TIDMSNAK
RNS Number : 7366R
Snacktime PLC
22 November 2012
SNACKTIME PLC
("SnackTime", the "Company" or the "Group")
INTERIM RESULTS
FOR SIX MONTHS endED 30 september 2012
SnackTime PLC today announces interim results for the six month
period ended 30 September 2012.
FINANCIAL HIGHLIGHTS
-- Turnover decreased by 13% to GBP10.15 million (H1 2011: to
GBP11.72 million) - GBP330k below the H2 2012 level of
GBP10.48m
-- Gross Profit down 16% to GBP5.58 million (H1 2011: GBP6.69 million)
-- Operating profit before depreciation, amortisation and
exceptionals down 72% to GBP332k (H1 2011: profit GBP1.17 million)
and operating loss before amortisation of GBP368k (H1 2011 profit
GBP430k).
-- Operating loss showed a GBP207k improvement on the H2 2012 loss of GBP575k
-- Exceptional items of GBP845k include redundancy and other
costs relating to reorganisation, release of EBT debtor, rebates
and bad debts arising from the review and reorganisation of
national accounts and costs relating to legal matters
OPERATIONAL HIGHLIGHTS
-- A series of senior management changes since April 2012 and
the management of the operating subsidiaries is stabilised
-- Annualised cost savings initiated since June 2012 amounting
to GBP1m. The full impact of these will come through in FY14
-- Markets remain tough particularly in the North and Midlands,
where the recession has hit hardest
-- Operated estate size stabilising, with evidence of growth
from sales starting to show through
-- Service levels and lead-times continue to improve
Jeremy Hamer, Executive Chairman comments:
"With early signs of the operated estate numbers beginning to
increase, we are optimistic that our operating losses will reduce
significantly in the second half."
For further information:
SnackTime PLC
Jeremy Hamer, Chairman
Tim James, Finance Director 0208 879 8300
Westhouse Securities
Tom Griffiths 020 7601 6100
CHAIRMAN'S STATEMENT
Introduction
I am pleased to announce the unaudited results for the six
months ended 30 September 2012. The speed of monthly decline in
sales has slowed to a trickle whilst cost savings are gaining pace.
The economic backdrop remains challenging although evidence of an
increase in part-time employment is encouraging.
Financial
Turnover in the period was down 13% to GBP10.15m (2011:
GBP11.72m), gross profit decreased by 16% to GBP5.58m (2011:
GBP6.69m) producing an operating loss before amortisation of
GBP368k (2011: profit GBP430k). The loss before exceptional items
and finance costs was GBP612k (2011: profit GBP198k) resulting in
loss before tax of GBP1.56m (2011: profit GBP111k). In the period
we have taken an exceptional charge of GBP845k, covering
reorganisation costs, the EBT balance sheet debtor, rebates and bad
debts and legal costs. The future combined cash impact of these
items is GBP172k, with GBP367k having been paid in the current year
and the balance of GBP307k representing non-cash items.
The sharp drop off in performance compared with H1 2012 resulted
largely from the decline in managed estate during 2011 and a
reduction in brand fee income. This arose from integration
difficulties and the loss of customers. The comparison with H2 2012
however demonstrates the stabilisation that is being achieved.
Turnover H1 2013 was GBP10.15m (H2 2012 GBP10.48m) and operating
losses GBP368k (H2 2012 loss GBP575k).
The operated vending estate continued to decline during the
period although there was evidence in September 2012 of growth for
the first time since the acquisition of Vendia in September 2010.
Our gross margins tightened 2% to 55% (2011: 57%) while our
distribution and administration costs dropped to GBP5.2m (2011:
GBP5.5m).
Net borrowings rose by GBP1.2m in the 6 months to 30 September
2012 to GBP3.9m (31 March 2012: GBP2.7m). Fixed asset expenditure
was of GBP246k, expenditure on non-recurring items was GBP295k and
negative working capital movements were GBP387k. As at 30(th)
September the Company had headroom on its banking facilities of
GBP915k and was operating within its covenants.
Strategy
As stated in our preliminary announcement released on 16 July
2012, the core strategy of combining an operated vending model with
a franchise network that supports smaller customers remains the
essence of our vending strategy.
