30th Sep 2009 07:00
Andrews Sykes Group plc
30 September 2009
Interim Financial Statements for the six months to 30 June 2009
Chairman's Statement
Overview
The group's revenue for the 6 months ended 30 June 2009 was £28.8 million compared with £33.9 million in the first half of 2008, a decrease of 15%. Due to fixed costs, this decrease had a disproportional effect on the normalised operating profit* which fell by nearly 25% from £8.8 million in the first half of last year to £6.6 million in the current period. Although this is naturally disappointing it must be remembered that 2008 was our record year and the consolidated revenue and normalised operating profit for the current period are above the amounts achieved in the first half of 2007 by £1.6 million (6%) and £0.9 million (17%) respectively.
During the challenging current economic environment management is concentrating on cost control, capital spending and reduction in net debt.
Cost reductions have been achieved by efficiency savings. Management has been careful to ensure that the business infrastructure has not been damaged by these savings to continue to provide high quality customer service.
Judicious working capital management has been rewarded by a positive cash flow of £1.3 million which is primarily due to a stock reduction of £1.4 million since the end of the last financial year. The level of net debt has fallen by £4.8 million from £16.9 million at 31 December 2008 to £12.1 million at 30 June 2009.
Summary of Results
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 (as restated *) £'000 |
|
|
Revenue from continuing operations |
28,766 |
33,873 |
|
EBITDA** from continuing operations |
8,763 |
10,868 |
|
Normalised operating profit *** |
6,609 |
8,808 |
|
Profit for the financial period |
4,619 |
6,169 |
|
Basic earnings per share |
10.43p |
13.85p |
|
Net cash inflow from operating activities |
7,015 |
6,172 |
|
Net debt |
12,070 |
22,182 |
* Foreign exchange losses on inter-company loans of £318,000 have been re-categorised from administration expenses to be consistent with the presentation in the 12 months ended 31 December 2008.
** Earnings Before Interest, Taxation, Depreciation, Amortisation and non-recurring costs.
*** Operating profit before non-recurring items as reconciled on the consolidated income statement
Operations review
Our main trading subsidiary in the UK, Andrews Sykes Hire, and our operations in Northern Europe continue to perform satisfactorily albeit below the levels achieved last year. This is primarily due to the current economic environment and the consequent impact on customer spending profiles. Our fixed air conditioning installation business has been particularly affected by this change possibly due to potential customers deferring capital expenditure in these difficult times. Conversely our UK specialist hire divisions continue to perform well as does our operation in the UAE which showed an improvement in operating profit compared with the first half of 2008.
Prospects
After a short favourable spell of hot weather in the UK and Northern Europe at the end of June and beginning of July, and despite forecasts to the contrary, the summer has been mixed with only average temperatures and rainfall patterns. We therefore expect our all important air conditioning business to return a satisfactory performance.
Our ongoing strategy of moving into non-weather related products and services, particularly those targeted at essential industry sectors, has provided a sound profit base for the current year. Overall, therefore, we currently anticipate the result for the second half of 2009 to be satisfactory but below the record level achieved last year.
