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Assets held for sale and discontinued operations (Tables) | 6 Months Ended
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Jun. 30, 2020
Text block [abstract] |
Disclosure of detailed information about amounts of discontinued operations included in profit explanatory | Results of the discontinued operations, which have been included in profit for the year, were as follows:
|  | Six months ended 30 June 2020 |  |  | Six months ended 30 June 2019 |  |  | Year ended 31 December 2019 |
|  | £m |  |  | £m |  |  | £m |
Revenue |  |  | 101.9 |  |  |  | 1,247.8 |  |  |  | 2,387.5 |
Cost s of services |  |  | (87.4 | ) |  |  | (1,061.4 | ) |  |  | (1,951.5 | )
Gross profit |  |  | 14.5 |  |  |  | 186.4 |  |  |  | 436.0 |
General and administrative costs |  |  | (4.0 | ) |  |  | (109.7 | ) |  |  | (151.7 | )
Operating profit |  |  | 10.5 |  |  |  | 76.7 |  |  |  | 284.3 |
Share of results of associates |  |  | — |  |  |  | 6.5 |  |  |  | 6.5 |
Profit before interest and taxation |  |  | 10.5 |  |  |  | 83.2 |  |  |  | 290.8 |
Finance income |  |  | 0.2 |  |  |  | 1.8 |  |  |  | 3.6 |
Finance costs |  |  | (0.3 | ) |  |  | (9.1 | ) |  |  | (17.3 | )
Revaluation of financial instruments |  |  | — |  |  |  | (6.7 | ) |  |  | (9.4 | )
Profit before taxation |  |  | 10.4 |  |  |  | 69.2 |  |  |  | 267.7 |
Attributable tax expense |  |  | (2.1 | ) |  |  | (19.5 | ) |  |  | (78.8 | )
Profit after taxation |  |  | 8.3 |  |  |  | 49.7 |  |  |  | 188.9 |
Goodwill impairment on classification as held for sale 1 |  |  | — |  |  |  | — |  |  |  | (94.5 | )
(Loss)/gain on sale of discontinued operations |  |  | (3.3 | ) |  |  | — |  |  |  | 73.8 |
Attributable tax expense on sale of discontinued operations |  |  | (1.9 | ) |  |  | — |  |  |  | (157.4 | )
Net gain attributable to discontinued operations |  |  | 3.1 |  |  |  | 49.7 |  |  |  | 10.8 |
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |
Equity holders of the parent |  |  | (6.8 | ) |  |  | 43.2 |  |  |  | (3.8 | )
Non-controlling interests 2 |  |  | 9.9 |  |  |  | 6.5 |  |  |  | 14.6 |
|  |  | 3.1 |  |  |  | 49.7 |  |  |  | 10.8 |
Note
1 | Goodwill impairment of £94.5 million arose from the assessment of fair value less costs to sell under IFRS 5 in the year ended 31 December 2019.
2 | In 2020, non-controlling interests includes £9.3 million recognised on the disposal of Kantar within WPP Scangroup, a 56.25% owned subsidiary of the Group.
Disclosure of detailed information about gain on sale of discontinued operations explanatory | The gain on sale of discontinued operations is calculated as follows:
|  | 30 June 2020 |  |  | 31 December 2019 |
|  | £m |  |  | £m |
Intangible assets (including goodwill) |  |  | 150.9 |  |  |  | 2,410.0 |
Property, plant and equipment |  |  | 13.7 |  |  |  | 115.7 |
Right-of-use assets |  |  | 24.2 |  |  |  | 103.5 |
Interests in associates and joint ventures |  |  | 2.0 |  |  |  | 92.3 |
Other investments |  |  | — |  |  |  | 11.5 |
Deferred tax assets |  |  | 5.5 |  |  |  | 44.1 |
Corporate income tax recoverable |  |  | 15.0 |  |  |  | 49.8 |
Trade and other receivables |  |  | 157.6 |  |  |  | 748.8 |
Cash and cash equivalents |  |  | 19.8 |  |  |  | 324.9 |
Trade and other payables |  |  | (129.0 | ) |  |  | (839.8 | )
Corporate income tax payable |  |  | (4.0 | ) |  |  | (48.2 | )
Lease liabilities |  |  | (20.5 | ) |  |  | (106.3 | )
Deferred tax liabilities |  |  | (1.3 | ) |  |  | (98.6 | )
Provisions for post-employment benefits |  |  | (6.7 | ) |  |  | (26.7 | )
Provisions for liabilities and charges |  |  | (0.6 | ) |  |  | (22.4 | )
Net assets |  |  | 226.6 |  |  |  | 2,758.6 |
Non-controlling interests |  |  | (5.9 | ) |  |  | (19.1 | )
Net assets excluding non-controlling interests |  |  | 220.7 |  |  |  | 2,739.5 |
Consideration received in cash and cash equivalents |  |  | 191.3 |  |  |  | 2,352.1 |
Re-investment in equity stake 1 |  |  | — |  |  |  | 231.7 |
Transaction costs |  |  | (3.8 | ) |  |  | (56.1 | )
Deferred consideration 2 |  |  | 14.5 |  |  |  | 1.6 |
Total consideration received |  |  | 202.0 |  |  |  | 2,529.3 |
Loss on sale before exchange adjustments |  |  | (18.7 | ) |  |  | (210.2 | )
Exchange adjustments recycled to the income statement |  |  | 15.4 |  |  |  | 284.0 |
(Loss)/gain on sale of discontinued operations |  |  | (3.3 | ) |  |  | 73.8 |
Notes
1 | Re-investment in equity stake represents the value of the Group’s 40% stake in the new Kantar group as part of the disposal.
2 | Deferred consideration in the year ended 31 December 2019 is made up of £79.6 million expected to be received in future periods on the satisfaction of certain conditions and the deferral of £78.0 million consideration against services the Group will supply to Kantar on favourable terms in the future.

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