Adoption of IFRS 15. Brendan Flattery, CEO Richard Laker, CFO 31 July
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1 Adoption of IFRS 15 Brendan Flattery, CEO Richard Laker, CFO 31 July
2 Brendan 2
3 IFRS 15 adoption Sustained Growth Record Dividends Trading Good Customer update Experience FY17 3
4 IFRS 15 to be adopted on 1 August 2017 Sustained Growth Record Early adoption to provide shareholders with clarity Year ended 31 July 2017 Good Customer final Experience year pre-ifrs 15 4
5 Detailed review of revenue accounting policies Sustained Growth Record Technical advice from independent accounting firm Change in accounting policies on Good Customer Experience adoption earlier years restated 5
6 Reduction in revenue and profit Sustained Growth Record Increase in future secured revenue (order book) Reduction in accrued Good Customer revenue Experience on balance sheet 6
7 No change in commercial activities of Group Sustained Growth Record No change in operating cash flows of the Group Close correlation between profit Good Customer Experience and operating cash flow in future 7
8 Richard 8
9 Revenue recognition Existing GAAP (IAS 18) IFRS 15 Recognise at fair value when probable that will be inflow of benefit Recognise at transaction price with any variable consideration recognised when highly probable that no revenue reversal 9
10 Existing GAAP IFRS 15 basis GAAP change? Timing of revenue recognition on new business procurement contracts Contract golive Contract go-live No Timing of revenue recognition on same supplier renewal contracts Contract signature Contract go-live Yes Value of initial revenue recognition on procurement contracts (new business or same supplier renewal) All other revenue streams 85% of expected contract value 80% of expected contract value Yes No material GAAP differences noted 10
11 FY14 FY15 FY16 'm 'm 'm Existing GAAP Recognition of renewals on contract start (2.9) (14.0) (7.4) (24.3) Initial recognition at 80% (1.7) (1.9) (2.6) (6.2) Discounting adjustments IFRS15 basis Net change in Group revenue (3.9) (15.5) (10.0) 11
12 85% 85% to 80% basis 80% basis Financial year ended 'm m 'm 31 July (0.6) July (0.4) July (0.2) July (0.1) August 2020 or later 1.2 (0.1) (1.4) 22.9 Will give final position as at 31 July 2017 in trading update on 24 August
13 Closing order book 30 June 2017 of 43.4m Sustained Growth Record 20.4m new customer contracts 23.0m renewal contracts Stated on 80% basis Good Customer Experience 13
14 FY14 FY15 FY16 'm 'm 'm Existing GAAP Aggregate revenue impacts (3.9) (15.5) (10.0) Deferral of commissions Financing element of discounting adjustments - - (0.3) IFRS15 basis Net change in Group profit before tax (3.5) (13.8) (9.4) 14
15 FY14 FY15 FY16 m m m Existing GAAP Cumulative impact of earlier years - (3.9) (18.9) Recognition of SSRs on go-live (2.9) (14.0) (7.4) Initial recognition at 80% (1.7) (1.9) (2.6) Discounting/other adjustments IFRS15 basis Remaining balance is due from suppliers who do not pay 80% at start of contracts Pay monthly/quarterly payments over life of contract Less than 10% of live contracts as at 30 June
16 FY14 FY15 FY16 m m m Existing GAAP Cumulative impact of earlier years - (2.7) (13.8) Current year profit before tax impact (3.5) (13.8) (9.4) Taxation effects of above IFRS15 basis Dividends Closing equity (IFRS15 basis) Retained earnings Other equity components
17 Corporate tax impact Sustained Growth Record Banking covenants Nonprocurement Good Customer Experience revenue 17
18 Brendan 18
19 Expected negative retained earnings at 1 Sustained Growth Record August 2017 on adoption of IFRS 15 No final dividend in respect of FY17 Intention to reinstate dividends as soon as Good Customer Experience sufficient distributable reserves (FY18) 19
20 Expected renewals contracts not Sustained Growth Record signed in July 2017 Estimated revenue impact 4.0m - 4.5m under IAS 18 Direct profit impact of revenue shortfall Good Customer Experience 20
21 Renewals contract revenue Sustained Growth Record recognised on signature under IAS 18 Renewals contract revenue recognised on contract go-live under IFRS 15 No material impact on FY17 Good Customer on Experience IFRS 15 basis 21
22 Early adoption of IFRS 15 to bring clarity to investors Sustained Growth Record Close correlation between profit and cash flow going forward Intention to reinstate dividends as Good Customer Experience soon as possible 22
23 Q&A 23
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