TIDMAVV
RNS Number : 8668R
AVEVA Group PLC
10 November 2021
AVEVA GROUP PLC
RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2021
Solid financial results, integration of OSIsoft on-track
AVEVA Group plc ('AVEVA' or 'the Group') announces its
preliminary results for the six months ended 30 September 2021.
On 19 March 2021, the Group announced the completion of the
acquisition of OSIsoft, LLC (OSIsoft) enhancing AVEVA's ability to
accelerate the digital transformation of the industrial world.
The statutory results(1) are for the combined AVEVA and OSIsoft
business in H1 FY22 and for AVEVA only for H1 FY21. To provide a
better understanding of the combined comparative trading
performance and to improve transparency, non-statutory results are
also shown for the combined Group on a pro forma basis(2) .
We believe that the pro forma results give helpful insight into
the performance of the Group and form a basis from which to
consider the outlook.
Highlights
Combined AVEVA Group on a pro forma basis
-- On an organic constant currency basis(3) pro forma revenue
for the combined Group grew 9.0% and adjusted EBIT(4) grew 33.9%;
while adjust diluted EPS grew 13.3% and included the tax benefit
from the OSIsoft acquisition.
-- Pro forma constant currency Annualised Recurring Revenue
(ARR)(5) increased 9.2% to GBP711.4m (H1 FY21: GBP651.2m). The
introduction of Subscription selling at OSIsoft will support growth
in ARR going forward.
-- After the impact of FX translation headwinds, pro forma
revenue grew by 0.8% to GBP516.1m (H1 FY21: GBP512.2m) and pro
forma adjusted EBIT grew 20.5% to GBP125.2m (H1 FY21: GBP103.9m),
representing a margin of 24.3% (H1 FY21: 20.3%).
-- Integration of the AVEVA and OSIsoft businesses has
progressed well and the Board remains excited about the growth
opportunities ahead.
Statutory results
-- Revenue was GBP480.9m after the impact of the deferred
revenue haircut (H1 FY21: GBP332.6m), representing an increase of
44.6%, most of which was due to the acquisition of OSIsoft.
-- Loss from operations was GBP74.3m (H1 FY21: GBP23.2m) with
the loss being primarily due to the amortisation of intangible
assets of GBP115.8m (H1 FY21: GBP46.2m).
-- Interim dividend is being increased 4.8% to 13.0p pence (H1 FY21: 12.4 pence).
Chief Executive Officer, Peter Herweck said:
"AVEVA achieved a good first half performance, delivering a
solid set of results and laying foundations for future growth. The
integration of the AVEVA and OSIsoft businesses has progressed
well, with both cost and revenue synergies starting to materialise
as planned.
End market conditions started to improve during the period
following disruption caused by the Covid crisis. As a result, we
are seeing the resumption of structural growth, driven by increased
digitalisation and Net Zero projects, across a wide range of
industry sectors. We are also observing an increase in activity in
the Energy and Marine sectors as energy prices recover and demand
for transportation increases.
We remain confident in the growth outlook and believe that our
first half results form a strong foundation for us to build on and
to meet our medium-term targets."
Summary results
Combined AVEVA Group on a pro forma basis
Six months ended 30 September 2021 2020 Change Organic constant
currency
---------- ---------- ------- -----------------
Revenue GBP516.1m GBP512.2m 0.8% 9.0%
---------- ---------- ------- -----------------
Annualised recurring revenue GBP711.4m GBP651.2m - 9.2%
---------- ---------- ------- -----------------
Adjusted EBIT GBP125.2m GBP103.9m 20.5% 33.9%
---------- ---------- ------- -----------------
Adjusted diluted earnings
per share 37.38p 32.98p 13.3% -
---------- ---------- ------- -----------------
AVEVA Group plc statutory results
Six months ended 30 September 2021 2020 Change Constant
currency
---------- ---------- ------- ----------
Revenue GBP480.9m GBP332.6m 44.6% 55.8%
---------- ---------- ------- ----------
Loss from operations GBP74.3m GBP23.2m 220.3% -
---------- ---------- ------- ----------
Basic earnings per share (27.07)p (10.11)p - -
---------- ---------- ------- ----------
Diluted earnings per share (27.07)p (10.11)p - -
---------- ---------- ------- ----------
Notes
(1) Statutory results include the results for the combined AVEVA
Group for the 6 months to 30 September 2021 compared to the results
of the standalone AVEVA business only for the 6 months to 30
September 2020. EPS in the prior period has been adjusted for a
Bonus Factor of 0.8 to reflect the Bonus element of the November
2020 Rights Issue.
(2) Pro forma results include results for both AVEVA and OSIsoft
for the 6 months to 30 September 2021 and the 6 months to 30
September 2020. In addition to this, the results have been adjusted
to exclude the effect of the deferred revenue haircut under IFRS 3
(Business Combinations), which reduces current year statutory
revenue.
(3) Organic constant currency revenue excludes a currency
translation reduction of GBP40.8 million; and adjusts for the
disposals of the Acquis Software, Termis Software and Water Loss
Management Software businesses in June 2021 by removing the results
of the disposals from each reporting period.
(4) Adjusted metrics are calculated before amortisation of
intangible assets (excluding other software), share-based payments,
gain/loss on fair value of forward foreign exchange contracts and
exceptional items. Adjusted Earnings Per Share also includes the
tax effects of these adjustments.
(5) ARR makes it easier to track recurring revenue progression
by annualising revenue associated with Subscription, Cloud and
Maintenance contracts . It removes distortions caused by revenue
recognition standards by annualising the revenue associated with
contracts at a point in time. It is calculated on a constant
currency basis.
Enquiries:
AVEVA Group plc
Matt Springett, Head of Investor Relations Tel: 07789 818
684
FTI Consulting LLP
Edward Bridges / Dwight Burden Tel: 0203 727 1017
Conference call details
AVEVA will host a conference call for registered participants,
at 10.00 (GMT) today. A replay of the call will be made available
later in the day. Conference calls dial in details: UK: 020 3936
2999, USA: 1 646 664 1960, all other locations: +44 203 936 2999.
Conference call code: 527762.
Chief Executive's review
Summary
AVEVA had a solid first half of the financial year. The Group
delivered a good financial performance and made significant
operational progress in integrating OSIsoft, which was acquired
just before the start of the period.
On a statutory basis, revenue for the period was GBP480.9
million which was 44.6% higher compared with the previous year (H1
FY21: GBP 332.6 million). This change was due to the inclusion of
OSIsoft in H1 FY21 and growth in the business, partly offset by
negative FX translation due to the relative strengthening of
Sterling, particularly in relation to the US Dollar.
Pro forma organic constant currency revenue grew by 9.0% and
proforma adjusted EBIT increased 33.9% on the same basis. The
revenue growth was driven by both the heritage AVEVA business,
which increased revenue by 5.8% on an organic constant currency
basis and the heritage OSIsoft business, which grew revenue by
14.9% on the same basis. The increase in adjusted EBIT was a result
of the revenue growth and a slower increase in overall costs, which
resulted in positive margin leverage.
On a reported pro forma basis (i.e. not adjusted for currency
translation), Group revenue grew by 0.8% to GBP516.1 million (H1
FY21: GBP512.2 million). On the same basis, adjusted EBIT grew by
20.5% to GBP125.2 million (H1 FY21: GBP103.9 million). This
reduction versus organic constant currency growth was largely due
to the relative strength of the Group's reporting currency
Sterling, versus the US Dollar, given that the majority of AVEVA's
sales are made in US Dollars.
Integration
The integration of OSIsoft progressed well, in accordance with
AVEVA's plans. The organisational model has been established and
leadership roles determined.
AVEVA is on-track to achieve both cost and revenue synergies
in-line with its acquisition model. Pre-tax cash cost synergies are
expected of not less than $30 million per annum on a run rate basis
by the year ending 31 March 2023. Revenue synergies of at least
$100 million per annum are expected by the year ending 31 March
2026.
Progress toward achieving cost synergies includes the
establishment of plans for removing duplication in office
facilities, marketing, and IT. All of the cost synergies have been
sized and have target delivery dates established. It is expected
that most of the office duplication will be removed by the end of
the current financial year.
Work towards achieving revenue synergies is also well
established. The sales operating model has been determined and
incentives have been put in place to drive product portfolio cross
selling. The first cross sell synergy contracts have been closed
through the direct sales force, the AVEVA partner channel and
Schneider Electric.
The R&D organisation has been integrated and has accelerated
work on the product portfolio roadmap to achieve interoperability
between products to add greater value to customers. Good progress
has been made, for example in integrating Data Hub and AVEVA
Connect. Other major product integrations are underway, including
integrating AVEVA Unified Operation Centre and AVEVA Advance
Analytics with the PI System and will be launched in calendar year
2022.
Subscription transition
AVEVA also made good progress with its Subscription transition.
The heritage AVEVA business achieved 16.2% growth in on-premise
Subscription revenue and 29.2% growth in SaaS revenue on a constant
currency basis. The heritage OSIsoft business did not have a
material Subscription or SaaS offering during the first half,
although these have now been introduced and are expected to support
future growth in ARR.
AVEVA made significant progress in developing its Cloud
business. Key products were launched on the Group's SaaS platform,
AVEVA Connect. These included Unified Engineering, Unified
Operations Control and Unified Supply Chain.
While absolute revenue from SaaS products was relatively small
due to a low starting base, order wins by contract value were more
than double revenue. Sales of Engineering products drove growth in
the first half. This is expected to continue, while being
increasingly augmented by sales of Operations products as customers
choose to move towards a hybrid Cloud deployment model.
AVEVA won a substantial number of new logos during the first
half including Kairos Power and T é cnicas Reunidas .
In the context of having not yet launched a Subscription
offering, the growth that OSIsoft achieved did not make a full
contribution to growth in ARR for the Group during the first half.
Notwithstanding this, period end ARR for the combined AVEVA Group
was GBP711.4 million (30 September 2020: GBP651.2 million). This
represented a 12 month increase of 9.2% on a pro forma constant
currency basis. This growth was driven by the heritage AVEVA
business, which increased ARR by 10.5%, while OSIsoft increased ARR
by 6.8%.
Pro forma regional performance
AVEVA is managed on a regional basis.
EMEA revenue was GBP172.2 million, representing a decrease of
3.6% (H1 FY21: GBP178.6 million) due to the impact of FX
translation. On an organic constant currency basis, sales grew
3.5%. AVEVA achieved good growth in Eastern Europe and the Middle
East in particular. On a product basis, Engineering, Asset
Performance and Data Management achieved good growth.
Americas revenue grew by 1.8% to GBP225.3 million (H1 FY21:
GBP221.3 million) due to the impact of FX translation. On an
organic constant currency basis, sales grew 10.6%. The growth was
broad based with all regions delivering a good performance. All
business areas showed a year-on-year improvement, with growth being
led by Monitoring & Control and Information Management.
Asia Pacific revenue was GBP118.6 million, representing an
increase of 5.6% (H1 FY21: GBP112.3 million). On an organic
constant currency basis, sales increased 14.5% with growth being
led by a recovery in China. On a product basis, Planning &
Operations, Monitoring & Control and Data Management achieved
good growth.
Business units
Following the acquisition of OSIsoft, AVEVA has been organised
into two business units: Engineering and Operations.
Engineering consists of Engineering and Simulation software. In
turn, Engineering software includes Engineering & Design,
Project Execution and Engineering Information Management.
Simulation includes Simulation & Learning and Value Chain
Optimisation.
Engineering contributed 29.9% of pro forma revenue in the
period. On an organic constant currency basis, revenue increased by
6.2% .
AVEVA saw good demand for Engineering Information Management,
Simulation & Learning and Value Chain Optimisation in
particular.
End market conditions started to improve during the period
following disruption caused by the Covid crisis. AVEVA's
Engineering, Procurement and Construction (EPC) customers began to
recover as both Net Zero projects and an improving general pipeline
of greenfield asset construction projects started to build.
