TIDMHVT
RNS Number : 9403G
Heavitree Brewery PLC
16 February 2010
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 16 February 2010
Contact: Graham Crocker - Managing Director - 01392 217733
Rod Glanville - Director and Company Secretary - 01392 217733
Pascal Keane - Shore Capital - 0207 408 4090
Following a Board Meeting held today, 16 February 2010, the Directors announce
the preliminary statement of results for the year ended 31 October 2009.
ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares
ISIN: GB0004182506 for Ordinary Shares
Chairman's statement
The successful restructuring of the Company by the return of houses in our
former Managed House operation, Heavitree Inns Limited, to the tenanted and
leased estate has resulted in a drop in turnover for the year due to the loss in
associated retail sales. The restructure has also brought with it exceptional
costs for the year which I reported on at the half-year. However I am pleased
to be able to report on a marked improvement in both trading profit and
underlying profitability.
The accounts for the year under review separate our business into "Discontinued
Operations" and "Continuing Operations" in order to clarify the wind-up of
Heavitree Inns.
Results
Turnover for the Group decreased against last year by 29.8% but generated a
Group Operating Profit of GBP1,046,000 (2008: GBP554,000) after consolidation
adjustments.
Heavitree Inns (having ceased trading at the year end) generated an Operating
Loss of GBP279,000 (2008: Profit - GBP86,000).
Heavitree Inc. generated an Operating Loss of GBP13,000 (2008: Loss - GBP8,000).
Dividend
The Directors recommend a final dividend of 3.5p per Ordinary and 'A' Limited
Voting Ordinary Share (2008: 7p) making an overall total for the year of 7p,
which is unchanged from last year. The dividend will be paid on 16 April 2010,
subject to shareholder approval at the Annual General Meeting on 14 April 2010,
to shareholders on the Register at 12 March 2010.
Property Sales
During the year the following properties, which were all held as 'Assets held
for sale' as at 31 October 2008, were sold:
The Steam Packet Inn, Topsham.
The Heavitree Arms, Bideford.
The Old Rydon Inn, Kingsteignton.
The King's Arms, South Zeal.
The Dawlish Inn, Teignmouth.
The Hub, Exeter, which was not considered for disposal in the last financial
year was also sold as was a small piece of land in Sandford, Crediton.
Together, the sale of these properties realised a book profit before taxation of
GBP781,000.
At the time of writing no further houses are being marketed for sale.
Capital Investments
In the year under review there are no major capital works to report.
Pension Scheme
Following the decision that the Company will meet its funding obligations to its
closed final salary Pension Scheme, I can confirm that the required deficit
correction payment will be annualised over a period of eight years. During this
time the deficit will also be subject to further triennial actuarial funding
reviews.
Repurchase of Shares
The Company did not purchase any of its own shares during the year under review
but the Directors intend to seek shareholder approval at the forthcoming AGM for
the continued authority to do so.
Outlook
Our restructure has allowed us to simplify our operation, improve our
efficiencies and enhance support in our tenanted and leased estate of houses.
We remain focussed on our strategy of returning a dividend to shareholders at a
time when other companies in our sector have chosen not to do so. The industry
continues to be subject to many well documented pressures and the economy as a
whole is dogged by uncertainty. The offer of the pub itself has changed
irreversibly from what it once was. The team at this Company are working hard
to recognise and embrace all the opportunities that these changes are creating
and are looking to satisfy the demands of an increasingly discerning market. I
would like to thank all our Tenants, Leaseholders and staff in helping to return
a good and steady performance for the Company after a year of restructure during
difficult trading times.
