74.4 70.3
------------------------------------------------------------------------------------------- ------- ------------
Investing activities
Proceeds from sale of property, plant and equipment 4.5 5.5
Net cash outflow from disposal of businesses (0.2) -
Interest received 0.1 -
Additions of property, plant and equipment (8.2) (5.9)
Additions of computer software (3.6) (3.4)
------------------------------------------------------------------------------------------- ------- ------------
Cash flows from investing activities (7.4) (3.8)
------------------------------------------------------------------------------------------- ------- ------------
Financing activities
(Decrease)/increase in borrowings (62.0) 39.0
Payment of lease liabilities (35.1) (35.7)
Equity dividends paid (3.5) (13.8)
Interest paid on borrowings (2.6) (4.0)
Interest paid on lease liabilities (3.8) (3.8)
------------------------------------------------------------------------------------------- ------- ------------
Cash flows from financing activities (107.0) (18.3)
------------------------------------------------------------------------------------------- ------- ------------
Net (decrease)/increase in cash and cash equivalents (40.0) 48.2
Cash and cash equivalents at beginning of the year 67.0 18.8
------------------------------------------------------------------------------------------- ------- ------------
Cash and cash equivalents at end of the year 27.0 67.0
------------------------------------------------------------------------------------------- ------- ------------
Represented by:
- cash at bank and in hand (excluding restricted cash) 28.8 74.1
- bank overdrafts(2) (3.6) (12.0)
- restricted cash, being deposits held by the Group's insurance subsidiary 1.8 4.9
------------------------------------------------------------------------------------------- ------- ------------
27.0 67.0
------------------------------------------------------------------------------------------- ------- ------------
(1) The comparatives have been restated due to prior year adjustments as explained in Note
1.
(2) GBP6.1m of bank overdrafts are excluded from cash and cash equivalents.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting policies
The financial information set out in this preliminary
announcement does not constitute Wincanton plc's statutory accounts
for the years ended 31 March 2021 and 31 March 2020. Statutory
accounts for the year ended 31 March 2021 will be delivered to the
Registrar of Companies following the Company's Annual General
Meeting. The Auditor has reported on those accounts; their report
was unqualified, did not draw attention by way of emphasis, and did
not contain a statement under Section 498 (2) or (3) of the
Companies Act 2006. Statutory accounts for the year ended 31 March
2020 have been delivered to the Registrar of Companies. The Auditor
has reported on those accounts; their report was unqualified, did
draw attention by way of emphasis to going concern, and did not
contain a statement under Section 498 (2) or (3) of the Companies
Act 2006.
The financial information contained in this results announcement
has been prepared on the basis of the accounting policies set out
in the statutory financial statements for the year ended 31 March
2021. Whilst the financial information included in this
announcement has been computed in accordance with the recognition
and measurement requirements of IFRS in accordance with
international financial reporting standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union,
this announcement does not itself contain sufficient disclosures to
comply with IFRS.
Standards, amendments and interpretations effective or adopted
in the year
The following standards and amendments became effective in the
year or were available for early adoption but did not have a
material impact on the consolidated financial statements:
-- Amendments to references to the Conceptual Framework in IFRS
Standards;
-- Amendments to IAS 1 and IAS 8: Definition of Material;
-- Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate
Benchmark Reform;
-- Amendments to IFRS 3 Business Combinations; and
-- Amendment to IFRS 16 Leases Covid-19-Related Rent
Concessions.
Prior year restatements
As part of the transition to new auditors, the Group has
reviewed certain accounting judgements, policies and disclosures in
preparing these financial statements, resulting in two errors being
corrected by prior year restatements.
The first error arose as a result of a number of leases being
recognised twice on the implementation of IFRS 16 in the financial
statements as at 31 March 2020. The impact is to decrease
right-of-use assets by GBP4.7m and decrease lease liabilities by
GBP4.7m, with the latter split as a reduction of GBP1.2m in current
lease liabilities and a reduction of GBP3.5m in non-current lease
liabilities. There is no impact to the Income Statement for the
year ended 31 March 2020. Earnings per share for the year ended 31
March 2020 are unaffected as a result of this correction.
The second error is a presentational error in connection with
cash and overdraft balances. The Group has previously presented
net, cash and overdraft balances that did not meet the criteria for
offset. The impact is to increase cash by GBP18.1m (2019: GBP13.4m)
and increase short term borrowings by GBP18.1m (2019: GBP13.4m) at
31 March 2020, with GBP12.0m (2019: GBP7.3m) of the short term
borrowings meeting the criteria of cash and cash equivalents. There
is no impact to the Income Statement or earnings per share for the
year ended 31 March 2020. The opening and closing cash balances
within the prior year Statement of Cash Flows have also been
restated to reflect the above adjustment. A short term borrowing
balance of GBP6.1m is not now classed as a cash and cash
equivalent. Accordingly, this has resulted in an increase in cash
and cash equivalents at 31 March 2020 of GBP6.1m (2019:
GBP6.1m).
