TIDMHVT
RNS Number : 7193X
Heavitree Brewery PLC
21 February 2012
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 21 February 2012
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, 21 February 2012, the
Directors announce the preliminary statement of results for the
year ended 31 October 2011.
ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares
ISIN: GB0004182506 for Ordinary Shares
Chairman's statement
Another year of good housekeeping has returned a satisfactory
set of results in what continues to be a difficult period for
Public Houses. The headline figures may appear to be somewhat flat
against the previous year but, given the uncertainty of the
European and National economic situations, I consider this to be a
solid performance; and I am most grateful for the hard work of our
head office team and the staff of the pubs themselves in achieving
these results.
Results
Turnover for the Group decreased by GBP36,000 (0.49%) to
GBP7,352,000 and generated a Group Operating Profit of GBP1,408,000
(2010 - GBP1,427,000) after consolidation adjustments.
Heavitree Inns remained dormant throughout the year.
Heavitree Inc. generated an operating profit of GBP9,000 (2010 -
Loss of GBP15,000).
Key Performance Indicators
-- Adjusted Operating Profit before Taxation GBP1,408,000 was down 1.33% on last year.
-- Interest costs were covered 13.40 times.
Dividend
The Directors recommend a final dividend of 3.5p per Ordinary
and 'A' Limited Voting Ordinary Share (2010 - 3.5p) making a total
for the year of 7p, which is unchanged from last year. The dividend
will be paid on 20 April 2012, subject to shareholder approval at
the Annual General Meeting on 13 April 2012, to shareholders on the
Register at 23 March 2012.
Capital Investments
Various capital works were carried out in the year under review
with those of significant expenditure being at the following
sites:
The New Inn, Alphington (major refurbishment).
Car park of the closed St. Loyes Hotel (housing
development).
The Royal Oak, Heavitree (creation of a new outside patio
seating area).
The Brunswick Arms, Dawlish (upgrade of lavatories).
Old Barbers Shop, Newton Abbot (conversion to residential
apartment).
Pension Scheme
The Company continues to meet its funding obligations to its
closed final salary Pension Scheme. The required Scheme triennial
valuation as at 1 January 2011 is not, at the time of writing,
completed. The deadline for completion is 31 March 2012 and I look
forward to providing an update at theAnnual General Meeting.
Repurchase of Shares
The Company did not repurchase any of its own shares during the
year under review, but the Directors intend to seek shareholder
approval at the forthcoming Annual General Meeting for the
continuing authority to do so.
Personnel
I am delighted to report the appointment of Nicky McLean as
Assistant Company Secretary during the year under review. Nicky
joined us in September 2001 and is a valued member of our head
office team. We wish her the very best in her new appointment.
Outlook
The company renewed its banking facilities with Barclays just
after the end of the year under review and this certainty of
finance, together with the continued support that we have always
offered to our landlords and landladies, leaves us well positioned
should there be a change in the economic climate. We also have
development plans for the small number of closed houses and I shall
report on them as and when they are completed.
The trading environment, as I reported last year, remains
difficult but I look forward to another steady performance by the
Company in 2012.
N H P TUCKER Chairman
Group income statement
for the year ended 31 October 2011
Total Total
2011 2010
Notes GBP000 GBP000
Revenue 7,352 7,388
-------- --------
Change in stocks - (9)
Other operating income 113 91
Purchase of inventories (3,134) (3,141)
Staff costs (1,194) (1,197)
Depreciation of property,
plant and equipment (295) (272)
Other operating charges (1,434) (1,433)
-------- --------
(5,944) (5,961)
-------- --------
Group operating profit 1,408 1,427
Profit on disposal
of non-current assets
and assets held for
sale 10 32
Group profit before
finance costs and taxation 1,418 1,459
Finance income 33 35
Finance costs (138) (141)
Other finance costs
- pensions (81) (128)
-------- --------
(186) (234)
Profit before taxation 1,232 1,225
Tax expense (389) (368)
Profit for the year
attributable to equity
holders of the parent 843 857
-------- --------
Basic earnings per
share 2 16.4p 16.7p
-------- --------
Diluted earnings per
share 2 16.4p 16.7p
-------- --------
All amounts in 2011 and 2010 relate to continuing
operations.
