☐ | Registration statement pursuant to section 12(b) or (g) of the Securities Exchange Act of 1934 |
☒ | Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Shell company report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 |
The Lawn | ||
22-30 | ||
Newbury | ||
Berkshire RG14 1QN | ||
United Kingdom |
c/o Micro Focus International plc | ||
The Lawn, 20-30 Old Bath Road | ||
Newbury, Berkshire RG14 1QN | ||
Tel: +44 565 200 | ||
Email: company.secretary@microfocus.com | ||
United Kingdom |
Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: |
Ordinary Shares and* American Depository Shares, each representing one ordinary share of Micro Focus International plc | MFGP | New York Stock Exchange |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Emerging growth company ☐ |
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Not applicable. |
12 months ended October 31, 2019 | 18 months ended October 31, 20181 | 12 months ended April 30, 2017 | 12 months ended April 30, 2016 | 12 months ended April 30, 2015 | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Revenue | 3,348.4 | 4,754.4 | 1,077.3 | 991.2 | 733.4 | |||||||||||||||
Cost of sales | (789.9 | ) | (1,302.7 | ) | (216.4 | ) | (202.5 | ) | (83.3 | ) | ||||||||||
Gross Profit | 2,558.5 | 3,451.7 | 860.9 | 788.7 | 650.1 | |||||||||||||||
Selling and distribution costs | (1,224.8 | ) | (1,764.2 | ) | (363.1 | ) | (312.6 | ) | (252.4 | ) | ||||||||||
Research and development expenses | (491.2 | ) | (680.8 | ) | (122.8 | ) | (117.4 | ) | (141.9 | ) | ||||||||||
Administrative expenses | (620.8 | ) | (629.9 | ) | (147.6 | ) | (111.5 | ) | (119.2 | ) | ||||||||||
Operating profit | 221.7 | 376.8 | 227.4 | 247.2 | 136.6 | |||||||||||||||
Finance costs | (282.4 | ) | (350.4 | ) | (96.8 | ) | (98.4 | ) | (56.2 | ) | ||||||||||
Finance income | (26.6 | ) | 7.7 | 1.0 | 1.0 | 1.2 | ||||||||||||||
(Loss)/profit before tax | (34.1 | ) | 34.1 | 131.6 | 149.8 | 81.6 | ||||||||||||||
Taxation | 16.0 | 673.1 | (7.5 | ) | (13.9 | ) | 14.3 | |||||||||||||
(Loss)/profit from continuing operations | (18.1 | ) | 707.2 | 124.1 | 135.9 | 95.9 | ||||||||||||||
Profit from discontinued operation (attributable to equity shareholders of the Company) | 1,487.2 | 76.9 | 33.7 | 27.0 | 5.5 | |||||||||||||||
Profit after tax | 1,469.1 | 784.1 | 157.8 | 162.9 | 101.4 | |||||||||||||||
Other comprehensive (expense)/income | (306.0 | ) | 29.3 | (5.7 | ) | 0.6 | (11.3 | ) | ||||||||||||
Total comprehensive income for the period | 1,163.1 | 813.4 | 152.1 | 163.5 | 90.1 | |||||||||||||||
Attributable to: | ||||||||||||||||||||
Equity shareholders of the Company | 1,162.8 | 813.3 | 152.2 | 163.4 | 90.4 | |||||||||||||||
Non-controlling interest | 0.3 | 0.1 | (0.1 | ) | 0.1 | (0.3 | ) | |||||||||||||
Total comprehensive income for the period | 1,163.1 | 813.4 | 152.1 | 163.5 | 90.1 | |||||||||||||||
Continuing and Discontinued Operations | ||||||||||||||||||||
Earnings per share | ||||||||||||||||||||
Basic (cents) | 388.50 | 201.70 | 68.88 | 74.50 | 58.54 | |||||||||||||||
Diluted (cents) | 384.35 | 196.17 | 66.51 | 71.61 | 56.71 | |||||||||||||||
Continuing Operations | ||||||||||||||||||||
Earnings per share | ||||||||||||||||||||
Basic (cents) | (4.87 | ) | 181.91 | 54.17 | 62.40 | 55.36 | ||||||||||||||
Diluted (cents) | (4.87 | ) | 176.92 | 52.31 | 59.97 | 53.64 |
October 31, 2019 | October 31, 2018 | April 30, 2017 | April 30, 2016 | April 30, 2015 | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Non-current assets | 12,846.7 | 13,720.5 | 3,995.5 | 3,482.6 | 3,629.7 | |||||||||||||||
Current assets | 1,448.1 | 1,917.6 | 442.2 | 954.4 | 460.9 | |||||||||||||||
Current assets classified as held for sale | - | 1,142.5 | - | - | - | |||||||||||||||
Total assets | 14,294.8 | 16,780.6 | 4,437.7 | 4,437.0 | 4,090.6 | |||||||||||||||
Current liabilities | 1,802.0 | 2,010.4 | 944.7 | 1,061.8 | 988.0 | |||||||||||||||
Current liabilities classified as held for sale | - | 437.7 | - | - | - | |||||||||||||||
Non-current liabilities | 6,216.5 | 6,540.5 | 1,879.5 | 1,781.4 | 1,824.6 | |||||||||||||||
Total liabilities | 8,018.5 | 8,988.6 | 2,824.2 | 2,843.2 | 2,812.6 | |||||||||||||||
Net Assets/(Liabilities) | 6,276.3 | 7,792.0 | 1,613.5 | 1,593.8 | 1,278.0 | |||||||||||||||
Share Capital | 47.2 | 65.8 | 39.7 | 39.6 | 39.6 | |||||||||||||||
Number of shares | 363,583,328 | 436,800,513 | 229,674,479 | 228,706,210 | 228,587,397 |
12 months ended October 31, 2019 | 18 months ended October 31, 2019 | 12 months ended April 30, 2017 | 12 months ended April 30, 2016 | 12 months ended April 30, 2015 | ||||||||||||||||
Interim dividend 1 | 58.33 | 34.60 | 29.73 | 16.94 | 15.40 | |||||||||||||||
Interim dividend 2 | - | 58.33 | - | - | - | |||||||||||||||
Final dividend | 58.33 | 58.33 | 58.33 | 49.74 | 33.00 | |||||||||||||||
Dividend declared per share (cents) | 116.66 | 151.26 | 88.06 | 66.68 | 48.40 |
Products | ||
Principal To remain successful, the Group must ensure that its products continue to meet the requirements of customers and investment must be effectively balanced between growth and mature products. Investment in research and innovation in product development is essential to meet customer and partner requirements in order to maximize customer value, revenues and corporate performance. The Group has a large number of products, at differing stages of their | ||
Potential If products do not meet the requirements of customers, they will seek alternative solutions, resulting in the loss of existing maintenance and new revenue opportunities and the cancellation of existing contracts. Insufficient focus on key research and development projects may damage the |
Sales / Go-To-Market (“GTM”) | ||
Principal risk description For the Group to succeed in meeting sales revenue and growth targets, it requires successful GTM models across the full | ||
Potential impact Poor design and/or execution of GTM plans may limit the success of the Group by targeting the wrong customers through the wrong channels and positioning the wrong product or solution offerings, reducing the value that customers receive from Micro Focus. |
Competition | ||
Principal risk description Comprehensive information about the markets in which Micro Focus operates is required for the Group to assess competitive risks effectively and to perform successfully. The Group operates in a number of competitive markets and success in those markets depends on a variety of factors. | ||
Potential impact Failure to understand the competitive landscape adequately and thereby identify where competitive threats exist may damage the successful sales of the Group’s products. If the Group is not able to compete effectively against its competitors, it is likely to lose customers and suffer a decrease in sales, which may result in lost market share and weaker financial performance. |
Employees and culture | ||
Principal risk description The | ||
Potential impact Failure to |
IT | ||
Principal risk description The Group’s operations, as with most businesses, are dependent on maintaining and protecting the integrity and security of the IT systems and management of information. | ||
Potential impact Disruption to the IT systems could adversely affect business and Group operations in a variety of ways, which may result in an adverse impact on business operations, revenues, customer relations, supplier relations, and reputational damage. Dependency on IT providers could have an adverse impact on revenue and compliance in the event that they cannot resume business operations. |
Business strategy and change management | |
Principal risk description The Group is engaged in a number of major change projects, including acquisitions and divestments, to shape and grow the business by strengthening the portfolio of products and capabilities and IT projects to standardize systems and processes. The Group is also executing a series of operational transformation initiatives. These projects expose the Group to significant transformation risks. The Group’s strategy may involve the making of further acquisitions or divestments to protect or enhance its competitive position and failure to identify, manage, complete and integrate acquisitions, divestments and other significant transactions successfully could have a material adverse effect on the Group’s business. | |
Potential impact Failure to successfully analyze, execute and coordinate the implementation and delivery of the core systems and associated business processes with the various integration, divestment and transformation programs may result in the disruption of the on-going business without delivering the anticipated strategic and operational benefits of such transactions and/or initiatives. In addition, this may affect the ability to execute strategic plans for growth. |
Legal and | ||
Principal risk description The Group operates across a number of jurisdictions and two regulated exchanges. Compliance with national and regional laws and regulations, including those that relate to ESG matters, such as Task Force on Climate-related Disclosure (“TCFD”) requirements, is essential to successful business operations. The Group may be involved in legal and other proceedings from time to time, and as a result may face damage to its reputation or legal liability. The Group has entered into various acquisitions and | ||
Potential impact Failure to comply could result in civil or criminal sanctions |
Intellectual | ||
Principal risk description The Group is dependent upon its | ||
Potential |
Treasury | ||
Principal risk description The The Group targets a Net The 1 Net Debt is defined as cash and cash equivalents less borrowings and 2 Adjusted EBITDA is defined as net earnings before finance costs, finance income, taxation, share of results of associates, depreciation of property, plant and equipment, depreciation of right-of-use assets, amortization of intangible assets, exceptional items including the gain on disposal of discontinued operation, share-based compensation, product development intangible costs capitalized and foreign exchange (gains)/losses. | ||
Potential | The relative values of currencies can fluctuate and may have a significant impact on business results. |
Tax | ||
Principal risk description The tax treatment of the Group’s operations is subject to the risk of challenge by tax authorities in all territories in which it operates. Cross-border transactions may be challenged under tax rules and initiatives targeting multinationals’ tax International tax rules continue to develop at each of the As a result of the HPE Software business | ||
Potential impact Tax liabilities in |
Principal risk description The Group’s businesses may be subject to inherent risks arising from the general and sector specific economic, public health, pandemics and political conditions, including as a result of any pandemics or natural disasters, in one or more of the markets in which the Group | ||
Potential Impact Adverse economic conditions could affect sales, and other external economic or political matters, such as price controls, could affect the business and revenues. |
COVID-19 | |
Principal risk description The Group, like all businesses continues to navigate through a period of disruption, as it has responded to the practical and macro-economic impacts of COVID-19. COVID-19 still presents fast moving, and in some areas unpredictable, direct and indirect risks to the Group’s businesses. The Group may be subject to inherent risks arising from the continuation of the on-going COVID-19 pandemic, including the emergence of virus variants. | |
Potential impact Adverse economic conditions arising as a result of the continuation of the COVID-19 pandemic could affect sales performance and business operations. |
Cyber | security | |
Principal risk description There could be a data security breach (Micro Focus data or customer data) involving personal, commercial or product data, either directly from Micro Focus or a third party. This could occur as a result of a malicious or criminal act, or an inadvertent system error. | ||
Potential impact Data loss, which could harm client and customer relationships, compliance and/or perception of the effectiveness of the Group’s products. |
Internal | ||
Principal risk description Internal controls over financial reporting may not prevent or detect an error, fraud, financial misstatement or other financial loss, leading to a material misstatement in the Group’s financial statements. | ||
Potential impact Failure to discover and address any material weaknesses or deficiencies in the Group’s internal controls over financial reporting could result in material misstatement in the Group’s financial statements and impair the Group’s ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis. Based on the assessment as at October 31, |
- | IMG: new unified SaaS offering, Vertica Accelerator, delivers high performance and scalable analytics as well as end-to-end, in-database machine learning. |
- | ITOM: released OPTIC (Operations Platform for Transformation, Intelligence and Cloud), empowering IT operations with built-in, unlimited-use intelligence at the core and the ability to optimize the cloud. Additionally, revitalized roadmaps to focus on the delivery of artificial intelligence and SaaS capabilities. |
- | ADM: delivered material improvements to our SaaS offerings, launching a number of native cloud solutions; |
- | AMC: made continued progress with our AWS relationship and are a strategic partner enabling their new AWS Mainframe Modernization service. |
- | CyberRes: in data security integration with Amazon Macie provides a new and unique solution to allow AWS customers to automate data-centric protection onto data discovery, classification, and remediation processes. New SaaS capabilities in Identity Management enable customers to exploit new use cases and advanced analytics enable threat detection and remediation at scale with ArcSight. |
Item 4.B.3 | Seasonality |
Item 4.B.4 |
Item 4.B.6 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Period- on- period change | Year ended October 31, 2019 | Period-on- period change | ||||||||||||||||
Continuing operations | $m | $m | % | $m | % | |||||||||||||||
Revenue | 2,899.9 | 3,001.0 | (3.4 | )% | 3,348.4 | (10.4 | )% | |||||||||||||
Costs of sales | (776.3 | ) | (702.7 | ) | 10.5 | % | (789.9 | ) | (11.0 | )% | ||||||||||
Gross profit | 2,123.6 | 2,298.3 | (7.6 | )% | 2,558.5 | (10.2 | )% | |||||||||||||
Selling and distribution expenses | (1,344.6 | ) | (1,112.1 | ) | 20.9 | % | (1,224.8 | ) | (9.2 | )% | ||||||||||
Research and development expenses | (521.8 | ) | (513.6 | ) | 1.6 | % | (491.2 | ) | (4.6 | )% | ||||||||||
Administrative expenses | (522.8 | ) | (3,334.0 | ) | (84.3 | )% | (620.8 | ) | 437.0 | % | ||||||||||
Operating (loss)/profit* | (265.6 | ) | (2,661.4 | ) | 90.0 | % | 221.7 | (1,300.5 | )% | |||||||||||
Net finance costs | (252.2 | ) | (279.0 | ) | 9.6 | % | (255.8 | ) | (9.1 | )% | ||||||||||
(Loss) before tax | (517.8 | ) | (2,940.4 | ) | 82.4 | % | (34.1 | ) | (8,522.9 | )% | ||||||||||
Taxation | 82.7 | (34.2 | ) | 341.8 | % | 16.0 | (313.8 | )% | ||||||||||||
(Loss) from continuing operations | (435.1 | ) | (2,974.6 | ) | 85.4 | % | (18.1 | ) | (16,334.3 | )% | ||||||||||
Profit from discontinued operation | 10.7 | 5.1 | 109.8 | % | 1,487.2 | (99.7 | )% | |||||||||||||
(Loss)/profit for the period | (424.4 | ) | (2,969.5 | ) | 85.7 | % | 1,469.1 | (302.1 | )% |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||
Continuing operations | $m | $m | ||||||
Revenue | 3,348.4 | 4,754.4 | ||||||
Operating profit (before exceptional items) | 515.9 | 915.0 | ||||||
Exceptional items | (294.2 | ) | (538.2 | ) | ||||
Operating profit | 221.7 | 376.8 | ||||||
Net finance costs (excluding exceptional items) | (255.8 | ) | (336.9 | ) | ||||
Exceptional finance costs | - | (5.8 | ) | |||||
(Loss)/profit before tax | (34.1 | ) | 34.1 | |||||
Taxation | 16.0 | 673.1 | ||||||
(Loss)/profit from continuing operations | (18.1 | ) | 707.2 | |||||
Profit from discontinued operation | 1,487.2 | 76.9 | ||||||
Profit for the period | 1,469.1 | 784.1 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | Period-on – period change | Year ended October 31, 2021 | Year ended October 31, 2020 | Period-on- period change | Year ended October 31, 2019 | Period- on – period change | |||||||||||||||||||||||||
Continuing operations | $m | $m | % | $m | $m | % | $m | % | ||||||||||||||||||||||||
Licence | 800.0 | 1,213.7 | (34.1 | )% | 688.6 | 646.5 | 6.5 | % | 800.0 | (19.2 | )% | |||||||||||||||||||||
Maintenance | 2,057.6 | 2,861.6 | (28.1 | )% | 1,791.7 | 1,921.2 | (6.7 | )% | 2,057.6 | (6.6 | )% | |||||||||||||||||||||
SaaS & other recurring | 279.7 | 373.9 | (25.2 | )% | 239.8 | 245.5 | (2.3 | )% | 279.7 | (12.2 | )% | |||||||||||||||||||||
Consulting | 217.9 | 366.3 | (40.5 | )% | 179.8 | 188.4 | (4.6 | )% | 217.9 | (13.5 | )% | |||||||||||||||||||||
Revenue before haircut | 3,355.2 | 4,814.5 | (30.3 | )% | 2,899.9 | 3,001.6 | (3.4 | )% | 3,355.2 | (10.5 | )% | |||||||||||||||||||||
Deferred revenue haircut | (6.8 | ) | (61.1 | ) | (88.9 | )% | - | (0.6 | ) | 100.0 | % | (6.8 | ) | 91.2 | % | |||||||||||||||||
Total Revenue | 3,348.4 | 4,754.4 | (29.6 | )% | 2,899.9 | 3,001.0 | (3.4 | )% | 3,348.4 | (10.4 | )% |
Licence | Maintenance | SaaS & other recurring | Consulting | Total | ||||||||||||||||
Continuing operations | $m | $m | $m | $m | $m | |||||||||||||||
AMC | 155.3 | 315.9 | - | 10.3 | 481.5 | |||||||||||||||
ADM | 106.1 | 408.5 | 78.9 | 18.6 | 612.1 | |||||||||||||||
ITOM | 172.7 | 507.8 | 4.3 | 106.3 | 791.1 | |||||||||||||||
CyberRes | 174.5 | 383.9 | 36.3 | 29.1 | 623.8 | |||||||||||||||
IM&G | 80.0 | 175.6 | 120.3 | 15.5 | 391.4 | |||||||||||||||
Subtotal | 688.6 | 1,791.7 | 239.8 | 179.8 | 2,899.9 | |||||||||||||||
Deferred revenue haircut | - | - | - | - | - | |||||||||||||||
Total Revenue | 688.6 | 1,791.7 | 239.8 | 179.8 | 2,899.9 |
Licence | Maintenance | SaaS & other recurring | Consulting | Total | ||||||||||||||||
Continuing operations | $m | $m | $m | $m | $m | |||||||||||||||
Application Modernization & Connectivity (AMC) | 170.9 | 326.1 | - | 11.7 | 508.7 | |||||||||||||||
Application Delivery Management (ADM) | 130.3 | 485.4 | 87.8 | 18.2 | 721.7 | |||||||||||||||
IT Operations Management (ITOM) | 237.5 | 645.8 | 11.0 | 127.5 | 1,021.8 | |||||||||||||||
Security | 185.7 | 416.7 | 35.0 | 43.9 | 681.3 | |||||||||||||||
Information Management & Governance (IM&G) | 75.6 | 183.6 | 145.9 | 16.6 | 421.7 | |||||||||||||||
Subtotal | 800.0 | 2,057.6 | 279.7 | 217.9 | 3,355.2 | |||||||||||||||
Deferred revenue haircut | - | (6.0 | ) | (0.8 | ) | - | (6.8 | ) | ||||||||||||
Total Revenue | 800.0 | 2,051.6 | 278.9 | 217.9 | 3,348.4 |
Licence | Maintenance | SaaS & other recurring | Consulting | Total | ||||||||||||||||
Continuing operations | $m | $m | $m | $m | $m | |||||||||||||||
AMC | 138.6 | 321.6 | - | 10.1 | 470.3 | |||||||||||||||
ADM | 102.0 | 439.2 | 73.9 | 15.9 | 631.0 | |||||||||||||||
ITOM | 175.1 | 559.4 | 4.6 | 113.9 | 853.0 | |||||||||||||||
CyberRes | 162.6 | 416.8 | 33.6 | 33.1 | 646.1 | |||||||||||||||
IM&G | 68.2 | 184.2 | 133.4 | 15.4 | 401.2 | |||||||||||||||
Subtotal | 646.5 | 1,921.2 | 245.5 | 188.4 | 3,001.6 | |||||||||||||||
Deferred revenue haircut | - | (0.4 | ) | (0.2 | ) | - | (0.6 | ) | ||||||||||||
Total Revenue | 646.5 | 1,920.8 | 245.3 | 188.4 | 3,001.0 |
Licence | Maintenance | SaaS & other recurring | Consulting | Total | ||||||||||||||||
Continuing operations | % | % | % | % | % | |||||||||||||||
AMC | 12.0 | % | (1.8 | )% | - | 2.0 | % | 2.4 | % | |||||||||||
ADM | 4.0 | % | (7.0 | )% | 6.8 | % | 17.0 | % | (3.0 | )% | ||||||||||
ITOM | (1.4 | )% | (9.2 | )% | (6.5 | )% | (6.7 | )% | (7.3 | )% | ||||||||||
CyberRes | 7.3 | % | (7.9 | )% | 8.0 | % | (12.1 | )% | (3.5 | )% | ||||||||||
IM&G | 17.3 | % | (4.7 | )% | (9.8 | )% | 0.6 | % | (2.4 | )% | ||||||||||
Subtotal | 6.5 | % | (6.7 | )% | (2.3 | )% | (4.6 | )% | (3.4 | )% | ||||||||||
Deferred revenue haircut | - | 100 | % | 100 | % | - | 100 | % | ||||||||||||
Total Revenue | 6.5 | % | (6.7 | )% | (2.2 | )% | (4.6 | )% | (3.4 | )% |
Year ended October 31, 2021 | Year ended October 31, 2020 | Period-on- period change | Year ended October 31, 2019 | Period- on – period change | ||||||||||||||||
$m | $m | % | $m | % | ||||||||||||||||
UK | 160.0 | 173.0 | (7.5 | )% | 206.9 | (16.4 | )% | |||||||||||||
USA | 1,263.0 | 1,289.8 | (2.1 | )% | 1,523.0 | (15.3 | )% | |||||||||||||
Germany | 223.0 | 218.7 | 2.0 | % | 220.7 | (0.9 | )% | |||||||||||||
Canada | 110.3 | 108.0 | 2.1 | % | 115.9 | (6.8 | )% | |||||||||||||
France | 100.7 | 101.4 | (0.7 | )% | 123.3 | (17.8 | )% | |||||||||||||
Japan | 95.6 | 96.9 | (1.3 | )% | 108.6 | (10.8 | )% | |||||||||||||
Other | 947.3 | 1,013.2 | (6.5 | )% | 1,050.0 | (3.5 | )% | |||||||||||||
Total Revenue | 2,899.9 | 3,001.0 | (3.4 | )% | 3,348.4 | (10.4 | )% |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | Period-on- period change % | Year ended October 31, 2021 | Year ended October 31, 2020 | Period- on- period change | Year ended October 31, 2019 | Period- on- period change | |||||||||||||||||||||||||
Continuing operations | $m | $m | $m | $m | % | $m | % | |||||||||||||||||||||||||
Cost of sales | 789.9 | 1,302.7 | (39.4 | )% | 776.3 | 702.7 | 10.5 | % | 789.9 | (11.0 | )% | |||||||||||||||||||||
Selling and distribution costs | 1,224.8 | 1,764.2 | (30.6 | )% | 1,344.6 | 1,112.1 | 20.9 | % | 1,224.8 | (9.2 | )% | |||||||||||||||||||||
Research and development expenses | 491.2 | 680.8 | (27.8 | )% | 521.8 | 513.6 | 1.6 | % | 491.2 | 4.6 | % | |||||||||||||||||||||
Administrative expenses | 620.8 | 629.9 | (1.4 | )% | 522.8 | 3,334.0 | (84.3 | )% | 620.8 | 437.0 | % | |||||||||||||||||||||
Total operating costs | 3,126.7 | 4,377.6 | (28.6 | )% | 3,165.5 | 5,662.4 | (44.1 | )% | 3,126.7 | 81.1 | % |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
Exceptional items | $m | $m | $m | |||||||||
MF/ HPE Software business integration related: | ||||||||||||
System and IT infrastructure costs | 98.0 | 100.6 | 126.3 | |||||||||
Integration, severance and property costs | 38.4 | 83.9 | 168.0 | |||||||||
MF/ HPE Software business integration-related costs | 136.4 | 184.5 | 294.3 | |||||||||
Other restructuring property costs, severance and legal, acquisition and divestiture costs | 35.3 | 27.9 | (0.1 | ) | ||||||||
Legal settlement and associated costs | 75.4 | - | - | |||||||||
247.1 | 212.4 | 294.2 | ||||||||||
Goodwill impairment | - | 2,799.2 | - | |||||||||
Total exceptional costs (reported in Operating (loss)/profit) | 247.1 | 3,011.6 | 294.2 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||
Exceptional items | $m | $m | ||||||
MF/ HPE Software business integration related: | ||||||||
System and IT infrastructure costs | 126.3 | 114.4 | ||||||
Integration costs | 119.6 | 147.6 | ||||||
Severance | 32.1 | 129.1 | ||||||
Property costs | 16.3 | 29.9 | ||||||
MF/ HPE Software business integration related costs | 294.3 | 421.0 | ||||||
HPE Software business acquisition / pre-acquisition costs | (3.9 | ) | 70.1 | |||||
Integration in respect of previous acquisitions | - | 17.0 | ||||||
Other acquisition costs | 5.4 | - | ||||||
Property costs relating to previous acquisitions | - | 8.2 | ||||||
Divestiture gain on Atalla | (3.7 | ) | - | |||||
Severance costs relating to previous acquisitions | - | 0.6 | ||||||
Pre-disposal costs in relation to SUSE | - | 21.3 | ||||||
Other costs | 2.1 | - | ||||||
Total exceptional costs (reported in Operating profit) | 294.2 | 538.2 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||||||||||||||||||||||||
Basic Cents | Diluted 1 Cents | Basic Cents | Diluted Cents | Basic Cents | Diluted1 Cents | Basic Cents | Diluted 1 Cents | Basic Cents | Diluted1 Cents | |||||||||||||||||||||||||||||||
Continuing operations | (4.87 | ) | (4.87 | ) | 181.91 | 176.92 | (129.30 | ) | (129.30 | ) | (886.15 | ) | (886.15 | ) | (4.87 | ) | (4.87 | ) | ||||||||||||||||||||||
Discontinued operation | 393.37 | 389.16 | 19.79 | 19.25 | 3.18 | 3.18 | 1.52 | 1.52 | 393.37 | 389.16 | ||||||||||||||||||||||||||||||
Total EPS | 388.50 | 384.35 | 201.70 | 196.17 | (126.12 | ) | (126.12 | ) | (884.63 | ) | (884.63 | ) | 388.50 | 384.35 |
18 months ended October 31, 2018 | 12 months ended April 30, 2017 | |||||||
Continuing operations | $m | $m | ||||||
Revenue | 4,754.4 | 1,077.3 | ||||||
Operating profit (before exceptional items) | 915.0 | 324.7 | ||||||
Exceptional items | (538.2 | ) | (97.3 | ) | ||||
Operating profit | 376.8 | 227.4 | ||||||
Net finance costs (excluding exceptional items) | (336.9 | ) | (95.8 | ) | ||||
Exceptional finance costs | (5.8 | ) | - | |||||
(Loss)/profit before tax | 34.1 | 131.6 | ||||||
Taxation | 673.1 | (7.5 | ) | |||||
(Loss)/profit from continuing operations | 707.2 | 124.1 | ||||||
Profit from discontinued operation | 76.9 | 33.7 | ||||||
Profit for the period | 784.1 | 157.8 |
18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Period-on – period change | ||||||||||
Continuing operations | $m | $m | % | |||||||||
Licence | 1,213.7 | 308.4 | 293.5 | % | ||||||||
Maintenance | 2,861.6 | 727.6 | 293.3 | % | ||||||||
SaaS & other recurring | 373.9 | - | n/a | |||||||||
Consulting | 366.3 | 48.2 | 660.0 | % | ||||||||
Revenue before haircut | 4,815.5 | 1,082.2 | 344.2 | % | ||||||||
Deferred revenue haircut | (61.1 | ) | (6.9 | ) | 785.5 | % | ||||||
Total Revenue | 4,754.4 | 1,077.3 | 341.3 | % |
Licence | Maintenance | Consulting | SaaS & other recurring | Total | ||||||||||||||||
Continuing operations | $m | $m | $m | $m | $m | |||||||||||||||
Application Modernization & Connectivity (AMC) | 256.3 | 497.6 | 17.9 | - | 771.8 | |||||||||||||||
Application Delivery Management (ADM) | 185.4 | 646.7 | 41.6 | 114.1 | 987.8 | |||||||||||||||
IT Operations Management (ITOM) | 363.2 | 869.9 | 192.8 | 15.1 | 1,441.0 | |||||||||||||||
Security | 291.6 | 580.2 | 81.4 | 41.6 | 994.8 | |||||||||||||||
Information Management & Governance (IM&G) | 117.2 | 267.2 | 32.6 | 203.1 | 620.1 | |||||||||||||||
Subtotal | 1,213.7 | 2,861.6 | 366.3 | 373.9 | 4,815.5 | |||||||||||||||
Deferred revenue haircut | (7.6 | ) | (42.7 | ) | (2.0 | ) | (8.8 | ) | (61.1 | ) | ||||||||||
Total Revenue | 1,206.1 | 2,818.9 | 364.3 | 365.1 | 4,754.4 |
18 months ended October 31, 2018 | 12 months ended April 30, 2017 | |||||||
Continuing operations | $m | $m | ||||||
Cost of sales | 1,302.7 | 216.5 | ||||||
Selling and distribution costs | 1,764.2 | 363.1 | ||||||
Research and development expenses | 680.8 | 122.8 | ||||||
Administrative expenses | 629.9 | 147.5 | ||||||
Total operating costs | 4,377.6 | 849.9 |
18 months ended October 31, 2018 | 12 months ended April 30, 2017 | |||||||
Exceptional items | $m | $m | ||||||
MF/ HPE Software business integration related: | ||||||||
System and IT infrastructure costs | 114.4 | - | ||||||
Integration costs | 147.6 | - | ||||||
Severance | 129.1 | - | ||||||
Property costs | 29.9 | - | ||||||
MF/ HPE Software business integration related costs | 421.0 | - | ||||||
SUSE and other divestiture costs | 21.3 | - | ||||||
HPE Software business acquisition / pre-acquisition costs | 70.1 | 58.0 | ||||||
Integration in respect of previous acquisitions | 17.0 | 27.7 | ||||||
Other acquisition costs | - | 2.6 | ||||||
Property costs relating to previous acquisitions | 8.2 | 5.6 | ||||||
Severance costs relating to previous acquisitions | 0.6 | 3.4 | ||||||
Total exceptional costs (reported in Operating profit) | 538.2 | 97.3 |
18 months ended October 31, 2018 | 12 months ended April 30,2017 | |||||||||||||||
Basic Cents | Diluted Cents | Basic Cents | Diluted Cents | |||||||||||||
Continuing operations | 181.91 | 176.92 | 54.17 | 52.31 | ||||||||||||
Discontinued operation | 19.79 | 19.25 | 14.71 | 14.20 | ||||||||||||
Total EPS | 201.70 | 196.17 | 68.88 | 66.51 |
October 31, 2019 | October 31, 2018 | October 31, 2021 | October 31, 2020 | |||||||||||||
$m | $m | $m | ||||||||||||||
Non-current assets | 12,846.7 | 13,720.5 | 8,439.5 | 9,605.0 | ||||||||||||
Current assets | 1,448.1 | 1,917.6 | 1,907.1 | 1,541.8 | ||||||||||||
Current assets classified as held for sale | - | 1,142.5 | ||||||||||||||
Total assets | 14,294.8 | 16,780.6 | 10,346.6 | 11,146.8 | ||||||||||||
Current liabilities | 1,802.0 | 2,010.4 | 1,860.9 | 1,788.3 | ||||||||||||
Current liabilities classified as held for sale | - | 437.7 | ||||||||||||||
Non-current liabilities | 6,216.5 | 6,540.5 | 5,664.7 | 6,143.4 | ||||||||||||
Total liabilities | 8,018.5 | 8.988.6 | 7,525.6 | 7,931.7 | ||||||||||||
Net assets | 6,276.3 | 7,792.0 | 2,821.0 | 3,215.1 | ||||||||||||
Capital and reserves | ||||||||||||||||
Total equity attributable to owners of the parent | 6,275.0 | 7,791.0 | 2,821.0 | 3,215.1 | ||||||||||||
Non-controlling interests | 1.3 | 1.0 | ||||||||||||||
Total equity | 6,276.3 | 7,792.0 | 2,821.0 | 3,215.1 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Period-on- period change constant currency | Period-on- period change actual currency | |||||||||||||
$m | $m | % | % | |||||||||||||
Constant currency revenue: | ||||||||||||||||
Licence | 688.6 | 656.7 | 4.9 | % | 6.5 | % | ||||||||||
Maintenance | 1,791.7 | 1,961.4 | (8.7 | )% | (6.7 | )% | ||||||||||
SaaS & other recurring | 239.8 | 249.6 | (3.9 | )% | (2.3 | )% | ||||||||||
Consulting | 179.8 | 196.3 | (8.4 | )% | (4.6 | )% | ||||||||||
Constant currency revenue before haircut | 2,899.9 | 3,064.0 | (5.4 | )% | (3.4 | )% | ||||||||||
Deferred revenue haircut | - | (0.6 | ) | 100.0 | % | 100.0 | % | |||||||||
Constant currency revenue | 2,899.9 | 3,063.4 | (5.3 | )% | (3.4 | )% | ||||||||||
Currency impact | - | (62.4 | ) | n/a | n/a | |||||||||||
Total Revenue | 2,899.9 | 3,001.0 | (3.4 | )% | (3.4 | )% |
Year ended October 31, 2021 | Year ended October 31, 2020 | Period- on- period change | 31 October 2021 | 31 October 2020 | Period- on- period change | |||||||||||||||||||
Average | Average | % | Closing | Closing | % | |||||||||||||||||||
£1 = $ | 1.37 | 1.28 | 7.0 | % | 1.37 | 1.30 | 5.4 | % | ||||||||||||||||
€1 = $ | 1.19 | 1.13 | 5.3 | % | 1.16 | 1.17 | (0.9 | )% | ||||||||||||||||
C$ = $ | 0.80 | 0.74 | 8.1 | % | 0.81 | 0.75 | 8.0 | % | ||||||||||||||||
AUD = $ | 0.75 | 0.68 | 10.3 | % | 0.75 | 0.70 | 7.1 | % | ||||||||||||||||
100 INR = $ | 1.36 | 1.36 | - | 1.33 | 1.34 | (0.7 | )% | |||||||||||||||||
100 JYP = $ | 0.92 | 0.93 | (1.1 | )% | 0.88 | 0.96 | (8.3 | )% |
Item 5.B.1 | Information regarding the Group’s liquidity |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Bank loan secured | 4,775.0 | 4,996.9 | ||||||
Unamortized prepaid facility arrangement fees and original issue discounts | (104.3 | ) | (151.0 | ) | ||||
4,670.7 | 4,845.9 |
Term Loan B-2 | Term Loan B-3 | Seattle Spinco Term Loan B | Euro Term Loan B | Revolving Facility | Total | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
At May 1, 2017 | 1,515.2 | - | - | - | 80.0 | 1,595.2 | ||||||||||||||||||
Acquisitions | - | - | 2,600.0 | - | - | 2,600.0 | ||||||||||||||||||
Draw downs | - | 385.0 | - | 523.8 | 135.0 | 1,043.8 | ||||||||||||||||||
Repayments | (11.4 | ) | (2.9 | ) | (19.5 | ) | (4.1 | ) | (215.0 | ) | (252.9 | ) | ||||||||||||
Foreign exchange | - | - | - | 10.8 | - | 10.8 | ||||||||||||||||||
At October 31, 2018 | 1,503.8 | 382.1 | 2,580.5 | 530.5 | - | 4,996.9 | ||||||||||||||||||
At November 1, 2018 | 1,503.8 | 382.1 | 2,580.5 | 530.5 | - | 4,996.9 | ||||||||||||||||||
Draw downs | - | - | - | - | - | - | ||||||||||||||||||
Repayments | (89.1 | ) | (13.9 | ) | (94.2 | ) | (15.4 | ) | - | (212.6 | ) | |||||||||||||
Foreign exchange | - | - | - | (9.3 | ) | - | (9.3 | ) | ||||||||||||||||
At October 31, 2019 | 1,414.7 | 368.2 | 2,486.3 | 505.8 | - | 4,775.0 |
October 31, 2021 | October 31, 2020 | October 31, 2019 | |||||||
$m | $m | $m | |||||||
Bank loan secured | 4,608.0 | 4,733.2 | 4,775.0 | ||||||
Unamortized prepaid facility arrangement fees and original issue discounts | (59.6) | (92.9) | (104.3) | ||||||
4,548.4 | 4,640.3 | 4,670.7 |
• | The RCF is subject to a single financial covenant, only in circumstances when more than 35% of the Revolving Facility is outstanding at a fiscal quarter end. Throughout the year the applicable covenant threshold was 3.85x, however no test was applicable at October 31, 2021 or any previous test date, as the facility was not drawn in excess of the 35% threshold. This facility has been amended post year end with the facility reduced to $250 million and with maturity extended until December 2026, subject to tests for the term loan maturities in June 2024 and June 2025. The amended facility is subject to a covenant test when more than 40% of the revolving credit facility is outstanding at a fiscal quarter end with a 5.00x net leverage1 covenant being applied. |
• | Additional debt repayments when the Group’s net leverage1 at October 31 exceeds 3.00x, when 25% of excess cash flow for the year is required to be paid, and 3.30x, when 50% of excess cash flow for the year is required to be paid; |
• | Net proceeds from divestitures in excess of $45 million are required to be used to make debt repayments. When the Group’s net leverage1 exceeds 3.00x, 100% of net proceeds must be used for debt repayments. When net leverage1 is below 3.00x, 50% of net proceeds must be used to make a debt repayment, however no further debt repayment is required once repayment reduces net leverage1 below 2.50x on a pro forma basis therefore use of excess disposal proceeds at this point is at the Group’s discretion; and |
• | An additional 25 basis points of margin is required to be paid on the term loans maturing in June 2024 when net leverage1 exceeds 3.00x. The Group is currently paying this margin. |
term loan B-1 EUR | term loan B-2 USD | term loan B-3 USD | term loan B-4 USD | Seattle Spinco term loan B | Euro term loan B | Revolving Facility | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At November 1, 2019 | - | 1,414.7 | 368.2 | - | 2,486.3 | 505.8 | - | 4,775.0 | ||||||||||||||||||||||||
Draw down | 665.8 | - | - | 650.0 | - | - | 175.0 | 1,490.8 | ||||||||||||||||||||||||
Repayments | - | (1,414.7 | ) | - | - | - | - | (175.0 | ) | (1,589.7 | ) | |||||||||||||||||||||
Foreign exchange | 34.5 | - | - | - | - | 22.6 | - | 57.1 | ||||||||||||||||||||||||
At October 31, 2020 | 700.3 | - | 368.2 | 650.0 | 2,486.3 | 528.4 | - | 4,733.2 | ||||||||||||||||||||||||
At November 1, 2020 | 700.3 | - | 368.2 | 650.0 | 2,486.3 | 528.4 | - | 4,733.2 | ||||||||||||||||||||||||
Draw downs | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Repayments | (17.9 | ) | - | (8.7 | ) | (16.3 | ) | (58.4 | ) | (12.8 | ) | - | (114.1 | ) | ||||||||||||||||||
Foreign exchange | (6.4 | ) | - | - | - | - | (4.7 | ) | - | (11.1 | ) | |||||||||||||||||||||
At October 31, 2021 | 676.0 | - | 359.5 | 633.7 | 2,427.9 | 510.9 | - | 4,608.0 |
Borrowings | Lease Obligations | Derivatives – interest rate swaps | Total | |||||||||||||
$m | $m | $m | $m | |||||||||||||
Within one year | 202.6 | 74.9 | 35.7 | 313.2 | ||||||||||||
In one to two years | 191.1 | 39.9 | - | 231.0 | ||||||||||||
In two to three years | 3,453.6 | 29.7 | - | 3,483.3 | ||||||||||||
In three to four years | 1,235.5 | 28.5 | - | 1,264.0 | ||||||||||||
In four to five years | - | 49.1 | - | 49.1 | ||||||||||||
Total | 5,082.8 | 222.1 | 35.7 | 5,340.6 | ||||||||||||
Impact of discounting | - | (27.6 | ) | - | (27.6 | ) | ||||||||||
At October 31, 2021 | 5,082.8 | 194.5 | 35.7 | 5,313.0 |
Borrowings | Lease Obligations | Derivatives – interest rate swaps | Total | |||||||||||||
$m | $m | $m | $m | |||||||||||||
Within one year | 203.6 | 82.2 | - | 285.8 | ||||||||||||
In one to two years | 224.2 | 69.5 | 77.9 | 371.6 | ||||||||||||
In two to three years | 230.3 | 43.3 | - | 273.6 | ||||||||||||
In three to four years | 3,487.7 | 49.3 | - | 3,537.0 | ||||||||||||
In four to five years | 1,242.0 | 36.3 | - | 1,278.3 | ||||||||||||
Total | 5,387.8 | 280.6 | 77.9 | 5,746.3 | ||||||||||||
Impact of discounting | - | (30.2 | ) | - | (30.2 | ) | ||||||||||
At October 31, 2020 | 5,387.8 | 250.4 | 77.9 | 5,716.1 |
Item 5.B.2 | Derivative financial instruments. |
$m | ||||
US dollar | 417.6 | |||
Indian Rupee | 25.0 | |||
Euro | 24.3 | |||
Russian Rouble | 23.9 | |||
Australian Dollar | 17.5 | |||
Japanese Yen | 13.6 | |||
South African Rand | 7.8 | |||
Canadian Dollar | 5.7 | |||
British Pound | 2.7 | |||
Other | 20.3 | |||
Total | 558.4 |
Item 5.B.3 | Material cash requirements |
Payment due by period | ||||||||||||||||||||
Less than 1 year | 1-3 years | 3-5 years | After 5 years | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Debt principal repayment | 42.0 | 3,365.5 | 1,200.5 | - | 4,608.0 | |||||||||||||||
Interest payments on debt | 160.6 | 279.2 | 35.0 | - | 474.8 | |||||||||||||||
202.6 | 3,644.7 | 1,235.5 | - | 5,082.8 | ||||||||||||||||
Lease obligations | 74.9 | 69.6 | 28.5 | 49.1 | 222.1 | |||||||||||||||
Purchase obligations | 45.4 | 42.7 | 26.4 | 6.9 | 121.4 | |||||||||||||||
322.9 | 3,757.0 | 1,290.4 | 56.0 | 5,426.3 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Carrying amount | (36.5 | ) | 86.4 | |||||
Notional amount (4 x $562.5m) | 2,250.0 | 2,250.0 | ||||||
Maturity date | 30 September 2022 | 30 September 2022 | ||||||
Change in fair value of outstanding hedging instruments (note 31) | (122.9 | ) | 86.4 | |||||
Change in value of hedging instruments adjusted for credit risk | (121.9 | ) | 84.7 |
- | Transition our business model to be product group-centric end-to-end. |
- | Delivering the innovation our customers need in the way they want to consume it. |
- | Capturing cost efficiencies enabled by the enterprise-wide platform. |
- | A flat or better year-on-year revenue trajectory. |
- | The removal of $400 million to $500 million of annual gross costs from the year ended October 31, 2021 cost base to leave between $1.5 billion and $1.6 billion (allowing for cost inflation). |
- | Adjusted free cash flow1 run rate of $500 million. |
1. | Proactive customer engagement – A detailed understanding of customer concerns to enable highly focused response through more skilled and specialized resources earlier in, and at every stage, of the cycle. |
2. | Product innovation & adoption – Ensuring customers are using the latest versions of our software to enable adoption of new innovation and increase value from existing investments. |
3. | SaaS & subscription – Help customers blend new offerings with existing investments to realize value quickly and further future proof their solutions. |
4. | Leadership & alignment – Strengthened and increased leadership, re-aligned compensation and reduced handoffs across the customer journey. |
5. | Sweat the details – Active management of renewals pipeline at detailed level by sub-portfolio, tailored to customer size and renewal risk profile across multiple periods. |
Payment due by period | ||||||||||||||||||||
Less than 1 year | 1-3 years | 3-5 years | After 5 years | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Debt principal repayment | - | 1,431.7 | 3,343.3 | - | 4,775.0 | |||||||||||||||
Interest payments on debt | 209.2 | 360.6 | 235.7 | - | 805.5 | |||||||||||||||
209.2 | 1,792.3 | 3,579.0 | - | 5,580.5 | ||||||||||||||||
Finance Leases | 11.8 | 10.8 | 0.9 | - | 23.5 | |||||||||||||||
Operating Leases | 78.6 | 123.6 | 61.4 | 37.6 | 301.2 | |||||||||||||||
299.6 | 1,926.7 | 3,641.3 | 37.6 | 5,905.2 |
Name | Role | Committee Membership |
Greg Lock | Non-Executive Chairman | Nomination committee and Remuneration committee |
Stephen Murdoch | Chief Executive Officer | Executive committee |
Chief Financial Officer | Executive committee | |
Karen Slatford | ||
Senior Independent Director | Audit committee and Nomination committee | |
Richard Atkins | Independent non-executive director | Audit committee |
Amanda Brown | Independent non-executive director | Audit committee, Nomination committee and Remuneration committee |
Pauline Campbell | Independent non-executive director | Audit committee, Nomination committee and Remuneration committee |
Lawton Fitt | Independent non-executive director | Audit committee, Nomination committee and Remuneration committee |
Independent non-executive director | ||
Robert Youngjohns | Independent non-executive director | Audit committee, Nomination committee and Remuneration committee |
Name | Role |
Paul Rodgers | Chief Operating Officer |
Chris Livesey | Senior Vice President, Revenue Growth and Strategy |
John Delk | Senior Vice President and General Manager of the CyberRes (Security) Product Group |
Eric Varness | Chief Marketing Officer |
Jane Smithard | Chief Legal Officer and Group General Counsel |
Susan Ferguson | Chief Human Resources Officer & Senior Vice President Business Operations |
Rohit de Souza | Senior Vice President, General Manager of the ITOM Product Group and the ADM Product Group, Leader of the CTO office and Product Security |
Colin Mahony* | Senior Vice President and General Manager, Vertica |
Neil Fowler | Vice President and General Manager, AMC Product Group |
Scott Richards | Vice President and General Manager of the IM&G Product Group |
Suzanne Chase | Group Company Secretary and Head of Assurance |
Nick Wilson | Worldwide President of Sales |
Year ended October 31, 2021 | ||||
Aggregate compensation including fees paid to non-executive directors and key management | $m | |||
Short-term benefits | 13.5 | |||
Share based payments | 1.9 | |||
Total compensation | 15.4 |
(a) Base Salary1 | (b) Benefits in kind2 | (c) Annual bonus3 | (d) LTIP4 | (e) Pension5 | (f) Other6 | Total | Total Fixed Remuneration Total of (a), (b) and (e) | Total Variable Remuneration Total of (c) and (d) and (f) | |||||||||||||||||||||||||||||
Executive Directors | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||||||||||||||||||||||||||||
Stephen Murdoch | 2021 | 850 | 22 | 733 | - | 127 | - | 1,732 | 1,000 | 733 | |||||||||||||||||||||||||||
2020 | 850 | 24 | 283 | - | 127 | - | 1,284 | 1,002 | �� | 283 | |||||||||||||||||||||||||||
Matt Ashley7 | 2021 | 175 | 15 | 151 | - | 9 | 450 | 800 | 200 | 601 | |||||||||||||||||||||||||||
2020 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||
Brian McArthur-Muscroft 8 | 2021 | 433 | 15 | - | - | 60 | - | 509 | 509 | - | |||||||||||||||||||||||||||
2020 | 600 | 25 | 199 | - | 90 | - | 914 | 715 | 199 |
1 | Base salary is the amount earned during the period in respect of service as a director. For Brian McArthur-Muscroft, an amount for unused but accrued holiday is also included for year ended October 31, 2021. |
2 | Benefits include car allowance, private medical/dental insurance, group income protection and life assurance. There has been no change in the benefits offered to directors in year ended October 31, 2021 versus year ended October 31, 2020. The reduction in the benefits for Stephen Murdoch from the year ended October 31, 2020 to 2021 reflects reductions in employer costs in providing private medical/ dental insurance and group income protection. For Matt Ashley, an amount is included which reflects the grossed up value of travel and accommodation related to time spent in the Newbury office. |
3 | Annual bonus reflects payment for performance during the year in respect of service as a director. One-third of the annual bonus amount included in the table above is deferred into an award over shares which vests after three years. Dividend equivalents accrue on the deferred share awards. |
4 | The zero amount for LTIP for year ended October 31, 2021 for Stephen Murdoch reflects that the performance conditions for the 2018 and 2019 were not met. The 2018 LTIP award (with performance period ending April 30, 2021) was granted to Stephen Murdoch in September 2018 as a top-up to his September 2017 award to reflect his appointment as CEO. The performance period ending April 30 reflected the company’s previous year-end before this was change to October 31. The 2018 award lapsed on July 1, 2021. The 2019 award was a regular annual LTIP award granted in February 2019 (with performance period ending October 31, 2021). The 2019 award will lapse on February 8, 2022. The zero amount for LTIP for year ended October 31, 2020 reflects the lapse of the 2017 LTIP award on July 7,2020 due to the performance conditions not being met. No discretion was applied by the remuneration committee in determining the LTIP vesting outcomes in year ended October 31, 2021 or in year ended October 31, 2020. |
5 | All pension amounts paid by the Company in the year ended October 31, 2021 are cash in lieu of pension allowances. In accordance with the current Remuneration Policy, the incoming CFO’s pension contribution rate of 5% of base salary is in line with the rate applicable to employees generally in the UK. The CEO will transition from his current contribution rate (15% of base salary) to the rate applicable to employees generally in the UK (currently 5%) at the end of 2022. |
6 | As part of his recruitment arrangements, Matt Ashley received a cash buy-out payment of £450,000 which reflected a cash bonus which he was due to receive from his prior employer in October 2021 but which was forfeited on leaving to join Micro Focus. This payment was disclosed on June 1, 2021 in the announcement about Matt Ashley’s appointment as Micro Focus CFO and is in accordance with the company’s approved policy on recruitment remuneration (see page 69 - 70 of the 20-F for the year ended October 31, 2019 which is available at form-20f-for-12-months-ending-the-31-october-2019-report.pdf (microfocus.com) and has been filed with the SEC). |
7 | Matt Ashley started employment on June 28, 2021 and was appointed to the board as CFO with effect from July 1, 2021. All amounts in the table above reflect the period of service as a director. |
8 | Brian McArthur-Muscroft stepped down from the board on June 30, 2021. |
9 | Some figures and sub-totals add up to slightly different amounts than the totals due to roundings. |
Financial target ($m)1 | Weighted payout% | |||||||||||||||||||||||||||||||||||
Performance measure | Weighting | Threshold2 (0%) | Target (50%) | Maximum (100%) | Achievement | Achievement vs target | Payout% | Stephen Murdoch | Matt Ashley3 | |||||||||||||||||||||||||||
Adjusted EBITDA | 60 | % | $ | 994 | $ | 1,046 | $ | 1,098 | $ | 1,033 | 98.8 | % | 37.8 | % | 22.7 | % | 22.7 | % | ||||||||||||||||||
Revenue | 20 | % | $ | 2,801 | $ | 2,858 | $ | 2,887 | $ | 2,878 | 100.7 | % | 84.1 | % | 16.8 | % | 16.8 | % | ||||||||||||||||||
Key Personal Objectives (KPOs) | 20 | % | A description of the KPOs for the CEO and CFO is set out below. There were no KPOs for the prior Executive Chairman. | 18.0 | % | 18.0 | % | |||||||||||||||||||||||||||||
Total | 100 | % | Payout % (of maximum bonus) | 57.5 | % | 57.5 | % | |||||||||||||||||||||||||||||
Payout % (of FY21 salary) | 86.2 | % | 86.2 | % | ||||||||||||||||||||||||||||||||
£ | 732,794 | £ | 150,869 |
1 | Financial targets for bonus are based on FX rates which are set at the start of the financial year and the achievement is measured against the targets on a like-for-like basis. Therefore, the Adjusted EBITDA and revenue achievements shown above do not match the disclosed Adjusted EBITDA and revenue figures for the year ended October 31, 2021 in note 1 “Segmental reporting” of the Consolidated financial statements in Item 18 as these are based on actual FX rates. $1,033.3m Adjusted EBITDA achievement disclosed in the table above for bonus purposes equates to $1,040.2 million Adjusted EBITDA at actual FX rates and $2,877.5 million revenue achievement equates to $2,899.9 million at actual rates. |
2 | Payouts under the financial measures are 0% for threshold performance, 50% for target performance and 100% for achieving the maximum level of performance. Payouts are on a straight-line basis between threshold and target and between target and maximum. |
3 | Amounts disclosed for Matt Ashley reflect time served as a director in FY21, i.e. from July 1, 2021 to October 31, 2021. |
KPO | Relative weighting | Achievement vs KPO | Weighted payout % | |
CEO | ||||
