Consolidated financial statements
Notes to the financial statements
1. Business segments
For management purposes, the Group is organised into five operating divisions: Fit Out, Construction, Infrastructure Services, Affordable Housing, Urban Regeneration and one specialist unit, Investments. Group Activities includes activities of the parent Company, Morgan Sindall plc. The divisions and the specialist unit are the basis on which the Group reports its primary segment information. Segment information about the Group’s continuing operations is presented below:
2009
| |
Fit Out
£m |
Construction
£m
|
Infrastructure
Services
£m |
Affordable
Housing
£m |
Urban
Regeneration
£m |
Investments
£m |
Group
Activities
£m |
£m |
Eliminations
£m |
Total
£m |
| Revenue: external |
291.2 |
743.3 |
769.9 |
373.8 |
31.9 |
3.4 |
– |
2,213.5 |
– |
2,213.5 |
| Revenue: internal |
2.0 |
20.5 |
31.2 |
1.8 |
– |
6.1 |
– |
61.6 |
(61.6) |
– |
Operating profit/(loss)
before amortisation |
13.8 |
13.0 |
17.1 |
14.9 |
0.6 |
(3.0) |
(6.0) |
50.4 |
– |
50.4 |
Share of results of associates
and joint ventures after tax |
– |
– |
– |
– |
0.1 |
– |
– |
0.1 |
– |
0.1 |
Profit/(loss) from operations
before amortisation |
13.8 |
13.0 |
17.1 |
14.9 |
0.7 |
(3.0) |
(6.0) |
50.5 |
– |
50.5 |
| Amortisation of intangible assets |
– |
(1.1) |
(0.4) |
– |
(5.3) |
– |
– |
(6.8) |
– |
(6.8) |
| Profit/(loss) from operations |
13.8 |
11.9 |
16.7 |
14.9 |
(4.6) |
(3.0) |
(6.0) |
43.7 |
– |
43.7 |
| Net finance income |
|
|
|
|
|
|
|
1.0 |
|
1.0 |
| Profit before income tax expense |
|
|
|
|
|
|
|
44.7 |
|
44.7 |
| |
|
|
|
|
|
|
|
|
|
|
| 2008 |
|
|
|
|
|
|
|
|
|
|
| |
Fit Out
£m |
Construction
£m
|
Infrastructure
Services
£m |
Affordable
Housing
£m |
Urban
Regeneration
£m |
Investments
£m |
Group
Activities
£m |
£m |
Eliminations
£m |
Total
£m |
| Revenue: external |
473.7 |
813.1 |
799.2 |
377.2 |
83.6 |
1.3 |
– |
2,548.1 |
– |
2,548.1 |
| Revenue: internal |
0.6 |
13.1 |
28.8 |
5.1 |
– |
– |
– |
47.6 |
(47.6) |
– |
Operating profit/(loss)
before amortisation |
25.8 |
9.5 |
14.4 |
21.0 |
6.5 |
(3.5) |
(9.2) |
64.5 |
– |
64.5 |
Share of results of associates
and joint ventures after tax |
– |
– |
– |
– |
1.3 |
1.3 |
– |
2.6 |
– |
2.6 |
Profit/(loss) from operations
before amortisation |
25.8 |
9.5 |
14.4 |
21.0 |
7.8 |
(2.2) |
(9.2) |
67.1 |
– |
67.1 |
| Amortisation of intangible assets |
– |
(2.1) |
(0.8) |
– |
(6.2) |
– |
– |
(9.1) |
– |
(9.1) |
| Profit/(loss) from operations |
25.8 |
7.4 |
13.6 |
21.0 |
1.6 |
(2.2) |
(9.2) |
58.0 |
– |
58.0 |
| Net finance income |
|
|
|
|
|
|
|
4.3 |
|
4.3 |
| Profit before income tax expense |
|
|
|
|
|
|
|
62.3 |
|
62.3 |
| |
|
|
|
|
|
|
|
|
|
|
Balance sheet analysis of business segments: |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fit Out
£m |
Construction
£m
|
Infrastructure
Services
£m |
Affordable
Housing
£m |
Urban
Regeneration
£m |
Investments
£m |
Group
Activities
£m |
Total
£m |
| Goodwill |
|
|
– |
68.8 |
82.4 |
16.5 |
16.7 |
– |
– |
184.4 |
| Other intangible assets |
|
|
– |
0.3 |
0.2 |
– |
16.1 |
– |
– |
16.6 |
| Equity accounted joint ventures |
|
|
– |
– |
– |
0.1 |
35.2 |
14.9 |
– |
50.2 |
| Other assets |
|
|
73.1 |
196.5 |
175.9 |
168.7 |
14.7 |
3.8 |
7.0 |
639.7 |
| Total assets |
|
|
73.1 |
265.6 |
258.5 |
185.3 |
82.7 |
18.7 |
7.0 |
890.9 |
| Total liabilities |
|
|
(44.0) |
(143.3) |
(178.6) |
(131.0) |
(39.8) |
(18.4) |
(126.5) |
(681.6) |
| Other information: |
|
|
|
|
|
|
|
|
|
|
| Amortisation of intangible fixed assets |
|
|
– |
1.1 |
0.4 |
– |
5.3 |
– |
– |
6.8 |
| Depreciation |
|
|
1.1 |
1.6 |
5.6 |
0.2 |
0.3 |
0.2 |
0.3 |
9.3 |
| Property, plant and equipment additions |
|
|
0.1 |
1.8 |
6.1 |
0.1 |
0.2 |
– |
0.2 |
8.5 |
| |
|
|
|
|
|
|
|
|
|
|
| 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fit Out
£m |
Construction
£m
|
Infrastructure
Services
£m |
Affordable
Housing
£m |
Urban
Regeneration
£m |
Investments
£m |
Group
Activities
£m |
Total
£m |
| Goodwill |
|
|
– |
68.8 |
82.4 |
15.4 |
16.7 |
– |
– |
183.3 |
| Other intangible assets |
|
|
– |
1.5 |
0.6 |
– |
21.3 |
– |
– |
23.4 |
| Equity accounted joint ventures |
|
|
– |
– |
– |
0.1 |
41.5 |
11.4 |
– |
53.0 |
| Other assets |
|
|
115.7 |
224.3 |
188.7 |
161.6 |
24.3 |
2.7 |
8.0 |
725.3 |
| Total assets |
|
|
115.7 |
294.6 |
271.7 |
177.1 |
103.8 |
14.1 |
8.0 |
985.0 |
| Total liabilities |
|
|
(103.5) |
(282.8) |
(209.5) |
(134.6) |
(35.6) |
(2.3) |
(24.4) |
(792.7) |
| Other information: |
|
|
|
|
|
|
|
|
|
|
| Amortisation of intangible fixed assets |
|
|
– |
2.1 |
0.8 |
– |
6.2 |
– |
– |
9.1 |
| Depreciation |
|
|
1.3 |
1.3 |
4.7 |
0.3 |
0.2 |
0.2 |
0.1 |
8.1 |
| Property, plant and equipment additions |
|
|
1.5 |
3.0 |
12.1 |
0.3 |
0.1 |
– |
0.6 |
17.6 |
Significantly all the Group’s operations are carried out in the UK.
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