A full balance sheet as at March 2019 has not been presented in
accordance with IAS 1 Presentation of Financial Statements given
the limited number of line items affected.
Going concern
The Directors have concluded that it is reasonable to adopt a
going concern basis in preparing the financial statements. In
adopting the going concern basis, the Directors have considered
Wincanton's business activities, together with factors likely to
affect its future development and performance, as well as
Wincanton's principal risks and uncertainties.
The adoption of the going concern basis is based on an
expectation that the Group will have adequate resources to continue
in operational existence for at least twelve months from the
signing of the financial statements. The Group has reported a
profit before tax of GBP48.4m for the twelve months ended 31 March
2021 (2020: GBP43.8m), has net current liabilities of GBP137.1m
(2020: GBP100.2m) and net assets of GBP0.5m (2020: GBP14.7m).
The Group's committed facilities at 31 March 2021 comprise a
syndicated Revolving Credit Facility (RCF) of GBP141.2m, which
matures in October 2023, and an extension to this facility which
expired on 4 May 2021. The RCF requires the Group to comply with
three financial covenants at 30 September and 31 March each
financial year which are set out in Note 13 to these financial
statements.
In addition, the Group also has an uncommitted Receivable
Purchase Facility of up to GBP50m, providing flexibility to manage
net debt peaks down and an uncommitted overdraft facility of
GBP7.5m. In arriving at the conclusion on going concern, the
Directors have given due consideration to whether the funding and
liquidity resources above are sufficient to accommodate the
principal risks and uncertainties faced by the Group.
The Directors have reviewed the financial forecasts across a
range of scenarios including performing a reverse stress test.
Wincanton has modelled a base case based on revenue and profit run
rates at the end of March 2021, that form the basis of the FY21/22
budget and 3 year plan.
The severe but plausible downside case assumes a deterioration
in trading performance, with Group revenue and profit before tax
reduced across both FY21/22 and FY22/23 by similar amounts to that
experienced during FY20/21, as a consequence of the impact of the
Covid-19 pandemic. This scenario also assumes a major cash outflow
based on a large customer going into administration and a
deterioration in working capital performance compared to the base
case, as well as a further material unplanned cash outflow linked
to the claim from HMRC which has been disclosed as a contingent
liability in these financial statements (see note 11). These
downsides would be offset by the application of further mitigating
actions to the extent they are under management's control,
including deferrals of capital and other discretionary
expenditure.
In both scenarios, the Group has sufficient liquidity and
adequate headroom in the committed facilities set out above to meet
its liabilities as they fall due without the use of uncommitted
facilities throughout the forecast period. In addition, in both
scenarios the Group complies with the financial covenants under the
RCF at 30 September and 31 March throughout the forecast
period.
On the basis of the assessment, it is appropriate for the
Directors to conclude that there is no material uncertainty
regarding going concern. This is based on an expectation that the
Company and the Group have adequate resources to continue in
operational existence for twelve months from the date of signing
the annual accounts.
2. Operating segments
Wincanton plc provides contract logistics services in the UK and
Ireland. The management structure was reorganised with effect from
1 April 2020 as a result of the review of strategy, as referred to
in the Chief Executive Officers' statement last year. The purpose
of the reorganisation was the rationalisation and streamlining of
the existing business, including the introduction of a matrix
management system with customer-facing business units being
supported by entity-wide functions such as sales, transport
operations, project management and training.
Before 1 April 2020, operations had previously been organised
into two sectors, Retail & Consumer ('R&C') and Industrial
& Transport ('I&T'), each with its own Managing Director -
under the legacy structure each sector was identified as an
operating and reportable segment for the purposes of IFRS 8.
Following the reorganisation, the business has been structured as
one operating segment with one segment manager who reports to the
Chief Executive Officer (CEO). The CEO is a member of the Executive
Management Team and of the Board and is the Chief Operating
Decision Maker. The results of the business are presented to the
Board and the performance of the business is assessed on the basis
of the Group's performance as a whole.
3. Non-underlying items
The Group separately identifies and discloses those items that
in management's judgement need to be disclosed by virtue of their
size, nature or incidence (termed 'non-underlying items').
Non-underlying items are used to derive the underlying results as
presented in the accompanying Consolidated Income Statement.
