30th Nov 2005 07:01
RPC Group PLC30 November 2005 30th November 2005 RPC GROUP PLC Interim results for the 6 months ended 30th September 2005 Reported under International Financial Reporting Standards (IFRS) RPC Group Plc ("RPC" or "the Group"), Europe's leading supplier of rigid plasticspackaging, today announces its interim results for the six months ended 30thSeptember 2005 reporting record turnover, profits and earnings per share. Financial highlights: • Group turnover increased by 31.7% to £307.8m (2004: £233.8m)• Reported operating profit increased 14% to £17.4m (2004: £15.2m); excluding restructuring costs operating profits up 20% to £18.3m• Reported pre-tax profit increased by 8.5% to £13.3m (2004: £12.2m); excluding restructuring costs and derivative finance charge, pre tax profit up 20% to £14.7m • Reported earnings per share increased by 1% to 9.9p (2004: 9.8p); excluding restructuring costs and derivative finance charges, earnings per share up 12.2% to 11.0p• Interim dividend of 2.50p (2004: 2.3p) per share up 8.7% Corporate highlights: • Good results in a challenging operating environment• Significant cost increases being recovered• Good underlying volume growth of 4%• Integration of Nampak plants proceeding according to plan• Rexam plants successfully integrated Commenting on the results, Peter Williams, Chairman said: "It is once again pleasing to report a record performance for a first half. Sales in the half year exceeded £300m for the first time, an increase of 32% on the first half of 2004/05, reflecting good underlying growth and furtherprogress with the integration of recent acquisitions. Operating profit, reportedunder IFRS for the first time, was up 20%, before taking into account therestructuring cost. Buoyed by a good start to the second half, and despite the uncertainty regarding many of our key input costs, the Board expects to see further progress made for the year as a whole." - Ends - Note:High resolution images are available for the media to view and download free ofcharge from www.vismedia.co.uk For further information: RPC Group Plc 01933 410 064Ron Marsh, Chief ExecutiveChris Sworn, Finance Director Merlin Financial 020 7653 6620Michael Rummel 07879 890 405Angus Urquhart 07787 504 447 Attached: Interim Statement Consolidated Income Statement Consolidated Balance Sheet Consolidated Cash Flow Statement Notes to the Accounts RPC Group Plc Statement by the Chairman and Chief Executive RPC achieved a record performance in the first half of 2005/06. Sales in thehalf year exceeded £300m for the first time, an increase of 32% on the firsthalf of 2004/05, reflecting good underlying growth and the acquisition of theseven sites from Nampak in November 2004. More importantly, operating profit,reported under the new International Financial Reporting Standards (IFRS) forthe first time, was 14% up after taking into account the restructuring cost(associated with the closure of Woburn Sands) and, if this is excluded, then itincreased by 20% over the same period last year. The profit before tax, profitafter tax and earnings per share were also at record levels for the first halfof the financial year. The operating environment in the six months under review was very challenging.With oil prices in excess of $60, the higher cost of polymer prices at thecontinuing operations was circa £9m compared to the first half of last year.This had to be passed on to customers at the same time as we alerted them to thenecessity of passing on other cost increases, particularly electricity which, inthe UK, doubled in price at a stroke on 1 October. Fortunately most of ourcustomers have accepted, albeit reluctantly, that these costs could not be borneby the plastic packaging industry. The effect on our competitors however has insome cases been serious and there is an increasing number of owners now lookingfor an exit that could present us with some interesting opportunities. Our underlying operating margin (before restructuring and negative goodwill) hasdeclined from 6.5% to 6.0%. This was in part a consequence of purchasing theseven factories from Nampak in November 2004, at which point they were barelybreaking even. The integration of these factories into the RPC Group is, howeverproceeding according to plan, and the final closure of the Woburn Sands site byOctober 2006 will have a beneficial effect on margins. The Rexam acquisition hascontinued to prove earnings enhancing. Operations United Kingdom-------------- In the United Kingdom, our Blow Moulding operations have performed well, aidedby the Nampak integration. The application of our multi-layer technology in thefruit processing market in Europe and the Far East is expanding rapidly, and nosignificant business has been lost as a result of the plant rationalisationreferred to previously. Our UK Injection Moulding business has suffered from over-stocking in theSurface Coating supply chain prior to the beginning of our financial year. Therehas also been intense competition in the pail sector with imports taking an everlarger share of the market. On the other hand our PET jar and bottle businesshas picked up some worthwhile new contracts. Our UK businesses in all three processes, including Thermoforming, continue tooperate in a highly competitive trading environment. Investment in more cost effective processes, coupled with cost reductionexercises, notably within the UK Injection Moulding business, should start toshow more significant benefits in the second half. Mainland Europe--------------- Our three Thermoforming businesses on the Mainland had mixed fortunes. The Bebocluster benefited from expansion in the same oxygen barrier market served byCorby in Blow Moulding, and our substantial German operations were able toexploit the recently acquired (April 2005) pre-print technology for which thereseems to be a ready and growing market. The Cobelplast cluster experienced agrowth in intra group sales and is developing some higher added-valueopportunities in Italy. Our Tedeco-Gizeh disposables business faced aggressivecompetition but nonetheless brought in some interesting projects which shouldmake a contribution in years to come. Our Mainland Injection Moulding cluster, trading as Bramlage-Wiko, continues todevelop projects which offer considerable promise for the future. Our capacityfor the production of Tassimo discs is increasing and at the same time, thequantum of our investment in the project has reduced. This is as a result of arecent agreement with the customer that it will finance all of its owninvestment in bespoke equipment installed in our factories (in particular,assembly and related equipment). The new factory at Morgantown in PennsylvaniaUSA to produce Tassimo discs for that continent will be in production early in2006. Pharmaceutical sales fell during the period as a result of customerde-stocking. Progress was made in building relations with converters outsideEurope so that we can offer customers a seamless service on a world-wide basisif they so require. In Blow Moulding, our Mainland operations, in common with those in the UK, madegood progress. This applied to our existing three factories as well as to thefour acquired from Nampak. Significant overhead costs were taken out of theex-Nampak business. New management has been promoted in Germany following theretirement of the previous