TIDMAHT
RNS Number : 7740Q
Ashtead Group PLC
02 March 2021
2 March 2021
Ashtead Group Plc
Unaudited results for the nine months and third quarter ended 31
January 2021
Third quarter Nine months
2021 2020 Growth 2021 2020 Growth
(1) (1)
GBPm GBPm % GBPm GBPm %
Underlying results
(2,3)
Rental revenue 1,077 1,121 -1% 3,375 3,568 -3%
EBITDA 539 584 -5% 1,750 1,911 -6%
Profit before taxation 225 257 -10% 763 947 -18%
Earnings per share 38.2p 42.3p -6% 127.2p 154.3p -15%
Statutory results
Revenue 1,206 1,247 -1% 3,760 3,928 -2%
Operating profit 257 297 -11% 871 1,069 -17%
Profit before taxation 210 225 -4% 716 885 -17%
Earnings per share 35.7p 37.0p - 119.4p 144.1p -15%
Nine month highlights (3)
-- Strong market outperformance
-- Revenue down 2%(1) ; rental revenue down 3%(1)
-- Operating profit of GBP871m (2020: GBP1,069m)
-- Pre-tax profit(2) of GBP763m (2020: GBP947m)
-- Earnings per share(2) of 127.2p (2020: 154.3p)
-- Record free cash flow of GBP1,059m (2020: GBP363m)
-- Net debt to EBITDA leverage(1,3) of 1.6 times (2020: 1.9 times)
-- Expect full-year results ahead of our previous expectations
(1) Calculated at constant exchange rates applying current period exchange
rates.
(2) Underlying results are stated before intangible amortisation and exceptional
items.
(3) Throughout this announcement we refer to a number of alternative performance
measures which provide additional useful information. The directors
have adopted these to provide additional information on the underlying
trends, performance and position of the Group. The alternative performance
measures are not defined by IFRS and therefore may not be directly
comparable with other companies' alternative performance measures,
but are defined in the Glossary on page 32.
Ashtead's chief executive, Brendan Horgan, commented:
"We have delivered another strong quarter of market
outperformance across the business contributing to rental revenue
down only 3% in the nine months at constant exchange rates. I am
extraordinarily proud of, and grateful to, all our dedicated team
members who have made this possible, delivering for all our
stakeholders, all while keeping our leading value of safety at the
forefront of what we do.
This performance illustrates the successful execution of our
long-term strategy, which we embarked upon after the last
recession, to broaden and diversify our end markets and strengthen
our balance sheet. This has enabled us to capitalise on our
increasing scale while, at the same time, maintaining the business'
agility. This has been demonstrated over the last year as the Group
has responded to the challenges arising as a result of the
pandemic. The actions we took to optimise cash flow during this
period resulted in record free cash flow for the nine months of
GBP1,059m (2020: GBP363m) contributing to reduced leverage of 1.6
times compared to 1.9 times at year end, towards the lower end of
our target range.
We expect capital expenditure for the full year to be at the
upper end of our previous guidance (c. GBP700m). Looking forward to
2021/22, we expect to return to growth and anticipate gross capital
expenditure of GBP1.3 - 1.5bn, which should enable mid-single digit
revenue growth in the US.
The strength of our business model and balance sheet positions
the Group well in markets that are likely to remain uncertain. With
our businesses performing well, we now expect full year results
ahead of our previous expectations. The benefit we derive from the
diversity of our products, services and end markets, coupled with
ongoing structural change, enables the Board to look to the future
with confidence."
Contacts :
Director of Investor +44 (0)20 7726
Will Shaw Relations 9700
+44 (0)20 7379
5151
Neil Bennett Maitland/AMO +44 (0)7584 142665
James McFarlane Maitland/AMO
Brendan Horgan and Michael Pratt will hold a conference call for
equity analysts to discuss the results and outlook at 10am on
Tuesday, 2 March 2021. The call will be webcast live via the
Company's website at www.ashtead-group.com and a replay will be
available via the website shortly after the call concludes. A copy
of this announcement and the slide presentation used for the call
are available for download on the Company's website. The usual
conference call for bondholders will begin at 3pm (10am EST).
Analysts and bondholders have already been invited to
participate in the analyst call and conference call for bondholders
but any eligible person not having received details should contact
the Company's PR advisers, Maitland/AMO (Audrey Da Costa) at +44
(0)20 7379 5151.
Forward looking statements
This announcement contains forward looking statements. These
have been made by the directors in good faith using information
available up to the date on which they approved this report. The
directors can give no assurance that these expectations will prove
to be correct. Due to the inherent uncertainties, including both
business and economic risk factors underlying such forward looking
statements, actual results may differ materially from those
expressed or implied by these forward looking statements. Except as
required by law or regulation, the directors undertake no
obligation to update any forward looking statements whether as a
result of new information, future events or otherwise.
Overview and markets
Our nine month performance has been dominated by the impact of
the COVID-19 pandemic. The response of our team members to these
unprecedented times has been inspiring. Our robust model has
enabled us to deliver for all our stakeholders in all our
geographies. Throughout this period our focus has been on our
people, our customers, our communities and our investors, in
particular:
-- ensuring the health and safety of our team members and customers;
-- continuing to serve the needs of our customers and
communities, including supporting government and private sector
responses to the pandemic; and
-- taking steps to optimise cash flow, reduce operating costs
and strengthen further our liquidity position during a period of
suppressed activity.
While trading volumes were lower than last year as a result of
the pandemic, this has been mitigated, in part, by emergency
response efforts throughout our business but particularly within
our specialty businesses. The degree of impact on volume varied
significantly across our geographical markets and correlated to the
severity of infection rates and associated market level
restrictions. Activity levels have increased consistently through
the period such that fleet on rent is now broadly in line with
prior year in the US, slightly behind in Canada due to the recent
lockdown in Ontario and higher in the UK.
As a result of these market dynamics, nine month rental only
revenue in the US was only 5% lower than last year. Within this
overall performance, our general tool business was 7% lower than
last year (third quarter 4% lower than prior year), while the
specialty businesses demonstrated the benefit of a broader range of
products and end markets with rental only revenue 10% higher than
last year. This contributed to Group rental revenue in the nine
months 3% lower than the prior year at constant exchange rates.
The Group's skilled workforce is instrumental to our long-term
success and we made every effort to preserve our committed
workforce for when markets recovered. Therefore, we have not made
any team members redundant as a result of the impact of COVID-19
and have not sought assistance from any government support
programmes such as the UK's Coronavirus Job Retention Scheme or
similar schemes in Canada. Furthermore, we have recognised their
hard work and dedication making additional discretionary payments
to our skilled trade workforce.
Our performance, in a challenging environment, reflects the
benefit of our long-term strategy which is focused on broadening
and diversifying our end markets, while at the same time increasing
our scale and market share. Our business model allows us to operate
successfully in wide ranging market conditions as we allocate
capital strategically, based on a consistently applied policy which
takes account of the macroeconomic backdrop and our leverage.
Looking forward, while we believe the COVID-19 pandemic will
continue to contribute to market uncertainty in the coming months,
the vaccination roll out should provide mitigation. With strong
positions in all our markets, supported by good quality fleets and
a strong financial position, we are well positioned to respond to
these market conditions and continue to support our customers and
team members as well as take advantage of opportunities to invest
for the long-term sustainable growth and strength of the
business.
Nine months' trading results
Revenue EBITDA Profit (1)
2021 2020 2021 2020 2021 2020
US in $m 4,034.2 4,279.9 1,991.4 2,188.9 1,105.4 1,339.1
Canada in C$m 356.6 320.8 153.8 131.0 63.9 57.6
US in GBPm 3,108.5 3,372.1 1,534.4 1,724.7 851.7 1,055.1
UK 444.1 365.1 135.5 121.2 38.8 37.8
Canada in GBPm 207.4 191.1 89.4 78.0 37.2 34.3
Group central costs - - (9.4) (12.6) (10.0) (13.2)
3,760.0 3,928.3 1,749.9 1,911.3 917.7 1,114.0
Net financing costs (154.7) (167.3)
Profit before amortisation,
exceptional items and tax 763.0 946.7
Amortisation (46.7) (45.2)
Exceptional items - (16.3)
Profit before taxation 716.3 885.2
Taxation charge (181.7) (223.7)
Profit attributable to equity holders
of the Company 534.6 661.5
Margins
US 49.4% 51.1% 27.4% 31.3%
UK 30.5% 33.2% 8.7% 10.4%
Canada 43.1% 40.8% 17.9% 17.9%
Group 46.5% 48.7% 24.4% 28.4%
(1) Segment result presented is operating profit before
amortisation.
Group revenue decreased 4% (2% at constant exchange rates) to
GBP3,760m in the nine months (2020: GBP3,928m). However, the sudden
fall in activity levels last March and April had a significant
impact on profit in the nine months as a large proportion of our
costs are fixed in the short term. This profit impact reflects, in
part, our decision to not make team members redundant as a result
of COVID-19 and ensure we had a committed workforce ready to take
advantage of improving market conditions, when the recovery came.
We used the opportunity presented by lower activity levels both to
ensure our fleet was well maintained and serviced in preparation
for activity levels improving and to identify market opportunities
to drive revenue. As a result, underlying profit before tax for the
nine months was GBP763m (2020: GBP947m).
