income for the
period - - - (220) - (971) (1,191)
--------- --------- --------- ------------ --------- ---------- --------
At 31 December
2011 6,066 6,396 7,371 (113) (358) (5,207) 14,155
========= ========= ========= ============ ========= ========== ========
Condensed Consolidated Balance Sheet
at 30 June 2012
30 June
--------------------------
2012 2011 31 December
(unaudited) (unaudited) 2011
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------ ------------ ------------ ------------
Non-current
assets
Goodwill 13,622 13,425 13,567
Other intangible
assets 2,129 2,592 2,338
Property, plant and
equipment 7,570 8,863 7,909
Deferred tax
assets 1,194 2,065 1,289
Other non-current
assets 865 - 800
Total non-current
assets 25,380 26,945 25,903
------------------------------- ------ ------------ ------------ ------------
Current assets
Inventories 2,254 3,526 2,281
Trade and other receivables 7,084 11,335 8,394
Current tax
assets 85 - -
Cash and cash equivalents 1,673 5,456 4,748
Other current
assets 460 - 400
Assets of disposal
group held for sale - 894 440
Total current
assets 11,556 21,211 16,263
------------------------------- ------ ------------ ------------ ------------
Total assets 36,936 48,156 42,166
------------------------------- ------ ------------ ------------ ------------
Current liabilities
Bank overdraft 8 (3,633) - -
Borrowings 8 (900) (900) (5,900)
Obligations under
finance leases (161) (147) (141)
Trade and other payables (5,285) (8,203) (6,618)
Provisions (20) (8) (60)
Current tax
liabilities (191) (102) (87)
Accruals and deferred
income (5,432) (6,435) (6,355)
Total current
liabilities (15,622) (15,795) (19,161)
------------------------------- ------ ------------ ------------ ------------
Non-current
liabilities
Borrowings 8 (2,475) (13,175) (2,925)
Obligations under
finance leases (379) (270) (359)
Deferred tax
liabilities (396) (27) (421)
Non-current
provisions (86) - (73)
Other non-current
liabilities (111) (123) (113)
Retirement benefit
obligation (4,975) (7,942) (4,959)
Total non-current
liabilities (8,422) (21,537) (8,850)
------------------------------- ------ ------------ ------------ ------------
Total liabilities (24,044) (37,332) - (28,011)
------------------------------- ------ ------------ ------------ ------------
Net assets 12,892 10,824 14,155
=============================== ====== ============ ============ ============
Equity
Share capital 6,066 6,066 6,066
Share premium
account 6,396 6,396 6,396
Merger reserve 7,371 7,371 7,371
Translation
reserve (139) 119 (113)
Other reserve (358) (358) (358)
Retained earnings (6,444) (8,770) (5,207)
Equity attributable to shareholders
of the parent 12,892 10,824 14,155
======================================= ============ ============ ============
Condensed Consolidated Statement of Cash Flows
for the financial period ended 30 June 2012
6 months to 18 months
30 June ended
--------------------------
2012 2011 31 December
(unaudited) (unaudited) 2011
Notes GBP'000 GBP'000 GBP'000
------------------------------- ------ ------------ ------------ ------------
Cash flows from operating
activities
Loss before interest
and tax (429) (3,426) (7,232)
Depreciation and impairment
charge 556 1,189 3,078
Amortisation and impairment
charge 260 361 926
Profit on sale of property,
plant and equipment (4) (5) (345)
Retirement benefit
obligation (402) (463) (1,664)
Decrease in provisions (27) (447) (987)
Cash used in operations
before working capital movements (46) (2,791) (6,224)
Decrease in trade and
other receivables 1,517 2,955 5,586
Decrease in inventories
and work in progress 24 221 957
Decrease in trade and
other payables (2,163) (2,828) (7,395)
Cash used in
operations (668) (2,443) (7,076)
Interest
paid (66) (94) (278)
Interest received 26 119 344
Income tax paid (238) (173) (59)
Net cash outflow from
operating activities (946) (2,591) (7,069)
------------------------------- ------ ------------ ------------ ------------
Net cash used in investing
activities
Purchase of intangible
assets (64) (61) (329)
Purchase of property,
plant and equipment (129) (251) (992)
Acquisition of subsidiary
undertakings net of cash
acquired 9 (46) - (316)
Proceeds from sale of
property, plant, equipment
and intangible assets 45 98 908
Sale of business net
of expenses - - 6,134
Net cash (outflow)/inflow
from investing activities (194) (214) 5,405
--------------------------------------- ------------ ------------ ------------
Net cash used in financing
activities
Proceeds from
new bank loan - 4,900 6,600
Repayment of
bank loans (5,450) (225) (5,675)
Repayments of obligations
under finance leases (86) (160) (456)
Net cash (outflow)/inflow
from financing activities (5,536) 4,515 469
--------------------------------------- ------------ ------------ ------------
Net (decrease)/increase
in cash and cash equivalents (6,676) 1,710 (1,195)
------------------------------- ------ ------------ ------------ ------------
Cash and cash equivalents
at beginning of period 4,748 3,746 6,009
Effects of changes in
foreign exchange rates (32) - (66)
Cash and cash equivalents
at end of period (1,960) 5,456 4,748
------------------------------- ------ ------------ ------------ ------------
Cash and cash equivalents
comprise:
Cash and short
term deposits 1,673 5,456 4,748
Bank overdrafts (3,633) - -
(1,960) 5,456 4,748
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