Exhibit No.
|
Exhibit Description
|
99.1
|
Interim results for six months ended 30 April 2021, dated 01 July 2021
|
Results at a glance
|
H1 21
|
H1 20
|
Growth /(Decline)
|
Alternative performance measures from continuing operations1
| |||
Revenue (versus CCY comparatives)
|
$1,425.7 m
|
$1,493.9 m
|
(4.6) %
|
Adjusted EBITDA (versus CCY comparatives)
|
$519.0 m
|
$562.6 m
|
(7.7) %
|
% Adjusted EBITDA margin (versus CCY comparatives)
|
36.4%
|
37.7%
|
(1.3) ppt
|
Adjusted Diluted Earnings per Share ('EPS') - continuing operations
|
66.15 c
|
72.10 c
|
(8.3) %
|
Net Debt
|
$4,118.4 m
|
$4,312.0 m
|
(4.5) %
|
Net Debt/ Adjusted EBITDA ratio
|
3.6 times
|
3.4 times
| |
Statutory Results
| |||
Revenue - continuing operations
|
$1,425.7 m
|
$1,454.2 m
|
(2.0) %
|
Operating loss - continuing operations
|
$(154.8) m
|
$(906.7) m
|
82.9 %
|
Loss for the period
|
$(218.9) m
|
$(1,032.0) m
|
78.8 %
|
Basic and Diluted EPS - continuing operations
|
(65.09) c
|
(308.40) c
|
78.9 %
|
Micro Focus
|
Tel: +44 (0) 1635 565200
|
Stephen Murdoch, Chief Executive Officer
|
Investors@microfocus.com
|
Ben Donnelly, Head of Investor Relations
| |
Brunswick
|
Tel: +44 (0) 20 7404 5959
|
Sarah West
|
MicroFocus@brunswickgroup.com
|
Jonathan Glass
| |
H1 21
|
CCY % change toH1 20
| ||||||||||
Licence
|
Maintenance
|
SaaS & other recurring
|
Consulting
|
Total
|
Licence
|
Maintenance
|
SaaS &
other recurring
|
Consulting
|
Total
| ||
$m
|
$m
|
$m
|
$m
|
$m
|
%
|
%
|
%
|
%
|
%
| ||
Product portfolio:
| |||||||||||
Application Modernisation & Connectivity ('AMC')
|
62.1
|
158.5
|
-
|
5.1
|
225.7
|
(0.6) %
|
(3.2) %
|
-
|
(7.3) %
|
(2.6) %
| |
Application Delivery Management ('ADM')
|
49.6
|
208.9
|
36.6
|
9.2
|
304.3
|
3.1 %
|
(8.8) %
|
(8.3) %
|
15.0%
|
(6.4) %
| |
IT Operations Management ('ITOM')
|
92.8
|
262.2
|
2.0
|
54.6
|
411.6
|
30.0 %
|
(10.4) %
|
33.3%
|
(9.2) %
|
(3.3) %
| |
Security
|
70.1
|
193.6
|
18.6
|
14.5
|
296.8
|
4.5 %
|
(7.9) %
|
9.4%
|
(21.2) %
|
(5.1) %
| |
Information Management & Governance ('IM&G')
|
27.1
|
89.3
|
62.6
|
8.3
|
187.3
|
4.6 %
|
(6.9) %
|
(8.2) %
|
(10.8) %
|
(6.0) %
| |
Revenue*
|
301.7
|
912.5
|
119.8
|
91.7
|
1,425.7
|
9.7 %
|
(8.0) %
|
(5.4) %
|
(9.5) %
|
(4.6) %
|
H1 21
|
H1 20
| ||
As reported
|
CCY
|
CCY Change
| |
Alternative performance measures:
|
$m
|
$m
|
%
|
Revenue
|
1,425.7
|
1,493.9
|
(4.6) %
|
Operating costs included in Adjusted EBITDA
|
(906.7)
|
(931.3)
|
(2.6) %
|
Adjusted EBITDA
|
519.0
|
562.6
|
(7.7) %
|
Adjusted EBITDA margin %
|
36.4%
|
37.7%
|
(1.3) ppt
|
H1 21
|
H1 20
| ||
As reported
|
As reported
|
Change
| |
Statutory performance measures:
|
$m
|
$m
|
%
|
Revenue
|
1,425.7
|
1,454.2
|
(2.0) %
|
Operating loss
|
(154.8)
|
(906.7)
|
82.9 %
|
Loss for the period from continuing operations
|
(218.9)
|
(1,029.3)
|
78.7 %
|
Loss for the period from discontinued operation
|
-
|
(2.7)
|
n/a
|
Loss for the period from continuing and discontinued operations
|
(218.9)
|
(1,032.0)
|
78.8 %
|
H1 21
As reported
|
H1 20
As reported
|
Change
| |
$m
|
$m
|
%
| |
Operating loss
|
(154.8)
|
(906.7)
|
82.9%
|
Exceptional items (reported in Operating loss)
|
143.0
|
1,048.4
|
(86.4)%
|
Share-based compensation charge
|
8.5
|
8.2
|
3.7%
|
Amortisation of intangible assets
|
472.2
|
340.4
|
38.7%
|
Depreciation of property, plant and equipment
|
17.6
|
21.1
|
(16.6)%
|
Depreciation of right-of-use assets
|
38.6
|
40.0
|
(3.5)%
|
Product development intangible costs capitalised
|
(11.2)
|
(6.9)
|
(62.3)%
|
Foreign exchange losses
|
5.1
|
7.7
|
(33.8)%
|
Adjusted EBITDA at reported rates
|
519.0
|
552.2
|
(6.0)%
|
CCY impact
|
-
|
10.4
|
n/a
|
Adjusted EBITDA at CCY
|
519.0
|
562.6
|
(7.7)%
|
H1 21
As reported
|
H1 20
As reported
| |
$m
|
$m
| |
System and IT infrastructure costs
|
29.2
|
71.5
|
Integration costs incurred as a result of HPE Software business acquisition
|
16.4
|
31.4
|
Severance as a result of the HPE Software business acquisition
|
(0.4)
|
21.7
|
Property costs as a result of the HPE Software business acquisition
|
(0.7)
|
1.6
|
MF/HPE Software business integration related costs
|
44.5
|
126.2
|
Restructuring property costs
|
4.7
|
-
|
Legal settlement and associated costs
|
74.6
|
-
|
Severance and legal costs
|
13.4
|
-
|
Other restructuring costs
|
5.8
|
-
|
Goodwill impairment charge
|
-
|
922.2
|
Other exceptional spend
|
98.5
|
922.2
|
Total exceptional costs (reported in Operating loss) *
|
143.0
|
1,048.4
|
H1 21
|
H1 20
|
Growth
/(Decline)
| |
cents
|
cents
|
%
| |
EPS from continuing operations:
| |||
Basic EPS
|
(65.09)
|
(308.40)
|
78.9 %
|
Diluted EPS
|
(65.09)
|
(308.40)
|
78.9 %
|
Basic Adjusted EPS
|
66.15
|
73.04
|
(9.4) %
|
Diluted Adjusted EPS
|
66.15
|
72.10
|
(8.3) %
|
Total EPS attributable to the ordinary equity shareholders of the Company
| |||
Basic EPS
|
