Interim Results
Alumasc Group PLC
09 February 2006
THE ALUMASC GROUP PLC - INTERIM ANNOUNCEMENT
Alumasc, the premium building and engineering products group, recently
reclassified by FTSE under Construction & Materials, announces its results for
the half year ended 31 December 2005.
• As previously indicated, pre-tax profit reduced - to £2.9m from £3.7m on
continuing activities - due to the reduced Engineering profit.
• Earnings per share on continuing activities reduced to 5.9p from 7.1p.
• The interim dividend per share is maintained at 3.0p, reflecting the
Board's confidence in the prospects for the second half-year.
• Trading losses and redundancy costs at the discontinued activity, Copal
Casting, cost £1.4m (before tax), as forecast in November.
• Building Products moved strongly ahead, growing turnover by £4.0m
(18.5%) to £25.9m and increasing profits by 5% to £2.5m.
• Precision Engineering made considerable progress in securing new work to
replace the business which ceased on the demise of Rover in April 2005, but
contributed to the reduced Engineering profit.
John McCall, Chairman, stated "In recent years, the group's second half has
consistently outperformed the first half for reasons principally associated with
seasonal factors, including the incidence of holidays in our markets. The Board
has stated that it expects this bias in favour of the second half to continue,
indeed to increase in the current year. Progress with new projects and the level
of order books in those businesses where we enjoy the benefit of forward vision
lead the Board to expect an improving performance in each of our business areas
in the second half-year."
Presentation:
Today, from 09:30am to 10:30am, a presentation to broker's analysts and private
client investment advisers will be held at the offices of Bankside Consultants,
1 Frederick's Place, London EC2R 8AE.
Enquiries:
The Alumasc Group plc 01536 383844
Paul Hooper (Chief Executive) info@alumasc.co.uk
John McCall (Chairman)
Bankside Consultants Limited
Charles Ponsonby 020 7367 8851
charles.ponsonby@bankside.com
CHAIRMAN'S STATEMENT
Summary
Alumasc's profits before tax from continuing operations were £2.9 million in the
6 months to 31 December 2005. As the Board anticipated in its statements of
November and December 2005, these profits fell short of the £3.7 million earned
in the same period of the prior year, due to lower profits from the group's
Engineering activities. Profits from the group's Building Products activities,
which contributed two-thirds to the previous year's total, were slightly ahead
of the previous year.
The closure of Copal Casting, following extensive but unsuccessful efforts to
find a buyer, commenced on 18 November 2005 and is now virtually complete. This
has been a costly exercise but is consistent with the Board's strategy to focus
the group on its core premium building and engineering activities, where
know-how and service are recognised and valued by the market. The published
profit before tax of £2.9 million in the period excludes trading losses and
redundancy costs at Copal, which totalled £1.4 million, as forecast in November.
Earnings per share from continuing activities reduced from 7.1p to 5.9p.The
Board has declared an unchanged interim dividend of 3.0p per share, reflecting
its confidence in the prospects for the second half-year .
In January 2006, Alumasc was reclassified by FTSE from "Engineering and
Machinery" to "Construction and Materials", reflecting the growth achieved by
our Building Products activities in recent years.
Operations
Our Building Products activities moved strongly ahead in the six months, growing
turnover by £4.0 million (18.5%) to £25.9 million. Margins were somewhat lower
in the period due to project start-up costs and further investment in sales and
marketing, in contrast to some corresponding benefits in the prior year.
However, it is encouraging to see growth against the background of the UK
construction market, which declined in 2005 after 11 years of unbroken
expansion. Profits increased by 5% to £2.5 million.
The group's continuing Precision Engineering activities made considerable
progress in securing new work to replace the business which ceased on the demise
of Rover in April 2005. There was, in addition, a high level of new work
replacing old with existing customers. These factors in combination resulted in
turnover of £12.8 million, 8% below the previous year, together with higher
costs associated with the introduction of so many new products. Energy costs
were £0.2 million higher in the period. Profits of £0.6 million in the period
were £0.7 million lower as a result.
