2nd Mar 2009 07:00
2nd March 2009
BRITISH POLYTHENE INDUSTRIES PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
Commenting on the results and prospects, Cameron McLatchie, BPI Chairman, said:
"As we had previously indicated, 2008 proved to be a challenging year, with record raw material and energy costs combined with a dramatic drop in demand from construction related customers. Nevertheless, much was achieved during 2008 and we can take comfort from the resilient nature of the majority of our business where volumes have been less affected and margins have remained robust.
"The current year has started in line with expectations and a number of key factors have moved in our favour. There is no question that this year will be very challenging, but we do currently anticipate a year of progress compared to 2008 when the economic downturn reduced customer demand and we had a number of very difficult cost issues to deal with. We have taken the necessary steps to eliminate excess capacity, reduce our cost base and invest in growing markets and we are confident that this will result in improved returns in future years."
Enquiries
|
Cameron McLatchie, Chairman |
|
|
John Langlands, Chief Executive |
01475 501 000 |
|
Tim Spratt Financial Dynamics |
020 7831 3113 |
CHAIRMAN'S STATEMENT
INTRODUCTION
As we had previously indicated, 2008 proved to be a challenging year, with record raw material and energy costs combined with a dramatic drop in demand from construction related customers.
Losses from the industrial part of our UK business, caused by this fall in demand, have been a major drag on Group profitability. We have taken decisive action to close excess capacity which has resulted in a significant charge to this year's profits.
Nevertheless, we can take comfort from the resilient nature of the majority of our business where volumes have been less affected and margins have remained robust.
Despite our expectations for an improved performance in 2009, we are recommending a reduced dividend for the full year we are reporting on, as we believe it is prudent to preserve cash and support the balance sheet in these uncertain times.
RESULTS
On sales of £481 million (2007 - £424 million), operating profit, before net restructuring costs, declined to £12.6 million (2007 - £14.6 million). Net restructuring costs of £5.4 million (2007 - £0.7 million) reflect closure and redundancy costs of £5.4 million (2007 - £2.0 million). The 2007 charge is net of a £1.3 million property gain. £4.0 million of the above costs are a provision for the closure of our Stockton site which we announced in November 2008 and which will be completed during 2009.
After an increase in net financing costs to £3.3 million (2007 - £2.4 million), the profit before tax was £3.9 million (2007 - £11.5 million). Before restructuring costs, profit before tax was £9.3 million (2007 - £12.2 million). Earnings per share were 10.67p (2007 - 32.36p). Earnings per share, before restructuring costs, were 25.53p (2007 - 34.26p).
Operating profits were impacted by increases in raw material costs during the first three quarters of the year and by soaring energy costs, particularly in the fourth quarter. Although we coped reasonably well with these factors, our UK business was also hit by a significant drop in demand from the construction sector, which traditionally accounts for around 15% of group turnover, and this resulted in the decision to close our Stockton site.
Total volumes for the year were 305,000 tonnes (2007 - 316,000). At the half year they were 7,000 ahead of 2007, mainly due to the Canadian acquisition in August 2007. However, for the third quarter they fell by over 5,500 tonnes and in the fourth quarter by over 12,000 tonnes. After eliminating seasonal variations in agricultural sales, most of the annual volume loss can be attributed to the construction and industrial sectors.
DIVIDEND
The Board is recommending a reduced final dividend of 7.5 pence per share for the year ended 31 December 2008 (2007 - 15 pence), making a total for the year of 14.5p (2007 - 22p). The final dividend is payable on 21 July 2009 to shareholders on the register at the close of business on 13 March 2009.
CASH FLOW & BORROWINGS
Net borrowings increased to £76 million (2007 - £65 million) as at 31 December 2008. This increase can be entirely attributed to the effect of exchange rate movements on non-sterling denominated borrowings.
Interest cover on bank borrowings, before exceptional costs, reduced to three times from the 2007 level of almost four times. As we envisaged, our net annual capital expenditure was slightly higher at £14.6 million (2007 - £13.2 million). Expenditure for 2009 will be similar at around £14.0 million mainly due to investment in the Ardeer facility to incorporate new plant and certain items of machinery transferred from Stockton.
We envisage that, once completed, the closure of Stockton and the recent drop we have seen in raw material costs will have the effect of reducing our working capital.
We also anticipate substantial proceeds from the disposal of both the Stockton and Essex sites, but this may not happen for some time.