Group statement of comprehensive income
for the year ended 31 October 2011
2011 2010
GBP000 GBP000
Profit for the year 843 857
Other comprehensive income
Actuarial gains/(losses) on defined
benefit pension plans 130 (93)
Tax credit on items taken directly
to or transferred from equity (33) 26
Exchange difference on retranslation
of subsidiary - 3
Fair value adjustment 4 -
-------- --------
101 (64)
Total comprehensive income for the
year
944 793
Total comprehensive income attributable
to:
Equity holders of the parent 944 793
-------- --------
Group balance sheet
at 31 October 2011
2011 2010
GBP000 GBP000
Non-current assets
Property, plant and equipment 15,225 14,070
Financial assets 54 50
Deferred tax asset 325 505
-------- --------
15,604 14,625
-------- --------
Current assets
Inventories 10 10
Trade and other receivables 1,262 1,444
Cash and cash equivalents 86 216
-------- --------
1,358 1,670
-------- --------
Total assets 16,962 16,295
-------- --------
Current liabilities
Trade and other payables (1,095) (709)
Financial liabilities (5,062) (558)
Income tax payable (144) (248)
-------- --------
(6,301) (1,515)
-------- --------
Non-current liabilities
Other payables (327) (319)
Financial liabilities (11) (4,011)
Deferred tax liabilities (261) (265)
Defined benefit pension plan deficit (1,246) (1,802)
-------- --------
(1,845) (6,397)
-------- --------
Total liabilities (8,146) (7,912)
-------- --------
Net assets 8,816 8,383
-------- --------
Capital and reserves
Equity share capital 264 264
Capital redemption reserve 673 673
Treasury shares (840) (826)
Fair value adjustments reserve 34 30
Currency translation 6 6
Retained earnings 8,679 8,236
-------- --------
Total equity 8,816 8,383
-------- --------
Group statement of cash flows
for the year ended 31 October 2011
Notes 2011 2010
GBP000 GBP000
Operating activities
Profit for the year 843 857
Tax 389 368
Net finance costs 186 234
Profit on disposal of non current assets
and assets held for sale (10) (32)
Depreciation and impairment of property,
plant and equipment 295 272
Share-based payments - 11
Difference between pension contributions
paid and amounts
recognised in the income statement (507) (507)
Decrease in inventories - 9
Decrease in trade and other receivables 182 224
Decrease in trade and other payables 39 (158)
-------- --------
Cash generated from operations 1,417 1,278
Income taxes paid (349) (78)
Interest Paid (138) (141)
Net cash flow from operating activities 930 1,059
-------- --------
Investing activities
Interest received 33 35
Proceeds from sale of property, plant
and equipment and assets held for sale 114 91
Payments to acquire property, plant
and equipment (1,199) (718)
Net cash outflow from investing activities (1,052) (592)
-------- --------
Financing activities
Preference dividend paid (1) (1)
Dividends paid 3 (360) (359)
Repayment of loans from Directors - 8
Consideration received by EBT on sale
of shares 43 44
Consideration paid by EBT on purchase
of shares (194) (22)
Net movement in long term borrowings - (1,000)
Net cash flow from financing activities (512) (1,330)
-------- --------
Decrease in cash and cash equivalents (634) (863)
Cash and cash equivalents at the beginning
of the year (342) 521
-------- --------
Cash and cash equivalents at the year
end (976) (342)
-------- --------
Group statement of changes 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
2009 264 673 (994) 30 3 7,939 7,915
Profit for the
year - - - - - 857 857
Other comprehensive
income for the
year
net of income
tax - - - - 3 (67) (64)
--------- ------------ ---------- ------------- ------------- ---------- --------
Total comprehensive
income for the
year - - - - 3 790 793
--------- ------------ ---------- ------------- ------------- ---------- --------
Consideration
received
by EBT on sale
of - - 44 - - - 44
shares
Consideration
paid
by EBT on purchase
of shares - - (22) - - - (22)
Loss by EBT on
sale
of shares - - 146 - - (146) -
Share based payment - - - - - 12 12
Equity dividends
paid - - - - - (359) (359)
At 31 October
2010 264 673 (826) 30 6 8,236 8,383
--------- ------------ ---------- ------------- ------------- ---------- --------
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
2010 264 673 (826) 30 6 8,236 8,383
Profit for the
year - - - - - 843 843
Other comprehensive
income for the
year
net of income
tax - - - 4 - 97 101
--------- ------------ ---------- ------------- ------------- ---------- --------
Total comprehensive
income for the
year - - - 4 - 940 944
--------- ------------ ---------- ------------- ------------- ---------- --------
Consideration
received
by EBT on sale
of
shares - - 43 - - - 43
Consideration
paid by
EBT on purchase
of shares - - (194) - - - (194)
Loss by EBT on
sale
of shares - - 137 - - (137) -
Equity dividends
paid - - - - - (360) (360)
--------- ------------ ---------- ------------- ------------- ---------- --------
At 31 October
2011 264 673 (840) 34 6 8,679 8,816
--------- ------------ ---------- ------------- ------------- ---------- --------
Equity share capital
The balance classified as share capital includes the total net
proceeds (nominal amount only) arising or deemed to arise on the
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 Benefits Trust and Employee Share Option Scheme
('EBT').