Operational Changes
During 2012, we have invested a lot of effort into reducing
cost. This has been achieved through a detailed review of routes
and operator practices which has resulted in a significant
downsizing in our operated vending division, the cost benefits of
which will become fully visible from January 2013. We have also
reduced our head office and central costs significantly both in
Directors' remuneration and office costs with the closure of
Wokingham scheduled for the end of January 2013. On an annualised
basis, these together will have reduced Group costs going forward
by in excess of GBP1m net.
The roll-out of handheld technology to capture and track our
operator and machine performance has progressed significantly in
the last 6 months, although this project is on-going. The captured
data is providing the Company with a more accurate understanding of
machine performance and allowing tighter reconciliation of stock
usage and cash receipts. As confidence in, and accuracy of, this
data grows, it will hugely enhance the quality of our operational
knowledge and decision making.
The key challenges now are sales and margin and this is our key
focus. The H1 2013 sales reported here are GBP2.2m lower than the
first half-year period after the acquisition of Vendia. That said
the rate of sales decline has been slowing and our sales in H1 2013
were only GBP194k below H2 2012. Over the 2 year period we have
lost customers altogether for several reasons including matters
outside of our control, through competitive pricing we could or
would not match and through the service issues experienced during
the integration of Vendia. Where customers have been retained
throughout the period we have seen tighter consumer spending
although this has been compensated for in part by higher prices. We
have also seen significant changes in our sales teams and their
management throughout this 2 year period resulting in a distinct
lack of new customers.
There are a number of opportunities to increase the revenue we
are deriving from our operated estate, including addressing the
issue of poor performing machines, continual review of
merchandising and pricing, improved operator performance and
training, faster turnaround of the 'idle' estate, tighter
management of the sales pipeline and continual improvement in
contract negotiation. These will be our focus in the second half of
the year.
All but one of our 4 subsidiary business managers is new since
April 2012 which has been a catalyst for a change of emphasis. The
group is working more closely as a team and the business heads meet
now on a monthly basis. The benefits of this are beginning to show,
including the first ever sale of a Drinkmaster hot drink solution
by a Simply Drinks sales man in recent days. The Group has more to
offer together than it has yet demonstrated.
Drinkmaster has had another good half year, including handling a
significant operational change when in September its largest
customer, William Hill, moved to central distribution, from 2,200
individual weekly shop drops,. We are investing in increased 'in
cup' packing capacity at Drinkmaster and are encouraged by an
increase in sales interest across its product range, although none
of this had been won in the first half.
Snack in the Box has sold 6 new franchises in the first 6 months
but has remained flat at 84 franchisees overall. It has performed
well financially but under new management the emphasis is changing.
Improved support from centre will be combined with the
encouragement of compliance from the franchisees. This combination
will lead to a closer relationship between franchisees and
ourselves and ultimately lead to growth for both parties.
Board Changes
We announced at the end of September that Steven Garner had
joined the Board as a Non-Executive Director. His broad experience
of the vending industry will be invaluable as we continue our
efforts to turn around the financial and operational performance of
the business and I wish him a very warm welcome.
Current Trading
There is still a lot to do before we will be satisfied with the
performance of the SnackTime Group. All the major areas of cost
cutting have now been addressed and the benefits of this are
becoming more visible. The focus must now move to sales where
regionally the North and Midlands are having a tougher time in this
long recession than the South, which we see reflected in our
figures. With early signs of the operated estate numbers beginning
to increase, we are optimistic that our operating losses will
reduce significantly in the second half.