In September we re-negotiated our banking facilities to ensure that we had headroom to see us through the next few years and carry out current and potential restructuring. This did not come without cost, but seemed a prudent move in the current credit climate. Our ongoing total available facilities, after repayment of a private placement of £20 million by July 2009, will be £116 million comprising revolving credits of £57.5 million renewable in 2011, asset finance of £17.5 million repayable over a 5 year period and short term facilities of £41 million.
GROUP PENSION SCHEME
The deficit in the pension scheme increased to nearly £26 million (2007 - £18 million). The effect of falling investment values was largely offset by the increase in the discount rate which is used to value liabilities. The reduction in asset values will, however, have a significant adverse effect on reported profits for 2009 with net pension funding likely to move from a credit of £1 million to a charge of £1.5 million.
GROUP DEVELOPMENT
Despite the disappointing result for the year, much was achieved during 2008.
The expansion of our facility at Leominster, which manufactures industrial and silage stretchwrap, was completed on time and within budget. Two new five layer blown co-extrusion lines were installed in a purpose built extrusion bay. An additional five layer line was installed at Zele, in Belgium, their third five layer line for silage stretchwrap. These two facilities offer our customers unrivalled quality and service in this product which we supply across Europe and beyond.
At Ardeer, we successfully commissioned a back-seam tuber which makes tubular form fill and seal feedstock from sheeting for use on automatic sack filling lines, particularly in the cement industry. This type of packaging has the potential to eventually replace the paper cement sack when current packing machinery is replaced.
Our Consumer Packaging business at Worcester, which supplies printed film and bags for produce and bread, saw the installation of the first of two ten colour flexo presses, making this site the best equipped flexo print facility in the UK. The second press is currently being installed.
Our Chinese facility is now successfully making similar Consumer products and exporting to the Middle East, Australasia, the UK and also starting to manufacture for the Chinese domestic market.
All of the above investments are in line with our strategy to invest in capacity in growing markets, supporting the future growth of the Group.
RESTRUCTURING
We have previously highlighted the need for change in our traditional UK business where it was clear that our capacity was no longer aligned with customer demand.
In May we announced the closure of a small manufacturing site at Buckhurst Hill, in Essex, with the loss of some 45 jobs.
The dramatic drop in demand from the UK construction sector during 2008 necessitated further decisive action and in November we announced the intention to close the large manufacturing facility at Stockton-on-Tees, with the loss of 165 jobs.
The Essex closure and other restructuring in the UK business led to costs of £0.5 million in the first six months and £0.9 million in the second half. The estimated closure costs for Stockton, including asset write downs and equipment relocation costs, will be £5.0 million. £4.0 million of the total has been provided in 2008 with the balance to be charged in 2009. This brings the total restructuring cost for 2008 to £5.4 million.
Both the Stockton and Essex sites are freehold and your Board is confident that at some time in the future, and subject to relevant planning permissions, proceeds from the property sales will cover these closure costs.
RAW MATERIAL COSTS
The collapse in commodity polymer prices at the end of 2008 was long overdue. The cash margin over the cost of a barrel of oil had reached an all time high and although those producers buying ethylene or naphtha were at a significant disadvantage, the integrated producers of polyethylene had never had it so good, enjoying margins never seen before in the industry.
It is a different scenario today. Towards the end of 2008, the price of commodity grades of polymer fell first and fell sharply. Prices for speciality grades, which we use for many of our high quality products, fell less quickly and to a lesser extent and many did not move at all until early 2009.
This drop in the price of polymer has been accompanied by a drop in the value of sterling, resulting in smaller price reductions in the UK than in euro-priced markets.
The end result of these price changes will be a significant reduction in turnover and a drop in our working capital, as the average selling price per tonne falls in line with the reduced cost of the raw material.
New capacity for polymer production will continue to come on stream over the next few years, and, subject to continuity of the current oil price and minimum fluctuation in exchange rates, we anticipate that the price of our raw material will remain at or around current levels for some time.
ENERGY COSTS
Energy costs in the last few months of 2008 were the highest that we have ever experienced.
In 2008 our total energy bill increased by £ 8.5 million to £22.0 million, with nearly £8.0 million of that increase arising in the UK.
It is clear that the UK, devoid of a coherent energy policy for a number of years, will struggle with energy costs and supplies over the next decade. Reduced demand from industry, as a consequence of the current recession, may help in the short term, but unless we can detect some sign that energy costs in the UK are going to align with those in our other manufacturing locations, we will find it difficult to invest in capacity in a country with energy costs so much higher than in the rest of the world.