JG Murray
Chairman
29 September 2009
* Operating profit before non-recurring items as reconciled on the consolidated income statement
|
Andrews Sykes Group plc Consolidated Income Statement For the 6 months ended 30 June 2009 (unaudited) |
|||||
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 (as restated**) £'000 |
12 months ended 31 December 2008 £'000 |
|||
|
Continuing operations |
|||||
|
Revenue |
28,766 |
33,873 |
67,394 |
||
|
Cost of sales |
(12,766) |
(15,552) |
(30,523) |
||
|
Gross profit |
16,000 |
18,321 |
36,871 |
||
|
Distribution costs |
(5,001) |
(4,959) |
(10,144) |
||
|
Administrative expenses: - Recurring |
(4,390) |
|
(4,554) |
(8,803) |
|
|
- Non-recurring |
- |
529 |
559 |
||
|
- Total |
(4,390) |
(4,025) |
(8,244) |
||
|
Operating profit |
6,609 |
9,337 |
18,483 |
||
|
EBITDA* |
8,763 |
10,868 |
22,002 |
||
|
Depreciation |
(2,518) |
(2,551) |
(4,827) |
||
|
Profit on the sale of plant and equipment |
364 |
491 |
749 |
||
|
Normalised operating profit |
6,609 |
8,808 |
17,924 |
||
|
Profit on the sale of property |
- |
529 |
559 |
||
|
Operating profit |
6,609 |
9,337 |
18,483 |
||
|
Finance income |
155 |
476 |
673 |
||
|
Finance costs |
(1,135) |
(1,025) |
(2,479) |
||
|
Inter-company foreign exchange gains and losses |
873 |
(318) |
(1,300) |
||
|
Profit before taxation |
6,502 |
8,470 |
15,377 |
||
|
Taxation |
(1,883) |
(2,301) |
(4,321) |
||
|
Profit for the financial period |
4,619 |
6,169 |
11,056 |
||
|
There were no discontinued operations in any of the above periods. |
|||||
|
Earnings per share from continuing operations |
|||||
|
Basic (pence) |
10.43 p |
13.85 p |
24.85 p |
||
|
Diluted (pence) |
10.43 p |
13.85 p |
24.85 p |
||
|
Dividends paid per equity share (pence) |
0.00 p |
33.60 p |
33.60 p |
* Earnings Before Interest, Taxation, Depreciation, Amortisation and non-recurring costs.
** Foreign exchange losses on inter-company loans of £318,000 have been re-categorised from administration expenses to be consistent with the presentation in the 12 months ended 31 December 2008.
|
Andrews Sykes Group plc Consolidated Balance Sheet As at 30 June 2009 (unaudited) |
|||||
|
30 June 2009 |
30 June 2008 |
31 December 2008 |
|||
|
£'000 |
£'000 |
£'000 |
|||
|
Non-current assets Property, plant and equipment Lease prepayments Trade investments Deferred tax asset Derivative financial instruments |
14,556 86 164 - - |
15,489 93 164 831 100 |
16,108 90 164 - - |
||
|
14,806 |
16,677 |
16,362 |
|||
|
Current assets Stocks Trade and other receivables Cash and cash equivalents Assets held for sale |
6,561 14,265 17,974 405 |
5,904 17,447 12,870 405 |
7,993 17,764 18,233 405 |
||
|
39,205 |
36,626 |
44,395 |
|||
|
Current liabilities Trade and other payables Current tax liabilities Bank loans Obligations under finance leases |
(7,818) (1,504) (6,000) (206) |
(11,899) (1,633) (5,000) (252) |
(11,833) (1,371) (5,000) (217) |
||
|
(15,528) |
(18,784) |
(18,421) |
|||
|
Net current assets |
23,677 |
17,842 |
25,974 |
||
|
Total assets less current liabilities |
38,483 |
34,519 |
42,336 |
||
|
Non-current liabilities Bank loans Obligations under finance leases Retirement benefit obligations Deferred tax liability Derivative financial instruments |
(23,000) (770) (1,026) (340) (68) |
(29,000) (900) (432) - - |
(29,000) (836) - (90) (108) |
||
|
(25,204) |
(30,332) |
(30,034) |
|||
|
Net assets |
13,279 |
4,187 |
12,302 |
||
|
Equity Called-up share capital Retained earnings Translation reserve Other reserves |
443 10,545 2,056 225 |
446 2,675 834 222 |
443 7,127 4,497 225 |
||
|
Surplus attributable to equity holders of the parent |
13,269 |
4,177 |
12,292 |
||
|
Minority interest |
10 |
10 |
10 |
||
|
Total Equity |
13,279 |
4,187 |
12,302 |
|
Andrews Sykes Group plc Consolidated Cash Flow Statement For the 6 months ended 30 June 2009 (unaudited) |
|||||
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 (as restated*) £'000 |
12 months ended 31 December 2008 £'000 |
|||
|