N H P TUCKER
Chairman
Group income statement
for the year ended 31 October 2009
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| | | Discontinued | Continuing Operations | | Discontinued | Continuing Operations | |
| | | Operations | 2009 | Total | Operations | 2008 | Total |
| | | 2009 | GBP000 | 2009 | 2008 | GBP000 | 2008 |
| | Notes | GBP000 | | GBP000 | GBP000 | | GBP000 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Revenue | | 2,152 | 7,058 | 9,210 | 6,838 | 6,276 | 13,114 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Change in stocks | | (144) | - | (144) | (33) | (13) | (46) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Other operating income | | - | 83 | 83 | - | 63 | 63 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Purchase of inventories | | (743) | (2,899) | (3,642) | (2,756) | (2,130) | (4,886) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Staff costs | | (766) | (1,234) | (2,000) | (2,358) | (1,431) | (3,789) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Depreciation of property, plant and | | | | | | | |
| equipment | | (100) | (352) | (452) | (244) | (318) | (562) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Other operating charges | | (678) | (1,331) | (2,009) | (1,361) | (1,979) | (3,340) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| | | (2,431) | (5,733) | (8,164) | (6,752) | (5,808) | (12,560) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Group operating profit/(loss) | | (279) | 1,325 | 1,046 | 86 | 468 | 554 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Profit/(loss) on disposal of | | | | | | | |
| non-current assets and assets held | | (96) | 877 | 781 | 3 | 925 | 928 |
| for sale | | | | | | | |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Restructuring and finance costs | | (103) | (267) | (370) | - | - | - |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Group profit/(loss) before finance | | | | | | | |
| costs and taxation | | (478) | 1,935 | 1,457 | 89 | 1,393 | 1,482 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Finance income | | - | 26 | 26 | - | 34 | 34 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Finance costs | | - | (153) | (153) | - | (420) | (420) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Other finance costs - pensions | | - | (77) | (77) | - | (74) | (74) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| | | - | (204) | (204) | - | (460) | (460) |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| | | | | | | | |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Profit/(loss) before taxation | | (478) | 1,731 | 1,253 | 89 | 933 | 1,022 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Tax (expense)/credit | | 33 | (175) | (142) | (9) | 120 | 111 |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| | | | | | | | |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Profit/(loss) for the year | | | | | | | |
| attributable to equity holders of | | (445) | 1,556 | 1,111 | 80 | 1,053 | 1,133 |
| the parent | | | | | | | |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| | | | | | | | |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Basic earnings per share | 2 | (8.7)p | 30.4p | 21.7p | 1.5p | 20.4p | 21.9p |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| | | | | | | | |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
| Diluted earnings per share | 2 | (8.7)p | 30.4p | 21.7p | 1.5p | 20.4p | 21.9p |
+-------------------------------------+-------+--------------+-----------------------+---------+--------------+-----------------------+----------+
Group statement of recognised income and expense
for the year ended 31 October 2009
+-------------------------------------+----+---------+-+--------+
| | | 2009 | | 2008 |
| | | GBP000 | | GBP000 |
+-------------------------------------+----+---------+-+--------+
| Income and expense recognised | | | | |
| directly in equity | | | | |
+-------------------------------------+----+---------+-+--------+
| Actuarial (losses)/gains on defined | | (1,456) | | 386 |
| benefit pension plans | | | | |
+-------------------------------------+----+---------+-+--------+
| Tax credit/(expense)on items taken | | | | |
| directly to or transferred from | | 410 | | (92) |
| equity | | | | |
+-------------------------------------+----+---------+-+--------+
| Exchange difference on | | - | | 2 |
| retranslation of subsidiary | | | | |
+-------------------------------------+----+---------+-+--------+
| Fair value adjustment | | (8) | | (54) |
+-------------------------------------+----+---------+-+--------+
| | | | | |
+-------------------------------------+----+---------+-+--------+
| Net(expense)/ income recognised | | (1,054) | | 242 |
| directly in equity | | | | |
+-------------------------------------+----+---------+-+--------+
| | | | | |
+-------------------------------------+----+---------+-+--------+
| Profit for the year | | 1,111 | | 1,133 |
+-------------------------------------+----+---------+-+--------+
| | | | | |
+-------------------------------------+----+---------+-+--------+
| Total recognised income and expense | | 57 | | 1,375 |
| for the year | | | | |
+-------------------------------------+----+---------+-+--------+
Group balance sheet
+---------------------------------------+------+---------+-+---------+
| | | | | |
| | | | | |
| | | 2009 | | 2008 |
| | | GBP000 | | GBP000 |
+---------------------------------------+------+---------+-+---------+
| Non-current assets | | | | |
+---------------------------------------+------+---------+-+---------+
| Property, plant and equipment | | 13,683 | | 14,682 |
+---------------------------------------+------+---------+-+---------+
| Financial assets | | 50 | | 58 |
+---------------------------------------+------+---------+-+---------+
| Deferred tax asset | | 598 | | 295 |
+---------------------------------------+------+---------+-+---------+
| | | 14,331 | | 15,035 |
+---------------------------------------+------+---------+-+---------+