manager. Finances-------- These are the first results that we have presented under IFRS and, as with othercompanies reporting for the first time in this new format, this has necessitatedthe restatement of the base figures for prior periods. The principal differencesare changes in accounting for goodwill, pensions, deferred tax and dividends. As a result of writing back to reserves £2.4m of the Nampak 2004/05 provision asat 31 March 2005, as required under IFRS, we have absorbed a restructuringcharge to consolidated income for the current half year of £0.96m that stemsdirectly from the closure of Woburn Sands. Such restructuring costs are to beexpected for an acquisitive company as it integrates operations into itsstructure. Under IFRS we have also had to take in the first half of 2005/06 a financingcost of £0.48m on account of the fair value movement in a dollar:euro swap putin place in March. This was entered into so that $30m of the $40m dollardenominated bonds which we issued in February would be hedged against our eurodenominated assets when they are repaid in 2012. This treatment could bring anunwelcome ongoing volatility into our financing charges, despite the fact thatthe forward exchange rate in 2012 is already fixed. As such, if significant, wewill continue to identify the relevant figures separately. The financing costs in the Income Statement show an increase of £1.1m over thecomparative period last year; £0.48m is attributable to the dollar:euro swap.Additionally, as we refinanced our banking facilities in July to take advantageof more attractive margins and to increase our overall headroom, the balance ofunamortised arrangement fees from the old facility has been written off; thiscost totalled £0.12m in the first half. The underlying increase in financingcosts was therefore £0.5m. Other than the restructuring cost, the impact of the application of IFRS hasbeen a net benefit of £0.20m to our operating profit in the first half incomparison with what it would have been under UK GAAP. This is because there hasbeen no net charge for the amortisation of goodwill and there was a small crediton account of the adoption of IAS 19 'Employee Benefits'. The Balance Sheet has suffered from the inclusion of the full net deficit onlong-term employee benefits (defined benefit pension schemes, early retirementschemes, etc); this was partially offset by the release of all the negativegoodwill arising from the purchases of businesses at below their net assetvalue. There was also an increase in the deferred tax provision primarily as aresult of making full provision for the capital gains tax that would be payableif we sold properties that we revalued to their fair values post acquisition. Net borrowings increased from £105.7m at 31 March to £118.1m at 30 Septembergiving a gearing of 88% compared to 79% at 31 March (70% as previously reportedunder UK GAAP). The increase in gearing over the six month period was also inpart due to the negative impact of higher pension deficits on the shareholders'equity on the one hand, and, on the other, the high level of capital spend (some£7.2m ahead of depreciation), coupled with the spend of £4.2m on Bebo Print. Theincrease in working capital over the first half was broadly in line withyear-on-year growth in the sales turnover of our continuing businesses. The annualised underlying return on trading capital was 15% for the periodagainst 13% last year. Dividend-------- The Board has declared an interim dividend of 2.50p (2004: 2.30p) per share,representing an increase of 8.7%. This will be paid on 27 January 2006 toordinary shareholders on the register as at 30 December 2005. Prospects--------- Buoyed by a good start to the second half, and despite uncertainty regardingmany of our key input costs, the Board expects to see further progress for theyear as a whole. JP Williams RJE MarshChairman Chief Executive 30 November 2005 Consolidated income statement Half year Half year Year ended ended ended 30 September 30 September 31 March 2005 2004 2005 £'000 £'000 £'000 Revenue 307,843 233,801 513,284 Operating costs (290,482) (218,588) (481,100) ------------------------------------- Operating profit 17,361 15,213 32,184 Analysed as:Operating profit before: 18,322 15,213 30,999Restructuring costs (961) - (4,522)Negative goodwill - - 5,707 -------------------------------------Operating profit 17,361 15,213 32,184 ------------------------------------- Financial income 88 51 190Financial expenses (4,140) (3,003) (6,857) ------------------------------------Net financing costs (4,052) (2,952) (6,667) ------------------------------------ Profit before taxation 13,309 12,261 25,517 Tax (3,727) (3,682) (6,025) ------------------------------------Profit for the period 9,582 8,579 19,492 ==================================== Attributable to:Equity holders of the parent 9,582 8,579 19,492 Basic earnings per ordinary share 9.9p 9.8p 22.2pDiluted earnings per ordinary share 9.8p 9.7p 22.0p Dividends:Dividends paid per ordinary share 4.8p 4.45p 6.75pDividends paid 4,656 3,892 5,904Dividends proposed per ordinary share 2.5p 2.30p 4.8pDividends proposed 2,425 2,012 4,656 Consolidated statement of recognised income and expense Profit for the period 9,582 8,579 19,492Foreign exchange translation differences (864) 3,687 3,690Movement on fair value of interest rate swaps (564) - -Actuarial gains/(losses) on defined (4,076) 1,135 (2,271)benefit pension plans Deferred tax on actuarial gains and losses 1,277 (341) 717 Total recognised income and expense -----------------------------------for the period 5,355 13,060 21,628 =================================== Attributable to:Equity holders of the parent 5,355 13,060 21,628 All turnover and operating profits are derived from continuing activities. Consolidated balance sheet 30 September 30 September 31 March 2005 2004 2005 £'000 £'000 £'000 Non-current assetsProperty, plant and equipment 227,385 197,545 226,560Goodwill 12,964 9,511 8,892Other intangible assets 664 - -Derivative financial instruments 580 - -Deferred tax assets 9,007 6,310 7,935 ------------------------------------ Total non-current assets 250,600 213,366 243,387 ------------------------------------ Current assetsInventories 88,803 69,881 84,107Trade and other receivables 113,536 89,024 110,776Cash and cash equivalents 7,523 - 32,815 ------------------------------------Total current assets 209,862 158,905 227,698 ------------------------------------ Current liabilitiesTrade and other payables (126,123) (90,640) (129,323)Bank loans and overdrafts (849) (3,662) -Current tax liabilities (10,406) (9,623) (9,870) ------------------------------------ Total current liabilities (137,378) (103,925) (139,193) ------------------------------------ Net current assets 72,484 54,980 88,505 ------------------------------------ Total assets less current liabilities 323,084 268,346 331,892 ------------------------------------ Non-current liabilitiesBank loans and other borrowings (124,736) (112,763) (138,495)Long term employee benefits (43,805) (33,663) (40,309)Long term provisions (446) (115) (675)Deferred consideration (1,000) - (1,000)Deferred tax liabilities (17,376) (16,990) (17,470)Derivative financial instruments (1,630) - - ------------------------------------Total non-current liabilities (188,993) (163,531) (197,949) ------------------------------------ Net assets 