Cash flows from operating activities Cash generated from operations Interest paid Net UK corporation tax paid Net withholding tax paid Overseas tax paid |
9,288 (1,284) (746) - (243) |
8,139 (846) (802) (70) (249) |
15,573 (2,484) (1,836) (3) (661) |
||
|
Net cash inflow from operating activities |
7,015 |
6,172 |
10,589 |
||
|
Investing activities Sale of assets held for sale Sale of plant and equipment Purchase of property, plant and equipment Interest received |
- 568 (1,549) 118 |
- 636 (2,458) 405 |
656 974 (5,082) 808 |
||
|
Net cash outflow from investing activities |
(863) |
(1,417) |
(2,644) |
||
|
Financing activities Loan repayments New loans raised Finance lease capital repayments Equity dividends paid Purchase of own shares |
(5,000) - (77) - - |
(24,000) 34,000 (195) (14,970) - |
(24,000) 34,000 (308) (14,970) (259) |
||
|
Net cash outflow from financing activities |
(5,077) |
(5,165) |
(5,537) |
||
|
Net increase / (decrease) in cash and cash equivalents |
1,075 |
|
(410) |
2,408 |
|
|
Cash and cash equivalents at beginning of period Effect of foreign exchange rate changes |
18,233 (1,334) |
13,102 178 |
13,102 2,723 |
||
|
Cash and cash equivalents at the end of the period |
17,974 |
12,870 |
18,233 |
||
* Foreign exchange losses on inter-company loans of £318,000 have been re-categorised from administration expenses. They are now included within "effect of foreign exchange rate changes" to be consistent with the presentation in the 12 months ended 31 December 2008.
Reconciliation of net cash flow to movement in net debt in the period
|
Net increase /(decrease) in cash and cash equivalents |
1,075 |
(410) |
2,408 |
||
|
Cash outflow from loan and finance lease repayments |
5,077 |
24,195 |
24,308 |
||
|
Cash inflow from the increase in loans |
- |
(34,000) |
(34,000) |
||
|
Non cash movements in respect of finance leases |
- |
74 |
(14) |
||
|
Non cash movements in the fair value of derivative instruments |
40 |
125 |
(9) |
||
|
Movement in net debt during the period |
6,192 |
(10,016) |
(7,307) |
||
|
Opening net debt at the beginning of period |
(16,928) |
(12,344) |
(12,344) |
||
|
Effect of foreign exchange rate changes |
(1,334) |
178 |
2,723 |
||
|
Closing net debt at the end of the period |
(12,070) |
(22,182) |
(16,928) |
|
Andrews Sykes Group plc Consolidated Statement Of Recognised Income and Expense For the 6 months ended 30 June 2009 (unaudited) |
|||||
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 £'000 |
12 months ended 31 December 2008 £'000 |
|||
|
Actual return less expected return on pension scheme assets Experience gains and losses arising on plan obligation Changes in demographic and financial assumptions underlying the present value of plan obligations Net pension asset not recognised due to uncertainty over recoverability Release provision re non recognition of pension scheme asset Currency translation differences on foreign currency net investments Deferred tax on items posted directly to equity |
(1,444) - (499) - 275 (2,441) 467 |
(1,759) - 205 - - 560 435 |
(2,764) (196) 1,435 (275) - 4,223 504 |
||
|
Net (expense) / income recognised directly in equity |
(3,642) |
(559) |
2,927 |
||
|
Profit for the period attributable to parent's shareholders |
4,619 |
6,169 |
11,056 |
||
|
Total recognised income and expense for the period attributable to equity holders of the parent |
977 |
5,610 |
13,983 |
Andrews Sykes Group plc
Notes to the consolidated interim financial statements
For the 6 months ended 30 June 2009 (unaudited)
1. General information
Basis of preparation
These interim financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2008 does not constitute the group's statutory accounts for 2008 as defined in Section 434 of the Companies Act 2006. Statutory accounts for 2008 have been delivered to the Registrar of Companies. The Auditor's report on those accounts was unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These interim financial statements, which were approved by the Board of Directors on 29 September 2009, have not been audited or reviewed by the auditor.
