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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Westbury | LSE:WPF | London | Ordinary Share | GB00B03HDJ73 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 149.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMSTOB
RNS Number : 0421D
Stobart Group Limited
22 October 2015
22 October 2015
Stobart Group Limited
("Stobart" or the "Group")
Interim Results for the six months ended 31 August 2015
Stobart Group Limited, the support services and infrastructure group, today announces its interim results for the six months to 31 August 2015.
Group overview
Stobart is an entrepreneurial company applying its recognised logistics and customer service expertise to create:
-- The UK's leading supplier of waste wood biomass fuel to renewable energy plants -- A major new London airport in Southend with peak time capacity -- A leading civil engineering provider to Network Rail -- A diverse portfolio of investments, infrastructure and property assets
Operational highlights
-- On track with current work and secured future contracts, to exceed target of supplying 2m tonnes of biomass fuel per annum by 2018
-- London Southend Airport voted best airport in Britain by Which? for third consecutive year
-- Aviation industry specialists, Glyn Jones and Jon Horne appointed CEO and COO respectively of Stobart Aviation
-- Stobart Rail completed construction of air/road freight distribution centre at Carlisle Lake District Airport
-- Worcester property disposed of generating net proceeds of GBP6.2m
Financial highlights
-- Revenue from continuing operations unchanged at GBP57.6m (2014: GBP57.6m) -- Underlying EBITDA up 3.4% to GBP9.0m (2014: GBP8.7m) -- Cash generated from continuing operations increased to GBP2.3m (2014: GBP0.6m outflow)
-- Net debt of GBP51.9m comprising vehicle financing of GBP29.7m and other debt of GBP22.2m, giving gearing to equity of 13.2%
-- Underlying earnings per share from continuing operations increased to 1.58p (2014: 0.97p) -- Proposed interim dividend of 2.0p (2014: 2.0p) per ordinary share
Chief Executive Andrew Tinkler commented:
"We have continued to focus primarily on delivering value in our two high growth divisions of Energy and Aviation, and we are progressing well with building the infrastructure and relationships to successfully develop these businesses.
Our other divisions are performing well with a strong order pipeline in the Rail division, growing profitability in Investments and realising cash from property sales.
In line with our commitment of driving shareholder value, we returned GBP13.1m to shareholders in dividends in the period, and we have the foundations in place to deliver on our strategic goals."
Enquiries:
Stobart Group c/o Redleaf Communications Andrew Tinkler, Chief Executive Officer Ben Whawell, Chief Financial Officer Redleaf Communications +44 207 382 4730 Charlie Geller Stobart@redleafpr.com Emma Kane Joanna Brown Influence Associates +44 207 287 9610 Stuart Dyble James Andrew
Stobart Group Limited
("Stobart" or the "Group")
Interim Results for the six months ended 31 August 2015
HALF YEAR REVIEW
Results summary
Results for the six months to 31 August 2015 were as follows:
Hot Features
Premium
Six months Six months
to 31 August to 31 August
2015 2014
GBP'm GBP'm
Revenue from continuing
operations 57.6 57.6
Underlying EBITDA* 9.0 8.7
Underlying profit before
tax 4.6 4.4
Profit/(loss) before tax
from continuing operations 0.6 (8.6)
Profit from discontinued
operation (net of tax) - 7.6
-------------- --------------
Earnings per share from
underlying continuing operations 1.58p 0.97p
Earnings per share 0.35p 0.02p
-------------- --------------
Divisional underlying profit summary
31 August 31 August
2015 2014
GBP'm GBP'm
---------- ----------
Energy 4.1 2.8
Aviation 0.4 1.4
Rail 0.9 1.2
Investments 6.4 3.2
Infrastructure 0.7 2.4
Central costs and eliminations (3.5) (2.3)
---------- ----------
Underlying EBITDA* 9.0 8.7
Depreciation (3.9) (3.1)
---------- ----------
Underlying operating profit 5.1 5.6
Finance costs (net) (0.5) (1.2)
---------- ----------
Underlying profit before
tax 4.6 4.4
---------- ----------
Non-underlying items** (4.0) (13.0)
---------- ----------
Profit/(loss) before tax
from continuing operations 0.6 (8.6)
---------- ----------
* Underlying EBITDA is normalised comprising the underlying operating profit of GBP5.1m (2014: GBP5.6m) and adding back depreciation of GBP3.9m (2014: GBP3.1m).
** Non-underlying items comprise amortisation of acquired intangibles (brands) of GBP2.0m (2014: GBP1.9m), new business and new contract set up costs of GBP0.6 (2014: GBP0.1m), restructuring costs of GBPnil (2014: GBP1.0m), finance costs of GBPnil (2014: GBP8.1m), and non-underlying items included in share of post-tax profits of associates and joint ventures of GBP1.4m (2014: GBP1.9m).
Strategy
Stobart aims to create growth in each of its divisions by applying its renowned logistics expertise and first class customer service to:
-- Identify opportunities -- Grow businesses to create value -- Realise value for shareholders
Developments in each of the divisions are set out in the following Divisional Review.
Divisional review
Stobart Energy
Stobart Energy is the leading supplier of waste wood biomass fuel in the UK, sourcing and supplying fuel to energy plants under long-term contracts. The Energy division continues to grow and perform well, with both revenue and profitability increasing during the period.
31 August 31 August
2015 2014
GBP'm GBP'm
---------- ----------
Revenue
- Biomass supply 20.9 18.3
- Biomass transport 14.7 14.4
---------- ----------
- Total division 35.6 32.7
---------- ----------
Divisional underlying EBITDA 4.1 2.8
Tonnes sold (number) 469,000 482,000
Underlying EBITDA per tonne GBP8.71 GBP5.83
---------- ----------
In the period, revenue in the Group's Energy division increased by 8.8% in spite of several unplanned closures at two customer plants due to unscheduled maintenance. These have reduced the volumes supplied in the short-term, impacting both the supply and transport businesses. Depending on plant performance and any further unexpected shut downs, we expect to make-up the lost supply tonnage in the second half of the year.