(65.09)
|
(309.21)
|
78.9 %
|
Diluted EPS
|
(65.09)
|
(309.21)
|
78.9 %
|
Basic Adjusted EPS
|
66.15
|
73.04
|
(9.4) %
|
Diluted Adjusted EPS
|
66.15
|
72.10
|
(8.3) %
|
H1 21
|
H1 20
| |
$m
|
$m
| |
Cash generated from operations
|
468.1
|
560.4
|
Total Adjusted EBITDA
|
519.0
|
552.2
|
Less: Exceptional items (reported in Operating loss)
|
(143.0)
|
(1,048.4)
|
Exclude: Goodwill impairment charge
|
-
|
922.2
|
Adjusted EBITDA less exceptional items
|
376.0
|
426.0
|
Adjusted Cash conversion ratio
|
124.5%
|
131.5%
|
H1 21
|
H1 20
| |
$m
|
$m
| |
Total Adjusted EBITDA
|
519.0
|
552.2
|
Less:
| ||
Exceptional items (reported in Operating loss)
|
(143.0)
|
(1,048.4)
|
Movements in provisions
|
102.4
|
22.1
|
Goodwill impairment charge
|
-
|
922.2
|
Other non-cash items
|
23.3
|
13.3
|
Cash generated from operations before working capital
|
501.7
|
461.4
|
Movement in working capital
|
(33.6)
|
99.0
|
Cash generated from operations
|
468.1
|
560.4
|
Interest payments
|
(110.7)
|
(105.5)
|
Bank loan costs
|
(0.6)
|
(1.1)
|
Tax payments
|
(128.9)
|
(65.5)
|
Purchase of intangible assets
|
(35.8)
|
(36.5)
|
Purchase of property, plant and equipment
|
(10.3)
|
(6.1)
|
Lease related capital payments
|
(42.3)
|
(40.8)
|
Free cash flow
|
139.5
|
304.9
|
30 April 2021
|
30 April 2020
| |
$m
|
$m
| |
Borrowings
|
(4,597.4)
|
(4,855.4)
|
Cash and cash equivalents
|
698.1
|
808.1
|
Lease obligations
|
(219.1)
|
(264.7)
|
Net Debt
|
(4,118.4)
|
(4,312.0)
|
Trailing 12 months Adjusted EBITDA (continuing operations):
| ||
Six months to 30 April
|
519.0
|
552.2
|
Six months to 31 October
|
621.5
|
730.5
|
1,140.5
|
1,282.7
| |
Net Debt / Adjusted EBITDA ratio
|
3.6 times
|
3.4 times
|
Term Loan
B-1 EUR
|
Term Loan
B-3
|
Term Loan
B-4
|
HPE Software
Term Loan
|
Euro
Loan
|
Revolving
Facility
|
Total
| ||
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
| ||
At 1 November 2020
|
700.3
|
368.2
|
650.0
|
2,486.3
|
528.4
|
-
|
4,733.2
| |
Repayments
|
(13.4)
|
(8.7)
|
(12.2)
|
(58.4)
|
(12.8)
|
-
|
(105.5)
| |
Foreign exchange
|
26.6
|
-
|
-
|
-
|
20.1
|
-
|
46.7
| |
At 30 April 2021
|
713.5
|
359.5
|
637.8
|
2,427.9
|
535.7
|
-
|
4,674.4
| |
30 April 2021
$m
|
31 October 2020
$m
| |
Non-current assets
|
9,329.0
|
9,605.0
|
Current assets
|
1,404.7
|
1,541.8
|
Total assets
|
10,733.7
|
11,146.8
|
Current liabilities
|
1,760.4
|
1,788.3
|
Non-current liabilities
|
5,913.3
|
6,143.4
|
Total liabilities
|
7,673.7
|
7,931.7
|
Net assets
|
3,060.0
|
3,215.1
|
Total equity
|
3,060.0
|
3,215.1
|
Stephen Murdoch
|
Brian McArthur-Muscroft
|
Chief Executive Officer
|
Chief Financial Officer
|
Six months
ended
30 April 2021
$m
|
Six months
ended
30 April 2020
$m
| |
Revenue before deferred revenue haircut
|
1,425.7
|
1,454.6
|
Unwinding of fair value adjustments to acquired deferred revenue
|
-
|
(0.4)
|
Revenue
|
1,425.7
|
1,454.2
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| ||||||
Continuing
operations
|
Discontinued
operation
|
Total
|
Continuing operations
|
Discontinued
operation
|
Total
| ||
$m
|
$m
|
$m
|
$m
|
$m
|
$m
| ||
Loss for the period
|
(218.9)
|
-
|
(218.9)
|
(1,029.3)
|
(2.7)
|
(1,032.0)
| |
Finance costs
|
125.9
|
-
|
125.9
|
130.9
|
-
|
130.9
| |
Finance income
|
(0.7)
|
-
|
(0.7)
|
(1.6)
|
-
|
(1.6)
| |
Taxation
|
(61.1)
|
-
|
(61.1)
|
(6.7)
|
(0.3)
|
(7.0)
| |
Depreciation of property, plant and equipment
|
17.6
|
-
|
17.6
|
21.1
|
-
|
21.1
| |
Depreciation of right-of-use assets
|
38.6
|
-
|
38.6
|
40.0
|
-
|
40.0
| |
Amortisation of intangible assets
|
472.2
|
-
|
472.2
|
340.4
|
-
|
340.4
| |
EBITDA
|
373.6
|
-
|
373.6
|
(505.2)
|
(3.0)
|
(508.2)
| |
Exceptional items (reported in loss from discontinued operation)
|
-
|
-
|
-
|
-
|
3.0
|
3.0
| |
Exceptional items (reported in Operating loss)
|
143.0
|
-
|
143.0
|
1,048.4
|
-
|
1,048.4
| |
Share-based compensation charge
|
8.5
|
-
|
8.5
|
8.2
|
-
|
8.2
| |
Product development intangible costs capitalised
|
(11.2)
|
-
|
(11.2)
|
(6.9)
|
-
|
(6.9)
| |
Foreign exchange loss
|
5.1
|
-
|
5.1
|
7.7
|
-
|
7.7
| |
Adjusted EBITDA
|
519.0
|
-
|
519.0
|
552.2
|
-
|
552.2
| |
Revenue
|
1,425.7
|
-
|
1,425.7
|
1,454.2
|
-
|
1,454.2
| |
Adjusted EBITDA Margin
|
36.4%
|
n/a
|
36.4%
|
38.0%
|
n/a
|
38.0%
|
Six months
ended30 April 2021
|
Six months
ended30 April 2020
| ||||||
Continuing operations
|
Discontinued operation
|
Total
|
Continuing operations
|
Discontinued operation
|
Total
| ||
$m
|
$m
|
$m
|
$m
|
$m
|
$m
| ||
Loss before tax
|
(280.0)
|
-
|
(280.0)
|
(1,036.0)
|
(3.0)
|
(1,039.0)
| |
Share-based compensation charge
|
8.5
|
-
|
8.5
|
8.2
|
-
|
8.2
| |
Amortisation of purchased intangibles
|
445.3
|
-
|
445.3
|
300.3
|
-
|
300.3
| |
Exceptional items, including loss on disposal of discontinued operation
|
143.0
|
-
|
143.0
|
1,048.4
|
3.0
|
1,051.4
| |
Adjusting items
