TIDMRBN
RNS Number : 2188J
Robinson PLC
26 March 2010
26 March 2010
Robinson plc
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Robinson plc ("Robinson" or "the Group"; stock code: RBN), the custom
manufacturer of plastic and paperboard packaging based in Chesterfield,
announces its results for the year ended 31 December 2009.
Highlights:
· Profit before tax GBP0.7m (2008: GBP1.3m)
· Operating profit before exceptional items and depreciation GBP1.8m
(2008: GBP2.2m)
· Revenue reduced by 9% to GBP23.4m (2008: GBP25.8m), mainly due to
market weakness in the first half; revenues recovered in the second half
· Net borrowings decreased to GBP2.9m (2008: GBP3.7m)
· The Group's pension fund remains in a healthy surplus although the
pension credit in the income statement has decreased by GBP0.7m
· The Board recommends an unchanged final dividend for the year of
1.75p per share
Commenting on the results, Chairman, Richard Clothier said:
"We are pleased to be able to report a recovery in our markets following
destocking in the second quarter of 2009. Stronger revenues in the second half
produced a net profit and positive cash flow for the year. The current year has
started slowly, as it did last year, but we are confident that unless market
conditions deteriorate significantly then we will be able to make further
progress in 2010 and resume the growth that the company began to show in 2008."
About Robinson
Based in Chesterfield, with additional manufacturing facilities in
Kirkby-in-Ashfield and Stanton Hill (Nottinghamshire) in Toronto (Canada) and in
Lodz (Poland), Robinson currently employs around 350 people. It was formerly a
family business, with its origins dating back some 165 years. Today the Group's
main activities are in the manufacture and sale of injection moulded plastic and
rigid paperboard packaging. Robinson operates primarily within the food, drink,
confectionery, cosmetic and toiletry sectors, providing niche or custom
manufacture to major players in the fast moving consumer goods market, such as
Proctor & Gamble, Nestlé, Kraft, Northern Foods, Masterfoods, Bakkavor,
Unilever, Avon and Reckitt Benckiser. The Group also has a substantial property
portfolio with significant development potential.
For further information, please contact:
+-----------------------------------------+----------------------------+
| Adam Formela, Chief Executive, Robinson | 01246 220022 |
| plc | |
+-----------------------------------------+----------------------------+
| Guy Robinson, Finance Director, | 01246 220022 |
| Robinson plc | |
+-----------------------------------------+----------------------------+
| | www.robinsonpackaging.com |
+-----------------------------------------+----------------------------+
| Nick Tulloch, Arbuthnot Securities | 020 7012 2000 |
+-----------------------------------------+----------------------------+
| | |
+-----------------------------------------+----------------------------+
CHAIRMAN'S REPORT
After good progress in 2008, the outcome for 2009 was disappointing. A sharp
drop in revenue occurred during the second quarter of the year as a consequence
of our customers reacting to the general economic outlook by reducing their
stockholding and, as a result, the first half was 15% below the same period in
2008.
I am pleased to report, however, that in the second half revenues recovered to
only slightly below the previous year. In the face of a 9% drop in sales for the
year as a whole, profit held up disproportionately well. Profit before tax for
the year was GBP0.7m, a reduction from GBP1.3m in 2008 but it is important to
point out that this includes a GBP0.7m lower notional pension finance credit and
a negative swing of GBP0.7m due to exchange rate movements.
The compensating positive effects were a further improvement in gross margins
and an underlying reduction in operating costs.
Revenue
Group revenue reduced by 9% on the previous year as a result of destocking and
lower polymer prices. North American revenues fell by 49% due to several large
cosmetics customers who were holding substantial stock overhang from 2008 and
whose own sales, mainly in the toiletries sector, were very weak. Central
European revenues increased by 29% (41% in local currency terms) as we benefited
from the full year effect of business transferred from the UK together with new
business gained.
