Final results for the year ended 31 December 2018

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	2018	2018	2017	2017
	£m	£m	£m	£m
(Loss)/profit before tax		(7.4)		4.3
Non-underlying items Defined benefit pension scheme - past service cost GMP equalisation Defined benefit pension scheme administration costs	7.3 0.9		- 0.8
Reorganisation costs	0.8		0.7
Profit on sale of surplus property	-		(4.8)
Net financing (income)/expense on pension scheme balances Non-underlying items total	(0.2)	8.8	0.1	(3.2)
Underlying profit before tax		1.4		1.1

	2018 £m	2017 £m
(Loss)/Profit for the period	(6.0)	1.6
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss Actuarial gains/(losses) Tax on items that will not be reclassified to profit or loss	8.3 (2.9)	9.1 (3.2)
	5.4	5.9
Items that may be reclassified subsequently to profit or loss Currency translation movements arising on foreign currency net investments Translation reserve recycled on disposal Effective portion of changes in fair value of cash flow hedges Tax on items that may be reclassified to profit or loss	(0.6) - (1.0) -	0.6 (1.1) 0.4 -
	(1.6)	(0.1)
Other comprehensive income for the period	3.8	5.8
Total comprehensive (expense)/income for the period	(2.2)	7.4


	Note	2018 £m	2017 £m
Non-current assets Intangible assets Property, plant and equipment Investment property Other receivables Employee benefits Deferred tax assets	4	1.0 4.4 0.8 - 20.5 1.7	0.9 4.0 0.8 0.8 17.6 1.7
		28.4	25.8
Current assets Inventories Trade and other receivables Contract assets Current tax assets Cash and cash equivalents		3.3 16.9 5.5 0.8 27.9	2.4 19.9 - 0.1 30.3
		54.4	52.7
Current liabilities Trade and other payables Contract Liabilities Current tax liabilities Provisions		(14.7) (11.6) (0.4) (1.1)	(20.9) - (0.4) (1.0)
		(27.8)	(22.3)
Net current assets		26.6	30.4
Total assets less current liabilities		55.0	56.2
Non-current liabilities Interest-bearing loans and borrowings Employee benefits Deferred tax liabilities	7 4	(0.9) (6.2) (7.3)	(0.9) (6.2) (6.3)
		(14.4)	(13.4)
Net assets		40.6	42.8
Equity Issued capital Share premium Reserves Retained earnings		5.0 26.0 4.2 5.4	5.0 26.0 5.8 6.0
Total equity		40.6	42.8

	Note	2018 £m	2017 £m
Operating activities Operating profit/(loss) from continuing operations Non-underlying items included in operating profit Amortisation Depreciation Profit on sale of property, plant and equipment Pension payments Working capital movements: - decrease in inventories - increase in contract assets - increase in trade and other receivables - increase in trade and other payables - decrease in provisions - decrease in contract liabilities		(7.6) 9.0 0.2 0.6 - (3.0) 1.7 (1.3) (1.3) (1.4) 0.1 4.1	4.6 1.5 0.3 0.6 (4.8) (4.9) 0.7 - (6.4) 3.1 (0.1) -
Cash flows from continuing operations before reorganisation Cash flows from discontinued operations Reorganisation costs paid	8	1.1 - (1.0)	(5.4) 4.4 (0.8)
Cash flows from operations Taxation paid		0.1 (1.0)	(1.8) (0.3)
Cash flows from operating activities		(0.9)	(2.1)
Investing activities Interest received Proceeds from sale of property, plant and equipment Capitalised development expenditure Acquisition of property, plant and equipment Net proceeds on disposal of discontinued operations Net cash flow from discontinued operations	8	0.1 0.1 (0.3) (1.1) - -	- 6.8 (0.1) (1.6) 25.9 (0.3)
Cash flows from investing activities		(1.2)	30.7
Financing activities Interest paid Purchase of own shares Net decrease against revolving facilities		(0.1) - -	(0.2) (0.1) (7.0)
Cash flows from financing activities		(0.1)	(7.3)
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Effect of exchange rate fluctuations on cash held	6	(2.2) 30.3 (0.2)	21.3 8.7 0.3
Cash and cash equivalents at 31 December 2018		27.9	30.3