|
596.8
|
-
|
596.8
|
1,356.9
|
3.0
|
1,359.9
| |
Adjusted profit before tax
|
316.8
|
-
|
316.8
|
320.9
|
-
|
320.9
|
Effective tax rate (continuing operations)
|
Six months
ended
30 April 2021
| |||
Statutory
|
Adjusting
items
|
Adjusted
Measures
| ||
$m
|
$m
|
$m
| ||
(Loss)/profit before tax
|
(280.0)
|
596.8
|
316.8
| |
Taxation
|
61.1
|
(155.4)
|
(94.3)
| |
(Loss)/profit after tax
|
(218.9)
|
441.4
|
222.5
| |
Effective tax rate
|
21.8%
|
29.8%
| ||
Effective tax rate (continuing operations)
|
Six months
ended
30 April 2020
| |||
Statutory
|
Adjusting
items
|
Adjusted
Measures
| ||
$m
|
$m
|
$m
| ||
(Loss)/profit before tax
|
(1,036.0)
|
1,356.9
|
320.9
| |
Taxation
|
6.7
|
(83.7)
|
(77.0)
| |
(Loss)/profit after tax
|
(1,029.3)
|
1,273.2
|
243.9
| |
Effective tax rate
|
0.6%
|
24.0%
| ||
Six months
ended
30 April 2021
|
Six monthsended30 April 2020
| |
Cents
| ||
EPS from continuing operations attributable to the ordinary equity shareholders of the Company
| ||
Basic EPS
|
(65.09)
|
(308.40)
|
Diluted EPS1
|
(65.09)
|
(308.40)
|
Basic Adjusted EPS
|
66.15
|
73.04
|
Diluted Adjusted EPS
|
66.15
|
72.10
|
EPS from discontinued operation
| ||
Basic EPS
|
-
|
(0.81)
|
Diluted EPS1
|
-
|
(0.81)
|
Basic Adjusted EPS
|
-
|
-
|
Diluted Adjusted EPS
|
-
|
-
|
Total EPS attributable to the ordinary equity shareholders of the Company
| ||
Basic EPS
|
(65.09)
|
(309.21)
|
Diluted EPS1
|
(65.09)
|
(309.21)
|
Basic Adjusted EPS
|
66.15
|
73.04
|
Diluted Adjusted EPS
|
66.15
|
72.10
|
Pence
| ||
EPS from continuing operations attributable to the ordinary equity shareholders of the Company
| ||
Basic EPS
|
(47.71)
|
(240.89)
|
Diluted EPS1
|
(47.71)
|
(240.89)
|
Basic Adjusted EPS
|
48.49
|
57.05
|
Diluted Adjusted EPS
|
48.49
|
56.31
|
EPS from discontinued operation
| ||
Basic EPS
|
-
|
(0.63)
|
Diluted EPS1
|
-
|
(0.63)
|
Basic Adjusted EPS
|
-
|
-
|
Diluted Adjusted EPS
|
-
|
-
|
Total EPS attributable to the ordinary equity shareholders of the Company
| ||
Basic EPS
|
(47.71)
|
(241.52)
|
Diluted EPS1
|
(47.71)
|
(241.52)
|
Basic Adjusted EPS
|
48.49
|
57.05
|
Diluted Adjusted EPS
|
48.49
|
56.31
|
Six months
ended
30 April 2021
|
Six monthsended30 April 2020
| |
$m
|
$m
| |
Loss for the period
|
(218.9)
|
(1,032.0)
|
Non-controlling interests
|
-
|
(0.1)
|
Loss attributable to ordinary shareholders
|
(218.9)
|
(1,032.1)
|
From continuing operations1
|
(218.9)
|
(1,029.4)
|
From discontinued operation
|
-
|
(2.7)
|
Loss attributable to ordinary shareholders
|
(218.9)
|
(1,032.1)
|
Adjusting items:
| ||
Loss on discontinued operation
|
-
|
3.0
|
Exceptional items
|
143.0
|
1,048.4
|
Share-based compensation charge
|
8.5
|
8.2
|
Amortisation of purchased intangibles
|
445.3
|
300.3
|
596.8
|
1,359.9
| |
Tax relating to above adjusting items
|
(155.4)
|
(84.0)
|
Adjusted earnings attributable to ordinary shareholders
|
222.5
|
243.8
|
From continuing operations
|
222.5
|
243.8
|
From discontinued operation
|
-
|
-
|
Adjusted earnings attributable to ordinary shareholders
|
222.5
|
243.8
|
Weighted average number of shares:
|
Number (m)
|
Number (m)
|
Basic
|
336.3
|
333.8
|
Effect of dilutive securities - Options
|
-
|
4.4
|
Diluted
|
336.3
|
338.2
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| ||||||
Continuing operations
|
Discontinued operation
|
Total
|
Continuing operations
|
Discontinued operation
|
Total
| ||
$m
|
$m
|
$m
|
$m
|
$m
|
$m
| ||
Adjusting items:
| |||||||
Exceptional items, including loss on disposal of discontinued operation
|
143.0
|
-
|
143.0
|
1,048.4
|
3.0
|
1,051.4
| |
Share-based compensation charge
|
8.5
|
-
|
8.5
|
8.2
|
-
|
8.2
| |
Amortisation of purchased intangibles
|
445.3
|
-
|
445.3
|
300.3
|
-
|
300.3
| |
596.8
|
-
|
596.8
|
1,356.9
|
3.0
|
1,359.9
| ||
Tax relating to above adjusting items
|
(155.4)
|
-
|
(155.4)
|
(83.7)
|
(0.3)
|
(84.0)
| |
441.4
|
-
|
441.4
|
1,273.2
|
2.7
|
1,275.9
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| |
$m
|
$m
| |
Cash generated from operations
|
468.1
|
560.4
|
Less:
| ||
Interest payments
|
(110.7)
|
(105.5)
|
Bank loan costs
|
(0.6)
|
(1.1)
|
Tax payments
|
(128.9)
|
(65.5)
|
Purchase of intangible assets
|
(35.8)
|
(36.5)
|
Purchase of property, plant and equipment
|
(10.3)
|
(6.1)
|
Lease related capital payments
|
(42.3)
|
(40.8)
|
Free cash flow
|
139.5
|
304.9
|
Exclude the cash impact of exceptional items
|
107.4
| |
Adjusted free cash flow
|
246.9
|
30 April 2021
|
31 October 2020
|
30 April 2020
| |
$m
|
$m
|
$m
| |
Borrowings
|
(4,597.4)
|
(4,640.3)
|
(4,855.4)
|
Cash and cash equivalents
|
698.1
|
737.2
|
808.1
|
Lease obligations
|
(219.1)
|
(250.4)
|
(264.7)
|
Net debt
|
(4,118.4)
|
(4,153.5)
|
(4,312.0)
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| |
$m
|
$m
| |
Cash generated from operations
|
468.1
|
560.4
