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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Andrews Sykes Group Plc | LSE:ASY | London | Ordinary Share | GB0002684552 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 587.50 | 570.00 | 605.00 | 587.50 | 587.50 | 587.50 | 3,008 | 08:00:25 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Air Heat & Condition Eq-whsl | 83.01M | 17.02M | 0.4066 | 14.45 | 245.92M |
TIDMASY
RNS Number : 0582P
Andrews Sykes Group PLC
27 September 2013
Andrews Sykes Group plc
Interim financial statements 2013
Summary of results
for the six months ended 30 June 2013
(Unaudited) 6 months ended 6 months 30 June 2013 ended 30 June 2012* GBP000 GBP000 Revenue from continuing operations 29,774 28,570 EBITDA** from continuing operations 8,383 8,235 Operating profit 6,427 6,396 Profit for the financial period 5,208 4,894 Basic earnings per share (pence) 12.32p 11.57p Dividends declared per equity share (pence) 8.90p 0.00p Net funds 20,674 12,642 * Restated following the implementation of IAS 19 (revised), see note 2.
** Earnings before interest, taxation, depreciation, profit on the sale of property, plant and equipment, amortisation and non-recurring items.
For further information please contact:
Andrews Sykes Group plc Kevin Ford +44 (0) 1902 328700 Altium (Nominated adviser) Paul Lines +44 (0) 845 505 Adam Sivner 4343 Arden Partners plc (Broker) +44 (0) 20 7614 Adrian Trimmings 5920
Chairman's statement
Overview
The group's revenue for the six months ended 30 June 2013 was GBP29.8 million, an increase of GBP1.2 million (4.2%) compared with last half year's figure of GBP28.6 million. Operating profit increased very slightly to GBP6.4 million for the period under review, the positive impact from the increase in revenue being largely offset by a combination of a change in mix across our business sectors and start-up costs. However, the first half of 2012 benefited from a significant one-off contract for the supply of equipment in connection with the Olympic Games. The group continues to demonstrate its ability to return a satisfactory result, achieving an operating profit this period at approximately the same level as last in the face of both unfavourable weather and economic trading conditions.
The group continues to generate strong cash flows, net cash inflow from operating activities being GBP6.0 million in the six months ended 30 June 2013 compared with GBP4.6 million in the same period in 2012. As at 30 June 2013 the group had net funds of GBP20.7 million, an increase of GBP5.1 million compared with 31 December 2012 and an increase of over GBP8.0 million compared with the position as at 30 June 2012. Taking all these factors into account, on 18 June 2013 the Board declared an interim dividend of 8.9 pence per ordinary share which resulted in a payment to shareholders of GBP3.8 million on 24 July 2013.
Management continue to be mindful of the need to maintain the operational structure of the business and the group has invested GBP2.5 million on new hire fleet assets, plant and equipment in the six months under review. In addition we have continued our policy of pursuing organic growth within our market sectors and the associated overhead start-up costs have been expensed as incurred. Continuing investment in both our existing businesses and the ongoing development of new operations and income streams will ensure that we remain in a strong position and will safeguard profitability into the future.
Operations review
Our main hire and sales business in the UK again faced a number of challenges and opportunities during the first half of 2013. The improvements in the pumping business reported in last year's annual report continued into the current period and made a significant contribution to the results for the first half year. Non-weather dependent contracts continue to be sought and investment will continue to be made into this core business. Our heating division also performed well with revenue being slightly ahead of last year mainly due to the colder weather at the beginning of the year continuing longer this period than last. However, the early summer weather was very poor and conditions remained un-seasonably cold until the middle of June when the warmer weather finally arrived. Overall the operating profit of our main UK business was approximately GBP0.1 million better than the first half last year.
Our subsidiary in the Netherlands had a difficult first half of the year also being adversely affected by the late arrival of the warmer summer weather in the middle of June; this had an almost direct impact on operating profit which ended GBP0.4 million lower than the same period in 2012. Our Belgian subsidiary continued to trade successfully.
In June 2011 we opened a new operation in Italy, Nolo Climat, and following additional investment in both staff and hire fleet in the first half of 2013, we remain optimistic for further growth in this business in the future.