Key business objectives Complete the transition to one-single enterprise-wide platform as effectively as possible with minimum disruption to day-to-day operations and agree specific actions for further business simplification. Improve our product positions across the portfolio making us more competitive and delivering the innovation our customers want. Create one single go-to-market organization that can deliver consistent, sustained improvement to our revenue performance through improved sales productivity and the more effective alignment of our resources to opportunity. Continue to improve governance and structures to monitor and respond quickly to ongoing impact of Covid-19. Continue to strengthen the leadership team through rigorous succession planning and talent management. | 10.0% | Business Systems and Infrastructure – Successfully completed the transfer to a single Enterprise Platform by transferring Stack B to Stack C in H1 FY21 and Stack A to Stack C in H2 FY21, enabling the company to unlock further efficiencies. Closed two financial quarters (including peak Q4 trading period) on new systems with no business impacting issues. – Through an Activity Insight Survey, identified and initiated key change initiatives (functional and cross-functional) to improve opportunities, simplify processes and make decisions faster. Examples include moving from six quoting systems to one, reducing SaaS applications from 70 to 20, moving 2,000 business applications to 500 and a 75% reduction in the number of different types of sales compensation plans in operation. Product portfolios – Re-architected key solutions within each portfolio (Vertica, Digital Safe, ArcSight, OpsBridge) to better position the portfolio to focus on growth opportunities, improved product innovation and related market recognition. – Dependencies on third party products embedded in the core of some of our key solutions have been removed, comprehensive artificial intelligence, machine learning and analytics capabilities delivered in every portfolio and rearchitected many products to support new cloud and hybrid deployment options. – In every portfolio, we have introduced new SaaS offerings, improved the existing SaaS offerings and invested significantly in SaaS delivery infrastructure. Go-to-market organization – Successfully created one single go-to-market organization with a consistent global approach. – Aligned resources with greater specialist skillsets and consistency of execution, built deeper levels of specialism and alignment by portfolio. – Implemented a management system aimed at ensuring execution to a common set of standards and levels of accountability, supported by a single set of sales tools and improved data accuracy. – Established a dedicated customer success team supported by increased levels of specialist resources within Maintenance Renewals and Professional Services. Covid-19 – Further enhanced the governance and structures in place to be able to monitor and respond quickly to ensure wellbeing of employees and minimize business disruption through Covid-19, including implementing a package of measures in the Summer of 2021 to address the extreme challenges faced by colleagues in India. – Maintained operational effectiveness, product development cadence, customer support and delivery and transitioned core systems during constraints of global pandemic and local lockdowns. Succession planning and talent management – Completed a global calibration of talent and succession for key talent to include executives and emerging talent across the business and implemented individual development plans for executive potential successors and emerging talent. – Recruited new executive leadership in critical product and support functions. | 9.5% | |
KPO | Relative weighting | Achievement vs KPO | Weighted payout % | |
CEO ESG Milestones Ensure that we have an appropriate ESG program reflecting focus on our employees, customers, shareholders and partners. This must be part of our corporate governance responsibilities, including continuous improvements in our control/SOX processes. | 10.0% | General – Adopted, aligned and communicated support for five of the United Nations Sustainable Development Goals (no poverty, quality education, gender equality, decent work and economic growth and climate action). Environment – Target of achieving a normalized Greenhouse Gas (“GHG”) reduction of 2-5% by the end of FY21, based on our 2018 baseline data, was achieved. Comparing like-for-like FY20 to FY21 global footprint, we achieved a GHG emissions reduction of -7.8%. Due to the increase in the amount of properties in scope from 64% in FY20 to 67.7% in FY21, there has been an overall increase of +1.5% in GHG emissions. – Met target of increasing the percentage of our energy which comes from renewable sources globally from 40% to over 50% by the end of FY21 (52% achieved). – Established a cross-functional Environmental Working Group, which includes a focus on the Taskforce for Climate-related Financial Disclosures (TCFD). Employees and community – Published and implemented a global inclusion and diversity (I&D) policy, created new I&D strategy through FY25 with oversight by recently formed ESG Committee and agreed a set of internal I&D goals for FY22. – Improved employee engagement scores from the FY19 baseline, maintained “My Voice” employee survey participation levels at over 85% and grew membership of Employee Resource Groups by 34% in FY21 from FY20. – Target of having 25% of our employees taking part in community volunteering by the end of FY21 was not fully achieved. This goal for FY21 was largely based on in person volunteering, which was significantly impacted by COVID-19. Nonetheless, we achieved 11% of employees volunteering in FY21, which is an increase from FY20 and we introduced an option (supported by technology) to enable virtual volunteering with 976 employees taking part in virtual volunteering in FY21. Customers and suppliers – Increased our Customer double-blind Net Promotor Score to 47 for FY21 (from 45% for FY20) and our double-blind Relative Net Promotor Score to +5 compared to the competition for FY21 (from 0 for FY20). – Established and implemented a global diverse supplier program which ensures that we proactively identify and encourage diverse suppliers to compete for our business and build long-term relationships with them. Governance – Implemented an ESG framework and program reflecting focus on our employees, customers, shareholders and partners, including appointment of an ESG Board Committee to provide Board ESG focus and oversight and establishment of an ESG cross functional Working Group to ensure that ESG considerations are part of “business as usual” decision making processes at all levels and to develop the strategy going forward. – The Enterprise Risk Management framework was enhanced to include existing and new ESG risks and was approved by the Audit Committee. | 8.5% | |
Total | 20.0% | Looking at the complete scorecard of achievement against all objectives for the year, the committee considered that the CEO had performed extremely well, highlighting in particular the completion of the transfer to a single enterprise platform and the significant progress which has been made on the turnaround plan, resulting in a KPO achievement of 90% (i.e. 18% out of a possible 20%). | 18.0% |
KPO | Relative weighting | Achievement vs KPO | Weighted payout % | |
CFO | ||||
3-year Plan Build a revised 3-year plan with specific goals for the exit of FY23 that will be the foundations for our execution plan going forward and for communication externally to shareholders and the market more broadly. | 10% | – The 3-year plan has been revised and the core financial objectives for the next two financial years and our longer-term ambitions were laid out in our November 30, 2021 Strategy Update. – The new plan, developed by the CFO in conjunction with the CEO, reflects a reset of expectations with realistic and achievable goals which lays the foundations for the business transformation. A granular operational plan to execute the strategy has been put in place, which includes the appointment of a Chief Transformation Officer to co-ordinate multiple workstreams and the successful sale of the Digital Safe business. – The external financial KPIs were refined to provide greater clarity on the Group’s financial performance and more closely align the metrics to those used by the Group’s debt holder. The CFO has concluded that there will be no more integration costs associated with the HPE Software acquisition classified as exceptional spend going forward. – The CFO has laid foundations for future financial effectiveness, having assessed and made recommendations on how we leverage advisors and formal relationships and our overall use of consultancies to improve effectiveness and value for money in the mid-term. | 9.5% | |
CFO Business Systems and Infrastructure Support the effective transition to a single Enterprise Platform overall and specifically from a core financial perspective. | 10% | – Successfully completed the transfer to a single Enterprise Platform by transferring Stack A to Stack C in H2 FY21, enabling the company to unlock further efficiencies. – FY21 Q3 and Q4 were successfully delivered on the new platform. Business as usual has not been impacted by the transition with minimal disruption to revenue and the payment of employees and suppliers. | 8.5% | |
Total | 20.0% | The Committee recognized that in 4 months, the CFO has had a significant impact, in particular in revising the 3-year plan, resulting in a KPO achievement of 90% (i.e. 18% out of a possible 20%). | 18.0% |
Number of awards | Range of exercise prices (pence) | Expiry Dates | |
Long-term Incentive Plan | 1,345,515 | nil | March 26, 2031 |
Deferred Share Bonus Plan | 33,123 | nil | March 26, 2024 |
Number of options | Exercise prices (pence) | Expiry Dates | |
Aggregate Sharesave and ESPP options | 10,000 | 344.8 pence | November 1, 2023 |
Average aggregate EPS growth of the Company in excess of RPI over the performance period | Vesting percentage of the shares subject to an award | Achievement against the percentage range | Resulting vesting percentage | Number of awards lapsing |
Less than 3% p.a. | 0% | Less than 3% p.a. | 0% | 2018 award1: 67,537 (lapsed July 1, 2021) 2019 award2: 101,190 (will lapse February 8, 2022) |
Equal to 3% p.a. | 25% | |||
Between 3% and 9% p.a. | Between 25% and 100% on a straight-line basis | |||
Equal to or above 9% p.a. | 100% |
1 | The aggregate Diluted Adjusted EPS3 over the performance period of 542.21 cents was below the minimum threshold aggregate EPS required of 627.55 cents. |
2 | The aggregate Diluted Adjusted EPS3 over the performance period of 505.52 cents was below the minimum threshold aggregate EPS required of 687.30 cents. |
3 | Adjusted EPS is defined as Basic EPS where the earnings attributable to ordinary shareholders are adjusted by adding back all exceptional items including the profit on the disposal of discontinued operation, share-based compensation charge and the amortisation of intangibles acquired in a business combination |
Executive director | Date of grant | Basis on which award is made | Face value of award at grant1 | Percentage of maximum which would be received if threshold performance achieved | End of performance period | ||||||
Stephen Murdoch | March 26, 2021 | Grant of award over 350,515 shares (200% of salary) | £1,699,998 | 0 | % | October 31, 2023 |
1. | The grant face value of the LTIP award granted on March 26, 2021 to the CEO was calculated based on the closing mid-market share price on the business day before grant of £4.850. |
Cumulative Adjusted Free Cash Flow (80% weighting) | Company TSR relative to FTSE 250 (excluding Investment Trusts) Index (20% weighting) | Payout % for this element | ||||
Threshold | $100m below Target | In line with Index | 0 | % | ||
Target | Commercially sensitive | Exceed Index by 20% | 50 | % | ||
Maximum | $200m above Target | Exceed Index by 40% | 100 | % |
Grant date | Number at November 1, 2020 | Number granted in the financial year | Number exercised in the financial year | Number lapsed in the financial year | Number at October 31, 2021 | Dates for exercise | |
Stephen Murdoch | September 13, 2016 | 39,640 | - | - | - | 39,640 | July 26, 2019 to July 25, 2026 |
Stephen Murdoch1 | September 20, 2018 | 67,537 | - | - | 67,537 | - | September 20, 2021 to n/a |
Stephen Murdoch2 | February 18, 2019 | 101,190 | - | - | - | 101,190 | n/a will lapse |
Stephen Murdoch3 | April 23, 2020 | 250,000 | - | - | - | 250,000 | April 23, 2023 to April 22, 2030 |
Stephen Murdoch4 | April 23, 2020 | - | 350,515 | - | - | 350,515 | March 26, 2024 to March 25, 2031 |
Brian McArthur-Muscroft5 | November 22, 2018 | 80,482 | - | - | 80,482 | - | n/a |
Brian McArthur-Muscroft5 | November 22, 2018 | 80,482 | - | - | 80,482 | - | n/a |
Brian McArthur-Muscroft5 | April 23, 2020 | 300,000 | - | - | 300,000 | - | n/a |
Kevin Loosemore2 | February 18, 2019 | 52,083 | - | - | - | 52,083 | n/a – will lapse |
1 | The performance condition for the 2018 LTIP awards required that cumulative EPS growth over a three-year performance period starting on May 1 preceding the date of grant is at least equal to RPI plus 3% per annum (at which point 25% of awards will vest) and for full vesting the aggregate EPS growth will be required to be RPI plus 9% per annum. Straight-line vesting applied between these points. This award lapsed in full on July 1, 2021 as the minimum performance condition was not met (see page 50 for further details). |
2 | The performance condition for the 2019 LTIP awards requires that cumulative EPS growth over a three-year performance period starting on November 1,preceding the date of grant is at least equal to RPI plus 3% per annum (at which point 25% of awards will vest) and for full vesting the aggregate EPS growth will be required to be RPI plus 9% per annum. Straight-line vesting will apply between these points. Kevin Loosemore’s award of 89,285 nil-cost options was pro-rated to 52,083 on leaving the Company to reflect time served to August 13, 2020. The performance measure has been tested and these awards will lapse in full on February 8, 2022 as the minimum performance condition was not met. |
3 | The performance condition for the awards granted during the year ended October 31, 2020 LTIP is disclosed on page 50. |
4 | The performance condition for the awards granted during the year ended October 31, 2021 LTIP is based on 80% Adjusted free cash flow and 20% TSR. |
5 | All of Brian McArthur-Muscroft’s outstanding LTIP awards lapsed on January 8, 2021 following the announcement that he was leaving the Company. |
Executive director | Date of grant | Number at November 1, 2020 | Number granted in the financial year | Number vested in the financial year | Number lapsed in the financial year | Number at October 31, 2021 | Date of release |
Stephen Murdoch | February 28, 2019 | 10,013 | - | - | - | 10,013 | February 28, 2022 |
Stephen Murdoch | March 26, 2021 | - | 19,416 | - | - | 19,416 | March 26, 2024 |
Brian McArthur-Muscroft | March 26, 2021 | - | 13,705 | - | - | 13,705 | March 26, 2024 |
Year ended October 31, 2021 | ||||
$m | ||||
Short-term benefits | 1.3 | |||
Share based payments | - | |||
Total compensation | 1.3 |
Fees and benefits | ||||||||
Non-executive directors | 2021 (Year) | 2020 (Year) | ||||||
£’000 | £’000 | |||||||
Greg Lock1 | 401 | 285 | ||||||
Karen Slatford | 120 | 120 | ||||||
Richard Atkins | 90 | 90 | ||||||
Amanda Brown | 90 | 90 | ||||||
Lawton Fitt2 | 80 | 80 | ||||||
Pauline Campbell3 | 6 | - | ||||||
Robert Youngjohns | 70 | 38 | ||||||
Sander van ’t Noordende4 | 70 | 29 |
1 | Greg Lock’s benefits value reflects private medical and dental cover (single person coverage). |
2 | Lawton Fitt receives an additional fee of £10,000 per annum due to her SEC and SOX experience. |
3 | Pauline Campbell joined the board on October 1, 2021. |
4 | Sander van ‘t Noordende’s GBP fee is paid to him in US dollar (converted based on the average monthly FX rate in the month prior to payment). |
- | Strategy and Management – including the Group’s purpose, values and strategy, annual operating and capex budget approval, oversight of operations ensuring maintenance of sound management and internal control systems, reviewing performance in light of the Group’s strategy and objectives, extension of activities into new business or geographical areas and any decisions to cease any material part of the Group’s business; |
- | Structure and Capital – including changes to the Group’s capital structure such as share issues and buybacks or reduction in capital, major changes to the Group’s corporate structure including material acquisitions and disposals and changes to the Group’s management and control structure; |
- | Financial reporting and Controls – including results announcements, dividend policy and declarations, significant changes in accounting policies or practices, treasury policies and the Annual Report; |
- | Internal Controls – including monitoring the effectiveness of the Group’s risk management and internal controls processes; and |
- | Material Contracts Approvals; Communications with Shareholders; Board membership (following recommendations from the Nomination committee); Approval of Remuneration Policy and Delegations of Authority. |
– | Strategy and budgets; |
– | Business and financial performance; |
– | Product plans and development; |
– | Corporate activities; |
– | Human resources; |
– | ESG activities; |
– | Investor relations; and |
– | Corporate governance. |
Executive director | Date of service contract | Notice period |
Stephen Murdoch | April 16, 2014 | The agreement is terminable by either party on six months’ notice |
Matt Ashley 1 | May 31, 2021 | The agreement is terminable by either party on six months’ notice |
1 | Joined board on July 1, 2021. |
Non-executive director | Appointment date | Expiration date |
Greg Lock | February 14, 2020 | February 14, 2023 |
Karen Slatford | July 5, 2010 | July 5, 2023 |
Richard Atkins | April 16, 2014 | April 16, 2023 |
Amanda Brown | July 1, 2016 | July 1, 2025 |
Lawton Fitt | October 17, 2017 | October 17, 2023 |
Sander van ’t Noordende | June 2, 2020 | June 2, 2023 |
Robert Youngjohns | April 16, 2020 | April 16, 2023 |
Pauline Campbell | October 1, 2021 | October 1, 2024 |
Committee member | Held | Number of meetings attended |
Amanda Brown (Chair) | 6 | 6 |
Richard Atkins | 6 | 5 |
Lawton Fitt | 6 | 6 |
Greg Lock | 6 | 6 |
Robert Youngjohns | 6 | 6 |
Sander van ’t Noordende | 6 | 6 |
Pauline Campbell1 | 1 | 1 |
1. | Pauline Campbell served as a director and member of the Remuneration committee from October 1, 2021. |
- | Determine the remuneration policy for the Company’s Non-Executive Chairman and the executive directors and review its on-going appropriateness and relevance; |
- | Determine the total individual remuneration packages of the executive directors and the executive management team, including salary, bonuses, incentive payments, share awards, pensions and other benefits; |
- | Review the terms of executive service contracts for executive directors and the executive management team; |
- | Review any material changes to pension and benefit arrangements for executive directors and the executive management team; |
- | Agree the expenses policy for the Company’s Non-Executive Chairman and executive directors; |
- | Develop the formal shareholding requirement policy, including post cessation, encompassing both vested and unvested shares; |
- | Oversee the operation of the Company’s annual bonus plans, deferred bonus plans and long-term incentives as applied to executive directors and the executive management team, including award levels, performance conditions, payouts, and application of malus and claw-back where appropriate; |
- | Review the design of all share incentive plans for approval by the board and shareholders; |
- | Review the remuneration policies and practices across the Group and the alignment of workforce remuneration with culture; and |
- | Produce the annual Directors’ Remuneration report. |
Director | Held | Attended |
Richard Atkins | 6 | 6 |
Amanda Brown | 6 | 6 |
Pauline Campbell1 | 1 | 1 |
Lawton Fitt | 6 | 6 |
Karen Slatford | 6 | 6 |
Robert Youngjohns | 6 | 6 |
1 | Pauline Campbell served as a director and member of the audit committee from October 1, 2021. |
- | for UK purposes, the committee chair, as a chartered accountant, has recent and relevant financial experience by virtue of previous executive and current non-executive responsibilities (details of which can be found in his biography) and that the audit committee as a whole has competence relative to the sector in which the Company operates; and |
- | for US purposes, each of the Audit committee members is independent under the SEC and NYSE definitions of that term; that the committee chair is an Audit committee financial expert, is independent of management, and has accounting or related financial management expertise; and that all of the Audit committee members are financially literate. |
- | monitor the integrity of the financial statements of the Company and any formal announcements relating to the Company’s financial performance, reviewing significant financial reporting judgements contained in them. The committee also reviews the Group’s Annual Report and Accounts and Interim Report prior to submission to the full board for approval; |
- | monitor the Group’s accounting policies and review the Company’s internal financial controls and financial reporting procedures and, on behalf of the board, the Company’s internal control and risk management systems; |
- | monitor the adequacy and effectiveness of the Company’s internal financial controls and internal controls, risk management systems and insurance arrangements; |
- | ensure that a robust assessment of the principal and emerging risks facing the Company, including those that would threaten the business model, future performance, solvency or liquidity and reputation is undertaken at least once a year; |
- | monitor and review the effectiveness of the Company’s internal audit function, including agreeing and approving the annual internal audit plan; |
- | make recommendations to the board, for it to put to the shareholders for their approval in general meeting, in relation to the appointment, reappointment and removal of the external auditor and to approve the remuneration and terms of engagement of the external auditor; |
- | oversee the relationship with the external auditors and review and monitor their independence and objectivity and the effectiveness of the audit process, taking into consideration relevant UK and US professional and regulatory requirements; |
- | develop and implement policy on the engagement of the external auditor to supply non-audit services, taking into account relevant ethical guidance regarding the provision of non-audit services by the external audit firm; and to report to the board, identifying any matters in respect of which it considers that action or improvement is needed and making recommendations as to the steps to be taken; |
- | provide a forum through which the Group’s external and internal auditors and external tax advisors report to the board; and |
- | report to the board on how it has discharged its responsibilities. |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
Number | Number | Number | ||||||||||
Average monthly number of people | ||||||||||||
(including executive directors) employed by the Group: | ||||||||||||
Continuing Operations | ||||||||||||
Sales and distribution | 4,300 | 5,066 | 5,413 | |||||||||
Research and development | 5,272 | 5,091 | 5,056 | |||||||||
General and administration | 2,210 | 1,937 | 1,991 | |||||||||
11,782 | 12,094 | 12,460 | ||||||||||
Discontinued Operation | ||||||||||||
Sales and distribution | - | - | 164 | |||||||||
Research and development | - | - | 170 | |||||||||
General and administration | - | - | 3 | |||||||||
- | - | 337 | ||||||||||
Total | ||||||||||||
Sales and distribution | 4,300 | 5,066 | 5,577 | |||||||||
Research and development | 5,272 | 5,091 | 5,226 | |||||||||
General and administration | 2,210 | 1,937 | 1,994 | |||||||||
11,782 | 12,094 | 12,797 |
Director | Shares held (owned outright)1 | |||
Stephen Murdoch | 280,669 | |||
Matt Ashley | - | |||
Greg Lock | 535,000 | |||
Karen Slatford | 14,687 | |||
Richard Atkins | 13,862 | |||
Amanda Brown | 3,841 | |||
Lawton Fitt | - | |||
Robert Youngjohns | - | |||
Sander van ’t Noordende | 45,000 | |||
Pauline Campbell (from October 1, 2021) | - |
1 | Shares held (owned outright), includes any Micro Focus securities of which the director, their spouse, civil partner or dependent child has beneficial ownership. Each represents less than one per cent of the outstanding shares. |
- | The number of shares held (owned outright) by Matt Ashley increased from 0 to 43,280 as a result of purchases of Micro Focus shares by Matt Ashley and his spouse on 17 December 2021. |
- | The number of shares held (owned outright) by Greg Lock increased from 535,000 to 835,000 as a result of a purchase of 300,000 Micro Focus shares by Mr. Lock on December 17, 2021. |
Number of awards | Range of exercise prices (pence) | Range of expiry dates | |
Long-term Incentive Plan | 3,653,755 | nil to 10 pence | February 18, 2022 to March 26, 31 |
Additional Share Grant | 405,917 | nil | November 20, 2024 |
Deferred Share Bonus Plan | 43,134 | nil | February 28, 2022 to March 26, 2024 |
Sharesave and ESPP | 36,021 | nil | October 1, 2022 and April 1, 2024 |
As at February 14, 20221 | As at February 12, 2021 | As at January 27, 2020 | ||||||||||||||||||||||
Ordinary shares of 10 pence each | Percentage of issued share capital % | Ordinary shares of 10 pence each | Percentage of issued share capital % | Ordinary shares of 10 pence each | Percentage of issued share capital % | |||||||||||||||||||
Dodge & Cox | 58,258,495 | 17.40 | % | 57,130,923 | 17.01 | % | 59,948,603 | 17.98 | % | |||||||||||||||
BlackRock Inc. | 20,112,160 | 6.00 | % | 26,546,176 | 7.93 | % | 25,467,989 | 7.64 | % | |||||||||||||||
M&G Plc | 16,912,423 | 5.05 | % | 16,912,423 | 5.05 | % | n/a | n/a | ||||||||||||||||
Causeway Capital Management LLC | n/a | n/a | | 16,322,007 | 4.88 | % | 28,237,993 | 8.47 | % |
1 | Information reflects shareholdings and percentage of issued share capital at date of last filed SC 13G/A. |
• | In re Micro Focus International plc Securities Litigation is a putative class action on behalf of holders of Micro Focus ADS filed on May 23, 2018 in the United States District Court for the Northern District of California against Micro Focus and certain current and former directors and officers, among others. On July 26, 2018, the court transferred the case to the United States District Court for the Southern District of New York. The lawsuit alleges violations of the Securities Act and of the Exchange Act. The parties participated in a mediation during the second quarter of year ended October 31, 2021during which the parties reached an agreement to settle the case for payment of $15 million to the settlement class. The proposed settlement is subject to the court’s approval. The settlement amount will be paid from insurance coverage. The Company and all defendants have denied, and continue to deny, the claims alleged in the case and the settlement does not reflect any admission of fault, wrongdoing, or liability as to any defendant. |
• | re Micro Focus International plc Securities Litigation is another putative class action on behalf of holders of Micro Focus filed on March 28, 2018, in the Superior Court of California, County of San Mateo against Micro Focus International plc and certain current and former directors and officers, among others. Six additional purported holders of Micro Focus ADS filed putative class actions in the same court, and the court consolidated all cases. The lawsuit alleges violations of the Securities Act. On November 19, 2021, the court certified a class of all persons and entities who purchased Micro Focus ADSs pursuant to SEC filings issued in connection with the merger of Micro Focus and Hewlett Packard Enterprises. The California matter remains pending. |
Measurement category | Carrying value October 31, 2021 | Fair value 2021 | Fair value Hierarchy 2021/2020 | Carrying value October 31, 2020 | |||||||||||||
$m | $m | ||||||||||||||||
Financial assets: | |||||||||||||||||
Non-current | |||||||||||||||||
Long-term pension asset | FV OCI | 17.1 | Fair value insurance based input | Level 3 | 18.2 | ||||||||||||
Current | |||||||||||||||||
Cash and cash equivalent | Amortised cost | 558.4 | - | - | 737.2 | ||||||||||||
Trade and other receivables | Amortised cost | 784.2 | - | - | 648.6 | ||||||||||||
Contract assets | Amortised cost | 62.0 | - | - | 33.7 | ||||||||||||
1,421.7 | 1,437.7 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||
Non-current | |||||||||||||||||
Derivative financial instruments – interest rate swaps1 | FV OCI | - | Fair value Bank Institutions | Level 2 | 77.9 | ||||||||||||
Borrowings (gross)2 | Amortised cost | 4,566.0 | 4,556.5 | - | 4,699.0 | ||||||||||||
Lease obligations | Amortised cost | 119.6 | - | - | 168.2 | ||||||||||||
Current | |||||||||||||||||
Derivative financial instruments – interest rate swaps1 | FV OCI | 35.7 | Fair value Bank Institutions | Level 2 | - | ||||||||||||
Borrowings (gross)2 | Amortised cost | 42.0 | 41.9 | - | 34.2 | ||||||||||||
Lease obligations | Amortised cost | 74.9 | - | - | 82.2 | ||||||||||||
Trade and other payables – accruals | Amortised cost | 440.1 | - | - | 419.2 | ||||||||||||
5,278.3 | 5,480.7 |
1 | Derivative interest rate swaps are measured at fair value in other comprehensive income (“FVOCI”) as a result of hedge accounting. All interest rate swaps are in designated hedge relationships and there are no other derivative financial instruments held as fair value through profit and loss (“FVTPL”). |
2 | Borrowings have a carrying value (net of unamortised prepaid facility arrangement fees and original issue discount) of $4,548.4 million (2020: $4,640.3 million). Total borrowings (gross) are shown in this table as $4,608.0 million (2020: $4,733.2 million) for the fair value comparison. |
October 31, 2021 | October 31, 2020 | |||||||
Interest rate risk | $m | $m | ||||||
Interest rate swaps (receive variable, pay fixed) | ||||||||
Fair value of Derivative liability (total of 4 swaps) | (35.7 | ) | (77.9 | ) | ||||
Notional amount (4 x $562.5 million) | 2,250.0 | 2,250.0 | ||||||
Maturity date | September 30, 2022 | September 30, 2022 | ||||||
Change in fair value of outstanding hedging instruments (OCI hedging reserve excluding deferred tax) | 42.2 | (41.3 | ) | |||||
Change in value of hedging instruments (as above adjusted for impact of credit risk) | 41.9 | (39.9 | ) | |||||
Hedging ratio | 1.1 | 1.1 |
October 31, 2021 | October 31, 2020 | |||||||
Foreign exchange risk | $m | $m | ||||||
Notional amounts for Designated Euro borrowing | ||||||||
Euro B-1 2020 tranche €600 million (Borrowings maturity date: June 2025) | 676.0 | 700.3 | ||||||
Foreign exchange (loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 6.5 | (34.5 | ) | |||||
Euro 2017 tranche €453 million (Borrowings maturity date: June 2024) | 510.9 | 528.5 | ||||||
Foreign exchange (loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 4.8 | (24.2 | ) | |||||
Hedge ratio for each of the two Net investment hedges | 1:1 | 1:1 |
Group exposure | +/- 5 | % | +/- 10 | % | ||||||||
Key aggregate currency exposures* | $m | $m | $m | |||||||||
Euro (EUR) | 1,504.6 | 75.2 | 150.4 | |||||||||
GB Pounds (GBP) | 156.7 | 7.8 | 15.6 | |||||||||
Indian Rupee (INR) | 64.4 | 3.2 | 6.4 | |||||||||
Japanese Yen (JPY) | 53.0 | 2.7 | 5.3 | |||||||||
Australian Dollar (AUD) | 32.5 | 1.6 | 3.3 | |||||||||
Canadian Dollar (CAD) | 31.9 | 1.6 | 3.2 | |||||||||
Israeli Shekel (ILS) | 29.5 | 1.5 | 3.0 | |||||||||
Chinese Yuan (CNY) | 27.3 | 1.4 | 2.7 | |||||||||
Swedish Krona (SEK) | 24.3 | 1.2 | 2.4 | |||||||||
United Arab Emirates Dirham (AED) | 24.2 | 1.2 | 2.4 | |||||||||
Czech Koruna (CZK) | 12.0 | 0.6 | 1.2 | |||||||||
Mexican Peso (MXN) | 10.4 | 0.5 | 1.0 | |||||||||
Turkish Lira (TRY) | 10.2 | 0.5 | 1.0 | |||||||||
Danish Krone (DKK) | 10.1 | 0.5 | 1.0 |
Borrowings exposures to variable interest rate changes (based on gross debt excluding the effects of hedging) | Group exposure | LIBOR, EURIBOR +1% | ||||||
$m | $m | |||||||
Euro | 1,186.9 | 11.9 | ||||||
US dollar | 3,421.1 | 34.2 | ||||||
Total Gross Debt | 4,608.0 | 46.1 |
Service | Fees | |
Issuance of ADSs including issuance from a distribution of shares and distribution of ADSs pursuant to bonus distributions, stock splits or other distributions. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). | |
Distribution of cash dividends. This fee is not currently charged. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). | |
An annual fee for operation and maintenance of administering the ADSs. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). The current per ADS fee to be charged for the operation and maintenance of administering pf the ADS is $0.02 per ADS twice per year. | |
Transfer and registration of shares on share register to or from the name of the depositary or its agent when you deposit or withdraw shares | Registration or transfer fees |
- | are designed to give reasonable assurance that the transactions are recorded as necessary to permit the preparation of financial statements in accordance with IFRS as adopted by the EU and IFRS as issued by the IASB, and that receipts and expenditures are being made only in accordance with authorization of management and the directors; |
- | relate to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposal of assets; and |
- | give reasonable assurance regarding the prevention or timely detection of unauthorized use, acquisition or disposal of the Group’s assets that could have a material impact on the financial statements. |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Audit of Company | 8.0 | 7.2 | 12.8 | |||||||||
ICOFR | 4.7 | 2.7 | 3.0 | |||||||||
Audit of subsidiaries | 2.8 | 2.9 | 3.9 | |||||||||
Total audit fees | 15.5 | 12.8 | 19.7 | |||||||||
Audit-related assurance fees | 0.5 | 0.6 | 0.6 | |||||||||
Other assurance services | - | - | - | |||||||||
Total audit related fees | 0.5 | 0.6 | 0.6 | |||||||||
Tax compliance services | - | - | - | |||||||||
Tax advisory services | - | - | 0.1 | |||||||||
Tax fees | - | - | 0.1 | |||||||||
All other fees | - | - | - | |||||||||
Total | 16.0 | 13.4 | 20.4 |
Period | Total Number of Shares purchased | Average price paid per share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum number of Shares that may yet be purchased under the plans or programs | ||||||||||||
November 1, 2020 to November 30, 2020 | - | - | - | - | ||||||||||||
December 1, 2020 to December 31, 2020 | - | - | - | - | ||||||||||||
January 1, 2021 to January 31, 2021 | - | - | - | - | ||||||||||||
February 1, 2021 to February 28, 2021 | - | - | - | - | ||||||||||||
March 1, 2021 to March 31, 2021 | 4,000,000 | 1 | $ | 6.81 | - | - | ||||||||||
April 1, 2021 to April 30, 2021 | - | - | - | - | ||||||||||||
May 1, 2021 to May 31, 2021 | - | - | - | - | ||||||||||||
June 1, 2021 to June 30, 2021 | - | - | - | - | ||||||||||||
July 1, 2021 to July 31, 2021 | - | - | - | - | ||||||||||||
August 1, 2021 to August 31, 2021 | - | - | - | - | ||||||||||||
September 1, 2021 to September 30, 2021 | - | - | - | - | ||||||||||||
October 1, 2021 to October 31, 2021 | - | - | - | - | ||||||||||||
Total | 4,000,000 | $ | 6.81 | - | - |
Description of the rights of each class of securities registered under Section 12 of the Exchange Act | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, MA FinanceCo., LLC, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, Seattle Spinco, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Code of conduct | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Stephen Murdoch under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Matt Ashley under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Consent of KPMG LLP. |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Date File because its XBRL tags are embedded with the Inline XBRL document) |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Measurement category | Carrying value October 31, 2021 | Fair value 2021 | Fair value Hierarchy 2021/2020 | Carrying value October 31, 2020 | |||||||||||||
$m | $m | ||||||||||||||||
Financial assets: | |||||||||||||||||
Non-current | |||||||||||||||||
Long-term pension asset | FV OCI | 17.1 | Fair value insurance based input | Level 3 | 18.2 | ||||||||||||
Current | |||||||||||||||||
Cash and cash equivalent | Amortised cost | 558.4 | - | - | 737.2 | ||||||||||||
Trade and other receivables | Amortised cost | 784.2 | - | - | 648.6 | ||||||||||||
Contract assets | Amortised cost | 62.0 | - | - | 33.7 | ||||||||||||
1,421.7 | 1,437.7 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||
Non-current | |||||||||||||||||
Derivative financial instruments – interest rate swaps1 | FV OCI | - | Fair value Bank Institutions | Level 2 | 77.9 | ||||||||||||
Borrowings (gross)2 | Amortised cost | 4,566.0 | 4,556.5 | - | 4,699.0 | ||||||||||||
Lease obligations | Amortised cost | 119.6 | - | - | 168.2 | ||||||||||||
Current | |||||||||||||||||
Derivative financial instruments – interest rate swaps1 | FV OCI | 35.7 | Fair value Bank Institutions | Level 2 | - | ||||||||||||
Borrowings (gross)2 | Amortised cost | 42.0 | 41.9 | - | 34.2 | ||||||||||||
Lease obligations | Amortised cost | 74.9 | - | - | 82.2 | ||||||||||||
Trade and other payables – accruals | Amortised cost | 440.1 | - | - | 419.2 | ||||||||||||
5,278.3 | 5,480.7 |
1 | Derivative interest rate swaps are measured at fair value in other comprehensive income (“FVOCI”) as a result of hedge accounting. All interest rate swaps are in designated hedge relationships and there are no other derivative financial instruments held as fair value through profit and loss (“FVTPL”). |
2 | Borrowings have a carrying value (net of unamortised prepaid facility arrangement fees and original issue discount) of $4,548.4 million (2020: $4,640.3 million). Total borrowings (gross) are shown in this table as $4,608.0 million (2020: $4,733.2 million) for the fair value comparison. |
October 31, 2021 | October 31, 2020 | |||||||
Interest rate risk | $m | $m | ||||||
Interest rate swaps (receive variable, pay fixed) | ||||||||
Fair value of Derivative liability (total of 4 swaps) | (35.7 | ) | (77.9 | ) | ||||
Notional amount (4 x $562.5 million) | 2,250.0 | 2,250.0 | ||||||
Maturity date | September 30, 2022 | September 30, 2022 | ||||||
Change in fair value of outstanding hedging instruments (OCI hedging reserve excluding deferred tax) | 42.2 | (41.3 | ) | |||||
Change in value of hedging instruments (as above adjusted for impact of credit risk) | 41.9 | (39.9 | ) | |||||
Hedging ratio | 1.1 | 1.1 |
October 31, 2021 | October 31, 2020 | |||||||
Foreign exchange risk | $m | $m | ||||||
Notional amounts for Designated Euro borrowing | ||||||||
Euro B-1 2020 tranche €600 million (Borrowings maturity date: June 2025) | 676.0 | 700.3 | ||||||
Foreign exchange (loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 6.5 | (34.5 | ) | |||||
Euro 2017 tranche €453 million (Borrowings maturity date: June 2024) | 510.9 | 528.5 | ||||||
Foreign exchange (loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 4.8 | (24.2 | ) | |||||
Hedge ratio for each of the two Net investment hedges | 1:1 | 1:1 |
Group exposure | +/- 5 | % | +/- 10 | % | ||||||||
Key aggregate currency exposures* | $m | $m | $m | |||||||||
Euro (EUR) | 1,504.6 | 75.2 | 150.4 | |||||||||
GB Pounds (GBP) | 156.7 | 7.8 | 15.6 | |||||||||
Indian Rupee (INR) | 64.4 | 3.2 | 6.4 | |||||||||
Japanese Yen (JPY) | 53.0 | 2.7 | 5.3 | |||||||||
Australian Dollar (AUD) | 32.5 | 1.6 | 3.3 | |||||||||
Canadian Dollar (CAD) | 31.9 | 1.6 | 3.2 | |||||||||
Israeli Shekel (ILS) | 29.5 | 1.5 | 3.0 | |||||||||
Chinese Yuan (CNY) | 27.3 | 1.4 | 2.7 | |||||||||
Swedish Krona (SEK) | 24.3 | 1.2 | 2.4 | |||||||||
United Arab Emirates Dirham (AED) | 24.2 | 1.2 | 2.4 | |||||||||
Czech Koruna (CZK) | 12.0 | 0.6 | 1.2 | |||||||||
Mexican Peso (MXN) | 10.4 | 0.5 | 1.0 | |||||||||
Turkish Lira (TRY) | 10.2 | 0.5 | 1.0 | |||||||||
Danish Krone (DKK) | 10.1 | 0.5 | 1.0 |
Borrowings exposures to variable interest rate changes (based on gross debt excluding the effects of hedging) | Group exposure | LIBOR, EURIBOR +1% | ||||||
$m | $m | |||||||
Euro | 1,186.9 | 11.9 | ||||||
US dollar | 3,421.1 | 34.2 | ||||||
Total Gross Debt | 4,608.0 | 46.1 |
Service | Fees | |
Issuance of ADSs including issuance from a distribution of shares and distribution of ADSs pursuant to bonus distributions, stock splits or other distributions. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). | |
Distribution of cash dividends. This fee is not currently charged. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). | |
An annual fee for operation and maintenance of administering the ADSs. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). The current per ADS fee to be charged for the operation and maintenance of administering pf the ADS is $0.02 per ADS twice per year. | |
Transfer and registration of shares on share register to or from the name of the depositary or its agent when you deposit or withdraw shares | Registration or transfer fees |
- | are designed to give reasonable assurance that the transactions are recorded as necessary to permit the preparation of financial statements in accordance with IFRS as adopted by the EU and IFRS as issued by the IASB, and that receipts and expenditures are being made only in accordance with authorization of management and the directors; |
- | relate to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposal of assets; and |
- | give reasonable assurance regarding the prevention or timely detection of unauthorized use, acquisition or disposal of the Group’s assets that could have a material impact on the financial statements. |
Item 16.A | Audit committee audit report expert |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Audit of Company | 8.0 | 7.2 | 12.8 | |||||||||
ICOFR | 4.7 | 2.7 | 3.0 | |||||||||
Audit of subsidiaries | 2.8 | 2.9 | 3.9 | |||||||||
Total audit fees | 15.5 | 12.8 | 19.7 | |||||||||
Audit-related assurance fees | 0.5 | 0.6 | 0.6 | |||||||||
Other assurance services | - | - | - | |||||||||
Total audit related fees | 0.5 | 0.6 | 0.6 | |||||||||
Tax compliance services | - | - | - | |||||||||
Tax advisory services | - | - | 0.1 | |||||||||
Tax fees | - | - | 0.1 | |||||||||
All other fees | - | - | - | |||||||||
Total | 16.0 | 13.4 | 20.4 |
Period | Total Number of Shares purchased | Average price paid per share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum number of Shares that may yet be purchased under the plans or programs | ||||||||||||
November 1, 2020 to November 30, 2020 | - | - | - | - | ||||||||||||
December 1, 2020 to December 31, 2020 | - | - | - | - | ||||||||||||
January 1, 2021 to January 31, 2021 | - | - | - | - | ||||||||||||
February 1, 2021 to February 28, 2021 | - | - | - | - | ||||||||||||
March 1, 2021 to March 31, 2021 | 4,000,000 | 1 | $ | 6.81 | - | - | ||||||||||
April 1, 2021 to April 30, 2021 | - | - | - | - | ||||||||||||
May 1, 2021 to May 31, 2021 | - | - | - | - | ||||||||||||
June 1, 2021 to June 30, 2021 | - | - | - | - | ||||||||||||
July 1, 2021 to July 31, 2021 | - | - | - | - | ||||||||||||
August 1, 2021 to August 31, 2021 | - | - | - | - | ||||||||||||
September 1, 2021 to September 30, 2021 | - | - | - | - | ||||||||||||
October 1, 2021 to October 31, 2021 | - | - | - | - | ||||||||||||
Total | 4,000,000 | $ | 6.81 | - | - |
LTIPs and ASGs | |||||||||||||||||||||||||||||||||
Base Salary1 | Benefits in kind 2 | Annual bonus 3 | LTIPs 4 | ASGs 5 | Total | Pension 6 | Total | ||||||||||||||||||||||||||
Executive Directors | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |||||||||||||||||||||||||
Kevin Loosemore | 2019 (12 months) | 750 | 35 | - | 1,205 | - | 1,205 | 150 | 2,140 | ||||||||||||||||||||||||
2018 (18 months) | 1,125 | 47 | 855 | 1,407 | 25,232 | 26,639 | 225 | 28,891 | |||||||||||||||||||||||||
Stephen Murdoch 7 | 2019 (12 months) | 850 | 20 | - | 565 | - | 565 | 128 | 1,563 | ||||||||||||||||||||||||
2018 (18 months) | 668 | 17 | 569 | 607 | 8 | 5,809 | 6,416 | 100 | 7,770 | ||||||||||||||||||||||||
Brian McArthur-Muscroft 9 | 2019 (12 months) | 600 | 20 | - | - | - | - | 90 | 710 | ||||||||||||||||||||||||
2018 (18 months) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||
Chris Kennedy 10 | 2019 (12 months) | 233 | 7 | - | - | - | - | 47 | 287 | ||||||||||||||||||||||||
2018 (18 months) | 487 | 12 | - | - | - | - | 97 | 596 |
Executive director | Interest held | % vesting | Interest vesting | Vesting date | |||||||||
Kevin Loosemore | 69,156 | 100 | % | 69,156 | July 26, 2019 | ||||||||
Stephen Murdoch | 39,640 | 100 | % | 39,640 | July 26, 2019 |
Fees | |||||||||
Non-executive directors | 2019 (12 months) | 2018 (18 months) | |||||||
£ | ’000 | £ | ’000 | ||||||
Karen Slatford | 120 | 180 | |||||||
Richard Atkins | 90 | 135 | |||||||
Amanda Brown 1 | 90 | 135 | |||||||
Silke Scheiber 2 | 70 | 103 | |||||||
Darren Roos 3 | 59 | 103 | |||||||
Lawton Fitt 4 | 80 | 83 |
Committee member | Held | Number of meetings attended |
Amanda Brown (Chair) | 7 | 7 |
Karen Slatford 1 | 7 | 7 |
Silke Scheiber2 | 7 | 7 |
Darren Roos 3 | 5 | 4 |
Richard Atkins 4 | - | - |
Lawton Fitt 5 | - | - |
Executive director | Date of grant | Awards made during the period | Share price at grant 1 | Face value at grant | |||||||||
Stephen Murdoch | February 28, 2019 | 10,013 | £ | 18.945 | £ | 189,696 |
Executive director | Date of grant | Performance period | Awards made during the period | Share price at grant 1 | Face value at grant | Grant basis | |||||||||
Kevin Loosemore | February 18,2019 | 3 years from November 1, 2018 | 89,285 | £ | 16.80 | £ | 1,499,988 | 200% of salary | |||||||
Stephen Murdoch | February 18, 2019 | 3 years from November 1, 2018 | 101,190 | £ | 16.80 | £ | 1,699,992 | 200% of salary | |||||||
Brian McArthur- Muscroft 2 | November 22, 2018 | 3 years from November 1, 2018 | 80,482 | £ | 14.91 | £ | 1,199,987 | 200% of salary | |||||||
Brian McArthur-Muscroft 3 | November 22, 2018 | 3 years from November 1, 2018 | 80,482 | £ | 14.91 | £ | 1,199,987 | 200% of salary |
Executive director | Date of grant | Performance period | Awards made during the period | Share price at grant 1 | Face value at grant | Grant basis | |||||||||
Brian McArthur-Muscroft | November 22, 2018 | 3 years from September 1, 2017 | 338,000 | £ | 14.91 | £ | 5,039,580 | ½ of the award granted to his predecessor |
Award | Date of grant | Shares granted | Shares lost through time pro-ration 1 | Performance condition outcome | Shares vesting | Exercise/release date | ||||||||||||
LTIPs | ||||||||||||||||||
Nil cost option | March 23, 2016 | 26,024 | - | Already vested 100% 2 | 26,024 | March 15, 2019 to September 14, 2019 | ||||||||||||
Nil cost option | September 13, 2016 | 33,476 | 1,860 | 100 | %3 | 31,616 | March 15, 2019 to September 14, 2019 | |||||||||||
Conditional award | September 16, 2017 | 33,633 | 13,079 | 100 | %4 | 20,554 | March 15, 2019 | |||||||||||
Deferred Share Bonus Plan | ||||||||||||||||||
Conditional award | July 25, 2017 | 4,519 | 2,134 | n/a | 2,385 | 5 | March 15, 2019 | |||||||||||
Conditional award | February 28, 2019 | 6,565 | 6,565 | n/a | - | n/a |
Award | Date of grant | Date of vesting | Shares granted | Shares lost through time pro- ration 1 | Shares outstanding | Performance condition outcome | Exercise/release date | ||||||||||||
LTIPs | |||||||||||||||||||
Nil cost option | September 13, 2016 | July 26, 2019 | 37,262 | - | 37,262 | Already vested 100% 2 | July 26, 2019 to July 25, 2026 | ||||||||||||
Nil cost option | September 6, 2017 | July 17, 2020 | 34,464 | 8,616 | 25,848 | To be tested at vesting 3 | July 17, 2020 to January 16, 2021 | ||||||||||||
Deferred Share Bonus Plan | |||||||||||||||||||
Conditional award | July 25, 2017 | July 25, 2020 | 4,758 | 1,583 | 3,165 | n/a | July 25, 2020 | ||||||||||||
Conditional award | February 28, 2019 | February 28, 2022 | 2,415 | 2,080 | 335 | n/a | February 28, 2022 | ||||||||||||
HPE Software Additional Share Grant | |||||||||||||||||||
Nil cost option | September 20, 2018 | September 1, 2020 | 676,000 | 245,482 | 430,518 | To be tested at vesting 4 | September 1, 2020 to February 28, 2021 |
Year ended April 30, | 18 months ended October 31, | 12 months ended October 31, | ||||||||||||||||||||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||||||||||||
£ | ’000 | £ | ’000 | £ | ’000 | £ | ’000 | £ | ’000 | £ | ’000 | £ | ’000 | £ | ’000 | £ | ’000 | £ | ’000 | |||||||||||||||||||||
Stephen Murdoch 1 | ||||||||||||||||||||||||||||||||||||||||
Single total figure of remuneration | 2,739 | 1,333 | ||||||||||||||||||||||||||||||||||||||
Annual bonus outcome (% of maximum) | 57 | % | Nil | |||||||||||||||||||||||||||||||||||||
LTIP vesting (% of maximum) | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
Chris Hsu 2 | ||||||||||||||||||||||||||||||||||||||||
Single total figure of remuneration | 4,963 | |||||||||||||||||||||||||||||||||||||||
Annual bonus outcome (% of maximum) | 12 | % | ||||||||||||||||||||||||||||||||||||||
LTIP vesting (% of maximum) | n/a | |||||||||||||||||||||||||||||||||||||||
Kevin Loosemore | ||||||||||||||||||||||||||||||||||||||||
Single total figure of remuneration | 23 | 1,291 | 1,304 | 12,468 | 4,315 | 4,231 | 4,226 | |||||||||||||||||||||||||||||||||
Annual bonus outcome (% of maximum) | Nil | 90 | % | 92 | % | 100 | % | 100 | % | 100 | % | 45 | % | |||||||||||||||||||||||||||
LTIP vesting (% of maximum) | Nil | Nil | Nil | 199 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||
Nigel Clifford | ||||||||||||||||||||||||||||||||||||||||