|
Adjusted EBITDA
|
519.0
|
552.2
|
Less: exceptional items (reported in Operating loss) (note 7)
|
(143.0)
|
(1,048.4)
|
Excluded: Goodwill impairment charge (note 7)
|
-
|
922.2
|
Adjusted EBITDA less exceptional items
|
376.0
|
426.0
|
Adjusted cash conversion ratio
|
124.5 %
|
131.5%
|
Six monthsended30 April 2021
|
12 months
ended
31 October 2020
|
Six monthsended30 April 2020
| ||||||
Average
|
Closing
|
Average
|
Closing
|
Average
|
Closing
| |||
£1 = $
|
1.36
|
1.39
|
1.28
|
1.30
|
1.28
|
1.25
| ||
€1 = $
|
1.20
|
1.21
|
1.13
|
1.17
|
1.10
|
1.09
| ||
C$ = $
|
0.79
|
0.81
|
0.74
|
0.75
|
0.74
|
0.72
| ||
ILS = $
|
0.30
|
0.31
|
0.29
|
0.29
|
0.29
|
0.29
| ||
INR = $
|
0.01
|
0.01
|
0.01
|
0.01
|
0.01
|
0.01
| ||
CNY = $
|
0.15
|
0.15
|
0.14
|
0.15
|
0.14
|
0.14
| ||
AUD = $
|
0.76
|
0.78
|
0.68
|
0.70
|
0.66
|
0.65
| ||
100 JPY = $
|
0.94
|
0.92
|
0.93
|
0.96
|
0.92
|
0.94
|
Six months ended
30 April 2021
|
Six months ended
30 April 2020
| ||||||
Before
Exceptional
Items
|
Exceptional
Items
(note 7)
|
Total
|
Before
Exceptional
Items
|
Exceptional
Items
(note 7)
|
Total
| ||
Continuing operations
|
Note
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
Revenue
|
6
|
1,425.7
|
-
|
1,425.7
|
1,454.2
|
-
|
1,454.2
|
Cost of sales
|
(383.1)
|
(1.8)
|
(384.9)
|
(349.7)
|
(3.2)
|
(352.9)
| |
Gross profit
|
1,042.6
|
(1.8)
|
1,040.8
|
1,104.5
|
(3.2)
|
1,101.3
| |
Selling and distribution costs
|
(649.8)
|
(4.3)
|
(654.1)
|
(538.7)
|
(9.8)
|
(548.5)
| |
Research and development expenses
|
(259.8)
|
0.4
|
(259.4)
|
(242.9)
|
(0.5)
|
(243.4)
| |
Administrative expenses
|
(144.8)
|
(137.3)
|
(282.1)
|
(181.2)
|
(1,034.9)
|
(1,216.1)
| |
Operating (loss)/profit
|
(11.8)
|
(143.0)
|
(154.8)
|
141.7
|
(1,048.4)
|
(906.7)
| |
Finance costs
|
(125.9)
|
-
|
(125.9)
|
(130.9)
|
-
|
(130.9)
| |
Finance income
|
0.7
|
-
|
0.7
|
1.6
|
-
|
1.6
| |
Net finance costs
|
(125.2)
|
-
|
(125.2)
|
(129.3)
|
-
|
(129.3)
| |
(Loss)/profit before tax
|
(137.0)
|
(143.0)
|
(280.0)
|
12.4
|
(1,048.4)
|
(1,036.0)
| |
Taxation
|
10
|
28.5
|
32.6
|
61.1
|
(24.1)
|
30.8
|
6.7
|
Loss from continuing operations
|
(108.5)
|
(110.4)
|
(218.9)
|
(11.7)
|
(1,017.6)
|
(1,029.3)
| |
Loss from discontinued operation (attributable to equity shareholders of the company)
|
-
|
-
|
-
|
-
|
(2.7)
|
(2.7)
| |
Loss for the period
|
(108.5)
|
(110.4)
|
(218.9)
|
(11.7)
|
(1,020.3)
|
(1,032.0)
| |
Attributable to:
| |||||||
Equity shareholders of the parent
|
(108.5)
|
(110.4)
|
(218.9)
|
(11.8)
|
(1,020.3)
|
(1,032.1)
| |
Non-controlling interests
|
-
|
-
|
-
|
0.1
|
-
|
0.1
| |
Loss for the period
|
(108.5)
|
(110.4)
|
(218.9)
|
(11.7)
|
(1,020.3)
|
(1,032.0)
|
Six months ended
30 April 2021
|
Six months ended
30 April 2020
| ||||||
Before exceptional Items
|
Exceptional Items
(note 7)
|
Total
|
Before exceptional Items
|
Exceptional Items
(note 7)
|
Total
| ||
Note
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
| |
Loss for the period
|
(108.5)
|
(110.4)
|
(218.9)
|
(11.7)
|
(1,020.3)
|
(1,032.0)
| |
Other comprehensive income/(expense):
| |||||||
Items that will not be reclassified to profit or loss
| |||||||
Continuing operations:
| |||||||
Actuarial gain on pension schemes liabilities
|
15
|
34.0
|
-
|
34.0
|
4.8
|
-
|
4.8
|
Actuarial gain on non-plan pension assets
|
15
|
0.2
|
-
|
0.2
|
0.4
|
-
|
0.4
|
Deferred tax movement on pension schemes
|
-
|
-
|
-
|
(1.4)
|
-
|
(1.4)
| |
Items that may be subsequently reclassified to profit or loss
| |||||||
Cash flow hedge movements
|
14
|
20.7
|
-
|
20.7
|
(58.2)
|
-
|
(58.2)
|
Current tax movement on cash flow hedge movements
|
(3.9)
|
-
|
(3.9)
|
11.1
|
-
|
11.1
| |
Current tax movement on Euro loan foreign exchange hedging
|
7.6
|
-
|
7.6
|
-
|
-
|
-
| |
Deferred tax movement on currency translation differences
|
(17.3)
|
-
|
(17.3)
|
11.4
|
-
|
11.4
| |
Currency translation differences
|
96.5
|
-
|
96.5
|
(207.2)
|
-
|
(207.2)
| |
Other comprehensive income/(expense) for the period
|
137.8
|
-
|
137.8
|
(239.1)
|
-
|
(239.1)
| |
Total comprehensive income/(expense) for the period
|
29.3
|
(110.4)
|
(81.1)
|
(250.8)
|
(1,020.3)
|
(1,271.1)
| |
Attributable to:
| |||||||
Equity shareholders of the parent
|
29.3
|
(110.4)
|
(81.1)
|
(250.9)
|
(1,020.3)
|
(1,271.2)
| |
Non-controlling interests
|
-
|
-
|
-
|
0.1
|
-
|
0.1
| |
Total comprehensive income/(expense) for the period
|
29.3
|
(110.4)
|
(81.1)
|
(250.8)
|
(1,020.3)
|
(1,271.1)
| |
Total comprehensive income/(expense) attributable to the equity shareholders of the company arises from:
| |||||||
Continuing operations
|
29.3
|
(110.4)
|
(81.1)
|
(250.8)
|
(1,017.6)
|
(1,268.4)
| |
Discontinued operations
|
-
|
-
|
-
|
-
|
(2.7)
|
(2.7)
| |
29.3
|
(110.4)
|
(81.1)
|
(250.8)
|
(1,020.3)
|
(1,271.1)
| ||
Earnings per share (cents)
| |||||||
