TIDMASY
RNS Number : 1518N
Andrews Sykes Group PLC
26 September 2012
Andrews Sykes Group plc
Interim Financial Statements
for the six months ended 30 June 2012
(Unaudited)
6 months 6 months
ended ended
30 June 2012 30 June 2011
GBP000 GBP000
Revenue from continuing operations 28,570 27,717
Normalised EBITDA* from continuing operations 8,287 7,784
Normalised operating profit** 6,448 5,930
Profit for the financial period 4,936 4,116
Basic earnings per share (pence) 11.67p 9.58p
Net funds 12,642 7,920
* Earnings before interest, taxation, depreciation, profit on
the sale of property, plant and equipment, amortisation and
non-recurring items.
** Operating profit before non-recurring items as reconciled on
the consolidated income statement.
For further information, please contact:
Andrews Sykes Group plc
Mark Calderbank Tel : 01902 328700
WH Ireland Limited
Andrew Kitchingman Tel : 0113 394 6619
Nick Field Tel : 0207 220 1658
Chairman's statement
Overview
The group's revenue for the six months ended 30 June 2012 was
GBP28.6 million, an increase of GBP0.9 million (3.1%) compared with
last year's figure of GBP27.7 million. Normalised operating profit*
increased by GBP0.5 million (8.7%) from GBP5.9 million in the first
half of 2011 to GBP6.4 million in the current period reflecting
this increase in revenue.
The group continues to generate strong cash flows. As at 30 June
2012 the group has net funds of GBP12.6 million, an increase of
GBP2.2 million compared with 31 December 2011 and an increase of
GBP4.7 million compared with the position as at 30 June 2011. This
clearly demonstrates the group's strong positive cash flow and is
after share buyback payments of GBP0.8 million during the period
under review.
Management has been mindful of the need to maintain the
operational structure of the business and to ensure that this is
not damaged by unnecessary cuts in expenditure. The relocation to
our new freehold property in Peninsular Way, London, was
successfully completed within our financial budgets and timescales
during the first half of 2012. Consequently the group now has a
much improved and enlarged operating base from which to serve its
customers in London and the South East of England.
Our hire fleet continues to be well maintained and the group has
invested GBP2.0 million on new plant and equipment and property
improvements in the six months under review. This is necessary to
ensure that we remain in a strong position ready to take advantage
of any business opportunities whenever they arise.
Operations review
Our main hire and sales business in the UK and Northern Europe
faced a number of challenges and opportunities during the first
half of 2012. The beginning of the period was mild but was followed
by a cold spell of weather in February and early March which
stimulated the demand for our heating products. The early part of
the year was exceptionally dry with drought conditions being
announced for some parts of the UK but this was then followed by
one of the wettest summers on record. Although there were some
short spells of hot and sunny weather, these were never long or
intense enough to significantly stimulate our air conditioning hire
business which once again remained flat. However the wet weather
did benefit our UK pumping business which saw turnover return to a
more normal level.
Despite the challenging weather conditions management was able
to take advantage of the opportunities that presented themselves
and this is reflected in the improved operating performance in the
first half of 2012. Management continues to develop our non-weather
dependent niche markets and these provided a solid contribution to
the group's results for the period.
Our subsidiary in The Netherlands had a successful first half of
the year with revenue increasing by over 30% compared with the same
period last year. Our heating business benefited from the cold
spell of weather during February and into March, which was even
more intense than that experienced in the UK, and the first half of
2012 also had a full period's contribution from our fourth depot in
Hoogeveen which was opened during the first half of 2011.
Nevertheless, as with the UK, the performance of our air
conditioning hire business once again remained flat due to the
unfavourable weather conditions.
Our Belgian subsidiary, which was opened as a low cost based
operation in 2007, traded well and provided a significantly
improved contribution to operating profit in the period. The
business continues to develop and become more self-sufficient and
further opportunities are seen as the market continues to grow.