Profitability
Profit before tax was GBP0.7m (2008: GBP1.3m).This result was influenced by the
following significant factors:
· the gross margin improved from 18% to 20% of revenues. This is
attributable to better management of the customer mix, lower direct costs
(notably electricity and transport), and lower polymer prices
· an overhead cost reduction of GBP0.4m was offset by GBP0.7m currency
exchange effect resulting in an operating cost increase of GBP0.3m
· the notional finance income in respect of the pension fund reduced by
GBP0.7m to GBP0.4m as a consequence of moving the fund from equities to bonds
during 2008
· exceptional profits on the sale of property of GBP0.2m were offset by
redundancy costs incurred at Chesterfield and Kirkby
Cash & Finances
Capital expenditure on new plant and machinery of GBP0.8m (2008: GBP1.0m) was
low in relation to the depreciation charge of GBP1.5m (2008: GBP1.6m). The sale
of surplus properties yielded GBP0.4m whilst working capital levels remained
constant resulting in positive cash flows which enabled a reduction in net
borrowings from GBP3.7m to GBP2.8m.
Dividends
The interim dividend was cut from 1.5p to 1.0p per share following the
announcement of the first half results. At that stage the Board was mindful of
the need to conserve cash given the sudden drop in sales and the considerable
uncertainty as to the future economic climate. However, with an improvement in
our recent performance, the Board proposes an unchanged final dividend of 1.75p
per share to be paid on 7 June 2010 to shareholders on the register at the close
of business on 21 May 2010.
Outlook
So far this year market conditions have been stable for most of our customers.
We are conscious of the possible effects of the economy and Government policy on
our costs and on consumer demand but as the Group is mainly exposed to the food,
drink and toiletry sectors we do not expect our sector to be greatly affected.
Our progress so far is in line with the Board's expectations, including
significantly improved revenues in Europe.
The Board is reviewing the strategic importance and viability of its North
American operation in Toronto and is seeking ways of strengthening its European
business. We expect the Central European business based in Poland to show
further growth in 2010.
Richard Clothier
Chairman
25 March 2010
Group income statement
FOR THE YEAR ENDED 31 DECEMBER
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| | | | | | | | 2009 | | 2008 |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| | | | | | | | GBP'000 | | GBP'000 |
| | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Revenue | | | | | | | 23,425 | | 25,838 |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Cost of sales | | | | | | | (18,709) | | (21,120) |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Gross profit | | | | | | | 4,716 | | 4,718 |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Operating costs before | | | | | (4,410) | | (4,153) |
| exceptional items | | | | | | | |
+-----------------------------------+------+----------+------+----------+----------+----------+----------+
| Operating profit before exceptional | | | | 306 | | 565 |
| items | | | | | | |
+------------------------------------------+----------+------+----------+----------+----------+----------+
| Exceptional items | | | | | | | 66 | | 15 |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Operating profit after exceptional items | | | | 372 | | 580 |
+------------------------------------------+----------+------+----------+----------+----------+----------+
| Finance costs - bank | | | | | | (92) | | (280) |
| interest payable | | | | | | | | |
+------------------------+----------+------+----------+------+----------+----------+----------+----------+
| Finance income in respect of pension | | | | 374 | | 1,047 |
| fund | | | | | | |
+------------------------------------------+----------+------+----------+----------+----------+----------+
| Profit before | | | | | | | 654 | | 1,347 |
| taxation | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Taxation | | | | | | | (230) | | (438) |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Profit after | | | | | | | 424 | | 909 |
| taxation | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Earnings per share | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
| Profit per ordinary share (basic | | | | | | | |
| and diluted) | | | | | 2.7p | | 5.7p |
+-----------------------------------+------+----------+------+----------+----------+----------+----------+
| | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+----------+----------+----------+
All activities of the Group are continuing.