Although COVID-19 has influenced the Group's short-term planning
and actions, our strategy remains unchanged with long-term growth
being driven by organic investment (same-store and greenfield)
supplemented by bolt-on acquisitions. In the US, we experienced a
5% rental only revenue decline, while in the UK and Canada, rental
only revenue increased by 3% and 19% respectively, reflecting the
benefit of the work for the Department of Health in the UK and the
acquisition of William F White ('WFW') in Canada.
In the US a moderate rental only revenue decline represents a
strong market outperformance, demonstrating the benefit of our
strategy of growing our specialty business and broadening our end
markets. In the nine months, our specialty business grew 10% while
the general tool business declined 7%. In the second quarter, our
revenue was affected by our hurricane response efforts which we
estimate contributed $35-40m of revenue, with little carry-over
into the third quarter. US total revenue, including new and used
equipment, merchandise and consumable sales, decreased 6% to
$4,034m (2020: $4,280m).
The UK business generated rental only revenue of GBP265m, an
increase of 3% on the prior year on a comparable basis (2020:
GBP256m). This was a strong performance as the breadth of our
product offering and commitment of our team members enabled us to
provide essential support to the Department of Health in its
COVID-19 response efforts. Total revenue increased 22% to GBP444m
(2020: GBP365m) reflecting the higher level of ancillary and sales
revenue associated with the work for the Department of Health,
which accounted for c. 25% of UK revenue.
Canada's rental only revenue increased 19% on a reported basis.
Excluding the impact of the acquisition of William F. White
('WFW'), rental only revenue of the legacy business decreased 8%.
Total Canadian revenue was C$357m (2020: C$321m).
In all our markets we took action to reduce operating costs and
eliminate discretionary expenditure. However, we believe there
continue to be good opportunities to grow the business and we are
focused on disciplined investment to position the Group for the
next phase of growth. We took early decisions not to make any team
members redundant as a result of COVID-19 or seek assistance from
any government support programmes but to continue investment in the
business, including our technology platform and the condition of
our rental fleet. As a result, in the US, 74% of the rental revenue
decline dropped through to EBITDA. This contributed to a reported
EBITDA margin of 49% (2020: 51%) and a 17% decrease in operating
profit to $1,105m (2020: $1,339m) at a margin of 27% (2020: 31%).
Excluding the impact of used equipment sales, the EBITDA margin
would have been only 1% lower than last year.
Last financial year we launched Project Unify in the UK with the
objective of improving operational efficiency and returns in the
business. This has resulted in significant investment in the
operational infrastructure of the business which, when combined
with the impact of COVID-19 on activity levels, contributed to an
EBITDA margin of 31% (2020: 33%). Operating profit of GBP39m (2020:
GBP38m) at a margin of 9% (2020: 10%) reflected these factors and a
property impairment charge of c. GBP10m as we reshape the business
to drive operational improvement.
Canada is in a growth phase as we invest to expand its network
and develop the business. The most recent acquisition was WFW,
which serves the film and TV production industries. This was a drag
on Canadian performance in the period as production activity in
Canada ceased in March and only restarted in September. However,
while WFW contributed virtually no revenue in the first quarter, we
retained all the team members and infrastructure of the business,
and it bounced back strongly from September onwards such that
November saw record revenue for the business. The legacy Canadian
business, excluding WFW, increased its EBITDA margin to 44% (2020:
41%) and generated an operating profit of C$52m (2020: C$57m) at a
19% margin (2020: 19%). This performance reflects a strong focus on
operational efficiency.
Overall, Group underlying operating profit decreased to GBP918m
(2020: GBP1,114m), down 16% at constant exchange rates. After net
financing costs of GBP155m (2020: GBP167m), Group profit before
amortisation of intangibles and taxation was GBP763m (2020:
GBP947m). After a tax charge of 25% (2020: 25%) of the underlying
pre-tax profit, underlying earnings per share decreased to 127.2p
(2020: 154.3p).
Statutory profit before tax was GBP716m (2020: GBP885m). This is
after amortisation of GBP47m (2020: GBP45m) and, in the prior year,
an exceptional interest cost of GBP16m. Included within the total
tax charge is a tax credit of GBP12m (2020: GBP15m) which relates
to the amortisation of intangibles and exceptional items. As a
result, basic earnings per share were 119.4p (2020: 144.1p). The
overall cash tax charge was 37%.
Capital expenditure
Capital expenditure for the nine months was GBP518m gross and
GBP309m net of disposal proceeds (2020: GBP1,256m gross and
GBP1,028m net). As a result, the Group's rental fleet at 31 January
2021 at cost was GBP8.6bn and our average fleet age is now 40
months (2020: 34 months).
For the full year, we expect capital expenditure to be at the
upper end of our previous guidance (c. GBP700m at a $1.32 exchange
rate) to ensure we are able to support the COVID-19 response
efforts for the UK Department of Health. For 2021/22, our initial
plans are for gross capital expenditure to be in the range of
GBP1.3 - 1.5bn, which should enable mid-single digit rental revenue
growth in the US next year.
Return on Investment
The Group's return on investment metrics have been affected
adversely by the decline in activity levels and their impact on
profits from mid-March 2020 onwards as a result of COVID-19. This
has led to return on investment (excluding goodwill and intangible
assets) in the US for the 12 months to 31 January 2021 of 18%
(2020: 23%). In the UK, return on investment (excluding goodwill
and intangible assets) was 6% (2020: 7%). As a result of the
actions taken through Project Unify and the strategic plans for the
business, we expect returns in the UK to improve going forwards. In
Canada, return on investment (excluding goodwill and intangible
assets) was 9% (2020: 12%). We have made a significant investment
in Canada including the acquisition of William F. White in December
2019 and, as we develop the potential of the market, we expect
returns to improve. For the Group as a whole, return on investment
(including goodwill and intangible assets) was 13% (2020: 17%).
Return on investment excludes the impact of IFRS 16.
Cash flow and net debt
The Group generated free cash flow of GBP1,059m (2020: GBP363m)
during the period, a record for the business, which was used to
reduce debt. Net debt at 31 January 2021 was GBP4,276m (2020:
GBP5,443m). Excluding the effect of IFRS 16, net debt at 31 January
2021 was GBP3,178m, while the ratio of net debt to EBITDA was 1.6
times (2020: 1.9 times) on a constant currency basis. The Group's
target range for net debt to EBITDA is 1.5 to 2.0 times excluding
the impact of IFRS 16 (1.9 to 2.4 times post IFRS 16). Including
the effect of IFRS 16, the ratio of net debt to EBITDA was 2.1
times (2020: 2.3 times) on a constant currency basis. The Group's
borrowing facilities are committed for an average of five years at
a weighted average cost of 4%.
At 31 January 2021, availability under the senior secured debt
facility was $3,342m with an additional $1,620m of suppressed
availability - substantially above the $460m level at which the
Group's entire debt package is covenant free.
Capital allocation
The Group remains disciplined in its approach to allocation of
capital with the overriding objective being to enhance shareholder
value. Our capital allocation framework remains unchanged and
prioritises:
-- organic fleet growth;
- same-stores;
- greenfields;
-- bolt-on acquisitions; and
-- a progressive dividend with consideration to both
profitability and cash generation that is sustainable through the
cycle.
Additionally, we consider further returns to shareholders. In
this regard, we assess continuously our medium term plans which
take account of investment in the business, growth prospects, cash
generation, net debt and leverage. Therefore the amount allocated
to buybacks is simply driven by that which is available after
organic growth, bolt-on M&A and dividends, whilst allowing us
to operate within our 1.5 to 2.0 times target range for net debt to
EBITDA pre IFRS 16.
The Group paused its greenfield opening, bolt-on and share
buyback programmes in March 2020 as we took action to optimise our
cash flow and strengthen further our liquidity position due to the
uncertainty arising from the COVID-19 pandemic. We resumed
greenfield openings towards the end of the first quarter and
returned to bolt-ons in February, with a number of other
opportunities under active consideration. We continue to assess the
appropriate time to resume the buyback programme within the context
of our balanced capital allocation policy, leverage range and the
macroeconomic backdrop.
Current trading and outlook
The strength of our business model and balance sheet positions
the Group well in markets that are likely to remain uncertain. With
our businesses performing well, we now expect full year results
ahead of our previous expectations. The benefit we derive from the
diversity of our products, services and end markets, coupled with
ongoing structural change, enables the Board to look to the future
with confidence.