From continuing and discontinued operations
|
cents
|
cents
| |||||
- basic
|
9
|
(65.09)
|
(309.21)
| ||||
- diluted
|
9
|
(65.09)
|
(309.21)
| ||||
From continuing operations
| |||||||
- basic
|
9
|
(65.09)
|
(308.40)
| ||||
- diluted
|
9
|
(65.09)
|
(308.40)
| ||||
Earnings per share (pence)
| |||||||
From continuing and discontinued operations
|
pence
|
pence
| |||||
- basic
|
9
|
(47.71)
|
(241.52)
| ||||
- diluted
|
9
|
(47.71)
|
(241.52)
| ||||
From continuing operations
| |||||||
- basic
|
9
|
(47.71)
|
(240.89)
| ||||
- diluted
|
9
|
(47.71)
|
(240.89)
|
Note
|
30 April 2021
$m
|
31 October 2020
$m
| |
Non-current assets
| |||
Goodwill
|
11
|
3,902.3
|
3,835.4
|
Other intangible assets
|
12
|
5,024.0
|
5,383.0
|
Property, plant and equipment
|
88.5
|
93.7
| |
Right-of-use assets
|
179.3
|
207.2
| |
Long-term pension assets
|
15
|
18.7
|
18.2
|
Contract-related costs
|
37.8
|
35.7
| |
Non-current tax receivables
|
44.9
|
-
| |
Other non-current assets
|
33.5
|
31.8
| |
9,329.0
|
9,605.0
| ||
Current assets
| |||
Trade and other receivables
|
629.7
|
731.4
| |
Contract-related costs
|
22.6
|
27.9
| |
Current tax receivables
|
10
|
54.3
|
45.3
|
Cash and cash equivalents
|
698.1
|
737.2
| |
Total current assets
|
1,404.7
|
1,541.8
| |
Total assets
|
10,733.7
|
11,146.8
| |
Current liabilities
| |||
Trade and other payables
|
465.1
|
503.5
| |
Borrowings
|
13
|
24.2
|
21.4
|
Lease obligations
|
76.6
|
82.2
| |
Provisions
|
16
|
124.5
|
49.7
|
Current tax liabilities
|
10
|
136.7
|
150.1
|
Contract liabilities
|
933.3
|
981.4
| |
1,760.4
|
1,788.3
| ||
Non-current liabilities
| |||
Contract liabilities
|
131.6
|
117.2
| |
Borrowings
|
13
|
4,573.2
|
4,618.9
|
Lease obligations
|
142.5
|
168.2
| |
Derivative liability
|
14
|
57.1
|
77.9
|
Retirement benefit obligations
|
15
|
126.7
|
155.0
|
Provisions
|
16
|
23.9
|
22.5
|
Other non-current liabilities
|
31.2
|
39.9
| |
Current tax liabilities
|
10
|
91.8
|
102.7
|
Deferred tax liabilities
|
10
|
735.3
|
841.1
|
5,913.3
|
6,143.4
| ||
Total liabilities
|
7,673.7
|
7,931.7
| |
Net assets
|
3,060.0
|
3,215.1
| |
Capital and reserves
| |||
Share capital
|
47.3
|
47.3
| |
Share premium account
|
46.5
|
46.5
| |
Merger reserve
|
1,767.4
|
1,767.4
| |
Capital redemption reserve
|
2,485.0
|
2,485.0
| |
Hedging reserve
|
(46.3)
|
(63.1)
| |
Retained earnings
|
(1,000.0)
|
(741.3)
| |
Foreign currency translation deficit
|
(239.9)
|
(326.7)
| |
Total equity
|
3,060.0
|
3,215.1
|
Share capital
|
Share premium account
|
Retained
earnings/
(deficit)
|
Foreign currency translation reserve/ (deficit)
|
Capital redemption reserves
|
Hedging reserve
|
Merger reserve
|
Equity attributable to the
parent
|
Non-controlling interests
|
Total equity
| ||
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
| ||
Balance at 1 November 2020
|
47.3
|
46.5
|
(741.3)
|
(326.7)
|
2,485.0
|
(63.1)
|
1,767.4
|
3,215.1
|
-
|
3,215.1
| |
Loss for the financial period
|
-
|
-
|
(218.9)
|
-
|
-
|
-
|
-
|
(218.9)
|
-
|
(218.9)
| |
Other comprehensive income for the period
|
-
|
-
|
34.2
|
86.8
|
-
|
16.8
|
-
|
137.8
|
-
|
137.8
| |
Total comprehensive (expense)/income for the period
|
-
|
-
|
(184.7)
|
86.8
|
-
|
16.8
|
-
|
(81.1)
|
-
|
(81.1)
| |
Share options:
| |||||||||||
Movement in relation to share options
|
-
|
-
|
6.2
|
-
|
-
|
-
|
-
|
6.2
|
-
|
6.2
| |
Deferred tax on share options
|
-
|
-
|
(1.2)
|
-
|
-
|
-
|
-
|
(1.2)
|
-
|
(1.2)
| |
Purchase of treasury shares1
|
-
|
-
|
(27.2)
|
-
|
-
|
-
|
-
|
(27.2)
|
-
|
(27.2)
| |
Transactions with owners:
| |||||||||||
Dividends paid
|
-
|
-
|
(51.8)
|
-
|
-
|
-
|
-
|
(51.8)
|
-
|
(51.8)
| |
Balance as at 30 April 2021
|
47.3
|
46.5
|
(1,000.0)
|
(239.9)
|
2,485.0
|
(46.3)
|
1,767.4
|
3,060.0
|
-
|
3,060.0
|
Share capital
|
Share premium account
|
Retained
earnings
|
Foreign currency translation reserve/ (deficit)
|
Capital redemption reserves
|
Hedging reserve
|
Merger reserve
|
Equity attributable to the
parent
|
Non-controlling interests
|
Total equity
| ||
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
|
$m
| ||
Balance at 1 November 2019
|
47.2
|
44.0
|
2,250.7
|
(262.1)
|
2,485.0
|
(29.6)
|
1,739.8
|
6,275.0
|
1.3
|
6,276.3
| |
Impact of adoption of IFRS 16
|
-
|
-
|
(11.3)
|
-
|
-
|
-
|
-
|
(11.3)
|
-
|
(11.3)
| |
Revised balance at 1 November 2019
|
47.2
|
44.0
|
2,239.4
|
(262.1)
|
2,485.0
|
(29.6)
|
1,739.8
|
6,263.7
|
1.3
|
6,265.0
| |
Loss for the financial period
|
-
|
-
|
(1,032.1)
|
-
|
-
|
-
|
-
|
(1,032.1)
|
0.1
|
(1,032.0)
| |
Other comprehensive income/(expense) for the period
|
-
|
-
|
3.8
|
(195.8)
|
-
|
(47.1)
|
-
|
(239.1)
|
-
|
(239.1)
| |
Total comprehensive (expense)/income for the period
|
-
|
-
|
(1,028.3)
|
(195.8)
|
-
|
(47.1)
|
-
|
(1,271.2)
|
0.1
|
(1,271.1)
| |
Share options:
| |||||||||||
Movement in relation to share options
