4th May 2006 07:01
Braemar Seascope Group PLC04 May 2006 For immediate release 4 May 2006 Results - Year ended 28 February 2006 Braemar Seascope Group plc (the "Group"), a leading provider of shippingservices, today announced full year unaudited results for the year ended 28February 2006. HIGHLIGHTS •Revenue up to £68.5m (2005: £45.2m) •Pre-tax profit up 27% to £10.3m (2005: £8.1m) •Basic EPS up 26% to 37.03p (2005: 29.50p) •Operating cash flow up 25% to £10.7m (2005: £8.6m) •Final dividend 11.5p per share (up 15%), full year 18.0p (2005: 16.00p) up 12.5% •DV Howells acquired in March 2006, extending our service range Commenting on the results and outlook, Sir Graham Hearne, Chairman, said: "Shipbroking has continued to flourish in favourable markets and our businesshas benefited from high freight rates and vessel values as well as increasedtransaction volumes " "The demand for seaborne trade continues to grow driven by the demand for thelong-range transportation of raw materials, oil, gas and manufactured products.The Group is well-placed to benefit from the increased activity in all sectors.We also expect the contribution from our non-broking businesses to increase inthe coming year. The new financial year has started well with a good level of business concludedalready, both for this year and future years." For further information, contact: Braemar Seascope Group plcAlan Marsh Tel 020 7535 2650James Kidwell Tel 020 7535 2881 Aquila FinancialPeter Reilly Tel 020 7202 2601 Charles Stanley SecuritiesPhilip Davies Tel 020 7953 2000 Notes to editors: Through its subsidiaries Braemar Seascope Group plc's services providedcomprise: Braemar Seascope Specialised shipbroking and consultancy services toLimited, Braemar international ship owners and charterers in the sale &Seascope Pty purchase, tanker, offshore, container and dry bulk(Australia), markets. www.braemarseascope.com DV Howells Limited Pollution response service provider primarily in the UK www.dvhowells.co.uk Cory Brothers Shipping Liner and port ship agency services within the UK.Agency Limited www.cory.co.uk Wavespec Limited Marine engineering and naval architecture consultants to the shipping and offshore markets. www.wavespec.com PRELIMINARY ANNOUNCEMENT - YEAR ENDED 28 FEBRUARY 2006 CHAIRMAN'S STATEMENT I am delighted to report another year of record profits for the Group and onbehalf of the Board I would like to thank the staff throughout the Group fortheir hard work and commitment during the year. Their effort and skill hascontributed greatly to these results. Revenue for the year increased to £68.5m (2005: £45.2m) and profit before taxwas £10.3m compared with £8.1m in the prior year. Earnings per share grew by 26%to 37.03 pence (2005: 29.50 pence). The good performance was also reflected inthe net cash generated from operating activities which increased to £10.7m(2005: £8.6m) contributing to the improvement in net funds which ended the yearat £13.6m (2005: £6.5m). Shipbroking has continued to flourish in favourable markets and our business hasbenefited from high freight rates and vessel values as well as increasedtransaction volumes. Our new Australian business has integrated well within theGroup and we have used this as a platform to set up a new bunker tradingoperation during the year. We are encouraged by the growth we are seeing in certain of our broking andshipping service areas which we have worked hard to develop in recent years. Webelieve this growth will stand the Group in good stead in the future. Thenon-broking segments of the Group have begun to show they are capable of ameaningful financial contribution to the Group's overall result. Cory Brothersimproved its performance significantly in the UK ship agency, forwarding andlogistics market and has added two bolt-on acquisitions in the year to expandits operations. Wavespec is now seeing the benefit of its market leadingposition in technical design and supervisory work for LNG vessel construction. In March 2006 we added a new services arm to the Group through the acquisitionof D V Howells, the UK based pollution response business. We expect that itsmarine business will be capable of significant growth within the Group. Theacquisition is another step in our overall strategy of building a broadly-basedshipping services Group. Iain Shaw will be retiring from the Company at the forthcoming AGM having been adirector since the company's inception. He has made an outstanding contributionto the Group over the years for which the Board wish to record their deepappreciation. The Board is recommending a final dividend of 11.5 pence per ordinary share,which together with the 6.5 pence interim dividend takes the total dividend forthe year to 18.0 pence (2005: 16.0 pence), a rise of 12.5%. Outlook The demand for seaborne