9th Feb 2006 07:01
Alumasc Group PLC09 February 2006 THE ALUMASC GROUP PLC - INTERIM ANNOUNCEMENT Alumasc, the premium building and engineering products group, recentlyreclassified by FTSE under Construction & Materials, announces its results forthe half year ended 31 December 2005. • As previously indicated, pre-tax profit reduced - to £2.9m from £3.7m on continuing activities - due to the reduced Engineering profit. • Earnings per share on continuing activities reduced to 5.9p from 7.1p. • The interim dividend per share is maintained at 3.0p, reflecting the Board's confidence in the prospects for the second half-year. • Trading losses and redundancy costs at the discontinued activity, Copal Casting, cost £1.4m (before tax), as forecast in November. • Building Products moved strongly ahead, growing turnover by £4.0m (18.5%) to £25.9m and increasing profits by 5% to £2.5m. • Precision Engineering made considerable progress in securing new work to replace the business which ceased on the demise of Rover in April 2005, but contributed to the reduced Engineering profit. John McCall, Chairman, stated "In recent years, the group's second half hasconsistently outperformed the first half for reasons principally associated withseasonal factors, including the incidence of holidays in our markets. The Boardhas stated that it expects this bias in favour of the second half to continue,indeed to increase in the current year. Progress with new projects and the levelof order books in those businesses where we enjoy the benefit of forward visionlead the Board to expect an improving performance in each of our business areasin the second half-year." Presentation: Today, from 09:30am to 10:30am, a presentation to broker's analysts and privateclient investment advisers will be held at the offices of Bankside Consultants,1 Frederick's Place, London EC2R 8AE. Enquiries: The Alumasc Group plc 01536 383844Paul Hooper (Chief Executive) [email protected] McCall (Chairman) Bankside Consultants LimitedCharles Ponsonby 020 7367 8851 [email protected] CHAIRMAN'S STATEMENT Summary Alumasc's profits before tax from continuing operations were £2.9 million in the6 months to 31 December 2005. As the Board anticipated in its statements ofNovember and December 2005, these profits fell short of the £3.7 million earnedin the same period of the prior year, due to lower profits from the group'sEngineering activities. Profits from the group's Building Products activities,which contributed two-thirds to the previous year's total, were slightly aheadof the previous year. The closure of Copal Casting, following extensive but unsuccessful efforts tofind a buyer, commenced on 18 November 2005 and is now virtually complete. Thishas been a costly exercise but is consistent with the Board's strategy to focusthe group on its core premium building and engineering activities, whereknow-how and service are recognised and valued by the market. The publishedprofit before tax of £2.9 million in the period excludes trading losses andredundancy costs at Copal, which totalled £1.4 million, as forecast in November. Earnings per share from continuing activities reduced from 7.1p to 5.9p.TheBoard has declared an unchanged interim dividend of 3.0p per share, reflectingits confidence in the prospects for the second half-year . In January 2006, Alumasc was reclassified by FTSE from "Engineering andMachinery" to "Construction and Materials", reflecting the growth achieved byour Building Products activities in recent years. Operations Our Building Products activities moved strongly ahead in the six months, growingturnover by £4.0 million (18.5%) to £25.9 million. Margins were somewhat lowerin the period due to project start-up costs and further investment in sales andmarketing, in contrast to some corresponding benefits in the prior year.However, it is encouraging to see growth against the background of the UKconstruction market, which declined in 2005 after 11 years of unbrokenexpansion. Profits