MISYS PLC
PROFIT AND LOSS ACCOUNT for the six months to 30 November 2003Restated
First First
half half Year
all figures in £ millions 2003/04 2002/03 2002/03
Turnover 471.1 520.8 1,013.5
Operating profit 16.7 30.5 70.2
Analysed as: Total operating profit pre goodwill amortisation 48.2 61.8 130.1
Goodwill amortisation (31.5) (31.3) (59.9)
16.7 30.5 70.2
Non operating exceptional items (note 3) 1.4 - 0.3
Net interest payable and similar charges (note 5) (3.2) (5.1) (9.6)
Other finance costs (note 6) (0.8) (0.5) (1.1)
Profit on ordinary activities before taxation 14.1 24.9 59.8
Exceptional tax credit in respect of prior years (note 7) 14.6 - -
Tax on ongoing ordinary activities (note 7) (6.1) (9.5) (14.9)
Tax on profit on ordinary activities 8.5 (9.5) (14.9)
Profit on ordinary activities after taxation 22.6 15.4 44.9
Equity minority interests (0.3) (0.3) (0.4)
Profit attributable to shareholders 22.3 15.1 44.5
Dividends (note 8) (13.4) (12.1) (32.0)
Retained profit for the financial period 8.9 3.0 12.5
pence pence pence
Dividends per share (note 8) 2.44 2.12 5.67
Basic earnings per share (note 4) 4.1 2.6 7.9
Adjusted basic earnings per share (note 4) 6.9 8.1 18.5
Diluted earnings per share (note 4) 4.0 2.6 7.8
Adjusted diluted earnings per share (note 4) 6.8 8.1 18.3
STATEMENT OF CASH FLOWS for the six months to 30 November 2003
Restated
First First
half half Year
2002/all figures in £ millions 2003/04 2002/03 03
Net cash (outflow) inflow from operating activities (see below) (4.2) 29.6 135.7
Returns on investments and servicing of finance (4.8) (4.4) (7.4)
Taxation (12.1) (6.5) (11.6)
Capital expenditure and financial investment (10.7) (12.0) (14.9)
Acquisitions and disposals 0.1 (0.8) (8.7)
Equity dividends paid (19.9) (17.9) (30.0)
Net cash (outflow) inflow before financing (51.6) (12.0) 63.1
Financing 32.3 0.1 (48.0)
(Decrease) increase in cash (19.3) (11.9) 15.1
Reconciliation of net cash flow to movement in net debt (Decrease) increase in cash (19.3) (11.9) 15.1
Cash (outflow) inflow from movement in debt financing (35.0) (14.6) 8.8
(Increase) decrease in net debt resulting from cash flows (54.3) (26.5) 23.9
Finance leases acquired (0.5) - -
Accretion on payment to Cordon Limited 0.2 0.2 0.4
Amortisation of issue costs (0.5) (1.4) (2.8)
Inception of finance leases (0.8) (0.4) (0.9)
Differences on exchange 11.9 11.9 19.5
(Increase) decrease in net debt (44.0) (16.2) 40.1
Opening net debt (119.2) (159.3) (159.3)
Closing net debt (note 9) (163.2) (175.5) (119.2)
Net cash (outflow) inflow from operating activities Operating profit 16.7 30.5 70.2
Goodwill amortisation 31.5 31.3 59.9
48.2 61.8 130.1
Depreciation charge net of (profit) loss on disposal of fixed assets 7.1 6.1 12.3
Difference between pension charge and cash contributions (8.2) (0.3) (0.8)
(Decrease) increase in deferred income (30.0) (25.4) 1.3
Other working capital movements (23.6) (15.0) (13.1)
Other non-cash movements 2.3 2.4 5.9
(4.2) 29.6 135.7
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months to 30
November 2003
Restated
First First
half half Year
2002/all figures in £ millions 2003/04 2002/03 03
Profit for the financial period 22.3 15.1 44.5
Exchange adjustments offset in reserves (22.7) (38.0) (73.3)
Actuarial gains (losses) recognised in post
retirement benefit scheme 4.6 - (12.6)
Movement in deferred tax relating to pension
liability (3.7) (0.1) 3.6
Total recognised gains and losses for the financial period 0.5 (23.0) (37.8)
BALANCE SHEET at 30 November 2003
Restated
30 30
November November 31 May
all figures in £ millions 2003 2002 2003
Fixed assets
Intangible assets - goodwill 228.0 281.6 251.1
Tangible assets 25.0 29.5 27.1
Investments 4.2 4.8 4.0
Own shares 14.4 15.3 10.9
271.6 331.2 293.1
Current assets Stocks (note 10) 12.1 10.4 8.2
Debtors 161.1 184.6 168.4
Cash at bank and in hand 88.8 80.5 109.8
262.0 275.5 286.4
Creditors falling due within one year Bank loans and overdrafts (4.8) (13.3) (5.3)
Convertible loan notes - (1.3) -
Other creditors (197.9) (243.1) (240.2)
(202.7) (257.7) (245.5)
Net current assets 59.3 17.8 40.9
Total assets less current liabilities 330.9 349.0 334.0
Creditors falling due after more than one year (247.2) (241.4) (223.7)
Provisions for liabilities and charges (61.8) (77.5) (71.2)
Deferred income (85.4) (97.5) (123.9)
Net liabilities excluding post retirement benefit liabilities (63.5) (67.4) (84.8)
Post retirement benefit liabilities (note 12) (4.4) (4.7) (13.2)
Net liabilities (67.9) (72.1) (98.0)
Capital and reserves Called up share capital 5.6 5.7 5.6
Share premium account 65.0 62.8 63.1
Capital redemption reserve (note 11) 0.2 0.1 0.2
Profit and loss account (141.3) (142.8) (169.8)
Equity shareholders' deficit (70.5) (74.2) (100.9)
Equity minority interests 2.6 2.1 2.9
(67.9) (72.1) (98.0)