These interim financial statements have been prepared using the historical cost basis of accounting except for:
i) Properties held at the date of transition to IFRS which are stated at deemed cost;
ii) Assets held for sale which are stated at the lower of fair value less anticipated disposal costs and carrying value and
iii) Derivative financial instruments (including embedded derivatives) which are valued at fair value.
Functional and presentational currency
The financial statements are presented in pounds Sterling because that is the functional currency of the primary economic environment in which the group operates.
2. Accounting policies
These interim financial statements have been prepared on a consistent basis and in accordance with the accounting policies set out in the group's Annual Report and Financial Statements 2008.
|
3 |
Revenue An analysis of the group's revenue is as follows: |
|||||
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 £'000 |
12 months ended 31 December 2008 £'000 |
||||
|
Continuing operations Hire Sales Installations |
22,515 4,437 1,814 |
26,311 4,926 2,636 |
51,575 10,904 4,915 |
|||
|
Group consolidated revenue from the sale of goods and provision of services Finance income Inter-company foreign exchange gains |
155
873 |
476
- |
673
- |
|||
|
Gross consolidated revenue |
29,794 |
34,349 |
68,067 |
|||
|
4 |
Taxation |
|||||
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 £'000 |
12 months ended 31 December 2008 £'000 |
||||
|
Current tax UK corporation tax Adjustments in respect of prior periods |
890 (12) |
883 - |
1,776 (29) |
|||
|
Overseas tax Adjustments to overseas tax in respect of prior periods |
878 288 - |
883 410 - |
1,747 639 (63) |
|||
|
Total current tax charge |
1,166 |
1,293 |
2,323 |
|||
|
Deferred tax Deferred tax on the origination and reversal of temporary differences Adjustments in respect of prior periods |
717 - |
1,008 - |
1,916 82 |
|||
|
Total deferred tax charge |
717 |
1,008 |
1,998 |
|||
|
Total tax charge for the financial period |
1,883 |
2,301 |
4,321 |
|||
|
4 |
Taxation (continued) The tax charge for the financial period can be reconciled to the profit before tax per the consolidated income statement multiplied by the standard effective corporation tax rate in the UK of 28% (June 2008 and December 2008: 28.5%) as follows: |
|||||
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 £'000 |
12 months ended 31 December 2008 £'000 |
||||
|
Profit before taxation from continuing and total operations |
6,502 |
8,470 |
15,377 |
|||
|
Tax at the UK effective corporation tax rate of 28% (June 2008 and December 2008: 28.5%) Effects of: Expenses not deductible for tax purposes Capital gain sheltered by capital losses and indexation allowance Effects of different tax rates of subsidiaries operating abroad Effect of change in tax rate to 28% Adjustments to tax charge in respect of previous periods |
1,821
43 -
31
- (12) |
2,414
45 (139)
(14)
(5) - |
4,382
92 (130)
20
(33) (10) |
|||
|
Total tax charge for the financial period |
1,883 |
2,301 |
4,321 |
|||
|
Andrews Sykes Group plc Notes to the consolidated interim financial statements For the 6 months ended 30 June 2009 (unaudited) |
||||
|
5 |
Earnings per share Basic earnings per share The basic figures have been calculated by reference to the weighted average number of ordinary shares in issue and the earnings as set out below. There are no discontinued operations in any period. |
|||
|
6 months ended 30 June 2009 |
||||
|
Basic earnings/weighted average number of shares |
Continuing earnings £'000 4,619 |
Number of shares 44,268,365 |
||
|
Basic earnings per ordinary share (pence) |
10.43p |
|||
The total effective tax charge for the financial period represents the best estimate of the weighted average annual effective tax rate expected for the full financial year. In accordance with IAS 12 no account has been taken in these interim financial statements of the 2009 Finance Act that was substantially enacted on 8 July 2009 as this is after the balance sheet date. It is estimated that as a result of this change in tax legislation, deferred tax liabilities on unremitted earnings from overseas undertakings provided as at 30 June 2009 of approximately £1.8 million (31 December 2008: £1.2 million) will be released in the second half year.