|
-
|
2.7
|
9.9
|
-
|
-
|
-
|
-
|
12.6
|
-
|
12.6
| |
Current tax on share options
|
-
|
-
|
(0.6)
|
-
|
-
|
-
|
-
|
(0.6)
|
-
|
(0.6)
| |
Deferred tax on share options
|
-
|
-
|
(1.6)
|
-
|
-
|
-
|
-
|
(1.6)
|
-
|
(1.6)
| |
Balance as at 30 April 2020
|
47.2
|
46.7
|
1,218.8
|
(457.9)
|
2,485.0
|
(76.7)
|
1,739.8
|
5,002.9
|
1.4
|
5,004.3
|
Note
|
Six months ended
30 April 2021
$m
|
Six months ended
30 April 2020
$m
| |
Cash flows from operating activities
| |||
Cash generated from operations
|
17
|
468.1
|
560.4
|
Interest paid
|
(110.7)
|
(105.5)
| |
Bank loan costs
|
(0.6)
|
(1.1)
| |
Tax paid
|
(128.9)
|
(65.5)
| |
Net cash generated from operating activities
|
227.9
|
388.3
| |
Cash flows from investing activities
| |||
Payments for intangible assets
|
12
|
(35.8)
|
(36.5)
|
Purchase of property, plant and equipment
|
(10.3)
|
(6.1)
| |
Interest received
|
0.7
|
1.6
| |
Investing cash flows generated from discontinued operation, net of cash disposed
|
-
|
1.3
| |
Net cash used in investing activities
|
(45.4)
|
(39.7)
| |
Cash flows from financing activities
| |||
Proceeds from issue of ordinary share capital
|
-
|
2.7
| |
Purchase of treasury shares and related expenses
|
(27.2)
|
-
| |
Payment for lease liabilities
|
(42.3)
|
(40.8)
| |
Settlement of foreign exchange derivative
|
-
|
(21.8)
| |
Proceeds from bank borrowings
|
-
|
175.0
| |
Repayment of bank borrowings
|
(105.5)
|
-
| |
Dividends paid to owners
|
8
|
(51.8)
|
-
|
Net cash (used in)/generated from financing activities
|
(226.8)
|
115.1
| |
Effects of exchange rate changes
|
5.2
|
(11.3)
| |
Net (decrease)/increase in cash and cash equivalents
|
(39.1)
|
452.4
| |
Cash and cash equivalents at beginning of period
|
737.2
|
355.7
| |
Cash and cash equivalents at end of period
|
698.1
|
808.1
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| ||
Reconciliation to Adjusted EBITDA:
|
Note
|
$m
|
$m
|
Loss before tax
|
(280.0)
|
(1,036.0)
| |
Finance costs
|
125.9
|
130.9
| |
Finance income
|
(0.7)
|
(1.6)
| |
Depreciation of property, plant and equipment
|
17.6
|
21.1
| |
Depreciation of right-of-use assets
|
38.6
|
40.0
| |
Amortisation of intangible assets
|
12
|
472.2
|
340.4
|
Exceptional items (reported in Operating loss)
|
7
|
143.0
|
1,048.4
|
Share-based compensation charge
|
8.5
|
8.2
| |
Product development intangible costs capitalised
|
(11.2)
|
(6.9)
| |
Foreign exchange loss
|
5.1
|
7.7
| |
Adjusted EBITDA
|
519.0
|
552.2
|
Six months ended
30 April 2021
|
Six months
ended
30 April 2020
| |
$m
|
$m
| |
Revenue from contracts with customers
|
1,425.7
|
1,454.2
|
Being:
| ||
Recognised over time:
| ||
Maintenance revenue
|
912.5
|
966.0
|
SaaS & other recurring revenue
|
119.8
|
124.5
|
1,032.3
|
1,090.5
| |
Recognised at point in time:
| ||
Licence revenue
|
301.7
|
267.6
|
Consulting revenue
|
91.7
|
96.1
|
393.4
|
363.7
| |
Total revenue
|
1,425.7
|
1,454.2
|
Licence
$m
|
Maintenance
$m
|
SaaS &
other
recurring
$m
|
Consulting
$m
|
Total
$m
| |
Six months ended 30 April 2021:
| |||||
Micro Focus Product Portfolio
| |||||
Application Modernisation & Connectivity ('ADC')
|
62.1
|
158.5
|
-
|
5.1
|
225.7
|
Application Delivery Management ('ADM')
|
49.6
|
208.9
|
36.6
|
9.2
|
304.3
|
IT Operations Management ('ITOM')
|
92.8
|
262.2
|
2.0
|
54.6
|
411.6
|
Security
|
70.1
|
193.6
|
18.6
|
14.5
|
296.8
|
Information Management & Governance ('IM&G')
|
27.1
|
89.3
|
62.6
|
8.3
|
187.3
|
Subtotal
|
301.7
|
912.5
|
119.8
|
91.7
|
1,425.7
|
Deferred revenue haircut
|
-
|
-
|
-
|
-
|
-
|
Total Micro Focus Product Portfolio
|
301.7
|
912.5
|
119.8
|
91.7
|
1,425.7
|
Licence
$m
|
Maintenance
$m
|
SaaS &
other
recurring
$m
|
Consulting
$m
|
Total
$m
| |
Six months ended 30 April 2020:
| |||||
Micro Focus Product Portfolio
| |||||
Application Modernisation & Connectivity ('ADC')
|
60.4
|
160.5
|
-
|
5.2
|
226.1
|
Application Delivery Management ('ADM')
|
46.7
|
223.2
|
38.4
|
7.7
|
316.0
|
IT Operations Management ('ITOM')
|
69.7
|
284.0
|
1.4
|
56.7
|
411.8
|
Security
|
65.6
|
206.2
|
16.7
|
17.7
|
306.2
|
Information Management & Governance ('IM&G')
|
25.2
|
92.4
|
68.1
|
8.8
|
194.5
|
Subtotal
|
267.6
|
966.3
|
124.6
|
96.1
|
1,454.6
|
Deferred revenue haircut
|
-
|
(0.3)
|
(0.1)
|
-
|
(0.4)
|
Total Micro Focus Product Portfolio
|
267.6
|
966.0
|
124.5
|
96.1
|
1,454.2
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| |
Reported within Operating loss:
|
$m
|
$m
|
Integration costs
|
45.6
|
102.9
|
Property related costs
|
4.0
|
1.6
|
Legal settlement and associated costs
|
74.6
|
-
|
Severance and legal costs
|
13.0
|
21.7
|
Other restructuring costs
|
5.8
|
-
|
Goodwill impairment
|
-
|
922.2
|
Exceptional costs before tax
|
143.0
|
1,048.4
|
Tax effect of exceptional items
|
(32.6)
|
(30.8)
|