SNACKTIME PLC
consolidated Statement of comprehensive income
period ended 30 September 2012
Note Six months to Six months to
30 September 30 September
2012 2011
(Unaudited) (Unaudited)
GBP GBP
Revenue 10,153,053 11,715,714
Cost of sales (4,568,589) (5,030,342)
------------------ ------------------
Gross profit 5,584,464 6,685,372
Distribution and administration expenses (5,252,253) (5,517,136)
------------------ ------------------
Operating Profit before depreciation
and amortisation 332,211 1,168,236
Depreciation (700,359) (737,764)
------------------ ------------------
Operating (loss)/profit before
amortisation (368,148) 430,472
Amortisation (244,349) (232,713)
------------------ ------------------
(Loss)/profit before exceptional
items and finance costs (612,497) 197,759
Exceptional items 4 (845,522) -
Finance income 21,625 1,325
Finance costs (123,434) (88,074)
------------------ ------------------
(Loss)/profit before tax (1,559,828) 111,010
Income tax expense 190,418 92,014
------------------ ------------------
(Loss)/profit for the financial
period (1,369,410) 203,024
------------------ ------------------
Other comprehensive income: - -
================== ==================
Total comprehensive income
for the period (1,369,410) 203,024
------------------ ------------------
Basic (loss)/profit per share 3 (8.38)p 1.24p
================== ==================
Diluted (loss)/profit per
share 3 (8.38)p 1.17p
All of the activities of the company are classed as
continuing.
The company has no recognised gains or losses other than the
results for the period as set out above.
Both the profit and the total comprehensive income for the above
periods are attributable in totality to the Equity holders of the
Company.
SNACKTIME PLC
consolidated balance sheet
At 30 September 2012
Note 30 September 30 September 31 March
2012 2011 2012
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 7,356,906 7,773,331 7,831,935
Intangible assets 14,495,505 14,962,188 14,739,854
Deferred tax asset 535,390 172,072 447,379
--------------- --------------- ---------------
22,387,801 22,907,591 23,019,168
Current assets
Inventories 1,731,547 1,440,662 1,544,124
Receivables and prepayments 2,550,888 3,588,728 2,979,389
Cash and cash equivalents 1,497,831 2,896,001 2,066,312
--------------- --------------- ---------------
5,780,266 7,925,391 6,589,825
--------------- --------------- ---------------
TOTAL ASSETS 28,168,067 30,832,982 29,608,993
--------------- --------------- ---------------
LIABILITIES
Current liabilities
Trade and other payables (3,491,862) (3,966,927) (4,091,861)
Short term borrowings (1,666,318) (1,415,536) (1,544,015)
Corporation tax - (190,878) (484)
Provisions 2 (192,021) (283,832) (210,000)
--------------- --------------- ---------------
(5,350,201) (5,857,173) (5,846,360)
Non-current liabilities
Deferred tax liability (1,789,573) (2,004,326) (1,889,685)
Provisions 2 (99,939) - (116,403)
Long-term borrowings (3,762,423) (4,216,006) (3,240,437)
--------------- --------------- ---------------
(5,651,935) (6,220,332) (5,246,525)
Total liabilities (11,002,136) (12,077,505) (11,092,885)
--------------- --------------- ---------------
Net assets 17,165,931 18,755,477 18,516,108
=============== =============== ===============
EQUITY
Equity share capital 326,980 326,980 326,980
Share premium account 8,347,383 8,347,383 8,347,383
Share option and warrant reserve 2,523,754 2,490,317 2,504,521
Capital redemption reserve 1,274,279 1,274,279 1,274,279
Merger reserve 6,817,754 6,817,754 6,817,754
Equity element of compound
financial instrument 86,514 86,514 86,514
Retained earnings (2,210,733) (587,750) (841,323)
--------------- --------------- ---------------
TOTAL EQUITY 17,165,931 18,755,477 18,516,108
=============== =============== ===============
SNACKTIME PLC
consolidated cashflow statement
period ended 30 September 2012
Six months
to Six months to
30 September 30 September
2012 2011
(Unaudited) (Unaudited)
Cash flows from operating activities GBP GBP
(Loss)/profit before taxation (1,559,828) 111,010
Exceptional items 845,522 649,785
----------------- ----------------
Loss/(profit) before taxation and exceptional
items (714,306) 760,795
Depreciation 700,359 737,764
Amortisation 244,349 232,713
Finance income (21,625) (1,325)
Finance costs 123,434 88,074
IFRS 2 share option charge 19,233 16,697
(Profit)/Loss on disposal of property
plant and equipment (1,666) (51)
