Interim Results
Camellia PLC
28 September 2006
Camellia Plc
Interim report 2006
Chairman's statement
The pre-tax profit from continuing operations of £4,277,000 for the six months
to the 30 June 2006 compares with a profit of £2,455,000 for the same period
last year.
The above mentioned profit for the six months includes a biological asset fair
value gain of £2,471,000 as against a £72,000 loss in the same period last year.
The board has declared an interim dividend of 20p per ordinary share payable on
8 November 2006 to shareholders on the register on 13 October 2006.
Tea
India
Tea production in India is on a par with the previous year. Average prices for
our Dooars tea have been slightly ahead of those of the previous year whilst
those in Assam are approximately 10 per cent. ahead. Rainfall to date has been
unpredictable and the effect of this on the full year's production is difficult
to anticipate.
Bangladesh
Bangladesh suffered a prolonged drought at the beginning of this year and
production was behind by over one million kilos at the half year stage. Tea
prices have been slightly ahead for the first six months but have recently shown
a considerable increase. It is unlikely that the deficit in production will be
made up in the second part of the year.
Africa
Kenya also suffered from an extensive drought at the beginning of the year
which, like Bangladesh, affected production significantly. At the half year
stage crops were two million kilos behind the same period in 2005. The shortage
of tea in the Kenyan market has however led to a substantial price increase of
approximately 40 per cent. and, if this is maintained in the second half of the
year, should go some way towards mitigating the effects of the drought. The
Kenyan shilling does, however, remain strong against the US dollar, which
reduces the benefit to us of the higher tea prices.
Malawi escaped the drought and at the half year stage was one million kilos
ahead of the previous year, which was however affected by the drought in 2005.
Prices in Malawi are also ahead of last year by some 20 per cent. and the
prospects for the year appear encouraging.
Progress has been made in the disposal of tea assets located in South Africa and
it is hoped that this exercise will be finalised by the end of the year.
Edible nuts
The drought at the time of flowering in the macadamia orchards in Malawi and
South Africa has, as expected, led to a decline in production. Prices are also
some 30 per cent. below those prevailing last year. The harvest of the pistachio
orchards in California will commence shortly. California has recently
experienced long periods of very hot weather and the effect this may have on
ultimate production levels is uncertain.
Other horticulture
Citrus production in California continues to expand as the orchards mature. The
citrus operations in South Africa and Chile have produced poor results, due to
low crops and indifferent prices.
The table grape operations in both these countries has also been disappointing
with very low production in South Africa and reduced prices in Chile.
Wine grape production has increased in Chile with reasonable prices. Although,
the harvest in South Africa for the wine grapes was reduced, sales of bottled
wine have recently showed some improvement in a difficult market.
Avocado production in Kenya continues to expand as the orchards mature. The new
packing shed opened on time to enable the 2006 harvest to be exported by us
directly to Europe and the initial results look to be encouraging.
Production of soya and maize in Brazil was up to expectation and in excess of
the previous year although prices remain somewhat depressed, particularly for
soya.
The drought in Bangladesh has affected the production of rubber for the first
six months but prices are well ahead of the previous year.
Food storage and distribution
There has been a modest reduction in the losses incurred at Associated Cold
Stores & Transport. The company continues to operate in a very competitive
environment and significant over capacity in the storage market generally
remains a problem. The fortunes of our food distribution business in The
Netherlands have also shown a small improvement.
Engineering
Continuing buoyant oil prices have resulted in our engineering activities
performing ahead of expectation. Abbey Metal also improved its results on
account of increased activity in the aerospace and defence markets.
Banking
Our banking operations have performed well compared with the prior year and
budget. Duncan Lawrie has recently announced the purchase of the Hill Martin
group. This acquisition will add significantly to funds under management and
will also provide a substantial boost to the financial planning side of the
Duncan Lawrie group's business.
Pharmaceutical
The Siegfried group increased its sales by 13.9 per cent. over the same period
last year. Operating profits increased by 1.7 per cent. but profits before tax
were slightly lower due to increased finance costs. The group expects to
maintain growth during the second half of the year.