AVEVA's Owner Operator customers continued to drive their
digital twin strategies, deploying the Engineering Information
Management portfolio, with new customer wins at PTT and a leading
semiconductor chip manufacturer.
Owner Operators also continued to drive carbon emission
reduction programs across their integrated assets with our Value
Chain Optimization portfolio, with new customer wins at Indian Oil
and LyondellBasell.
In terms of end markets, there was an increase in orders from
the Oil & Gas and Marine sector as energy prices recovered and
demand for transportation increased. For example, AVEVA saw order
wins with International Maritime Industries and Sinopec
Engineering. Demand from the Chemicals market also grew as
customers drove their circular economy agendas. Key wins came from
Dupont and Beijing Petro Chemicals.
Operations consists of Asset Performance, Monitoring &
Control and Information Management. In turn, Asset Performance
consists of Asset Performance Management and Manufacturing
Executions Systems software. Monitoring & Control includes HMI
SCADA, Enterprise Visualisation and Pipeline Management software.
Information Management consists of the recently acquired OSIsoft
business.
Operations contributed 70.1% of pro forma revenue in the period.
On an organic constant currency basis, revenue increased 10.2
%.
End market conditions improved versus the previous financial
year, allowing for the resumption of structural growth driven by
increased digitalisation across a wide range of industry sectors,
with notable wins in Power, Mining, Consumer Packaged Goods and
Energy.
Asset Performance Management delivered a strong performance,
with growth in Energy and Utilities. For example, the Group
achieved a recent large order win in Asset Performance Management
with Saudi Aramco.
Monitoring & Control delivered good growth, while continuing
the transition to a Subscription-based recuring revenue model.
Again, AVEVA saw good wins in the Energy and Infrastructure
sectors.
In Information Management, the OSIsoft business performed
strongly and continued to win significant new business, for example
in the Mining market with Vale.
Outlook
The Board remains confident in the outlook for AVEVA. Growth is
expected to continue in the second half of the financial year on an
organic constant currency basis, supported by a good contract
pipeline and improving market conditions as economies recover from
the Covid crisis.
Growth in AVEVA's ARR is expected to increase as Subscription
offers are introduced for products from the acquired OSIsoft
business and the proportion of SaaS sales rises.
Finance review
Overview
On 25 August 2020, AVEVA announced that it had reached agreement
to acquire OSIsoft at an enterprise value of $5.0 billion . The
transaction subsequently completed on 19 March 2021 and therefore
the statutory results compare the performance of the combined AVEVA
and OSIsoft business in H1 FY22 with the standalone AVEVA business
in H1 FY21.
The finance review begins with a commentary of those statutory
results and then covers pro forma results to show the underlying
performance of the combined business.
Statutory results
On a statutory basis, revenue for the period was GBP480.9
million which was 44.6% higher compared with the previous year (H1
FY21: GBP 332.6 million). This change was due to the inclusion of
OSIsoft in H1 FY21 and growth in the business, partly offset by
negative FX translation due to the relative strengthening of
Sterling, particularly in relation to the Dollar.
Subscription revenue, which includes rental contracts and Cloud
contracts, grew 17.7% to GBP134.1 million (H1 FY21: GBP113.9
million), primarily due to the growth in the heritage AVEVA
business.
Maintenance revenue grew by 63.4% to GBP162.7 million (H1 FY21:
GBP99.6 million), primarily due to the inclusion of OSIsoft in H1
FY21.
Perpetual licences grew 106.8% to GBP127.6 million (H1 FY21:
GBP61.7 million), primarily due to the inclusion of OSIsoft in H1
FY21 and growth in the OSIsoft business.
Services revenue declined 1.6% to GBP56.5 million (H1 FY21:
GBP57.4 million) due to a focus on higher margin software
revenue.
Total statutory costs increased to GBP555.2 million (H1 FY21:
GBP355.8 million). This increase was due to the acquisition of
OSIsoft and the cost of sale, operating cost and amortisation of
intangible assets associated with this.
The Group made a loss before tax of GBP80.3 million (H1 FY21:
GBP24.2 million). This was due to the amortisation of intangible
assets relating to AVEVA's combinations with the Schneider Electric
industrial software business and OSIsoft.
Basic loss per share was (27.07)p (H1 FY21: (10.11)p and diluted
earnings per share were (27.07)p (H1 FY21: (10.11)p).
The statutory tax charge was GBP1.2 million (H1 FY21: credit of
GBP3.9 million).
Dividends
An interim dividend of 13.0 pence will be payable on 4 February
2022 to shareholders on the register on 7 January 2022. This
represents an increase of 4.8% versus the prior year interim
dividend (H1 FY21: 12.4 pence).
Operating cash flow
Cash generated from operating activities before tax was
GBP(14.4) million, compared to GBP23.7 million generated in the
previous year.
This negative amount was due to cash paid in the period in
relation to the acquisition of OSIsoft of GBP65.5 million and other
exceptional items of GBP17.8 million (H1 FY21: GBP31.1
million).
In addition to this, first half cash flow is impacted by the
payment of bonus and sales commissions from the previous financial
year, which in H1 FY22 included those related to OSIsoft.
Balance sheet
On 30 September 2021, AVEVA had net debt of GBP533.6 million (31
March 2021: GBP367.9 million). This reflects the $900 million term
loan taken out to part finance the acquisition of OSIsoft, together
with cash and treasury deposits of GBP136.6 million (31 March 2021:
GBP286.9 million). The change in cash and treasury deposits mainly
reflects GBP65.5 million paid in relation to the OSIsoft
acquisition since the year end and dividend payments of GBP70.8
million. The remainder of the change in net debt in Sterling terms
relates to currency translation.
Non-current assets were GBP5.7 billion (31 March 2021: GBP5.8
billion), reflecting goodwill and intangible assets that arose from
the combination with the Schneider Electric industrial software
business and the OSIsoft acquisition. Goodwill and intangible
assets were GBP5.5 billion (31 March 2021: GBP5.6 billion).
Trade and other receivables were GBP266.5 million (31 March
2021: GBP317.0 million). Contract assets increased to GBP241.2
million from GBP215.6 million at 31 March 2021. This increase
included the impact of new contract wins and a release of a
forward-looking provision held against contract assets.
Contract liabilities were GBP232.5 million (31 March 2021:
GBP239.7 million), reflecting a higher billing profile in the
second half.
Pro forma results
The pro forma results are summarised below:
Organic constant
GBPm H1 FY22 H1 FY21 Change currency
Revenue 516.1 512.2 0.8% 9.0%
Cost of sales (106.6) (110.2) (3.3)% 3.1%
------------------------ -------- -------- -------- -----------------
Gross profit 409.5 402.0 1.9% 10.6%
Operating expenses (284.3) (298.1) (4.6)% 2.6%
------------------------ -------- -------- -------- -----------------
Adjusted EBIT 125.2 103.9 20.5% 33.9%
Net interest (6.0) (9.3) (35.5)% -
------------------------ -------- -------- -------- -----------------
Adjusted profit before
tax 119.2 94.6 26.0% -
Tax charge (charge)
/ credit (6.0) 5.1 - -
------------------------ -------- -------- -------- -----------------
Adjusted profit after
tax 113.2 99.7 13.5% -
Adjusted diluted EPS
(pence) 37.38p 32.98p 13.3% -
Gross margin 79.3% 78.5% +80bps +10bps
Adjusted EBIT margin 24.3% 20.3% +400bps +460bps
Tax charge (5.0)% 5.4% - -
Pro forma results include results for both AVEVA and OSIsoft for
the 6 months to 30 September 2021 and the 6 months to 30 September
2020. In addition to this, the results have been adjusted to
exclude the effect of the deferred revenue haircut under IFRS 3
(Business Combinations).
Adjusted metrics are calculated before amortisation of
intangible assets (excluding other software), share-based payments,
gain/loss on fair value of forward foreign exchange contracts and
exceptional items. Adjusted Earnings Per Share also includes the
tax effects of these adjustments.
Pro forma revenue
Revenue was GBP516.1 million, representing an increase of 0.8%
(H1 FY21: GBP512.2 million). Organic constant currency revenue grew
9.0%, adjusted for a currency translation headwind of GBP40.8
million and minor disposals in the current year.
The revenue mix for the combined Group is shown below:
Organic
constant
Reported currency % of H1
GBPm H1 FY22 H1 FY21 change change FY22 total
Subscription 134.3 123.7 8.6% 15.2% 26.0%
Maintenance 197.5 209.5 (5.7)% 2.5 % 38.3%
-------- -------- --------- ---------- ------------
Total recurring revenue 331.8 333.2 (0.4)% 7.2% 64.3%
Perpetual licences 127.8 119.8 6.7% 17.6% 24.8%
Services 56.5 59.2 (4.6)% 1.5% 10.9%
-------- -------- --------- ---------- ------------
Total 516.1 512.2 0.8% 9.0% 100%
-------- -------- --------- ---------- ------------
Subscription revenue grew by 8.6% to GBP 134.3 million (H1 FY21:
GBP123.7 million). On an organic constant currency basis the
increase was 15.2%. This was driven by growth in sales of
Subscription revenue within the heritage AVEVA business as the
transition to a recuring revenue model continued.
Maintenance revenue declined by 5.7% to GBP197.5 million (H1
FY21: GBP209.5 million). On an organic constant currency basis
there was an increase of 2.5%. This was driven by growth in
Maintenance revenue associated with the growth of the OSIsoft
business, which more than offset a decline in Maintenance revenue
at the heritage AVEVA business due to the planned Subscription
transition.
Perpetual licence revenue grew by 6.7% to GBP127.8 million (H1
FY21: GBP119.8 million). On an organic constant currency basis the
increase was 17.6%. This was driven by strong growth from the
heritage OSIsoft business, which had not yet moved to a
Subscription offering in the first half.
Services revenue declined by 4.6% to GBP56.5million (H1 FY21:
GBP59.2 million). On an organic constant currency basis the
increase was 1.5%. This was driven by growth in the overall
business, partly offset by a focus on higher margin software
revenue.
Pro forma costs
An analysis of total expenses is summarised below. Overall,
operating costs were a little behind AVEVA's plan, largely due to a
tight labour market causing some delay in new hires.
Net impairment
gain / loss
Cost of Selling from financial
GBPm sales R&D and distribution Admin. assets Total
Adjusted costs 106.6 80.9 123.1 84.4 (4.1) 390.9
H1 FY21 110.2 89.3 130.1 77.8 0.9 408.3
Change (3.3)% (9.4)% (5.4)% 8.5% - (4.3)%
Organic constant currency 3.1% (3.0)% 0.9% 17.9% - 2.7 %
Cost of sales decreased by 3.3% to GBP106.6 million (H1 FY21:
GBP110.2 million). This decrease was due to FX translation. On a
constant currency basis the increase was 3.1%. This was largely due
to higher SaaS hosting costs.
Research & Development costs were GBP80.9 million (H1 FY21:
GBP 89.3 million), representing a decrease of 9.4%. On a constant
currency basis the decrease was 3.0%. This was due a slight
increase in employment costs more than offset by reductions in
consultancy, IT costs and some delayed recruiting.
Selling and distribution expenses were GBP123.1 million (H1
FY21: GBP130.1 million), representing a decrease of 5.4%. On a
constant currency basis the increase was 0.9%. The relatively flat
costs represented inflation and higher run-rate costs entering the
year offset by some savings on the timing of backfilling open
positions.
Administrative expenses were GBP84.4 million (H1 FY21: GBP77.8
million), representing a increase of 8.5%. On a constant currency
basis the increase was 17.9%. This was driven by higher costs in
IT, finance and HR, due to increases in capacity being needed as
the business scales.
Net impairment loss from financial assets represents the
impairment of accounts receivable and contract assets. During the
period there was a credit following a review of forward-looking
provisions against contract assets. This reversal of provisions led
to a positive figure of GBP4.1 million (FY20: negative GBP0.9
million).