PROSPECTS AND CURRENT TRADING
The defensive sectors of the business - agriculture, retail food and related transit packaging, healthcare and refuse sacks - currently remain resilient and we anticipate that volumes in these sectors in 2009 will be close to last year. Construction, industrial and non-food retail sectors are not doing so well, and for the first six months will be materially behind the same period last year.
As indicated, action is being taken to reduce capacity in these difficult sectors and direct labour costs have already been drastically reduced at Stockton. However, it will be 2010 before we see the benefits of this closure, as relocating production, while maintaining service to our customers, will take most of the year. By that time, we will have a much leaner, better equipped and lower cost operation to service our UK industrial and construction customers.
The current year has started in line with our expectations and certain key factors have moved in our favour. Polymer, scrap, energy and other important input costs have all reduced from where they were during 2008. The movement in sterling exchange rates has made imports of polythene film products to the UK less attractive and has improved the competitiveness of our UK plants exposed to those imports. However, credit risks have increased and liquidity is uncertain in some export markets.
There is no question that 2009 will be very challenging, but we do currently anticipate a year of progress compared to 2008 when the economic downturn reduced customer demand and we had a number of very difficult cost issues to deal with. However, in the current climate, it would be imprudent not to have a sense of caution in relation to the effects the economic background may have on our customers.
Looking to the longer term, we have taken steps to eliminate excess capacity, reduce costs and invest in growing markets. Your Board is confident that these steps will result in improved returns in future years.
British Polythene Industries PLC
Consolidated income statement
For the year ended 31 December 2008
|
|
2008 |
2007 |
|
|
|
Note |
£m |
£m |
|
Turnover |
2 |
480.7 |
424.1 |
|
Profit from operations before net restructuring costs |
12.6 |
14.6 |
|
|
Net restructuring costs |
(5.4) |
(0.7) |
|
|
Profit from operations |
7.2 |
13.9 |
|
|
Borrowing costs |
(4.2) |
(3.6) |
|
|
Net retirement benefit income |
0.9 |
1.2 |
|
|
Net financing costs |
(3.3) |
(2.4) |
|
|
Profit before tax |
3.9 |
11.5 |
|
|
Tax |
(1.1) |
(3.0) |
|
|
Profit for the year |
2.8 |
8.5 |
|
|
Attributable to: |
|||
|
Equity holders of the parent |
2.8 |
8.5 |
|
|
Earnings per share |
|||
|
Basic |
4 |
10.67p |
32.41p |
|
Diluted |
4 |
10.67p |
32.36p |
|
Diluted earnings per share before net restructuring costs |
4 |
25.53p |
34.26p |
British Polythene Industries PLC
Consolidated statement of recognised income and expense
For the year ended 31 December 2008
|
|
2008 |
2007 |
|
|
£m |
£m |
|
Profit for the year |
2.8 |
8.5 |
|
|
||
|
Cash flow hedges: effective portion of net changes in fair value |
(0.4) |
(0.3) |
|
Actuarial (loss)/gain on defined benefit pension scheme |
(12.3) |
8.4 |
|
Tax on items taken directly to equity |
3.5 |
(3.0) |
|
Movement on translation of overseas undertakings and related borrowings |
2.3 |
0.3 |
|
Net (expense)/income recognised directly in equity |
(6.9) |
5.4 |
|
Total recognised income and expense for the year |
(4.1) |
13.9 |
|
|
||
|
Attributable to: |
||
|
Equity holders of the parent |
(4.3) |
13.9 |
|
Minority interests |
0.2 |
- |
|
Total recognised income and expense for the year |
(4.1) |
13.9 |
British Polythene Industries PLC
Consolidated balance sheet
At 31 December 2008
|
|
|
2008 |
2007 |
|
|
|
£m |
£m |
|
|
Note |
|
|
|
Non-current assets |
|
|
|
|
Goodwill |
0.4 |
0.3 |
|
|
Other intangible assets |
1.8 |
1.8 |
|
|
Property, plant and equipment |
90.3 |
82.5 |
|
|
Investments |
0.1 |
0.1 |
|
|
Deferred tax assets |
7.3 |
1.9 |
|
|
|
99.9 |
86.6 |
|
|
Current assets |
|||
|