trade continues to grow driven by the demand for thelong-range transportation of raw materials, oil, gas and manufactured products.The Group is well-placed to benefit from the increased activity in all sectors.We also expect the contribution from our non-broking businesses to increase inthe coming year. The new financial year has started well with a good level of business concludedalready, both for this year and future years. Sir Graham Hearne4 May 2006 CHIEF EXECUTIVE'S OPERATIONAL AND FINANCIAL REVIEW The size and scope of our business has increased significantly over the last fewyears. An overview of the operations and composition of the Group by businesssegment is shown in the table below: Segment Trading names Number of Business employees Locations Shipbroking Braemar Seascope 189 UK head office in London and an office in Aberdeen; Shanghai and Beijing; Melbourne, Perth and Sydney; Singapore; Delhi and Mumbai (joint venture offices).Ship agency, Cory Brothers,forwarding Morrisons,and Planetwide 120 16 offices inLogistics the UK, mainly in ports of which Tilbury, Felixstowe and Southampton are the main offices. Technicalshippingsupport Wavespec 17 Office in Malden Essex. Site offices in the major shipyards in Korea and Japan Bunker Braemar Seascope 2 Melbourne,trading Australia Pollutionresponseservices D V Howells 27 7 offices in the (acquired March 2006) UK. The segments form a complementary grouping of businesses operating separatelywithin the shipping industry. Together they extend the range of advice andservices we are able to provide for our clients and increasingly we are able toact in a wide-ranging consulting capacity because of the breadth of ourservices. We believe this is an important feature of the future of the businessand we will continue to seek opportunities to add value in related areas wherewe can. The new financial year has begun well with significant business concludedalready. We currently have in excess of US$30 million of shipbroking revenuesdeliverable within the current year. A segmental commentary on the operating activities during the year is set outbelow. Shipbroking Shipbroking activities are undertaken by Braemar Seascope with revenues in 2005/6 increasing to £39.7m (2005: £32.4m) and operating profits of £9.0m (2005:£8.9m). The tanker freight market began the financial year in a relatively benign state,however the second half of the year was significantly influenced by the aftereffects of the hurricane season in the United States. The initial impact on U.S.refining capacity resulted in a surge of demand for imported products,especially gasoline. The damage to offshore crude oil production facilities inthe Gulf of Mexico has still not been fully repaired, and less than half of thesub-sea pipeline system has so far been restored. The consequent demand forcrude oil, imported from more geographically remote supply sources, supported astrong tanker market throughout the winter months. In spite of high oil prices,and a steady increase in the cost of bunker fuel, shipowners enjoyed healthyearnings. Modern Very Large Crude Carriers averaged around $90,000 per day overthe 4th quarter of 2005 and 1st quarter of 2006, and over the same period amedium size products carrier averaged around $25,000 per day. Looking ahead over 2006, oil prices are at record levels and are likely toremain high, as long as tension exists over Iran's nuclear ambitions. Problemswith supplies from Nigeria, due to local insurrection, and growing antipathybetween the governments of the USA and Venezuela, which accounts for some 15 percent of American crude oil imports, suggest that the United States will continueto rely on long haul crude oil imports. In spite of the 'wake up call' to the USrefining sector, there are no plans for early expansion of capacity there.Although the tanker market is currently experiencing a predictable seasonallull, there is every reason to believe that owners of all types of tanker canlook forward to healthy returns. Specialised products chartering, comprising chemicals, gas, small tankers andvegetable oils, enjoyed a year of high activity and good growth. The gas andchemicals businesses are based on contracts with major charterers. Shipmentvolumes and freight rates have increased year-on-year and the signs are that theupward trend will continue in the coming year. Changes in regulations andcontrols within the chemicals and vegetable oils sectors can only furthertighten available tonnage. The Dry bulk market was volatile over the course of the financial year. Thebenchmark Baltic Dry Index (BDI) was 4,663 on 1 March 2005 falling to a low of1,747 on 3 August 2005 and recovering to 2,680 at 28 February 2006, overallaveraging 3,020 (2004/5: 4,396). It currently stands at 2,378. At the start ofthe year demand for