In December 2012 we opened a new subsidiary in France that commenced trading in January 2013. We are also currently establishing another new subsidiary in the French-speaking region of Switzerland to become fully operational by the end of 2013.
Our UK air conditioning installation business benefited last year from the one-off contract for the supply of equipment for the Olympic Games. This year, despite the poor start to the season and lacking the Olympics contract, we have produced a result very close to last year's.
Khansaheb Sykes, our long established business based in the UAE, continued to benefit from improved market conditions in the region. Both of its main trading locations in Dubai and Abu Dhabi produced strong results in the first half of the year from its traditional dewatering, sewage and general pump hire activities. Overall revenue and operating profit increased in the first half of 2013 compared with the same period in 2012.
Profit for the financial period and earnings per share
Profit before tax was very slightly ahead of the first half of 2012 at GBP6.7 million.
The tax charge reduced by GBP0.3 million from GBP1.8 million* last half year to GBP1.5 million in the six months ended 30 June 2013. The group's effective tax rate fell from 26.3% to 22.0% mainly due to (i) a 1.25% reduction in the UK annualised corporation tax rate to 23.25% and (ii) an increase in the proportion of profits earned in lower tax rate overseas countries in the first half of 2013. A reconciliation of the theoretical corporation tax charge based on the accounts profits multiplied by 23.25% and the actual tax charge is given in note 4 of these interim accounts.
The profit for the financial period increased by GBP0.3 million from GBP4.9 million* in the first half of 2012 to GBP5.2 million in the current period. Basic earnings per share increased by 6.5% from 11.57 pence* to 12.32 pence reflecting both the above increase in profit and the group's share buyback programme in earlier years. No shares have been purchased for cancellation in the current half year.
Dividends
On 18 June 2013 the Board declared an interim dividend of GBP3.8 million, equal to 8.9 pence per ordinary share, and this was paid to shareholders on the register as at 28 June 2013 on 24 July 2013. This interim dividend has been charged against reserves during the six months ended 30 June 2013 and included on the balance sheet as a current liability as at 30 June 2013.
The Board continues to adopt the policy of returning value to shareholders whenever possible and accordingly the decision regarding a further interim dividend will be taken later in the year in the light of profitability and cash resources.
Renewal of bank loan facilities
As advised in the 2012 Annual Report and Financial Statements, a new bank loan of GBP8 million was taken out on 30 April 2013 which was used to finance the repayment of the previous loan on the same day. The group is currently in compliance with the loan covenants and forecasts indicate that this will continue to be the case for the foreseeable future. Accordingly the loan has been split between current and non-current liabilities in accordance with the agreed repayment profile.
Outlook
Trading in the third quarter to date has been encouraging. During July and August the UK and Northern Europe saw sustained periods of warm weather conditions which benefited our air conditioning business. Both the UK pumping business and the Middle East business sector have continued to trade ahead of last year and these factors will therefore have a positive impact on the results for the second half of 2013.
However, it must be remembered that the results for 2012 had a one-off benefit of a significant contract in connection with the Olympic and Paralympic Games and therefore this will distort any comparison with 2013. In addition the weather for the final quarter of 2013 is currently an unknown factor. Overall, however, the Board is cautiously anticipating a reasonable performance for the remainder of 2013.
JG Murray Chairman 26 September 2013
* Restated due to the implementation of IAS 19 (revised), see note 2.
Consolidated income statement
for the 6 months ended 30 June 2013 (unaudited)
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2013 2012* 2012* Continuing operations GBP000 GBP000 GBP000 Revenue 29,774 28,570 58,380 Cost of sales (13,324) (12,930) (25,455) Gross profit 16,450 15,640 32,925 Distribution costs (5,256) (4,927) (10,088) Administrative expenses (4,767) (4,317) (8,616) Operating profit 6,427 6,396 14,221 EBITDA** 8,383 8,235 17,825 Depreciation and impairment losses (2,201) (2,019) (4,006) Profit on sale of plant and equipment 245 180 402 Operating profit 6,427 6,396 14,221 Income from trade investments - 265 592 Finance income 860 850 1,723 Finance costs (813) (851) (1,701) Intercompany foreign exchange gains and losses 206 (16) (81) Profit before taxation 6,680 6,644 14,754 Taxation (1,472) (1,750) (3,685) Profit for the financial period 5,208 4,894 11,069
There were no discontinued operations in any of the above periods.
