G4S plc UK DK: Half-yearly report

                      G4S plc UK DK: Half-yearly report

13 August 2014
G4S 2014 Half year results

                 Investing in sustainable, profitable growth

G4S Chief Executive Officer Ashley Almanza said, "The group made good progress
and delivered a  satisfactory financial  performance in the  first six  months 
winning new contracts with a total value of £1.2 billion and producing a  6.3% 
increase in PBITA  and 13.2% increase  in earnings. There  remains much to  be 
done to  capture the  full potential  of our  strategy and  to strengthen  the 
group's performance."

Financial highlights:

  oNew contract sales with total value of £1.2bn (+26%)
    
  oOrganic revenue growth of 4.1%

       oEmerging markets +12.1%

            +Developed markets in line with the prior year
              

  oUnderlying PBITA^1 6.3% higher at £185m (2013: £174m)

       oEmerging markets PBITA up 14.7%
       oDeveloped markets PBITA up 6.7%

            +Corporate costs of £28m an increase of £8m including £6m
              non-cash pension and LTIP costs
              

  oUnderlying Earnings^1 of £86m (2013: £76m), up 13.2%, EPS up 3.7%
    
  oTotalcashgeneratedby continuingoperationsof £212m(2013: £224m)
    included cash flowof £185m(2013: £148m) from operating businesses and
    one off corporate items of £27m (2013: £76m)
    
  oNet debt position as at 30 June 2014 was £1,680m, reflecting the normal
    seasonal effect of lower cash flows in the first half which is expected to
    reverse in the second half of 2014 and the £109m electronic monitoring
    settlement
    
  oPortfolio management: proceeds of £89m in six months. A further £37m due
    to be received in the second half of 2014 from the sale of business in
    Sweden
    
  oInterim dividend maintained at 3.42p/share (DKK 0.3198)

           Underlying Results^1,2     Total Results^3
           6 months ended 30 June  6 months ended 30 June
            2014    2013   Change   2014    2013   Change
Revenue    £3,371m £3,239m  4.1%   £3,371m £3,249m  3.8%
PBITA       £185m   £174m   6.3%    £179m   £47m   280.9%
Earnings^4  £86m    £76m   13.2%    £78m   £(196)m   -
EPS^5       5.6p    5.4p    3.7%    5.0p   (14.0)p   -

^1 At constant exchange rates. The  results at actual exchange rates are  set 
out on pages 15  to 31. To clearly  present underlying performance,  specific 
items have been excluded and disclosed separately - see page 3.
^2 2013  results are  presented at  constant exchange  rates and  have  been 
restated  for  the  adoption  of  IFRS10  and  IFRS11.  2013  PBITA  has  been 
re-presented for businesses subsequently classified as discontinued - see page
4 for details.
^3 At constant exchange rates,  including specific items. 2013 results  have 
been restated for the adoption of IFRS10 and IFRS11 and have been re-presented
for businesses  subsequently  classified as  discontinued  - see  page  4  for 
details.
^4 Earnings is equal to profit/(loss)  for the period attributable to  equity 
holders of the parent - see page 3.
^5 Earnings per share is based on  the average number of shares in issue  of 
1,545m (2013:1,403m) - see pages 5 to 6.

Ashley Almanza, Group Chief Executive Officer, commented:

"The  group  made  good  progress  and  delivered  a  satisfactory   financial 
performance in the first six months  winning new contracts with a total  value 
of £1.2 billion and producing a 13.2% increase in earnings. There remains much
to be done to capture the full potential of our strategy and to strengthen the
group's performance.

Demand for our services was robust,  particularly in emerging markets. We  are 
restructuring and rebuilding our businesses in UK & Ireland and in Europe.  We 
have seen growth return to the North American market.

Profit before interest, tax and amortisation of £185^1 million was 6% higher
than the same period in 2013, which reflects revenue growth and improved
operational gearing, as we begin to capture benefits from restructuring and
the implementation of our "Accelerated Best Practice" programmes. 

With our increased focus on cash management, cash flowfrom operating
businesseswas £185 million,a 25% improvement on the same period last year.
Totalcashgeneratedby continuingoperations, including one off corporate
items, was£212 million(2013: £224 million).

Following the  review of  the  group's strategy  and  business last  year,  we 
identified a number  of strategic  priorities and in  each area  we have  made 
progress in moving from planning into execution:

Portfolio and  performance  management: We  have  divested six  businesses  at 
attractive exit multiples over the past  year, for aggregate proceeds of  £160 
million, including  our business  in Sweden  which we  sold in  July 2014.  In 
addition, we  have taken  the decision  to discontinue  a further  15  smaller 
businesses and have an  ongoing sale process for  our US Government  Solutions 
business. Portfolio management remainsimportant for strategic focus,  capital 
discipline and performance management.

Organic growth: We won  new work with  an annual contract  value of over  £600 
million, and total contract  value of £1.2 billion  whilst, at the same  time, 
replenishing our pipeline which now stands at an annual value of £4.9 billion.

We continue to see  further opportunities to sell  additional services in  our 
key markets and, in line with our previously announced plans, we have invested
an annualised  £15  million  to  strengthen  sales  and  business  development 
capability. We  are progressively  embedding a  consistent approach  to  sales 
operations and sales performance measurement.

Accelerated Best Practice and cost  leadership: Our Accelerated Best  Practice 
and cost leadership programme  gathered momentum with  the appointment of  key 
management and subject matter  experts to focus  on direct labour  efficiency, 
organisational efficiency, route planning and telematics, IT  standardisation, 
procurement  and  shared  services.  Our  major  restructuring  programmes  to 
strengthen  the  competitiveness  and  profitability   of  a  number  of   key 
businesses, principally in the UK,  Ireland and Europe, are being  implemented 
in line  with  the  detailed  plans which  were  developed  last  year.  These 
programmes and cost initiatives are beginning to deliver improved  operational 
leverage.

People and  values: We  made  good progress  with  the implementation  of  our 
corporate transformation  programme. We  have  enhanced our  risk  management 
controls and practices,  strengthened contract management  and are adopting  a 
more systematic approach to measuring customer service. A group-wide internal
communications programme is also underway  to reinforce our group values  and, 
in line with the Safety First value, there has been concerted focus on  health 
and safety policy and practice.

Outlook
We have  achieved a  satisfactory financial  performance and  are making  good 
strategic progress. Demand for our services continues to be strong in emerging
markets, we are  restructuring and rebuilding  our UK &  Ireland and  European 
businesses and we have seen good growth return to our North American markets.
The group is  making encouraging progress,  there remains much  to be done  to 
capture the  full potential  of our  strategy and  to strengthen  the  group's 
performance.

  oTo clearly present underlying performance, specific items have been
    excluded and disclosed separately - see page 3.

Group income statement for the six months ended 30 June 2014
                                     Specific items
                             Acquisition                                  Re
                                   items                              stated
                      Under          and                              underl      Re
                      lying discontinued      Res                       ying  stated
                    results   operations tructure Impairment Total results^1 Total^1
                       June                                   June      June    June
                       2014                                   2014      2013    2013
                         £m           £m       £m         £m    £m        £m      £m
Revenue               3,371            -        -          - 3,371     3,239   3,249
PBITA
before
specific
items
and
profit
from
joint
ventures                181            -        -          -   181       171     172
Share of post-tax
profit from
joint ventures            4            -        -          -     4         3       3
PBITA before
restructuring
and specific items      185            -        -          -   185       174     175
Impairment and
other items               -            -        -          2     2         -   (124)
Restructuring
costs                     -            -      (8)          -   (8)         -     (4)
PBITA                   185            -      (8)          2   179       174      47
Amortisation of
intangible assets^2       -         (33)        -          -  (33)         -    (35)
Goodwill
impairment                -            -        -          -     -         -    (41)
Acquisition-related
expenses                  -            -        -          -     -         -     (2)
Profit/(loss)
before interest
and taxation
(PBIT)                  185         (33)      (8)          2   146       174    (31)
Finance income            5            -        -          -     5         6       6
Finance costs          (66)            -        -          -  (66)      (69)    (69)
Profit/(loss)
before
taxation (PBT)          124         (33)      (8)          2    85       111    (94)
Taxation               (31)            8        -          -  (23)      (28)    (14)
Profit/(loss)
after taxation           93         (25)      (8)          2    62        83   (108)
Discontinued
operations:
Trading
profit/(loss)             -          (7)        -          -   (7)         -     (8)
Impairment                -            -        -          -     -         -    (74)
Profit/(loss) on
disposal                  -           30        -          -    30         -     (2)
Profit/(loss) from
discontinued
operations                -           23        -          -    23         -    (84)
Profit/(loss)
for the period           93          (2)      (8)          2    85        83   (192)
Attributable to:
Equity holders
of the parent            86          (2)      (8)          2    78        76   (196)
Non-controlling
interests                 7            -        -          -     7         7       4
Profit/(loss) for
the period               93          (2)      (8)          2    85        83   (192)
Earnings per
share
attributable
to
ordinary
equity
shareholders
of the
parent from
continuing
and discontinued
operations
Basic and diluted      5.6p                                   5.0p      5.4p (14.0)p

^1 2013 at constant exchange rates and restated for the adoption of IFRS 10
and IFRS 11 and re-presented for businesses subsequently classified as
discontinued - see page 4.
^2 Amortisation of acquisition-related intangible assets.

Prior year reconciliation for discontinued and other items

Prior year results have been  restated for operations subsequently  classified 
as discontinued and are reconciled with previously reported results below. As
part of the December 2013 year  end process, some businesses were  reallocated 
between regions to  better align  the reporting  with how  the businesses  are 
managed.