Previous guidance Current guidance
Rental revenue(1)
- US -4% to -7% c. -4%
- Canada +15% to +20% +15% to +20%
- UK +15% to +20% +15% to +20%
- Group -3% to -7% c. -4%
Capital expenditure (gross) GBP650m - GBP700m c. GBP700m
(2)
Free cash flow (2) Greater than GBP1.2bn c. GBP1.2bn
(1) Represents change in year-over-year rental revenue at constant exchange
rates
(2) Stated at GBP1=$1.32 and GBP1=C$1.73
CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTHSED 31 JANUARY
2021
2021 2020
Before
exceptional Exceptional
Before items items
and and
amortisation Amortisation Total amortisation amortisation Total
GBPm GBPm GBPm GBPm GBPm GBPm
Third quarter - unaudited
Revenue
Rental revenue 1,077.2 - 1,077.2 1,120.9 - 1,120.9
Sale of new equipment,
merchandise and consumables 73.8 - 73.8 45.4 - 45.4
Sale of used rental
equipment 55.0 - 55.0 80.7 - 80.7
1,206.0 - 1,206.0 1,247.0 - 1,247.0
Operating costs
Staff costs (281.3) - (281.3) (290.0) - (290.0)
Used rental equipment
sold (53.2) - (53.2) (65.7) - (65.7)
Other operating costs (332.4) - (332.4) (307.1) - (307.1)
(666.9) - (666.9) (662.8) - (662.8)
EBITDA* 539.1 - 539.1 584.2 - 584.2
Depreciation (267.0) - (267.0) (271.2) - (271.2)
Amortisation of intangibles - (14.7) (14.7) - (15.5) (15.5)
Operating profit 272.1 (14.7) 257.4 313.0 (15.5) 297.5
Interest expense (47.3) - (47.3) (56.2) (16.3) (72.5)
Profit on ordinary
activities
before taxation 224.8 (14.7) 210.1 256.8 (31.8) 225.0
Taxation (53.7) 3.7 (50.0) (65.2) 7.8 (57.4)
Profit attributable
to equity
(24.0
holders of the Company 171.1 (11.0) 160.1 191.6 ) 167.6
Basic earnings per
share 38.2p (2.5p) 35.7p 42.3p (5.3p) 37.0p
Diluted earnings per
share 38.1p (2.4p) 35.7p 42.1p (5.3p) 36.8p
* EBITDA is presented here as an alternative performance measure
as it is commonly used by investors and lenders.
All revenue and profit is generated from continuing
operations.
Details of principal risks and uncertainties are given in the
Review of Third Quarter, Balance Sheet and Cash Flow accompanying
these condensed consolidated interim financial statements.
CONSOLIDATED INCOME STATEMENT FOR THE NINE MONTHSED 31 JANUARY
2021
2021 2020
Before
exceptional Exceptional
Before items items
and and
amortisation Amortisation Total amortisation amortisation Total
GBPm GBPm GBPm GBPm GBPm GBPm
Nine months - unaudited
Revenue
Rental revenue 3,374.5 - 3,374.5 3,567.8 - 3,567.8
Sale of new equipment,
merchandise and consumables 185.2 - 185.2 141.4 - 141.4
Sale of used rental
equipment 200.3 - 200.3 219.1 - 219.1
3,760.0 - 3,760.0 3,928.3 - 3,928.3
Operating costs
Staff costs (853.2) - (853.2) (880.9) - (880.9)
Used rental equipment
sold (188.9) - (188.9) (184.6) - (184.6)
Other operating costs (968.0) - (968.0) (951.5) - (951.5)
(2,010.1) - (2,010.1) (2,017.0) - (2,017.0)
EBITDA* 1,749.9 - 1,749.9 1,911.3 - 1,911.3
Depreciation (832.2) - (832.2) (797.3) - (797.3)
Amortisation of intangibles - (46.7) (46.7) - (45.2) (45.2)
Operating profit 917.7 (46.7) 871.0 1,114.0 (45.2) 1,068.8
Interest expense (154.7) - (154.7) (167.3) (16.3) (183.6)
Profit on ordinary
activities
before taxation 763.0 (46.7) 716.3 946.7 (61.5) 885.2
Taxation (193.2) 11.5 (181.7) (238.7) 15.0 (223.7)
Profit attributable
to equity
holders of the Company 569.8 (35.2) 534.6 708.0 (46.5) 661.5
Basic earnings per
share 127.2p (7.8p) 119.4p 154.3p (10.2p) 144.1p
Diluted earnings per
share 126.9p (7.9p) 119.0p 153.7p (10.1p) 143.6p
* EBITDA is presented here as an alternative performance measure
as it is commonly used by investors and lenders.
All revenue and profit is generated from continuing
operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited
Three months Nine months
to to
31 January 31 January
2021 2020 2021 2020
GBPm GBPm GBPm GBPm
Profit attributable to equity holders of
the Company for the period 160.1 167.6 534.6 661.5
Items that may be reclassified subsequently
to profit or loss:
Foreign currency translation differences (149.9) (44.5) (216.7) (34.6)
Total comprehensive income for the period 10.2 123.1 317.9 626.9
CONSOLIDATED BALANCE SHEET AT 31 JANUARY 2021
Unaudited Audited
31 January 30 April
2021 2020 2020
GBPm GBPm GBPm
Current assets
Inventories 73.7 85.1 83.3
Trade and other receivables 809.9 934.5 821.6
Current tax asset 10.1 6.2 32.8
Cash and cash equivalents 14.7 17.9 241.4
908.4 1,043.7 1,179.1
Non-current assets
Property, plant and equipment
- rental equipment 5,107.2 5,781.5 5,890.1
- other assets 631.2 687.1 708.7
5,738.4 6,468.6 6,598.8
Right-of-use assets 1,046.6 1,074.3 1,088.3
Goodwill 1,248.8 1,291.2 1,340.3
Other intangible assets 265.0 306.9 326.1
8,298.8 9,141.0 9,353.5
Total assets 9,207.2 10,184.7 10,532.6
Current liabilities
Trade and other payables 573.3 553.8 574.7
Current tax liability 19.4 11.1 2.3
Lease liabilities 116.5 107.8 106.0
Provisions 32.2 43.3 53.7
741.4 716.0 736.7
Non-current liabilities
Lease liabilities 986.0 981.5 1,006.2
Long-term borrowings 3,187.8 4,371.8 4,492.2
Provisions 50.6 43.9 38.9
Deferred tax liabilities 1,097.0 1,175.4 1,274.3
Net defined benefit pension plan liability 10.6 1.3 12.1
5,332.0 6,573.9 6,823.7
Total liabilities 6,073.4 7,289.9 7,560.4
Equity
Share capital 45.1 45.4 45.4
Share premium account 3.6 3.6 3.6
Capital redemption reserve 11.1 10.8 10.8
Own shares held by the Company (51.2) (47.2) (115.9)
Own shares held by the ESOT (28.8) (27.7) (27.7)
Cumulative foreign exchange translation
differences 89.0 200.1 305.7
Retained reserves 3,065.0 2,709.8 2,750.3
Equity attributable to equity holders
of the Company 3,133.8 2,894.8 2,972.2
Total liabilities and equity 9,207.2 10,184.7 10,532.6
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE
MONTHSED 31 JANUARY 2021
Own Cumulative
Own shares foreign
Share Capital shares held exchange
Share premium redemption held through translation Retained
by the
capital account reserve Company the ESOT differences reserves Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Unaudited
At 1 May 2019 49.9 3.6 6.3 (622.6) (24.6) 234.7 3,153.2 2,800.5
Effect of adoption
of IFRS 16 - - - - - - 8.1 8.1
At 1 May 2019 (restated) 49.9 3.6 6.3 (622.6) (24.6) 234.7 3,161.3 2,808.6
Profit for the
period - - - - - - 661.5 661.5
Other comprehensive
income:
Foreign currency
translation
differences - - - - - (34.6) - (34.6)
Total comprehensive
income
for the period - - - - - (34.6) 661.5 626.9
Dividends paid - - - - - - (154.4) (154.4)
Own shares purchased
by
the ESOT - - - - (17.5) - - (17.5)
Own shares purchased
by
the Company - - - (375.9) - - - (375.9)
Share-based payments - - - - 14.4 - (8.0) 6.4
Tax on share-based
payments - - - - - - 0.7 0.7
Cancellation of
shares (4.5) - 4.5 951.3 - - (951.3) -
At 31 January 2020 45.4 3.6 10.8 (47.2) (27.7) 200.1 2,709.8 2,894.8
Profit for the
period - - - - - - 78.2 78.2
Other comprehensive
income:
Foreign currency
translation
differences - - - - - 105.6 - 105.6
Remeasurement of
the defined
benefit pension
plan - - - - - - (10.8) (10.8)
Tax on defined
benefit
pension plan - - - - - - 2.1 2.1
Total comprehensive
income
for the period - - - - - 105.6 69.5 175.1
Dividends paid - - - - - - (32.3) (32.3)
Own shares purchased
by
the ESOT - - - - (0.1) - - (0.1)
Own shares purchased
by
the Company - - - (68.7) - - - (68.7)
Share-based payments - - - - 0.1 1.9 2.0
Tax on share-based
payments - - - - - - 1.4 1.4
At 30 April 2020 45.4 3.6 10.8 (115.9) (27.7) 305.7 2,750.3 2,972.2
Profit for the
period - - - - - - 534.6 534.6
Other comprehensive
income:
Foreign currency
translation
differences - - - - - (216.7) - (216.7)
Total comprehensive
income
for the period - - - - - (216.7) 534.6 317.9
Dividends paid - - - - - - (150.0) (150.0)
Own shares purchased
by
the ESOT - - - - (12.5) - - (12.5)
Share-based payments - - - - 11.4 - (6.7) 4.7
Tax on share-based
payments - - - - - - 1.5 1.5
Cancellation of
shares (0.3) - 0.3 64.7 - - (64.7) -
At 31 January 2021 45.1 3.6 11.1 (51.2) (28.8) 89.0 3,065.0 3,133.8
CONSOLIDATED CASH FLOW STATEMENT FOR THE NINE MONTHSED 31
JANUARY 2021
Unaudited
2021 2020
GBPm GBPm
Cash flows from operating activities
Cash generated from operations before
exceptional
items and changes in rental equipment 1,735.8 1,828.5
Payments for rental property, plant
and equipment (463.9) (1,206.6)
Proceeds from disposal of rental property,
plant and equipment 215.9 166.0
Cash generated from operations 1,487.8 787.9
Financing costs paid (net) (144.1) (138.3)
Exceptional financing costs paid - (12.4)
Tax paid (net) (220.3) (100.9)
Net cash generated from operating
activities 1,123.4 536.3
Cash flows from investing activities
Acquisition of businesses (18.4) (406.6)
Payments for non-rental property,
plant and equipment (73.5) (181.1)
Proceeds from disposal of non-rental
property, plant and equipment 9.3 7.4
Net cash used in investing activities (82.6) (580.3)
Cash flows from financing activities
Drawdown of loans 220.9 2,110.8
Redemption of loans (1,281.0) (1,465.1)
Repayment of principal under lease
liabilities (39.6) (48.8)
Dividends paid (150.0) (154.4)
Purchase of own shares by the ESOT (12.5) (17.5)
Purchase of own shares by the Company - (375.6)
Net cash (used in)/generated from financing
activities (1,262.2) 49.4
(Decrease)/increase in cash and cash
equivalents (221.4) 5.4
Opening cash and cash equivalents 241.4 12.8
Effect of exchange rate difference (5.3) (0.3)
Closing cash and cash equivalents 14.7 17.9
Reconciliation of net cash flows to
net debt
Decrease/(increase) in cash and
cash equivalents in the period 221.4 (5.4)
(Decrease)/increase in debt through
cash flow (1,099.7) 596.9
Change in net debt from cash flows (878.3) 591.5
Exchange differences (323.7) (63.6)
Debt acquired - 89.5
Non-cash movements:
- deferred costs of debt raising 6.5 8.4
- new lease liabilities 108.1 189.7
(Decrease)/increase in net debt in
the period (1,087.4) 815.5
Net debt at 1 May (as previously stated) 5,363.0 3,744.9
Effect of adoption of IFRS 16 - 882.8
Net debt at 1 May (restated) 5,363.0 4,627.7
Net debt at 31 January 4,275.6 5,443.2
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
1. General information
Ashtead Group plc ('the Company') is a company incorporated and
domiciled in England and Wales and listed on the London Stock
Exchange. The condensed consolidated interim financial statements
as at, and for the nine months ended, 31 January 2021 comprise the
Company and its subsidiaries ('the Group').