At 31 October 2011 the Group held 68,174 Ordinary Shares and
146,641 'A' Limited Voting Ordinary Shares (2010: 58,779 Ordinary
Shares and 74,592 'A' Limited Voting Ordinary Shares) of its own
shares at an average cost of GBP3.90 (2010: GBP6.18). The market
value of these shares as at 31 October 2011 was GBP478,187 (2010:
GBP333,000).
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 2011. The statutory financial statements have not yet been
delivered to the Registrar of Companies.
The financial information is this statement has been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted for use in the European Union. The accounting policies
have been consistently applied and are described in full in the
statutory financial statements for the year ended 31 October 2011,
which are expected to be mailed to shareholders on 12 March 2012.
The financial statements will also be available on the Group's
website. www.heavitreebrewery.co.uk.
The Directors are of the opinion that the Group has adequate
resources to continue in operational existence for the foreseeable
future, and continue to adopt the going concern basis in preparing
the financial statements
2. Basic and diluted earnings per share
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:
2011 2010
GBP000 GBP000
Profit for the year 843 857
-------- --------
2011 2010
N(o) . N(o) .
(000) (000)
Basic weighted average number of shares
(excluding treasury shares) 5,129 5,139
Dilutive potential ordinary shares:
Employee share options - -
Diluted weighted average number of shares 5,129 5,139
-------- --------
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 2011
calculation of dilutive earnings per share because they are
antidilutive for the period presented.
3. Dividends paid and proposed
2011 2010
GBP000 GBP000
Declared and paid during the year:
Equity dividends on ordinary shares:
Final dividend for 2010: 3.5p (2009: 3.5p) 185 185
First dividend for 2011: 3.5p (2010: 3.5p) 185 185
Less dividend on shares held within employee
share schemes (10) (11)
Dividends paid 360 359
-------- --------
Proposed for approval at AGM
(not recognised as a liability as at 31
October)
Final dividend for 2011: 3.5p (2010: 3.5p) 180 180
Cumulative preference dividends 1 1
-------- --------
4. Segment information
Primary reporting format - business segments
During the year the Group operated in one business segment -
leased estate.
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 2011 and 2010. Revenue is based on the
geographical location of customers and assets are based on the
geographical location of the asset.
Segment information
Year ended 31 October 2011 UK United Total
GBP000 States GBP000
GBP000
Revenue
Sales to external customers 7,352 - 7,352
Other segment information
Segment assets 16,915 47 16,962
-------- -------- --------
Total Assets 16,915 47 16,962
-------- -------- --------
Capital expenditure
Property, plant and equipment 1,534 20 1,554
-------- -------- --------
Year ended 31 October 2010 UK United Total
GBP000 States GBP000
GBP000
Revenue
Sales to external customers 7,388 - 7,388
Other segment information
Segment assets 16,285 10 16,295
Total Assets 16,285 10 16,295
-------- -------- --------
Capital expenditure
Property, plant and equipment 718 - 718
-------- -------- --------
5. General information
The 2011 Annual Report and Financial Statements will be
published and posted to shareholders on 12 March 2012. Further
copies may be obtained by contacting the Company Secretary at The
Heavitree Brewery PLC, Trood Lane, Matford, Exeter EX2 8YP. The
2011 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 13 April 2012 at 11.30am.
.
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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