                                                       June 2013 December 2013
Adjustments to  prior  year reported  numbers  for 
discontinued businesses, adoption of IFRS10/11 and Revenue PBITA Revenue PBITA
exchange rate movements:
Underlying results as reported in
2013                                                 3,648   201   7,428   442
Discontinued businesses
Asia Middle East                                       (6)     -    (11)     -
Latin America^1                                       (16)   (1)    (25)   (2)
Europe^2                                              (64)   (2)   (122)   (2)
North America^3                                         60     3       -     -
Total                                                 (26)     -   (158)   (4)
IFRS10 & IFRS11 adjustments^4
Africa                                                 (2)     -     (4)     -
Asia Middle East                                      (87)  (10)   (179)  (22)
Europe                                                   -     -     (1)     -
UK & Ireland                                          (17)   (1)    (38)   (2)
Corporate costs                                          -     1       -     3
Total                                                (106)  (10)   (222)  (21)
Underlying restated 2013 results at
actual rates                                         3,516   191   7,048   417
Exchange differences
Africa                                                (34)   (3)    (61)   (5)
Asia Middle East                                      (83)   (5)   (128)  (10)
Latin America                                         (64)   (4)   (101)   (6)
Europe                                                (35)   (2)    (83)   (6)
North America                                         (59)   (3)   (108)   (4)
UK & Ireland                                           (2)     -     (4)   (1)
Total                                                (277)  (17)   (485)  (32)
Underlying 2013 results at current
rates                                                3,239   174   6,563   385

Prior year results have also been restated to reflect the adoption of the  new 
consolidation standard, IFRS 10 Consolidated Financial Statements and the  new 
joint venture standard  IFRS 11  Joint Arrangements. Further  details of  the 
restatements are given in note 16.

The impact of the adoption of IFRS  10 and IFRS 11 reflects the actual  impact 
of moving entities from full or proportional consolidation to equity accounted
for joint ventures, and differs from the estimates provided in the 2013 Annual
Report and Accounts.  The effect  of the  adoption of IFRS  10 and  11 on  the 
group's results at constant exchange rates for the year ended 31 December 2013
has been to reduce PBITA by £21  million interest and tax costs by £3  million 
(2013 Annual Report and Accounts estimate: £32 million PBITA and £7 million of
interest and tax costs),  reducing non-controlling interests  by an equal  and 
opposite  amount.  Earnings   remained  unchanged.   Profit  attributable   to 
non-controlling interests was  £7 million (2013:  £7 million). The  difference 
between estimated and actual  impact is mainly attributable  to the review  in 
detail of certain joint venture agreements.
^1 Includes revenue and PBITA relating to the group's Colombian data solutions
business which was sold in August 2013.
^2 Includes G4S Sweden which has been sold subject to the customary regulatory
approvals - as set out on page 6.
^3 Following  a strategic  review,  our US  Regulated Secure  Solutions  (RSS) 
business is no longer for sale.
^4 For full details of the impact of IFRS10 and IFRS11 see note 16.

GROUP COMMENTARY - CONTINUING OPERATIONS, 6 MONTHS ENDED 30 JUNE 2014

The commentary below in respect of the income statement compares 2014 to  2013 
underlying results at constant  exchange rates. The results  of the group  at 
actual exchange rates are set out on pages 15 to 31.

Revenue
Revenue was £3,371 million, an increase of 4.1% on the same period in 2013.

Emerging markets grew by 12% year on  year and, with revenues of £1.2  billion 
in the first half of the year, now represent 36% of group revenue (2013: 33%).
Developed markets revenues  were in line  with the prior  year with growth  in 
North America  of 4.2%  offset  by a  small decline  in  Europe of  1.2%.  As 
expected, UK & Ireland revenues declined by 2.0% as the Electronic  Monitoring 
contract ended in Q1 2014.

PBITA
Group PBITA was £185 million  and 6% higher compared  to the same period  last 
year (2013: £174 million). PBITA reported for the first half of 2013 has been
re-presented to reflect discontinued businesses and restated for the impact of
adopting the new consolidation  and joint arrangement  standards (IFRS 10  and 
IFRS 11). Full details are set out  on page 4. Corporate costs were higher  at 
£28 million (2013:  £20 million) largely  reflecting an increase  in non  cash 
items of £6 million principally related to pensions and LTIPs, as well as  the 
investment in finance, risk management, procurement and IT capability.

Specific Items
The specific  items credit  of £2  million relates  mainly to  the  successful 
resolution of a legal claim in Europe.

A restructuring charge of £8  million was incurred in  the first half of  2014 
(2013: £4 million) relating mainly to UK and Europe.

In 2013 the review of the group's assets and liabilities resulted in a one-off
charge of £124 million at PBITA level and £41 million in relation to  goodwill 
impairment.

Net finance costs and tax
Net interest payable on  net debt was £51  million (2013: £53 million),  lower 
than the same period last  year due to the decrease  in average net debt.  The 
pension interest  charge was  £10 million  (2013: £10  million), resulting  in 
total net finance costs of £61 million (2013: £63 million).

The effective tax rate for the half year on underlying earnings was 25% (2013:
25% when restated for IFRS 10 and IFRS 11, see page 7).

Discontinued operations
The total profit for  the period of  £23 million (2013:  loss of £84  million) 
relating to discontinued operations included a trading loss of £7 million  and 
profit on disposal of £30 million. The profit on disposal relates to the sale
of the  group's cash  solutions business  in Canada  for £60  million and  its 
business in Norway for £29 million.

Profit for the period

The group  made  a total  underlying  profit attributable  to  equity  holders 
('earnings') of £86 million (2013: £76  million) an increase of 13.2% for  the 
six months to 30 June 2014.

The group made a total profit of £85 million (2013: loss of £192 million)  for 
the  six  months  to  30  June  2014  after  specific  items,  interest,  tax, 
amortisation and the results of discontinued operations.

Underlying Earnings per share
Underlying earnings per  share^1 includes  pension interest  and increased  to 
5.6p (2013: 5.4p). Total earnings per  share^2 was 5.0p (2013: loss per  share 
of 14.0p). These are based on a weighted average number of shares in issue  of 
1,545 million  (2013:  1,403  million).  A reconciliation  of  the  total  and 
underlying EPS is provided below.

                         Underlying^1 earnings per
                                   share            Total^2 earnings per share
                                  2013 at  2013 at           2013 at   2013 at
                                 constant   actual          constant    actual
                                 exchange exchange          exchange  exchange
                           2014     rates    rates    2014     rates     rates
                             £m        £m       £m      £m        £m        £m
Profit/(loss) for the
year                         93        83       97      85     (192)     (202)
Non-controlling
interests                   (7)       (7)      (7)     (7)       (4)       (4)
Adjusted profit
attributable to
shareholders (earnings)      86        76       90      78     (196)     (206)
Average number of shares
(m) note 9a               1,545     1,403    1,403   1,545     1,403     1,403
Earnings per share         5.6p      5.4p     6.4p    5.0p   (14.0)p   (14.7)p

^1 Underlying earnings exclude specific items - see page 3.
^2 Total earnings include specific items - see page 3.

Cash flow
Cash generated  from  continuing  operations  was  £212  million  (2013:  £224 
million). Operating  cash  flow from  operating  businesses was  £185  million 
(2013: £148  million)  before  corporate  items:  2013  included  £76  million 
relating to  the 2012  Olympics; and  2014 included  the £27  million  receipt 
following the Electronic  Monitoring settlement  with the  UK Government.  The 
group invested £54  million in  capex in the  period (2013:  £79 million)  and 
received proceeds of £89 million (comprising £79 million cash proceeds and £10
million relating to  the settlement  of outstanding finance  leases) from  the 
disposal of its  business in Norway  and the Canada  cash solutions  business. 
These contributed to a net cash flow after investing in the business of  £204 
million (2013: £110 million). 

Net interest paid was  £66 million (2013: £70  million) and group  shareholder 
dividend payments were £85 million (2013: £78 million). The net cash  outflow 
of £144 million (2013: £123 million) also included the payment of £109 million
to the UK Government in relation to the Electronic Monitoring contract.

Net debt
The net debt position as at 30 June 2014 was £1,680 million (31 December 2013:
£1,552 million).  The  increase of  £128  million reflects  net  cash  outflow 
including the  £109  million  Electronic  Monitoring  settlement  and  foreign 
exchange movements. The group's  net debt to EBITDA  ratio is 3.1 (2013:  2.8) 
(see page 31 for  details of the calculation)  reflecting the normal  seasonal 
effect of lower  cash flows in  the first  half which, in  line with  previous 
years, is expected to reverse in the second half of 2014.

Pensions
The group's  deficit on  funded  defined retirement  benefit schemes,  on  the 
valuation basis  specified in  IAS19(R) Employee  Benefits, was  £369  million 
after tax (31  December 2013:  £379 million).  The group  has made  additional 
pension deficit funding contributions of £21 million (2013: £18 million).

Disposals
The group disposed of its Canadian cash solutions business for proceeds of £60
million and  its Norwegian  business  for proceeds  of  £29 million,  both  in 
January 2014. Net cash proceeds after settlement of finance lease  obligations 
was £79 million. The  group has agreed  to sell its  Swedish business for  £37 
million and has an ongoing divestment  process underway for its US  Government 
Solutions business.

Risks and uncertainties
A discussion of  the group's  risk assessment  and control  processes and  the 
principal risks and uncertainties that could affect the business activities or
financial results is detailed on pages 36 to 41 of the company's Annual Report
and Accounts for the financial year ended 31 December 2013, a copy of which is
available on the group's website at www.g4s.com. These risks and uncertainties
include, but are not limited to, culture and values, health & safety,  people, 
brand/reputation, major contracts and information security. The business risks
and uncertainties are expected  to remain materially the  same as outlined  in 
the 2013 Annual  Report and Accounts  during the remaining  six months of  the 
financial year.
Credit facilities
The group's credit rating was confirmed by Standard & Poor's as BBB-  (Stable) 
in April 2014. As  of 30 June  2014 the company has  access to unutilised  and 
committed facilities  of  £955 million.  The  group has  sufficient  borrowing 
capacity to finance its current and medium term investment plans.

The group has no material debt maturities  until March 2016 and has a  diverse 
range of finance providers. Borrowings are principally in pounds sterling,  US 
dollars and euros reflecting the geographies of significant operational assets
and profits.

The group's main  sources of finance  and their applicable  rates are set  out 
below:

i.A £1.1 billion multicurrency revolving credit facility provided by a
   consortium of lending banks at a drawn margin of 0.95% over LIBOR and
   maturing on 10 March 2016. As at 30 June 2014 the drawings were £15
   million, US$160 million and €44 million.
ii.A US$450 million private placement of notes issued on 1 March 2007, which
    mature at various dates between 2017 and 2022, and bear interest at rates
    between 5.86% and 6.06%.
iii.US$514 million and £69 million private placement notes issued on 15 July
     2008, which mature at various dates between 2015 and 2020 and bear
     interest at rates between 6.43% and 7.56%.
iv.A £350 million Public Note issued on 13 May 2009 bearing an interest rate
    of 7.75%, maturing 13 May 2019.
v.A €600 million Public Note issued on 2 May 2012 bearing an interest rate of
   2.875%, maturing 2 May 2017.
vi.A €500 million Public Note issued on 6 December 2013 bearing an interest
    rate of 2.625%, maturing 6 December 2018.

