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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Zotefoams Plc | LSE:ZTF | London | Ordinary Share | GB0009896605 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -7.00 | -1.83% | 375.00 | 376.00 | 389.00 | 375.00 | 375.00 | 375.00 | 2,375 | 16:35:28 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Plastics Foam Products | 126.98M | 9.24M | 0.1892 | 19.82 | 183.17M |
From Apr 2019 to Apr 2024
TIDMZTF
RNS Number : 7616K
Zotefoams PLC
12 April 2018
Zotefoams plc
2017 Annual Report and Notice of the 2018 Annual General Meeting
In compliance with Listing Rule 9.6.1, the following documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at:
http://www.morningstar.co.uk/uk/NSM
1 Annual Report for the year ended 31 December 2017, incorporating the Notice of the 2018 Annual General Meeting; and
2 Form of Proxy for the 2018 Annual General Meeting.
Copies of the 2017 Annual Report and the Notice of the 2018 Annual General Meeting are available on our website at:
http://www.zotefoams.com/investors/annual-interim-reports/
http://www.zotefoams.com/investors/agm/
A condensed set of the financial statements, the Chairman's statement and Strategic report in respect of the Annual Report were included in the unaudited preliminary results announcement issued on 13 March 2018, which may be found at:
http://www.zotefoams.com/wp-content/uploads/2018/03/Zotefoams-Preliminary-Results-31.12.17-Final.pdf
This announcement contains, in Annex A, additional information for the purposes of compliance with the Disclosure and Transparency Rules, including the statement of Directors' responsibilities in respect of the Annual Report, principal risks and uncertainties and details of related party transactions. This information is extracted from the 2017 Annual Report in full unedited text. This announcement is not a substitute for reading the full Annual Report. Page and note references in the text below refer to page numbers and notes in the 2017 Annual Report.
Enquiries:
James Kindell
Company Secretary
Zotefoams plc 020 8664 1600
12 April 2018
About Zotefoams plc:
Zotefoams plc (LSE - ZTF) is a world leader in cellular materials technology. Using a unique manufacturing process with environmentally friendly nitrogen expansion, Zotefoams produces and sells lightweight AZOTE(R) polyolefin and ZOTEK(R) high-performance foams for diverse markets worldwide. Zotefoams uses its own cellular materials to manufacture T-FIT(R) advanced insulation for demanding industrial markets. In addition, Zotefoams owns and licenses patented MuCell(R) microcellular foam technology, developed specifically for extrusion applications, from a base in Massachusetts, USA to customers worldwide.
Zotefoams is headquartered in Croydon, UK, with additional manufacturing sites in Kentucky and Oklahoma, USA (foam products manufacture and conversion), Massachusetts, USA (MuCell Extrusion) and Jiangsu Province, China (T-FIT(R)).
www.zotefoams.com
AZOTE(R), ZOTEK(R), T-FIT(R) are registered trademarks of Zotefoams plc
MuCell(R) is a registered trademark of Trexel Inc.
Annex A
Statement of Directors' responsibilities in respect of the Annual Report
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and the Company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group and Company for that period. In preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable IFRSs as adopted by the European Union have been followed for the Group financial statements and IFRSs as adopted by the European Union have been followed for the Company financial statements, subject to any material departures disclosed and explained in the financial statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements and the Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation.
The Directors are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors consider the Annual Report and financial statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group and Company's performance, business model and strategy.
Each of the Directors, whose names and functions are listed on pages 36 to 37 of the Annual Report con rm that, to the best of their knowledge:
-- the Company nancial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, nancial position and pro t of the Company;
-- the Group nancial statements, which have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilities, nancial position and pro t of the Group; and
-- the Strategic Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces.
By order of the Board
G C McGrath Group CFO 6 April 2018
Principal risks and uncertainties
We have identified 12 principal risks and uncertainties under nine key headings: operational, people, technology, supply chain, global market environment, financing, foreign exchange, commercial and pension. A principal risk is one that has the potential to affect significantly our strategic objectives, financial position or future performance. It includes both internal and external factors. Zotefoams monitors movements in likelihood and impact such that risks are appropriately mitigated, to the extent possible, in line with the Group's risk appetite.
