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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:3458E Chemetall PLC 24 September 2007 Chemetall PLC Interim Financial Report 30 June 2007 Chemetall PLC Interim financial report 2007 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 10% (on a comparative basis) over the prior year during the first 6 months of 2007. All major sectors showed good growth compared to the prior year. The Middle East markets for which Chemetall PLC is responsible also continued their steady growth. In February 2007 Chemetall PLC acquired the trade and assets of the chemical division of Wirral Fospray Limited, for a total consideration of #1.2m, which included the assets, goodwill, intangible assets, and inventories. This will strengthen the Company's position in metal surface treatments, especially in the aluminium-finishing market. Results and dividends During the first six months, the Group generated a profit on ordinary activities before taxation of #2.6 million (2006: #1.6 million) with a turnover of #10.7 million (2006: #9.8 million). The Group's loan assets, including any exchange movements and interest accrued thereon, totalled #85.2 million at 30 June 2007(30 June 2006: #4.2 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 2007 was #1.6 million (30 June 2006: #37.6 million). At the period end the Group had net cash balances of #2.8 million, #0.54 million of which was used 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 R S Rydings M W Stoermer P G M 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 and continued throughout 2006. The first six months of 2007 have seen continuing increases in raw material prices; we have, though, been able to increase selling prices to maintain the margins. This trend is expected to continue in the second half of the year, but with the tight cost control program that commenced in 2005, showing continued significant benefits, the outlook for our future profitability continues to look good. 65 Denbigh Road Bletchley Milton Keynes MK1 1PB By order of the Board, P G M Vannerberg R S Rydings Chemetall PLC Page 3 Consolidated income statement For the six months ended 30 June 2007 Six months ended 30 June Year ended 31 December Note 2007 2006 2006 #000 #000 #000 Unaudited Unaudited Audited Revenue 10,690 9,759 18,687 Cost of sales (6,602) (6,397) (11,659) Gross profit 4,088 3,362 7,028 Distribution costs (2,182) (1,964) (4,163) Administrative expenses (701) (739) (1,710) Other operating expenses (81) - (84) Profit from operations 1,124 659 1,071 Financial income 2,020 1,573 3,292 Finance costs (540) (556) (1,131) Profit before tax 2,604 1,676 3,232 Tax 3 (552) (479) 105 Profit for the period 2,052 1,197 3,337 Chemetall PLC Page 4 Consolidated statement of recognised income and expense For the six months ended 30 June 2007 Six months ended 30 June Year ended 31 December 2007 2006 2006 #000 #000 #000 Unaudited Unaudited Audited Exchange differences on translation of foreign operations (42) 248 (779) Actuarial gains on defined benefit pension schemes 2,503 775 1,318 Tax on items taken directly to equity (701) (232) (395) Net gain recognised directly in equity 1,760 791 144 Profit for the period 2,052 1,197 3,337 Total recognised income and expense for the period 3,812 1,988 3,481 Chemetall PLC Page 5 Consolidated balance sheet As at 30 June 2007 Note 30 June 2007 30 June 2006 31 December 2006 #000 #000 #000 Unaudited Unaudited Audited Non-current assets Goodwill 2,475 2,475 2,475 Other intangible assets 1,255 338 261 Property, plant and equipment 1,158 1,172 1,196 Deferred tax assets 4,000 3,807 4,654 8,888 7,792 8,586 Current assets Inventories 1,425 1,161 1,443 Trade and other receivables 89,744 8,308 88,292 Cash and cash equivalents 2,785 82,083 2,157 93,954 91,552 91,892 Total assets 102,842 99,344 100,478 Current liabilities Trade and other payables (6,391) (5,951) (5,815) Tax liabilities (2,476) (1,467) (1,879) Provisions (163) (241) (197) (9,030) (7,659) (7,891) Net current assets 84,924 83,893 84,001 Chemetall PLC Page 6 Consolidated balance sheet (continued) As at 30 June 2007 Note 30 June 2007 30 June 2006 31 December 2006 #000 #000 #000 Unaudited Unaudited Audited Non-current liabilities Interest bearing loans and borrowings (12,000) (12,000) (12,000) Retirement benefit obligation 5 (4,696) (7,895) (7,312) Long-term