Inventories |
62.5 |
62.1 |
|
|
Trade and other receivables |
60.4 |
64.0 |
|
|
Currrent tax assets |
0.7 |
1.1 |
|
|
Cash at bank |
0.4 |
0.6 |
|
|
|
124.0 |
127.8 |
|
|
Current liabilities |
|||
|
Bank overdraft |
8.4 |
16.8 |
|
|
Other loans and borrowings |
21.3 |
1.1 |
|
|
Trade and other payables |
61.5 |
62.1 |
|
|
Corporation tax liabilities |
1.0 |
1.4 |
|
|
|
92.2 |
81.4 |
|
|
|
|||
|
Net current assets |
31.8 |
46.4 |
|
|
|
|||
|
Total assets less current liabilities |
131.7 |
133.0 |
|
|
|
|||
|
Non-current liabilities |
|||
|
Other loans and borrowings |
46.7 |
47.5 |
|
|
Retirement and employee benefit obligations |
5 |
27.1 |
19.1 |
|
Deferred tax liabilities |
4.0 |
3.2 |
|
|
Deferred government grants |
0.8 |
0.8 |
|
|
|
78.6 |
70.6 |
|
|
|
|||
|
Net assets |
53.1 |
62.4 |
|
|
|
|||
|
Equity |
|||
|
Issued share capital |
6.6 |
6.6 |
|
|
Share premium account |
25.1 |
25.1 |
|
|
Other reserves |
9.3 |
7.4 |
|
|
Retained earnings |
11.7 |
23.1 |
|
|
Total equity attributable to equity holders of the parent |
52.7 |
62.2 |
|
|
Minority interests |
0.4 |
0.2 |
|
|
|
|||
|
Total equity |
53.1 |
62.4 |
|
British Polythene Industries PLC
Consolidated cash flow statement
For the year ended 31 December 2008
|
|
2008 |
2008 |
2007 |
2007 |
|
|
£m |
£m |
£m |
£m |
|
|
|
|
||
|
Profit from operations |
7.2 |
13.9 |
||
|
|
||||
|
Amortisation of intangible assets |
0.5 |
0.6 |
||
|
Depreciation and impairment of property, plant and equipment |
14.6 |
12.1 |
||
|
Negative goodwill recognised in the income statement |
- |
(0.1) |
||
|
IFRS 2 charge in relation to equity settled transactions |
0.4 |
0.1 |
||
|
Gain on disposal of property, plant and equipment |
- |
(1.4) |
||
|
Adjustment relating to pensions |
(3.3) |
(6.0) |
||
|
Operating cash flows before movements in working capital |
19.4 |
19.2 |
||
|
|
||||
|
Decrease in inventories |
4.9 |
3.3 |
||
|
Decrease in trade and other receivables |
6.9 |
0.4 |
||
|
Decrease in trade and other payables |
(3.4) |
(0.9) |
||
|
Movements in working capital |
8.4 |
2.8 |
||
|
|
||||
|
Cash generated from operations |
27.8 |
22.0 |
||
|
|
|
|||
|
Interest paid |
(4.1) |
(3.6) |
||
|
Income taxes paid |
(3.3) |
(2.2) |
||
|
Net cash from operating activities |
20.4 |
16.2 |
||
|
|
|
|
||
|
Investing activities |
|
|
||
|
Purchase of property, plant and equipment |
(14.2) |
(15.4) |
||
|
Capital amount of hire purchase received |
5.5 |
- |
||
|
Net purchase of property, plant and equipment |
(8.7) |
(15.4) |
||
|
Purchase of intangible assets |
(0.4) |
- |
||
|
Purchase of businesses |
- |
(6.5) |
||
|
Proceeds from sale of property, plant and equipment |
- |
2.2 |
||
|
Net cash used in investing activities |
(9.1) |
(19.7) |
||
|
Net cash flows before financing |
11.3 |
(3.5) |
||
|
|
|
|
||
|
Financing activities |
|
|
||
|
Dividends paid (note 3) |
(5.8) |
(5.8) |
||
|
Net increase in bank loans |
6.9 |
1.3 |
||
|
Repayment of obligations under finance leases/hire purchase |
(1.5) |
(1.0) |
||
|
Repurchase of ordinary shares |
- |
(0.3) |
||
|
Proceeds from the issue of share capital |
- |
0.1 |
||
|
Net cash used in financing activities |
(0.4) |
(5.7) |
||
|
|
||||
|
Net increase/(decrease) in cash and cash equivalents |
10.9 |
(9.2) |
||
|
|
|
|
||
|
Cash and cash equivalents at beginning of year |
(16.2) |
(5.9) |
||
|
Effect of foreign exchange rate changes |
(2.7) |
(1.1) |
||
|
|
||||
|
Cash and cash equivalents at end of year |
(8.0) |
(16.2) |
British Polythene Industries PLC
Notes to the consolidated financial statements
For the year ended 31 December 2008
|
1. |
Basis of preparation |
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU (" adopted IFRSs").
|
2. |
Segment reporting |
Segment information is presented in respect of the Group's geographical and business segments. Inter-segment pricing is determined on an arms length basis. Segment results, assets and liabilities include items directly attributable to the segment as well as those that can be allocated on a reasonable basis.