Earnings per share from continuing operations
Basic and diluted (pence) 12.32p 11.57p 26.18p Dividends declared per equity share (pence) 8.90p - 7.10p * Restated due to the implementation of IAS 19 (revised), see note 2.
** Earnings before interest, taxation, depreciation, profit on the sale of property plant and equipment, amortisation and non-recurring items
Consolidated balance sheet
as at 30 June 2013 (unaudited)
30 June 30 June 31 December 2013 2012 2012 GBP000 GBP000 GBP000 Non-current assets Property, plant and equipment 15,923 14,374 15,522 Lease prepayments 54 55 55 Trade investments 164 164 164 Deferred tax asset 383 1,107 609 Retirement benefit pension surplus 2,906 632 1,809 19,430 16,332 18,159 Current assets Stocks 4,280 3,678 3,197 Trade and other receivables 14,283 14,878 15,248 Cash and cash equivalents 29,067 21,166 24,108 47,630 39,722 42,553 Current liabilities Trade and other payables (9,923) (8,791) (9,881) Ordinary dividend (3,761) - - Current tax liabilities (1,429) (1,482) (1,481) Overseas tax (denominated in Euros) (75) (88) (11) Bank loans (980) (8,000) (8,000) Obligations under finance leases (169) (129) (124) Provisions (13) (13) (13) Derivative financial instruments - (11) - (16,350) (18,514)` (19,510) Net current assets 31,280 21,208 23,043 Total assets less current liabilities 50,710 37,540 41,202 Non-current liabilities Bank loans (6,945) - - Obligations under finance leases (299) (384) (342) Provisions (15) (28) (21) (7,259) (412) (363) Net assets 43,451 37,128 40,839 Equity Called up share capital 423 423 423 Share premium 13 13 13 Retained earnings 39,763 34,060 37,825 Translation reserve 2,997 2,377 2,323 Other reserves 245 245 245 Surplus attributable to equity holders of the parent 43,441 37,118 40,829 Minority interest 10 10 10 Total equity 43,451 37,128 40,839
Consolidated cash flow statement
for the six months ended 30 June 2013 (unaudited)
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2013 2012* 2012* GBP000 GBP000 GBP000 Cash flows from operating activities Cash generated from operations 7,560 6,604 16,602 Interest paid (194) (170) (326) Net UK corporation tax paid (1,101) (1,378) (2,543) Net withholding tax paid - (76) (140) Overseas tax paid (284) (380) (825) Net cash inflow from operating activities 5,981 4,600 12,768 Investing activities Dividends received from trade investments - 265 592 Sale of plant and equipment 431 252 559 Purchase of property, plant and equipment (2,096) (1,902) (4,715) Interest received 111 90 193 Net cash outflow from investing activities (1,554) (1,295) (3,371) Financing activities Loan repayments (8,000) (6,000) (6,000) New loans raised 8,000 - - Finance lease capital repayments (102) (84) (132) Equity dividends paid - - (3,001) Purchase of own shares - (826) (825) Net cash outflow from financing activities (102) (6,910) (9,958) Net increase/(decrease) in cash and cash equivalents 4,325 (3,605) (561) Cash and cash equivalents at beginning of period 24,108 24,986 24,986 Effect of foreign exchange rate changes 634 (215) (317) Cash and cash equivalents at end of period 29,067 21,166 24,108 Reconciliation of net cash flow to movement in net funds in the period Net increase/(decrease) in cash and cash equivalents 4,325 (3,605) (561) Cash outflow from the decrease in debt 102 6,084 6,132 Non-cash movements re new finance leases (104) - - Non-cash movements in the fair value of derivative instruments - 13 23 Non-cash movements re loan finance costs 75 - - Increase in net funds during the period 4,398 2,492 5,594 Opening net funds at the beginning of period 15,642 10,365 10,365 Effect of foreign exchange rate changes 634 (215) (317) Closing net funds at end of period 20,674 12,642 15,642
Consolidated statement of comprehensive total income (CSOCTI)
for the six months ended 30 June 2013 (unaudited)
6 months 6 months 12 months ended ended ended 30 June 30 June 31 December 2013 2012* 2012* GBP000 GBP000 GBP000 Profit for the financial period 5,208 4,894 11,069 Other comprehensive income Currency translation differences on foreign currency net investments 674 (281) (335) Defined benefit plan actuarial gains and losses 638 (1,409) (667) Deferred tax on other comprehensive income (147) 355 204 Other comprehensive income/(charges) for the period net of tax 1,165 (1,335) (798) Total comprehensive income for the period 6,373 3,559 10,271 * Restated due to the implementation of IAS 19 (revised), see note 2.