In June last year we opened a new low cost based operation in
Italy, Nolo Climat, following the business model that we
successfully implemented in Belgium. Although, as expected, the
company returned a trading loss in the first half of 2012, turnover
increased significantly in June with the arrival of the hot summer
in Italy. We continue to expect to see steady growth from this new
subsidiary.
The first half year results of our UK air conditioning
installation business benefited from a significant contract for the
supply of equipment in connection with the Olympic Games. This
contract continued until the end of the Paralympic Games earlier
this month and therefore this benefit will also continue into the
second half year. Excluding this contract, the business continues
to perform broadly in line with last year albeit at relatively
modest levels compared with the rest of the group.
Market conditions in the Middle East remained very similar to
last year with improvements being experienced in the Abu Dhabi
region being partially offset by a very slow construction market in
Dubai. Overall the turnover of our Middle East subsidiary decreased
by 16% compared with the first half of 2012 but operating profit
increased by over 50% to GBP0.4 million in the period under review.
This reflects both improved gross margins and progress being made
on the collection of old debts with the consequent impact on bad
debt charge in the period.
Profit for the financial period and earnings per share
Profit before tax increased by GBP1.0 million (18.6%) from
GBP5.7 million in the first half of 2011 to GBP6.7 million in the
current period. This is due to (i) the above increase of GBP0.5
million in normalised operating profit*, (ii) the receipt of a
dividend of GBP0.3 million from Oasis Sykes, our investment in
Saudi Arabia, in respect of the 2010 results and (iii) the absence
of a GBP0.2 million inter-company foreign exchange loss incurred
last half year caused by an adverse movement in the euro-sterling
exchange rate.
The tax charge increased by GBP0.3 million to GBP1.8 million but
the group's overall effective tax rate decreased from 27.1% last
year to 26.3% reflecting further reductions in the main UK
corporation tax rate. A detailed tax reconciliation is given in
note 4 of this interim report.
As a result of the above factors, profit for the financial
period increased by GBP0.8 million (19.9%) from GBP4.1 million in
the first half of 2011 to GBP4.9 million in the current period.
Basic earnings per share increased by 21.8% from 9.58 pence to
11.67 pence reflecting both the above increase in profit and the
group's ongoing share buyback programme.
Dividends
No interim dividends have been declared in the period under
review. The Board continues to adopt the policy of returning value
to shareholders whenever possible and accordingly the decision
regarding an interim dividend will be taken later in the year in
the light of profitability and cash resources.
Share buyback programme
The Board continues to believe that shareholder value will be
optimised by the purchase by the company, when appropriate, of its
own shares.
During the six months ended 30 June 2012 a total of 426,506
ordinary shares were purchased for cancellation for a total
consideration of GBP0.8 million. As noted above, these purchases
enhanced earnings per share and were for the benefit of all
shareholders.
The directors confirm that they intend to continue to actively
pursue this policy and any shareholder who is considering taking
advantage of the share buyback programme is invited to contact
their broker, bank manager, solicitor, accountant or other
independent financial advisor authorised under the Financial
Services and Markets Act 2000, in order to contact the group's
NOMAD; WH Ireland Limited, 24 Martin Lane, London, EC4; who are
operating the buyback programme on behalf of the company.
Loan repayments
In accordance with the bank agreements, the group's outstanding
bank loan of GBP8 million falls due for repayment in April 2013 and
it has accordingly been classified as a current liability in these
interim statements. As at 30 June 2012 the group had cash balances
of GBP21.2 million and is therefore well able to finance the
repayment. Nevertheless management will shortly be negotiating new
bank loan facilities to supplement existing cash resources.
Outlook
Trading conditions in the third quarter to date have been
challenging for our main UK hire and sales business, the summer has
once again not been hot enough to stimulate demand for our all
important air conditioning hire business. However the group has
benefited from the one-off air conditioning contract for the
Olympic and Paralympic Games which ended earlier this month and our
pumping business continues to perform well. Trading conditions in
the Middle East remain challenging but we are hopeful of improved
results as we continue to develop and invest in that region.
Our business remains strong and cash generative. Our specialist
hire divisions continue to perform well and we will continue to
follow our policies of investing in both these and our traditional
core products as well as developing our non-seasonal
businesses.