Our Industrial Products activities earned profits of £0.1 million (2004:£0.7
million). Rising metal prices boosted turnover at Brock Metals, disguising weak
demand from UK customers, while low demand from UK brewers similarly affected
Alumasc Dispense. Both Brock and Alumasc Dispense have new projects in hand and
have taken actions to improve performance in the second half.
In December 2005, the group achieved a rolling key objective of no days being
lost during the month through injury to employees. I believe this reflects the
emphasis placed on best practice towards health and safety throughout the group.
Financial
The group's net borrowings rose from £3.3 million at 30 June 2005 to £4.8
million at 31 December 2005 (2004: £3.4 million), in line with our normal
working capital cycle.
The property previously occupied by GE Bissell & Co Ltd, whose business was sold
in January 2005, was disposed of in December 2005 for £0.8 million, resulting in
a gain of £0.2 million.
International Financial Reporting Standards have been used for the first time in
preparing the December 2005 statements and prior year figures have been restated
on a similar basis. The principal change follows the inclusion of our defined
benefit pension schemes deficit as a long-term liability of the group, with a
corresponding reduction in Capital and Reserves. Details of the impact of all
IFRS adjustments on the prior year are set out in Note 9 to the Accounts.
Prospects
In recent years, the group's second half has consistently outperformed the first
half for reasons principally associated with seasonal factors, including the
incidence of holidays in our markets. The Board has stated that it expects this
bias in favour of the second half to continue, indeed to increase in the current
year. Progress with new projects and the level of order books in those
businesses where we enjoy the benefit of forward vision lead the Board to expect
an improving performance in each of our business areas in the second half-year.
John McCall
Chairman 9 February 2006
Unaudited Consolidated Income Statement
for the half year ended 31 December 2005
Half year Half year Year ended
31 December 31 December 30 June
2005 2004 2005
As restated As restated
Notes £000 £000 £000
Continuing operations
Revenue 2 59,380 54,333 114,869
Cost of sales (44,898) (39,919) (83,642)
---------- ----------- ----------
Gross profit 14,482 14,414 31,227
Net operating expenses (11,196) (9,990) (21,958)
---------- ----------- ----------
Trading profit 2 3,286 4,424 9,269
Profit on fixed asset disposals 242 - -
---------- ----------- ----------
Operating profit 3,528 4,424 9,269
Finance revenue 17 21 24
Finance costs (252) (181) (419)
Other finance expense - pensions (398) (601) (1,201)
Share of operating profit in associates 2 30 30 24
---------- ----------- ----------
Profit before taxation 2,925 3,693 7,697
Income tax expense 4 (844) (1,219) (2,586)
---------- ----------- ----------
Profit for the period from continuing
operations 2,081 2,474 5,111
Discontinued operations
Loss for the period from discontinued
operations (1,103) (1,154) (2,946)
---------- ----------- ----------
Profit for the period attributable
to parent company equity holders 978 1,320 2,165
---------- ----------- ----------
Basic earnings/(loss) per share
- continuing operations 5.9p 7.1p 14.6p
- discontinued operations (3.1p) (3.3p) (8.4p)
---------- ----------- ----------
5 2.8p 3.8p 6.2p
---------- ----------- ----------
Diluted earnings/(loss) per share
- continuing operations 5.8p 7.1p 14.5p
- discontinued operations (3.1p) (3.3p) (8.3p)
---------- ----------- ----------
5 2.7p 3.8p 6.2p
---------- ----------- ----------
Unaudited Consolidated Statement of Recognised Income and Expense
for the half year to 31 December 2005
Half year Half year Year ended
31 December 31 December 30 June
2005 2004 2005
As restated As restated
£000 £000 £000
Income and expense recognised directly in equity
Actuarial gain /(loss) on defined benefit pensions (3,249) 481 961
Movement in cash flow hedging position 527 - -