| Current assets | | | | |
+---------------------------------------+------+---------+-+---------+
| Inventories | | 19 | | 163 |
+---------------------------------------+------+---------+-+---------+
| Trade and other receivables | | 1,668 | | 1,796 |
+---------------------------------------+------+---------+-+---------+
| Cash and short-term deposits | | 521 | | 324 |
+---------------------------------------+------+---------+-+---------+
| | | 2,208 | | 2,283 |
+---------------------------------------+------+---------+-+---------+
| Assets held for sale | | - | | 795 |
+---------------------------------------+------+---------+-+---------+
| Total assets | | 16,539 | | 18,113 |
+---------------------------------------+------+---------+-+---------+
| Current liabilities | | | | |
+---------------------------------------+------+---------+-+---------+
| Trade and other payables | | (915) | | (1,582) |
+---------------------------------------+------+---------+-+---------+
| Financial liabilities | | - | | (6,479) |
+---------------------------------------+------+---------+-+---------+
| Income tax payable | | (77) | | (104) |
+---------------------------------------+------+---------+-+---------+
| | | | | |
+---------------------------------------+------+---------+-+---------+
| | | (992) | | (8,165) |
+---------------------------------------+------+---------+-+---------+
| Non-current liabilities | | | | |
+---------------------------------------+------+---------+-+---------+
| Other payables | | (272) | | (232) |
+---------------------------------------+------+---------+-+---------+
| Financial liabilities | | (5,011) | | (11) |
+---------------------------------------+------+---------+-+---------+
| Deferred tax liabilities | | (261) | | (367) |
+---------------------------------------+------+---------+-+---------+
| Defined benefit pension plan | | (2,088) | | (1,005) |
+---------------------------------------+------+---------+-+---------+
| | | (7,632) | | (1,615) |
+---------------------------------------+------+---------+-+---------+
| Total liabilities | | (8,624) | | (9,780) |
+---------------------------------------+------+---------+-+---------+
| Net assets | | 7,915 | | 8,333 |
+---------------------------------------+------+---------+-+---------+
| Capital and reserves | | | | |
+---------------------------------------+------+---------+-+---------+
| Equity share capital | | 264 | | 264 |
+---------------------------------------+------+---------+-+---------+
| Capital redemption reserve | | 673 | | 673 |
+---------------------------------------+------+---------+-+---------+
| Treasury shares | | (994) | | (1,248) |
+---------------------------------------+------+---------+-+---------+
| Fair value adjustments reserve | | 30 | | 38 |
+---------------------------------------+------+---------+-+---------+
| Currency translation | | 3 | | 3 |
+---------------------------------------+------+---------+-+---------+
| Retained earnings | | 7,939 | | 8,603 |
+---------------------------------------+------+---------+-+---------+
| Total equity | | 7,915 | | 8,333 |
+---------------------------------------+------+---------+-+---------+
Group statement of cash flows
for the year ended 31 October 2009
+---------------------------------------+-------+---------+-+---------+
| | | | | |
| | | | | |
| | Notes | 2009 | | 2008 |
| | | GBP000 | | GBP000 |
+---------------------------------------+-------+---------+-+---------+
| Operating activities | | | | |
+---------------------------------------+-------+---------+-+---------+
| Profit for the year | | 1,111 | | 1,133 |
+---------------------------------------+-------+---------+-+---------+
| Tax | | 142 | | (111) |
+---------------------------------------+-------+---------+-+---------+
| Net finance costs | | 204 | | 460 |
+---------------------------------------+-------+---------+-+---------+
| Profit on disposal of non current | | (781) | | (928) |
| assets and assets held for sale | | | | |
+---------------------------------------+-------+---------+-+---------+
| Depreciation and impairment of | | 452 | | 767 |
| property, plant and equipment | | | | |
+---------------------------------------+-------+---------+-+---------+
| Share-based payments | | 13 | | 13 |
+---------------------------------------+-------+---------+-+---------+
| Difference between pension | | | | |
| contributions paid and amounts | | | | |
+---------------------------------------+-------+---------+-+---------+
| recognized in the income statement | | (450) | | (158) |
+---------------------------------------+-------+---------+-+---------+
| Decrease in inventories | | 144 | | 47 |
+---------------------------------------+-------+---------+-+---------+
| Increase/(decrease) in trade and | | 129 | | (297) |
| other receivables | | | | |
+---------------------------------------+-------+---------+-+---------+
| Decrease in trade and other payables | | (626) | | (17) |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Cash generated from operations | | 338 | | 909 |
+---------------------------------------+-------+---------+-+---------+
| Income tax paid | | (169) | | (169) |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Net cash flow from operating | | 169 | | 740 |
| activities | | | | |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Investing activities | | | | |
+---------------------------------------+-------+---------+-+---------+
| Interest received | | 26 | | 32 |
+---------------------------------------+-------+---------+-+---------+
| Proceeds from sale of property, plant | | | | |
| and equipment and assets held for | | 2,184 | | 2,252 |
| sale | | | | |
+---------------------------------------+-------+---------+-+---------+
| Payments to acquire property, plant | | (61) | | (1,558) |
| and equipment | | | | |
+---------------------------------------+-------+---------+-+---------+