The risk profile in 2017 includes three added and one removed risk. With the Group's investment in HP1 and infrastructure at its Kentucky, USA plant now complete and commercial product in the market, the level of this risk has been assessed to fall below the tier one materiality level for reporting and has therefore been removed. While the initial investment in Kentucky has increased capacity, the need to add further capacity at the right time and in the right place has been defined as a new risk, one which is becoming increasingly significant as Zotefoams pursues its growth expectations and one reflected by the commencement of investments in low-pressure capacity in Croydon, UK, and in the commissioning of the second high-pressure autoclave (HP2) in Kentucky, USA. The Group has benefited greatly from the experiences of its recent US capital investment programme, and improved capacity planning processes tied with increasing optimism in HPP growth rates have raised the risk profile of capacity as a result. The second risk added, also related to its pursuit of growth, is the impact on span of control as the Group further expands operations overseas. Ensuring it has effective systems, communication methods, recruiting and training will be important mitigating factors. Finally, the risk of cyber attacks has been added, with high-profile examples during the year elevating the Group's assessment of this risk and the importance of remaining vigilant and constantly considering the strength of its protective measures.
Key to Links to the Strategy:
Hot Features
Premium
1 Grow: sales in the Polyolefin business
2 Develop: a HPP portfolio and MEL customer base to deliver enhanced margins
3 Increase: operating margins pre exceptional items
4 Improve: return on capital employed
Risk Mitigation actions
---------------------------------- -------------------------------------------------------------
Operational: Single The Group has extensive
site dependence SHE policies and procedures
Strategy 1. 2. 3. 4. in place, which are
Risk trend: -> in line with best practice.
In the UK the Company
As the majority of is certi ed to accredited
the Group's operations standards OHSAS 18001
are on one site, a on Health and Safety
signi cant operational and ISO 14001, the
disruption or Safety, International Standard
Health and Environmental for Environment Management
('SHE') incident could Systems. Regular training
impact the Group's is provided on SHE
ability to manufacture matters to the staff.
and supply products.
This could have sizeable Pressure equipment
nancial and commercial used is operated under
consequences including, the Pressure Systems
in certain de ned circumstances, Safety Regulations
customer claims. It 2000 and is subject
could also lead to to systematic internal,
reputational damage. and frequent external,
inspections in accordance
with the Safety Assessment
Federation.
The Group has extensive
re prevention systems
in place.
The Group has appropriate
contingency plans in
place in the event
of the failure of certain
major pieces of equipment.
Reporting of incidents,
including 'near misses'
and damage to plant
or equipment not resulting
in personal injury,
is mandatory in order
to track issues and
to prevent reoccurrences.
Insurance is in place
to cover capital restatement
and loss of pro ts
in the event of operational
disruption caused by
certain events.
The Group has invested
in its Kentucky, USA
site, which provides
multi-site capability,
subject to capacity,
on many polyole n products.
With experience, it
will also become possible
to manufacture some
of the more challenging
higher performance
foams.
Controls:
* Regular internal and external audits and inspections
are undertaken on the Group's operations, policies
and procedures.
* Reports are made to the Board, on a quarterly basis,
on SHE issues.
* The Group has various committees in place that
monitor and review the risks.
Control Committees:
* Executive Committee
* Planning and Capacity Committee Occupational Health
and Safety Steering Committee
* Environment Steering Committee
* North American Safety and Environment Committee
---------------------------------- -------------------------------------------------------------
Operational: Execution The experiences gained
Link to strategy: 1, through the recent
3, 4 investment in the Kentucky,
Risk trend: USA site have provided
a signi cant increase
The business's unique in know-how, spread
technology is highly across more personnel,
capital intensive, which reduces uncertainty
with long lead times of future execution.
and complex equipment
and engineering requirements. Expected growth in
As customer demand HPP products is driving
grows, the ability accelerated investment
to grow capacity requires decisions.
effective and timely
planning, suf cient Controls:
resource and nancing, * The Group holds regular capacity planning reviews at
and excellent execution. Board and operational level.