|
6 months ended 30 June 2008 |
||||
|
Basic earnings/weighted average number of shares |
Continuing earnings £'000 6,169 |
Number of shares 44,552,865 |
||
|
Basic earnings per ordinary share (pence) |
13.85p |
|||
|
12 months ended 31 December 2008 |
|||
|
Basic earnings/weighted average number of shares |
Continuing earnings £'000 11,056 |
Number of shares 44,493,594 |
|
|
Basic earnings per ordinary share (pence) |
24.85p |
||
Diluted earnings per share
The calculation of the diluted earnings per ordinary share in the previous periods is based on the profits and shares as set out in the tables below. The options have an antidilutive effect in the current period and therefore there is no change to the basic earnings per share as disclosed above. There are no discontinued operations in any period.
|
5 |
Earnings per share (continued) |
|||||
|
Diluted earnings per share (continued) |
||||||
|
6 months ended 30 June 2008 |
||||||
|
Continuing earnings £'000 |
Number of shares |
|||||
|
Basic earnings/weighted average number of shares Weighted average number of shares under option Number of shares that would have been issued at fair value to satisfy the above options |
6,169 |
44,552,865 15,000 (11,966) |
||||
|
Earnings/diluted weighted average number of shares |
6,169 |
44,555,899 |
||||
|
Diluted earnings per ordinary share (pence) |
13.85p |
|||||
|
12 months ended 31 December 2008 |
||||||
|
Continuing earnings £'000 |
Number of shares |
|||||
|
Basic earnings/weighted average number of shares Weighted average number of shares under option Number of shares that would have been issued at fair value to satisfy the above options |
11,056 |
44,493,594 15,000 (13,602) |
||||
|
Earnings/diluted weighted average number of shares |
11,056 |
44,494,992 |
||||
|
Diluted earnings per ordinary share (pence) |
24.85p |
|||||
|
6 |
Dividend payments |
|||||
|
The directors have not declared any interim dividends in respect of the period under review. The directors declared and paid the following interim dividends in respect of the 12 months ended 31 December 2008 during the six months ended 30 June 2008: |
||||||
|
Pence per share |
£'000 |
|||||
|
Interim dividend declared on 26 March 2008 and paid to shareholders on the register as at 4 April 2008 on 18 April 2008 |
6.50p |
2,896 |
||||
|
Interim dividend declared on 24 April 2008 and paid to shareholders on the register as at 2 May 2008 on 16 May 2008 |
27.10p |
12,074 |
||||
|
33.60p |
14,970 |
|||||
|
7 |
Retirement benefit obligations - Defined benefit pension scheme |
|||||
|
The group closed the UK group defined benefit pension scheme to future accrual as at 29 December 2002. The assets of the defined benefit pension scheme continue to be held in a separate trustee administered fund. The group are making additional contributions to remove the funding deficit in the group pension scheme. These contributions include both one-off and regular monthly payments, currently £125,000 per month, and are agreed in advance with the trustees of the pension scheme. Assumptions used to calculate the scheme deficit A full actuarial valuation was carried out as at 31 December 2007. A qualified independent actuary has updated the results of this valuation to calculate the deficit as disclosed below. The major assumptions used in this valuation to determine the present value of the scheme's defined benefit obligation were as follows: |
||||||
|
30 June 2009 |
30 June 2008 |
31 December 2008 |
||||
|
Rate of increase in pensionable salaries Rate of increase in pensions in payment Discount rate applied to scheme liabilities Inflation assumption |
N/A 3.50% 6.20% 3.50% |
N/A 4.00% 6.60% 4.10% |
N/A 3.00% 6.00% 3.00% |
|||
|