The European migrant crisis impacted on export volumes by road due to the significant standing times of trucks and drivers in the Eurotunnel area.
There have been strong gate fees into UK processing sites along with increased efficiencies at our operating facilities, and good margins have been achieved on export by road sales despite reduced volumes. There has been a good performance on export volumes by ship and we have started the supply to the new Evermore biomass plant at Derry, Northern Ireland ahead of schedule. Initial volumes were sourced locally, with the first volumes supplied from the UK being shipped in June 2015.
Two new long-term fuel supply agreements have been signed in the period:
-- The first agreement is a 12-year index-linked non-exclusive supply agreement to a new 30MW biomass plant at Cramlington, North East England. Under the terms of this agreement we will supply a minimum of 116,000 tonnes per annum of a blend of arboricultural biomass (virgin) and IED exempt clean recycled chips, the equivalent of Grade A waste wood. This will rise to a potential maximum of 141,000 tonnes per annum. The start of operations is scheduled for Q4 in 2017.
-- The second agreement is a 14-year exclusive, index-linked supply agreement to a new 40MW plant at Port Clarence, Teesside, also in North East England. We will supply 250,000 tonnes per annum of Grade C waste wood chips. The start of operations at Port Clarence is scheduled for Q4 in 2017.
A new traffic management and planning system called Mandata went live on 8 June 2015 and the transport business is now fully independent of Eddie Stobart Logistics, following the Group's partial disposal of that business in April 2014. Another development has been the installation of in-cab cameras to encourage safe driving and help accident cost recovery.
The Biomass transport EBITDA has increased year-on-year mainly due to the change from financing vehicles on operating leases to financing by hire purchase.
(MORE TO FOLLOW) Dow Jones Newswires
October 22, 2015 02:00 ET (06:00 GMT)
Outlook
Our target is to supply 2m tonnes of biomass fuel per annum by 2018. Our current customers require approximately 1.2m tonnes per annum and, as previously announced, long-term contracts have been secured to supply over 1.3m additional tonnes per annum from 2018.
Planning permissions for development of both the strategic Pollington processing site and a proposed location in West London are expected to be achieved in the second half of the year. Development of further processing sites at Tilbury and Widnes will commence in 2016. There has been investment in new processing equipment at the Pollington site, resulting in lower average processing costs per tonne. Planning consent has been granted for a 5MW solar development at the same location and we continue to appraise the prospects for development of a solar power facility.
Investment in our people through recruitment and training will meet the growing needs of the business as we gear-up to supply new contracts starting in the next 12 to 24 months.
Stobart Aviation
Stobart Aviation comprises the operations of London Southend Airport, Carlisle Lake District Airport and also Stobart Air in which the Group owns a 45% interest.
31 August 31 August
2015 2014
GBP'm GBP'm
Revenue 11.9 12.3
Divisional underlying EBITDA 0.4 1.4
---------- ----------
Passenger numbers 504,000 628,000
Revenue per passenger GBP22.43 GBP18.69
---------- ----------
As previously reported, London Southend Airport and easyJet have worked together to determine the optimum capacity for the routes currently operated from London Southend Airport. As a result of this process, passenger numbers have dipped during the period but load factors and yields for easyJet have improved materially and performance of the easyJet network across 13 existing routes is strong.
The strong performance of easyJet has led to three new routes being announced, with Lanzarote and Lyon starting in November and December 2015 respectively, and Paris in February 2016 with reduced capacity on other routes. Slovenian national carrier Adria Airways also began a three times per week service to Maribor on 1 June 2015. This affirms the potential of the London Southend Airport proposition and its passenger appeal.
The development of new revenue opportunities, including the opening of a new bar and restaurant, ensured that commercial income streams showed significant improvement once again. Surface access, shopping and food and beverage revenue per passenger have shown year-on-year increases.
In September 2015, the Aviation division appointed two industry specialists to lead its operations, Glyn Jones (CEO) and Jon Horne (COO). Glyn was previously Managing Director at Luton and Bournemouth airports as well as holding senior roles in other general logistics businesses. Jon was previously Chief Executive at Cardiff International Airport and brings over 40 years of experience in the aviation industry.
Delivering high levels of passenger satisfaction remains a key element of London Southend Airport's offering with speed and ease of use, coupled with high standards of customer service, being reflected in survey results. The airport received three awards from easyJet during the period; for customer service, on time performance and aircraft turnaround efficiency. In addition London Southend was voted best British airport in the Which? customer satisfaction survey for the third year running.
Outlook
Our target is to deliver 2.5m passengers annually by 2018. Our ongoing work to attract more airline business and the feedback we receive demonstrates the growing awareness of the airport and the opportunity to serve demand from London. London's runway capacity remains in short supply, with additional runway capacity in the South East potentially 10 to 15 years away. This brings London Southend's available capacity into increasingly sharp focus.
Consideration is being given to the development of airport assets including runway improvements, and proposed new routes at Carlisle Lake District Airport. We have been shortlisted for route support on our proposed networks.
Stobart Rail
Stobart Rail is one of the UK's leading names in rail maintenance, repair and improvement, providing services to third party customers, including Network Rail, as well as to Group businesses.
31 August 31 August
2015 2014
GBP'm GBP'm
Revenue
- External customers 9.0 10.4
- Internal customers 11.9 1.4
---------- ----------
- Total 20.9 11.8
Divisional underlying EBITDA 0.9 1.2
Consolidation adjustment 0.3 -
---------- ----------
Divisional underlying EBITDA
from external customers 1.2 1.2
---------- ----------
During the period revenue from external works was slightly lower than the previous year but margins have been held at a healthy level. Internal Group revenue includes the construction of a new air and road distribution centre at Carlisle Lake District Airport.