134,091 104,815 133,943 =================================== EquityCalled up share capital 4,850 4,374 4,835Share premium account 22,582 115 22,184Capital redemption reserve 928 928 928Retained earnings 104,534 95,711 102,306Other reserves 1,197 3,687 3,690 -----------------------------------Total equity attributable to equityshareholders of the parent 134,091 104,815 133,943 =================================== The interim report was approved by the Board of Directors on 30 November 2005and is unaudited and was signed on its behalf: JP Williams - ChairmanCH Sworn - Finance Director Consolidated cash flow statement Half year Half year Year ended ended ended 30 September 30 September 31 March 2005 2004 2005 £'000 £'000 £'000 Cash flows from operating activitiesProfit before tax 13,309 12,261 25,517Financing costs 4,052 2,952 6,667 ---------------------------------Profit from operations 17,361 15,213 32,184Adjustments for:Impairment loss on property, plantand equipment - - 925Depreciation 18,317 15,994 31,523Amortisation of intangible assets 36 - -Negative goodwill - - (5,491)Share-based payment expense 103 46 91Gain on disposal of property, plantand equipment (455) (70) (423)(Decrease)/increase in provisions (412) (551) 1,929 ---------------------------------Operating cash flows before movementsin working capital 34,950 30,632 60,738Movement in working capital (8,749) (10,130) (7,444) ---------------------------------Cash generated by operations 26,201 20,502 53,294Taxes paid (3,059) (901) (3,487)Interest paid (3,495) (3,671) (6,494) --------------------------------- Net cash from operating activities 19,647 15,930 43,313 --------------------------------- Cash flows from investing activitiesInterest received 88 51 191Proceeds on disposal of property,plant and equipment 3,158 171 588Acquisition of property, plant andequipment (25,471) (15,027) (32,554)Acquisition of subsidiary (4,208) - (20,022)Reduction in consideration in respectof earlier acquisition - - 658 ---------------------------------- Net cash flows from investingactivities (26,433) (14,805) (51,139) ---------------------------------- Cash flows from financing activitiesDividends paid (4,656) (3,892) (5,904)Proceeds from the issue of sharecapital 413 119 22,649Repayment of borrowings (13,510) (2,230) (22,538)Proceeds from issue of bond finance - - 44,969Payment of finance costs (568) - (350) ---------------------------------- Net cash flows from financingactivities (18,321) (6,003) 38,826 ---------------------------------- Net (decrease)/increase in cash andcash equivalents (25,107) (4,878) 31,000Cash and cash equivalents atbeginning of period 32,815 1,212 1,212Effect of foreign exchange ratechanges (185) 405 603 ---------------------------------- Cash and cash equivalents at end ofperiod 7,523 (3,261) 32,815 ================================== Notes to the accounts 1. Principal Accounting Policies Statement of complianceIn accordance with EU law, the next consolidated annual financial statements ofthe Group, for the year ending 31 March 2006, will be prepared in accordancewith International Financial Reporting Standards ('IFRSs'). As such, the interimstatements have been prepared in accordance with IFRSs as adopted by the EU andthose expected to be adopted by the EU by 31 March 2006. These are the Group'sfirst IFRS interim statements for part of the period covered by the first IFRSannual financial statements and IFRS 1 'First-time adoption of InternationalFinancial Reporting Standards' has been applied, subject to the exceptions setout in the basis of preparation section below. The interim statements do notinclude all of the information required for full annual financial statements. Comparative figuresThe figures for the year ended 31 March 2005 are not the Company's statutoryaccounts for that financial year. Those statutory accounts, which were preparedunder UK Generally Accepted Accounting Practices ('UK GAAP' or 'previous GAAP')have been reported on by the Company's auditors and delivered to the Registrarof Companies. The report of the auditors on those accounts was unqualified anddid not contain statements under section 237(2) or (3) of the Companies Act1985. The adjustments made by the Company to derive the comparative figures inaccordance with IFRS 1 are set out in the appendix to this statement. Transition to IFRSAs required by IFRS 1, an explanation of how the transition to IFRS has affectedthe reported financial position, financial performance and cash flows of theGroup is provided in the appendix. The appendix includes reconciliations ofequity and profit or loss for comparative periods reported under UK GAAP tothose reported for those periods under IFRS. Basis of preparationThe interim statements are prepared on the historical cost basis except forderivative financial instruments which are stated at their fair value. The preparation of the interim statements requires the directors to makejudgements, estimates and assumptions that affect the application of policiesand reported amounts of assets and liabilities, income and expenses. Theestimates and associated assumptions are based on historical experiences andvarious other factors that are believed to be reasonable under thecircumstances, the results of which form the basis of making the judgementsabout carrying values of assets and liabilities that are not readily apparentfrom other sources. Actual results may differ from these estimates. The interim financial information has been prepared on the basis of therecognition and measurement requirements of IFRSs in issue that either areadopted by the EU and effective (or available for early adoption) at 30September 2005 or are expected to be adopted and effective (or available forearly adoption) at 31 March 2006, the Group's first annual reporting date atwhich it is required to use accounting standards adopted by the EU. Based onthese recognition and measurement requirements the directors have madeassumptions about the accounting policies expected to be applied when the firstannual financial statements are prepared in accordance with accounting standardsadopted by the EU for the year ending 31 March 2006. These are set out below. In particular, the directors have assumed that IAS 19 'Employee Benefits' (asamended in December 2004) issued by the International Accounting Standards Boardwill be adopted by the EU such that it will be available for use in the annualIFRS financial statements for the year ending 31 March 2006. In addition, the accounting standards adopted by the EU that will be effective(or available for early adoption) in the annual financial statements for theyear ending 31 March 2006 are still subject to change and to additionalinterpretations and therefore cannot be determined with certainty. Accordingly,the accounting policies for that annual period will be determined finally onlywhen the annual financial statements are prepared for the year ending 31 March2006. The accounting policies set out below have been applied consistently to allperiods presented in these interim statements, subject to the exemptionspermitted by IFRS 1 as outlined in the appendix. No adjustments have been made for changes in estimates made at the time ofapproval of the last UK GAAP financial statements on which the IFRS comparativeinformation is based. Basis of consolidationThe consolidation includes the financial