We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Speymill | LSE:SYG | London | Ordinary Share | IM00B1ZBDN89 | 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% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSYG
RNS Number : 1064G
Speymill PLC
26 June 2012
7.00am on 26 June 2012
Speymill plc
("Speymill" or the "Company")
Annual Report and Accounts and
Notice of AGM
The Company is pleased to announce its audited annual report and accounts for the year ended 31 December 2011 (the "Accounts"). The Accounts containing an unqualified audit opinion will be sent to Shareholders shortly and will also shortly be available at the Company's website, www.speymill.com.
The Accounts also include a Notice of Annual General Meeting to be held at The Claremont Hotel, 18/19 Loch Promenade, Douglas, Isle of Man on 6 August 2012 at 10am.
Contacts:-
Speymill plc Denham Eke, Chief Executive Officer Tel: +44 (0) 1624 639396 Nominated Advisor and Broker Tel: +44 (0)20 7628 3396 Beaumont Cornish Limited Roland Cornish and James Biddle
Note:
The financial information set out below comprises non-statutory accounts. The financial information for the year ended 31 December 2011 has been extracted from accounts for the year ended 31 December 2011 on which the report of the auditors was unqualified.
Extracts of the Accounts are set out below:
Chairman's statement
In our interim report, I reported on the progress that the group had made in restructuring following the termination of our relationship with Speymill Deutsche Immobilien Company plc ("SDIC") and the disposal of our German subsidiary, GOAL service GmbH ("GOAL") during 2010. I am pleased to have the opportunity to report further on the activities of the Group for the twelve months ending 31 December 2011.
Results
During the year ended 31 December 2011, the Group returned a loss before tax of GBP0.46 million, compared to a full year profit for the year ended 31 December 2010 of GBP5.98 million. These figures represent a combination of continuing and discontinuing operations, with continuing operations returning a loss before tax of GBP0.93 million for 2011, compared to a loss of GBP1.17 million for the twelve months to 31 December 2010. The prior year result included a profit of GBP6.78m in relation to the termination agreement with SDIC for services provided by the Group.
The result includes a loss of GBP0.21 million in respect of the valuation of interest rate swaps associated with the loans financing German investment properties. The figure reported in 2010 was a profit of GBP0.21 million for the period from the acquisition of the entities to 31 December 2010. These interest rate swaps were in place at the time that the property owning entities were acquired and are required, under International Financial Reporting Standards ("IFRS"), to be valued on a mark-to-market basis at the end of each accounting period. This represents an accounting entry rather than any trading profit or loss and will ultimately reverse by the maturity of the interest rate swap instrument. It should also be noted that this does not represent any movement in cash resources.
Excluding the effects of the interest rate swaps, the Group would have reported a loss of GBP0.72 million on continuing activities, compared to a comparative loss of GBP1.38 million for the year ended 31 December 2010. I would also comment that the Group has continued to reduce costs where possible, however, some of these changes will only be effective from the date of implementation in 2011 and will therefore reflect more fully in the operating costs for 2012.
Speymill Contracts Limited ("Speymill Contracts") has continued to see an improvement in performance, as reported in both the previous annual report and the interim report for 2011. For the full year, Speymill Contracts made a profit before tax of GBP0.11 million (2010: loss of GBP0.59m) and this return to profitability does reflect the continued hard work and commitment by the management team at that operation.
The Group's German property investments generated a loss of GBP0.75 million. This compares to a profit of GBP0.15m recorded in 2010 but it should be noted that this includes the effect of interest rate swaps, as noted above. The results also include the cost of internal funding to Horsfield Limited and Wyatt Limited, the two property owning entities, which amounted to GBP0.44 million in the current year and GBP0.17 million in the prior year. Therefore, excluding the effect of the accounting treatment of interest rate swaps and the effective cost of internal funding, the trading result for the German investment properties was a loss of GBP0.10 million for 2011 (2010: a loss of GBP0.23 million). The profit for 2010 was from the dates of acquisition of the majority of shares in each of the two property owning companies and does not reflect a full year's trading.