	12 months to 31 Dec 2018			12 months to 31 Dec 2017
	OE £m	Service £m	Total £m	OE £m	Service £m	Total £m
Revenue Americas EMEA Asia Pacific	20.5 20.1 5.6	6.4 4.6 1.1	26.9 24.7 6.7	16.4 15.8 8.2	6.8 4.6 1.6	23.2 20.4 9.8
Total	46.2	12.1	58.3	40.4	13.0	53.4
Gross profit	9.3	4.7	14.0	9.2	5.3	14.5
Selling, distribution & administration			(12.6)			(13.2)
Underlying operating profit Unallocated non-underlying items included in operating profit			1.4 (9.0)			1.3 3.3
Operating (loss)/profit Net financing income/(expense)			(7.6) 0.2			4.6 (0.3)
(Loss)/profit before tax from continuing operations			(7.4)			4.3

	Revenue (by location of customer)
Continuing operations	2018 £m	2018 %	2017 £m	2017 %

UK Europe (excl. UK) Africa & Middle East USA Americas (excl. USA) Asia Pacific	11.6 12.0 1.1 22.7 4.2 6.7	20 21 2 38 7 12	7.3 12.7 0.4 18.5 4.7 9.8	14 24 1 35 9 17
	58.3	100	53.4	100

	2018 £m	2017 £m
Net (decrease)/increase in cash and cash equivalents Cash movement in borrowings	(2.2) -	21.3 7.0
Change in net funds resulting from cash flows Translation movements	(2.2) (0.2)	28.3 0.3
Movement in net funds in the period Opening net funds	(2.4) 29.4	28.6 0.8
Closing net funds	27.0	29.4


Income statement for the period to 1 August 2017			2017 £m
Revenue from trading activities			21.1
Costs from trading activities			(19.1)
Operating profit from trading activities			2.0
Financial income from trading activities			0.1
Profit before tax from trading activities			2.1
Income tax expense from trading activities			(0.2)
Profit after tax from trading activities			1.9
Costs incurred on disposal			(1.1)
Loss on disposal of net assets			(0.8)
Tax on disposal of net assets			(1.9)
Foreign exchange gains recycled through income statement			1.1
Loss after tax			(0.8)


Cash flow statement for the period to 1 August 2017			2017 £m
Operating activities
Operating profit			2.0
Amortisation			0.6
Depreciation			0.4
Net movements in working capital			1.4
Cash flows from operations before reorganisation			4.4
Reorganisation costs paid			-
Cash flows from operating activities			4.4

Investing activities
Cash flows from investing activities			(0.3)
Cash flows from investing activities			(0.3)
Net increase in cash and cash equivalents			4.1

5 March 2019

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No. 596/2014

Mpac Group plc

Mpac, the global packaging solutions group, today announces its results for the 12 months to 31 December 2018

Net current assets

Total assets less current liabilities

Net assets

Operating activities

Operating profit/(loss) from continuing operations

Amortisation

Depreciation

Profit on sale of property, plant and equipment

Pension payments

Working capital movements:

- decrease in inventories

- increase in contract assets

- increase in trade and other receivables

- increase in trade and other payables

- decrease in provisions

- decrease in contract liabilities

Cash flows from continuing operations before reorganisation

Cash flows from discontinued operations

Reorganisation costs paid

Cash flows from operations

Taxation paid

Cash flows from operating activities

Investing activities

Interest received

Proceeds from sale of property, plant and equipment

Acquisition of property, plant and equipment

Net proceeds on disposal of discontinued operations

Net cash flow from discontinued operations

Cash flows from investing activities

Financing activities

Interest paid

Purchase of own shares

Net decrease against revolving facilities

Cash flows from financing activities

Cash flows from operating activities

Companies

UK 100

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