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Elementis PLC (ELM)

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Monday 26 April, 2010

Elementis PLC

Change of presentation curren

RNS Number : 7157K
Elementis PLC
26 April 2010
 



ELEMENTIS PLC

CHANGE OF PRESENTATION CURRENCY

2009 COMPARATIVES RE-PRESENTED IN US DOLLARS

 

 

INTRODUCTION

Elementis announced at the time of its 2009 preliminary results announcement that the Board had decided to change the Group's reporting currency to US Dollars in 2010. Below, the key financial information for 2009 re-presented in US Dollars is set out for comparative purposes.

 

BACKGROUND

The majority of the Group's sales and earnings originate in US Dollars or US Dollar linked currencies and the change of presentation currency to the US Dollar will more closely align the Group's external financial reporting with the profile of the Group, as well as with current internal management reporting.

 

The change of the Group's presentation currency has been accounted for in accordance with IAS21, The Effects of Changes in Foreign Exchange Rates.

 

The following methodology has been used to re-present the 2009 results, originally reported in Sterling, into US Dollars:

 

a)   Income and expenses have been translated at the average exchange rate for the relevant period;

 

b)   Assets and liabilities have been translated at the closing exchange rate for each balance sheet date: and

 

c)   Equity items have been translated at historical exchange rates.

 

The relevant exchange rates used are as follows:

 

 


6 months ended 30 June 2009

Year ended 31 December 2009


£1=US$

£1=US$

Average rate

1.47

1.55

Closing rate

1.65

1.61

 

Further enquiries:

 

Elementis

020 7408 9300

Brian Taylorson, Finance Director


 

Financial Dynamics

020 7831 3113

Greg Quine




 

ELEMENTIS PLC

CHANGE OF PRESENTATION CURRENCY

2009 COMPARATIVES RE-PRESENTED IN US DOLLARS

 

Consolidated income statement

 

 

6 months ended 30 June 2009

 

Year ended 31 December 2009

 

Before

exceptional

Exceptional

items

After

exceptional

 

Before

exceptional

Exceptional

items

After
exceptional

 

items

 

items

 

items

 

Items

 

$million

$million

$million

 

$million

$million

$million

Revenue

253.1

-

253.1


563.7

-

563.7

Cost of sales

(173.6)

(2.9)

(176.5)


(385.3)

(2.9)

(388.2)

Gross profit

79.5

(2.9)

76.6


178.4

(2.9)

175.5

Distribution costs

(36.8)

-

(36.8)

(75.4)

-

(75.4)

Administrative expenses

(34.5)

(44.7)

(79.2)


(66.8)

(73.8)

(140.6)

Operating profit/(loss)

8.2

(47.6)

(39.4)

36.2

(76.7)

(40.5)

Finance income

0.4

-

0.4

1.2

-

1.2

Finance costs

(5.4)

-

(5.4)


(9.1)

-

(9.1)

Profit/(loss) before income tax

3.2

(47.6)

(44.4)

28.3

(76.7)

(48.4)

Tax                                         

(0.4)

-

(0.4)


(9.3)

0.3

(9.0)

Profit/(loss) for the year

2.8

(47.6)

(44.8)

19.0

(76.4)

(57.4)

Attributable to:








Equity holders of the parent

2.8

(47.6)

(44.8)


19.0

(76.4)

(57.4)

Minority interests

-

-

-


-

-

-


2.8

(47.6)

(44.8)


19.0

(76.4)

(57.4)

 

 

 

 

Earnings per share








 

Basic (cents)



(10.1)c




(12.9)c

 

Diluted (cents)



(10.1)c




(12.9)c

 

Basic before exceptionals (cents)



0.6c




4.3c

 

Diluted before exceptionals (cents)



0.6c




4.3c

 

 



ELEMENTIS PLC

CHANGE OF PRESENTATION CURRENCY

2009 COMPARATIVES RE-PRESENTED IN US DOLLARS

 

Consolidated balance sheet


As at

As at


30 June 2009

31 December 2009


$million

$million

Non-current assets



Goodwill and other intangible assets

332.3

338.4

Property, plant and equipment

173.8

168.7

Interests in associates

0.1

0.1

Total non-current assets

506.2

507.2

 

Current assets



Inventories

139.9

105.0

Trade and other receivables

104.6

102.4

Cash and cash equivalents

23.6

28.8

Total current assets

268.1

236.2

Total assets

774.3

743.4

 

Current liabilities



Bank overdrafts and loans

(11.9)

(17.9)

Trade and other payables

(81.8)

(82.3)

Derivatives

(14.5)

(4.5)

Current tax liabilities

(3.0)