The Group's turnover for continuing operations for the year was GBP32.03 million, an increase of 106.2% on the turnover of GBP15.53 million for the comparative activities in 2010. This reflects both the increased turnover at Speymill Contracts where the turnover has increased by 103.4% to GBP30.5 million and the fact that the turnover for the German investment properties is for a full year rather than for part of the year as it was in 2010.
As with the prior year, there is no tax charge for the year in respect of continuing activities. In relation to discontinued and discontinuing operations, there is a tax recovery of GBP0.39 million (2010 a tax charge of GBP0.25 million) which is primarily driven by updated assessments on those operations and a revision of provisions accordingly.
Financial position
The Group's financial position showed net assets of GBP3.03 million at 31 December 2011, compared to GBP3.39 million as at 31 December 2010.
As I reported in our annual statement for 2010, I (together with Burnbrae Limited) agreed to provide a further shareholder loan facility to the Group. This facility was provided with a limit of GBP5 million until 30 June 2012 with an interest rate of 8% and with all other terms remaining as per the previous facility. As announced on 16 April 2012, this facility has now been extended to 30 June 2013 to ensure that the Group has adequate working capital for the foreseeable future. The Board of Directors will continue to review the position with regard to any conversion of the shareholder loan and a general offer to all shareholders but will only pursue this if they feel that it is in the interests of all parties.
Speymill Contracts
The Group was further encouraged by the consistent improvement in results from this company in what continues to be a difficult economic environment. For the year ending 31 December 2011, Speymill Contracts reported a profit before tax of GBP0.11 million (2010: a loss of GBP0.59m).
Turnover at Speymill Contracts increased by 103.4% to GBP30.5 million in 2011 (2010: GBP14.99 million).
The significant increase in turnover and the return to profitability is very pleasing and reflects the hard work committed to this business within a disciplined and risk managed approach. However, the economic environment in which Speymill Contracts operates remains challenging and we currently expect that the turnover for 2012 will be broadly similar to that experienced in 2011.
We remain positive about the long terms prospects and believe that Speymill Contracts has a strong future as the leading builder of budget hotels in the UK, but we remain committed to the focus on the risk management which has underpinned this company's recent improvement. Given the prevailing economic conditions, we believe that a focus on risk management is essential.
German Property Investment
As I reported last year, as part of the arrangement to terminate the Group's IMA with SDIC, the Group acquired 94.9% of each of two former subsidiaries of SDIC. These two entities, Horsfield Limited and Wyatt Limited, each own German residential investment properties. The gross value of the properties across both companies is in excess of EUR26 million.
The twelve months to the end of 31 December 2011 represent the first full calendar year of ownership of these entities. For the year ending 31 December 2011, these entities produced a turnover of GBP1.54 million and a loss before tax of GBP0.75 million. This compares to a turnover of GBP0.55 million and a net profit of GBP0.15 million for the period from acquisition to the end of 2010.
As stated earlier, the results for the German property investment entities include both the effects of accounting for interest rate swaps and the cost associated with the internal funding provided to these entities. Excluding the effect of the accounting treatment of interest rate swaps and the effect of internal funding, the trading result for the German investment properties was a loss of GBP0.10 million for 2011 (2010: a loss of GBP0.23 million). It should be remembered that the profit for 2010 was from the date of acquisition of the majority of shares in each of the two property owning companies and does not reflect a full year's trading.
The Group continues to seek to maximise the return from these assets and are working with a local property management company to do this.
Update on Far Eastern activities
As I reported in the Group's interim report for 2011, the notice period in relation to the investment management agreement with Speymill Macau Property Company plc ("Speymill Macau") ended on 28 June 2011 and the group no longer provides any services to Speymill Macau. Accordingly, we have closed our Far East operation, based in Hong Kong.
Speymill Deutsche Immobilien Company plc
As part of the acquisition of GOAL and termination of the Investment Management Agreement, SDIC issued convertible loan notes ("Loan Notes") to Speymill in an aggregate amount of EUR2.088 million. As announced on 24 May 2012, a final settlement has been reached in relation to these Loan Notes.
Restructuring
The Group has sought to reduce its operating costs since the restructuring process commenced and has closed both its London and Hong Kong based investment advisory functions, Speymill Property Group (UK) Limited and Speymill Property Group (Far East) Limited during 2011.