Underlying results are consistent with the way financial
performance is measured by management and assists in providing an
additional analysis of the reported trading results of the Group.
Non-underlying items may not be comparable to similarly titled
measures used by other companies. In determining whether an event
or transaction is non-underlying, management considers quantitative
as well as qualitative factors. Examples of charges or credits
meeting the above definition and which have been presented as
non-underlying items in the current and/or prior years include
profits and losses on disposal of freehold properties, fees and
charges related to potential M&A activities, retrospective
regulatory matters and revisions to historic provisions that were
originally recognised as non-underlying items. In the event that
items meet the criteria, which are applied consistently from year
to year, they are treated as non-underlying items.
2021 2020
GBPm GBPm
---------------------------------------------------------------------- ----- -----
Gain on disposal of businesses 0.4 -
Net profit on disposal of assets 0.8 -
Net profit on disposal of freehold property 0.5 2.3
Write back of accrued professional fees in relation to M&A activities 0.2 (2.0)
Pension Scheme - Guaranteed Minimum Pension (GMP) (0.7) -
Covid-19 impairment charges - (9.3)
1.2 (9.0)
---------------------------------------------------------------------- ----- -----
a) Gain on disposal of businesses
On 3 October 2020 the Group disposed of its Containers business
for a cash consideration of GBP1.3m and contingent consideration
based on volumes associated with one contract. The fair value of
the contingent consideration is GBP0.4m of which GBP0.3m has been
determined and proceeds received. The remaining GBP0.1m has been
recognised as a financial asset at fair value through profit or
loss.
On 5 November 2020 the Group disposed of its Pullman Fleet
Services business for a cash consideration of GBP0.7m, of which
GBP0.5m has been received in the year, the remaining GBP0.2m will
be received in May 2021.
The profit on disposal of both businesses is shown below:
GBPm
Cash consideration 2.1
Fair value of consideration not yet received 0.3
----------------------------------------------------------------
Total consideration 2.4
Net liabilities transferred on sale 2.8
---------------------------------------------------------------- ------
5.2
Transaction costs and other costs associated with the disposal (4.8)
---------------------------------------------------------------- ------
Net profit on disposal 0.4
---------------------------------------------------------------- ------
The carrying amounts of the assets and liabilities at the date
of the disposals were:
GBPm
Property, plant, equipment and vehicles 0.3
Right-of-use assets 1.4
Inventories 0.1
Working capital (after seller contribution) 0.3
Property provisions (0.5)
Lease liabilities (4.4)
--------------------------------------------- ------
Net liabilities transferred on sale (2.8)
--------------------------------------------- ------
Other costs associated with the disposal include warranty and
indemnity provisions provided, the cost of providing transitional
services and the impairment of a right-of-use asset previously used
by the Pullman Fleet Services business.
The cash flow associated with the transaction is as follows:
GBPm
Cash consideration 2.1
Disposal and other costs paid (2.3)
-------------------------------------- ------
Cash outflow per Cash Flow Statement (0.2)
-------------------------------------- ------
b) Net profit on disposal of assets
During the year the Group has disposed of a number of specialist
vehicles that were not required for ongoing operations and which
were classified as assets held for sale. A profit on disposal of
GBP0.8m has been recognised in the year.
c) Net profit on disposal of freehold properties
In the prior year the Group completed the disposal of two
freehold properties generating a net profit on disposal of GBP2.3m.
Amounts held in respect of expected disposal and transition costs
of GBP0.5m have been released in the current year.
d) Professional fees in relation to M&A activities
Costs of M&A activities, including a takeover bid for a
competitor, Eddie Stobart Logistics plc of GBP2.0m were incurred in
the prior year. Final costs incurred were GBP0.2m lower than
anticipated and the balances have therefore been released in the
current year.
e) Pension Scheme - Guaranteed Minimum Pension (GMP)
In November 2020, the High Court of Justice of England and Wales
issued a judgment relating to a follow up case to the ruling
provided in October 2018 on Lloyds Banking Group requiring equality
of treatment of historic pension benefits for men and women. The
judgement issued in November 2020 covers equalisation of benefits
in relation to transfers out which were not covered by the original
judgement. We have recognised a past service cost of GBP0.7m as an
estimate of the impact of equalising this benefit. We are
continuing to work with the Trustee on the details of implementing
this judgement.
f) Covid-19 impairment charges
In the prior year a one-off, non-cash impairment charge of
GBP9.3m relating to the impact of Covid-19 on assets used in
certain parts of the business was recognised. The impairment charge
arose where the carrying amount of the assets was not expected to
be fully recovered through the cash flows those assets generated
due to the impact of Covid-19.