increased by 5% to £2.5 million. The group's continuing Precision Engineering activities made considerableprogress in securing new work to replace the business which ceased on the demiseof Rover in April 2005. There was, in addition, a high level of new workreplacing old with existing customers. These factors in combination resulted inturnover of £12.8 million, 8% below the previous year, together with highercosts associated with the introduction of so many new products. Energy costswere £0.2 million higher in the period. Profits of £0.6 million in the periodwere £0.7 million lower as a result. Our Industrial Products activities earned profits of £0.1 million (2004:£0.7million). Rising metal prices boosted turnover at Brock Metals, disguising weakdemand from UK customers, while low demand from UK brewers similarly affectedAlumasc Dispense. Both Brock and Alumasc Dispense have new projects in hand andhave taken actions to improve performance in the second half. In December 2005, the group achieved a rolling key objective of no days beinglost during the month through injury to employees. I believe this reflects theemphasis placed on best practice towards health and safety throughout the group. Financial The group's net borrowings rose from £3.3 million at 30 June 2005 to £4.8million at 31 December 2005 (2004: £3.4 million), in line with our normal working capital cycle. The property previously occupied by GE Bissell & Co Ltd, whose business was soldin January 2005, was disposed of in December 2005 for £0.8 million, resulting ina gain of £0.2 million. International Financial Reporting Standards have been used for the first time inpreparing the December 2005 statements and prior year figures have been restatedon a similar basis. The principal change follows the inclusion of our definedbenefit pension schemes deficit as a long-term liability of the group, with acorresponding reduction in Capital and Reserves. Details of the impact of allIFRS adjustments on the prior year are set out in Note 9 to the Accounts. Prospects In recent years, the group's second half has consistently outperformed the firsthalf for reasons principally associated with seasonal factors, including theincidence of holidays in our markets. The Board has stated that it expects thisbias in favour of the second half to continue, indeed to increase in the currentyear. Progress with new projects and the level of order books in thosebusinesses where we enjoy the benefit of forward vision lead the Board to expectan improving performance in each of our business areas in the second half-year. John McCall Chairman 9 February 2006 Unaudited Consolidated Income Statementfor the half year ended 31 December 2005 Half year Half year Year ended 31 December 31 December 30 June 2005 2004 2005 As restated As restated Notes £000 £000 £000Continuing operationsRevenue 2 59,380 54,333 114,869Cost of sales (44,898) (39,919) (83,642) ---------- ----------- ----------Gross profit 14,482 14,414 31,227Net operating expenses (11,196) (9,990) (21,958) ---------- ----------- ----------Trading profit 2 3,286 4,424 9,269Profit on fixed asset disposals 242 - - ---------- ----------- ----------Operating profit 3,528 4,424 9,269Finance revenue 17 21 24Finance costs (252) (181) (419)Other finance expense - pensions (398) (601) (1,201)Share of operating profit in associates 2 30 30 24 ---------- ----------- ----------Profit before taxation 2,925 3,693 7,697Income tax expense 4 (844) (1,219) (2,586) ---------- ----------- ----------Profit for the period from continuing operations 2,081 2,474 5,111 Discontinued operationsLoss for the period from discontinued operations (1,103) (1,154) (2,946) ---------- ----------- ----------Profit for the period attributable to parent company equity holders 978 1,320 2,165 ---------- ----------- ----------Basic earnings/(loss) per share - continuing operations 5.9p 7.1p 14.6p - discontinued operations (3.1p) (3.3p) (8.4p) ---------- ----------- ---------- 5 