Notes to the consolidated interim financial statements
for the six months ended 30 June 2013
1 General information
Basis of preparation
These interim financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2012 does not constitute the group's statutory accounts for 2012 as defined in Section 434 of the Companies Act 2006. Statutory accounts for 2012 have been delivered to the Registrar of Companies. The Auditor's report on those accounts was unqualified and did not contain statements under Section 498(2) or (3) of the Companies Act 2006. These interim financial statements, which were approved by the Board of Directors on 26 September 2013, have not been audited or reviewed by the auditors.
The interim financial statement has been prepared using the historical cost basis of accounting except for:
(i) properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) assets held for sale which are stated at the lower of fair value less anticipated disposal costs and carrying value; and
(iii) derivative financial instruments (including embedded derivatives) which are valued at fair value.
Functional and presentational currency
The financial statements are presented in pounds Sterling because that is the functional currency of the primary economic environment in which the group operates.
2 Accounting policies
With the exception of the adoption of IAS 19 (revised), which became mandatory for periods commencing on or after 1 January 2013, these interim financial statements have been prepared on a consistent basis and in accordance with the accounting policies set out in the group's Annual Report and Financial Statements 2012.
IAS 19 (revised) had the following impact on the group's results:
-- Pension scheme administration costs and the costs of managing the plan assets have been reported as an operating expense, within administration expenses, and not as a deduction from the expected return on assets within finance income.
-- Interest income included within finance income is no longer based on the expected return from the pension scheme's assets but has been restricted to the discount rate as used to discount the pension scheme's liabilities.
The results for the prior periods have been restated on a consistent basis with the current period and the following changes have been made:
(Unaudited) 6 months 12 months ended ended 30 June 2012 31 December 2012 GBP000 GBP000 Increase in administration expenses 52 91 Decrease in interest income included within finance income 3 27 Decrease in actuarial losses recognised in the statement of comprehensive total income 55 118
In addition the tax charge in the income statement has been reduced by GBP13,000 for the 6 months ended 30 June 2012 (GBP29,000 for the 12 months ended 31 December 2012) and the tax charge in the Consolidated Statement of Comprehensive Total Income has been increased by the same amount as a result of the above changes.
2 Accounting policies (continued)
There has not been any impact on the net pension scheme surplus or the consolidated retained earnings as a result of the implementation of IAS 19 (revised). The remaining changes required by IAS 19 (revised), including the abolition of the "corridor" method of accounting for certain actuarial gains and losses and changes in the treatment of interest on service costs did not have any impact on the group's results.