iron ore was high though this fell off through the firsthalf and freight rates reduced as the fleet grew with increases in the supply oftonnage and port congestion eased. The addition of our Australian offices hasgreatly increased our Dry market coverage and during the year we opened a newDry Bulk office in Singapore as some operators have relocated to benefit fromthe local tax environment for shipping. Over the coming year demand is expectedto increase - Chinese GDP is expected to grow by at least 8 per cent during 2006- though this may be offset by an increase in the supply of vessels,particularly in the Capesize fleet where tonnage is expected to grow by some 12per cent in deadweight terms over 2006. However scrapping of older vessels innext few years is likely and may serve to restore a balance to the fleet. Our sale and purchase team is engaged in second hand, demolition and newbuildingbusiness. Second hand activity prospered in markets which have seen sustainedinvestment activity for more than two years. The business has grown year-on-yearbenefiting from the continuing high volume of transactions and a shift in themix towards higher value transactions. Substantial capital was raised in thepublic markets for investment in shipping and we were involved in a number oflarge vessel purchases for newly quoted clients. Activity levels across mosttypes and sizes of ship have remained high even though vessel prices have comedown in some sectors since the highs at the beginning of the financial year.Newbuilding income increased over the year - it is recognised in line with thecontractual phasing of payments by the ship owner to the shipyard, and thereforemainly reflects the activity of previous years. The addition of new contractedbusiness during the year maintained the forward order book with the benefit toearnings accruing over the next four years. There has been a high level of activity in the offshore market this year both inthe North Sea and worldwide, with exploration activity increasing due to theoutlook for oil prices. Charter rates firmed over the year and are expected toremain high for the foreseeable future. Transaction volumes improvedyear-on-year and the forward book of business has also been built significantly. Container market rates began the year strongly but weakened sharply in thelatter half of 2005, finding a level of stability in the first quarter of 2006.Global container volume growth was in the region of 10% in 2005 driven by strongglobal economic growth. However, newbuilding tonnage under construction willrepresent a high proportion of the existing fleet size and will continue to beso for the next few years. Our team, held through a joint venture, performedwell in both chartering and sale and purchase in this volatile market. Ship agency, forwarding and logistics Ship agency, forwarding and logistics is undertaken by Cory Brothers. Revenuesincreased to £15.9m (2005: £8.5m) and operating profits were £0.6m (2005: £(1.2)m loss). A much stronger performance from shipping service provider, Cory Brothers, hasbeen achieved through growth in all sectors. The new income streams identifiedin 2005 in Logistics performed very strongly whilst there was continuedsignificant growth in both General Forwarding, Project Forwarding and Linerservices. Performance in Ship Agency was also higher due to increased port callswhich is a key driver of revenue. In July 2005 Cory acquired the business of Geo Morrison & Co (Leith) Limitedwhich trades as Morrison Shipping and Morrison Tours for a cash consideration ofup to £525,000. Morrison is based in Leith, Scotland and acts as Ship's Agent,Project Forwarder and provides shore excursions for Cruise operators. Theselong-term business relationships with the Cruise operators complement those ofCory Brothers which should enable further development elsewhere in the UK. InNovember 2005 Cory acquired Planetwide Group Limited for a cash consideration ofup to £766,000. Planetwide is a Freight Forwarding business with strongrelationships in the Australia, New Zealand and Nigerian markets. Its businessinvolves warehousing, European trailer transport, air freight, containerisationto deep-sea destinations and undertakes packing and all export and importdocumentation as per its clients' needs. This expertise combines well with thegrowing Cory Brothers Forwarding and Logistics business centred in Felixstowe. Subsequent to the end of the financial year Cory Brothers formed Gorman CoryShipping Agency Limited, in which it has a 41% interest, with Gorman Shipping, aMersey based company providing ship agency services and handling more than 750vessel calls per year. The three transactions are natural additions to CoryBrothers' existing business and build on the client base and range of servicesthe company can