Statement of comprehensive income
FOR THE YEAR ENDED 31 DECEMBER
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| | | | | | | | 2009 | | 2008 |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| | | | | | | | GBP'000 | | GBP'000 |
| | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| Profit for the | | | | | | | 424 | | 909 |
| year | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| Other | | | | | | | | | |
| comprehensive | | | | | | | | | |
| income | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| Actuarial gain/(loss) | | | | | | 69 | | (1,239) |
| on retirement benefit | | | | | | | | |
| obligations | | | | | | | | |
+------------------------+----------+------+----------+------+----------+---------+----------+---------+
| Currency | | | | | | | (182) | | 437 |
| translation | | | | | | | | | |
| (loss)/gain | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| | | | | | | | (113) | | (802) |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| Taxation relating | | | | | | | (20) | | 347 |
| to actuarial | | | | | | | | | |
| gain/(loss) | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
| Other comprehensive | | | | | | (133) | | (455) |
| income for the year | | | | | | | | |
+------------------------+----------+------+----------+------+----------+---------+----------+---------+
| Total comprehensive income for the year | | | | 291 | | 454 |
| attributable to the parent's | | | | | | |
| shareholders | | | | | | |
+------------------------------------------+----------+------+----------+---------+----------+---------+
| | | | | | | | | | |
+--------------------+---+----------+------+----------+------+----------+---------+----------+---------+
Statement of financial position
AS AT 31 DECEMBER
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | Group | Company |
+--------------------------+---+-----------------------------------------+-------------------------------+
| | | 2009 | | 2008 | | 2009 | | 2008 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Non-current assets | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Property, plant and | | 13,237 | | 14,110 | | 756 | | 818 |
| equipment | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Investments in | | - | | - | | 21,861 | | 21,833 |
| subsidiaries | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Deferred tax asset | | 344 | | 197 | | - | | - |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Pension asset | | 6,996 | | 6,808 | | 6,996 | | 6,808 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | 20,577 | | 21,115 | | 29,613 | | 29,459 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Current assets | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Inventories | | 1,535 | | 1,740 | | - | | - |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Trade and other | | 5,708 | | 7,013 | | 1,373 | | 2,383 |
| receivables | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Cash | | 334 | | 475 | | 1,236 | | 54 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | 7,577 | | 9,228 | | 2,609 | | 2,437 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Non-current assets held | | 2,782 | | 2,954 | | - | | 172 |
| for sale | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | 30,936 | | 33,297 | | 32,222 | | 32,068 |
| Total assets | | | | | | | | |
| | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Current liabilities | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Trade and other payables | | (5,341) | | (6,883) | | (6,630) | | (6,358) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Corporation tax payable | | (218) | | (140) | | (12) | | (45) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Borrowings | | (1,897) | | (2,882) | | (408) | | (642) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | (7,456) | | (9,905) | | (7,050) | | (7,045) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Non-current liabilities | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Borrowings | | (1,290) | | (1,312) | | (1,290) | | (1,312) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Deferred tax liabilities | | (1,578) | | (1,403) | | (1,511) | | (1,500) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Amounts due to group | | - | | - | | (4,175) | | (4,175) |
| undertakings | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Provisions | | (194) | | (199) | | (194) | | (199) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | (3,062) | | (2,914) | | (7,170) | | (7,186) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Total liabilities | | (10,518) | | (12,819) | | (14,220) | | (14,231) |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Net assets | | 20,418 | | 20,478 | | 18,002 | | 17,837 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Equity | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Share capital | | 80 | | 80 | | 80 | | 80 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Share premium | | 419 | | 419 | | 419 | | 419 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Capital redemption | | 216 | | 216 | | 216 | | 216 |
| reserve | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Translation reserve | | 947 | | 1,129 | | - | | - |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Revaluation reserve | | 4,461 | | 4,361 | | 576 | | 502 |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Retained earnings | | 14,295 | | 14,273 | | 16,711 | | 16,620 |
| | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| Equity attributable to | | 20,418 | | 20,478 | | 18,002 | | 17,837 |
| shareholders | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
| | | | | | | | | |
+--------------------------+---+----------+---------+----------+---------+----------+---------+----------+
Statement of changes in equity
FOR THE YEAR ENDED 31 DECEMBER