Pro forma adjusted EBIT
Adjusted EBIT increased by 20.5% to GBP125.2 million (H1 FY21:
GBP103.9 million). This resulted in an adjusted EBIT margin of 24.3
% (H1 FY21: 20.3%).
Pro forma net interest charge
The combined pro forma interest charge assumes that the $900
million term loan was drawn down on 1 April 2020 and therefore a
full year's interest is charged in each period. Total net interest
was GBP6.0 million (H1 FY21: GBP9.3 million). The year-on-year
reduction was largely due to lower LIBOR rates.
Pro forma taxation
The pro forma tax charge on adjusted profit before tax was
GBP6.0 million (H1 FY21: credit of GBP5.1 million), which equates
to an effective tax rate of 5.0% (H1 FY21: 5.4% credit). This tax
charge factors in the benefit of UK and US tax incentives on
intellectual property and the tax step-up relating to the
acquisition of OSIsoft. Although the first half tax rate percentage
is lower than the expected full year rate because while the tax
deduction relating to the acquisition of OSIsoft accrues evenly
over time, first half profits are typically lower than second half
profits; we expect these factors to continue to benefit AVEVA's tax
rate. On a full year basis, the expected tax rate on adjusted
profit before tax is expected to be less than 10%.
Pro forma earnings per share
Pro forma diluted adjusted EPS increased by 13.3% to 37.38 pence
(H1 FY21: 32.98 pence) as a result of the higher adjusted EBIT and
a tax credit in the prior year.
Normalised and exceptional items
The normalised and exceptional items below have been excluded in
presenting the adjusted results.
GBPm H1 FY22 H1 FY21
Acquisition costs 0.7 16.3
Integration and restructuring
activities 15.8 15.8
Other expense/(income) 17.7 (3.1)
Total exceptional items 34.2 29.0
------------------------------------- -------- --------
Amortisation (excl. other software) 115.7 45.8
Share-based payments 14.1 4.6
Loss on FX contracts 0.3 0.1
------------------------------------- -------- --------
Total normalised items 130.1 50.5
------------------------------------- -------- --------
Acquisition and integration activities primarily related to
consultancy fees paid to advisers and the costs of additional
temporary resources due to the combination with OSIsoft, together
with IT and systems integration.
Other expense relates to capital expenditure reimbursements from
Schneider Electric in H1 FY21 and in H1 FY22, impairment relating
to the decision to retire AVEVA steel fabrication software and a
loss on the sale of assets (see Note 8 for further details).
Amortisation relates to the amortisation of the fair valued
heritage AVEVA intangible assets under acquisition accounting,
following the combination with the Schneider Electric industrial
software business and the amortisation of intangibles relating to
the OSIsoft acquisition. Of the GBP115.7m amortisation charge,
GBP72.7m relates to the intangibles acquired through the OSIsoft
acquisition.
Independent Review Report to AVEVA Group plc
Conclusion
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 September 2021 which comprises the Consolidated
Income Statement, the Consolidated Statement of Comprehensive
Income, the Consolidated Balance Sheet, the Consolidated Statement
of Changes in Shareholders' Equity, the Consolidated Cash Flow
Statement and the related notes 1 to 17. We have read the other
information contained in the half yearly financial report and
considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set
of financial statements.
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
September 2021 is not prepared, in all material respects, in
accordance with UK adopted International Accounting Standard 34 and
the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International
Standard on Review Engagements 2410 (UK and Ireland) 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity' issued by the Auditing Practices Board. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the
Group will be prepared in accordance with UK adopted international
accounting standards. The condensed set of financial statements
included in this half-yearly financial report has been prepared in
accordance with UK adopted International Accounting Standard 34,
'Interim Financial Reporting'.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct
Authority.
Auditor's responsibilities for the review of the financial
information
In reviewing the half-yearly report, we are responsible for
expressing to the Company a conclusion on the condensed set of
financial statements in the half-yearly financial report. Our
conclusion is based on procedures that are less extensive than
audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our report
This report is made solely to the company in accordance with
guidance contained in International Standard on Review Engagements
2410 (UK and Ireland) 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the
Auditing Practices Board. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
Company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
Birmingham
9 November 2021
Consolidated Income Statement
for the six months ended 30 September 2021
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
Notes (unaudited) (unaudited) (audited)
------------------------------------------- ------ ------------ ------------ -----------
Revenue 5 480.9 332.6 820.4
Cost of sales (106.7) (83.9) (181.3)
------------------------------------------- ------ ------------ ------------ -----------
Gross profit 374.2 248.7 639.1
Operating expenses
Research & Development costs (164.9) (92.7) (184.5)
Selling and administrative expenses 7 (270.0) (181.5) (419.8)
Net impairment gain/(loss) on financial
assets 4.1 (0.8) (3.7)
Other (expense)/income 8 (17.7) 3.1 5.5
Total operating expenses (448.5) (271.9) (602.5)
------------------------------------------- ------ ------------ ------------ -----------
(Loss)/profit from operations (74.3) (23.2) 36.6
Finance revenue 0.7 0.1 0.6
Finance expense (6.7) (1.1) (3.0)
------------------------------------------- ------ ------------ ------------ -----------
(Loss)/profit before tax from continuing
operations (80.3) (24.2) 34.2
Income tax (expense)/credit 9 (1.2) 3.9 (9.4)
------------------------------------------- ------ ------------ ------------ -----------
(Loss)/profit for the period attributable
to equity holders of the parent (81.5) (20.3) 24.8
------------------------------------------- ------ ------------ ------------ -----------
(Loss)/profit from operations (74.3) (23.2) 36.6
Amortisation of intangibles (excluding
other software) 115.7 45.8 95.7
Share-based payments 14.1 4.6 16.3
Loss/(gain) on fair value of forward
foreign exchange contracts 0.3 0.1 (0.7)
Exceptional items 8 34.2 29.0 78.5
---------------------------------------- ------- ------- ------
Adjusted EBIT 90.0 56.3 226.4
---------------------------------------- ------- ------- ------
(Loss)/earnings per share (pence)
- basic 11 (27.07) (10.11) 11.35
- diluted 11 (27.07) (10.11) 11.27
----------------------------------- --- -------- -------- ------
All activities relate to continuing activities.
Consolidated Statement of Comprehensive Income
for the six months ended 30 September 2021
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
--------------------------------------------------- ------------ ------------ -----------
(Loss)/profit for the period (81.5) (20.3) 24.8
Items that may be reclassified to profit or
loss in subsequent periods :
Exchange gain/(loss) arising on translation
of foreign operations 80.9 (4.5) 20.7
Total of items that may be reclassified to
profit or loss in subsequent periods: 80.9 (4.5) 20.7
--------------------------------------------------- ------------ ------------ -----------
Items that will not be reclassified to profit
or loss in subsequent periods:
Remeasurement gain/(loss) on defined benefit
plans 1.9 (4.4) (2.5)
Deferred tax effect (1.1) 0.8 0.5
--------------------------------------------------- ------------ ------------ -----------
Total of items that will not be reclassified
to profit or loss in subsequent periods 0.8 (3.6) (2.0)
--------------------------------------------------- ------------ ------------ -----------
Total comprehensive income/(loss) for the period,
net of tax 0.2 (28.4) 43.5
--------------------------------------------------- ------------ ------------ -----------
Consolidated Balance Sheet
30 September 2021
As at As at As at
30 September 30 September 31 March
2021 2020 2021
GBPm GBPm GBPm
Notes (unaudited) (unaudited) (audited)
-------------------------------- ------ -------------- -------------- ----------
Non-current assets
Goodwill 3,955.0 1,294.6 3,904.1
Other intangible assets 1,558.3 467.1 1,662.3
Property, plant and equipment 46.0 29.0 48.5
Right-of-use assets 102.2 73.3 111.9
Deferred tax assets 38.4 13.6 21.4
Trade and other receivables 13 16.0 22.7 19.4
Customer acquisition costs 2.4 - 0.3
Investments 0.4 - 0.4
Retirement benefit surplus 15.1 10.9 13.1
5,733.8 1,911.2 5,781.4
-------------------------------- ------ -------------- -------------- ----------
Current assets
Trade and other receivables 13 266.5 185.1 317.0
Contract assets 241.2 159.5 215.6
Treasury deposits 0.3 0.1 0.3
Cash and cash equivalents 136.3 79.8 286.6
Restricted cash 7.3 - 7.3
Financial assets 0.4 - 0.7
Current tax assets 18.1 27.5 18.9
670.1 452.0 846.4
-------------------------------- ------ -------------- -------------- ----------
Total assets 6,403.9 2,363.2 6,627.8
-------------------------------- ------ -------------- -------------- ----------
Equity
Issued share capital 10.7 5.7 10.7
Share premium 15 2,842.1 574.5 3,842.1
Other reserves 1,292.4 1,180.7 1,209.6
Retained earnings 15 991.6 111.8 130.3
-------------------------------- ------ -------------- -------------- ----------
Total equity 5,136.8 1,872.7 5,192.7
-------------------------------- ------ -------------- -------------- ----------
Current liabilities
Trade and other payables 14 140.9 134.3 271.3
Contract liabilities 232.5 132.9 239.7
Loans and borrowings - 20.0 -
Lease liabilities 20.6 15.5 22.9
Financial liabilities - 0.5 -
Current tax liabilities 10.9 1.1 45.6
-------------------------------- ------ -------------- -------------- ----------
404.9 304.3 579.5
-------------------------------- ------ -------------- -------------- ----------
Non-current liabilities
Loans and borrowings 16 669.5 - 654.0
Lease liabilities 81.8 48.7 88.9
Deferred tax liabilities 81.4 104.6 82.0
Other liabilities 14 15.5 20.9 18.2
Retirement benefit obligations 14.0 12.0 12.5
-------------------------------- ------ -------------- -------------- ----------
862.2 186.2 855.6
-------------------------------- ------ -------------- -------------- ----------
Total equity and liabilities 6,403.9 2,363.2 6,627.8
-------------------------------- ------ -------------- -------------- ----------
Consolidated Statement of Changes in Shareholders' Equity
30 September 2021
Other reserves
---------------------------------------
Cumulative Capital Reverse Total
Share Share Merger translation redemption acquisition Treasury other Retained Total
capital premium reserve adjustments reserve reserve shares reserves earnings equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
At 1 April
2020
(audited) 5.7 574.5 615.6 22.6 101.7 452.5 (12.1) 1,180.3 181.2 1,941.7
Loss for the
period - - - - - - - - (20.3) (20.3)
Other
comprehensive
loss - - - (4.5) - - - (4.5) (3.6) (8.1)
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
Total
comprehensive
loss - - - (4.5) - - - (4.5) (23.9) (28.4)
Share-based
payments - - - - - - - - 4.6 4.6
Tax arising on
share-based
payments - - - - - - - - 2.7 2.7
Investment in
own
shares - - - - - - (1.1) (1.1) - (1.1)
Cost of
employee
benefit trust
shares
issued to
employees - - - - - - 6.0 6.0 (6.0) -
Equity
dividends - - - - - - - - (46.8) (46.8)
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
At 30
September
2020
(unaudited) 5.7 574.5 615.6 18.1 101.7 452.5 (7.2) 1,180.7 111.8 1,872.7
Profit for the
period - - - - - - - - 45.1 45.1
Other
comprehensive
income - - - 25.2 - - - 25.2 1.6 26.8
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
Total
comprehensive
income - - - 25.2 - - - 25.2 46.7 71.9
Issue of new
shares 0.5 465.2 - - - - - - - 465.7
Rights issue 4.5 2,831.0 - - - - - - - 2,835.5
Transaction
costs
relating to
issue
of share
capital - (28.6) - - - - - - - (28.6)
Share-based
payments - - - - - - - - 11.7 11.7
Tax arising on
share-based
payments - - - - - - - - (0.6) (0.6)
Cost of
employee
benefit trust
shares
issued to
employees - - - - - - 3.7 3.7 (3.7) -
Equity
dividends - - - - - - - - (35.6) (35.6)
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
At 31 March
2021
(audited) 10.7 3,842.1 615.6 43.3 101.7 452.5 (3.5) 1,209.6 130.3 5,192.7
Loss for the