Other associated undertakings
In Bangladesh the profitability of the United Leasing Company and the United
Insurance Company are on a par with the previous year. The Surmah Valley Tea
Company, a subsidiary of United Insurance, has however suffered from the impact
of the drought.
Prospects
It is unlikely that the shortfall of tea production in Kenya and Bangladesh will
be recovered by the end of the year but prices, if they are maintained at the
present level, should compensate for this shortfall. The full year's results
will, of course, be without the contributions in the previous year from the
disposal of East African Coffee Plantations Limited in Australia and the effect
of the restructuring of the group following the merger with Linton Park Plc in
November 2005. It is, however, difficult to make any prediction as to the
outcome for the full year.
M C Perkins
Chairman
28 September 2006
Consolidated income statement
for the six months ended 30 June 2006
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
Notes £'000 £'000 £'000
Continuing operations
Revenue 2 72,305 70,422 152,743
Cost of sales (55,743) (55,497) (107,968)
-------- -------- ---------
Gross profit 16,562 14,925 44,775
Other operating income 1,247 1,373 2,373
Distribution costs (2,799) (3,207) (7,969)
Administrative expenses (16,507) (15,955) (35,978)
-------- -------- ---------
Trading (loss)/profit 2 (1,497) (2,864) 3,201
Share of associates' results 3 1,869 2,343 5,842
Profit on disposal of
non-current assets 4 1,019 448 874
Profit on disposal of
'available-for-sale' investments 151 1,970 2,488
Profit on part disposal of a
subsidiary 5 - 795 795
Gain/(loss) arising from
changes in fair value of
biological assets 2,471 (72) 4,147
Gain on group restructuring 6 - - 5,523
-------- -------- ---------
Profit from operations 4,013 2,620 22,870
Investment income 828 873 1,313
Net finance costs 7 (564) (1,038) (1,908)
-------- -------- ---------
Profit before tax 4,277 2,455 22,275
Taxation 8 (1,466) (345) (1,764)
-------- -------- ---------
Profit for the period from
continuing operations 2,811 2,110 20,511
Discontinued operations
Profit for the period from
discontinued operations 9 - 3,058 3,058
-------- -------- ---------
Profit for the period 2,811 5,168 23,569
======== ======== =========
Profit attributable to
minority interests 529 941 3,243
Profit attributable to equity
shareholders 2,282 4,227 20,326
-------- -------- --------
2,811 5,168 23,569
======== ======== ========
Earnings per share - basic
and diluted 10 82.1p 166.9p 793.2p
Earnings per share from
continuing operations - basic
and diluted 10 82.1p 64.7p 692.2p
Consolidated balance sheet
at 30 June 2006
30 June 30 June 31 December
2006 2005 2005
Notes £'000 £'000 £'000
Non-current assets
Goodwill 4,220 4,220 4,220
Intangible assets 404 429 368
Property, plant and equipment 11 78,358 81,740 82,069
Biological assets 78,299 77,409 86,679
Prepaid operating leases 967 968 1,062
Investments in associates 63,830 60,142 65,672
Deferred tax assets 2,084 2,243 1,330
Financial assets 52,712 45,216 61,831
Retirement benefit surplus 2,390 2,430 2,634
Trade and other receivables 519 148 583
--------- --------- ---------
Total non-current assets 283,783 274,945 306,448
--------- --------- ---------
Current assets
Inventories 18,625 20,290 18,204
Trade and other receivables 53,284 56,271 50,699
Current income tax assets 2,024 1,697 1,820
Cash and cash equivalents 12 210,055 175,045 170,940
--------- --------- ---------
283,988 253,303 241,663
Non-current assets classified
as held for sale 675 - 1,036
--------- --------- ---------
Total current assets 284,663 253,303 242,699
--------- --------- ---------
