Amendment to Dividend record date

RNS Number : 4262A
Heavitree Brewery PLC
19 February 2014
 



The Heavitree Brewery PLC

Trood Lane

 Matford

 Exeter EX2 8YP

 

Date:                14 February 2014

 

Contact:           Graham Crocker - Managing Director - 01392 217733

Nicola McLean - Company Secretary - 01392 217733

Pascal Keane - Shore Capital - 0207 408 4090

 

 

Following a Board Meeting held today, 14 February 2014, the Directors announce the preliminary statement of results for the year ended 31 October 2013.

 

ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares

ISIN: GB0004182506 for Ordinary Shares

 

 

Chairman's statement

 

Despite a small drop in turnover due to a loss in rental income from two houses that were closed and then sold during the year, the Company has returned an increase in profitability for the year under review.

 

Results

Turnover for the Group decreased by £37,000 (0.51%) to £7,231,000. However, a Group Operating Profit of £1,345,000 after consolidation adjustments was generated which showed an 8.03% increase (£100,000) on the previous year. 

Heavitree Inns remained dormant throughout the year.

Heavitree Inc. generated an operating loss of £13,000 (2012 - profit of £10,000).

 

Key Performance indicators

Adjusted Operating Profit before Taxation £1,345,000 was up 8.03% on last year.

Interest costs were covered 7.27 times.

 

 

Dividend

The Directors recommend a final dividend of 3.5 p per Ordinary and 'A' Limited Voting Ordinary Share (2012 - 3.5p) making a total for the year of 7p, which is unchanged from last year.  The dividend will be paid on 25 April 2014, subject to shareholder approval at the Annual General Meeting on 16 April 2014, to shareholders on the Register at 4 April 2014.

 

Sale of Property

The Full Quart at Hewish and The Bishop John de Grandisson at Bishopsteignton were sold in the year. This resulted in a net loss of £85,000.

   

Capital Investments

I reported last year that we had converted the St. Loyes pub in Exeter into six apartments.  Four have been marketed for sale and at the time of writing all have buyers who are soon to complete.  The other two are being rented out.

A house near one of our pubs in Honiton Clyst near Exeter has been converted into two cottages, and again both have been rented out.

The conversion of the Malsters Arms old skittle alley into a detached house was completed in July 2013.

Work has started on two further closed sites.  The Red Lion at Ashburton is being converted into four apartments and a retail unit. The Country House Inn in Exeter has been demolished and tenders are being sought for the building of three houses which have been granted planning approval.

 

Pension Scheme

The Company continues to meet its funding obligations to its closed final salary Pension Scheme.  The next triennial valuation of the scheme fell due on 1 January 2014 and should be completed by the scheme's actuary later in the year.

 

Repurchase of shares

The Company did not repurchase any of its own shares during the year under review but the Directors intend to seek shareholder approval at the forthcoming Annual General Meeting for the continuing authority to do so.

 

Outlook

The uncertainty surrounding the imposition of a statutory code of practice remains for Public House companies, with the Government having missed the most recent deadline of 8 January 2014 set by the Business Innovation and Skills Committee (BISC) to reveal its intentions towards intervening in the tenanted pub company model.  We have already had our own Code of Practice ratified by the British Beer and Pub Association.

 

The Company believes that any upturn in the economy will be slow to filter through to boost customer confidence and expects that trading conditions will remain difficult in the coming year.  This year's set of results have been buoyed by strong controls of general costs and our good margins.  I am very grateful for the dedication of our team at Head Office and the performance of our tenants and leaseholders.

 

 

 

 

 

N H P TUCKER
Chairman

 

 

 

 

 

 

Group income statement

for the year ended 31 October 2013

 

 

 

 

 

Notes

 

Total

2013

£000

 

Total

2012

£000

Revenue

 

7,231

7,268

Change in stocks

 

-

-

Other operating income

 

166

144

Purchase of inventories

 

(3,079)

(3,097)

Staff costs

 

(1,102)

(1,211)

Depreciation of property, plant and equipment

 

 

(240)

 

(293)

Other operating charges

 

(1,631)

(1,566)

 

 

(5,886)

(6,023)

Group operating profit

 

1,345

1,245

(loss)/profit on sale of property plant and equipment

 

(85)

123

Movements in valuation of estate and related assets

 

-

   (244)

Group profit before finance costs and taxation

 

 

1,260

 

1,124

Finance income

 

22

26

Finance costs

 

(207)

(168)

Other finance costs - pensions

 

(61)

(55)

 

 

(246)

(197)

 

 

 

 

Profit before taxation

 

1,014

927

Tax expense

 

(270)

(296)

 

 

 

 

Profit  for the year attributable to equity holders of the parent

 

 

744

 

631

 

 

 

 

Basic earnings per share

2

14.8p

12.5p

 

 

 

 

Diluted earnings per share

2

14.8p

12.5p

 

All amounts in 2013 and 2012 relate to continuing operations.