period - - - - - - - - (81.5) (81.5)
Other
comprehensive
income - - - 80.9 - - - 80.9 0.8 81.7
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
Total
comprehensive
income - - - 80.9 - - - 80.9 (80.7) 0.2
Share-based
payments - - - - - - - - 14.1 14.1
Tax arising on
share-based
payments - - - - - - - - 1.1 1.1
Investment in
own
shares - - - - - - (0.5) (0.5) - (0.5)
Cost of
employee
benefit trust
shares
issued to
employees - - - - - - 2.4 2.4 (2.4) -
Equity
dividends - - - - - - - - (70.8) (70.8)
Capital
reduction - (1,000.0) - - - - - - 1,000.0 -
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
At 30
September
2021
(unaudited) 10.7 2,842.1 615.6 124.2 101.7 452.5 (1.6) 1,292.4 991.6 5,136.8
--------------- -------- ---------- -------- ------------ ----------- ------------ --------- --------- --------- --------
Consolidated Cash Flow Statement
for the six months ended 30 September 2021
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
--------------------------------------------------- ------------ ------------ -----------
Cash flows from operating activities
(Loss)/profit for the period (81.5) (20.3) 24.8
Income tax expense/(credit) 1.2 (3.9) 9.4
Net finance expense 6.0 1.0 2.4
Amortisation of intangible assets 115.8 46.2 96.3
Depreciation of property, plant and equipment
and right-of-use assets 18.7 13.5 28.2
Loss on disposal of property, plant and
equipment 0.8 0.2 1.0
Loss on disposal of intangibles - 0.1 -
Impairment of intangibles 14.9 - -
Gain on disposal of pension scheme - (0.4) (0.3)
Loss on disposal of business 2.8 - -
Share-based payments 14.1 4.6 16.3
Difference between pension contributions
paid and amounts charged to operating profit 0.4 0.3 0.3
Research & Development expenditure tax credit (1.0) (1.4) (3.1)
Changes in working capital:
Trade and other receivables 61.9 39.2 (4.8)
Contract assets (25.2) (17.1) (70.8)
Customer acquisition costs (2.1) - (0.3)
Trade and other payables (133.1) 5.5 5.5
Contract liabilities (8.4) (43.9) (13.0)
Changes to fair value of forward foreign
exchange contracts 0.3 0.1 (0.7)
--------------------------------------------------- ------------ ------------ -----------
Cash generated from operating activities
before tax (14.4) 23.7 91.2
Income taxes paid (44.5) (11.3) (32.8)
--------------------------------------------------- ------------ ------------ -----------
Net cash generated from operating activities (58.9) 12.4 58.4
--------------------------------------------------- ------------ ------------ -----------
Cash flows from investing activities
Purchase of property, plant and equipment (4.3) (6.3) (10.9)
Purchase of intangible assets (0.1) (0.8) (0.5)
Payment on disposal of pension scheme - (0.3) (0.3)
Acquisition of subsidiaries, net of cash
acquired - - (3,029.5)
Restricted cash from acquisition of business
- held in escrow - - (7.3)
Net payment for forward contracts under
hedge accounting - - (74.2)
Proceeds from sale of business, net of cash 1.6 - -
Purchase of treasury deposits - - (0.2)
Interest received 0.5 0.1 0.5
--------------------------------------------------- ------------ ------------ -----------
Net cash flows used in investing activities (2.3) (7.3) (3,122.4)
--------------------------------------------------- ------------ ------------ -----------
Cash flows from financing activities
Interest paid (6.6) (1.3) (2.8)
Purchase of own shares (0.5) (1.1) (1.1)
Proceeds from borrowings, net of fees incurred - 20.0 645.6
Payment of principal element of lease liabilities (11.6) (8.6) (18.5)
Proceeds from rights issue - - 2,835.5
Transaction costs on issue of shares - - (28.6)
Payment of facility arrangement fees - - (2.0)
Dividends paid to shareholders of the parent (70.8) (46.8) (82.4)
--------------------------------------------------- ------------ ------------ -----------
Net cash flows used in financing activities (89.5) (37.8) 3,345.7
--------------------------------------------------- ------------ ------------ -----------
Net (decrease)/increase in cash and cash
equivalents (150.7) (32.7) 281.7
Net foreign exchange difference 0.4 (2.0) (109.6)
Opening cash and cash equivalents 286.6 114.5 114.5
--------------------------------------------------- ------------ ------------ -----------
Closing cash and cash equivalents 136.3 79.8 286.6
--------------------------------------------------- ------------ ------------ -----------
Notes to the Interim Report
1 The Interim Report
The Interim Report was approved by the Board on 9 November 2021.
The interim condensed financial statements set out in the Interim
Report are unaudited but have been reviewed by the auditor, Ernst
& Young LLP, and their report to the Company is set out
above.
2 Basis of preparation and accounting policies
a) Basis of preparation
This Interim Report has been prepared in accordance with IAS 34
'Interim Financial Reporting' as issued by the International
Accounting Standards Board (IASB) and as adopted by the UK, and the
disclosure requirements of the Listing Rules.
The Interim Report does not include all the information and
disclosures required in the annual financial statements and should
be read in conjunction with the Annual Report for the year ended 31
March 2021.
The financial information set out within this report does not
constitute AVEVA's consolidated statutory financial statements as
defined in Section 434 of the Companies Act 2006. The results for
the year ended 31 March 2021 have been extracted from the
consolidated statutory financial statements for AVEVA Group plc for
the year ended 31 March 2021 on which the auditor gave an
unqualified report (which made no statement under Section 498(2) or
498(3) respectively of the Companies Act 2006 and did not draw
attention to any matters by way of emphasis) and have been filed
with the Registrar of Companies.
b) Accounting policies
Except for the application of UK-adopted international
accounting standards, for which there are no material differences
from International Financial Reporting Standards as issued by the
IASB and adopted by the EU when applied to AVEVA, the Interim
Report has been prepared on the basis of the accounting policies
set out in the most recently published Annual Report of the Group
for the year ended 31 March 2021. New standards and amendments
effective from 1 April 2021 have not had an impact on the interim
consolidated financial statements of the Group.
c) Non-GAAP measures
The Group presents the non-GAAP performance measure 'adjusted
earnings before interest and tax (EBIT)' on the face of the
Consolidated Income Statement and reconciles this to profit from
operations as required to be presented under the applicable
accounting standards. Adjusted EBIT is not defined by IFRSs and
therefore may not be directly comparable with the adjusted EBIT
measures of other companies. It is not intended to be a substitute
for, or superior to, GAAP measures of profit. The Directors believe
that this alternative measure of profit provides a reliable and
consistent measure of the Group's underlying performance. Adjusted
earnings per share is calculated having adjusted profit after tax
for the same items, their tax effect, the deferred revenue haircut
arising due to the fair valuing of OSIsoft's contract liabilities
on acquisition, and the tax effect of the deferred revenue
haircut.
The business is managed and measured on a day-to-day basis using
adjusted results. To arrive at adjusted results, certain
adjustments are made for normalised and exceptional items that are
individually important and which could, if included, distort the
understanding of the performance for the year and the comparability
between periods.
The Group also presents pro forma results within the Chief
Executive's Review and Finance Review. For the six months ended 30
September 2021, these represent the Group's adjusted results with
an additional adjustment to add back the deferred revenue haircut
arising due to the fair valuing of OSIsoft's contract liabilities
on acquisition. For the six months ended 30 September 2020, these
include pre-acquisition OSIsoft results for the period, assumes no
synergies or trading between the groups, and assumes the term loan
used to finance the acquisition was entered into on 1 April 2020.
These are presented to increase year-on-year comparability, given
the significant impact of the OSIsoft acquisition upon the newly
enlarged Group's results.
Additional information, definitions and reconciliations from
GAAP measures are provided in the non-GAAP measures section
below.
3 Going concern
In adopting the going concern basis for preparing the interim
financial statements, the Group has considered the business
activities, and principal risks and uncertainties in the context of
the current operating environment. This includes expectations of
business performance and estimated potential ongoing impact of
global Covid-19 pandemic and its subsequent impact upon the Group's
cashflow, liquidity headroom and covenant forecasts.
At 30 September 2021, the Group held external debt in the form
of a GBP669.5 million term loan, due for repayment in March 2024.
The Group has access to a GBP250.0 million Revolving Credit
Facility (RCF), of which nil was drawn down at 30 September 2021.
This facility is due for renewal in February 2024, with two
one-year extension options subject to the lender's approval.
The Group has developed working capital financial models
covering the period from the signing of this Interim Report to 31
December 2022. These include:
-- Scenario 1: A base case scenario, representing the Group's forecasts for the period.
-- Scenario 2: A stress case scenario, representing a severe but
plausible downside where revenue is decreased 10% from the base
case and there are moderate delays in cash collection (a 10-day
increase in debtor days).
-- Scenario 3: A more severe stress case where revenue is
decreased 20% from the base case and there are severe delays in
cash collection (a 20-day increase in debtor days).
Under Scenarios 1 and 2, there is no expected requirement to
draw down on the RCF across the going concern period. Under
Scenario 3, the Group would utilise the RCF, but within the current
liquidity levels available. Throughout all scenarios, the Group has
liquidity headroom on existing facilities and against the RCF
financial covenants during the assessment period. Should a more
extreme downside scenario occur, additional mitigating actions
could be taken such as the cancellation or deferral of dividend
payments and reductions in other discretionary operating costs.
The interim financial statements for the six months ended 30
September 2021 have therefore been prepared under the going concern
basis of accounting.
4 Risks and uncertainties
There are several potential risks and uncertainties which could
have a material impact on the Group's long-term performance. The
principal risks and uncertainties as set out in the Annual Report
for the year ended 31 March 2021 remain unchanged, except for
Industrial digitalisation strategy which is no longer considered a
principal risk. The unchanged risks are:
-- Talent;
-- Subscription;
-- Cloud;
-- Sustainability;
-- OSIsoft integration;
-- Competitors;
-- Dependency on cyclical markets;
-- AVEVA software products implicated in industrial accidents or customer cyber attack;
-- Cyber attack;
-- Regulatory compliance;
-- Global economic disruption and declining GDPs;
-- Internal IT systems (suitability and continuity); and
-- Disruptive technologies.
Industrial digitalisation strategy is no longer considered to be
a principal risk because:
-- The market has evolved; the move towards digitalisation has
accelerated within the last 24 months where customers have
understood and accepted the imperative need to evolve. There is now
a diminished need to convince customers to digitalise, rather it is
the expected standard.
-- Given this market evolution and AVEVA's strategic acquisition
of OSIsoft, which further consolidates its position within the
industrial digitalisation market, this is no longer a material
threat to AVEVA over the next 18 months.
-- AVEVA's strategy to grow its market share of industrial
digitalisation now morphs into other existing principal risks,
namely strategic risk elements of Cloud, Competitors,
Sustainability, Subscription and OSIsoft integration.
These risks are described in more detail on pages 36 to 46 of
the 2021 Annual Report. The Directors routinely monitor these risks
and uncertainties, and appropriate actions are taken to manage them
within agreed risk appetites. Included in the Chief Executive's
Review is a commentary on the outlook of the Group for the
remaining six months of the year.
At an executive level, risk management remains the
responsibility of the Executive Risk Committee, who report to the
Board on risk matters.