2.8p 3.8p 6.2p ---------- ----------- ----------Diluted earnings/(loss) per share - continuing operations 5.8p 7.1p 14.5p - discontinued operations (3.1p) (3.3p) (8.3p) ---------- ----------- ---------- 5 2.7p 3.8p 6.2p ---------- ----------- ---------- Unaudited Consolidated Statement of Recognised Income and Expensefor the half year to 31 December 2005 Half year Half year Year ended 31 December 31 December 30 June 2005 2004 2005 As restated As restated £000 £000 £000Income and expense recognised directly in equityActuarial gain /(loss) on defined benefit pensions (3,249) 481 961Movement in cash flow hedging position 527 - -Tax on items taken directly to or transferred from equity 727 (144) (288) ------- ----------- ----------Net income / (expense) recognised directly in equity for the period (1,995) 337 673 ------- ----------- ----------Adoption of IAS 32 and 39 (148) - -Profit for the year 978 1,320 2,165 ------- ----------- ----------Total recognised income/(expense) for the yearattributable to parent companyequity shareholders (1,165) 1,657 2,838 ------- ----------- ---------- Unaudited Consolidated Balance Sheetat 31 December 2005 31 December 31 December 30 June 2005 2004 2005 Notes As restated As restated £000 £000 £000AssetsNon-current assetsProperty, plant and equipment 27,029 25,898 25,780Goodwill 5,558 5,352 5,556Other intangible assets 332 346 319Investments in associates 280 278 250Other investments 17 237 237Deferred tax assets 9,600 9,032 8,873 --------- ---------- --------- 42,816 41,143 41,015Current assetsInventories 13,371 12,835 12,248Trade and other receivables 25,037 24,807 30,209Derivative financial assets 564 - - --------- ---------- --------- 38,972 37,642 42,457 --------- ---------- ---------Total assets 81,788 78,785 83,472 --------- ---------- ---------LiabilitiesNon-current liabilitiesInterest bearing loans and borrowings (288) (1,143) (722)Employee benefits payable (29,329) (27,928) (27,325)Provisions (1,342) (778) (1,383)Deferred tax liabilities (1,236) (862) (1,051) --------- ---------- --------- (32,195) (30,711) (30,481)Current liabilitiesBank overdraft (3,694) (1,487) (1,780)Interest bearing loans andborrowings (855) (808) (831)Employee benefits payable (2,671) (2,179) (2,252)Trade and other payables (24,261) (22,233) (26,422)Income tax payable (257) (807) (704)Derivative financial liabilities (37) - - --------- ---------- --------- (31,775) (27,514) (31,989) --------- ---------- ---------Total liabilities (63,970) (58,225) (62,470) --------- ---------- --------- --------- ---------- ---------Net assets 17,818 20,560 21,002 --------- ---------- --------- EquityCalled up share capital 4,411 4,383 4,409Share premium 27,406 27,156 27,387Other reserve 1,551 1,727 1,551Capital redemption reserve 693 693 693Capital reserve - own shares (134) (247) (165)Hedging reserve 527 - -Retained earnings (16,664) (13,180) (12,901) -------- ---------- ---------Equity attributable to equityholders of the parent 17,790 20,532 20,974Minority interest 28 28 28 -------- ---------- ---------Total equity 8 17,818 20,560 21,002 -------- ---------- --------- Unaudited Consolidated Cash Flow Statementfor the half year ended 31 December 2005 Half year Half year Year 31 December 31 December 30 June 2005 2004 2005 As restated As restated £000 £000 £000Operating activities Operating profit 3,528 4,424 9,269Adjustments for:Loss before taxation fromdiscontinued operations (1,441) (1,573) (4,063)Depreciation 1,620 1,836 3,655Impairments of fixed assets - 466 1,040Gain on disposal of plant and equipment (244) (8) (14)Gain on sale of investments (79) - -Increase in inventories (1,347) (1,294) (245)Decrease/(increase) in receivables 5,021 3,299 (4,518)(Decrease)/increase in trade and other payables (2,550) (3,057) 1,088Other items (754) 371 12 ---------- --------- --------Cash generated from operations 3,754 4,464 6,224Tax paid (768) (1,252) (2,082)Return of capital from associate - - 52 ---------- --------- --------Net cash inflow