Business
2014 Interim Results
2014 Interim Results.
About this update from Standard Life Plc
[{"type":"text","content":"\n \nRNS Number : 6799P Phoenix Group Holdings 21 August 2014 \n\nPHOENIX GROUP HOLDINGS\nINTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2014\n21 AUGUST 2014\nPHOENIX GROUP, THE UK'S LARGEST SPECIALIST CLOSED LIFE FUND CONSOLIDATOR, TODAY ANNOUNCES STRONG RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014\nFinancial highlights\n− £332 million of cash generation1 in H1 2014 (HY13: £416 million). A further £390 million was received on completion of the divestment of Ignis to Standard Life Investments on 1 July 2014\n− Group remains on track to achieve cash generation targets of £500 million - £550 million in 2014 and £2.8 billion between 2014 and 2019\n− MCEV of £2.6 billion on a pro forma basis2 at 30 June 2014 (FY13: £2.4 billion), with £153 million of incremental MCEV enhancement achieved in H1 2014\n− Gearing3 reduced from 44% at 31 December 2013 to 35% on a pro forma basis at 30 June 2014, meeting the Group's target of 40% gearing 18 months ahead of schedule. The future level of gearing will be consistent with the achievement and maintenance of an investment grade rating\n− IGD surplus of £1.1 billion and IGD headroom of £0.4 billion on a pro forma basis at 30 June 2014 (FY13: £1.2 billion and £0.5 billion respectively)4\n− PLHL ICA surplus of £0.7 billion and PLHL ICA headroom of £0.6 billion on a pro forma basis at 30 June 2014 (FY13: £1.2 billion and £1.1 billion respectively)4\n− Group IFRS operating profit of £266 million in H1 2014 including £114 million from management actions (HY13: £186 million, including £24 million from management actions)\n− Interim dividend of 26.7p per share5, in line with 2013 interim and final dividends\nDivestment of Ignis and debt refinancing\n− Completed divestment of Ignis Asset Management to Standard Life Investments on 1 July for £390 million in cash\n− Comprehensive debt refinancing achieved:\n- Divestment of Ignis supported a £250 million prepayment of bank debt\n- Successful £300 million 7 year unsecured bond issue, at an attractive annual coupon, the net proceeds of which were used to prepay bank debt\n- The refinancing of the Group's remaining senior bank debt and PIK notes into a single £900 million facility, in conjunction with a £206 million associated debt prepayment ...