Primary segments - Geographical
|
Segment information by geographic region |
UK & Ireland |
Continental Europe |
North America |
Eliminations |
Consolidated |
|
£m |
£m |
£m |
£m |
£m |
|
|
|
2008 |
2008 |
2008 |
2008 |
2008 |
|
Turnover |
|
|
|
|
|
|
External sales |
346.0 |
112.0 |
22.7 |
- |
480.7 |
|
Inter-segment sales |
1.5 |
1.2 |
0.1 |
(2.8) |
- |
|
Total turnover |
347.5 |
113.2 |
22.8 |
(2.8) |
480.7 |
|
Profit from operations before net restructuring costs |
4.5 |
7.3 |
0.8 |
- |
12.6 |
|
Net restructuring costs |
(5.4) |
- |
- |
- |
(5.4) |
|
(Loss)/profit from operations |
(0.9) |
7.3 |
0.8 |
- |
7.2 |
|
Net financing costs |
|
|
|
(3.3) |
|
|
Profit before tax |
|
|
|
|
3.9 |
|
Tax |
|
|
|
|
(1.1) |
|
Profit for the year |
|
|
|
2.8 |
|
|
Segment assets |
155.4 |
55.0 |
9.6 |
(4.5) |
215.5 |
|
Segment liabilities |
(70.6) |
(22.3) |
(1.0) |
4.5 |
(89.4) |
|
Net segment assets |
84.8 |
32.7 |
8.6 |
- |
126.1 |
|
Net borrowings |
(76.0) |
||||
|
Taxation |
3.0 |
||||
|
Net assets per balance sheet |
53.1 |
||||
|
Capital expenditure |
10.5 |
3.7 |
0.6 |
14.8 |
|
|
Depreciation and amortisation |
11.5 |
3.5 |
0.1 |
15.1 |
|
|
Other non-cash expenses |
(2.9) |
- |
- |
(2.9) |
|
|
2007 |
2007 |
2007 |
2007 |
2007 |
|
|
Turnover |
|
|
|
|
|
|
External sales |
324.7 |
92.9 |
6.5 |
- |
424.1 |
|
Inter-segment sales |
1.3 |
0.9 |
- |
(2.2) |
- |
|
Total turnover |
326.0 |
93.8 |
6.5 |
(2.2) |
424.1 |
|
Profit from operations before net restructuring costs |
7.8 |
6.7 |
0.1 |
- |
14.6 |
|
Net restructuring costs |
(0.8) |
- |
0.1 |
- |
(0.7) |
|
Profit from operations |
7.0 |
6.7 |
0.2 |
- |
13.9 |
|
Net financing costs |
|
|
|
(2.4) |
|
|
Profit before tax |
|
|
|
|
11.5 |
|
Tax |
|
|
|
|
(3.0) |
|
Profit for the year |
|
|
|
8.5 |
|
|
Segment assets |
160.6 |
48.5 |
6.8 |
(5.1) |
210.8 |
|
Segment liabilities |
(63.6) |
(22.1) |
(1.4) |
5.1 |
(82.0) |
|
Net segment assets |
97.0 |
26.4 |
5.4 |
- |
128.8 |
|
Net borrowings |
(64.8) |
||||
|
Taxation |
(1.6) |
||||
|
Net assets per balance sheet |
62.4 |
||||
|
Capital expenditure |
13.0 |
2.5 |
- |
- |
15.5 |
|
Depreciation and amortisation |
9.7 |
2.9 |
0.1 |
- |
12.7 |
|
Other non-cash expenses |
(7.2) |
(0.1) |
(0.1) |
- |
(7.4) |
|
2. |
Segment reporting(continued) |
The Group operates in three principal geographic regions - "UK & Ireland", "Continental Europe", and "North America". UK & Ireland includes all of the UK manufacturing and merchanting activities along with the Irish sales office which distribute predominantly UK manufactured products. It also includes the manufacturing operation in China from which most of the output is exported for sale by the Group in the UK. Continental Europe comprises the manufacturing and merchanting activities located in Belgium, Holland and France. North America comprises the manufacturing business in Canada with sales throughout North America. These three regions are the basis on which the Group reports its primary segment information.