from operatingactivities 2,986 3,212 4,194 ---------- --------- -------- Investing activities Purchase of property, plant and equipment (3,302) (1,405) (3,709)Proceeds from sale of property, plant and equipment 789 32 2,043Acquisition of subsidiaryundertakings net of cash acquired (52) (6,486) (6,490)Proceeds from sale of business activities 225 - 449Proceeds from sale of investments 280 - - ---------- -------- --------Net cash outflow from investingactivities (2,060) (7,859) (7,707) ---------- -------- -------- Financing activities Net interest paid (235) (160) (395)Equity dividends paid (2,216) (2,197) (3,248)Repayment of amounts borrowed (410) (386) (784)Proceeds from issue of sharecapital 21 278 535 ---------- --------- --------Net cash outflow from financingactivities (2,840) (2,465) (3,892) ---------- --------- -------- Net decrease in cash and cash equivalents (1,914) (7,112) (7,405) ---------- --------- -------- ---------- --------- -------- Cash and cash equivalents at beginning ofperiod (1,780) 5,625 5,625 ---------- --------- --------Cash and cash equivalents at end of period (3,694) (1,487) (1,780) ---------- --------- -------- Notes on the Unaudited Accountsfor the half year to 31 December 2005 1. Basis of preparation The interim report for the six months ended 31 December 2005 has been preparedunder the Group's anticipated International Financial Reporting Standards("IFRS") accounting policies for the year ending 30 June 2006. It includescomparative figures for the financial year ended 30 June 2005 which are not thecompany's statutory accounts for that financial year. Those accounts, which wereprepared under UK GAAP, have been reported on by the company's auditors anddelivered to the Registrar of Companies. The report of the auditors wasunqualified and did not contain statements under section 237(2) or (3) of theCompanies Act 1985. Comparative figures for the year ended 30 June 2005 have been extracted from arestatement of the financial information taken from the company's statutoryaccounts for that financial year, on which the auditors have issued to thecompany a special purpose report. The Group has adopted all existing relevant IFRS with the exception of IAS 34,Interim Financial Reporting, which is not mandatory for UK groups. As permittedby IFRS 1 (first time adoption of International Financial Reporting Standards),the provisions of IAS 32 and IAS 39 have not been applied to the comparativeperiods and are applied from 1 July 2005. Whilst the Group expects to useconsistent accounting policies for the preparation of the results for the yearending 30 June 2006, there is the possibility that accounting policies may haveto be updated in order to reflect new standards and interpretations available atthat time. Copies of the reconciliation statements and of the Group's IFRS accountingpolicies, along with further information on the transition to IFRS, areavailable on the website, www.alumasc.co.uk. This information can also beobtained by writing to the Company Secretary. To assist shareholders inunderstanding the impact of IFRS, note 9 provides a summary overview of theadjustments from the previously published UK GAAP statements at 30 June 2005. The disclosures of continuing operations and discontinued operations forcomparative periods have been restated in these interim financial statements toreflect all operations treated as discontinued at 31 December 2005. The interim financial statements for the half year ended 31 December 2005 arenot statutory accounts; they have been neither audited nor reviewed by theGroup's auditors. 