* The Board meets bi-annually to review its three-year
plan, moving to a ve-year plan in 2018, and consider
capacity needs in light of medium-term growth
expectations.
Control Committees:
* Board and Executive Committee
* Planning and Capacity Committee
* Capital Committee
---------------------------------- -------------------------------------------------------------
Technology There are high barriers
Strategy 1. 2. 3. 4. of entry to the manufacturing
Risk trend: -> of the Group's foams.
Signi cant capital
The Group's processes investment and know-how
for the manufacture would be required to
of its products are invest in autoclaves
substantially unique and related infrastructure.
to the Group. Whilst
the principles behind The Group actively
the processes are not maintains its intellectual
con dential, the precise property. It patents
know-how is. A competitor its technology wherever
could match or improve it believes it is appropriate
upon the properties to do so. Where technology
and economics of the is not subject to patent,
Group's products. patents are no longer
applicable or the technology
Key to the success is incapable of being
of the business of patented, the Group
MuCell Extrusion LLC guards its know-how.
('MEL') is the strength
of its intellectual The Group reduces its
property and, on the technology risk by
back of that, its ability entering into new markets.
to grant commercial For example, the development
licences. The risks of High Performance
to MEL are that its Products ('HPP') and
intellectual property MEL, where the product
becomes dated or its offerings are unique
patents expire or are and protected by patents
successfully challenged. and/or process know-how
and capability, opens
up new markets for
the Group with potential
signi cant and lasting
differential advantages.
MEL actively maintains
and updates its intellectual
property portfolio.
This is done by undertaking
research and development
to add new patents
to the portfolio, further
developing its know-how
and obtaining licences
of key third-party
patents, which are
complementary to the
existing portfolio.
A MEL licence typically
includes a bundle of
patents and know-how
and, therefore, is
not completely dependent
on any particular patent.
Controls:
* The Group keeps a watching brief on competitor
activity and maintains close contact with its
customers and end-users of its products to understand
market activity.
* All MEL's licences are reviewed by senior personnel
to ensure terms are appropriate. The intellectual
property portfolio is managed by MEL's Executive
Committee.
Control Committees:
* Executive Committee
* Marketing Committee
* Product Development Committee
* North America Review
* MEL Executive Committee
* MEL Contract Review Committee
---------------------------------- -------------------------------------------------------------
People The Group continuously
Strategy 1. 2. 3. reviews its skill needs
Risk trend: and labour requirements.
The Group aims to provide
The failure to attract, its employees with
develop or retain the varied and interesting
right calibre of staff work and to incentivise
will impact the Group's them appropriately.
ability to deliver
growing opportunities The Group has a Global
by product and geographic Talent Manager, whose
reach. remit is to ensure
senior and emerging
The impact of Brexit talent is appropriate
might impact the Group's for the Group's current
ability to retain mainland and future needs.
EU nationals.
The Group is following
the developments of
the UK's EU exit negotiations
closely and addressing
its consequences on
people. In the meantime,
such action has already
included providing
mainland EU employees
with residency advice
and support.
Controls:
* Ongoing discussions at the Board and Executive
Committee meetings.
Control Committees:
* Board
* Audit Committee (in relation to Finance)
* Executive Committee
* HR Steering Committee
* Nominations Committee (in relation to the Board and
Executive Committee)
---------------------------------- -------------------------------------------------------------
Operational: Span of The Board and Executive
Control Committee continually
Strategy 1. 2. 3. review the Group's
Risk trend: corporate culture,
its communication and
Until recently most embedding of controls
of Zotefoams' revenue across the organisation.
was shipped from the
UK. Following its investments Key leaders travel
in the USA and Asia, frequently to overseas
the Group now employs locations to ensure
more people, holds the right people are
more assets and generates in the right roles
a higher proportion and behaviours are
of revenues outside aligned with those
the UK. While scaling at the corporate centre.
up operations internationally,
it becomes increasingly The Group has been
important to manage investing signi cantly
the span of control in human resource over
risk through embedding the past three years
effective systems across as it builds global
the Group and maintaining functions and hires
an effective nancial leaders with international
control and corporate and cross-cultural
governance environment, experience.
while delivering on
the Group's strategic The Group has upgraded
objectives. IT systems to standardise
information and improve
communication and visibility.