3 Revenue
An analysis of the group's revenue is as follows:
6 months 6 months 12 months ended ended ended 30 June 2013 30 June 2012 31 December 2012 GBP000 GBP000 GBP000 Continuing operations Hire 24,379 21,469 47,453 Sales 3,451 4,789 6,083 Installations 1,944 2,312 4,844 Group consolidated revenue from the sale of goods and provision of services 29,774 28,570 58,380 4 Taxation 6 months 6 months 12 months ended ended ended 30 June 2013 30 June 2012* 31 December 2012* GBP000 GBP000 GBP000 Current tax UK corporation tax 1,048 1,172 2,580 Adjustments in respect of prior periods - - (245) 1,048 1,172 2,335 Overseas tax 344 444 813 Adjustments to overseas tax in respect of prior periods - 49 42 Withholding tax - 76 140 Total current tax charge 1,392 1,741 3,330 Deferred tax Deferred tax on the origination and reversal of temporary differences 80 9 162 Adjustments in respect of prior periods - - 193 Total deferred tax charge 80 9 355 Total tax charge for the financial period attributable to continuing operations 1,472 1,750 3,685
The tax charge for the financial period can be reconciled to the profit before tax per the income statement multiplied by the standard effective annualised corporation tax rate in the UK of 23.25% (June 2012 and December 2012: 24.5%) as follows:
6 months 6 months 12 months ended ended ended 30 June 2013 30 June 2012* 31 December 2012* GBP000 GBP000 GBP000 Profit before taxation from continuing and total operations 6,680 6,644 14,754 Tax at the UK effective annualised corporation tax rate of 23.25% (June 2012 and December 2012: 24.5%) 1,553 1,628 3,615 Effects of: Expenses not deductible for tax purposes 61 58 122 Movement in overseas trading losses 51 35 71 Effect of different tax rates of subsidiaries operating abroad (193) (78) (217) Withholding tax - 76 140 Non-taxable income from other participating interests - (65) (145) Effect of change in rate of corporation tax - 47 109 Adjustments to tax charge in respect of previous periods - 49 (10) Total tax charge for the financial period 1,472 1,750 3,685
The total effective tax charge for the financial period represents the best estimate of the weighted average annual effective tax rate expected for the full financial year applying tax rates that have been substantively enacted by the balance sheet date. Accordingly UK corporation tax has been provided at 23.25%; the reduction to 23% for the tax year ending 31 March 2014 having been substantially enacted on 2 July 2012. UK deferred tax has been provided at 23% being the rate substantially enacted at the balance sheet date at which the timing differences are expected to reverse.
In accordance with IAS 12 no account has been taken in these interim financial statements of the 2012 Finance Act that was substantively enacted on 2 July 2013 as this was after the balance sheet date. This Act provided for the further reduction in the rate of UK corporation tax from 23% to 21% for the tax year commencing 1 April 2014 and from 21% to 20% for the tax year commencing 1 April 2015. It is estimated that if these rate changes had been enacted by the balance sheet date it would have had the effect of reducing the deferred tax asset recognised at that date by approximately GBP30,000 and they will reduce the group's future corporation tax charge accordingly.
* Restated due to the implementation of IAS 19 (revised) see note 2.
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the weighted average number of ordinary shares in issue and the earnings as set out below. There are no discontinued operations in any period.
6 months ended 30 June 2013 Continuing Number of earnings shares GBP000 Basic earnings/weighted average number of shares 5,208 42,262,082 Basic earnings per ordinary share (pence) 12.32p 6 months ended 30 June 2012* Continuing Number of earnings shares GBP000 Basic earnings/weighted average number of shares 4,894 42,297,624 Basic earnings per ordinary share (pence) 11.57p 12 months ended 31 December 2012* Continuing Number of earnings shares GBP000 Basic earnings/weighted average number of shares 11,069 42,279,853 Basic earnings per ordinary share (pence) 26.18p
Diluted earnings per share
There were no dilutive instruments outstanding at 30 June 2013 or either of the comparative periods and, therefore, there is no difference in the basic and diluted earnings per share for any of these periods. There were no discontinued operations in any period.
* Restated due to the implementation of IAS 19 (revised) see note 2.
6 Dividend payments
The directors declared the following interim dividend during the 6 months ended 30 June 2013:
6 months ended 30 June 2013 Pence per Total dividend share declared GBP000 Interim dividend declared on 18 June 2013 and paid to shareholders on the register as at 28 June 2013 on 24 July 2013 8.90p 3,761
The above interim dividend has been charged against reserves during the 6 months ended 30 June 2013 and included on the balance sheet as a current liability as at 30 June 2013. The amount was paid on 24 July 2013.
