TIDMHVT
RNS Number : 2614G
Heavitree Brewery PLC
29 June 2012
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 29 June 2012
Contact: Graham Crocker - Managing Director - 01392 217733
Nicola McLean - Company Secretary - 01392 217733
Pascal Keane - Shore Capital - 0207 468 7995
Following a meeting by a duly authorised committee of the Board
of Directors held today, 29 June 2012, the Directors announce the
interim results for the six months ended 30 April 2012.
Chairman's statement
Revenue has suffered in the final month of this period under
review due to the poor weather experienced in April. This drop in
turnover together with building repair costs of GBP58,000 greater
than last year has had a detrimental effect on what had been a
steady performance for the first part of this year. In turn, there
has been a drop in operating profit for the Group against the
previous year.
RESULTS
The Group operating profit is GBP484,000 (2011 - GBP558,000)
following a drop in turnover of GBP22,000 against the previous
year, a fall of 0.65%. After allowing for an additional finance
cost of GBP37,000 in respect of the FRS 17 calculation relating to
our closed final salary Pension Scheme, the Group profit before
taxation is GBP352,000 (2011 - GBP450,000).
DIVIDEND
The Directors have resolved to pay an interim dividend of 3.5p
per Ordinary Share and 'A' Limited Voting Ordinary Share (2011 -
3.5p). The dividend will be paid on 3 August 2012 to shareholders
on the Register at the close of business on 20 July 2012.
PROSPECTS
The economic climate both at home and in Europe remains
uncertain and it continues to be a difficult time in which to trade
Public Houses. The weather conditions over the summer months have a
huge influence over the successful trading of our pubs and
unfortunately June has been unusually wet. Another period of
cautious housekeeping lies ahead in order to deliver another steady
performance for the Company.
N H P TUCKER
Chairman
Group income statement (unaudited)
For the six months ended 30 April 2012
Audited
6 months 6 months 12 months
to to to
30 April 30 April 31 October
2012 2011 2011
Note GBP' 000 GBP' 000 GBP' 000
Revenue 3,383 3,405 7,352
Change in stocks - - -
Other operating income 58 49 113
Purchase of inventories (1,405) (1,433) (3,134)
Staff Costs (573) (561) (1,194)
Depreciation of property, plant and
equipment (181) (200) (295)
Other operating charges (798) (702) (1,434)
(2,899) (2,847) (5,944)
Group operating profit 484 558 1,408
Profit on disposal of non-current
assets and assets held for sale - 10 10
Group profit before finance costs
and taxation 484 568 1,418
Finance income 14 16 33
Finance costs (109) (79) (138)
Other finance costs-pensions (37) (55) (81)
(132) (118) (186)
Profit before taxation 352 450 1,232
Tax (expense) (131) (182) (389)
Profit for the period 221 268 843
Earnings per share 2
- basic 4.4p 5.2p 16.4p
- diluted 4.4p 5.2p 16.4p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2012
Audited
6 months 6 months 12months
to to to
30 April 30 April 31 October
2012 2011 2011
GBP' 000 GBP' 000 GBP' 000
Actuarial (losses)/gains on defined (17) 25 130
benefit pension plans
Fair Value Adjustment (23) (9) 4
_______ _______ _______
(40) 16 134
Tax on items taken directly to or
transferred from equity 5 (9) (33)
Net (expense)/income recognised directly
in equity (35) 7 101
Profit for the period 221 268 843
Total comprehensive income for the
period 186 275 944
Dividends
The Directors declare an interim dividend of 3.5p per share
(2011 - 3.5p) on the Ordinary and 'A' Limited Voting Ordinary
Shares. This dividend will be paid on 3 August 2012 to shareholders
on the register at 20 July 2012.
Group balance sheet (unaudited)
at 30 April 2012
Audited
30 April 30 April 31 October
2012 2011 2011
GBP' 000 GBP' 000 GBP'000
Non-current assets
Property, plant and equipment 14,944 14,624 15,225
Financial assets 32 41 54
Deferred tax asset 190 345 325
15,166 15,010 15,604
Current assets
Trade and other receivables 1,450 1,763 1,262
Inventories 10 10 10
Cash and short-term deposits 114 204 86
1,574 1,977 1,358
Total assets 16,740 16,987 16,962
Current liabilities
Trade and other payables (676) (807) (1,095)
Financial liabilities (1,619) (1,513) (5,062)
Income tax payable (5) (274) (144)
(2,300) (2,594) (6,301)
Non-current liabilities
Other payables (297) (303) (327)
Financial liabilities (4,261) (4,011) (11)
Deferred tax liabilities (251) (265) (261)
Defined benefit pension plan (793) (1,325) (1,246)
(5,602) (5,904) (1,845)
Total liabilities (7,902) (8,498) (8,146)
Net assets 8,838 8,489 8,816
Capital and reserves
Equity share capital 264 264 264
Capital redemption reserve 673 673 673
Treasury shares (804) (680) (840)
Fair value adjustments reserve 11 21 34
Currency translation 6 6 6
Retained earnings 8,688 8,205 8,679
Total equity 8,838 8,489 8,816
Group statement of cash flows (unaudited)
for the six months ended 30 April 2012
Audited
6 months 6 months 12months
to to to
30 April 30 April 31 October
2012 2011 2011
GBP' 000 GBP' 000 GBP' 000
Profit for the period 221 268 843
Tax 132 182 389
Net finance costs 132 118 186
Profit on disposal of non-current
assets and assets held for sale - (10) (10)
Depreciation and impairment of property,
plant and equipment 181 200 295
(Increase)/Decrease in trade and
other receivables (188) (319) 182
(Decrease)/Increase in trade and
other payables (94) 82 39
Net pension charge (507) (507) (507)
Cash generated from operations (123) 14 1,417
Income taxes paid (142) (4) (349)