A GBP4.1m track lowering scheme from Walsall to Rugeley was completed in the period for Network Rail, as was the Watford Tunnel brick replacement project at a cost of GBP700,000. Other schemes include the start of work on a GBP7.2m biomass plant at Widnes for Burmeister & Wain Scandinavian Contractor.
Outlook
Rail infrastructure work is expected to perform well in the second half, supported by a strong order book value of cGBP61m for external works due to commence over the next 12 months, with revenue and underlying EBITDA expected to improve year-on-year.
Stobart Rail has won the contract for the installation of a GBP4.7m all-weather track at Newcastle Racecourse, while work is due to get under way on a GBP1.1m fire station project at London Southend Airport.
The construction of a GBP2.1m solar farm at London Southend Airport is due to be completed in December 2015, when work is also set to start on a wood processing facility at Tilbury Dock.
Stobart Investments
Our Investments division encompasses our non-controlling interests in Eddie Stobart (logistics) and Propius (aircraft leasing).
31 August 31 August
2015 2014
GBP'm GBP'm
Share of post-tax profits
of associates and joint
ventures - underlying
* Eddie Stobart (logistics) 6.1 3.0
* Propius (aircraft leasing) 0.3 0.3
---------- ----------
6.4 3.3
---------- ----------
The results for Eddie Stobart (logistics) in the period include the profit on disposal of the UK automotive business, which was sold in August 2015, plus other one-off costs. The net benefit of these items totalled GBP3.2m. The proceeds on disposal contributed to the repayment of borrowings by Eddie Stobart of GBP21.1m in the period.
The Propius aircraft leasing business continues to operate in line with expectations.
Stobart Infrastructure
Our Infrastructure division complements our four operating divisions. It provides the physical means by which our businesses can operate.
31 August 31 August
2015 2014
GBP'm GBP'm
------------ ------------
Revenue 2.3 2.9
Divisional underlying EBITDA 0.7 2.4
------------ ------------
Net cash generated from
property disposals 6.2 14.7
------------ ------------
31 August 28 February
2015 2015
GBP'm GBP'm
------------ ------------
Airport properties 160.9 160.1
Investment and operational
properties 105.9 101.8
Green Energy and other
property related investments 14.0 10.6
------------ ------------
Infrastructure division
assets carrying value 280.8 272.5
------------ ------------
There have been a number of developments in the Infrastructure division in the period. The Worcester property was disposed for net proceeds of GBP6.2m, representing a profit of GBP0.4m.
An offer has been secured for the Chelford freehold site from a housing developer. In addition, construction work has started on the Widnes biomass site where the full committed amount of GBP7.5m has been invested.
The purchase of the Pollington site at a cost of GBP8.4m was completed in March 2015 and we are currently pursuing plans for further developing the part of the site currently used for wood processing by the Group's Energy division. There have been good enquiries in respect of developing the Widnes Mersey Multimodal Gateway site.
(MORE TO FOLLOW) Dow Jones Newswires
October 22, 2015 02:00 ET (06:00 GMT)
Operations started in June this year at the Teesside Anaerobic Digestion plant, in which we hold a 25% equity stake, and it has been operating at close to full capacity. In addition, planning consent was obtained for a 2.5MW solar development at London Southend Airport.
Outlook
Further disposals are expected in the second half of the year. The division expects to continue to realise value through property asset disposals in the short to medium term.
Central costs, eliminations and other
Central costs and eliminations increased to GBP3.5m (2014: GBP2.3m) mainly due to the accounting cost of a mark-to-market diesel fuel hedge of GBP0.9m. This cost is expected to reverse over the remaining life of the instrument.
Finance income of GBP0.6m (2014: GBP0.3m) shows increased returns on green energy investments.
Financial review
Tax
The tax credit on continuing operations of GBP0.5m is at an effective rate lower than the standard rate of 20.1% for the period due to the share of post-tax profits of associates and joint ventures not being taxable.
Balance sheet, debt and gearing
The Group has net assets at the period end of GBP394.3m (28 February 2015: GBP406.2m). The reduction is principally due to a dividend payment of GBP13.1m paid in July 2015. Net assets include property assets and property related investments with a total book value of GBP280.8m (28 February 2015: GBP272.5m).
Net debt of GBP51.9m (28 February 2015: GBP19.1m) comprising vehicle financing of GBP29.7m and other debt of GBP22.2m, giving a gearing ratio (net debt/equity) of 13.2% (28 February 2015: 4.7%). The increase in net debt is set out in the table below:
GBP'm
-------------------------------- ------
Net debt at 28 February
2015 19.1
Pollington site 9.4
Carlisle distribution centre 8.8
Widnes biomass plant 2.7
Dividends 13.1
Disposal of Worcester property (6.2)
Net increase in HP related
to vehicles 4.0
Others 1.0
---------------------------------- ------
Net debt as at 31 August
2015 51.9
---------------------------------- ------
In the six month period to 29 February 2016 we do not expect any further significant cash funded capital expenditure and we anticipate further property disposals up to GBP25.0m in value which will see non-vehicle finance debt reduce.
At 31 August 2015 the committed undrawn headroom in the Lloyds RCF was GBP19.0m. With cash balances of GBP8.0m, total headroom was GBP27.0m.
Brands
In September 2015 the Group welcomed more than 15,000 visitors to 'Stobart Fest' which took place in the new distribution centre at Carlisle Lake District Airport. The book value of the brand at 31 August 2015 was GBP54.4m.
Dividend
The Board has declared an unchanged interim dividend of 2.0p which will be paid on 4 December 2015 to shareholders on the register as at 6 November 2015.