 

Group statement of comprehensive income

for the year ended 31 October 2013


2013

£000

2012

£000

Profit for the year

 

744

631

Items that may be reclassified to profit or loss



Actuarial gains/(losses)on defined benefit pension plans

8

(868)

Tax relating to items that will not be reclassified

(2)

208


6

(660)

 

Items that may be reclassified to profit or loss



Cash flow hedges

22

(75)

Fair value adjustments

-

(26)

Tax relating to items that may be recalssified

(7)

18


15

(83)




Other comprehensive income for the year,net of tax

765

(112)

Total comprehensive income attributable to:

Equity holders of parent

765

(112)

 

 

 

Group balance sheet

at 31 October 2013

 

 

 

 

2013

£000

 

 

 

2012

£000

Non-current assets

 




Property, plant and equipment

 

14,717


14,833

Financial assets

 

27


28

Deferred tax asset

 

265


417

 

 

15,009


15,278

Current assets

 




Inventories

 

10


10

Trade and other receivables

 

1,739


1,362

Cash and cash equivalents

 

65


78


 

1,814


1,450

Assets held for sale

 

444


525

Total assets

 

17,267


17,253

Current liabilities

 




Trade and other payables

 

(835)


(970)

Financial liabilities

 

(1,144)


(1,454)

Income tax payable

 

(52)


(102)


 





 

(2,031)


(2,526)

Non-current liabilities

 




Other payables


(241)


(292)

Financial liabilities

 

(5,011)


(4,261)

Deferred tax liabilities

 

(212)


(220)

Defined benefit pension plan deficit

 

(1,208)


(1,662)


 

(6,672)


(6,435)

Total liabilities

 

(8,703)


(8,961)

Net assets

 

8,564


8,292

 

 




Capital and reserves

 




Equity share capital

 

264


264

Capital redemption reserve

 

673


673

Treasury shares

 

(1,002)


(875)

Fair value adjustments reserve

 

8


8

Cash flow hedging reserve

 

(42)


(57)

Currency translation

 

6


6

Retained earnings

 

8,657


8,273

Total equity

 

8,564


8,292

 

Group statement of cash flows

for the year ended 31 October 2013

 


 

 

 

 

 

2013

£000

 

 

 

2012

£000

Operating activities





Profit for the year


744


631

Tax expense


270


296

Net finance costs


246


197

Loss/(profit) on disposal of non current assets and assets held for sale


85


(101)

Depreciation and impairment of property, plant and equipment


240


537

Difference between pension contributions paid and amounts





   recognised in the income statement


(507)


(507)

Increase in trade and other receivables


(2)


(100)

(Decrease)/increase in trade and other payables


(112)


125






Cash generated from operations


964


1,078

Income taxes paid


  (185)


  (246)

Interest paid


  (207)


  (168)






Net cash flow from operating activities


572


664






Investing activities





Interest received


22


26

Proceeds from sale of property, plant and equipment and assets held for sale


 

309


 

534

Payments to acquire property, plant and equipment


(884)


(1,386)






Net cash outflow from investing activities


(553)


(826)






Financing activities





Preference dividend paid


(1)


(1)

Equity dividends paid


(352)


(354)

Consideration received by EBT on sale of shares


41


54

Consideration paid by EBT on purchase of shares


(182)


(112)

New long-term borrowings


750


250






Net cash flow from financing activities


256


(163)






Decrease in cash and cash equivalents


275


(325)

Cash and cash equivalents at the beginning of the year


(1,301)


(976)






Cash and cash equivalents at the year end


(1,026)


(1,301)

 

 

 

Group statement of changes in equity

for the year ended 31 October 2013


Equity share capital

£000

Capital redemption reserve

£000

 

Treasury shares

£000

Fair value adjustment reserve

£000

 

Currency translation

£000

Cash flow hedge reserve

£000

 

Retained earnings

£000

 

Total equity

£000

At 1 November 2011

264

673

(840)

34

6

-

8,679

8,816










Profit for the year

-

-

-

-

-

-

631

631

Other comprehensive






-



income for the year

net of income tax

-

-

-

(26)

-

(57)

(660)

(743)

Total comprehensive









income for the year

-

-

-

(26)

-

(57)

(29)

(112)

Consideration received









 by EBT on sale of

shares

 

-

 

-

 

54

 

-

 

-

 

-

 

-

 

54

Consideration paid by

 









EBT on purchase of shares        

-

-

(112)

-

-

-

-

(112)

Loss by EBT on sale









 of shares

-

-

23

-

-

-

(23)

-

Equity dividends paid

-

-

-

-

-

-

(354)

(354)

At 31 October 2012

264

673

(875)

8

6

(57)

8,273

8,292

 

 


Equity share capital

£000

Capital redemption reserve

£000

 

Treasury shares

£000

Fair value adjustment reserve

£000

 

Currency translation

£000

Cash flow hedge reserve

£000

 

Retained earnings

£000

 

Total equity

£000

At 1 November 2012

264

673

(875)

8

6

(57)

8,273

8,292










Profit for the year

-

-

-

-

-

-

744

744

Other comprehensive









income for the year

net of income tax

-

-

-

-

-

15

6

21

Total comprehensive









income for the year

-

-

-

-

-

15

750

765

Consideration received









 by EBT on sale of

shares

 

-

 

-

 

41

 

-

 

-

 

-

 

-

 

41

Consideration paid by









EBT on purchase of shares        

-

-

(182)

-

-

-

-

(182)

Loss by EBT on sale









 of shares

-

-

14

-

-

-

(14)

-

Equity dividends paid

-

-

-

-

-

-

(352)

(352)

At 31 October 2013

264

673

(1,002)

8

6

(42)

8,657

8,564

                                                               

 

 

 

Equity share capital

The balance classified as share capital includes the total net proceeds (nominal amount only) arising or deemed to arise on the issue of the Company's equity share capital, comprising Ordinary Shares of 5p each and 'A' Limited Voting Ordinary Shares of 5p each.