The condensed consolidated interim financial statements for the
nine months ended 31 January 2021 were approved by the directors on
1 March 2021.
The condensed consolidated interim financial statements do not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The statutory accounts for the year ended 30
April 2020 were approved by the directors on 15 June 2020 and have
been mailed to shareholders and filed with the Registrar of
Companies. The auditor's report on those accounts was unqualified,
did not include a reference to any matter by way of emphasis and
did not contain a statement under Section 498(2) or (3) of the
Companies Act 2006.
2. Basis of preparation
The condensed consolidated interim financial statements for the
nine months ended 31 January 2021 have been prepared in accordance
with relevant International Financial Reporting Standards ('IFRS')
as adopted pursuant to Regulation (EC) No 1606/2002 as it applies
in the European Union, including IAS 34, and the accounting
policies set out in the Group's Annual Report and Accounts for the
year ended 30 April 2020.
The directors have adopted various alternative performance
measures to provide additional useful information on the underlying
trends, performance and position of the Group. The alternative
performance measures are not defined by IFRS and therefore may not
be directly comparable with other companies' alternative
performance measures, but are defined within the Glossary of Terms
on page 32.
The condensed consolidated interim financial statements have
been prepared on the going concern basis. The Group's internal
budgets and forecasts of future performance, available financing
facilities and facility headroom (see note 13), provide a
reasonable expectation that the Group has adequate resources to
continue in operation for the foreseeable future and consequently
the going concern basis continues to be appropriate in preparing
the financial statements.
In preparing the financial statements, the exchange rates used
in respect of the US dollar ($) and Canadian dollar (C$) are:
US dollar Canadian dollar
2021 2020 2021 2020
Average for the three months ended
31 January 1.34 1.30 1.73 1.71
Average for the nine months ended
31 January 1.30 1.27 1.72 1.68
At 30 April - 1.26 - 1.75
At 31 January 1.37 1.32 1.75 1.74
3. Segmental analysis
Three months to 31 January 2021
Corporate
US UK Canada items Group
GBPm GBPm GBPm GBPm GBPm
Revenue
Rental revenue 881.6 125.1 70.5 - 1,077.2
Sale of new equipment, merchandise
and consumables 28.8 40.1 4.9 - 73.8
Sale of used rental equipment 45.0 6.3 3.7 - 55.0
955.4 171.5 79.1 - 1,206.0
Operating profit before amortisation 239.1 18.8 17.8 (3.6) 272.1
Amortisation (14.7)
Net financing costs (47.3)
Profit before taxation 210.1
Taxation (50.0)
Profit attributable to equity
shareholders 160.1
Three months to 31 January 2020
Corporate
US UK Canada items Group
GBPm GBPm GBPm GBPm GBPm
Revenue
Rental revenue 960.0 98.5 62.4 - 1,120.9
Sale of new equipment, merchandise
and consumables 33.0 7.0 5.4 - 45.4
Sale of used rental equipment 74.3 3.7 2.7 - 80.7
1,067.3 109.2 70.5 - 1,247.0
Operating profit before amortisation 299.2 7.8 10.0 (4.0) 313.0
Amortisation (15.5)
Net financing costs (56.2)
Exceptional items (16.3)
Profit before taxation 225.0
Taxation (57.4)
Profit attributable to equity
shareholders 167.6
Nine months to 31 January 2021
Corporate
US UK Canada items Group
GBPm GBPm GBPm GBPm GBPm
Revenue
Rental revenue 2,853.1 341.3 180.1 - 3,374.5
Sale of new equipment, merchandise
and consumables 87.1 80.4 17.7 - 185.2
Sale of used rental equipment 168.3 22.4 9.6 - 200.3
3,108.5 444.1 207.4 - 3,760.0
Operating profit before amortisation 851.7 38.8 37.2 (10.0) 917.7
Amortisation (46.7)
Net financing costs (154.7)
Profit before taxation 716.3
Taxation (181.7)
Profit attributable to equity
shareholders 534.6
Nine months to 31 January
2020
Corporate
US UK Canada items Group
GBPm GBPm GBPm GBPm GBPm
Revenue
Rental revenue 3,088.7 316.3 162.8 - 3,567.8
Sale of new equipment, merchandise
and consumables 100.4 24.1 16.9 - 141.4
Sale of used rental equipment 183.0 24.7 11.4 - 219.1
3,372.1 365.1 191.1 - 3,928.3
Operating profit before amortisation 1,055.1 37.8 34.3 (13.2) 1,114.0
Amortisation (45.2)
Net financing costs (167.3)
Exceptional items (16.3)
Profit before taxation 885.2
Taxation (223.7)
Profit attributable to equity
shareholders 661.5
Corporate
US UK Canada items Group
GBPm GBPm GBPm GBPm GBPm
At 31 January 2021
Segment assets 7,530.6 863.7 780.3 7.8 9,182.4
Cash 14.7
Taxation assets 10.1
Total assets 9,207.2
At 30 April 2020
Segment assets 8,639.5 835.2 776.4 7.3 10,258.4
Cash 241.4
Taxation assets 32.8
Total assets 10,532.6
4. Operating costs and other income
2021 2020
Before Before
amortisation Amortisation Total amortisation Amortisation Total
GBPm GBPm GBPm GBPm GBPm GBPm
Three months
to 31 January
Staff costs:
Salaries 255.9 - 255.9 264.3 - 264.3
Social
security
costs 19.6 - 19.6 20.4 - 20.4
Other pension
costs 5.8 - 5.8 5.3 - 5.3
281.3 - 281.3 290.0 - 290.0
Used rental
equipment
sold 53.2 - 53.2 65.7 - 65.7
Other
operating
costs:
Vehicle costs 70.3 - 70.3 71.9 - 71.9
Spares,
consumables &
external
repairs 71.3 - 71.3 60.2 - 60.2
Facility costs 13.0 - 13.0 12.6 - 12.6
Other external
charges 177.8 - 177.8 162.4 - 162.4
332.4 - 332.4 307.1 - 307.1
Depreciation
and
amortisation:
Depreciation
of tangible
assets 242.9 - 242.9 248.1 - 248.1
Depreciation
of
right-of-use
assets 24.1 - 24.1 23.1 - 23.1
Amortisation
of
intangibles - 14.7 14.7 - 15.5 15.5
267.0 14.7 281.7 271.2 15.5 286.7
933.9 14.7 948.6 934.0 15.5 949.5
2021 2020
Before Before
amortisation Amortisation Total amortisation Amortisation Total
GBPm GBPm GBPm GBPm GBPm GBPm
Nine months
to 31 January
Staff costs:
Salaries 779.5 - 779.5 805.0 - 805.0
Social
security
costs 58.1 - 58.1 60.3 - 60.3
Other pension
costs 15.6 - 15.6 15.6 - 15.6
853.2 - 853.2 880.9 - 880.9
Used rental
equipment
sold 188.9 - 188.9 184.6 - 184.6
Other
operating
costs:
Vehicle costs 206.2 - 206.2 231.8 - 231.8
Spares,
consumables &
external
repairs 209.8 - 209.8 197.2 - 197.2
Facility
costs 38.1 - 38.1 36.9 - 36.9
Other
external
charges 513.9 - 513.9 485.6 - 485.6
968.0 - 968.0 951.5 - 951.5
Depreciation
and
amortisation:
Depreciation
of tangible
assets 751.9 - 751.9 730.3 - 730.3
Depreciation
of
right-of-use
assets 80.3 - 80.3 67.0 - 67.0
Amortisation
of
intangibles - 46.7 46.7 - 45.2 45.2
832.2 46.7 878.9 797.3 45.2 842.5
2,842.3 46.7 2,889.0 2,814.3 45.2 2,859.5
5. Amortisation and exceptional items
Amortisation relates to the write-off of intangible assets over
their estimated useful economic life. Exceptional items are those
items of financial performance that are material and non-recurring
in nature. The Group believes these items should be disclosed
separately within the consolidated income statement to assist in
the understanding of the financial performance of the Group.