New consolidation standards for 2014 (IFRS10, 11 and 12)
The  group  has   adopted  the  three   new  consolidation  standards   IFRS10 
Consolidated  Financial  Statements,  IFRS11  Joint  Arrangements  and  IFRS12 
Disclosure of Interest  in Other  Entities for the  six months  ended 31  June 
2014. For more details  on the impact of  adopting these standards please  see 
note 16.

The adoption of these standards required  a restatement of prior year  results 
which reduced revenue for the six months  to 30 June 2013 by £106 million  and 
reduced PBITA by £10 million (both  at constant exchange rates). The  entities 
affected are largely in the Middle East with a lower or zero effective rate of
tax, and  have the  effect of  increasing the  group's effective  tax rate  on 
underlying PBT  to 25%.  The corresponding  benefit arises  in the  share  of 
profits from joint ventures; earnings per share is unchanged.

Significant exchange rates applicable to the group
In the  first half  of 2014,  sterling has  strengthened against  many of  the 
group's key currencies. As outlined on  page 4, at June 2014 average  exchange 
rates, revenues for the six months to  June 2013 were £277 million (8%)  lower 
at £3,239 million (2013: £3,516 million at June 2013 average rates) and  PBITA 
was £17 million (9%) lower at £174 million (£191 million).

For the full  year 2013, revenues  were £485 million  lower at £6,563  million 
(2013: £7,048 million at  December 2013 average rates)  and PBITA £32  million 
lower at £385 million (£417 million). The group derives a significant  portion 
of its revenue and  profits in the following  currencies. Closing and  average 
rates for these currencies are shown below:

                                                            6 months to
                           As at 6 months to 30 June 2014     June 2013
                    30 June 2014            average rates average rates
£/US$                      1.710                    1.673         1.544
£/€                        1.249                    1.219         1.177
£/South Africa Rand       18.191                   17.866        14.228
£/India Rupee            102.839                  101.668        84.754
£/Israel Shekel            5.863                    5.821         5.670
£/Brazil Real              3.769                    3.839         3.150
£/Australia $              1.812                    1.835         1.525

Dividend
The board has declared an interim dividend of 3.42p per share (DKK
0.3198).
13 August 2014

UNDERLYING REGIONAL AND GROUP PERFORMANCE

The analysis of the group's business performance reflects internal  management 
reporting lines which are based on geographic regions. The group's  underlying 
segmental results are  presented below excluding  specific items. Prior  year 
results have  been  restated  for  the adoption  of  IFRS10  and  IFRS11,  for 
businesses classified as  discontinued operations during  the period, and  for 
the transfer of business between regions to reflect the way the businesses are
managed across the group.

At constant         Revenue                PBITA            Margins    Organic
exchange                                                               Growth
rates         2014^1 2013^2        2014^1 2013^2
                  £m     £m Change     £m     £m  Change 2014^1 2013^2
Africa           239    212  12.7%     22     18   22.2%   9.2%   8.5%     12%
Asia Middle
East             651    584  11.5%     48     39   23.1%   7.4%   6.7%     12%
Latin America    325    288  12.8%     16     18 (11.1%)   4.9%   6.3%     13%
Emerging
Markets        1,215  1,084  12.1%     86     75   14.7%   7.1%   6.9%     12%
Europe           715    724 (1.2%)     40     41  (2.4%)   5.6%   5.7%    (1%)
North America    651    625   4.2%     33     26   26.9%   5.1%   4.2%      4%
UK & Ireland     790    806 (2.0%)     54     52    3.8%   6.8%   6.5%    (2%)
Developed
Markets        2,156  2,155   0.0%    127    119    6.7%   5.9%   5.5%      0%
Total Group
before
corporate
costs          3,371  3,239   4.1%    213    194    9.8%   6.3%   6.0%      4%
Corporate
costs                                (28)   (20)
Total Group    3,371  3,239   4.1%    185    174    6.3%   5.5%   5.4%      4%

^1 To clearly present underlying performance, specific items have been
excluded and disclosed separately - refer to page 3 for a reconciliation to
total results.
^2 2013 results are presented at constant exchange rates and have been
restated for the adoption of IFRS 10 and IFRS 11, for businesses classified as
discontinued operations and exclude the results of the Colombia data solutions
business sold in August 2013.

UNDERLYING OPERATING PERFORMANCE BY REGION

AFRICA

At constant exchange         Revenue               PBITA            Margins
rates                  2014^1 2013^2        2014^1 2013^2
                           £m     £m Change     £m     £m Change 2014^1 2013^2
                          239    212  12.7%     22     18  22.2%   9.2%   8.5%

In Africa revenues grew 12.7% and  PBITA increased 22.2%, benefiting from  the 
growth in revenue as well as overhead efficiency programmes.

New contracts  won  across the  region  include  work for  customers  such  as 
financial institutions  and utilities  in  Kenya, distribution  businesses  in 
South Africa, an embassy in Tanzania, a hydro-electric plant in Mozambique and
mine clearance work  in Southern  Sudan. The Mangaung  Correctional Centre  in 
South Africa is also now back under G4S management.

The acquisition  of Deposita  in  January 2013  and  the addition  of  CASH360 
devices and ATM engineering services to  our cash solutions business in  South 
Africa has  enabled us  to sell  comprehensive end-to-end  solutions in  South 
Africa and other African markets.

The bidding pipeline in  Africa has grown strongly  in the second quarter  for 
all service lines and includes sectors such as financial services,  extractive 
industries, retail and construction. We  have recruited additional talent  in 
areas such as sales and marketing and labour scheduling to ensure we have  the 
capacity to address the market opportunities and to operate efficiently.
ASIA MIDDLE EAST

At constant exchange         Revenue               PBITA            Margins
rates                  2014^1 2013^2        2014^1 2013^2
                           £m     £m Change     £m     £m Change 2014^1 2013^2
                          651    584  11.5%     48     39  23.1%   7.4%   6.7%

Revenue in  Asia  Middle  East  rose  by  11.5%  and  PBITA  increased  23.1%, 
reflecting  a  greater  contribution  from  our  care  and  justice   services 
businesses in  Australia  and New  Zealand,  new contracts  in  Indonesia  and 
Thailand and a strong profit performance across the Middle East.

The Manus Island immigration processing  centre contract ended in March  2014. 
The group secured contract wins in  demining and risk management for a  number 
of international oil and  gas companies in Iraq.  The region has invested  in 
technology sales and delivery capability in the Middle East and has now won  a 
number of electronic security systems contracts in the UAE and Qatar.

We have made significant investment in sales and operational capability in the
region. In addition, organisational structures are being reviewed with the aim
of streamlining operations and regional overhead.

LATIN AMERICA

At constant exchange        Revenue                PBITA            Margins
rates                 2014^1 2013^2        2014^1 2013^2
                          £m     £m Change     £m     £m Change  2014^1 2013^2
                       325    288   12.8%    16     18   (11.1%)  4.9%   6.3%

Revenue  and  organic  growth  in  Latin  America  was  12.8%  with  a  number 
ofcontract wins in  the ports, car  manufacturing, transportation,  financial 
services, telecommunications and extractives sectors. 

PBITA was 11.1% lower due mainly to  the legislated increase in pay in  Brazil 
which we expect to be partially recovered in the second half of the year.

Recent  contract  wins  include  the  first  pan-Latin  America  contract  and 
contracts in the manufacturing,  financial institution, transportation,  ports 
and industrials  sectors.  A  North  America contract  with  a  major  on-line 
retailer was also expanded into Latin America.

Our sales pipeline for the Latin America region is growing well with a  number 
of new  multi-year  manned security  and  FM opportunities  for  multinational 
customers in Brazil and Colombia.

EUROPE

At constant exchange         Revenue               PBITA            Margins
rates                  2014^1 2013^2        2014^1 2013^2
                           £m     £m Change     £m     £m Change 2014^1 2013^2
                          715    724 (1.2%)     40     41 (2.4%)   5.6%   5.7%

In Europe revenue declined 1.2% and PBITA was 2.4% lower than the same  period 
last year. Positive  sales momentum  developed in  the first  six months  this 
year, with new contract wins and solid customer retention which is helping  to 
offset the Dutch justice services contract loss. In January 2014, we won a €50
million per annum, five  year contract to provide  cash solutions services  in 
the Netherlands

Revenues for the security systems business,  which accounts for around 20%  of 
European secure solutions revenues, remained in line with 2013. The region has
an increased focus on security and cash solutions technology.

We made further progress with portfolio management in the region, disposing of
three businesses including the sale of our business in Sweden for £37 million.
Our European  markets show  some sign  of stabilising  and we  have a  diverse 
contract pipeline with  sectors such  as ports,  aviation, transportation  and 
healthcare  being  particularly  strong.  Investment  in  sales  and  business 
development capacity is being made to strengthen this pipeline.

NORTH AMERICA

At constant exchange         Revenue               PBITA            Margins
rates                  2014^1 2013^2        2014^1 2013^2
                           £m     £m Change     £m     £m Change 2014^1 2013^2
                          651    625   4.2%     33     26  26.9%   5.1%   4.2%

Revenue grew  by 4.2%  in North  America reflecting  a strong  performance  in 
commercial security, compliance and investigations and justice services.

We retained contracts with major financial institutions and grew our  business 
in the  wholesale  retail  sector.  We also  won  a  new  security  technology 
integration project and our Compliance and Investigation business won a global
safety hotline  contract  for a  major  corporation. There  were  also  major 
contract wins in the industrial, healthcare and biotech sectors.

PBITA for the region was 26.9% higher, reflecting higher revenue and  improved 
direct labour efficiency  resulting in a  reduction in non-billable  overtime, 
and overhead reductions.

The implementation of the Affordable Care Act  in the US has been delayed  for 
large businesses. It is not expected to have a material impact on the  group's 
business in  the US  as the  majority  of its  employee healthcare  plans  are 
already broadly compliant.

Good progress was made in the region on rationalising the business portfolio.
The sale of the cash solutions business in Canada completed for £60 million in
January 2014  and  the  divestment  process of  the  US  Government  Solutions 
business continues.