The Group has significantly reduced its operation and cost base in the Isle of Man during 2011, reflecting the termination of investment management activities and the on-going operations of the Group.
As announced on 26 January 2011, the composition of the board of directors has also changed. Bob MacDonald, the then Chief Executive Officer, and Sir James Mellon both resigned from the board of directors earlier in 2011 leaving myself as Executive Chairman, Denham Eke as Chief Executive Officer and Lincoln Forrest as a non-executive director.
Since the termination of the investment management agreement with SDIC and the disposal of GOAL, we have been working to ensure that the staffing levels and costs are appropriate to the on-going activities of the Group. As I have already indicated, a number of these changes have taken effect during 2011 and therefore 2012 will be the first year to benefit from all the revised costs for the whole year.
As a result of taking steps to reduce overheads and to ensure that sufficient working capital is available through the increased and extended shareholder loan facility noted above, the Directors are of the opinion that it remains appropriate to prepare the Group's financial statements on a "going concern" basis. Please also refer to note 1 of the consolidated financial statements for further details.
Outlook
Speymill continues to look to all opportunities to increase value for its shareholders, and will concentrate on the nurturing and growth of its German property investment activities and its activities at Speymill Contracts.
Jim Mellon
Chairman
25 June 2012
Consolidated income statement
For the year ended 31 December 2011
2011 2010 Total Total GBP'000 GBP'000 ----------------------------------------- --------- --------- Turnover 32,027 15,533 Cost of sales (29,042) (13,213) ----------------------------------------- --------- --------- Gross profit 2,985 2,320 ----------------------------------------- --------- --------- General administrative expenses (2,586) (2,816) Share-based payments (7) (61) ----------------------------------------- --------- --------- Total operating costs (2,593) (2,877) ----------------------------------------- --------- --------- Profit/(loss) from operations 392 (557) Net finance costs (1,317) (616) --------- --------- Loss on ordinary activities before taxation (925) (1,173) Taxation - - ----------------------------------------- --------- --------- Loss after taxation from continuing operations (925) (1,173) ----------------------------------------- --------- --------- Profit after taxation from discontinued operations 852 6,898 ----------------------------------------- --------- --------- (Loss)/profit after taxation (73) 5,725 Attributable to: Owners of the Company (34) 5,717 Non-controlling interest (39) 8 ----------------------------------------- --------- --------- (73) 5,725 ----------------------------------------- --------- --------- (Loss)/earnings per share (pence) ----------------------------------------- --------- --------- Basic (0.06) 9.79 ----------------------------------------- --------- --------- Diluted (0.06) 9.79 ----------------------------------------- --------- ---------
Consolidated statement of comprehensive income
For the year ended 31 December 2011
2011 2010 Total Total GBP'000 GBP'000 -------------------------------------------------------- --- -------- --------- ------ -------- -------- (Loss)/profit for the year (73) 5,725 -------------------------------------------------------------------------------------------------- -------- -------- Other comprehensive income: Revaluation of available-for-sale financial assets (54) (135) Currency translation differences on foreign operations (304) (282) -------------------------------------------------------------------------------------------------- Total comprehensive (loss)/ income for the year (431) 5,308 -------------------------------------------------------------------------------------------------- -------- --------
Statements of financial position
As at 31 December 2011