Current liabilities
Borrowings 13 (25,881) (23,186) (21,234)
Trade and other payables (234,691) (199,218) (201,779)
Current income tax liabilities (2,213) (3,859) (1,888)
Other employee benefit obligations (179) (246) (190)
Provisions (49) (134) (88)
--------- --------- ---------
Total current liabilities (263,013) (226,643) (225,179)
--------- --------- ---------
Net current assets 21,650 26,660 17,520
--------- --------- ---------
Total assets less current liabilities 305,433 301,605 323,968
--------- --------- ---------
Non-current liabilities
Borrowings 13 (11,371) (11,730) (10,959)
Deferred tax liabilities (26,169) (26,573) (27,061)
Retirement benefit obligations (14,784) (28,564) (21,284)
Other employee benefit obligations (1,331) (1,502) (1,399)
Other non-current liabilities (417) (543) (353)
Provisions (70) (38) (70)
--------- --------- ---------
Total non-current liabilities (54,142) (68,950) (61,126)
--------- --------- ---------
Net assets 251,291 232,655 262,842
========= ========= =========
Equity
Called up share capital 284 260 284
Reserves 232,357 192,490 241,632
--------- --------- ---------
Shareholders' funds 16 232,641 192,750 241,916
Minority interests 16 18,650 39,905 20,926
--------- --------- ---------
Total equity 251,291 232,655 262,842
========= ========= =========
Consolidated cash flow statement
for the six months ended 30 June 2006
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
Notes £'000 £'000 £'000
Cash generated from operations
Cash flows from operating
activities 14 (6,252) 2,155 20,753
Interest paid (1,205) (1,279) (2,551)
Income taxes paid (1,407) (770) (3,435)
Interest received 366 542 635
Dividends received from associates 1,826 1,530 1,564
-------- -------- ---------
Net cash flow from continuing
operating activities (6,672) 2,178 16,966
Net cash flow from discontinued
operating activities - (2,083) 1,730
-------- -------- ---------
Net cash flow from operating activities (6,672) 95 18,696
-------- -------- ---------
Cash flows from investing activities
Purchase of intangible assets (108) (24) (105)
Purchase of property, plant and
Equipment (4,908) (2,022) (6,844)
Proceeds from sale of non-current assets 1,351 1,490 2,418
Disposal of subsidiaries/businesses
(net of cash disposed) - 12,883 12,883
Part disposal of a subsidiary - 1,673 1,673
Acquisition of subsidiary
(net of cash acquired) - (4,393) (4,393)
Purchase of minority interests - - (3,027)
Purchase of shares in associate (20) - (16)
Proceeds from sale of investments 5,381 2,595 3,200
Purchase of investments (246) (299) (7,141)
Income from investments 827 873 1,313
Net cash flow from discontinued
operations - (1,095) (1,430)
-------- -------- ---------
Net cash flow from investing activities 2,277 11,681 (1,469)
-------- -------- ---------
Cash flows from financing activities
Equity dividends paid - - (2,284)
Dividends paid to minority interests (699) (1,617) (1,306)
Net increase/(repayment) of debt 4,517 (8,270) (9,213)
Minority shares subscribed 532 - -
-------- -------- ---------
Net cash flow from financing activities 4,350 (9,887) (12,803)
-------- -------- ---------
Net (decrease)/increase in cash
and cash equivalents 15 (45) 1,889 4,424
Cash and cash equivalents at
beginning of period (6,435) (10,637) (10,637)
Exchange gains/(losses) on cash
equivalents 530 (180) (222)
-------- -------- ---------
Cash and cash equivalents at end
of period (5,950) (8,928) (6,435)
======== ======== =========
For the purposes of the cash flow statement, cash and cash equivalents are
included net of overdrafts repayable on demand. These overdrafts are excluded
from the definition of cash and cash equivalents disclosed on the balance sheet.