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| | Share | Share | Capital | Translation | Revaluation | Retained | Total |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| | capital | premium | redemption | reserve | reserve | earnings | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| | | account | reserve | | | | |
| | | | fund | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Group | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| At 1 January 2008 | 80 | 419 | 216 | 692 | 4,525 | 14,526 | 20,458 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Profit for the year | | | | | | 909 | 909 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Other comprehensive | | | | 437 | | (892) | (455) |
| income/(expense) | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Total comprehensive | | | | 437 | | 17 | 454 |
| income for the year | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Transfer to | | | | | | | |
| revaluation | | | | | | | |
| reserves as a | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| result of property | | | | | 41 | (41) | |
| transactions | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Tax on revaluation | | | | | (205) | 221 | 16 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Credit in respect of | | | | | | 3 | 3 |
| share based payments | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Dividends paid | | | | | | (453) | (453) |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| At 31 December 2008 | 80 | 419 | 216 | 1,129 | 4,361 | 14,273 | 20,478 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Profit for the year | | | | | | 424 | 424 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Other comprehensive | | | | (182) | | 49 | (133) |
| (expense)/income | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Total comprehensive | | | | (182) | | 473 | 291 |
| income for the year | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Transfer to | | | | | | | |
| revaluation | | | | | | | |
| reserves as a | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| result of property | | | | | 99 | (99) | |
| transactions | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Tax on revaluation | | | | | 1 | | 1 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Credit in respect of | | | | | | 32 | 32 |
| share based payments | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Dividends paid | | | | | | (384) | (384) |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| At 31 December 2009 | 80 | 419 | 216 | 947 | 4,461 | 14,295 | 20,418 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Company | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| At 1 January 2008 | 80 | 419 | 216 | | 523 | 16,262 | 17,500 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Profit for the year | | | | | | 1,679 | 1,679 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Other comprehensive | | | | | | (892) | (892) |
| expense | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Total comprehensive | | | | | | 787 | 787 |
| income for the year | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Release of | | | | | | | |
| revaluation | | | | | | | |
| reserves as a | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| result of property | | | | | (5) | 5 | |
| transactions | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Tax on revaluation | | | | | (16) | 16 | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Credit in respect of | | | | | | 3 | 3 |
| share based payments | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Dividends paid | | | | | | (453) | (453) |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| At 31 December 2008 | 80 | 419 | 216 | | 502 | 16,620 | 17,837 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Profit for the year | | | | | | 467 | 467 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Other comprehensive | | | | | | 49 | 49 |
| income | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Total comprehensive | | | | | | 516 | 516 |
| expense for the year | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Transfer to | | | | | | | |
| revaluation | | | | | | | |
| reserves as a | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| result of property | | | | | 73 | (73) | |
| transactions | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Tax on revaluation | | | | | 1 | | 1 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Credit in respect of | | | | | | 32 | 32 |
| share based payments | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| Dividends paid | | | | | | (384) | (384) |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| At 31 December 2009 | 80 | 419 | 216 | | 576 | 16,711 | 18,002 |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
| | | | | | | | |
+----------------------+----------+----------+------------+-------------+-------------+----------+---------+
Statement of cash flows
FOR THE YEAR ENDED 31 DECEMBER
+------------------------------------+----------+---------+---------+----------+---------+---------+
| | | Group | Company |
+------------------------------------+----------+------------------------------+-------------------+
| | | 2009 | 2008 | | 2009 | 2008 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| | | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Profit after taxation | | 424 | 909 | | 467 | 1,679 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Adjustments for: | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Depreciation of property, plant | | 1,477 | 1,649 | | 45 | 49 |
| and equipment | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Profit on disposal of land and | | (44) | (15) | | (44) | (15) |
| buildings | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Profit on disposal of non-current | | (176) | | | (178) | |
| assets held for sale | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Profit on disposal of other plant | | | (18) | | | (11) |