Single total figure of remuneration | 628 | |||||||||||||||||||||||||||||||||||||||
Annual bonus outcome (% of maximum) | Nil | |||||||||||||||||||||||||||||||||||||||
LTIP vesting (% of maximum) | Nil | |||||||||||||||||||||||||||||||||||||||
Stephen Kelly | ||||||||||||||||||||||||||||||||||||||||
Single total figure of remuneration | 3,696 | |||||||||||||||||||||||||||||||||||||||
Annual bonus outcome (% of maximum) | Nil | |||||||||||||||||||||||||||||||||||||||
LTIP vesting (% of maximum) | 100 | % |
Chief Executive Officer | Other employees | |||||||||||||||||||
Base package | 2019 12 month period | 2018 18 month period | 2018 Annualized | Annualized % change | Annualized % change | |||||||||||||||
£ | ’000 | £ | ’000 | £ | ’000 | |||||||||||||||
Salary | 850 | 1,081 | 721 | 18 | % | 5 | % | |||||||||||||
Taxable benefits | 20 | 4,493 | 2,995 | (99 | )% | 4 | % | |||||||||||||
Annual performance bonus | - | 642 | 428 | (100 | )% | (58 | )% | |||||||||||||
Total | 870 | 6,216 | 4,144 | (79 | )% | No change |
Year | Method | 25th percentile pay ratio | Median pay ratio | 75Th percentile pay ratio | |||||||||
2019 | Option B | 35:1 | 24:1 | 14:1 | |||||||||
Total remuneration | £ | 45,000 | £ | 66,000 | £ | 111,000 | |||||||
Salary | £ | 40,000 | £ | 59,000 | £ | 83,000 |
2019 | 2018 | % change from 2018 | ||||||||||||||||||
12 months ended October 31 | 18 months ended October 31, | 12 months ended October 31, | 18 months | 12 months | ||||||||||||||||
$ | m | $ | m | $ | m | % | % | |||||||||||||
Distribution to shareholders | ||||||||||||||||||||
- Dividends paid | 439.2 | 542.2 | 408.3 | (19.0 | )% | 7.6 | % | |||||||||||||
- Share buy-backs | 538.8 | 171.2 | 171.2 | 214.7 | % | 214.7 | % | |||||||||||||
- Return of Value | 1,800.0 | 500.0 | - | 260.0 | % | n/a | ||||||||||||||
Total | 2,778.0 | 1,213.4 | 579.5 | 128.9 | % | 379.4 | % | |||||||||||||
Employee remuneration | 1,340.2 | 2,030.7 | n/a | (34.0 | )% | n/a |
Nil-cost options and conditional awards held | ||||||||||||||||||||||||||||
Director | Shares held (owned outright) | Vested but not exercised | Unvested and not subject to performance | Unvested and subject to performance | Shareholding requirement (% of salary) | Current shareholding (% of salary)1 | Requirement met? | |||||||||||||||||||||
Kevin Loosemore | 631,983 | 69,156 | - | 1,257,250 | 200 | % | 945 | % | Yes | |||||||||||||||||||
Stephen Murdoch 2 | 276,151 | 39,640 | 15,064 | 1,152,391 | 200 | % | 371 | % | Yes | |||||||||||||||||||
Brian McArthur Muscroft 3 | - | - | - | 498,964 | 200 | % | - | Not yet due | ||||||||||||||||||||
Karen Slatford | 14,687 | - | - | - | - | - | n/a | |||||||||||||||||||||
Richard Atkins | 13,862 | - | - | - | - | - | n/a | |||||||||||||||||||||
Amanda Brown | 3,841 | - | - | - | - | - | n/a | |||||||||||||||||||||
Silke Scheiber | - | - | - | - | - | - | n/a | |||||||||||||||||||||
Lawton Fitt | - | - | - | - | - | - | n/a |
Number at November 1, 2018 | Number granted in the period | Number exercised in the period | Number lapsed in the period | Number at October 31, 2019 | Date for exercise | ||||||||||||||||
Kevin Loosemore 1 | 192,157 | - | 192,157 | - | - | June 27, 2015 to June 26, 2022 | |||||||||||||||
Kevin Loosemore 1 | 142,132 | - | 142,132 | - | - | June 26, 2016 to June 25, 2023 | |||||||||||||||
Kevin Loosemore 1 | 115,192 | - | 115,192 | - | - | June 27, 2017 to June 26, 2024 | |||||||||||||||
Kevin Loosemore 1 | 111,275 | - | 111,275 | - | - | July 17, 2018 to July 16, 2025 | |||||||||||||||
Kevin Loosemore 1 | 69,156 | - | - | - | 69,156 | July 26, 2019 to July 25, 2026 | |||||||||||||||
Kevin Loosemore 2 | 67,965 | - | - | - | 67,965 | July 17, 2020 to July 16, 2027 | |||||||||||||||
Kevin Loosemore 3 | - | 89,285 | - | - | 89,285 | February 18, 2022 to February 17, 2029 | |||||||||||||||
Stephen Murdoch 1 | 46,237 | - | 46,237 | - | - | December 27, 2015 to December 26, 2022 | |||||||||||||||
Stephen Murdoch 1 | 39,884 | - | 39,884 | - | - | June 26, 2016 to June 25, 2023 | |||||||||||||||
Stephen Murdoch 1 | 56,421 | - | 56,421 | - | - | June 27, 2017 to June 26, 2024 | |||||||||||||||
Stephen Murdoch 1 | 44,510 | - | 44,510 | - | - | July 17, 2018 to July 16, 2025 | |||||||||||||||
Stephen Murdoch 1 | 26,024 | - | 26,024 | - | - | March 23, 2019 to March 22, 2026 | |||||||||||||||
Stephen Murdoch 1 | 39,640 | - | - | - | 39,640 | July 26, 2019 to July 25, 2026 | |||||||||||||||
Stephen Murdoch 2 | 36,664 | - | - | - | 36,664 | July 17, 2020 to July 16, 2027 | |||||||||||||||
Stephen Murdoch 2 | 67,537 | - | - | - | 67,537 | September 20, 2021 to September 19, 2028 | |||||||||||||||
Stephen Murdoch 3 | - | 101,190 | - | - | 101,190 | February 18, 2022 to February 17, 2029 | |||||||||||||||
Brian McArthur-Muscroft 3 | - | 80,482 | - | - | 80,482 | November 22, 2021 to November 21, 2028 | |||||||||||||||
Brian McArthur-Muscroft 4 | - | 80,482 | - | - | 80,482 | November 22, 2022 to November 21, 2028 |
Executive director | Date of exercise | Number of options exercised | Share price at exercise 1 | Gain on exercise | |||||||||
Kevin Loosemore | April 5, 2019 | 560,756 | £ | 19.545 | £ | 10,959,976 | |||||||
Stephen Murdoch | April 1, 2019 | 213,076 | £ | 20.010 | £ | 4,263,651 |
Number at November 1, 2018 | Number granted in the period | Number exercised in the period | Number lapsed in the period | Number at October 31, 2019 | Date of release | ||||||||||||||||
Stephen Murdoch | 5,051 | - | - | - | 5,051 | July 25, 2020 | |||||||||||||||
Stephen Murdoch | - | 10,013 | - | - | 10,031 | February 28, 2022 |
Number at November 1, 2018 | Number granted in the period | Number Exercised in the period | Number lapsed in the period | Number at October 31, 2019 | Date of exercise | ||||||||||||||||
Kevin Loosemore 1 | 947,140 | - | 947,140 | - | - | November 1, 2017 to October 31, 2024 | |||||||||||||||
Kevin Loosemore 2 | 1,100,000 | - | - | - | 1,100,000 | September 1, 2020 to August 31, 2027 | |||||||||||||||
Stephen Murdoch 1 | 405,917 | - | 405,917 | - | - | November 1, 2017 to October 31, 2024 | |||||||||||||||
Stephen Murdoch 2 | 947,000 | - | - | - | 947,000 | September 1, 2020 to August 31, 2027 | |||||||||||||||
Brian McArthur-Muscroft 2 | - | 338,000 | - | - | 338,000 | September 1, 2020 to August 31, 2027 |
Executive director | Date of exercise | Number of Options exercised | Share price at exercise 1 | Gain on exercise | |||||||||
Kevin Loosemore | April 1, 2019 | 947,140 | £ | 20.010 | £ | 18,952,271 | |||||||
Stephen Murdoch | April 1,2019 | 405,917 | £ | 20.010 | £ | 8,122,399 |
Votes for | Votes against | |||||||||||||||||||||||
Number | Percentage | Number | Percentage | Votes cast | Votes withheld | |||||||||||||||||||
2018 Director’s Remuneration report | 154,276,600 | 49.67 | % | 156,329,073 | 50.33 | % | 322,087,153 | 11,481,480 | ||||||||||||||||
2017 Director’s Remuneration Policy | 162,259,404 | 86.46 | % | 25,408,333 | 13.54 | % | 188,129,640 | 461,903 |
Item 16.I |
Item 17 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
Number | Number | Number | ||||||||||
Average monthly number of people | ||||||||||||
(including executive directors) employed by the Group: | ||||||||||||
Continuing Operations | ||||||||||||
Sales and distribution | 5,413 | 5,860 | 1,818 | |||||||||
Research and development | 5,056 | 4,323 | 1,400 | |||||||||
General and administration | 1,991 | 1,378 | 642 | |||||||||
12,460 | 11,561 | 3,860 | ||||||||||
Discontinued Operation | ||||||||||||
Sales and distribution | 164 | 515 | 323 | |||||||||
Research and development | 170 | 629 | 476 | |||||||||
General and administration | 3 | 8 | 4 | |||||||||
337 | 1,152 | 803 | ||||||||||
Total | ||||||||||||
Sales and distribution | 5,577 | 6,375 | 2,141 | |||||||||
Research and development | 5,226 | 4,952 | 1,876 | |||||||||
General and administration | 1,994 | 1,386 | 646 | |||||||||
12,797 | 12,713 | 4,663 |
Nil-cost options and conditional awards held | ||||||||||||||||||||||||
Director | Shares held (owned outright) | % of Group Ordinary shares | Vested but not exercised | Unvested and not subject to performance | Unvested and subject to performance | Other Share Save Options | ||||||||||||||||||
Kevin Loosemore | 631,983 | 0.2 | 69,156 | - | 1,257,250 | - | ||||||||||||||||||
Stephen Murdoch 2 | 276,151 | 0.1 | 39,640 | 15,064 | 1,152,391 | - | ||||||||||||||||||
Brian McArthur-Muscroft 3 | - | - | - | - | 498,964 | - | ||||||||||||||||||
Karen Slatford | 14,687 | 0.0 | - | - | - | - | ||||||||||||||||||
Richard Atkins | 13,862 | 0.0 | - | - | - | - | ||||||||||||||||||
Amanda Brown | 3,841 | 0.0 | - | - | - | - | ||||||||||||||||||
Silke Scheiber | - | - | - | - | - | - | ||||||||||||||||||
Lawton Fitt | - | - | - | - | - | - |
Ordinary shares of 10 pence each | Percentage of issued share capital % | |||||||
Dodge & Cox | 58,978,116 | 17.70 | % | |||||
Causeway Capital Management LLC | 29,945,679 | 8.98 | % | |||||
BlackRock Inc. | 25,103,914 | 7.50 | % |
Description of the rights of each class of securities registered under Section 12 of the Exchange Act | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, MA FinanceCo., LLC, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, Seattle Spinco, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Code of conduct | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Stephen Murdoch under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Matt Ashley under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Consent of KPMG LLP. |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Date File because its XBRL tags are embedded with the Inline XBRL document) |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Financial October 31, 2019 | Non- financial October 31, 2019 | Total October 31, 2019 | Financial October 31, 2018 | Non- financial October 31, 2018 | Total October 31, 2018 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Financial and non-financial assets | ||||||||||||||||||||||||
Non-current | ||||||||||||||||||||||||
Long-term pension assets | 17.1 | - | 17.1 | 16.7 | - | 16.7 | ||||||||||||||||||
Derivative financial instruments – Interest rate swaps | - | - | - | - | 86.4 | 86.4 | ||||||||||||||||||
Current | ||||||||||||||||||||||||
Cash and cash equivalents | 355.7 | - | 355.7 | 620.9 | - | 620.9 | ||||||||||||||||||
Trade and other receivables | 922.7 | 110.2 | 1,032.9 | 1,212.0 | 60.0 | 1,272.0 | ||||||||||||||||||
1,295.5 | 110.2 | 1,405.7 | 1,849.6 | 146.4 | 1,996.0 |
Measurement category | Carrying value October 31, 2021 | Fair value 2021 | Fair value Hierarchy 2021/2020 | Carrying value October 31, 2020 | |||||||||||||
$m | $m | ||||||||||||||||
Financial assets: | |||||||||||||||||
Non-current | |||||||||||||||||
Long-term pension asset | FV OCI | 17.1 | Fair value insurance based input | Level 3 | 18.2 | ||||||||||||
Current | |||||||||||||||||
Cash and cash equivalent | Amortised cost | 558.4 | - | - | 737.2 | ||||||||||||
Trade and other receivables | Amortised cost | 784.2 | - | - | 648.6 | ||||||||||||
Contract assets | Amortised cost | 62.0 | - | - | 33.7 | ||||||||||||
1,421.7 | 1,437.7 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||
Non-current | |||||||||||||||||
Derivative financial instruments – interest rate swaps1 | FV OCI | - | Fair value Bank Institutions | Level 2 | 77.9 | ||||||||||||
Borrowings (gross)2 | Amortised cost | 4,566.0 | 4,556.5 | - | 4,699.0 | ||||||||||||
Lease obligations | Amortised cost | 119.6 | - | - | 168.2 | ||||||||||||
Current | |||||||||||||||||
Derivative financial instruments – interest rate swaps1 | FV OCI | 35.7 | Fair value Bank Institutions | Level 2 | - | ||||||||||||
Borrowings (gross)2 | Amortised cost | 42.0 | 41.9 | - | 34.2 | ||||||||||||
Lease obligations | Amortised cost | 74.9 | - | - | 82.2 | ||||||||||||
Trade and other payables – accruals | Amortised cost | 440.1 | - | - | 419.2 | ||||||||||||
5,278.3 | 5,480.7 |
1 | Derivative interest rate swaps are measured at fair value in other comprehensive income (“FVOCI”) as a result of hedge accounting. All interest rate swaps are in designated hedge relationships and there are no other derivative financial instruments held as fair value through profit and loss (“FVTPL”). |
2 | Borrowings have a carrying value (net of unamortised prepaid facility arrangement fees and original issue discount) of $4,548.4 million (2020: $4,640.3 million). Total borrowings (gross) are shown in this table as $4,608.0 million (2020: $4,733.2 million) for the fair value comparison. |
Financial October 31, 2019 | Non- financial October 31, 2019 | Total October 31, 2019 | Financial October 31, 2018 | Non- financial October 31, 2018 | Total October 31, 2018 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Financial and non-financial liabilities – financial liabilities at amortised cost | ||||||||||||||||||||||||
Non-current | ||||||||||||||||||||||||
Derivative financial instruments – interest rate swaps | 36.5 | - | 36.5 | - | - | - | ||||||||||||||||||
Borrowings (gross) | 4,775.0 | - | 4,775.0 | 4,946.6 | - | 4,946.6 | ||||||||||||||||||
Finance leases | 11.7 | - | 11.7 | 14.9 | - | 14.9 | ||||||||||||||||||
Provisions | 49.1 | - | 49.1 | 35.4 | - | 35.4 | ||||||||||||||||||
Current | ||||||||||||||||||||||||
Borrowings (gross) | - | - | - | 50.3 | - | 50.3 | ||||||||||||||||||
Finance leases | 11.8 | - | 11.8 | 13.6 | - | 13.6 | ||||||||||||||||||
Trade and other payables | 530.3 | 80.7 | 611.0 | 676.9 | - | 676.9 | ||||||||||||||||||
Provisions | 29.3 | - | 29.3 | 57.4 | - | 57.4 | ||||||||||||||||||
5,443.7 | 80.7 | 5,524.4 | 5,795.1 | - | 5,795.1 |
October 31, 2021 | October 31, 2020 | |||||||
Interest rate risk | $m | $m | ||||||
Interest rate swaps (receive variable, pay fixed) | ||||||||
Fair value of Derivative liability (total of 4 swaps) | (35.7 | ) | (77.9 | ) | ||||
Notional amount (4 x $562.5 million) | 2,250.0 | 2,250.0 | ||||||
Maturity date | September 30, 2022 | September 30, 2022 | ||||||
Change in fair value of outstanding hedging instruments (OCI hedging reserve excluding deferred tax) | 42.2 | (41.3 | ) | |||||
Change in value of hedging instruments (as above adjusted for impact of credit risk) | 41.9 | (39.9 | ) | |||||
Hedging ratio | 1.1 | 1.1 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Derivative financial instruments- non-current asset – interest rate swaps | - | 86.4 | ||||||
Derivative financial instruments- non-current liabilities – interest rate swaps | (36.5 | ) | - | |||||
(36.5 | ) | 86.4 |
October 31, 2021 | October 31, 2020 | |||||||
Foreign exchange risk | $m | $m | ||||||
Notional amounts for Designated Euro borrowing | ||||||||
Euro B-1 2020 tranche €600 million (Borrowings maturity date: June 2025) | 676.0 | 700.3 | ||||||
Foreign exchange (loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 6.5 | (34.5 | ) | |||||
Euro 2017 tranche €453 million (Borrowings maturity date: June 2024) | 510.9 | 528.5 | ||||||
Foreign exchange (loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 4.8 | (24.2 | ) | |||||
Hedge ratio for each of the two Net investment hedges | 1:1 | 1:1 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Carrying amount | (36.5 | ) | 86.4 | |||||
Notional amount (4 x $562.5m) | 2,250.0 | 2,250.0 | ||||||
Maturity date | September 30, 2022 | September 30, 2022 | ||||||
Change in fair value of outstanding hedging instruments (note 31) | (122.9 | ) | 86.4 | |||||
Change in value of hedging instruments adjusted for credit risk | (121.9 | ) | 84.7 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Trade receivables (gross) | 877.9 | 1,089.6 | ||||||
Cash and cash equivalents | 355.7 | 620.9 | ||||||
Total | 1,233.6 | 1,710.5 |
October 31, 2019 | October 31, 2018 | |||||||
$’m | $’m | |||||||
At November, 1 / May, 1 – calculated under IAS 39 | 41.9 | 2.6 | ||||||
Accounting policy change – IFRS 9 (recognised against retained earnings on November 1, 2018) | 20.0 | - | ||||||
61.9 | 2.6 | |||||||
Loss allowance provided in the period | 16.0 | 40.0 | ||||||
Receivables written off as uncollectable | (35.5 | ) | (0.7 | ) | ||||
At October ,31 | 42.4 | 41.9 |
Group exposure | +/- 5 | % | +/- 10 | % | +/- 1% interest | |||||||||||
Key aggregate currency exposures | $m | $m | $m | $m | ||||||||||||
Euro | 512.6 | 25.6 | 51.2 | |||||||||||||
GBP | 137.2 | 6.8 | 13.7 | |||||||||||||
JPY | 69.6 | 3.5 | 6.9 | |||||||||||||
ILS | 36.7 | 1.8 | 3.7 | |||||||||||||
CAN$ | 26.1 | 1.3 | 2.6 | |||||||||||||
Borrowings -Interest rate LIBOR +1% (based on gross debt excluding the effects of hedging) | n/a | n/a | n/a | 47.75 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Bank and other borrowings (net of arrangement fees) | 4,670.7 | 4,845.9 | ||||||
Finance lease obligations | 23.5 | 28.5 | ||||||
Less cash and cash equivalents | (355.7 | ) | (620.9 | ) | ||||
Total net debt | 4,338.5 | 4,253.5 | ||||||
Total equity | 6,276.3 | 7,792.0 | ||||||
Debt/equity % | 69.1 | % | 54.6 | % |
Group exposure | +/- 5 | % | +/- 10 | % | ||||||||
Key aggregate currency exposures* | $m | $m | $m | |||||||||
Euro (EUR) | 1,504.6 | 75.2 | 150.4 | |||||||||
GB Pounds (GBP) | 156.7 | 7.8 | 15.6 | |||||||||
Indian Rupee (INR) | 64.4 | 3.2 | 6.4 | |||||||||
Japanese Yen (JPY) | 53.0 | 2.7 | 5.3 | |||||||||
Australian Dollar (AUD) | 32.5 | 1.6 | 3.3 | |||||||||
Canadian Dollar (CAD) | 31.9 | 1.6 | 3.2 | |||||||||
Israeli Shekel (ILS) | 29.5 | 1.5 | 3.0 | |||||||||
Chinese Yuan (CNY) | 27.3 | 1.4 | 2.7 | |||||||||
Swedish Krona (SEK) | 24.3 | 1.2 | 2.4 | |||||||||
United Arab Emirates Dirham (AED) | 24.2 | 1.2 | 2.4 | |||||||||
Czech Koruna (CZK) | 12.0 | 0.6 | 1.2 | |||||||||
Mexican Peso (MXN) | 10.4 | 0.5 | 1.0 | |||||||||
Turkish Lira (TRY) | 10.2 | 0.5 | 1.0 | |||||||||
Danish Krone (DKK) | 10.1 | 0.5 | 1.0 |
Interest bearing loans | Finance Leases | Total | ||||||||||
$m | $m | $m | ||||||||||
At November 1, 2018 | 4,996.9 | 28.5 | 5,025.4 | |||||||||
Draw down/New leases | - | 9.0 | 9.0 | |||||||||
Repayments | (212.6 | ) | (14.9 | ) | (227.5 | ) | ||||||
Foreign exchange | (9.3 | ) | 0.6 | (8.7 | ) | |||||||
At October 31, 2019 | 4,775.0 | 23.5 | 4,798.2 |
Borrowings exposures to variable interest rate changes (based on gross debt excluding the effects of hedging) | Group exposure | LIBOR, EURIBOR +1% | ||||||
$m | $m | |||||||
Euro | 1,186.9 | 11.9 | ||||||
US dollar | 3,421.1 | 34.2 | ||||||
Total Gross Debt | 4,608.0 | 46.1 |
Service | Fees | |
Issuance of ADSs including issuance from a distribution of shares and distribution of ADSs pursuant to bonus distributions, stock splits or other distributions. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). | |
Distribution of cash dividends. This fee is not currently charged. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). | |
An annual fee for operation and maintenance of administering the ADSs. | $5.00 (or less) per 100 ADSs (or portion of 100 ADSs). The current per ADS fee to be charged for | |
Transfer and registration of shares on share register to or from the name of the depositary or its agent when you deposit or withdraw shares | Registration or transfer fees |
- | are designed to give reasonable assurance that the transactions are recorded as necessary to permit the preparation of financial statements in accordance with IFRS as adopted by the EU and IFRS as issued by the IASB, and that receipts and expenditures are being made only in accordance with authorization of management and the directors; |
- | relate to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and disposal of assets; and |
- | give reasonable assurance regarding the prevention or timely detection of unauthorized use, acquisition or disposal of the Group’s assets that could have a material impact on the financial statements. |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Audit fees | 19.7 | 15.1 | 6.1 | |||||||||||||||||||||
Audit-related fees | 0.6 | 0.1 | 0.1 | |||||||||||||||||||||
Audit of Company | 8.0 | 7.2 | 12.8 | |||||||||||||||||||||
ICOFR | 4.7 | 2.7 | 3.0 | |||||||||||||||||||||
Audit of subsidiaries | 2.8 | 2.9 | 3.9 | |||||||||||||||||||||
Total audit fees | 15.5 | 12.8 | 19.7 | |||||||||||||||||||||
Audit-related assurance fees | 0.5 | 0.6 | 0.6 | |||||||||||||||||||||
Other assurance services | - | - | - | |||||||||||||||||||||
Total audit related fees | 0.5 | 0.6 | 0.6 | |||||||||||||||||||||
Tax compliance services | - | - | - | |||||||||||||||||||||
Tax advisory services | - | - | 0.1 | |||||||||||||||||||||
Tax fees | 0.1 | 0.4 | 0.1 | - | - | 0.1 | ||||||||||||||||||
All other fees | - | 0.6 | 7.5 | - | - | - | ||||||||||||||||||
Total | 20.4 | 16.2 | 13.8 | 16.0 | 13.4 | 20.4 |
12 months ended 31 October 2019 | 18 months ended 31 October 2018 | Total | ||||||||||
Treasury shares | Number | Number | Number | |||||||||
Share buy-backs | 29,160,054 | 9,858,205 | 39,018,259 | |||||||||
Shares issued to satisfy option awards | (4,804,817 | ) | - | (4,804,817 | ) | |||||||
Share reorganization | (4,012,537 | ) | - | (4,012,537 | ) | |||||||
20,342,700 | 9,858,205 | 30,200,905 | ||||||||||
Share buy-backs numbers: | ||||||||||||
Ordinary shares bought on the London Stock Exchange | 25,766,919 | 8,567,659 | 34,334,578 | |||||||||
ADRs purchased on the New York Stock Exchange | 3,393,135 | 1,290,546 | 4,683,681 | |||||||||
29,160,054 | 9,858,205 | 39,018,259 | ||||||||||
Share buy-back cost: | $ | m | $ | m | $ | m | ||||||
Share buy-back cost | 538.8 | 171.2 | 710.0 | |||||||||
Expenses | 5.9 | 0.5 | 6.4 | |||||||||
544.7 | 171.7 | 716.4 |
Period | Total Number of Shares purchased | Average price paid per share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum number of Shares that may yet be purchased under the plans or programs | ||||||||||||
November 1, 2020 to November 30, 2020 | - | - | - | - | ||||||||||||
December 1, 2020 to December 31, 2020 | - | - | - | - | ||||||||||||
January 1, 2021 to January 31, 2021 | - | - | - | - | ||||||||||||
February 1, 2021 to February 28, 2021 | - | - | - | - | ||||||||||||
March 1, 2021 to March 31, 2021 | 4,000,000 | 1 | $ | 6.81 | - | - | ||||||||||
April 1, 2021 to April 30, 2021 | - | - | - | - | ||||||||||||
May 1, 2021 to May 31, 2021 | - | - | - | - | ||||||||||||
June 1, 2021 to June 30, 2021 | - | - | - | - | ||||||||||||
July 1, 2021 to July 31, 2021 | - | - | - | - | ||||||||||||
August 1, 2021 to August 31, 2021 | - | - | - | - | ||||||||||||
September 1, 2021 to September 30, 2021 | - | - | - | - | ||||||||||||
October 1, 2021 to October 31, 2021 | - | - | - | - | ||||||||||||
Total | 4,000,000 | $ | 6.81 | - | - |
(a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares ( or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||||||
Period | Number | $ | Number | $m | ||||||||||||
Brought forward November 1, 2018 | - | - | 9,858,205 | 29.9 | ||||||||||||
Month 1 Beginning November 1 2018; Ending November 30, 2018 | 3,578,352 | 18.19 | 13,436,557 | 164.8 | ||||||||||||
Month 2 Beginning December 1 2018; Ending December 31, 2018 | 5,169,819 | 17.93 | 18,606,376 | 72.1 | ||||||||||||
Month 3 Beginning January 1 2019; Ending January 31, 2019 | 3,072,744 | 18.45 | 21,679,120 | 15.4 | ||||||||||||
Month 4 Beginning February 1 2019; Ending February 28, 2019 | 2,501,024 | 22.34 | 24,180,144 | 69.5 | ||||||||||||
Month 5 Beginning March 1 2019; Ending March 31, 2019 | 2,761,993 | 25.08 | 26,942,137 | - | ||||||||||||
Month 6 Beginning April 1 2019; Ending April 30, 2019 | - | 26,942,137 | - | |||||||||||||
Month 7 Beginning May 1 2019; Ending May 31, 2019 | - | 26,942,137 | - | |||||||||||||
Month 8 Beginning June 1 2019; Ending June 30, 2019 | - | 26,942,137 | - | |||||||||||||
Month 9 Beginning July 1 2019; Ending July 31, 2019 | 1,638,503 | 21.22 | 28,580,640 | 165.2 | ||||||||||||
Month 10 Beginning August 1 2019; Ending August 31, 2019 | 4,149,814 | 18.88 | 32,730,454 | 86.9 | ||||||||||||
Month 11 Beginning September 1 2019; Ending September 30, 2019 | 5,983,282 | 13.87 | 38,713,736 | 3.9 | ||||||||||||
Month 10 Beginning October 1 2019; Ending October 31, 2019 | 304,523 | 14.24 | 39,018,259 | - | ||||||||||||
Total | 29,160,054 | 18.61 | 39,018,259 | - |
Description of the rights of each class of securities registered under Section 12 of the Exchange Act | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, MA FinanceCo., LLC, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Code of conduct | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Stephen Murdoch under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of | ||
Consent of KPMG LLP. | ||
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Date File because its XBRL tags are embedded with the Inline XBRL document) |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Audit of Company | 8.0 | 7.2 | 12.8 | |||||||||
ICOFR | 4.7 | 2.7 | 3.0 | |||||||||
Audit of subsidiaries | 2.8 | 2.9 | 3.9 | |||||||||
Total audit fees | 15.5 | 12.8 | 19.7 | |||||||||
Audit-related assurance fees | 0.5 | 0.6 | 0.6 | |||||||||
Other assurance services | - | - | - | |||||||||
Total audit related fees | 0.5 | 0.6 | 0.6 | |||||||||
Tax compliance services | - | - | - | |||||||||
Tax advisory services | - | - | 0.1 | |||||||||
Tax fees | - | - | 0.1 | |||||||||
All other fees | - | - | - | |||||||||
Total | 16.0 | 13.4 | 20.4 |
Period | Total Number of Shares purchased | Average price paid per share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum number of Shares that may yet be purchased under the plans or programs | ||||||||||||
November 1, 2020 to November 30, 2020 | - | - | - | - | ||||||||||||
December 1, 2020 to December 31, 2020 | - | - | - | - | ||||||||||||
January 1, 2021 to January 31, 2021 | - | - | - | - | ||||||||||||
February 1, 2021 to February 28, 2021 | - | - | - | - | ||||||||||||
March 1, 2021 to March 31, 2021 | 4,000,000 | 1 | $ | 6.81 | - | - | ||||||||||
April 1, 2021 to April 30, 2021 | - | - | - | - | ||||||||||||
May 1, 2021 to May 31, 2021 | - | - | - | - | ||||||||||||
June 1, 2021 to June 30, 2021 | - | - | - | - | ||||||||||||
July 1, 2021 to July 31, 2021 | - | - | - | - | ||||||||||||
August 1, 2021 to August 31, 2021 | - | - | - | - | ||||||||||||
September 1, 2021 to September 30, 2021 | - | - | - | - | ||||||||||||
October 1, 2021 to October 31, 2021 | - | - | - | - | ||||||||||||
Total | 4,000,000 | $ | 6.81 | - | - |
Item 16.I | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
Description of the rights of each class of securities registered under Section 12 of the Exchange Act | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, MA FinanceCo., LLC, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, Seattle Spinco, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Code of conduct | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Stephen Murdoch under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Matt Ashley under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Consent of KPMG LLP. |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Date File because its XBRL tags are embedded with the Inline XBRL document) |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Audit of Company | 8.0 | 7.2 | 12.8 | |||||||||
ICOFR | 4.7 | 2.7 | 3.0 | |||||||||
Audit of subsidiaries | 2.8 | 2.9 | 3.9 | |||||||||
Total audit fees | 15.5 | 12.8 | 19.7 | |||||||||
Audit-related assurance fees | 0.5 | 0.6 | 0.6 | |||||||||
Other assurance services | - | - | - | |||||||||
Total audit related fees | 0.5 | 0.6 | 0.6 | |||||||||
Tax compliance services | - | - | - | |||||||||
Tax advisory services | - | - | 0.1 | |||||||||
Tax fees | - | - | 0.1 | |||||||||
All other fees | - | - | - | |||||||||
Total | 16.0 | 13.4 | 20.4 |
Period | Total Number of Shares purchased | Average price paid per share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum number of Shares that may yet be purchased under the plans or programs | ||||||||||||
November 1, 2020 to November 30, 2020 | - | - | - | - | ||||||||||||
December 1, 2020 to December 31, 2020 | - | - | - | - | ||||||||||||
January 1, 2021 to January 31, 2021 | - | - | - | - | ||||||||||||
February 1, 2021 to February 28, 2021 | - | - | - | - | ||||||||||||
March 1, 2021 to March 31, 2021 | 4,000,000 | 1 | $ | 6.81 | - | - | ||||||||||
April 1, 2021 to April 30, 2021 | - | - | - | - | ||||||||||||
May 1, 2021 to May 31, 2021 | - | - | - | - | ||||||||||||
June 1, 2021 to June 30, 2021 | - | - | - | - | ||||||||||||
July 1, 2021 to July 31, 2021 | - | - | - | - | ||||||||||||
August 1, 2021 to August 31, 2021 | - | - | - | - | ||||||||||||
September 1, 2021 to September 30, 2021 | - | - | - | - | ||||||||||||
October 1, 2021 to October 31, 2021 | - | - | - | - | ||||||||||||
Total | 4,000,000 | $ | 6.81 | - | - |
Description of the rights of each class of securities registered under Section 12 of the Exchange Act | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, MA FinanceCo., LLC, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Credit Agreement amendments, among Micro Focus International plc, Micro Focus Group Limited, Seattle Spinco, Inc., the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent. | ||
Code of conduct | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Stephen Murdoch under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Matt Ashley under Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Consent of KPMG LLP. |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Date File because its XBRL tags are embedded with the Inline XBRL document) |
101.SCH | Inline XBRL Taxonomy Extension Schema Document |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
F-2 | |
F-4 | |
F-6 | |
F-8 | |
F-11 | |
F-12 | |
F-26 |
Before exceptional items | Exceptional items (note 4) | Total | ||||||||||||||||||||||||||||||
Continuing operations | Note | $m | $m | $m | Note | Year ended October 31, 2021 $m | Year ended October 31, 2020 $m | Year ended October 31, 2019 $m | ||||||||||||||||||||||||
Revenue | 1,2 | 3,348.4 | - | 3,348.4 | 2 | 2,899.9 | 3,001.0 | 3,348.4 | ||||||||||||||||||||||||
Cost of sales | (777.3 | ) | (12.6 | ) | (789.9 | ) | (776.3 | ) | (702.7 | ) | (789.9 | ) | ||||||||||||||||||||
Gross profit | 2,571.1 | (12.6 | ) | 2,558.5 | 2,123.6 | 2,298.3 | 2,558.5 | |||||||||||||||||||||||||
Selling and distribution expenses | (1,216.4 | ) | (8.4 | ) | (1,224.8 | ) | (1,344.6 | ) | (1,112.1 | ) | (1,224.8 | ) | ||||||||||||||||||||
Research and development expenses | (491.7 | ) | 0.5 | (491.2 | ) | (521.8 | ) | (513.6 | ) | (491.2 | ) | |||||||||||||||||||||
Administrative expenses | (347.1 | ) | (273.7 | ) | (620.8 | ) | (522.8 | ) | (3,334.0 | ) | (620.8 | ) | ||||||||||||||||||||
Operating profit | 515.9 | (294.2 | ) | 221.7 | ||||||||||||||||||||||||||||
Operating loss | (265.6 | ) | (2,661.4 | ) | 221.7 | |||||||||||||||||||||||||||
Finance costs | 6 | (282.4 | ) | - | (282.4 | ) | 6 | (253.9 | ) | (281.6 | ) | (282.4 | ) | |||||||||||||||||||
Finance income | 6 | 26.6 | - | 26.6 | 6 | 1.7 | 2.6 | 26.6 | ||||||||||||||||||||||||
Net finance costs | 6 | (255.8 | ) | - | (255.8 | ) | 6 | (252.2 | ) | (279.0 | ) | (255.8 | ) | |||||||||||||||||||
Profit/(loss) before tax | 260.1 | (294.2 | ) | (34.1 | ) | |||||||||||||||||||||||||||
Loss before tax | (517.8 | ) | (2,940.4 | ) | (34.1 | ) | ||||||||||||||||||||||||||
Taxation | 7 | (38.3 | ) | 54.3 | 16.0 | 7 | 82.7 | (34.2 | ) | 16.0 | ||||||||||||||||||||||
Profit/(loss) from continuing operations | 221.8 | (239.9 | ) | (18.1 | ) | |||||||||||||||||||||||||||
Loss from continuing operations | (435.1 | ) | (2,974.6 | ) | (18.1 | ) | ||||||||||||||||||||||||||
Profit from discontinued operation (attributable to equity shareholders of the Company) | 37 | 28.7 | 1,458.5 | 1,487.2 | 30 | 10.7 | 5.1 | 1,487.2 | ||||||||||||||||||||||||
Profit for the period | 250.5 | 1,218.6 | 1,469.1 | |||||||||||||||||||||||||||||
Loss for the year | (424.4 | ) | (2,969.5 | ) | 1,469.1 | |||||||||||||||||||||||||||
Attributable to: | ||||||||||||||||||||||||||||||||
Equity shareholders of the Company | 250.2 | 1,218.6 | 1,468.8 | (424.4 | ) | (2,969.5 | ) | 1,468.8 | ||||||||||||||||||||||||
Non-controlling interests | 0.3 | - | 0.3 | 0 | 0 | 0.3 | ||||||||||||||||||||||||||
Profit for the period | 250.5 | 1,218.6 | 1,469.1 | |||||||||||||||||||||||||||||
Loss for the year | (424.4 | ) | (2,969.5 | ) | 1,469.1 |
Note | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||
(Loss)/profit for the year | (424.4 | ) | (2,969.5 | ) | 1,469.1 | |||||||||||
Other comprehensive income/(expense) for the year: | ||||||||||||||||
Items that will not be reclassified to profit or loss | ||||||||||||||||
Continuing operations: | ||||||||||||||||
Actuarial gain/(loss) on pension schemes liabilities | 22 | 33.4 | (0.4 | ) | (26.2 | ) | ||||||||||
Actuarial gain on non-plan pension assets | 22 | 0.2 | 0.4 | 0.3 | ||||||||||||
Deferred tax movement on pension schemes | 0 | (5.0 | ) | 13.0 | ||||||||||||
Discontinued operation: | ||||||||||||||||
Actuarial gain on pension schemes liabilities | 22 | 0 | 0 | 0.1 | ||||||||||||
Actuarial gain on non-plan pension assets | 22 | 0 | 0 | 0.1 | ||||||||||||
Currency translation differences - discontinued operation | 0 | 0 | (1.5 | ) | ||||||||||||
Continuing operations: Items that may be subsequently reclassified to profit or loss | ||||||||||||||||
Cash flow hedge movements | 27 | 42.2 | (41.3 | ) | (122.9 | ) | ||||||||||
Current tax movement on cash flow hedge movements | 27 | (8.0 | ) | 7.8 | 23.3 | |||||||||||
Deferred tax movement on currency translation differences | (7.8 | ) | (8.7 | ) | 14.0 | |||||||||||
Current tax movement on Euro loan foreign exchange hedging | 6.0 | 0 | 0 | |||||||||||||
Deferred tax movement on Euro loan foreign exchange hedging | (8.1 | ) | 11.1 | 0 | ||||||||||||
Currency translation differences | 68.6 | (67.0 | ) | (206.2 | ) | |||||||||||
Other comprehensive income/(expense) for the year | 126.5 | (103.1 | ) | (306.0 | ) | |||||||||||
Total comprehensive expense for the year | (297.9 | ) | (3,072.6 | ) | 1,163.1 | |||||||||||
Attributable to: | ||||||||||||||||
Equity shareholders of the Company | (297.9 | ) | (3,072.6 | ) | 1,162.8 | |||||||||||
Non-controlling interests | 0 | 0 | 0.3 | |||||||||||||
Total comprehensive expense for the year | (297.9 | ) | (3,072.6 | ) | 1,163.1 | |||||||||||
Total comprehensive (expense)/income attributable to the equity shareholders of the Company arises from: | ||||||||||||||||
Continuing operations | (308.6 | ) | (3,077.7 | ) | (322.8 | ) | ||||||||||
Discontinued operation | 10.7 | 5.1 | 1,485.9 | |||||||||||||
Total comprehensive expense for the year | (297.9 | ) | (3,072.6 | ) | 1,163.1 | |||||||||||
Earnings per share (cents) | ||||||||||||||||
From continuing and discontinued operations | cents | cents | cents | |||||||||||||
- basic | 9 | (126.12 | ) | (884.63 | ) | 388.50 | ||||||||||
- - diluted | (126.12 | ) | (884.63 | ) | 384.35 | |||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | (129.30 | ) | (886.15 | ) | (4.87 | ) | |||||||||
- - diluted | (129.30 | ) | (886.15 | ) | (4.87 | ) | ||||||||||
Earnings per share (pence) | ||||||||||||||||
From continuing and discontinued operations | Pence | |||||||||||||||
- basic | 9 | (91.78 | ) | (692.26 | ) | 305.07 | ||||||||||
- - diluted | (91.78 | ) | (692.26 | ) | 301.81 | |||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | (94.09 | ) | (693.45 | ) | (3.82 | ) | |||||||||
- - diluted | (94.09 | ) | (693.45 | ) | (3.82 | ) |
Before exceptional items | Exceptional items (note 4) | Total | ||||||||||||||
Continuing operations | Note | $m | $m | $ | $m | |||||||||||
Profit for the period | 250.5 | 1,218.6 | 1,469.1 | |||||||||||||
Other comprehensive (expense)/income: | ||||||||||||||||
Items that will not be reclassified to profit or loss | ||||||||||||||||
Continuing operations: | ||||||||||||||||
Actuarial loss on pension schemes liabilities | 25 | (26.2 | ) | - | (26.2 | ) | ||||||||||
Actuarial gain on non-plan pension assets | 25 | 0.3 | - | 0.3 | ||||||||||||
Deferred tax movement | 13.0 | - | 13.0 | |||||||||||||
Discontinued operation: | ||||||||||||||||
Actuarial gain on pension schemes liabilities | 25 | 0.1 | - | 0.1 | ||||||||||||
Actuarial gain on non-plan pension assets | 25 | 0.1 | - | 0.1 | ||||||||||||
Deferred tax movement | - | - | - | |||||||||||||
Currency translation differences - discontinued operation | - | (1.5 | ) | (1.5 | ) | |||||||||||
Items that may be subsequently reclassified to profit or loss | ||||||||||||||||
Cash flow hedge movements | 31 | (122.9 | ) | - | (122.9 | ) | ||||||||||
Current tax movement | 31 | 23.3 | - | 23.3 | ||||||||||||
Deferred tax movement | 14.0 | - | 14.0 | |||||||||||||
Currency translation differences - continuing operations | 10, 11 | (206.2 | ) | - | (206.2 | ) | ||||||||||
Other comprehensive expense for the period | (304.5 | ) | (1.5 | ) | (306.0 | ) | ||||||||||
Total comprehensive (expense)/income for the period | (54.0 | ) | 1,217.1 | 1,163.1 | ||||||||||||
Attributable to: | ||||||||||||||||
Equity shareholders of the Company | (54.3 | ) | 1,217.1 | 1,162.8 | ||||||||||||
Non-controlling interests | 0.3 | - | 0.3 | |||||||||||||
Total comprehensive (expense)/income for the period | (54.0 | ) | 1,217.1 | 1,163.1 | ||||||||||||
Total comprehensive income attributable to the equity shareholders of the Company arises from: | ||||||||||||||||
Continuing operations | (82.9 | ) | (239.9 | ) | (322.8 | ) | ||||||||||
Discontinued operations | 28.9 | 1,457.0 | 1,485.9 | |||||||||||||
(54.0 | ) | 1,217.1 | 1,163.1 | |||||||||||||
Earnings per share (cents) | ||||||||||||||||
From continuing and discontinued operations | cents | |||||||||||||||
- basic | 9 | 388.50 | ||||||||||||||
- diluted | 9 | 384.35 | ||||||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | (4.87 | ) | |||||||||||||
- diluted | 9 | (4.87 | ) | |||||||||||||
Earnings per share (pence) | ||||||||||||||||
From continuing and discontinued operations | pence | |||||||||||||||
- basic | 9 | 305.07 | ||||||||||||||
- diluted | 9 | 301.81 | ||||||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | (3.82 | ) | |||||||||||||
- diluted | 9 | (3.82 | ) |
Note | October 31, 2021 $m | October 31, 2020 $m | ||||||||||
Non-current assets | ||||||||||||
Goodwill | 10 | 3,725.5 | 3,835.4 | |||||||||
Other intangible assets | 11 | 4,331.2 | 5,383.0 | |||||||||
Property, plant and equipment | 12 | 75.4 | 93.7 | |||||||||
Right-of-use assets | 19 | 153.2 | 207.2 | |||||||||
Long-term pension assets | 22 | 17.1 | 18.2 | |||||||||
Contract-related costs | 15 | 31.9 | 35.7 | |||||||||
Non-current tax receivable | 7 | 48.0 | 0 | |||||||||
Deferred tax asset | 7 | 15.0 | 0 | |||||||||
Other non-current assets | 13 | 42.2 | 31.8 | |||||||||
8,439.5 | 9,605.0 | |||||||||||
Current assets | ||||||||||||
Trade and other receivables | 14 | 886.3 | 731.4 | |||||||||
Contract-related costs | 15 | 33.0 | 27.9 | |||||||||
Current tax receivables | 7 | 59.1 | 45.3 | |||||||||
Cash and cash equivalents | 16 | 558.4 | 737.2 | |||||||||
1,536.8 | 1,541.8 | |||||||||||
Current assets classified as held for sale | 30 | 370.3 | 0 | |||||||||
1,907.1 | 1,541.8 | |||||||||||
Total assets | 10,346.6 | 11,146.8 | ||||||||||
Current liabilities | ||||||||||||
Trade and other payables | 17 | 513.0 | 503.5 | |||||||||
Borrowings | 18 | 24.3 | 21.4 | |||||||||
Lease obligations | 19 | 74.9 | 82.2 | |||||||||
Provisions | 21 | 65.7 | 49.7 | |||||||||
Current tax liabilities | 7 | 94.1 | 150.1 | |||||||||
Derivative liability | 24 | 35.7 | 0 | |||||||||
Contract liabilities | 20 | 984.6 | 981.4 | |||||||||
Other current liabilities | 0.2 | 0 | ||||||||||
1,792.5 | 1,788.3 | |||||||||||
Current liabilities classified as held for sale | 30 | 68.4 | 0 | |||||||||
1,860.9 | 1,788.3 |
October 31, 2021 | October 31, 2020 | ||||||||||
Note | $m | $m | |||||||||
Non-current liabilities | |||||||||||
Contract liabilities | 20 | 131.8 | 117.2 | ||||||||
Borrowings | 18 | 4,524.1 | 4,618.9 | ||||||||
Lease obligations | 19 | 119.6 | 168.2 | ||||||||
Derivative liability | 24 | 0 | 77.9 | ||||||||
Retirement benefit obligations | 22 | 147.1 | 155.0 | ||||||||
Provisions | 21 | 19.8 | 22.5 | ||||||||
Other non-current liabilities | 23 | 31.3 | 39.9 | ||||||||
Non-current tax liabilities | 7 | 91.9 | 102.7 | ||||||||
Deferred tax liabilities | 7 | 599.1 | 841.1 | ||||||||
5,664.7 | 6,143.4 | ||||||||||
Total liabilities | 7,525.6 | 7,931.7 | |||||||||
Net assets | 2,821.0 | 3,215.1 | |||||||||
Capital and reserves | |||||||||||
Share capital | 25 | 47.4 | 47.3 | ||||||||
Share premium account | 26 | 46.8 | 46.5 | ||||||||
Merger reserve | 27 | 1,659.1 | 1,767.4 | ||||||||
Capital redemption reserve | 27 | 2,485.0 | 2,485.0 | ||||||||
Hedging reserve | 27 | (28.9) | (63.1) | ||||||||
Retained earnings | (1,120.4) | (741.3) | |||||||||
Foreign currency translation reserve | (268.0) | (326.7) | |||||||||
Total equity attributable to owners of the parent | 2,821.0 | 3,215.1 | |||||||||
Total equity | 2,821.0 | 3,215.1 |
Share capital | Share premium account | Retained earnings | Foreign currency translation reserve | Capital redemption reserves | Hedging reserve | Merger reserve | Total equity attributable to owners of the parent | Total equity | ||||||||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||||||||
Balance as at November 1, 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 year | 0 | 0 | (424.4 | ) | 0 | 0 | 0 | 0 | (424.4 | ) | (424.4 | ) | ||||||||||||||||||||||||||||
Other comprehensive income for the year | 0 | 0 | 33.6 | 58.7 | 0 | 34.2 | 0 | 126.5 | 126.5 | |||||||||||||||||||||||||||||||
Total comprehensive expense for the year | 0 | 0 | (390.8 | ) | 58.7 | 0 | 34.2 | 0 | (297.9 | ) | (297.9 | ) | ||||||||||||||||||||||||||||
Transactions with owners | ||||||||||||||||||||||||||||||||||||||||
Dividends | 8 | 0 | 0 | (81.1 | ) | 0 | 0 | 0 | 0 | (81.1 | ) | (81.1 | ) | |||||||||||||||||||||||||||
Share options: | ||||||||||||||||||||||||||||||||||||||||
Issue of share capital – share options | 25,26 | 0.1 | 0.3 | (0.1 | ) | 0 | 0 | 0 | 0 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Share-based payment charge | 28 | 0 | 0 | 12.0 | 0 | 0 | 0 | 0 | 12.0 | 12.0 | ||||||||||||||||||||||||||||||
Deferred tax on share options | 7 | 0 | 0 | (0.2 | ) | 0 | 0 | 0 | 0 | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||||||||
Purchase of Treasury Shares1 | 0 | 0 | (27.2 | ) | 0 | 0 | 0 | 0 | (27.2 | ) | (27.2 | ) | ||||||||||||||||||||||||||||
Transfer from merger reserve | 27 | 0 | 0 | 108.3 | 0 | 0 | 0 | (108.3 | ) | 0 | 0 | |||||||||||||||||||||||||||||
Total movements for the year | 0.1 | 0.3 | (379.1 | ) | 58.7 | 0 | 34.2 | (108.3 | ) | (394.1 | ) | (394.1 | ) | |||||||||||||||||||||||||||
Balance as at October 31, 2021 | 47.4 | 46.8 | (1,120.4 | ) | (268.0 | ) | 2,485.0 | (28.9 | ) | 1,659.1 | 2,821.0 | 2,821.0 |
1 | During the 12 months ended October 31, 2021 the Micro Focus Employee Benefit Trust (“EBT”) purchased 4 million of the Group’s shares from the market. The EBT will hold these shares to satisfy future exercises of share options. In accordance with the requirement of IFRS 10 the EBT is treated as if it is a subsidiary of the Group. As a result, the purchase of shares held by the EBT is reported as a purchase of Treasury shares by the Group. |
Share capital | Share premium account | Retained earnings | Foreign currency translation reserve | Capital redemption reserves | Hedging reserve | Merger reserve | Total equity attributable to owners of the parent | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Balance as at November 1, 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 | 0 | 0 | (8.4 | ) | 0 | 0 | 0 | 0 | (8.4 | ) | 0 | (8.4 | ) | |||||||||||||||||||||||||||||||
Revised balance at November 1, 2019 | 47.2 | 44.0 | 2,242.3 | (262.1 | ) | 2,485.0 | (29.6 | ) | 1,739.8 | 6,266.6 | 1.3 | 6,267.9 | ||||||||||||||||||||||||||||||||
Loss for the financial year | 0 | 0 | (2,969.5 | ) | 0 | 0 | 0 | 0 | (2,969.5 | ) | 0 | (2,969.5 | ) | |||||||||||||||||||||||||||||||
Other comprehensive expense for the year | 0 | 0 | (5.0 | ) | (64.6 | ) | 0 | (33.5 | ) | 0 | (103.1 | ) | 0 | (103.1 | ) | |||||||||||||||||||||||||||||
Total comprehensive expense for the year | 0 | 0 | (2,974.5 | ) | (64.6 | ) | 0 | (33.5 | ) | 0 | (3,072.6 | ) | 0 | (3,072.6 | ) | |||||||||||||||||||||||||||||
Share options: | ||||||||||||||||||||||||||||||||||||||||||||
Issue of share capital – share options | 25,26 | 0.1 | 2.5 | 0.3 | 0 | 0 | 0 | 0 | 2.9 | 0 | 2.9 | |||||||||||||||||||||||||||||||||
Share-based payment charge | 28 | 0 | 0 | 18.3 | 0 | 0 | 0 | 0 | 18.3 | 0 | 18.3 | |||||||||||||||||||||||||||||||||
Current tax on share options | 7 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0.1 | |||||||||||||||||||||||||||||||||
Deferred tax on share options | 7 | 0 | 0 | (1.5 | ) | 0 | 0 | 0 | 0 | (1.5 | ) | 0 | (1.5 | ) | ||||||||||||||||||||||||||||||
Purchase of remaining non-controlling interest | 0 | 0 | 1.3 | 0 | 0 | 0 | 0 | 1.3 | (1.3 | ) | 0 | |||||||||||||||||||||||||||||||||
Transfer to merger reserve | 27 | 0 | 0 | (27.6 | ) | 0 | 0 | 0 | 27.6 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total movements for the year | 0.1 | 2.5 | (2,983.6 | ) | (64.6 | ) | 0 | (33.5 | ) | 27.6 | (3,051.5 | ) | (1.3 | ) | (3,052.8 | ) | ||||||||||||||||||||||||||||
Balance as at October 31, 2020 | 47.3 | 46.5 | (741.3 | ) | (326.7 | ) | 2,485.0 | (63.1 | ) | 1,767.4 | 3,215.1 | 0 | 3,215.1 |
Before exceptional items | Exceptional items (note 4) | Total | ||||||||||||||
Continuing operations | Note | $m | $m | $m | ||||||||||||
Revenue | 1,2 | 4,754.4 | - | 4,754.4 | ||||||||||||
Cost of sales | (1,237.3 | ) | (65.4 | ) | (1,302.7 | ) | ||||||||||
Gross profit | 3,517.1 | (65.4 | ) | 3,451.7 | ||||||||||||
Selling and distribution costs | (1,725.0 | ) | (39.2 | ) | (1,764.2 | ) | ||||||||||
Research and development expenses | (663.4 | ) | (17.4 | ) | (680.8 | ) | ||||||||||
Administrative expenses | (213.7 | ) | (416.2 | ) | (629.9 | ) | ||||||||||
Operating profit | 915.0 | (538.2 | ) | 376.8 | ||||||||||||
Finance costs | 6 | (344.0 | ) | (6.4 | ) | (350.4 | ) | |||||||||
Finance income | 6 | 7.1 | 0.6 | 7.7 | ||||||||||||
Net finance costs | 6 | (336.9 | ) | (5.8 | ) | (342.7 | ) | |||||||||
Profit/(loss) before tax | 578.1 | (544.0 | ) | 34.1 | ||||||||||||
Taxation | 7 | (125.1 | ) | 798.2 | 673.1 | |||||||||||
Profit from continuing operations | 453.0 | 254.2 | 707.2 | |||||||||||||
Profit from discontinued operation (attributable to equity shareholders of the Company) | 37 | 76.9 | - | 76.9 | ||||||||||||
Profit for the period | 529.9 | 254.2 | 784.1 | |||||||||||||
Attributable to: | ||||||||||||||||
Equity shareholders of the Company | 529.8 | 254.2 | 784.0 | |||||||||||||
Non-controlling interests | 0.1 | - | 0.1 | |||||||||||||
Profit for the period | 529.9 | 254.2 | 784.1 |
Share capital | Share premium account | Retained earnings | Foreign currency translation reserve | Capital redemption reserves | Hedging reserve | Merger reserve | Total equity attributable to owners of the parent | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Balance as at November 1, 2018 | 65.8 | 41.0 | 3,275.2 | (51.7 | ) | 666.3 | 70.0 | 3,724.4 | 7,791.0 | 1.0 | 7,792.0 | |||||||||||||||||||||||||||||||||
Impact of adoption of IFRS 15 | 0 | 0 | 52.4 | 0 | 0 | 0 | 0 | 52.4 | 0 | 52.4 | ||||||||||||||||||||||||||||||||||
Impact of adoption of IFRS 9 | 0 | 0 | (15.6 | ) | 0 | 0 | 0 | 0 | (15.6 | ) | 0 | (15.6 | ) | |||||||||||||||||||||||||||||||
Revised balance at November 1, 2018 | 65.8 | 41.0 | 3,312.0 | (51.7 | ) | 666.3 | 70.0 | 3,724.4 | 7,827.8 | 1.0 | 7,828.8 | |||||||||||||||||||||||||||||||||
Profit for the year | 0 | 0 | 1,468.8 | 0 | 0 | 0 | 0 | 1,468.8 | 0.3 | 1,469.1 | ||||||||||||||||||||||||||||||||||
Other comprehensive income/(expense) for the year | 0 | 0 | 4.0 | (210.4 | ) | 0 | (99.6 | ) | 0 | (306.0 | ) | 0 | (306.0 | ) | ||||||||||||||||||||||||||||||
Total comprehensive income/(expense) for the year | 0 | 0 | 1,472.8 | (210.4 | ) | 0 | (99.6 | ) | 0 | 1,162.8 | 0.3 | 1,163.1 | ||||||||||||||||||||||||||||||||
Transactions with owners: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | 8 | 0 | 0 | (439.2 | ) | 0 | 0 | 0 | 0 | (439.2 | ) | 0 | (439.2 | ) | ||||||||||||||||||||||||||||||
Share options: | ||||||||||||||||||||||||||||||||||||||||||||
Issue of share capital – share options | 25,26 | 0.1 | 3.0 | (3.8 | ) | 0 | 0 | 0 | 0 | (0.7 | ) | 0 | (0.7 | ) | ||||||||||||||||||||||||||||||
Share-based payment charge | 28 | 0 | 0 | �� | 64.5 | 0 | 0 | 0 | 0 | 64.5 | 0 | 64.5 | ||||||||||||||||||||||||||||||||
Current tax on share options | 7 | 0 | 0 | 13.1 | 0 | 0 | 0 | 0 | 13.1 | 0 | 13.1 | |||||||||||||||||||||||||||||||||
Deferred tax on share options | 7 | 0 | 0 | (7.6 | ) | 0 | 0 | 0 | 0 | (7.6 | ) | 0 | (7.6 | ) | ||||||||||||||||||||||||||||||
Share reorganization and buy-back: | ||||||||||||||||||||||||||||||||||||||||||||
Return of Value – share consolidation | (18.7 | ) | 0 | 0 | 0 | 18.7 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Expenses relating to Return of Value | 27 | 0 | 0 | (1.0 | ) | 0 | 0 | 0 | 0 | (1.0 | ) | 0 | (1.0 | ) | ||||||||||||||||||||||||||||||
Issue and redemption of B shares | 25 | 0 | 0 | (1,800.0 | ) | 0 | 1,800.0 | 0 | (1,800.0 | ) | (1,800.0 | ) | 0 | (1,800.0 | ) | |||||||||||||||||||||||||||||