Capital redemption reserve

The capital redemption reserve arises on the re-purchase and cancellation by the Company of Ordinary Shares.

Treasury shares

Treasury shares represents the cost of The Heavitree Brewery PLC shares purchased in the market and held by The Heavitree Brewery PLC Employee Benefits Trust and Employee Share Option Scheme ('EBT').

At 31 October 2013 the Group held 110,712 Ordinary Shares and 183,263 'A' Limited Voting Ordinary Shares (2012: 82,198 Ordinary Shares and 156,866 'A' Limited Voting Ordinary Shares) of its own shares at an average cost of £3.40 (2012: £3.65). The market value of these shares as at 31 October 2013 was £694,269 (2012: £579,385).

Fair value adjustments reserve

The fair value adjustments reserve is used to record differences in the market value of the available-for-sale investment year on year.

Cash flow hedging reserve

The cash flow hedging reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the hedging instruments that are recognised and accumulated under the heading of cash flow hedging reserve will be re-classified to profit or loss only when the hedged transaction affects the profit or loss.

Foreign currency translation reserve

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.

 

Notes to the preliminary announcement

 

1.  Basis of preparation

 

These figures do not constitute full accounts within the meaning of Section 396 of the Companies Act 2006. They have been extracted from the statutory financial statements for the year ended 31 October 2013. The statutory financial statements have not yet been delivered to the Registrar of Companies. 

The financial information is this statement has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union.  The accounting policies have been consistently applied and are described in full in the statutory financial statements for the year ended 31 October 2013, which are expected to be mailed to shareholders on 13 March 2014.  The financial statements will also be available on the Group's website. www.heavitreebrewery.co.uk.

The Directors are of the opinion that the Group has adequate resources to continue in operational existence for the foreseeable future, and continue to adopt the going concern basis in preparing the financial statements.

2.  Earnings per share

Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary shares and 'A' Limited Voting Ordinary shares outstanding during the year.

The following reflects the income and shares data used in the basic and diluted earnings per share

 

 

 

 

 

 

Computation:

 


2013

£000

2012

£000

Profit for the year

744

631





2013

No.

(000)

2012

No.

 (000)

Basic weighted average number of shares (excluding treasury shares)

5,023

5,061

 

 

There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements.

 

3. Dividends paid and proposed

 


2013

£000

2012

£000

Declared and paid during the year:



Equity dividends on ordinary shares:



   Final dividend for 2012: 3.5p (2011: 3.5p)

185

185

   First dividend for 2013: 3.5p (2012: 3.5p)

185

185

   Less dividend on shares held within employee share schemes

(18)

(16)




Dividends paid

352

354




Proposed for approval at AGM



(not recognised as a liability as at 31 October)






   Final dividend for 2013: 3.5p (2012: 3.5p)

   Cumulative preference dividends

180

1

180

1

 

 

4.  Segment information

 Primary reporting format - business segments

 

During the year the Group operated in one business segment - leased estate.

Leased estate represents properties which are leased to tenants to operate independently from the Group, under tied tenancies.

 

 

Secondary reporting format - geographical segments

 

The following tables present revenue, expenditure and certain asset information regarding the Group's geographical segments for the years ended 31 October 2013 and 2012. Revenue is based on the geographical location of customers and assets are based on the geographical location of the asset.

Segment information




Year ended 31 October 2013

UK

£000

United States

£000

Total

£000

Revenue




Sales to external customers

7,231

-

7,231









Other segment information




Segment assets

17,222

45

17,267

 

Total Assets

17,222

45

17,267

Capital expenditure




Property, plant and equipment

812

-

812





Year ended 31 October 2012

UK

£000

United States

£000

Total

£000

Revenue




Sales to external customers

7,268

-

7,268





Other segment information




Segment assets





17,196

57

17,253

 

Total Assets

17,196

57

17,253

Capital expenditure




Property, plant and equipment

1,103

-

1,103

 

 

 

5. General information

The 2013 Annual Report and Financial Statements will be published and posted to shareholders on 13 March 2014. Further copies may be obtained by contacting the Company Secretary at The Heavitree Brewery PLC, Trood Lane, Matford, Exeter EX2 8YP. The 2013 Annual Report and Financial Statements will also be available on the Company's website at http://www.heavitreebrewery.co.uk/financial/

 

 

The Annual General Meeting will be held at the Registered Office on 16 April 2014 at 11.30am.

 

.

 

Ends. 


This information is provided by RNS
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