For the purposes of the cash flow statement cash and cash equivalents comprise:
Cash and cash equivalents 210,055 175,045 170,940
Less banking operation funds (197,343) (164,324) (159,757)
Overdrafts repayable on demand
(included in current liabilities
- borrowings) (18,662) (19,649) (17,618)
-------- -------- ---------
(5,950) (8,928) (6,435)
======== ======== =========
Statement of recognised income and expense
for the six months ended 30 June 2006
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
Foreign exchange translation
differences (17,352) 3,910 12,725
Actuarial movement on defined
benefit pension schemes 5,852 (2,704) 4,310
Movement on deferred tax relating
to defined benefit pension schemes (1,383) (51) 1,204
Available-for-sale investments:
Valuation (loss)/gain taken to
equity (1,045) 1,011 7,124
Transferred to profit or loss on
sale 10 (1,191) (1,562)
Other fair value adjustment - - 135
Share of associates' net movement in
defined benefit pension schemes (85) - -
Share of associates' fair value
adjustments (106) (32) (45)
Share of associates' profit/(loss) on
cash flow hedges 427 (632) (585)
-------- -------- ---------
Net (expense)/income recognised
directly in equity (13,682) 311 23,306
Profit for the period 2,811 5,168 23,569
-------- -------- ---------
Total recognised income and
expense for the period (10,871) 5,479 46,875
======== ======== =========
Attributable to:
Minority interests (2,109) 630 5,767
Equity shareholders (8,762) 4,849 41,108
-------- -------- ---------
(10,871) 5,479 46,875
======== ======== =========
Notes to the accounts
1 Basis of preparation
These financial statements are the interim consolidated financial statements of
Camellia Plc, a company registered in England, and its subsidiaries (the
'group') for the six month period ended 30 June 2006 (the 'Interim Report').
They should be read in conjunction with the Report and Accounts (the 'Annual
Report') for the year ended 31 December 2005.
The financial information contained in this interim report has not been audited
and does not constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985. A copy of the statutory accounts for the year ended 31
December 2005 has been delivered to the Registrar of Companies. The auditors'
opinion on these accounts was unqualified and does not contain a statement made
under Section 237(2) and Section 237(3) of the Companies Act 1985.
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS') including IAS 34 'Interim
Financial Reporting'. For these purposes, IFRS comprise the Standards issued by
the International Accounting Standards Board ('IASB') and Interpretations issued
by the International Financial Reporting Interpretations Committee ('IFRIC')
that have been endorsed by the European Union.
The interim financial information has also been prepared on the basis of
accounting policies consistent with those applied in the financial statements
for the year ended 31 December 2005.
Any Standards or Interpretations which apply or are expected to apply for the
first time for the year ended 31 December 2006 are not considered to have any
material impact on the group.
Where necessary, the comparatives have been reclassified from the previously
reported interim results to take into account any presentational changes made in
the Annual Report.
2 Segment reporting
Six months ended Six months ended Year ended
30 June 2006 30 June 2005 31 December 2005
Revenue Trading profit Revenue Trading profit Revenue Trading profit
£'000 £'000 £'000 £'000 £'000 £'000
Agriculture and horticulture 37,863 (599) 36,746 (1,204) 83,861 6,506
Engineering 10,082 711 9,705 458 19,441 223
Food storage and distribution 18,676 (294) 19,016 (755) 38,734 (1,004)
Banking and financial services 5,203 1,126 4,492 597 9,350 1,303
Other operations 481 311 463 437 1,357 339
-------- --------- -------- --------- -------- ---------
72,305 1,255 70,422 (467) 152,743 7,367
======== ======== ========
Unallocated corporate expenses (2,752) (2,397) (4,166)
--------- --------- ---------
Trading (loss)/profit (1,497) (2,864) 3,201
Share of associates' results 1,869 2,343 5,842
Profit on disposal of
non-current assets 1,019 448 874
Profit on disposal of
'available-for-sale'
investments 151 1,970 2,488
Profit on part disposal of a
subsidiary - 795 795
Gain/(loss) arising from
changes in fair value
of biological assets 2,471 (72) 4,147
Gain on group restructuring - - 5,523
Investment income 828 873 1,313
Net finance costs (564) (1,038) (1,908)
--------- --------- ---------
Profit before tax 4,277 2,455 22,275
Taxation (1,466) (345) (1,764)
Profit for the period from
discontinued operations - 3,058 3,058
--------- --------- ---------
Profit after tax and
discontinued operations 2,811 5,168 23,569
========= ========= =========
3 Share of associates' results
The group's share of the results of associates is analysed below:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
Operating profit 2,803 2,837 7,748
Net finance costs (484) 113 (692)
---------- ---------- -----------
Profit before tax 2,319 2,950 7,056
Taxation (450) (607) (1,214)
---------- ---------- -----------
Profit after tax 1,869 2,343 5,842
========== ========== ===========
4 Profit on disposal of non-current assets
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
Profit on disposal of property, plant
and equipment associated with the
production of tea in South Africa 90 - 525
Profit on disposal of other land
and property 929 448 349
-------- -------- --------
1,019 448 874
======== ======== ========
5 Profit on part disposal of a subsidiary
In 2005 a profit of £795,000 was realised following completion of the sale of
1,673,000 ordinary shares (8 per cent.) in the group's subsidiary, Eastern
Produce Kenya Limited.