Tax on items taken directly to or transferred
from equity 727 (144) (288)
------- ----------- ----------
Net income / (expense) recognised directly in
equity for the period (1,995) 337 673
------- ----------- ----------
Adoption of IAS 32 and 39 (148) - -
Profit for the year 978 1,320 2,165
------- ----------- ----------
Total recognised income/(expense) for the year
attributable to parent company
equity shareholders (1,165) 1,657 2,838
------- ----------- ----------
Unaudited Consolidated Balance Sheet
at 31 December 2005
31 December 31 December 30 June
2005 2004 2005
Notes As restated As restated
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 27,029 25,898 25,780
Goodwill 5,558 5,352 5,556
Other intangible assets 332 346 319
Investments in associates 280 278 250
Other investments 17 237 237
Deferred tax assets 9,600 9,032 8,873
--------- ---------- ---------
42,816 41,143 41,015
Current assets
Inventories 13,371 12,835 12,248
Trade and other receivables 25,037 24,807 30,209
Derivative financial assets 564 - -
--------- ---------- ---------
38,972 37,642 42,457
--------- ---------- ---------
Total assets 81,788 78,785 83,472
--------- ---------- ---------
Liabilities
Non-current liabilities
Interest bearing loans and
borrowings (288) (1,143) (722)
Employee benefits payable (29,329) (27,928) (27,325)
Provisions (1,342) (778) (1,383)
Deferred tax liabilities (1,236) (862) (1,051)
--------- ---------- ---------
(32,195) (30,711) (30,481)
Current liabilities
Bank overdraft (3,694) (1,487) (1,780)
Interest bearing loans and
borrowings (855) (808) (831)
Employee benefits payable (2,671) (2,179) (2,252)
Trade and other payables (24,261) (22,233) (26,422)
Income tax payable (257) (807) (704)
Derivative financial liabilities (37) - -
--------- ---------- ---------
(31,775) (27,514) (31,989)
--------- ---------- ---------
Total liabilities (63,970) (58,225) (62,470)
--------- ---------- ---------
--------- ---------- ---------
Net assets 17,818 20,560 21,002
--------- ---------- ---------
Equity
Called up share capital 4,411 4,383 4,409
Share premium 27,406 27,156 27,387
Other reserve 1,551 1,727 1,551
Capital redemption reserve 693 693 693
Capital reserve - own shares (134) (247) (165)
Hedging reserve 527 - -
Retained earnings (16,664) (13,180) (12,901)
-------- ---------- ---------
Equity attributable to equity
holders of the parent 17,790 20,532 20,974
Minority interest 28 28 28
-------- ---------- ---------
Total equity 8 17,818 20,560 21,002
-------- ---------- ---------
Unaudited Consolidated Cash Flow Statement
for the half year ended 31 December 2005
Half year Half year Year
31 December 31 December 30 June
2005 2004 2005
As restated As restated
£000 £000 £000
Operating activities
Operating profit 3,528 4,424 9,269
Adjustments for:
Loss before taxation from
discontinued operations (1,441) (1,573) (4,063)
Depreciation 1,620 1,836 3,655
Impairments of fixed assets - 466 1,040
Gain on disposal of plant and equipment (244) (8) (14)
Gain on sale of investments (79) - -
Increase in inventories (1,347) (1,294) (245)
Decrease/(increase) in receivables 5,021 3,299 (4,518)
(Decrease)/increase in trade and other
payables (2,550) (3,057) 1,088
Other items (754) 371 12
---------- --------- --------
Cash generated from operations 3,754 4,464 6,224
Tax paid (768) (1,252) (2,082)
Return of capital from associate - - 52
---------- --------- --------
Net cash inflow from operating
activities 2,986 3,212 4,194
---------- --------- --------
Investing activities
Purchase of property, plant and equipment (3,302) (1,405) (3,709)
Proceeds from sale of property, plant and
equipment 789 32 2,043
Acquisition of subsidiary
undertakings net of cash acquired (52) (6,486) (6,490)
Proceeds from sale of business activities 225 - 449
Proceeds from sale of investments 280 - -
---------- -------- --------
Net cash outflow from investing
activities (2,060) (7,859) (7,707)
---------- -------- --------
Financing activities
Net interest paid (235) (160) (395)
Equity dividends paid (2,216) (2,197) (3,248)