4. Government grants and other support
The UK Government made available a range of financial support to
help companies affected by Covid-19, including the Coronavirus Job
Retention Scheme (CJRS). During the year to 31 March 2021 the Group
has received GBP12.8m in Government grants from the CJRS
(furlough). The scheme has been utilised as it was intended in
order to avoid redundancies in areas of the business that have been
significantly impacted by the pandemic. However, following the
strong performance through the second half of the year the Group
has repaid GBP5.8m of the support received. The Group has elected
to recognise the grant as a credit against the related staff costs
and not as an item of other income.
The Group has also submitted a claim under the Research and
Development Expenditure Credit scheme for expenditure incurred on
qualifying research and development. The credit due to the Group is
equal to 13.0% of qualifying expenditure (2020: 12.0%) and is given
as an offset against corporation tax liabilities. During the year,
the Group has recognised a credit of GBP1.0m, GBP0.8m net of fees,
in other income in respect of claims for the years ended 31 March
2019 and 31 March 2020.
5. Net financing costs
Recognised in the Income Statement
2021 2020
Note GBPm GBPm
-------------------------------------------- ---- ----- -----
Interest income 0.1 -
Interest on the net defined benefit pension 12 2.3 -
-------------------------------------------- ---- ----- -----
2.4 -
-------------------------------------------- ---- ----- -----
Interest expense (2.8) (3.9)
Interest on lease liabilities (3.8) (3.8)
Unwinding of discount on provisions (0.4) (0.5)
(7.0) (8.2)
-------------------------------------------- ---- ----- -----
Net financing costs (4.6) (8.2)
-------------------------------------------- ---- ----- -----
6. Income tax expense
Recognised in the Income Statement
2021 2020
GBPm GBPm
---------------------------------------------------------------- ----- -----
Current tax expense
Current year 5.0 5.1
Adjustments for prior years (1.1) (1.5)
---------------------------------------------------------------- ----- -----
3.9 3.6
---------------------------------------------------------------- ----- -----
Deferred tax expense
Current year 3.6 1.7
Adjustments for prior years (0.4) -
---------------------------------------------------------------- ----- -----
3.2 1.7
---------------------------------------------------------------- ----- -----
Total income tax expense 7.1 5.3
---------------------------------------------------------------- ----- -----
2021 2020
GBPm GBPm
---------------------------------------------------------------- ----- -----
Reconciliation of effective tax rate
Profit before tax 48.4 43.8
---------------------------------------------------------------- ----- -----
Income tax using the UK corporation tax rate of 19% (2019: 19%) 9.2 8.3
Non-deductible expenditure 0.2 0.3
Prior year research and development tax credits (0.2) -
Non-taxable income included in non-underlying items (0.6) (0.9)
Change in UK corporation tax rate - (0.9)
Adjustments for prior years
- current tax (1.1) (1.5)
- deferred tax (0.4) -
---------------------------------------------------------------- ----- -----
Total tax expense for the year 7.1 5.3
---------------------------------------------------------------- ----- -----
Recognised in Other Comprehensive Income
2021 2020
GBPm GBPm
--------------------------------------------------------------------------- ------ -----
Items which will not subsequently be reclassified to the Income Statement:
Remeasurements of defined benefit pension liability (12.4) 15.8
--------------------------------------------------------------------------- ------ -----
Total recognised in Other Comprehensive Income (12.4) 15.8
--------------------------------------------------------------------------- ------ -----
Recognised directly in equity
2021 2020
GBPm GBPm
------------------------------------------------- ----- -----
Current tax on share based payment transactions - (0.3)
Deferred tax on share based payment transactions (0.5) -
------------------------------------------------- ----- -----
(0.5) (0.3)
------------------------------------------------- ----- -----
The main UK Corporation tax rate remained at 19% (2020: 19%). It
was announced in the Budget on 3 March 2021 that the corporation
tax rate will increase to 25% from 1 April 2023. This rate has not
been substantively enacted and therefore has not been incorporated
into the deferred tax balance at 31 March 2021.
The total tax expense above includes tax on non-underlying items
of GBP0.4m (2020: GBP2.8m).
7. Earnings per share
The basic earnings per share of 33.3p (2020: 31.1p) is
calculated based on the profit attributable to the equity
shareholders of Wincanton plc of GBP41.3m (2020: GBP38.5m) and the
weighted average shares in issue, excluding those held within an
Employee Benefit Trust, throughout the year as calculated below of
124.0m (2020: 123.7m). The diluted earnings per share calculation
is based on there being 1.4m (2020: 1.3m) additional shares deemed
to be issued at GBPnil consideration under the Company's share
option schemes.