Interest paid (109) (79) (138)
Net cash (outflow)/inflow from operating
activities (374) (69) 930
Investing activities
Interest received 14 16 33
Proceeds from sale of property, plant
and equipment and assets held for
sale - 24 114
Payments to acquire property, plant
and equipment (255) (768) (1,199)
Net cash outflow from investing activities (241) (728) (1,052)
Financing activities
Preference dividend paid (1) (1) (1)
Equity dividends paid (176) (179) (360)
Consideration received by EBT on
sale of shares 54 43 43
Consideration paid by EBT on purchase
of shares (41) (33) (194)
Movement in long term borrowing 250 - -
Net cash inflow/(outflow) from financing
activities 86 (170) (512)
Decrease in cash and cash equivalents (529) (967) (634)
Cash and cash equivalents at the
beginning of the period (976) (342) (342)
Cash and cash equivalents at the
period end. (1,505) (1,309) (976)
Group reconciliation of movements in equity (unaudited)
6 months Equity Capital Fair
to
30 April share redemption Treasury value Currency Retained Total
2012
capital reserve shares adjustment translation earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000
At 1November
2011 264 673 (840) 34 6 8,679 8,816
Total comprehensive
income
for the period - - - (23) - 209 186
Consideration
paid
by EBT on
purchase
of shares - - (41) - - - (41)
Consideration
received
by EBT on
sale of
shares - - 54 - - - 54
Gain by EBT
on sale
of shares - - 23 - - (23) -
Equity dividend
paid - - - - - (177) (177)
At 30 April
2012 264 673 (804) 11 6 8,688 8,838
-------- ----------- --------- ----------- ------------ --------- -------
6 months Equity Capital Fair
to
30 April share redemption Treasury value Currency Retained Total
2011
capital reserve shares adjustment translation earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000
At 1 November
2010 264 673 (826) 30 6 8,236 8,383
Total comprehensive
income
for the period - - - (9) - 284 275
Consideration
paid by EBT
on purchase
of shares - - (33) - - - (33)
Consideration
received
by EBT on
sale of shares - - 43 - - - 43
Gain by EBT
on sale of
shares - - 136 - - (136) -
Equity dividend
paid - - - - - (179) (179)
At 30 April
2011 264 673 (680) 21 6 8,205 8,489
-------- ----------- --------- ----------- ------------ --------- -------
12 months Equity Capital Fair
to
31 October share redemption Treasury value Currency Retained Total
2011
Audited capital reserve shares adjustment translation earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000
At 1 November
2010 264 673 (826) 30 6 8,236 8,383
Total comprehensive
income
for the period - - - 4 - 940 944
Consideration
paid by EBT
on purchase
of shares - - (194) - - - (194)
Consideration
received
by EBT on
sale of shares - - 43 - - - 43
Loss by EBT
on sale of
shares - - 137 - - (137) -
Equity dividend
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 (both nominal value and share premium) on issue of the
Company's equity share capital, comprising 5p Ordinary and 'A'
Limited Voting Ordinary Shares.
Treasury shares
Treasury shares represent the cost of The Heavitree Brewery PLC
shares purchased in the market and held by The Heavitree Brewery
PLC Employee Benefit Trust ('EBT').
Notes to the interim results
1. Basis of preparation
These unaudited interim condensed and consolidated financial
statements do not constitute statutory accounts within the meaning
of section 435 of the Companies Act 2006. They have been prepared
on the basis of the accounting policies that were complied with in
the annual financial statements for the year ended 31 October 2011.
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.
These unaudited financial statements were approved and
authorised for issue by a duly appointed and authorised committee
of the Board of Directors on 29 June 2012.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on
earnings of GBP221,000 (2011: GBP268,000), being profit after
taxation for the period, and on 5,059,961 (2011: 5,142,671) shares
being the weighted average number of Ordinary and 'A' Limited
Voting Ordinary Shares in issue during the period after excluding
the shares owned by The Heavitree Brewery PLC Employee Benefits
Trust and those shares under option pursuant to the Employee Share
Option Scheme. Employee share options could potentially dilute
basic earnings per share in the future but are not included in the
interim calculation of dilutive earnings per share because they are
antidilutive for the period presented. The Ordinary Shares and the
'A' Limited Voting Ordinary Shares have equal dividend rights and
therefore no separate calculation of earnings per share for the
different classes has been given.
3. Segment information
Primary reporting format - Business segments
The primary segmental reporting format is determined to be
business segments as the Group's risks and rates of return are
affected predominantly by differences in the products and services
provided.
During the year the Group operated in one business
segment-leased estate.
Leased estate represents properties which are leased to tenants
to operate independently from the Group.
4. Interim report
Copies of this announcement are available from the Company at
Trood Lane, Matford, Exeter EX2 8YP. The Company's interim report
for the six months ended 30 April 2012 has been posted to
shareholders today and will be available on our website at
www.heavitreebrewery.co.uk.
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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