Underlying profit and earnings per share are stated before
exceptional items and amortisation of intangibles.
Three months Nine months
to to
31 January 31 January
2021 2020 2021 2020
GBPm GBPm GBPm GBPm
Amortisation of intangibles 14.7 15.5 46.7 45.2
Write-off of deferred financing costs - 3.9 - 3.9
Early redemption fee - 11.2 - 11.2
Call period interest - 1.2 - 1.2
Taxation (3.7) (7.8) (11.5) (15.0)
11.0 24.0 35.2 46.5
In the prior year, the costs associated with the redemption of
the $500m 5.625% senior notes in November 2019 were classified as
exceptional items. The write-off of deferred financing costs
consisted of the unamortised balance of the costs relating to the
notes. In addition, an early redemption fee of GBP11m ($15m) was
paid to redeem the notes prior to their scheduled maturity. The
call period interest represents the interest charge on the $500m
notes for the period from the issue of the new $1.2bn notes to the
date the $500m notes were redeemed. Of these items, total cash
costs were GBP12m.
The items detailed in the table above are presented in the
income statement as follows:
Three months Nine months
to to
31 January 31 January
2021 2020 2021 2020
GBPm GBPm GBPm GBPm
Amortisation of intangibles 14.7 15.5 46.7 45.2
Charged in arriving at operating profit 14.7 15.5 46.7 45.2
Net financing costs - 16.3 - 16.3
Charged in arriving at profit before
tax 14.7 31.8 46.7 61.5
Taxation (3.7) (7.8) (11.5) (15.0)
11.0 24.0 35.2 46.5
6. Interest expense
Three months Nine months
to to
31 January 31 January
2021 2020 2021 2020
GBPm GBPm GBPm GBPm
Interest expense:
Bank interest payable 7.1 17.4 30.8 59.5
Interest payable on senior notes 24.6 25.3 76.3 69.5
Interest payable on lease liabilities 13.2 11.4 40.2 32.9
Non-cash unwind of discount on provisions 0.3 0.5 0.9 0.9
Amortisation of deferred debt raising
costs 2.1 1.6 6.5 4.5
47.3 56.2 154.7 167.3
Net financing costs before exceptional
items 47.3 56.2 154.7 167.3
Exceptional items - 16.3 - 16.3
Net financing costs 47.3 72.5 154.7 183.6
7. Taxation
The tax charge for the period has been computed using a tax rate
of 25% in the US (2020: 25%), 19% in the UK (2020: 19%) and 27% in
Canada (2020: 27%). The blended rate for the Group as a whole is
25% (2020: 25%).
The tax charge of GBP193m (2020: GBP239m) on the underlying
profit before taxation of GBP763m (2020: GBP947m) can be explained
as follows:
Nine months to 31 January
2021 2020
GBPm GBPm
Current tax
- current tax on income for the period 259.8 117.9
- adjustments to prior year 8.2 (1.8)
268.0 116.1
Deferred tax
- origination and reversal of temporary
differences (69.7) 121.0
- adjustments to prior year (5.1) 1.6
(74.8) 122.6
Tax on underlying activities 193.2 238.7
Comprising:
- UK 16.0 16.2
- US 172.0 217.5
- Canada 5.2 5.0
193.2 238.7
In addition, the tax credit of GBP12m (2020: GBP15m) on
amortisation of GBP47m (2020: amortisation and exceptional items of
GBP62m) consists of a current tax credit of GBP4m (2020: GBP10m)
relating to the US and GBP1m (2020: GBPnil) relating to the UK, and
a deferred tax credit of GBP3m (2020: GBP2m) relating to the US,
GBP1m (2020: GBP1m) relating to the UK and GBP3m (2020: GBP2m)
relating to Canada.
8. Earnings per share
Basic and diluted earnings per share for the three and nine
months ended 31 January 2021 have been calculated based on the
profit for the relevant period and the weighted average number of
ordinary shares in issue during that period (excluding shares held
by the Company and the ESOT over which dividends have been waived).
Diluted earnings per share is computed using the result for the
relevant period and the diluted number of shares (ignoring any
potential issue of ordinary shares which would be anti-dilutive).
These are calculated as follows:
Three months Nine months to
to
31 January 31 January
2021 2020 2021 2020
Profit for the financial period (GBPm) 160.1 167.6 534.6 661.5
Weighted average number of shares
(m) - basic 447.9 453.3 447.9 458.9
- diluted 449.1 454.8 449.1 460.6
Basic earnings per share 35.7p 37.0p 119.4p 144.1p
Diluted earnings per share 35.7p 36.8p 119.0p 143.6p
Underlying earnings per share (defined in any period as the
earnings before amortisation of intangibles and exceptional items
for that period divided by the weighted average number of shares in
issue in that period) may be reconciled to the basic earnings per
share as follows:
Three months Nine months to
to
31 January 31 January
2021 2020 2021 2020
Basic earnings per share 35.7p 37.0p 119.4p 144.1p
Amortisation of intangibles 3.3p 3.4p 10.4p 9.9p
Exceptional items - 3.6p - 3.6p
Tax on exceptional items and amortisation (0.8p) (1.7p) (2.6p) (3.3p)
Underlying earnings per share 38.2p 42.3p 127.2p 154.3p
9. Dividends
During the period, a final dividend in respect of the year ended
30 April 2020 of 33.5p (2019: 33.5p) per share was paid to
shareholders costing GBP150m (2019: GBP154m). The interim dividend
in respect of the year ending 30 April 2021 of 7.15p (2020: 7.15p)
per share announced on 9 December 2020 was paid on 3 February 2021
to shareholders and cost GBP32m.
10. Property, plant and equipment
2021 2020
Rental Rental
equipment Total equipment Total
Net book value GBPm GBPm GBPm GBPm
At 1 May 5,890.1 6,598.8 5,413.3 5,987.0
Effect of adoption of IFRS
16 - - - (4.8)
Exchange differences (394.6) (440.8) (31.2) (34.7)
Reclassifications (0.9) - (1.4) -
Additions 444.7 518.2 1,081.3 1,256.2
Acquisitions 2.3 2.3 138.0 176.7
Disposals (178.8) (188.2) (174.3) (181.5)
Depreciation (655.6) (751.9) (644.2) (730.3)
At 31 January 5,107.2 5,738.4 5,781.5 6,468.6
11. Right-of-use assets
2021 2020
Property Other Property Other
Net book value leases leases Total leases leases Total
GBPm GBPm GBPm GBPm GBPm GBPm
At 1 May 1,083.7 4.6 1,088.3 - - -
Effect of adoption
of IFRS 16 - - - 889.5 4.8 894.3
Exchange differences (74.4) - (74.4) (13.3) - (13.3)
Additions 77.3 1.2 78.5 157.3 1.2 158.5
Acquisitions - - - 74.8 - 74.8
Remeasurement 37.6 - 37.6 31.8 - 31.8
Disposals (2.9) (0.2) (3.1) (4.2) (0.6) (4.8)
Depreciation (79.4) (0.9) (80.3) (66.2) (0.8) (67.0)
At 31 January 1,041.9 4.7 1,046.6 1,069.7 4.6 1,074.3
Included within depreciation is an impairment charge of GBP9m
(2020: GBPnil).
12. Lease liability
31 January 30 April
2021 2020
GBPm GBPm
Current 116.5 106.0
Non-current 986.0 1,006.2
1,102.5 1,112.2
13. Borrowings
31 January 30 April
2021 2020
GBPm GBPm
Non-current
First priority senior secured bank debt 1,026.1 2,141.9
4.125% senior notes, due 2025 433.1 470.8
5.250% senior notes, due 2026 432.0 469.6
4.375% senior notes, due 2027 432.5 470.2
4.000% senior notes, due 2028 432.1 469.9
4.250% senior notes, due 2029 432.0 469.8
3,187.8 4,492.2
The senior secured bank debt is secured by way of fixed and
floating charges over substantially all the Group's property, plant
and equipment, inventory and trade receivables. The senior notes
are guaranteed by Ashtead Group plc and all its principal
subsidiary undertakings.
Under the terms of our asset-based senior credit facility,
$4.1bn is committed until December 2023 and $500m is committed
until April 2021.
The $600m 4.125% senior notes mature in August 2025, the $600m
5.25% senior notes mature in August 2026, the $600m 4.375% senior
notes mature in August 2027, the $600m 4.000% senior notes mature
in May 2028 and the $600m 4.250% senior notes mature in November
2029. Our debt facilities therefore remain committed for the long
term, with an average maturity of five years. The weighted average
interest cost of these facilities (including non-cash amortisation
of deferred debt raising costs) is 4%. The terms of the senior
notes are such that financial performance covenants are only
measured at the time new debt is raised.