Share buy-back | 25 | 0 | 0 | (544.7 | ) | 0 | 0 | 0 | 0 | (544.7 | ) | 0 | (544.7 | ) | ||||||||||||||||||||||||||||||
Transfer from merger reserve | 27 | 0 | 0 | 184.6 | 0 | 0 | 0 | (184.6 | ) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total movements for the year | (18.6 | ) | 3.0 | (1,061.3 | ) | (210.4 | ) | 1,818.7 | (99.6 | ) | (1,984.6 | ) | (1,552.8 | ) | 0.3 | (1,552.5 | ) | |||||||||||||||||||||||||||
Balance as at October 31, 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 |
1 | In accordance with the requirements of IFRS 16 “Leases” the results for the Year ended October 31, 2019 have not been restated. |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 20191 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Cash generated from operations | 32 | 690.5 | 1,082.8 | 1,056.3 | ||||||||||||
Interest paid | (218.1 | ) | (207.1 | ) | (227.1 | ) | ||||||||||
Bank loan costs | (1.5 | ) | (47.9 | ) | 0 | |||||||||||
Tax paid | (270.3 | ) | (149.6 | ) | (167.4 | ) | ||||||||||
Net cash generated from operating activities | 200.6 | 678.2 | 661.8 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||
Payments for intangible assets | 11 | (47.5 | ) | (60.6 | ) | (29.3 | ) | |||||||||
Purchase of property, plant and equipment | 12 | (17.7 | ) | (26.3 | ) | (56.3 | ) | |||||||||
Interest received | 1.7 | 2.4 | 26.6 | |||||||||||||
Payment for acquisition of business and net cash acquired with acquisitions | 31 | (12.4 | ) | (6.0 | ) | (89.0 | ) | |||||||||
Net cash acquired with acquisitions | 0 | 0 | 1.2 | |||||||||||||
Investing cash flows generated from disposals | 30 | 0 | 1.3 | 20.0 | ||||||||||||
Investing cash flows generated from discontinued operation, net of cash disposed | 30 | 0 | 0 | 2,473.5 | ||||||||||||
Tax paid on divestiture gain | 0 | 0 | (264.6 | ) | ||||||||||||
Net cash (used in)/from investing activities | (75.9 | ) | (89.2 | ) | 2,082.1 | |||||||||||
Cash flows used in financing activities | ||||||||||||||||
Proceeds from issue of ordinary share capital | 25,26 | 0.4 | 2.6 | 3.1 | ||||||||||||
Purchase of treasury shares and related expenses | 25 | (27.2 | ) | 0 | (544.7 | ) | ||||||||||
Return of Value paid to shareholders | 0 | 0 | (1,800.0 | ) | ||||||||||||
Expenses relating to Return of Value | 0 | 0 | (1.0 | ) | ||||||||||||
Payment for lease liabilities | 19 | (79.5 | ) | (80.1 | ) | (12.9 | ) | |||||||||
Settlement of foreign exchange derivative | 24 | 0 | (21.8 | ) | 0 | |||||||||||
Repayment of bank borrowings | 18 | (114.1 | ) | (1,589.7 | ) | (212.6 | ) | |||||||||
Proceeds from bank borrowings | 18 | 0 | 1,490.8 | 0 | ||||||||||||
Dividends paid to owners | 8 | (81.1 | ) | 0 | (439.2 | ) | ||||||||||
Net cash used in financing activities | (301.5 | ) | (198.2 | ) | (3,007.3 | ) | ||||||||||
Effects of exchange rate changes | (2.0 | ) | (9.3 | ) | (1.8 | ) | ||||||||||
Net (decrease)/increase in cash and cash equivalents | (178.8 | ) | 381.5 | (265.2 | ) | |||||||||||
Cash and cash equivalents at beginning of year | 737.2 | 355.7 | 620.9 | |||||||||||||
Cash and cash equivalents at end of year | 16 | 558.4 | 737.2 | 355.7 |
1 | In accordance with the requirements of IFRS 16 “Leases” the results for the Year ended October 31, 2019 have not been restated. |
Before exceptional items | Exceptional items (note 4) | Total | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Profit for the period | 529.9 | 254.2 | 784.1 | |||||||||||||
Other comprehensive (expense)/income: | ||||||||||||||||
Items that will not be reclassified to profit or loss | ||||||||||||||||
Continuing operations: | ||||||||||||||||
Actuarial loss on pension schemes liabilities | 25 | (8.9 | ) | - | (8.9 | ) | ||||||||||
Actuarial loss on non-plan pension assets | 25 | (5.3 | ) | - | (5.3 | ) | ||||||||||
Deferred tax movement | 3.8 | - | 3.8 | |||||||||||||
Discontinued operation: | ||||||||||||||||
Actuarial loss on pension schemes liabilities | 25 | (1.5 | ) | - | (1.5 | ) | ||||||||||
Actuarial loss on non-plan pension assets | 25 | (0.5 | ) | - | (0.5 | ) | ||||||||||
Deferred tax movement | 0.5 | - | 0.5 | |||||||||||||
Items that may be subsequently reclassified to profit or loss | ||||||||||||||||
Cash flow hedge movements | 31 | 86.4 | - | 86.4 | ||||||||||||
Current tax movement | 31 | (16.4 | ) | - | (16.4 | ) | ||||||||||
Currency translation differences - continuing operations | 10 | (29.5 | ) | - | (29.5 | ) | ||||||||||
Currency translation differences - discontinued operation | 0.7 | - | 0.7 | |||||||||||||
Other comprehensive income for the period | 29.3 | - | 29.3 | |||||||||||||
Total comprehensive income for the period | 559.2 | 254.2 | 813.4 | |||||||||||||
Attributable to: | ||||||||||||||||
Equity shareholders of the Company | 559.1 | 254.2 | 813.3 | |||||||||||||
Non-controlling interests | 0.1 | - | 0.1 | |||||||||||||
Total comprehensive income for the period | 559.2 | 254.2 | 813.4 | |||||||||||||
Total comprehensive income attributable to the equity shareholders of the Company arises from: | ||||||||||||||||
Continuing operations | 483.1 | 254.2 | 737.3 | |||||||||||||
Discontinued operations | 76.1 | - | 76.1 | |||||||||||||
559.2 | 254.2 | 813.4 | ||||||||||||||
Earnings per share (cents) | ||||||||||||||||
From continuing and discontinued operations | cents | |||||||||||||||
- basic | 9 | 201.70 | ||||||||||||||
- diluted | 9 | 196.17 | ||||||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | 181.91 | ||||||||||||||
- diluted | 9 | 176.92 | ||||||||||||||
Earnings per share (pence) | ||||||||||||||||
From continuing and discontinued operations | pence | |||||||||||||||
- basic | 9 | 151.61 | ||||||||||||||
- diluted | 9 | 147.45 | ||||||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | 136.73 | ||||||||||||||
- diluted | 9 | 132.98 |
Before exceptional items | Exceptional items (note 4) | Total | ||||||||||||||
Continuing operations | Note | $m | $m | $m | ||||||||||||
Revenue | 1,2 | 1,077.3 | - | 1,077.3 | ||||||||||||
Cost of sales | (213.5 | ) | (2.9 | ) | (216.4 | ) | ||||||||||
Gross profit | 863.8 | (2.9 | ) | 860.9 | ||||||||||||
Selling and distribution costs | (357.7 | ) | (5.5 | ) | (363.2 | ) | ||||||||||
Research and development expenses | (116.0 | ) | (6.8 | ) | (122.8 | ) | ||||||||||
Administrative expenses | (65.5 | ) | (82.0 | ) | (147.5 | ) | ||||||||||
Operating profit | 324.6 | (97.2 | ) | 227.4 | ||||||||||||
Finance costs | 6 | (96.8 | ) | - | (96.8 | ) | ||||||||||
Finance income | 6 | 1.0 | - | 1.0 | ||||||||||||
Net finance costs | 6 | (95.8 | ) | - | (95.8 | ) | ||||||||||
Profit/(loss) before tax | 228.8 | (97.2 | ) | 131.6 | ||||||||||||
Taxation | 7 | (19.1 | ) | 11.6 | (7.5 | ) | ||||||||||
Profit/(loss) from continuing operations | 209.7 | (85.6 | ) | 124.1 | ||||||||||||
Profit from discontinued operation (attributable to equity shareholders of the Company) | 37 | 33.7 | - | 33.7 | ||||||||||||
Profit/(loss) for the period | 243.4 | (85.6 | ) | 157.8 | ||||||||||||
Attributable to: | ||||||||||||||||
Equity shareholders of the Company | 243.5 | (85.6 | ) | 157.9 | ||||||||||||
Non-controlling interests | (0.1 | ) | - | (0.1 | ) | |||||||||||
Profit/(loss) for the period | 243.4 | (85.6 | ) | 157.8 |
Before exceptional items | Exceptional items (note 4) | Total | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Profit for the period | 243.4 | (85.6 | ) | 157.8 | ||||||||||||
Other comprehensive (expense)/income: | ||||||||||||||||
Items that will not be reclassified to profit or loss | ||||||||||||||||
Continuing operations: | ||||||||||||||||
Actuarial loss on pension schemes liabilities | 25 | (0.2 | ) | - | (0.2 | ) | ||||||||||
Actuarial gain on non-plan pension assets | 25 | 0.3 | - | 0.3 | ||||||||||||
Deferred tax movement | (0.1 | ) | - | (0.1 | ) | |||||||||||
Discontinued operation: | ||||||||||||||||
Actuarial gain on pension schemes liabilities | 25 | 0.6 | - | 0.6 | ||||||||||||
Actuarial loss on non-plan pension assets | 25 | (0.2 | ) | - | (0.2 | ) | ||||||||||
Deferred tax movement | (0.2 | ) | - | (0.2 | ) | |||||||||||
Items that may be subsequently reclassified to profit or loss | ||||||||||||||||
Currency translation differences – continuing operations | (4.9 | ) | - | (4.9 | ) | |||||||||||
Currency translation differences - discontinued operation | (1.0 | ) | - | (1.0 | ) | |||||||||||
Other comprehensive expense for the period | (5.7 | ) | - | (5.7 | ) | |||||||||||
Total comprehensive income/(expense) for the period | 237.7 | (85.6 | ) | 152.1 | ||||||||||||
Attributable to: | ||||||||||||||||
Equity shareholders of the Company | 237.8 | (85.6 | ) | 152.2 | ||||||||||||
Non-controlling interests | (0.1 | ) | - | (0.1 | ) | |||||||||||
Total comprehensive income/(expense) for the period | 237.7 | (85.6 | ) | 152.1 | ||||||||||||
Total comprehensive income attributable to the equity shareholders of the Company arises from: | ||||||||||||||||
Continuing operations | 204.8 | (85.6 | ) | 119.2 | ||||||||||||
Discontinued operations | 32.9 | - | 32.9 | |||||||||||||
237.7 | (85.6 | ) | 152.1 | |||||||||||||
Earnings per share | ||||||||||||||||
Earnings per share (cents) | ||||||||||||||||
From continuing and discontinued operations | cents | |||||||||||||||
- basic | 9 | 68.88 | ||||||||||||||
- diluted | 9 | 66.51 | ||||||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | 54.17 | ||||||||||||||
- diluted | 9 | 52.31 | ||||||||||||||
Earnings per share (pence) | ||||||||||||||||
From continuing and discontinued operations | pence | |||||||||||||||
- basic | 9 | 53.25 | ||||||||||||||
- diluted | 9 | 51.42 | ||||||||||||||
From continuing operations | ||||||||||||||||
- basic | 9 | 41.88 | ||||||||||||||
- diluted | 9 | 40.44 |
Note | October 31, 2019 $m | October 31, 2018 $m | ||||||||||
Non-current assets | ||||||||||||
Goodwill | 10 | 6,671.3 | 6,805.0 | |||||||||
Other intangible assets | 11 | 5,942.3 | 6,629.3 | |||||||||
Property, plant and equipment | 12 | 140.5 | 144.3 | |||||||||
Derivative asset | 27 | - | 86.4 | |||||||||
Long-term pension assets | 25 | 17.1 | 16.7 | |||||||||
Contract-related costs | 17 | 31.5 | - | |||||||||
Other non-current assets | 14 | 44.0 | 38.8 | |||||||||
12,846.7 | 13,720.5 | |||||||||||
Current assets | ||||||||||||
Inventories | 15 | 0.1 | 0.2 | |||||||||
Trade and other receivables | 16 | 1,032.9 | 1,272.0 | |||||||||
Contract-related costs | 17 | 19.3 | - | |||||||||
Current tax receivables | 22 | 40.1 | 24.5 | |||||||||
Cash and cash equivalents | 18 | 355.7 | 620.9 | |||||||||
1,448.1 | 1,917.6 | |||||||||||
Current assets classified as held for sale | 37 | - | 1,142.5 | |||||||||
Total current assets | 1,448.1 | 3,060.1 | ||||||||||
Total assets | 14,294.8 | 16,780.6 | ||||||||||
Current liabilities | ||||||||||||
Trade and other payables | 19 | 611.0 | 676.9 | |||||||||
Borrowings | 20 | - | 3.7 | |||||||||
Finance leases | 21 | 11.8 | 13.6 | |||||||||
Provisions | 24 | 29.3 | 57.4 | |||||||||
Current tax liabilities | 22 | 104.0 | 124.1 | |||||||||
Contract liabilities | 23 | 1,045.9 | 1,134.7 | |||||||||
1,802.0 | 2,010.4 | |||||||||||
Current liabilities classified as held for sale | 37 | - | 437.7 | |||||||||
1,802.0 | 2,448.1 | |||||||||||
Non-current liabilities | ||||||||||||
Contract liabilities | 23 | 149.9 | 178.1 | |||||||||
Borrowings | 20 | 4,670.7 | 4,842.2 | |||||||||
Finance leases | 21 | 11.7 | 14.9 | |||||||||
Derivative liability | 27 | 36.5 | - | |||||||||
Retirement benefit obligations | 25 | 141.4 | 110.4 | |||||||||
Provisions | 24 | 49.1 | 35.4 | |||||||||
Other non-current liabilities | 26 | 50.4 | 58.0 | |||||||||
Current tax liabilities | 22 | 119.7 | 131.0 | |||||||||
Deferred tax liabilities | 28 | 987.1 | 1,170.5 | |||||||||
6,216.5 | 6,540.5 | |||||||||||
Total liabilities | 8,018.5 | 8,988.6 | ||||||||||
Net assets | 6,276.3 | 7,792.0 |
Note | October 31, 2019 $m | October 31, 2018 $m | ||||||||||
Capital and reserves | ||||||||||||
Share capital | 29 | 47.2 | 65.8 | |||||||||
Share premium account | 30 | 44.0 | 41.0 | |||||||||
Merger reserve | 31 | 1,739.8 | 3,724.4 | |||||||||
Capital redemption reserve | 31 | 2,485.0 | 666.3 | |||||||||
Hedging reserve | 31 | (29.6 | ) | 70.0 | ||||||||
Retained earnings | 2,250.7 | 3,275.2 | ||||||||||
Foreign currency translation reserve | (262.1 | ) | (51.7 | ) | ||||||||
Total equity attributable to owners of the parent | 6,275.0 | 7,791.0 | ||||||||||
Non-controlling interests | 32 | 1.3 | 1.0 | |||||||||
Total equity | 6,276.3 | 7,792.0 |
Share capital | Share premium account | Retained earnings | Foreign currency translation reserve | Capital redemption reserves | Hedging reserve | Merger reserve | Total equity attributable to owners of the parent | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Balance as at May 1, 2016 | 39.6 | 190.3 | 228.3 | (17.0 | ) | 163.4 | - | 988.1 | 1,592.7 | 1.0 | 1,593.7 | |||||||||||||||||||||||||||||||||
Profit for the financial period | - | - | 157.9 | - | - | - | - | 157.9 | (0.1 | ) | 157.8 | |||||||||||||||||||||||||||||||||
Other comprehensive income/(expense) for the period | - | - | 0.2 | (5.9 | ) | - | - | - | (5.7 | ) | - | (5.7 | ) | |||||||||||||||||||||||||||||||
Total comprehensive income/(expense) for the period | - | - | 158.1 | (5.9 | ) | - | - | - | 152.2 | (0.1 | ) | 152.1 | ||||||||||||||||||||||||||||||||
Transactions with owners: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | 8 | - | - | (177.5 | ) | - | - | - | - | (177.5 | ) | - | (177.5 | ) | ||||||||||||||||||||||||||||||
Treasury shares purchased | - | - | (7.7 | ) | - | - | - | - | (7.7 | ) | - | (7.7 | ) | |||||||||||||||||||||||||||||||
Share options: | ||||||||||||||||||||||||||||||||||||||||||||
Issue of share capital – share options | 29,30 | 0.1 | 1.8 | (0.1 | ) | - | - | - | - | 1.8 | - | 1.8 | ||||||||||||||||||||||||||||||||
Share-based payment charge | - | - | 24.0 | - | - | - | - | 24.0 | - | 24.0 | ||||||||||||||||||||||||||||||||||
Current tax on share options | - | - | 4.1 | - | - | - | - | 4.1 | - | 4.1 | ||||||||||||||||||||||||||||||||||
Deferred tax on share options | - | - | 23.0 | - | - | - | - | 23.0 | - | 23.0 | ||||||||||||||||||||||||||||||||||
Reallocation of merger reserve | 31 | - | - | 650.0 | - | - | - | (650.0 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Total movements for the period | 0.1 | 1.8 | 673.9 | (5.9 | ) | - | - | (650.0 | ) | 19.9 | (0.1 | ) | 19.8 | |||||||||||||||||||||||||||||||
Balance as at April 30, 2017 | 39.7 | 192.1 | 902.2 | (22.9 | ) | 163.4 | - | 338.1 | 1,612.6 | 0.9 | 1,613.5 |
Share capital | Share premium account | Retained earnings | Foreign currency translation reserve | Capital redemption reserves | Hedging reserve | Merger reserve | Total equity attributable to owners of the parent | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Balance as at May 1, 2017 | 39.7 | 192.1 | 902.2 | (22.9 | ) | 163.4 | - | 338.1 | 1,612.6 | 0.9 | 1,613.5 | |||||||||||||||||||||||||||||||||
Profit for the financial period | - | - | 784.0 | - | - | - | - | 784.0 | 0.1 | 784.1 | ||||||||||||||||||||||||||||||||||
Other comprehensive income for the period | - | - | (11.9 | ) | (28.8 | ) | - | 70.0 | - | 29.3 | - | 29.3 | ||||||||||||||||||||||||||||||||
Total comprehensive income/(expense) for the period | - | - | 772.1 | (28.8 | ) | - | 70.0 | - | 813.3 | 0.1 | 813.4 | |||||||||||||||||||||||||||||||||
Transactions with owners: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | 8 | - | - | (542.2 | ) | - | - | - | - | (542.2 | ) | - | (542.2 | ) | ||||||||||||||||||||||||||||||
Share options: | ||||||||||||||||||||||||||||||||||||||||||||
Issue of share capital – share options | 29,30 | 0.2 | 5.6 | - | - | - | - | - | 5.8 | - | 5.8 | |||||||||||||||||||||||||||||||||
Share-based payment charge | - | - | 78.6 | - | - | - | - | 78.6 | - | 78.6 | ||||||||||||||||||||||||||||||||||
Current tax on share options | 7 | - | - | 4.1 | - | - | - | - | 4.1 | - | 4.1 | |||||||||||||||||||||||||||||||||
Deferred tax on share options | 7 | - | - | (23.7 | ) | - | - | - | - | (23.7 | ) | - | (23.7 | ) | ||||||||||||||||||||||||||||||
Acquisitions: | ||||||||||||||||||||||||||||||||||||||||||||
Shares issued to acquire the HPE Software business | 29 | 28.8 | - | - | - | - | - | 6,485.4 | 6,514.2 | - | 6,514.2 | |||||||||||||||||||||||||||||||||
Share reorganization and buy-back: | ||||||||||||||||||||||||||||||||||||||||||||
Return of Value – share consolidation | 29,31 | (2.9 | ) | - | - | - | 2.9 | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Issue and redemption of B shares | 30,31 | - | (156.7 | ) | (500.0 | ) | - | 500.0 | - | (343.3 | ) | (500.0 | ) | - | (500.0 | ) | ||||||||||||||||||||||||||||
Share buy-back | 29 | - | - | (171.7 | ) | - | - | - | - | (171.7 | ) | - | (171.7 | ) | ||||||||||||||||||||||||||||||
Reallocation of merger reserve | 31 | - | - | 2,755.8 | - | - | - | (2,755.8 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Total movements for the period | 26.1 | (151.1 | ) | 2,373.0 | (28.8 | ) | 502.9 | 70.0 | 3,386.3 | 6,178.4 | 0.1 | 6,178.5 | ||||||||||||||||||||||||||||||||
Balance as at October 31, 2018 | 65.8 | 41.0 | 3,275.2 | (51.7 | ) | 666.3 | 70.0 | 3,724.4 | 7,791.0 | 1.0 | 7,792.0 |
Share capital | Share premium account | Retained earnings | Foreign currency translation reserve | Capital redemption reserves | Hedging reserve | Merger reserve | Total equity attributable to owners of the parent | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||
Balance as at November 1, 2018 | 65.8 | 41.0 | 3,275.2 | (51.7 | ) | 666.3 | 70.0 | 3,724.4 | 7,791.0 | 1.0 | 7,792.0 | |||||||||||||||||||||||||||||||||
Impact of adoption of IFRS 15 | - | - | 52.4 | - | - | - | - | 52.4 | - | 52.4 | ||||||||||||||||||||||||||||||||||
Impact of adoption of IFRS 9 | - | - | (15.6 | ) | - | - | - | - | (15.6 | ) | - | (15.6 | ) | |||||||||||||||||||||||||||||||
Revised balance at November 1, 2018 | 65.8 | 41.0 | 3,312.0 | (51.7 | ) | 666.3 | 70.0 | 3,724.4 | 7,827.8 | 1.0 | 7,828.8 | |||||||||||||||||||||||||||||||||
Profit for the financial period | - | - | 1,468.8 | - | - | - | - | 1,468.8 | 0.3 | 1,469.1 | ||||||||||||||||||||||||||||||||||
Other comprehensive income/(expense) for the period1 | - | - | 4.0 | (210.4 | ) | - | (99.6 | ) | - | (306.0 | ) | - | (306.0 | ) | ||||||||||||||||||||||||||||||
Total comprehensive income/(expense) for the period | - | - | 1,472.8 | (210.4 | ) | - | (99.6 | ) | - | 1,162.8 | 0.3 | 1,163.1 | ||||||||||||||||||||||||||||||||
Transactions with owners: | ||||||||||||||||||||||||||||||||||||||||||||
Dividends | 8 | - | - | (439.2 | ) | - | - | - | - | (439.2 | ) | - | (439.2 | ) | ||||||||||||||||||||||||||||||
Share options: | ||||||||||||||||||||||||||||||||||||||||||||
Issue of share capital – share options | 29,30 | 0.1 | 3.0 | (3.8 | ) | - | - | - | - | (0.7 | ) | - | (0.7 | ) | ||||||||||||||||||||||||||||||
Share-based payment charge | - | - | 64.5 | - | - | - | - | 64.5 | - | 64.5 | ||||||||||||||||||||||||||||||||||
Current tax on share options | 7 | - | - | 13.1 | - | - | - | - | 13.1 | - | 13.1 | |||||||||||||||||||||||||||||||||
Deferred tax on share options | 7 | - | - | (7.6 | ) | - | - | - | - | (7.6 | ) | - | (7.6 | ) | ||||||||||||||||||||||||||||||
Share reorganization and buy-back: | ||||||||||||||||||||||||||||||||||||||||||||
Return of Value – share consolidation | 29,31 | (18.7 | ) | - | - | - | 18.7 | - | - | - | - | - | ||||||||||||||||||||||||||||||||
Expenses relating to Return of Value | 29 | - | - | (1.0 | ) | - | - | - | - | (1.0 | ) | - | (1.0 | ) | ||||||||||||||||||||||||||||||
Issue and redemption of B shares | 31 | - | - | (1,800.0 | ) | - | 1,800.0 | - | (1,800.0 | ) | (1,800.0 | ) | - | (1,800.0 | ) | |||||||||||||||||||||||||||||
Share buy-back | 29 | - | - | (544.7 | ) | - | - | - | - | (544.7 | ) | - | (544.7 | ) | ||||||||||||||||||||||||||||||
Reallocation of merger reserve | 31 | - | - | 184.6 | - | - | - | (184.6 | ) | - | - | - | ||||||||||||||||||||||||||||||||
Total movements for the period | (18.6 | ) | 3.0 | (1,061.3 | ) | (210.4 | ) | 1,818.7 | (99.6 | ) | (1,984.6 | ) | (1,552.8 | ) | 0.3 | (1,552.5 | ) | |||||||||||||||||||||||||||
Balance as at October 31, 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 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||||||
Note | $m | $m | m | $m | ||||||||||||
Cash flows from operating activities | ||||||||||||||||
Cash generated from operations | 39 | 1,056.3 | 1,424.3 | 564.8 | ||||||||||||
Interest paid | (227.1 | ) | (301.8 | ) | (81.1 | ) | ||||||||||
Bank loan costs | - | (101.2 | ) | (6.7 | ) | |||||||||||
Tax paid | (167.4 | ) | (99.5 | ) | (24.6 | ) | ||||||||||
Net cash generated from operating activities | 661.8 | 921.8 | 452.4 | |||||||||||||
Cash flows from/(used in) investing activities | ||||||||||||||||
Payments for intangible assets1 | 11 | (29.3 | ) | (92.1 | ) | (31.4 | ) | |||||||||
Purchase of property, plant and equipment1 | 12 | (56.3 | ) | (40.1 | ) | (11.7 | ) | |||||||||
Finance leases2 | 21 | - | (0.7 | ) | - | |||||||||||
Interest received | 26.6 | 9.2 | 1.0 | |||||||||||||
Payment for acquisition of business | 38 | (89.0 | ) | (19.2 | ) | (299.1 | ) | |||||||||
Repayment of bank borrowings on acquisition of businesses | - | - | (316.6 | ) | ||||||||||||
Net cash acquired with acquisitions | 38 | 1.2 | 321.7 | 68.1 | ||||||||||||
Investing cash flows generated from disposals | 37 | 20.0 | - | - | ||||||||||||
Investing cash flows generated from discontinued operation, net of cash disposed | 37 | 2,473.5 | - | - | ||||||||||||
Tax paid on divestiture gain | (264.6 | ) | - | - | ||||||||||||
Net cash from/(used in) investing activities | 2,082.1 | 178.8 | (589.7 | ) | ||||||||||||
Cash flows used in financing activities | ||||||||||||||||
Investment in non-controlling interest | 32 | - | (0.1 | ) | (0.1 | ) | ||||||||||
Proceeds from issue of ordinary share capital | 29,30 | 3.1 | 5.8 | 2.0 | ||||||||||||
Purchase of treasury shares and related expenses | 29 | (544.7 | ) | (171.7 | ) | (7.7 | ) | |||||||||
Return of Value paid to shareholders | 29,31 | (1,800.0 | ) | (500.0 | ) | - | ||||||||||
Expenses relating to Return of Value | 29 | (1.0 | ) | - | - | |||||||||||
Repayment of working capital in respect of the HPE Software business acquisition | 38 | - | (225.8 | ) | - | |||||||||||
Finance leases2 | 21 | (12.9 | ) | - | - | |||||||||||
Repayment of bank borrowings | 20 | (212.6 | ) | (252.9 | ) | (372.1 | ) | |||||||||
Proceeds from bank borrowings | 20 | - | 1,043.8 | 180.0 | ||||||||||||
Dividends paid to owners | 8 | (439.2 | ) | (542.2 | ) | (177.5 | ) | |||||||||
Net cash used in financing activities | (3,007.3 | ) | (643.1 | ) | (375.4 | ) | ||||||||||
Effects of exchange rate changes | (1.8 | ) | 15.3 | (3.5 | ) | |||||||||||
Net (decrease)/increase in cash and cash equivalents | (265.2 | ) | 472.8 | (516.2 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 620.9 | 151.0 | 667.2 | |||||||||||||
18 | 355.7 | 623.8 | 151.0 | |||||||||||||
Reclassification to current assets classified as held for sale | 37 | - | (2.9 | ) | - | |||||||||||
Cash and cash equivalents at end of period | 18 | 355.7 | 620.9 | 151.0 |
i) | Assets and liabilities for each Consolidated statement of financial position presented are translated at the closing rate at the date of that Consolidated statement of financial position; |
ii) | Income and expenses for each Consolidated statement of comprehensive income item are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and |
iii) | All resulting exchange differences are recognized as a separate component of equity. |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||
Average | Closing | Average | Closing | Average | Closing | Average | Closing | Average | Closing | Average | Closing | |||||||||||||||||||||||||||||||||||||
£1 = $ | 1.27 | 1.29 | 1.33 | 1.27 | 1.29 | 1.29 | 1.37 | 1.37 | 1.28 | 1.30 | 1.27 | 1.29 | ||||||||||||||||||||||||||||||||||||
€1 = $ | 1.12 | 1.12 | 1.18 | 1.14 | 1.09 | 1.09 | 1.19 | 1.16 | 1.13 | 1.17 | 1.12 | 1.12 | ||||||||||||||||||||||||||||||||||||
C$ = $ | 0.75 | 0.76 | 0.78 | 0.76 | 0.76 | 0.73 | 0.80 | 0.81 | 0.74 | 0.75 | 0.75 | 0.76 | ||||||||||||||||||||||||||||||||||||
ILS = $ | 0.28 | 0.28 | 0.28 | 0.27 | 0.26 | 0.28 | ||||||||||||||||||||||||||||||||||||||||||
100 JYP = $ | 1.10 | 1.08 | 0.90 | 0.92 | 0.91 | 0.90 | ||||||||||||||||||||||||||||||||||||||||||
AUD = $ | 0.75 | 0.75 | 0.68 | 0.70 | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||
100 INR = $ | 1.36 | 1.33 | 1.36 | 1.34 | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||
100 JPY = $ | 0.92 | 0.88 | 0.93 | 0.96 | 1.10 | 1.08 |
Purchased software | ||
Technology | Three to 12 years | |
Trade names | Three to 20 years | |
Customer relationships | Two to 15 years | |
Buildings | 30 years | |
Leasehold improvements | Three to 10 years (not exceeding the remaining lease period) | |
Fixtures and fittings | Two to seven years | |
Computer equipment | One to five years |
- |
Measurement category | Carrying amount | ||||||||||||||||||
Note | IAS 39 | IFRS 9 | October 31, 2018 | IFRS 9 Adjustments1 | November 1, 2018 | ||||||||||||||
$m | $m | $m | |||||||||||||||||
Financial assets | |||||||||||||||||||
Non-current | |||||||||||||||||||
Long-term pension assets | 25 | Available-for-sale financial assets | Fair value through other comprehensive income | 16.7 | - | 16.7 | |||||||||||||
Derivative financial instruments | 31 | Fair value through profit and loss | Fair value through profit and loss | 86.4 | - | 86.4 | |||||||||||||
Current | |||||||||||||||||||
Cash and cash | 18 | Amortized cost | Amortized cost | 620.9 | - | 620.9 | |||||||||||||
Trade and other receivables | 16 | Amortized cost | Amortized cost | 1,212.0 | (20.0 | ) | 1,192.0 | ||||||||||||
Financial liabilities – financial liabilities at amortized cost | |||||||||||||||||||
Non-current | |||||||||||||||||||
Borrowings (gross) | 20 | Amortized cost | Amortized cost | 4,946.6 | - | 4,946.6 | |||||||||||||
Finance leases | 21 | Amortized cost | Amortized cost | 14.9 | - | 14.9 | |||||||||||||
Provisions | 24 | Amortized cost | Amortized cost | 35.4 | - | 35.4 | |||||||||||||
Current | |||||||||||||||||||
Borrowings (gross) | 20 | Amortized cost | Amortized cost | 50.3 | - | 50.3 | |||||||||||||
Finance leases | 21 | Amortized cost | Amortized cost | 13.6 | - | 13.6 | |||||||||||||
Trade and other payables | 19 | Amortized cost | Amortized cost | 676.9 | - | 676.9 | |||||||||||||
Provisions | 24 | Amortized cost | Amortized cost | 57.4 | - | 57.4 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||||||||||||||
Post IFRS 15 | IFRS 15 Adjustments | Pre IFRS 15 | ||||||||||||||||||
Note | $m | $m | $m | $m | ||||||||||||||||
Revenue | 1,2 | 3,348.4 | (16.1 | ) | 3,332.3 | 4,754.4 | ||||||||||||||
Operating profit | 221.7 | (22.1 | ) | 199.6 | 376.8 | |||||||||||||||
Finance costs | 6 | (282.4 | ) | - | (282.4 | ) | (350.4 | ) | ||||||||||||
Finance income | 6 | 26.6 | - | 26.6 | 7.7 | |||||||||||||||
(Loss)/ profit before tax | (34.1 | ) | (22.1 | ) | (56.2 | ) | 34.1 | |||||||||||||
Taxation | 7 | 16.0 | 1.6 | 17.6 | 673.1 | |||||||||||||||
(Loss)/profit from continuing operations | (18.1 | ) | (20.5 | ) | (38.6 | ) | 707.2 | |||||||||||||
Profit from discontinued operation (attributable to equity shareholders of the Company) | 37 | 1,487.2 | 30.6 | 1,517.8 | 76.9 | |||||||||||||||
Profit for the period | 1,469.1 | 10.1 | 1,479.2 | 784.1 | ||||||||||||||||
Attributable to: | ||||||||||||||||||||
Equity shareholders of the parent | 1,468.8 | 10.1 | 1,478.9 | 784.0 | ||||||||||||||||
Non-controlling interests | 0.3 | - | 0.3 | 0.1 | ||||||||||||||||
Profit for the period | 1,469.1 | 10.1 | 1,479.2 | 784.1 | ||||||||||||||||
Earnings per share (cents) | ||||||||||||||||||||
From continuing and discontinued operations | cents | cents | cents | cents | ||||||||||||||||
- Basic | 9 | 388.50 | 2.67 | 391.17 | 201.70 | |||||||||||||||
- Diluted | 9 | 384.35 | 2.64 | 386.99 | 196.17 | |||||||||||||||
From continuing operations | ||||||||||||||||||||
- Basic | 9 | (4.87 | ) | (5.42 | ) | (10.29 | ) | 181.91 | ||||||||||||
- Diluted | 9 | (4.87 | ) | (5.42 | ) | (10.29 | ) | 176.92 | ||||||||||||
Earnings per share (pence) | ||||||||||||||||||||
From continuing and discontinued operations | pence | pence | pence | pence | ||||||||||||||||
- Basic | 9 | 305.07 | 2.10 | 307.17 | 151.61 | |||||||||||||||
- Diluted | 9 | 301.81 | 2.08 | 303.89 | 147.45 | |||||||||||||||
From continuing operations | ||||||||||||||||||||
- Basic | 9 | (3.82 | ) | (4.26 | ) | (8.08 | ) | 136.73 | ||||||||||||
- Diluted | 9 | (3.82 | ) | (4.26 | ) | (8.08 | ) | 132.98 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||||||||||||||
Post IFRS 15 | IFRS 15 Adjustments | Pre IFRS 15 | ||||||||||||||||||
Note | $m | $m | $m | $m | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Non-current assets | ||||||||||||||||||||
Contract-related costs | 17 | 31.5 | (31.5 | ) | - | - | ||||||||||||||
Current assets | ||||||||||||||||||||
Trade and other receivables | 16 | 1,032.9 | (0.9 | ) | 1,032.0 | 1,272.0 | ||||||||||||||
Contract-related costs | 17 | 19.3 | (19.3 | ) | - | - | ||||||||||||||
LIABILITIES | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Trade and other payables | 19 | (611.0 | ) | - | (611.0 | ) | (676.9 | ) | ||||||||||||
Contract liabilities | 23 | (1,045.9 | ) | - | (1,045.9 | ) | (1,134.7 | ) | ||||||||||||
Non-current liabilities | ||||||||||||||||||||
Contract liabilities | 23 | (149.9 | ) | - | (149.9 | ) | (178.1 | ) | ||||||||||||
Deferred tax liabilities | 28 | (987.1 | ) | 9.0 | (978.1 | ) | (1,170.5 | ) | ||||||||||||
Continuing operations | Discontinued operation | |||||||||||||||||||
Increase / (decrease) in opening retained earnings on November 1, 2018 | Increase / (decrease) in Revenue in the 12 months ended October 31, 2019 | Increase / (decrease) in Operating expenses in the 12 months ended October 31, 2019 | Increase / (decrease) in Profit before tax in the 12 months ended October 31, 2019 | Profit/(loss) from discontinued operation (attributable to equity shareholders of the Company) in the 12 months ended October 31, 2019 | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Cost of obtaining customer contracts | 64.7 | - | (21.2 | ) | 21.2 | (35.4 | ) | |||||||||||||
Rebillable expenses | - | 2.4 | 2.4 | - | - | |||||||||||||||
Consideration payable to a customer | 5.0 | 13.7 | 12.8 | 0.9 | (5.0 | ) | ||||||||||||||
Deferred tax | (17.3 | ) | - | - | - | 9.8 | ||||||||||||||
52.4 | 16.1 | (6.0 | ) | 22.1 | (30.6 | ) |
Retained earnings at October 31, 2018 | IFRS 15 Adjustment | IFRS 9 Adjustment | Retained earnings at November 1, 2018 | |||||||||||||
$m | $m | $m | $m | |||||||||||||
Retained earnings | 3,275.2 | 52.4 | (15.6 | ) | 3,312.0 |
Amendments to References to the Conceptual Framework in IFRS Standards |
- | Amendments to IFRS 3 |
- | Amendments to IAS1 and IAS 8: guidance on the definition of material. |
- | Amendments to IFRS9, IAS 39, IFRS 7, IFRS 16 and IFRS 4: Interest rate benchmark reforms. Phase 1 |
- | Amendments to |
- | Annual Improvements cycle 2018-2020 includes relevant amendments clarifying capitalisation of transaction fees/inclusion of specific fees in modification/extinguishment test within IFRS 9 Financial Instruments. Other included improvement in IFRS 1 (First time adoption) and IAS 41 (agriculture) are not applicable to the Group. |
- | Amendments to IFRS 3 “Business combinations”, IAS 16 “Property, plant and equipment” and IAS 37 “Provisions, Contingent assets and Contingent liabilities”. |
- | Amendments to IAS 1 “Presentation of financial statements”. Amendment is presentational and relates to the classification of liabilities as current and non-current. |
- | Amendments to IAS 1 “Presentation of financial statements” aims to provide guidance on the application of materiality judgements to policy disclosures. |
- | Amendments to IAS 8 “Accounting policies, changes in accounting estimates and errors” provides clarifications around the definition of accounting estimates and further clarification around the difference between policy changes and estimates. |
- | Amendments to IAS 12 “Income taxes” covering temporary timing differences for deferred tax on the recognition of asset and liabilities from a single transaction. |
- | IFRS 17 “Insurance contracts” and Amendments to IFRS 17 “Insurance contracts”. |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Reconciliation to Adjusted EBITDA: | ||||||||||||||||
Loss before tax | (517.8 | ) | (2,940.4 | ) | (34.1 | ) | ||||||||||
Finance costs | 6 | 253.9 | 281.6 | 282.4 | ||||||||||||
Finance income | 6 | (1.7 | ) | (2.6 | ) | (26.6 | ) | |||||||||
Depreciation of property, plant and equipment | 12 | 33.7 | 42.0 | 66.5 | ||||||||||||
Right-of-use asset depreciation | 19 | 73.3 | 76.9 | 0 | ||||||||||||
Amortization of intangible assets | 11 | 956.4 | 674.1 | 716.5 | ||||||||||||
Exceptional items (reported in Operating loss) | 4 | 247.1 | 3,011.6 | 294.2 | ||||||||||||
Share-based compensation charge | 28 | 14.3 | 17.0 | 68.8 | ||||||||||||
Product development intangible costs capitalized | 11 | (19.1 | ) | (16.2 | ) | (16.5 | ) | |||||||||
Foreign exchange credit | 3 | 0.1 | 29.7 | 11.3 | ||||||||||||
Adjusted EBITDA | 1,040.2 | 1,173.7 | 1,362.5 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 20171 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Reconciliation to Adjusted EBITDA: | ||||||||||||||||
(Loss)/profit before tax | (34.1 | ) | 34.1 | 131.6 | ||||||||||||
Finance costs | 6 | 282.4 | 350.4 | 96.8 | ||||||||||||
Finance income | 6 | (26.6 | ) | (7.7 | ) | (1.0 | ) | |||||||||
Depreciation of property, plant and equipment | 12 | 66.5 | 88.6 | 9.7 | ||||||||||||
Amortization of intangible assets | 11 | 716.5 | 903.1 | 206.7 | ||||||||||||
Exceptional items (reported in Operating profit) | 4 | 294.2 | 538.2 | 97.2 | ||||||||||||
Share-based compensation charge | 33 | 68.8 | 64.3 | 31.5 | ||||||||||||
Product development intangible costs capitalized | 11 | (16.5 | ) | (44.4 | ) | (27.6 | ) | |||||||||
Foreign exchange loss/(credit) | 3 | 11.3 | (37.4 | ) | (2.9 | ) | ||||||||||
Adjusted EBITDA | 1,362.5 | 1,889.2 | 542.0 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
UK | 206.9 | 299.6 | 52.2 | 160.0 | 173.0 | 206.9 | ||||||||||||||||||
USA | 1,523.0 | 2,279.8 | 551.5 | 1,263.0 | 1,289.8 | 1,523.0 | ||||||||||||||||||
Germany | 220.7 | 309.5 | 86.8 | 223.0 | 218.7 | 220.7 | ||||||||||||||||||
Canada | 110.3 | 108.0 | 115.9 | |||||||||||||||||||||
France | 123.3 | 195.5 | 43.2 | 100.7 | 101.4 | 123.3 | ||||||||||||||||||
Japan | 108.6 | 145.8 | 42.4 | 95.6 | 96.9 | 108.6 | ||||||||||||||||||
Other | 1,165.9 | 1,524.2 | 301.2 | 947.3 | 1,013.2 | 1,050.0 | ||||||||||||||||||
Total | 3,348.4 | 4,754.4 | 1,077.3 | 2,899.9 | 3,001.0 | 3,348.4 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
$m | $ | $m | $m | |||||||||
Revenue from contracts with customers | 3,348.4 | 4,754.4 | 1,077.3 | |||||||||
Being: | ||||||||||||
Recognized over time: | ||||||||||||
Maintenance revenue | 2,051.6 | 2,818.9 | 720.7 | |||||||||
SaaS & other recurring revenue | 278.9 | 365.1 | - | |||||||||
2,330.5 | 3,184.0 | 720.7 | ||||||||||
Recognized at point in time: | ||||||||||||
Licence revenue | 800.0 | 1,206.1 | 308.4 | |||||||||
Consulting revenue | 217.9 | 364.3 | 48.2 | |||||||||
1,017.9 | 1,570.4 | 356.6 | ||||||||||
Total revenue | 3,348.4 | 4,754.4 | 1,077.3 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Revenue from contracts with customers | 2,899.9 | 3,001.0 | 3,348.4 | |||||||||
Being: | ||||||||||||
Recognized over time: | ||||||||||||
Maintenance revenue | 1,791.7 | 1,920.8 | 2,051.6 | |||||||||
SaaS & other recurring revenue | 239.8 | 245.3 | 278.9 | |||||||||
2,031.5 | 2,166.1 | 2,330.5 | ||||||||||
Recognized at point in time: | ||||||||||||
Licence revenue | 688.6 | 646.5 | 800.0 | |||||||||
Consulting revenue | 179.8 | 188.4 | 217.9 | |||||||||
868.4 | 834.9 | 1,017.9 | ||||||||||
Total Revenue | 2,899.9 | 3,001.0 | 3,348.4 |
Licence | Maintenance | SaaS & other recurring | Consulting | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
AMC | 155.3 | 315.9 | 0 | 10.3 | 481.5 | |||||||||||||||
ADM | 106.1 | 408.5 | 78.9 | 18.6 | 612.1 | |||||||||||||||
ITOM | 172.7 | 507.8 | 4.3 | 106.3 | 791.1 | |||||||||||||||
CyberRes | 174.5 | 383.9 | 36.3 | 29.1 | 623.8 | |||||||||||||||
IM&G | 80.0 | 175.6 | 120.3 | 15.5 | 391.4 | |||||||||||||||
Total Revenue | 688.6 | 1,791.7 | 239.8 | 179.8 | 2,899.9 |
Licence | Maintenance | Consulting | SaaS & other recurring | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Application Modernization & Connectivity | 170.9 | 326.1 | 11.7 | - | 508.7 | |||||||||||||||
Application Delivery Management | 130.3 | 485.4 | 18.2 | 87.8 | 721.7 | |||||||||||||||
IT Operations Management | 237.5 | 645.8 | 127.5 | 11.0 | 1,021.8 | |||||||||||||||
Security | 185.7 | 416.7 | 43.9 | 35.0 | 681.3 | |||||||||||||||
Information Management & Governance | 75.6 | 183.6 | 16.6 | 145.9 | 421.7 | |||||||||||||||
Subtotal | 800.0 | 2,057.6 | 217.9 | 279.7 | 3,355.2 | |||||||||||||||
Deferred revenue haircut | - | (6.0 | ) | - | (0.8 | ) | (6.8 | ) | ||||||||||||
Total Revenue | 800.0 | 2,051.6 | 217.9 | 278.9 | 3,348.4 |
Licence | Maintenance | Consulting | SaaS & other recurring | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Application Modernization & Connectivity | 256.3 | 497.6 | 17.9 | - | 771.8 | |||||||||||||||
Application Delivery Management | 185.5 | 646.7 | 41.6 | 114.1 | 987.9 | |||||||||||||||
IT Operations Management | 363.1 | 869.9 | 192.8 | 15.1 | 1,440.9 | |||||||||||||||
Security | 291.6 | 580.2 | 81.4 | 41.6 | 994.8 | |||||||||||||||
Information Management & Governance | 117.2 | 267.2 | 32.6 | 203.1 | 620.1 | |||||||||||||||
Subtotal | 1,213.7 | 2,861.6 | 366.3 | 373.9 | 4,815.5 | |||||||||||||||
Deferred revenue haircut | (7.6 | ) | (42.7 | ) | (2.0 | ) | (8.8 | ) | (61.1 | ) | ||||||||||
Total Revenue | 1,206.1 | 2,818.9 | 364.3 | 365.1 | 4,754.4 |
Licence | Maintenance | SaaS & other recurring | Consulting | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
AMC | 138.6 | 321.6 | 0 | 10.1 | 470.3 | |||||||||||||||
ADM | 102.0 | 439.2 | 73.9 | 15.9 | 631.0 | |||||||||||||||
ITOM | 175.1 | 559.4 | 4.6 | 113.9 | 853.0 | |||||||||||||||
CyberRes | 162.6 | 416.8 | 33.6 | 33.1 | 646.1 | |||||||||||||||
IM&G | 68.2 | 184.2 | 133.4 | 15.4 | 401.2 | |||||||||||||||
Subtotal | 646.5 | 1,921.2 | 245.5 | 188.4 | 3,001.6 | |||||||||||||||
Deferred revenue haircut | 0 | (0.4 | ) | (0.2 | ) | 0 | (0.6 | ) | ||||||||||||
Total Revenue | 646.5 | 1,920.8 | 245.3 | 188.4 | 3,001.0 |
Licence | Maintenance | Consulting | SaaS & other recurring | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Application Modernization & Connectivity | 106.0 | 149.7 | 9.5 | - | 265.2 | |||||||||||||||
Application Delivery Management | 69.1 | 104.9 | 1.9 | - | 175.9 | |||||||||||||||
IT Operations Management | 48.6 | 141.3 | 18.4 | - | 208.3 | |||||||||||||||
Security | 55.5 | 219.6 | 13.8 | - | 288.9 | |||||||||||||||
Information Management & Governance | 29.2 | 112.1 | 4.6 | - | 145.9 | |||||||||||||||
Subtotal | 308.4 | 727.6 | 48.2 | - | 1,084.2 | |||||||||||||||
Deferred revenue haircut | - | (6.9 | ) | - | - | (6.9 | ) | |||||||||||||
Total Revenue | 308.4 | 720.7 | 48.2 | - | 1,077.3 |
Licence | Maintenance | SaaS & other recurring | Consulting | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
AMC | 170.9 | 326.1 | 0 | 11.7 | 508.7 | |||||||||||||||
ADM | 130.3 | 485.4 | 87.8 | 18.2 | 721.7 | |||||||||||||||
ITOM | 237.5 | 645.8 | 11.0 | 127.5 | 1,021.8 | |||||||||||||||
CyberRes | 185.7 | 416.7 | 35.0 | 43.9 | 681.3 | |||||||||||||||
IM&G | 75.6 | 183.6 | 145.9 | 16.6 | 421.7 | |||||||||||||||
Subtotal | 800.0 | 2,057.6 | 279.7 | 217.9 | 3,355.2 | |||||||||||||||
Deferred revenue haircut | 0 | (6.0 | ) | (0.8 | ) | 0 | (6.8 | ) | ||||||||||||
Total Revenue | 800.0 | 2,051.6 | 278.9 | 217.9 | 3,348.4 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Staff costs | 33 | 1,409.0 | 2,095.0 | 480.7 | ||||||||||||
Depreciation of property, plant and equipment: | ||||||||||||||||
- owned assets | 12 | 52.6 | 71.2 | 9.7 | ||||||||||||
- leased assets | 12 | 13.9 | 17.4 | - | ||||||||||||
Loss on disposal of property, plant and equipment | 12 | 3.6 | 4.7 | 0.5 | ||||||||||||
Amortization of intangibles | 11 | 716.5 | 903.1 | 206.7 | ||||||||||||
Inventories | ||||||||||||||||
– cost of inventories recognized as a debit (included in cost of sales) | 15 | 0.1 | 0.3 | - | ||||||||||||
Operating lease rentals payable: | ||||||||||||||||
- plant and machinery | 7.0 | 8.8 | 2.9 | |||||||||||||
- property | 58.9 | 85.3 | 18.4 | |||||||||||||
Provision for receivables impairment | 16 | 16.0 | 40.0 | 2.0 | ||||||||||||
Foreign exchange gain on derivative financial instruments | (6.9 | ) | - | - | ||||||||||||
Foreign exchange loss/(gain) | 18.2 | (37.4 | ) | (2.9 | ) |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Staff costs | 28 | 1,396.0 | 1,344.4 | 1,409.0 | ||||||||||||
Depreciation of property, plant and equipment: | 12 | 33.7 | 42.0 | 52.6 | ||||||||||||
Depreciation of right-of-use asset (2019: finance lease depreciation)1 | 19 | 73.3 | 76.9 | 13.9 | ||||||||||||
Loss on disposal of property, plant and equipment | 12 | 1.2 | 5.6 | 3.6 | ||||||||||||
Amortization of intangible assets | 11 | 956.4 | 674.1 | 716.5 | ||||||||||||
Operating lease rentals payable: | ||||||||||||||||
- plant and machinery | 0 | 0 | 7.0 | |||||||||||||
- property | 0 | 0 | 58.9 | |||||||||||||
Provision for receivables impairment charge/(release) | 14 | 0.6 | (4.8 | ) | 16.0 | |||||||||||
Foreign exchange loss/(gain) on derivative financial instruments | 0 | 21.8 | (6.9 | ) | ||||||||||||
Foreign exchange loss | 0.1 | 7.9 | 18.2 |
1 | $13.9 million of depreciation on leased assets was included in depreciation of property, plant and equipment in the Year ended October 31, 2019. No depreciation in relation to leased assets is included in depreciation of property, plant and equipment in the periods ended October 31, 2020 and 2021 as all leased assets are classified as right-of-use assets following the adoption of IFRS 16. |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||||||
Reported within Operating profit: | Note | $m | $m | $m | ||||||||||||
Integration costs | 245.9 | 279.0 | 27.6 | |||||||||||||
Pre-acquisition costs | - | 43.0 | 58.0 | |||||||||||||
Acquisition costs | 1.5 | 27.1 | 2.6 | |||||||||||||
Property related costs | 16.3 | 38.1 | 5.6 | |||||||||||||
Severance and legal costs | 32.1 | 129.7 | 3.4 | |||||||||||||
Divestiture | 2.1 | 21.3 | - | |||||||||||||
Gain on disposal of Atalla | (3.7 | ) | - | - | ||||||||||||
294.2 | 538.2 | 97.2 | ||||||||||||||
Reported within finance costs: | ||||||||||||||||
Finance costs incurred in escrow period | 6 | - | 6.4 | - | ||||||||||||
Reported within finance income: | ||||||||||||||||
Finance income earned in escrow period | 6 | - | (0.6 | ) | - | |||||||||||
- | 5.8 | - | ||||||||||||||
Exceptional costs before tax | 294.2 | 544.0 | 97.2 | |||||||||||||
Tax: | ||||||||||||||||
Tax effect of exceptional items | (54.3 | ) | (105.9 | ) | (11.6 | ) | ||||||||||
Tax exceptional item | - | (692.3 | ) | - | ||||||||||||
(54.3 | ) | (798.2 | ) | (11.6 | ) | |||||||||||
Reported within profit from discontinued operation (attributable to equity shareholders of the Company): | ||||||||||||||||
Gain on disposal of discontinued operation | 37 | (1,458.5 | ) | - | - | |||||||||||
Exceptional profit after tax | (1,218.6 | ) | (254.2 | ) | 85.6 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||
Reported within Operating loss: | Note | $m | $m | $m | |||||||||
Integration costs | 98.0 | 152.6 | 245.9 | ||||||||||
Divestiture and acquisition costs | 3.6 | 0.2 | 3.6 | ||||||||||
Property-related costs | 11.1 | 15.2 | 16.3 | ||||||||||
Severance and legal costs | 27.3 | 33.7 | 32.1 | ||||||||||
Legal settlement and associated costs | 75.4 | 0 | 0 | ||||||||||
Other restructuring costs | 31.7 | 10.7 | 0 | ||||||||||
Goodwill impairment | 0 | 2,799.2 | 0 | ||||||||||
Gain on disposal of Atalla | 0 | 0 | (3.7 | ) | |||||||||
Exceptional costs before tax | 247.1 | 3,011.6 | 294.2 | ||||||||||
Tax effect of exceptional items | (76.3 | ) | (38.7 | ) | (54.3 | ) | |||||||
Reported within profit from discontinued operation (attributable to equity shareholders of the Company): | |||||||||||||
(Gain)/loss on disposal of discontinued operation | 30 | (10.7 | ) | 2.2 | (1,458.5 | ) | |||||||
Exceptional costs/(profit) after tax | 160.1 | 2,975.1 | (1,218.6 | ) |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Audit of Company | 8.0 | 7.2 | 12.8 | |||||||||
ICOFR audit | 4.7 | 2.7 | 3.0 | |||||||||
Audit of subsidiaries | 2.8 | 2.9 | 3.9 | |||||||||
Total audit | 15.5 | 12.8 | 19.7 | |||||||||
Audit-related assurance services | 0.5 | 0.6 | 0.6 | |||||||||
Total assurance services | 0.5 | 0.6 | 0.6 | |||||||||
Tax advisory services | 0 | 0 | 0.1 | |||||||||
Services relating to taxation | 0 | 0 | 0.1 | |||||||||
Total | 16.0 | 13.4 | 20.4 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
$m | $m | $m | ||||||||||
Audit of Company | 12.8 | 12.2 | 1.0 | |||||||||
Audit of subsidiaries | 3.9 | 1.9 | 2.5 | |||||||||
Total audit | 16.7 | 14.1 | 3.5 | |||||||||
Audit related assurance services | 3.6 | 0.9 | 2.6 | |||||||||
Other assurance services | - | 0.7 | - | |||||||||
Total assurance services | 3.6 | 1.6 | 2.6 | |||||||||
Tax compliance services | - | 0.2 | - | |||||||||
Tax advisory services | 0.1 | 0.2 | 0.1 | |||||||||
Services relating to taxation | 0.1 | 0.4 | 0.1 | |||||||||
Other non-audit services | - | 0.1 | 7.5 | |||||||||
Total | 20.4 | 16.2 | 13.7 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Finance costs | ||||||||||||||||
Interest on bank borrowings | 163.6 | 176.1 | 225.4 | |||||||||||||
Commitment fees | 1.3 | 1.7 | 1.9 | |||||||||||||
Amortization of facility costs and original issue discounts | 34.0 | 58.0 | 46.7 | |||||||||||||
Finance costs on bank borrowings | 198.9 | 235.8 | 274.0 | |||||||||||||
Net interest expense on retirement obligations | 22 | 1.5 | 1.8 | 2.4 | ||||||||||||
Interest on lease liabilities | 19 | 10.0 | 13.2 | 2.0 | ||||||||||||
Interest rate swaps: cash flow hedges | 41.3 | 23.7 | 0 | |||||||||||||
Other | 2.2 | 7.1 | 4.0 | |||||||||||||
Total | 253.9 | 281.6 | 282.4 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||
$m | $m | $m | ||||||||||||||
Finance income | ||||||||||||||||
Bank interest | 1.5 | 2.4 | 16.3 | |||||||||||||
Interest on non-plan pension assets | 22 | 0.2 | 0.2 | 0.3 | ||||||||||||
Interest rate swaps: cash flow hedges | 0 | 0 | 9.9 | |||||||||||||
Other | 0 | 0 | 0.1 | |||||||||||||
Total | 1.7 | 2.6 | 26.6 | |||||||||||||
Net finance cost | 252.2 | 279.0 | 255.8 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Finance costs | ||||||||||||||||
Interest on bank borrowings | 225.4 | 276.5 | 81.2 | |||||||||||||
Commitment fees | 1.9 | 3.3 | 0.8 | |||||||||||||
Amortization of facility costs and original issue discounts | 46.7 | 60.4 | 14.2 | |||||||||||||
Finance costs on bank borrowings | 274.0 | 340.2 | 96.2 | |||||||||||||
Net interest expense on retirement obligations | 25 | 2.4 | 2.8 | 0.6 | ||||||||||||
Finance lease expense | 2.0 | 2.7 | - | |||||||||||||
Interest rate swaps: cash flow hedges, transfer from equity | - | 3.4 | - | |||||||||||||
Other | 4.0 | 1.3 | - | |||||||||||||
Total | 282.4 | 350.4 | 96.8 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||||||
$m | $m | $m | ||||||||||||||
Finance income | ||||||||||||||||
Bank interest | 16.3 | 3.6 | 0.4 | |||||||||||||
Interest on non-plan pension assets | 25 | 0.3 | 0.6 | 0.4 | ||||||||||||
Interest rate swaps: cash flow hedges, transfer to equity | 9.9 | - | - | |||||||||||||
Other | 0.1 | 3.5 | 0.2 | |||||||||||||
Total | 26.6 | 7.7 | 1.0 | |||||||||||||
Net finance cost | 255.8 | 342.7 | 95.8 | |||||||||||||
Included within exceptional items | ||||||||||||||||
Finance costs incurred in escrow period | 4 | - | 6.4 | - | ||||||||||||
Finance income earned in escrow period | 4 | - | (0.6 | ) | - | |||||||||||
- | 5.8 | - |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
$m | $m | $m | ||||||||||
Current tax | ||||||||||||
Current period | 163.9 | 245.8 | 33.9 | |||||||||
Adjustments to tax in respect of previous periods | (35.3 | ) | (14.7 | ) | 1.7 | |||||||
128.6 | 231.1 | 35.6 | ||||||||||
Deferred tax | ||||||||||||
Origination and reversal of temporary differences | (139.7 | ) | 26.4 | (22.4 | ) | |||||||
Adjustments to tax in respect of previous periods | 24.5 | 1.2 | (4.4 | ) | ||||||||
Previously unrecognized temporary differences | (29.4 | ) | - | - | ||||||||
Impact of change in tax rates | - | (931.8 | ) | (1.3 | ) | |||||||
(144.6 | ) | (904.2 | ) | (28.1 | ) | |||||||
Total tax (credit)/expense | (16.0 | ) | (673.1 | ) | 7.5 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
Continuing operations | $m | $m | $m | |||||||||
Current tax | ||||||||||||
Current year | 145.7 | 175.4 | 163.9 | |||||||||