Key risks and uncertainties
As with any business, risk assessment and the implementation of mitigating actions and controls are vital to successfully achieving the Group's strategy. The Board has overall responsibility for risk management and internal control within the context of achieving the Group's objectives. The key risks are set out in our 2015 Annual Report.
Going concern
The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the interim financial statements have been prepared on a going concern basis.
Directors' responsibility statement
We confirm that to the best of our knowledge:
-- The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU
-- The interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
The above statement of directors' responsibilities was approved by the Board on
22 October 2015.
Iain Ferguson Andrew Tinkler Ben Whawell Richard Butcher Andrew Wood John Garbutt
John Coombs
Stobart Group Limited
Condensed Consolidated Income Statement
For the six months ended 31 August 2015
Unaudited Unaudited
Six months ended Six months ended
31 August 2015 31 August 2014
Notes Underlying Non-underlying Total Underlying Non-underlying Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 3 57,615 - 57,615 57,648 - 57,648
----------- --------------- --------- ----------- --------------- ---------
Operating expenses
- Items related to
carrying value of
investment properties
and assets held for
sale:
(Loss)/gain in value
of investment properties (326) - (326) 652 - 652
Gain/(loss) on disposal
of assets held for
sale 372 - 372 (68) - (68)
Write-down in value
of assets held for
sale (275) - (275) - - -
Operating expenses
- Other (58,727) (2,569) (61,296) (55,867) (3,034) (58,901)
----------- --------------- --------- ----------- --------------- ---------
Total operating expenses (58,956) (2,569) (61,525) (55,283) (3,034) (58,317)
Share of post-tax
profits/(losses) of
associates and joint
ventures 6,401 (1,417) 4,984 3,253 (1,893) 1,360
----------- --------------- --------- ----------- --------------- ---------
Operating profit/(loss) 5,060 (3,986) 1,074 5,618 (4,927) 691
Finance costs (1,069) - (1,069) (1,459) (8,096) (9,555)
Finance income 601 - 601 258 - 258
----------- --------------- --------- ----------- --------------- ---------
Profit/(loss) before
tax 4,592 (3,986) 606 4,417 (13,023) (8,606)
Tax 5 534 - 534 (1,181) 2,229 1,048
----------- --------------- --------- ----------- --------------- ---------
Profit/(loss) from
continuing operations 5,126 (3,986) 1,140 3,236 (10,794) (7,558)
Discontinued operation
(Loss)/profit from
discontinued operation,
net of tax - - - (2,814) 10,436 7,622
----------- --------------- --------- ----------- --------------- ---------
Profit/(loss) for
the period 5,126 (3,986) 1,140 422 (358) 64
----------- --------------- --------- ----------- --------------- ---------
Earnings per share
- continuing
Basic 7 1.58p 0.35p 0.97p (2.26)p
Diluted 7 1.58p 0.35p 0.97p (2.26)p
Earnings per share
Basic 7 1.58p 0.35p 0.13p 0.02p
Diluted 7 1.58p 0.35p 0.13p 0.02p
Stobart Group Limited
Condensed Consolidated Income Statement
(MORE TO FOLLOW) Dow Jones Newswires
October 22, 2015 02:00 ET (06:00 GMT)
For the six months ended 31 August 2015
Audited
Year ended 28
February 2015
Notes Underlying Non-underlying Total
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 116,642 - 116,642
----------- --------------- ----------
Operating expenses
- Items related to
carrying value of
investment properties
and assets held for
sale:
Gain in value of
investment properties 1,292 - 1,292
Profit on disposal
of investment properties 73 - 73
Loss on disposal
of assets held for
sale (67) - (67)
Operating expenses
- Other (113,648) (6,403) (120,051)
----------- --------------- ----------
Total operating expenses (112,350) (6,403) (118,753)
Share of post-tax
profits/(losses)
of associates and
joint ventures 6,697 (4,190) 2,507
----------- --------------- ----------
Operating profit/(loss) 10,989 (10,593) 396
Finance costs (2,356) (8,090) (10,446)
Finance income 646 - 646
----------- --------------- ----------
Profit/(loss) before
tax 9,279 (18,683) (9,404)
Tax 5 (652) 2,045 1,393
----------- --------------- ----------
Profit/(loss) from
continuing operations 8,627 (16,638) (8,011)
Discontinued operation
(Loss)/profit from
discontinued operation,
net of tax (3,713) 10,563 6,850
----------- --------------- ----------
Profit/(loss) for
the period 4,914 (6,075) (1,161)
----------- --------------- ----------
Earnings per share
- continuing
Basic 7 2.61p (2.43)p
Diluted 7 2.61p (2.43)p
Earnings per share
Basic 7 1.49p (0.35)p
Diluted 7 1.49p (0.35)p
Stobart Group Limited
Condensed Consolidated Statement of Comprehensive Income
As at 31 August 2015
Six months Six months
ended ended Year ended
31 August 31 August 28 February
2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit for the period 1,140 64 (1,161)
Cash flow hedge - - 120
Cash flow hedge - items recycled
to income statement - - 207
Foreign currency translation
differences:
Equity accounted joint ventures 60 - (406)
Equity accounted associates (227) - (610)
Items recycled to income statement - - 458
Discontinued operations, net
of tax - 48 48
Pension valuation - equity
accounted associates - - (254)
Interest rate swap - equity
accounted associates - - (779)
Tax on items relating to components
of other comprehensive income (5) - -
Other comprehensive (expense)/income
to be reclassified to profit
or loss in subsequent periods,
net of tax (172) 48 (1,216)
Re-measurement of defined benefit
plan (331) (1,153) (98)
Tax on items relating to components
of other comprehensive income 66 231 20
Other comprehensive expense
not being reclassified to profit
or loss in subsequent periods,
net of tax (265) (922) (78)
Other comprehensive expense
for the period, net of tax (437) (874) (1,294)
------------- ----------- --------------
Total comprehensive income/(expense)
for the period 703 (810) (2,455)
------------- ----------- --------------
Total comprehensive income/(expense)
attributable to:
Owners of the Company 703 (810) (2,455)
Non-controlling interests - - -