6 Gain on group restructuring
In 2005, Camellia Plc acquired the outstanding minority shareholding in Linton
Park Plc. A gain of £6,529,000 was realised as the consideration paid was lower
than the net assets acquired. This gain has been partially offset by expenses
incurred in relation to the transaction of £1,006,000.
7 Net finance costs
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
Interest payable on loans and
bank overdrafts (1,208) (1,219) (2,445)
Interest payable on obligations
under finance leases (72) (60) (121)
-------- -------- --------
Total borrowing costs (1,280) (1,279) (2,566)
-------- -------- --------
Pension liability interest cost (2,850) (2,896) (6,613)
Expected return on pension assets 3,300 2,676 6,351
-------- -------- --------
Net pension liability interest 450 (220) (262)
-------- -------- --------
Net exchange (loss)/gain on
foreign currency borrowings (100) (81) 213
-------- -------- --------
Finance costs (930) (1,580) (2,615)
Bank interest received 366 542 707
-------- -------- --------
Net finance costs (564) (1,038) (1,908)
======== ======== ========
The above figures do not include any amounts relating to the banking subsidiaries.
8 Taxation on profit on ordinary activities
Six months ended Six months ended Year ended
30 June 2006 30 June 2005 31 December 2005
£'000 £'000 £'000 £'000 £'000 £'000
Current tax
UK corporation tax 7 146 68
Overseas corporation tax 1,601 1,027 1,990
-------- -------- --------
Total current tax 1,608 1,173 2,058
Deferred tax
Origination and reversal of timing differences
UK (296) 404 (1,855)
Overseas 154 (1,232) 1,561
-------- -------- --------
Total deferred tax (142) (828) (294)
-------- -------- --------
Tax on profit on ordinary activities 1,466 345 1,764
======== ======== ========
9 Discontinued operations
In 2005, the group disposed of its 70.5 per cent. holding in East African Coffee
Plantations Limited (EACP), as a result the revenue and results of the EACP
group have been excluded from the income statement and are recorded in a single
line on a post-tax basis.
10 Earnings per share (EPS)
Six months ended Six months ended Year ended
30 June 2006 30 June 2005 31 December 2005
Earnings EPS Earnings EPS Earnings EPS
£'000 Pence £'000 Pence £'000 Pence
Basic and diluted EPS
Continuing and discontinued operations
Attributable to ordinary shareholders 2,282 82.1 4,227 166.9 20,326 793.2
======== ======== ======== ======== ======== ========
Continuing operations
Attributable to ordinary shareholders 2,282 82.1 1,638 64.7 17,737 692.2
======== ======== ======== ======== ======== ========
Discontinued operations
Attributable to ordinary shareholders - - 2,589 102.2 2,589 101.0
======== ======== ======== ======== ======== ========
Basic and diluted earnings per share are calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of ordinary
shares in issue of 2,779,864 (2005: six months 2,532,500 - year 2,562,401),
excluding 62,500 (2005: six months 62,500 - year 62,500) shares held by the
group as treasury shares.