statements of the Company and itssubsidiary undertakings. Where subsidiaries are acquired during the period, theresults are included in the Group accounts from the date of control. Intra-groupsales and profits are eliminated fully on consolidation. Property, plant and equipmentItems of property, plant and equipment are stated at cost together with anyincidental expenses of acquisition less accumulated depreciation and anyaccumulated impairment losses. Depreciation is calculated so as to write off the cost of each part of an itemof property, plant and equipment on a straight line basis over the expecteduseful economic lives of the assets concerned, as follows:- Freehold buildings 50 yearsLong leasehold property 50 yearsPlant and equipment 5 to 10 yearsMoulds 3 to 5 yearsMotor vehicles 4 years Freehold land is not depreciated. InventoriesInventories are stated at the lower of cost and net realisable value. Indetermining the cost of raw materials, consumables and goods for resale, theaverage purchase price is used. For finished goods, cost is taken as productioncost which includes the cost of the raw materials and an appropriate proportionof overheads. Where necessary, provision is made for obsolete, slow moving anddefective stocks. Foreign CurrenciesTrading transactions denominated in foreign currencies are translated intoSterling at the exchange rate ruling when the transaction was entered into.Assets and liabilities are translated into Sterling at the rate of exchange onthe date of the Balance Sheet. Monetary assets and liabilities of subsidiaries in foreign currencies aretranslated into Sterling at the exchange rate ruling on the date of the BalanceSheet and the results of foreign subsidiaries are translated at the average rateof exchange for the year. Differences on exchange arising from the retranslation of the opening netassets, effective portion of the foreign currency borrowings used in a netinvestment hedge, tax attributable to foreign exchange movements on theseborrowings and the translation of the results of those companies at the averagerate are taken to the translation reserve and are reported in the Statement ofRecognised Income and Expense. All other foreign exchange differences are taken to the Income Statement in theyear in which they arise. Derivative financial instruments up to 31 March 2005Borrowings are stated at the nominal value less arrangement fees. Arrangementfees are written off to the Profit and Loss Account over the life of theborrowing. Interest receipts and payments are accrued so as to match the income with therelated financial expense including interest rate swaps. No interest isrecognised in respect of future periods. Derivative financial instruments after 1 April 2005Derivative financial instruments are measured initially at cost then at fairvalue at subsequent reporting dates and include interest rate swaps, crosscurrency swaps and forward foreign exchange contracts. Certain derivative financial instruments are designated as hedges in line withthe Group's treasury policy. Hedges are classified as follows: • Fair value hedges that hedge the exposure to changes in the fair value of a recognised asset or liability. • Cash flow hedges that hedge exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecasted transaction. • Net investment hedges that hedge exposure to changes in the value, due to fluctuations in exchange rates, of the Group's interests in the net assets of foreign operations. For fair value hedges, any gain or loss from remeasuring the hedging instrumentat fair value is recognised in the consolidated Income Statement. Any gain orloss on the hedged item attributable to the hedged risk is adjusted against thecarrying amount of the hedged item and similarly recognised in the consolidatedIncome Statement. For cash flow hedges and net investment hedges, the portion of the gain or losson the hedging instrument that is determined to be an effective hedge, asdefined by IAS 39 'Financial Instruments; Recognition and Measurement', isrecognised in equity, with any ineffective portion recognised in theconsolidated Income Statement. When hedged cash flows result in the recognitionof a non financial asset or liability, the associated gains or losses previouslyrecognised in equity are included in the initial measurement of the asset orliability. For all other cash flow hedges, the gains or losses that arerecognised in equity are transferred to the consolidated Income Statement in thesame period in which the hedged cash flows affect the consolidated IncomeStatement. Any gains or losses arising from changes in fair value of derivative financialinstruments not designated as hedges are recognised in the consolidated IncomeStatement. TurnoverTurnover, which excludes value added tax and trade discount, represents theinvoiced value of goods supplied. Revenue is recognised in the Income Statementwhen goods are supplied to external customers against orders received. TaxationThe tax expense represents the sum of the current taxes payable and deferredtax. The current tax payable is based on taxable profit for the year. Taxable profitdiffers from net profit as reported in the Income Statement because it excludesitems of income or expense that are taxable or deductible in other years and itfurther excludes items that are never taxable or deductible. The Group'sliability for current tax is calculated using tax rates that have been enactedor substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differencesbetween the carrying amounts of assets and liabilities in the financialstatements and the corresponding tax bases used in the computation of taxableprofit, and is accounted for using the balance sheet liability method. Deferredtax liabilities are generally recognised for all taxable temporary differencesand deferred tax assets are recognised to the extent that it is probable thattaxable profits will be available against which deductible temporary differencescan be utilised. Deferred tax liabilities are recognised for taxable temporary differencesarising on investments in subsidiaries, except where the Group is able tocontrol the reversal of the temporary difference and it is probable that thetemporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in theperiod when the liability is settled or the asset is realised. Deferred tax ischarged or credited in the Income Statement, except when it relates to itemscharged or credited directly to equity, in which case the deferred tax is alsodealt with in equity. Employee Benefits a) Retirement Benefit Obligations The Group operates a number of defined benefit and defined contribution pension schemes. The liability recognised in the Balance Sheet in respect of defined benefit pension schemes is the present value of the defined benefit obligation less the fair value of plan assets at the balance sheet date. The obligation is calculated by external actuaries using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in full in the consolidated Statement of Recognised Income and Expense in the period in which they occur. Payments to defined contribution schemes are charged to the Income Statement when they fall due. b) Termination Benefits The Group recognises the present value of a liability to pay termination benefits when it has a demonstrable commitment to terminating employment before