Repayment of amounts borrowed (410) (386) (784)
Proceeds from issue of share
capital 21 278 535
---------- --------- --------
Net cash outflow from financing
activities (2,840) (2,465) (3,892)
---------- --------- --------
Net decrease in cash and cash equivalents (1,914) (7,112) (7,405)
---------- --------- --------
---------- --------- --------
Cash and cash equivalents at beginning of
period (1,780) 5,625 5,625
---------- --------- --------
Cash and cash equivalents at end of period (3,694) (1,487) (1,780)
---------- --------- --------
Notes on the Unaudited Accounts
for the half year to 31 December 2005
1. Basis of preparation
The interim report for the six months ended 31 December 2005 has been prepared
under the Group's anticipated International Financial Reporting Standards
("IFRS") accounting policies for the year ending 30 June 2006. It includes
comparative figures for the financial year ended 30 June 2005 which are not the
company's statutory accounts for that financial year. Those accounts, which were
prepared under UK GAAP, have been reported on by the company's auditors and
delivered to the Registrar of Companies. The report of the auditors was
unqualified and did not contain statements under section 237(2) or (3) of the
Companies Act 1985.
Comparative figures for the year ended 30 June 2005 have been extracted from a
restatement of the financial information taken from the company's statutory
accounts for that financial year, on which the auditors have issued to the
company a special purpose report.
The Group has adopted all existing relevant IFRS with the exception of IAS 34,
Interim Financial Reporting, which is not mandatory for UK groups. As permitted
by IFRS 1 (first time adoption of International Financial Reporting Standards),
the provisions of IAS 32 and IAS 39 have not been applied to the comparative
periods and are applied from 1 July 2005. Whilst the Group expects to use
consistent accounting policies for the preparation of the results for the year
ending 30 June 2006, there is the possibility that accounting policies may have
to be updated in order to reflect new standards and interpretations available at
that time.
Copies of the reconciliation statements and of the Group's IFRS accounting
policies, along with further information on the transition to IFRS, are
available on the website, www.alumasc.co.uk. This information can also be
obtained by writing to the Company Secretary. To assist shareholders in
understanding the impact of IFRS, note 9 provides a summary overview of the
adjustments from the previously published UK GAAP statements at 30 June 2005.
The disclosures of continuing operations and discontinued operations for
comparative periods have been restated in these interim financial statements to
reflect all operations treated as discontinued at 31 December 2005.
The interim financial statements for the half year ended 31 December 2005 are
not statutory accounts; they have been neither audited nor reviewed by the
Group's auditors.
2. Analysis of revenue and trading profit including associates
Restated
Half year Half year
31 December 2005 31 December 2004
Total Continuing activities Total Continuing activities
Revenue Profit Revenue Profit Revenue Profit Revenue Profit
£000 £000 £000 £000 £000 £000 £000 £000
Building
Products 25,898 2,541 25,898 2,541 21,853 2,428 21,853 2,428
Engineering Products
- Precision
Components 14,163 (796) 12,783 645 16,410 1,131 13,821 1,357
- Industrial
Products 20,699 130 20,699 130 20,015 451 18,659 669
------- ------ ------- ------- -------- ------ -------- ------
60,760 1,875 59,380 3,316 58,278 4,010 54,333 4,454
------- ------ ------- ------- -------- ------ -------- ------
3. Activities discontinued
Discontinued activities in the period comprise the closure of Copal Castings, a
gravity aluminium diecasting manufacturer. The loss on closure comprises
redundancy and other closure costs. Discontinued activities in the prior year
also include G E Bissell & Co., a manufacturer and supplier of spring pins and
disc springs, sold on 14 January 2005.