Adjustments to tax in respect of previous periods | 0.9 | 7.8 | (35.3 | ) | ||||||||
146.6 | 183.2 | 128.6 | ||||||||||
Deferred tax | ||||||||||||
Origination and reversal of temporary differences | (237.9 | ) | (195.3 | ) | (139.7 | ) | ||||||
Adjustments to tax in respect of previous periods | (23.3 | ) | 10.7 | 24.5 | ||||||||
Previously unrecognized temporary differences | 0 | 0 | (29.4 | ) | ||||||||
Impact of changes in tax rates | 31.9 | 35.6 | 0 | |||||||||
(229.3 | ) | (149.0 | ) | (144.6 | ) | |||||||
Total tax (credit)/charge | (82.7 | ) | 34.2 | (16.0 | ) |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
(Loss)/profit before taxation | (34.1 | ) | 34.1 | 131.6 | ||||||||||||||||||||
Loss before taxation | (517.8 | ) | (2,940.4 | ) | (34.1 | ) | ||||||||||||||||||
Tax at UK corporation tax rate 19.00% (2018: 19.00%; 2017: 19.92%) | (6.5 | ) | 6.5 | 26.0 | ||||||||||||||||||||
Tax at UK corporation tax rate 19.00% (2020: 19.00%, 2019: 19.00%) | (98.4 | ) | (558.7 | ) | (6.5 | ) | ||||||||||||||||||
Effects of: | ||||||||||||||||||||||||
Tax rates other than the UK standard rate | (4.4 | ) | 17.8 | 0.6 | (8.6 | ) | (78.0 | ) | (4.4 | ) | ||||||||||||||
Intra-Group financing | (42.8 | ) | (52.5 | ) | (15.7 | ) | 0.3 | (21.0 | ) | (42.8 | ) | |||||||||||||
Interest restrictions | - | 31.8 | - | |||||||||||||||||||||
Innovation tax credit benefits | (13.5 | ) | (21.4 | ) | (9.8 | ) | (22.3 | ) | (31.8 | ) | (13.5 | ) | ||||||||||||
US foreign inclusion income | 43.7 | 39.0 | 0.4 | 15.5 | 20.4 | 43.7 | ||||||||||||||||||
US transition tax | - | 238.3 | - | |||||||||||||||||||||
Share options | 7.1 | 10.2 | - | 1.6 | 4.1 | 7.1 | ||||||||||||||||||
Movement in deferred tax not recognized | 14.4 | 7.3 | 0.2 | 5.3 | 11.1 | 14.4 | ||||||||||||||||||
Previously unrecognized temporary differences | (29.4 | ) | - | - | 0 | 0 | (29.4 | ) | ||||||||||||||||
Effect of change in tax rates | - | (931.9 | ) | (1.3 | ) | |||||||||||||||||||
Impact of rate changes | 31.9 | 35.6 | 0 | |||||||||||||||||||||
Goodwill impairment | 0 | 592.8 | 0 | |||||||||||||||||||||
Expenses not deductible and other permanent differences | 26.2 | (4.7 | ) | 9.8 | 14.4 | 41.2 | 26.2 | |||||||||||||||||
(5.2 | ) | (659.6 | ) | 10.2 | (60.3 | ) | 15.7 | (5.2 | ) | |||||||||||||||
Adjustments to tax in respect of previous periods: | ||||||||||||||||||||||||
Current tax | (35.3 | ) | (14.7 | ) | 1.7 | 0.9 | 7.8 | (35.3 | ) | |||||||||||||||
Deferred tax | 24.5 | 1.2 | (4.4 | ) | (23.3 | ) | 10.7 | 24.5 | ||||||||||||||||
(10.8 | ) | (13.5 | ) | (2.7 | ) | (22.4 | ) | 18.5 | (10.8 | ) | ||||||||||||||
Total taxation | (16.0 | ) | (673.1 | ) | 7.5 | (82.7 | ) | 34.2 | (16.0 | ) |
B | Current tax receivables |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Corporation tax | 59.1 | 45.3 |
C | Non-current tax receivables |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Corporation tax | 48.0 | 0 |
D | Current tax liabilities |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
Equity - ordinary | $m | $m | $m | |||||||||
Final paid 58.33 cents (2018: 58.33 cents, 2017: 49.74 cents) per ordinary share | 240.7 | 133.9 | 111.0 | |||||||||
First Interim paid 58.33 cents (2018: 34.60 cents; 2017: 29.73 cents) per ordinary share | 198.5 | 156.2 | 66.5 | |||||||||
Second Interim paid nil cents (2018: 58.33 cents; 2017: nil cents) per ordinary share | - | 252.1 | - | |||||||||
439.2 | 542.2 | 177.5 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Corporation tax | 94.1 | 150.1 |
E | Non-current tax liabilities |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Corporation tax | 91.9 | 102.7 |
F | Deferred tax |
Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||||||
Net Deferred tax liability | Note | $m | $m | |||||||||
At November 1 | (841.1 | ) | (987.1 | ) | ||||||||
Reallocated to deferred tax assets | (15.0 | ) | 0 | |||||||||
Credited to consolidated statement of comprehensive income: | 229.3 | 147.9 | ||||||||||
- Continuing operations | 7A | 229.3 | 149.0 | |||||||||
- Discontinued operation | 0 | (1.1 | ) | |||||||||
Charged directly to equity | (0.2 | ) | (1.5 | ) | ||||||||
Charged to other comprehensive income: | (15.9 | ) | (2.5 | ) | ||||||||
Acquisitions in the period | (1.9 | ) | 0 | |||||||||
Reallocated to liabilities held for sale | 45.5 | 0 | ||||||||||
Impact of adoption of IFRS 16 | 0 | 1.8 | ||||||||||
Foreign exchange adjustment | 0.2 | 0.3 | ||||||||||
At October 31, | (599.1 | ) | (841.1 | ) |
Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||
Net Deferred tax asset | $m | $m | ||||||
At November 1 | 0 | 0 | ||||||
Reallocated from deferred tax liabilities | 15.0 | 0 | ||||||
At October 31, | 15.0 | 0 |
Tax losses and interest restrictions | Share based payments | Deferred revenue | Tax credits | Intangible assets | Other temporary differences | Research and development | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At November 1, 2020 | 133.5 | 0.8 | 90.5 | 16.3 | 0 | 69.7 | 86.5 | 397.3 | ||||||||||||||||||||||||
Credited/(charged) to consolidated statement of comprehensive income – continuing operations | 8.0 | 3.3 | 7.7 | (8.4) | 0 | 11.4 | 36.3 | 58.3 | ||||||||||||||||||||||||
Credited to consolidated statement of comprehensive income – discontinued operation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Charged directly to equity | 0 | (0.2 | ) | 0 | 0 | 0 | 0 | 0 | (0.2 | ) | ||||||||||||||||||||||
Charged to other comprehensive income | 0 | 0 | 0 | 0 | 0 | (8.1) | 0 | (8.1) | ||||||||||||||||||||||||
Foreign exchange adjustment | 0 | 0.1 | 0 | 0 | 0 | (0.1) | 0 | 0 | ||||||||||||||||||||||||
Subtotal | 141.5 | 4.0 | 98.2 | 7.9 | 0 | 72.9 | 122.8 | 447.3 | ||||||||||||||||||||||||
Jurisdictional offsetting | (432.3 | ) | ||||||||||||||||||||||||||||||
At October 31, 2021 | 15.0 |
Tax losses and interest restrictions | Share based payments | Deferred revenue | Tax credits | Intangible assets | Other temporary differences | Research and development | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At November 1, 2019 | 100.5 | 5.0 | 108.6 | 6.8 | 0 | 88.6 | 0 | 309.5 | ||||||||||||||||||||||||
Transferred from deferred tax liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 13.6 | 13.6 | ||||||||||||||||||||||||
Credited/(charged) to consolidated statement of comprehensive income – continuing operations | 33.0 | (2.7 | ) | (18.1 | ) | 9.5 | 0.2 | (24.4 | ) | 72.9 | 70.4 | |||||||||||||||||||||
Credited to consolidated statement of comprehensive income – discontinued operation | 0 | 0 | 0 | 0 | 0 | (1.1 | ) | 0 | (1.1 | ) | ||||||||||||||||||||||
Credited directly to equity | 0 | (1.5 | ) | 0 | 0 | 0 | 0 | 0 | (1.5 | ) | ||||||||||||||||||||||
Debited to other comprehensive income | 0 | 0 | 0 | 0 | 0 | 6.2 | 0 | 6.2 | ||||||||||||||||||||||||
Foreign exchange adjustment | 0 | 0 | 0 | 0 | (0.2 | ) | 0.4 | 0 | 0.2 | |||||||||||||||||||||||
Subtotal | 133.5 | 0.8 | 90.5 | 16.3 | 0 | 69.7 | 86.5 | 397.3 | ||||||||||||||||||||||||
Jurisdictional offsetting | (397.3 | ) | ||||||||||||||||||||||||||||||
At October 31, 2020 | 0 |
Expiration: | ||||||||||||||||||||||||||||||||
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | No expiry | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At October 31, 2021 | ||||||||||||||||||||||||||||||||
Type of temporary difference: | ||||||||||||||||||||||||||||||||
Losses | 0.6 | 7.4 | 23.8 | 40.5 | 8.2 | 2,045.1 | 54.1 | 2,179.7 | ||||||||||||||||||||||||
Credits | 3.2 | 1.8 | 1.4 | 1.4 | 0.9 | 4.7 | 41.1 | 54.5 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 35.3 | 23.9 | 59.2 | ||||||||||||||||||||||||
Total | 3.8 | 9.2 | 25.2 | 41.9 | 9.1 | 2,085.1 | 119.1 | 2,293.4 |
Expiration: | ||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | No expiry | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At October 31, 2020 | ||||||||||||||||||||||||||||||||
Type of temporary difference: | ||||||||||||||||||||||||||||||||
Losses | 5.0 | 11.9 | 23.7 | 43.4 | 13.3 | 2,226.7 | 50.7 | 2,374.7 | ||||||||||||||||||||||||
Credits | 3.5 | 3.1 | 1.8 | 1.4 | 0.7 | 5.5 | 45.4 | 61.4 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 88.4 | 23.9 | 112.3 | ||||||||||||||||||||||||
Total | 8.5 | 15.0 | 25.5 | 44.8 | 14.0 | 2,320.6 | 120.0 | 2,548.4 |
Intangible assets | Research and development | Other temporary differences | Total | |||||||||||||
$m | $m | $m | $m | |||||||||||||
At November 1, 2020 | (1,180.5 | ) | 0 | (57.9 | ) | (1,238.4 | ) | |||||||||
Charged to Consolidated statement of comprehensive income – continuing operations | 176.8 | 0 | (5.8 | ) | 171.0 | |||||||||||
Credited to other comprehensive income – continuing operations | (7.8 | ) | 0 | 0 | (7.8 | ) | ||||||||||
Acquisitions | (1.9 | ) | 0 | 0 | (1.9 | ) | ||||||||||
Deferred tax liabilities reallocated to liabilities held for sale | 45.5 | 0 | 0 | 45.5 | ||||||||||||
Foreign exchange adjustment | 0.2 | 0 | 0 | 0.2 | ||||||||||||
Subtotal | (967.7 | ) | 0 | (63.7 | ) | (1,031.4 | ) | |||||||||
Jurisdictional offsetting | 432.3 | |||||||||||||||
At October 31, 2021 | (599.1 | ) |
Intangible assets | Research and development | Other temporary differences | Total | |||||||||||||
$m | $m | $m | $m | |||||||||||||
At November 1, 2019 | (1,257.1 | ) | 13.6 | (53.1 | ) | (1,296.6 | ) | |||||||||
Transferred to deferred tax assets | 0 | (13.6 | ) | 0 | (13.6 | ) | ||||||||||
Charged to Consolidated statement of comprehensive income – continuing operations | 85.4 | 0 | (6.8 | ) | 78.6 | |||||||||||
Credited to other comprehensive income – continuing operations | (8.7 | ) | 0 | 0 | (8.7 | ) | ||||||||||
Credited to equity – impact of adoption of IFRS 16 | 0 | 0 | 1.8 | 1.8 | ||||||||||||
Foreign exchange adjustment | (0.1 | ) | 0 | 0.2 | 0.1 | |||||||||||
Subtotal | (1,180.5 | ) | 0 | (57.9 | ) | (1,238.4 | ) | |||||||||
Jurisdictional offsetting | 397.3 | |||||||||||||||
At October 31, 2020 | (841.1 | ) |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
Equity - ordinary | $m | $m | $m | |||||||||
Final paid 15.5 cents (2020: nil cents) per ordinary share | 51.7 | 0 | 240.7 | |||||||||
Interim paid 8.8 cents (2020: nil cents) per ordinary share | 29.4 | 0 | 198.5 | |||||||||
81.1 | 0 | 439.2 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
Earnings ($m) | ||||||||||||||||||||||||
(Loss)/profit for the period from continuing operations | (18.1 | ) | 707.2 | 124.1 | ||||||||||||||||||||
Profit for the period from discontinued operation | 1,487.2 | 76.9 | 33.7 | |||||||||||||||||||||
Loss for the year from continuing operations | (435.1 | ) | (2,974.6 | ) | (18.1 | ) | ||||||||||||||||||
Profit for the year from discontinued operation | 10.7 | 5.1 | 1,487.2 | |||||||||||||||||||||
1,469.1 | 784.1 | 157.8 | (424.4 | ) | (2,969.5 | ) | 1,469.1 | |||||||||||||||||
Number of shares (m) | ||||||||||||||||||||||||
Weighted average number of shares | 378.1 | 388.7 | 229.2 | 336.5 | 335.7 | 378.1 | ||||||||||||||||||
Dilutive effects of shares | 4.1 | 11.0 | 8.2 | 0 | 0 | 4.1 | ||||||||||||||||||
382.2 | 399.7 | 237.4 | 336.5 | 335.7 | 382.2 | |||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||
Basic earnings per share (cents) | ||||||||||||||||||||||||
Continuing operations | (4.87 | ) | 181.91 | 54.17 | (129.30 | ) | (886.15 | ) | (4.87 | ) | ||||||||||||||
Discontinued operation | 393.37 | 19.79 | 14.71 | 3.18 | 1.52 | 393.37 | ||||||||||||||||||
Total Basic earnings per share | 388.50 | 201.70 | 68.88 | (126.12 | ) | (884.63 | ) | 388.50 | ||||||||||||||||
Diluted earnings per share (cents) | ||||||||||||||||||||||||
Continuing operations 1 | (4.87 | ) | 176.92 | 52.31 | (129.30 | ) | (886.15 | ) | (4.87 | ) | ||||||||||||||
Discontinued operation | 389.16 | 19.25 | 14.20 | 3.18 | 1.52 | 389.16 | ||||||||||||||||||
Total Diluted earnings per share 1 | 384.35 | 196.17 | 66.51 | (126.12 | ) | (884.63 | ) | 384.35 | ||||||||||||||||
Basic earnings per share (pence) | ||||||||||||||||||||||||
Continuing operations | (3.82 | ) | 136.73 | 41.88 | (94.09 | ) | (693.45 | ) | (3.82 | ) | ||||||||||||||
Discontinued operation | 308.89 | 14.88 | 11.37 | 2.31 | 1.19 | 308.89 | ||||||||||||||||||
Total Basic earnings per share | 305.07 | 151.61 | 53.25 | (91.78 | ) | (692.26 | ) | 305.07 | ||||||||||||||||
Diluted earnings per share (pence) | ||||||||||||||||||||||||
Continuing operations 1 | (3.82 | ) | 132.98 | 40.44 | (94.09 | ) | (693.45 | ) | (3.82 | ) | ||||||||||||||
Discontinued operation | 305.59 | 14.47 | 10.98 | 2.31 | 1.19 | 305.59 | ||||||||||||||||||
Total Diluted earnings per share 1 | 301.81 | 147.45 | 51.42 | (91.78 | ) | (692.26 | ) | 301.81 | ||||||||||||||||
Earnings attributable to ordinary shareholders | ||||||||||||||||||||||||
From continuing operations | (18.1 | ) | 707.2 | 124.1 | (435.1 | ) | (2,974.6 | ) | (18.1 | ) | ||||||||||||||
Excluding non-controlling interests | (0.3 | ) | (0.1 | ) | 0.1 | 0 | 0 | (0.3 | ) | |||||||||||||||
(Loss)/profit for the period from continuing operations | (18.4 | ) | 707.1 | 124.2 | ||||||||||||||||||||
(Loss)/profit for the year from continuing operations | (435.1 | ) | (2,974.6 | ) | (18.4 | ) | ||||||||||||||||||
From discontinued operation | 1,487.2 | 76.9 | 33.7 | 10.7 | 5.1 | 1,487.2 | ||||||||||||||||||
1,468.8 | 784.0 | 157.9 | (424.4 | ) | (2,969.5 | ) | 1,468.8 | |||||||||||||||||
Average exchange rate | $ | 1.27/£1 | $ | 1.33/£1 | $ | 1.29/£1 | $ | 1.37/£1 | $ | 1.28/£1 | $ | 1.27/£1 |
1 | The Group reported a loss from continuing operations and a loss for the year attributable to the ordinary equity shareholders of the Company for the year ended October 31, 2021 and October 31, 2020. The Diluted EPS is reported as equal to Basic EPS, as no account can be taken of the effect of dilutive securities under IAS 33. |
October 31, 2019 | October 31, 2018 | |||||||||||
Note | $m | $m | ||||||||||
Cost and net book amount | ||||||||||||
At November 1 /May 1 | 6,805.0 | 2,828.6 | ||||||||||
Acquisitions | 38 | 26.8 | 4,863.9 | |||||||||
Effects of movements in exchange rates | (160.5 | ) | - | |||||||||
Reclassification to assets held for sale | 37 | - | (887.5 | ) | ||||||||
6,671.3 | 6,805.0 | |||||||||||
A segment-level summary of the goodwill allocation is presented below: | ||||||||||||
Micro Focus | 6,671.3 | 6,805.0 |
October 31, 2021 | October 31, 2020 | |||||||||||
Note | $m | $m | ||||||||||
Net book value | ||||||||||||
At November 1 | 3,835.4 | 6,671.3 | ||||||||||
Acquisitions | 31 | 7.2 | 1.4 | |||||||||
Impairment charge | 0 | (2,799.2 | ) | |||||||||
Effects of movements in exchange rates | 30.1 | (38.1 | ) | |||||||||
Transferred to assets held for sale | 30 | (147.2 | ) | 0 | ||||||||
At October 31, | 3,725.5 | 3,835.4 | ||||||||||
A CGU-level summary of the goodwill allocation is presented below: | ||||||||||||
Micro Focus | 3,725.5 | 3,835.4 |
2019 | 2018 | |||||||
Long-term cash flow growth rate | 1.0 | % | 1.0 | % | ||||
Pre-tax discount rate 1 | 10.3 | % | 9.7 | % | ||||
Medium term annual revenue growth rate by product group2 | (2.0)% to 2.1 | % | - |
October 31, 2021 | October 31, 2020 | Basis of assumptions | |
Long-term cash flow growth rate for terminal value | 1.0% | 1.0% | Long-term growth rate into perpetuity is based on nominal long term GDP growth forecasts for the main countries in which the CGU operates adjusted where deemed relevant by management to factor in competition and the maturity of the business. |
Pre-tax discount rate1 | 10.6% | 10.9% | The discount rate applied to the cash flows is based on the risk free rate for 30 year US government bonds. This rate is adjusted for a risk premium to reflect the increased risk of investing in equities. This risk premium is derived by observing an equity market risk premium (that is the required return over and above a risk free rate by an investor who is investing in the market as a whole) based on external sources and adjusting this with reference to both a beta and a size premium to reflect the risk of the cash-generating unit relative to the market as a whole to provide a cost of equity. Cost of debt is based on external indices reflecting the Group’s credit rating. Cost of equity and debt are then weighted based on market participant leverage. |
Average annual revenue growth rate by product group | (4.2)% to 4.5% | (8.1)% to 2.2% | Average annual growth rates by product group are based on a combination of management’s past experience, management’s plans and observable trends in the markets in which the Group’s products operate in and updated for the impact of significant new agreements entered into where relevant, for example, the agreement with AWS on the modernization of mainframe applications and workloads signed in FY21. |
1 | This equates to a post-tax discount rate of 8.0% (2020: 8.2%). |
Purchased intangibles | ||||||||||||||||||||||||||||||||
Purchased software | Product development costs | Technology | Trade names | Customer relationships | Lease contracts | Total | ||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
At November 1, 2018 | 141.1 | 259.1 | 2,158.5 | 267.7 | 5,377.2 | 15.0 | 8,218.6 | |||||||||||||||||||||||||
Acquisitions – Interset Software Inc. | 38 | - | - | 44.5 | 4.2 | 12.5 | - | 61.2 | ||||||||||||||||||||||||
Additions | 12.3 | 16.5 | - | - | - | - | 28.8 | |||||||||||||||||||||||||
Additions – external consultants | - | 0.5 | - | - | - | - | 0.5 | |||||||||||||||||||||||||
Disposals | (7.4 | ) | (19.1 | ) | - | - | - | - | (26.5 | ) | ||||||||||||||||||||||
Effects of movements in exchange rates | 0.7 | - | (24.4 | ) | (4.6 | ) | (66.4 | ) | (0.1 | ) | (94.8 | ) | ||||||||||||||||||||
At October 31, 2019 | 146.7 | 257.0 | 2,178.6 | 267.3 | 5,323.3 | 14.9 | 8,187.8 | |||||||||||||||||||||||||
Accumulated amortization | ||||||||||||||||||||||||||||||||
At November 1, 2018 | 50.1 | 206.7 | 478.9 | 48.9 | 801.5 | 3.2 | 1,589.3 | |||||||||||||||||||||||||
Amortization charge for the period | 34.1 | 26.7 | 200.1 | 20.9 | 424.8 | 9.9 | 716.5 | |||||||||||||||||||||||||
Disposals | (7.4 | ) | (19.1 | ) | - | - | - | - | (26.5 | ) | ||||||||||||||||||||||
Effects of movements in exchange rates | 0.1 | - | (10.1 | ) | (1.8 | ) | (22.0 | ) | - | (33.8 | ) | |||||||||||||||||||||
At October 31, 2019 | 76.9 | 214.3 | 668.9 | 68.0 | 1,204.3 | 13.1 | 2,245.5 | |||||||||||||||||||||||||
Net book amount at October 31, 2019 | 69.8 | 42.7 | 1,509.7 | 199.3 | 4,119.0 | 1.8 | 5,942.3 | |||||||||||||||||||||||||
Net book amount at October 31, 2018 | 91.0 | 52.4 | 1,679.6 | 218.8 | 4,575.7 | 11.8 | 6,629.3 |
Purchased intangibles | ||||||||||||||||||||||||||||
Note | Purchased software $m | Product development costs $m | Technology $m | Trade names $m | Customer relationships $m | Total $m | ||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||
At November 1, 2020 | 191.5 | 274.0 | 2,201.2 | 269.2 | 5,364.0 | 8,299.9 | ||||||||||||||||||||||
Acquisitions | 31 | 0 | 0 | 7.8 | 0 | 0 | 7.8 | |||||||||||||||||||||
Additions | 28.4 | 19.1 | 0 | 0 | 0 | 47.5 | ||||||||||||||||||||||
Disposals | (13.5 | ) | 0 | 0 | 0 | 0 | (13.5 | ) | ||||||||||||||||||||
Effects of movements in exchange rates | 1.2 | (0.1 | ) | 10.4 | 1.2 | 26.3 | 39.0 | |||||||||||||||||||||
Transferred to current assets classified as held for sale | 30 | 0 | 0 | (82.0 | ) | (7.0 | ) | (185.5 | ) | (274.5 | ) | |||||||||||||||||
At October 31, 2021 | 207.6 | 293.0 | 2,137.4 | 263.4 | 5,204.8 | 8,106.2 | ||||||||||||||||||||||
Accumulated amortisation | ||||||||||||||||||||||||||||
At November 1, 2020 | 113.5 | 237.9 | 865.7 | 87.9 | 1,611.9 | 2,916.9 | ||||||||||||||||||||||
Amortisation charge for the year | 37.4 | 19.6 | 257.2 | 20.7 | 621.5 | 956.4 | ||||||||||||||||||||||
Disposals | (13.5 | ) | 0 | 0 | 0 | 0 | (13.5 | ) | ||||||||||||||||||||
Effects of movements in exchange rates | 0.6 | 0 | 2.6 | 0.2 | 4.2 | 7.6 | ||||||||||||||||||||||
Transferred to current assets classified as held for sale | 30 | 0 | 0 | (37.6 | ) | (1.9 | ) | (52.9 | ) | (92.4 | ) | |||||||||||||||||
At October 31, 2021 | 138.0 | 257.5 | 1,087.9 | 106.9 | 2,184.7 | 3,775.0 | ||||||||||||||||||||||
Net book amount at October 31, 2021 | 69.6 | 35.5 | 1,049.5 | 156.5 | 3,020.1 | 4,331.2 | ||||||||||||||||||||||
Net book amount at October 31, 2020 | 78.0 | 36.1 | 1,335.5 | 181.3 | 3,752.1 | 5,383.0 |
Purchased intangibles | ||||||||||||||||||||||||||||||||
Purchased software | Product development costs | Technology | Trade names | Customer relationships | Lease contracts | Total | ||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
At October 31, 2019 | 146.7 | 257.0 | 2,178.6 | 267.3 | 5,323.3 | 14.9 | 8,187.8 | |||||||||||||||||||||||||
Transfers to right-of-use assets1 | 0 | 0 | 0 | 0 | 0 | (14.9 | ) | (14.9 | ) | |||||||||||||||||||||||
At November 1, 2019 | 146.7 | 257.0 | 2,178.6 | 267.3 | 5,323.3 | 0 | 8,172.9 | |||||||||||||||||||||||||
Acquisitions – Atar Labs | 31 | 0 | 0 | 6.6 | 0 | 0 | 0 | 6.6 | ||||||||||||||||||||||||
Additions | 55.5 | 16.2 | 0 | 0 | 0 | 0 | 71.7 | |||||||||||||||||||||||||
Additions – external consultants | 0 | 0.8 | 0 | 0 | 0 | 0 | 0.8 | |||||||||||||||||||||||||
Disposals | (11.2 | ) | 0 | 0 | 0 | 0 | 0 | (11.2 | ) | |||||||||||||||||||||||
Effects of movements in exchange rates | 0.5 | 0 | 16.0 | 1.9 | 40.7 | 0 | 59.1 | |||||||||||||||||||||||||
At October 31, 2020 | 191.5 | 274.0 | 2,201.2 | 269.2 | 5,364.0 | 0 | 8,299.9 | |||||||||||||||||||||||||
Accumulated amortisation | ||||||||||||||||||||||||||||||||
At October 31, 2019 | 76.9 | 214.3 | 668.9 | 68.0 | 1,204.3 | 13.1 | 2,245.5 | |||||||||||||||||||||||||
Transfers to right-of-use assets1 | 0 | 0 | 0 | 0 | 0 | (13.1 | ) | (13.1 | ) | |||||||||||||||||||||||
At November 1, 2019 | 76.9 | 214.3 | 668.9 | 68.0 | 1,204.3 | 0 | 2,232.4 | |||||||||||||||||||||||||
Amortisation charge for the year | 46.5 | 23.5 | 190.2 | 19.1 | 394.8 | 0 | 674.1 | |||||||||||||||||||||||||
Disposals | (10.6 | ) | 0 | 0 | 0 | 0 | 0 | (10.6 | ) | |||||||||||||||||||||||
Effects of movements in exchange rates | 0.7 | 0.1 | 6.6 | 0.8 | 12.8 | 0 | 21.0 | |||||||||||||||||||||||||
At October 31, 2020 | 113.5 | 237.9 | 865.7 | 87.9 | 1,611.9 | 0 | 2,916.9 | |||||||||||||||||||||||||
Net book amount at October 31, 2020 | 78.0 | 36.1 | 1,335.5 | 181.3 | 3,752.1 | 0 | 5,383.0 | |||||||||||||||||||||||||
Net book amount at October 31, 2019 | 69.8 | 42.7 | 1,509.7 | 199.3 | 4,119.0 | 1.8 | 5,942.3 |
Purchased intangibles | ||||||||||||||||||||||||||||||||
Purchased software | Product development costs | Technology | Trade names | Customer relationships | Lease contracts | Total | ||||||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
At May 1, 2017 | 24.6 | 213.8 | 398.9 | 239.6 | 972.4 | - | 1,849.3 | |||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||||||
Acquisitions - HPE Software business | 38 | 72.8 | - | 1,809.0 | 163.0 | 4,480.0 | 15.0 | 6,539.8 | ||||||||||||||||||||||||
Acquisitions – COBOL-IT | 38 | - | - | 1.5 | 0.2 | 12.3 | - | 14.0 | ||||||||||||||||||||||||
Acquisitions – Covertix | 38 | 2.5 | - | - | - | - | - | 2.5 | ||||||||||||||||||||||||
Additions | 46.8 | 44.4 | - | - | - | - | 91.2 | |||||||||||||||||||||||||
Additions – external consultants | - | 0.9 | - | - | - | - | 0.9 | |||||||||||||||||||||||||
Effects of movements in exchange rates | (0.4 | ) | - | - | - | - | - | (0.4 | ) | |||||||||||||||||||||||
Discontinued operation: | ||||||||||||||||||||||||||||||||
Reclassification to current assets classified as held for sale | 37 | (5.2 | ) | - | (50.9 | ) | (135.1 | ) | (87.5 | ) | - | (278.7 | ) | |||||||||||||||||||
At October 31, 2018 | 141.1 | 259.1 | 2,158.5 | 267.7 | 5,377.2 | 15.0 | 8,218.6 | |||||||||||||||||||||||||
Accumulated amortization | ||||||||||||||||||||||||||||||||
At May 1, 2017 | 21.0 | 164.7 | 223.0 | 38.8 | 312.5 | - | 760.0 | |||||||||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||||||||||
Amortization charge for the period | 30.7 | 42.0 | 280.5 | 26.7 | 520.0 | 3.2 | 903.1 | |||||||||||||||||||||||||
Effects of movements in exchange rates | (0.9 | ) | - | - | - | - | - | (0.9 | ) | |||||||||||||||||||||||
Discontinued operation: | ||||||||||||||||||||||||||||||||
Amortization charge for the period | 0.8 | - | 13.4 | 9.1 | 16.9 | - | 40.2 | |||||||||||||||||||||||||
Reclassification to current assets classified as held for sale | 37 | (1.5 | ) | - | (38.0 | ) | (25.7 | ) | (47.9 | ) | - | (113.1 | ) | |||||||||||||||||||
At October 31, 2018 | 50.1 | 206.7 | 478.9 | 48.9 | 801.5 | 3.2 | 1,589.3 | |||||||||||||||||||||||||
Net book amount at October 31, 2018 | 91.0 | 52.4 | 1,679.6 | 218.8 | 4,575.7 | 11.8 | 6,629.3 | |||||||||||||||||||||||||
Net book amount at April 30, 2017 | 3.6 | 49.1 | 175.9 | 200.8 | 659.9 | - | 1,089.3 |
1 | Lease contracts have been reclassified to right-of-use assets following the adoption of IFRS 16 on November 1, 2019. |
Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||
For continuing operations: | $m | $m | ||||||
Cost of sales: | ||||||||
- amortization of product development costs | 19.6 | 23.5 | ||||||
- amortization of acquired purchased technology | 257.2 | 190.2 | ||||||
Selling and distribution: | ||||||||
- amortization of acquired purchased trade names and customer relationships | 642.2 | 413.9 | ||||||
Administrative expenses: | ||||||||
- amortization of purchased software | 37.4 | 46.5 | ||||||
Total amortization charge for the year | 956.4 | 674.1 | ||||||
Research and development: | ||||||||
- capitalization of product development costs | 19.1 | 16.2 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
For continuing operations: | $m | $m | $m | |||||||||
Cost of sales: | ||||||||||||
- amortization of product development costs | 26.7 | 42.0 | 22.4 | |||||||||
- amortization of acquired purchased technology | 200.1 | 280.5 | 59.0 | |||||||||
Selling and distribution: | ||||||||||||
- amortization of acquired purchased trade names, customer relationships and lease contracts | 455.6 | 549.9 | 124.2 | |||||||||
Administrative expenses: | ||||||||||||
- amortization of purchased software | 34.1 | 30.7 | 1.1 | |||||||||
Total amortization charge for the period | 716.5 | 903.1 | 206.7 | |||||||||
Research and development: | ||||||||||||
- capitalization of product development costs | 16.5 | 44.4 | 27.7 |
Impact in the year ended October 31, | ||||||||||||||||||||||||||||
$m | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Impact in all later periods | |||||||||||||||||||||
Increase/(decrease) in amortization expense | 261 | 261 | 261 | 261 | 192 | (145 | ) | (1,091 | ) | |||||||||||||||||||
Recognized in: | ||||||||||||||||||||||||||||
Costs of sales (amortization of acquired purchased) | 59 | 59 | 59 | 59 | 25 | (141 | ) | (120 | ) | |||||||||||||||||||
Selling and distribution expenses (amortization of customer relationships) | 202 | 202 | 202 | 202 | 167 | (4 | ) | (971 | ) | |||||||||||||||||||
261 | 261 | 261 | 261 | 192 | (145 | ) | (1,091 | ) |
Freehold land and buildings | Leasehold improvements | Computer equipment | Fixtures and fittings | Total | ||||||||||||||||||||
Note | $m | $m | $m | $m | $m | |||||||||||||||||||
Cost | ||||||||||||||||||||||||
At November 1, 2018 | 14.3 | 79.2 | 103.3 | 29.1 | 225.9 | |||||||||||||||||||
Acquisition – Interset Software Inc. | 38 | - | - | 0.2 | 0.1 | 0.3 | ||||||||||||||||||
Additions | - | 37.7 | 24.6 | 3.0 | 65.3 | |||||||||||||||||||
Disposals | - | (3.6 | ) | (3.0 | ) | - | (6.6 | ) | ||||||||||||||||
Reclassification | - | - | 19.8 | (19.8 | ) | - | ||||||||||||||||||
Effects of movements in exchange rates | (0.3 | ) | 0.2 | (0.5 | ) | 0.8 | 0.2 | |||||||||||||||||
At October 31, 2019 | 14.0 | 113.5 | 144.4 | 13.2 | 285.1 | |||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||
At November 1, 2018 | 2.2 | 34.3 | 36.6 | 8.5 | 81.6 | |||||||||||||||||||
Charge for the period | 0.3 | 18.8 | 46.1 | 1.3 | 66.5 | |||||||||||||||||||
Disposals | - | (1.7 | ) | (1.3 | ) | - | (3.0 | ) | ||||||||||||||||
Reclassification | - | - | 4.6 | (4.6 | ) | - | ||||||||||||||||||
Effects of movements in exchange rates | (0.3 | ) | 0.3 | (0.9 | ) | 0.4 | (0.5 | ) | ||||||||||||||||
At October 31, 2019 | 2.2 | 51.7 | 85.1 | 5.6 | 144.6 | |||||||||||||||||||
Net book amount at October 31, 2019 | 11.8 | 61.8 | 59.3 | 7.6 | 140.5 | |||||||||||||||||||
Net book amount at November 1, 2018 | 12.1 | 44.9 | 66.7 | 20.6 | 144.3 |
Freehold land and buildings | Leasehold improvements | Computer equipment | Fixtures and fittings | Total | ||||||||||||||||||||
Note | $m | $m | $m | $m | $m | |||||||||||||||||||
Cost | ||||||||||||||||||||||||
At November 1, 2020 | 14.0 | 83.6 | 107.9 | 7.8 | 213.3 | |||||||||||||||||||
Acquisition | 0 | 0 | 0 | 0.1 | 0.1 | |||||||||||||||||||
Additions | 0 | 1.2 | 15.6 | 0.9 | 17.7 | |||||||||||||||||||
Disposals | 0 | (4.5 | ) | (14.0 | ) | (0.8 | ) | (19.3 | ) | |||||||||||||||
Effects of movements in exchange rates | 0.8 | 0.6 | 1.9 | 0.2 | 3.5 | |||||||||||||||||||
Transferred to current assets classified as held for sale | 30 | 0 | (4.1 | ) | (2.3 | ) | 0 | (6.4 | ) | |||||||||||||||
At October 31, 2021 | 14.8 | 76.8 | 109.1 | 8.2 | 208.9 | |||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||
At November 1, 2020 | 2.5 | 47.3 | 69.5 | 0.3 | 119.6 | |||||||||||||||||||
Disposals | 0 | (3.6 | ) | (14.0 | ) | (0.5 | ) | (18.1 | ) | |||||||||||||||
Charge for the year | 0.4 | 10.9 | 20.3 | 2.1 | 33.7 | |||||||||||||||||||
Effects of movements in exchange rates | 0.1 | 0.2 | 1.6 | 0.2 | 2.1 | |||||||||||||||||||
Transferred to current assets classified as held for sale | 30 | 0 | (1.8 | ) | (2.0 | ) | 0 | (3.8 | ) | |||||||||||||||
At October 31, 2021 | 3.0 | 53.0 | 75.4 | 2.1 | 133.5 | |||||||||||||||||||
Net book amount at October 31, 2021 | 11.8 | 23.8 | 33.7 | 6.1 | 75.4 | |||||||||||||||||||
Net book amount at November 1, 2020 | 11.5 | 36.3 | 38.4 | 7.5 | 93.7 |
| Freehold land and buildings | Leasehold improvements | Computer equipment | Fixtures and fittings | Total | |||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Cost | ||||||||||||||||||||
At October 31, 2019 | 14.0 | 113.5 | 144.4 | 13.2 | 285.1 | |||||||||||||||
Transfers to right-of-use assets1 | 0 | (9.8 | ) | (50.6 | ) | 0 | (60.4 | ) | ||||||||||||
At November 1, 2019 | 14.0 | 103.7 | 93.8 | 13.2 | 224.7 | |||||||||||||||
Additions | 0 | 4.8 | 28.4 | 2.9 | 36.1 | |||||||||||||||
Other2 | 0 | (9.8 | ) | 0 | 0 | (9.8 | ) | |||||||||||||
Disposals | 0 | (15.3 | ) | (14.1 | ) | (8.5 | ) | (37.9 | ) | |||||||||||
Effects of movements in exchange rates | 0 | 0.2 | (0.2 | ) | 0.2 | 0.2 | ||||||||||||||
At October 31, 2020 | 14.0 | 83.6 | 107.9 | 7.8 | 213.3 | |||||||||||||||
Accumulated depreciation | ||||||||||||||||||||
At October 31, 2019 | 2.2 | 51.7 | 85.1 | 5.6 | 144.6 | |||||||||||||||
Transfers to right-of-use assets1 | 0 | (5.2 | ) | (29.7 | ) | 0 | (34.9 | ) | ||||||||||||
At November 1, 2019 | 2.2 | 46.5 | 55.4 | 5.6 | 109.7 | |||||||||||||||
Disposals | 0 | (11.0 | ) | (13.5 | ) | (7.8 | ) | (32.3 | ) | |||||||||||
Charge for the year | 0.3 | 11.9 | 27.6 | 2.2 | 42.0 | |||||||||||||||
Effects of movements in exchange rates | 0 | (0.1 | ) | 0 | 0.3 | 0.2 | ||||||||||||||
At October 31, 2020 | 2.5 | 47.3 | 69.5 | 0.3 | 119.6 | |||||||||||||||
Net book amount at October 31, 2020 | 11.5 | 36.3 | 38.4 | 7.5 | 93.7 | |||||||||||||||
Net book amount at October 31, 2019 | 11.8 | 61.8 | 59.3 | 7.6 | 140.5 | |||||||||||||||
Transfers to right-of-use assets1 | 0 | (4.6 | ) | (20.9 | ) | 0 | (25.5 | ) | ||||||||||||
Net book amount at November 1, 2019 | 11.8 | 57.2 | 38.4 | 7.6 | 115.0 |
Freehold land and buildings | Leasehold improvements | Computer equipment | Fixtures and fittings | Total | ||||||||||||||||||||
Note | $m | $m | $m | $m | $m | |||||||||||||||||||
Cost | ||||||||||||||||||||||||
At May 1, 2017 | 14.3 | 27.3 | 32.6 | 6.0 | 80.2 | |||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||
Acquisition – HPE Software business | 38 | - | 56.5 | 79.5 | 24.1 | 160.1 | ||||||||||||||||||
Acquisition – COBOL-IT | 38 | - | - | 0.1 | - | 0.1 | ||||||||||||||||||
Additions | - | 10.4 | 33.3 | 6.4 | 50.1 | |||||||||||||||||||
Disposals | - | (7.5 | ) | (27.1 | ) | (4.6 | ) | (39.2 | ) | |||||||||||||||
Effects of movements in exchange rates | - | (3.4 | ) | (8.2 | ) | (2.5 | ) | (14.1 | ) | |||||||||||||||
Discontinued operation: | ||||||||||||||||||||||||
Additions | - | - | 2.0 | - | 2.0 | |||||||||||||||||||
Disposals | - | - | (0.1 | ) | - | (0.1 | ) | |||||||||||||||||
Effects of movements in exchange rates | - | - | 0.3 | - | 0.3 | |||||||||||||||||||
Reclassification to current assets classified as held for sale | 37 | - | (4.1 | ) | (9.1 | ) | (0.3 | ) | (13.5 | ) | ||||||||||||||
At October 31, 2018 | 14.3 | 79.2 | 103.3 | 29.1 | 225.9 | |||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||
At May 1, 2017 | 1.8 | 12.7 | 22.1 | 2.7 | 39.3 | |||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||
Charge for the period | 0.4 | 26.3 | 50.7 | 11.2 | 88.6 | |||||||||||||||||||
Disposals | - | (4.0 | ) | (26.9 | ) | (3.7 | ) | (34.6 | ) | |||||||||||||||
Effects of movements in exchange rates | - | (1.3 | ) | (6.4 | ) | (2.9 | ) | (10.6 | ) | |||||||||||||||
Discontinued operation: | ||||||||||||||||||||||||
Charge for the period | - | 2.7 | 2.6 | 1.3 | 6.6 | |||||||||||||||||||
Disposals | - | - | - | - | - | |||||||||||||||||||
Effects of movements in exchange rates | - | - | 0.1 | - | 0.1 | |||||||||||||||||||
Reclassification to current assets classified as held for sale | 37 | - | (2.1 | ) | (5.6 | ) | (0.1 | ) | (7.8 | ) | ||||||||||||||
At October 31, 2018 | 2.2 | 34.3 | 36.6 | 8.5 | 81.6 | |||||||||||||||||||
Net book amount at October 31, 2018 | 12.1 | 44.9 | 66.7 | 20.6 | 144.3 | |||||||||||||||||||
Net book amount at May 1, 2017 | 12.5 | 14.6 | 10.5 | 3.3 | 40.9 |
1 | Property, plant and equipment held under finance leases and hire purchase contracts under IAS 17 and assets recognized in relation to asset retirement obligations on leased asset have been reclassified to right-of-use assets following the adoption of IFRS 16 on November 1, 2019. |
2 | Other movements of $9.8million relates to amounts received in relation to the reimbursement of leasehold improvement costs. |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
1 | Attachmate Australasia Pty Limited | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
2 | Attachmate Group Australia Pty Limited | Australia | Ordinary Shares | Sale and support of software | 1 |
3 | Autonomy Australia Pty Limited | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
4 | Autonomy Systems Australia Pty Limited | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
5 | Borland Australia Pty Limited | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
6 | Entco Australia Pty Limited | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
7 | Micro Focus Australia Pty Ltd (formerly Entcorp Australia Pty Limited) | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
8 | Micro Focus Pty Limited | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
9 | Serena Software Pty Limited | Australia | Ordinary Shares AU$1.00 | Sale and support of software | 1 |
10 | Borland Entwicklung GmbH | Austria | Registered capital | Development of software | 2 |
11 | Autonomy Belgium BVBA | Belgium | Ordinary Shares | Sale and support of software | 3 |
12 | Micro Focus Belgium BV (formerly Entco Belgium BVBA) | Belgium | Ordinary Shares | Sale and support of software | 3 |
13 | Micro Focus Srl (formerly Micro Focus SPRL) | Belgium | Ordinary Shares | Sale and support of software | 4 |
14 | Borland Latin America Ltda | Brazil | Quota RS$1.00 | Sale and support of software | 5 |
15 | Cambridge Technology Partners do Brasil s.c. Ltda | Brazil | Quota RS$1.00 | Dormant | 5 |
16 | Micro Focus Brasil Serviços de Tecnologia Ltda (formerly Entco Brasil Serviços de Tecnologia Ltda) | Brazil | Quota RS$1.00 | Sale and support of software | 5 |
17 | Micro Focus Programmeação de Computadores Ltda | Brazil | Quota RS$1.00 | Sale and support of software | 5 |
18 | Peregrinne Systems do Brasil Limitada | Brazil | Quota RS$1.00 | Sale and support of software | 6 |
19 | Serena Software Do Brasil Ltda | Brazil | Quota RS$1.00 | Sale and support of software | 7 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
20 | Verity Worldwide Limited | British Virgin Islands | Ordinary Shares US$50,000.00 | Sale and support of software | 8 |
21 | Micro Focus APM Solutions Limited (EOOD) | Bulgaria | Ordinary Shares BGN1,000.00 | Development of software | 9 |
22 | Micro Focus Bulgaria EOOD (formerly Entco Bulgaria EOOD) | Bulgaria | Ordinary Shares BGN1.00 | Sale and support of software | 10 |
23 | Autonomy Systems (Canada) Limited | Canada | Class A Common Stock | Sale and support of software | 11 |
24 | Borland Canada Software ULC | Canada | Common Shares | Dormant | 12 |
25 | Entcorp Canada, Inc. | Canada | Common Stock | Sale and support of software | 13 |
26 | GWAVA ULC (formerly GWAVA Inc.) | Canada | Common Stock | Holding Company | 12 |
27 | Interset Software Inc. | Canada | Class A Preferred Shares Class B Preferred Shares Class B-1 Preferred Shares Class B-2 Preferred Shares Common Shares | Sale and support of software | 14 |
28 | Micro Focus (Canada) ULC | Canada | Common Shares | Development, sale and support of software | 12 |
29 | Micro Focus Acquisition ULC | Canada | Common Shares | Holding Company | 15 |
30 | Micro Focus Software (Canada), ULC | Canada | Common Shares | Sale and support of software | 16 |
31 | Micro Focus Software Solutions Canada Co. / Solutions Logiciels Micro Focus Canada Cie. (formerly Entco Software Canada Co. Logiciels Entco Canada Cie) | Canada | Common Shares | Sale and support of software | 17 |
32 | NetManage Canada ULC | Canada | Common Shares | Dormant | 12 |
33 | Entco Bellatrix HoldCo | Cayman Islands | Ordinary Shares US$1.00 | Sale and support of software | 18 |
34 | Entco Capital Co | Cayman Islands | Ordinary Shares US$1.00 | Sale and support of software | 18 |
35 | Entco Investment Co | Cayman Islands | Ordinary Shares US$1.00 | Sale and support of software | 18 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
36 | Micro Focus International Limited | Cayman Islands | Class A Ordinary Shares US$0.00001 Class B Ordinary Shares US$0.00001 Class C Ordinary Shares US$0.00001 Class L Ordinary Shares US$0.00001 | Dormant | 18 |
37 | Micro Focus IP Limited | Cayman Islands | Class A Ordinary Shares €0.01 Class B Preferred Redeemable Shares €0.01 | Holding Company | 18 |
38 | Entco Marigalante Limited | Cayman Islands | Ordinary Shares US$1.00 | Sale and support of software | 18 |
39 | Autonomy Systems (Beijing) Limited Company | China | Registered Capital | Sale and support of software | 19 |
40 | Borland Software Corporation Beijing Representative Office | China | Branch | In liquidation | 104 |
41 | Shanghai Entco Software Technology Co., Limited | China | Registered Capital | Sale and support of software | 20 |
42 | Shanghai Entco Software Technology Co., Limited, Beijing Branch | China | Branch | Sale and support of software | 21 |
43 | Shanghai Entco Software Technology Co., Limited, Chongqing Branch | China | Branch | Sale and support of software | 22 |
44 | Shanghai Entco Software Technology Co., Limited, Shenzhen Branch | China | Branch | Sale and support of software | 23 |
45 | Singapore Micro Focus Pte Ltd Shanghai Representative Office | China | Branch | Sale and support of software | 24 |
46 | UK Micro Focus Limited Beijing Representative Office | China | Branch | Sale and support of software | 25 |
47 | Micro Focus CentroAmerica CAC Limiteda (formerly Entco CentroAmerica CAC Limitada) | Costa Rica | Quota CRC1,000.00 | Sale and support of software | 26 |
48 | Micro Focus Costa Rica Limiteda (formerly Entco Costa Rica Limitada) | Costa Rica | Quota CRC1,000.00 | Sale and support of software | 26 |
49 | NetIQ Software International Limited | Cyprus | Ordinary Shares of C£1.00 | Dormant | 103 |
50 | Micro Focus Czechia s.r.o (formerly Entco Czechia, s.r.o.) | Czech Republic | Registered Capital | Sale and support of software | 27 |
51 | NOVL Czech s.r.o. | Czech Republic | Registered Capital | Dormant | 28 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
52 | Micro Focus Denmark, filial af Micro Focus AS, Norge (Branch) | Denmark | Branch | Sale and support of software | 29 |
53 | Micro Focus Software Denmark ApS (formerly Entco Denmark ApS) | Denmark | Ordinary Shares DKK1.00 | Sale and support of software | 29 |
54 | Attachmate Middle East LLC | Egypt | Cash Shares LE100.00 | In liquidation | 105 |
55 | Micro Focus AS, Filial i Finland (Branch) | Finland | Branch | Sale and support of software | 30 |
56 | Attachmate Group France SARL | France | Ordinary Shares €16.00 | Sale and support of software | 31 |
57 | Borland (France) Sarl | France | Ordinary Shares €15.25 | Sale and support of software | 31 |
58 | Cobol-IT, SAS | France | Ordinary Shares €1.00 | Sale and support of software | 31 |
59 | Micro Focus France SAS (formerly Entco France SAS) | France | Ordinary Shares €1.00 | Sale and support of software | 32 |
60 | Micro Focus SAS | France | Ordinary Shares €10.00 | Sale and support of software | 31 |
61 | Attachmate Group Germany GmbH | Germany | Ordinary Shares €191,000.00 | Sale and support of software | 33 |
62 | Borland GmbH | Germany | Ordinary Shares €49,500.00 Ordinary Shares €450,000.00 Ordinary Shares €100,000.00 Ordinary Shares €500.00 | Dormant | 33 |
63 | GWAVA EMEA GmbH | Germany | Registered Capital | Sale and support of software | 34 |
64 | Micro Focus Deutschland GmbH (formerly Entco Deutschland GmbH) | Germany | Registered Capital | Sale and support of software | 35 |
65 | Micro Focus GmbH | Germany | Registered Capital | Sale and support of software | 33 |
66 | Novell Holdings Deutschland GmbH | Germany | Registered Capital | Holding Company | 36 |
67 | Serena Software GmbH | Germany | Registered Capital | Sale and support of software | 37 |
68 | Attachmate (Hong Kong) Limited | Hong Kong | Ordinary Shares HK$1.00 | Dormant | 38 |
69 | Borland (H.K.) Limited | Hong Kong | Ordinary Shares HK$1.00 | Dormant | 38 |
70 | EntCorp Hong Kong Limited | Hong Kong | Ordinary Shares HK$1.00 | Sale and support of software | 39 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
71 | Micro Focus Limited Hong Kong (Branch) | Hong Kong | Branch | Sale and support of software | 38 |
72 | Micro Focus Software HK Limited (formerly Attachmate Group Hong Kong Limited) | Hong Kong | Ordinary Shares HK$10.00 | Sale and support of software | 38 |
73 | NetIQ Asia Ltd. | Hong Kong | Ordinary Shares HK$1.00 | Dormant | 38 |
74 | Autonomy Software Asia Private Limited | India | Equity Shares INR10.00 | Sale and support of software | 40 |
75 | Borland Software India Private Limited | India | Equity Shares INR10.00 | Dormant | 41 |
76 | Entco IT Services Private Limited | India | Equity Shares INR10.00 | Sale and support of software | 42 |
77 | Interwoven, Inc., India Branch | India | Branch | Sale and support of software | 43 |
78 | Micro Focus India Private Limited | India | Equity Shares INR10.00 | Support of software | 41 |
79 | Micro Focus Software India Private Limited | India | Equity Shares INR10.00 | Development, sale and support of software | 41 |
80 | Micro Focus Software Solutions Private Limited (formerly Entco Software India Private Limited) | India | Equity Shares INR10.00 | Sale and support of software | 44 |
81 | Novell India Private Ltd. | India | Equity Shares INR10.00 | Dormant | 45 |
82 | Relativity Technologies Private Limited | India | Equity Shares INR10.00 | Sale and support of software | 41 |
83 | Attachmate Ireland Limited | Ireland | Ordinary Shares €1.27 | Sale and support of software | 46 |
84 | Entsoft Holding Ireland Unlimited Company | Ireland | Ordinary Shares US$1.00 | Holding Company | 46 |
85 | Micro Focus (IP) Ireland Limited | Ireland | Ordinary Shares US$1.00 | Dormant | 47 |
86 | Micro Focus (Ireland 1) Limited (formerly SUSE Linux Holdings Limited) | Ireland | Ordinary Shares US$1.00 | Holding Company | 47 |
87 | Micro Focus (Ireland 2) Limited (formerly SUSE Linux Ireland Limited) | Ireland | Ordinary Shares US$1.00 | Dormant | 47 |
88 | Micro Focus Finance Ireland Limited | Ireland | Ordinary Shares US$1.00 | Holding Company | 48 |
89 | Micro Focus Galway Limited (formerly Entsoft Galway Limited | Ireland | Ordinary Shares €1.00 | Sale and support of software | 46 |
90 | Micro Focus Group Holdings Unlimited Company | Ireland | Ordinary Shares €1.00 | Holding Company | 47 |
91 | Micro Focus International Holdings Limited | Ireland | Ordinary Shares €1.00 | Holding Company | 47 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
92 | Micro Focus Ireland Limited | Ireland | Ordinary Shares €1.00 | Development, sale and support of software | 47 |
93 | Micro Focus Software (Ireland) Limited | Ireland | Ordinary Shares €1.25 Ordinary Shares US$1.00 | Development, sale and support of software | 48 |
94 | Micro Focus Software Solutions Ireland Limited (formerly Entsoft Ireland Limited) | Ireland | Ordinary Shares €1.00 | Sale and support of software | 46 |
95 | NetIQ Europe Limited | Ireland | Ordinary Shares €1.00 | Sale and support of software | 46 |
96 | NetIQ Ireland Limited | Ireland | Ordinary Shares €1.00 | Holding Company | 47 |
97 | Novell Cayman Software International Unlimited Company | Ireland | Ordinary Shares US$1.00 | Holding Company | 47 |
98 | Novell Cayman Software Unlimited Company | Ireland | Ordinary Shares US$1.00 | Holding Company | 47 |
99 | Novell Ireland Real Estate Unlimited Company | Ireland | Ordinary Shares €1.25 A Ordinary Shares €1.25 | Holding Company | 47 |
100 | Novell Software International Limited | Ireland | Ordinary Shares US$1.00 | Holding Company | 47 |
101 | Micro Focus Interactive Israel Ltd (formerly Entco Interactive (Israel) Limited) | Israel | Ordinary Shares of NIS1.00 | Sale and support of software | 49 |
102 | Micro Focus Israel Limited | Israel | Ordinary Shares NIS1.00 | Development and support of software | 50 |
103 | Micro Focus Software Israel Ltd (formerly Entcorp Software Israel Limited) | Israel | Ordinary Shares NIS1.00 | Sale and support of software | 49 |
104 | N.Y. NetManage (Yerushalayim) Ltd | Israel | Ordinary Shares NIS1.00 | Dormant | 51 |
105 | Novell Israel Software International Limited | Israel | Ordinary Shares NIS1.00 | In liquidation | 106 |
106 | Enterprise Corp Italiana S.r.l. | Italy | Registered Capital | Sale and support of software | 52 |
107 | Micro Focus Italiana S.r.l. (formerly Entco Italiana Srl | Italy | Registered Capital | Sale and support of software | 53 |
108 | Micro Focus Srl | Italy | Registered Capital | Sale and support of software | 53 |
109 | Serena Software Europe Limited - Italy Branch | Italy | Branch | Sale and support of software | 53 |
110 | Verity Italia S.r.l. | Italy | Registered Capital | Sale and support of software | 54 |
111 | Entcorp Japan K.K. | Japan | Ordinary Shares | Sale and support of software | 55 |
112 | Micro Focus Enterprise Ltd | Japan | Ordinary Shares | Sale and support of software | 56 |
113 | Micro Focus LLC (formerly Micro Focus KK) | Japan | Interest in capital | Sale and support of software | 56 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
114 | Novell Japan, Ltd | Japan | Common Stock | Sale and support of software | 56 |
115 | Serena Software Japan LLC (formerly Serena Software Japan KK) | Japan | Interest in Capital | Sale and support of software | 56 |
116 | Micro Focus Korea Limited | South Korea | Units KRW5000 | Sale and support of software | 57 |
117 | Serena Software Europe Limited - Korea Branch | South Korea | Branch | Sale and support of software | 58 |
118 | Micro Focus Finance S.à r.l. | Luxembourg | Ordinary Shares US$1.00 | In liquidation | 59 |
119 | Micro Focus Luxembourg S.à r.l. (formerly Entco Luxembourg Sarl) | Luxembourg | Ordinary Shares | Sale and support of software | 59 |
120 | Minerva Finance S.à r.l. | Luxembourg | Ordinary Shares US$1.00 | In liquidation | 59 |
121 | Verity Luxembourg S.à r.l. | Luxembourg | Ordinary Shares €25.00 | Sale and support of software | 60 |
122 | Micro Focus Malaysia Sdn. Bhd. (formerly Entco Software Malaysia Sdn. Bhd.) | Malaysia | Ordinary Shares RM1,000.00 | Sale and support of software | 61 |
123 | Novell Corporation (Malaysia) Sdn. Bhd. | Malaysia | Ordinary Shares RM1.00 | Sale and support of software | 62 |
124 | Micro Focus International Mexico, S. de R.L. de C.V. (formerly Entco México, S. de R.L. de C.V. ) | Mexico | Equity Interest Quota MXN1.00 | Sale and support of software | 63 |
125 | Micro Focus Limited Mexico (Branch) | Mexico | Branch | Sale and support of software | 64 |
126 | Micro Focus Software Mexico, S. De R.L. De C.V. (formerly Entco Software México, S. de R.L. de C.V.) | Mexico | Equity Interest Quota MXN1.00 | Sale and support of software | 63 |
127 | Micro Focus Software Solutions Mexico, S. de R.L. de C.V. (formerly Entcorp Software México, S. de R.L. de C.V.) | Mexico | Equity Interest Quota MXN1.00 | Sale and support of software | 63 |
128 | Attachmate Group Netherlands B.V. | Netherlands | Ordinary Shares €100.00 | Sale and support of software | 65 |
129 | Authasas Advanced Authentication B.V. | Netherlands | Ordinary Shares €1.00 | Dormant | 65 |
