TIDMASY
RNS Number : 6263A
Andrews Sykes Group PLC
30 September 2015
Andrews Sykes Group plc
Interim financial statements 2015
Summary of results
for the six months ended 30 June 2015
(Unaudited)
6 months 6 months
ended ended
30 June 30 June
2015 2014
GBP'000 GBP'000
Revenue from continuing operations 28,240 26,759
EBITDA* from continuing operations 7,293 6,495
Operating profit 4,973 4,349
Profit for the financial period 3,732 3,206
Basic earnings per share (pence) 8.83p 7.59p
Interim dividends declared per equity
share (pence) 11.90p 11.90p
Prior year final dividend declared
per equity share (pence) 11.90p 11.90p
Net funds 13,505 15,291
* Earnings Before Interest, Taxation, Depreciation, profit on
the sale of property, plant and equipment, Amortisation and
non-recurring items.
For further information please contact:
Andrews Sykes Group plc
Paul Wood, Group Managing Director
Andrew Phillips, Chief Financial +44 (0) 1902
Officer 328700
Altium (Nominated adviser)
Paul Lines +44 (0) 845
Adam Sivner 505 4343
Arden Partners plc (Broker) +44 (0) 20
Steve Douglas 7614 5920
Chairman's Statement
Overview
The group produced a successful result for the first half of
2015, the winter months created some good opportunities for our
heating and boiler hire products and this was further enhanced by
continued stability within the construction sector. Overall, the
group's revenue for the six months ended 30 June 2015 was GBP28.2
million, an increase of GBP1.5 million compared with the same
period last year. As a consequence operating profit increased by
GBP0.7 million from GBP4.3 million in the first half of 2014 to
GBP5.0 million for the six months ended 30 June 2015.
The group continues to be profitable and cash generative. Cash
generated from operations was GBP5.0 million (2014: GBP4.2 million)
and although net funds decreased by GBP3.3 million from GBP16.8
million as at 31 December 2014 to GBP13.5 million as at 30 June
2015 this was after paying the 2014 final dividend of 11.90 pence
per share, or GBP5.0 million in total, during the period.
Management continue to safeguard the operational structure of
the business. Cash spent on new plant and equipment, primarily hire
fleet assets, amounted to GBP1.7 million and a further GBP1.0
million from stock was also added to the hire fleet. We have
continued our policy of pursuing organic growth within our market
sectors and start up costs of the new businesses discussed in
previous Strategic Reports continue to be expensed as incurred. A
new depot in Lyon has been opened in the first half of 2015 and
continuing investment in both our existing core businesses and the
ongoing development of new operations and income streams will
ensure that we remain in a strong position and will safeguard
profitability into the future.
Operations review
Our main hire and sales business segment in the UK and Europe
enjoyed some improved trading conditions during first half of 2015.
The colder weather during the winter months provided good
opportunity for our heating products, however our pumping activity
decreased when compared to 2014, where the first few months
recorded exceptional levels of rainfall with widespread flooding,
this was not repeated in 2015. Demand for our air conditioning
products was in line with previous years.
Following a disappointing result in 2014 our operations across
the Benelux region have produced a strong recovery with significant
growth on last year's performance. Our newly established businesses
in France, Switzerland and Luxembourg continue to trade in line
with our expectations.
Andrews Air Conditioning & Refrigeration, our UK air
conditioning installation business, produced an operating profit
that was GBP0.1 million ahead of the level achieved last year.
Khansaheb Sykes, our long established business based in the UAE,
had a strong start to the year, with improvements in both Dubai and
Abu Dhabi involving our traditional dewatering, sewage and general
pump hire activities. The climate rental division that was started
in 2012 also continues to make a positive contribution. Overall,
the operating profit of Khansaheb Sykes was GBP0.5 million ahead of
the same period last year.
Profit for the financial period and Earnings per Share
Profit before tax was GBP4.7 million (2014: GBP4.1 million)
reflecting both the above GBP0.7 million increase in operating
profit and an increase in net finance costs of GBP0.1 million
compared with the same period in 2014. Net finance costs increased
primarily due to an inter company foreign exchange loss of GBP0.4
million, compared with a loss of GBP0.3 million in 2014, due to the
continued strengthening of Sterling compared mainly with the Euro
during the period.