The results of the discontinued operations that have been included in the
consolidated income statement are as follows:
Half year Half year Year
31 December 31 December 30 June 2005
2005 2004
£000 £000 £000
Revenue 1,380 3,945 6,728
Cost of sales (1,995) (3,561) (6,244)
----------- ---------- --------
Gross profit (615) 384 484
Net operating expenses (826) (828) (3,723)
----------- ---------- --------
Operating loss (1,441) (444) (3,239)
Loss on sale - (1,129) (824)
----------- ---------- --------
Loss before tax (1,441) (1,573) (4,063)
Income tax expense 338 419 1,117
----------- ---------- --------
Loss after taxation (1,103) (1,154) (2,946)
----------- ---------- --------
The net cash flows attributable to discontinued operations are as follows:
Half year Half year Year
31 December 31 December 30 June 2005
2005 2004
£000 £000 £000
Operating cash flows (1,193) (143) (1,989)
Investing cash flows (10) (234) (288)
----------- ---------- --------
Net cash outflow (1,203) (377) (2,277)
----------- ---------- --------
4. Taxation
Half year Half year Year
31 December 31 December 30 June 2005
2005 2004
£000 £000 £000
Current tax - UK Corporation Tax
- continuing operations 735 974 2,365
- discontinued operations (415) (364) (1,117)
---------- ---------- --------
320 610 1,248
Deferred tax - continuing
operations 109 245 221
- discontinued operations 77 (55) -
---------- ---------- --------
186 190 221
---------- ---------- --------
Tax charge in the income
statement 506 800 1,469
---------- ---------- --------
The tax charge in the income
statement is disclosed as follows:
Income tax expense on
continuing operations 844 1,219 2,586
Income tax credit on
discontinued operations (338) (419) (1,117)
---------- ---------- --------
506 800 1,469
---------- ---------- --------
5. Earnings per share
Basic earnings per share is calculated by dividing the net profit for the period
attributable to ordinary equity shareholders of the parent by the weighted
average number of ordinary shares in issue during the year.
Diluted earnings per share is calculated by dividing the net profit attributable
to ordinary equity shareholders of the parent by the weighted average number of
ordinary shares in issue during the year, after allowing for the exercise of
outstanding share options.
The following sets out the income and share data used in the basic and diluted
earnings per share calculations:
Half year Half year Year
31 December 31 December 30 June 2005
2005 2004
£000 £000 £000
Net profit attributable
to equity holders of the
parent - continuing
operations 2,081 2,474 5,111
Loss attributable to
equity holders of the
parent - discontinued
operations (1,103) (1,154) (2,946)
----------- ---------- --------
Net profit attributable
to equity holders of the
parent 978 1,320 2,165
----------- ---------- --------
000s 000s 000s
Basic weighted average
number of shares 35,483 34,924 35,040
Dilutive potential
ordinary shares -
employee share options 140 170 146
----------- ---------- --------
Diluted weighted average
number of shares 35,623 35,094 35,186
----------- ---------- --------
6. Dividends
The directors approved an interim dividend per share of 3.0p (2004: 3.0p) after
the balance sheet date which will be paid on 6 April 2006 to shareholders on the
register at the close of business on 10 March 2006. In accordance with IFRS
accounting requirements, the dividend has not been accrued in the interim
consolidated financial statements.