11 Property, plant and equipment
During the six months ended 30 June 2006 the group acquired assets with a cost
of £4,908,000 (2005: six months £4,595,000 - year £8,274,000). Assets with a
carrying amount of £296,000 were disposed of during the six months ended 30 June
2006 (2005: six months £1,001,000 - year £1,544,000).
12 Cash and cash equivalents
Included in cash at banks and in hand of £210,055,000 (2005: six months
£175,045,000 - year £170,940,000) are cash and short-term funds, time deposits
with banks and building societies and certificates of deposit amounting to
£197,343,000 (2005: six months £164,324,000 - year £159,757,000), which are held
by banking subsidiaries and which are an integral part of the banking operations
of the group.
13 Borrowings
Borrowings (current and non-current) include loans and finance leases of
£18,590,000 (year: £14,575,000) and bank overdrafts of £18,662,000 (year:
£17,618,000). The following loans and finance leases were issued and repaid
during the six months ended 30 June 2006:
£'000
Balance at 1 January 2006 14,575
Exchange differences (502)
New issues
Loans 6,279
Finance lease liabilities 387
Repayments
Loans (1,746)
Finance lease liabilities (403)
--------
Balance at 30 June 2006 18,590
========
14 Reconciliation of profit from operations to cash flow
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
Profit from operations 4,013 2,620 22,870
Share of associates' results (1,869) (2,343) (5,842)
Depreciation and amortisation 3,897 3,817 7,249
Impairment of non-current assets - - 336
(Gain)/loss arising from changes in fair
value of biological assets (2,471) 72 (4,147)
Loss on disposal of investment - - 25
Profit on disposal of non-current assets (1,145) (448) (874)
Profit on part disposal of a subsidiary - (795) (795)
Profit on disposal of investments (151) (1,970) (2,488)
Restructuring costs and negative goodwill - - (5,523)
Decrease in working capital 29,061 27,348 31,521
Net increase in funds of banking subsidiaries (37,587) (26,146) (21,579)
--------- -------- ---------
Cash flows from operating activities (6,252) 2,155 20,753
========= ======== =========
15 Reconciliation of net cash flow to movement in net debt
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2006 2005 2005
£'000 £'000 £'000
(Decrease)/increase in cash and cash
equivalents in the period (45) 1,889 4,424
Cash (inflow)/outflow from
(increase)/decrease in debt (4,130) 8,458 11,771
--------- --------- ---------
(Increase)/decrease in net debt
resulting from cash flows (4,175) 10,347 16,195
Net cash balances of business sold - - (1,434)
Loans of subsidiaries sold - 2,002 2,002
New finance leases (387) (188) (1,124)
Exchange rate movements 1,032 (211) (504)
--------- --------- ---------
(Increase)/decrease in net debt in
the period (3,530) 11,950 15,135
Net debt at beginning of period (21,010) (36,145) (36,145)
--------- --------- ---------
Net debt at end of period (24,540) (24,195) (21,010)
========= ========= =========
16 Statement of changes in shareholders' equity
Share Share Treasury Retained Other Minority Total
capital premium shares earnings reserves Total interest equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2005 260 423 (400) 147,209 39,997 187,489 44,248 231,737
Exchange differences - - - - 3,625 3,625 285 3,910
Net profit - - - 4,227 - 4,227 941 5,168
Dividends - - - - - - (678) (678)
Actuarial loss - - - (2,233) - (2,233) (471) (2,704)
Deferred tax on actuarial loss - - - (67) - (67) 16 (51)
Disposal of subsidiary - - - - - - (4,334) (4,334)
Distribution prior to disposal of
subsidiary - - - - - - (941) (941)
Available-for-sale investments:
Valuation gains taken to equity - - - - 1,011 1,011 - 1,011
