TIDMSNAK
RNS Number : 2254U
Snacktime PLC
29 November 2013
SNACKTIME PLC
INTERIM RESULTS
Period endED 30 september 2013
SnackTime PLC ("SnackTime", the "Company" or the "Group") today
announces unaudited interim results for the six month period ended
30 September 2013.
FINANCIAL HIGHLIGHTS
-- Turnover decreased by 6.6% to GBP9.49 million (2012: GBP10.15 million)
-- Gross Profit down 6.8% to GBP5.21 million (2012: GBP5.58 million)
-- Operating loss before amortisation decreased by 17.4% to
GBP0.30 million (2012: loss GBP0.37 million)
-- EBITDA up 51.4% to GBP0.50m (2012: GBP0.33 million)
-- Cash inflow after exceptional costs GBP0.54m (2012: outflow GBP0.50m)
-- Increase in cash and cash equivalents of GBP0.54m since 31 March 2013
For further information:
SnackTime PLC
Jeremy Hamer, Chairman
Tim James, Finance Director 020 8879 8300
Westhouse Securities
Tom Griffiths/Richard Johnson 020 7601 6100
Smith & Williamson Corporate Finance
Martyn Fraser 0117 376 2213
CHAIRMAN'S STATEMENT
I have pleasure in presenting the half year results for the six
months ended 30(th) September 2013. It has been a period of
consolidation during which the refinancing of the Group and the
re-setting of our bank facilities, as outlined in my last report,
were completed. Since then considerable progress has been made in
stabilising the Group as evidenced by a six month period without
exceptional costs.
Financials
Turnover was down 6.6% to GBP9.49m (2012: GBP10.15m) producing
an operating loss before amortisation of GBP0.30m (2012: loss
GBP0.37m). Ebitda for the six months was a profit of GBP0.50m
(2012: GBP0.33m). With no exceptional costs incurred in the first
half (2012: GBP0.85m) the pre-tax loss was GBP0.69m (2012: loss
GBP1.56m) and loss after tax attributable to the shareholders was
GBP0.41m (2012: loss GBP1.37m). Gross margins held firm at 55%
(2012: 55%) while our distribution and administration costs dropped
by 15% to GBP4.70m (2012: GBP5.25m). Net finance charges have
increased as a result of the refinancing in April rising to GBP185k
(2012: GBP102k) and net bank borrowings at 30(th) September 2013
remained flat at GBP3.31m (2012: GBP3.33m).
Strategy
In my last report I detailed our priorities for FY14 as being
lower cost operations, increased use of technology, a growing
franchise network and finally new product development at
Drinkmaster. All of this continues to progress and the first half
results would suggest that we are beginning to see the benefit of
these measures. However we are not yet growing again and in the
coming financial year we need to ensure adequate cash resources to
support the business and meet the increases in bank loan repayments
in line with our agreements. As a result the Board has commenced
the second phase of restructuring the Group's operations,
comprising the following measures.
By the end of this financial year we plan to have integrated our
three vending businesses into a single company, with a single
senior management team and a common software platform. Whilst still
in the consultation phase this strategy will potentially involve
some staff losses and even a reduction in the number of depots we
run, with the aim of yielding annualised savings for next year of
in excess of GBP600k. The final cost of this initiative is
estimated at GBP400k, which will be treated as an exceptional item
in the second half of the current financial year. Moving forward
our strategic focus will be around our vending operations and
consequently we have appointed Smith & Williamson Corporate
Finance to review our strategic options in relation to Drinkmaster,
our seal cup operation, which may result in its divestment. A
further update will be provided to shareholders in due course.