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The current mortality table used is PA92YOBMC+2 at all the above period ends. The assumed average life expectancy in years of a pensioner retiring at the age of 65 given by the above tables is as follows: |
||||||
|
30 June 2009 |
30 June 2008 |
31 December 2008 |
||||
|
Male, current age 45 Female, current age 45 |
21.3 years 24.0 years |
21.3 years 24.0 years |
21.3 years 24.0 years |
|||
|
Valuations The fair value of the scheme's assets, which are not intended to be realised in the short-term and may be subject to significant change before they are realised, and the present value of the scheme's liabilities which are derived from cash flow projections over long periods and are inherently uncertain, were as follows: |
||||||
|
30 June 2009 £'000 |
30 June 2008 £'000 |
31 December 2008 £'000 |
||||
|
Total fair value of plan assets Present value of defined benefit funded obligation calculated in accordance with stated assumptions |
25,981
(27,007) |
26,794
(27,226) |
26,440
(26,165) |
|||
|
(Deficit)/surplus in the scheme calculated in accordance with stated assumptions Net pension asset not recognised due to uncertainty over recoverability |
(1,026) - |
(432) - |
275 (275) |
|||
|
Pension liability recognised in the balance sheet |
(1,026) |
(432) |
- |
|||
|
The movement in the fair value of the scheme's assets over the reporting period are as follows: |
|||||
|
30 June 2009 £'000 |
30 June 2008 £'000 |
31 December 2008 £'000 |
|||
|
Fair value of plan assets at the start of the period Expected return on plan assets Actuarial losses recognised in the SORIE Employer contributions - normal Employer contributions - non-recurring Benefits paid |
26,440 662 (1,444) 750 - (427) |
25,913 692 (1,759) 750 1,700 (502) |
25,913 1,401 (2,764) 1,500 1,700 (1,310) |
||
|
Fair value of plan assets at the end of the period |
25,981 |
26,794 |
26,440 |
||
|
The movement in the present value of the defined benefit obligation during the period was as follows: |
|||||
|
30 June 2009 £'000 |
30 June 2008 £'000 |
31 December 2008 £'000 |
|||
|
Opening present value of defined benefit funded obligation Interest on defined benefit obligation Actuarial (loss) / gain recognised in the SORIE in accordance with stated assumptions Pension asset not recognised due to uncertainty over future recoverability Release provision re non recognition of pension scheme asset Benefits paid |
(26,440) (770)
(499)
-
275 427 |
(27,151) (782)
205
-
- 502 |
(27,151) (1,563)
1,239
(275)
- 1,310 |
||
|
Closing present value of defined benefit funded obligation |
(27,007) |
(27,226) |
(26,440) |
||
|
Amounts recognised in the income statement The amounts (charged) / credited in the income statement were: |
|||||
|
30 June 2009 £'000 |
30 June 2008 £'000 |
31 December 2008 £'000 |
|||
|
Expected return on pension scheme assets Interest on pension scheme liabilities |
662 (770) |
692 (782) |
1,401 (1,563) |
||
|
Net pension interest charge |
(108) |
(90) |
(162) |
||
|
7 |
Retirement benefit obligations - Defined benefit pension scheme (continued) Actuarial gains and losses recognised in the statement of recognised income and expense (SORIE) The amounts (charged) / credited in the SORIE were: |
|||||||
|
30 June 2009 £'000 |
30 June 2008 £'000 |
31 December 2008 £'000 |
||||||
|
Actual return less expected return on scheme assets Experience gains and losses arising on plan obligation Changes in demographic and financial assumptions underlying the present value of plan obligations |
(1,444) -
(499) |
(1,759) -
205 |
(2,764) (196)
1,435 |
|||||
|
Actuarial loss calculated in accordance with stated assumptions |
(1,943) |
(1,554) |
(1,525) |
|||||
|