Controls:
* Ongoing discussions at the Board and Executive
Committee meetings.
Control Committees:
* Board
* Executive Committee
* HR Steering Committee
* IT Steering Committee
---------------------------------- -------------------------------------------------------------
Supply Chain Wherever possible,
Strategy 1. 2. 3. 4. supplies are sourced
Risk trend: -> from more than one
supplier or location.
Certain of the Group's However, this is not
raw materials and engineering always possible, due
components are sourced to the special nature
from single suppliers. of the raw materials
Disruption in those and machinery used.
supplies, either on
a temporary or more The Group continually
permanent basis, could monitors suppliers
affect production and and is investing signi
supply to the Group's cantly in the search
customers and, in certain for, testing and approval
de ned circumstances, of, alternative suppliers
have contractual commercial of critical materials.
consequences which
may result in customer Controls:
claims. * Key Supplier Review Committee, an internal committee,
meets at least twice a year to review the ability of
the Group to source its key raw materials and
engineering components. A dedicated raw materials
manager leads this review.
* Audits of key suppliers are carried out.
Control Committees:
* Executive Committee
* Key Supplier Review Committee
---------------------------------- -------------------------------------------------------------
Foreign Exchange The Group reduces its
Strategy 1. 3. 4. foreign exposure for
Risk trend: transactional items
by making its purchases
The Group has signi either in euros or
cant exposure to foreign US dollars. For example,
exchange uctuations. there are US dollar
This is both transactional costs associated with
and on the translation the Group's operations
of foreign currency in Kentucky USA and
balances and the consolidation with MEL. In addition,
of its foreign subsidiaries. the majority of the
Group's raw materials
Despite recent investments are purchased in euros.
overseas, the Group's
operations are substantially The Group recently
based in the UK and, completed its signi
therefore, most of cant capital investment
its manufacturing assets in North America, which
and costs are sterling will reduce exposure
denominated. for transactional items
on the US dollar by
The Group's customers increasing the cost
are normally invoiced base in the USA. Raw
in their local currencies. materials are now purchased
In 2017, approximately locally and a larger
80% of the Group's workforce supports
revenue was in currencies full process production.
other than sterling.
The Group, therefore, The Group has a hedging
generates surpluses policy, which is approved
in US dollars and euros, by the Board. The Group
which are converted hedges a proportion
into sterling. of its exposure for
transactional items
to foreign exchange
by using forward exchange
contracts.
The Group, like most
public companies, does
not hedge for the translation
of its foreign subsidiaries'
assets or liabilities
in the consolidation
of its Group accounts.
It is, however, increasingly
focused on hedging
its statement of nancial
position through matching,
where possible, its
overseas assets with
overseas liabilities,
such as foreign currency
debt nancing.
Controls:
* Monthly review by the Foreign Exchange Committee.
* Hedging policy reviewed by the Board annually.
Control Committees:
* Executive Committee
* Foreign Exchange Committee
* North America Executive Committee
---------------------------------- -------------------------------------------------------------
Macroeconomics Some of the Group's
Strategy 1. 2. 3. 4. markets can be cyclical.
Risk trend: -> However, this risk
is spread geographically
Our markets are exposed and across a number
to general economic of segments, which
and political changes, are expected to diversify
which may impact the further with the growth
Group's performance of HPP and MEL. The
and ability to meet Group is operationally
its strategic objectives. geared and its experience
is that, in challenging
An unfavourable outcome circumstances, operational
to the Brexit negotiations labour costs can be
may impact the Group's reduced, polymer prices
ability to import raw generally fall with
materials and export reduced economic demand,
nished foam product giving a cost bene
in a timely manner. t, and cash can be
Tariffs may increase generated from both
input costs and export reducing working capital
prices. Labour regulations as well as slowing
may affect the Group's capital expenditure
ability to attract projects to help offset
EU talent. the effects of a downturn.
The Group targets an
appropriate nancial
structure to give it
exibility in a downturn.