Operations
-- Operated Vending
The process of 'right-sizing' our vending business is
continuous. Regular route planning changes reflect the ebb and flow
of customer requirements and staff levels. Customer acquisitions,
down-sizing, moves, new contracts and renewal losses all result in
a constant need to tailor our activities. The increasing use of
Vendman technology is improving both our ability to respond to
these changes and the speed of our responses. Control over
operations is improving. A complete contract review is underway and
has already yielded a number of opportunities to improve financial
performance. Against these positive developments the size of our
estate continued to reduce slightly, despite some significant
customer wins in the north, and consumer spending (coinage) remains
under pressure.
-- Franchise Network
Snack in the Box, with 80 active franchise areas, has not
expanded in the last six months. Franchisee profitability is an
increasing focus for us as their financial health determines our
future. Much effort is going into the canvassing of new customers
for franchisees, merchandising ideas and business development to
help optimise the profitability of their businesses. Considerable
thought is going into how we can best use our resources in support
of the franchisees.
-- 'In Cup' solutions
In August Drinkmaster launched its new and market leading
'in-cup' hot drink solution. Market reaction was extremely positive
from both customers and brand partners, with the first new
customers placing orders by the end of the period. We expect to see
encouraging growth in the second half of the year. The potential
market for this product is broad, spanning the full range of hot
drinks, soups, porridge and other food areas that only require hot
water to complete the product. Licences have been agreed with a
number of global beverage brands for this new product..
-- Purchasing
In July we appointed a Group Purchasing Manager to co-ordinate
our buying activities. This initiative is opening up a number of
opportunities for the Group to reduce the breadth of its stock
holding, improve its cash flow and reduce prices through the
consolidation of our buying power. Benefits have already been
achieved and these will start to flow more broadly in the second
half of this financial year.
Re-financing
On 5 April 2013, we announced the successful completion of a
GBP1.01m fundraising by way of loan notes and the re-negotiation of
our banking facilities. The loan notes comprise GBP505k of 7%
convertible loan stock and GBP505k of 12% 5 year redeemable loan
stock. The principal terms and conditions of the Loan Notes are as
follows:
- one half of each Loan Note will be convertible at any time
during the period of five years and one day from the date of issue
into new ordinary shares of 2p each in SnackTime ("Shares") at a
conversion price of 10p per Share (a 25% premium to the Company's
share price at the time terms were agreed). Interest on this
portion of the Loan Note shall accrue at 7% per annum, before
conversion, and shall be paid semi-annually;
- the other half of each Loan Note will have no right of
conversion and will be redeemed with a 30% redemption premium five
years and one day from the date of issue. Interest on this portion
of the Loan Note shall accrue at 12% per annum, and shall be paid
semi-annually;
- Loan Notes have been issued with an equal portion of the
redeemable and convertible elements ; and
- the Loan Notes will not be listed or traded on any stock exchange.
The new banking facilities are made up of a GBP3.4m two year
term loan and a GBP750k overdraft facility. The revised loan
repayments schedule has established a minimum loan repayment of
GBP180,000 in the financial year ending 31 March 2014, and
GBP890,000 in the financial year ending 31 March 2015. The
repayments required to be made by the Company will increase if the
Company outperforms its projections. GBP2.0m of the loan attracts
an interest rate of 6% over LIBOR, plus mandatory costs (expected
to add approximately 0.04%). The amount subject to this rate may
reduce at the Bank's discretion by reference to the Company's net
asset position. Loan repayments first reduce this segment of the
borrowings. The balance of the term loan will attract interest at
either 5.35% or 4% over LIBOR plus mandatory costs. The new
overdraft facility has an interest rate of 3.25% above the Bank's
base rate (currently 0.5%).
People
As part of the integration of our vending businesses Steve
Hartland has now taken over the Sales Management of the vending
companies. Andrew Hardill has taken over control at Snack in the
Box following the departure in September of Clive Smith. I would
like to thank Clive for his contribution to the Group over the last
year as well as wish Steve and Andrew every success in their new
roles..
I would also like to thank all of our staff for their continued
support and hard work.