7. Reconciliation of net cash flow to movement in net (debt)/ cash
Half year Half year Year
31 December 31 December 30 June
2005 2004 2005
As restated As restated
£000 £000 £000
Decrease in cash in the period (1,914) (7,112) (7,405)
Repayment of net debt 410 386 784
---------- --------- --------
Change in net debt from cash
flows in the period (1,504) (6,726) (6,621)
Net (debt)/cash and cash
equivalents at start of period (3,333) 3,288 3,288
---------- --------- --------
Net (debt)/cash and cash
equivalents at end of period (4,837) (3,438) (3,333)
---------- --------- --------
8. Reconciliation of Changes in Equity
Capital Capital
Share Share Other redemption reserve Hedging Retained Minority Total
capital premium reserve reserve own shares reserve earnings interests equity
£000 £000 £000 £000 £000 £000 £000 £000 £000
As at 1 July
2005 -
previously
stated 4,409 27,387 1,551 693 (165) - (12,901) 28 21,002
Adoption of
IAS 32 and IAS
39 148 148
------- ------- ------- ------- ------- ------- ------- ------- -------
As at 1 July
2005 -
restated 4,409 27,387 1,551 693 (165) - (12,753) 28 21,150
Shares issued 2 19 21
Vesting of own
shares 31 31
Net gains/
(losses) on
cash flow
hedges 527 (148) 379
Actuarial
gain/(loss) on
defined
benefit
pensions net
of tax (2,522) (2,522)
Dividends (2,219) (2,219)
Profit for the
period 978 978
------- ------- ------- ------- ------- ------- ------- ------- -------
As at 31
December 2005 4,411 27,406 1,551 693 (134) 527 (16,664) 28 17,818
------- ------- ------- ------- ------- ------- ------- ------- -------
As at 1 July
2004 4,352 26,909 1,727 693 (164) - (12,654) 28 20,891
Shares issued 31 247 278
Increase in
capital
reserve - own
shares (83) (83)
Actuarial
gain/(loss) on
defined
benefit
pensions net
of tax 337 337
Dividends (2,200) (2,200)
Profit for the
period 1,320 1,320
Share based
payments 17 17
------- ------- ------- ------- ------- ------- ------- ------- -------
As at 31
December 2004 4,383 27,156 1,727 693 (247) - (13,180) 28 20,560
------- ------- ------- ------- ------- ------- ------- ------- -------
As at 1 July
2004 4,352 26,909 1,727 693 (164) - (12,654) 28 20,891
Shares issued 57 478 535
Excess
depreciation
on revalued
assets (150) 150 -
Released on
disposal of
property (26) 26 -
Vesting of own
shares 82 (82) -
Increase in
capital
reserve - own
shares (83) (83)
Actuarial
gain/ (loss)
on defined
benefit 673 673
pensions net
of tax
Dividends (3,248) (3,248)
Profit for the
period 2,165 2,165
Share based
payments 69 69
------- ------- ------- ------- ------- ------- ------- ------- -------
As at 30 June
2005 4,409 27,387 1,551 693 (165) - (12,901) 28 21,002
------- ------- ------- ------- ------- ------- ------- ------- -------
9. Restatement of financial statements at 30 June 2005
The published accounts contain comparative figures restated from those published
last year to reflect the adoption of IFRS. Full details of the changes are
available on the Group's website (www.alumasc.co.uk) or from the Company
Secretary at the Registered Office. The following sets out a summary of the
changes made:
Analysis of IFRS adjustments to the Consolidated Income Statement for the year
ended 30 June 2005
Discontinued
UK GAAP Reclass- Other activity
in IFRS Pension Recycled ification adjustments re- As
format Goodwill costs goodwill of tax (net) IFRS statement published
£000 £000 £000 £000 £000 £000 £000 £000 £000
Notes (i) (ii) (iii) (iv) (v)
Continuing
operations
Revenue 120,103 120,103 (5,234) 114,869
Cost of sales (88,924) 286 (43) (88,681) 5,039 (83,642)
------- ------- ------- ------- --------- -------- ------- -------- --------
Gross profit 31,179 - 286 - (43) 31,422 (195) 31,227
Selling and
distribution
costs (10,828) 91 (10,737) 122 (10,615)
Administrative
expenses (14,280) 328 (55) (14,007) 2,664 (11,343)
------- ------- ------- ------- --------- -------- ------- -------- --------
Operating
profit before
goodwill 6,071 - 705 - (98) 6,678 2,591 9,269
amortisation
Goodwill
amortisation (256) 256 - - -
------- ------- ------- ------- --------- -------- ------- -------- --------
Operating
profit 5,815 256 705 - (98) 6,678 2,591 9,269
Finance revenue 24 24 - 24
Finance costs (419) (1,201) (1,620) - (1,620)
------- ------- ------- ------- --------- -------- ------- -------- --------
Share of post
tax profit in 55 (31) 24 - 24
associates
------- ------- ------- ------- --------- -------- ------- -------- --------
Profit before
taxation 5,475 256 (496) - (31) (98) 5,106 2,591 7,697
Taxation (1,470) (30) (368) (1,868) (718) (2,586)
------- ------- ------- ------- --------- -------- ------- -------- --------
Profit for the
year from 4,005 256 (526) - (399) (98) 3,238 1,873 5,111
continuing operations
Discontinued operations
Loss for the
year from (4,732) 3,260 399 (1,073) (1,873) (2,946)
discontinued operations
------- ------- ------- ------- --------- -------- ------- -------- --------
(Loss)/ profit
for the year (727) 256 (526) 3,260 - (98) 2,165 - 2,165
------- ------- ------- ------- --------- -------- ------- -------- --------
Notes
(i) Elimination of goodwill amortisation charge (IFRS 3)
(ii) Additional pension charge arising from the replacement of UK
GAAP charge based on SSAP 24, with a charge based on IAS 19.
