LSE Results Presentation Deck
LSEG FY2021 - Results overview
Continuing operations
Data & Analytics
Capital Markets
Post Trade
Other
Total Income (excl. recoveries)
Recoveries
Total Income (incl. recoveries)
Cost of sales
Gross profit
Adjusted operating expenses5
Income from equity investments
Share of loss after tax of associates
Adjusted EBITDA5
Adjusted EBITDA Margin 6
Adjusted depreciation, amortisation and impairment 5
Adjusted operating profit 5
Adjusted net finance expense 5
Adjusted profit before tax
5
Adjusted tax
Adjusted profit for the year
Adjusted profit attributable to:
Equity holders
Non-controlling interest
Adjusted basic earnings per share (p) 7
WOLSEG
5
2021
£m
4,609
1,255
913
34
6,811
354
7,165
(923)
6,242
(2,977)
22
(4)
3,283
48.2%
(774)
2,509
(206)
2,303
(480)
1,823
1,595
228
286.7
2020
£m
Pro-forma underlying¹
4,653
1,170
915
29
6,767
338
7,105
(946)
6,159
(3,023)
(4)
3,132
46.3%
(747)
2,385
(569)
1,816
(555)
1,261
1,087
174
195.7
Pro-forma
Variance 2
%
(0.9%)
7.3%
(0.2%)
17.2%
0.7%
4.7%
0.8%
(2.4%)
1.3%
(1.5%)
4.8%
3.6%
5.2%
(63.8%)
26.8%
(13.5%)
44.6%
46.7%
31.0%
46.5%
Constant
Currency
Variance 3
%
4.8%
12.5%
2.0%
21.5%
5.8%
(0.8%)
5.5%
3.0%
5.9%
4.8%
3.1%
7.5%
7.6%
7.5%
Constant
Currency
Variance (excl.
deferred revenue
adjustment) 3,4
%
5.3%
12.5%
2.0%
21.5%
6.1%
(0.3%)
5.8%
3.0%
6.3%
4.8%
3.1%
8.3%
7.6%
8.5%
Note:
(1) The pro-form a results assume that the acquisition of Refinitiv took place
on 1 January 2020. The Borsa Italiana Group was classified as a
discontinued operation once the sale became highly probable on 13
January 2021 and therefore its profits and losses have been excluded
from the Group's continuing operations for both years presented
(2) Pro-form a variance is the difference between current and prior year on
a pro-form a basis, using the average exchange rate for the respective
period, therefore any changes in the exchange rates are also reflected
in the variance along with business performance
(3) Constant currency variance shows financial performance, excluding
currency impacts, by comparing the current and prior year at consistent
exchange rates
(4) As a result of the acquisition of Refinitiv and the associated accounting
rules, Refinitiv's deferred revenue balances were subject to a one-time
haircut at the time of acquisition. This is a non-cash adjustment. The
negative revenue impact was mostly in Q1 2021 at approximately £22
million, with an additional £1 million in Q2, £1 million in Q3 and £1
million in Q4. The impact is mostly in the Group's Data & Analytics
division, with a much smaller impact on the Group's FX venues
business in Capital Markets. There will be no impact in 2022. An
adjusted variance, excluding the deferred revenue adjustment, has
been presented to show business growth on a comparable basis to the
prior year.
(5)
Before non-underlying items
(6) Adjusted EBITDA margin is Adjusted EBITDA divided by Total Income
(excl. Recoveries)
(7) Weighted average number of shares used to calculate Adjusted basic
earnings per share on a pro-forma underlying basis is 556 million
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