2. Analysis of revenue and trading profit including associates Restated Half year Half year 31 December 2005 31 December 2004 Total Continuing activities Total Continuing activities Revenue Profit Revenue Profit Revenue Profit Revenue Profit £000 £000 £000 £000 £000 £000 £000 £000 BuildingProducts 25,898 2,541 25,898 2,541 21,853 2,428 21,853 2,428 Engineering Products - Precision Components 14,163 (796) 12,783 645 16,410 1,131 13,821 1,357 - Industrial Products 20,699 130 20,699 130 20,015 451 18,659 669 ------- ------ ------- ------- -------- ------ -------- ------ 60,760 1,875 59,380 3,316 58,278 4,010 54,333 4,454 ------- ------ ------- ------- -------- ------ -------- ------ 3. Activities discontinued Discontinued activities in the period comprise the closure of Copal Castings, agravity aluminium diecasting manufacturer. The loss on closure comprisesredundancy and other closure costs. Discontinued activities in the prior yearalso include G E Bissell & Co., a manufacturer and supplier of spring pins anddisc springs, sold on 14 January 2005. The results of the discontinued operations that have been included in theconsolidated income statement are as follows: Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Revenue 1,380 3,945 6,728Cost of sales (1,995) (3,561) (6,244) ----------- ---------- --------Gross profit (615) 384 484Net operating expenses (826) (828) (3,723) ----------- ---------- --------Operating loss (1,441) (444) (3,239)Loss on sale - (1,129) (824) ----------- ---------- --------Loss before tax (1,441) (1,573) (4,063)Income tax expense 338 419 1,117 ----------- ---------- --------Loss after taxation (1,103) (1,154) (2,946) ----------- ---------- -------- The net cash flows attributable to discontinued operations are as follows: Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Operating cash flows (1,193) (143) (1,989)Investing cash flows (10) (234) (288) ----------- ---------- --------Net cash outflow (1,203) (377) (2,277) ----------- ---------- -------- 4. Taxation Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Current tax - UK Corporation Tax - continuing operations 735 974 2,365 - discontinued operations (415) (364) (1,117) ---------- ---------- -------- 320 610 1,248Deferred tax - continuingoperations 109 245 221 - discontinued operations 77 (55) - ---------- ---------- -------- 186 190 221 ---------- ---------- --------Tax charge in the incomestatement 506 800 1,469 ---------- ---------- -------- The tax charge in the income statement is disclosed as follows: Income tax expense oncontinuing operations 844 1,219 2,586Income tax credit ondiscontinued operations (338) (419) (1,117) ---------- ---------- -------- 506 800 1,469 ---------- ---------- -------- 5. Earnings per share Basic earnings per share is calculated by dividing the net profit for the periodattributable to ordinary equity shareholders of the parent by the weightedaverage number of ordinary shares in issue during the year. Diluted earnings per share is calculated by dividing the net profit attributableto ordinary equity shareholders of the parent by the weighted average number ofordinary shares in issue during the year, after allowing for the exercise ofoutstanding share options. The following sets out the income and share data used in the basic and dilutedearnings per share calculations: Half year Half year Year 31 December 31 December 30 June 2005 2005 2004 £000 £000 £000 Net profit attributableto equity holders of theparent - continuingoperations 2,081 2,474 5,111Loss attributable toequity holders of theparent - discontinuedoperations (1,103) (1,154) (2,946) ----------- ---------- --------Net profit attributableto equity holders of theparent 978 1,320 2,165 ----------- ---------- -------- 000s 000s 000s Basic weighted averagenumber of shares 35,483 34,924 35,040Dilutive potentialordinary shares -employee share options 140 170 146 ----------- ---------- --------Diluted weighted averagenumber of shares 35,623 35,094 35,186 ----------- ---------- -------- 6. Dividends The directors approved an interim dividend per share of 3.0p (2004: 3.0p) afterthe balance sheet date which will be paid on 6 April 2006 to shareholders on theregister at the close of business on 10 March 2006. In accordance with IFRSaccounting requirements, the dividend has not been accrued in the interimconsolidated financial statements. 