2021 2020
millions millions
------------------------------------------------------------------- --------- ---------
Weighted average number of Ordinary Shares (basic)
Issued Ordinary Shares at the beginning of the year(1) 123.9 123.6
Net effect of shares issued and purchased during the year 0.1 0.1
------------------------------------------------------------------- --------- ---------
124.0 123.7
------------------------------------------------------------------- --------- ---------
Weighted average number of Ordinary Shares (diluted)
Weighted average number of Ordinary Shares for the year (as above) 124.0 123.7
Effect of share options in issue 1.4 1.3
------------------------------------------------------------------- --------- ---------
125.4 125.0
------------------------------------------------------------------- --------- ---------
1 The number of shares excludes 0.4m Ordinary Shares (2020:
0.6m) being the weighted average number of the Company's own shares
held within an Employee Benefit Trust.
An alternative earnings per share measure is set out below,
being earnings before non-underlying items, including exceptional
items, amortisation of acquired intangibles, related tax and
exceptional tax items where applicable, since the Directors
consider that this provides further information on the underlying
performance of the Group:
2021 2020
pence pence
------------------------------ ------ ------
Underlying earnings per share
- basic 32.0 36.1
- diluted 31.7 35.8
------------------------------ ------ ------
Underlying earnings are determined as follows:
2021 2020
Note GBPm GBPm
------------------------------------------------------------------------- ---- ----- -----
Profit for the year attributable to equity shareholders of Wincanton plc 41.3 38.5
Non-underlying items 3 (1.2) 9.0
Tax impact of non-underlying items (0.4) (2.8)
------------------------------------------------------------------------- ---- ----- -----
Underlying earnings 39.7 44.7
------------------------------------------------------------------------- ---- ----- -----
Underlying earnings and underlying earnings per share include
the results of the Containers and Pullman Fleet Services
businesses, which were sold in October and November 2020
respectively.
8. Dividend
Dividends paid in the year comprise:
2021 2020
GBPm GBPm
----------------------------------------------------------------------------------------- ----- -----
Final dividend for the year ended 31 March 2020 of 0p per share (2019: 7.29p) - 9.0
Interim dividend for the period ended 30 September 2020 of 2.85p per share (2019: 3.90p) 3.5 4.8
----------------------------------------------------------------------------------------- ----- -----
3.5 13.8
----------------------------------------------------------------------------------------- ----- -----
The Directors are proposing a final dividend of 7.5p per share
for the year ended 31 March 2021 (2020: nil) which, if approved by
shareholders, will be paid on 6 August 2021 to shareholders on the
register on 9 July 2021, an estimated total of GBP9.3m. The
proposed final dividend is subject to approval by shareholders at
the Annual General Meeting on 7 July 2021 and in accordance with
accounting standards has not been included as a liability in these
financial statements.
In light of the economic impacts of the Covid-19 pandemic,
including the cost-efficiency and liquidity measures taken to
safeguard the long term viability of the business, the Board did
not consider it appropriate to propose a final dividend for the
year ended 31 March 2020.
The Employee Benefit Trust has waived the right to receive
dividends in respect of the shares it holds.
9. Financial instruments
Analysis of changes in net debt
31 March 2020
Restated(1) Cash flow Non-cash movements 31 March 2021
GBPm GBPm GBPm GBPm
-------------------------------------------------------- ------------- --------- ------------------ -------------
Bank loans and overdrafts (77.1) 62.0 - (15.1)
-------------------------------------------------------- ------------- --------- ------------------ -------------
Financial liabilities arising from financing activities (77.1) 62.0 - (15.1)
Cash at bank and in hand 79.0 (48.4) - 30.6
Bank overdrafts classed as cash equivalents (12.0) 8.4 (3.6)
-------------------------------------------------------- ------------- --------- ------------------ -------------
Net debt excluding lease liabilities (10.1) 22.0 - 11.9
Lease liabilities (129.7) 38.8 (54.8) (145.7)
-------------------------------------------------------- ------------- --------- ------------------ -------------
Net debt including lease liabilities (139.8) 60.8 (54.8) (133.8)
-------------------------------------------------------- ------------- --------- ------------------ -------------
(1) The comparatives have been restated due to prior year adjustments as explained in Note 1.