----------------- ----------------
Operating cashflow pre-exceptional costs 349,778 1,834,667
Exceptional Items (845,522) (649,785)
----------------- ----------------
Operating cash flow post-exceptional
costs (495,444) 1,184,882
(Increase)/Decrease in inventories (187,423) 139,422
Decrease / (Increase) in trade and other
receivables 340,491 165,585
Increase / (Decrease) in trade and other
payables (506,420) (1,938,255)
(Decrease) / Increase in provisions (34,443) 27,269
----------------- ----------------
Cash generated from operations (883,239) (421,097)
Interest paid (123,434) (88,074)
Income Taxes paid - 92,014
----------------- ----------------
Net cash from operating activities (1,006,673) (417,157)
----------------- ----------------
Cash flows from investing activities
Purchase of property, plant and equipment (246,183) (532,000)
Disposal of property, plant and equipment - 109,093
Acquisition of subsidiary, net of cash
acquired - (250,000)
Interest received 21,625 1,325
----------------- ----------------
Net cash used in investing activities (224,558) (671,582)
----------------- ----------------
Cash flows from financing activities
Payments of long-term borrowings (295,713) -
Payments of finance lease liabilities (20,873) (223,436)
----------------- ----------------
Net cash used in financing activities (316,586) (223,436)
----------------- ----------------
Net decrease in cash and cash equivalents (1,547,817) (1,312,175)
Cash net of overdraft at the beginning
of period 1,471,943 2,911,333
----------------- ----------------
Cash net of overdraft at end of period (75,874) 1,599,158
================= ================
SNACKTIME PLC
consolidated statement of changes in equity
period ended 30 September 2012
Share
Equity element option Capital
&
Share Share of compound warrant redemption Merger Retained Total
capital premium financial reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
April
2011 326,980 8,347,383 86,514 2,473,621 1,274,279 6,817,754 (790,775) 18,535,756
Profit for the
period - - - - - - 203,024 203,024
Share options
expense - - - 16,697 - - - 16,697
-------- ---------- --------------- ---------- ----------- ---------- ---------- -----------
Balance at
30 September
2011 326,980 8,347,383 86,514 2,490,318 1,274,279 6,817,754 (587,751) 18,755,477
-------- ---------- --------------- ---------- ----------- ---------- ---------- -----------
Carried forward 326,980 8,347,383 86,514 2,490,318 1,274,279 6,817,754 (587,751) 18,755,477
SNACKTIME PLC
consolidated statement of changes in equity
period ended 30 September 2012
Share
Equity option Capital
element &
Share Share of compound warrant redemption Merger Retained Total
capital premium financial reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at
30 September
2011 brought
forward 326,980 8,347,383 86,514 2,490,318 1,274,279 6,817,754 (587,751) 18,755,477
--------- ----------- ------------ ----------- ----------- ----------- ------------ ------------
Loss for the
period - - - - - - (253,572) (253,572)
Share
options
expense - - - 14,203 - - - 14,203
--------- ----------- ------------ ----------- ----------- ----------- ------------ ------------
Balance at
31
March
2012 326,980 8,347,383 86,514 2,504,521 1,274,279 6,817,754 (841,323) 18,516,108
--------- ----------- ------------ ----------- ----------- ----------- ------------ ------------
Loss for the
period - - - - - - (1,369,410) (1,369,410)
Share
options
expense - - - 19,233 - - - 19,233
Balance at
30 September
2012 326,980 8,347,383 86,514 2,523,754 1,274,279 6,817,754 (2,210,733) 17,165,931
========= =========== ============ =========== =========== =========== ============ ============
SNACKTIME PLC
NOTES TO THE interim FINANCIAL STATEMENTS
period ended 30 september 2012
General Information
SnackTime plc is a public limited company incorporated in
England and Wales under the Companies Act (registered number
06135746). The Company is domiciled in the United Kingdom and its
registered address is 2(nd) Floor, West Forest Gate, Wellington
Road, Wokingham, Berkshire, RG40 2AQ. The Company's shares are
traded on the AIM market of the London Stock Exchange.
The principal activities of the Group is the sale and operation
of hot drink and snack vending machines, the operation of free on
loan vending machines via a franchise division and the production
and supply of "in-cup" drinks and associated equipment.