The Group will monitor
Brexit developments
and take appropriate
commercial action,
which ultimately impacts
capital investment
decisions, as the political
and economic situation
becomes clearer.
Controls:
* Monthly review by the Executive Committee. Board
review at times of more fundamental changes, such as
the Brexit decision.
* North America Review.
* MEL Review.
Control Committees:
* Executive Committee
* Marketing Committee
* North America Executive Committee
* MEL Executive Committee
---------------------------------- -------------------------------------------------------------
Financing The Group has strong
Strategy 1. 2. 3. 4. cash generation from
Risk trend: its operations. In
Q1 2018 the Group completed
The Group needs to HP1, which cost a total
have suf cient cash, of $33m. It has since
or be able to draw announced a GBP12m
on loan facilities investment in low-pressure
or access capital markets, capacity in Croydon
to nance its operations to support HPP growth
and its increasing and a $9m investment
growth expectations. to commission the second
high-pressure autoclave
The Zotefoams business (HP2) in the USA. The
is growth led and capital Group continues to
intensive. An expectation assess additional signi
of growth creates the cant investment opportunities
need for investment and working capital
in xed assets and working needs to enable it
capital to service to meet its increasing
this growth, which growth opportunities.
increases debt levels Accelerated growth
ahead of the expected leads to a shorter
future cash in ows. investment cycle and
the need for a more
frequent assessment
of the Group's nancing
structure.
The Group has debt
facilities, at 31 December
2017, amounting to:
- a 10-year, $8m xed
rate loan
- a ve-year GBP7.5m
variable rate loan
facility; and
- a four-year GBP10m
RCF facility and a
GBP2m overdraft facility.
In March 2018 the Group
secured an additional
GBP10m facility with
an 18-month term. The
loans and RCF facility
are secured against
certain Group assets
and are subject to
covenants.
When considering investment
projects, the Group
has regard to its ability
to raise nance for
the project and will
not fully commit to
a project until acceptable
and appropriate nance
is in place, or believed
to be available.
Controls:
* The Executive Committee monitors its funding position
closely.
* Financial plans and projections are regularly
reviewed by the Board.
Control Committees:
* Board
* Executive Committee
* Capital Planning Committee
---------------------------------- -------------------------------------------------------------
Commercial The Group's largest
Strategy 1. 2. 3. 4. customers are converters
Risk trend: -> of foam. The Group
has good knowledge
Group revenues and of the end customers
pro ts could be impacted of its major customers
by the loss, insolvency and, with some additional
or divergence of interest short-term work, would
with a major customer. expect to bring or
identify additional
converter capacity,
supply routes or channel
partners to service
these markets.
As the Group successfully
converts projects out
of its HPP portfolio
into commercial opportunities,
the customers it sells
its ZOTEK(R) PEBA,
F and N foams to will
mostly be signi cantly
larger than the average
AZOTE(R) customer.
These relationships,
with balanced commercial
contracts, are by their
nature longer term,
providing a unique
technical solution
and competitive advantage
to the ZOTEK(R) foams
customers. Continued
investment in the portfolio
could yield further
successes that spread
the risk of any single
loss, while the T-FIT(R)
insulation business
provides further balancing
with its more broadly
spread customer base.
The Group will continually
review its customer
spread and balance,
particularly as the
HPP business segment
takes on more importance.
Controls:
* Review at Sales meetings and by the Marketing
Committee.
* Review of HPP opportunities and commitments by the
Executive Team and, subject to materiality, the
Board.
Control Committees:
* Board
* Executive Committee
* Marketing Committee
---------------------------------- -------------------------------------------------------------
Pension To minimise the risk
Strategy 4. to the Company of meeting
Risk trend: -> the obligations under
the Scheme, the Company
The Company has a De took action to close
ned Bene t Pension the Scheme to new members
Scheme ('Scheme') and in 2001 and closed
any inability of the it to future accrual
Scheme to meet its of bene ts in 2005.
liabilities to its
members could, ultimately, The Company obtained
be the responsibility legal advice in 2017
of the Company. which opined that,
while the Scheme was
There have in recent effectively closed
times been a number to future accrual of
of legal cases challenging bene ts in 2005, it
the validity of previously was not effectively
closed de ned bene closed to future accrual
t schemes, but as yet of salary. The impact
no clear case law. of this, estimated
to be GBP1.27m, has
been booked as an exceptional
item in the nancial
statements. A process
is currently under
way to close the scheme
to future accrual of
salary, while the Company
also considers its
options for recourse
to its advisors at
the time.