retirement. In Germany, the Group has contractual obligations under a part-time employment scheme for older employees ('Altersteilzeit'). In addition to half salary, the employee receives a fixed incentive payment. The Group provides for the incentive payment as a termination benefit. The number of employees who will take up this arrangement is estimated based on historical experience and any agreed cap on the number of participants. c) Other Employee Benefits The Group provides for the present value of its obligations in respect of other long-term employee benefits using actuarial valuations. These include deferred salaries due to German Altersteilzeit employees and long service awards. The Group provides for long service awards as they accrue. The number of employees who will receive long service awards is estimated based on historical experience. Actuarial gains and losses and past service costs are recognised immediately in the income statement. The costs of short-term employee benefits are charged to the Income Statement when they fall due. LeasingWhere the group enters into a lease which entails taking substantially all therisks and rewards of ownership of an asset, the lease is treated as a 'financelease'. The asset is recorded in the Balance Sheet as a tangible fixed asset andis depreciated over its estimated useful life or the term of the lease,whichever is shorter. Future instalments under such leases, net of financecharges, are included within creditors. Rentals payable are apportioned betweenthe finance element, which is charged to the Income Statement, and the capitalelement which reduces the outstanding obligation for future instalments. All other leases are accounted for as 'operating leases' and the rental chargesare charged to the Income Statement on a straight line basis over the life ofthe lease. Research and development expenditureResearch expenditure is written off in the year in which it is incurred. Where the expenditure meets the criteria for capitalisation set out in IAS 38'Intangible Assets', development costs are capitalised and amortised over theiruseful economic lives. The intangible assets are assessed for indication ofimpairment annually. GoodwillGoodwill has been recognised on acquisitions of subsidiaries and represents theexcess of the cost of acquisition over the Group's interest in the fair value ofthe identifiable assets and liabilities and contingent liabilities at the dateof acquisition. Goodwill is stated at cost less any accumulated impairmentlosses. The carrying amount is allocated to cash-generating units and is testedannually for impairment. Any impairment is recognised immediately as an expenseand cannot then be subsequently reversed. In respect of acquisitions prior to 1 April 2004, goodwill is included on thebasis of its deemed cost, which represents the amount recorded under previousGAAP. The classification and accounting treatment of business combinations thatoccurred prior to 1 April 2004 have not been reconsidered in preparing theGroup's opening IFRS Balance Sheet at 1 April 2004 (see appendix). On disposal of a subsidiary, the attributable amount of goodwill is included inthe determination of the profit or loss on disposal, except for goodwill writtenoff to reserves under UK GAAP prior to 1998 which has not been reinstated and isnot included in determining any subsequent profit or loss on disposal. Negative goodwill arising on an acquisition is recognised directly in theconsolidated Income Statement in the year of acquisition. Other intangible assetsOther intangible assets are carried at cost less accumulated amortisation andaccumulated impairment losses. Amortisation begins when an asset is availablefor use and is calculated on a straight-line basis to allocate the cost ofassets over their estimated useful lives as follows: Patents remaining life of patentComputer software 4-5 years The cost of intangible assets acquired in a business combination is the fairvalue at acquisition date. The cost of separately acquired intangible assets,including computer software, comprises the purchase cost and any directlyattributable costs of preparing the asset for use. Computer software costs thatare directly associated with the implementation of major business systems arecapitalised as intangible assets. Impairment of tangible and intangible assetsAt each balance sheet date, the Group reviews the carrying amount of itstangible and intangible assets with definite useful lives to determine whetherthere is any indication that those assets have suffered an impairment loss. Ifany such indication exists, the recoverable amount of the asset is estimated inorder to determine the extent of the impairment loss (if any). Where the assetdoes not generate cash flows that are independent from other assets, the Groupestimates the recoverable amount of the cash-generating unit to which the assetbelongs. Intangible assets with indefinite useful lives and goodwill are testedfor impairment annually and whenever there is an indication that the asset maybe impaired. The recoverable amount is the higher of fair value less costs to sell and valuein use. In assessing value in use, the estimated future cash flows arediscounted to their present value using a pre-tax discount rate that reflectscurrent market assessments of the time value of money and the risks specific tothe asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carryingamount, the carrying amount of the asset is reduced to its recoverable amount.An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses in respect of assets other thangoodwill, the carrying amount of the asset is increased to the revised estimateof its recoverable amount, but so that the increased carrying amount does notexceed the carrying amount that would have been determined had no impairmentloss been recognised for the asset in prior years. A reversal of an impairmentloss is recognised as income immediately. Share-Based PaymentsThe Group operates employee savings related share option schemes and executiveshare option schemes. As permitted by IFRS 1, the Group has chosen to adopt IFRS2 'Share-based Payments' for share options granted after 7 November 2002 thathad not vested by 1 January 2005. On this basis, the fair value of employeeshare options granted is calculated at grant date using an appropriate optionpricing model. The resulting cost is charged to the Income Statement over thevesting period of the options with a corresponding increase in equity. At eachbalance sheet date, the Group revises its estimates of the number of optionsthat are expected to become exercisable and the charge to the Income Statementis adjusted accordingly. 