Overall, the  North American  business  has a  strong contract  pipeline  with 
opportunities  across  diverse  sectors   including  commerce,  industry   and 
government.

UK & IRELAND

At constant exchange         Revenue               PBITA            Margins
rates                  2014^1 2013^2        2014^1 2013^2
                           £m     £m Change     £m     £m Change 2014^1 2013^2
                          790    806 (2.0%)     54     52   3.8%   6.8%   6.5%

Revenue declined 2% and PBITA was 3.8% higher with improved performance in the
UK cash solutions  business being partially  offset by the  ending of the  MoJ 
Electronic Monitoring  contract.  Significant  restructuring  programmes  are 
being implemented in the UK cash solutions, Ireland cash solutions and  secure 
solutions businesses covering branch networks (Ireland and UK cash solutions),
organisational design and operational labour efficiency.

UK contracts won during  2014 include selection by  the Department for Work  & 
Pensions  (DWP)  to  manage  community  work  placements  for  the  long  term 
unemployed, renewal of the Rainsbrook  Secure Training Centre, and a  regional 
secure solutions contract with a global IT company.

In April, the UK Government gave a  positive assessment of the steps taken  to 
rebuild its  confidence in  the  group's services.  The UK  corporate  renewal 
programme forms  part  of  a  wider programme  of  change  to  strengthen  the 
governance and performance  of the  group as  a whole  and, while  significant 
progress has been made,  much remains to  be done. The  priorities now are  to 
deliver outstanding service on existing contracts and to grow the business  by 
competing for new  Government services in  areas where the  region has  proven 
expertise and capability.

The UK & Ireland bidding pipeline is broad-based and has grown strongly in  FM 
and outsourcing.

^1 At constant exchange rates. To present clearly underlying performance,
specific items have been excluded and disclosed separately - see page 3.
^2 2013 results are presented at constant exchange rates and have been
restated for the adoption of IFRS10 and IFRS11, for businesses classified in
discontinued operations and exclude the results of the Colombia data solutions
business, which was sold in August 2013.

UNDERLYING SERVICE LINE OPERATING REVIEW

Secure solutions

At constant       Emerging markets    Developed markets          Total
exchange rates           £m                   £m                   £m
                2014^1 2013^2 Change 2014^1 2013^2 Change 2014^1 2013^2 Change
Revenue            984    860  14.4%  1,841  1,827   0.8%  2,825  2,687   5.1%
Organic growth     14%    13%            1%     2%            5%     5%
PBITA               64     51  25.5%    102     96   6.3%    166    147  12.9%
Margin %          6.5%   5.9%   0.6%   5.5%   5.3%   0.2%   5.9%   5.5%   0.4%

The secure  solutions businesses  achieved 5.1%  growth in  revenue and  12.9% 
PBITA growth.

Emerging markets revenue grew 14%, and PBITA grew by 25.5% driven by  contract 
mix, price increases  and cost efficiencies.  Developed markets revenue  grew 
0.8% with PBITA growth of 6.3%. There was good growth in North America offset
by a decline in the UK, resulting in part from exiting unprofitable contracts.

Cash solutions

At constant       Emerging markets    Developed markets          Total
exchange rates           £m                   £m                   £m
                2014^1 2013^2 Change 2014^1 2013^2 Change 2014^1 2013^2 Change
Revenue            231    224   3.1%    315    328 (4.0%)    546    552 (1.1%)
Organic growth      3%    13%           -4%    -2%           -1%     4%
PBITA               22     24 (8.3%)     25     23   8.7%     47     47   0.0%
Margin %          9.5%  10.7%  -1.2%   7.9%   7.0%   0.9%   8.6%   8.5%   0.1%

Cash solutions revenue declined by 1.1% and  PBITA was in line with the  prior 
year.

Emerging markets  revenue  growth was  3.1%.  Emerging markets  PBITA  was  £2 
million lower,  due mainly  to  lower gold  bullion  shipments in  the  secure 
logistics business following a sharp fall  in volumes of bullion into  India. 
Developed  markets  revenue  declined  4%  principally  in  the  Ireland  cash 
solutions business. PBITA  in developed  markets grew  8.7% reflecting  strong 
performances in the UK and Europe.

^1 At constant exchange rates. To present clearly underlying performance,
specific items have been excluded and disclosed separately - see page 3.
^2 2013 results are presented at constant exchange rates and have been
restated for the adoption of IFRS10 and IFRS11, for businesses classified in
discontinued operations and exclude the results of the Colombia data solutions
business, which was sold in August 2013.

G4S plc
Half-yearly results announcement

For the six months ended 30 June 2014

Directors' responsibility statement in respect of the half-yearly results
announcement

We confirm that to the best of our knowledge:

  othis condensed set of financial statements has been prepared in accordance
    with International Accounting Standard (IAS) 34 Interim Financial
    Reporting as adopted by the EU;
  othe half-yearly report includes a fair review of the information required
    by:
    

     a.DTR 4.2.7R of the Disclosure and Transparency Rules, being an
         indication of important events that have occurred during the first
         six months of the financial year and their impact on the condensed
         set of financial statements; and a description of the principal risks
         and uncertainties for the remaining six months of the year; and
         
     b.DTR 4.2.8R of the Disclosure and Transparency Rules, being related
         party transactions that have taken place in the first six months of
         the current financial year and that have materially affected the
         financial position or performance of the entity during that period;
         and any changes in the related party transactions described in the
         last annual report that could do so.

The responsibility statement is signed by:

Himanshu Raja
Group Chief Financial Officer

G4S plc
Half-yearly results announcement

For the six months ended 30 June 2014

Independent review report to G4S plc

Introduction
We have been engaged by the company  to review the condensed set of  financial 
statements in the  half-yearly financial report  for the six  months ended  30 
June  2014  which  comprises  the  Condensed  Consolidated  Income  Statement, 
Condensed  Consolidated   Statement   of   Comprehensive   Income,   Condensed 
Consolidated Statement of Changes in Equity, Condensed Consolidated  Statement 
of Financial Position, Condensed Consolidated  Statement of Cash Flow and  the 
related explanatory notes. We have read the other information contained in the
half-yearly financial report and considered  whether it contains any  apparent 
misstatements  or  material  inconsistencies  with  the  information  in   the 
condensed set  of financial  statements. This  report is  made solely  to  the 
company in accordance with the terms  of our engagement to assist the  company 
in meeting the  requirements of  the Disclosure and  Transparency Rules  ("the 
DTR") of the UK's Financial Conduct  Authority ("the UK FCA"). Our review  has 
been undertaken so that  we might state  to the company  those matters we  are 
required to  state to  it in  this report  and for  no other  purpose. To  the 
fullest extent permitted by law, we do not accept or assume responsibility  to 
anyone other than the company for our review work, for this report, or for the
conclusions we have reached.

Directors' responsibilities
The half-yearly  financial  report is  the  responsibility of,  and  has  been 
approved by, the directors.  The directors are  responsible for preparing  the 
half-yearly financial report  in accordance  with the  DTR of  the UK  FCA.The 
condensed set of financial statements  included in this half-yearly  financial 
report has been prepared in accordance with IAS 34 Interim Financial Reporting
as adopted by the EU.

Our responsibility
Our responsibility is to express to the company a conclusion on the  condensed 
set of financial statements in the  half-yearly financial report based on  our 
review.

Scope of review
We conducted our review  in accordance with  International Standard on  Review 
Engagements (UK  and Ireland)  2410 Review  of Interim  Financial  Information 
Performed by the  Independent Auditor  of the  Entity issued  by the  Auditing 
Practices Board for use in the  UK. A review of interim financial  information 
consists of making enquiries, primarily  of persons responsible for  financial 
and accounting matters, and applying analytical and other review procedures. A
review is substantially less  in scope than an  audit conducted in  accordance 
with International Standards  on Auditing  (UK and  Ireland) and  consequently 
does not enable  us to  obtain assurance  that we  would become  aware of  all 
significant matters that might be identified  in an audit. Accordingly, we  do 
not express an audit opinion.

Whilst the company has previously  produced a half-yearly report containing  a 
condensed set of  financial statements,  those financial  statements have  not 
previously  been  subject  to  a  review  by  an  independent  auditor.  As  a 
consequence, the review procedures  set out above have  not been performed  in 
respect of the comparative period for the six months ended 30 June 2013.

Conclusion
Based on our  review, nothing  has come  to our  attention that  causes us  to 
believe that  the condensed  set of  financial statements  in the  half-yearly 
financial report for the six months ended 30 June 2014 is not prepared, in all
material respects, in accordance with IAS 34 as adopted by the EU and the  DTR 
of the UK FCA.

John Morris
for and on behalf of KPMG Audit Plc
Chartered Accountants
15 Canada Square, London.
E14 5GL
12 August 2014

G4S plc
Half-yearly results announcement

For the six months ended 30 June 2014

Condensed consolidated income statement
Unaudited
For the six months ended 30 June 2014

                                                                                                                      Six      Six
                                                                                                                   months   months     Year
                                                                                                                    ended    ended    ended
                                                                                                                 30.06.14 30.06.13 31.12.13
                                                                                                                          Restated Restated
                                                                                                           Notes       £m       £m       £m
Continuing operations
Revenue                                                                                                        2    3,371    3,527    7,063
Operating profit before interest, tax, amortisation, specific items, restructuringand profit
from joint ventures                                                                                                   181      188      410
Share of post-tax profit from joint ventures                                                                            4        4        8
Operating profit before interest, tax, amortisation, specific items and
restructuring
2      185      192      418
Specific items                                                                                                          2    (131)    (314)
Restructuring costs                                                                                                   (8)      (4)     (66)
Operating profit before interest, tax and amortisation (PBITA)                                                        179       57       38
Amortisation of acquisition-related intangible assets                                                                (33)     (37)     (72)
Goodwill impairment                                                                                                     -     (48)     (46)
Acquisition-related expenses                                                                                            -      (2)      (4)
Profit on disposal of assets and subsidiaries                                                                           -        -       24
Operating profit/(loss) before interest and taxation (PBIT)                                                 2, 3      146     (30)     (60)
Finance income                                                                                                 6        5        7       13
Finance costs                                                                                                  7     (66)     (71)    (139)
Operating profit/(loss) before taxation (PBT)                                                                          85     (94)    (186)
Taxation                                                                                                       8     (23)     (17)     (53)
Profit/(loss) from continuing operations after taxation                                                                62    (111)    (239)
Profit/(loss) from discontinued operations                                                                             23     (91)    (118)
Profit/(loss) for the period                                                                                           85    (202)    (357)
Attributable to:
Equity holders of the parent                                                                                   9       78    (206)    (362)
Non-controlling interests                                                                                               7        4        5
Profit/(loss) for the period                                                                                           85    (202)    (357)
Earnings per share attributable to equity shareholders of the parent
Basic and diluted - continuing operations                                                                      9     3.5p   (8.2)p  (16.8)p
Basic and diluted - continuing and discontinued operations                                                           5.0p  (14.7)p  (24.9)p
Dividends declared in respect of the period
Interim dividend                                                                                              10    3.42p    3.42p    3.42p
Final dividend                                                                                                10        -        -    5.54p
Total dividend                                                                                                10        -        -    8.96p