Reported within loss from discontinued operation (attributable to equity shareholders of the Company):
| ||
Loss on disposal of discontinued operation
|
-
|
2.7
|
Exceptional costs after tax
|
110.4
|
1,020.3
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| |
Equity - ordinary
|
$m
|
$m
|
Final paid 31 October 2020 15.5 cents per ordinary share (31 October 2019: $nil)
|
51.8
|
-
|
51.8
|
-
|
Six monthsended30 April 2021
|
Six months ended30 April 2020
| |
Earnings ($m)
| ||
Loss for the period from continuing operations
|
(218.9)
|
(1,029.3)
|
Loss for the period from discontinued operations
|
-
|
(2.7)
|
Loss for the period
|
(218.9)
|
(1,032.0)
|
Number of shares ('m)
| ||
Weighted average number of shares
|
336.3
|
333.8
|
Dilutive effects of shares
|
-
|
4.4
|
336.3
|
338.2
| |
Earnings per share
| ||
Cents
| ||
Basic earnings per share
| ||
Continuing operations
|
(65.09)
|
(308.40)
|
Discontinued operation
|
-
|
(0.81)
|
Total Basic earnings per share
|
(65.09)
|
(309.21)
|
Diluted earnings per share
| ||
Continuing operations1
|
(65.09)
|
(308.40)
|
Discontinued operation1
|
-
|
(0.81)
|
Total Diluted earnings per share1
|
(65.09)
|
(309.21)
|
Pence
| ||
Basic earnings per share
| ||
Continuing operations
|
(47.71)
|
(240.89)
|
Discontinued operation
|
-
|
(0.63)
|
Total Basic earnings per share
|
(47.71)
|
(241.52)
|
Diluted earnings per share
| ||
Continuing operations1
|
(47.71)
|
(240.89)
|
Discontinued operations1
|
-
|
(0.63)
|
Total Diluted earnings per share1
|
(47.71)
|
(241.52)
|
Loss attributable to ordinary shareholders ($m)
| ||
From continuing operations
|
(218.9)
|
(1,029.4)
|
Excluding non-controlling interests
|
-
|
0.1
|
Loss for the period from continuing operations
|
(218.9)
|
(1,029.3)
|
Loss from discontinued operation
|
-
|
(2.7)
|
(218.9)
|
(1,032.0)
| |
Average exchange rate
|
$1.36 / £1
|
$1.28 / £1
|
30 April 2021
|
31 October 2020
| |||
Cost
|
$m
|
$m
| ||
At 30 April 2021 /31 October 2020
|
6,753.2
|
6,634.6
| ||
Impairment losses
| ||||
At 30 April 2021 / 31 October 2020
|
(2,850.9)
|
(2,799.2)
| ||
Net book value at 30 April 2021 / 31 October 2020
|
3,902.3
|
3,835.4
| ||
Purchased intangibles
| ||||||
Purchased software
$m
|
Product development costs
$m
|
Technology
$m
|
Trade names
$m
|
Customer relationships
$m
|
Total
$m
| |
Cost
| ||||||
At 1 November 2020
|
191.5
|
274.0
|
2,201.2
|
269.2
|
5,364.0
|
8,299.9
|
Additions
|
24.6
|
11.2
|
-
|
-
|
-
|
35.8
|
Disposals
|
(0.4)
|
-
|
-
|
-
|
-
|
(0.4)
|
Effects of movements in exchange rates
|
2.1
|
0.2
|
30.5
|
3.6
|
77.7
|
114.1
|
At 30 April 2021
|
217.8
|
285.4
|
2,231.7
|
272.8
|
5,441.7
|
8,449.4
|
Accumulated amortisation
| ||||||
At 1 November 2020
|
113.5
|
237.9
|
865.7
|
87.9
|
1,611.9
|
2,916.9
|
Amortisation charge for the period
|
16.1
|
10.8
|
127.5
|
10.2
|
307.6
|
472.2
|
Disposals
|
(0.4)
|
-
|
-
|
-
|
-
|
(0.4)
|
Effects of movements in exchange rates
|
1.4
|
0.1
|
11.6
|
1.2
|
22.4
|
36.7
|
At 30 April 2021
|
130.6
|
248.8
|
1,004.8
|
99.3
|
1,941.9
|
3,425.4
|
Net book amount at 30 April 2021
|
87.2
|
36.6
|
1,226.9
|
173.5
|
3,499.8
|
5,024.0
|
Net book amount at 31 October 2020
|
78.0
|
36.1
|
1,335.5
|
181.3
|
3,752.1
|
5,383.0
|
Impact in the year ended 31 October
| |||||||
$m
|
2021
|
2022
|
2023
|
2024
|
2025
|
2026
|
Impact in all later periods
|
Increase/(decrease) in amortisation expense
|
261
|
261
|
261
|
261
|
192
|
(145)
|
(1,091)
|
Recognised in:
| |||||||
Costs of sales (amortisation of acquired purchased)
|
59
|
59
|
59
|
59
|
25
|
(141)
|
(120)
|
Selling and distribution expenses (amortisation of customer relationships)
|
202
|
202
|
202
|
202
|
167
|
(4)
|
(971)
|
261
|
261
|
261
|
261
|
192
|
(145)
|
(1,091)
|
30 April 2021
|
31 October 2020
| |
$m
|
$m
| |
Bank loan secured
|
4,674.4
|
4,733.2
|
Unamortised prepaid facility arrangement fees and original issue discounts
|
(77.0)
|
(92.9)
|
4,597.4
|
4,640.3
| |
Short-term borrowings
|
24.2
|
21.4
|
Long-term borrowings
|
4,573.2
|
4,618.9
|
4,597.4
|
4,640.3
|
Measurement category
|
Carrying value
30 April
2021
|
Fair value
2021
|
Fair value
Hierarchy
2021/2020
|
Carrying
value
31 October 2020
| ||
$m
|
$m
| |||||
Financial assets:
| ||||||
Non-current
| ||||||
Long-term pension asset
|
FV OCI
|
18.7
|
Fair value insurance
based input
|
Level 3
|
18.2
| |
Current
| ||||||
Cash and cash equivalent
|
Amortised cost
|
698.1
|
-
|
-
|
737.2
| |
Trade and other receivables
|
Amortised cost
|
522.3
|
-
|
-
|
648.6
| |
Contract assets
|
Amortised cost
|
42.3
|
-
|
-
|
33.7
| |
1,281.4
|
1,437.7
| |||||
Financial liabilities:
| ||||||
Non-current
| ||||||
Derivative financial instruments - interest rate swaps1
|
FV OCI
|
57.1
|
Fair value Bank
Institutions
|
Level 2
|
77.9
| |
Borrowings (gross)2
|
Amortised cost
|
4,636.6
|
4,637.3
|
-
|
4,699.0
| |
Lease obligations
|