31-Dec 31-Dec 31-Dec 31-Dec 2011 2011 2010 2010 Group Company Group Company GBP'000 GBP'000 GBP'000 GBP'000 -------------------------------- -------- -------- -------- --------- Non-current assets Property, plant and equipment 51 - 153 17 Investments in subsidiaries and joint ventures - 1,134 - 1,129 Investment property 22,131 - 22,626 - Available-for-sale financial assets 1,375 - 1,287 - Total non-current assets 23,557 1,134 24,066 1,146 -------------------------------- -------- -------- -------- --------- Current assets Due from customers for contract work 1,349 - 1,228 - Trade and other receivables 3,683 19,815 2,734 17,289 Cash and cash equivalents 1,066 23 1,551 212 Total current assets 6,098 19,838 5,513 17,501 Total assets 29,655 20,972 29,579 18,647 -------------------------------- -------- -------- -------- --------- Equity Capital and reserves Ordinary share capital 584 584 584 584 Share premium 34 34 34 34 Share-based payments reserve 146 146 1,105 1,105 Other income reserve (920) (494) (562) 45 Retained income 3,494 15,988 2,493 719 -------------------------------- -------- -------- -------- --------- Equity attributable to owners of the Company 3,338 - 3,654 - Non-controlling interest (308) - (269) - Total equity 3,030 16,258 3,385 2,487 -------------------------------- -------- -------- -------- --------- Non-current liabilities Interest Bearing Loans 14,417 - 14,915 - Derivative Financial Instruments 1,046 - 838 - Shareholders' loan 2,754 2,754 3,241 3,241 -------------------------------- -------- -------- -------- --------- Total non-current liabilities 18,217 2,754 18,994 3,241 -------------------------------- -------- -------- -------- --------- Current liabilities Bank overdraft - - 989 - Trade and other payables 4,622 1,960 3,643 12,918 Due to suppliers for contract work 3,612 - 2,212 - Obligations under finance leases - - 1 1 Interest Bearing Loans 182 - - - Current tax liabilities (8) - 355 - Total current liabilities 8,408 1,960 7,200 12,919 -------------------------------- -------- -------- -------- --------- Total liabilities 26,625 4,714 26,194 16,160 Total equities and liabilities 29,655 20,972 29,579 18,647 -------------------------------- -------- -------- -------- ---------
Consolidated statement of changes in equity
For the year ended 31 December 2011
Ordinary Share Share-based Other Retained share premium payment income income/ Attributable Non-Controlling capital reserve (loss) to owners Interest of the parent Total equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 -------------------- --------- -------- ------------ --------- --------- ------------- ---------------- -------- Balance at 31 December 2009 583 34 1,988 (432) (4,336) (2,163) - (2,163) Profit for the year - - - - 5,717 5,717 8 5,725 Other comprehensive income for the year: Revaluation of available-for-sale financial assets - - - (135) - (135) - (135) Currency translation differences on foreign operations - - - (282) - (282) - (282) Acquisition of subsidiaries - - - 242 - 242 - 242 Transactions with owners, recorded directly in equity: Share based payments: - share options charge - - 58 - - 58 - 58 - deferred share plan - - 18 - - 18 - 18 Disposal of subsidiary - - (212) - 410 198 - 198 Shares issued in the year (77,273) 1 - (9) - 9 1 - 1 Own shares distributed (165,269 shares) - - (45) 45 - - - - Lapsed/forfeited share options - - (693) - 693 - - - Arising on acquisition of subsidiaries (i) - - - - - - (277) (277) Balance at 31 December 2010 584 34 1,105 (562) 2,493 3,654 (269) 3,385 -------------------- --------- -------- ------------ --------- --------- ------------- ---------------- -------- Profit for the year - - - - (34) (34) (39) (73) Other comprehensive income for the year: Revaluation of available-for-sale financial assets - - - (54) - (54) - (54) Currency translation differences on foreign operations - - - (304) 69 (235) - (235) Transactions with owners, recorded directly in equity: Share based payments: - share options charge - - 7 - - 7 - 7 - deferred share - - - - - - - - plan Lapsed/forfeited share options - - (966) - 966 - - - Balance at 31 December 2011 584 34 146 (920) 3,494 3,338 (308) 3,030 -------------------- --------- -------- ------------ --------- --------- ------------- ---------------- -------- (i) In 2010 the Group acquired 94.9% of the share capital of Horsfield Limited and Wyatt Limited.
