Ahead of the announcement of its half year 2019 results on 9 August 2019, to aid comparison with the results of prior periods, a summary of the Group’s results for H1 2018 and FY 2018 based on alternative performance measures, reflecting the adoption of IFRS 16 – Leases, businesses sold and the re-classification of onerous contracts, presented at average exchange rates for the six months ended 30 June 2019 is set out below:
|£m||HY 2018||FY 2018|
|Underlying results as previously reported||3,599||212||7.4||7,289||474||16.7|
|Restatement for IFRS 16 – Leases||–||10||(0.1)||–||24||(0.1)|
|Onerous contract re-classification||6||1||0.1||–||–||–|
|Underlying results at actual exchange rates||3,553||227||7.4||7,282||497||16.5|
|Underlying results at June 2019 exchange rates||3,581||230||7.6||7,303||499||16.6|
The adoption of IFRS 16 had no material effect on the Group’s net debt to EBITDA ratio, which remained at 2.7x at both 31 December 2018 and 30 June 2018.
Reconciliations from the segmental and total group results as previously reported, are set out at the end of this announcement.