5 Revenue
An analysis of the Group's revenue is as follows:
Services transferred Services
at a point in transferred
Six months ended 30 September 2021 time over time Total
(unaudited) GBPm GBPm GBPm
------------------------------------ --------------------- ------------- ------
Subscription 60.6 73.5 134.1
Maintenance - 162.7 162.7
Perpetual licences 127.6 - 127.6
Services - 56.5 56.5
------------------------------------ --------------------- ------------- ------
188.2 292.7 480.9
------------------------------------ --------------------- ------------- ------
Services transferred Services
at a point in transferred
Six months ended 30 September 2020 time over time Total
(unaudited) GBPm GBPm GBPm
------------------------------------ --------------------- ------------- ------
Subscription 53.2 60.7 113.9
Maintenance - 99.6 99.6
Perpetual licences 61.7 - 61.7
Services - 57.4 57.4
------------------------------------ --------------------- ------------- ------
114.9 217.7 332.6
------------------------------------ --------------------- ------------- ------
Services transferred Services
at a point in transferred
time over time Total
Year ended 31 March 2021 (audited) GBPm GBPm GBPm
------------------------------------ --------------------- ------------- ------
Subscription 236.1 123.6 359.7
Maintenance - 197.7 197.7
Perpetual licences 141.6 - 141.6
Services - 121.4 121.4
------------------------------------ --------------------- ------------- ------
377.7 442.7 820.4
------------------------------------ --------------------- ------------- ------
6 Segment information
The Executive Leadership Team (ELT) monitors and appraises the
business based on the performance of three geographic regions:
Americas; Asia Pacific; and Europe, Middle East and Africa (EMEA).
These three regions are the basis of the Group's primary operating
segments reported in the financial statements. Performance is
evaluated based on regional contribution using the same accounting
policies as adopted for the Group's financial statements. There is
no inter-segment revenue. Corporate costs include centralised
functions such as Executive Management, Information Management,
Finance and Legal. Balance sheet information is not included in the
information provided to the ELT.
Six months ended 30 September 2021 (unaudited)
Americas Asia Pacific EMEA Corporate Total
GBPm GBPm GBPm GBPm GBPm
------------------------------------- --------- ------------- ------- ---------- --------
Revenue
Subscription 50.7 33.4 50.0 - 134.1
Maintenance 79.5 27.8 55.4 - 162.7
Perpetual licences 51.1 40.2 36.3 - 127.6
Services 23.1 13.6 19.8 - 56.5
------------------------------------- --------- ------------- ------- ---------- --------
Regional revenue total 204.4 115.0 161.5 - 480.9
Cost of sales(1) (28.0) (10.5) (16.3) (51.8) (106.6)
Selling and administrative
expenses(1) (45.6) (24.2) (42.3) (95.4) (207.5)
Net impairment loss on financial
assets 0.7 3.1 0.3 - 4.1
------------------------------------- --------- ------------- ------- ---------- --------
Regional contribution 131.5 83.4 103.2 (147.2) 170.9
Research & Development costs(1) (80.9)
------------------------------------- --------- ------------- ------- ---------- --------
Adjusted EBIT 90.0
------------------------------------- --------- ------------- ------- ---------- --------
Exceptional items, other normalised
adjustments(1) and net interest (170.3)
------------------------------------- --------- ------------- ------- ---------- --------
Loss before tax (80.3)
------------------------------------- --------- ------------- ------- ---------- --------
1. Cost of sales, Selling and administrative expenses and
Research & Development costs exclude the impact of exceptional
and normalised adjustments. Normalised adjustments include
amortisation of intangible assets (excluding other software),
share-based payments, and movements on fair value of forward
exchange contracts.
Six months ended 30 September 2020 (unaudited)
Americas Asia Pacific EMEA Corporate Total
GBPm GBPm GBPm GBPm GBPm
------------------------------------- --------- ------------- ------- ---------- --------
Revenue
Subscription 34.8 29.2 49.9 - 113.9
Maintenance 42.5 23.4 33.7 - 99.6
Perpetual licences 18.9 20.8 22.0 - 61.7
Services 22.1 13.7 21.6 - 57.4
------------------------------------- --------- ------------- ------- ---------- --------
Regional revenue total 118.3 87.1 127.2 - 332.6
Cost of sales(1) (24.8) (8.6) (16.1) (34.2) (83.7)
Selling and administrative
expenses(1) (28.0) (18.8) (31.3) (53.4) (131.5)
Net impairment loss on financial
assets 0.4 0.8 (2.0) - (0.8)
------------------------------------- --------- ------------- ------- ---------- --------
Regional contribution 65.9 60.5 77.8 (87.6) 116.6
Research & Development costs(1) (60.3)
------------------------------------- --------- ------------- ------- ---------- --------
Adjusted EBIT 56.3
------------------------------------- --------- ------------- ------- ---------- --------
Exceptional items, other normalised
adjustments(1) and net interest (80.5)
------------------------------------- --------- ------------- ------- ---------- --------
Loss before tax (24.2)
------------------------------------- --------- ------------- ------- ---------- --------
1. Cost of sales, Selling and administrative expenses and
Research & Development costs exclude the impact of exceptional
and normalised adjustments. Normalised adjustments include
amortisation of intangible assets (excluding other software),
share-based payments, and movements on fair value of forward
exchange contracts.
Year ended 31 March 2021 (audited)
Americas Asia Pacific EMEA Corporate Total
GBPm GBPm GBPm GBPm GBPm
------------------------------------- --------- ------------- ------- ---------- --------
Revenue
Subscription 94.6 95.5 169.6 - 359.7
Maintenance 84.3 46.7 66.7 - 197.7
Perpetual licences 42.1 47.4 52.1 - 141.6
Services 44.4 31.7 45.3 - 121.4
------------------------------------- --------- ------------- ------- ---------- --------
Regional revenue total 265.4 221.3 333.7 - 820.4
Cost of sales(1) (50.0) (19.8) (39.9) (70.8) (180.5)
Selling and administrative
expenses(1) (64.4) (40.7) (68.0) (120.3) (293.4)
Net impairment loss on financial
assets (1.0) (1.8) (0.9) - (3.7)
------------------------------------- --------- ------------- ------- ---------- --------
Regional contribution 150.0 159.0 224.9 (191.1) 342.8
Research & Development costs(1) (116.4)
------------------------------------- --------- ------------- ------- ---------- --------
Adjusted EBIT 226.4
------------------------------------- --------- ------------- ------- ---------- --------
Exceptional items, other normalised
adjustments(1) and net interest (192.2)
------------------------------------- --------- ------------- ------- ---------- --------
Profit before tax 34.2
------------------------------------- --------- ------------- ------- ---------- --------
1. Cost of sales, Selling and administrative expenses and
Research & Development costs exclude the impact of exceptional
and normalised adjustments. Normalised adjustments include
amortisation of intangible assets (excluding other software),
share-based payments, and movements on fair value of forward
exchange contracts.
7 Selling and administrative expenses
An analysis of selling and administrative expenses is set out
below:
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
----------------------------------- ------------ ------------ -----------
Selling and distribution expenses 157.5 103.2 226.8
Administrative expenses 112.5 78.3 193.0
270.0 181.5 419.8
----------------------------------- ------------ ------------ -----------
8 Exceptional items
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
------------------------------- ------------ ------------ -----------
Acquisition costs 0.7 16.3 44.4
Integration and restructuring 15.8 15.8 39.6
Other expense/(income) 17.7 (3.1) (5.5)
34.2 29.0 78.5
------------------------------- ------------ ------------ -----------
The total cash outflow during the year as a result of
exceptional items was GBP35.1 million (H1 FY21: GBP31.1
million).
a) Acquisition costs
Current and prior year acquisition costs relate to adviser fees
incurred as a result of the acquisition of OSIsoft, LLC which
completed on 19 March 2021. These costs are not expected to
significantly increase in the second half of the financial
year.
b) Integration and restructuring
Integration and restructuring included GBP7.8 million in
relation to the integration of OSIsoft, LLC, consisting primarily
of consultancy fees paid to advisers and the costs of additional
temporary resources. Costs of GBP8.0 million were incurred in
relation to the integration of heritage AVEVA and Schneider
Electric industrial software business, relating primarily to the
implementation of a global ERP system.
Prior year integration and restructuring related to the
integration of heritage AVEVA and the Schneider Electric industrial
software business. Key activities included work undertaken to exit
the Transitional Service Agreements (TSA) provided by Schneider
Electric; costs incurred in the initial design and build phases of
the new ERP system; and assistance from consultants to the Group in
running programmes designed to deliver revenue and cost
synergies.
c) Other expense/(income)
Other expense includes a GBP2.8 million loss on sale resulting
from the disposal of the Acquis Software, Termis Software and Water
Loss Management Software business. See note 12(b) for further
details. GBP14.9 million relates to an impairment of intangible
assets (developed technology and customer relationships) associated
with the Group's steel fabrication business, following the
announcement in July 2021 of these products' retirement. These
assets are allocated across all operating segments. A discounted
cash flow model was used to determine the value in use over the
remaining life.
Prior year other income related to the reimbursement from
Schneider Electric for capital expenditure incurred as part of the
Group's migration activities covered by Transitional Services
Agreements (TSA) following the combination of heritage AVEVA and
SES in February 2018.
d) Tax impact
The tax credit on the exceptional items of GBP34.2 million (H1
FY21: GBP29.0 million) is GBP5.9 million (H1 FY21: GBP4.2
million).
9 Income tax expense
The total tax expense for the half year ended 30 September 2021
is GBP1.2 million (H1 FY21: credit of GBP3.9 million).
The effective tax rate on the loss before tax is (1.5)% (H1
FY21: 16.1%). The difference between the Group's effective tax rate
and the US tax rate of 24.0% is due to a GBP17.0 million expense
relating to the increase in the UK tax rate to 25% from 1 April
2023 and higher overseas tax rates.
The tax credit on adjusted profit before tax is GBP3.2 million
(H1 FY21: expense of GBP9.5 million) which equates to an effective
tax rate of (3.8)% (H1 FY21: 17.2%).
10 Ordinary dividends
The proposed interim dividend of 13.0 pence per ordinary share
will be payable on 4 February 2022 to shareholders on the register
on 7 January 2022. In accordance with IFRS, no provision for the
interim dividend has been made in these financial statements.
The dividends relating to year ended 31 March 2021 were declared
and paid relating to AVEVA Group plc.
An analysis of dividends paid is set out below:
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
----------------------------------------------- ------------ ------------ -----------
Final 2020/21 paid at 23.5 pence per ordinary
share 70.8 - -
Interim 2020/21 paid at 12.4 pence per
ordinary share(1) - - 35.6
Final 2019/20 paid at 23.3 pence per ordinary
share(1) - 46.8 46.8
70.8 46.8 82.4
----------------------------------------------- ------------ ------------ -----------
1. Dividends per share for comparative periods have been
restated and adjusted for a bonus factor of 0.80, to reflect the
bonus element of the November 2020 rights issue. Previously stated
dividends per ordinary share were interim 2019/20 dividend at 15.5
pence per ordinary share and final 2019/20 dividend at 29.0 pence
per ordinary share.
11 Earnings per share
Six months ended Year ended
30 September 31 March
-----------------------------
2020
2021 (restated)(1) 2021
pence pence pence
(unaudited) (unaudited) (audited)
------------------------------------------- ------------ --------------- -----------
(Loss)/earnings per share for the period:
- basic (27.07) (10.11) 11.35
- diluted (27.07) (10.11) 11.27
Adjusted earnings per share:
- basic 37.59 22.82 81.86
- diluted 37.38 22.68 81.31
------------------------------------------- ------------ --------------- -----------
Six months ended Year ended
30 September 31 March
-----------------------------
2020
2021 (restated)(1) 2021
number number number
(unaudited) (unaudited) (audited)
----------------------------------------------- ------------ --------------- ------------
EPS
Weighted average number of ordinary shares
for basic EPS 301,103,964 200,852,783 218,531,149
Effect of dilution: employee share options(2) - - 1,489,318
----------------------------------------------- ------------ --------------- ------------
Weighted average number of ordinary shares
adjusted for the effect of dilution 301,103,964 200,852,783 220,020,467
----------------------------------------------- ------------ --------------- ------------
Adjusted EPS
Weighted average number of ordinary shares
for basic EPS 301,103,964 200,852,783 218,531,149
Effect of dilution: employee share options 1,756,647 1,178,921 1,489,318
----------------------------------------------- ------------ --------------- ------------
Weighted average number of ordinary shares
adjusted for the effect of dilution 302,860,611 202,031,704 220,020,467
----------------------------------------------- ------------ --------------- ------------
1. Basic and adjusted EPS for September 2020 has been restated
and adjusted for a bonus factor of 0.80 to reflect the bonus
element of the November 2020 rights issue. Amounts originally
stated as at 30 September 2020 were (12.60) pence basic earnings
per share, (12.60) pence diluted earnings per share, 28.43 pence
adjusted basic earnings per share, and 28.26 pence adjusted diluted
earnings per share.
