The Micro Focus International PLC board proposes a final dividend of 20.3 cents, taking total dividend per share to 29.1 cents for the year. The dividend will be paid in Pound Sterling and the sterling amount payable per share will be fixed and announced approximately two weeks prior to the payment date, based on the average spot exchange rate over the five business days preceding the announcement date. Subject to approval by shareholders, the dividend will be paid on 21 April 2022 to shareholders on the register as at 11 March 2022.
Other financial highlights include:
Revenue of $2.9bn (FY20: $3.0bn), improving the rate of year-on-year decline from -10% in FY20 to -5% in FY21 on a constant currency basis ("CCY")
Adjusted EBITDA of $1,040.2m (FY20: CCY $1,187.0m) at a margin of 36% (FY20: 39%), reflecting the reduction in revenue in the year partially offset by cost actions.
Statutory operating loss of $265.6m for FY21, which includes depreciation, amortisation, and exceptional items totalling $1,310.5m. (FY20: loss of $2,661.4m). FY20 included total depreciation, amortisation and exceptional items of $3,804.6m (including an exceptional impairment charge of $2,799.2m against goodwill).
Adjusted free cash flow of $292.4m (FY20: $660.1m), with current year impacted by significant cash outflows in respect of working capital and one-off tax payments.
Net debt of $4,195.9m (FY20: $4,153.5m), representing a net leverage ratio of 4.0x. This reduces to 3.8x on a pro-forma basis, assuming the disposal of Digital Safe.
Successful refinancing of term loans totalling $1.6bn in January 2022, extending the average maturity of the Group's debt from 2.7 years to 3.6 years.