There is one financial performance covenant under the first
priority senior credit facility. That is the fixed charge ratio
(comprising LTM EBITDA before exceptional items less LTM net
capital expenditure paid in cash over the sum of scheduled debt
repayments plus cash interest, cash tax payments and dividends paid
in the last twelve months) which, must be equal to, or greater
than, 1.0. This covenant does not apply when availability exceeds
$460m. The covenant ratio is calculated each quarter. At 31 January
2021 , the fixed charge ratio exceeded the covenant
requirement.
At 31 January 2021 , availability under the senior secured bank
facility was $3,342m ($2,363m including cash on the balance sheet
at 30 April 2020), with an additional $1,620m of suppressed
availability, meaning that the covenant did not apply at 31 January
2021 and is unlikely to apply in forthcoming quarters.
Fair value of financial instruments
At 31 January 2021, the Group had no derivative financial
instruments.
With the exception of the Group's senior notes detailed in the
table below, the carrying value of non-derivative financial assets
and liabilities is considered to equate materially to their fair
value.
At 31 January At 30 April 2020
2021
Book Fair Book Fair
Value value value value
GBPm GBPm GBPm GBPm
4.125% senior notes 437.1 449.6 475.7 461.4
5.250% senior notes 437.1 461.1 475.7 479.3
4.375% senior notes 437.1 460.0 475.7 463.8
4.000% senior notes 437.1 462.7 475.7 453.1
4.250% senior notes 437.1 479.1 475.7 453.1
2,185.5 2,312.5 2,378.5 2,310.7
Deferred costs of raising
finance (23.8) - (28.2) -
2,161.7 2,312.5 2,350.3 2,310.7
The fair value of the senior notes has been calculated using
quoted market prices at 31 January 2021.
14. Share capital
Ordinary shares of 10p
each:
31 January 30 April 31 January 30 April
2021 2020 2021 2020
Number Number GBPm GBPm
Issued and fully paid 451,354,833 454,194,833 45.1 45.4
In September 2020, 2.9m shares held in treasury were cancelled.
At 31 January 2021 after the cancellation of these shares, 2.0m
(April 2020: 4.9m) shares were held by the Company and a further
1.4m (April 2020: 1.5m) shares were held by the Company's Employee
Share Ownership Trust.
15. Notes to the cash flow statement
a) Cash flow from operating activities
Nine months to 31
January
2021 2020
GBPm GBPm
Operating profit before exceptional items and
amortisation 917.7 1,114.0
Depreciation 832.2 797.3
EBITDA 1,749.9 1,911.3
Profit on disposal of rental equipment (11.4) (34.6)
Profit on disposal of other property, plant
and equipment (0.3) (1.2)
Decrease/(increase) in inventories 4.4 (4.4)
Increase in trade and other receivables (67.6) (16.3)
Increase/(decrease) in trade and other payables 57.4 (33.2)
Exchange differences (1.3) 0.5
Other non-cash movements 4.7 6.4
Cash generated from operations before exceptional
items
and changes in rental equipment 1,735.8 1,828.5
b) Analysis of net debt
Net debt consists of total borrowings and lease liabilities less
cash and cash equivalents. Borrowings exclude accrued interest.
Foreign currency denominated balances are translated to pounds
sterling at rates of exchange ruling at the balance sheet date.
Non-cash movements
-----------------------------------
1 May Cash Exchange New lease Other 31 January
2020 flow movement liabilities movements 2021
GBPm GBPm GBPm GBPm GBPm GBPm
Long-term borrowings 4,492.2 (1,060.1) (250.8) - 6.5 3,187.8
Lease liabilities 1,112.2 (39.6) (78.2) 108.1 - 1,102.5
Total liabilities from
financing activities 5,604.4 (1,099.7) (329.0) 108.1 6.5 4,290.3
Cash and cash
equivalents (241.4) 221.4 5.3 - - (14.7)
Net debt 5,363.0 (878.3) (323.7) 108.1 6.5 4,275.6
Non-cash movements
1 May Adoption of Cash Exchange Debt New lease Other 31 January
2019 IFRS 16 flow movement acquired liabilities movements 2020
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Short-term borrowings 2.3 (2.3) - - - - - -
Long-term borrowings 3,755.4 (2.7) 645.7 (49.7) 14.7 - 8.4 4,371.8
Lease liabilities - 887.8 (48.8) (14.2) 74.8 189.7 - 1,089.3
Total liabilities from
financing activities 3,757.7 882.8 596.9 (63.9) 89.5 189.7 8.4 5,461.1
Cash and cash
equivalents (12.8) - (5.4) 0.3 - - - (17.9)
Net debt 3,744.9 882.8 591.5 (63.6) 89.5 189.7 8.4 5,443.2
Details of the Group's cash and debt are given in notes 12 and
13 and the Review of Third Quarter, Balance Sheet and Cash Flow
accompanying these condensed consolidated interim financial
statements.
c) Acquisitions
Nine months to 31 January
2021 2020
GBPm GBPm
Cash consideration paid:
- acquisitions in the period - 389.3
- contingent consideration 18.4 17.3
18.4 406.6
During the period, contingent consideration of GBP18m (2020:
GBP17m) was paid relating to prior year acquisitions.
16. Contingent liabilities
Following its state aid investigation, in April 2019 the
European Commission announced its decision that the Group Financing
Exemption in the UK controlled foreign company ('CFC') legislation
constitutes state aid in some circumstances. In common with the UK
Government and other UK-based international companies, the Group
does not agree with the decision and has therefore lodged a formal
appeal with the General Court of the European Union. Despite the UK
Government appealing the European Commission's decision, Her
Majesty's Revenue & Customs ('HMRC') are required to make an
assessment of the tax liability which would arise if the decision
is not successfully appealed and collect that amount from
taxpayers. During the quarter HMRC issued a charging notice stating
that the tax liability it believes to be due on this basis is
GBP33m. Subsequent to the balance sheet date, the Group has
appealed the charging notice and has settled the amount assessed on
it in line with HMRC requirements. On successful appeal in whole or
in part, all or part of the amount paid in accordance with the
charging notice would be returned to the Group. If either the
decision reached by the European Commission or the charging notice
issued by HMRC are not successfully appealed, we have estimated the
Group's maximum potential liability to be GBP36m as at 31 January
2021, including any interest payable. Based on the current status
of proceedings, we have concluded that no provision is required in
relation to this matter.
17. Events after the balance sheet date
On 3 February 2021, Sunbelt US acquired the business and assets
of DC Rentals, LLC ('DCR'). DCR is a general equipment business in
Connecticut. The initial accounting for this acquisition is
incomplete. Had this acquisition taken place on 1 May 2020, its
contribution to revenue and operating profit would not have been
material.
REVIEW OF THIRD QUARTER, BALANCE SHEET AND CASH FLOW
Third quarter
Revenue EBITDA Profit (1)
2021 2020 2021 2020 2021 2020
US in $m 1,287.3 1,392.4 617.7 686.9 323.8 392.1
Canada in C$m 136.4 120.5 60.9 46.0 30.7 17.2
US in GBPm 955.4 1,067.3 457.7 525.8 239.1 299.2
UK 171.5 109.2 49.5 35.4 18.8 7.8
Canada in GBPm 79.1 70.5 35.3 26.8 17.8 10.0
Group central costs - - (3.4) (3.8) (3.6) (4.0)
1,206.0 1,247.0 539.1 584.2 272.1 313.0
Net financing costs (47.3) (56.2)
Profit before amortisation,
exceptional items and tax 224.8 256.8
Amortisation (14.7) (15.5)
Exceptional items - (16.3)
Profit before taxation 210.1 225.0
Margins
US 48.0% 49.3% 25.2% 28.2%
UK 28.9% 32.4% 11.0% 7.1%
Canada 44.7% 38.2% 22.5% 14.3%
Group 44.7% 46.8% 22.6% 25.1%
(1) Segment result presented is operating profit before
amortisation.
Group revenue decreased 3% (1% at constant currency) to
GBP1,206m in the third quarter (2020: GBP1,247m). This performance
demonstrates the resilience of the business in challenging market
conditions. The broadly flat Group revenue consisted of a small
decline in the US more or less offset by increases in the UK and
Canada. These features, combined with our decision to retain our
team members and continue to invest in the business and the costs
of servicing the UK Department of Health work, resulted in a
decline in underlying profit before tax for the quarter to GBP225m
(2020: GBP257m).
US rental only revenue in the quarter was 3% lower than a year
ago on a billings per day basis. This consisted of our general tool
business which was 4% lower than last year while the specialty
business (excluding oil and gas) was 6% higher than a year ago.
The UK generated rental only revenue in the quarter of GBP93m
(2020: GBP80m), 15% higher than the prior year on a comparable
basis. Total revenue increased 57% to GBP172m (2020: GBP109m)
reflecting the higher level of ancillary and sales revenue
associated with the services provided to the Department of
Health.
Canada's rental only revenue increased 22% to C$100m (2020:
C$82m) on a reported basis. Excluding the impact of the acquisition
of William F. White, rental only revenue decreased by 6%. Total
revenue was C$136m (2020: C$120m).
Group operating profit decreased 13% to GBP272m (2020: GBP313m).
After net financing costs of GBP47m (2020: GBP56m), Group profit
before amortisation of intangibles, exceptional items and taxation
was GBP225m (2020: GBP257m). After amortisation of GBP15m (2020:
GBP16m) and, in the prior year exceptional items of GBP16m, the
statutory profit before taxation was GBP210m (2020: GBP225m).