| Dividends received | | - | | 1 |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Net cash flow from investing | | 2,149 | | 727 |
| activities | | | | |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Financing activities | | | | |
+---------------------------------------+-------+---------+-+---------+
| Interest paid | | (153) | | (419) |
+---------------------------------------+-------+---------+-+---------+
| Preference dividend paid | | (1) | | (1) |
+---------------------------------------+-------+---------+-+---------+
| Dividends paid | 3 | (537) | | (370) |
+---------------------------------------+-------+---------+-+---------+
| Repayment of loans from Directors' | | - | | (74) |
+---------------------------------------+-------+---------+-+---------+
| Consideration received by EBT on sale | | 49 | | 145 |
| of shares | | | | |
+---------------------------------------+-------+---------+-+---------+
| Consideration paid by EBT on purchase | | - | | (366) |
| of shares | | | | |
+---------------------------------------+-------+---------+-+---------+
| Repurchase of share capital | | - | | (1,899) |
+---------------------------------------+-------+---------+-+---------+
| Net movement in long term borrowings | | 5,000 | | - |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Net cash flow from financing | | 4,358 | | (2,984) |
| activities | | | | |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Increase)/(decrease) in cash and cash | | 6,676 | | (1,517) |
| equivalents | | | | |
+---------------------------------------+-------+---------+-+---------+
| Cash and cash equivalents at the | | (6,155) | | (4,638) |
| beginning of the year | | | | |
+---------------------------------------+-------+---------+-+---------+
| | | | | |
+---------------------------------------+-------+---------+-+---------+
| Cash and cash equivalents at the year | | 521 | | (6,155) |
| end | | | | |
+---------------------------------------+-------+---------+-+---------+
Group reconciliation of movements in equity
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| | Equity | Capital | | Fair | | | |
| | share | redemption | Treasury | value | Currency | Retained | Total |
| | capital | reserve | shares | adjustments | translation | earnings | equity |
| | GBP000 | GBP000 | GBP000 | reserve | GBP000 | GBP000 | GBP000 |
| | | | | GBP000 | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| At 1 November | 273 | 664 | (963) | 92 | 1 | 9,368 | 9,435 |
| 2007 | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Total | | | | | | | |
| recognised | | | | | | | |
| income | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| and expense | - | - | - | (54) | 2 | 1,427 | 1,375 |
| for the year | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Transfer in | | | | | | | |
| respect of the | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| buy back of | (9) | 9 | - | - | - | (1,899) | (1,899) |
| own shares | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Consideration | | | | | | | |
| paid by | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| EBT on | | | | | | | |
| purchase | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| of shares | - | - | (366) | - | - | - | (366) |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Consideration | | | | | | | |
| received | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| by EBT on | | | | | | | |
| sale of | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Shares | - | - | 145 | - | - | - | 145 |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Gain by EBT on | | | | | | | |
| sale | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| of shares | - | - | (64) | - | - | 64 | - |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Share based | - | - | - | - | - | 13 | 13 |
| payment | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| Equity | - | - | - | - | - | (370) | (370) |
| dividends paid | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
| At 31 October | 264 | 673 | (1,248) | 38 | 3 | 8,603 | 8,333 |
| 2008 | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+---------+
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| | Equity | Capital | | Fair | | | |
| | share | redemption | Treasury | value | Currency | Retained | Total |
| | capital | reserve | shares | adjustments | translation | earnings | equity |
| | GBP000 | GBP000 | GBP000 | reserve | GBP000 | GBP000 | GBP000 |
| | | | | GBP000 | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| At 31 October | 264 | 673 | (1,248) | 38 | 3 | 8,603 | 8,333 |
| 2008 | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| Total | | | | | | | |
| recognised | | | | | | | |
| income | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| and expense | - | - | - | (8) | - | 65 | 57 |
| for the year | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| Consideration | | | | | | | |
| received | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| by EBT on | | | | | | | |
| sale of | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| Shares | - | - | 49 | - | - | - | 49 |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| Loss by EBT on | | | | | | | |
| sale | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| of shares | - | - | 205 | - | - | (205) | - |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| Share based | - | - | - | - | - | 13 | 13 |
| payment | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| Equity | - | - | - | - | - | (537) | (537) |
| dividends paid | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
| At 31 October | 264 | 673 | (994) | 30 | 3 | 7,939 | 7,915 |
| 2009 | | | | | | | |
+----------------+---------+------------+----------+-------------+-------------+----------+--------+
Equity share capital
The balance classified as share capital includes the total net proceeds (both
nominal value and share premium) on issue of the Company's equity share capital,
comprising Ordinary Shares of 5p each and 'A' Limited Voting Ordinary Shares of
5p each.
