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Name | Symbol | Market | Type |
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Chemetall 9%Pf | LSE:CHM | London | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 100.00 | 0 | 01:00:00 |
RNS Number:1666J Chemetall PLC 19 September 2006 Chemetall PLC Interim Financial Report 30 June 2006 Chemetall PLC Interim financial report 2006-08-24 Contents page Commentary 1 Consolidated income statement 3 Consolidated statement of recognised income and expense 4 Consolidated balance sheet 5 Consolidated cash flow statement 7 Notes to the interim financial report 8 Chemetall PLC Page 1 Commentary Chemetall PLC sales to third parties grew by more than 11% (on a comparative basis) over the prior year during the first 6 months of 2006. All major sectors showed good growth with the exception of the automotive and the automotive component sectors, which in line with UK vehicle production reduced compared to the prior year. The Middle East markets for which Chemetall PLC is responsible continued their steady growth. Results and dividends During the first six months, the Group generated a profit on ordinary activities before taxation of #1.6 million (six months ended 30 June 2005: #0.9 million) with a turnover of #9.8 million (six months ended 30 June 2005: #8.7 million). The Group's loans assets, including any exchange movements and interest accrued thereon, totalled #4.2 million at 30 June 2006 (30 June 2005: #39.1 million). Preference dividends continue to be paid on the normal due dates. Cash flow and financing The net cash inflow from operating activities at 30 June 2006 was #37.6 million (30 June 2005:#41.6 million). During the period, the #36.7 million loan was repaid by Chemetall GmbH and this money has been invested in a third party bank. At the period end the Group had net cash balances of #82.1 million, #0.54 million of which was necessary to pay the preference dividend in July. Board There have been no changes to the Board during the half year. The Directors who held office during this period were as follows: K Wenzel Chairman RS Rydings MW Stoermer PGM Vannerberg Employees Chemetall thanks its employees for continuing to help the Company grow in turnover and profitability despite the prevailing manufacturing downturn. Chemetall PLC continues to invest in both internal and external training and development of all employees. The increasingly positive trading results are directly related to the high level of competence and commitment of the staff. Chemetall PLC Page 2 Commentary (continued) Outlook The third party sales growth has continued its upward trend that started in 2005. The first six months of 2006 have seen large increases in raw materials prices that have resulted in margins being slightly eroded. This trend is forecast to continue in the second half of the year, but with the tight cost control program that commenced in 2005, now showing significant benefits, the outlook for our future profitability looks good. 65 Denbigh Road Bletchley Milton Keynes MK1 1PB By order of the Board PGM Vannerberg RS Rydings Chemetall PLC Page 3 Consolidated income statement For the six months ended 30 June 2006 Six months ended 30 Year ended 31 June December 2005 Note 2006 2005 #000 #000 #000 Unaudited Unaudited Audited Revenue 9,759 8,718 17,299 Cost of sales (6,397) (5,640) (11,079) Gross profit 3,362 3,078 6,220 Other operating income - - - Distribution costs (1,964) (2,076) (4,220) Administrative expenses (739) (1,122) (2,601) Profit/(Loss) from operations 659 (120) (601) Financial income 1,573 1,575 3,062 Finance costs (556) (589) (1,292) Profit before tax 1,676 866 1,169 Tax 3 (479) (447) (670) Profit for the period 1,197 419 499 Chemetall PLC Page 4 Consolidated statement of recognised income and expense For the six months ended 30 June 2006 Six months ended 30 Year ended 31 June 2006 2005 December 2005 #000 #000 #000 Unaudited Unaudited Audited Exchange differences on translation of 248 (1,775) (1,103) foreign operations Actuarial gains/(losses) on defined benefit 775 (1,174) 335 pension schemes Tax on items taken directly to equity (232) 374 (100) Net gain/(loss) recognised directly in equity 791 (2,575) (868) Profit for the period 1,197 419 499 Total recognised income and expense for the 1,988 (2,156) (369) period Chemetall PLC Page 5 Consolidated balance sheet As at 30 June 2006 Note 30 June 30 June 31 December 2006 2005 2005 #000 #000 #000 Unaudited Unaudited Audited Non-current assets Goodwill 2,475 2,475 2,475 Other intangible assets 338 459 413 Property, plant and equipment 1,172 1,207 1,250 Deferred tax assets 3,807 4,309 4,051 7,792 8,450 8,189 Current assets Inventories 1,161 1,110 1,346 Trade and other receivables 8,308 43,529 44,319 Income tax receivable - 17 17 Cash and cash equivalents 82,083 42,826 43,201 91,552 87,482 88,883 Total assets 99,344 95,932 97,072 Current liabilities Trade and other payables (5,951) (5,960) (5,718) Tax liabilities (1,467) (347) (570) Provisions (241) (241) (7,659) (6,307) (6,529) Net current assets 83,893 81,175 82,354 Chemetall PLC Page 6 Consolidated balance sheet (continued) As at 30 June 2006 Note 30 June 30 June 31 2006 December #000 2005 2005 #000 #000 Unaudited Unaudited Audited Non-current liabilities Interest bearing loans and (12,000) (12,000) (12,000) borrowings Retirement benefit obligation 5 (7,895) (10,152) (8,709) Long-term provisions (1,110) (1,469) (1,142) (21,005) (23,621) (21,851) Net assets 70,680 66,004 68,692 Equity Share capital 6,889 6,889 6,889 Share premium account 29,757 29,757 29,757 Translation reserve (808) (1,775) (1,056) Retained earnings 34,842 31,133 33,102 Total equity 70,680 66,004 68,692 Chemetall PLC Page 7 Consolidated cash flow statement For the six months ended 30 June 2006 Six months ended 30 Year ended 31 June December 2005 Note 2006 2005 #000 #000 #000 Unaudited Unaudited Audited Net cash from operating activities 4 37,630 41,588 (409) Investing activities Purchases of property, plant and (13) (48) (172) equipment Net cash used in investing activities (13) (48) (172) Financing activities Interest paid (16) (49) (4) Interest received 1,573 1,575 3,062 Amounts due from group undertakings - - 41,504 Preference dividend paid (540) (540) (1,080) Net cash from financing activities 1,017 986 43,482 Net increase in cash and cash 38,634 42,526 42,901 equivalents Cash and cash equivalents at beginning 43,201 300 300 of period Foreign exchange gain on cash and cash 248 - - equivalents held Cash and cash equivalents at end of 82,083 42,826 43,201 period Chemetall PLC Page 8 Notes to the interim financial report Six months ended 30 June 2006 1. Basis of preparation This interim financial information has been prepared applying the accounting policies and presentation that were applied in the preparation of the company's published financial statements for the year ended 31 December 2005. The financial statements are prepared on the historical cost basis. 2. The financial statements for the half year ended 30 June 2006 have not been audited. The comparative figures for the financial year ended 31 December 2005 are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company's auditors and delivered to the registrar of companies. The report of the auditors was: (i) unqualified (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 3. Tax Six months ended 30 June 2006 2005 #000 #000 UK corporation tax 479 447 Corporation tax for the interim period is charged at 29% (2005:52%), due to the comparatively large amount of interest receivable included in the results, representing the best estimate of the weighted average annual corporation tax rate expected for the full financial year. Chemetall PLC Page 9 Notes to the interim financial report (continued) Six months ended 30 June 2006 4. Notes to the cash flow statement Six months ended 30 June 2006 2005 #000 #000 Profit before taxation 1,676 866 Adjustments for: Depreciation of property, plant and equipment 91 139 Amortisation of intangible assets 75 106 Decrease in provisions (32) (60) Interest income (1,573) (1,575) Interest expense 556 589 Operating cash flows before movements in 793 65 working capital Decrease in inventories 185 14 Decrease in receivables 36,011 39,807 Increase in payables 194 1,971 Cash generated by operations 37,183 41,857 Income taxes refunded/ (paid) 447 (269) Net cash from operating activities 37,630 41,588 Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank. 5. Retirement benefit schemes Defined benefit schemes The group operates two defined benefit schemes which provide for liabilities through trustees operated funds. During the period, the deficit in the scheme decreased by #844,000. An IAS 19 charge of #312,000 was made in the income statement for the period. Chemetall PLC Page 10 Notes to the interim financial report (continued) Six months ended 30 June 2006 6. Related party transactions Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the group and other related parties are disclosed below. Trading Transactions During the period, group companies entered into the following transactions with related parties who are not members of the group: Sale of Purchase of Amounts owed by Amounts owed to goods goods related parties related parties Six months ended 30 2006 2005 2006 2005 2006 2005 2006 2005 June #000 #000 #000 #000 #000 #000 #000 #000 Fellow subsidiary 319 396 1,523 1,413 647 629 2,069 2,235 undertakings Sales and purchases of goods to related parties were made at the parent group's usual list prices. The amounts outstanding are unsecured and will be settled in cash. No guarantees have been given or received. No provisions have been made for doubtful debts in respect of the amounts owed by related parties. During the period, other services such as licences, IT services and insurance were purchased from Chemetall GmbH in the amount of #150,000 (30 June 2005: #121,000). Non-trading transactions The group has lent money to the following fellow subsidiaries undertakings. The outstanding loan balances and the interest charged on these loan balances are presented in the table below: Loans to Interest charged to Six months ended 30 June 2006 2005 2006 2005 #000 #000 #000 #000 Fellow subsidiary undertakings 4,239 39,134 536 587 This information is provided by RNS The company news service from the London Stock Exchange END IR GUUAWBUPQGWB
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