Consolidated statement of cash flows
For the year ended 31 December 2011
31-Dec 31-Dec 2011 2010 GBP'000 GBP'000 ---------------------------------------------- --------- --------- Cash inflows from operating activities Net cash inflow from operations 2,182 11,525 Taxation paid (14) (1,295) ---------------------------------------------- --------- --------- Net cash inflow from operating activities 2,168 10,230 Cash flows from investing activities Interest received - 37 Cash acquired on acquisition of subsidiaries - 294 Cash held by subsidiary on disposal - (750) Loan notes received - (1,238) Settlements in relation to financial 191 - instruments Disposal/write-off of investments - 148 Subsequent expenditure on investment properties - (78) Transfer to investment/foreign exchange reserve (376) (6,773) Net purchase and disposal of property, plant and equipment (26) (310) ---------------------------------------------- --------- --------- Net cash outflow from investing activities (211) (8,670) Cash flows from financing activities Issue of equity shares - 1 Shareholders' loan drawdown 475 680 Shareholders' loans repayments, including interest (1,241) (213) Facility fees paid - 14 Finance lease principal repayments (2) (1) Repayment of interest bearing loans (176) (40) Interest paid (816) (407) Interest rate swap valuation movement 215 (210) ---------------------------------------------- --------- --------- Net cash outflow from financing activities (1,545) (176) ---------------------------------------------- --------- --------- Net increase in cash and cash equivalents 412 1,384 ---------------------------------------------- --------- --------- Translation 92 884 Cash and cash equivalents at beginning of year 562 (1,706) ---------------------------------------------- --------- --------- Net cash and cash equivalents at end of year 1,066 562 ---------------------------------------------- --------- --------- Cash and cash equivalents comprise Bank balances 1,066 1,551 Bank overdraft used for cash management purposes - (989) ---------------------------------------------- --------- --------- Cash and cash equivalents in the statement of cash flows 1,066 562 ---------------------------------------------- --------- --------- Cash generated from operations Profit from operations 867 6,546 Adjusted for: Depreciation of tangible assets 126 497 Share-based payments charge 7 76 Revaluation of available-for-sale financial (334) - assets (Increase)/decrease in receivables (1,028) 1,057 Increase in payables 2,544 3,349 ---------------------------------------------- --------- --------- Net cash inflow from operations 2,182 11,525 ---------------------------------------------- --------- ---------
Notes to the consolidated financial statements
1 Reporting entity
Speymill plc is a public limited company incorporated and domiciled in the Isle of Man (referred to as the Company). The address of the Company's registered office is 1st Floor, Regent House, 16-18 Ridgeway Street, Douglas, Isle of Man, IM1 1EN.
The consolidated financial statements of the Company as at and for the year ended 31 December 2011 comprise the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities") and the Group's interest in jointly controlled entities. The Group is primarily involved in real estate investment management, construction operations, property management and property investment.
1.1 Basis of preparation
(a) Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") and its interpretations adopted by the International Accounting Standards Board ("IASB").
Going concern
The Board is of the opinion that it has secured sufficient finance in order to enable the Group to continue trading and that it is appropriate to prepare these accounts on a going concern basis. In support of this opinion, the Board has undertaken a budgeting process for its business units for the period to 30 June 2013.
Speymill have in place a shareholder loan facility (the "Existing Facility") entered into with Jim Mellon and Burnbrae Limited (the "Lenders") on 24 June 2011 that was due to expire on 30 June 2012. Further to the announcement on 16 April 2012, the Lenders have agreed to extend the facility (the "Extended Facility").
The overall limit of the principal on the Extended Facility is GBP5 million and it will expire on 30 June 2013. The interest rate charged on the Existing Facility remains as 8% per annum. All other terms remain the same. As at 18 June 2012, GBP2,729,290 of the principal facility had been drawn down, excluding accrued interest.
The purpose of the Extended Facility is to provide the working capital that Speymill needs in order to continue to trade through the financial year ended 31 December 2012. Based on the current budgeted activity, which is projected until 30 June 2013, the Directors believe that sufficient working capital facilities are in place.
Speymill committed to reducing the size of its Isle of Man-based head office and investment management operations and its London-based investment advisory function commensurate with the reduced level of activity in its asset management businesses. The Group's London office closed in April 2011 and the activities at the Isle of Man-based head office have been reduced. The Group's Hong Kong office closed shortly after the termination of contractual arrangements with Speymill MACAU Property Company plc in June 2011.
Speymill has also renewed its overdraft facility with its bank, Lloyds TSB Bank plc, until 30 June 2012. The overdraft limit was renewed at GBP500,000. The Board is currently in discussion with the bank to extend the facility further.