Capital Redemption Reserve
The capital redemption reserve arises on the re-purchase and cancellation by the
Company of Ordinary Shares.
Treasury shares
Treasury shares represents the cost of The Heavitree Brewery PLC shares
purchased in the market and held by The Heavitree Brewery PLC Employee Benefit
Trust and Employee Share Option Scheme('EBT') .
At 31 October 2009 the Group held 58,779 Ordinary Shares and 87,332 'A' Limited
Voting Ordinary Shares (2008: 58,779 Ordinary Shares and 120,393 'A' Limited
Voting Ordinary Shares) of its own shares at an average cost of GBP5.82 (2008:
GBP6.81). The market value of these shares as at 31 October 2009 was GBP359,000
(2008: GBP776,000)
Fair value adjustments reserve
The fair value adjustments reserve is used to record differences in the market
value of the available-for-sale investment year on year.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences
arising from the translation of the financial statements of foreign
subsidiaries.
Notes to the preliminary announcement
1. Basis of preparation
These figures do not constitute full accounts within the meaning of Section 396
of the Companies Act 2006. They have been extracted from the statutory financial
statements for the year ended 31 October 2009. The statutory financial
statements have not yet been delivered to the Registrar of Companies. They have
been prepared on the basis of the accounting policies as set out in the Group's
IFRS Restatement Announcement issued on 22 July 2008, and which is available
upon request. Further disclosure concerning the impact of IFRS on the financial
statements of the Group can also be found in that document including the
reconciliations required by IFRS 1 'First Time Adoption of International
Financial Reporting Standards'. The accounting policies are drawn up in
accordance with International Accounting Standards (IAS) and International
Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board.
Basic earnings per share amounts are calculated by dividing profit for the year
attributable to ordinary equity holders of the parent by the weighted average
number of Ordinary shares and 'A' Limited Voting Ordinary shares outstanding
during the year.
Diluted earnings per share amounts are calculated by dividing the profit
attributable to ordinary equity holders of the parent by the weighted average
number of Ordinary shares and 'A' Limited Voting Ordinary shares outstanding
during the year as diluted for the share options in issue.
The following reflects the income and shares data used in the basic and diluted
earnings per share computations:
+---------------------------------------------+--------+--------+
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+---------------------------------------------+--------+--------+
| Profit for the year | 1,111 | 1,133 |
+---------------------------------------------+--------+--------+
| | | |
+---------------------------------------------+--------+--------+
| | 2009 | 2008 |
| | No. | No. |
| | (000) | (000) |
+---------------------------------------------+--------+--------+
| Basic weighted average number of shares | 5,117 | 5,165 |
| (excluding treasury shares) | | |
+---------------------------------------------+--------+--------+
| Dilutive potential ordinary shares: | | |
+---------------------------------------------+--------+--------+
| Employee share options | - | - |
+---------------------------------------------+--------+--------+
| | | |
+---------------------------------------------+--------+--------+
| Diluted weighted average number of shares | 5,117 | 5,165 |
+---------------------------------------------+--------+--------+
There have been no other transactions involving ordinary shares or potential
ordinary shares between the reporting date and the date of completion of these
financial statements.
Employee share options could potentially dilute basic earnings per share in the
future but are not included in the 2009 calculation of dilutive earnings per
share because they are antidilutive for the period presented.