------------- ----------- --------------
Total comprehensive income/(expense)
for the period 703 (810) (2,455)
------------- ----------- --------------
Stobart Group Limited
Condensed Consolidated Statement of Financial Position
As at 31 August 2015
31 August 28 February
2015 2015
Unaudited Audited
Notes GBP'000 GBP'000
Non-current assets
Property, plant and equipment
- Land and buildings 8 185,217 179,401
- Plant and machinery 8 22,847 23,411
- Fixtures, fittings and equipment 8 943 1,001
- Commercial vehicles 8 20,354 18,102
---------- ------------
229,361 221,915
Investment in associates and
joint ventures 62,648 57,828
Investment property 20,600 20,926
Intangible assets 114,265 116,234
Other receivables 13,604 10,828
---------- ------------
440,478 427,731
---------- ------------
Current assets
Inventories 47,466 46,152
Trade and other receivables 43,406 42,421
Cash and cash equivalents 9 8,025 5,716
Assets of disposal groups classified
as held for sale 6,652 7,375
105,549 101,664
---------- ------------
Total assets 546,027 529,395
---------- ------------
Non-current liabilities
Loans and borrowings 9 (52,710) (17,497)
Defined benefit pension scheme (2,563) (2,332)
Other liabilities (22,060) (24,903)
Deferred tax (19,768) (20,362)
Provisions (6,023) (5,720)
---------- ------------
(103,124) (70,814)
---------- ------------
Current liabilities
Trade and other payables (37,409) (43,853)
Loans and borrowings 9 (7,251) (7,282)
Corporation tax (3,959) (713)
Provisions - (485)
(48,619) (52,333)
---------- ------------
Total liabilities (151,743) (123,147)
---------- ------------
Net assets 394,284 406,248
========== ============
Stobart Group Limited
Condensed Consolidated Statement of Financial Position
(MORE TO FOLLOW) Dow Jones Newswires
October 22, 2015 02:00 ET (06:00 GMT)
As at 31 August 2015
31 August 28 February
2015 2015
Unaudited Audited
GBP'000 GBP'000
Capital and reserves
Issued share capital 35,434 35,434
Share premium 301,326 301,326
Foreign currency exchange reserve (1,183) (1,016)
Reserve for own shares held by
employee benefit trust (330) (330)
Retained earnings 59,037 70,834
---------- ------------
Total Equity 394,284 406,248
========== ============
Stobart Group Limited
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 August 2015
For the six months ended 31 August 2015
Unaudited
Reserve
for
Foreign own
Issued currency shares
share Share exchange held Retained Total
capital premium reserve by EBT earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- --------- --------- ---------- -------- ---------- ---------
Balance at
1 March 2015 35,434 301,326 (1,016) (330) 70,834 406,248
Profit for
the period - - - - 1,140 1,140
Other comprehensive
expense for
the period - - (167) - (270) (437)
--------------------- --------- --------- ---------- -------- ---------- ---------
Total comprehensive
income for
the period - - (167) - 870 703
Share-based
payment credit - - - - 450 450
Dividends - - - - (13,117) (13,117)
Balance at
31 August 2015 35,434 301,326 (1,183) (330) 59,037 394,284
--------------------- --------- --------- ---------- -------- ---------- ---------
For the six months ended 31 August 2014
Unaudited
Reserve
for
Foreign own
Issued currency shares
share Share exchange held Hedge Retained Total Non-controlling Total
capital premium reserve by EBT reserve earnings equity interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ -------- -------- --------- -------- -------- --------- --------- ---------------- ---------
Balance
at 1 March
2014 35,434 301,326 (506) (408) (327) 125,606 461,125 13 461,138
Profit
for the
period - - - - - 64 64 - 64
Other
comprehensive
income/(expense)
for the
period - - 48 - - (922) (874) - (874)
------------------ -------- -------- --------- -------- -------- --------- --------- ---------------- ---------
Total
comprehensive
income/(expense)
for the
period - - 48 - - (858) (810) - (810)
Employee
benefit
trust shares
granted - - - 79 - - 79 - 79
Items recycled
to income
statement - - 458 - 327 - 785 - 785
Share-based
payment
credit - - - - - 1,566 1,566 - 1,566
Tax on
share-based
payment
credit - - - - - (1) (1) - (1)
Purchase
of treasury
shares - - - - - (34,764) (34,764) - (34,764)
Disposal
of minority
interest - - - - - - - (13) (13)
Dividends - - - - - (13,242) (13,242) - (13,242)
Balance
at 31 August
2014 35,434 301,326 - (329) - 78,307 414,738 - 414,738
------------------ -------- -------- --------- -------- -------- --------- --------- ---------------- ---------
Stobart Group Limited
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 August 2015
For the year to 28 February 2015
Audited
Reserve
for
Foreign own
Issued currency shares
share Share exchange held Hedge Retained Total Non-controlling Total
capital premium reserve by EBT reserve earnings equity interest equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ -------- -------- --------- -------- -------- --------- --------- ---------------- ---------
Balance
at 1 March
2014 35,434 301,326 (506) (408) (327) 125,606 461,125 13 461,138
Loss for
the year - - - - - (1,161) (1,161) - (1,161)
Other
comprehensive
(expense)/income
for the
year - - (510) - 327 (1,111) (1,294) - (1,294)
------------------ -------- -------- --------- -------- -------- --------- --------- ---------------- ---------
Total
comprehensive
(expense)/income
for the
year - - (510) - 327 (2,272) (2,455) - (2,455)
Employee
benefit
trust shares
granted - - - 78 - - 78 - 78
Share-based
payment
credit - - - - - 1,966 1,966 - 1,966
Tax on
share-based
payment - - - - - 106 106 - 106
Purchase
of treasury
shares - - - - - (34,764) (34,764) - (34,764)
Disposal
of minority
interest - - - - - - - (13) (13)
Dividends - - - - - (19,808) (19,808) - (19,808)
Balance
at 28 February
2015 35,434 301,326 (1,016) (330) - 70,834 406,248 - 406,248
------------------ -------- -------- --------- -------- -------- --------- --------- ---------------- ---------
Stobart Group Limited
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 August 2015
Six months Six months Year ended
ended ended 28 February
31 August 31 August 2015
2015 2014
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Cash generated from/(used