Secondary segments - Business
The Group has the following principal secondary business segments:
Films - Single process of extruded polythene reels
Converted - Predominantly two or three stage process of extrusion, print and conversion
Recycled - Recycles scrap from group and external sources and converts into predominantly recycled products.
|
Segment information by business segment |
External Sales |
Segment assets |
Capital expenditure |
|||
|
2008 |
2007 |
2008 |
2007 |
2008 |
2007 |
|
|
|
£m |
£m |
£m |
£m |
£m |
£m |
|
Films |
215.6 |
168.9 |
90.2 |
83.5 |
8.4 |
5.5 |
|
Converted |
181.3 |
167.2 |
91.6 |
91.3 |
5.0 |
5.0 |
|
Recycled |
83.8 |
88.0 |
38.2 |
41.1 |
1.4 |
5.0 |
|
Eliminations |
- |
- |
(4.5) |
(5.1) |
- |
- |
|
Total |
480.7 |
424.1 |
215.5 |
210.8 |
14.8 |
15.5 |
|
3. |
Dividends |
|
|
2008 |
2007 |
|
|
£m |
£m |
|
Amounts recognised as distributions to equity holders in the year: |
|
|
|
Final dividend for the year ended 31 December 2007 of 15.0p per share(2006:15.0p) |
3.9 |
4.0 |
|
Interim dividend for the year ended 31 December 2008 of 7.0p per share(2007: 7.0p) |
1.9 |
1.8 |
|
|
5.8 |
5.8 |
|
Proposed final dividend for the year ended 31 December 2008 of 7.5p per share (2007: 15.0p) |
2.0 |
4.0 |
The proposed final dividend is to be approved by shareholders at the Annual General Meeting on 14 May 2009 and has not been included as a liability as at 31 December 2008.
|
4. |
Earnings per ordinary share |
|
2008 |
2007 |
|
|
Weighted average number of ordinary shares |
000s |
000s |
|
Issued ordinary shares at 1 January |
26,498 |
26,462 |
|
Effect of shares issued |
- |
33 |
|
Effect of own shares held |
(257) |
(270) |
|
Weighted average number of ordinary shares |
26,241 |
26,225 |
|
Effect of share options and long term incentive plan shares in issue |
- |
42 |
|
Diluted weighted average number of ordinary shares |
26,241 |
26,267 |
|
Profit attributable to ordinary shareholders |
£2.8m |
£8.5m |
|
Profit attributable to ordinary shareholders before net restructuring costs |
£6.7m |
£9.0m |
|
Basic earnings per ordinary share |
10.67p |
32.41p |
|
Diluted earnings per ordinary share |
10.67p |
32.36p |
|
Diluted earnings per ordinary share before net restructuring costs |
25.53p |
34.26p |
|
5. |
Retirement and employee benefit obligations |
|
|
2008 |
2007 |
|
|
£m |
£m |
|
British Polythene Industries Pension Scheme |
|
|
|
Fair value of scheme assets |
151.0 |
185.0 |
|
Present value of scheme liabilities |
(176.7) |
(202.6) |
|
Deficit in the scheme |
(25.7) |
(17.6) |
|
Other employee benefits |
(1.4) |
(1.5) |
|
Retirement and other employee benefit obligations |
(27.1) |
(19.1) |
|
Related deferred tax asset |
7.3 |
5.0 |
|
Net pension liability |
(19.8) |
(14.1) |
|
6. |
Statutory accounts |
The financial information set out above does not constitute the company's statutory accounts for the years ended 31 December 2008 or 2007 but is derived from the 2008 accounts. Statutory accounts for 2007 have been delivered to the registrar of companies, and those for 2008 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified and (ii) did not contain statements under section 237(2) or (3) of the Companies Act 1985.
|
7. |
Annual General Meeting |
The Annual General Meeting will be held on Thursday, 14 May 2009 at 12 noon at the Company's Head Office, 96 Port Glasgow Road, Greenock, PA15 2UL.
|
8. |
Results |
The results will not be advertised in any newspapers.
Related Shares:
BPI.L