Presentation of financial statements
The Group applies revised IAS 1 presentation of financial statements (2007), which became effective as of 1 January 2009. As a result, the Group presents in the consolidated statement of changes in equity, all owner changes in equity, whereas all non-owner changes in equity are presented in the consolidated statement of comprehensive income. This presentation has been applied in these financial statements from the year ended 31 December 2009.
2 Segmental information
The Group has three continuing reportable segments, as described below, which are the Group's strategic business units. The strategic business units offer different products and services, and are managed separately because they require different technology and marketing strategies. The following summary describes the operations in each of the Group's reportable segments:
-- United Kingdom construction and refurbishment
-- Property investment
-- Other - head office, group and administration costs
31 December 2011
United Kingdom construction and Property refurbishment investment Other Elimination Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------------------------- ----------------- ----------- -------- ------------ --------- External revenue 30,483 1,544 - - 32,027 Inter-segment revenue - - 990 (990) - ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Total segment revenue 30,483 1,544 990 (990) 32,027 ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Reportable segment profit/(loss) from operations before share-based payments 148 693 89 (531) 399 Share-based payments (5) - (2) - (7) Finance income - - 228 (221) 7 Finance costs (31) (1,443) (292) 442 (1,324) ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Reportable segment profit/(loss) before tax 112 (750) 23 (310) (925) ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Depreciation (100) - (18) - (118) Reportable segment assets 5,400 22,750 27,926 (27,886) 28,190 Reportable segment liabilities (19,658) (28,858) (5,046) 27,030 (26,532) Segment capital expenditure - - - - - ----------------------------- ----------------- ----------- -------- ------------ --------- 31 December 2010 United Kingdom construction and Property refurbishment investment Other Elimination Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ----------------------------- ----------------- ----------- -------- ------------ --------- External revenue 14,987 546 - - 15,533 Inter-segment revenue - - 2,218 (2,218) - ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Total segment revenue 14,987 546 2,218 (2,218) 15,533 ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Reportable segment (loss)/profit from operations before share-based payments (486) 417 46 (473) (496) Share-based payments (9) - (52) - (61) Finance income - 210 3 - 213 Finance costs (93) (478) (386) 128 (829) ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Reportable segment (loss)/profit before tax (588) 149 (389) (345) (1,173) ----------------------------- -------- ----------------- ----------- -------- ------------ --------- Depreciation (106) - (32) - (138) Reportable segment assets 3,501 23,429 1,808 (444) 28,294 Reportable segment liabilities (5,726) (16,484) (3,422) - (25,632) Segment capital expenditure (10) - - - (10) ----------------------------- -------- ----------------- ----------- -------- ------------ --------- 3 Discontinued operations information
The Group has determined that two lines of business met the criteria to be treated under IFRS 5 as Non-current assets held for sale or discontinued operations. The two lines of business treated as discontinued operations are as follows:
-- The Group's property services business
-- The Group's property fund management business, following the termination of the contractual arrangement with Speymill Macau Property Company plc on 28 June 2011
The profit after taxation for the business lines deemed to be discontinued and discontinuing is shown on the face of the Consolidated Income Statement and the analysis of this business is shown within this note. The comparative results have been re-presented accordingly.
2011 2010 GBP'000 GBP'000 ------------------------------------------ -------- --------- Discontinued operations Turnover 847 17,897 Expenses (386) (18,919) ------------------------------------------ -------- --------- Profit/(loss) before tax of discontinued operations 461 (1,022) Gain on sale of discontinued activities - 8,173 Taxation 391 (253) ------------------------------------------ -------- --------- Profit after tax from discontinued operations 852 6,898 ------------------------------------------ -------- ---------
Earnings per share (pence) (in accordance with note 8)
Basic earnings per ordinary share (pence) 1.46 11.81 Diluted earnings per share (pence) 1.46 11.81 ------------------------------------------- ----- ------
The cash flows arising from discontinued or discontinuing operations are as follows:
2011 2010 Cash flow of discontinued/ing operations GBP'000 GBP'000 ------------------------------------------ --------- --------- Operating cash flows 19,379 8,381 Investing cash flows (20,376) (8,268) Financing cash flows 207 (40) ------------------------------------------ --------- --------- Total cash flows (790) 73 ------------------------------------------ --------- --------- Tax charge in respect of discontinued operations 2011 2010 Total Total GBP'000 GBP'000 ---------------------------- ----------- ---------------- ---------- ------- ---------- ---------- Foreign income tax on subsidiary 7 794 Previous year's (over) / under provision (398) - Total current tax (391) 794 -------------------------------------------------------------------------------- ---------- ---------- Deferred tax Original and reversing of timing differences - (541) ---------- ---------- Total tax charge (391) 253 -------------------------------------------------------------------------------- ---------- ----------
All of the taxation in respect of discontinued operations related to overseas operations.