2. The effect of share options are anti-dilutive in the six
months ended 30 September 2021 and the six months ended 30
September 2020 due to the Group recognising a net loss for the
periods. They are therefore excluded from the diluted earnings per
share calculation.
The calculation of EPS is based on the net loss attributable to
equity holders of the parent for the six months ended 30 September
2021 of GBP81.5 million and the weighted average number of shares
stated above.
Details of the calculation of adjusted EPS are set out
below:
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
----------------------------------------------------- ------------ ------------ -----------
(Loss)/profit after tax for the period (81.5) (20.3) 24.8
Intangible amortisation (excluding other
software) 115.7 45.8 95.7
Share-based payments 14.1 4.6 16.3
Loss/(gain) on fair value of forward foreign
exchange contracts 0.3 0.1 (0.7)
Exceptional items 34.2 29.0 78.5
Effect of acquisition accounting adjustments(1) 35.2 - 3.3
Tax effect on exceptional items (5.9) (4.2) (15.1)
Tax effect on other normalised adjustments
(excluding net finance expense) 10.3 (9.2) (23.0)
Tax effect on acquisition accounting adjustments(1) (9.2) - (0.9)
Adjusted profit after tax 113.2 45.8 178.9
----------------------------------------------------- ------------ ------------ -----------
1. Acquisition accounting adjustments relate to the deferred
revenue haircut made upon the combination with OSIsoft, LLC.
12 Business combinations
a) Acquisition of OSIsoft, LLC
The Group acquired 100% of the voting shares of OSIsoft, LLC on
19 March 2021. See the Group's 2021 Annual Report for further
details. Provisional fair values at acquisition were reported in
note 14 of the 2021 Annual Report. This was revised in the six
months to 30 September 2021 due to the finalisation of the
completion accounts process. The revised fair values of
identifiable assets acquired and liabilities assumed at the
acquisition date, alongside the carrying values at acquisition,
are:
Provisional
Carrying value fair value Provisional
at acquisition adjustment fair value
GBPm GBPm GBPm
----------------------------------------- ---------------- ------------ ------------
Non-current assets
Intangible assets 0.4 1,231.6 1,232.0
Property, plant and equipment 21.0 - 21.0
Right-of-use assets 36.2 - 36.2
Deferred tax assets 22.0 (11.2) 10.8
Trade and other receivables 2.9 - 2.9
Customer acquisition costs 10.3 (10.3) -
Investments 0.4 - 0.4
----------------------------------------- ---------------- ------------ ------------
Total non-current assets 93.2 1,210.1 1,303.3
----------------------------------------- ---------------- ------------ ------------
Current assets
Trade and other receivables 75.6 (2.5) 73.1
Contract assets 2.4 - 2.4
Customer acquisition costs 4.0 (4.0) -
Cash and cash equivalents 150.6 - 150.6
Financial assets 0.4 - 0.4
----------------------------------------- ---------------- ------------ ------------
Total current assets 233.0 (6.5) 226.5
----------------------------------------- ---------------- ------------ ------------
Current liabilities
Trade and other payables (115.1) (3.3) (118.4)
Contract liabilities (136.2) 60.5 (75.7)
Lease liabilities (6.8) - (6.8)
Current tax liabilities (29.9) (7.6) (37.5)
----------------------------------------- ---------------- ------------ ------------
Total current liabilities (288.0) 49.6 (238.4)
----------------------------------------- ---------------- ------------ ------------
Non-current liabilities
Lease liabilities (37.9) - (37.9)
Retirement benefit obligations (0.9) - (0.9)
----------------------------------------- ---------------- ------------ ------------
Total non-current liabilities (38.8) - (38.8)
----------------------------------------- ---------------- ------------ ------------
Net identifiable assets and liabilities (0.6) 1,253.2 1,252.6
Goodwill 2,572.4
----------------------------------------- ---------------- ------------ ------------
Total consideration 3,825.0
----------------------------------------- ---------------- ------------ ------------
These provisional fair values are subject to change. Final fair
values will be reported in the Group's 2022 Annual Report.
b) Disposal of Acquis Software, Termis Software and Water Loss Management Software businesses
On 11 May 2021 the Group entered into an agreement whereby it
agreed to sell the business and assets of Acquis Software, Termis
Software and Water Loss Management Software to Schneider Electric
for an aggregate consideration of GBP1.6 million. This transaction
was made at arm's length, with the consideration set based upon
independent advice.
This completed on 30 June 2021. A loss on disposal of GBP2.8
million was recognised, calculated as follows:
Total
GBPm
(unaudited)
--------------------- ------------
Cash consideration 1.6
--------------------- ------------
Gross consideration 1.6
Net assets disposed (4.4)
--------------------- ------------
Loss on disposal (2.8)
--------------------- ------------
Net assets disposed comprised:
Total
GBPm
(unaudited)
--------------------------- ------------
Non-current assets
Goodwill 5.2
Other intangible assets 0.1
Total non-current assets 5.3
--------------------------- ------------
Current liabilities
Contract liabilities (0.9)
--------------------------- ------------
Total current liabilities (0.9)
--------------------------- ------------
Net assets 4.4
--------------------------- ------------
The net loss on disposal is included within other expense.
Disposed goodwill of GBP5.2 million has been allocated to the
following CGUs:
-- GBPnil million to Americas
-- GBP1.9 million to APAC
-- GBP3.3 million to EMEA
13 Trade and other receivables
30 September 30 September 31 March
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
----------------------------------- ------------- ------------- ----------
Current
Trade receivables 189.4 99.3 245.3
Amounts owed from related parties
(note 16) 21.9 35.7 21.6
Prepayments and other receivables 55.2 50.1 50.1
----------------------------------- ------------- ------------- ----------
266.5 185.1 317.0
----------------------------------- ------------- ------------- ----------
Non-current
Prepayments and other receivables 16.0 22.7 19.4
----------------------------------- ------------- ------------- ----------
16.0 22.7 19.4
----------------------------------- ------------- ------------- ----------
The Directors consider that the carrying amount of trade and
other receivables approximates their fair value.
14 Trade and other payables
30 September 30 September 31 March
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
------------------------------------- ------------- ------------- ----------
Current
Trade payables 20.3 20.4 39.6
Amounts owed to related parties
(note 16) 2.4 1.9 1.5
Social security, employee and sales
taxes 21.1 20.6 28.5
Accruals 72.2 76.4 176.8
Other payables 24.9 15.0 24.9
140.9 134.3 271.3
------------------------------------- ------------- ------------- ----------
Non-current
Other liabilities 15.5 20.9 18.2
------------------------------------- ------------- ------------- ----------
15.5 20.9 18.2
------------------------------------- ------------- ------------- ----------
Accruals as at 30 September 2021 has decreased from 31 March
2021 due to payment of one-off costs relating to the acquisition of
OSIsoft, LLC and employee annual bonuses in the six months to 30
September 2021.
15 Capital reduction
The Group received approval from shareholders to perform a
GBP1.0 billion capital reduction at the Annual General Meeting on 7
July 2021. This completed on 10 August 2021, resulting in a
reduction in share premium and an increase in reserves within
retained earnings.
16 Related party transactions
Transactions between Group subsidiaries have been eliminated on
consolidation.
a) Schneider Electric Group companies
During the period, Group companies entered into the following
transactions with Schneider Electric Group companies:
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
Sales of goods and services 30.0 33.4 62.2
Purchase of goods and services (1.1) (4.2) (3.4)
Interest expense on term loan (3.9) - (0.2)
Other non-trading transactions 1.6 9.2 13.7
-------------------------------- ------------ ------------ -----------
At 30 September 2021, other non-trading transactions comprised
the GBP1.6 million sale of Acquis Software, Termis Software and
Water Management Software to Schneider Electric. See note 12(b) for
further details. For the year-ended 31 March 2021, this comprised
the reimbursement for expenditure incurred during the Group's
migration away from activities covered as part of the TSA with
Schneider Electric. See note 8 for further details.
As at the balance sheet date, Group companies held the following
balances with Schneider Electric Group companies:
30 September 30 September 31 March
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
Trade and other receivables 21.8 24.6 18.9
Trade and other payables (2.4) (1.9) (1.5)
Non-trading receivables 0.1 11.1 2.7
Term loan(1) (670.2) - (654.8)
----------------------------- ------------- ------------- ----------
1. This balance represents the contractual obligation owed to
Schneider Electric Group companies. The carrying value per the
balance sheet is stated after offsetting directly attributable
costs for obtaining this financing.
b) Transactions with other related parties
Dr J Patrick Kennedy controls 4.42% of the issued ordinary share
capital of AVEVA Group plc through his controlling ownership of
Estudillo Holdings Corp and is Chairman Emeritus of the Group, a
board advisory position.
During the period, Group companies entered into the following
transactions with companies in which Dr J Patrick Kennedy has a
shareholding:
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
-------------------------------- ------------ ------------ -----------
Purchase of goods and services 2.0 - 0.1
-------------------------------- ------------ ------------ -----------
17 Commitments and contingencies
30 September 30 September 31 March
2021 2020 2021
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
--------------------------- ------------- ------------- ----------
Bank guarantees 10.9 23.9 12.8
Parent Company guarantees 49.4 29.0 44.7
--------------------------- ------------- ------------- ----------
60.3 52.9 57.5
--------------------------- ------------- ------------- ----------
The Group provides a number of guarantees for obligations to
complete and deliver projects. These include bid, performance and
warranty bonds, and guarantees against advance payments, all of
which arise in the ordinary course of business and are issued by
either banking partners or AVEVA parent companies. The amounts
disclosed above represent the Group's contractual exposure at the
balance sheet date.
Non-GAAP Measures (unaudited)
Various non-GAAP measures are presented throughout this Interim
Report, which management believe provide useful information for
understanding the Group's financial performance. These non-GAAP
measures should be considered in addition to IFRS measures and are
not intended to be a substitute for them.
The Group's adjusted results exclude the costs relating to major
integration or restructuring events while including the benefits.
They also exclude significant recurring expense relating to
normalised items. Therefore, adjusted results will present a more
favourable view than GAAP measures and should not be considered to
be a complete picture of the Group's financial performance.
As the Group's non-GAAP measures are not defined by IFRS, they
may not be directly comparable with other companies who use similar
measures.
Further information, definitions, the intention in presenting
these measures, and a reconciliation from the nearest IFRS measure
are provided below.
Closest
Non-GAAP equivalent Reconciliation
measure IFRS measure Definition and purpose / calculation
Income statement - revenue measures
Annualised No direct The non-cancellable contract consideration Consistent with
recurring equivalent related to subscription and maintenance definition
revenue (ARR) contracts as at the reporting given.
date divided by the number of
days in the non-cancellable contract This cannot be
period and multiplied by 365. reconciled to
an IFRS measure.
ARR represents the annualised
value of the recurring revenue
base that is expected to be carried
into future periods.
ARR is calculated on a constant
currency basis.
ARR growth is a component of the
Group bonus scheme.
----------------- ------------------------------------------------------------ -----------------
Revenue at Revenue Constant currency is derived by See section a
constant translating the relevant current below.
currency year figure at prior year average
exchange rates.
Constant currency enables measurement
of performance on a comparable
year-on-year basis without the
potentially distorting effect
of foreign exchange translation.
----------------- ------------------------------------------------------------ -----------------
Organic revenue Revenue Constant currency figures, adjusted See section a
at constant for significant one-off events below.
currency affecting year-on-year comparability,
including acquisitions and disposals
of subsidiaries.