Basis of accounting
These interim financial statements for the period ended 30
September 2012 have been prepared in accordance with International
Financial Reporting Standards (IFRS). The Group financial
statements consolidate the financial statements of the Company and
its subsidiary undertakings. The merger method of accounting has
been adopted, following a group reconstruction involving SnackTime
Plc and SnackTime UK Limited. The acquisition of Snack in a Box
Limited was accounted for using acquisition accounting in
accordance with IFRS 3 "Business Combinations". A gain on bargain
acquisition of GBP1,805,067 arose, which was separately reported in
the Statement of Comprehensive Income in accordance with IFRS 3 and
IAS 1 in the year of acquisition. The acquisition of Vendia UK
Limited in the year was accounted for using acquisition accounting
in accordance with IFRS 3 "Business Combinations".
All companies in the Group use sterling as presentational and
functional currency.
The information presented within these interim financial
statements is in compliance with IAS 34 'Interim Financial
Reporting'. This requires the use of certain accounting estimates
and requires that management exercise judgement in the process of
applying the Company's accounting policies. The areas involving a
high degree of judgement or complexity, or areas where the
assumptions and estimates are significant to the interim financial
statements are disclosed below.
SnackTime UK Limited has elected not to apply IFRS 3, Business
Combinations retrospectively to past business combinations prior to
the date of transition.
The financial information contained in this report, which has
not been audited, does not constitute statutory accounts as defined
by Section 434 of the Companies Act 2006. The Company's statutory
financial statements for the year ended 31 March 2012, prepared
under IFRS have been filed with the Registrar of Companies. The
auditors' report for the 2011 and 2012 financial statements was
unqualified and did not contain a statement under Section 498 (2)
or (3) of the Companies Act 2006.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based
on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances. The Group makes estimates and assumptions concerning
the future. The principal areas where judgement was exercised is as
follows:
-- Property, plant and equipment includes the value of the
vending machine estate. The Directors annually assess both the
residual value of these assets and the expected useful life of such
assets.
-- The Directors have estimated the useful economic lives of
intangible assets. The economic lives and the amortisation rates
are reviewed annually by the directors.
-- The Group receives branding fees to contribute to the
installation and refurbishment of vending machines. The Directors
are required to assess the amounts receivable at each reporting
date and whether all the conditions have been met to enable these
to be recognised.
-- Sales from vending machines are recognised at the point of
sale to the customer. At each year end, the Directors are required
to make an estimate of sales where the vending machine has not been
emptied or inspected at the year end date.
-- The convertible loan notes have been split between the debt
and equity element in accordance with IAS 32. This requires
calculating the present value of the debt element using an
effective interest rate. 12% was assumed to be an effective
interest rate that would be charged on a similar loan by a third
party.
-- Share based payment and warrant valuations are based upon a
Black-Scholes based model which requires various assumptions to be
made.
-- Dilapidation provisions are included within exceptional costs
and are calculated as a percentage of annual rents plus specific
costs.
-- An impairment of goodwill has the potential to significantly
impact upon the Group's statement of comprehensive income for the
year. In order to determine whether impairments are required the
Directors estimate the recoverable amount of the goodwill. This
calculation is based on the cash flow forecasts applicable to the
Group of cash-generating units for the following financial year
extrapolated over a eight year period assuming growth rates in the
region of 2-3%. A terminal value has been included which
extrapolates the growth of the year 8 cash flow at 2.3% in
perpetuity. A discount factor, based upon the Group's weighted
average cost of capital is applied to obtain a current value
('value in use'). The fair value less costs to sell of the cash
generating unit is used if this results in an amount in excess of
value in use.
Estimated future cash flows for impairment calculations are
based on management's expectations of future volumes and margins
based on plans and best estimates of the productivity of the income
generating unit in their current condition. Future cash flows
therefore exclude benefits from major expansion projects requiring
future capital expenditure.
Future cash flows are discounted using a discount rate based on
the Group's weighted average cost of capital. The weighted average
cost of capital is impacted by estimates of interest rates, equity
returns and market related risks. The Group's weighted average cost
of capital is reviewed on an annual basis.
The Directors have considered the annual impairment review
conducted for the year end 31 March 2012 and believe that goodwill
remains unimpaired.