10. Provisions
Insurance Property Other provisions Total
GBPm GBPm GBPm GBPm
At 1 April 2020 23.4 10.4 3.2 37.0
Provisions made during the year 10.6 2.1 5.2 17.9
Provisions used during the year (6.4) (1.3) (2.9) (10.6)
Provisions released during the
year (3.3) (1.4) (0.5) (5.2)
Disposed - (0.5) - (0.5)
Unwinding of discount 0.3 0.1 - 0.4
-------------------------------- ---------- --------- ---------------- ------
At 31 March 2021 24.6 9.4 5.0 39.0
-------------------------------- ---------- --------- ---------------- ------
Current 8.4 1.7 5.0 15.1
Non-current 16.2 7.7 - 23.9
-------------------------------- ---------- --------- ---------------- ------
24.6 9.4 5.0 39.0
-------------------------------- ---------- --------- ---------------- ------
The Group owns 100% of the share capital of an insurance company
which insures certain risks of the Group. The insurance provisions
in the above table are held in respect of outstanding insurance
claims, the majority of which are expected to be paid within one to
seven years. Provisions are released when the obligation no longer
exists or there is a reduction in management's estimate of the
liability. The discount unwinding arises primarily on the
employers' liability policy which is discounted over a period of
seven years at a rate based on the Group's assessment of a risk
free rate. The Group provides standby letters of credit to the
fronting insurer for employers' liability and motor third party
claims totalling GBP18.6m (2020: GBP18.5m).
The property provisions are determined on a site by site basis
and comprise primarily provisions for dilapidations. Dilapidation
provisions comprise dilapidation estimates made in the normal
course of business. Provisions are released when the obligation no
longer exists or there is a reduction in the estimate. There
remains a small level of onerous lease provisions relating to short
term leases which are utilised over the relevant lease term, with
the majority expected to be utilised over the next year. The
dilapidations provisions are expected to be utilised at the end of
the lease term. Estimated costs have been discounted at a rate
based on the Group's assessment of a risk free rate, with any
estimated income being discounted at a rate reflecting an
appropriate level of risk.
Other provisions include the estimated costs of the warranties
and indemnities provided on disposal of businesses, restructuring
costs and the provision for sundry claims and settlements where the
outcome is uncertain.
11. Contingent liability
During the year, the Group was notified by HMRC of claims for
Excise duty and related VAT in connection with irregularities
during the export process of a group of former customers' excise
goods. Due to the nature of the excise regime Wincanton operates
in, HMRC considered Wincanton to be jointly and severally liable
for Excise duty and VAT arising as a result of these
irregularities.
Wincanton appealed the claims as it was confident in its legal
position having received clear, expert advice. At the Balance Sheet
date, as a result of the strength of the legal advice, no liability
was recognised in respect of these claims, noting that the total
value of the claims was approximately GBP50m before interest and
legal costs.
On 18 May 2021, the Group received confirmation that following
the completion of HMRC's internal governance process the
assessments have been withdrawn.
12. Employee benefits
Triennial valuation
The latest formal valuation of the Scheme was carried out as at
31 March 2020 by the Scheme actuary, Hymans Robertson, and was
agreed with the Trustee in September 2020. The annual deficit
funding contributions were agreed at GBP18.9m per annum from 1
April 2020 increasing in line with the Retail Prices Index over the
four years to March 2024, followed by GBP25.0m per annum from April
2024 increasing annually in line with the Retail Prices Index to
March 2027. Additional protection has been provided to the Scheme
in the form of a letter of credit of GBP3.0m increasing by GBP3.0m
each year to a balance of GBP9.0m by the year ended 31 March 2023.
At 31 March 2021 the letters of credit provided total GBP6.0m. The
annual deficit funding contributions payable from April 2024 will
be reduced by GBP3.0m if a further letter of credit or similar is
provided.
The agreement is also subject to other provisions agreed with
the Trustee, being:
-- Additional contribution payments become payable in the event
of severe adverse Scheme investment performance where the actual
deficit in the Scheme exceeds an agreed threshold above the
expected deficit at the end of two consecutive six-month reporting
periods.
-- Additional contributions become payable if distributions to
shareholders (dividends and share buy-backs) grow year on year in
excess of 10%. The matching will only be in relation to the
distribution amounts above the threshold and are calculated at 50%
of the excess or 100% of any distribution growth above 15%.
-- A one-off payment to the Scheme of GBP6.0m in any year if
both the underlying profit after tax is lower than the level of
profit after tax reported in the 2017/18 financial year and the
dividend payout ratio increases to over 40% of profit after
tax.
As with the previous agreement, it has been agreed that certain
administration expenses would be paid directly by the Group and
deducted from the deficit funding contributions. The expenses,
which amount to GBP0.7m (2020: GBP0.7m) are not included in the
contributions below.
In April 2020 the Group agreed an amended Schedule of
Contributions delaying GBP6.1m of contributions due in the half
year to 30 September 2020 until the earlier of 30 September 2021 or
the payment of a dividend. Following the Board's declaration of an
interim dividend for the period ended 30 September 2020, the
GBP6.1m of deferred contributions was paid in December 2020.