Condensed consolidated statement of comprehensive income
Unaudited
For the six months ended 30 June 2014

                                                                          Year
                                    Six months ended Six months ended    ended
                                            30.06.14         30.06.13 31.12.13
                                                             Restated Restated
                                                  £m               £m       £m
Profit/(loss) for the period                      85            (202)    (357)
Other comprehensive income
Items that will never be
reclassified to profit or loss:
Actuarial (losses)/gains on defined
retirement benefit schemes                       (1)               19     (60)
Tax on items that will never be
reclassified to profit or loss                     -              (4)      (1)
                                                 (1)               15     (61)
Items that are or may be
reclassified subsequently to profit
or loss:
Exchange differences on translation
of foreign operations                           (24)               28    (109)
Cash flow and net investment
hedging financial instruments                   (16)               44       17
Tax on items that are or may be
reclassified subsequently to profit
or loss                                          (1)                -      (4)
                                                (41)               72     (96)
Other comprehensive income, net of
tax                                             (42)               87    (157)
Total comprehensive income for the
period                                            43            (115)    (514)
Attributable to:
Equity holders of the parent                      37            (123)    (518)
Non-controlling interests                          6                8        4
Total comprehensive income for the
period                                            43            (115)    (514)

Condensed consolidated statement of changes in equity
Unaudited
For the six months ended 30 June 2014

                        Attributable to equity holders of the
                                        parent
                          
                          Share   Share Retained    Other           NCI  Total
                        capital premium earnings reserves Total reserve Equity
                           2014    2014     2014     2014  2014    2014   2014
                             £m      £m       £m       £m    £m      £m     £m
At 1 January 2014 -
restated                    388     258    (415)      636   867      17    884
Total comprehensive
income                        -       -       78     (41)    37       6     43
Dividends declared            -       -     (85)        -  (85)     (5)   (90)
Equity settled
transactions                  -       -        1        -     1       -      1
At 30 June 2014             388     258    (421)      595   820      18    838
For the year ended 31   Attributable to equity holders of the
December 2013                           parent
                          
                          Share   Share Retained    Other           NCI
                        capital premium earnings reserves Total reserve  Total
                           2013    2013     2013     2013  2013    2013   2013
                             £m      £m       £m       £m    £m      £m     £m
At 1 January 2013 -
restated                    353     258      143      422 1,176      32  1,208
Total comprehensive
income                        -       -    (422)     (96) (518)       4  (514)
Shares issued                35       -        -      308   343       -    343
Dividends declared            -       -    (130)        - (130)    (21)  (151)
Own shares awarded            -       -      (2)        2     -       -      -
Transactions with
non-controlling
interests                     -       -      (4)        -   (4)       2    (2)
At 31 December 2013         388     258    (415)      636   867      17    884

For the six months ended 30 June 2013

                         Attributable to equity holders of the
                                         parent
                           
                           Share   Share Retained    Other           NCI
                         capital premium earnings reserves Total reserve Total
                            2013    2013     2013     2013  2013    2013  2013
                              £m      £m       £m       £m    £m      £m    £m
At 1 January 2013 -
restated                     353     258      143      422 1,176      32 1,208
Total comprehensive
income                         -       -    (194)       71 (123)       8 (115)
Dividends declared             -       -     (80)        -  (80)     (3)  (83)
Equity settled
transactions                   -       -        1        -     1       -     1
Transactions with
non-controlling
interests                      -       -      (4)        -   (4)       2   (2)
At 30 June 2013              353     258    (134)      493   970      39 1,009

Condensed consolidated statement of financial position
Unaudited
At 30 June 2014

                                              As at    As at    As at    As at
                                           30.06.14 30.06.13 31.12.13 31.12.12
                                                    Restated Restated Restated
                                     Notes       £m       £m       £m       £m
ASSETS
Non-current assets
Goodwill                                      1,908    2,081    1,955    2,096
Other acquisition-related intangible                                       204
assets                                          109      169      141
Other intangible assets                          78       79       77       87
Property, plant and equipment                   449      502      484      506
Trade and other receivables                      91      165      104      118
Investment in joint ventures                     36       37       34       30
Deferred tax assets                             174      172      184      179
                                              2,845    3,205    2,979    3,220
Current assets
Inventories                                     117      133      112      124
Investments                                      57       53       39       52
Trade and other receivables                   1,298    1,370    1,380    1,500
Cash and cash equivalents                       360      433      532      419
Assets classified as held for sale      11      152      290      220      229
                                              1,984    2,279    2,283    2,324
Total assets                                  4,829    5,484    5,262    5,544
LIABILITIES
Current liabilities
Bank overdrafts                                (21)      (7)      (9)        -
Bank loans                                     (24)     (15)     (27)     (13)
Loan notes                                    (115)    (106)     (61)     (40)
Obligations under finance leases               (15)     (16)     (21)     (18)
Trade and other payables                    (1,054)  (1,141)  (1,214)  (1,222)
Provisions                              13     (65)     (30)    (195)     (27)
Liabilities associated with assets
classified as held for sale             11     (87)    (144)    (133)     (52)
                                            (1,381)  (1,459)  (1,660)  (1,372)
Non-current liabilities
Bank loans                                    (214)    (392)    (140)    (324)
Loan notes                                  (1,754)  (2,014)  (1,921)  (1,999)
Obligations under finance leases               (29)     (37)     (31)     (43)
Trade and other payables                       (14)     (14)     (13)     (18)
Retirement benefit obligations                (500)    (437)    (504)    (471)
Provisions                              13     (66)     (60)     (64)     (45)
Deferred tax liabilities                       (33)     (62)     (45)     (64)
                                            (2,610)  (3,016)  (2,718)  (2,964)
Total liabilities                           (3,991)  (4,475)  (4,378)  (4,336)
Net assets                                      838    1,009      884    1,208
EQUITY
Share capital                                   388      353      388      353
Share premium and reserves                      432      617      479      823
Equity attributable to equity                                            1,176
holders of the parent                           820      970      867
Non-controlling interests                        18       39       17       32
Total equity                                    838    1,009      884    1,208

Condensed consolidated statement of cash flow
Unaudited
For the six months ended 30 June 2014

                                                Six months Six months     Year
                                                     ended      ended    ended
                                                  30.06.14   30.06.13 31.12.13
                                                             Restated Restated
                                          Notes         £m         £m       £m
Profit/(loss) from continuing operations
before taxation                                         85       (94)    (186)
Adjustments for:
Finance income                                         (5)        (7)     (13)
Finance costs                                           66         71      139
Depreciation of property, plant and
equipment                                               54         58      114
Amortisation of acquisition-related
intangible assets                                       33         37       72
Amortisation of other intangible assets                 12         12       24
Goodwill impairment                                      -         48       46
Acquisition-related costs                                -          2        4
Impairment of other assets                               -         23       24
(Decrease)/increase in provisions                    (124)         92      187
Additional pension contributions                      (21)       (18)     (38)
Profit on disposal of fixed assets and
subsidiaries                                             -          -     (24)
Share of profit from joint ventures                    (4)        (4)      (8)
Equity-settled transactions                              1          1        -
Operating cash flow before movements in
working capital                                         97        221      341
Net working capital movement                          (42)       (15)       83
Net cash flow from operating activities
of continuing operations                                55        206      424
Net cash flow from operating activities
of discontinued operations                            (10)        (2)       31
Cash generated by operations                            45        204      455
Tax paid                                              (39)       (50)     (83)
Net cash flow from operating activities                  6        154      372
Investing activities
Interest received                                       15         17       21
Cash flow from equity accounted
investments                                              6       (10)      (2)
Net cash flow from capital expenditure                (54)       (79)    (167)
Acquisition of subsidiaries                            (2)       (18)     (23)
Net cash and overdraft balances
acquired/disposed of                                   (8)        (2)      (8)
Disposal of subsidiaries                                79        (1)       35
Sale of trading investments                           (20)          2       13
Net cash used in investing activities                   16       (91)    (131)
Financing activities
Share issues                                             -          -      343
Dividends paid to equity shareholders of
the parent                                            (85)       (80)    (130)
Dividends paid to non-controlling
interests                                              (5)        (3)     (21)
Net movement in borrowings                               7         80    (188)
Movement in customer cash balances                    (22)          -       22
Transactions with non-controlling
interests                                                -        (2)      (2)
Interest paid                                         (81)       (87)    (129)
Repayment of obligations under finance
leases                                                 (8)        (8)      (9)
Net cash flow from financing activities              (194)      (100)    (114)
Net movement in cash, cash equivalents
and bank overdrafts                          12      (172)       (37)      127
Cash, cash equivalents and bank
overdrafts at the beginning of the period              538        439      439
Effect of foreign exchange rate
fluctuations on cash held                             (22)         28     (28)
Cash, cash equivalents and bank
overdrafts at the end of the period                    344        430      538

For a reconciliation of net cash flow from operating activities of continuing
operations to net debt see page 30.
Notes to the half-yearly results announcement

These statements are prepared using actual exchange rates for the relevant
periods.

1) Basis of preparation and accounting policies

These  condensed   financial  statements   comprise  the   unaudited   interim 
consolidated results of G4S plc ("the group") for the six months ended 30 June
2014. These half-yearly financial results  do not comprise statutory  accounts 
and should be read in conjunction with the Annual Report and Accounts 2013.

The comparative figures for the financial year ended 31 December 2013 are  not 
the company's  statutory accounts  for  that year.  Those accounts  have  been 
reported on  by  the company's  auditor  and  delivered to  the  Registrar  of 
Companies. The report of the auditor was (i) unqualified, (ii) did not contain
a reference to any matters to which the auditor drew attention by emphasis  of 
matter without  qualifying  their  report,  and  (iii)  did  not  contain  any 
statement under section 498 (2) or (3) of the Companies Act 2006.