REVENUE
Revenue is measured by reference to the fair value of
consideration received or receivable by the group for goods and
services supplied, excluding VAT and trade discounts. Revenue for
goods sold from vending machines is recognised at the date of sale.
Revenue in respect of installation and refurbishment of branded
vending machines (branding fees) is recognised at the date of
installation or refurbishment. Franchising fees are recognised when
the franchisee starts trading. Managed estate sales are recognised
in full once the customer has taken over operation of the
machine.
1.) Loss/EARNINGS PER SHARE
Earnings per share is calculated on the basis of profit for the
period after tax, divided by the weighted average number of shares
in issue for the period ended 30 September 2012 of 16,349,014 (30
September 2011 - 16,349,014).
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all potential dilutive ordinary shares. Potential
dilutive ordinary shares arise from share options and warrants. For
these, a calculation is performed to determine the number of shares
that could have been acquired at fair value (determined as the
average annual market share price of the Company's shares) based on
the monetary value of the exercise price attached to outstanding
share options. Thus the dilutive weighted average number of shares
considers the number of shares that would have been issued assuming
the exercise of the share options. If these are proved to be
anti-dilutive (increase the potential earnings per share) they are
omitted from the calculation.
Period ended 30 September Period ended 30 September
2012 2011
(Loss) Weighted Amount Earnings Weighted Amount
average per share (GBP) average per share
no. of (pence) no. of (pence)
shares shares
(GBP)
(Loss)/Earnings
attributable
to ordinary
shareholders (1,369,410) 16,349,014 (8.38) 203,024 16,349,014 1.24
Dilutive effect
of
convertible loan
note* - - - 24,000 545,454 -
Share options* - - - - 626,039 -
Dilutive effects
of warrants* - - - - 1,816,557 -
------------ ----------- ----------- --------- ------------- -----------
Diluted earnings
per share* (1,369,410) 16,349,014 (8.38) 227,024 19,337,064 1.17
* The incremental shares from assumed conversion are not
included in the current year's calculation of diluted earnings per
share as their inclusion would increase earnings per share and the
effect would be anti-dilutive as explained above.
2.) PROVISIONS
Onerous Leasehold Other Total
contracts dilapidations
GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2011 231,000 244,000 - 475,000
Released in the year (112,950) (56,000) - (168,950)
Additions in the year - 20,353 - 20,353
------------ ---------------- ------------ -------------
At 31 March 2012 118,050 208,353 - 326,403
Additions in the period - 806,649 806,649
Released in the period (115,500) (108,414) (617,178) (841,092)
------------ ---------------- ------------ -------------
At 30 September 2012 2,550 99,939 189,471 291,960
============ ================ ============ =============
Due within one year or
less 2,550 - 189,471 192,021
Due after more than one
year - 99,939 - 99,939
------------ ---------------- ------------ -------------
2,550 99,939 189,471 291,960
============ ================ ============ =============
Leasehold dilapidations - Provision is made for the estimated
cost of refurbishing properties in line with the requirements of
the various leases, prior to returning them to the landlord. The
exact amount may vary as final necessary repairs are determined.
Provisions are also made for related professional fees.
Onerous contracts - Provision is made for the onerous element of
property lease rentals in respect of vacated premises. The exact
amount may vary should the group secure a sublet for the properties
or utilise them in the business
Other - Provision is made in relation to redundancy, bad debt
and employee benefit costs in relation to group reorganisation.
3.) segment information
The Group has three main reportable segments:
-- Specialist drinks - The manufacture and sale of single
portion beverages called 'Drinkpacs' together with the sale of
associated food and drink products.
-- Franchising - The marketing and franchising of operations in
the provision of snack solutions.
-- Vending - Vending activities.
Factors that management used to identify the Group's reportable
segments
The Group's reportable segments are strategic business units
that offer different products and services. They are managed
separately because each business requires different technology and
marketing strategies.
Measurement of operating segment profit or loss, assets and
liabilities
The accounting policies of the operating segments are the same
as those described in the summary of significant accounting
policies.
The Group evaluates performance on the basis of profit or loss
from operations but excluding non-recurring profits/losses, such as
goodwill impairment, and the effects of share-based payments.