offer. Technical shipping support Wavespec's revenues increased to £5.2m (2005: £4.3m) and operating profits were£0.3m (2005: £0.1m). Wavespec consolidated its position as the pre-eminent LNG carrier design andconstruction specialists having been awarded contracts to act as Charterers'Representatives in projects for Qatar and Sakhalin. The Qatari contract involvesoverseeing the design review and construction of, potentially, up to 100 LNGCarriers in three yards in Korea. For the most part these vessels represent thecutting edge of LNG carrier design taking vessels up to 250,000 cubic metres insize. Previously, LNG carriers had not exceeded 155,000 cubic metres. Thesevessels are also the first LNG carriers to be fitted with slow speed dieselpropulsion and LNG gas reliquefaction plants. The Sakhalin vessels are the firstgeneration of ice-class LNG carriers and are to carry LNG from Sakhalin Islandto Japan. The company is also involved in new business connected with thedevelopment of vessels to carry Compressed Natural Gas (CNG) and in the offshoresector. As a result of these developments, and ongoing projects, Wavespec has astrong order book going forward into 2006-7. Bunker trading Revenues in this new segment were £7.7m (2005: £Nil) and operating profits were£30,000 (2005: Nil) after four months of operation. We opened a bunker trading business which is operating successfully in theAustralian and Far East markets. This activity involves the purchase of bunkersfrom oil companies against matched sales to ship owners or operators. We expectrevenues and profits from this segment to be significantly increased in the nextfinancial year. Financial Profit before tax increased to £10.3m compared with the IFRS restated figure of£8.1m in 2005 on revenues of £68.5m (2005: £45.2m). The operating profit marginof 14.4% in 2006 compared with 17.2% in 2005. The reduction mainly reflects theinclusion of the new bunker trading business in Australia which acts as aprincipal for the purchase and resale of bunkers and has an inherently lowermargin than the other segments together with the increased relative importanceof the lower margin, but less volatile, forwarding and logistics business andhigher staff and premises costs in shipbroking. The majority of the Company's shipbroking, technical services and bunker tradingincome is US dollar denominated and the average rate of exchange for conversionof US dollar income in the year was $1.80/£ (2005: $1.82/£) and at the yearended 28 February 2006 the rate was $1.75/£. At present the Group has cover forthe 2006/7 year through forward foreign exchange contracts totalling US$21m at ablended rate of $1.76/£ plus the right to sell $US12m at $1.80/£ over the next 6months. The tax rate on profits was 30.3% (2005: 33.2%). The tax charge in the yearbenefited from the tax deductibility of share option exercises based on themarket value at the point of exercise. Operating cash flow of £10.7m (2005: £8.6m), calculated after corporation taxpayments, increased in line with profits. The net cash balance increased overthe year by £7.1m to £13.6m (2005: £6.5m). Cash expenditure for acquisitions (net of cash acquired) totalled £0.5m inrespect of Morrisons and Planetwide and an estimated additional £0.5m is payabledependent on profits. In March 2006 the Group acquired the pollution responsespecialist, D V Howells, for a cash consideration of £550,000. The directors are proposing for approval at the AGM a final dividend of 11.5pence per ordinary share, at a cost of £2.2m (not recognised as a liability at28 February 2006), to be paid on 27 July 2006 to shareholders on the register atthe close of business on 30 June 2006 (the ex-dividend date will be 28 June2006). Together with the 6.5p interim dividend the Company's dividend for theyear is 18.0 pence (2005: 16.0 pence) at a cost of £3.6m. The dividend iscovered 2.0 times by earnings. Alan Marsh4 May 2006 Braemar Seascope Group PLCConsolidated income statement for the year ended 28 February 2006 Notes Year ended Year ended 28 Feb 2006 28 Feb 2005 £'000 £'000 Revenue 3 68,497 45,203 Operating costs (58,607) (37,412) ------- -------Amortisation of other intangibles (287) -Impairment of goodwill - (931)Operating costs excluding amortisation ofother intangibles and impairment of goodwill (58,320) (36,481) ------- ------- ------- -------Operating profit 3 9,890 7,791 Finance income 162 28Finance costs (2) (53)Share of profit from joint ventures' andassociates after tax 243 365 ------- -------Profit before taxation 10,293 8,131Taxation 4 (3,115) (2,699) ------- -------Profit for the period attributable toequity shareholders 7,178 5,432 ------- ------- Earnings per ordinary share 6 Basic - pence 37.03 p 29.50 pDiluted - pence 36.18 p 28.59 p Braemar Seascope Group PLCStatement of