7. Reconciliation of net cash flow to movement in net (debt)/ cash Half year Half year Year 31 December 31 December 30 June 2005 2004 2005 As restated As restated £000 £000 £000 Decrease in cash in the period (1,914) (7,112) (7,405)Repayment of net debt 410 386 784 ---------- --------- --------Change in net debt from cashflows in the period (1,504) (6,726) (6,621)Net (debt)/cash and cashequivalents at start of period (3,333) 3,288 3,288 ---------- --------- --------Net (debt)/cash and cashequivalents at end of period (4,837) (3,438) (3,333) ---------- --------- -------- 8. Reconciliation of Changes in Equity Capital Capital Share Share Other redemption reserve Hedging Retained Minority Total capital premium reserve reserve own shares reserve earnings interests equity £000 £000 £000 £000 £000 £000 £000 £000 £000 As at 1 July2005 -previouslystated 4,409 27,387 1,551 693 (165) - (12,901) 28 21,002Adoption ofIAS 32 and IAS39 148 148 ------- ------- ------- ------- ------- ------- ------- ------- -------As at 1 July2005 -restated 4,409 27,387 1,551 693 (165) - (12,753) 28 21,150Shares issued 2 19 21Vesting of ownshares 31 31Net gains/(losses) oncash flowhedges 527 (148) 379Actuarialgain/(loss) ondefinedbenefitpensions netof tax (2,522) (2,522)Dividends (2,219) (2,219)Profit for theperiod 978 978 ------- ------- ------- ------- ------- ------- ------- ------- -------As at 31December 2005 4,411 27,406 1,551 693 (134) 527 (16,664) 28 17,818 ------- ------- ------- ------- ------- ------- ------- ------- -------As at 1 July2004 4,352 26,909 1,727 693 (164) - (12,654) 28 20,891Shares issued 31 247 278Increase incapitalreserve - ownshares (83) (83)Actuarialgain/(loss) ondefinedbenefitpensions netof tax 337 337Dividends (2,200) (2,200)Profit for theperiod 1,320 1,320Share basedpayments 17 17 ------- ------- ------- ------- ------- ------- ------- ------- -------As at 31December 2004 4,383 27,156 1,727 693 (247) - (13,180) 28 20,560 ------- ------- ------- ------- ------- ------- ------- ------- ------- As at 1 July2004 4,352 26,909 1,727 693 (164) - (12,654) 28 20,891Shares issued 57 478 535Excessdepreciationon revaluedassets (150) 150 -Released ondisposal ofproperty (26) 26 -Vesting of ownshares 82 (82) -Increase incapitalreserve - ownshares (83) (83)Actuarialgain/ (loss)on definedbenefit 673 673pensions netof taxDividends (3,248) (3,248)Profit for theperiod 2,165 2,165Share basedpayments 69 69 ------- ------- ------- ------- ------- ------- ------- ------- -------As at 30 June2005 4,409 27,387 1,551 693 (165) - (12,901) 28 21,002 ------- ------- ------- ------- ------- ------- ------- ------- ------- 9. Restatement of financial statements at 30 June 2005 The published accounts contain comparative figures restated from those publishedlast year to reflect the adoption of IFRS. Full details of the changes areavailable on the Group's website (www.alumasc.co.uk) or from the CompanySecretary at the Registered Office. The following sets out a summary of thechanges made: Analysis of IFRS adjustments to the Consolidated Income Statement for the yearended 30 June 2005 Discontinued UK GAAP Reclass- Other activity in IFRS Pension Recycled ification adjustments re- As format Goodwill costs goodwill of tax (net) IFRS statement published £000 £000 £000 £000 £000 £000 £000 £000 £000 Notes (i) (ii) (iii) (iv) (v)Continuing operationsRevenue 120,103 120,103 (5,234) 114,869Cost of sales (88,924) 286 (43) (88,681) 5,039 (83,642) ------- ------- ------- ------- --------- -------- ------- -------- --------Gross profit 31,179 - 286 - (43) 31,422 (195) 31,227Selling anddistributioncosts (10,828) 91 (10,737) 122 (10,615)Administrativeexpenses (14,280) 328 (55) (14,007) 2,664 (11,343) ------- ------- ------- ------- --------- -------- ------- -------- --------Operatingprofit beforegoodwill 6,071 - 705 - (98) 6,678 2,591 9,269amortisationGoodwillamortisation (256) 256 - - - ------- ------- ------- ------- --------- -------- ------- -------- --------Operatingprofit 5,815 256 