2. Segment Reporting Primary segment - GeographicalThe Group operates in two principal geographic regions - 'United Kingdom' and'Mainland Europe'. The geographical analyses by origin of turnover and operating profit are asfollows:- Half year Half year Year ended ended ended 30 September 30 September 31 March 2005 2004 2005 £'000 £'000 £'000Turnover United Kingdom 105,583 76,633 172,756Mainland Europe 202,260 157,168 340,528 --------------------------------------------- 307,843 233,801 513,284 ============================================= Segmental results United Kingdom 4,271 4,310 7,559Mainland Europe 14,051 10,903 23,440 ---------------------------------------------Operating profit before: 18,322 15,213 30,999 Restructuring costs (961) - (4,522)Negative goodwill - - 5,707 ---------------------------------------------Operating profit 17,361 15,213 32,184 ============================================= 3. Operating Profit The operating profit is stated after charging £18,317,000 (2004: £15,994,000)depreciation and £36,000 (2004: £nil) amortisation of intangible assets. In the year to 31 March 2005, under UK GAAP, an exceptional item of £6,922,000was charged to the Profit and Loss Account for the costs relating to the closureof Woburn Sands in the UK: this operation was acquired in November 2004 fromNampak. Under IFRS, £2,400,000 of this, relating to losses to be incurred duringthe closure period, but after 1 April 2005, has been reversed and will becharged to operating profit as incurred. Under IFRS, the charge in the year to31 March 2005 is therefore reduced to £4,522,000. £961,000 of trading losses relating to the closure of Woburn Sands has beenincurred in the interim period to 30 September 2005. 4. Finance Costs The finance costs of £4,052,000 include a charge of £475,000 under IAS 39relating to the mark to market position of foreign currency hedging instruments.The finance costs under UK GAAP were £3,577,000. 5. Earnings per Share Basic----- The earnings per share figures have been computed on the basis of the weightedaverage number of shares in issue during the period (half year ended 30September 2005: 96,869,662; half year ended 30 September 2004: 87,440,568 andyear ended 31 March 2005: 87,653,742). The adjusted EPS is 10.8 pence (2004: 10.2 pence), calculated to exclude therestructuring costs and the impact of other IFRS related items net of the taxthereon. Diluted-------- Diluted earnings per share is the earnings per share after allowing for thedilutive effect of the conversion into ordinary shares of the weighted averagenumber of options outstanding during the period. The number of shares used forthe fully diluted calculation for the period was: the half year ended 30September 2005: 98,000,198, the half year ended 30 September 2004: 88,327,218and the year ended 31 March 2005: 88,619,083. 6. Analysis of Net Debt At Cash Non Exchange At 1 April flow cash movement 30 September 2005 changes 2005 £'000 £'000 £'000 £'000 £'000 Cash at bank/ 32,815 (25,107) - (185) 7,523(overdrafts) Bank loans less - (849) - - (849)than 1 year - - - - -Bank loans greater than 1 year (93,152) 14,359 349 229 (78,215) Other loans greaterthan 1 (45,343) - - (1,178) (46,521)year ------------------------------------------------------- Total (105,680) (11,597) 349 (1,134) (118,062) ======================================================= Copies of this interim report will be mailed to shareholders on 30 November 2005and are also available from the Secretary, RPC Group Plc, Lakeside House, HighamFerrers, Northants NN10 8RP. Appendix Explanation of transition to IFRSThe rules for the first time adoption of IFRS are set out in IFRS 1 'First-timeadoption of International Financial Reporting Standards'. In general a companyis required to determine its IFRS accounting policies and apply theseretrospectively to determine its balance sheet, at the date of transition, underIFRS. The standard allows a number of exceptions to this general principle toassist companies in the transition period. The 2004 comparative information has,as permitted by IFRS 1, been prepared taking advantage of the followingtransitional exemptions: • Business combinations prior to 1 April 2004 have not been restated onto an IFRS basis. • The Group has elected to apply IFRS 2 'Share-based Payments' only to share options granted after 7 November 2002 that had not vested by 1 January 2005. • The Group has reset the cumulative translation differences for all foreign operations to nil as at 1 April 2004. • The Group has elected to adopt IAS 32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition and Measurement' from 1 April 2005. • The Group has applied the amendment to IAS 19 and has elected to recognise in full all actuarial gains and losses at 1 April 2004 (date of transition). The reconciliations of equity at 1 April 2004 (date of transition to IFRS) and at 31 March 2005 (date of last UK GAAP financial statements) and thereconciliation of profit for the year ended 31 March 2005 are required underIFRS in the year of transition. In addition to the above reconciliations, the reconciliation of equity at 30 September 2004 and the reconciliation of profit for the six months ended 30 September 2004 have been included to enable a comparison of the 2005 interimyear. No adjustments have been made for changes in estimates made at the time of approval of the last UK GAAP financial statements on which the IFRS comparativeinformation is based. Reconciliation of equity at 1 April 2004 (date of transition to IFRS) Previously Reported Employee Deferred Restated Under UK Goodwill Benefits Tax Dividends Hindsight Under GAAP IFRS 3 IAS 19 IAS 12 IAS 10 Adjustment IFRS £'000 £'000 £'000 £'000 £'000 £'000 £'000 Non-currentassetsProperty,plant andequipment 196,400 - - - - (581) 195,819Goodwill 6,644 2,614 - - - - 9,258Deferred taxassets - 6,820 - - - 6,820 ----------------------------------------------------------------------------- Totalnon-currentassets 203,044 2,614 6,820 - - (581) 211,897 ----------------------------------------------------------------------------- Current assetsInventories 64,127 - - - - (100) 64,027Trade andotherreceivables 88,494 - (5,022) - - - 83,472Cash and cashequivalents 1,212 - - - - - 1,212 - -----------------------------------------------------------------------------Total currentassets 153,833 - (5,022) - - (100) 148,711 -----------------------------------------------------------------------------CurrentliabilitiesTrade andother payables (97,556) - 1,125 - 3,889 (535) (93,077)Bank loans andoverdrafts (402) - - - - - (402)Current taxliabilities (7,422) - - - - - (7,422) -----------------------------------------------------------------------------Total currentliabilities (105,380) - 1,125 - 3,889 (535) (100,901) ---------------- ------------------------------------------------------------Net currentassets 48,453 - (3,897) - 3,889 (635) 47,810 -----------------------------------------------------------------------------Total assetsless currentliabilities 251,497 2,614 2,923 - 3,889 (1,216) 259,707 ----------------------------------------------------------------------------- Non-currentliabilities Bank loans andotherborrowings (113,046) - - - - - (113,046)Long termemployeebenefits (11,650) - (22,572) - - - (34,222)Long termprovisions (220) - - - - - (220)Deferred taxliabilities (8,263) (192) 793 (9,210) - 132 (16,740) ------------------------------------------------------------------------------Totalnon-currentliabilities (133,179) (192) (21,779) (9,210) - 132 (164,228) ------------------------------------------------------------------------------ Net assets 118,318 2,422 (18,856) (9,210) 3,889 (1,084) 95,479 ============================================================================== EquityCalled upshare capital 4,370 - - - - - 4,370Share premium - - - - - - -accountCapitalredemptionreserve 928 - - - - - 928Retainedearnings 113,020 2,422 (18,856) (9,210) 3,889 (1,084) 90,181 ------------------------------------------------------------------------------ Total equityattributableto