Contributions
The deficit funding contribution in the year, net of the above
expenses was GBP18.3m, (2020: GBP17.8m). In addition, other
administration costs of the Scheme were borne directly by the Group
totalling GBP0.8m (2020: GBP1.1m).
In the year commencing 1 April 2021, the Group is expecting to
make deficit funding contributions of GBP18.5m being the annual
deficit contributions of GBP19.2m less certain administration
expenses mentioned above. In addition, other administration costs
of the Scheme will be borne directly by the Group, these are
expected to total GBP0.7m.
Net defined benefit asset
The assets and liabilities of the defined benefit sections of
the Group are calculated in accordance with IAS 19 Employee
Benefits (Revised) and are set out in the tables below.
The calculations under IAS 19 are based on actuarial assumptions
which are the best estimates chosen from a range of possible
assumptions about the long term future which, unless by chance,
will not necessarily be borne out in practice. The fair value of
the assets, which are not intended to be realised in the short
term, may be subject to significant change before they are
realised, and the present value of the liabilities are derived from
cash flow projections over long periods and are thus inherently
uncertain.
2021 2020
GBPm GBPm
------------------------------------------------------ --------- ---------
Present value of unfunded defined benefit obligations (2.6) (2.1)
Present value of funded defined benefit obligations (1,161.1) (1,061.0)
Fair value of Scheme assets 1,211.9 1,157.5
------------------------------------------------------ --------- ---------
Net defined benefit asset 48.2 94.4
------------------------------------------------------ --------- ---------
The movement in the above net defined benefit asset in the year
was primarily the result of the reversal of the impact of market
uncertainty in March 2020 as a result of Covid-19. Scheme
liabilities are calculated using a discount rate based on high
quality corporate bond yields while Scheme assets are hedged
against movements in gilt yields. Credit spreads on corporate bonds
increased in March 2020 due to market uncertainty and have returned
to normal levels as at 31 March 2021 resulting in an increase in
the liabilities which has not been matched with a corresponding
increase in assets as at 31 March 2021.
The net defined benefit asset, after taking into account the
related deferred tax liability, is GBP39.1m (2020: GBP76.5m).
Deferred tax is recognised at 19% as the Group expects the surplus
to reduce over time, via a reduction in annual deficit funding
contributions rather than as a refund of the surplus on winding
up.
Movements in the present value of the net defined benefit
liability
Net Unfunded Total net
Assets Obligations asset arrangements asset
31 March 2021 GBPm GBPm GBPm GBPm GBPm
---------------------------------------------------------- ------- ----------- ------- ------------- ---------
Opening position 1,157.5 (1,061.0) 96.5 (2.1) 94.4
Included in the Income Statement:
Past service costs - (0.7) (0.7) - (0.7)
Administration costs (1.6) - (1.6) - (1.6)
Interest on the net defined benefit asset 26.3 (23.9) 2.4 (0.1) 2.3
Cash:
Employer contributions 19.1 - 19.1 - 19.1
Benefits paid (40.7) 40.7 - - -
Included in Other Comprehensive Income:
Changes in financial assumptions - (149.2) (149.2) (0.4) (149.6)
Changes in demographic assumptions - (11.6) (11.6) - (11.6)
Experience adjustments - 44.6 44.6 - 44.6
Return on assets excluding amounts included in net
financing costs 51.3 - 51.3 - 51.3
----------------------------------------------------------- ------- ----------- ------- ------------- ---------
Closing defined benefit asset 1,211.9 (1,161.1) 50.8 (2.6) 48.2
----------------------------------------------------------- ------- ----------- ------- ------------- ---------
Actuarial assumptions
The principal actuarial assumptions for the Scheme and for the
UK unfunded arrangement at the balance sheet date were as
follows:
2021 2020
% %
--------------------------------------------- --------- ---------
Discount rate 2.00 2.30
Price inflation rate - RPI 3.40 2.75
Price inflation rate - CPI 2.80 1.85
Rate of increase of pensions in deferment(1) 2.50-2.80 1.85
Rate of increase of pensions in payment (1) 2.05-3.30 1.60-2.70
--------------------------------------------- --------- ---------
1 A range of assumed rates exist due to the application of
annual caps and floors to certain elements of service.
On 25 November 2020, the Government and UK Statistics
Authority's published their joint consultation response on RPI
reform, confirming their intention to align RPI calculation to that
already in use for the calculation of CPIH (including housing) with
effect from 2030. As a result, the Group has reduced the post 2030
gap between RPI and CPI to nil, effectively assuming RPI will be
aligned with CPI post 2030, resulting in a single weighted average
RPI-CPI gap of 0.60% p.a. at 31 March 2021 (2020: 0.90%).
