Tullett Prebon PLC Half Yearly Report -9-
July 28 2015 - 1:02AM
UK Regulatory
The condensed consolidated financial information for the six
months ended 30 June 2015 has been prepared in accordance with the
Disclosure and Transparency Rules ('DTR') of the Financial Conduct
Authority and with IAS 34 'Interim Financial Reporting' as adopted
by the European Union ('EU'). This condensed financial information
should be read in conjunction with the Statutory Accounts for the
year ended 31 December 2014 which were prepared in accordance with
International Financial Reporting Standards ('IFRSs') as adopted by
the EU.
The Statutory Accounts for the year ended 31 December 2014 have
been reported on by the Company's auditors, Deloitte LLP, and have
been delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified, did not draw attention
to any matters by way of emphasis and did not contain a statement
under section 498(2) or (3) of the Companies Act 2006.
The condensed consolidated financial information for the six
months ended 30 June 2015 has been prepared using accounting
policies consistent with IFRSs. The interim information, together
with the comparative information contained in this report for the
year ended 31 December 2014, does not constitute statutory accounts
within the meaning of section 434 of the Companies Act 2006. The
financial information is unaudited but has been reviewed by the
Company's auditors, Deloitte LLP, and their report appears at the
end of the Interim Management Report.
2. Accounting policies
The Condensed Consolidated Financial Statements have been
prepared on the historical cost basis, except for the revaluation
of certain financial instruments. The Group has adequate financial
resources to meet the Group's ongoing obligations. Accordingly, the
going concern basis continues to be used in preparing these
Condensed Consolidated Financial Statements. The Condensed
Consolidated Financial Statements are rounded to the nearest
hundred thousand pounds (expressed as millions to one decimal place
- GBPm), except where otherwise indicated.
The same accounting policies, presentation and methods of
computation have been followed in the Condensed Consolidated
Financial Statements as applied in the Group's latest annual
audited Group Financial Statements for the year ended 31 December
2014, except as described below.
The Group has adopted Amendments to IAS 19 'Employee Benefits'
regarding employee contributions to defined benefit plans, the
Annual Improvements to IFRSs (2010-2012 Cycle) and the Annual
Improvements to IFRSs (2011-2013 Cycle). The adoption of these
amendments has had no impact on the Condensed Consolidated
Financial Statements.
3. Related party transactions
Related party transactions are described in Note 36 to the 2014
Statutory Accounts. There have been no material changes in the
nature or value of related party transactions in the six months
ended 30 June 2015.
4. Principal risks and uncertainties
Robust risk management is fundamental to the achievement of the
Group's objectives. The Group maintains a Risk Assessment Framework
which identifies risks within the following nine risk categories:
Market Risk, Credit Risk, Operational Risk, Strategic and Business
Risk, Governance Risk, Regulatory, Legal and Human Resource Risk,
Reputational Risk, Liquidity Risk and Other Financial Risks. A
detailed explanation of the above risks can be found on pages 18 to
21 of the latest Annual Report which is available at
www.tullettprebon.com. The Directors do not consider that the
principal risks and uncertainties have changed since the
publication of the Annual Report for the year ended 31 December
2014. Risks and uncertainties which could have a material impact on
the Group's performance over the remaining six months of the
financial year are discussed in the Interim Management Report.
5. Segmental analysis
Products and services from which reportable segments derive
their revenues
The Group is organised by geographic reporting segments which
are used for the purposes of resource allocation and assessment of
segmental performance by Group management. These are the Group's
reportable segments under IFRS 8 'Operating Segments'.
Each geographic reportable segment derives revenue from Treasury
Products, Interest Rate Derivatives, Fixed Income, Equities,
Energy, and Information Sales and Risk Management Services.
Information regarding the Group's operating segments is reported
below:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBPm GBPm GBPm
Revenue
Europe and the Middle East 241.9 209.0 405.6
Americas 117.9 102.7 201.6
Asia Pacific 55.9 48.6 96.3
----------- ----------- -------------
415.7 360.3 703.5
=========== =========== =============
Operating profit
Europe and the Middle East 46.3 43.0 80.1
Americas 7.1 2.7 10.5
Asia Pacific 7.2 4.6 10.1
----------- ----------- -------------
Underlying operating profit 60.6 50.3 100.7
Exceptional and acquisition related
items (Note 6) 58.2 (34.3) (53.1)
Reported operating profit 118.8 16.0 47.6
Finance income 1.9 1.8 3.6
Finance costs (9.6) (8.9) (17.7)
Profit before tax 111.1 8.9 33.5
Taxation (23.7) (7.1) (10.4)
----------- ----------- -------------
Profit of consolidated companies 87.4 1.8 23.1
Share of results of associates 1.2 1.2 1.9
----------- ----------- -------------
Profit for the period 88.6 3.0 25.0
=========== =========== =============
There are no inter-segment sales included in segment
revenue.
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2015 2014 2014
Revenue by product group GBPm GBPm GBPm
Treasury products 96.0 96.9 190.5
Interest Rate Derivatives 76.2 70.6 140.6
Fixed Income 93.6 103.0 186.5
Equities 21.5 20.3 39.5
Energy 101.2 46.6 100.0
Information Sales and Risk Management
Services 27.2 22.9 46.4
----------- ----------- -------------
415.7 360.3 703.5
=========== =========== =============
Other segmental information
30 June 30 June 31 December
2015 2014 2014
Segment assets GBPm GBPm GBPm
Europe and the Middle East - UK 5,071.0 12,235.1 1,741.7
Europe and the Middle East - Other 40.1 25.1 24.2
Americas 5,793.2 6,933.6 2,184.4
Asia Pacific 77.4 61.1 70.1
--------- --------- ------------
10,981.7 19,254.9 4,020.4
========= ========= ============
30 June 30 June 31 December
2015 2014 2014
Segment liabilities GBPm GBPm GBPm
Europe and the Middle East - UK 4,693.3 11,982.2 1,408.8
Europe and the Middle East - Other 37.5 20.0 19.8
Americas 5,690.9 6,845.3 2,089.8
Asia Pacific 39.4 33.8 38.5
--------- --------- ------------
10,461.1 18,881.3 3,556.9
========= ========= ============
Segmental assets and liabilities exclude all inter-segment
balances.
6. Exceptional and acquisition related items
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