recognised income and expenses for the year ended 28 February 2006 Year ended Year ended Notes 28 Feb 2006 28 Feb 2005 Restated £'000 £'000Profit attributable toshareholders 7,178 5,432Foreign exchange differences onretranslation of foreignoperations 83 (8)Tax on items taken directly toor transferred from equity 576 40Cash flow hedges:- Transferred to incomestatement in period (1,401) -- Losses deferred in equity (40) - -------- -------Recognised income and expensefor the year 8 6,396 5,464 -------- -------First time adoption of IAS 32 & 39 1,077 - -------- -------Total recognised income andexpense 7,473 5,464 -------- ------- Braemar Seascope Group PLCConsolidated Balance sheet as at 28 February 2006 As at As at 28 Feb 06 28 Feb 05ASSETS £'000 £'000Non current assetsGoodwill 22,480 21,652Other intangible assets 462 215Property, plant and equipment 5,034 4,960Investments 1,611 1,555Deferred tax assets 510 309Other receivables 58 95 -------- -------- 30,155 28,786Current assetsTrade and other receivables 17,717 11,688Financial assets- Derivative financial instruments 12 -Restricted cash - 4,434Cash and cash equivalents 13,567 9,606 -------- -------- 31,296 25,728 -------- --------Total assets 61,451 54,514 -------- --------LIABILITIESCurrent liabilitiesFinancial liabilities- Short term borrowings - 3,067- Derivative financial instruments 99 -Trade and other payables 25,490 17,113Current tax payable 2,224 1,556Finance leases 11 31Provisions 288 41Client monies held as escrow agent - 4,434 -------- -------- 28,112 26,242 Non-current liabilitiesDeferred tax liabilities 139 65Finance leases - 8Provisions 343 110 -------- -------- 482 183 -------- --------Total liabilities 28,594 26,425 -------- --------Total assets less total liabilities 32,857 28,089 -------- --------EQUITYShare capital 1,988 1,945Capital redemption reserve 396 396Share premium 8,046 7,505Merger reserve 21,346 21,346Shares to be issued (997) (637)Other reserves 639 196Retained earnings 1,439 (2,662) -------- --------Total equity 32,857 28,089 -------- -------- Braemar Seascope Group PLCConsolidated Cash flow statement for the year ended 28 February 2006 Year ended Year ended 28 Feb 06 28 Feb 05 Notes £'000 £'000Cash flows from operatingactivitiesCash generated from operations 7 13,769 11,044Interest received 156 26Interest paid (1) (52)Tax paid (3,210) (2,448) -------- --------Net cash generated from operatingactivities 10,714 8,570 -------- -------- Cash flows from investingactivitiesDividends received from jointventures 239 -Acquisition of subsidiaries, net ofcash acquired (521) (1,026)Purchase of property, plant andequipment (387) (175)Proceeds from sale of property,plant and equipment 29 11Purchase of investments (36) (21)Proceeds from sale of investment - 386Other long term assets 37 8 -------- --------Net cash used in investingactivities (639) (817) -------- -------- Cash flows from financingactivitiesProceeds from issue of ordinaryshares 535 1Dividends paid (3,194) (2,597)Purchase of own shares (360) (572)Payment of principal under financeleases (28) (2)Other - (2) -------- --------Net cash used in financingactivities (3,047) (3,172) -------- -------- Increase in cash and cashequivalents 7,028 4,581 Cash and cash equivalents atbeginning of the period 6,539 1,958 -------- --------Cash and cash equivalents at end ofthe period 13,567 6,539 -------- -------- Balance sheet analysis of cash and cashequivalentsCash and cash equivalents 13,567 9,606Short term borrowings - (3,067) -------- --------Cash and cash equivalents at end ofthe period 13,567 6,539 -------- -------- Braemar Seascope Group PLCNotes to the financial statements Note 1 - General Information The Preliminary Announcement of results for the year ended 28 February 2006 isan extract from the unaudited 2006 Annual Report and Accounts and does notconstitute the Group's statutory accounts of 2006 nor 2005. Statutory accountsfor 2005 (reported under UK GAAP) have been delivered to the Registrar ofCompanies, and those for 2006 will be delivered following the company's AnnualGeneral Meeting. The auditors have reported on the 2005 accounts; their reportwas unqualified and did not contain statements under Sections 237(2) or (3) ofthe Companies Act 1985. Note 2 - Accounting policies Whilst the financial information included in this preliminary announcement hasbeen prepared in accordance with International Financial Reporting Standards(IFRSs) adopted for use in the European Union, this announcement does not itselfcontain sufficient information to comply with IFRSs. The company expects topublish full accounts that comply with IFRSs on 26 May 2006. The accountingpolicies adopted by the Group are as set out in the Adoption of InternationalFinancial Reporting Standards as published by the Group on 19 October 2005. Note 3 - Segmental results -------------- -------------- Revenue Profit for the period --------------- -------------- 2006 2005 2006 2005 £'000 £'000 £'000 £'000Shipbroking 39,745 32,420 9,003 8,864Ship agency, forwarding & 15,851 8,461 568 (1,213)logisticsTechnical shipping support 5,202 4,322 289 140Bunker trading 7,699 - 30 - -------- -------- -------- --------Operating profit 68,497 45,203 9,890 7,791 -------- -------- -------- -------- Finance income (cost)- net 160 (25)Share of profit from jointventures' and associates 243 365 -------- --------Profit before taxation 10,293 8,131Taxation (3,115) (2,699) -------- --------Profit for the period attributableto shareholders 7,178 5,432 -------- -------- Note 4 - Taxation The rate of taxation applicable to the Group's profits is 30.3% (2005: 33.2%). Note 5 - Dividend The proposed final dividend of 11.5 pence per share (2005: final 10.0 pence)takes the total dividend for the year to 18.0 pence (2005: 16.0 pence). The costof the final dividend will be £2.2m (2005: £1.9m) based on 19,555,273 shares(being the total in issue less shares held in the ESOP for which the dividendhas been waived) and will be charged to equity in the 2006/7 financial year. Note 6 - Earnings per share Basic earnings per share is calculated by dividing the earnings attributable toordinary shareholders by the weighted average number of ordinary sharesoutstanding during the year, excluding 321,495 ordinary shares held by theemployee share trust (2005:222,500) which are treated as cancelled. For diluted earnings per share, the weighted average number of ordinary sharesin issue is adjusted to assume conversion of all dilutive ordinary shares. TheGroup has one class of potential dilutive ordinary shares being those granted toemployees where the exercise price is less than the average market price of theCompany's ordinary shares during the year. 2006 2006 2006 2005 2005 2005 Earnings Weighted Per share Earnings Weighted Per share £'000s average amount £'000s average amount number of pence number of pence shares sharesFromcontinuingoperationsProfit forthe periodattributableto 7,178 19,385,615 37.03 5,432 18,412,881 29.50shareholdersEffect ofdilutiveshare - 452,339 - - 585,077 -options -------- -------- ------ ------ ------- -------Fullydilutedearnings per 7,178 19,837,955 36.18 5,432 18,997,958 28.59share -------- -------- ------ ------ ------- ------- Note 7 - Reconciliation of operating profit to net cash flow from operatingactivities 2006 2005 £'000 £'000 Profit for the period attributable to shareholders 7,178 5,432Adjustments for:Taxation 3,115 2,699Depreciation 339 297Profit on sale of investment - (123)Profit on sale of property, plant and equipment (17) -Impairment of goodwill - 931Amortisation of intangibles 287 -Share based payments 244 135Finance income (162) (28)Finance costs 2 53Share of profit from joint ventures' and associates (243) (365)Changes in working capital (excluding effects ofacquisitions of subsidiaries)(Increase) in trade and other receivables (129) (1,416)Increase in trade and other payables 2,913 3,658Increase/(decrease) in provisions 242 (229) -------- --------Cash generated from operations 13,769 11,044 -------- -------- Note 8 - Statement of changes in total equity Capital Share redemption Share Merger Shares to Other Retained Total capital reserve premium reserve be issued reserves earnings equityGroup £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000-------------------------------------------------------------------------------------------------------------------At 1March 2004 1,862 396 7,505 18,302 (65) 29 (5,469) 22,560Recognisedincome andexpense forthe year - - - - - 32 5,432 5,464Dividends paid - - - - - - (2,625) (2,625)Issue ofshares 83 - - 3,044 - - - 3,127Purchase ofshares to beissued - - - - (572) - - (572)Credit inrespect ofshare optionschemes - - - - - 135 - 135 At 28 February 2005 1,945 396 7,505 21,346 (637) 196 (2,662) 28,089First time ---------------------------------------------------------------------------------------------------adoption ofIAS 39 (net oftaxation) - - - - - 981 96 1,077 --------------------------------------------------------------------------------------------------- At 1 March2005 1,945 396 7,505 21,346 (637) 1,177 (2,566) 29,166Recognisedincome andexpense forthe year - - - - - (782) 7,178 6,396Dividends paid - - - - - - (3,173) (3,173) Issue ofshares 43 - 541 - - - - 584Purchase ofshares to beissued - - - - (360) - - (360)Cash flowhedgesCredit inrespect ofshare optionschemes - - - - - 244 - 244 ---------------------------------------------------------------------------------------------------At 28 February2006 1,988 396 8,046 21,346 (997) 639 1,439 32,857 --------------------------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Braemar Shipping