provisions (1,131) (1,110) (1,102) (17,827) (21,005) (20,414) Net assets 75,985 70,680 72,173 Equity Share capital 6,889 6,889 6,889 Share premium account 29,757 29,757 29,757 Translation reserve (1,877) (808) (1,835) Retained earnings 41,216 34,842 37,362 Total equity 75,985 70,680 72,173 Chemetall PLC Page 7 Consolidated cash flow statement For the six months ended 30 June 2007 Six months ended 30 June Year ended 31 December Note 2007 2006 2006 #000 #000 #000 Unaudited Unaudited Audited Net cash from operating activities 4 1,618 37,630 825 Investing activities Purchases of property, plant and equipment (60) (13) (130) Acquisition of trade and assets 7 (1,193) - - Net cash used in investing activities (1,253) (13) (130) Financing activities Interest paid - (16) (51) Interest received 2,020 1,573 3,292 Amounts due to group undertakings (1,217) - (43,900) Preference dividend paid (540) (540) (1,080) Net cash from financing activities 263 1,017 (41,739) Net increase/(decrease ) in cash and cash equivalents 628 38,634 (41,044) Cash and cash equivalents at beginning of period 2,157 43,201 43,201 Foreign exchange gain on cash and cash equivalents held - 248 - Cash and cash equivalents at end of period 2,785 82,083 2,157 Chemetall PLC Page 8 Notes to the interim financial report Six months ended 30 June 2007 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 2006. The financial statements are prepared on the historical cost basis. 2. The financial statements for the half year ended 30 June 2007 have not been audited. The comparative figures for the financial year ended 31 December 2006 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 2007 2006 #000 #000 UK corporation tax 552 479 Corporation tax for the interim period is charged at 21% (2006: 29%), 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 2007 4. Notes to the cash flow statement Six months ended 30 June 2007 2006 #000 #000 Profit before taxation 2,604 1,676 Adjustments for: Depreciation of property, plant and equipment 98 91 Amortisation of intangible assets 15 75 Decrease in provisions (5) (32) Interest income (2,020) (1,573) Interest expense 540 556 Operating cash flows before movements in working capital 1,232 793 Decrease in inventories 218 185 (Increase)/decrease in receivables (245) 36,011 Increase in payables 413 194 Cash generated by operations 1,618 37,183 Income taxes refunded/ (paid) - 447 Net cash from operating activities 1,618 37,630 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 #2,503,000. An IAS 19 charge of #236,000 was recognised in the income statement for the period. Chemetall PLC Page 10 Notes to the interim financial report (continued) Six months ended 30 June 2007 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 goods Purchase of goods Amounts owed by Amounts owed to related parties related parties Six months ended 30 June 2007 2006 2007 2006 2007 2006 2007 2006 #000 #000 #000 #000 #000 #000 #000 #000 Fellow subsidiary undertakings 347 319 1,424 1,523 528 647 2,179 2,069 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 #219,000 (30 June 2006: #150,000). 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 2007 2006 2007 2006 #000 #000 #000 #000 Fellow subsidiary undertakings 85,242 4,239 2,006 536 Chemetall PLC Page 11 Notes to the interim financial report (continued) Six months ended 30 June 2007 7. Acquisitions On 19 February 2007 Chemetall PLC acquired the trade and assets of the chemical division business of Wirral Fospray Limited for a consideration of #1,193,000. The acquired business was integrated into the operations of Chemetall PLC. All intangible assets were recognised at their respective fair values. Stock was valued at its carrying value plus a fair value adjustment of #20,000 as detailed below: Carrying value Fair value Fair pre-acquisition adjustments Value #000 #000 #000 Non-current assets Intellectual property - 300 300 Non-compete agreement - 50 50 Customer relationships - 658 658 1,008 1,008 Current assets Inventory including step up 180 20 200 Other receivables 35 - 35 215 20 235 Current liabilities (50) - (50) Fair value of net assets acquired 165 1,028 1,193 Cash paid 1,193 No goodwill arose on this acquisition. This information is provided by RNS The company news service from the London Stock Exchange END IR PUUAWBUPMGUC
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