(6.5)

Provisions

(26.7)

(51.8)

Total current liabilities

(137.9)

(163.0)

 

Non-current liabilities



Loans and borrowings

(137.8)

(117.2)

Retirement benefit obligations

(117.5)

(111.7)

Deferred tax liabilities

(16.5)

(22.7)

Provisions

(45.7)

(39.0)

Government grants

(2.1)

(1.9)

Total non-current liabilities

(319.6)

(292.5)

Total liabilities

(457.5)

(455.5)

Net assets

316.8

287.9

 

Equity



Share capital

43.2

43.2

Share premium

11.0

11.0

Other reserves

110.0

116.0

Retained earnings

151.0

116.1

Total equity attributable to equity holders of the parent

315.2

286.3

Minority equity interests

1.6

1.6

Total equity

316.8

287.9

 

 

 

 



 

ELEMENTIS PLC

CHANGE OF PRESENTATION CURRENCY

2009 COMPARATIVES RE-PRESENTED IN US DOLLARS

 

Consolidated cash flow statement



6 months ended 30 June 2009

Year ended 31 December 2009

 



$million


$million

Operating activities:



 


 

Loss for the period



(44.8)


(57.4)

Adjustments for:



 


 

Finance income



(0.4)


(1.2)

Finance costs



5.4


9.1

Tax charge



0.4


9.0

Depreciation and amortisation



10.1


20.5

Decrease in provisions



(0.9)


(2.4)

Pension contributions net of current service cost



(2.8)


(10.7)

Share based payments



0.9


0.9

Exceptional items



47.6


76.7

Cash flow in respect of exceptional items



(8.1)


(22.8)

Operating cash flow before movement in working capital



7.4


21.7

Decrease in inventories



10.6


44.0

Decrease in trade and other receivables



5.1


7.3

Decrease in trade and other payables



(41.7)


(43.2)

Cash generated by operations



(18.6)


29.8

Income taxes paid



(4.1)


(6.2)

Interest paid



(1.8)


(4.0)

Net cash flow from operating activities



(24.5)


19.6

Investing activities:





 

Interest received


 

0.4

 

1.6

Purchase of property, plant and equipment



(7.6)


(13.5)

Purchase of business



-


(8.7)

Disposal of investment in associate



0.9


0.1

Acquisition of intangibles



-


(0.3)

Net cash flow from investing activities



(6.3)


(20.8)

Financing activities:





 

Dividends paid



(9.1)


(20.0)

Increase / (decrease) in borrowings



14.1


(1.4)

Net cash (used in)/ from financing activities



5.0


(21.4)

Net decrease in cash and cash equivalents



(25.8)


(22.6)

Cash and cash equivalents at 1 January



48.4


48.4

Foreign exchange on cash and cash equivalents



1.0


3.0

Cash and cash equivalents at end of the period



23.6


28.8

 

 

 

 

 

ELEMENTIS PLC

CHANGE OF PRESENTATION CURRENCY

2009 COMPARATIVES RE-PRESENTED IN US DOLLARS

 

 Operating segments

 

6 months ended 30 June 2009









Speciality



Segment




Products

Surfactants

Chromium

totals

Central costs

Total


$million

$million

$million

$million

$million

$million

Revenue

139.1

36.3

77.7

253.1

-

253.1

Operating profit before exceptionals

11.9

0.1

7.2

19.2

(11.0)

8.2

Head office cost allocations

(3.1)

(0.1)

(2.9)

(6.1)

6.1

  -

Exceptionals

                     -

-

(40.7)

(40.7)

(6.9)

(47.6)

Profit / (loss) before interest

8.8

0.0

(36.4)

(27.6)

(11.8)

(39.4)

 

Year ended 31 December 2009

 









Speciality



Segment




Products

Surfactants

Chromium

totals

Central costs

Total


$million

$million

$million

$million

$million

$million

Revenue

301.6

76.3

185.8

563.7

-

563.7

Operating profit before exceptionals

35.0

0.5

22.3

57.8

(21.6)

36.2

Head office cost allocations

(6.5)

(0.4)

(6.0)

(12.9)

12.9

-

Exceptionals

-

                   -

(44.5)

(44.5)

(32.2)

(76.7)

Profit / (loss) before interest

28.5

0.1

(28.2)

0.4

(40.9)

(40.5)

 

 

Note:

 

The classification of exceptional items between cost of sales and administrative expenses in the June 09 consolidated income statement has been amended to be consistent with the presentation in the 2009 full year accounts.  This has no impact on the results before exceptional items or on reported operating profit in either the Interim Statement or in the 2009 full year results.

 

 

END


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