equityshareholdersof the parent 118,318 2,422 (18,856) (9,210) 3,889 (1,084) 95,479 =============================================================================== Reconciliation of equity at 30 September 2004 Previously Reported Employee Deferred Movement Restated Under UK Goodwill Benefits Tax Dividends In Hindsight Under GAAP IFRS 3 IAS 19 IAS 12 IAS 10 Reserves Adjustment IFRS £'000 £'000 £'000 £'000 £'000 £'000 £'000 Non-currentassetsProperty,plant andequipment 198,025 - - - - - (480) 197,545Goodwill 6,771 2,740 - - - - - 9,511Deferred taxassets - - 6,310 - - - - 6,310 --------------------------------------------------------------------------------------- Total non-currentassets 204,796 2,740 6,310 - - - (480) 213,366 --------------------------------------------------------------------------------------- Current assetsInventories 69,981 - - - - - (100) 69,881Trade andotherreceivables 94,046 - (5,022) - - - - 89,024Cash and cash equivalents - - - - - - - - ---------------------------------------------------------------------------------------Total currentassets 164,027 - (5,022) - - - (100) 158,905 --------------------------------------------------------------------------------------- Current liabilitiesTrade andother payables (93,616) - 1,496 - 2,015 - (535) (90,640) Bank loansand overdrafts (3,662) - - - - - - (3,662) Current taxliabilities (9,791) - 168 - - - - (9,623) ---------------------------------------------------------------------------------------Total currentliabilities (107,069) - 1,664 - 2,015 - (535) (103,925) ---------------------------------------------------------------------------------------Net currentassets 56,958 - (3,358) - 2,015 - (635) 54,980 ---------------------------------------------------------------------------------------Total assetsless currentliabilities 261,754 2,740 2,952 - 2,015 - (1,115) 268,346 --------------------------------------------------------------------------------------- Non-currentliabilities Bank loansand other borrowings (112,763) - - - - - - (112,763) Long termemployeebenefits (11,360) - (22,303) - - - - (33,663) Long termprovisions (115) - - - - - - (115) Deferred taxliabilities (8,513) (192) 793 (9,210) - - 132 (16,990) -----------------------------------------------------------------------------------------Total non-currentliabilities (132,751) (192) (21,510) (9,210) - - 132 (163,531) ------------------------------------------------------------------------------------------Net assets 129,003 2,548 (18,558) (9,210) 2,015 - (983) 104,815 ========================================================================================== EquityCalled upshare capital 4,374 - - - - - - 4,374Share premiumaccount 115 - - - - - - 115Capitalredemptionreserve 928 - - - - - - 928Retainedearnings 123,586 2,486 (18,495) (9,210) 2,015 (3,688) (983) 95,711Other - 62 (63) - - 3,688 - 3,687reserves ----------------------------------------------------------------------------------------- Total equityattributableto equityshareholdersof the parent 129,003 2,548 (18,558) (9,210) 2,015 - (983) 104,815 ======================================================================================== Reconciliation of equity at 31 March 2005 (date of last UK GAAP financial statements) Previously Reported Employee Deferred Dividends Restated Under UK Goodwill Benefits Tax IAS 10/ Hindsight Under GAAP IFRS 3 IAS 19 IAS 12 Other Adjustment IFRS £'000 £'000 £'000 £'000 £'000 £'000 £'000 Non-currentassetsProperty,plant andequipment 226,608 - - - - (48) 226,560Goodwill (1,930) 8,120 - 2,702 - - 8,892Deferred taxassets - - 7,743 - - 192 7,935 -------------------------------------------------------------------------------Total non-currentassets 224,678 8,120 7,743 2,702 - 144 243,387 ------------------------------------------------------------------------------- Current assetsInventories 84,107 - - - - - 84,107Trade andotherreceivables 116,110 - (5,243) - - (91) 110,776Cash and cashequivalents 32,815 - - - - - 32,815 ------------------------------------------------------------------------------- Total currentassets 233,032 - (5,243) - - (91) 227,698 -------------------------------------------------------------------------------CurrentliabilitiesTrade andother payables (135,056) - 1,702 - 4,642 (611) (129,323)Bank loans and - - - - - - -overdraftsCurrent taxliabilities (9,870) - - - - - (9,870) -------------------------------------------------------------------------------Total currentliabilities (144,926) - 1,702 - 4,642 (611) (139,193) -------------------------------------------------------------------------------Net currentassets 88,106 - (3,541) - 4,642 (702) 88,505 ------------------------------------------------------------------------------- Total assetsless currentliabilities 312,784 8,120 4,202 2,702 4,642 (558) 331,892 ------------------------------------------------------------------------------Non-currentliabilities Bank loans andotherborrowings (138,495) - - - - - (138,495)Long termemployeebenefits (12,403) - (25,984) - (1,922) - (40,309)Long termprovisions (4,997) - - - 4,322 - (675)Deferredconsideration (1,000) - - - - - (1,000)Deferred taxliabilities (5,817) (192) 914 (12,055) (320) - (17,470) ------------------------------------------------------------------------------Total non-currentliabilities (162,712) (192) (25,070) (12,055) 2,080 - (197,949) ------------------------------------------------------------------------------ Net assets 150,072 7,928 (20,868) (9,353) 6,722 (558) 133,943 ============================================================================= EquityCalled upshare capital 4,835 - - - - - 4,835Share premiumaccount 22,184 - - - - - 22,184Capitalredemptionreserve 928 - - - - - 928Retainedearnings 122,125 7,867 (20,795) (9,353) 3,020 (558) 102,306Other reserves - 61 (73) - 3,702 - 3,690 -----------------------------------------------------------------------------Total equityattributableto equityof the parent 150,072 7,928 (20,868) (9,353) 6,722 (558) 133,943 ============================================================================ Reconciliation of equity at 1 April 2005 for the adoption of IAS 39 At 31 Financial At 1 March Instruments April 2005 IAS 39 2005 £'000 £'000 £'000 Current and non-current assets 471,085 - 471,085 ----------------------------------Current liabilities (139,193) - (139,193)Fair value of interest rate swaps - (1,066) (1,066) ----------------------------------Total current liabilities (139,193) (1,066) (140,259) ---------------------------------- Total assets less current liabilities 331,892 (1,066) 330,826 ---------------------------------- Non-current liabilities (197,949) - (197,949) ----------------------------------Net assets 133,943 (1,066) 132,877 ==================================Equity 133,943 (1,066) 132,877 ================================== Reconciliation of profit for the six months ended 30 September 2004 Previously Reported Employee Share-based Restated Under UK Goodwill Benefits Payments Under GAAP IFRS 3 IAS 19 IFRS 2 IFRS £'000 £'000 £'000 £'000 £'000 Revenue 233,801 - - - 233,801 Operating costs (218,498) 165 (209) (46) (218,588) ------------------------------------------------------ Operating profit 15,303 165 (209) (46) 15,213 Finance costs (2,952) - - - (2,952) ------------------------------------------------------Profit before taxation 12,351 165 (209) (46) 12,261 Tax (3,458) - (224) - (3,682) ------------------------------------------------------- Profit for the period 8,893 165 (433) (46) 8,579 ======================================================= Reconciliation of profit for the year ended 31 March 2005 Previously Reported Employee Share-based Deferred Restated Under UK Goodwill Benefits Payments Tax Under GAAP IFRS 3 IAS 19 IFRS 2 IAS 12 Other IFRS £'000 £'000 £'000 £'000 £'000 £'000 £'000 Revenue 513,284 - - - - - 513,284 Operatingcosts (481,816) 5,707 (378) (91) - (4,522) (481,100) --------------------------------------------------------------------------- Operatingprofit 31,468 5,707 (378) (91) - (4,522) 32,184Loss onterminations (6,922) - - - - 6,922 - Finance costs (6,667) - - - - - (6,667) ---------------------------------------------------------------------------- Profit beforetaxation 17,879 5,707 (378) (91) - 2,400 25,517 Tax (5,819) - 257 - (143) (320) (6,025) ----------------------------------------------------------------------------Profit for theperiod 12,060 5,707 (121) (91) (143) 2,080 19,492 ============================================================================ Notes to the reconciliations of equity and profit Goodwill--------Under UK GAAP, goodwill was amortised over its useful economic life, notexceeding 20 years. As at 1 April 2004, under IFRS 3 'Business Combinations'goodwill is notamortised but tested annually for impairment. Accordingly, thegoodwill amortisation charge for the year ended 31 March 2005 of £480,000 hasbeen reversed. All goodwill has been tested for impairment at 1 April 2004 andat 31 March 2005 and no impairments have been identified. Negative goodwillarising on acquisition is recognised directly in the consolidated IncomeStatement in the year of acquisition. Employee benefits-----------------Under UK GAAP, the Group applied the provisions of SSAP 24'Accounting forPension Costs' and the disclosures required by FRS 17 'Retirement Benefits' weregiven in the notes to the financial statements. The scope of IAS 19 'Employee Benefits' is significantly wider than SSAP 24 andFRS 17 in that it covers accounting for a broad range of employee benefits inaddition to pension costs. Under IAS 19 deficits arising on the Group'sdefinedbenefit pension schemes are included as a liability on the consolidated BalanceSheet. The recognition and measurement of other long-term employee benefitsdiffer from UK GAAP. The tax adjustments reflect the deferred tax asset arisingon long-term employee benefit liabilities. The Group has assumed that IAS 19, as amended in December 2004, will be adoptedby the EU and will be available for use in the Group's annual financialstatements for the year ending 31 March 2006. Consequently, the Group has chosento recognise actuarial gains and losses arising on defined benefit pensionobligations in full in the consolidated Statement of Recognised Income andExpense in the period in which they occur. Under SSAP 24 the deficit wasrecognised in the Profit and Loss Account over a number of years. The value of the defined benefit pension scheme deficits recorded in the BalanceSheet is affected by changes in thefair value of investments for funded schemesand the present value of liabilities. Changes in the discount rates derived fromhigh-quality corporate bond yields, actuarial assumptions relating to salary andpension increases and mortality rates and changes in the benefits provided havean impact on the present value of liabilities. Changes in the discount rate alsoaffect the value of liabilities for other long-term employee benefits. For defined benefit pension schemes, the current service cost, the expectedreturn on scheme assets and expectedinterest on liabilities under IAS 19replace the SSAP 24 regular cost charged to the Income Statement. Deferred tax------------Under UK GAAP, deferred tax is provided on timing differences between the IncomeStatement and the tax computation, whilst IFRS has a wider scope and requiresdeferred tax to be provided on all temporary differences between the carryingvalue of an asset and its tax base. In accordance with IAS 12 'Income Taxes',additional deferred tax has been provided on temporary differences relating toproperty, plant and equipment acquired on business combinations at fair valuesdifferent from their tax cost bases and gains arising on the sale of assetswhere the gain has been rolled over into replacement assets. Equity dividends----------------The practice under UK GAAP was to account for dividends proposed relating to anygiven accounting period. IAS 10 'Events after the Balance Sheet Date' requiresthat a dividend is not provided until it has been approved, which is usuallyafter the accounting period to which it relates. Consequently, this adjustmentremoves the creditor for proposed dividends at each restated balance sheet date. Other adjustments-----------------Under UK GAAP, no expense was recognised in the Income Statement for shareoptions. Under IFRS 2 'Share-based Payments' an expense is recognised for allequity settled share options granted after 7 November 2002 that have not vestedbefore 1 January 2005 based on the fair value of the options at the date ofgrant calculated using an appropriate option pricing model. The expense,included in operating costs, is £103,000 for the half year ended 30 September2005 (2004: £46,000) and £91,000 for the year ended 31 March 2005. In the year to 31 March 2005, under UK GAAP, an exceptional item of £6,922,000was charged to the Profit and Loss Account for the costs relating to the closureof Woburn Sands in the UK: this operation was acquired in November 2004 fromNampak. Under IFRS, £2,400,000 of this, relating to losses to be incurred duringthe closure period, but after 1st April 2005, has been reversed and will becharged to operating profit as incurred. Under IFRS, the charge in the year to31 March 2005 is therefore reduced to£4,522,000. Foreign exchange reserve------------------------Under UK GAAP, foreign exchange differences arising from the retranslation offoreign operations were recognised directly in retained earnings onconsolidation. IAS 21 ' The Effects of Changes in Foreign Exchange Rates'requires that such differences arising after 1 April 2004 be recorded as aseparate component of equity until disposal of the foreign operation. As a first time adopter, cumulative translation differences arising prior to 1 April2004 are deemed to be zero. Under IFRS, cumulative translation differences arising after 1 April 2004 areclassified within a separate reserve. Hindsight adjustments--------------------- This adjustment does not arise on transition to IFRS, but is in respect of thereappraisal of fair values post acquisition. Under IFRS hindsight adjustmentsare accounted for as prior year adjustments in the year of acquisition.The Rexamfair value hindsight adjustment previouslyreported in the 2004/5 accounts istherefore restated in the 31 March 2004 Balance Sheet and the Nampak fair valuehindsight adjustment in the 31 March 2005 Balance Sheet. Explanation of material adjustments to the cash flow statement for 2004/5-------------------------------------------------------------------------There are no material differences between the cash flow statements presentedunder IFRSs and the cash flow statements presented under UK GAAP. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rpc Group