Overall the Board is cautiously anticipating a reasonable
performance for the rest of 2012.
JG Murray
Chairman
25 September 2012
* Operating profit before non-recurring items as reconciled on
the consolidated income statement.
Consolidated income statement
for the six months ended 30 June 2012
(Unaudited) (Unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 2011 31 December
2012 2011
GBP000 GBP000 GBP000
Continuing operations
Revenue 28,570 27,717 53,838
Cost of sales (12,930) (12,533) (23,873)
Gross profit 15,640 15,184 29,965
Distribution costs (4,927) (4,642) (9,317)
Administrative expenses:
Recurring (4,265) (4,612) (8,766)
Non-recurring - - 3,113
Total (4,265) (4,612) (5,653)
Operating profit 6,448 5,930 14,995
Normalised EBITDA* 8,287 7,784 15,387
Depreciation and impairment losses (2,019) (2,092) (3,911)
Profit on the sale of plant and equipment 180 238 406
Normalised operating profit 6,448 5,930 11,882
Profit on the sale of property - - 3,113
Operating profit 6,448 5,930 14,995
Income from other participating interests 265 - -
Finance income 853 888 1,850
Finance costs (851) (974) (1,927)
Inter-company foreign exchange gains
and losses (16) (197) (15)
Profit before taxation 6,699 5,647 14,903
Taxation (1,763) (1,531) (3,337)
Profit for the financial period 4,936 4,116 11,566
There were no discontinued operations in any of the above
periods.
Earnings per share from continuing operations
Basic (pence) 11.67p 9.58p 27.05p
Diluted (pence) 11.67p 9.58p 27.05p
Dividends paid per equity share (pence) 0.00p 0.00p 6.60p
*Earnings before interest, taxation depreciation, profit on the
sale of property, plant and equipment, amortisation and
non-recurring items.
Consolidated balance sheet
as at 30 June 2012
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 14,374 13,154 14,486
Lease prepayments 55 57 57
Trade investments 164 164 164
Deferred tax asset 1,107 717 760
Retirement benefit pension
surplus 632 2,411 1,629
16,332 16,503 17,096
Current assets ----------- ----------- -----------
Stocks 3,678 3,919 3,561
Trade and other receivables 14,878 13,640 14,775
Overseas tax (denominated in
Euros) - - 19
Cash and cash equivalents 21,166 22,632 24,986
39,722 40,191 43,341
Current liabilities ----------- ----------- -----------
Trade and other payables (8,791) (9,206) (9,696)
Current tax liabilities (1,482) (1,642) (1,689)
Overseas tax (denominated in
Euros) (88) (47) -
Bank loans (8,000) (6,000) (6,000)
Obligations under finance
leases (129) (203) (203)
Provisions (13) (13) (13)
Derivative financial (11) - -
instruments
(18,514) (17,111) (17,601)
Net current assets 21,208 23,080 25,740
Total assets less current
liabilities 37,540 39,583 42,836
Non-current liabilities
Bank loans - (8,000) (8,000)
Obligations under finance
leases (384) (475) (395)
Provisions (28) (41) (34)
Derivative financial
instruments - (34) (23)
(412) (8,550) (8,452)
Net assets 37,128 31,033 34,384
Equity
Called up share capital 423 427 427
Share premium 13 13 13
Retained earnings 34,060 27,082 31,035
Translation reserve 2,377 3,260 2,658
Other reserves 245 241 241
Surplus attributable to
equity holders
of the parent 37,118 31,023 34,374
Minority interest 10 10 10
Total equity 37,128 31,033 34,384
Consolidated cash flow statement
for the six months ended 30 June 2012
(Unaudited) (Unaudited)
6 months 6 months 12 months
ended ended ended
30 June 2012 30 June 2011 31 December
2011
GBP000 GBP000 GBP000
Cash flows from operating activities
Cash generated from operations 6,604 8,783 15,766
Interest paid (170) (218) (385)
Net UK corporation tax paid (1,378) (1,886) (3,191)
Net withholding tax paid (76) - -