4 Profit/(loss) from continuing operations 2011 2010 Total Total GBP'000 GBP'000 ---------------------------------------- -------- -------- Operating profit/(loss) is stated after charging/(crediting): Depreciation: - owned assets 118 134 - leased assets - 4 Operating lease charges: - land and buildings 73 127 - equipment and motor vehicles 120 100 Net foreign exchange loss/(gain) (28) 32 ---------------------------------------- -------- -------- Auditors' remuneration: Audit of parent company and consolidated financial statements 38 36 Audit of subsidiary company financial statements 37 23 Tax services 13 18 Other services - - 88 77 ---------------------------------------- -------- --------
All the above costs have been charged to the income statement.
5 Share-based payments in respect of continuing operations Total Total 2011 2010 GBP'000 GBP'000 --------------------------- -------- -------- Share options 5 25 Provision for share issue 2 36 7 61 --------------------------- -------- -------- 6 Net finance costs 2011 2010 Total Total GBP'000 GBP'000 --------------------------- -------- -------- Bank interest receivable - - Other interest receivable 7 3 Change in fair value of derivative financial instruments (215) 210 --------------------------- -------- -------- (208) 213 --------------------------- -------- -------- Bank charges and interest payable (43) (181) Interest charge on interest bearing loans (787) (308) Shareholder loan interest and facility fees (279) (339) Finance lease charges - (1) (1,109) (829) --------------------------- -------- -------- Net finance costs (1,317) (616) --------------------------- -------- -------- 7 Taxation on continuing operations Tax charge 2011 2010 Total Total GBP'000 GBP'000 ----------------------------- ---------- ------------ ------- ---- ---------- ----------- Foreign income tax on subsidiary - - Previous year's (over) / under provision - - Total current tax - - ----------------------------- ---------- ------------ ------- ---- ---------- ----------- Deferred tax --- --- Original and reversing of timing differences - - ---------- ------------ ------- ---- ---------- ----------- Total tax charge - - ----------------------------- ---------- ------------ ------- ---- ---------- ----------- Factors affecting the tax charge for the year 2011 2010 Total Total GBP'000 GBP'000 Loss on ordinary activities before taxation (925) (1,173) ---------------------------------------------------------------------- ---------- ----------- Isle of Man income tax @ 0% (2010: 0%) - - Higher rates on overseas earnings - - Adjustments in respect of prior periods - - Tax expense per the income statement - - ---------------------------------------------------------------------- ---------- ----------- 8 Loss per share from continuing operations Total Total 2011 2010 GBP'000 GBP'000 ----------- ------------ Loss for the year on continuing operations 886 1,181 ---------------------------------------------------------- ----------- ------------ Basic weighted average number of shares in issue 58,389,555 58,388,918 Employee share options and provisions for share issue - - Loss per ordinary share on continuing operations (pence) 1.52 2.02 Dilutive effect of employee share options - - ----------- ------------ Diluted loss per share on continuing operations (pence) 1.52 2.02 ---------------------------------------------------------- ----------- ------------ 9 Property, plant and equipment Leasehold property improvements Fixtures and equipment Motor vehicles Total Group GBP'000 GBP'000 GBP'000 GBP'000 ---------------------------- ------------------------------- ---------------------------- --------------- -------- Cost At 1 January 2011 160 449 10 619 Additions - 29 - 29 Disposals - (337) (10) (347) Exchange adjustments - (1) - (1) At 31 December 2011 160 140 - 300 ---------------------------- ------------------------------- ---------------------------- --------------- -------- Depreciation At 1 January 2011 110 346 10 466 Charge for the year 39 87 - 126 Disposals - (333) (10) (343) Exchange adjustments - - - - At 31 December 2011 149 100 - 249 ---------------------------- ------------------------------- ---------------------------- --------------- -------- Net book value at 31 December 2011 11 40 - 51 ---------------------------- ------------------------------- ---------------------------- --------------- --------
At 31 December 2011 the net carrying amount of equipment and motor vehicles held under finance leases was GBPnil (2010: GBP1,746). Depreciation charged in the year on assets held under finance leases was GBP1,746 (2010: GBP4,663).