Despite the increase in profits before tax, the tax charge
remained virtually unchanged at GBP0.9 million for the six months
ended 30 June 2015. This is due to a decrease in the group's
effective tax rate from 22.7% for the six months ended 30 June 2014
to 20.2% in the current period which is mainly attributable to (i)
a 1.25% reduction in the UK annualised effective tax rate and (ii)
an increase in the mix of profits earned in low tax regions
overseas. A reconciliation of the theoretical corporation tax
charge based on the accounts profit multiplied by the UK annualised
corporation tax rate of 20.25% and the actual tax charge is given
in note 4 of these interim accounts.
Profit after tax was GBP3.7 million (2014: GBP3.2 million) and
consequently the basic earnings per share increased by 1.24 pence,
or 16.3%, from 7.59 pence for the first half of 2014 to 8.83 pence
for the period under review. There were no share buy-backs in the
period.
Dividends
The final dividend of 11.90 pence per ordinary share for the
year ended 31 December 2014 was approved by members at the AGM held
on 16 June 2015. Accordingly on 19 June 2015 the company made a
total dividend payment of GBP5,029,000 which was paid to
shareholders on the register as at 29 May 2015.
The board continues to adopt the policy of returning value to
shareholders whenever possible. The group remains profitable, cash
generative and financially strong. Accordingly the board has
decided to declare an interim dividend for 2015 of 11.90 pence per
share which in total amounts to GBP5,029,000. This will be paid on
4 November 2015 to shareholders on the register as at 9 October
2015. The shares will go ex-dividend on 8 October 2015.
Preparation of the year end accounts
Following a change in the financial reporting framework
applicable to all UK groups with effect from the start of the
current year, the parent company accounts of Andrews Sykes Group
plc will be prepared in accordance with this new framework this
year. There are no changes to the preparation of the group's
consolidated financial statements. Further details of the new
framework are set out in note 11 of these interim accounts.
Outlook
Trading in the third quarter to date has been positive. Europe
experienced a period of hot weather during the early part of July
which stimulated a high demand for air conditioning products.
Although this was short lived in the UK, our operations across
mainland Europe enjoyed a hot summer with prolonged periods of
above average temperatures. Activity in the Middle East has
remained consistent through the summer period, with trading levels
ahead of last year in both Sharjah and Abu Dhabi.
The board remains cautiously optimistic that the group will
return an improved performance for the full year.
JG Murray
Chairman
29 September 2015
Consolidated income statement
for the 6 months ended 30 June 2015 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 28,240 26,759 56,400
Cost of sales (12,602) (12,116) (24,101)
Gross profit 15,638 14,643 32,299
Distribution costs (5,343) (5,061) (10,410)
Administrative expenses (5,322) (5,233) (10,578)
Operating profit 4,973 4,349 11,311
EBITDA* 7,293 6,495 15,569
Depreciation and impairment
losses (2,531) (2,301) (4,563)
Profit on the sale of plant
and equipment 211 155 305
--------- ----------------- -------------------
Operating profit 4,973 4,349 11,311
--------- ----------------- -------------------
Income from trade investments - - 517
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Finance income 145 178 342
Finance costs (84) (93) (192)
Intercompany foreign exchange
gains and losses (355) (286) (222)
Profit before taxation 4,679 4,148 11,756
Taxation (947) (942) (2,445)
Profit for the financial
period 3,732 3,206 9,311
--------- ----------------- -------------------
There were no discontinued operations
in either of the above periods
Earnings per share from continuing
operations
Basic and diluted (pence) 8.83p 7.59p 22.03p
Dividends paid for the period
per equity share (pence) - - 11.90p
Proposed dividend for the
period per equity share
(pence) 11.90p 11.90p 11.90p
* 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 2015 (unaudited)
30 June 30 June 31 December
2015 2014 2014
---------------- ----------------- ----------------
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and
equipment 16,187 15,524 16,388
Lease prepayments 51 52 51
Trade investments 164 164 164
Deferred tax asset 495 627 626
Retirement benefit
pension surplus 1,695 1,681 1,253
---------------- ----------------- ----------------
18,592 18,048 18,482
---------------- ----------------- ----------------
Current assets
Stocks 5,002 4,592 4,618
Trade and other receivables 15,031 14,772 14,348
Overseas tax (denominated
in Euros) 195 547 133
Cash and cash equivalents 19,697 22,559 24,077
---------------- ----------------- ----------------
39,925 42,470 43,176
---------------- ----------------- ----------------
Current liabilities
Trade and other payables (10,716) (10,355) (10,963)
Current tax liabilities (1,149) (1,308) (1,321)
Bank loans (980) (980) (980)
Obligations under
finance leases (101) (114) (114)
Provisions (2) (13) (9)
---------------- ----------------- ----------------
(12,948) (12,770) (13,387)
---------------- ----------------- ----------------
Net current assets 26,977 29,700 29,789
Total assets less
current liabilities 45,569 47,748 48,271
Non-current liabilities
Bank loans (4,985) (5,965) (5,975)
Obligations under
finance leases (126) (209) (162)
Provisions - (2) -
---------------- ----------------- ----------------
(5,111) (6,176) (6,137)
---------------- ----------------- ----------------
Net assets 40,458 41,572 42,134
---------------- ----------------- ----------------
Equity
Called-up share capital 423 423 423
Share premium 13 13 13
Retained earnings 38,331 38,828 39,295
Translation reserve 1,436 2,053 2,148
Other reserves 245 245 245
Surplus attributable to
equity holders of the
parent 40,448 41,562 42,124
Minority interest 10 10 10
Total equity 40,458 41,572 42,134
---------------- ----------------- ----------------
Consolidated cash flow statement
for the six months ended 30 June 2015 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from
operations 4,996 4,205 13,222
Interest paid (86) (86) (166)
Net UK corporation tax
paid (951) (1,220) (2,268)
Net withholding tax paid - - (47)
Overseas tax paid (190) (291) (120)
Net cash inflow from
operating activities 3,769 2,608 10,621
------------------------- ----------------------------- --------------------------
Investing activities
Dividends received from
trade investments - - 517
Sale of property, plant
and equipment 335 252 511
Purchase of property,
plant and equipment (1,711) (1,256) (3,727)
Interest received 100 126 270
------------------------- -----------------------------
Net cash outflow from
investing activities (1,276) (878) (2,429)
------------------------- ----------------------------- --------------------------
Financing activities
Loan repayments (1,000) (1,000) (1,000)
Finance lease capital
repayments (49) (46) (93)
Equity dividends paid (5,029) (5,029) (10,058)
------------------------- -----------------------------
Net cash outflow from
financing activities (6,078) (6,075) (11,151)
------------------------- ----------------------------- --------------------------
Net decrease in cash
and cash equivalents (3,585) (4,345) (2,959)
Cash and cash equivalents
at the beginning of the
period 24,077 27,417 27,417
Effect of foreign exchange
rate changes (795) (513) (381)
Cash and cash equivalents
at end of the period 19,697 22,559 24,077
------------------------- ----------------------------- --------------------------
Reconciliation of net cash flow to movement
in net funds in the period
Net decrease in cash
and cash equivalents (3,585) (4,345) (2,959)
Net cash outflow from
the decrease in debt 1,049 1,046 1,093
Non-cash movements in
respect of costs of
raising
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loan finance (10) (10) (20)
------------------------- ----------------------------- --------------------------
Decrease in net funds
during the period (2,546) (3,309) (1,886)
Opening net funds at
the beginning of the
period 16,846 19,113 19,113
Effect of foreign exchange
rate changes (795) (513) (381)
------------------------- ----------------------------- --------------------------
Closing net funds at
the end of the period 13,505 15,291 16,846
------------------------- ----------------------------- --------------------------
Consolidated statement of comprehensive total income
(CSOCTI)
for the six months ended 30 June 2015 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Profit for the financial
period 3,732 3,206 9,311
Other comprehensive (charges)
/ income:
Items that may be reclassified
to profit and loss:
Currency translation differences
on foreign currency net investments (712) (406) (312)
Items that will never be
reclassified to profit and
loss:
Remeasurement of defined
benefit liabilities and assets 416 (41) (802)
Related deferred tax (83) 8 160
Other comprehensive charges
for the period net of tax (379) (439) (954)
Total comprehensive income
for the period 3,353 2,767 8,357
Notes to the consolidated interim financial statements
for the six months ended 30 June 2015
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 2014 does
not constitute the group's statutory accounts for 2014 as defined
in Section 434 of the Companies Act 2006. Statutory accounts for
2014 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 29 September 2015, 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 2014.
3 Revenue
An analysis of the group's revenue is as follows:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Continuing operations
Hire 22,996 21,501 45,688
Sales 3,186 3,232 6,764
Installations 2,058 2,026 3,948
Group consolidated revenue
from the sale of goods and
provision
of services 28,240 26,759 56,400
-------- -------- ------------
The geographical analysis of the group's revenue by origination
is:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
United Kingdom 19,239 19,814 40,987
Rest of Europe 3,989 3,703 7,947
Middle East and Africa 5,012 3,242 7,466
28,240 26,759 56,400
------------------------ -------- ------------
4 Taxation
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Current tax
UK corporation tax at 20.25%
(30 June 2014 and 31 December
2014: 21.5%) 779 929 2,111
Adjustments in respect of
prior periods - - (119)
------------------------ --------------------------- ------------
779 929 1,992
Overseas tax 120 14 261
Adjustments to overseas tax
in respect of prior periods - - (7)
Withholding tax - - 47
Total current tax charge 899 943 2,293
------------------------ --------------------------- ------------
Deferred tax
Deferred tax on the origination
and reversal of temporary
differences 48 (1) 91
Adjustments in respect of
prior periods - - 61
Total deferred tax charge 48 (1) 152
------------------------ --------------------------- ------------
Total tax charge for the
financial period attributable
to
continuing operations 947 942 2,445
------------------------ --------------------------- ------------
The tax charge for the financial period can be reconciled to the
profit before tax per the income statement multiplied by the
effective standard annualised corporation tax rate in the UK of
20.25% (30 June 2014 and 31 December 2014: 21.5%) as follows:
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Profit before taxation from
continuing and total operations 4,679 4,148 11,756
-------- -------------------------- -----------------------
Tax at the UK effective annualised
corporation tax rate of 20.25%
(30 June 2014 and 31 December
2014: 21.5%) 947 892 2,528
Effects of:
Expenses not deductible for
tax purposes 58 53 78
Movement in overseas trading
losses 122 106 207
Effect of different tax rates
of subsidiaries operating
abroad (180) (109) (232)
Withholding tax - - 47
Non-taxable income from other
participating interests - - (111)
Effect of change in rate of
corporation tax - - (7)
Adjustments to tax charge
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in respect of previous periods - - (65)
Total tax charge for the financial
period 947 942 2,445
-------- -------------------------- -----------------------
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 20.25%;
the reduction to 20% for the tax year ending 31 March 2016 having
been substantially enacted on 2 July 2013. UK deferred tax has been
provided at 20% being the rate substantially enacted at the balance
sheet date at which the timing differences are expected to
reverse.
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 2015
----------------------
Continuing Number of
earnings Shares
GBP'000
Basic earnings/weighted average
number of shares 3,732 42,262,082
----------
Basic earnings per ordinary share
(pence) 8.83p
6 months ended 30
June 2014
----------------------
Continuing Number of
earnings shares
GBP'000
Basic earnings/weighted average
number of shares 3,206 42,262,082
----------
Basic earnings per ordinary share
(pence) 7.59p
12 months ended 31
December 2014
------------------------
Continuing Number
earnings of
shares
GBP'000
Basic earnings/weighted average
number of shares 9,311 42,262,082
-----------
Basic earnings per ordinary share
(pence) 22.03p
Diluted earnings per share
There were no dilutive instruments outstanding at 30 June 2015
or either of the comparative periods and, therefore, there is no
difference in the basic and diluted earnings per share for any of
these periods. There were no discontinued operations in any
period.
6 Dividend payments
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2015 were as follows:
Paid in the 6 months
ended 30 June 2015
-------------------------
Pence per Total dividend
share paid
GBP'000
Final dividend for the year ended
31 December 2014 paid to members
on the register on 29 May 2015
on 19 June 2015 11.90p 5,029
--------- --------------
The above dividend was charged against reserves during the 6
months ended 30 June 2015.
On 29 September 2015 the directors declared an interim dividend
of 11.90 pence per ordinary share which in total amounts to
GBP5,029,000. This will be paid on 4 November 2015 to shareholders
on the register on 9 October 2015 and will be charged against
reserves in the second half of 2015.
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2014 were as follows:
Paid in the 6 months
ended 30 June 2014
-------------------------
Pence per Total dividend
share declared
GBP'000
Final dividend for the year ended
31 December 2013 paid to members
on the register on 30 May 2014
on 19 June 2014 11.90p 5,029
--------- --------------
The above dividend was charged against reserves during the 6
months ended 30 June 2014.
Dividends declared and paid on ordinary one pence shares during
the 12 month period ended 31 December 2014 were as follows:
Paid in the 12 months
ended 31 December
2014
-------------------------
Pence per Total dividend
share paid
GBP'000
Final dividend for the year ended
31 December 2013 paid to members
on the register on 30 May 2014
on 19 June 2014 11.90p 5,029
Interim dividend declared on
25 September 2014 and paid to
shareholders on the register
as at 7 November 2014 on 2 December
2014 11.90p 5,029
--------- --------------
23.80p 10,058
--------- --------------
The above dividends were charged against reserves during the 12
months ended 31 December 2014.
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 2015 the group had a net defined benefit pension
scheme surplus, calculated in accordance with IAS 19 (revised)
using the assumptions as set out below, of GBP1,695,000 (30 June
2014: GBP1,681,000; 31 December 2014: GBP1,253,000). 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 2013 a revised schedule of contributions and
recovery plan was agreed with the pension scheme trustees in June
2014. In accordance with this schedule of contributions, which is
effective from 1 January 2014, the group made additional
contributions in 2014 totalling GBP905,000 to remove the funding
deficit calculated as at 31 December 2013 and this has now been
eliminated. Accordingly, until the next funding valuation is agreed
with the pension scheme trustees, the group does not expect to make
any further contributions to the pension scheme, other than a
contribution towards the expenses that has been capped at
GBP120,000 per annum.
Assumptions used to calculate the scheme surplus
A qualified independent actuary has updated the results of the
December 2013 full actuarial valuation (30 June 2014: December 2010
full actuarial valuation) to calculate the surplus as disclosed
below.
The major assumptions used to determine the present value of the
scheme's defined benefit obligation were:
30 June 30 June 31 December
2015 2014 2014
Rate of increase in pensionable N/A N/A N/A
salaries
Rate of increase in pensions 3.10% 3.30% 3.00%
in payment
Discount rate applied 3.60% 4.20% 3.40%
to scheme liabilities
Inflation assumption - 3.20% 3.40% 3.10%
RPI
Inflation assumption - 2.20% 2.40% 2.10%
CPI
Percentage of members 90% 100% 90%
taking maximum tax free
lump sum on retirement
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 was adopted as at 31 December 2010 and
subsequently.
Assumptions regarding future mortality experience are set based
on advice in accordance with published statistics. The mortality
table used at 30 June 2015 is 110% S1NA CMI2014 (30 June 2014: 110%
S1NA CMI2013; 31 December 2014: 110% S1NA CMI2014) with a 1% per
annum long term improvement for both males and females (30 June
2014: 1% males, 0.5% females; 31 December 2014: 1% males, 1%
females).