Amortised cost
|
142.5
|
-
|
-
|
168.2
| |
Provisions
|
Amortised cost
|
23.9
|
-
|
-
|
22.5
| |
Current
| ||||||
Borrowings (gross)2
|
Amortised cost
|
37.8
|
-
|
-
|
34.2
| |
Lease obligations
|
Amortised cost
|
76.6
|
-
|
-
|
82.2
| |
Provisions
|
Amortised cost
|
124.5
|
-
|
-
|
49.7
| |
Trade and other payables - accruals
|
Amortised cost
|
387.9
|
-
|
-
|
419.2
| |
5,486.9
|
5,552.9
|
30 April 2021
|
31 October 2020
| ||||||
Germany
$m
|
Rest of World
$m
|
Total
$m
|
Germany
$m
|
Rest of
World
$m
|
Total
$m
| ||
Within non-current assets:
| |||||||
Long-term pension assets
|
18.7
|
-
|
18.7
|
18.2
|
-
|
18.2
| |
Within non-current liabilities:
| |||||||
Present value of defined benefit obligations
|
241.6
|
58.7
|
300.3
|
248.4
|
54.9
|
303.3
| |
Fair values of plan assets
|
(139.6)
|
(34.0)
|
(173.6)
|
(119.1)
|
(29.2)
|
(148.3)
| |
Retirement benefit obligations
|
102.0
|
24.7
|
126.7
|
129.3
|
25.7
|
155.0
|
30 April 2021
|
31 October 2020
| |
$m
|
$m
| |
As at 1 November
|
18.2
|
17.1
|
Transfer to plan assets
|
(0.7)
|
(0.4)
|
Interest on non-plan assets
|
0.1
|
0.2
|
Benefits paid
|
(0.1)
|
(0.1)
|
Contributions
|
0.2
|
0.3
|
Included within other comprehensive income:
| ||
- Change in fair value assessment
|
0.2
|
0.4
|
0.2
|
0.4
| |
Effects of movements in exchange rates
|
0.8
|
0.7
|
As at 30 April / 31 October
|
18.7
|
18.2
|
Included within other comprehensive income:
| ||
Continuing operations
|
0.2
|
0.4
|
0.2
|
0.4
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| |
$m
|
$m
| |
Charge to operating loss
|
4.6
|
5.1
|
Charge to finance costs
|
0.9
|
0.9
|
Total continuing charge to loss for the period
|
5.5
|
6.0
|
Six months
ended
30 April 2021
|
Six months
ended
30 April 2020
| |
$m
|
$m
| |
Actuarial return/(loss) on assets excluding amounts included in interest income
|
15.2
|
(6.2)
|
Re-measurements - actuarial gains:
|
18.8
|
11.0
|
Movement in the period
|
34.0
|
4.8
|
30 April 2021
|
31 October 2020
| ||||||
Germany
|
Rest of World
|
Total
|
Germany
|
Rest of World
|
Total
| ||
Rate of increase in final pensionable salary
|
2.50%
|
3.13%
|
2.66%
|
2.50%
|
3.09%
|
2.64%
| |
Rate of increase in pension payments
|
1.50%
|
1.50%
|
1.50%
|
1.50%
|
1.50%
|
1.50%
| |
Discount rate
|
1.14%
|
1.73%
|
1.25%
|
0.79%
|
1.41%
|
0.90%
| |
Inflation
|
1.50%
|
1.23%
|
1.46%
|
1.50%
|
1.25%
|
1.47%
|
Germany
|
Rest of World
| ||||||||
Increase in assumption
|
Change in defined benefit obligation
|
Decrease in assumption
|
Change in defined benefit obligation
|
Increase in assumption
|
Change in defined benefit obligation
|
Decrease in assumption
|
Change in defined benefit obligation
| ||
Discount rate for scheme liabilities
|
0.50%
|
(10.3%)
|
0.50%
|
12.0%
|
0.50%
|
(6.6%)
|
0.50%
|
7.3%
|
30 April 2021
|
31 October 2020
| ||
$m
|
$m
| ||
Onerous leases and dilapidations
|
19.0
|
16.9
| |
Restructuring
|
21.7
|
30.8
| |
Legal
|
95.0
|
9.7
| |
Other
|
12.7
|
14.8
| |
Total
|
148.4
|
72.2
| |
Current
|
124.5
|
49.7
| |
Non-current
|
23.9
|
22.5
| |
Total
|
148.4
|
72.2
|
Note
|
Six months ended
30 April 2021
$m
|
Six months ended
30 April 2020
$m
| |
Cash flows from operating activities
| |||
Loss from continuing operations
|
(218.9)
|
(1,029.3)
| |
Loss from discontinued operation
|
-
|
(2.7)
| |
Loss for the period
|
(218.9)
|
(1,032.0)
| |
Adjustments for:
| |||
Loss on disposal of SUSE
|
-
|
3.0
| |
Net interest
|
125.2
|
129.3
| |
Taxation - continuing operations
|
10
|
(61.1)
|
(6.7)
|
Taxation - discontinued operations
|
-
|
(0.3)
| |
Operating loss
|
(154.8)
|
(906.7)
| |
Goodwill impairment charge
|
7,11
|
-
|
922.2
|
Research and development tax credits
|
(0.4)
|
(1.0)
| |
Property, plant and equipment depreciation
|
17.6
|
21.1
| |
Gain on disposal of property, plant and equipment
|
(0.1)
|
-
| |
Right-of-use asset depreciation
|
38.6
|
40.0
| |
Right-of-use asset impairment
|
2.6
|
-
| |
Amortisation of intangible assets
|
12
|
472.2
|
340.4
|
Amortisation of contract-related assets
|
10.0
|
7.4
| |
Share-based compensation charge
|
8.5
|
8.2
| |
Exchange movements
|
5.1
|
7.7
| |
Provisions movements
|
102.4
|
22.1
| |
Cash generated from operations before working capital
|
501.7
|
461.4
| |
Changes in working capital:
| |||
Inventories
|
-
|
(0.2)
| |
Trade and other receivables
|
112.3
|
270.7
| |
Increase in contract-related costs
|
(5.2)
|
(12.7)
| |
Payables and other liabilities
|
(59.0)
|
(102.6)
| |
Provision utilisation
|
(27.5)
|
(24.2)
| |
Contract liabilities
|
(54.4)
|
(36.7)
| |
Pension funding in excess of charge to operating loss
|
0.2
|
4.7
| |
Cash generated from operations
|
468.1
|
560.4
|
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Micro Focus International plc published this content on 01 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2021 11:29:02 UTC.