Organic constant currency enables
measurement of performance on
a comparable year-on-year basis
without the potentially distorting
effects of foreign exchange movements
and merger & acquisition activity.
----------------- ------------------------------------------------------------ -----------------
Recurring No direct Recurring revenue is defined as See section a
revenue equivalent subscription revenue plus maintenance below.
revenue.
Recurring revenue is revenue earned
from customers for the provision
of goods or services over a contractual
term, where future contract renewal
is required for ongoing use of
the product.
----------------- ------------------------------------------------------------ -----------------
Income statement - cost measures
Adjusted No direct Expense excluding exceptional See section c
costs equivalent and normalised items. below.
Adjusted costs allow for the comparison
of results year-on-year without
the potentially distorting effects
of significant one-off items or
items which do not relate to the
underlying performance of the
Group.
----------------- ------------------------------------------------------------ -----------------
Adjusted No direct Constant currency is derived by See section c
costs at equivalent translating the relevant current below.
constant year figure at prior year average
currency exchange rates.
Constant currency enables measurement
of performance on a comparable
year-on-year basis without the
potentially distorting effect
of foreign exchange movements.
----------------- ------------------------------------------------------------ -----------------
Exceptional No direct Items which are non-recurring Exceptional
items equivalent and are identified by virtue of items
either their size or their nature. are included
These items can include, but are on the face of
not restricted to: the Consolidated
* costs of significant restructuring exercises; Income
Statement.
Further
* fees associated with business combinations; and information
on the nature
of exceptional
* costs incurred in integrating acquired companies. items is
included
within note 8
of the notes
In the six months ended 30 September to the Interim
2021, exceptional items also includes Report.
the loss on disposal of a business
and impairment of intangible assets
following the decision to end-of-life
the associated products.
Exceptional items are excluded
from statutory measures to determine
adjusted results.
----------------- ------------------------------------------------------------ -----------------
Normalised No direct These are recurring items which Normalised items
items equivalent management consider to have a are included
distorting effect on the underlying on the face of
results of the Group. These include: the Consolidated
* amortisation of intangible assets (excluding other Income
software); Statement.
Further
information
* share-based payment charges; and on the rationale
for these items
being normalised
* fair value adjustments on financial derivatives. is included in
note 2(c) of
the notes to
the Interim
Normalised items are excluded Report.
from statutory measures to determine
adjusted results.
----------------- ------------------------------------------------------------ -----------------
Income statement - profit measures
Adjusted Profit Earnings before finance revenue, A reconciliation
EBIT from operations finance expense, tax, exceptional is given on the
items, and normalised items. face of the
Consolidated
Adjusted results allow for the Income
comparison of results year-on-year Statement.
without the potentially distorting
effects of significant one-off
items or items which do not relate
to the underlying performance
of the Group. Adjusted EBIT is
a measure of the underlying profitability
of the Group.
----------------- ------------------------------------------------------------ -----------------
Adjusted No direct Year-on-year percentage increase Consistent with
EBIT growth equivalent in adjusted EBIT. definition
given.
Adjusted results allow for the
comparison of results year-on-year
without the potentially distorting
effects of significant one-off
items or items which do not relate
to the underlying performance
of the Group. Adjusted EBIT growth
is a measure of the movement in
the underlying profitability of
the Group.
----------------- ------------------------------------------------------------ -----------------
Adjusted No direct Adjusted EBIT as a percentage Consistent with
EBIT margin equivalent of revenue. definition
given.
Adjusted results allow for the
comparison of results year-on-year
without the potentially distorting
effects of significant one-off
items or items which do not relate
to the underlying performance
of the Group. Adjusted EBIT margin
is a measure of the underlying
profitability of the Group.
----------------- ------------------------------------------------------------ -----------------
Adjusted EPS Adjusted profit after tax divided See note 11 of
EPS by the weighted average number the notes to
of ordinary shares. Weighted average the Interim
number of ordinary shares are Report.
the same as those used in the
Group's EPS calculation.
Adjusted results allow for the
comparison of results year-on-year
without the potentially distorting
effects of significant one-off
items or items which do not relate
to the underlying performance
of the Group. Adjusted EPS is
a measure of the underlying earnings
per share for the Group.
Adjusted diluted EPS growth is
a performance condition for LTIP
vesting.
----------------- ------------------------------------------------------------ -----------------
Adjusted Profit Profit after tax, adjusting for See note 11 of
profit after after exceptional and normalised items the notes to
tax tax and the tax effect of those items, the Interim
and the revenue haircut and associated Report.
tax effect. The tax on normalised
items includes the benefit from
tax deductible goodwill and intangibles.
Adjusted results allow for the
comparison of results year-on-year
without the potentially distorting
effects of significant one-off
items or items which do not relate
to the underlying performance
of the Group.
Adjusted profit after tax is used
in determining cash conversion,
a long-term target for the Group.
----------------- ------------------------------------------------------------ -----------------
Income statement - tax measures
Effective No direct Tax expense for the year per the See section b
tax rate equivalent income statement expressed as below.
a percentage of profit before
tax.
----------------- ------------------------------------------------------------ -----------------
Effective No direct Tax expense for the year per the See section b
tax rate equivalent income statement adjusted for below. The tax
before the tax effect of exceptional effect of
exceptional items, expressed as a percentage exceptional
items of profit before tax and exceptional items is
items. provided
in note 11 of
This provides an indication of the notes to
the ongoing tax rate across the the Interim
Group. Report.
----------------- ------------------------------------------------------------ -----------------
Effective No direct Tax expense for the year per the See section b
tax rate equivalent income statement adjusted for below. The tax
on adjusted the tax effect of exceptional effects of
profit before and normalised items, expressed exceptional
tax as a percentage of profit before and normalised
tax, exceptional and normalised items are
items. The tax on normalised items provided
includes the benefit from tax in note 11 of
deductible goodwill and intangibles. the notes to
the Interim
This provides an indication of Report.
the ongoing tax rate across the
Group.
----------------- ------------------------------------------------------------ -----------------
Income statement presentations
Pro forma Group Pro forma financial information See section d
GAAP results does not represent the enlarged below.
Group's actual results and does
not purport to represent what
the combined results would have
been.
Pro forma results are presented
to provide a year-on-year performance
comparison for the newly enlarged
Group.
Non-market performance conditions
for LTIPs granted in the year-ended
31 March 2021 and the six months
ended 30 September 2021 have been
set using pro forma results as
a baseline for measuring growth
over the vesting period.
Non-market performance conditions
for unvested LTIPs granted in
years prior to the year-ended
31 March 2021 have been revised
to incorporate pro forma results.
Six months ended 30 September
2021
Pro forma results for the six
months ended 30 September 2021
are prepared on an adjusted basis
and modified for the deferred
revenue haircut acquisition accounting
adjustment made on acquisition
of OSIsoft, LLC.
Six months ended 30 September
2020
Pro forma results for the six
months ended 30 September 2020
have been prepared on the basis
that:
* The financial information is the combination of the
consolidated financial statements of AVEVA Group plc
and OSIsoft, LLC for the six months to 30 September
2020.
* No pro forma adjustments have been made to reflect
synergies or cost savings that may be expected to
occur as a result of the acquisition, nor have any
adjustments been made to reflect the stand-alone
costs expected.
* There has been no trading between the two groups for
either of the years presented.
* The term loan was entered into on 1 April 2020, and
interest accrued from that date.
Pro forma organic constant currency
Pro forma organic constant currency
results are prepared on the same
basis as detailed above and additionally:
* Results for the six months ended 30 September 2021
are translated at the comparative period exchange
rates.
* Results for disposed businesses are excluded from the
current and prior year.
Pro forma adjusted diluted EPS
The pro forma adjusted diluted
EPS calculation assumes:
* Rights issue shares were issued on 1 April 2020.
* Rights issue adjustments for unexercised share
options at the date of the rights issue were made at
the later of 1 April 2020 and the share option award
date.
* No timing adjustments made for actual or potential
share option awards to OSIsoft employees.
----------------- ------------------------------------------------------------ -----------------
a) Constant currency revenue
Pro forma revenue by fee type
Total
recurring Perpetual
Subscription Maintenance revenue licences Services Total
GBPm GBPm GBPm GBPm GBPm GBPm
--------------------------------- ------------- ------------ ----------- ---------- --------- ------
Six months ended 30 September
2021
Statutory revenue at actual
rates 134.1 162.7 296.8 127.6 56.5 480.9
Revenue haircut 0.2 34.8 35.0 0.2 - 35.2
--------------------------------- ------------- ------------ ----------- ---------- --------- ------
Pro forma revenue at actual
rates 134.3 197.5 331.8 127.8 56.5 516.1
Impact of foreign exchange 8.2 17.0 25.2 12.2 3.4 40.8
--------------------------------- ------------- ------------ ----------- ---------- --------- ------
Pro forma revenue at constant
currency rates 142.5 214.5 357.0 140.0 59.9 556.9
Disposal of business - (0.6) (0.6) (0.1) (0.1) (0.8)
Pro forma organic revenue at
constant currency rates 142.5 213.9 356.4 139.9 59.8 556.1
--------------------------------- ------------- ------------ ----------- ---------- --------- ------
Six months ended 30 September
2020
Statutory revenue at actual
rates 113.9 99.6 213.5 61.7 57.4 332.6
Pre-acquisition OSIsoft revenue
at actual rates 9.8 109.9 119.7 58.1 1.8 179.6
Pro forma revenue at actual
rates 123.7 209.5 333.2 119.8 59.2 512.2
Disposal of business - (0.8) (0.8) (0.8) (0.3) (1.9)
--------------------------------- ------------- ------------ ----------- ---------- --------- ------
Pro forma organic revenue at
actual rates 123.7 208.7 332.4 119.0 58.9 510.3
--------------------------------- ------------- ------------ ----------- ---------- --------- ------
Pro forma change at actual
rates 8.6% (5.7)% (0.4)% 6.7% (4.6)% 0.8%
Pro forma change at constant
currency 15.2% 2.4% 7.1% 16.9% 1.2% 8.7%
Pro forma change at organic
constant currency 15.2% 2.5% 7.2% 17.6% 1.5% 9.0%
--------------------------------- ------------- ------------ ----------- ---------- --------- ------
Pro forma revenue by geographic region
Americas Asia Pacific EMEA Total
GBPm GBPm GBPm GBPm
------------------------------------------- --------- ------------- ------- ------
Six months ended 30 September 2021
Statutory revenue at actual rates 204.4 115.0 161.5 480.9
Revenue haircut 20.9 3.6 10.7 35.2
------------------------------------------- --------- ------------- ------- ------
Pro forma revenue at actual rates 225.3 118.6 172.2 516.1
Impact of foreign exchange 19.4 9.5 11.9 40.8
------------------------------------------- --------- ------------- ------- ------
Pro forma revenue at constant currency
rates 244.7 128.1 184.1 556.9
Disposal of business - (0.2) (0.6) (0.8)
Pro forma organic revenue at constant
currency rates 244.7 127.9 183.5 556.1
------------------------------------------- --------- ------------- ------- ------
Six months ended 30 September 2020
Statutory revenue at actual rates 118.3 87.1 127.2 332.6
Pre-acquisition OSIsoft revenue at actual
rates 103.0 25.2 51.4 179.6
Pro forma revenue at actual rates 221.3 112.3 178.6 512.2
Disposal of business - (0.6) (1.3) (1.9)
------------------------------------------- --------- ------------- ------- ------
Pro forma organic revenue at actual
rates 221.3 111.7 177.3 510.3
------------------------------------------- --------- ------------- ------- ------
Pro forma change at actual rates 1.8% 5.6% (3.6)% 0.8%
Pro forma change at constant current 10.6% 14.1% 3.1% 8.7%
Pro forma change at organic constant
currency 10.6% 14.5% 3.5% 9.0%
------------------------------------------- --------- ------------- ------- ------
b) Effective tax rate
Six months ended Year ended
30 September 31 March
-------------------
2021 2020 2021
GBPm GBPm GBPm
-------------------------------------------------------------- ---------- ------- -----------
Profit
(Loss)/profit before tax (80.3) (24.2) 34.2
Exceptional items 34.2 29.0 78.5
-------------------------------------------------------------- ---------- ------- -----------
(Loss)/Profit before tax and exceptional items (46.1) 4.8 112.7
Normalised items
* Amortisation of intangibles (excluding other
software) 115.7 45.8 95.7
* Share-based payments 14.1 4.6 16.3
* Loss/(gain) on fair value of forward foreign exchange
contracts 0.3 0.1 (0.7)
-------------------------------------------------------------- ---------- ------- -----------
Profit before tax, exceptional items, and normalised
items 84.0 55.3 224.0
-------------------------------------------------------------- ---------- ------- -----------
Income tax
Income tax expense/(credit) 1.2 (3.9) 9.4
Tax effect on exceptional items 5.9 4.2 15.1
-------------------------------------------------------------- ---------- ------- -----------
Income tax expense before exceptional items 7.1 0.3 24.5
Tax effect on normalised items (10.3) 9.2 23.0
-------------------------------------------------------------- ---------- ------- -----------
Income tax (credit)/expense before exceptional
items and normalised items (3.2) 9.5 47.5
-------------------------------------------------------------- ---------- ------- -----------
Effective tax rate
Income tax expense/(credit) 1.2 (3.9) 9.4
(Loss)/profit before tax (80.3) (24.2) 34.2
-------------------------------------------------------------- ---------- ------- -----------
Effective tax rate (1.5)% 16.1% 27.5%
-------------------------------------------------------------- ---------- ------- -----------
Effective tax rate before exceptional items
Income tax expense before exceptional items 7.1 0.3 24.5
(Loss)/Profit before tax and exceptional items (46.1) 4.8 112.7
-------------------------------------------------------------- ---------- ------- -----------
Effective tax rate before exceptional items (15.4)% 6.3% 21.7%
-------------------------------------------------------------- ---------- ------- -----------
Effective tax rate on profit before tax, exceptional items,
and normalised items
Income tax (credit)/expense before exceptional
items and normalised items (3.2) 9.5 47.5
Profit before tax, exceptional items, and normalised
items 84.0 55.3 224.0
-------------------------------------------------------------- ---------- ------- -----------
Effective tax rate on profit before tax, exceptional
items, and normalised items (3.8)% 17.2% 21.2%
-------------------------------------------------------------- ---------- ------- -----------
c) Adjusted and constant currency cost
Operating expenses
Net impairment
Selling loss from
Cost Research and Administrative financial Other
of sales & Development distribution expenses assets income Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Six months ended 30 September 2021
Statutory cost
at actual
rates 106.7 164.9 157.5 112.5 (4.1) 17.7 555.2
Amortisation
excl.