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The assumed average life expectancy in years of a pensioner
retiring at the age of 65 given by the above tables is as
follows:
30 June 30 June 31 December
2015 2014 2014
Male, current age 45 22.5 years 22.7 22.5 years
Female, current age 45 25.2 years years 25.2 years
24.0
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:
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Total fair value of plan
assets 38,385 36,786 38,864
Present value of defined
benefit funded obligation
calculated in
accordance with stated assumptions (36,690) (35,105) (37,611)
----------- ----------- ------------
Surplus in the scheme calculated
in accordance with stated
assumptions recognised in
the balance sheet 1,695 1,681 1,253
----------- ----------- ------------
The movement in the fair value of the scheme's assets during the
period was as follows:
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Fair value of plan assets
at the start of the period 38,864 35,707 35,707
Expected return on pension
scheme assets 649 775 1,559
Actual return less expected
return on pension scheme assets (359) 545 2,275
Employer contributions - normal 60 540 905
Benefits paid (774) (727) (1,455)
Administration expenses charged
in the income statement (55) (54) (127)
Fair value of plan assets
at the end of the period 38,385 36,786 38,864
--------- ---------------- -----------
The movement in the present value of the defined benefit
obligation during the period was as follows:
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Present value of defined benefit
funded at the beginning of
the period (37,611) (34,503) (34,503)
Interest on defined benefit
obligation (628) (743) (1,486)
Actuarial gain/(loss) recognised
in the CSOCTI calculated in
accordance with stated assumptions 775 (586) (3,077)
Benefits paid 774 727 1,455
Closing present value of defined
benefit funded obligation
calculated
in accordance with stated
assumptions (36,690) (35,105) (37,611)
--------- --------- -----------
Amounts recognised in the income statement
The amounts credited / (charged) in the income statement
were:
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Expected return on pension
scheme assets 649 775 1,559
Interest on pension scheme
liabilities (628) (743) (1,486)
------------------------ --------------------- ---------------------
Net pension interest credit
included within finance income 21 32 73
Scheme administration expenses (55) (54) (127)
Net pension charge in the
income statement (34) (22) (54)
------------------------ --------------------- ---------------------
Actuarial gains and losses recognised in the consolidated
statement of comprehensive total income (CSOCTI)
The amounts credited / (charged) in the CSOCTI were:
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Actual return less expected
return on pension scheme assets (359) 545 2,275
Experience gains and losses
arising on plan obligation 123 (3) 383
Changes in demographic and
financial assumptions underlying
the
present value of plan obligations 652 (583) (3,460)
----------------------- ---------------- ------------------
Actuarial gain/(loss) calculated
in accordance with stated
assumptions
recognised in the CSOCTI 416 (41) (802)
----------------------- ---------------- ------------------
8 Called up share capital
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Issued and fully paid:
42,262,082 ordinary shares
of one pence each (30 June
2014 and 31 December 2014:
42,262,082 ordinary shares
of one pence each) 423 423 423
---------------------- ----------------- -------------------
The company did not buy back any shares for cancellation during
the 6 months ended 30 June 2015 or either of the comparative
periods. The company did not issue any shares in the period or
either of the comparative periods. No share options were granted,
forfeited or expired during any of the periods and 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
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2015 2015 2015
GBP'000 GBP'000 GBP'000
Profit for the period attributable
to equity shareholders 3,732 3,206 9,311
Adjustments for:
Taxation charge 947 942 2,445
Finance costs 84 93 192
Finance income (145) (178) (342)
Inter-company foreign exchange
gains and losses 355 286 222
Income from trade investments - - (517)
Profit on the sale of property,
plant and equipment (211) (155) (305)
Depreciation 2,531 2,301 4,563
EBITDA* 7,293 6,495 15,569
Excess of normal pension
contributions compared with
service and
administration expenses (5) (486) (778)
Workings capital movements:
Stocks (1,389) (1,764) (2,527)
Trade and other receivables (660) (122) 284
Trade and other payables (236) 88 686
Provisions (7) (6) (12)
Cash generated from operations 4,996 4,205 13,222
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