in) continuing operations 11 2,323 (590) 5,832
Cash outflow from discontinued
operations - (17,227) (16,669)
Income taxes received/(paid) 3,246 (10) (10)
------------- ------------- --------------
Net cash flow from operating
activities 5,569 (17,827) (10,847)
Purchase of property, plant
and equipment and investment
property (24,895) (11,944) (10,145)
Proceeds from grants - 457 607
Proceeds from the sale
of property, plant and
equipment and investment
property 5,579 267 15,660
Proceeds from disposal
of assets held for sale 6,172 12,830 12,830
Proceeds from disposal
of subsidiary undertaking
(net of fees) - 176,191 175,894
Proceeds from issue of
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licence premium - 13,700 13,700
Equity investment in joint
ventures - - (1,439)
Distributions from joint
ventures - - 2,874
Net amounts advanced to
associates and joint ventures (2,714) (38) (10,444)
Other loans advanced (300) - (300)
Interest received 26 258 549
Cash inflow from discontinued
operations - - 349
------------- --------------
Net cash flow from investing
activities (16,132) 191,721 200,135
------------- ------------- --------------
Dividend paid on ordinary
shares (13,117) (13,242) (19,808)
Repayment of capital element
of finance leases (4,025) (1,215) (4,939)
Proceeds from new borrowings - 5,000 14,332
Repayment of borrowings - (126,431) (143,589)
Net drawdown from revolving
credit facility 30,812 - -
Purchase of treasury shares,
net of costs - (34,764) (34,764)
Interest paid (798) (1,325) (2,105)
Interest paid - non-underlying - (1,043) (1,278)
Cash outflow from discontinued
operations - - (907)
------------- ------------- --------------
Net cash flow from financing
activities 12,872 (173,020) (193,058)
------------- ------------- --------------
Stobart Group Limited
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 August 2015
Six months Six months
ended ended Year ended
31 August 31 August 28 February
2015 2014 2015
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Increase/(decrease) in
cash and cash equivalents 2,309 874 (3,770)
----------- ----------- -------------
Cash and cash equivalents
at beginning of period 5,716 9,486 9,486
----------- ----------- -------------
Cash and cash equivalents
at end of period 8,025 10,360 5,716
----------- ----------- -------------
Restricted cash movements
Cash and cash equivalents
at beginning of period - 68,130 68,130
Repayment of borrowings - (64,130) (64,130)
Interest paid - non-underlying - (4,000) (4,000)
Decrease in cash and cash
equivalents - (68,130) (68,130)
----------- ----------- -------------
Restricted cash at end - - -
of period
----------- ----------- -------------
Total cash and cash equivalents
at end of period, including
restricted cash 8,025 10,360 5,716
----------- ----------- -------------
1 Accounting policies of Stobart Group Limited
Corporate information
The condensed consolidated financial statements of the Group for the six months ended 31 August 2015 were authorised for issue in accordance with a resolution of the directors on 22 October 2015.
Stobart Group Limited is a Guernsey registered company whose ordinary shares are publicly traded on the London Stock Exchange.
The principal activities of the Group are described in note 3.
Basis of preparation
The condensed consolidated financial statements of the Group for the six months ended 31 August 2015 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
The condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 28 February 2015. Except for the 28 February 2015 comparatives, the financial information set out herein is unaudited but has been reviewed by the auditors, KPMG LLP, and their report to the Company is attached.
The comparative financial information set out in these interim consolidated financial statements does not constitute the Group's statutory accounts for the year ended 28 February 2015 but has been derived from the accounts. Statutory accounts for the period ended 28 February 2015 have been published and KPMG LLP has reported on those accounts. Their audit report was unqualified and did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report. The annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union.
Going concern
The Group has considerable financial resources, together with contracts with a number of customers and suppliers. The financial forecasts show that borrowing facilities are adequate such that the Group can operate within these facilities and meet its obligations when they fall due for the foreseeable future. As a consequence, the directors believe that the Group is well placed to manage its business risks successfully. After making enquiries, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.
Significant accounting policies
The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 28 February 2015. These accounting policies are expected to be applied for the full year to 28 February 2016.
The following new standards and amendments to existing standards have been published and are mandatory for accounting periods beginning on or after 1 January 2016:
Effective
for accounting
periods commencing
Standard, amendment and interpretation on or after
1 January
IFRS 9 - Financial instruments 2018
IFRS 15 - Revenue from contracts 1 January
with customers 2018
The Group is currently assessing the potential
impact of these new standards and has not
applied them early.
A number of standards have been modified
on miscellaneous points. None of these amendments
are expected to have a material effect on
the Group's Financial Statements.
2 Seasonality of operations
There is no significant seasonal effect on revenues and profits between the first and second six months of the financial year for the Group as a whole. The higher seasonal sales in summer in Stobart Aviation are expected to be approximately balanced by the higher seasonal sales in winter in Stobart Energy.
3 Segmental information
The reporting segments within continuing operations are Stobart Energy, Stobart Aviation, Stobart Rail, Stobart Investments and Stobart Infrastructure.