130 | Authasas B.V | Netherlands | Ordinary Shares A €1.00 Ordinary Shares B €1.00 | Sale and support of software | 65 |
131 | Autonomy HoldCo B.V. | Netherlands | Ordinary Shares US$100.00 | Sale and support of software | 65 |
132 | Autonomy Netherlands BV | Netherlands | Common Shares €100.00 | Sale and support of software | 65 |
133 | Borland BV | Netherlands | Ordinary Shares €5.00 | Sale and support of software | 65 |
134 | Entco Eastern Holding B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
135 | Entco Gatriam Holding B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
136 | Entco HoldCo I B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
137 | Entco HoldCo II B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
138 | Entco HoldCo III B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
139 | Entco HoldCo IV B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
140 | Entco Holding Berlin B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
141 | Entco Holding Hague II B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
142 | Entco Sinope Holding B.V. | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
143 | Entcorp Nederland B.V. | Netherlands | Ordinary Shares €100.00 | Sale and support of software | 65 |
144 | Micro Focus B.V. | Netherlands | Common Shares €100.00 | Sale and support of software | 65 |
145 | Micro Focus Caribe Holding B.V. (formerly Entco Caribe B.V.) | Netherlands | Ordinary Shares US$100.00 | Sale and support of software | 65 |
146 | Micro Focus Eastern Holding II B.V. (formerly Entco Eastern Holding II B.V.) | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
147 | Micro Focus Enterprise B.V. (formerly Entco Enterprise B.V.) | Netherlands | Ordinary Shares US$100.00 | Sale and support of software | 65 |
148 | Micro Focus HoldCo B.V. (formerly Entco HoldCo B.V.) | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
149 | Micro Focus Holding Finance B.V. (formerly Entco Holding Finance B.V.) | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
150 | Micro Focus Holding Hague B.V. (formerly Entco Holding Hague B.V.) | Netherlands | Ordinary Shares US$100.00 | Holding Company | 65 |
151 | Micro Focus Holding PR B.V. (formerly Entco Puerto Rico B.V.) | Netherlands | Ordinary Shares US$100.00 | Sale and support of software | 65 |
152 | Micro Focus International Trade B.V. (formerly Entco International Trade B.V.) | Netherlands | Ordinary Shares US$100.00 | Sale and support of software | 65 |
153 | Micro Focus Nederland B.V. (formerly Entco Nederland B.V.) | Netherlands | Ordinary Shares US$100.00 | Sale and support of software | 65 |
154 | Verity Benelux B.V. | Netherlands | Common Shares of €500.00 | Sale and support of software | 65 |
155 | Micro Focus Software (New Zealand) Unlimited | New Zealand | Ordinary Shares | Sale and support of software | 66 |
156 | Micro Focus AS | Norway | Ordinary Shares NOK1,602.00 | Sale and support of software | 67 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
157 | Entcorp Philippines, Inc. | Philippines | Common Stock PHP1.00 | Sale and support of software | 68 |
158 | Micro Focus Polska sp. z o.o. (formerly Entco Polska sp. z.o.o.) | Poland | Ordinary Shares PLN500.00 | Sale and support of software | 69 |
159 | Micro Focus S.L. - Sucursal Em Portugal (Branch) | Portugal | Branch | Sale and support of software | 70 |
160 | Novell Portugal - Informática Lda | Portugal | Ordinary Shares €14,864.18 Ordinary Shares €99.76 | Sale and support of software | 71 |
161 | Micro Focus Caribe Holding B.V. LLC Branch (formerly Entco Caribe B.V. LLC ) | Puerto Rico | Branch | Sale and support of software | 72 |
162 | Micro Focus Holding PR B.V. LLC Branch (formerly Entco Puerto Rico B.V. LLC ) | Puerto Rico | Branch | Sale and support of software | 73 |
163 | Micro Focus Software Romania SRL (formerly Entco Software Romania SRL) | Romania | Ordinary Shares RON10.00 | Sale and support of software | 74 |
164 | Limited Liability Company Micro Focus (formerly Limited Liability Company Entco) | Russian Federation | Interest in Capital | Sale and support of software | 75 |
165 | Micro Focus LLC | Saudi Arabia | Ordinary Shares SAR50 | Sale and support of software | 76 |
166 | Autonomy Systems Singapore Pte. Ltd. | Singapore | Ordinary Shares | Sale and support of software | 77 |
167 | Borland (Singapore) Pte. Ltd. | Singapore | Ordinary Shares | Sale and support of software | 78 |
168 | Entco Software Pte. Ltd. | Singapore | Ordinary Shares | Sale and support of software | 77 |
169 | Mercury Interactive (Singapore) Pte Ltd | Singapore | Ordinary Shares | In liquidation | 107 |
170 | Micro Focus Pte. Ltd. | Singapore | Ordinary Shares | Sale and support of software | 78 |
171 | Micro Focus Software Pte. Ltd. | Singapore | Ordinary Shares | Sale and support of software | 77 |
172 | Autonomy Systems Software South Africa Pty Ltd | South Africa | Ordinary Shares ZAR1.00 | Sale and support of software | 79 |
173 | Micro Focus Software South Africa (Pty) Ltd (formerly Attachmate Group South Africa (Pty) Limited | South Africa | Ordinary Shares ZAR1.00 | Sale and support of software | 80 |
174 | Micro Focus South Africa (Pty) Ltd | South Africa | Ordinary Shares ZAR1.00 | Sale and support of software | 80 |
175 | Micro Focus Field Delivery Spain, S.L.U. (formerly Entco Field Delivery Spain, S.L.U.) | Spain | Ordinary Shares €1.00 | Sale and support of software | 81 |
176 | Micro Focus S.L.U. | Spain | Registered Shares €9.00 | Sale and support of software | 82 |
177 | Micro Focus Software Spain S.L.U. (formerly Entco Software Spain S.L.U.) | Spain | Ordinary Shares €1.00 | Sale and support of software | 81 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
178 | Serena Software SA | Spain | Ordinary Shares €546.92 | Sale and support of software | 83 |
179 | Micro Focus AS, Norge, filial i Sverige (Branch) | Sweden | Branch | Sale and support of software | 84 |
180 | Micro Focus Sverige AB (formerly Entco Sverige AB) | Sweden | Quota SEK1.00 | Sale and support of software | 84 |
181 | Micro Focus Enterprise B.V., Amstelveen, Versoix Branch | Switzerland | Branch | Sale and support of software | 85 |
182 | Micro Focus GmbH | Switzerland | Quotas CHF100.00 | Sale and support of software | 86 |
183 | Micro Focus International Suisse Sàrl (formerly Entco International Sàrl ) | Switzerland | Ordinary Shares CHF1,000.00 | Sale and support of software | 85 |
184 | Micro Focus Schweiz GmbH (formerly Entco Schweiz GmbH ) | Switzerland | Ordinary Shares CHF100.00 | Sale and support of software | 86 |
185 | Serena Software GmbH- Swiss Branch | Switzerland | Branch | Sale and support of software | 87 |
186 | Trilead GmbH | Switzerland | Ordinary Shares CHF100.00 | Sale and support of software | 88 |
187 | Interwoven, Inc., Taiwan Branch | Taiwan | Branch | Sale and support of software | 89 |
188 | Novell (Taiwan) Co., Ltd. | Taiwan | Ordinary Shares NT$10.00 | Sale and support of software | 90 |
189 | Micro Focus Enterprise Tunisia SARL | Tunisia | Ordinary Shares TND10.00 | Sale and support of software | 91 |
190 | Micro Focus Teknoloji Çözümleri Limited Şirketi (formerly Entco Turkey Teknoloji Çözümleri Limited Şirketi) | Turkey | Ordinary Shares TRY25.00 | Sale and support of software | 92 |
191 | Serena Software Ukraine LLC | Ukraine | Interest in Capital | Sale and support of software | 93 |
192 | Entco International SARL-Abu Dhabi - Branch | United Arab Emirates | Branch | Sale and support of software | 94 |
193 | Entco International SARL-Jebel Ali Free Zone - Branch | United Arab Emirates | Branch | Sale and support of software | 95 |
194 | Entco Software Services Middle East FZ-LLC | United Arab Emirates | Ordinary Shares AED1,000.00 | Sale and support of software | 96 |
195 | Attachmate Sales UK Limited | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 97 |
196 | Autonomy Digital Limited | United Kingdom | Ordinary Shares £1.00 | In liquidation | 108 |
197 | Autonomy Systems Limited | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 98 |
198 | Borland (Holding) UK Ltd | United Kingdom | Ordinary Shares £1.00 | Dormant | 97 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
199 | Borland (UK) Limited | United Kingdom | Ordinary Shares £1.00 | Dormant | 97 |
200 | Entcorp Marigalante UK Limited | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 98 |
201 | Interwoven UK Limited | United Kingdom | Ordinary Shares £1.00 | In liquidation | 108 |
202 | Longsand Limited | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 98 |
203 | Merant Holdings | United Kingdom | Ordinary Shares £1.00 | Holding Company | 97 |
204 | Meridio Limited | United Kingdom | Ordinary Shares £1.00 | In liquidation | 109 |
205 | Micro Focus (IP) Holdings Limited | United Kingdom | Ordinary Shares US$1.00 | Dormant | 97 |
206 | Micro Focus (IP) Ltd | United Kingdom | Ordinary Shares £1.00 | Holding Company | 97 |
207 | Micro Focus (US) Holdings | United Kingdom | Ordinary Shares US$1.00 | Holding Company | 97 |
208 | Micro Focus APM Solutions Limited | United Kingdom | Ordinary Shares £1.00 | In liquidation | 97 |
209 | Micro Focus CHC Limited | United Kingdom | Ordinary Shares US$0.01 Redeemable Preference Shares US$1.00 C Preference Shares US$1.00 | Holding Company | 97 |
210 | Micro Focus Foreign HoldCo Ltd (formerly Entco Foreign HoldCo Ltd) | United Kingdom | Ordinary Shares £1.00 | Holding Company | 98 |
211 | Micro Focus Global Limited (formerly Novell U.K. Limited | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 97 |
212 | Micro Focus Group Limited | United Kingdom | Ordinary Shares £1.00 | Holding Company | 97 |
213 | Micro Focus Holdings Unlimited | United Kingdom | Ordinary Shares £0.01 | Holding Company | 97 |
214 | Micro Focus Integration Holdings Limited | United Kingdom | Ordinary Shares US$1.00 | Holding Company | 97 |
215 | Micro Focus Integration Limited | United Kingdom | Ordinary Shares US$1.00 | Sale and support of software | 97 |
216 | Micro Focus IP Development Limited | United Kingdom | Ordinary Shares US$1.00 | Development and support of software | 97 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
217 | Micro Focus Limited | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 97 |
218 | Micro Focus MHC Limited | United Kingdom | A Ordinary Shares £0.00001 B Ordinary Shares £0.00001 | Holding Company | 97 |
219 | Micro Focus Midco Holdings Limited | United Kingdom | Ordinary Shares US$0.01 | Holding Company | 97 |
220 | Micro Focus Midco Limited | United Kingdom | Ordinary Shares US$0.0001 | Holding Company | 97 |
221 | Micro Focus Situla Holding Ltd (formerly Entco Situla Holding Ltd) | United Kingdom | Ordinary Shares £1.00 | Holding Company | 98 |
222 | Micro Focus Software (IP) Holdings Limited | United Kingdom | Ordinary Shares US$0.01 Preferred Shares US$1.00 | Holding Company | 97 |
223 | Micro Focus Software Holdings Ltd (formerly Novell UK Software Limited) | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 97 |
224 | Micro Focus Software UK Ltd (formerly Entcorp UK Ltd ) | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 98 |
225 | Micro Focus UK Limited | United Kingdom | Ordinary Shares £1.00 | Dormant | 97 |
226 | NetIQ Limited | United Kingdom | Ordinary Shares £1.00 | Dormant | 97 |
227 | Ryan McFarland Limited | United Kingdom | Ordinary Shares £1.00 | In liquidation | 97 |
228 | Serena Holdings | United Kingdom | Ordinary Shares US$1.00 | Holding Company | 97 |
229 | Serena Software Europe Limited | United Kingdom | Ordinary Shares £1.00 | Sale and support of software | 97 |
230 | XDB (UK) Limited | United Kingdom | Ordinary Shares £1.00 | In liquidation | 97 |
231 | ZANTAZ UK Limited | United Kingdom | Ordinary Shares £1.00 | In liquidation | 108 |
232 | Attachmate Corporation | United States | Common Stock US$0.01 | Development and support of software | 99 |
233 | Borland Corporation | United States | Common Stock US$0.01 | Holding Company | 100 |
234 | Borland Software Corporation | United States | Common Stock US$0.01 | Development and support of software | 100 |
235 | Borland Technology Corporation | United States | Common Stock US$0.01 | Dormant | 100 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
236 | Entco Delaware LLC | United States | Interest in Capital | Sale and support of software | 100 |
237 | Entco Holdings, Inc. | United States | Common Stock US$0.01 | Holding Company | 100 |
238 | Entco Technologies, Inc. | United States | Common Stock US$0.001 | Sale and support of software | 100 |
239 | Entco, LLC | United States | Interest in Capital | Sale and support of software | 100 |
240 | GWAVA Technologies Inc | United States | Common Stock of US$1.00 | Sale and support of software | 100 |
241 | Interset Software - US, Inc. | United States | Common Stock US$0.0001 | Sale and support of software | 100 |
242 | MA FinanceCo., LLC | United States | Units | Holding Company | 100 |
243 | Marcel Holdings LLC | United States | Limited Liability Company Interest US$1.00 | Sale and support of software | 101 |
244 | Micro Focus (US) Group, Inc | United States | Common Stock US$0.01 | Holding Company | 100 |
245 | Micro Focus (US) International Holdings, Inc. | United States | Common Stock US$0.01 | Holding Company | 100 |
246 | Micro Focus (US), Inc. | United States | Common Stock US$0.01 | Development and support of software | 100 |
247 | Micro Focus Brazil Holdings LLC (formerly Entco Brazil Holdings LLC) | United States | Interest in Capital | Holding Company | 100 |
248 | Micro Focus Government Solutions LLC (formerly Entco Government Solutions LLC) | United States | Interest in Capital | Sale and support of software | 100 |
249 | Micro Focus LLC (formerly EntIT Software LLC) | United States | Limited Liability Company Interests | Sale and support of software | 100 |
250 | Micro Focus Software Inc. | United States | Voting Common Stock US$0.01 Non-voting Common Stock US$0.01 | Development and support of software | 100 |
251 | MicroLink LLC | United States | Limited Liability Company Interests | Sale and support of software | 102 |
252 | NetIQ Corporation | United States | Common Stock US$0.001 | Development and support of software | 100 |
253 | Novell Holdings, Inc. | United States | Common Stock US$0.01 | Holding Company | 100 |
Company name | Country of incorporation | Class(es) of shares held1,2 | Principal activities | Key to Registered office address | |
Subsidiaries | |||||
254 | Novell International Holdings, Inc. | United States | Common Stock US$0.01 | Holding Company | 100 |
255 | Seattle SpinCo, Inc. | United States | Class A Common Stock US$0.01 Class B Common Stock US$0.01 | Holding Company | 100 |
256 | Serena Software, Inc. | United States | Common Stock US$0.01 | Holding Company | 100 |
257 | Spartacus Acquisition Holdings Corp | United States | Common Stock US$0.001 | Holding Company | 100 |
258 | Stratify, Inc. | United States | Common Stock US$0.001 | Sale and support of software | 100 |
259 | The Attachmate Group, Inc. | United States | Common Stock US$0.001 | Holding Company | 100 |
260 | Vertica Systems, LLC | United States | Limited Liability Company Interests | Sale and support of software | 100 |
October 31, 2019 | October 31, 2018 | October 31, 2021 | October 31, 2020 | |||||||||||||
$m | $m | $m | $m | |||||||||||||
Employee benefit deposit | 33.4 | 31.1 | 22.6 | 17.9 | ||||||||||||
Long-term rent deposits | 4.9 | 4.1 | 8.3 | 5.3 | ||||||||||||
Long-term prepaid expenses | 4.5 | 2.9 | 4.0 | 2.3 | ||||||||||||
Net investment in finance sub-leases | 6.0 | 5.5 | ||||||||||||||
Other | 1.2 | 0.7 | 1.3 | 0.8 | ||||||||||||
44.0 | 38.8 | 42.2 | 31.8 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Work in progress | - | - | ||||||
Finished goods | 0.1 | 0.2 | ||||||
0.1 | 0.2 |
October 31, 2019 | October 31, 2018 | October 31, 2021 | October 31, 2020 | |||||||||||||
$m | $m | $m | $m | |||||||||||||
Trade receivables | 877.9 | 1,089.6 | 738.8 | 628.4 | ||||||||||||
Loss allowance | (42.4 | ) | (41.9 | ) | (14.0 | ) | (17.9 | ) | ||||||||
Trade receivables net | 835.5 | 1,047.7 | 724.8 | 610.5 | ||||||||||||
Prepayments | 53.9 | 60.0 | 40.1 | 49.1 | ||||||||||||
Other receivables | 87.2 | 79.0 | 59.4 | 38.1 | ||||||||||||
Contract assets | 56.3 | 85.3 | 62.0 | 33.7 | ||||||||||||
1,032.9 | 1,272.0 | 886.3 | 731.4 |
Current $m | Up to three months $m | Three to four months $m | Over four months $m | Total $m | Current | Up to three months | Three to four months | Over four months | Total | |||||||||||||||||||||||||||||||
October 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||||||||||||||||||||||
October 31, 2021: | ||||||||||||||||||||||||||||||||||||||||
Gross trade receivables | 696.0 | 110.1 | 8.9 | 62.9 | 877.9 | 655.3 | 61.3 | 6.6 | 15.6 | 738.8 | ||||||||||||||||||||||||||||||
Loss allowance | (8.9 | ) | (3.8 | ) | (1.5 | ) | (28.2 | ) | (42.4 | ) | (2.6 | ) | (1.1 | ) | (0.5 | ) | (9.8 | ) | (14.0 | ) | ||||||||||||||||||||
Net trade receivables | 687.1 | 106.3 | 7.4 | 34.7 | 835.5 | 652.7 | 60.2 | 6.1 | 5.8 | 724.8 | ||||||||||||||||||||||||||||||
October 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
October 31, 2020: | ||||||||||||||||||||||||||||||||||||||||
Gross trade receivables | 798.5 | 153.4 | 13.6 | 124.1 | 1,089.6 | 561.4 | 42.3 | 4.3 | 20.4 | 628.4 | ||||||||||||||||||||||||||||||
Loss allowance | - | - | (3.6 | ) | (38.3 | ) | (41.9 | ) | (6.1 | ) | (0.9 | ) | (0.4 | ) | (10.5 | ) | (17.9 | ) | ||||||||||||||||||||||
Net trade receivables | 798.5 | 153.4 | 10.0 | 85.8 | 1,047.7 | 555.3 | 41.4 | 3.9 | 9.9 | 610.5 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
At November 1 / May 1 (calculated under IAS 39) | 41.9 | 2.6 | ||||||
Accounting policy change (IFRS 9 - recognized against retained earnings on November 1, 2018) | 20.0 | - | ||||||
Revised November 1 / May 1 | 61.9 | 2.6 | ||||||
Loss allowance provided in the period | 16.0 | 40.0 | ||||||
Receivables written off as uncollectable | (35.5 | ) | (0.7 | ) | ||||
At October 31 | 42.4 | 41.9 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
At November 1 | 17.9 | 42.4 | ||||||
Loss allowance provided/(released)in the year | 0.6 | (4.8) | ||||||
Receivables written off as uncollectable | (4.5 | ) | (19.7 | ) | ||||
At October 31, | 14.0 | 17.9 |
14 | Trade and other receivables continued |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Current | 33.0 | 27.9 | ||||||
Non-current | 31.9 | 35.7 | ||||||
64.9 | 63.6 |
| ||||||||||||||||||||||||||||||||||||||||||||
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Cash at bank and in hand | 355.9 | 374.3 | ||||||
Short-term bank deposits | 202.5 | 362.9 | ||||||
Cash and cash equivalents | 558.4 | 737.2 |
October 31, 2019 | October 31, 2018 | |||||||||||
Note | $m | $m | ||||||||||
Cash at bank and in hand | 292.2 | 387.1 | ||||||||||
Short-term bank deposits | 63.5 | 236.7 | ||||||||||
355.7 | 623.8 | |||||||||||
Reclassification to current assets classified as held for sale | 37 | - | (2.9 | ) | ||||||||
Cash and cash equivalents | 355.7 | 620.9 |
October 31, 2019 | October 31, 2018 | ||||||||
$m | $m | ||||||||
S&P/Moody’s/Fitch rating: | |||||||||
AAA | 69.8 | 231.5 | |||||||
AA- | 87.6 | 81.0 | |||||||
A+ | 144.4 | 260.4 | |||||||
A | 23.4 | 20.1 | |||||||
A- | 14.4 | 3.8 | |||||||
BBB+ | 1.7 | 4.5 | |||||||
BBB | 4.5 | 1.0 | |||||||
BBB- | 0.8 | 0.6 | |||||||
BB+ | 0.8 | 2.0 | |||||||
BB | 0.3 | - | |||||||
BB- | 6.3 | 15.2 | |||||||
B+ | 0.2 | - | |||||||
CCC+ | - | 0.2 | |||||||
C- | - | 0.3 | |||||||
Not rated | 1.5 | 0.3 | |||||||
355.7 | 620.9 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
S&P/Moody’s/Fitch rating: | ||||||||
AAA | 184.8 | 358.4 | ||||||
AA- | 2.8 | 27.2 | ||||||
A+ | 348.6 | 318.6 | ||||||
A | 11.6 | 9.9 | ||||||
A- | 2.6 | 9.1 | ||||||
BBB+ to C- | 8.0 | 14.0 | ||||||
558.4 | 737.2 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Trade payables | 105.0 | 46.1 | ||||||
Tax and social security | 80.7 | 46.5 | ||||||
Accruals | 425.3 | 584.3 | ||||||
611.0 | 676.9 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Trade payables | 80.9 | 71.5 | ||||||
Tax and social security | 72.9 | 84.3 | ||||||
Accruals | 359.2 | 347.7 | ||||||
513.0 | 503.5 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Bank loan secured | 4,608.0 | 4,733.2 | ||||||
Unamortized prepaid facility arrangement fees and original issue discounts | (59.6 | ) | (92.9 | ) | ||||
Carrying value | 4,548.4 | 4,640.3 |
October 31, 2021 | October 31, 2020 | |||||||||||||||||||||||
Bank loan secured | Unamortized prepaid facility arrangement fees and original issue discounts | Total | Bank loan secured | Unamortized prepaid facility arrangement fees and original issue discounts | Total | |||||||||||||||||||
Reported within: | $m | $m | $m | $m | $m | $m | ||||||||||||||||||
Current liabilities | 42.0 | (17.7 | ) | 24.3 | 34.2 | (12.8) | 21.4 | |||||||||||||||||
Non-current liabilities | 4,566.0 | (41.9 | ) | 4,524.1 | 4,699.0 | (80.1 | ) | 4,618.9 | ||||||||||||||||
4,608.0 | (59.6 | ) | 4,548.4 | 4,733.2 | (92.9 | ) | 4,640.3 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Bank loan secured | 4,775.0 | 4,996.9 | ||||||
Unamortized prepaid facility arrangement fees and original issue discounts | (104.3 | ) | (151.0 | ) | ||||
4,670.7 | 4,845.9 |
October 31, 2019 | October 31, 2018 | |||||||||||||||||||||||
Bank loan secured | Unamortized prepaid facility arrangement fees and original issue discounts | Total | Bank loan secured | Unamortized prepaid facility arrangement fees and original issue discounts | Total | |||||||||||||||||||
Reported within: | $m | $m | $m | $m | $m | $m | ||||||||||||||||||
Current liabilities | - | - | - | 50.3 | (46.6 | ) | 3.7 | |||||||||||||||||
Non-current liabilities | 4,775.0 | (104.3 | ) | 4,670.7 | 4,946.6 | (104.4 | ) | 4,842.2 | ||||||||||||||||
4,775.0 | (104.3 | ) | 4,670.7 | 4,996.9 | (151.0 | ) | 4,845.9 |
Term Loan B-2 | Term Loan B-3 | Seattle Spinco Term Loan B | Euro Term Loan B | Revolving Facility | Total | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
At May 1, 2017 | 1,515.2 | - | - | - | 80.0 | 1,595.2 | ||||||||||||||||||
Acquisitions | - | - | 2,600.0 | - | - | 2,600.0 | ||||||||||||||||||
Draw downs | - | 385.0 | - | 523.8 | 135.0 | 1,043.8 | ||||||||||||||||||
Repayments | (11.4 | ) | (2.9 | ) | (19.5 | ) | (4.1 | ) | (215.0 | ) | (252.9 | ) | ||||||||||||
Foreign exchange | - | - | - | 10.8 | - | 10.8 | ||||||||||||||||||
At October 31, 2018 | 1,503.8 | 382.1 | 2,580.5 | 530.5 | - | 4,996.9 | ||||||||||||||||||
At November 1, 2018 | 1,503.8 | 382.1 | 2,580.5 | 530.5 | - | 4,996.9 | ||||||||||||||||||
Draw downs | - | - | - | - | - | - | ||||||||||||||||||
Repayments | (89.1 | ) | (13.9 | ) | (94.2 | ) | (15.4 | ) | - | (212.6 | ) | |||||||||||||
Foreign exchange | - | - | - | (9.3 | ) | - | (9.3 | ) | ||||||||||||||||
At October 31, 2019 | 1,414.7 | 368.2 | 2,486.3 | 505.8 | - | 4,775.0 |
• | The €585.0 million (equivalent to $676.0 million) senior secured five-year term loan B-1 issued by MA FinanceCo., LLC, maturing in June 2025, is priced at EURIBOR plus 4.5% (subject to a EURIBOR floor of 0.00%) with an original issue discount of 3.0%; |
• | The $359.5 million senior secured seven-year term loan B-3 issued by MA FinanceCo., LLC, maturing in June 2024, is priced at LIBOR plus 2.75% (subject to a LIBOR floor of 0.00%) with an original issue discount of 0.25%; |
• | The $633.7 million senior secured five-year term loan B-4 issued by MA FinanceCo., LLC, maturing in June 2025, is priced at LIBOR plus 4.25% (subject to a LIBOR floor of 1.00%) with an original issue discount of 2.5%; |
• | The $2,427.9 million senior secured seven-year term loan B issued by Seattle SpinCo, Inc., maturing in June 2024, is priced at LIBOR plus 2.75% (subject to a LIBOR floor of 0.00%) with an original issue discount of 0.25%; and |
• | The €442.2 million (equivalent to $510.9 million) senior secured seven-year term loan B issued by MA FinanceCo., LLC, maturing in June 2024, is priced at EURIBOR plus 3.00% (subject to a EURIBOR floor of 0.00%) with an original issue discount of 0.25%. |
• | The Revolving Facility is subject to a single financial covenant, only in circumstances when more than 35% of the Revolving Facility is outstanding at a fiscal quarter end. Throughout the year the applicable covenant threshold was 3.85x, however no test was applicable at October 31, 2021 or any previous test date, as the facility was not drawn in excess of the 35% threshold. This facility has been amended post year end with the facility reduced to $250 million and with maturity extended until December 2026, subject to tests for the term loan maturities in June 2024 and June 2025. The amended facility is subject to a covenant test when more than 40% of the revolving credit facility is outstanding at a fiscal quarter end with a 5.00x net leverage covenant being applied. |
Term Loan B-2 | Term Loan B-3 | Seattle Spinco Term Loan B | Euro Term Loan B | Revolving Facility | Total | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Within one year | 61.6 | 17.0 | 114.6 | 14.1 | 1.9 | 209.2 | ||||||||||||||||||
In one to two years | 61.5 | 16.9 | 114.3 | 14.6 | 1.9 | 209.2 | ||||||||||||||||||
In two to three years | 1,419.8 | 18.5 | 124.1 | 19.3 | 1.6 | 1,583.3 | ||||||||||||||||||
In three to four years | - | 20.6 | 139.4 | 19.1 | - | 179.1 | ||||||||||||||||||
In four to five years | - | 373.5 | 2,522.6 | 503.6 | - | 3,399.7 | ||||||||||||||||||
In more than five years | - | - | - | - | - | - | ||||||||||||||||||
At October 31, 2019 | 1,542.9 | 446.5 | 3,015.0 | 570.7 | 5.4 | 5,580.5 |
18 | Borrowings continued |
• | An additional 25 basis points of margin is required to be paid on the term loans maturing in June 2024 when net leverage exceeds 3.00x. The Group is currently paying this margin. |
term loan B-1 EUR | term loan B-2 USD | term loan B-3 USD | term loan B-4 USD | Seattle Spinco term loan B | Euro term loan B | Revolving Facility | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At November 1, 2020 | 700.3 | 0 | 368.2 | 650.0 | 2,486.3 | 528.4 | 0 | 4,733.2 | ||||||||||||||||||||||||
Draw downs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Repayments | (17.9 | ) | 0 | (8.7 | ) | (16.3 | ) | (58.4 | ) | (12.8 | ) | 0 | (114.1 | ) | ||||||||||||||||||
Foreign exchange | (6.4 | ) | 0 | 0 | 0 | 0 | (4.7 | ) | 0 | (11.1 | ) | |||||||||||||||||||||
At October 31, 2021 | 676.0 | 0 | 359.5 | 633.7 | 2,427.9 | 510.9 | 0 | 4,608.0 | ||||||||||||||||||||||||
At November 1, 2019 | 0 | 1,414.7 | 368.2 | 0 | 2,486.3 | 505.8 | 0 | 4,775.0 | ||||||||||||||||||||||||
Draw downs | 665.8 | 0 | 0 | 650.0 | 0 | 0 | 175.0 | 1,490.8 | ||||||||||||||||||||||||
Repayments | 0 | (1,414.7 | ) | 0 | 0 | 0 | 0 | (175.0 | ) | (1,589.7 | ) | |||||||||||||||||||||
Foreign exchange | 34.5 | 0 | 0 | 0 | 0 | 22.6 | 0 | 57.1 | ||||||||||||||||||||||||
At October 31, 2020 | 700.3 | 0 | 368.2 | 650.0 | 2,486.3 | 528.4 | 0 | 4,733.2 |
Less than 1 year | 1-3 years | 3-5 years | After 5 years | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Debt principal repayment | - | 1,431.7 | 3,343.3 | - | 4,775.0 | |||||||||||||||
Interest payment on debt | 209.2 | 360.6 | 235.7 | - | 805.5 | |||||||||||||||
At October 31, 2019 | 209.2 | 1,792.3 | 3,579.0 | - | 5,580.5 |
Term Loan B-2 | Term Loan B-3 | Seattle Spinco Term Loan B | Euro Term Loan B | Revolving Facility | Total | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Within one year | 84.3 | 22.4 | 151.2 | 20.1 | 1.9 | 279.9 | ||||||||||||||||||
In one to two years | 83.8 | 22.2 | 150.2 | 20.0 | 1.9 | 278.1 | ||||||||||||||||||
In two to three years | 82.9 | 22.0 | 148.6 | 19.8 | 1.9 | 275.2 | ||||||||||||||||||
In three to four years | 1,462.1 | 21.8 | 147.4 | 19.6 | 1.6 | 1,652.5 | ||||||||||||||||||
In four to five years | - | 21.6 | 146.1 | 19.5 | - | 187.2 | ||||||||||||||||||
In more than five years | - | 374.2 | 2,526.8 | 512.7 | - | 3,413.7 | ||||||||||||||||||
At October 31, 2018 | 1,713.1 | 484.2 | 3,270.3 | 611.7 | 7.3 | 6,086.6 |
Less than 1 year | 1-3 years | 3-5 years | After 5 years | Total | ||||||||||||||||
$m | $m | $m | $m | $m | ||||||||||||||||
Debt principal repayment | 50.3 | 100.7 | 1,528.8 | 3,317.1 | 4,996.9 | |||||||||||||||
Interest payment on debt | 229.6 | 452.6 | 310.9 | 96.6 | 1,089.7 | |||||||||||||||
At October 31, 2018 | 279.9 | 553.3 | 1,839.7 | 3,413.7 | 6,086.6 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Current | 11.8 | 13.6 | ||||||
Non-current | 11.7 | 14.9 | ||||||
23.5 | 28.5 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Within one year | 13.1 | 15.1 | ||||||
Between one and five years | 12.5 | 16.0 | ||||||
25.6 | 31.1 | |||||||
Future lease charges | (2.1 | ) | (2.6 | ) | ||||
23.5 | 28.5 |
- | Office space (included in “Leasehold land and buildings”); |
- | Data centers (included in “Leasehold land and buildings”); |
- | Vehicles (included in “Other”); and |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Within one year | 11.8 | 13.6 | ||||||
Between one and three years | 10.8 | 13.3 | ||||||
Between three and five years | 0.9 | 1.6 | ||||||
23.5 | 28.5 |
- | Computer equipment. |
- | Extension and break options; |
- | Variable lease payments; |
- | Annual or periodic set rental increases; and |
- | Indexed or market-based rental increases. |
Leasehold land and buildings | Computer equipment | Other | Total | |||||||||||||
$m | $m | $m | $m | |||||||||||||
Net book value at October 31, 2021 | 128.5 | 16.0 | 8.7 | 153.2 | ||||||||||||
Net book value at October 31, 2020 | 180.1 | 20.4 | 6.7 | 207.2 | ||||||||||||
Depreciation charge for the year ended October 31, 2021 | 56.9 | 9.6 | 6.8 | 73.3 |
19 | Leases continued |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 Under IAS 17 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Interest on lease liabilities | 6 | 10.0 | 13.2 | - | ||||||||||||
Depreciation of right-of-use assets | 73.3 | 76.9 | - | |||||||||||||
Impairment of right-of-use assets* | 5.6 | 5.9 | - | |||||||||||||
Income from sub-leasing right-of-use assets | 0.2 | 0.4 | - | |||||||||||||
Under IAS 17: | ||||||||||||||||
Interest on lease liabilities | 6 | - | - | 2.0 | ||||||||||||
Depreciation of lease assets | - | - | 13.9 | |||||||||||||
Lease expense | - | - | 65.9 | |||||||||||||
Income from sub-leasing right-of-use assets | - | - | 1.0 |
* | The Group assessed right-of-use assets for indicators of impairment during the year in particular leases, which have become vacant or part vacant or changes in sub-lease expectations on existing vacant properties. As a result, an additional impairment of $5.6 million was recognized in the year (2020: $5.9 million). The impairment against the right-of-use asset carrying value reflects any expected sub lease-income over the remainder of the lease. |
Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||
$m | $m | |||||||
Interest payments on lease liabilities | 10.0 | 13.2 | ||||||
Payment for lease liabilities | 79.5 | 80.1 | ||||||
Total cash outflow for leases | 89.5 | 93.3 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Corporation tax | 40.1 | 24.5 |
19 | Leases continued |
Note | October 31, 2021 $m | October 31, 2020 $m | ||||||||||
IFRS 16 adoption | 0 | 269.8 | ||||||||||
Transfer from Finance lease liability | 0 | 23.5 | ||||||||||
Balance at November 1 | 250.4 | 293.3 | ||||||||||
Additions | 35.1 | 41.6 | ||||||||||
Disposals | 0 | (0.2 | ) | |||||||||
Payments | (89.5 | ) | (93.3 | ) | ||||||||
Interest | 6 | 10.0 | 13.2 | |||||||||
Transferred to held for sale | 30 | (11.4 | ) | 0 | ||||||||
Foreign exchange | (0.1 | ) | (4.2 | ) | ||||||||
Balance at October 31, | 194.5 | 250.4 | ||||||||||
Included within: | ||||||||||||
Current liabilities | 74.9 | 82.2 | ||||||||||
Non-current liabilities | 119.6 | 168.2 | ||||||||||
Total | 194.5 | 250.4 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Corporation tax | 104.0 | 124.1 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Current | 984.6 | 981.4 | ||||||
Non-current | 131.8 | 117.2 | ||||||
1,116.4 | 1,098.6 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Corporation tax | 119.7 | 131.0 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Current | 1,045.9 | 1,134.7 | ||||||
Non-current | 149.9 | 178.1 | ||||||
1,195.8 | 1,312.8 |
20 | Contract liabilities continued |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Onerous leases and dilapidations | 25.4 | 16.9 | ||||||
Restructuring | 23.0 | 30.8 | ||||||
Legal | 25.0 | 9.7 | ||||||
Other | 12.1 | 14.8 | ||||||
Total | 85.5 | 72.2 | ||||||
Current | 65.7 | 49.7 | ||||||
Non-current | 19.8 | 22.5 | ||||||
Total | 85.5 | 72.2 |
Onerous contracts and dilapidations | Restructuring | Legal | Other | Total | |||||||||||||||
Note | $m | $m | $m | $m | $m | ||||||||||||||
At November 1, 2020 | 16.9 | 30.8 | 9.7 | 14.8 | 72.2 | ||||||||||||||
Acquisitions | 31 | 0 | 0 | 0 | 0.1 | 0.1 | |||||||||||||
Additional provision in the year | 17.9 | 32.6 | 93.3 | 3.1 | 146.9 | ||||||||||||||
Released | (2.5 | ) | (7.6 | ) | (2.5 | ) | (2.8 | ) | (15.4 | ) | |||||||||
Utilization of provision | (5.9 | ) | (32.8 | ) | (75.6 | ) | (3.1 | ) | (117.4 | ) | |||||||||
Effects of movements in exchange rates | 0.2 | 0 | 0.1 | 0 | 0.3 | ||||||||||||||
Transferred to current liabilities classified as held for sale | (1.2 | ) | 0 | 0 | 0 | (1.2 | ) | ||||||||||||
At October 31, 2021 | 25.4 | 23.0 | 25.0 | 12.1 | 85.5 | ||||||||||||||
Current | 11.6 | 19.0 | 25.0 | 10.1 | 65.7 | ||||||||||||||
Non-current | 13.8 | 4.0 | 0 | 2.0 | 19.8 | ||||||||||||||
Total | 25.4 | 23.0 | 25.0 | 12.1 | 85.5 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Onerous leases and dilapidations | 34.2 | 35.1 | ||||||
Restructuring | 36.4 | 50.7 | ||||||
Legal | 5.7 | 7.0 | ||||||
Other | 2.1 | - | ||||||
Total | 78.4 | 92.8 | ||||||
Current | 29.3 | 57.4 | ||||||
Non-current | 49.1 | 35.4 | ||||||
Total | 78.4 | 92.8 |
Onerous leases and dilapidations | Restructuring | Legal | Other | Total | ||||||||||||||||||||
Note | $m | $m | $m | $m | $m | |||||||||||||||||||
At November 1, 2018 | 35.1 | 50.7 | 7.0 | - | 92.8 | |||||||||||||||||||
Acquisitions – Interset Software Inc. | 38 | - | - | - | 0.7 | 0.7 | ||||||||||||||||||
Additional provision in the period | 19.2 | 49.4 | 5.4 | 2.1 | 76.1 | |||||||||||||||||||
Released | (7.4 | ) | (19.8 | ) | (6.2 | ) | - | (33.4 | ) | |||||||||||||||
Utilization of provision | (13.9 | ) | (43.5 | ) | (0.5 | ) | (0.7 | ) | (58.6 | ) | ||||||||||||||
Unwinding of discount | 1.1 | - | - | - | 1.1 | |||||||||||||||||||
Effects of movements in exchange rates | 0.1 | (0.4 | ) | - | - | (0.3 | ) | |||||||||||||||||
At October 31, 2019 | 34.2 | 36.4 | 5.7 | 2.1 | 78.4 | |||||||||||||||||||
Current | 9.5 | 12.0 | 5.7 | 2.1 | 29.3 | |||||||||||||||||||
Non-current | 24.7 | 24.4 | - | - | 49.1 | |||||||||||||||||||
Total | 34.2 | 36.4 | 5.7 | 2.1 | 78.4 |
Onerous leases and dilapidations | Restructuring | Legal | Other | Total | ||||||||||||||||||||
Note | $m | $m | $m | $m | $m | |||||||||||||||||||
At May 1, 2017 | 16.3 | 12.1 | 3.2 | 0.5 | 32.1 | |||||||||||||||||||
Continuing operations: | ||||||||||||||||||||||||
Acquisitions – HPE Software business | 38 | 11.3 | 21.4 | 36.5 | - | 69.2 | ||||||||||||||||||
Additional provision in the period | 17.7 | 133.4 | 1.4 | - | 152.5 | |||||||||||||||||||
Released | (3.9 | ) | (3.7 | ) | (4.7 | ) | (0.4 | ) | (12.7 | ) | ||||||||||||||
Utilization of provision | (5.6 | ) | (110.0 | ) | (29.3 | ) | (0.1 | ) | (145.0 | ) | ||||||||||||||
Effects of movements in exchange rates | (0.7 | ) | (2.5 | ) | (0.1 | ) | - | (3.3 | ) | |||||||||||||||
Discontinued operation: | ||||||||||||||||||||||||
Additional provision in the period | 2.8 | 0.2 | - | - | 3.0 | |||||||||||||||||||
Reclassification of current assets classified as held for sale | 37 | (2.8 | ) | (0.2 | ) | - | - | (3.0 | ) | |||||||||||||||
At October 31, 2018 | 35.1 | 50.7 | 7.0 | - | 92.8 | |||||||||||||||||||
Current | 11.2 | 39.2 | 7.0 | - | 57.4 | |||||||||||||||||||
Non-current | 23.9 | 11.5 | - | - | 35.4 | |||||||||||||||||||
Total | 35.1 | 50.7 | 7.0 | - | 92.8 |
a) Defined contribution |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||||||||||
Continuing operations | Note | $m | $m | $m | Note | $m | $m | $m | ||||||||||||||||||||||||
Defined contribution schemes | 33 | 32.7 | 43.3 | 10.9 | 28 | 34.2 | 31.2 | 32.7 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Within non-current assets: | ||||||||
Long-term pension assets | 17.1 | 18.2 | ||||||
Within non-current liabilities: | ||||||||
Retirement and other benefit obligations | (147.1 | ) | (155.0 | ) |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Within non-current assets: | ||||||||
Long-term pension assets | 17.1 | 16.7 | ||||||
Within non-current liabilities: | ||||||||
Retirement benefit obligations | (141.4 | ) | (110.4 | ) |
October 31, 2021 | October 31, 2020 | |||||||||||
Note | $m | $m | ||||||||||
As at November 1 | 18.2 | 17.1 | ||||||||||
Transfer to plan assets | (1.2 | ) | (0.4 | ) | ||||||||
Interest on non-plan assets | 6 | 0.2 | 0.2 | |||||||||
Benefits paid | (0.2 | ) | (0.1 | ) | ||||||||
Contributions | 0.1 | 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 | (0.2 | ) | 0.7 | |||||||||
At October 31 | 17.1 | 18.2 | ||||||||||
Included within other comprehensive income: | ||||||||||||
Continuing operations | 0.2 | 0.4 | ||||||||||
0.2 | 0.4 |
October 31, 2019 | October 31, 2018 | |||||||||||
Note | $m | $m | ||||||||||
As at November 1 / May 1 | 16.7 | 22.0 | ||||||||||
Reclassification to assets held for sale | 0.1 | (1.5 | ) | |||||||||
Interest on non-plan assets | 6 | 0.3 | 0.6 | |||||||||
Benefits paid | (0.1 | ) | (0.2 | ) | ||||||||
Contributions | 0.3 | 0.5 | ||||||||||
Included within other comprehensive income: | ||||||||||||
- Change in fair value assessment | 0.4 | (6.1 | ) | |||||||||
- Actuarial gain on non-plan assets | - | 0.3 | ||||||||||
0.4 | (5.8 | ) | ||||||||||
Effects of movements in exchange rates | (0.6 | ) | 1.1 | |||||||||
As at October 31, | 17.1 | 16.7 | ||||||||||
Included within other comprehensive income: | ||||||||||||
Continuing operations | 0.3 | (5.3 | ) | |||||||||
Discontinued operation | 0.1 | (0.5 | ) | |||||||||
0.4 | (5.8 | ) |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Current service charge | 9.0 | 12.6 | 0.5 | |||||||||||||
Past service credit | - | (5.5 | ) | - | ||||||||||||
Charge to operating profit | 33 | 9.0 | 7.1 | 0.5 | ||||||||||||
Current service charge – discontinued operations | 0.1 | 0.3 | 0.1 | |||||||||||||
Interest on pension scheme liabilities | 4.2 | 5.2 | 0.7 | |||||||||||||
Interest on pension scheme assets | (1.8 | ) | (2.4 | ) | (0.1 | ) | ||||||||||
Charge to finance costs | 6 | 2.4 | 2.8 | 0.6 | ||||||||||||
Total continuing charge to profit for the period | 11.5 | 10.2 | 1.2 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Current service charge | 28 | 11.3 | 10.4 | 9.0 | ||||||||||||
Changes in other long-term benefits | 1.4 | 0 | 0 | |||||||||||||
Charge to operating loss | 12.7 | 10.4 | 9.0 | |||||||||||||
Current service charge – discontinued operations | 0 | 0 | 0.1 | |||||||||||||
Interest on defined benefit liabilities | 2.6 | 3.1 | 4.2 | |||||||||||||
Interest on defined benefit assets | (1.1 | ) | (1.3 | ) | (1.8 | ) | ||||||||||
Charge to finance costs | 6 | 1.5 | 1.8 | 2.4 | ||||||||||||
Total continuing charge to loss for the year | 14.2 | 12.2 | 11.5 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Actuarial return on assets excluding amounts included in interest income | 20.7 | 1.8 | 5.9 | |||||||||
Re-measurements – actuarial gains/(losses): | ||||||||||||
- Demographic | 1.3 | 0 | (1.6 | ) | ||||||||
- Financial | 9.8 | (0.6 | ) | (38.8 | ) | |||||||
- Experience | 1.6 | 3.0 | 8.4 | |||||||||
12.7 | 2.4 | (32.0 | ) | |||||||||
Reclassification from defined contribution scheme or other assets and liabilities to defined benefit scheme | 0 | (4.6 | ) | 0 | ||||||||
Movement in the year | 33.4 | (0.4 | ) | (26.1 | ) | |||||||
Continuing operations | 33.4 | (0.4 | ) | (26.2 | ) | |||||||
Discontinued operation | 0 | 0 | 0.1 | |||||||||
33.4 | (0.4 | ) | (26.1 | ) |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
$m | $m | $m | ||||||||||
Actuarial return on assets excluding amounts included in interest income | 5.9 | 0.6 | - | |||||||||
Re-measurements – actuarial gains/(losses): | ||||||||||||
- Demographic | (1.6 | ) | 0.3 | - | ||||||||
- Financial | (38.8 | ) | (11.1 | ) | 2.8 | |||||||
- Experience | 8.4 | 1.9 | 0.6 | |||||||||
(32.0 | ) | (8.9 | ) | 3.4 | ||||||||
Reclassification from defined contribution scheme to defined benefit scheme | - | (2.1 | ) | (3.0 | ) | |||||||
Movement in the period | (26.1 | ) | (10.4 | ) | 0.4 | |||||||
Continuing operations | (26.2 | ) | (8.9 | ) | (0.2 | ) | ||||||
Discontinued operation | 0.1 | (1.5 | ) | 0.6 | ||||||||
(26.1 | ) | (10.4 | ) | 0.4 |
October 31, 2019 | October 31, 2018 | October 31, 2021 | October 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | Germany | Rest of World | Total | Germany | Rest of World | Total | Germany | Rest of World | Total | |||||||||||||||||||||||||||||||||||||
Rate of increase in final pensionable salary | 2.50 | % | 3.09 | % | 2.65 | % | 2.50 | % | 2.75 | % | 2.61 | % | 2.50 | % | 3.10 | % | 2.69 | % | 2.50 | % | 3.09 | % | 2.64 | % | ||||||||||||||||||||||||
Rate of increase in pension payments | 1.75 | % | 1.50 | % | 1.75 | % | 2.00 | % | 1.50 | % | 1.99 | % | 1.75 | % | 1.50 | % | 1.75 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||||||||||||||
Discount rate | 1.09 | % | 1.71 | % | 1.20 | % | 1.83 | % | 2.14 | % | 1.92 | % | 1.07 | % | 1.87 | % | 1.25 | % | 0.79 | % | 1.41 | % | 0.90 | % | ||||||||||||||||||||||||
Inflation | 1.75 | % | 1.16 | % | 1.69 | % | 2.00 | % | 1.26 | % | 1.89 | % | 1.75 | % | 1.36 | % | 1.69 | % | 1.50 | % | 1.25 | % | 1.47 | % |
October 31, 2019 | October 31, 2018 | October 31, 2021 | October 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | Germany | Rest of World | Total | Germany | Rest of World | Total | Germany | Rest of World | Total | |||||||||||||||||||||||||||||||||||||
Retiring at age 65 at the end of the reporting period: | ||||||||||||||||||||||||||||||||||||||||||||||||
Retiring at age 65 at the end of the reporting year: | ||||||||||||||||||||||||||||||||||||||||||||||||
Male | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 21 | 21 | 20 | 22 | 20 | ||||||||||||||||||||||||||||||||||||
Female | 23 | 23 | 23 | 23 | 23 | 23 | 24 | 24 | 24 | 24 | 25 | 24 | ||||||||||||||||||||||||||||||||||||
Retiring 15 years after the end of the reporting period: | ||||||||||||||||||||||||||||||||||||||||||||||||
Retiring 15 years after the end of the reporting year: | ||||||||||||||||||||||||||||||||||||||||||||||||
Male | 22 | 23 | 22 | 22 | 22 | 22 | 23 | 22 | 23 | 22 | 23 | 22 | ||||||||||||||||||||||||||||||||||||
Female | 25 | 26 | 25 | 25 | 25 | 25 | 26 | 25 | 26 | 26 | 26 | 25 |
October 31, 2019 | October 31, 2018 | October 31, 2021 | October 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | Germany | Rest of World | Total | Germany | Rest of World | Total | Germany | Rest of World | Total | |||||||||||||||||||||||||||||||||||||
Present value of defined benefit obligations | 213.5 | 48.0 | 261.5 | 173.8 | 47.4 | 221.2 | 246.1 | 74.5 | 320.6 | 248.4 | 54.9 | 303.3 | ||||||||||||||||||||||||||||||||||||
Fair values of plan assets | (92.0 | ) | (28.1 | ) | (120.1 | ) | (82.1 | ) | (28.7 | ) | (110.8 | ) | (138.8 | ) | (34.7 | ) | (173.5 | ) | (119.1 | ) | (29.2 | ) | (148.3 | ) | ||||||||||||||||||||||||
121.5 | 19.9 | 141.4 | 91.7 | 18.7 | 110.4 | 107.3 | 39.8 | 147.1 | 129.3 | 25.7 | 155.0 |
October 31, 2019 | ||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | ||||||||||||||||||||||||||||||||||
Defined benefit obligations | Defined benefit obligations | Scheme assets | Retirement benefit obligations | Defined benefit obligations | Scheme assets | Retirement benefit obligations | Defined benefit obligations | Scheme assets | Retirement benefit obligations | |||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||
At November 1, 2018 | 173.8 | (82.1 | ) | 91.7 | 47.4 | (28.7 | ) | 18.7 | 221.2 | (110.8 | ) | 110.4 | ||||||||||||||||||||||||
Reclassification to assets held for sale | 0.3 | - | 0.3 | 0.2 | (0.2 | ) | - | 0.5 | (0.2 | ) | 0.3 | |||||||||||||||||||||||||
Current service cost | 6.0 | - | 6.0 | 3.1 | - | 3.1 | 9.1 | - | 9.1 | |||||||||||||||||||||||||||
Past service credit | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Benefits paid | (0.4 | ) | 0.3 | (0.1 | ) | (4.2 | ) | 4.1 | (0.1 | ) | (4.6 | ) | 4.4 | (0.2 | ) | |||||||||||||||||||||
Contributions by plan participants | 1.5 | (1.5 | ) | - | 0.3 | (0.3 | ) | - | 1.8 | (1.8 | ) | - | ||||||||||||||||||||||||
Contribution by employer | - | (0.3 | ) | (0.3 | ) | - | (4.2 | ) | (4.2 | ) | - | (4.5 | ) | (4.5 | ) | |||||||||||||||||||||
Interest cost/(income) (note 6) | 3.1 | (1.5 | ) | 1.6 | 1.1 | (0.3 | ) | 0.8 | 4.2 | (1.8 | ) | 2.4 | ||||||||||||||||||||||||
Included within Other comprehensive income: | ||||||||||||||||||||||||||||||||||||
Re-measurements - actuarial (gains) and losses: | ||||||||||||||||||||||||||||||||||||
- Demographic | 1.6 | - | 1.6 | - | - | - | 1.6 | - | 1.6 | |||||||||||||||||||||||||||
- Financial | 34.0 | - | 34.0 | 4.8 | - | 4.8 | 38.8 | - | 38.8 | |||||||||||||||||||||||||||
- Experience | (3.2 | ) | - | (3.2 | ) | (5.2 | ) | - | (5.2 | ) | (8.4 | ) | - | (8.4 | ) | |||||||||||||||||||||
Actuarial return on assets excluding amounts included in interest income | - | (8.0 | ) | (8.0 | ) | - | 2.1 | 2.1 | - | (5.9 | ) | (5.9 | ) | |||||||||||||||||||||||
32.4 | (8.0 | ) | 24.4 | (0.4 | ) | 2.1 | 1.7 | 32.0 | (5.9 | ) | 26.1 | |||||||||||||||||||||||||
Effects of movements in exchange rates | (3.2 | ) | 1.1 | (2.1 | ) | 0.5 | (0.6 | ) | (0.1 | ) | (2.7 | ) | 0.5 | (2.2 | ) | |||||||||||||||||||||
At October 31, 2019 | 213.5 | (92.0 | ) | 121.5 | 48.0 | (28.1 | ) | 19.9 | 261.5 | (120.1 | ) | 141.4 |
October 31, 2018 | ||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | ||||||||||||||||||||||||||||||||||
Defined benefit obligations | Defined benefit obligations | Scheme assets | Retirement benefit obligations | Defined benefit obligations | Scheme assets | Retirement benefit obligations | Defined benefit obligations | Scheme assets | Retirement benefit obligations | |||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||
At May 1, 2017 | 36.5 | (5.7 | ) | 30.8 | - | - | - | 36.5 | (5.7 | ) | 30.8 | |||||||||||||||||||||||||
HPE Software business acquisition | 121.1 | (77.0 | ) | 44.1 | 60.4 | (33.0 | ) | 27.4 | 181.5 | (110.0 | ) | 71.5 | ||||||||||||||||||||||||
Reclassification to assets held for sale | (4.8 | ) | 0.7 | (4.1 | ) | (4.3 | ) | 2.9 | (1.4 | ) | (9.1 | ) | 3.6 | (5.5 | ) | |||||||||||||||||||||
Current service cost | 7.7 | - | 7.7 | 5.2 | - | 5.2 | 12.9 | - | 12.9 | |||||||||||||||||||||||||||
Past service credit | (0.8 | ) | - | (0.8 | ) | (4.7 | ) | - | (4.7 | ) | (5.5 | ) | - | (5.5 | ) | |||||||||||||||||||||
Benefits paid | (0.3 | ) | 0.1 | (0.2 | ) | (9.3 | ) | 9.3 | - | (9.6 | ) | 9.4 | (0.2 | ) | ||||||||||||||||||||||
Contributions by plan participants | 1.5 | (1.5 | ) | - | 1.0 | (0.8 | ) | 0.2 | 2.5 | (2.3 | ) | 0.2 | ||||||||||||||||||||||||
Contribution by employer | - | (0.1 | ) | (0.1 | ) | - | (3.9 | ) | (3.9 | ) | - | (4.0 | ) | (4.0 | ) | |||||||||||||||||||||
Interest cost/(income) (note 6) | 4.0 | (2.0 | ) | 2.0 | 1.2 | (0.4 | ) | 0.8 | 5.2 | (2.4 | ) | 2.8 | ||||||||||||||||||||||||
Included within Other comprehensive income: | ||||||||||||||||||||||||||||||||||||
Re-measurements - actuarial (gains) and losses: | ||||||||||||||||||||||||||||||||||||
- Demographic | (0.1 | ) | - | (0.1 | ) | (0.2 | ) | - | (0.2 | ) | (0.3 | ) | - | (0.3 | ) | |||||||||||||||||||||
- Financial | 13.8 | - | 13.8 | (2.7 | ) | - | (2.7 | ) | 11.1 | - | 11.1 | |||||||||||||||||||||||||
- Experience | 0.5 | - | 0.5 | (2.4 | ) | - | (2.4 | ) | (1.9 | ) | - | (1.9 | ) | |||||||||||||||||||||||
Actuarial return on assets excluding amounts included in interest income | - | (0.2 | ) | (0.2 | ) | - | (0.4 | ) | (0.4 | ) | - | (0.6 | ) | (0.6 | ) | |||||||||||||||||||||
Reclassification from defined contribution scheme to defined benefit scheme | - | - | - | 5.5 | (3.4 | ) | 2.1 | 5.5 | (3.4 | ) | 2.1 | |||||||||||||||||||||||||
14.2 | (0.2 | ) | 14.0 | 0.2 | (3.8 | ) | (3.6 | ) | 14.4 | (4.0 | ) | 10.4 | ||||||||||||||||||||||||
Effects of movements in exchange rates | (5.3 | ) | 3.6 | (1.7 | ) | (2.3 | ) | 1.0 | (1.3 | ) | (7.6 | ) | 4.6 | (3.0 | ) | |||||||||||||||||||||
At October 31, 2018 | 173.8 | (82.1 | ) | 91.7 | 47.4 | (28.7 | ) | 18.7 | 221.2 | (110.8 | ) | 110.4 |
October 31, 2021 | ||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | ||||||||||||||||||||||||||||||||||
Defined benefit obligations | Defined benefit obligations | Scheme assets | Net defined benefit obligations | Defined benefit obligations | Scheme assets | Net defined benefit obligations | Defined benefit obligations | Scheme assets | Net defined benefit obligations | |||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||