| and equipment | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Decrease in provisions | | (5) | (4) | | (5) | (4) |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Other finance income in respect | | (374) | (1,047) | | (374) | (1,047) |
| of Pension Fund | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Finance costs | | 92 | 280 | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Finance income | | | | | (119) | (210) |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Taxation charged | | 230 | 438 | | 16 | 172 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Other non-cash items: | | | | | | |
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Pension current service cost | | 255 | 281 | | 255 | 281 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Charge for share options | | 32 | 3 | | 32 | 3 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Operating cash flows before | | 1,911 | 2,476 | | 95 | 897 |
| movements in working capital | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Decrease/(increase) in | | 205 | (60) | | | |
| inventories | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Decrease/(increase) in trade and | | 1,323 | (2,150) | | 982 | (1,172) |
| other receivables | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| (Decrease)/increase in trade and | | (1,476) | 968 | | 338 | (492) |
| other payables | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash generated by operations | | 1,963 | 1,234 | | 1,415 | (767) |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| UK corporation tax received | | | | | | 4 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| UK corporation tax paid | | (143) | (69) | | (57) | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Interest paid | | (158) | (238) | | | |
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Interest received | | | | | 53 | 252 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Net cash generated from/(used in) | | 1,662 | 927 | | 1,411 | (511) |
| operating activities | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash flows from investing | | | | | | |
| activities | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Sale of surplus properties | | 67 | 15 | | 64 | 15 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Sale of non-current assets | | 348 | | | 350 | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Acquisition of property, plant & | | (841) | (964) | | (3) | (36) |
| equipment | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Sale of other plant and equipment | | 14 | 75 | | | 11 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Net cash (used in)/generated from | | (412) | (874) | | 411 | (10) |
| investing activities | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash flows from financing | | | | | | |
| activities | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Loans received | | 415 | 1,675 | | 415 | 1,675 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Loans repaid | | (336) | (56) | | (336) | (56) |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Dividends paid | | (384) | (453) | | (384) | (453) |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Net cash (used in)/generated from | | (305) | 1,166 | | (305) | 1,166 |
| financing activities | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Net increase in cash and cash | | 945 | 1,219 | | 1,517 | 645 |
| equivalents | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash and cash equivalents at 1 | | (2,100) | (3,319) | | (281) | (926) |
| January | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash and cash equivalents at 31 | | (1,155) | (2,100) | | 1,236 | (281) |
| December | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash | | 334 | 475 | | 1,236 | 54 |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Overdraft | | (1,489) | (2,575) | | | (335) |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| Cash and cash equivalents at 31 | | (1,155) | (2,100) | | 1,236 | (281) |
| December | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
| | | | | | | |
+------------------------------------+----------+---------+---------+----------+---------+---------+
Notes to the financial statements
1. Basis of preparation
The consolidated and Company financial statements have been prepared under
International Financial Reporting Standards (IFRS) as adopted by the European
Union. All standards and interpretations that have been issued and are effective
at the 31 December 2009 have been applied in the financial statements. The
financial statements have been prepared under the historical cost convention
except for certain assets and liabilities which are held at fair value.
IAS 1 Presentation of Financial Statements (Revised 2007) requires presentation
of a comparative balance sheet as at the beginning of the first comparative
period, in some circumstances. Management considers that this is not necessary
this year because the 2007 balance sheet is the same as that previously
published.
2. Publication of non-statutory financial statements
The statutory financial statements for the year ended 31 December 2009 are
expected to be posted to shareholders in due course and will be delivered to the
Registrar of Companies after they have been laid before the Company at the
Annual General Meeting planned for 13 May 2010. Copies will also be available
from Robinson plc's registered office: Portland, Goytside Road, Chesterfield,
S40 2PH and on the Group's website at www.robinsonpackaging.com
The auditor has reported on those financial statements; their reports were
unqualified and did not contain statements under the Companies Act 2006, section
498 (2) or (3).
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UVVNRRRAOUAR
Robinson (LSE:RBN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Robinson (LSE:RBN)
Historical Stock Chart
From Jul 2023 to Jul 2024