Current trading & prospects
The progress made over the last 6 months is expected to continue
through the winter months, which typically is our stronger trading
period. We will further reduce our cost base but the key to our
long-term success is revenue. We need 'top line' growth if we are
to finally turn the corner. With a strong contribution from our new
sales structure, improved purchasing and possibly even some
improvement in consumer confidence I look forward to reporting on
further progress in the second half.
Jeremy Hamer
Chairman
29 November 2013
consolidated Statement of comprehensive income
period ended 30 September 2013
Note Six months to Six months to
30 September 30 September
2013 2012
(Unaudited) (Unaudited)
GBP GBP
Revenue 9,485,163 10,153,053
Cost of sales (4,280,030) (4,568,589)
------------------ ------------------
Gross profit 5,205,133 5,584,464
Distribution and administration expenses (4,702,073) (5,252,253)
------------------ ------------------
Operating Profit before depreciation
and amortisation 503,060 332,211
Depreciation (807,049) (700,359)
------------------ ------------------
Operating loss before amortisation (303,989) (368,148)
Amortisation (196,029) (244,349)
------------------ ------------------
Loss before exceptional items
and finance costs (500,018) (612,497)
Exceptional items 8 - (845,522)
Finance income 64 21,625
Finance costs (185,243) (123,434)
------------------ ------------------
Loss before tax (685,197) (1,559,828)
Income tax credit 272,970 190,418
------------------ ------------------
Loss for the financial period (412,227) (1,369,410)
------------------ ------------------
Other comprehensive income: - -
================== ==================
Total comprehensive income
for the period (412,227) (1,369,410)
------------------ ------------------
Basic loss per share 5 (2.52)p (8.38)p
================== ==================
Diluted loss per share 5 (2.52)p (8.38)p
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.
consolidated balance sheet
At 30 September 2013
Note 30 September 30 September 31 March
2013 2012 2013
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 6,612,456 7,356,906 6,820,600
Intangible assets 8,681,751 14,495,505 8,877,780
Deferred tax asset 69,838 535,390 80,577
--------------- --------------- ---------------
15,364,045 22,387,801 15,778,957
Current assets
Inventories 1,234,162 1,731,547 1,248,569
Receivables and prepayments 2,814,686 2,550,888 2,869,956
Cash and cash equivalents 795,271 1,497,831 1,783,626
Corporation tax asset - - 12,017
--------------- --------------- ---------------
4,844,119 5,780,266 5,914,168
--------------- --------------- ---------------
TOTAL ASSETS 20,208,164 28,168,067 21,693,125
--------------- --------------- ---------------
LIABILITIES
Current liabilities
Trade and other payables (3,293,587) (3,491,862) (3,777,500)
Short term borrowings (387,590) (1,666,318) (4,179,837)
Corporation tax - - -
Provisions 6 (61,072) (192,021) (66,095)
--------------- --------------- ---------------
(3,742,249) (5,350,201) (8,023,432)
Non-current liabilities
Deferred tax liability (1,285,817) (1,789,573) (1,851,354)
Provisions 6 - (99,939) -
Long-term borrowings (5,317,536) (3,762,423) (1,569,308)
--------------- --------------- ---------------
(6,603,353) (5,651,935) (3,420,662)
Total liabilities (10,345,602) (11,002,136) (11,444,094)
--------------- --------------- ---------------
Net assets 9,862,562 17,165,931 10,249,031
=============== =============== ===============
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 2,575,608 2,523,754 2,549,850
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 (9,565,956) (2,210,733) (9,153,729)
--------------- --------------- ---------------
TOTAL EQUITY 9,862,562 17,165,931 10,249,031
=============== =============== ===============
consolidated cashflow statement
period ended 30 September 2013
Six months
to Six months to
30 September 30 September
2013 2012
(Unaudited) (Unaudited)
Cash flows from operating activities GBP GBP
Loss before taxation (685,197) (1,559,828)
Exceptional items - 845,522
-------------- -----------------
Loss/(profit) before taxation and exceptional