Leasehold Motor property improvements Fixtures and equipment vehicles Total Group GBP'000 GBP'000 GBP'000 GBP'000 ------------------------- ----------------------- ------------------------ ---------------------- ------------ At 1 January 2010 656 1,404 10 2,070 Additions 293 194 - 487 Disposals (172) (5) - (177) Derecognised on disposal of subsidiary (589) (1,089) - (1,678) Exchange adjustments (28) (55) - (83) At 31 December 2010 160 449 10 619 ------------------------ ------------------------ ------------------------ ---------------------- ------------ Depreciation At 1 January 2010 273 777 10 1,060 Charge for the year 158 339 - 497 Disposals - (14) - (14) Derecognised on disposal of subsidiary (310) (725) - (1,035) Exchange adjustments (11) (31) - (42) At 31 December 2010 110 346 10 466 ------------------------ ------------------------ ------------------------ ---------------------- ------------ Net book value at 31 December 2010 50 103 - 153 ------------------------ ------------------------ ------------------------ ---------------------- ------------ 10 Shareholders' loan 2011 2011 2010 2010 Group Company Group Company GBP'000 GBP'000 GBP'000 GBP'000 ----------------------------------- -------- -------- -------- -------- Opening balance as at 1 January 3,241 3,241 2,421 2,421 Shareholders' loan drawdowns 475 475 680 680 Facility fees charged 14 14 14 14 Interest charged 265 265 339 339 Shareholders' loan repayments (1,189) (1,189) (213) (213) Facility fees paid - - - - Interest paid (52) (52) - - -------- -------- -------- -------- Closing balance as at 31 December 2,754 2,754 3,241 3,241 ----------------------------------- -------- -------- -------- --------
The balance outstanding on the shareholders' loan at the year end comprising principal, accrued interest and facility fee is attributable to the following:
2011 2011 2010 2010 Group Company Group Company GBP'000 GBP'000 GBP'000 GBP'000 ---------------------------------------- -------- -------- -------- -------- Jim Mellon 2,754 2,754 2,943 2,943 Bob MacDonald - - 298 298 ---------------------------------------- -------- -------- -------- -------- Closing balance as at 31 December 2011 2,754 2,754 3,241 3,241 ---------------------------------------- -------- -------- -------- -------- 11 Subsequent Events
As announced on 16 April 2012, the shareholder loan facility of GBP5m provided by Jim Mellon and Burnbrae Limited was extended and will now expire on 30 June 2013. The interest rate remains at 8% and all other terms remain unchanged.
As announced on 24 May 2012, the Group reached a final settlement agreement in relation to the loan notes received from Speymill Deutsche Immobilien Company plc. The settlement resulted in the Group ultimately having received a total of EUR1.86m in relation to the original outstanding amount of EUR2.088m.
12 Annual General Meeting
The Annual General Meeting of the shareholders of Speymill plc will be held at The Claremont Hotel, 18/19 Loch Promenade, Douglas, Isle of Man on 6 August 2012 at 10am. The formal notice and form of proxy will be distributed with the reports posted to shareholders.
13 Annual report and financial statements
Copies of the 2011 Annual Report and Financial statements will be available from the Company's registered office once they have been posted to shareholders.
END.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR QELFLLQFBBBK
1 Year Speymill Chart |
1 Month Speymill Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions