26th Mar 2007 07:02
Barr(A.G.) PLC26 March 2007 For Immediate Release 26th March 2007 A.G.BARR p.l.c. PRELIMINARY RESULTS FOR THE YEAR ENDED 27th JANUARY 2007 A.G.BARR p.l.c. the soft drinks group announces its preliminary results today for the 12 months to 27th January 2007. Key Points • Profit on ordinary activities before tax and exceptional items increased by 6.7% to £19.1 million (2006 - £17.9 million). • Turnover increased by 10.2% to £141.9 million (2006 £128.8 million). • An increased final dividend of 24.75p per share to give a total dividend for the year of 35.00p per share, an increase of 10.2% over the previous year. • The Strathmore water business was acquired on 1st June and fully integrated into the Barr business. • The IRN-BRU brand increased both revenue and market share. • Strong performance from still drinks portfolio. • Cash flow remaining strong despite capital programme and Strathmore integration with £19 million cash at bank. • Scottish supply chain restructuring programme fully operational; site consolidation completed and Head Office relocated to Cumbernauld. Commenting on the results Chairman, Robin Barr, said: "I am delighted with the progress the business has made over the last year. Theinvestment in improving our assets and developing our brand portfoliodemonstrates our continued confidence in the long-term potential of A.G.Barr". Commenting Roger White, Chief Executive said: "This has been a challenging but ultimately successful year. We have delivered a strong financial performance at the same time as makingsignificant improvements to the operational base of the business. In the secondhalf of the year we also successfully completed the integration of theStrathmore business. We are now focused on delivering the financial benefits of all our investments. Sales in the first seven weeks are 13% ahead, on a like for like basis,reflecting changes in promotional phasing - underlying sales remain in-line withexpectations". For more information, please contact: A.G.Barr Tel: 01236 852400 Buchanan Communications Tel: 020 7466 5000 Roger White, Chief Executive Tim Thomson / Nicola Cronk Iain Greenock, Finance Director Chairman's Statement Review of results I am pleased to report that profit on ordinary activities before taxation forthe year to January 2007 was - excluding exceptional items - £19.1m comparedwith £17.9m for the previous year. This was a very satisfactory performanceduring a year in which the excellent summer weather masked to a degree theongoing challenge of the structural changes taking place within the soft drinksmarket in the UK. In addition our company faced abnormal internal pressures bothin respect of our major infrastructure project in Scotland and the integrationof the Strathmore Water business purchased in June 2006. The exceptional items this year produced a net charge of £2.8m. They representeda £2.7m provision for the closure costs at our Atherton site during 2007/08 anda balance of £2.4m in respect of the costs related to the re-organisation of ourScottish operations - against this the disposal of property in Scotland, whichbecame redundant as part of the re-organisation project, produced a gain of£2.3m. Turnover for the year to January 2007 was £141.9m - an increase of 10.2% overthat achieved the previous year. Adjusting for the turnover of the StrathmoreWater business from the date of acquisition, the like-for-like increase was3.0%. Basic earnings per share have risen from 65.06p to 69.65p and your directors arepleased to recommend a final dividend of 24.75p per share to give a totaldividend for the year to January 2007 of 35.00p - an increase of 10.2%. People Our strong performance during a particularly challenging year was made possibleby the ongoing commitment of all our employees. On behalf of our externalshareholders I would like to take this opportunity to thank them once more - butparticularly those who were affected during the year either by the actual or theproposed future changes within our operations. Defined benefit pension schemes The result of the triennial actuarial valuation of our two defined benefitpension schemes at 1st November, 2005 was reported at the time of our half yearresults. Following receipt of the valuations the trustees consulted with membersand the board of directors and, subsequently, increased levels of funding wereintroduced for both schemes. This has resulted in adjustments to both companycontributions and the future level of benefits and contribution rates ofmembers. The total revised annual contribution from both the company and membersis calculated by the appointed actuary to achieve full funding of the schemeswithin ten years. Prospects The completion of our major infrastructure changes will leave us better placedto continue to compete successfully in the UK soft drinks market. Soft drinksremain a growth category but increasingly consumers are demanding a wider rangeof products to match their individual lifestyles. Carbonates do however remainand will continue to be a substantial part of the total market and we believethat within carbonates differentiated brands, which are appropriately marketed,will continue to achieve success. Our own development plans are designed to meetboth changing consumer demands and to ensure the continuing success of ourexisting core portfolio. Robin Barr, Chairman Chief Executive's Statement Delivering our promises Financial performance Over the past twelve months we have implemented a huge amount of plannedoperational change across our business. This change programme has stretched thebusiness in the short term but importantly it means we are now operationallybetter placed to meet future challenges in our sector. Despite this intense activity our financial performance has again made goodprogress with pre tax profit, before exceptionals, increasing by 6.7% from£17.9m to £19.1m. Our total sales grew 10.2% from £128.8m to £141.9m including £9.3m of revenuefrom the eight months of sales following the acquisition of the Strathmorebusiness in June 2006. Underlying sales increased by 3.0% during the yearreflecting the continuing strong performance of our core brands and the positiveimpact of the summer weather. We have maintained our value based strategy andincreased our average realised price per litre (PPL) across the year as aconsequence of both improved product and channel mix and a continued lower thanmarket average level of price promotion in the take home channel. Operating profit before exceptionals increased by 8.2% and as expected operatingmargin eased slightly from 13.2% to 12.9%. This reflects the addition of theStrathmore water business with its current lower operating margins. During thefirst half of the year, we achieved modest price increases which helped off setthe continued pressure on margins from rising input costs. Capital spend during 2006/07 was historically high at £14.5m reflecting thenumber and scale of investment projects undertaken over the course of the year. During the past twelve months we instigated the following operational changes: 1) The completion of the Cumbernauld selling, distribution and warehouse facility. 2) The consolidation and closure of six Scottish operating sites. 3) The purchase and commencement of installation of a new high speed can line at Cumbernauld. 4) The announcement and subsequent consultation process related to the closure of the Atherton site during financial year 2007/08. 5) Further investment and restructuring of our Mansfield manufacturing site. 6) The closure of the Bristol sales depot. 7) Completion and move into a new Head Office building at our Cumbernauld site. On 1st June 2006 we completed the purchase of the Strathmore Water business for£15m from Constellation Brands Inc. This acquisition will allow us to compete inthe high growth bottled water market from a position of increased strength.Strathmore is the 4th largest UK water brand by retail value and the leadingbrand in the on-trade and hotels/catering sector. The Strathmore integration process has now been successfully completed.Investment in the brand will begin in 2007/08 and further investments in theassociated operating infrastructure will also be made. The purchase of Strathmore and our high capital spend has naturally had animpact on cash flow during this period. However as a consequence of continuedstrong focus on cash management we exit the year with £19m of cash in the bank. Strategy The strategy we have employed for the last four years continues to be bothrelevant and appropriate to the challenges we face. Our efforts are focused on: - Core brands and markets - Portfolio development - Route to market - Partnerships - Efficient operations We try to ensure that the correct balance of time and effort is achieved betweeneach of these key areas. It remains our aim to build a business capable ofsustained, profitable long-term growth in the soft drinks market. The market The total soft drinks market has enjoyed another year of strong growth withvalue sales increased by 9.9% as measured by Nielsen. The exceptional weatherduring the early summer delivered an incremental boost to many categories andcarbonates was no exception with annual value growth of 3.0% and sales value inJune, July and August up 5.8% versus the same period in the previous year. To some extent the weather patterns masked the continued shift in consumerbehaviour. Still drinks, water and fruit juice experienced higher levels ofgrowth than that achieved by carbonates. Mainstream, non differentiated, fruitcarbonates in take home channels continued to struggle. However quality,differentiated products and strong regional brands have shown further growth. We continue to make good progress in adapting our business to match consumers'needs. Our broad range of quality, well supported and differentiated carbonatebrands has been complemented by our increasing still portfolio. During the pasttwelve months we have accelerated the increase in the proportion of stillproducts in our business. At the same time we have seen our carbonate brandscontinue to grow despite the challenging environment. Our focus on value growth is an important part of our strategy. Our PPL on corebrands has increased by 7% over the last twelve months due to a combination ofimprovements in overall product price, product mix and promotional mix. This isthe 4th year of steady PPL improvement and reflects the consistency of ourapproach. However in the coming year, depending on market conditions, weforecast there is potential to increase our promotional investment behind volumegrowth on core brands especially in take home channels. Refreshing our infrastructure During the past twelve months, we have completed the planned consolidation ofour Scottish supply chain with the opening of our £17m sales and distributionfacility at Cumbernauld and the consequential closure of six operating sites inScotland. This project was concluded during the second half of financial year2006/07 despite huge difficulties created by the main contractor going intoreceivership in May 2006 and the consequent delays to the project. The actualcompletion of our site consolidation process was in January 2007 some fourmonths later than originally planned. We are now operating from a world classfacility. The task for the coming year relates to the optimisation of the siteand delivery of the full operational cost savings which should reach theannualised sum of £2.5m during the course of the next twelve months. We relocated to our new Head Office at Cumbernauld at the end of January 2007,when the transfer of our supply chain operations was completed. This was laterthan initially planned, but I can report that, due to the significant efforts ofall those involved, the move was completed without any unforeseen disruption. During the year we also announced the closure of our Atherton site and theconsequential £6.5m investment in a new canning facility at our Cumbernauldfactory. This investment is now well on the way to completion - the can line iscurrently being commissioned and the Atherton site is planned to close in May2007. The Atherton operation has, over the past year, performed at extremelyhigh levels of overall efficiency reflecting the commitment and skills of theAtherton team, which will be missed in the future. Core brands and markets Long-term investment combined with innovation throughout our portfolio hasdelivered strong performance across our brands. Our ability to segment themarket place and consumers to a high degree has helped us grow our core brandsby providing the right brand, packs and promotional mix through the best channelto the right consumers throughout the UK. The IRN-BRU brand has again grown over the past twelve months - showing valueshare, as measured by Nielsen, up 4% nationally. Growth in England and Wales waspleasing where we improved our market share by 14%. Our IRN-BRU business in theimpulse channel grew strongly but this masked the weaker performance in multiplegrocers where the percentage of product sold on deal fell, as we promoted lessaggressively than our competitors - the performance in multiples is something weplan to address in 2007/08. IRN-BRU, however, is now on a national basis largerby volume than each of Lilt, 7up, Sprite and total Tango. The successful launch of IRN-BRU 32 into the energy drinks market took place inMarch 2006 - the first full scale IRN-BRU launch for twenty six years. Thismarket offers high growth but is competitive; the market leader holds a verystrong position. IRN-BRU 32 has sold 7m cans since launch and has maintainedstrong distribution and rate of sale throughout the year. As with all brands thedevelopment of lasting brand strength will require continued investment. Lastyear 'Derek the Cuckoo' the face of IRN-BRU 32 was used extensively in mediacampaigns across Scotland and the North of England and this will continue. Weare pleased that around 50% of all IRN-BRU 32 has been bought in England andWales, helping the total IRN-BRU brand development south of the border. Tizer performance stabilised half way through 2006 and is now set to strengthenwith the launch of "new original recipe Tizer". The new product matches consumerpreferences with great taste, real fruit juice and no artificial flavours,colours or sweeteners. The striking new packaging and strong commercial supportshould ensure that this recently underperforming brand is now well positioned toregain the growth lost over the past two years. The change in strategy for the Orangina brand from a volume to value basis hasworked well - Orangina has grown by 9% in value in the last year and listings ofkey smaller impulse packs including the glass bulby bottle have substantiallyincreased. Further investment and activity is planned during 2007/08 to ensurethat the current momentum is maintained. The acquisition of the Strathmore business has given us the opportunity to builda strong brand in the water category, a sector with high growth potential. Sincethe acquisition in June 2006 we have focused on integrating the business,improving core operational processes and the initial plans for launching thebrand into the impulse channel. This first phase is now complete and we arecommencing our brand building phase, which will deliver considerable opportunityto grow the business while maintaining our overall focus on value and sustainingprofitable long-term growth. Over the last year, our regional brand portfolio including KA, D'n'B, Red Kola,Rubicon and Barr flavours performed strongly with 9% growth - the benefit offocusing on regional strengths. These high quality, great tasting 'local' brandsout-performed many large national brands within their geographies. This gave usthe opportunity to offer customers dynamic trading packages which includedstrong selling local favourites as well as our national brands. Portfolio development It is crucial that our portfolio covers all key sectors. During the last year,we made good progress in meeting this objective. The combination of our moveinto the energy sector with IRN-BRU 32, developing our still 'good for you'portfolio and acquiring Strathmore, all highlight our efforts to broaden anddevelop our portfolio. Our still fruit drinks brands, St Clements Originals and Simply, went fromstrength to strength with sales of over £5.0m up over 60% on the previous year.With a core proposition of excellent product quality and strong packagingcommunication we have, even with minimal advertising spend, continued to deliverstrong growth. Flexibility needs to go hand in hand with innovation, especially when supplyingsoft drinks to schools. When there were changes in legislation we responded byquickly adapting our ranges. Further changes are likely and we will remainresponsive and flexible in meeting the sector's requirements. In 2007/08, we will continue to develop our portfolio. There will be furtheractivity in key growth sectors but we will maintain support to our existing corebrands. Route to market Much of our investment in capital and effort has gone into improving ourinfrastructure, capability and performance in our key routes to market. Theimpulse channel and the routes to serve this market are vital to profitablegrowth in soft drinks. Our commitment to Direct to Store Delivery (DSD)emphasised by our investment in our Scottish infrastructure project willstrengthen our service, as well as improve our efficiency, in this key channel.We have also improved our Wholesale and Cash and Carry performance withincreased management support and focus which has increased sales in this sectorover the last two years. The on-trade channel has been a weakness within our route to market strategy. Wehave started to tackle this with investment in sales resource and the portfoliodevelopments of IRN-BRU 32 and Strathmore. These give us immediate critical massin this channel where we have historically been under-represented. Following theStrathmore acquisition, our relationship with Matthew Clark the UK wholesaledrinks division of Constellation Inc, gives us a new and exciting route tomarket within the on-trade which we hope to develop further over the comingyears. Partnerships The quality and strength of our business is increased by strong long-termpartnerships. We have developed these with our key suppliers and a number ofadjacent businesses with whom we have cemented strong commercial relationships. Our relationship with Orangina International has made good progress over thelast year. The Orangina brand in the UK is now strong and performing well and,when added to the Snapple brand which we also manage for Orangina International,has improved our overall portfolio. Snapple annual sales are now in excess of£1m. Our alliance with Rubicon continues to develop to our mutual benefit. We provideoperational and route to market expertise, complementing the strong brand andproduct appeal of the Rubicon portfolio. Developing our international business relies on successful partnerships. Lastyear we signed a new six year deal with Pepsi Bottling Group, our partner inRussia. They have delivered an excellent performance, despite continued complexoperational issues in the Russian bottling system. Sales have grown by 20% andIRN-BRU is now the 10th largest carbonated brand in Moscow supermarkets. Although IRN-BRU proved a success in trials in the Polish market, our 2006launch plans were hindered by poor local execution and production issues. We arecommitted to getting the brand into distribution in Poland to meet the certaindemand that exists but we have yet to establish the winning partnership todeliver this. Further work is ongoing to meet our objectives. On a more positivenote performance in Australia is encouraging, with sales of 500,000 litres in2006/07 and strong plans to increase growth levels. Sales in Spain have alsobeen positive and finished the year up 81% following changes in our distributorbase. Interest in the brand across a number of international markets is high andour efforts are focused on establishing successful partnerships in the mostpromising markets. Strong relationships across our supply base have allowed us to successfullymanage some of the inherent purchasing risks linked to commodity pricefluctuations for several of our key input materials. In partnership with oursuppliers we will continue to look for opportunities to reduce risk. Efficient operations The continuous improvement of our operating efficiency is critical. Our capitalinvestment programme over the last year has given us the opportunity to stepchange our operational cost profile. This structural change heralded fewer butlarger and more efficient sites for manufacturing and with the consolidation ofour delivery and warehousing systems in Scotland it will provide us with theopportunity to improve service, inventory management and costs. The changes inScotland alone will see a reduction of 250,000 miles per year in primarytransport movements. Many of our actions over the last three years have involved major infrastructurechange to deliver more efficient operations. While this will continue, we arenow looking for efficiency gains from new areas. Areas of future opportunityinclude: optimising our factories through improved forecasting and inventorymanagement, reducing costs in our "back office" and improving our 'cost toserve' in our DSD operations. At a local operating level all of our teams maintain a strong focus on costcontrol and efficiency helping us to collectively make many small changes towardsignificant efficiency gains. People The scale and pace of our infrastructure improvement programme has meant thateverybody has been affected by change - whether positive or negative. The effortand commitment demonstrated across the whole company during 2006/07 wasexceptional. Without this our financial performance during such an intenseperiod of change would undoubtedly have suffered. I am grateful to everyone fortheir efforts. Many members of the team have benefited from more training and development whichwe actively encourage. We continue to increase investment in providingindividuals with the tools and techniques which they need to improve businessperformance in the future. Over the last year, we have started a BusinessLeadership Programme through which we have already placed a significant numberof our key managers. Following a successful first year of linking individualperformance to reward we are rolling out this process across a further level inthe business over the next twelve months. Change is often uncomfortable and brings increased levels of anxiety and concern- we have experienced this over the last twelve months. However, I hope that ourprinciples of giving early communication of major plans and treating allemployees with respect have gone a long way to minimise the personal impact ofany negative change. Outlook The business has performed well, despite the many challenges we have faced overthe last twelve months. As I suggested last year, 2006/07 has indeed been a tough year involvingsubstantial internal changes - we are now all the stronger for it. The improvements made to our business have been necessary to meet consumers'ever changing requirements. We will continue to develop our portfolio; ouroperating infrastructure; our route to market and our partnerships to meetfuture consumer demands. The soft drinks market remains in robust health andoffers many growth opportunities. We are well positioned to benefit from theseopportunities but we must maintain a clear strategic focus. Much of our effortin 2007/08 will be focused on delivering the improved performance associatedwith our major investments in new infrastructure, assets and brands. Roger White, Chief Executive A.G.BARR p.l.c. Consolidated Income statement for the year ended 27th January, 2007 The following are the unaudited results for the year to 27th January, 2007. TheBoard recommends the payment of a final dividend of 24.75p per share which ifapproved by the shareholders will be posted on 7th June, 2007. The totaldistribution proposed for the year amounts to 35.00p per share (2006 -31.75p) Group 2007 2006 £000 £000 Revenue 141,876 128,760Cost of sales 71,453 63,398Gross profit 70,423 65,362Net operating expenses 52,089 48,422Operating profit before exceptional 18,334 16,940items Exceptional itemsRestructuring costs 5,076 745Gain on disposal (2,315) (212) Exceptional items 2,761 533Operating profit 15,573 16,407 Finance income 1,158 1,557Finance costs (377) (583)Profit on ordinary activities 16,354 17,381before taxTax on profit on ordinary 3,163 5,128activitiesProfit attributable to equity 13,191 12,253shareholders Dividend per share paid 32.25 p 29.25 p Dividend paid (£'000) 6,077 5,628 Dividend per share proposed 24.75 p 22.00 P Dividend proposed (£'000) 4,817 4,282 Basic earnings per share 69.65 p 65.06 P Fully diluted earnings per share 68.15 p 63.87 P Record date: 4th May, 2007 Ex-div date : 2nd May, 2007 The financial information set out in this announcement does not constitutestatutory accounts. The financial information for the year ended 28th January,2006 is derived from the statutory accounts for that year which have beendelivered to the Registrar of Companies. The auditors have reported on thoseaccounts and their report was unqualified and did not contain a statement underS237 Companies Act 1985. Note on Tax on profit on ordinary activities The effective rate for the year to 27th January, 2007 of 19.3% is significantlylower than the 29.5% for the year to 28th January, 2006. This lower effectiverate in the current year has been caused by: • No tax payable on the gain on the disposal of the Scottish properties. • A prior year tax adjustment in respect of tax relief on share options exercised. A.G.BARR p.l.c. Statement of Recognised Income and Expense for the year ended 27th January, 2007 Group Company Restated Restated 2007 2006 2007 2006 £000 £000 £000 £000 Actuarial loss recognised on defined benefit (907) (2,235) (907) (2,235)pension plansTax on items taken directly to equity 366 962 366 962Net cost recognised directly in equity (541) (1,273) (541) (1,273)Profit for the period 13,191 12,253 13,057 11,913 Total recognised income and expense for 12,650 10,980 12,516 10,640the period Attributable to equity shareholders 12,650 10,980 12,516 10,640 Change in accounting policy The restatement of the 2006 figures in the SoRIE is the result of a change inaccounting policy on deferred tax on share-based payment costs £369 (2006 -£299). Previously no deferred tax was recognised through this statement forthese share-based payment costs. The change in policy is to bring the treatmentin line with general accounting practice. This has had no impact on the profit declared for the year to 28th January, 2006or the net assets reported at that date. A.G.BARR p.l.c. Balance sheets As at 27th January, 2007 Group Company Restated Restated 2007 2006 2007 2006 £000 £000 £000 £000 Non-current assetsIntangible assets 9,742 - 9,742 -Property, plant and equipment 52,278 42,335 51,402 41,434Investment in subsidiaries - - 205 205Deferred tax assets 699 747 731 768 62,719 43,082 62,080 42,407 Current assetsInventories 11,409 8,274 11,299 8,188Trade and other receivables 25,406 22,143 24,983 21,805Cash at bank 19,097 31,412 18,957 31,300Current tax - - 14 -Assets classified as held for - 937 - 937sale 55,912 62,766 55,253 62,230 Total assets 118,631 105,848 117,333 104,637 Current liabilitiesTrade and other payables 28,776 22,083 29,347 22,630Provisions 2,262 - 2,262 -Current tax 59 1,962 - 1,880 31,097 24,045 31,609 24,510 Non-current liabilitiesDeferred income 73 611 73 611Retirement benefit obligations 16,084 16,248 16,084 16,248 16,157 16,859 16,157 16,859 Capital and reservesattributable to equityshareholdersCalled up share capital 4,865 4,865 4,865 4,865Share premium account 905 905 905 905Own shares held (4,439) (4,298) (4,439) (4,298)Share options reserve 1,923 1,416 1,923 1,416Retained earnings 68,123 62,056 66,313 60,380 71,377 64,944 69,567 63,268 Total equity and liabilities 118,631 105,848 117,333 104,637 A.G.BARR p.l.c. Balance sheets As at 27th January, 2007 Changes in accounting policy Property, plant and equipment The group changed its accounting policy for assets under construction to bringthe policy into line with general practice. Previously the policy was to includeassets under construction as capital work in progress included within trade andother receivables. The cost is now included within property, plant and equipmentas assets under construction. The impact on the balance sheets has been as follows: Group and Company 2007 2006 2005 £000 £000 £000 Increase to property, plant and equipment 3,090 7,403 321 Reduction in trade and other receivables (3,090) (7,403) (321) This change in policy has had no impact on the income statement. Deferred tax The group changed its accounting policy for deferred tax to bring the policyinto line with IAS 12. Previously deferred tax assets and liabilities had beenpresented separately on the face of the balance sheet. The deferred tax assetsand liabilities are now offset when they relate to income taxes levied by thesame taxation authority and the group intends to settle its current tax assetsand liabilities on a net basis. The impact on the balance sheets has been as follows: Group Company 2007 2006 2007 2006 £000 £000 £000 £000 Decrease in deferred tax asset (5,482) (5,030) (5,450) (5,009) Decrease in deferred tax liability 5,482 5,030 5,450 5,009 This change in policy has had no impact on the income statement. A.G.BARR p.l.c. Cash Flow Statements for the year ended 27th January, 2007 Group Company 2007 2006 2007 2006 £000 £000 £000 £000 Operating activitiesProfit on ordinary activities before 16,354 17,381 16,166 16,953taxAdjustments forInterest receivable (1,158) (1,557) (1,152) (1,550)Interest payable 377 583 377 583Depreciation of property, plant and 5,654 5,756 5,381 5,486equipmentImpairment of plant 300 - 300 -Amortisation of intangible assets 160 - 160 -Share options costs 359 299 359 299Gain on sale of property, plant and (1,485) (215) (1,485) (215)equipmentGovernment grants written back (538) (8) (538) (8)Operating cash flows before movements in 20,023 22,239 19,568 21,548working capital (Increase) / decrease in inventories (1,727) 898 (1,703) 881Increase in receivables (1,893) (1,473) (1,807) (1,585)Increase in payables 6,212 255 6,236 890Decrease in retirement benefit (1,071) (3,031) (1,071) (3,031)obligationsCash generated by operations 21,544 18,888 21,223 18,703 Tax on profit paid (4,786) (4,876) (4,734) (4,856) Net cash from operating activities 16,758 14,012 16,489 13,847 Investing activitiesAcquisition of Strathmore (15,537) - (15,537) -Proceeds on sale of property, plant 6,760 514 6,722 470and equipmentPurchase of property, plant and (14,501) (12,029) (14,216) (11,763)equipmentInterest received 1,158 1,557 1,152 1,550Interest paid (377) (583) (377) (583)Net cash used in investing activities (22,497) (10,541) (22,256) (10,326) Financing activitiesPurchase of own shares (1,052) (3,149) (1,052) (3,149)Sale of own shares 553 1,760 553 1,760Dividends paid (6,077) (5,628) (6,077) (5,628)Net cash used in financing activities (6,576) (7,017) (6,576) (7,017) Net decrease in cash and cash (12,315) (3,546) (12,343) (3,496)equivalents Cash and cash equivalents at 31,412 34,958 31,300 34,796beginning of year Cash and cash equivalents at end of 19,097 31,412 18,957 31,300year This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barr (A.G.)