The Stobart Energy segment specialises in supply of sustainable biomass for the generation of renewable energy.
The Stobart Aviation segment specialises in operation of commercial airports and includes a joint venture investment in an airline.
The Stobart Rail segment specialises in delivering internal and external civil engineering development projects including rail network operations.
The Stobart Investments segment holds non-controlling interests in a transport & distribution business and an aircraft leasing business.
The Stobart Infrastructure segment specialises in management, development and realisation of Group land and buildings assets as well as investments in energy plants.
The Executive Directors are regarded as the Chief Operating Decision Maker (CODM). The Directors monitor the results of each business unit separately for the purposes of making decisions about resource allocation and performance assessment. The main segmental profit measure is earnings before interest, tax, depreciation, amortisation and internal rent and is shown before non-underlying items.
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Income taxes, finance costs and certain central costs are managed on a group basis and are not allocated to operating segments.
Period ended
31 August Adjustments
2015 Energy Aviation Rail Investments Infrastructure and eliminations Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External 32,167 11,895 9,000 - 2,056 2,497 57,615
Internal 3,385 - 11,895 - 212 (15,492) -
-------- --------- -------- ------------ --------------- ------------------ --------
Total revenue 35,552 11,895 20,895 - 2,268 (12,995) 57,615
-------- --------- -------- ------------ --------------- ------------------ --------
Segment
EBITDA before
internal
rent 4,086 366 945 6,401 735 (3,526) 9,007
Internal
rent charge - (357) - - 357 - -
-------- --------- -------- ------------ --------------- ------------------ --------
Segment
EBITDA after
internal
rent 4,086 9 945 6,401 1,092 (3,526) 9,007
-------- --------- -------- ------------ --------------- ------------------ --------
Segment
PBT 2,838 (576) 206 6,401 36 (4,313) 4,592
-------- --------- -------- ------------ --------------- ------------------ --------
New business and new contract set up costs (600)
Amortisation of acquired intangibles (1,969)
Non-underlying items included in share of post-tax
profits of associates and joint ventures (1,417)
--------
Profit before
tax 606
--------
Inter-segment revenues are eliminated on consolidation.
Included in adjustments and eliminations are central costs of GBP4,642,000 (2014: GBP3,061,000) and intragroup loss of GBP329,000 (2014: GBP19,000). Central costs include GBP864,000 (2014: GBPnil) relating to the diesel fuel hedge. This cost is expected to reverse over the remaining life of the instrument.
Period ended
31 August Adjustments
2014 Energy Aviation Rail Investments Infrastructure and eliminations Group
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External 29,490 12,271 10,362 - 2,697 2,828 57,648
Internal 3,196 - 1,459 - 167 (4,822) -
-------- --------- -------- ------------ --------------- ------------------ --------
Total revenue 32,686 12,271 11,821 - 2,864 (1,994) 57,648
-------- --------- -------- ------------ --------------- ------------------ --------
Segment
EBITDA before
internal
rent 2,812 1,394 1,223 3,253 2,380 (2,317) 8,745
Internal
rent charge - (713) - - 713 - -
-------- --------- -------- ------------ --------------- ------------------ --------
Segment
EBITDA after
internal
rent 2,812 681 1,223 3,253 3,093 (2,317) 8,745
-------- --------- -------- ------------ --------------- ------------------ --------
Segment
PBT 2,640 77 432 3,253 1,057 (3,042) 4,417
-------- --------- -------- ------------ --------------- ------------------ --------
New business and new contract set up costs (113)
Restructuring costs (952)
Amortisation of acquired intangibles (1,969)
Non-underlying finance costs (8,096)
Non-underlying items included in share of post-tax
profits of associates and joint ventures (1,893)
--------
Profit before
tax (8,606)
--------
4 Non-underlying items
Non-underlying items included in the consolidated income statement comprise the items set out and described below.
Six months Six months Year ended
ended ended 28 February
31 August 31 August 2015
2015 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating expenses
- other:
* New business and new contract set up costs 600 113 779
* Restructuring costs - 952 1,685
* Amortisation of acquired intangibles 1,969 1,969 3,939
----------- ----------- -------------
2,569 3,034 6,403
----------- ----------- -------------
Share of post-tax
profits of associates
and joint ventures:
* Transaction costs - 700 704
* Restructuring costs - - 886
* Amortisation of acquired intangibles 1,417 1,193 2,600
----------- ----------- -------------
1,417 1,893 4,190
----------- ----------- -------------
New business and new contract set up costs comprise costs of investing in major new business areas or major new contracts to commence or accelerate development of our business presence. These costs include marketing costs, establishment costs, legal and professional fees, losses and certain staff and training costs. The costs in the current period were in relation to the development of business at London Southend Airport.
Transaction costs comprise costs of making investments or costs of financing transactions that are not permitted to be debited to the cost of investment or as issue costs. These costs include costs of any aborted transactions.
Restructuring costs comprise costs of integration plans and other business reorganisation and restructuring undertaken by management. Costs include cost rationalisation, brand harmonisation, site closure costs, certain short term duplicated costs, asset write downs and other costs related to the reorganisation and integration of businesses. These are principally expected to be one off in nature.
Amortisation of acquired intangibles comprises the amortisation of intangible assets identified as fair value adjustments in acquisition accounting.
Non-underlying finance costs comprise the costs associated with early repayment of debt balances. Costs include repayment fees, associated issue costs written off and directly related professional fees.
Non-underlying items included in the share of post-tax profits of associates and joint ventures all relate to the investment in Greenwhitestar Holding Company 1 Limited.