The Company will continuously
work together with
the Trustees to undertake
de-risking activities
to the Scheme, where
feasible.
The last triennial
actuarial valuation
of the Scheme is as
at 5 April 2017 and
the outcome of this
is still being considered.
As a recovery plan
for the Scheme for
the previous valuation
(5 April 2014), the
Company agreed to make
a contribution to the
Scheme of GBP41,000
per month until April
2020 to reduce the
de cit, together with
expenses of GBP10,600
per month.
Controls:
* Triennial actuarial reviews of the Pension Scheme are
undertaken and balanced revisions to the funding of
any de cit are agreed between the Trustees and the
Company.
Control Committees:
* The Board has oversight of the Company's liability to
the De ned Bene t Pension Scheme.
---------------------------------- -------------------------------------------------------------
Operational: Cyber The IT department stays
threats on top of all developments
Strategy 1. 2. 3. 4. and regularly reviews
Risk trend: the quality and status
of its systems in the
2017 was an unprecedented face of a potential
year for global cyberthreats attack. As an example,
in terms of scale, during 2017 the department:
impact and speed of - commenced deployment
infection. Increasingly, of enhanced malicious
additional measures code protection to
are needed to combat all laptops globally
and mitigate this growing - upgraded servers
risk and desktops that had
old operating systems
- underwent an independent
security audit to highlight
any risks
The department also
increased the level
of communication on
cyber-related risks
with Group personnel.
The Group is committed
to certi cation against
the UK Government backed
and industry supported
Cyber Essentials Plus
scheme. This will introduce
many new technological
solutions, policies
and vulnerability management
and will be independently
audited in order to
pass the scheme criteria.
Controls:
* Reviewed quarterly by IT Steering Committee.
Control Committees:
* IT Steering Committee
* Executive Committee
* North America Executive Committee
---------------------------------- -------------------------------------------------------------
Related party transactions
Directors
The Directors of the Company as at 31 December 2017 and their immediate relatives control approximately 1.1% (2016: 1.1%) of the voting shares of the Company. Details of Directors' pay and remuneration are given in the Remuneration Report on pages 46 to 56. Executive Directors are considered to be the only key management personnel. Details of compensation paid to key management personnel are included in note 6.
Subsidiaries and joint venture
Details of the subsidiaries and joint venture of the Company are set out in note 13. These companies are considered to be related parties.
Azote Asia Limited is the exclusive distributor of Zotefoams' AZOTE(R) products in the Far East. Azote Asia Limited works closely with its customers to develop products and nd innovative solutions to meet their business needs through an ongoing commitment to quality, sustained value and customer service.
Common control exists between the Company and the Zotefoams Employee Bene t Trust (EBT). The Zotefoams EBT has therefore been consolidated as described in note 2.2.
The following material transactions were carried out with related parties:
2017 2016 GBP000 GBP000
Sales of goods: Subsidiaries of the Company 13,405 12,735
Sales of services: Subsidiaries of the Company 410 97
Sales of goods: joint venture of the Company 2,565 2,507
Total 16,380 14,889
Balances between the Company and its active subsidiaries and associates are as follows:
Receivables/(payable) Investments in
owed by/(to)
2017 2016 2017 2016 GBP000 GBP000 GBP000 GBP000
Zotefoams Inc 5,490 10,000 - -
KZ Trading and Investment Ltd 1,434 231 - -
Azote Asia Limited 1,542 2,391 - -
MuCell Extrusion LLC (13) (69) - -
Zotefoams International Limited - 339 23,546 3,460
Zotefoams Operations Limited 187 - - -
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUUPCUPRGWP
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April 12, 2018 09:27 ET (13:27 GMT)
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