The financial information in these condensed financial statements for the half
year to 30 June 2014 has been reviewed but not audited.

The half-yearly  results  have been  prepared  in accordance  with  the  going 
concern concept as the group believes it has adequate resources to continue in
operational existence for the foreseeable future.

The condensed  financial statements  of the  group presented  in this  interim 
announcement have been prepared  in accordance with  IAS 34 Interim  Financial 
Reporting as  adopted by  the  European Union,  and  with the  Disclosure  and 
Transparency  Rules  of  the  Financial  Services  Authority.  The  accounting 
policies applied are the same  as those set out  in the group's Annual  Report 
and Accounts 2013  except for  the adoption of  IFRS10 Consolidated  Financial 
Statements, IFRS11 Joint  Arrangements and  IFRS12 Disclosure  of Interest  in 
Other Entities.  The  impact  of  the adoption  of  these  new  standards  is 
explained below.

The comparative income  statement for the  six months ended  30 June 2013  has 
been re-presented for  operations qualifying  as discontinued  during the  six 
months ended 31  December 2013  and the  six months  ended 30  June 2014.  The 
comparative income statement  for the  year ended  31 December  2013 has  been 
re-presented for operations qualifying as  discontinued during the six  months 
ended 30 June 2014. For the six  months ended 30 June 2013, revenue has  been 
reduced by £15m and PBT has increased by £1m compared to the figures published
previously. For the year ended 31 December 2013, revenue has been reduced  by 
£143m and PBT  has been  increased by £1m  compared to  the figures  published 
previously.

Basis of preparation of the income statement

The group's income statement and  segmental analysis note separately  identify 
results before specific items. Specific  items are those that in  management's 
judgement need to be disclosed separately  by virtue of their size, nature  or 
incidence. In  determining  whether  an  event  or  transaction  is  specific, 
management considers quantitative as well  as qualitative factors such as  the 
frequency  or   predictability   of   occurrence.   Specific   items   include 
restructuring costs, impairments and other one-off or non-recurring items  and 
the reversal of items relating to the review of assets and liabilities in  the 
prior year.

Adoption of new and revised accounting standards and interpretations

In the six  months ended 30  June 2014,  the group adopted  the following  new 
standards and amendments:

  oIFRS10 Consolidated Financial Statements, which replaces parts of IAS27
    Consolidated and Separate Financial Statements and all of SIC-12
    Consolidation - Special Purpose Entities, introduces a new control model
    that focuses on whether the group has power over an investee, exposure or
    rights to variable returns from its involvement with the investee and the
    ability to use its power to affect those returns. This differs from the
    previous approach where one of the main criteria used to consolidate was
    to have the power to govern the financial and operating policies of the
    entity. As a result of the adoption of IFRS10 the group has reclassified
    certain entities within the Asia and Middle East region (being Qatar,
    Bahrain, Kuwait and certain businesses within the United Arab Emirates) as
    joint ventures where previously they were classified as subsidiaries. As
    a result of applying IFRS11 Joint Arrangements, the group now accounts for
    these businesses using the equity method.
    
  oIFRS11 Joint Arrangements removes the option to account for jointly
    controlled entities using the proportionate consolidation method.
    Instead, all jointly controlled entities will be accounted for using the
    equity method of accounting. As the group previously applied the
    proportionate method of accounting to its jointly controlled entities this
    has impacted the group's consolidated income statement and consolidated
    statement of financial position.
    
  oIFRS12 Disclosure of Interest in Other Entities is a new and comprehensive
    standard on disclosure requirements for all forms of interest in other
    entities, including joint arrangements, associates, special purpose
    vehicles and other off balance sheet vehicles.

IFRS10, IFRS11  and IFRS12  together  form a  'suite'  of standards  that  are 
effective from 1 January 2013 and have  been endorsed by the EU to be  applied 
from 1 January 2014. The group has therefore adopted all three standards  for 
its financial statements for the year ended 31 December 2014.

Restating prior year results for the  adoption of these standards has  reduced 
the group's revenue for the  six months ended 30 June  2013 by £106m, and  for 
the year ended  31 December  2013 by  £222m. The  group's PBITA  for the  six 
months ended 30 June  2013 is £8m  lower, and for the  year ended 31  December 
2013 is £18m lower. The group's net  assets have also been restated and  have 
decreased by £30m  as at  30 June 2013  and by  £35m as at  31 December  2013. 
Further details are given in note 16.

Notes to the half-yearly results announcement (continued)

2) Operating segments

The group operates on a worldwide  basis and derives a substantial  proportion 
of its  revenue, PBITA  and PBIT  from each  of the  following six  geographic 
regions: Africa, Asia Middle East, Latin America, Europe, North America and UK
& Ireland.  For  each  of  the  reportable  segments,  the  group's  executive 
committee (the  chief operating  decision maker)  reviews internal  management 
reports on a regular basis.

Segment information for continuing operations is presented below:

Segment revenue

                                                                     Year
Revenue by reportable segment  Six months ended Six months ended    ended
                                       30.06.14         30.06.13 31.12.13
                                                        Restated Restated
                                             £m               £m       £m
Africa                                      239              246      496
Asia Middle East                            651              667    1,361
Latin America                               325              363      708
Emerging markets                          1,215            1,276    2,565
Europe                                      715              758    1,526
North America                               651              685    1,358
UK & Ireland                                790              808    1,614
Developed markets                         2,156            2,251    4,498
Total revenue                             3,371            3,527    7,063

Segment result

                                                                          Year
PBITA by reportable segment         Six months ended Six months ended    ended
                                            30.06.14         30.06.13 31.12.13
                                                             Restated Restated
                                                  £m               £m       £m
Africa                                            22               21       40
Asia Middle East                                  48               44      106
Latin America                                     16               23       44
Emerging markets                                  86               88      190
Europe                                            40               43       89
North America                                     33               29       59
UK & Ireland                                      54               52      121
Developed markets                                127              124      269
PBITA before corporate costs                     213              212      459
Corporate costs                                 (28)             (20)     (41)
PBITA before specific items                      185              192      418
Total PBITA and PBIT by business
segment
PBITA before specific items                      185              192      418
Impairment and other items                         2            (131)    (314)
Restructuring costs                              (8)              (4)     (66)
PBITA after specific items                       179               57       38
Amortisation of
acquisition-related intangible
assets                                          (33)             (37)     (72)
Acquisition-related expenses                       -              (2)      (4)
Goodwill impairment                                -             (48)     (46)
Profit on disposal of assets and
subsidiaries                                       -                -       24
PBIT                                             146             (30)     (60)

Notes to the half-yearly results announcement (continued)

3) Profit from operations before interest and taxation

The income statement can be analysed as follows:

                                                                          Year
Continuing operations               Six months ended Six months ended    ended
                                            30.06.14         30.06.13 31.12.13
                                                             Restated Restated
                                                  £m               £m       £m
Total revenue                                  3,371            3,527    7,063
Cost of sales                                (2,716)          (2,832)  (5,782)
Gross profit                                     655              695    1,281
Administration expenses                        (513)            (681)  (1,303)
Goodwill impairment                                -             (48)     (46)
Share of profit from joint
ventures                                           4                4        8
Profit from operations before
interest and taxation                            146             (30)     (60)

Included within administration expenses for the six months ended 30 June  2014 
is the amortisation charge for  acquisition-related intangible assets of  £33m 
(2013: £37m), restructuring costs of £8m (2013: £4m) and specific items credit
of £2m (2013: charge of £131m).

Administration costs  for the  six months  ended 30  June 2013  also  included 
acquisition related costs of £2m.

Administration  costs  for  the  year  ended  31  December  2013  included  an 
amortisation  charge  for  acquisition  related  intangible  assets  of  £72m, 
acquisition related costs of £4m, restructuring costs of £66m, specific  items 
of £314m and were net of a £24m profit on disposal of subsidiaries.

4) Discontinued operations

As at 30 June 2014, following the agreement to sell the group's operations  in 
Sweden, the results of this business have also been classified in discontinued
operations. Operations  qualifying as  discontinued as  at 31  December  2013 
included the  US Government  Solutions business,  the group's  cash  solutions 
business in Sweden and the group's remaining business in Norway. The Canadian
cash solutions business and the business  in Norway were sold in January  2014 
for total proceeds of £89m (comprising £79m cash proceeds and £10m relating to
the settlement of outstanding finance leases).

5) Acquisitions

Current Period Acquisitions

During the period the group spent £2m in respect of deferred consideration  on 
prior period acquisitions.

Prior period acquisitions

The purchase consideration  and provisional fair  values of acquisitions  made 
during the financial year  to 31 December 2013  and their contribution to  the 
group's results for  the year are  set out  in the group's  Annual Report  and 
Accounts 2013.

