rr-ar2016-financial-statements.pdf

rr-ar2016-financial-statements.pdf - 114 FINANCIAL...

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Financial statements CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement 115 Consolidated statement of comprehensive income 116 Consolidated balance sheet 117 Consolidated cash flow statement 118 Consolidated statement of changes in equity 120 Notes to the consolidated financial statements 121 1 Accounting policies 121 2 Segmental analysis 131 3 Research and development 136 4 Net financing 136 5 Taxation 137 6 Earnings per ordinary share 139 7 Employee information 139 8 Auditors’ remuneration 140 9 Intangible assets 140 10 Property, plant and equipment 143 11 Investments 144 12 Inventories 146 13 Trade and other receivables 146 14 Cash and cash equivalents 147 15 Borrowings 147 16 Trade and other payables 147 17 Financial instruments 148 18 Provisions for liabilities and charges 156 19 Post-retirement benefits 157 20 Share capital 161 21 Share-based payments 161 22 Leases 162 23 Contingent liabilities 163 24 Related party transactions 164 25 Acquisitions and disposals 164 26 Derivation of summary funds flow statement 165 COMPANY FINANCIAL STATEMENTS Company balance sheet 167 Company statement of changes in equity 167 Notes to the Company financial statements 168 1 Accounting policies 168 2 Investments – subsidiary undertakings 168 3 Financial liabilities 168 4 Share capital 169 5 Contingent liabilities 169 6 Other Information 169 Rolls-Royce Holdings plc Annual Report 2016 FINANCIAL STATEMENTS 114
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Consolidated income statement For the year ended 31 December 2016 Notes 2016 £m 2015 1 £m Revenue 2 14,955 13,725 Cost of sales (11,907) (10,448) Gross profit 3,048 3,277 Other operating income 5 10 Commercial and administrative costs 2 (2,208) (1,070) Research and development costs 3 (918) (818) Share of results of joint ventures and associates 11 117 100 Operating profit 44 1,499 (Loss)/profit on disposal of businesses (3) 2 Profit before financing and taxation 2 41 1,501 Financing income 4 96 115 Financing costs 4 (4,773) (1,456) Net financing (4,677) (1,341) (Loss)/profit before taxation * (4,636) 160 Taxation 5 604 (76) (Loss)/profit for the year (4,032) 84 Attributable to: Ordinary shareholders (4,032) 83 Non-controlling interests 1 (Loss)/profit for the year (4,032) 84 Earnings per ordinary share attributable to ordinary shareholders: 6 Basic (220.08)p 4.51p Diluted (220.08)p 4.48p Payments to ordinary shareholders in respect of the year: 17 Per share 11.70p 16.37p Total 215 301 * Underlying profit before taxation 2 813 1,432 1 2015 figures have been restated as a result of £11m of Power Systems costs previously reported in ‘cost of sales’, being reclassified as ‘commercial and administrative costs’ to ensure consistent treatment with 2016. The applicable notes have also been restated. 2 In 2016, ‘commercial and administrative costs’ include £671m for financial penalties from agreements with investigating bodies (see note 23) and £306m for the restructuring of the UK pension schemes (see note 19). FINANCIAL STATEMENTS Rolls-Royce Holdings plc Annual Report 2016 CONSOLIDATED 115
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Consolidated statement of comprehensive income For the year ended 31 December 2016 Notes 2016 £m 2015 £m (Loss)/profit for the year (4,032) 84 Other comprehensive income (OCI) Movements in post-retirement schemes 19 495 (722) Share of OCI of joint ventures and associates 11 (2)
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