At November 1, 2020 | 248.4 | (119.1 | ) | 129.3 | 54.9 | (29.2 | ) | 25.7 | 303.3 | (148.3 | ) | 155.0 | ||||||||||||||||||||||||
Current service cost | 6.1 | - | 6.1 | 5.2 | - | 5.2 | 11.3 | - | 11.3 | |||||||||||||||||||||||||||
Changes in other long-term benefits | 1.4 | 0 | 1.4 | 0 | 0 | 0 | 1.4 | 0 | 1.4 | |||||||||||||||||||||||||||
Reclassification from other liabilities/assets | 0 | 0 | 0 | 20.2 | 0 | 20.2 | 20.2 | 0 | 20.2 | |||||||||||||||||||||||||||
Transferred to current assets classified as held for sale | 0 | 0 | 0 | (0.2 | ) | 0 | (0.2 | ) | (0.2 | ) | 0 | (0.2 | ) | |||||||||||||||||||||||
Transfer from long-term pension assets | 0 | (1.2 | ) | (1.2 | ) | 0 | 0 | 0 | 0 | (1.2 | ) | (1.2 | ) | |||||||||||||||||||||||
Benefits paid | (1.9 | ) | 1.9 | 0 | (1.9 | ) | 1.9 | 0 | (3.8 | ) | 3.8 | 0 | ||||||||||||||||||||||||
Contributions by plan participants | 1.2 | (1.2 | ) | 0 | 0.6 | (0.6 | ) | 0 | 1.8 | (1.8 | ) | 0 | ||||||||||||||||||||||||
Contribution by employer | 0 | (1.7 | ) | (1.7 | ) | 0 | (6.0 | ) | (6.0 | ) | 0 | (7.7 | ) | (7.7 | ) | |||||||||||||||||||||
Interest cost/(income) (note 6) | 1.9 | (0.8 | ) | 1.1 | 0.7 | (0.3 | ) | 0.4 | 2.6 | (1.1 | ) | 1.5 | ||||||||||||||||||||||||
Included within other comprehensive income: | ||||||||||||||||||||||||||||||||||||
Re-measurements - actuarial (gains) and losses: | ||||||||||||||||||||||||||||||||||||
- Demographic | 0 | - | 0 | (1.3 | ) | - | (1.3 | ) | (1.3 | ) | - | (1.3 | ) | |||||||||||||||||||||||
- Financial | (6.7 | ) | - | (6.7 | ) | (3.1 | ) | - | (3.1 | ) | (9.8 | ) | - | (9.8 | ) | |||||||||||||||||||||
- Experience | (2.1 | ) | - | (2.1 | ) | 0.5 | - | 0.5 | (1.6 | ) | - | (1.6 | ) | |||||||||||||||||||||||
Actuarial return on assets excluding amounts included in interest income | 0 | (18.8 | ) | (18.8 | ) | 0 | (1.9 | ) | (1.9 | ) | 0 | (20.7 | ) | (20.7 | ) | |||||||||||||||||||||
(8.8 | ) | (18.8 | ) | (27.6 | ) | (3.9 | ) | (1.9 | ) | (5.8 | ) | (12.7 | ) | (20.7 | ) | (33.4 | ) | |||||||||||||||||||
Effects of movements in exchange rates | (2.2 | ) | 2.1 | (0.1 | ) | (1.1 | ) | 1.4 | 0.3 | (3.3 | ) | 3.5 | 0.2 | |||||||||||||||||||||||
At October 31, 2021 | 246.1 | (138.8 | ) | 107.3 | 74.5 | (34.7 | ) | 39.8 | 320.6 | (173.5 | ) | 147.1 |
October 31, 2020 | ||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | ||||||||||||||||||||||||||||||||||
Defined benefit obligations | Defined benefit obligations | Scheme assets | Net defined benefit obligations | Defined benefit obligations | Scheme assets | Net defined benefit obligations | Defined benefit obligations | Scheme assets | Net defined benefit obligations | |||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||
At November 1, 2019 | 213.5 | (92.0 | ) | 121.5 | 48.0 | (28.1 | ) | 19.9 | 261.5 | (120.1 | ) | 141.4 | ||||||||||||||||||||||||
Current service cost | 6.9 | - | 6.9 | 3.5 | - | 3.5 | 10.4 | - | 10.4 | |||||||||||||||||||||||||||
Reclassification from other liabilities/assets | 14.7 | (17.8 | ) | (3.1 | ) | 1.5 | 0 | 1.5 | 16.2 | (17.8 | ) | (1.6 | ) | |||||||||||||||||||||||
Transfer from long-term pension assets | 0 | (0.4 | ) | (0.4 | ) | 0 | 0 | 0 | 0 | (0.4 | ) | (0.4 | ) | |||||||||||||||||||||||
Benefits paid | (0.6 | ) | 0.6 | 0 | (2.9 | ) | 2.9 | 0 | (3.5 | ) | 3.5 | 0 | ||||||||||||||||||||||||
Contributions by plan participants | 1.1 | (1.1 | ) | 0 | 0.6 | (0.6 | ) | 0 | 1.7 | (1.7 | ) | 0 | ||||||||||||||||||||||||
Contribution by employer | 0 | (0.7 | ) | (0.7 | ) | 0 | (2.3 | ) | (2.3 | ) | 0 | (3.0 | ) | (3.0 | ) | |||||||||||||||||||||
Interest cost/(income) (note 6) | 2.3 | (1.0 | ) | 1.3 | 0.8 | (0.3 | ) | 0.5 | 3.1 | (1.3 | ) | 1.8 | ||||||||||||||||||||||||
Included within other comprehensive income: | ||||||||||||||||||||||||||||||||||||
Re-measurements - actuarial (gains) and losses: | ||||||||||||||||||||||||||||||||||||
- Demographic | 0 | - | 0 | 0 | - | 0 | 0 | - | 0 | |||||||||||||||||||||||||||
- Financial | (0.4 | ) | - | (0.4 | ) | 1.0 | - | 1.0 | 0.6 | - | 0.6 | |||||||||||||||||||||||||
- Experience | (2.0 | ) | - | (2.0 | ) | (1.0 | ) | - | (1.0 | ) | (3.0 | ) | - | (3.0 | ) | |||||||||||||||||||||
Actuarial return on assets excluding amounts included in interest income | 0 | (2.4 | ) | (2.4 | ) | 0 | 0.6 | 0.6 | 0 | (1.8 | ) | (1.8 | ) | |||||||||||||||||||||||
Reclassification to defined benefit scheme | 3.1 | 0 | 3.1 | 1.5 | 0 | 1.5 | 4.6 | 0 | 4.6 | |||||||||||||||||||||||||||
0.7 | (2.4 | ) | (1.7 | ) | 1.5 | 0.6 | 2.1 | 2.2 | (1.8 | ) | 0.4 | |||||||||||||||||||||||||
Effects of movements in exchange rates | 9.8 | (4.3 | ) | 5.5 | 1.9 | (1.4 | ) | 0.5 | 11.7 | (5.7 | ) | 6.0 | ||||||||||||||||||||||||
At October 31, 2020 | 248.4 | (119.1 | ) | 129.3 | 54.9 | (29.2 | ) | 25.7 | 303.3 | (148.3 | ) | 155.0 |
October 31, 2019 | October 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | Germany | Rest of World | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funds that invest in: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Equity instruments | 39.8 | - | 39.8 | - | 5.5 | 5.5 | 39.8 | 5.5 | 45.3 | 69.0 | 0 | 69.0 | 4.9 | 3.0 | 7.9 | 73.9 | 3.0 | 76.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Debt instruments | 46.6 | - | 46.6 | 3.0 | 6.0 | 9.0 | 49.6 | 6.0 | 55.6 | 61.7 | 0 | 61.7 | 4.1 | 5.4 | 9.5 | 65.8 | 5.4 | 71.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
- Real estate | - | - | - | - | 3.1 | 3.1 | - | 3.1 | 3.1 | 0 | 0 | 0 | 3.5 | 0.1 | 3.6 | 3.5 | 0.1 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | - | - | - | - | 1.7 | 1.7 | - | 1.7 | 1.7 | 0 | 0 | 0 | 0 | 1.6 | 1.6 | 0 | 1.6 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Re-insurance contracts with guaranteed interest rates * | - | 5.6 | 5.6 | - | - | - | - | 5.6 | 5.6 | 0 | 8.1 | 8.1 | 0 | 0 | 0 | 0 | 8.1 | 8.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | - | - | - | - | 8.8 | 8.8 | - | 8.8 | 8.8 | 0 | 0 | 0 | 0 | 12.1 | 12.1 | 0 | 12.1 | 12.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 86.4 | 5.6 | 92.0 | 3.0 | 25.1 | 28.1 | 89.4 | 30.7 | 120.1 | 130.7 | 8.1 | 138.8 | 12.5 | 22.2 | 34.7 | 143.2 | 30.3 | 173.5 |
October 31, 2018 | ||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | ||||||||||||||||||||||||||||||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | ||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||
Funds that invest in: | ||||||||||||||||||||||||||||||||||||
- Equity instruments | 42.3 | - | 42.3 | 7.6 | 1.6 | 9.2 | 49.9 | 1.6 | 51.5 | |||||||||||||||||||||||||||
- Debt instruments | 34.3 | - | 34.3 | 3.1 | 5.1 | 8.2 | 37.4 | 5.1 | 42.5 | |||||||||||||||||||||||||||
- Real estate | - | - | - | 2.0 | 0.1 | 2.1 | 2.0 | 0.1 | 2.1 | |||||||||||||||||||||||||||
Cash and cash equivalents | - | - | - | - | 2.3 | 2.3 | - | 2.3 | 2.3 | |||||||||||||||||||||||||||
Re-insurance contracts with guaranteed interest rates * | - | 5.5 | 5.5 | - | - | - | - | 5.5 | 5.5 | |||||||||||||||||||||||||||
Other | - | - | - | - | 6.9 | 6.9 | - | 6.9 | 6.9 | |||||||||||||||||||||||||||
Total | 76.6 | 5.5 | 82.1 | 12.7 | 16.0 | 28.7 | 89.3 | 21.5 | 110.8 |
* | The majority of the re-insurance contracts have guaranteed interest rates of 4.0%, with the remaining at 3.25% or 2.75%. |
October 31, 2020 | ||||||||||||||||||||||||||||||||||||
Germany | Rest of World | Total | ||||||||||||||||||||||||||||||||||
Quoted | Unquoted | Total | Quoted | Unquoted | Total | Quoted | Unquoted | Total | ||||||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||||||||
Funds that invest in: | ||||||||||||||||||||||||||||||||||||
- Equity instruments | 49.3 | 0 | 49.3 | 0 | 6.4 | 6.4 | 49.3 | 6.4 | 55.7 | |||||||||||||||||||||||||||
- Debt instruments | 63.3 | 0 | 63.3 | 2.6 | 4.9 | 7.5 | 65.9 | 4.9 | 70.8 | |||||||||||||||||||||||||||
- Real estate | 0 | 0 | 0 | 0 | 2.9 | 2.9 | 0 | 2.9 | 2.9 | |||||||||||||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 2.6 | 2.6 | 0 | 2.6 | 2.6 | |||||||||||||||||||||||||||
Re-insurance contracts with guaranteed interest rates * | 0 | 6.5 | 6.5 | 0 | 0 | 0 | 0 | 6.5 | 6.5 | |||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 9.8 | 9.8 | 0 | 9.8 | 9.8 | |||||||||||||||||||||||||||
Total | 112.6 | 6.5 | 119.1 | 2.6 | 26.6 | 29.2 | 115.2 | 33.1 | 148.3 |
* | The majority of the re-insurance contracts have guaranteed interest rates of 4.0%, with the remaining at 3.25% or 2.75%. |
Germany | Rest of World | Germany | Rest of World | |||||||||||||||||||||||||||||||||||||||||||||
Change in assumption | Change in defined benefit obligation | Change in assumption | Change in defined benefit obligation | 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 | % | (11.5 | %) | 0.50 | % | (6.7 | %) | 0.50 | % | (10.1 | %) | 0.50 | % | 11.8 | % | 0.50 | % | (5.5 | %) | 0.50 | % | 6.1 | % | ||||||||||||||||||||||||
Price inflation | 0.25 | % | 3.8 | % | 0.25 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||
Price inflation/rate of increase in pension payments* | 0.25 | % | 3.67 | % | 0.25 | % | (3.49 | %) | 0.25 | % | 1.0 | % | 0.25 | % | (1.0 | %) | ||||||||||||||||||||||||||||||||
Salary growth rate | 0.50 | % | 1.0 | % | 0.50 | % | 3.6 | % | 0.50 | % | 1.1 | % | 0.50 | % | (1.0 | %) | 0.50 | % | 3.0 | % | 0.50 | % | (3.0 | %) | ||||||||||||||||||||||||
Life expectancy | 1 year | 3.7 | % | 1 year | 1.3 | % | 1 year | | 4.0 | % | -- | -- | 1 year | 2.0 | % | -- | -- |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Accruals | 50.4 | 58.0 | ||||||
50.4 | 58.0 |
* | For the German schemes the same values are used for both the inflation assumption and the rate of increase in pension payments. |
Financial October 31, 2019 | Non- financial October 31, 2019 | Total October 31, 2019 | Financial October 31, 2018 | Non- financial October 31, 2018 | Total October 31, 2018 | |||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||
Financial and non-financial assets | ||||||||||||||||||||||||||||
Non-current | ||||||||||||||||||||||||||||
Long-term pension assets | 25 | 17.1 | - | 17.1 | 16.7 | - | 16.7 | |||||||||||||||||||||
Derivative financial instruments – Interest rate swaps | 31 | - | - | - | - | 86.4 | 86.4 | |||||||||||||||||||||
Current | ||||||||||||||||||||||||||||
Cash and cash equivalents | 18 | 355.7 | - | 355.7 | 620.9 | - | 620.9 | |||||||||||||||||||||
Trade and other receivables | 16 | 922.7 | 110.2 | 1,032.9 | 1,212.0 | 60.0 | 1,272.0 | |||||||||||||||||||||
1,295.5 | 110.2 | 1,405.7 | 1,849.6 | 146.4 | 1,996.0 |
Financial October 31, 2019 | Non- financial October 31, 2019 | Total October 31, 2019 | Financial October 31, 2018 | Non- financial October 31, 2018 | Total October 31, 2018 | |||||||||||||||||||||||
Note | $m | $m | $m | $m | $m | $m | ||||||||||||||||||||||
Financial and non-financial liabilities – financial liabilities at amortized cost | ||||||||||||||||||||||||||||
Non-current | ||||||||||||||||||||||||||||
Derivative financial instruments – Interest rate swaps | 36.5 | - | 36.5 | - | - | - | ||||||||||||||||||||||
Borrowings (gross) | 20 | 4,775.0 | - | 4,775.0 | 4,946.6 | - | 4,946.6 | |||||||||||||||||||||
Finance leases | 21 | 11.7 | - | 11.7 | 14.9 | - | 14.9 | |||||||||||||||||||||
Provisions | 24 | 49.1 | - | 49.1 | 35.4 | - | 35.4 | |||||||||||||||||||||
Current | ||||||||||||||||||||||||||||
Borrowings (gross) | 20 | - | - | - | 50.3 | - | 50.3 | |||||||||||||||||||||
Finance leases | 21 | 11.8 | - | 11.8 | 13.6 | - | 13.6 | |||||||||||||||||||||
Trade and other payables | 19 | 530.3 | 80.7 | 611.0 | 676.9 | - | 676.9 | |||||||||||||||||||||
Provisions | 24 | 29.3 | - | 29.3 | 57.4 | - | 57.4 | |||||||||||||||||||||
5,443.7 | 80.7 | 5,524.4 | 5,795.1 | - | 5,795.1 |
October 31, 2021 | October 31, 2020 | |||||||
$m | $m | |||||||
Accruals | 31.3 | 39.9 | ||||||
31.3 | 39.9 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Derivative financial instruments- non-current asset – interest rate swaps | - | 86.4 | ||||||
Derivative financial instruments- non-current liabilities – interest rate swaps | (36.5 | ) | - | |||||
(36.5 | ) | 86.4 |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Carrying amount | (36.5 | ) | 86.4 | |||||
Notional amount (4 x $562.5m) | 2,250.0 | 2,250.0 | ||||||
Maturity date | September 30, 2022 | September 30, 2022 | ||||||
Change in fair value of outstanding hedging instruments (note 31) | (122.9 | ) | 86.4 | |||||
Change in value of hedging instruments adjusted for credit risk | (121.9 | ) | 84.7 |
October 31, 2019 | October 31, 2018 | |||||||||||
Note | $m | $m | ||||||||||
Trade receivables (gross) | 16 | 877.9 | 1,089.6 | |||||||||
Cash and cash equivalents | 18 | 355.7 | 620.9 | |||||||||
Total | 1,233.6 | 1,710.5 |
October 31, 2019 | October 31, 2018 | |||||||
$’m | $’m | |||||||
At November 1 / May 1 – calculated under IAS 39 | 41.9 | 2.6 | ||||||
Accounting policy change – IFRS 9 (recognized against retained earnings on November 1, 2018) | 20.0 | - | ||||||
61.9 | 2.6 | |||||||
Loss allowance provided in the period | 16.0 | 40.0 | ||||||
Receivables written off as uncollectable | (35.5 | ) | (0.7 | ) | ||||
At October 31 | 42.4 | 41.9 |
Measurement category | Carrying value October 31, 2021 | Fair value 2021 | Fair value hierarchy 2021/2020 | Carrying value October 31, 2020 | |||||||||||||||||
Note | $m | $m | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Non-current | |||||||||||||||||||||
Long-term pension assets | 22 | FV OCI | 17.1 | Fair value insurance–based input | Level 3 | 18.2 | |||||||||||||||
Current | |||||||||||||||||||||
Cash and cash equivalent | 16 | Amortized cost | 558.4 | - | - | 737.2 | |||||||||||||||
Trade and other receivables | 14 | Amortized cost | 784.2 | - | - | 648.6 | |||||||||||||||
Contract assets | 14 | Amortized cost | 62.0 | - | - | 33.7 | |||||||||||||||
1,421.7 | 1,437.7 | ||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Non-current | |||||||||||||||||||||
Derivative financial instruments – interest rate swaps1 | 24 | FV OCI | 0 | Fair value Bank institutions | Level 2 | 77.9 | |||||||||||||||
Borrowings (gross)2 | 18 | Amortized cost | 4,566.0 | 4,556.5 | - | 4,699.0 | |||||||||||||||
Lease obligations | 19 | Amortized cost | 119.6 | - | - | 168.2 | |||||||||||||||
Current | |||||||||||||||||||||
Derivative financial instruments - interest rate swaps1 | 24 | FV OCI | 35.7 | Fair value Bank Institutions | Level 2 | 0 | |||||||||||||||
Borrowings (gross)2 | 18 | Amortized cost | 42.0 | 41.9 | - | 34.2 | |||||||||||||||
Lease obligations | 19 | Amortized cost | 74.9 | - | - | 82.2 | |||||||||||||||
Trade payables and accruals | 17 | Amortized cost | 440.1 | - | - | 419.2 | |||||||||||||||
5,278.3 | 5,480.7 |
1 | Derivative interest rate swaps are measured at Fair Value through Other Comprehensive Income (“FV OCI”) as a result of hedge accounting. All interest rate swaps are in designated hedge relationships and there are no other derivative financial instruments held as Fair Value through Profit or Loss (“FVTPL”). |
2 | Borrowings have a carrying value (net of unamortised prepaid facility arrangement fees and original issue discount) of $4,548.4 million (2020: $4,640.3 million). Total borrowings (gross) are shown in this table as $4,608.0 million (2020: $4,733.2 million) for the fair value comparison. |
October 31, 2021 | October 31, 2020 | |||||||
Interest rate risk | $m | $m | ||||||
Interest rate swaps (receive variable, pay fixed) | ||||||||
Fair value of Derivative liability (total of 4 swaps) | (35.7 | ) | (77.9 | ) | ||||
Notional amount (4 x $562.5 million) | 2,250.0 | 2,250.0 | ||||||
Maturity date | September 30, 2022 | September 30, 2022 | ||||||
Change in fair value of outstanding hedging instruments (OCI hedging reserve excluding deferred tax) (note 27) | 42.2 | (41.3 | ) | |||||
Change in value of hedging instruments (as above adjusted for impact of credit risk) | 41.9 | (39.9 | ) | |||||
Hedging ratio | 1:1 | 1:1 |
October 31, 2021 | October 31, 2020 | |||||||
Foreign exchange risk | $m | $m | ||||||
Debt designated in hedge relationships | ||||||||
Euro B-1 2020 tranche €600 million (Borrowing maturity date: June 2025), €585 million designated | 676.0 | 700.3 | ||||||
Foreign exchange gain/(loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 6.5 | (34.5 | ) | |||||
Euro 2017 tranche €453 million (Borrowing maturity date: June 2024), €442 million designated | 510.9 | 528.5 | ||||||
Foreign exchange gain/(loss) on revaluation transferred to OCI-CTA - no sources of ineffectiveness observed in review | 4.8 | (24.2 | ) | |||||
Hedge ratio for each of the 2 Net investment hedges | 1:1 | 1:1 |
October 31, 2021 | October 31, 2020 | |||||||||||
Note | $m | $m | ||||||||||
Trade receivables (gross) | 14 | 738.8 | 628.4 | |||||||||
Cash and cash equivalents | 16 | 558.4 | 737.2 | |||||||||
1,297.2 | 1,365.6 |
Group exposure | +/- 5% | +/- 10% | +/- 1% interest | |||||||||||||
Key aggregate currency exposures | $m | $m | $m | $m | ||||||||||||
Euro | 512.6 | 25.6 | 51.2 | |||||||||||||
GBP | 137.2 | 6.8 | 13.7 | |||||||||||||
JPY | 69.6 | 3.5 | 6.9 | |||||||||||||
ILS | 36.7 | 1.8 | 3.7 | |||||||||||||
CAN$ | 26.1 | 1.3 | 2.6 | |||||||||||||
Borrowings -Interest rate LIBOR +1% (based on gross debt excluding the effects of hedging) | n/a | n/a | n/a | 47.75 |
Group exposure | +/- 5% | +/- 10% | ||||||||||
Key aggregate currency exposures* | $m | $m | $m | |||||||||
Euro (EUR) | 1,504.6 | 75.2 | 150.4 | |||||||||
GB Pounds (GBP) | 156.7 | 7.8 | 15.6 | |||||||||
Indian Rupee (INR) | 64.4 | 3.2 | 6.4 | |||||||||
Japanese Yen (JPY) | 53.0 | 2.7 | 5.3 | |||||||||
Australian Dollar (AUD) | 32.5 | 1.6 | 3.3 | |||||||||
Canadian Dollar (CAD) | 31.9 | 1.6 | 3.2 | |||||||||
Israeli Shekel (ILS) | 29.5 | 1.5 | 3.0 | |||||||||
Chinese Yuan (CNY) | 27.3 | 1.4 | 2.7 | |||||||||
Swedish Krona (SEK) | 24.3 | 1.2 | 2.4 | |||||||||
United Arab Emirates Dirham (AED) | 24.2 | 1.2 | 2.4 | |||||||||
Czech Koruna (CZK) | 12.0 | 0.6 | 1.2 | |||||||||
Mexican Peso (MXN) | 10.4 | 0.5 | 1.0 | |||||||||
Turkish Lira (TRY) | 10.2 | 0.5 | 1.0 | |||||||||
Danish Krone (DKK) | 10.1 | 0.5 | 1.0 |
* | Presenting aggregate foreign exchange exposures in excess of $10 million equivalent. |
Borrowings exposures to variable interest rate changes (based on gross debt excluding the effects of hedging) | Note | Group exposure | LIBOR, EURIBOR +1% | ||||||||
| $m | $m | |||||||||
Euro | 1,186.9 | 11.9 | |||||||||
US dollar | 3,421.1 | 34.2 | |||||||||
Total gross debt | 18 | 4,608.0 | 46.1 |
October 31, 2019 | October 31, 2018 | |||||||||||
Note | $m | $m | ||||||||||
Bank and other borrowings (net of arrangement fees) | 20 | 4,670.7 | 4,845.9 | |||||||||
Finance lease obligations | 21 | 23.5 | 28.5 | |||||||||
Less cash and cash equivalents | 18 | (355.7 | ) | (620.9 | ) | |||||||
Total net debt | 4,338.5 | 4,253.5 | ||||||||||
Total equity | 6,276.3 | 7,792.0 | ||||||||||
Debt/equity % | 69.1 | % | 54.6 | % |
October 31, 2021 | October 31, 2020 | |||||||||||
Note | $m | $m | ||||||||||
Borrowings | 18 | (4,548.4 | ) | (4,640.3 | ) | |||||||
Cash and cash equivalents | 16 | 558.4 | 737.2 | |||||||||
Lease obligations | 19 | (194.5 | ) | (250.4 | ) | |||||||
Net debt | (4,184.5 | ) | (4,153.5 | ) |
Interest bearing loans | Finance leases | Total | ||||||||||
$m | $m | $m | ||||||||||
At November 1, 2018 | 4,996.9 | 28.5 | 5,025.4 | |||||||||
Draw down/New leases | - | 9.0 | 9.0 | |||||||||
Repayments | (212.6 | ) | (14.9 | ) | (227.5 | ) | ||||||
Foreign exchange | (9.3 | ) | 0.9 | (8.4 | ) | |||||||
At October 31, 2019 | 4,775.0 | 23.5 | 4,798.5 |
Interest bearing loans | Lease obligations | Total | ||||||||||
$m | $m | $m | ||||||||||
At November 1, 2020 | 4,733.2 | 250.4 | 4,983.6 | |||||||||
Movements arising from financing cash flows | ||||||||||||
Repayments | (114.1 | ) | (89.5 | ) | (203.6 | ) | ||||||
Other changes | 0 | 0 | 0 | |||||||||
New leases | 0 | 35.1 | 35.1 | |||||||||
Interest | 0 | 10.0 | 10.0 | |||||||||
Transfer to held for sale | 0 | (11.4 | ) | (11.4 | ) | |||||||
The effect of change in foreign exchange rates | (11.1 | ) | (0.1 | ) | (11.2 | ) | ||||||
At October 31, 2021 | 4,608.0 | 194.5 | 4,802.5 |
Borrowings $m | Lease obligations $m | Derivatives – interest rate swaps $m | Trade payables & accruals $m | Total $m | ||||||||||||||||
Within one year | 202.6 | 74.9 | 35.7 | 440.1 | 753.3 | |||||||||||||||
In one to two years | 191.1 | 39.9 | 0 | 0 | 231.0 | |||||||||||||||
In two to three years | 3,453.6 | 29.7 | 0 | 0 | 3,483.3 | |||||||||||||||
In three to five years | 1,235.5 | 28.5 | 0 | 0 | 1,264.0 | |||||||||||||||
In more than five years | 0 | 49.1 | 0 | 0 | 49.1 | |||||||||||||||
Total | 5,082.8 | 222.1 | 35.7 | 440.1 | 5,780.7 | |||||||||||||||
Impact of discount/ financing rates | 0 | (27.6 | ) | 0 | 0 | (27.6 | ) | |||||||||||||
Total | 5,082.8 | 194.5 | 35.7 | 440.1 | 5,753.1 |
Borrowings $m | Lease obligations $m | Derivatives – interest rate swaps $m | Trade payables & accruals $m | Total $m | ||||||||||||||||
Within one year | 203.6 | 82.2 | 0 | 419.2 | 705.0 | |||||||||||||||
In one to two years | 224.2 | 69.5 | 77.9 | 0 | 371.6 | |||||||||||||||
In two to three years | 230.3 | 43.3 | 0 | 0 | 273.6 | |||||||||||||||
In three to five years | 3,487.7 | 49.3 | 0 | 0 | 3,537.0 | |||||||||||||||
In more than five years | 1,242.0 | 36.3 | 0 | 0 | 1,278.3 | |||||||||||||||
Total | 5,387.8 | 280.6 | 77.9 | 419.2 | 6,165.5 | |||||||||||||||
Impact of discount/ financing rates | 0 | (30.2 | ) | 0 | 0 | (30.2 | ) | |||||||||||||
Total | 5,387.8 | 250.4 | 77.9 | 419.2 | 6,135.3 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||||||
Net Deferred tax liability | Note | $m | $m | |||||||||
At November 1 / May 1 | (1,170.5 | ) | (118.5 | ) | ||||||||
Credited/(debited) to consolidated statement of comprehensive income: | 188.7 | (17.1 | ) | |||||||||
- Continuing operations | 7 | 156.4 | (27.6 | ) | ||||||||
- Discontinued operation | 32.3 | 10.5 | ||||||||||
Credited directly to equity in relation to share options | (7.6 | ) | (23.7 | ) | ||||||||
Credited to other comprehensive income: | 27.0 | 4.3 | ||||||||||
- Continuing operations | 27.0 | 3.8 | ||||||||||
- Discontinued operation | - | 0.5 | ||||||||||
Acquisition of subsidiaries: | - | (1,957.4 | ) | |||||||||
Acquisition of subsidiaries – HPE Software business | 38 | - | (1,953.5 | ) | ||||||||
Acquisition of subsidiaries – COBOL-IT | 38 | - | (3.9 | ) | ||||||||
Impact of adoption of IFRS 9 | 4.4 | - | ||||||||||
Impact of adoption of IFRS15 | (17.3 | ) | - | |||||||||
Foreign exchange adjustment | (11.8 | ) | 11.6 | |||||||||
Reclassification to current assets held for sale | 37 | - | (1.6 | ) | ||||||||
Effect of change in tax rates – charged to Consolidated statement of comprehensive income | - | 931.9 | ||||||||||
At October 31 | (987.1 | ) | (1,170.5 | ) |
Tax losses and interest restrictions | Share- based payments | Deferred revenue | Prepaid royalty | Tax credits | Intangible fixed assets | Other temporary differences | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At May 1, 2017 | 56.7 | 43.7 | 44.5 | - | 33.8 | 5.9 | 23.6 | 208.2 | ||||||||||||||||||||||||
Acquisition of subsidiaries - HPE Software business | 4.5 | - | (36.5 | ) | 332.0 | 39.0 | - | 43.7 | 382.7 | |||||||||||||||||||||||
(Charged)/credited to Consolidated statement of comprehensive income – continuing operations | (13.5 | ) | 0.1 | 45.2 | (201.4 | ) | (46.1 | ) | (0.8 | ) | 14.1 | (202.4 | ) | |||||||||||||||||||
Credited directly to equity | - | (23.7 | ) | - | - | - | - | - | (23.7 | ) | ||||||||||||||||||||||
Debited to Other comprehensive income | - | - | - | - | - | - | 4.3 | 4.3 | ||||||||||||||||||||||||
Foreign exchange adjustment | - | (0.3 | ) | - | - | - | - | - | (0.3 | ) | ||||||||||||||||||||||
Reclassification to current assets held for sale | - | - | - | - | - | - | (1.6 | ) | (1.6 | ) | ||||||||||||||||||||||
Effect of change in tax rates – credited to Consolidated statement of comprehensive income | (21.1 | ) | (2.4 | ) | 66.7 | (88.7 | ) | 3.0 | (2.1 | ) | (13.3 | ) | (57.9 | ) | ||||||||||||||||||
Subtotal | 26.6 | 17.4 | 119.9 | 41.9 | 29.7 | 3.0 | 70.8 | 309.3 | ||||||||||||||||||||||||
Jurisdictional offsetting | (309.3 | ) | ||||||||||||||||||||||||||||||
At October 31, 2018 | - |
Tax losses and interest restrictions | Share- based payments | Deferred revenue | Prepaid royalty | Tax credits | Intangible fixed assets | Other temporary differences | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At November 1, 2018 | 26.6 | 17.4 | 119.9 | 41.9 | 29.7 | 3.0 | 70.8 | 309.3 | ||||||||||||||||||||||||
(Charged)/credited to Consolidated statement of comprehensive income – continuing operations | 73.9 | (5.1 | ) | (12.0 | ) | (41.9 | ) | (22.9 | ) | (3.0 | ) | 12.7 | 1.7 | |||||||||||||||||||
Credited/(charged) to Consolidated statement of comprehensive income – discontinued operation | - | - | 0.7 | - | - | - | (12.3 | ) | (11.6 | ) | ||||||||||||||||||||||
Credited directly to equity | - | (7.6 | ) | - | - | - | - | - | (7.6 | ) | ||||||||||||||||||||||
Debited to Other comprehensive income | - | - | - | - | - | - | 13.0 | 13.0 | ||||||||||||||||||||||||
Foreign exchange adjustment | - | 0.3 | - | - | - | - | - | 0.3 | ||||||||||||||||||||||||
Impact of adoption of IFRS 9 | - | - | - | - | - | - | 4.4 | 4.4 | ||||||||||||||||||||||||
Subtotal | 100.5 | 5.0 | 108.6 | - | 6.8 | - | 88.6 | 309.5 | ||||||||||||||||||||||||
Jurisdictional offsetting | (309.5 | ) | ||||||||||||||||||||||||||||||
At October 31, 2019 | - |
Expiration: | ||||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | No expiry | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At October 31, 2019 | ||||||||||||||||||||||||||||||||
Type of temporary difference: | ||||||||||||||||||||||||||||||||
Losses | 56.3 | 99.2 | 40.1 | 33.6 | 41.8 | 2,191.6 | 50.7 | 2,513.3 | ||||||||||||||||||||||||
Credits | 3.5 | 3.6 | 2.1 | 1.3 | 0.7 | 1.7 | 28.9 | 41.8 | ||||||||||||||||||||||||
Other | - | - | - | - | - | - | 23.9 | 23.9 | ||||||||||||||||||||||||
Total | 59.8 | 102.8 | 42.2 | 34.9 | 42.5 | 2,193.3 | 103.5 | 2,579.0 |
Expiration: | ||||||||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | No expiry | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
At October 31, 2018 | ||||||||||||||||||||||||||||||||
Type of temporary difference: | ||||||||||||||||||||||||||||||||
Losses | 35.2 | 66.1 | 99.2 | 37.5 | 33.6 | 2,117.7 | 95.6 | 2,484.9 | ||||||||||||||||||||||||
Credits | 2.2 | 4.4 | 4.0 | 2.4 | 1.3 | 5.2 | 196.4 | 215.9 | ||||||||||||||||||||||||
Other | 1.9 | - | - | - | - | - | 47.7 | 49.6 | ||||||||||||||||||||||||
Total | 39.3 | 70.5 | 103.2 | 39.9 | 34.9 | 2,122.9 | 339.7 | 2,750.4 |
Intangible fixed assets | Other temporary differences | Total | ||||||||||
$m | $m | $m | ||||||||||
At May 1, 2017 | (311.7 | ) | (15.0 | ) | (326.7 | ) | ||||||
Acquisition of subsidiaries – HPE Software business | (2,324.1 | ) | (12.1 | ) | (2,336.2 | ) | ||||||
Acquisition of subsidiaries – COBOL-IT | (3.9 | ) | - | (3.9 | ) | |||||||
Charged/(credited) to Consolidated statement of comprehensive income – continuing operations | 186.8 | (12.0 | ) | 174.8 | ||||||||
Charged to Consolidated statement of comprehensive income – discontinued operations | 10.5 | - | 10.5 | |||||||||
Foreign exchange adjustment | 11.9 | - | 11.9 | |||||||||
Effect of change in tax rates – charged to consolidated statement of comprehensive income | 982.0 | 7.8 | 989.8 | |||||||||
Subtotal | (1,448.5 | ) | (31.3 | ) | (1,479.8 | ) | ||||||
Jurisdictional offsetting | 309.3 | |||||||||||
At October 31, 2018 | (1,170.5 | ) |
Intangible fixed assets | Other temporary differences | Total | ||||||||||
$m | $m | $m | ||||||||||
At November 1, 2018 | (1,448.5 | ) | (31.3 | ) | (1,479.8 | ) | ||||||
Charged to Consolidated statement of comprehensive income – continuing operations | 155.5 | (0.8 | ) | 154.7 | ||||||||
Charged to Consolidated statement of comprehensive income – discontinued operation | 34.0 | 9.9 | 43.9 | |||||||||
Credited to other comprehensive income – continuing operations | 14.0 | - | 14.0 | |||||||||
Impact of adoption of IFRS15 | - | (17.3 | ) | (17.3 | ) | |||||||
Foreign exchange adjustment | (12.1 | ) | - | (12.1 | ) | |||||||
Subtotal | (1,257.1 | ) | (39.5 | ) | (1,296.6 | ) | ||||||
Jurisdictional offsetting | 309.5 | |||||||||||
At October 31, 2019 | (987.1 | ) |
October 31, 2019 | October 31, 2018 | April 30, 2017 | ||||||||||||||||||||||||||
Note | Shares | $m | Shares | $m | Shares | $m | ||||||||||||||||||||||
Issued and fully paid | ||||||||||||||||||||||||||||
At November 1 /May 1 | 436,800,513 | 65.8 | 229,674,479 | 39.7 | 228,706,210 | 39.6 | ||||||||||||||||||||||
Shares issued to satisfy option awards | 6,109,091 | 0.1 | 1,894,673 | 0.2 | 968,269 | 0.1 | ||||||||||||||||||||||
Shares utilized to satisfy option awards | (4,804,817 | ) | - | - | - | - | - | |||||||||||||||||||||
Share reorganisation | (74,521,459 | ) | (18.7 | ) | (16,935,536 | ) | (2.9 | ) | - | - | ||||||||||||||||||
Shares issued relating to acquisition of the HPE Software business | 38 | - | - | 222,166,897 | 28.8 | - | - | |||||||||||||||||||||
At October 31 | 363,583,328 | 47.2 | 436,800,513 | 65.8 | 229,674,479 | 39.7 |
October 31, 2021 | October 31, 2020 | October 31, 2019 | ||||||||||||||||||||||
Shares | $m | Shares | $m | Shares | $m | |||||||||||||||||||
Issued and fully paid | ||||||||||||||||||||||||
At November 1 | 364,545,377 | 47.3 | 363,583,328 | 47.2 | 436,800,513 | 65.8 | ||||||||||||||||||
Shares required to satisfy option awards | 745,910 | 0.1 | 1,518,327 | 0.1 | 6,109,091 | 0.1 | ||||||||||||||||||
Shares utilized to satisfy option awards | (441,549 | ) | 0 | (556,278 | ) | 0 | (4,804,817) | 0 | ||||||||||||||||
Share reorganisation | 0 | 0 | 0 | 0 | (74,521,459 | ) | (18.7 | ) | ||||||||||||||||
At October 31 | 364,849,738 | 47.4 | 364,545,377 | 47.3 | 363,583,328 | 47.2 |
October 31, 2019 | October 31, 2018 | April 30, 2017 | October 31, 2021 | October 31, 2020 | October 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Shares | $m | Shares | $m | Shares | $m | Shares | $m | Shares | $m | Shares | $m | |||||||||||||||||||||||||||||||||||||
Issued and fully paid | ||||||||||||||||||||||||||||||||||||||||||||||||
At November 1 / May 1 | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
At November 1 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Issue of B shares | 413,784,754 | 1,800.0 | 229,799,802 | 500.0 | - | - | 0 | 0 | 0 | 0 | 413,784,754 | 1,800.0 | ||||||||||||||||||||||||||||||||||||
Redemption of B shares | (413,784,754 | ) | (1,800.0 | ) | (229,799,802 | ) | (500.0 | ) | - | - | 0 | 0 | 0 | 0 | (413,784,754 | ) | (1,800.0 | ) | ||||||||||||||||||||||||||||||
At October 31 | - | - | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 |
October 31, 2021 | October 31, 2020 | October 31, 2019 | ||||||||||||||||||||||
Shares | $m | Shares | $m | Shares | $m | |||||||||||||||||||
Issued and fully paid | ||||||||||||||||||||||||
At November 1 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Issue of Deferred shares | 0 | 0 | 0 | 0 | 74,521,459 | 0 | ||||||||||||||||||
Redemption of Deferred shares | 0 | 0 | 0 | 0 | (74,521,459 | ) | 0 | |||||||||||||||||
At October 31 | 0 | 0 | 0 | 0 | 0 | 0 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | Total | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
Treasury shares | Number | Number | Number | Number | Number | Number | ||||||||||||||||||
Share buy-backs | 29,160,054 | 9,858,205 | 39,018,259 | 0 | 0 | 29,160,054 | ||||||||||||||||||
Shares issued to satisfy option awards | (4,804,817 | ) | - | (4,804,817 | ) | 0 | 0 | (4,804,817) | ||||||||||||||||
Share reorganisation | (4,012,537 | ) | - | (4,012,537 | ) | 0 | 0 | (4,012,537) | ||||||||||||||||
20,342,700 | 9,858,205 | 30,200,905 | 0 | 0 | 20,342,700 | |||||||||||||||||||
Share buy-back numbers: | ||||||||||||||||||||||||
Share buy-backs numbers: | ||||||||||||||||||||||||
Ordinary shares bought on the London Stock Exchange | 25,766,919 | 8,567,659 | 34,334,578 | 0 | 0 | 25,766,919 | ||||||||||||||||||
ADRs purchased on the New York Stock Exchange | 3,393,135 | 1,290,546 | 4,683,681 | 0 | 0 | 3,393,135 | ||||||||||||||||||
29,160,054 | 9,858,205 | 39,018,259 | 0 | 0 | 29,160,054 | |||||||||||||||||||
Share buy-back cost: | $m | $m | $m | $m | $m | $m | ||||||||||||||||||
Share buy-back cost | 538.8 | 171.2 | 710.0 | 0 | 0 | 538.8 | ||||||||||||||||||
Expenses | 5.9 | 0.5 | 6.4 | 0 | 0 | 5.9 | ||||||||||||||||||
544.7 | 171.7 | 716.4 | 0 | 0 | 544.7 |
October 31, 2021 | October 31, 2020 | October 31, 2019 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
At November 1 | 46.5 | 44.0 | 41.0 | |||||||||||||
Movement in relation to share options exercised | 28 | 0.3 | 2.5 | 3.0 | ||||||||||||
At October 31 | 46.8 | 46.5 | 44.0 |
Capital redemption reserve 1 | Merger reserve 2 | Hedging reserve 3 | Total | |||||||||||||||||
Note | $m | $m | $m | $m | ||||||||||||||||
As at November 1, 2020 | 2,485.0 | 1,767.4 | (63.1 | ) | 4,189.3 | |||||||||||||||
Hedge accounting | 24 | 0 | 0 | 42.2 | 42.2 | |||||||||||||||
Current tax movement on hedging | 0 | 0 | (8.0 | ) | (8.0 | ) |
Transfer from merger reserve to retained earnings | 0 | (108.3 | ) | 0 | (108.3 | ) | ||||||||||
As at October 31, 2021 | 2,485.0 | 1,659.1 | (28.9 | ) | 4,115.2 |
As at November 1, 2019 | 2,485.0 | 1,739.8 | (29.6 | ) | 4,195.2 | |||||||||||||||
Hedge accounting | 24 | 0 | 0 | (41.3 | ) | (41.3 | ) | |||||||||||||
Current tax movement on hedging | 0 | 0 | 7.8 | 7.8 | ||||||||||||||||
Transfer to merger reserve from retained earnings | 0 | 27.6 | 0 | 27.6 | ||||||||||||||||
As at October 31, 2020 | 2,485.0 | 1,767.4 | (63.1 | ) | 4,189.3 |
October 31, 2019 | October 31, 2018 | April 30, 2017 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
At November 1/ May 1 | 41.0 | 192.1 | 190.3 | |||||||||||||
Issue and redemption of B shares | 29 | - | (156.7 | ) | - | |||||||||||
Movement in relation to share options exercised | 33 | 3.0 | 5.6 | 1.8 | ||||||||||||
At October 31 | 44.0 | 41.0 | 192.1 |
Capital redemption reserve | Merger reserve | Hedging reserve | Total | |||||||||||||||||
Note | $m | $m | $m | $m | ||||||||||||||||
As at May 1, 2016 | 163.4 | 988.1 | - | 1,151.5 | ||||||||||||||||
Reallocation of merger reserve | - | (650.0 | ) | - | (650.0 | ) | ||||||||||||||
As at April 30, 2017 | 163.4 | 338.1 | - | 501.5 | ||||||||||||||||
Return of Value - share consolidation | 29 | 2.9 | - | - | 2.9 | |||||||||||||||
Return of Value - issue and redemption of B shares | 29 | 500.0 | (343.3 | ) | - | 156.7 | ||||||||||||||
Hedge accounting1 | 27 | - | - | 86.4 | 86.4 | |||||||||||||||
Current tax movement on hedging1 | - | - | (16.4 | ) | (16.4 | ) | ||||||||||||||
Acquisition of the HPE Software business2 | 38 | - | 6,485.4 | - | 6,485.4 | |||||||||||||||
Reallocation of merger reserve 3 | - | (2,755.8 | ) | - | (2,755.8 | ) | ||||||||||||||
As at October 31, 2018 | 666.3 | 3,724.4 | 70.0 | 4,460.7 | ||||||||||||||||
As at November 1, 2018 | 666.3 | 3,724.4 | 70.0 | 4,460.7 | ||||||||||||||||
Return of Value - share consolidation | 29 | 18.7 | - | - | 18.7 | |||||||||||||||
Return of Value - issue and redemption of B shares | 29 | 1,800.0 | (1,800.0 | ) | - | - | ||||||||||||||
Hedge accounting1 | 27 | - | - | (122.9 | ) | (122.9 | ) | |||||||||||||
Current tax movement on hedging1 | - | - | 23.3 | 23.3 | ||||||||||||||||
Reallocation of merger reserve 3 | - | (184.6 | ) | - | (184.6 | ) | ||||||||||||||
As at October 31, 2019 | 2,485.0 | 1,739.8 | (29.6 | ) | 4,195.2 |
October 31, 2019 | October 31, 2018 | April 30, 2017 | ||||||||||
$m | $m | $m | ||||||||||
At November 1 / May 1 | 1.0 | 0.9 | 1.0 | |||||||||
Share of profit after tax | 0.3 | 0.1 | (0.1 | ) | ||||||||
At October 31 | 1.3 | 1.0 | 0.9 |
Company name | Country of incorporation and principal place of business | October 31, 2019 Proportion held | October 31, 2018 Proportion held | April 30, 2017 Proportion held | |||||||||
Novell Japan Ltd | Japan | 84.24 | % | 81.05 | % | 74.70 | % |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Staff costs | ||||||||||||||||||||||||
Wages and salaries | 1,204.4 | 1,819.2 | 382.5 | 1,231.5 | 1,187.3 | 1,204.4 | ||||||||||||||||||
Redundancy and termination costs (non-exceptional) | 0.5 | 2.1 | 2.1 | 1.2 | 1.0 | 0.5 | ||||||||||||||||||
Social security costs | 93.6 | 159.0 | 53.2 | 103.5 | 97.5 | 93.6 | ||||||||||||||||||
Other pension costs | 41.7 | 50.4 | 11.4 | 45.5 | 41.6 | 41.7 | ||||||||||||||||||
1,340.2 | 2,030.7 | 449.2 | 1,381.7 | 1,327.4 | 1,340.2 | |||||||||||||||||||
Cost of employee share schemes (Share-based payments section) | 68.8 | 64.3 | 31.5 | |||||||||||||||||||||
Cost of employee share schemes (Share-based payments section below) | 14.3 | 17.0 | 68.8 | |||||||||||||||||||||
Total | 1,409.0 | 2,095.0 | 480.7 | 1,396.0 | 1,344.4 | 1,409.0 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||||||||||
Note | $m | $m | $m | Note | $m | $m | $m | |||||||||||||||||||||||||
Pension costs comprise: | ||||||||||||||||||||||||||||||||
Defined benefit schemes | 25 | 9.0 | 7.1 | 0.5 | 22 | 11.3 | 10.4 | 9.0 | ||||||||||||||||||||||||
Defined contribution schemes | 25 | 32.7 | 43.3 | 10.9 | 22 | 34.2 | 31.2 | 32.7 | ||||||||||||||||||||||||
Total | 41.7 | 50.4 | 11.4 | 45.5 | 41.6 | 41.7 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
Number | Number | Number | ||||||||||
Average monthly number of people | ||||||||||||
(including executive directors) employed by the Group: | ||||||||||||
Continuing Operations | ||||||||||||
Sales and distribution | 5,413 | 5,860 | 1,818 | |||||||||
Research and development | 5.056 | 4,323 | 1,400 | |||||||||
General and administration | 1,991 | 1,378 | 642 | |||||||||
12,460 | 11,561 | 3,860 | ||||||||||
Discontinued Operation | ||||||||||||
Sales and distribution | 164 | 515 | 323 | |||||||||
Research and development | 170 | 629 | 476 | |||||||||
General and administration | 3 | 8 | 4 | |||||||||
337 | 1,152 | 803 | ||||||||||
Total | ||||||||||||
Sales and distribution | 5,577 | 6,375 | 2,141 | |||||||||
Research and development | 5,226 | 4,952 | 1,876 | |||||||||
General and administration | 1,994 | 1,386 | 646 | |||||||||
Total | 12,797 | 12,713 | 4,663 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
Number | Number | Number | ||||||||||
Average monthly number of people | ||||||||||||
(including executive directors) employed by the Group: | ||||||||||||
Continuing operations | ||||||||||||
Sales and distribution | 4,300 | 5,066 | 5,413 | |||||||||
Research and development | 5,272 | 5,091 | 5,056 | |||||||||
General and administration | 2,210 | 1,937 | 1,991 | |||||||||
11,782 | 12,094 | 12,460 | ||||||||||
Discontinued operation | ||||||||||||
Sales and distribution | 0 | 0 | 164 | |||||||||
Research and development | 0 | 0 | 170 | |||||||||
General and administration | 0 | 0 | 3 | |||||||||
0 | 0 | 337 | ||||||||||
Total | ||||||||||||
Sales and distribution | 4,300 | 5,066 | 5,577 | |||||||||
Research and development | 5,272 | 5,091 | 5,226 | |||||||||
General and administration | 2,210 | 1,937 | 1,994 | |||||||||
Total | 11,782 | 12,094 | 12,797 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Directors | ||||||||||||||||||||||||
Aggregate emoluments | 3.7 | 14.6 | 5.2 | 5.4 | 4.1 | 3.7 | ||||||||||||||||||
Aggregate gains made on the exercise of share options | 79.7 | 77.7 | 8.2 | 0 | 0.3 | 79.7 | ||||||||||||||||||
Company contributions to money purchase pension scheme | - | 0.7 | 0.5 | |||||||||||||||||||||
Total | 83.4 | 93.0 | 13.9 | 5.4 | 4.4 | 83.4 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | ||||||||||
$m | $m | $m | ||||||||||
Key management compensation | ||||||||||||
Short-term employee benefits | 9.5 | 25.9 | 8.0 | |||||||||
Share-based payments | 25.3 | 44.5 | 9.4 | |||||||||
Total | 34.8 | 70.4 | 17.4 |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||
$m | $m | $m | ||||||||||
Key management compensation | ||||||||||||
Short-term employee benefits | 13.5 | 12.4 | 9.5 | |||||||||
Share based payments | 1.9 | 2.2 | 25.3 | |||||||||
Total | 15.4 | 14.6 | 34.8 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
Continuing operations | $m | $m | $m | |||||||||||||||||||||
$m | $m | $m | ||||||||||||||||||||||
Share-based compensation – IFRS 2 charge | 62.0 | 70.9 | 20.8 | 12.0 | 18.3 | 62.0 | ||||||||||||||||||
Employer taxes | 6.8 | (6.6 | ) | 10.7 | 2.3 | (1.3 | ) | 6.8 | ||||||||||||||||
68.8 | 64.3 | 31.5 | ||||||||||||||||||||||
Continuing operations | 14.3 | 17.0 | 68.8 | |||||||||||||||||||||
Discontinued operation | 0 | 0 | 2.5 | |||||||||||||||||||||
Total | 14.3 | 17.0 | 71.3 |
a) | Incentive Plan 2005 |
Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||||||||||
Number of awards | Weighted average exercise price of awards | Number of awards | Weighted average exercise price of awards | |||||||||||||
‘000 | pence | ‘000 | pence | |||||||||||||
Outstanding at November 1 | 14,222 | 0 | 9,227 | 6 | ||||||||||||
Exercised | (576 | ) | 1 | (734 | ) | 1 | ||||||||||
Forfeited/lapsed | (5,496 | ) | 0 | (2,100 | ) | 22 | ||||||||||
Granted | 4,566 | 0 | 7,829 | 0 | ||||||||||||
Outstanding at October 31, | 12,716 | 0 | 14,222 | 0 | ||||||||||||
Exercisable at October 31, | 732 | 5 | 938 | 4 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||||||||||
Number of Options | Weighted average exercise price | Number of Options | Weighted average exercise price | |||||||||||||
‘000 | pence | ‘000 | pence | |||||||||||||
Outstanding at November 1 / May 1 | 5,620 | 14 | 4,662 | 29 | ||||||||||||
Exercised | (3,410 | ) | 17 | (1,283 | ) | 12 | ||||||||||
Forfeited | (545 | ) | 27 | (582 | ) | 3 | ||||||||||
Granted | 7,562 | - | 2,823 | - | ||||||||||||
Outstanding at October 31 | 9,227 | 6 | 5,620 | 14 | ||||||||||||
Exercisable at October 31 | 1,416 | 34 | 2,270 | 51 |
October 31, 2019 | October 31, 2018 | ||||||||||||||||||||||||
Range of exercise prices | Weighted average exercise price pence | Number of options ‘000 | Weighted average remaining contractual life (years) | Weighted average exercise price pence | Number of options ‘000 | Weighted average remaining contractual life (years) | |||||||||||||||||||
£0.10 or less | 1 | 8,982 | 3.4 | 1 | 5,127 | 6.7 | |||||||||||||||||||
£0.11 – £1.00 | 13 | 137 | 3.7 | 13 | 205 | 4.9 | |||||||||||||||||||
£1.01 – £2.00 | - | - | - | - | - | - | |||||||||||||||||||
£2.01 – £3.00 | - | - | - | - | - | - | |||||||||||||||||||
£3.01 - £4.00 | - | - | - | 358 | 146 | 0.7 | |||||||||||||||||||
More than £4.00 | 402 | 108 | 0.7 | 402 | 142 | 1.7 | |||||||||||||||||||
6 | 9,227 | 3.4 | 14 | 5,620 | 4.0 |
October 31, 2021 | October 31, 2020 | ||||||||||||||||||||||||
Range of exercise prices | Weighted average exercise price pence | Number of awards ‘000 | Weighted average remaining contractual life years | Weighted average exercise price pence | Number of awards ‘000 | Weighted average remaining contractual life years | |||||||||||||||||||
£0.10 or less | 0 | 12,607 | 5.0 | 0 | 14,104 | 17.2 | |||||||||||||||||||
£0.11 – £1.00 | 13 | 109 | 1.8 | 13 | 118 | 2.8 | |||||||||||||||||||
0 | 12,716 | 4.9 | 0 | 14,222 | 17.1 |
Performance criteria | Unvested options Number ‘000 | Description |
Free cash flow/ Relative TSR growth | 4,267 | Awards made with a free cash flow target and relative TSR target over a three-year period. |
Continued employment | 6,277 | Awards under a continuing employment criteria over a two or three-year period. |
Cumulative Earnings per share (“EPS”) growth | 1,309 | EPS for these awards is defined as Diluted Adjusted EPS*. Where the cumulative EPS growth over a three- or four-year period is at least equal to RPI plus 3% per annum 25% of awards will vest, with full vesting achieved when the cumulative EPS growth is RPI plus 9% per annum. Straight-line vesting will apply between these points. |
Other | 131 | Various other vesting conditions |
11,984 |
October 31, | October 31, | |||||
Weighted average share price at the grant date | £ | 5.25 | £ | 2.50 | ||
Expected volatility | between | 72.85% | ||||
Expected dividend yield | between | 23.76% | ||||
Expected option life | ||||||
Annual risk-free interest rate | between | 0.17% |
Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||||||||||||||||||||||||||
Number of Options | Number of Options | |||||||||||||||||||||||||||||||
TAG ASGs | HPE Software ASGs | Total | Weighted average exercise price | TAG ASGs | HPE Software ASGs | Total | Weighted average exercise price | |||||||||||||||||||||||||
‘000 | ‘000 | ‘000 | pence | ‘000 | ‘000 | ‘000 | pence | |||||||||||||||||||||||||
Outstanding at November 1 | 446 | 0 | 446 | 0 | 461 | 3,215 | 3,676 | 0 | ||||||||||||||||||||||||
Granted | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Exercised | (40 | ) | 0 | (40 | ) | 0 | (15 | ) | 0 | (15 | ) | 0 | ||||||||||||||||||||
Surrendered | 0 | 0 | 0 | 0 | 0 | (2,385 | ) | (2,385 | ) | 0 | ||||||||||||||||||||||
Lapsed | 0 | 0 | 0 | 0 | 0 | (830 | ) | (830 | ) | 0 | ||||||||||||||||||||||
Outstanding at October 31, | 406 | 0 | 406 | 0 | 446 | 0 | 446 | 0 | ||||||||||||||||||||||||
Exercisable at October 31, | 406 | 0 | 406 | 0 | 446 | 0 | 446 | 0 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||||||||||||||||||||||||||
Number of Options | Number of Options | |||||||||||||||||||||||||||||||
TAG ASGs | HPE Software ASGs | Total | Weighted average exercise price | TAG ASGs | HPE Software ASGs | Total | Weighted average exercise price | |||||||||||||||||||||||||
‘000 | ‘000 | ‘000 | pence | ‘000 | ‘000 | ‘000 | pence | |||||||||||||||||||||||||
Outstanding at November 1 / May 1 | 3,062 | 7,427 | 10,489 | - | 3,262 | - | 3,262 | - | ||||||||||||||||||||||||
Granted | - | 458 | 458 | - | - | 13,115 | 13,115 | - | ||||||||||||||||||||||||
Exercised | (2,601 | ) | - | (2,601 | ) | - | (200 | ) | - | (200 | ) | - | ||||||||||||||||||||
Lapsed | - | (4,670 | ) | (4,670 | ) | - | - | (2,412 | ) | (2,412 | ) | - | ||||||||||||||||||||
Cancelled | - | - | - | - | - | (3,276 | ) | (3,276 | ) | - | ||||||||||||||||||||||
Outstanding at October 31 | 461 | 3,215 | 3,676 | - | 3,062 | 7,427 | 10,489 | - | ||||||||||||||||||||||||
Exercisable at October 31 | 461 | - | 461 | - | 3,062 | - | 3,062 | - |
Number of granted and cancelled nil cost share options over Ordinary Shares | Number of replacement nil cost options over Ordinary Shares | |||||||
Director | ‘000 | ‘000 | ||||||
Kevin Loosemore | 1,100 | 1,100 | ||||||
Stephen Murdoch | 500 | 947 | ||||||
Chris Kennedy1 | 500 | 676 | ||||||
Mike Phillips1 | 676 | 676 | ||||||
Nils Brauckmann1 | 500 | 500 | ||||||
3,276 | 3,899 |
October 31, 2019 | October 31, 2018 | ||||||||||||||||||||||||
Range of exercise prices | Weighted average exercise price pence | Number of options ‘000 | Weighted average remaining contractual life (years) | Weighted average exercise price pence | Number of options ‘000 | Weighted average remaining contractual life (years) | |||||||||||||||||||
£0.00 | - | 3,676 | 7.3 | - | 10,489 | 5.5 | |||||||||||||||||||
- | 3,676 | 7.3 | - | 10,489 | 5.5 |
October 31, 2021 | October 31, 2020 | ||||||||||||||||||||||||
Range of exercise prices | Weighted average exercise price pence | Number of options ‘000 | Weighted average remaining contractual life (years) | Weighted average exercise price pence | Number of options ‘000 | Weighted average remaining contractual life (years) | |||||||||||||||||||
₤0.00 | 0 | 406 | 3.1 | 0 | 446 | 4.1 | |||||||||||||||||||
0 | 406 | 3.1 | 0 | 446 | 4.1 |
b) | Sharesave and Employee Stock Purchase Plan 2006 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||||||||||||||||||||||||
Number of options ‘000 | Weighted average exercise price pence | Number of options ‘000 | Weighted average exercise price pence | Number of options ‘000 | Weighted average exercise price pence | Number of options ‘000 | Weighted average exercise price pence | |||||||||||||||||||||||||
Outstanding at November 1 / May 1 | 496 | 1,185 | 559 | 1,039 | ||||||||||||||||||||||||||||
Outstanding at November 1 | 1,935 | 293 | 438 | 1,221 | ||||||||||||||||||||||||||||
Exercised | (81 | ) | 1,171 | (294 | ) | 829 | (2 | ) | 241 | 0 | 1,023 | |||||||||||||||||||||
Forfeited | (102 | ) | 1,297 | (223 | ) | 1,508 | (316 | ) | 408 | (912 | ) | 855 | ||||||||||||||||||||
Granted | 125 | 1,374 | 454 | 1,293 | 355 | 203 | 2,409 | 338 | ||||||||||||||||||||||||
Outstanding at October 31 | 438 | 1,221 | 496 | 1,185 | 1,972 | 259 | 1,935 | 293 | ||||||||||||||||||||||||
Exercisable at October 31 | 62 | 1,461 | 47 | 1,116 | 14 | 1,023 | 0 | 0 |
Number of options | Exercise price per share | |||||||
‘000 | Date of grant | pence | Exercise period | |||||
61 | August 12, 2016 | 1,465.6 | October 1, 2019 – February 1, 2020 | |||||
21 | February 23, 2018 | 1,720.0 | April 1, 2021 – September 30, 2021 | |||||
2 | February 23, 2018 | 1,963.0 | April 1, 2021 – September 30, 2021 | |||||
221 | August 3, 2018 | 1,023.0 | October 1, 2021 – March 31, 2022 | |||||
19 | August 3, 2018 | 1,159.0 | October 1, 2021 – March 31, 2022 | |||||
67 | March 7, 2019 | 1,344.0 | April 1, 2022 – September 30, 2022 | |||||
4 | March 7, 2019 | 1,533.0 | April 1, 2022 – September 30, 2022 | |||||
40 | August 5, 2019 | 1,411.0 | October 1, 2021 – August 4, 2022 | |||||