Balance sheet
Fixed assets
Capital expenditure in the nine months totalled GBP518m (2020:
GBP1,256m) with GBP445m invested in the rental fleet (2020:
GBP1,081m). Expenditure on rental equipment was 86% of total
capital expenditure with the balance relating to the delivery
vehicle fleet, property improvements and IT equipment. Capital
expenditure by division was:
2021 2020
Replacement Growth Total Total
US in $m 424.6 - 424.6 1,287.4
Canada in C$m 39.5 17.3 56.8 101.7
US in GBPm 327.2 - 327.2 976.9
UK 64.2 20.3 84.5 46.0
Canada in GBPm 23.0 10.0 33.0 58.4
Total rental equipment 414.4 30.3 444.7 1,081.3
Delivery vehicles, property
improvements & IT equipment 73.5 174.9
Total additions 518.2 1,256.2
As a result of the impact of COVID-19 on market activity, all
capital expenditure in the US in 2021 has been classified as
replacement capital expenditure. Capital expenditure in the UK and
Canada included growth expenditure to meet customer needs. The
growth proportion is estimated on the basis of the assumption that
replacement capital expenditure in any period is equal to the
original cost of equipment sold.
The average age of the Group's serialised rental equipment,
which constitutes the substantial majority of our fleet, at 31
January 2021 was 40 months (2020: 34 months) on a net book value
basis. The US fleet had an average age of 40 months (2020: 34
months), the UK fleet had an average age of 41 months (2020: 41
months) and the Canadian fleet had an average age of 36 months
(2020: 31 months).
LTM
Rental fleet at original cost LTM rental dollar
31 January 2021 30 April LTM average revenue utilisation
2020
US in $m 9,892 10,102 9,995 4,829 48%
Canada in C$m 937 921 919 398 43%
US in GBPm 7,205 8,010 7,702 3,721 48%
UK 895 874 879 433 49%
Canada in GBPm 534 526 534 231 43%
8,634 9,410 9,115 4,385
Dollar utilisation was 48% in the US (2020: 53%), 49% for the UK
(2020: 46%) and 43% for Canada (2020: 48%). US and Canadian dollar
utilisation reflects the impact of the COVID-19 pandemic. The
increase in UK dollar utilisation reflects the significant increase
in activity levels to support the Department of Health.
Trade receivables
Receivable days at 31 January 2021 were 49 days (2020: 53 days).
The bad debt charge for the last twelve months ended 31 January
2021 as a percentage of total turnover was 1.1% (2020: 0.4%). This
increase over the prior year reflects an additional charge taken in
the fourth quarter of last year for potentially irrecoverable
receivables as a result of the impact of COVID-19. Trade
receivables at 31 January 2021 of GBP665m (2020: GBP790m) are
stated net of allowances for bad debts and credit notes of GBP85m
(2020: GBP60m) with the increased allowance representing 11% (2020:
7%) of gross receivables as a result of COVID-19.
Trade and other payables
Group payable days were 48 days at 31 January 2021 (2020: 52
days) with capital expenditure related payables totalling GBP87m
(2020: GBP110m). Payment periods for purchases other than rental
equipment vary between seven and 60 days and for rental equipment
between 30 and 120 days.
Cash flow and net debt
Nine months LTM Year
to to
31 January 31 January 30 April
2021 2020 2021 2020
GBPm GBPm GBPm GBPm
EBITDA before exceptional items 1,749.9 1,911.3 2,214.4 2,375.8
Cash inflow from operations before
exceptional
items and changes in rental equipment 1,735.8 1,828.5 2,337.7 2,430.4
Cash conversion ratio* 99.2% 95.7% 105.6% 102.3%
Replacement rental capital expenditure (442.5) (495.0) (597.7) (650.2)
Payments for non-rental capital expenditure (73.5) (181.1) (100.6) (208.2)
Rental equipment disposal proceeds 215.9 166.0 296.5 246.6
Other property, plant and equipment
disposal proceeds 9.3 7.4 13.9 12.0
Tax (net) (220.3) (100.9) (232.6) (113.2)
Financing costs (144.1) (138.3) (202.7) (196.9)
Cash inflow before growth capex and
payment of exceptional costs 1,080.6 1,086.6 1,514.5 1,520.5
Growth rental capital expenditure (21.4) (711.6) (25.8) (716.0)
Exceptional costs - (12.4) - (12.4)
Free cash flow 1,059.2 362.6 1,488.7 792.1
Business acquisitions (18.4) (406.6) (64.9) (453.1)
Total cash generated/(absorbed) 1,040.8 (44.0) 1,423.8 339.0
Dividends (150.0) (154.4) (182.3) (186.7)
Purchase of own shares by the Company - (375.6) (73.0) (448.6)
Purchase of own shares by the ESOT (12.5) (17.5) (12.6) (17.6)
Decrease/(increase) in net debt due
to cash flow 878.3 (591.5) 1,155.9 (313.9)
* Cash inflow from operations before exceptional items and
changes in rental equipment as a percentage of EBITDA before
exceptional items.
Cash inflow from operations before payment of exceptional costs
and the net investment in the rental fleet was GBP1,736m (2020:
GBP1,829m). The nine month cash conversion ratio was 99% (2020:
96%).
Total payments for capital expenditure (rental equipment and
other PPE) in the nine months were GBP537m (2020: GBP1,388m).
Disposal proceeds received totalled GBP225m (2020: GBP173m), giving
net payments for capital expenditure of GBP312m in the period
(2020: GBP1,215m). Financing costs paid totalled GBP144m (2020:
GBP138m) while tax payments were GBP220m (2020: GBP101m). Financing
costs paid typically differ from the charge in the income statement
due to the timing of interest payments in the year and non-cash
interest charges. The increased tax payments reflect the impact of
lower levels of capital expenditure this year which, in the US, are
deductible in full as incurred.
Accordingly, in the nine months the Group generated free cash
flow of GBP1,059m (2020: GBP363m) and, after acquisition
expenditure of GBP18m (2020: GBP407m) related to deferred
consideration on prior year acquisitions, a net cash inflow of
GBP1,041m (2020: outflow of GBP44m), before returns to
shareholders.
Net debt
31 January 30 April
2021 2020 2020
GBPm GBPm GBPm
First priority senior secured bank
debt 1,026.1 2,123.3 2,141.9
4.125% senior notes, due 2025 433.1 450.3 470.8
5.250% senior notes, due 2026 432.0 449.2 469.6
4.375% senior notes, due 2027 432.5 449.9 470.2
4.000% senior notes, due 2028 432.1 449.6 469.9
4.250% senior notes, due 2029 432.0 449.5 469.8
Total external borrowings 3,187.8 4,371.8 4,492.2
Lease liabilities 1,102.5 1,089.3 1,112.2
4,290.3 5,461.1 5,604.4
Cash and cash equivalents (14.7) (17.9) (241.4)
Total net debt 4,275.6 5,443.2 5,363.0
Net debt at 31 January 2021 was GBP4,276m with the decrease
since 30 April 2020 reflecting the net cash inflow set out above
and a benefit from stronger sterling (GBP324m). The Group's EBITDA
for the twelve months ended 31 January 2021 was GBP2,214m.
Excluding the impact of IFRS 16, the ratio of net debt to EBITDA
was 1.6 times (2020: 1.9 times) on a constant currency and a
reported basis as at 31 January 2021. Including the impact of IFRS
16, the ratio of net debt to EBITDA was 2.1 times at 31 January
2021.
Principal risks and uncertainties
Risks and uncertainties in achieving the Group's objectives for
the remainder of the financial year, together with assumptions,
estimates, judgements and critical accounting policies used in
preparing financial information remain unchanged from those
detailed in the 2020 Annual Report and Accounts on pages 36 to
39.
The principal risks and uncertainties facing the Group are:
-- economic conditions - in the longer term, there is a link
between demand for our services and levels of economic activity.
The construction industry, which affects our business, is cyclical
and typically lags the general economic cycle by between 12 and 24
months.
The economic uncertainties resulting from the impact of COVID-19
or other pandemics are considered as part of this risk, together
with trade/tariff escalation and the impact of Brexit on the UK
economy.
-- competition - the already competitive market could become
even more competitive and we could suffer increased competition
from large national competitors or small companies operating at a
local level resulting in reduced market share and lower
revenue.
-- financing - debt facilities are only ever committed for a
finite period of time and we need to plan to renew our facilities
before they mature and guard against default. Our loan agreements
also contain conditions (known as covenants) with which we must
comply.
-- cyber security - a cyber-attack or serious uncured failure in
our systems could result in us being unable to deliver service to
our customers and / or the loss of data. In particular, we are
heavily dependent on technology for the smooth running of our
business given the large number of both units of equipment we rent
and our customers. As a result, we could suffer reputational loss,
revenue loss and financial penalties.
This is the most significant factor in our business continuity
planning.
-- health and safety - we need to comply with laws and
regulations governing occupational health and safety matters.
Furthermore, accidents could happen which might result in injury to
an individual, claims against the Group and damage to our
reputation.
-- people - retaining and attracting good people is key to
delivering superior performance and customer service.
Excessive staff turnover is likely to impact on our ability to
maintain the appropriate quality of service to our customers and
would ultimately impact our financial performance adversely.