3. Dividends paid and proposed
+---------------------------------------------+--------+--------+
| | 2009 | 2008 |
| | GBP000 | GBP000 |
+---------------------------------------------+--------+--------+
| Declared and paid during the year: | | |
+---------------------------------------------+--------+--------+
| Equity dividends on ordinary shares: | | |
+---------------------------------------------+--------+--------+
| Final dividend for 2008: 7p (2007: 7p) | 369 | 381 |
+---------------------------------------------+--------+--------+
| First dividend for 2009: 3.5p (2008: | 185 | - |
| Nil) | | |
+---------------------------------------------+--------+--------+
| Less dividend on shares held within | (17) | (11) |
| employee share schemes | | |
+---------------------------------------------+--------+--------+
| | | |
+---------------------------------------------+--------+--------+
| Dividends paid | 537 | 370 |
+---------------------------------------------+--------+--------+
| | | |
+---------------------------------------------+--------+--------+
| Proposed for approval at AGM | | |
+---------------------------------------------+--------+--------+
| (not recognised as a liability as at 31 | | |
| October) | | |
+---------------------------------------------+--------+--------+
| | | |
+---------------------------------------------+--------+--------+
| Final dividend for 2009: 3.5p (2008: 7p) | 180 | 357 |
+---------------------------------------------+--------+--------+
4. Segment information Primary reporting format - business segments
The primary segmental reporting format is determined to be business segments as
the Group's risks andrates of return are affected predominantly by differences
in the products and services provided.
During the year the Group operated in two business segments; leased estate and
managed estate.
Leased estate represents properties which are leased to tenants to operate
independently from the Group.
Managed estate represents properties which were owned, operated and maintained
by the Group and represents the discontinued operations.
+-----------------------------+---------+---------+--------------+---------+
| Segment information | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Year ended 31 October 2009 | Leased | Managed | Eliminations | Total |
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------------+---------+---------+--------------+---------+
| Revenue | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Sales to external customers | 7,058 | 2,152 | - | 9,210 |
+-----------------------------+---------+---------+--------------+---------+
| Inter-segment sales | 357 | - | (357) | - |
+-----------------------------+---------+---------+--------------+---------+
| | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Segment revenue | 7,415 | 2,152 | (357) | 9,210 |
+-----------------------------+---------+---------+--------------+---------+
| | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Results | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Segment results | 1,858 | (478) | - | 1,380 |
+-----------------------------+---------+---------+--------------+---------+
| Unallocated expenses | | | | (127) |
+-----------------------------+---------+---------+--------------+---------+
| Profit before taxation | | | | 1,253 |
+-----------------------------+---------+---------+--------------+---------+
| Tax credit | | | | (142) |
+-----------------------------+---------+---------+--------------+---------+
| Profit for the year | | | | 1,111 |
+-----------------------------+---------+---------+--------------+---------+
| Assets and liabilities | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Segment assets | 15,941 | - | - | 15,941 |
+-----------------------------+---------+---------+--------------+---------+
| Unallocated assets | | | | 598 |
+-----------------------------+---------+---------+--------------+---------+
| Total assets | | | | 16,539 |
+-----------------------------+---------+---------+--------------+---------+
| Segment liabilities | (8,259) | - | - | (8,259) |
+-----------------------------+---------+---------+--------------+---------+
| Unallocated liabilities | | | | (365) |
+-----------------------------+---------+---------+--------------+---------+
| Total liabilities | | | | (8624) |
+-----------------------------+---------+---------+--------------+---------+
| | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Other segment information | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Capital expenditure: | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Property, plant and | 57 | 4 | - | 61 |
| equipment | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Depreciation | 352 | 100 | - | 452 |
+-----------------------------+---------+---------+--------------+---------+
| | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Year ended 31 October 2008 | Leased | Managed | Eliminations | Total |
| | GBP000 | GBP000 | GBP000 | GBP000 |
+-----------------------------+---------+---------+--------------+---------+
| Revenue | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Sales to external customers | 6,276 | 6,838 | - | 13,114 |
+-----------------------------+---------+---------+--------------+---------+
| Inter-segment sales | 1,262 | - | (1,262) | - |
+-----------------------------+---------+---------+--------------+---------+
| Segment revenue | 7,538 | 6,838 | (1,262) | 13,114 |
+-----------------------------+---------+---------+--------------+---------+