3 | August 5, 2019 | 1,574.3 | October 1, 2021 – August 4, 2022 | |||||
438 |
Number of options ‘000 | Date of grant | Exercise price per share pence | Exercise period | |||
13 | August 3, 2018 | 1,023.0 | October 1, 2021 – March 31, 2022 | |||
1 | August 3, 2018 | 1,159.0 | October 1, 2021 – March 31, 2022 | |||
8 | March 7, 2019 | 1,344.0 | April 1, 2022 – September 30, 2022 | |||
1 | March 7, 2019 | 1,533.0 | April 1, 2022 – September 30, 2022 | |||
6 | August 5, 2019 | 1,411.0 | October 1, 2021 – March 31, 2023 | |||
1 | August 5, 2019 | 1,574.3 | October 1, 2021 – March 31, 2023 | |||
54 | March 5, 2020 | 617.7 | April 1, 2023 – September 30, 2023 | |||
3 | March 5, 2020 | 728.2 | April 1, 2023 – September 30, 2023 | |||
1,494 | August 21, 2020 | 241.3 | October 1, 2023 – March 31, 2024 | |||
86 | August 21, 2020 | 241.1 | October 1, 2023 – March 31, 2024 | |||
135 | March 5, 2021 | 373.2 | April 1, 2024 – September 30, 2024 | |||
10 | March 5, 2021 | 373.2 | April 1, 2024 – September 30, 2024 | |||
160 | August 6, 2021 | 321.8 | October 1, 2024 – March 31, 2025 | |||
1,972 |
Year ended October 31, 2021 | Year ended October 31, 2020 | |||||||||||||||
Number of options ‘000 | Weighted average exercise price ‘000 | Number of options ‘000 | Weighted average exercise price pence | |||||||||||||
Outstanding at November 1 | 2,255 | 617 | 1,192 | 1,182 | ||||||||||||
Exercised | (1,022 | ) | 1,430 | (1,472 | ) | 1,027 | ||||||||||
Forfeited | (238 | ) | 1,341 | (423 | ) | 1,082 | ||||||||||
Granted | 2,789 | 360 | 2,958 | 660 | ||||||||||||
Outstanding at October 31, | 3,784 | 384 | 2,255 | 617 | ||||||||||||
Exercisable at October 31, | 0 | 0 | 0 | 0 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | |||||||||||||||
Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | |||||||||||||
‘000 | pence | ‘000 | pence | |||||||||||||
Outstanding at November 1 / May 1 | 800 | 1,047 | 124 | 1,510 | ||||||||||||
Exercised | (17 | ) | 1,114 | (110 | ) | 1,598 | ||||||||||
Forfeited | (44 | ) | 1,440 | (31 | ) | 1,236 | ||||||||||
Granted | 453 | 1,444 | 817 | 1,057 | ||||||||||||
Outstanding at October 31 | 1,192 | 1,182 | 800 | 1,047 | ||||||||||||
Exercisable at October 31 | - | - | - | - |
Number of options ‘000 | Date of grant | Exercise price per share pence | Exercise period | |||
684 | March 1, 2020 | 635.9 | March 1, 2022 – May 31, 2022 | |||
1,085 | September 1, 2020 | 270.2 | September 1, 2022 – October 1, 2022 | |||
1,258 | April 1, 2021 | 369.2 | March 1, 2023 – May 31, 2023 | |||
757 | October 1, 2021 | 344.8 | October 1, 2023 – November 1, 2023 | |||
3,784 |
Number of Options | Exercise price per share | |||||||
‘000 | Date of grant | pence | Exercise period | |||||
309 | March 1, 2018 | 1,235.6 | March 1, 2020 – May 31, 2020 | |||||
430 | July 1, 2018 | 868.5 | July 1, 2020 – September 30, 2020 | |||||
244 | March 1, 2019 | 1,428.0 | March 1, 2021 – May 31, 2021 | |||||
209 | October 1, 2019 | 1,462.8 | October 1, 2021 – December 31, 2021 | |||||
1,192 |
October 31, | October 31, | |||||||
Weighted average share price at the grant date | £ | £ | 4.38 | |||||
Expected volatility | between | 77.52% | between | 57.72% and 72.37% | ||||
Expected dividend yield | between | 5.78% | between | 8.22% and 16.11% | ||||
Expected option life | ||||||||
Annual risk-free interest rate | between | 0.76% | between | 0.20% and 0.52% |
October 31, 2019 | October 31, 2018 | |||||||
$m | $m | |||||||
Future minimum lease payments under non-cancellable operating leases falling due: | ||||||||
No later than one year | 78.6 | 65.8 | ||||||
Later than one year and no later than three years | 123.6 | 86.4 | ||||||
Later than three years and no later than five years | 61.4 | 53.3 | ||||||
Later than five years | 37.6 | 22.5 | ||||||
Total | 301.2 | 228.0 |
October 31, 2019 | October 31, 2018 | |||||||||||||||||||||||
Current Assets | Current liabilities | Total | Current assets | Current liabilities | Total | |||||||||||||||||||
Reported in: | $m | $m | $m | $m | $m | $m | ||||||||||||||||||
SUSE | - | - | - | 1,114.5 | (427.4 | ) | 687.1 | |||||||||||||||||
Atalla | - | - | - | 28.0 | (10.3 | ) | 17.7 | |||||||||||||||||
- | - | - | 1,142.5 | (437.7 | ) | 704.8 |
A. | SUSE |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||||||||||
Before Exceptional Items | Exceptional Items | Total | Total | Total | Total | Total | Total | |||||||||||||||||||||||||
$m | $m | $m | $m | $m | $m | $m | $m | |||||||||||||||||||||||||
Revenue | 127.0 | - | 127.0 | 538.2 | 303.4 | 0 | 0 | 127.0 | ||||||||||||||||||||||||
Operating costs | (89.3 | ) | - | (89.3 | ) | (425.3 | ) | (238.6 | ) | 0 | 0 | (89.3 | ) | |||||||||||||||||||
Operating profit | 37.7 | - | 37.7 | 112.9 | 64.8 | 0 | 0 | 37.7 | ||||||||||||||||||||||||
Share of results of associate | (0.3 | ) | - | (0.3 | ) | (1.8 | ) | - | 0 | 0 | (0.3 | ) | ||||||||||||||||||||
Profit on disposal of the SUSE business | - | 1,767.9 | 1,767.9 | - | - | |||||||||||||||||||||||||||
Profit before taxation | 37.4 | 1,767.9 | 1,805.3 | 111.1 | 64.8 | |||||||||||||||||||||||||||
(Loss)/profit on disposal of the SUSE business | 10.7 | (3.0 | ) | 1,767.9 | ||||||||||||||||||||||||||||
(Loss)/profit before taxation | 10.7 | (3.0 | ) | 1,805.3 | ||||||||||||||||||||||||||||
Taxation | (8.7 | ) | (309.4 | ) | (318.1 | ) | (34.2 | ) | (31.1 | ) | 0 | 8.1 | (318.1 | ) | ||||||||||||||||||
Profit for the period from discontinued operation | 28.7 | 1,458.5 | 1,487.2 | 76.9 | 33.7 | |||||||||||||||||||||||||||
Profit for the year from discontinued operation | 10.7 | 5.1 | 1,487.2 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 2017 | Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Net cash inflows from operating activities | 18.6 | 136.1 | 70.4 | 0 | 0 | 18.6 | ||||||||||||||||||
Net cash outflows from investing activities | - | (2.5 | ) | (7.4 | ) | 0 | 1.3 | 0 | ||||||||||||||||
Net cash flows from financing activities | - | - | - | 0 | 0 | 0 |
A. | SUSE Business continued |
October 31, 2019 | October 31, 2018 | |||||||||||
Note | $m | $m | ||||||||||
Non-current assets | ||||||||||||
Goodwill | 10 | - | 859.6 | |||||||||
Other Intangible assets | 11 | - | 165.6 | |||||||||
Property, plant and equipment | 12 | - | 5.7 | |||||||||
Investment in associates | - | 9.6 | ||||||||||
Deferred tax assets | - | 1.6 | ||||||||||
Long-term pension assets | 25 | - | 1.5 | |||||||||
Other non-current assets | - | 2.2 | ||||||||||
- | 1,045.8 | |||||||||||
Current assets | ||||||||||||
Trade and other receivables | - | 65.8 | ||||||||||
Cash and cash equivalents | - | 2.9 | ||||||||||
- | 68.7 | |||||||||||
Total assets held for sale | - | 1,114.5 | ||||||||||
Current liabilities | ||||||||||||
Trade and other payables | - | (38.0 | ) | |||||||||
Provisions | 24 | - | (0.7 | ) | ||||||||
Current tax liabilities | - | (1.2 | ) | |||||||||
Deferred income | - | (218.3 | ) | |||||||||
- | (258.2 | ) | ||||||||||
Non-current liabilities | ||||||||||||
Deferred income | - | (160.8 | ) | |||||||||
Retirement benefit obligations | 25 | - | (5.5 | ) | ||||||||
Long-term provisions | 24 | - | (2.3 | ) | ||||||||
Other non-current liabilities | - | (0.6 | ) | |||||||||
- | (169.2 | ) | ||||||||||
Total liabilities held for sale | - | (427.4 | ) | |||||||||
Net assets classified as held for sale | - | 687.1 |
Carrying value pre-disposal | ||||
$m | ||||
Non-current assets classified as held for sale | 989.8 | |||
Current assets classified as held for sale | 127.3 | |||
Current liabilities classified as held for sale | (288.5 | ) | ||
Non-current liabilities classified as held for sale | (177.3 | ) | ||
Net assets disposed | 651.3 |
$m | ||||
Disposal proceeds | 2,540.3 | |||
Costs to sell recognized in the | (45.3 | ) | ||
Disposal proceeds, less costs to sell recognized in the | 2,495.0 | |||
Net assets disposed | (651.3 | ) | ||
Profit on disposal | 1,843.7 | |||
Cumulative exchange gain in respect of the net assets of the subsidiaries, reclassified from equity on disposal | (75.8 | ) | ||
Profit on disposal | 1,767.9 |
$m | ||||
Disposal proceeds, less total costs to sell | 2,495.0 | |||
Cash disposed | (21.5 | ) | ||
Investing cash flows generated from discontinued operations, net of cash disposed | 2,473.5 |
B. |
October 31, 2019 | October 31, 2018 | |||||||||||
Note | $m | $m | ||||||||||
Goodwill | 10 | - | 27.9 | |||||||||
Property, plant and equipment | 12 | - | 0.1 | |||||||||
Non-current assets | - | 28.0 | ||||||||||
Deferred income | - | (10.3 | ) | |||||||||
Current liabilities | - | (10.3 | ) | |||||||||
Net assets classified as held for sale | - | 17.7 |
Year ended October 31, 2021 | ||||||||||||
Reported in: | Current Assets | Current liabilities | Total | |||||||||
$m | $m | $m | ||||||||||
Digital Safe | 370.3 | 68.4 | 301.9 |
Note | Year ended October 31, 2021 $m | |||||||
Non-current assets | ||||||||
Goodwill | 10 | 147.2 | ||||||
Other Intangible assets (including purchased software) | 11 | 182.1 | ||||||
Property, plant and equipment (including right-of-use assets) | 12,19 | 11.5 | ||||||
Other non-current assets | 0.1 | |||||||
340.9 | ||||||||
Current assets | ||||||||
Trade and other receivables | 24.6 | |||||||
Other current assets | 4.8 | |||||||
29.4 | ||||||||
Total assets held for sale | 370.3 | |||||||
Current liabilities | ||||||||
Trade and other payables | 1.8 | |||||||
Lease obligations | 19 | 3.1 | ||||||
Contract liabilities | 4.8 | |||||||
Other current liabilities | 3.0 | |||||||
12.7 | ||||||||
Non-current liabilities | ||||||||
Deferred tax liabilities | 7 | 45.5 | ||||||
Lease obligations | 19 | 8.3 | ||||||
Contract liabilities | 0.5 | |||||||
Other non-current liabilities | 1.4 | |||||||
55.7 | ||||||||
Total liabilities held for sale | 68.4 |
Consideration | ||||||||||||||||||||||||
Carrying value at acquisition | Fair value adjustments | Goodwill | Shares | Cash | Total | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Acquisitions in the 12 months ended October 31, 2019: | ||||||||||||||||||||||||
Interset Software Inc. | 0.9 | 61.3 | 26.8 | - | 89.0 | 89.0 | ||||||||||||||||||
0.9 | 61.3 | 26.8 | - | 89.0 | 89.0 | |||||||||||||||||||
Acquisitions in the 18 months ended October 31, 2018: | ||||||||||||||||||||||||
HPE Software business | (2,487.8 | ) | 4,143.7 | 4,858.3 | 6,514.2 | - | 6,514.2 | |||||||||||||||||
COBOL-IT | (3.0 | ) | 14.0 | 5.6 | - | 16.7 | 16.7 | |||||||||||||||||
(2,490.8 | ) | 4,157.7 | 4,863.9 | 6,514.2 | 16.7 | 6,530.9 | ||||||||||||||||||
(2,489.8 | ) | 4,219.0 | 4,890.7 | 6,514.2 | 105.7 | 6,619.9 |
Consideration | ||||||||||||||||||||||||
Carrying value at acquisition | Intangible assets | Goodwill | Shares | Cash | Total | |||||||||||||||||||
$m | $m | $m | $m | $m | $m | |||||||||||||||||||
Acquisitions in the year ended October 31, 2021: | ||||||||||||||||||||||||
Full 360 | (0.3 | ) | 3.4 | 1.0 | 0 | 3.3 | 3.3 | |||||||||||||||||
Streamworx | 0.2 | 4.4 | 6.2 | 0 | 9.7 | 9.7 | ||||||||||||||||||
(0.1 | ) | 7.8 | 7.2 | 0 | 13.0 | 13.0 | ||||||||||||||||||
Acquisitions in the year ended October 31, 2020: | ||||||||||||||||||||||||
ATAR Labs | 0.9 | 6.6 | 1.4 | 0 | 7.3 | 7.3 | ||||||||||||||||||
0.9 | 6.6 | 1.4 | 0 | 7.3 | 7.3 | |||||||||||||||||||
Acquisitions in the year ended October 31, 2019: | ||||||||||||||||||||||||
Interset Software Inc. | 0.9 | 61.3 | 26.8 | 0 | 89.0 | 89.0 | ||||||||||||||||||
0.9 | 61.3 | 26.8 | 0 | 89.0 | 89.0 |
Carrying value at acquisition | Fair value adjustments | Fair value | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Intangible assets – purchased 1 | 11 | - | 61.2 | 61.2 | ||||||||||||
Property, plant and equipment | 12 | 0.3 | - | 0.3 | ||||||||||||
Other non-current assets | 0.2 | - | 0.2 | |||||||||||||
Trade and other receivables | 3.8 | - | 3.8 | |||||||||||||
Cash and cash equivalent | 1.2 | - | 1.2 | |||||||||||||
Trade and other payables | (1.5 | ) | - | (1.5 | ) | |||||||||||
Finance leases obligations – short-term | (0.1 | ) | - | (0.1 | ) | |||||||||||
Provisions – short-term | 24 | (0.7 | ) | - | (0.7 | ) | ||||||||||
Deferred income – short-term 2 | (2.1 | ) | 0.1 | (2.0 | ) | |||||||||||
Deferred income – long-term 2 | (0.2 | ) | - | (0.2 | ) | |||||||||||
Net assets | 0.9 | 61.3 | 62.2 | |||||||||||||
Goodwill (note 10) | 26.8 | |||||||||||||||
Consideration | 89.0 | |||||||||||||||
Consideration satisfied by: | ||||||||||||||||
Cash | 89.0 |
Carrying value at acquisition | Fair value adjustments | Fair value | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Intangible assets – purchased 1 | 11 | 0 | 61.2 | 61.2 | ||||||||||||
Property, plant and equipment | 12 | 0.3 | 0 | 0.3 | ||||||||||||
Other non-current assets | 0.2 | 0 | 0.2 | |||||||||||||
Trade and other receivables | 3.8 | 0 | 3.8 | |||||||||||||
Cash and cash equivalent | 1.2 | 0 | 1.2 | |||||||||||||
Trade and other payables | (1.5 | ) | 0 | (1.5 | ) | |||||||||||
Finance leases obligations – short term | (0.1 | ) | 0 | (0.1 | ) | |||||||||||
Provisions – short-term | 21 | (0.7 | ) | 0 | (0.7 | ) | ||||||||||
Deferred income – short-term 2 | (2.1 | ) | 0.1 | (2.0 | ) | |||||||||||
Deferred income – long-term 2 | (0.2 | ) | 0 | (0.2 | ) | |||||||||||
Net assets | 0.9 | 61.3 | 62.2 | |||||||||||||
Goodwill (note 10) | 26.8 | |||||||||||||||
Consideration | 89.0 | |||||||||||||||
Consideration satisfied by: | ||||||||||||||||
Cash | 89.0 |
1 | Purchased intangible assets of |
2 | Deferred income has been valued taking account of the remaining performance obligations. |
Year ended October 31, 2021 | Year ended October 31, 2020 | Year ended October 31, 2019 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
Loss from continuing operations | (435.1 | ) | (2,974.6 | ) | (18.1 | ) | ||||||||||
Profit from discontinued operation | 10.7 | 5.1 | 1,487.2 | |||||||||||||
Loss for the year | (424.4 | ) | (2,969.5 | ) | 1,469.1 | |||||||||||
Adjustments for: | ||||||||||||||||
(Gain)/Loss on disposal of discontinued operation | 31 | (10.7 | ) | 3.0 | (1,767.9 | ) | ||||||||||
Net finance costs | 6 | 252.2 | 279.0 | 255.8 | ||||||||||||
Taxation – continuing operations | 7 | (82.7 | ) | 34.2 | (16.0 | ) | ||||||||||
Taxation – discontinued operation | 31 | 0 | (8.1 | ) | 318.1 | |||||||||||
Share of results of associates | 0 | 0 | 0.3 | |||||||||||||
Operating (loss)/profit (attributable to continuing and discontinued operations) | (265.6 | ) | (2,661.4 | ) | 259.4 | |||||||||||
Goodwill impairment charge | 10 | 0 | 2,799.2 | 0 | ||||||||||||
Research and development tax credits | (1.1 | ) | (1.8 | ) | (1.2 | ) | ||||||||||
Property, plant and equipment depreciation | 12 | 33.7 | 42.0 | 52.6 | ||||||||||||
Right-of-use asset depreciation (2019 : finance lease depreciation) | 19 | 73.3 | 76.9 | 13.9 | ||||||||||||
Loss on disposal of property, plant and equipment | 12 | 1.2 | 5.6 | 3.6 | ||||||||||||
Loss on disposal of intangible assets | 11 | 0 | 0.6 | 0 | ||||||||||||
Gain on disposal of Atalla | 0 | 0 | (3.7 | ) | ||||||||||||
Amortization of intangible assets | 11 | 956.4 | 674.1 | 716.5 | ||||||||||||
Leases impairment | 19 | 5.6 | 5.9 | 0 | ||||||||||||
Share-based compensation charge | 28 | 14.3 | 17.0 | 71.3 | ||||||||||||
Foreign exchange movements | 3 | 0.1 | 29.7 | 11.1 | ||||||||||||
Changes in working capital : | ||||||||||||||||
Inventories | 0 | 0.1 | 0 | |||||||||||||
Trade and other receivables and contract related costs1 | (195.2 | ) | 251.6 | 156.5 | ||||||||||||
Payables and other liabilities | 36.9 | (62.4 | ) | (110.4 | ) | |||||||||||
Provisions2 | 21 | 14.1 | 8.8 | (14.8 | ) | |||||||||||
Contract liabilities - deferred income | 16.8 | (103.1 | ) | (98.5 | ) | |||||||||||
Cash generated from operations | 690.5 | 1,082.8 | 1,056.3 |
1 | Change in trade and other receivables and contract-related costs is adjusted for non-cash movements of ($19.0 million) (2020: ($51.7 million); (2019 $50.9 million) |
2 | In the year ended October 31, 2021 provisions movements have been presented net, in the year ended October 31, 2020 they were presented gross as provision movements $46.3 million (2019; $43.8 million) and provision utilisation ($37.5 million) (2019: ($58.6 million)). |
Carrying value at acquisition | Fair value adjustments | Fair value | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Intangible assets | 11 | 72.8 | 6,467.0 | 6,539.8 | ||||||||||||
Property, plant and equipment | 12 | 160.1 | - | 160.1 | ||||||||||||
Other non-current assets | 41.9 | - | 41.9 | |||||||||||||
Inventories | 0.2 | - | 0.2 | |||||||||||||
Trade and other receivables | 721.2 | - | 721.2 | |||||||||||||
Current tax recoverable | 0.5 | - | 0.5 | |||||||||||||
Cash and cash equivalents | 320.7 | - | 320.7 | |||||||||||||
Trade and other payables | (686.8 | ) | 1.6 | (685.2 | ) | |||||||||||
Current tax liabilities | (9.9 | ) | - | (9.9 | ) | |||||||||||
Borrowings | (2,547.6 | ) | - | (2,547.6 | ) | |||||||||||
Short-term provisions | 24 | (30.2 | ) | - | (30.2 | ) | ||||||||||
Short-term deferred income 2 | (701.2 | ) | 58.0 | (643.2 | ) | |||||||||||
Long-term deferred income 2 | (116.9 | ) | 8.7 | (108.2 | ) | |||||||||||
Long-term provisions | 24 | (39.0 | ) | - | (39.0 | ) | ||||||||||
Retirement benefit obligations | 25 | (71.5 | ) | - | (71.5 | ) | ||||||||||
Other non-current liabilities | (52.3 | ) | 12.1 | (40.2 | ) | |||||||||||
Deferred tax assets/(liabilities) 3 | 450.2 | (2,403.7 | ) | (1,953.5 | ) | |||||||||||
Net (liabilities)/assets | (2,487.8 | ) | 4,143.7 | 1,655.9 | ||||||||||||
Goodwill | 10 | - | 4,858.3 | |||||||||||||
Consideration | 6,514.2 | |||||||||||||||
Consideration satisfied by: | ||||||||||||||||
Shares | 6,514.2 |
Company name | Country of incorporation | Principal activities | Key to Registered office address | |
1 | Attachmate Australasia Pty. Ltd. | Australia | In Liquidation | 1 |
2 | Attachmate Group Australia Pty Ltd | Australia | Sale and support of software | 1 |
3 | Autonomy Australia Pty Ltd | Australia | In Liquidation | 1 |
4 | Autonomy Systems Australia Pty Ltd | Australia | In Liquidation | 1 |
5 | Borland Australia Pty Ltd | Australia | In Liquidation | 1 |
6 | Entcorp Australia Pty Limited | Australia | In Liquidation | 1 |
7 | Full 360 Pty Ltd | Australia | Sale and support of software | 2 |
8 | Micro Focus Australia Pty Ltd | Australia | Sale and support of software | 1 |
9 | Micro Focus Pty Limited | Australia | Sale and support of software | 1 |
10 | Serena Software Pty Limited | Australia | In Liquidation | 1 |
11 | Micro Focus Austria GmbH | Austria | Development of software | 3 |
12 | Autonomy Belgium BV | Belgium | Sale and support of software | 4 |
13 | Micro Focus Belgium BV | Belgium | Sale and support of software | 4 |
14 | Micro Focus S.r.l | Belgium | Sale and support of software | 5 |
15 | Borland Latin America Ltda | Brazil | Sale and support of software | 6 |
16 | Cambridge Technology Partners do Brasil Ltda | Brazil | Dormant | 6 |
17 | Micro Focus Brasil Serviços de Tecnologia Ltda | Brazil | Sale and support of software | 6 |
18 | Micro Focus Programação de Computadores Ltda | Brazil | Sale and support of software | 6 |
19 | Peregrine Systems do Brasil Ltda. | Brazil | Sale and support of software | 7 |
20 | Serena Software Do Brasil Ltda | Brazil | Sale and support of software | 6 |
21 | Micro Focus APM Solutions EOOD | Bulgaria | Development of software | 8 |
22 | Micro Focus Bulgaria EOOD | Bulgaria | Sale and support of software | 8 |
23 | Autonomy Systems (Canada) Ltd. | Canada | Sale and support of software | 9 |
24 | GWAVA ULC | Canada | Holding Company | 10 |
25 | Interset Software ULC | Canada | Holding Company | 10 |
26 | Micro Focus (Canada) ULC | Canada | Development, sale and support of software | 10 |
Company name | Country of incorporation | Principal activities | Key to Registered office address | |
27 | Micro Focus Acquisition Canada ULC | Canada | Sale and support of software | 11 |
28 | Micro Focus Software (Canada) ULC | Canada | Sale and support of software | 12 |
29 | Micro Focus Software Solutions Canada Co. / Solutions Logiciels Micro Focus Canada Cie. | Canada | Sale and support of software | 13 |
30 | NetManage Canada ULC | Canada | Dormant | 10 |
31 | Entco Capital Co | Cayman Islands | In Liquidation | 14 |
32 | Entco Investment Co | Cayman Islands | In Liquidation | 14 |
33 | Micro Focus International Limited | Cayman Islands | In Liquidation | 14 |
34 | Micro Focus IP Ltd. | Cayman Islands | In Liquidation | 14 |
35 | Micro Focus Marigalante Ltd. | Cayman Islands | Sale and support of software | 15 |
36 | Autonomy Systems (Beijing) Limited Company | China | Sale and support of software | 16 |
37 | Micro Focus Limited Beijing Representative Office | China | Sale and support of software | 17 |
38 | Shanghai Micro Focus Software Technology Co., Ltd | China | Sale and support of software | 18 |
39 | Shanghai Micro Focus Software Technology Co., Ltd, Beijing Branch | China | Sale and support of software | 19 |
40 | Shanghai Micro Focus Software Technology Co., Ltd. Shandong Branch | China | Sale and support of software | 20 |
41 | Shanghai Micro Focus Software Technology Co., Ltd., Chongqing Branch | China | Sale and support of software | 41 |
42 | Shanghai Micro Focus Software Technology Co., Ltd., Shenzhen Branch | China | Sale and support of software | 42 |
43 | Singapore Micro Focus Pte. Ltd Shanghai Representative Office | China | Sale and support of software | 43 |
44 | Micro Focus Software LATAM S.A.S | Colombia | Sale and support of software | 44 |
45 | Micro Focus Centroamerica CAC Limitada | Costa Rica | Sale and support of software | 45 |
46 | Micro Focus Costa Rica Limitada | Costa Rica | Sale and support of software | 46 |
47 | NetIQ Software International Limited | Cyprus | In Liquidation | 47 |
48 | Micro Focus Czechia s.r.o. | Czech Republic | Sale and support of software | 48 |
49 | Micro Focus Denmark, filial af Micro Focus AS, Norge Branch | Denmark | Sale and support of software | 49 |
50 | Micro Focus Software Denmark ApS | Denmark | Sale and support of software | 50 |
51 | Micro Focus AS, Filial i Finland | Finland | Sale and support of software | 51 |
52 | Borland (France) Sarl | France | Sale and support of software | 52 |
53 | Cobol-IT, SAS | France | Sale and support of software | 53 |
54 | Micro Focus France SAS | France | Sale and support of software | 54 |
55 | Micro Focus SAS | France | Sale and support of software | 55 |
56 | Attachmate Group Germany GmbH | Germany | Sale and support of software | 56 |
57 | Borland GmbH | Germany | Dormant | 57 |
58 | GWAVA EMEA GmbH | Germany | Sale and support of software | 58 |
59 | Micro Focus Deutschland GmbH | Germany | Sale and support of software | 59 |
60 | Micro Focus GmbH | Germany | Sale and support of software | 32 |
61 | Novell Holding Deutschland GmbH | Germany | Holding Company | 32 |
62 | Serena Software GmbH | Germany | Sale and support of software | 34 |
63 | EntCorp Hong Kong Limited | Hong Kong | Sale and support of software | 35 |
64 | Micro Focus Limited Hong Kong Branch | Hong Kong | Sale and support of software | 36 |
65 | Micro Focus Software HK Limited | Hong Kong | Sale and support of software | 36 |
66 | Autonomy Software Asia Private Limited | India | Sale and support of software | 37 |
67 | Entco IT Services Private Limited | India | Sale and support of software | 38 |
68 | Interwoven, Inc., India Branch | India | Sale and support of software | 39 |
Company name | Country of incorporation | Principal activities | Key to Registered office address | |
69 | Micro Focus Software India Private Limited | India | Development, sale and support of software | 40 |
70 | Micro Focus Software Solutions India Private Limited | India | Sale and support of software | 41 |
71 | Micro Focus Software Pte. Ltd. – Representative Office | Indonesia | Sale and support of software | 42 |
72 | Attachmate Ireland Limited | Ireland | Sale and support of software | 43 |
73 | Entsoft Holding Ireland Unlimited Company | Ireland | In Liquidation | 43 |
74 | Micro Focus (IP) Ireland Limited | Ireland | Dormant | 44 |
75 | Micro Focus Galway Limited | Ireland | Sale and support of software | 43 |
76 | Micro Focus Group Holdings Unlimited | Ireland | Holding Company | 44 |
77 | Micro Focus International Holdings Limited | Ireland | Holding Company | 44 |
78 | Micro Focus Ireland Limited | Ireland | Development, sale and support of software | 44 |
79 | Micro Focus Software (Ireland) Limited | Ireland | Development, sale and support of software | 43 |
80 | Micro Focus Software Solutions Ireland Limited | Ireland | Sale and support of software | 43 |
81 | NetIQ Europe Limited | Ireland | Sale and support of software | 43 |
82 | NetIQ Ireland Limited | Ireland | Holding Company | 44 |
83 | Novell Cayman Software International Unlimited Company | Ireland | Holding Company | 44 |
84 | Novell Cayman Software Unlimited Company | Ireland | Holding Company | 44 |
85 | Novell Software International Limited | Ireland | Holding Company | 44 |
86 | Micro Focus Interactive Israel Ltd | Israel | Sale and support of software | 45 |
87 | Micro Focus Israel Limited | Israel | Development and support of software | 46 |
88 | Micro Focus Software Israel Ltd | Israel | Sale and support of software | 45 |
89 | N.Y. NetManage (Yerushalayim) Ltd | Israel | Dormant | 47 |
90 | Novell Israel Software Limited | Israel | Dormant | 48 |
91 | Micro Focus Italiana S.r.l. | Italy | Sale and support of software | 49 |
92 | Micro Focus S.r.l. | Italy | Sale and support of software | 49 |
93 | Verity Italia S.r.l. | Italy | In Liquidation | 50 |
94 | Entcorp Japan K.K. | Japan | Sale and support of software | 51 |
95 | Micro Focus Enterprise Ltd | Japan | Sale and support of software | 52 |
96 | Micro Focus LLC | Japan | Sale and support of software | 52 |
97 | Novell Japan, Ltd | Japan | Sale and support of software | 52 |
98 | Serena Software Japan LLC | Japan | Sale and support of software | 52 |
99 | Micro Focus Luxembourg S.à r.l. | Luxembourg | Sale and support of software | 53 |
100 | Verity Luxembourg S.à r.l. | Luxembourg | Sale and support of software | 54 |
101 | Micro Focus Malaysia Sdn. Bhd. | Malaysia | Sale and support of software | 55 |
102 | Novell Corporation (Malaysia) Sdn. Bhd. | Malaysia | Sale and support of software | 56 |
103 | Micro Focus International Mexico, S. de R.L. de C.V. | Mexico | Sale and support of software | 57 |
104 | Micro Focus Limited Mexico Branch | Mexico | Sale and support of software | 57 |
105 | Micro Focus Software Mexico, S. De R.L. De C.V. | Mexico | Sale and support of software | 57 |
106 | Micro Focus Software Solutions Mexico, S. de R.L. de C.V. | Mexico | Sale and support of software | 57 |
107 | Authasas B.V. | Netherlands | Sale and support of software | 58 |
108 | Autonomy HoldCo B.V. | Netherlands | Sale and support of software | 58 |
109 | Autonomy Netherlands B.V. | Netherlands | Sale and support of software | 58 |
Carrying value at acquisition | Fair value adjustments | Fair value | ||||||||||
$m | $m | $m | ||||||||||
Goodwill | 462.4 | (462.4 | ) | - | ||||||||
Intangible assets - purchased | - | 317.7 | 317.7 | |||||||||
Intangible assets1 - other | 0.1 | - | 0.1 | |||||||||
Property, plant and equipment | 1.9 | - | 1.9 | |||||||||
Other non-current assets | 0.2 | - | 0.2 | |||||||||
Deferred tax asset | 15.3 | - | 15.3 | |||||||||
Trade and other receivables | 27.4 | - | 27.4 | |||||||||
Cash and cash equivalents | 65.8 | - | 65.8 | |||||||||
Trade and other payables | (27.7 | ) | - | (27.7 | ) | |||||||
Current tax liabilities | (11.8 | ) | - | (11.8 | ) | |||||||
Borrowings – short term | (4.0 | ) | - | (4.0 | ) | |||||||
Short-term provisions | (3.2 | ) | - | (3.2 | ) | |||||||
Short-term deferred income 2 | (72.3 | ) | 3.8 | (68.5 | ) | |||||||
Long-term deferred income 2 | (14.9 | ) | 0.8 | (14.1 | ) | |||||||
Borrowings – long term | (288.9 | ) | - | (288.9 | ) | |||||||
Other non-current liabilities | (0.7 | ) | - | (0.7 | ) | |||||||
Deferred tax liabilities 3 | (2.4 | ) | (109.2 | ) | (111.6 | ) | ||||||
Net assets/(liabilities) | 147.2 | (249.3 | ) | (102.1 | ) | |||||||
Goodwill | - | - | 379.7 | |||||||||
Consideration | - | - | 277.6 | |||||||||
Consideration satisfied by: | 277.6 | |||||||||||
Cash | 277.6 |
Company name | Country of incorporation | Principal activities | Key to Registered office address | |
110 | Borland B.V. | Netherlands | Sale and support of software | 58 |
111 | Entco Eastern Holding B.V. | Netherlands | In Liquidation | 58 |
112 | Entco Gatriam Holding B.V. | Netherlands | Holding company | 58 |
113 | Entco Holding Berlin B.V. | Netherlands | Holding company | 58 |
114 | Entco Holding Hague II B.V. | Netherlands | Holding company | 58 |
115 | Entco Sinope Holding B.V. | Netherlands | Holding company | 58 |
116 | Entcorp Nederland B.V. | Netherlands | Sale and support of software | 58 |
117 | Micro Focus B.V. | Netherlands | Sale and support of software | 58 |
118 | Micro Focus Caribe Holding B.V. | Netherlands | Sale and support of software | 58 |
119 | Micro Focus Eastern Holding II B.V. | Netherlands | Holding Company | 58 |
120 | Micro Focus Enterprise B.V. | Netherlands | Sale and support of software | 58 |
121 | Micro Focus HoldCo B.V. | Netherlands | Holding Company | 58 |
122 | Micro Focus Holding Finance B.V. | Netherlands | Holding Company | 58 |
123 | Micro Focus Holding Hague B.V. | Netherlands | Holding Company | 58 |
124 | Micro Focus Holding PR B.V. | Netherlands | Sale and support of software | 58 |
125 | Micro Focus International Trade B.V. | Netherlands | Sale and support of software | 58 |
126 | Micro Focus Nederland B.V. | Netherlands | Sale and support of software | 58 |
127 | Verity Benelux B.V. | Netherlands | Sale and support of software | 58 |
128 | Micro Focus Software (New Zealand) Unlimited | New Zealand | Sale and support of software | 59 |
129 | Micro Focus AS | Norway | Sale and support of software | 60 |
130 | Micro Focus Software, Inc. | Philippines | Sale and support of software | 61 |
131 | Micro Focus Polska sp. z o.o. | Poland | Sale and support of software | 62 |
132 | Micro Focus Portugal Informática, Lda | Portugal | Sale and support of software | 63 |
133 | Micro Focus, S.L.- Sucursal em Portugal Branch | Portugal | Sale and support of software | 63 |
134 | Micro Focus Caribe Holding B.V. LLC Branch | Puerto Rico | Sale and support of software | 64 |
135 | Micro Focus Holding PR B.V. LLC Branch | Puerto Rico | Sale and support of software | 64 |
136 | Micro Focus Software Romania SRL | Romania | Sale and support of software | 65 |
137 | Limited Liability Company Micro Focus | Russian Federation | Sale and support of software | 66 |
138 | Micro Focus LLC | Saudi Arabia | Sale and support of software | 67 |
139 | Autonomy Systems Singapore Pte. Ltd. | Singapore | In Liquidation | 68 |
140 | Borland (Singapore) Pte. Ltd. | Singapore | In Liquidation | 68 |
141 | Entco Software Pte. Ltd. | Singapore | Sale and support of software | 68 |
142 | Mercury Interactive (Singapore) Pte Ltd | Singapore | In Liquidation | 68 |
143 | Micro Focus Pte. Ltd. | Singapore | Sale and support of software | 68 |
144 | Micro Focus Software Pte. Ltd. | Singapore | Sale and support of software | 68 |
145 | Autonomy Systems Software South Africa Pty Ltd | South Africa | Sale and support of software | 69 |
146 | Micro Focus Software South Africa (Pty) Ltd | South Africa | Sale and support of software | 70 |
147 | Micro Focus South Africa (Pty) Ltd | South Africa | Sale and support of software | 71 |
148 | Micro Focus Korea Ltd | South Korea | Sale and support of software | 72 |
149 | Micro Focus Field Delivery Spain S.L.U. | Spain | Sale and support of software | 73 |
150 | Micro Focus S.L.U. | Spain | Sale and support of software | 73 |
151 | Micro Focus Software Spain S.L.U. | Spain | Sale and support of software | 73 |
Carrying value at acquisition | Fair value adjustments | Fair value | ||||||||||
$m | $m | $m | ||||||||||
Intangible assets – purchased1 | - | 5.3 | 5.3 | |||||||||
Intangible assets – other 2 | 1.2 | (1.2 | ) | - | ||||||||
Property, plant and equipment | 0.2 | - | 0.2 | |||||||||
Trade and other receivables | 3.0 | - | 3.0 | |||||||||
Cash and cash equivalents | 2.4 | - | 2.4 | |||||||||
Trade and other payables | (1.4 | ) | - | (1.4 | ) | |||||||
Short-term deferred income 3 | (4.0 | ) | 0.3 | (3.7 | ) | |||||||
Long-term deferred income 3 | (0.8 | ) | - | (0.8 | ) | |||||||
Deferred tax liabilities 4 | - | (1.4 | ) | (1.4 | ) | |||||||
Net assets | 0.6 | 3.0 | 3.6 | |||||||||
Goodwill | 12.8 | |||||||||||
Consideration | 16.4 | |||||||||||
Consideration satisfied by: | ||||||||||||
Cash | 16.4 |
Company name | Country of incorporation | Principal activities | Key to Registered office address | |
152 | Micro Focus AS, Norge, filial i Sverige Branch | Sweden | Sale and support of software | 74 |
153 | Micro Focus Sverige AB | Sweden | Sale and support of software | 74 |
154 | Micro Focus Enterprise B.V., Amstelveen, Wallisellen Branch | Switzerland | Sale and support of software | 75 |
155 | Micro Focus GmbH | Switzerland | Sale and support of software | 76 |
156 | Micro Focus International Suisse Sàrl | Switzerland | Sale and support of software | 77 |
157 | Micro Focus Schweiz GmbH | Switzerland | Sale and support of software | 76 |
158 | Entco, LLC Taiwan Branch | Taiwan | Sale and support of software | 78 |
159 | Micro Focus Taiwan Co., Ltd | Taiwan | Sale and support of software | 79 |
160 | Micro Focus Enterprise Tunisia SARL | Tunisia | Sale and support of software | 80 |
161 | Atarlabs Bilişim Anonim Şirketi | Turkey | Development and support of software | 81 |
162 | Micro Focus Teknoloji Çözümleri Limited Şirketi | Turkey | Sale and support of software | 82 |
163 | Micro Focus Ukraine, LLC. | Ukraine | Sale and support of software | 83 |
164 | Entco International SARL - Jebel Ali Free Zone Branch | United Arab Emirates | Sale and support of software | 84 |
165 | Entco International SARL-Abu Dhabi Branch | United Arab Emirates | Sale and support of software | 85 |
166 | Micro Focus Software Middle East FZ-LLC | United Arab Emirates | Sale and support of software | 86 |
167 | Attachmate Sales UK Limited | United Kingdom | Sale and support of software | 87 |
168 | Autonomy Systems Limited | United Kingdom | Sale and support of software | 87 |
169 | Borland (Holding) UK Limited | United Kingdom | In Liquidation | 87 |
170 | Borland (UK) Limited | United Kingdom | In Liquidation | 87 |
171 | Dart UK Newco Limited | United Kingdom | Divestiture company | 87 |
172 | Entco Holding Berlin B.V. - UK Branch | United Kingdom | Holding Company | 87 |
173 | Longsand Limited | United Kingdom | Sale and support of software | 87 |
174 | Merant Holdings | United Kingdom | Holding Company | 87 |
175 | Micro Focus (IP) Holdings Limited | United Kingdom | Dormant | 87 |
176 | Micro Focus (IP) Ltd | United Kingdom | Holding Company | 87 |
177 | Micro Focus (US) Holdings | United Kingdom | Holding Company | 87 |
178 | Micro Focus CHC Limited | United Kingdom | Holding Company | 87 |
179 | Micro Focus Foreign HoldCo Ltd | United Kingdom | Holding Company | 87 |
180 | Micro Focus Global Limited | United Kingdom | Sale and support of software | 87 |
181 | Micro Focus Group Limited | United Kingdom | Holding Company | 87 |
182 | Micro Focus Holdings Unlimited | United Kingdom | Holding Company | 87 |
183 | Micro Focus Integration Limited | United Kingdom | Sale and support of software | 87 |
184 | Micro Focus IP Development Limited | United Kingdom | Development and support of software | 87 |
185 | Micro Focus Limited | United Kingdom | Sale and support of software | 87 |
186 | Micro Focus Marigalante Ltd. - UK Branch | United Kingdom | Sale and support of software | 87 |
187 | Micro Focus MHC Limited | United Kingdom | Holding Company | 87 |
188 | Micro Focus Midco Holdings Limited | United Kingdom | Holding Company | 87 |
189 | Micro Focus Midco Limited | United Kingdom | Holding Company | 87 |
190 | Micro Focus Situla Holding Ltd | United Kingdom | Holding Company | 87 |
191 | Micro Focus Software (IP) Holdings Limited | United Kingdom | Holding Company | 87 |
192 | Micro Focus Software Holdings Ltd | United Kingdom | Sale and support of software | 87 |
Carrying value at acquisition | Fair value adjustments | Fair value | ||||||||||
$m | $m | $m | ||||||||||
Intangible assets – purchased technology | - | 5.0 | 5.0 | |||||||||
Net assets | - | 5.0 | 5.0 | |||||||||
Goodwill | - | |||||||||||
Consideration | - | - | 5.0 | |||||||||
Consideration satisfied by: | ||||||||||||
Cash | 5.0 |
Company name | Country of incorporation | Principal activities | Key to Registered office address | |
193 | Micro Focus Software UK Ltd | United Kingdom | Sale and support of software | 87 |
194 | Micro Focus UK Limited | United Kingdom | Dormant | 87 |
195 | Serena Holdings | United Kingdom | Holding Company | 87 |
196 | Serena Software Europe Limited | United Kingdom | Sale and support of software | 87 |
197 | Attachmate Corporation | United States | Development and support of software | 88 |
198 | Borland Corporation | United States | Holding Company | 89 |
199 | Borland Software Corporation | United States | Development and support of software | 89 |
200 | Borland Technology Corporation | United States | Dormant | 89 |
201 | Dart US Newco LLC | United States | Divestiture company | 89 |
202 | Entco Delaware LLC | United States | Sale and support of software | 89 |
203 | Entco, LLC | United States | Sale and support of software | 89 |
204 | Full 360 Group Inc. | United States | Holding Company | 89 |
205 | Full 360 Inc | United States | Sale and support of software | 90 |
206 | GWAVA Technologies, Inc. | United States | Sale and support of software | 89 |
207 | MA FinanceCo., LLC | United States | Holding Company | 89 |
208 | Marcel Holdings LLC | United States | Sale and support of software | 89 |
209 | Micro Focus (US) Group, Inc. | United States | Holding Company | 89 |
210 | Micro Focus (US) International Holdings, Inc. | United States | Holding Company | 89 |
211 | Micro Focus (US), Inc. | United States | Development and support of software | 89 |
212 | Micro Focus Brazil Holdings LLC | United States | Holding Company | 89 |
213 | Micro Focus Government Solutions LLC | United States | Sale and support of software | 89 |
214 | Micro Focus LLC | United States | Sale and support of software | 89 |
215 | Micro Focus Software Inc. | United States | Development and support of software | 89 |
216 | NetIQ Corporation | United States | Development and support of software | 89 |
217 | Novell Holdings, Inc. | United States | Holding Company | 89 |
218 | Novell International Holdings, Inc. | United States | Holding Company | 89 |
219 | Seattle SpinCo, Inc. | United States | Holding Company | 89 |
220 | Serena Software, Inc. | United States | Holding Company | 89 |
221 | Stratify, Inc. | United States | Sale and support of software | 89 |
222 | The Attachmate Group, Inc. | United States | Holding Company | 89 |
223 | Vertica Systems, LLC | United States | Sale and support of software | 89 |
12 months ended October 31, 2019 | 18 months ended October 31, 2018 | 12 months ended April 30, 20171 | ||||||||||||||
Note | $m | $m | $m | |||||||||||||
Cash flows from operating activities | ||||||||||||||||
(Loss) / Profit from continuing operations | (18.1 | ) | 707.2 | 124.1 | ||||||||||||
Profit from discontinued operation | 1,487.2 | 76.9 | 33.7 | |||||||||||||
Profit for the period | 1,469.1 | 784.1 | 157.8 | |||||||||||||
Adjustments for: | ||||||||||||||||
Gain on disposal of discontinued operation | 37 | (1,767.9 | ) | - | - | |||||||||||
Net finance costs | 6 | 255.8 | 342.7 | 95.8 | ||||||||||||
Taxation – continuing operations | 7 | (16.0 | ) | (673.1 | ) | 38.5 | ||||||||||
Taxation – discontinued operation | 37 | 318.1 | 34.2 | - | ||||||||||||
Share of results of associates | 0.3 | 1.8 | 1.3 | |||||||||||||
Operating profit (attributable to continuing and discontinued operations) | 259.4 | 489.7 | 293.4 | |||||||||||||
- continuing operations | 221.7 | 376.8 | 293.4 | |||||||||||||
- discontinued operation | 37 | 37.7 | 112.9 | - | ||||||||||||
259.4 | 489.7 | 293.4 | ||||||||||||||
Research and development tax credits | (1.2 | ) | (2.0 | ) | (3.0 | ) | ||||||||||
Depreciation | 12 | 66.5 | 95.2 | 11.8 | ||||||||||||
Loss on disposal of property, plant and equipment | 3.6 | 4.7 | 0.5 | |||||||||||||
Gain on disposal of Atalla | 37, 4 | (3.7 | ) | - | - | |||||||||||
Amortization of intangible assets | 11 | 716.5 | 943.3 | 236.4 | ||||||||||||
Amortization of contract-related costs | 10.2 | - | - | |||||||||||||
Share-based compensation charge | 33 | 71.3 | 72.2 | 34.5 | ||||||||||||
Foreign exchange movements | 11.1 | (34.6 | ) | (4.9 | ) | |||||||||||
Provisions movements | 24 | 43.8 | 142.8 | 47.3 | ||||||||||||
Changes in working capital: | ||||||||||||||||
Inventories | - | 0.1 | - | |||||||||||||
Trade and other receivables | 183.0 | (408.8 | ) | 10.3 | ||||||||||||
Increase in contract-related costs | (36.7 | ) | - | - | ||||||||||||
Payables and other liabilities | (114.8 | ) | 131.3 | (33.3 | ) | |||||||||||
Provision utilization | 24 | (58.6 | ) | (145.0 | ) | (43.5 | ) | |||||||||
Contract liabilities - deferred income | (98.5 | ) | 131.4 | 15.5 | ||||||||||||
Pension funding in excess of charge to operating profit | 4.4 | 4.0 | (0.2 | ) | ||||||||||||
Cash generated from operations | 1,056.3 | 1,424.3 | 564.8 |
Number | Address |
1 | Level 8, 76 Berry Street, North Sydney NSW 2060, Australia |
2 | Suite 9, 191 Victoria Road, Gladesville NSW 2111, Australia |
3 | Donau-City-Straße 7, 40. OG, 1220 Wien, Austria |
4 | Officenter, Luchthavenlaan 27, 1800 Vilvoorde, Belgium |
5 | EU Parliament, 4th Floor, 37 De Meeussquare, 1000 Brussels, Belgium |
6 | Rua Joaquim Floriano, 466 - 12 Andar, Ed. Corporate, Itaim Bibi, São Paulo, SP, 04534-002, Brazil |
7 | Avenida das Nações Unidas, 1201, conj. 2302. sala 72, São Paulo, SP, 04578-000, Brazil |
8 | 76A James Boucher Blvd., Hill Tower 3rd floor, Lozenets District, Sofia, 1407, Bulgaria |
9 | 200-204 Lambert Street, Whitehorse Y1A 3T2, Canada |
10 | 250, Howe Street, Suite 1400-C, Vancouver BC V6C 3S7, Canada |
11 | 1300-1969 Upper Water Street, McInnes Cooper Tower - Purdy's Wharf Halifax, NS, B3J 3R7, Canada |
12 | 4300 Bankers Hall West, 888 - 3rd Street S.W., Calgary T2P 5C5, Canada |
13 | Cogswell Tower, 2000 Barrington Street, Suite 1101-C. , Halifax NS B3J 3K1 , Canada |
14 | PwC Corporate Finance & Recovery (Cayman) Limited., P.O. Box 258, 18 Forum Lane, Camana Bay, Grand Cayman , KY1-1104, Cayman Islands |
15 | Ocorian Trust (Cayman) Limited, Windward 3, Regatta Office Park, PO Box 1350, West Bay Road, Grand Cayman , KY1-1108, Cayman Islands |
16 | Unit 601, Block A, Yuanyang International Center, No. 56 Dong Si Huan Zhong Road, Beijing, Chaoyang District, China |
17 | Unit 04, B01, 3rd Floor, 101, 1st Floor, No.1 building, No.8 Yard Guangshun South Avenue , Chaoyang District, Beijing, China |
18 | Floor 2, Building 1, No. 799 Naxian Road, Pilot Free Trade Zone, Shanghai, China |
19 | 8 Guangshun Avenue South, B01, 3F Building 1, Chaoyang District , China |
20 | 1807-1811, 18th Floor, Kechuang Building, interchange of Yingxiong Mountain Road and 2nd Ring South Rd, Shizhong District, Jinan, Shangdong, China |
21 | No. 209, Chuangxin Plaza, No. 5 Keyuanyi Road, Jiulongpo District, Chongqing, China |
22 | 14/F, Office 1436, Times Financial Center, 4001 Shennan Avenue, Futian District, Shenzhen, Guangdong, 518046, China |
23 | Unit B011, 3rd Floor, No. 1 building, No.799 Naxian Road, Free Trade Zone, Shanghai, China |
24 | Calle 111 # 47A-96, Bogotá D.C., Colombia |
25 | San José, Cantón Montes de Oca, Distrito San Pedro, cincuenta metros al sur del Restaurante Le Chandelier, Edificio Blanco, Costa Rica |
26 | Digeni Akrita, 54, Akritas, Floor 2, Flat 201-202, 1061, Nicosia, Cyprus |
27 | Za Brumlovkou 1559/5, Michle, Prague, 140 00, Czech Republic |
28 | Borupvang 3, 2750, Ballerup, Denmark |
29 | Accountor Turku Oy, Yliopistonkatu 34,5 krs, Turku, FI-20100, Finland |
30 | 5 place de la Pyramide, Tour Ariane, La Défense 9 , 92088 , Paris , France |
31 | Tour Carpe Diem, 31 Place des Corolles, 92400, Courbevoie, France |
32 | Herrenberger Strasse 140, 71034, Böblingen, Germany |
33 | Von-Braun-Strabe 38a, 48683, Ahaus, Germany |
34 | Nördlicher Zubringer 9-11, 40470, Düsseldorf, Germany |
35 | 19th Floor, Cityplaza One, 1111 King's Road, Taikoo Shing, Hong Kong |
36 | 21st Floor, Henley Building, 5 Queens Road Central, Hong Kong |
37 | 4th Floor, Laurel Building ‘A' Block, Bagmane Tech Park, Survey no.65/2, C.V.Raman Nagar, Byrasandra Village, KR Pura Hobli, Bangalore South Taluk, Bengaluru-560093, India |
38 | 4th Floor, Bagmane Tech Park, Olympia Building Survey Nos. 66/1, 66/66-1 & 66/1-3, CV Raman Nagar , Bangalore, 560093, India |
39 | 7th Floor, Unit 705 Leela Business Park, Andheri – Kurla Road, Andheri East, Mumbai , 400059, India |
40 | Laurel Block D 65/2, Bagmane Tech Park, C.V. Raman Nagar Byrasandra Post, Bangalore, India |
Number | Address |
41 | 66/1, 6th Floor, Olympia Building, Bagmane Tech Park, Byrasandra, C V Raman Nagar, Bangalore, Karnataka, 560093, India |
42 | WTC 3, Unit no. 207, Jalan Jenderal Sudirman Kav 29-31, Kel. Karet Semanggi, Kec. Setiabudi, Kota Adm, Jakarta Selatan, DKI Jakarta, Indonesia |
43 | Block A, Ballybrit Business Park, Ballybane Road, Galway, H91 WP08, Ireland |
44 | One Spencer Dock, North Wall Quay, Dublin 1, D01 X9R7, Ireland |
45 | 5 Altalef St., Yahud, Israel |
46 | Matam Advanced Tech Center, Building 5/1, Haifa, 31 905, Israel |
47 | Scientific Industries Center, Haifa, 33263, Israel |
48 | 17 Hatidhar St, Raannana, 43665, Israel |
49 | Viale Sarca 235, 20126, Milan, Italy |
50 | Via Santa Maria alla Porta 9, 20123, Milan, Italy |
51 | No. 8 Center Plaza Bldg, 5F, 1-10-16 Horidomecho Nihonbashi, Chuo-ku, Tokyo 103-0012, Japan |
52 | Midtown Tower 19F, 9-7-1 Akasaka, Minato-ku, Tokyo, 107-6219, Japan |
53 | 12 rue Jean Engling, L-1466, Luxembourg |
54 | 15, Boulevard F.W. Raiffeisen, L - 2411, Luxembourg |
55 | Level 11 , 1 Sentral, Jalan Rakyat, Kuala Lumpur Sentral, 50470 59200 Kuala Lumpur, Malaysia |
56 | Unit 501, Level 5, Uptown 1, 1 Jalan SS21/58, Damansara Uptown, 47400 Selangor Darul Ehsan, Malaysia |
57 | Av. Periférico Sur 6751, Col. Toluquilla, Municipio Tlaquepaque, Jalisco, CP 45610, Mexico |
58 | Van Deventerlaan 31, 3528 AG, Utrecht, Netherlands |
59 | Level 26, PWC Tower, 15 Customs Street West, Auckland, 1010, New Zealand |
60 | C/O House of Business AS, 7th Floor Dronning Eufemias gate 16, Oslo, 0191, Norway |
61 | 2/F Three World Square, Upper Mckinley Road, Taguig City, Philippines |
62 | ul. Sucha 2/3, 50-086 Wrocław, Poland |
63 | Centro Empresarial Torres de Lisboa, Rua Tomás da Fonseca, Torre G, 1.º, Sala 111, Freguesia de São Domingos de Benfica, 1600 203, Lisboa, Portugal |
64 | Metro Office Park, Metro Parque 7, Street # 1, Suite 204 , Guaynabo, PR 00968, Puerto Rico |
65 | 2nd District, 3 George Constantinescu Street, BOC Office Building, 4th floor, entrance B, 2nd District, Bucharest, PC 020339, Romania |
66 | Leningradskoye shosse 16 A, building 3, floor 10, premise XV, room 16, 125171, Moscow, Russian Federation |
67 | Nimr Al Nakheel Centre, Building A, 1st floor, Imam Saud Bin Abdulaziz Bin Muhammad Road, Riyadh, 11564, Saudi Arabia |
68 | #12-04/06, 1 Harbourfront Place, Harbourfront Tower 1, Singapore, 098633, Singapore |
69 | 78 Sophia Street, Fairland, 2195, South Africa |
70 | Novell House, MorningWedge Office, 255 Rivonia Road, Morningside, 2196, South Africa |
71 | Morningside Wedge Office Park , 255 Rivonia Road, Morningside, Sandton, Gauteng, 2057, South Africa |
72 | Yeoidodong, SK Building, 15F, 31 Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul, Korea, Republic of |
73 | Torre Espacio, Planta 16, Paseo de la Castellana, 259D, 28046 Madrid, Spain |
74 | Kronborgsgränd 1, 164 46 Kista, Stockholm, Sweden |
75 | Richtistrasse 7, 8304 Wallisellen, Switzerland |
76 | Wallisellen Business Park, Offices 201-204, Richtistrasse 7, 8304, Wallisellen, Switzerland |
77 | Chemin Jean-Baptiste Vandelle 3A, 1290 Versoix, Switzerland |
79 | 9F., No. 200, Sec. 1, Keelung Rd., Xinyi Dist., Taipei City, 110, Taiwan |
80 | ZI Chotrana, Technopole El Ghazala, Lot No 45, Ariana, 2088, Tunisia |
81 | Üniversiteler Mahallesi 1605 Cad. No: 3A, Çankaya , Ankara, Turkey |
82 | AND Plaza Kozyatağa İçerenköy Mahallesi Umut Sk. 10/12, Kat: 16 34752 Ataşehir/İstanbul, Turkey |
83 | 13 Pimonenko Str., building 6, Office 6A/61, Kiev, 04050, Ukraine |
Number | Address |
84 | JAFZA One building, Unit No. AB 1005, Jebel Ali Free Zone, Dubai, United Arab Emirates |
85 | Al Hilal Building, Al Falah Road, Office 318, Abu Dhabi, United Arab Emirates |
86 | 1204 - 1205, Floor 12 Al Shatha Tower, Dubai, United Arab Emirates |
87 | The Lawn, 22-30 Old Bath Road, Newbury, Berkshire, RG14 1QN, United Kingdom |
88 | Corporation Service Company, MC-CSC1, 300 Deschutes Way SW, Suite 208, Tumwater, WA98501, United States |
89 | Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808, United States |
90 | Corporation Service Company, 80 State Street, Albany, NY 12207-2543, United States |