Notes to the half-yearly results announcement (continued)

6) Finance income

                                                            Year
                      Six months ended Six months ended    ended
                              30.06.14         30.06.13 31.12.13
                                               Restated Restated
                                    £m               £m       £m
Interest receivable                  5                7       13
Total finance income                 5                7       13

7) Finance costs

                                                                          Year
                                    Six months ended Six months ended    ended
                                            30.06.14         30.06.13 31.12.13
                                                             Restated Restated
                                                  £m               £m       £m
Total group borrowing costs                    (56)             (61)    (119)
Net finance costs on defined
retirement benefit obligations                  (10)             (10)     (20)
Total finance costs                             (66)             (71)    (139)

8) Taxation

                                                              Year
                        Six months ended Six months ended    ended
                                30.06.14         30.06.13 31.12.13
                                                 Restated Restated
                                      £m               £m       £m
UK taxation                            2                4        7
Overseas taxation                   (25)             (21)     (60)
Total taxation expense                23               17       53

Notes to the half-yearly results announcement (continued)

9) Earnings per share attributable to ordinary shareholders of the parent

                                                Six months Six months     Year
                                                     ended      ended    ended
                                                  30.06.14   30.06.13 31.12.13
                                                             Restated Restated
                                                        £m         £m       £m
(a) From continuing and discontinued
operations
Profit/(loss) for the period attributable to
equity holders of the parent                            78      (206)    (362)
Weighted average number of ordinary shares           1,545      1,403    1,452
Earnings per share from continuing and
discontinued operations (pence)
Basic and diluted                                     5.0p    (14.7)p  (24.9)p
(b) From continuing operations
Earnings
Profit for the period attributable to equity
holders of the parent                                   78      (206)    (362)
Adjustment to exclude (profit)/loss for the
year from discontinued operations (net of tax)        (23)         91      118
Profit from continuing operations                       55      (115)    (244)
Earnings per share from continuing operations
(pence)
Basic and diluted                                     3.5p     (8.2)p  (16.8)p
From discontinued operations
Loss per share from discontinued operations
(pence)
Basic and diluted                                     1.5p     (6.5)p   (8.1)p
(c) From adjusted earnings
Earnings
Profit/(loss) from continuing operations                55      (115)    (244)
Amortisation of acquisition-related intangible
assets                                                  33         37       72
Goodwill impairment                                      -         48       46
Acquisition-related expenses                             -          2        4
Profit on disposal of assets and subsidiaries            -          -     (24)
Restructuring costs                                      8          4       66
Other specific items                                   (2)        131      314
Tax on amortisation and specific items                 (8)       (14)     (19)
Non-controlling interests' share of specific
items                                                    -        (3)      (3)
Adjusted profit for the period attributable to
equity holders of the parent                            86         90      212
Weighted average number of ordinary shares (m)       1,545      1,403    1,452
Underlying earnings per share (pence)                 5.6p       6.4p    14.6p

In the opinion of the directors the  earnings per share figure of most use  to 
shareholders is the adjusted earnings per share. This figure better allows the
assessment of operational performance, the  analysis of trends over time,  the 
comparison of different businesses and the projection of future earnings.

10) Dividends

                                                Six months Six months     Year
                              Pence per DKK per      ended      ended    ended
                                  share   share   30.06.14   30.06.13 31.12.13
                                                        £m         £m       £m
Amounts recognised as
distributions to equity
holders of the parent in the
period
Final dividend for the year
ended 31 December 2012             5.54  0.4730          -         78       78
Interim dividend for the six
months ended 30 June 2013          3.42  0.2972          -          -       52
Final dividend for the year
ended 31 December 2013             5.54  0.4954         85          -        -
Total                                                   85         78      130

An interim dividend of 3.42p (DKK 0.3198)  per share for the six months  ended 
30 June 2014 will be paid on  17 October 2014 to shareholders on the  register 
on 12 September 2014.
Notes to the half-yearly results announcement (continued)

11) Disposal groups classified as held for sale

At 30  June 2014,  disposal groups  classified as  held for  sale  principally 
include the assets and liabilities associated with the US Government Solutions
business and the group's business in Sweden.

At 31 December 2013, disposal groups classified as held for sale included  the 
assets and liabilities associated with  the US Government Solutions  business, 
the remaining business in Norway and the cash solutions business in Canada.

12) Analysis of net debt

A reconciliation of net debt to amounts in the condensed consolidated balance
sheet is presented below:

                                                       As at    As at    As at
                                                    30.06.14 30.06.13 31.12.13
                                                             Restated Restated
                                                          £m       £m       £m
Cash and cash equivalents                                360      433      532
Investments                                               57       53       39
Net cash and overdrafts included within assets held
for sale                                                   5        3       16
Net debt included within assets held for sale              4     (24)     (17)
Current liabilities
 Bank overdrafts and loans                           (160)    (128)     (97)
 Obligations under finance leases                     (15)     (16)     (21)
 Fair value of loan note derivative financial
instruments                                                3       12       14
Non-current liabilities
 Bank loans                                          (214)    (392)    (140)
 Loan notes                                        (1,754)  (2,014)  (1,921)
 Obligations under finance leases                     (29)     (37)     (31)
 Fair value of loan note derivative financial
instruments                                               63      117       74
Total net debt                                       (1,680)  (1,993)  (1,552)

13) Provisions

                            Employee                  Claims    Contract
                            benefits Restructuring  reserves  provisions Total
At 1 January 2014                 26            33        57         143   259
Additional provision in
the year                           7             8         8          16    39
Utilisation of provision         (9)          (20)       (8)       (126) (163)
Translation adjustments          (1)           (1)       (1)         (1)   (4)
At 30 June 2014                   23            20        56          32   131
Included in current
liabilities                                                                 65
Included in non-current
liabilities                                                                 66
                                                                           131

The utilisation of the contract provision mainly relates to the settlement  of 
the electronic monitoring contract with the UK Government in the first half of
2014. The final settlement was for  £109m and also included the settlement  of 
two other smaller contracts in the UK.

14) Related party transactions

No related party transactions have taken place in the first six months of  the 
current financial year which have  materially affected the financial  position 
or the performance of the group during that period. The nature and amounts of
related party transactions in  the first six months  of the current  financial 
year are  consistent with  those reported  in the  group's Annual  Report  and 
Accounts 2013.

Notes to the half-yearly results announcement (continued)

15) Fair value of financial instruments

The carrying amounts, fair  value and fair value  hierarchy relating to  those 
financial instruments that  have been  recorded at amortised  cost where  that 
differs from their fair  value, based on expectations  at the reporting  date, 
are shown below:

                             30 June 2014   30 June     31
                                                   2013        December 2013
             Category Level Carrying    Fair Carrying    Fair Carrying    Fair
                               value   value    value   value    value   value
Financial
assets
Investments   FVTPL     1         57      57       53      53       39      39
Interest      FVTPL     2
rate swaps                        41      41       58      58       46      46
Commodity      CFH      2
swaps                              -       -        1       1        1       1
Cross          CFH      2
currency
swaps                             25      25       70      70       42      42
Financial
liabilities
Loan notes     FVH      2      (701)   (701)    (419)   (419)    (377)   (377)
Interest       FVH      2        (2)     (2)      (1)     (1)      (1)     (1)
rate swaps
Interest       CFH      2        (2)     (2)      (3)     (3)      (2)     (2)
rate swaps
Commodity      CFH      2        (1)     (1)      (1)     (1)      (1)     (1)
swaps
Cross          CFH      2        (2)     (2)        -       -      (2)     (2)
currency
swaps
Loan notes*     AC      2    (1,168) (1,220)  (1,701) (1,749)  (1,605) (1,675)

*€90m (£72m) of May  2012 loan notes  and €120m (£96m)  of December 2012  loan 
notes are recorded at fair value through profit or loss

Category key:

FVTPL Fair value through profit or loss
CFH   Cash flow hedge
FVH   Fair value hedge
AC    Amortised cost

Valuation techniques used to value these financial instruments are  consistent 
with those used for the year ended 31 December 2013 as disclosed in note  3(h) 
of the 2013 Annual Report and Accounts.

16) Impact of new accounting standards

The group has presented re-stated income statements for the 6 months ended  30 
June 2013 and year ended 31 December 2013, statements of financial position at
30 June 2013, 31 December 2013 and  31 December 2012 and cash flow  statements 
for the 6  months ended  30 June  2013 and year  ended 31  December 2013.  The 
following pages contain reconciliations between the restated amounts and those
previously published.

The adoption  of IFRS10  has  resulted in  the  group's businesses  in  Qatar, 
Bahrain and Kuwait  and certain  entities in  the United  Arab Emirates  being 
re-classified as joint  ventures rather than  subsidiaries. These  businesses 
were previously  consolidated into  each of  the relevant  line items  in  the 
group's results and statement of financial position at 100% of their  reported 
results. As a result of being classified as joint ventures they fall into the
scope of  IFRS11 and  are now  reported using  the equity  method. Under  the 
equity method the group's share of the entities' post-tax results are shown in
the income  statement under  'share of  profit from  joint ventures'  and  the 
group's net investment is shown in  the statement of financial position  under 
'investment in joint ventures'.

In addition to these entities  the group previously applied the  proportionate 
method of consolidation to its  existing joint ventures, the most  significant 
of  which  are  Bloemfontein  (South  Africa),  Bridgend  (UK)  and   Policity 
(Israel).  Under  the  proportionate   method  of  consolidation  the   group 
consolidated the  group's share  of each  relevant line  item in  the  group's 
income statement  and  statement  of  financial position.  As  a  result  of 
adopting IFRS11 the results of the  joint ventures are now consolidated  using 
the equity method as described above.

The reconciliations also show any re-classification adjustments that have been
made to the accounts since they were published. The restated opening  balance 
sheet as at 31 December 2012 for the year ended 31 December 2013 has also been
presented.

The impact of the  adoption of IFRS  10 and 11 reflects  the actual impact  of 
moving entities from  full or proportional  consolidation to equity  accounted 
for joint ventures, and differs from the estimates provided in the 2013 Annual
Report and Accounts.  The effect  of the  adoption of IFRS  10 and  11 on  the 
group's results for the year ended 31  December 2013 has been to reduce  PBITA 
by £18m  interest  and tax  costs  by £3m  (2013  Annual Report  and  Accounts 
estimate:  £32m  PBITA  and   £7m  of  interest   and  tax  costs),   reducing 
non-controlling interests by an aggregate equal and opposite amount.  Earnings 
remained unchanged. Profit attributable  to non-controlling interests was  £7m 
(2013: £7m).  The difference  between estimated  and actual  impact is  mainly 
attributable to the review in detail of certain joint venture agreements.