Inter-segment sales are priced on the same basis as sales to
external customers, with an appropriate discount being applied to
encourage use of group resources at a rate acceptable to local tax
authorities. This policy was applied consistently throughout the
period.
Segment assets exclude tax assets and assets used primarily for
corporate purposes. Segment liabilities exclude tax liabilities.
Loans and borrowings are allocated to the segments based on
relevant factors (e.g. funding requirements). Details are provided
in the reconciliation from segment assets and liabilities to the
group position.
6 months ended 30 September
2012
Specialist
drinks Franchising Vending Head office Total
GBP GBP GBP GBP GBP
Revenue
Total revenue 2,365,683 893,638 7,024,200 10,283,521
Inter-segmental revenue - - (130,468) (130,468)
Group's revenue per
consolidated statement
of comprehensive income 2,365,683 893,638 6,893,732 10,153,053
Depreciation 80,009 4,169 609,098 7,083 700,359
Amortisation - 71,233 173,116 244,349
Operating profit/(loss)
before exceptional
items 235,065 148,106 (439,318) (537,117)
Exceptional items (845,522)
Share-based payments (19,233)
Finance expense (123,434)
Finance income 21,625
------------
Group loss before tax (1,559,828)
6 months ended 30 September
2011
Specialist
drinks Franchising Vending Head office Total
GBP GBP GBP GBP GBP
Revenue
Total revenue 2,382,265 881,404 8,605,703 11,869,372
Inter-segmental revenue (10,005) - (143,653) (153,658)
Group's revenue per
consolidated statement
of comprehensive income 2,372,260 881,404 8,462,050 11,715,714
Depreciation 68,851 170,080 494,176 4,657 737,764
Amortisation - 81,510 151,203 - 232,713
Operating profit/(loss)
before exceptional
items 286,865 67,549 927,523 (1,067,481) 214,456
Exceptional items -
Share-based payments (16,697)
Finance expense (88,074)
Finance income 1,325
------------
Group loss before tax 111,010
6 months ended 30 September 2012
Specialist
drinks Franchising Vending Head office Total
GBP GBP GBP GBP GBP
Additions to non-current
assets 1,623 17,155 22,164 205,241 246,183
Reportable segment
assets 4,207,536 3,859,784 3,060,521 16,504,836 27,632,677
Tax assets - 13,859 422,154 99,377 535,390
Total group assets 4,207,536 3,873,643 3,482,675 16,604,213 28,168,067
Reportable segment
liabilities (924,112) (195,144) (4,396,164) - (5,515,420)
Loans and borrowings
(excluding leases
and overdrafts) (3,697,143) (3,697,143)
Deferred tax liabilities (1,789,573) (1,789,573)
Total group liabilities (11,002,136)
6 months ended 30 September 2011
Specialist
drinks Franchising Vending Head office Total
GBP GBP GBP GBP GBP
Additions to non-current
assets 140,051 3,390 343,040 45,519 532,000
Reportable segment
assets 3,670,430 4,949,363 3,757,854 18,283,263 30,660,910
Tax assets - - 51,152 120,920 172,072
Total group assets 3,670,430 4,949,363 3,809,006 18,404,183 30,832,982
Reportable segment
liabilities (964,374) (324,296) (4,198,965) (1,135,544) (6,623,179)
Loans and borrowings
(excluding leases
and overdrafts) (3,450,000) (3,450,000)
Deferred tax liabilities (2,004,326) (2,004,326)
Total group liabilities (12,077,505)
4.) EXCEPTIONAL COSTS
6 months ended 30 September 2012
Cash paid
Non cash to 30 Sept Future cash
Total items 2012 impact
GBP GBP GBP GBP
Redundancy and other costs
relating to reorganisation 355,363 53,000 216,563 85,800
Employee Benefit Trust 300,000 254,000 46,000 -
Rebates and bad debts arising
from the review and reorganisation
of National Accounts 104,000 - 104,000 -
Costs relating to legal
and associated 86,159 - - 86,159
Total exceptional costs 845,422 307,000 366,563 171,959
Copies of this half yearly financial report are available on the
Company's website www.snacktimeplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UARBRURAAUAA
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