At a leadership level, succession planning is required to ensure
the Group can continue to inspire the right culture, leadership and
behaviours and meet its strategic objectives.
-- environmental - we need to comply with environmental laws.
These laws regulate such issues as wastewater, stormwater, solid
and hazardous wastes and materials, and air quality. Breaches
potentially create hazards to our employees, damage to our
reputation and expose the Group to, amongst other things, the cost
of investigating and remediating contamination and also fines and
penalties for non-compliance.
-- laws and regulations - failure to comply with the frequently
changing regulatory environment could result in reputational damage
or financial penalty.
Further details, including actions taken to mitigate these
risks, are provided within the 2020 Annual Report and Accounts.
Our business is subject to significant fluctuations in
performance from quarter to quarter as a result of seasonal
effects. Commercial construction activity tends to increase in the
summer and during extended periods of mild weather and to decrease
in the winter and during extended periods of inclement weather.
Furthermore, due to the incidence of public holidays in the US,
Canada and the UK, there are more billing days in the first half of
our financial year than the second half leading to our revenue
normally being higher in the first half. On a quarterly basis, the
second quarter is typically our strongest quarter, followed by the
first and then the third and fourth quarters.
In addition, the current trading and outlook section of the
interim statement provides commentary on market and economic
conditions for the remainder of the year.
Fluctuations in the value of the US dollar with respect to the
pound sterling have had, and may continue to have, a significant
impact on our financial condition and results of operations as
reported in pounds due to the majority of our assets, liabilities,
revenues and costs being denominated in US dollars. The Group has
arranged its financing such that, at 31 January 2021, 94 % of its
debt (including lease liabilities) was denominated in US (and
Canadian) dollars so that there is a natural partial offset between
its dollar-denominated net assets and earnings and its
dollar-denominated debt and interest expense. At 31 January 2021,
dollar-denominated debt represented approximately 60 % of the value
of dollar-denominated net assets (other than debt). Based on the
current currency mix of our profits and on dollar debt levels,
interest and exchange rates at 31 January 2021 , a 1% change in the
US dollar exchange rate would impact underlying pre-tax profit by
approximately GBP 9m.
OPERATING STATISTICS
Number of rental stores Staff numbers
31 January 30 April 31 January 30 April
2021 2020 2020 2021 2020 2020
Sunbelt US 843 835 837 13,254 14,126 14,048
Sunbelt UK 189 191 193 3,669 3,713 3,712
Sunbelt Canada 76 77 75 1,457 1,536 1,506
Corporate office - - - 17 16 18
Group 1,108 1,103 1,105 18,397 19,391 19,284
GLOSSARY OF TERMS
The glossary of terms below sets out definitions of terms used
throughout this announcement. Included are a number of alternative
performance measures ('APMs') which the directors have adopted in
order to provide additional useful information on the underlying
trends, performance and position of the Group. The directors use
these measures, which are common across the industry, for planning
and reporting purposes. These measures are also used in discussions
with the investment analyst community and credit rating agencies.
The APMs are not defined by IFRS and therefore may not be directly
comparable with other companies' APMs and should not be considered
superior to or a substitute for IFRS measures.
Term Closest Definition and purpose
equivalent
statutory
measure
Constant None Calculated by applying the current period exchange
currency rate to the comparative period result. The relevant
growth foreign currency exchange rates are provided within
Note 2, Accounting policies, to the financial
statements. This measure is used as a means of
eliminating the effects of foreign exchange rate
movements on the period-on-period changes in reported
results.
2021 2020 %
GBPm GBPm
------ ------ -----
Rental revenue
As reported 3,375 3,568 -5%
Retranslation effect - (72)
------ ------ -----
At constant currency 3,375 3,496 -3%
------ ------ -----
Underlying profit before tax
As reported 763 947 -19%
Retranslation effect - (21)
------ ------ -----
At constant currency 763 926 -18%
------ ------ -----
----------- ----------------------------------------------------------------------------------------------------
Drop None Calculated as the change in rental revenue which
through converts into EBITDA (excluding gains from sale
of new equipment, merchandise and consumables
and from sale of used equipment).
2021 2020 Change
------ ------ -------
Sunbelt US ($m)
Rental revenue 3,703 3,920 (217)
EBITDA exc. gains 1,938 2,098 (160)
Drop through 74%
-------
This measure is utilised by the Group to demonstrate
the change in profitability generated by the Group
as a result of the change in rental revenue in
the period.
----------- ----------------------------------------------------------------------------------------------------
Leverage None Leverage calculated at constant exchange rates
uses the period end exchange rate for the relevant
period and is determined as net debt divided by
underlying EBITDA.
Excluding IFRS Including IFRS
16 16
----------------- -----------------
2021 2020 2021 2020
-------- ------- -------- -------
Net debt (at constant
currency) 3,178 4,359 4,276 5,443
EBITDA (at constant
currency) 1,983 2,257 2,080 2,331
Leverage 1.6x 1.9x 2.1x 2.3x
-------- ------- -------- -------
This measure is used to provide an indication
of the strength of the Group's balance sheet and
is widely used by investors and credit rating
agencies. It also forms part of the remuneration
targets of the Group and has been identified as
one of the Group's key performance indicators.
----------- ----------------------------------------------------------------------------------------------------
Return None Last 12-month ('LTM') underlying operating profit
on divided by the last 12-month average of the sum
Investment of net tangible and intangible fixed assets, plus
('RoI') net working capital but excluding net debt and
tax. RoI is calculated excluding the impact of
IFRS 16.
RoI is used by management to help inform capital
allocation decisions within the business and has
been identified as one of the Group's key performance
indicators. It also forms part of the remuneration
targets of the Group.
A reconciliation of Group RoI is provided below:
2021 2020
------ ------
Underlying operating
profit (GBPm) 1,069 1,367
Average net assets
(GBPm) 8,179 8,094
Return on investment
(%) 13% 17%
------ ------
RoI for the businesses is calculated in the same
way, but excludes goodwill and intangible assets: US Canada UK
($m) (C$m) (GBPm)
------ ------- --------
Underlying operating
profit 1,304 59 37
Average net assets,
excluding goodwill
and intangibles 7,308 622 602
Return on investment 18% 9% 6%
------ ------- --------
----------- ----------------------------------------------------------------------------------------------------
Other terms used within this announcement include:
-- Availability: represents the headroom on a given date under
the terms of our $4.6bn asset-backed senior bank facility, taking
account of current borrowings.
-- Capital expenditure: represents additions to rental equipment
and other tangible assets (excluding assets acquired through a
business combination).
-- Cash conversion ratio: represents cash flow from operations
before exceptional items and changes in rental equipment as a
percentage of underlying EBITDA. Details are provided within the
Review of Third Quarter, Balance Sheet and Cash Flow section.
-- Dollar utilisation: dollar utilisation is trailing 12-month
rental revenue divided by average fleet size at original (or
'first') cost measured over a 12-month period. Details are shown
within the Review of Third Quarter, Balance Sheet and Cash Flow
section.
-- EBITDA and EBITDA margin: EBITDA is earnings before interest,
tax, depreciation and amortisation. A reconciliation of EBITDA to
profit before tax is shown on the income statement. EBITDA margin
is calculated as EBITDA before exceptional items divided by
revenue. Progression in EBITDA margin is an important indicator of
the Group's performance and this has been identified as one of the
Group's key performance indicators.
-- Exceptional items: those items of income or expense which the
directors believe should be disclosed separately by virtue of their
significant size or nature to enable a better understanding of the
Group's financial performance. Excluding these items provides
readers with helpful additional information on the performance of
the business across periods and against peer companies. It is also
consistent with how business performance is reported to the Board
and the remuneration targets set by the Company.
-- Fleet age: net book value weighted age of serialised rental
assets. Serialised rental assets constitute the substantial
majority of our fleet.
-- Fleet on rent: quantity measured at original cost of our
rental fleet on rent. Fleet on rent has been identified as one of
the Group's key performance indicators.
-- Free cash flow: cash generated from operating activities less
non-rental net property, plant and equipment expenditure.
Non-rental net property, plant and equipment expenditure comprises
payments for non-rental capital expenditure less disposal proceeds
received in relation to non-rental asset disposals. This measure
shows the cash retained by the Group prior to discretionary
expenditure on acquisitions and returns to shareholders. A
reconciliation of free cash flow is shown in the Review of Balance
Sheet and Cash Flow section.
-- Net debt: net debt is total borrowings (bank, bonds) and
lease liabilities less cash balances, as reported. This measure is
used to provide an indication of the Group's overall level of
indebtedness and is widely used by investors and credit rating
agencies. An analysis of net debt is provided in note 15.
-- Operating profit and operating profit margin: Operating
profit is earnings before interest and tax. A reconciliation of
operating profit to profit before tax is shown on the income
statement. Operating profit margin is calculated as operating
profit before exceptional items and the amortisation of intangibles
divided by revenue. Progression in operating profit margin is an
important indicator of the Group's performance.
-- Organic: organic measures comprise all locations, excluding
locations arising from a bolt-on acquisition completed after the
start of the comparative financial period.
-- Same store: same-stores are those locations which were open
at the start of the comparative financial period.
-- Suppressed availability: represents the amount on a given
date that the asset base exceeds the facility size under the terms
of our $4.6bn asset-backed senior bank facility.
-- Underlying: underlying results are results stated before
exceptional items and the amortisation of acquired intangibles. A
reconciliation is shown on the income statement.
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