items (685,197) (714,306)
Depreciation 807,049 700,359
Amortisation 196,029 244,349
Finance income (64) (21,625)
Finance costs 185,243 123,434
IFRS 2 share option charge 25,758 19,233
Loss/(Profit) on disposal of property
plant and equipment 9,524 (1,666)
-------------- -----------------
Operating cashflow pre-exceptional costs 538,342 349,778
Exceptional Items - (845,522)
-------------- -----------------
Operating cash flow post-exceptional
costs 538,342 (495,744)
Decrease/(Increase) in inventories 14,406 (187,423)
Decrease in trade and other receivables 55,271 340,491
Decrease in trade and other payables (950,359) (506,120)
Increase/(Decrease) in provisions (5,022) (34,443)
-------------- -----------------
Cash generated from operations (347,362) (883,239)
Interest paid (171,896) (123,434)
Income Taxes paid 12,233 -
-------------- -----------------
Net cash from operating activities (507,025) (1,006,673)
-------------- -----------------
Cash flows from investing activities
Purchase of property, plant and equipment (535,848) (246,183)
Interest received 64 21,625
-------------- -----------------
Net cash used in investing activities (535,784) (224,558)
-------------- -----------------
Cash flows from financing activities
New loans/Payments of long-term borrowings 1,302,673 (295,713)
Net Payments of finance lease liabilities 275,669 (20,873)
-------------- -----------------
Net cash received/(used) in financing
activities 1,578,342 (316,586)
-------------- -----------------
Net increase/(decrease) in cash and cash
equivalents 535,533 (1,547,817)
Cash and cash equivalents at 1 April (47,370) 1,471,943
-------------- -----------------
Cash and cash equivalents at end of period 488,163 (75,874)
============== =================
consolidated statement of changes in equity
period ended 30 September 2013
Share
Equity option & Capital
element
Share Share of warrant redemption Merger Retained Total
compound
capital premium financial reserve reserve reserve earnings equity
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at
1 April
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
---------- ------------ ---------- ------------ ------------- ------------- -------------- -------------
Carried
forward 326,980 8,347,383 86,514 2,523,754 1,274,279 6,817,754 (2,210,733) 17,165,931
consolidated statement of changes in equity
period ended 30 September 2013
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
2012 brought
forward 326,980 8,347,383 86,514 2,523,754 1,274,279 6,817,754 (2,210,733) 17,165,931
-------- ---------- ------------- ---------- ----------- ----------- ------------ ------------
Loss for the
period - - - - - - (6,942,996) (6,942,996)
Share options
expense - - - 26,096 - - - 26,096
-------- ---------- ------------- ---------- ----------- ----------- ------------ ------------
Balance at 31
March
2013 326,980 8,347,383 86,514 2,549,850 1,274,279 6,817,754 (9,153,729) 10,249,031
-------- ---------- ------------- ---------- ----------- ----------- ------------ ------------
Loss for the
period - - - - - - (412,227) (412,227)
Share options
expense - - - 25,758 - - - 25,758
Balance at
30 September
2013 326,980 8,347,383 86,514 2,575,608 1,274,279 6,817,754 (9,565,956) 9,862,562
======== ========== ============= ========== =========== =========== ============ ============
NOTES TO THE interim FINANCIAL STATEMENTS
period ended 30 september 2013
1. General Information
SnackTime plc is a public limited company incorporated in
England and Wales under the Companies Act 2006 (registered number
06135746). The Company is domiciled in the United Kingdom and its
registered address is 17 Rufus Business Centre, Ravensbury Terrace,
London SW18 4RL. The Company's shares are traded on the AIM market
of the London Stock Exchange.
The principal activities of the Group are 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.
2. Basis of accounting
These interim financial statements for the period ended 30
September 2013 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 the Box
Limited and Vendia UK Limited were accounted for using acquisition
accounting in accordance with IFRS 3 "Business Combinations
(Revised)".