The assumptions used for mortality rates for members of these
arrangements at the expected retirement age of 65 years are as
follows:
2021 2020
Years Years
--------------------- ------ ------
Male aged 65 today 20.7 20.7
Male aged 45 today 22.0 22.4
Female aged 65 today 23.0 22.8
Female aged 45 today 25.5 25.3
--------------------- ------ ------
Sensitivity table
The sensitivity of the present value of the Scheme obligations
to changes in the key actuarial assumptions are set out in the
following table. The illustrations consider the result of only a
single assumption changing with the others assumed unchanged and
includes the impact of the interest rate and inflation rate
hedging. In reality it is more likely that more than one assumption
would change and potentially the results would offset each other,
for example, a fall in interest rates will increase the Scheme
obligations, but may also trigger an offsetting increase in market
value of certain Scheme assets.
(Increase)/decrease Increase/(decrease)
Change in in liability in assets
assumption GBPm GBPm
---------------------- ----------- ------------------- -------------------
Discount rate +0.25% 47.0 (56.0)
Credit spread +0.25% 47.0 (11.0)
Price inflation - RPI +0.25% (33.0) 37.0
Mortality rate + 1 year (52.0) -
---------------------- ----------- ------------------- -------------------
Defined contribution schemes
The total expense relating to the Group's defined contribution
schemes in the current year was GBP34.0m (2020: GBP33.6m).
13. Financial Covenants
The Group's committed facilities at 31 March 2021 comprise a
syndicated Revolving Credit Facility (RCF) of GBP141.2m, which
matures in October 2023, and a GBP36.5m extension to this facility
which expired on 4 May 2021. The RCF requires the Group to comply
with three financial covenants at 30 September and 31 March each
financial year and the Group operates comfortably within these
covenants:
Covenant Calculation Ratio 2021 2020
------------------- --------------------------------------------------------------------------- -------- ---- ----
Leverage ratio Consolidated net borrowings(A)/Consolidated EBITDA (B) <2.75:1 0.3 0.5
Interest cover Consolidated EBITDA (B)/Consolidated net finance charges (C) >3.5:1 29.2 21.7
Consolidated EBITDA (B) plus operating lease costs (D) /Consolidated net
finance charges (C)
Fixed charge cover plus operating lease costs (D) >1.4:1 2.8 3.1
------------------- --------------------------------------------------------------------------- -------- ---- ----
A reconciliation of these terms to the reported amounts is as
follows:
At 31 March 2021 At 31 March 2020
------------------------------------------------------- ---------------- ----------------
Reported net (cash)/debt (11.9) 10.1
Finance lease liability under IAS 17 1.3 1.4
Cash held by captive insurer 6.8 5.6
Guarantees provided 22.9 17.3
-------------------------------------------------------- ---------------- ----------------
Consolidated net borrowings for covenant reporting (A) 19.1 34.4
-------------------------------------------------------- ---------------- ----------------
At 31 March 2021 At 31 March 2020
----------------------------------------------- ---------------- ----------------
Underlying operating profit 51.8 61.0
Depreciation, amortisation and impairments 43.4 43.1
------------------------------------------------ ---------------- ----------------
Underlying EBITDA 95.2 104.1
Adjustment to frozen GAAP (IFRS 16 to IAS 17) (37.8) (35.2)
Share based payment charges 0.9 0.4
Consolidated EBITDA for covenant reporting (B) 58.3 69.3
------------------------------------------------ ---------------- ----------------
At 31 March 2021 At 31 March 2020
------------------------------------------------------------ ---------------- ----------------
Net interest payable 4.6 8.2
Adjustment to frozen GAAP (remove IFRS 16 interest) (3.7) (3.8)
Less RPF interest (0.3) (0.4)
Less arrangement fees (0.5) (0.3)
Add back interest on net defined benefit asset 2.3 -
Add back discount unwinding (0.4) (0.5)
------------------------------------------------------------- ---------------- ----------------
Consolidated net finance charges for covenant reporting (C) 2.0 3.2
------------------------------------------------------------- ---------------- ----------------
At 31 March 2021 At 31 March 2020
------------------------------------------------- ---------------- ----------------
Operating lease costs for covenant reporting (D) 29.6 28.1
-------------------------------------------------- ---------------- ----------------
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END
FR SFLFUUEFSELI
(END) Dow Jones Newswires
May 20, 2021 02:00 ET (06:00 GMT)
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