Pension asset not recognised due to uncertainty over future recoverability Release provision re non recognition of pension scheme asset |
-
275 |
-
- |
(275)
- |
|||||
|
Actuarial loss recognised in the SORIE |
(1,668) |
(1,554) |
(1,800) |
|||||
|
Cumulative actuarial loss recognised in the SORIE |
(4,810) |
(2,896) |
(3,142) |
|||||
|
8 |
Share Capital |
|||||||
|
30 June 2009 £'000 |
30 June 2008 £'000 |
31 December 2008 £'000 |
||||||
|
Issued and fully paid: 44,268,365 ordinary shares of one pence each (June 2008: 44,552,865, December 2008: 44,268,365 ordinary shares of one pence each) |
443 |
446 |
443 |
|||||
|
During the period the company did not buy back any shares for cancellation (June 2008: Nil shares; December 2008 284,500 shares for a total consideration of £258,620). The company has one class of ordinary shares which carry no right to fixed income. At 30 June 2009 cash options to subscribe for ordinary shares under the executive share option scheme were held as follows: |
||||||||
|
Number of one pence ordinary shares |
||||||||
|
Date of Grant |
Date normally exercisable |
Subscription price per share |
30 June 2009 |
30 June 2008 |
31 December 2008 |
|||
|
November 2001 |
November 2004 to October 2011 |
89.5 pence |
15,000 |
15,000 |
15,000 |
|||
No share options were granted, forfeited or expired during either the current or previous financial periods.
No share options were exercised during the period (June 2008 and December 2008: Nil options).
|
9 |
Cash generated from operations |
|||||
|
6 months ended 30 June 2009 £'000 |
6 months ended 30 June 2008 (as restated*) £'000 |
6 months ended 31 December 2008 £'000 |
||||
|
Profit for the period attributable to equity shareholders |
4,619 |
6,169 |
11,056 |
|||
|
Adjustments for: Taxation charge Finance costs Finance income Profit on the sale of property, plant and equipment Depreciation Excess of normal pension contributions compared with service cost Non-recurring pension contributions |
1,883 262 (155) (364) 2,518
(750)
- |
2,301 1,343 (476) (1,020) 2,551
(750)
(1,700) |
4,321 3,779 (673) (1,308) 4,827
(1,500)
(1,700) |
|||
|
Cash generated from operations before movements in working capital |
8,013 |
8,418 |
18,802 |
|||
|
Decrease / (increase) in stocks Decrease / (increase) in trade and other receivables (Decrease) / increase in trade and other payables Decrease in provisions |
1,432 3,499
(3,656)
- |
(162) (603)
501
(15) |
(2,251) (1,647)
684
(15) |
|||
|
9,288 |
8,139 |
15,573 |
||||
|
* Foreign exchange losses on inter company loans of £318,000 have been re-categorised from administration expenses. They are now included within "effect of foreign exchange rate changes" to be consistent with the presentation in the 12 months ended 31 December 2008. |
||||||
|
10 |
Analysis of net debt |
|||||
|
30 June 2009 £'000 |
30 June 2008 £'000 |
31 December 2008 £'000 |
||||
|
Cash and cash equivalents per cash flow statement |
17,974 |
12,870 |
18,233 |
|||
|
Derivative financial instruments |
- |
100 |
- |
|||
|
Financial assets |
- |
100 |
- |
|||
|
Bank loans Obligations under finance leases Derivative financial instruments |
(29,000) (976) (68) |
(34,000) (1,152) - |
(34,000) (1,053) (108) |
|||
|
Financial liabilities |
(30,044) |
(35,152) |
(35,161) |
|||
|
Net debt |
(12,070) |
(22,182) |
(16,928) |
|||
|
11 |
Distribution of interim financial statements Following a change in regulations in 2008, the company is no longer required to circulate this half year report to shareholders. This enables us to reduce costs associated with printing and mailing and to minimise the impact of these activities on the environment. A copy of the interim financial statements is available on the company's website, www.andrews-sykes.com |
|||||
Related Shares:
Andrew Sykes