The directors declared the following interim dividend during the 12 month period ended 31 December 2012:
12 months ended 31 December 2012 Pence per Total dividend share declared GBP000 Interim dividend declared on 29 October 2012 and paid to shareholders on the register as at 9 November 2012 on 3 December 2012 7.10p 3,001
The above interim dividend was charged against reserves and paid during the 12 months ended 31 December 2012.
The directors did not declare or pay any interim dividends during the 6 months ended 30 June 2012.
7 Retirement benefit obligations - defined benefit pension scheme
The group closed the UK group defined benefit pension scheme to future accrual as at 29 December 2002. The assets of the defined benefit pension scheme continue to be held in a separate trustee administered fund.
As at 30 June 2013 the group had a net defined benefit pension scheme surplus, calculated in accordance with IAS 19 using the assumptions as set out below, of GBP2,906,000 ( June 2012: GBP632,000; 31 December 2012: GBP1,809,000). The asset has been recognised in the financial statements as the directors are satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as at 31 December 2010, and taking into account the significant market movements since that date, a revised schedule of contributions and recovery plan has been agreed with the pension scheme trustees. Based on this schedule of contributions, which is effective from 1 January 2011, the best estimate of the employer contributions to be paid during the year commencing 1 January 2013 is GBP960,000.
Assumptions used to calculate the scheme surplus
The last full actuarial valuation was carried out as at 31 December 2010. A qualified independent actuary has updated the results of this valuation to calculate the position as disclosed below.
The major assumptions used in this valuation to determine the present value of the scheme's defined benefit obligation were as follows:
30 June 30 June 31 December 2013 2012 2012 % % % Rate of increase in: Pensionable salaries n/a n/a n/a Pensions in payment 3.20 2.80 2.90 Discount rate applied to scheme liabilities 4.60 4.40 4.30 Inflation assumption: RPI 3.30 2.80 3.00 CPI for the first six years 2.30 1.80 2.00 CPI after the first six years 2.30 1.80 2.00
From 1 January 2011, the government amended the basis for statutory increases to deferred pensions and pensions in payment. Such increases are now based on inflation measured by the Consumer Price Index (CPI) rather than the Retail Price Index (RPI). Having reviewed the scheme rules and considered the impact of the change on this pension scheme, the directors consider that future increases to (i) all deferred pensions and (ii) Guaranteed Minimum Pensions accrued between 6 April 1988 and 5 April 1997 and currently in payment will be based on CPI rather than RPI. Accordingly, this assumption was adopted as at 31 December 2010 and for all subsequent periods.
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics. The mortality table used at 30 June 2013 is 110% S1NA CMI2012 (30 June 2012 and 31 December 2012: 110% S1NA CMI2011).
The assumed average life expectancy in years of a pensioner retiring at the age of 65 given by the above tables is as follows:
30 June 30 June 31 December 2013 2012 2012 Male, current age 45 22.7 years 22.6 years 22.6 years Female, current age 45 24.0 years 23.9 years 23.9 years
Valuations
The fair value of the scheme's assets, which are not intended to be realised in the short term and may be subject to significant change before they are realised, and the present value of the scheme's liabilities, which are derived from cash flow projections over long periods and are inherently uncertain, were as follows:
30 June 30 June 31 December 2013 2012 2012 GBP000 GBP000 GBP000 Total fair value of plan assets 34,946 32,200 34,195 Present value of defined benefit funded obligation calculated in accordance with stated assumptions (32,040) (31,568) (32,386) Surplus in the scheme calculated in accordance with stated assumptions recognised in the balance sheet 2,906 632 1,809
The movement in the fair value of the scheme's assets during the period were as follows:
30 June 30 June 31 December 2013 2012* 2012* GBP000 GBP000 GBP000 Fair value of plan assets at the start of the period 34,195 31,447 31,447 Expected return on plan assets 726 743 1,499 Actuarial gains recognised in the CSOCTI 244 320 1,794 Employer contributions - normal 480 420 840 Benefits paid (634) (678) (1,294) Scheme administration expenses (65) (52) (91) Fair value of plan assets at the end of the period 34,946 32,200 34,195