Overseas tax paid (380) (313) (584)
Net cash inflow from operating activities 4,600 6,366 11,606
Investing activities
Dividends received from participating 265 - -
interests (trade investments)
Sale of plant and equipment 252 330 4,221
Purchase of property, plant and equipment (1,902) (2,977) (6,582)
Interest received 90 201 311
Net cash outflow from investing activities (1,295) (2,446) (2,050)
Financing activities
Loan repayments (6,000) (6,000) (6,000)
Finance lease capital repayments (84) (78) (158)
Equity dividends paid - - (2,818)
Purchase of own shares (826) (1,113) (1,121)
Issue of new shares - 13 13
Net cash outflow from financing activities (6,910) (7,178) (10,084)
Net decrease in cash and cash equivalents (3,605) (3,258) (528)
Cash and cash equivalents at beginning
of period 24,986 25,709 25,709
Effect of foreign exchange rate changes (215) 181 (195)
Cash and cash equivalents at end of
period 21,166 22,632 24,986
Reconciliation of net cash flow to
movement in net funds in the
period
Net decrease in cash and cash equivalents (3,605) (3,258) (528)
Cash outflow from the decrease in
debt 6,084 6,078 6,158
Non-cash movements in the fair value
of derivative instruments 13 14 25
Movements in net funds during the
period 2,492 2,834 5,655
Opening net funds at the beginning
of period 10,365 4,905 4,905
Effect of foreign exchange rate changes (215) 181 (195)
Closing net funds at end of period 12,642 7,920 10,365
Consolidated statement of comprehensive total income
(CSOCTI)
for the six months ended 30 June 2012
(Unaudited) (Unaudited)
6 months 6 months 12 months
ended ended ended
30 June 2012 30 June 2011 31 December
2011
GBP000 GBP000 GBP000
Profit for the financial period 4,936 4,116 11,566
Other comprehensive income
Currency translation differences on
foreign currency net investments (281) 417 (184)
Defined benefit plan actuarial gains
and losses (1,464) 359 (559)
Deferred tax on other comprehensive
income 368 (73) 184
Other comprehensive (charges)/income
for the period net of tax (1,377) 703 (559)
Total comprehensive income for the
period 3,559 4,819 11,007
Notes to the consolidated interim financial statements
for the six months ended 30 June 2012
1 General information
Basis of preparation
These interim financial statements have been prepared in
accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) as adopted by
the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2011 does
not constitute the group's statutory accounts for 2011 as defined
in Section 434 of the Companies Act 2006. Statutory accounts for
2011 have been delivered to the Registrar of Companies. The
Auditor's report on those accounts was unqualified and did not
contain statements under Section 498(2) or (3) of the Companies Act
2006. These interim financial statements, which were approved by
the Board of Directors on 25 September 2012, have not been audited
or reviewed by the auditors.
The interim financial statement has been prepared using the
historical cost basis of accounting except for:
(i) properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) assets held for sale which are stated at the lower of fair
value less anticipated disposal costs and carrying value; and
(iii) derivative financial instruments (including embedded
derivatives) which are valued at fair value.
Functional and presentational currency
The financial statements are presented in pounds Sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2 Accounting policies
These interim financial statements have been prepared on a
consistent basis and in accordance with the accounting policies set
out in the group's Annual Report and Financial Statements 2011.
3 Revenue
An analysis of the group's revenue is as follows:
(Unaudited) (Unaudited)
6 months 6 months 12 months
ended ended ended
30 June 2012 30 June 2011 31 December
2011
GBP000 GBP000 GBP000
Continuing operations
Hire 21,469 21,699 42,213
Sales 4,789 3,909 7,457
Installations 2,312 2,109 4,168
Group consolidated revenue from the
sale of goods and provision of services 28,570 27,717 53,838
4 Taxation
(Unaudited) (Unaudited)
6 months 6 months 12 months
ended ended ended
30 June 2012 30 June 2011 31 December
2011
GBP000 GBP000 GBP000
Current tax
UK corporation tax 1,172 1,348 2,694
Adjustments in respect of prior periods - - (32)
1,172 1,348 2,662
Overseas tax 444 290 536
Adjustments to overseas tax in respect
of prior periods 49 - (6)
Withholding tax 76 - -
Total current tax charge 1,741 1,638 3,192
Deferred tax
Deferred tax on the origination and
reversal of temporary differences 22 (107) 161
Adjustments in respect of prior periods - - (16)
Total deferred tax credit 22 (107) 145
Total tax charge for the financial
period attributable to
continuing operations 1,763 1,531 3,337
The tax charge for the financial period can be reconciled to the
profit before tax per the income statement multiplied by the
standard effective annualised corporation tax rate in the UK of
24.5% (June 2011 and December 2011: 26.5%) as follows:
(Unaudited) (Unaudited)
6 months 6 months 12 months
ended ended ended
30 June 2012 30 June 2011 31 December
2011
GBP000 GBP000 GBP000
Profit before taxation from continuing
and total operations 6,699 5,647 14,903
Tax at the UK effective annualised
corporation tax rate of 24.5%
(June 2011 and December 2011: 26.5%) 1,641 1,496 3,949
Effects of:
Expenses not deductible for tax purposes 58 65 123
Capital gain sheltered by capital
losses and indexation allowance - - (636)
Movement in overseas trading losses 35 (15) 46
Effect of different tax rates of
subsidiaries operating abroad (78) (65) (186)
Withholding tax 76 - -
Non-taxable income from other participating (65) - -
interests
Effect of change in rate of corporation
tax 47 50 95
Adjustments to tax charge in respect
of previous periods 49 - (54)
Total tax charge for the financial
period 1,763 1,531 3,337
4 Taxation (continued)
The total effective tax charge for the financial period
represents the best estimate of the weighted average annual
effective tax rate expected for the full financial year applying
tax rates that have been substantively enacted by the balance sheet
date. Accordingly UK corporation tax has been provided at 24.5%;
the reduction to 24% for the tax year ending 31 March 2013 having
been substantially enacted on 26 March 2012; and UK deferred tax
has been provided at 24% being the rate substantially enacted at
the balance sheet date at which the timing differences are expected
to reverse.
In accordance with IAS 12 no account has been taken in these
interim financial statements of the 2012 Finance Act that was
substantively enacted on 3 July 2012 as this was after the balance
sheet date. This Act provided for the further reduction in the rate
of UK corporation tax from 24% to 23% for the tax year commencing 1
April 2013. It is estimated that if the rate change from 24% to 23%
had been substantively enacted on or before the balance sheet date
it would have had the effect of reducing the deferred tax asset
recognised at that date by approximately GBP46,000 and it will
reduce the group's future corporation tax charge accordingly.
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the
weighted average number of ordinary shares in issue and the
earnings as set out below. There are no discontinued operations in
any period.
6 months ended 30
June 2012
Continuing Number of
earnings shares
GBP000
Basic earnings/weighted average number of shares 4,936 42,297,624
Basic earnings per ordinary share (pence) 11.67p
6 months ended 30
June 2011
Continuing Number of
earnings shares
GBP000
Basic earnings/weighted average number of shares 4,116 42,962,764
Basic earnings per ordinary share (pence) 9.58p
12 months ended
31 December 2011
Continuing Number of
earnings shares
GBP000
Basic earnings/weighted average number of shares 11,566 42,754,198
Basic earnings per ordinary share (pence) 27.05p
5 Earnings per share (continued)
Diluted earnings per share
The calculation of the diluted earnings per ordinary share for
the 12 months ended 31 December 2011 is based on the profits and
shares as set out in the table below. There were no dilutive
instruments outstanding as at 30 June 2012 or 30 June 2011 and
there were no discontinued operations in any period.
12 months ended
31 December 2011
Continuing Number of
earnings shares
GBP000
Basic earnings/weighted average number of shares 11,566 42,754,198
Weighted average number of shares under option 3,802
Number of shares that would have been issued
at fair value to satisfy the above options (1,771)
Earnings/diluted weighted average number of
shares 11,566 42,756,229
Diluted earnings per ordinary share (pence) 27.05p
6 Dividend payments
The directors have not declared any interim dividends in respect
of either the period under review or the 6 month period ended 30
June 2011. On 8 November 2011 the directors declared an interim
dividend of 6.6 pence per ordinary share and the total amount of
GBP2,818,000 was paid to shareholders on the register as at 18
November 2011 on 1 December 2011.
7 Retirement benefit obligations - defined benefit pension scheme
The group closed the UK group defined benefit pension scheme to
future accrual as at 29 December 2002. The assets of the defined
benefit pension scheme continue to be held in a separate trustee
administered fund.
As at 30 June 2012 the group had a net defined benefit pension
scheme surplus, calculated in accordance with IAS 19 using the
assumptions as set out below, of GBP632,000 ( June 2011:
GBP2,411,000; 31 December 2011: GBP1,629,000). The asset has been
recognised in the financial statements as the directors are
satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as
at 31 December 2010, and taking into account the significant market
movements since that date, a revised schedule of contributions and
recovery plan has been agreed with the pension scheme trustees.
Based on this schedule of contributions, which is effective from 1
January 2011, the best estimate of the employer contributions to be
paid during the year commencing 1 January 2012 is GBP840,000.
Assumptions used to calculate the scheme surplus
The last full actuarial valuation was carried out as at 31
December 2010. A qualified independent actuary has updated the
results of this valuation to calculate the position as disclosed
below.
The major assumptions used in this valuation to determine the
present value of the scheme's defined benefit obligation were as
follows:
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
% % %
Rate of increase in:
Pensionable salaries n/a n/a n/a
Pensions in payment 2.80 3.40 2.90
Discount rate applied to scheme liabilities 4.40 5.50 4.80
Inflation assumption:
RPI 2.80 3.60 3.00
CPI for the first six years 1.80 2.40 2.00
CPI after the first six years 1.80 2.40 2.00
From 1 January 2011, the government amended the basis for
statutory increases to deferred pensions and pensions in payment.
Such increases are now based on inflation measured by the Consumer
Price Index (CPI) rather than the Retail Price Index (RPI). Having
reviewed the scheme rules and considered the impact of the change
on this pension scheme, the directors consider that future
increases to (i) all deferred pensions and (ii) Guaranteed Minimum
Pensions accrued between 6 April 1988 and 5 April 1997 and
currently in payment will be based on CPI rather than RPI.
Accordingly, this assumption has been adopted as at 31 December
2010 and subsequent periods. It continues to be assumed that all
other pension increases will be linked to RPI.
Assumptions regarding future mortality experience are set based
on advice in accordance with published statistics. The mortality
table used at 30 June 2012 is 110% S1NA CMI2011 (30 June 2011:
PA92YOBMC+2; 31 December 2011: 110% S1NA CMI2010).
The assumed average life expectancy in years of a pensioner
retiring at the age of 65 given by the above tables is as
follows:
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
Male, current age 45 22.6 years 21.4 years 22.8 years
Female, current age 45 23.9 years 24.1 years 23.9 years
Valuations
The fair value of the scheme's assets, which are not intended to
be realised in the short term and may be subject to significant
change before they are realised, and the present value of the
scheme's liabilities, which are derived from cash flow projections
over long periods and are inherently uncertain, were as
follows:
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Total fair value of plan assets 32,200 31,149 31,447
Present value of defined benefit
funded obligation calculated in
accordance with stated assumptions (31,568) (28,738) (29,818)
Surplus in the scheme calculated
in accordance with stated
assumptions recognised in the balance
sheet 632 2,411 1,629
The movement in the fair value of the scheme's assets during the
period were as follows:
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Fair value of plan assets at the
start of the period 31,447 30,733 30,733
Expected return on plan assets 746 774 1,628
Actuarial gains recognised in the
CSOCTI 265 157 104
Employer contributions - normal 420 60 120
Benefits paid (678) (575) (1,138)
Fair value of plan assets at the
end of the period 32,200 31,149 31,447
The movement in the present value of the defined benefit
obligation during the period was as follows:
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Opening present value of defined
benefit funded obligation calculated
in accordance with stated assumptions (29,818) (28,743) (28,743)
Interest on defined benefit obligation (699) (772) (1,550)
Actuarial (loss)/gain recognised
in the CSOCTI calculated in
accordance with stated assumptions (1,729) 202 (663)
Benefits paid 678 575 1,138
Closing present value of defined
benefit funded obligation calculated
in accordance with stated assumptions (31,568) (28,738) (29,818)
Amounts recognised in the income statement
The amounts credited/(charged) in the income statement were:
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Expected return on pension scheme
assets credited within finance
income 746 774 1,628
Interest on pension scheme liabilities
charged within finance costs (699) (772) (1,550)
Net pension interest credit 47 2 78
Actuarial gains and losses recognised in the consolidated
statement of comprehensive total income (CSOCTI)
The amounts credited/(charged) in the CSOCTI were:
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Actual return less expected return
on scheme assets 265 157 104
Experience gains and losses arising
on plan obligation (437) (65) (260)
Changes in demographic and financial
assumptions underlying the
present value of plan obligations (1,292) 267 (403)
Actuarial (loss)/gain calculated
in accordance with stated assumptions
recognised in the CSOCTI (1,464) 359 (559)
8 Called up share capital
(Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Issued and fully paid:
42,262,082 ordinary shares of one
pence each (June 2011:
42,699,588; December 2001: 42,688,588
ordinary shares of one
pence each) 423 427 427
During the period the company bought back 426,506 shares for
cancellation for a total consideration of GBP814,934 (June 2011
431,216 shares for a total consideration of GBP925,748; December
2011 442,216 shares for a total consideration of GBP944,791). The
company did not issue any shares in the period (June 2011 and
December 2011: 15,000 to satisfy the exercise of share options as
set out below).
During the six months ended June 2011 and 12 months ended 31
December 2011 15,000 share options were exercised at a price of
89.5 pence per share. Accordingly 15,000 one pence ordinary shares
were issued to satisfy these options at a premium of 88.5 pence per
share. No share options were granted, forfeited or expired during
either the current or comparative financial periods. There were no
share options outstanding at any period end.
The company has one class of ordinary shares which carry no
right to fixed income.
9 Cash generated from operations
(Unaudited) (Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Profit for the period attributable
to equity shareholders 4,936 4,116 11,566
Adjustments for:
Taxation charge 1,763 1,531 3,337
Finance costs 851 974 1,927
Finance income (853) (888) (1,850)
Inter-company foreign exchange gains
and losses 16 197 15
Income from other participating (265) - -
interests
Profit on the sale of property,
plant and equipment (180) (238) (3,519)
Depreciation 2,019 2,092 3,911
Excess of normal pension contributions
compared with service cost (420) (60) (120)
Cash generated from operations before
movements in working capital 7,867 7,724 15,267
Increase in stocks (301) (377) (229)
(Increase)/decrease in trade and
other receivables (96) 2,148 999
Decrease in trade and other payables (860) (705) (258)
Decrease in provisions (6) (7) (13)
Cash generated from operations 6,604 8,783 15,766
10 Analysis of net funds
(Unaudited)
30 June 30 June 31 December
2012 2011 2011
GBP000 GBP000 GBP000
Cash and cash equivalents per cash
flow statement 21,166 22,632 24,986
Bank loans (8,000) (14,000) (14,000)
Obligations under finance leases (513) (678) (598)
Derivative financial instruments (11) (34) (23)
Gross debt (8,524) (14,712) (14,621)
Net funds 12,642 7,920 10,365
11 Distribution of interim financial statements
Following a change in regulations in 2008, the company is no
longer required to circulate this half year report to shareholders.
This enables us to reduce costs associated with printing and
mailing and to minimise the impact of these activities on the
environment. A copy of the interim financial statements is
available on the company's website, www.andrews-sykes.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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