other software - (84.0) (31.7) - - - (115.7)
Share-based
payments - - - (14.1) - - (14.1)
Loss on FX
contracts - - - (0.3) - - (0.3)
Exceptional
items (0.1) - (2.7) (13.7) - (17.7) (34.2)
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Adjusted costs
at actual
rates 106.6 80.9 123.1 84.4 (4.1) - 390.9
Impact of
foreign
exchange 7.0 5.7 8.2 7.3 0.2 - 28.4
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Adjusted costs
at constant
currency rates 113.6 86.6 131.3 91.7 (3.9) - 419.3
Disposal of
business (0.4) (0.2) - - - - (0.6)
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Organic costs at
constant
currency rates 113.2 86.4 131.3 91.7 (3.9) - 418.7
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Six months ended 30 September 2020
Statutory cost
at actual
rates 83.9 92.7 103.2 78.3 0.8 (3.1) 355.8
Amortisation
excl.
other software - (32.3) (13.5) - - - (45.8)
Share-based
payments - - - (4.6) - - (4.6)
Loss on FX
contracts - - - (0.1) - - (0.1)
Exceptional
items (0.2) (0.1) (1.6) (30.2) - 3.1 (29.0)
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Adjusted costs
at actual
rates 83.7 60.3 88.1 43.4 0.8 - 276.3
Pre-acquisition
OSIsoft
costs at actual
rates 26.5 29.0 42.0 34.4 0.1 - 132.0
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Pro forma costs
at
actual rates 110.2 89.3 130.1 77.8 0.9 - 408.3
Disposal of
business (0.4) (0.2) - - - - (0.6)
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Pro forma
organic costs
at actual rates 109.8 89.1 130.1 77.8 0.9 - 407.7
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
Pro forma change
at
actual rates (3.3)% (9.4)% (5.4)% 8.5% (555.6)% - (4.3)%
Pro forma change
at
constant
currency 3.1% (3.0)% 0.9% 17.9% (533.3)% - 2.7%
Pro forma change
at
organic
constant
currency 3.1% (3.0)% 0.9% 17.9% (533.3)% - 2.7%
----------------- ---------- --------------- ---------------- --------------- --------------- -------- --------
d) Pro forma results
6 months ended 30 September 2021
Pro
Impact Pro forma
of forma Disposal organic
Normalised Exceptional Revenue Pro foreign constant of constant
Statutory items items Adjusted haircut forma exchange currency business currency
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- ---------- ----------- ------------ --------- -------- -------- --------- --------- --------- ---------
Revenue 480.9 - - 480.9 35.2 516.1 40.8 556.9 (0.8) 556.1
Cost of sales (106.7) - 0.1 (106.6) - (106.6) (7.0) (113.6) 0.4 (113.2)
---------------- ---------- ----------- ------------ --------- -------- -------- --------- --------- --------- ---------
Gross profit 374.2 - 0.1 374.3 35.2 409.5 33.8 443.3 (0.4) 442.9
Operating expenses
Research &
Development
costs (164.9) 84.0 - (80.9) - (80.9) (5.7) (86.6) 0.2 (86.4)
Selling and
administrative
expenses (270.0) 46.1 16.4 (207.5) - (207.5) (15.5) (223.0) - (223.0)
Net impairment
loss on
financial
assets 4.1 - - 4.1 - 4.1 (0.2) 3.9 - 3.9
Other expense (17.7) - 17.7 - - - - - - -
---------------- ---------- ----------- ------------ --------- -------- -------- --------- --------- --------- ---------
Total operating
expenses (448.5) 130.1 34.1 (284.3) - (284.3) (21.4) (305.7) 0.2 (305.5)
---------------- ---------- ----------- ------------ --------- -------- -------- --------- --------- --------- ---------
(Loss)/profit
from
operations (74.3) 130.1 34.2 90.0 35.2 125.2 12.4 137.6 (0.2) 137.4
Finance revenue 0.7 - - 0.7 - 0.7 - 0.7 - 0.7
Finance expense (6.7) - - (6.7) - (6.7) (0.5) (7.2) - (7.2)
---------------- ---------- ----------- ------------ --------- -------- -------- --------- --------- --------- ---------
(Loss)/profit
before tax (80.3) 130.1 34.2 84.0 35.2 119.2 11.9 131.1 (0.2) 130.9
---------------- ---------- ----------- ------------ --------- -------- -------- --------- --------- --------- ---------
6 months ended 30 September 2020
Term Disposal Pro
Normalised Exceptional Pre-acquisition loan Pro of forma
Statutory items items Adjusted OSIsoft interest forma business organic
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- ---------- ----------- ------------ --------- ---------------- --------- -------- --------- --------
Revenue 332.6 - - 332.6 179.6 - 512.2 (1.9) 510.3
Cost of sales (83.9) - 0.2 (83.7) (26.5) - (110.2) 0.4 (109.8)
---------------- ---------- ----------- ------------ --------- ---------------- --------- -------- --------- --------
Gross profit 248.7 - 0.2 248.9 153.1 - 402.0 (1.5) 400.5
Operating expenses
Research &
Development
costs (92.7) 32.3 0.1 (60.3) (29.0) - (89.3) 0.2 (89.1)
Selling and
administrative
expenses (181.5) 18.2 31.8 (131.5) (76.4) - (207.9) - (207.9)
Net impairment
loss on
financial
assets (0.8) - - (0.8) (0.1) - (0.9) - (0.9)
Other income 3.1 - (3.1) - - - - - -
---------------- ---------- ----------- ------------ --------- ---------------- --------- -------- --------- --------
Total operating
expenses (271.9) 50.5 28.8 (192.6) (105.5) - (298.1) 0.2 (297.9)
---------------- ---------- ----------- ------------ --------- ---------------- --------- -------- --------- --------
(Loss)/profit
from
operations (23.2) 50.5 29.0 56.3 47.6 - 103.9 (1.3) 102.6
Finance revenue 0.1 - - 0.1 0.1 - 0.2 - 0.2
Finance expense (1.1) - - (1.1) (0.6) (7.8) (9.5) - (9.5)
---------------- ---------- ----------- ------------ --------- ---------------- --------- -------- --------- --------
(Loss)/profit
before tax (24.2) 50.5 29.0 55.3 47.1 (7.8) 94.6 (1.3) 93.3
---------------- ---------- ----------- ------------ --------- ---------------- --------- -------- --------- --------
Adjusted diluted earnings per share
Pro forma earnings per share is calculated based upon the
following number of ordinary shares adjusted for the effect of
dilution:
Six months ended Year ended
30 September 31 March
--------------------------
2021 2020 2021
number number number
----------------------------------------------- ------------ ------------ ------------
Weighted average number of ordinary shares
adjusted for the effect of dilution 302,860,611 202,031,704 220,020,467
Adjustment for timing of rights issue(1) - 100,303,142 82,337,239
----------------------------------------------- ------------ ------------ ------------
Pro forma weighted average number of ordinary
shares adjusted for the effect of dilution 302,860,611 302,334,846 302,357,706
----------------------------------------------- ------------ ------------ ------------
1. Adjustment to timing of incremental paid for shares issued as
a result of the November 2020 rights issue, as if the rights issue
occurred on 1 April 2020.
Pro forma EPS is calculated using the following profits:
Six months ended Year ended
30 September 31 March
-------------------
2021 2020 2021
GBPm GBPm GBPm
---------------------------------------------------- --------- -------- -----------
Pro forma profit before tax 119.2 94.6 338.7
Pro forma income tax (1.2) (5.5) (2.8)
Pro forma tax effect of normalised and exceptional
items, and revenue haircut (4.8) 10.6 (17.4)
Pro forma profit after tax 113.2 99.7 318.5
---------------------------------------------------- --------- -------- -----------
Six months ended Year ended
30 September 31 March
-------------------
2021 2021 2021
pence Pence pence
----------------------------------------------- --------- -------- -----------
Pro forma adjusted diluted earnings per share 37.38 32.98 105.34
----------------------------------------------- --------- -------- -----------
Responsibility Statement of the Directors
in respect of the Interim Report
The Directors of the Company confirm that to the best of our
knowledge:
-- the Interim Report has been prepared in accordance with IAS 34;
-- the Interim Report includes a fair review of the information
required by DTR 4.2.7R, being an indication of the important events
that have occurred during the first six months of the financial
year and a description of the principal risks and uncertainties for
the remaining six months of the year; and
-- the Interim Report includes a fair review of the information
required by DTR 4.2.8R, being disclosure of related party
transactions and changes therein since the last Annual Report.
The Directors of the Company are consistent with those listed in
the 2021 Annual Report and Accounts, except for:
-- the resignation of Craig Hayman with effect 7 July 2021;
-- the appointment of Hilary Maxson as a Non-Executive Director
with effect 1 August 2021; and
-- the appointment of Dr Ayesha Khanna as an independent
Non-Executive Director with effect 28 October 2021.
A list of current directors is maintained on the Company's
website www.aveva.com.
By order of the Board
Peter Herweck
Chief Executive Officer
9 November 2021
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END
IR UKAARABUARUA
(END) Dow Jones Newswires
November 10, 2021 02:00 ET (07:00 GMT)
Aveva (LSE:AVV)
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