(iii) Elimination of the goodwill relating to the Bissell business
sold in January 2005 previously written off and recycled under
UK GAAP (No balance sheet impact).
(iv) Reclassification of tax credits and charges to restate share of
post tax profits in associates and the loss on sale of Bissell
net of tax.
(v) Restatement of Copal's result as a discontinued activity
Analysis of IFRS adjustments to the Consolidated Balance Sheet at 30 June 2005
UK GAAP Software
(in IFRS Pension Other cost
format) Goodwill costs Dividends adjustments reclassified IFRS
£000 £000 £000 £000 £000 £000 £000
Notes (i) (ii) (iii) (iv) (v)
Assets
Non-current assets
Property, plant and
equipment 26,138 (39) (319) 25,780
Goodwill 5,324 256 (24) 5,556
Other intangible
assets 319 319
Investments 487 487
Deferred tax assets 8,873 8,873
-------- --------- ------- ------- -------- -------- --------
31,949 256 8,873 - (63) - 41,015
-------- --------- ------- ------- -------- -------- --------
Current assets 42,457 42,457
-------- --------- ------- ------- -------- -------- --------
Total assets 74,406 256 8,873 - (63) - 83,472
-------- --------- ------- ------- -------- -------- --------
Liabilities
Non-current liabilities
Interest bearing loans
and borrowings (722) (722)
Employee benefits
payable - (27,325) (27,325)
Provisions & deferred
tax liabilities (2,434) (2,434)
-------- --------- ------- ------- -------- -------- --------
(3,156) - (27,325) - - - (30,481)
-------- --------- ------- ------- -------- -------- --------
Current liabilities
Bank overdraft (1,780) (1,780)
Interest bearing loans
and borrowings (831) (831)
Employee benefits
payable (230) (2,022) (2,252)
Trade and
other payables (28,503) 2,219 (138) (26,422)
Income tax payable (704) (704)
-------- --------- ------- ------- -------- -------- --------
(32,048) - (2,022) 2,219 (138) - (31,989)
-------- --------- ------- ------- -------- -------- --------
Total liabilities (35,204) (29,347) 2,219 (138) - (62,470)
-------- --------- ------- ------- -------- -------- --------
Net assets 39,202 256 (20,474) 2,219 (201) - 21,002
-------- --------- ------- ------- -------- -------- --------
Equity
Group shareholders'
equity 39,174 256 (20,474) 2,219 (201) 20,974
Minority interest 28 28
-------- --------- -------- ------- -------- -------- --------
Total equity 39,202 256 (20,474) 2,219 (201) - 21,002
-------- --------- -------- ------- -------- -------- --------
Notes
(i) Elimination of goodwill amortisation charged in the year to 30 June 2005
(IFRS 3)
(ii) Pension fund deficit recognised (IAS 19)
Deferred tax asset arising on the recognition of the pension fund deficit
(iii) Elimination of provision for proposed dividends not approved by
shareholders until after the year end (IAS 10)
(iv) Other adjustments
(v) Reclassification of IT software to other intangible assets (IAS 38)
This information is provided by RNS
The company news service from the London Stock Exchange
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