| Results | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Segment results | 1,319 | 89 | - | 1,408 |
+-----------------------------+---------+---------+--------------+---------+
| Unallocated expenses | | | | (386) |
+-----------------------------+---------+---------+--------------+---------+
| Profit before taxation | | | | 1,022 |
+-----------------------------+---------+---------+--------------+---------+
| Tax credit | | | | 111 |
+-----------------------------+---------+---------+--------------+---------+
| Profit for the year | | | | 1,133 |
+-----------------------------+---------+---------+--------------+---------+
| | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Assets and liabilities | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Segment assets | 17,184 | 1,462 | (828) | 17,818 |
+-----------------------------+---------+---------+--------------+---------+
| Unallocated assets | | | | 295 |
+-----------------------------+---------+---------+--------------+---------+
| Total assets | | | | 18,113 |
+-----------------------------+---------+---------+--------------+---------+
| | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Segment liabilities | (8,741) | (1,396) | 828 | (9,309) |
+-----------------------------+---------+---------+--------------+---------+
| Unallocated liabilities | | | | (471) |
+-----------------------------+---------+---------+--------------+---------+
| Total liabilities | | | | (9,780) |
+-----------------------------+---------+---------+--------------+---------+
| | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Other segment information | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Capital expenditure: | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Property, plant and | 1,304 | 254 | - | 1,558 |
| equipment | | | | |
+-----------------------------+---------+---------+--------------+---------+
| Depreciation | 318 | 244 | - | 562 |
+-----------------------------+---------+---------+--------------+---------+
| Impairment of assets held | 205 | - | - | 205 |
| for sale | | | | |
+-----------------------------+---------+---------+--------------+---------+
Secondary reporting format - geographical segments
The following tables present revenue, expenditure and certain asset information
regarding the Group's geographical segments for the years ended 31 October 2009
and 2008. Revenue is based on the geographical location of customers and assets
are based on the geographical location of the asset.
+------------------------------------+--------+--------+--------+
| | | United | |
| | UK | States | Total |
| Year ended 31 October 2009 | GBP000 | GBP000 | GBP000 |
+------------------------------------+--------+--------+--------+
| Revenue | | | |
+------------------------------------+--------+--------+--------+
| Sales to external customers | 9,210 | - | 9,210 |
+------------------------------------+--------+--------+--------+
| | | | |
+------------------------------------+--------+--------+--------+
| Other segment information | | | |
+------------------------------------+--------+--------+--------+
| Segment assets | 15,890 | 51 | 15,941 |
+------------------------------------+--------+--------+--------+
| Unallocated assets | | | 598 |
+------------------------------------+--------+--------+--------+
| | | | |
+------------------------------------+--------+--------+--------+
| Total assets | | | 16,539 |
+------------------------------------+--------+--------+--------+
| | | | |
+------------------------------------+--------+--------+--------+
| Capital expenditure | | | |
+------------------------------------+--------+--------+--------+
| Property, plant and equipment | 61 | - | 61 |
+------------------------------------+--------+--------+--------+
| | | | |
| | | | |
| Year ended 31 October 2008 | | | |
| | UK | United | Total |
| | GBP000 | States | GBP000 |
| | | GBP000 | |
+------------------------------------+--------+--------+--------+
| Revenue | | | |
+------------------------------------+--------+--------+--------+
| Sales to external customers | 13,114 | - | 13,114 |
+------------------------------------+--------+--------+--------+
| | | | |
+------------------------------------+--------+--------+--------+
| Other segment information | | | |
+------------------------------------+--------+--------+--------+
| Segment assets | 17,753 | 65 | 17,818 |
+------------------------------------+--------+--------+--------+
| Unallocated assets | | | 295 |
+------------------------------------+--------+--------+--------+
| | | | |
+------------------------------------+--------+--------+--------+
| Total assets | | | 18,113 |
+------------------------------------+--------+--------+--------+
| | | | |
+------------------------------------+--------+--------+--------+
| Capital expenditure | | | |
+------------------------------------+--------+--------+--------+
| Property, plant and equipment | 1,537 | 21 | 1,558 |
+------------------------------------+--------+--------+--------+
The 2009 Annual Report and Financial Statements will be published and posted to
shareholders on 10 March 2010. Further copies may be obtained by contacting the
Company Secretary at The Heavitree Brewery PLC, Trood Lane, Matford, Exeter EX2
8YP. The 2009 Annual Report and Financial Statements will also be available on
the Company's website at http://www.heavitreebrewery.co.uk/financial/
The Annual General Meeting will be held at the Registered Office on 14 April
2010 at 11.30am.
.
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR TMMLTMBJBMJM
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