Notes to the half-yearly results announcement (continued)

16) Impact of new accounting standards (continued)

Consolidated income statement for the period ended 30 June 2013

                                                             Entities
                        Interim Restatements             reclassified  Interim
                     results as   for IFRS10    Revised            as  results
                      published     & IFRS11 continuing  discontinued restated
                             £m           £m         £m            £m       £m
Revenue from                                                     (15)    3,527
continuing
operations                3,648        (106)      3,542
PBITA                        65          (8)         57             -       57
PBT                        (87)          (8)       (95)             1     (94)
PAT                       (106)          (6)      (112)             1    (111)
Profit for the                                                      -    (202)
period                    (196)          (6)      (202)
Profit attributable                                                 -        4
to non-controlling
interests                    10          (6)          4

Consolidated statement of financial position for the period ended 30 June 2013

                              Interim Restatements Re-classifications  Interim
                           results as   for IFRS10                     results
                            published     & IFRS11                    restated
                                   £m           £m                 £m       £m
ASSETS
Investment in joint                                                 -       37
ventures                            -           37
Other non-current assets        3,126         (33)                 75    3,168
Trade and other                                                     -    1,370
receivables                     1,375          (5)
Cash and cash equivalents         494         (61)                  -      433
Other current assets              559          (8)               (75)      476
                                5,554         (70)                  -    5,484
LIABILITIES
Bank overdrafts                  (25)           18                         (7)
Trade and other payables      (1,155)           14                  -  (1,141)
Other current liabilities       (313)            2                  -    (311)
Non-current liabilities       (3,022)            6                  -  (3,016)
                              (4,515)           40                  -  (4,475)
Net assets                      1,039         (30)                  -    1,009
EQUITY
Share capital                     353            -                  -      353
Share premium and reserves        617            -                  -      617
Equity attributable to                                              -      970
equity holders of the
parent                            970            -
Non-controlling interests          69         (30)                  -       39
Total equity                    1,039         (30)                  -    1,009

Consolidated statement of cash flow for the period ended 30 June 2013

                                      Interim Restatements for
                                   results as           IFRS10 Interim results
                                    published         & IFRS11        restated
                                           £m               £m              £m
Net cash flow from operating
activities                                170             (16)             154
Net cash used in investing
activities                               (88)              (3)            (91)
Net cash flow from financing
activities                              (108)                8           (100)
Net movement in cash, cash
equivalents and bank overdrafts          (26)             (11)            (37)
Cash, cash equivalents and bank
overdrafts at the beginning of the
period                                    472             (33)             439
Effect of foreign exchange rate
fluctuations on cash held                  26                2              28
Cash, cash equivalents and bank
overdrafts at the end of the
period                                    472             (42)             430

Notes to the half-yearly results announcement (continued)

16) Impact of new accounting standards (continued)

Consolidated income statement for the period ended 31 December 2013

                         Annual                              Entities
                       results Restatements             reclassified   Annual
                             as   for IFRS10    Revised            as  results
                      published     & IFRS11 continuing  discontinued restated
                             £m           £m         £m            £m       £m
Revenue from                                                    (143)    7,063
continuing
operations                7,428        (222)      7,206
PBITA                        56         (18)         38             -       38
PBT                       (170)         (17)      (187)             1    (186)
PAT                       (226)         (15)      (241)             2    (239)
Profit for the                                                      -    (357)
period                    (342)         (15)      (357)
Profit attributable                                                 -        5
to non-controlling
interests                    20         (15)          5

Consolidated statement of financial position for the period ended 31 December
2013

                                        Annual Restatements for
                                    results as           IFRS10 Annual results
                                     published         & IFRS11       restated
                                            £m               £m             £m
ASSETS
Goodwill                                 1,966             (11)          1,955
Investment in joint ventures                 -               34             34
Other non-current assets                 1,022             (32)            990
Trade and other receivables              1,394             (14)          1,380
Cash and cash equivalents                  594             (62)            532
Other current assets                       376              (5)            371
                                         5,352             (90)          5,262
LIABILITIES
Bank overdrafts                           (22)               13            (9)
Trade and other payables               (1,220)                6        (1,214)
Other current liabilities                (442)                5          (437)
Bank loans                               (169)               29          (140)
Non-current liabilities                (2,580)                2        (2,578)
                                       (4,433)               55        (4,378)
Net assets                                 919             (35)            884
EQUITY
Share capital                              388                -            388
Share premium and reserves                 479                -            479
Equity attributable to equity                                              867
holders of the parent                      867                -
Non-controlling interests                   52             (35)             17
Total equity                               919             (35)            884

Consolidated statement of cash flow for the period ended 31 December 2013

                                        Annual Restatements for
                                    results as           IFRS10 Annual results
                                     published         & IFRS11       restated
                                            £m               £m             £m
Net cash flow from operating
activities                                 400             (28)            372
Net cash used in investing
activities                               (163)               32          (131)
Net cash flow from financing
activities                                (95)             (19)          (114)
Net movement in cash, cash
equivalents and bank overdrafts            142             (15)            127
Cash, cash equivalents and bank
overdrafts at the beginning of the
period                                     472             (33)            439
Effect of foreign exchange rate
fluctuations on cash held                 (27)              (1)           (28)
Cash, cash equivalents and bank
overdrafts at the end of the period        587             (49)            538

Notes to the half-yearly results announcement (continued)

16) Impact of new accounting standards (continued)

Consolidated statement of financial position for the period ended 31 December
2012

                                        Annual Restatements for
                                    results as           IFRS10 Annual results
                                     published         & IFRS11       restated
                                            £m               £m             £m
ASSETS
Goodwill                                 2,108             (12)          2,096
Investment in joint ventures                 -               30             30
Other non-current assets                 1,114             (20)          1,094
Trade and other receivables              1,506              (6)          1,500
Cash and cash equivalents                  469             (50)            419
Other current assets                       413              (8)            405
                                         5,610             (66)          5,544
LIABILITIES
Bank overdrafts                           (17)               17              -
Trade and other payables               (1,234)               12        (1,222)
Other current liabilities                (157)                7          (150)
Non-current liabilities                (2,971)                7        (2,964)
                                       (4,379)               43        (4,336)
Net assets                               1,231             (23)          1,208
EQUITY
Share capital                              353                -            353
Share premium and reserves                 823                -            823
Equity attributable to equity                                            1,176
holders of the parent                    1,176                -
Non-controlling interests                   55             (23)             32
Total equity                             1,231             (23)          1,208

Non GAAP measures

Net cash flow reconciliation to net debt^1

A reconciliation of PBITA to movement in net debt is presented below:

                                              Six months Six months
                                                   ended      ended Year ended
                                                30.06.14   30.06.13   31.12.13
                                                      £m         £m         £m
PBITA                                                179         57         38
Non-cash movements
Depreciation                                          54         58        114
Amortisation of other intangible assets               12         12         24
Write down of fixed assets                             -         23         24
Share of profit from joint ventures                  (4)        (4)        (8)
Equity-settled transactions                            1          1          -
Increase in provisions                                 5         92        221
Working capital                                     (62)       (91)          7
Cash flow from operating businesses                  185        148        420
Corporate items:
EM receivable (2013: Olympics receivable)             27         76         76
Cash flow from continuing operations                 212        224        496
Cash from discontinued operations                   (10)        (2)         31
Net cash generated by operations:                    202        222        527
Investment in the business
Investment in capital expenditure and
non-current assets                                  (54)       (79)      (167)
Restructuring spend                                 (20)          -       (34)
Net movement in finance leases                       (3)       (12)       (12)
Disposal proceeds                                     79        (1)         35
Net debt acquired/disposed of                          2        (2)        (8)
Acquisitions                                         (2)       (18)       (23)
Net investment in the business                         2      (112)      (209)
Net cash flow after investing in the business        204        110        318
Other (uses)/sources of funds
Net financing                                       (66)       (70)      (108)
Tax                                                 (39)       (50)       (83)
Pensions                                            (21)       (18)       (38)
Dividends                                           (90)       (83)      (151)
Share capital                                          -          -        343
Electronic Monitoring:
 - settlement                                 (109)          -          -
 - fees                                         (7)          -          -
Other                                               (16)       (12)         18
Net sources/(uses) of funds                        (348)      (233)       (19)
Net cash flow after investment, financing and
tax                                                (144)      (123)        299
Net debt at beginning of period                  (1,552)    (1,829)    (1,829)
FX                                                    16       (41)       (22)
Net debt at end of period                        (1,680)    (1,993)    (1,552)

^1at actual exchange rates

A reconciliation of net cash flow from operating activities of continuing
operations as presented in the statutory cash flow to cash flow from
continuing operations in the net cash flow reconciliation to net debt is
presented below:

                                  Six months ended Six months ended Year ended
                                          30.06.14         30.06.13   31.12.13
                                                £m               £m         £m
Net cash flow from operating
activities of continuing
operations                                      55              206        424
Adjustments to exclude:
Pension deficit payments                        21               18         38
Electronic Monitoring payments
(including fees)                               116                -          -
Restructuring spend                             20                -         34
Cash flow from continuing
operations                                     212              224        496

Non GAAP measures (continued)

Group's definition of net debt to EBITDA

The group's calculation of net debt to EBITDA using its own definition is
presented below:

                             Six months                Six months   Rolling 12
                               ended 30     Year to 31   ended 30 months to 30
                              June 2013  December 2013  June 2014    June 2014
                                     £m             £m         £m           £m
PBITA (before specific
items)                              192            418        185          411
Add back:
Depreciation                         58            114         54          110
Amortisation of
non-acquisition related
intangible assets                    12             24         12           24
EBITDA                              262            556        251          545
Net debt per Note 12                             1,552                   1,680
Group's definition of Net
debt:EBITDA ratio                                  2.8                     3.1

                    EBITDA Net Debt
                        £m       £m
Pre IFRS10             568    1,691
IFRS10 adjustments    (23)     (11)
Post IFRS10            545    1,680

For further enquiries, please contact:
Helen Parris   Director of Investor
Relations +44 (0) 1293 554400

Media enquiries:

Adam Mynott  Director of Media
Relations  +44 (0) 1293 554400
Piers Zangana  Media Relations Manager
 +44 (0) 1293 554400
Faeth Birch   RLM
Finsbury +44 (0) 207 251 3801 


High resolution images are available for the media to view and download free
of charge from www.vismedia.co.uk.

Notes to Editors:
G4S is  a  leading  international secure  outsourcing  solutions  group  which 
specialises in outsourced business processes  and facilities in sectors  where 
security and safety risks are considered a strategic threat.

G4S is quoted on the London Stock Exchange and has a secondary stock  exchange 
listing in  Copenhagen. G4S  is active  in  more than  120 countries  and  has 
620,000 employees. For more information on G4S, visit www.g4s.com.

Presentation of Results:

A presentation to investors and analysts is taking place today at 08.30hrs at
the London Stock Exchange.

The presentation can also be viewed by webcast using the following link:
http://view-w.tv/707-803-14696/en

Dividend payment information
2014 interim dividend:

Announce - Wednesday 13 August 2014
Ex-date - Wednesday 10 September 2014
Record date - Friday 12 September 2014
Last day for DRIP elections - Monday 22 September 2014
Pay date - Friday 17 October 2014

Q3 IMS and Annual Capital Markets Day

A presentation will be held in London on 13 November 2014.

------------------------------------------------------------------------------

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the content, accuracy and originality of the information contained therein.
Source: G4S plc UK DK via Globenewswire
HUG#1848418
 
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