The movement in the present value of the defined benefit obligation during the period was as follows:
30 June 30 June 31 December 2013 2012 2012 GBP000 GBP000 GBP000 Opening present value of defined benefit funded obligation calculated in accordance with stated assumptions (32,386) (29,818) (29,818) Interest on defined benefit obligation (682) (699) (1,401) Actuarial gain/(loss) recognised in the CSOCTI calculated in accordance with stated assumptions 394 (1,729) (2,461) Benefits paid 634 678 1,294 Closing present value of defined benefit funded obligation calculated in accordance with stated assumptions (32,040) (31,568) (32,386)
Amounts recognised in the income statement
The amounts (charged)/credited in the income statement were:
30 June 30 June 31 December 2013 2012* 2012* GBP000 GBP000 GBP000 Expected return on pension scheme assets credited within finance income 726 743 1,499 Interest on pension scheme liabilities charged within finance costs (682) (699) (1,401) Net pension interest credit 44 44 98 Scheme expenses charged in administration expenses (65) (52) (91) Net pension (charge)/credit in the income statement (21) (8) 7
Actuarial gains and losses recognised in the consolidated statement of comprehensive total income (CSOCTI)
The amounts credited/(charged) in the CSOCTI were:
30 June 30 June 31 December 2013 2012* 2012* GBP000 GBP000 GBP000 Actual return less expected return on scheme assets 244 320 1,794 Experience gains and losses arising on plan obligation (6) (437) (278) Changes in demographic and financial assumptions underlying the present value of plan obligations 400 (1,292) (2,183) Actuarial gain/(loss) calculated in accordance with stated assumptions recognised in the CSOCTI 638 (1,409) (667)
* Restated due to the implementation of IAS 19 (revised), see note 2.
8 Called up share capital 30 June 30 June 31 December 2013 2012 2012 GBP000 GBP000 GBP000 Issued and fully paid: 42,262,082 ordinary shares of one pence each (June 2012 and December 2012: 42,262,082 ordinary shares of one pence each) 423 423 423
The company did not buy back any shares for cancellation during the 6 months ended 30 June 2013 (June 2012 and December 2012: 426,506 shares for a total consideration of GBP814,934). The company did not issue any shares in the period or either of the comparative periods. No share options were granted, forfeited or expired during either the current or comparative financial periods. There were no share options outstanding at any period end.
The company has one class of ordinary shares which carry no right to fixed income.
9 Cash generated from operations 6 months 6 months 12 months ended 30 ended ended June 2013 30 June 31 December 2012* 2012* GBP000 GBP000 GBP000 Profit for the period attributable to equity shareholders 5,208 4,894 11,069 Adjustments for: Taxation charge 1,472 1,750 3,685 Finance costs 813 851 1,701 Finance income (860) (850) (1,723) Inter-company foreign exchange gains and losses (206) 16 81 Income from trade investments - (265) (592) Profit on the sale of property, plant and equipment (245) (180) (402) Depreciation 2,201 2,019 4,006 Excess of normal pension contributions compared with service cost (415) (368) (749) Cash generated from operations before movements in working capital 7,968 7,867 17,076 Movement in stocks (1,419) (301) (246) Movement in trade and other receivables 988 (96) (462) Movement in trade and other payables 29 (860) 247 Movement in provisions (6) (6) (13) Cash generated from operations 7,560 6,604 16,602
* Restated due to the implementation of IAS 19 (revised) see note 2.
10 Analysis of net funds 30 June 30 June 31 December 2013 2012 2012 GBP000 GBP000 GBP000 Cash and cash equivalents per cash flow statement 29,067 21,166 24,108 Bank loans (7,925) (8,000) (8,000) Obligations under finance leases (468) (513) (466) Derivative financial instruments - (11) - Gross debt (8,393) (8,524) (8,466) Net funds 20,674 12,642 15,642 11 Distribution of interim financial statements
Following a change in regulations in 2008, the company is no longer required to circulate this half year report to shareholders. This enables us to reduce costs associated with printing and mailing and to minimise the impact of these activities on the environment. A copy of the interim financial statements is available on the company's website, www.andrews-sykes.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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