5 Taxation
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Taxation on profit on ordinary activities
Total tax charged in Six months Six months Year
the income statement ended ended ended
from continuing and 31 August 31 August 28 February
discontinued operations 2015 2014 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Current income tax:
UK Corporation tax
- -
* Continuing operations -
* Discontinued operations - 443 443
Overseas tax - - -
Adjustment in respect
of prior years - 745 890
----------- ----------- -------------
Total current tax - 1,188 1,333
----------- ----------- -------------
Deferred tax:
Origination and reversal
of temporary differences (527) (1,793) (1,916)
Impact of change in - - -
rate
Adjustment in respect
of prior years (7) - 32
----------- ----------- -------------
Total deferred tax (534) (1,793) (1,884)
----------- ----------- -------------
Total credit in the
income statement from
continuing and discontinued
operations (534) (605) (551)
=========== =========== =============
Included in the above tax credit for the current period is a total current tax charge on continuing operations of GBPnil (2014: GBP745,000), total deferred tax credit on continuing operations of GBP534,000 (2014: GBP1,793,000) and total tax credit on continuing operations in the income statement of GBP534,000 (2014: GBP1,048,000).
Reductions in the UK corporation tax rate from 20% to 19% (effective from 1 April 2017) and from 19 to 18% (effective from 1 April 2020) were announced in the Summer Budget 2015. These reductions have yet to be substantively enacted in legislation. These reductions will reduce the Group's future current tax charge accordingly. The deferred tax liability at 31 August 2015 has been calculated based on the rate of 20% substantively enacted at the balance sheet date.
6 Dividends
A final dividend of 4.0p per share (2014: 4.0p) totalling GBP13,117,033 (2014: GBP13,249,153 paid on 4 July 2014) was declared on 14 May 2015 and was paid on 3 July 2015.
An interim dividend of 2.0p (2014: 2.0p) per share totalling GBP6,558,517 (2014: GBP6,558,517 paid on 6 December 2013) was declared on 22 October 2015 and will be paid on 4 December 2015. This is not recognised as a liability at 31 August 2015.
7 Earnings per share
The following table reflects the income and share data used in the basic and diluted earnings per share calculations:
Six months Six months
ended 31 ended 31 Year ended
August August 28 February
2015 2014 2015
Unaudited Unaudited Audited
Numerator GBP'000 GBP'000 GBP'000
Continuing operations
Profit/(loss)
used for basic
and diluted earnings 1,140 (7,558) (8,011)
Discontinued operations
Profit used for
basic and diluted
earnings - 7,622 6,850
Total
Profit/(loss)
used for basic
and diluted earnings 1,140 64 (1,161)
Denominator Number Number Number
Weighted average
number of shares
used in basic
EPS 324,752,939 335,065,885 329,929,986
Effects of employee
share options - - -
------------ ------------ -------------
Weighted average
number of shares
used in diluted
EPS 324,752,939 335,065,885 329,929,986
------------ ------------ -------------
Own shares held
and therefore
excluded from
weighted average
number 29,575,892 29,700,053 29,700,053
------------ ------------ -------------
The numerator used for the basic and diluted underlying earnings per share for continuing operations is the underlying profit from continuing operations of GBP5,126,000 (2014: GBP3,236,000). The numerator used for the basic and diluted underlying earnings per share is the underlying profit for the period of GBP5,126,000 (2014: GBP422,000).
8 Property, plant and equipment
Additions and disposals
During the six months ended 31 August 2015, the Group acquired or developed property, plant and equipment assets with a cost of GBP23,427,000 (2014: GBP12,950,000). This included the development of a distribution centre at Carlisle Lake District Airport, the purchase of a site in Pollington and additional trucks and trailers.
Property, plant and equipment assets with a book value of GBP5,579,000 (2014: GBP211,000) were disposed of by the Group during the six months ended 31 August 2015 resulting in a profit of GBPnil (2014: GBP56,000).
Capital commitments
At 31 August 2015, the Group had capital commitments of GBP588,000 (2014: GBP379,000) principally relating to equipment in the Rail division and development at London Southend Airport.
9 Analysis of net debt
31 August 28 February
2015 2015
Unaudited Audited
GBP'000 GBP'000
Loans and borrowings
Non-current
Fixed rate:
* Obligations under finance leases and hire purchase
contracts 5,707 6,045
Variable rate:
* Obligations under finances leases and hire purchase
contracts 16,732 11,452
* Bank loans 30,271 -
52,710 17,497
========== ============
Current
Fixed rate:
* Obligations under finance leases and hire purchase
contracts 2,766 2,559
Variable rate:
* Obligations under finances leases and hire purchase
contracts 4,485 4,723
7,251 7,282
========== ============
Total loans and borrowings 59,961 24,779
---------- ------------
Cash 8,025 5,716
Net debt 51,936 19,063
========== ============
Bank loans relate to a variable rate revolving credit limit facility provided by Lloyds of GBP50.0m, offset by the related debt issue costs, with GBP31.0m drawn down at the period end. This facility has an end date of January 2019. The facility is secured against group properties at London Southend Airport, Carlisle Airport, Widnes and Runcorn.
10 Fair values
Financial Assets and Liabilities
The book value and fair values of financial assets and financial liabilities are as follows:
Book Value Fair
31 August Value
2015 31 August
2015
Unaudited Unaudited
GBP'000 GBP'000
Financial Assets
Cash 8,025 8,025
Amounts owed by associates
and joint ventures 13,604 13,604
Trade receivables 16,647 16,647
Other receivables 600 600
Financial Liabilities
Trade payables 17,065 17,065
Loans and borrowings 30,271 30,271
Finance leases and hire purchase
arrangements 29,690 29,690
Diesel swap 748 748
Book Value Fair Value
28 February 28 February
2015 2015
Audited Audited
GBP'000 GBP'000
Financial Assets
Cash 5,716 5,716
Amounts owed by associates
and joint ventures 10,344 10,344
Trade receivables 17,493 17,493
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