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 2013, prepared
under IFRS have been filed with the Registrar of Companies. The
auditors' report for the 2013 financial statements was unqualified
and did not contain a statement under Section 498 (2) or (3) of the
Companies Act 2006.
3. 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 period end, the Directors are
required to make an estimate of sales where the vending machine has
not been emptied or inspected at the period 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 an 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 2013 and believe that goodwill
remains unimpaired.
4. 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.
5. 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 2013 of 16,349,014 (30
September 2012 - 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
2013 2012
(Loss) Weighted Amount (Loss) Weighted Amount
average per share average per share
no. of (pence) no. of (pence)
shares shares
(GBP) (GBP)
(Loss)/Earnings
attributable
to ordinary
shareholders (412,227) 16,349,014 (2.52) (1,369,410) 16,349,014 (8.38)
Dilutive effect
of
convertible loan - -
note* - - - -
Share options* - - - - - -
Dilutive effects - -
of warrants* - - - -
---------- ----------- ----------- ------------ ----------- -----------
Diluted earnings
per share* (412,227) 16,349,014 (2.52) (1,369,410) 16,349,014 (8.38)
========== =========== =========== ============ =========== ===========
* 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.
6. PROVISIONS
Onerous Leasehold Total
contracts dilapidations
GBP'000 GBP'000 GBP'000
At 1 April 2012 118,050 208,353 326,403
Released in the year (148,043) (156,035) (304,078)
Additions in the year 33,000 10,770 43,770
------------ ---------------- -----------
At 31 March 2013 3,007 63,088 66,095
Additions in the period - -
Released in the period (195) (4,828) (5,023)
------------ ---------------- -----------
At 30 September 2013 2,812 58,260 61,072
============ ================ ===========
Due within one year or
less 2,812 58,260 61,072
Due after more than one - - -
year
------------ ---------------- -----------
2,812 58,260 61,072
============ ================ ===========
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 sub-let 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.
7. 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
2013
Specialist
drinks Franchising Vending Head office Total
GBP GBP GBP GBP GBP
Revenue
Total revenue 2,055,609 785,866 7,003,894 - 9,845,369
Inter-segmental revenue (9,375) - (350,831) - (360,206)
Group's revenue per
consolidated statement
of comprehensive income 2,046,234 785,866 6,653,063 - 9,485,163
Depreciation 89,998 211,740 505,311 - 807,049
Amortisation 37,203 5,742 153,084 - 196,029
Operating profit/(loss)
before exceptional
items 211,765 1,905 (371,099) (316,831) (474,260)
Share-based payments (25,758)
Finance expense (185,243)
Finance income 64
----------
Group loss before tax (685,197)
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) (593,264)
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 2013
Specialist
drinks Franchising Vending Head office Total
GBP GBP GBP GBP GBP
Additions to non-current
assets 321,828 30,726 126,604 71,627 550,785
Reportable segment
assets 4,769,517 1,217,402 13,352,723 798,684 20,138,326
Tax assets 831 32,533 36,474 - 69,838
Total group assets 4,770,348 1,249,935 13,389,197 798,684 20,208,164
Reportable segment
liabilities (1,069,840) (154,497) (2,329,532) (542,223) (4,096,092)
Loans and borrowings
(excluding leases
and overdrafts) (4,963,693)
Deferred tax liabilities (1,285,817)
Total group liabilities (10,345,602)
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)
Deferred tax liabilities (1,789,573)
Total group liabilities (11,002,136)
8. EXCEPTIONAL COSTS
There were no exceptional costs in the six month period ended 30
September 2013.
6 months ended 30 September 2012
Provision
of items Cash paid
from prior to 30 Sept Future cash
Total periods 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 -
Discounts 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 845,522 307,000 366,563 171,959
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 PGGMWGUPWGQR
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