705 - (98) 6,678 2,591 9,269 Finance revenue 24 24 - 24Finance costs (419) (1,201) (1,620) - (1,620) ------- ------- ------- ------- --------- -------- ------- -------- --------Share of posttax profit in 55 (31) 24 - 24associates ------- ------- ------- ------- --------- -------- ------- -------- --------Profit beforetaxation 5,475 256 (496) - (31) (98) 5,106 2,591 7,697Taxation (1,470) (30) (368) (1,868) (718) (2,586) ------- ------- ------- ------- --------- -------- ------- -------- --------Profit for theyear from 4,005 256 (526) - (399) (98) 3,238 1,873 5,111continuing operations Discontinued operationsLoss for theyear from (4,732) 3,260 399 (1,073) (1,873) (2,946)discontinued operations ------- ------- ------- ------- --------- -------- ------- -------- --------(Loss)/ profitfor the year (727) 256 (526) 3,260 - (98) 2,165 - 2,165 ------- ------- ------- ------- --------- -------- ------- -------- -------- Notes (i) Elimination of goodwill amortisation charge (IFRS 3)(ii) Additional pension charge arising from the replacement of UK GAAP charge based on SSAP 24, with a charge based on IAS 19.(iii) Elimination of the goodwill relating to the Bissell business sold in January 2005 previously written off and recycled under UK GAAP (No balance sheet impact).(iv) Reclassification of tax credits and charges to restate share of post tax profits in associates and the loss on sale of Bissell net of tax.(v) Restatement of Copal's result as a discontinued activity Analysis of IFRS adjustments to the Consolidated Balance Sheet at 30 June 2005 UK GAAP Software (in IFRS Pension Other cost format) Goodwill costs Dividends adjustments reclassified IFRS £000 £000 £000 £000 £000 £000 £000 Notes (i) (ii) (iii) (iv) (v)AssetsNon-current assetsProperty, plant andequipment 26,138 (39) (319) 25,780Goodwill 5,324 256 (24) 5,556Other intangibleassets 319 319Investments 487 487Deferred tax assets 8,873 8,873 -------- --------- ------- ------- -------- -------- -------- 31,949 256 8,873 - (63) - 41,015 -------- --------- ------- ------- -------- -------- --------Current assets 42,457 42,457 -------- --------- ------- ------- -------- -------- --------Total assets 74,406 256 8,873 - (63) - 83,472 -------- --------- ------- ------- -------- -------- -------- LiabilitiesNon-current liabilitiesInterest bearing loansand borrowings (722) (722)Employee benefitspayable - (27,325) (27,325)Provisions & deferred tax liabilities (2,434) (2,434) -------- --------- ------- ------- -------- -------- -------- (3,156) - (27,325) - - - (30,481) -------- --------- ------- ------- -------- -------- --------Current liabilitiesBank overdraft (1,780) (1,780)Interest bearing loansand borrowings (831) (831)Employee benefitspayable (230) (2,022) (2,252)Trade andother payables (28,503) 2,219 (138) (26,422)Income tax payable (704) (704) -------- --------- ------- ------- -------- -------- -------- (32,048) - (2,022) 2,219 (138) - (31,989) -------- --------- ------- ------- -------- -------- --------Total liabilities (35,204) (29,347) 2,219 (138) - (62,470) -------- --------- ------- ------- -------- -------- --------Net assets 39,202 256 (20,474) 2,219 (201) - 21,002 -------- --------- ------- ------- -------- -------- -------- Equity Group shareholders' equity 39,174 256 (20,474) 2,219 (201) 20,974Minority interest 28 28 -------- --------- -------- ------- -------- -------- --------Total equity 39,202 256 (20,474) 2,219 (201) - 21,002 -------- --------- -------- ------- -------- -------- -------- Notes (i) Elimination of goodwill amortisation charged in the year to 30 June 2005 (IFRS 3) (ii) Pension fund deficit recognised (IAS 19) Deferred tax asset arising on the recognition of the pension fund deficit (iii) Elimination of provision for proposed dividends not approved by shareholders until after the year end (IAS 10) (iv) Other adjustments (v) Reclassification of IT software to other intangible assets (IAS 38) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Alumasc Group