Transfer to profit or loss on sale - - - - (1,191) (1,191) - (1,191)
Share of associates' fair value
adjustments - - - (23) - (23) (9) (32)
Share of associates' change in
treasury shares - - - 412 - 412 108 520
Share of associates' loss on cash
flow hedges - - - (500) - (500) (132) (632)
Part disposal of a subsidiary - - - - - - 872 872
------- ------- ------- --------- -------- --------- -------- ---------
At 30 June 2005 260 423 (400) 149,025 43,442 192,750 39,905 232,655
======= ======= ======= ========= ======== ========= ======== =========
At 1 January 2005 260 423 (400) 147,209 39,997 187,489 44,248 231,737
Exchange differences - - - - 10,917 10,917 1,808 12,725
Net profit - - - 20,326 - 20,326 3,243 23,569
Dividends - - - (2,284) - (2,284) (1,306) (3,590)
Actuarial gain - - - 3,331 - 3,331 979 4,310
Deferred tax on actuarial gain - - - 1,216 - 1,216 (12) 1,204
Available-for-sale investments:
Valuation gains taken to equity - - - - 7,100 7,100 24 7,124
Transfer to profit or loss on sale - - - - (1,409) (1,409) (153) (1,562)
Other fair value adjustment - - - - 135 135 - 135
Acquisition of minority interests - - - - - - (23,546) (23,546)
Disposal of subsidiary - - - - - - (4,334) (4,334)
Distribution prior to disposal of
subsidiary - - - - - - (941) (941)
New shares issued on acquisition 24 14,875 - - - 14,899 - 14,899
Share of associates' fair value
adjustments - - - (45) - (45) - (45)
Share of associates' loss on cash
flow hedges - - - (463) - (463) (122) (585)
Share of associates' change in
treasury shares - - - 681 - 681 161 842
Share of associates' employee
share plan - - - 23 - 23 5 28
Part disposal of a subsidiary - - - - - - 872 872
------- -------- -------- --------- -------- --------- -------- ---------
At 31 December 2005 284 15,298 (400) 169,994 56,740 241,916 20,926 262,842
------- -------- -------- --------- -------- --------- -------- ---------
Exchange differences - - - - (14,714) (14,714) (2,638) (17,352)
Net profit - - - 2,282 - 2,282 529 2,811
Dividends - - - - - - (699) (699)
Actuarial gain - - - 5,852 - 5,852 - 5,852
Deferred tax on actuarial gain - - - (1,383) - (1,383) - (1,383)
Minority subscription - - - - - - 532 532
Available-for-sale investments:
Valuation loss taken to equity - - - - (1,045) (1,045) - (1,045)
Transfer to profit or loss on sale - - - - 10 10 - 10
Share of associates' fair value
adjustments - - - (106) - (106) - (106)
Share of associates' change in
treasury shares - - - (499) - (499) - (499)
Share of associates' profit on cash
flow hedges - - - 427 - 427 - 427
Share of associates' other
movements - - - (99) - (99) - (99)
------- -------- -------- --------- -------- --------- -------- ---------
At 30 June 2006 284 15,298 (400) 176,468 40,991 232,641 18,650 251,291
======= ======== ======== ========= ======== ========= ======== =========
17 Subsequent event
On 11 August 2006, Duncan Lawrie Holdings Limited, a subsidiary of Camellia Plc,
made an offer to acquire the entire issued and to be allotted share capital of
Hill Martin Limited and Hill Martin (Holdings) Limited. The initial
consideration will be, in aggregate, £4,231,159. Deferred consideration may be
payable, subject to contingencies, in respect of the acquisition of Hill Martin
Limited. Hill Martin Limited provides financial planning services. Hill Martin
(Holdings) Limited is the holding company of Hill Martin (Asset Management)
Limited which provides private client investment management services.
Press Enquiries: Malcolm Perkins, Chairman
Tel: 01622 746655
This information is provided by RNS
The company news service from the London Stock Exchange
Wednesday, 15th May 2024
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