Croda International Plc. Interim Results for the Six Months to 30 June 2009 STRONG PERFORMANCE IN CORE CONSUMER CARE BUSINESS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Croda International Plc. Interim Results for the Six Months to 30 June 2009 STRONG PERFORMANCE IN CORE CONSUMER CARE BUSINESS"

Transcription

1 Croda International Plc Interim Results for the Six Months to 30 June STRONG PERFORMANCE IN CORE CONSUMER CARE BUSINESS Highlights H1 H1 * Change Sales continuing operations 447.5m 464.1m -3.6% - Consumer Care 237.1m 203.4m +16.6% - Industrial Specialities 210.4m 260.7m -19.3% Operating profit/(loss) - continuing operations 51.0m 59.2m -13.9% - Consumer Care 53.4m 44.0m +21.4% - Industrial Specialities ( 2.4m) 15.2m n/a Profit before tax and exceptionals - Continuing 43.6m 50.6m -13.8% - Including discontinued activities 40.6m 57.6m -29.5% EPS continuing operations 20.8p 24.5p -15.1% Dividend per share 6.5p 6.2p +4.8% * Re-presented for disposals Record results from the Consumer Care division. Impact of fall in glycerine prices and significant year-on-year declines in Industrial Specialities depressed overall performance although this division is now showing signs of recovery by breaking even in the second quarter and recording a profit in June. Cash flow strong, contributing 22.0m to a reduction of 47.0m in net debt to 351.1m. Positive exchange differences of 25.0m made up the balance. Announced closure of two UK production sites Bromborough in Merseyside and Wilton on Teeside creating cost savings of at least 5m per annum from 2010 Commenting on the results Martin Flower, Chairman, said: Our core Consumer Care business continues to demonstrate resilience with another period of strong growth in sales, profits and margins. The Group s strategy is to continue to capitalise on the compelling opportunities for future growth and drive further progress in this division. While the Industrial Specialities business has been hit hard by the recession, there are now signs of a recovery in demand. We expect this improvement to continue with a return to profitability in the second. For these reasons, combined with the benefits coming through from our initiatives to reduce costs and generate cash, we are confident of making good progress in the rest of the year.

2 Croda International Plc Interim results for the six months to 30 June Continuing turnover declined 3.6% to 447.5m (: 464.1m) despite our core Consumer Care business delivering record results. This decline was as a result of the performance of the Industrial Specialities sector where sales are still well down on last year although demand has now started to improve. Sterling strengthened versus the year end position compared to the Dollar and Euro but on average was still weaker than the rates seen in the first of, giving a 16.2% currency translation benefit for the period. The year on year effect of last year s price increases and favourable mix boosted the average selling price per tonne by 3.1%. Continuing volumes declined by 22.9% overall as a result of the global recession, though we have seen a steadily improving monthly trend since the year end. Continuing operating profit decreased by 13.9% to 51.0m (: 59.2m), as the 21.4% growth in Consumer Care profit was outweighed by the losses incurred in Industrial Specialities. We saw a 6.6m year on year reduction in profitability from falling glycerine prices. Most of this shortfall occurred in Industrial Specialities. Pre-tax profit from continuing operations was down 13.8% at 43.6m (: 50.6m) helped by a lower interest charge due to reduced debt levels and lower interest rates. Earnings per share on continuing operations declined by 15.1% to 20.8p (: 24.5p), showing a similar trend to the pre tax profit decline but with a slightly higher tax charge than last year. Cash generation was strong, contributing 22.0m to a reduction of 47.0m in net debt despite the payment of the final dividend amounting to 18.3m in the period. Net debt reduced to 351.1m at 30 June with the cash flow augmented by favourable exchange differences worth 25.0m. Capital expenditure was in line with depreciation and we saw significant reductions in working capital, driven by an impressive 27.9m decrease in stock levels since the start of the year. Dividend We are increasing the interim dividend by 4.8% to 6.5p per share (: 6.2p) reflecting our confidence in the underlying strength of the business and the markets in which it operates. Divisional performance Following a change of management reporting lines, we have transferred our Home Care market reporting from Consumer Care to Industrial Specialities. All reported figures are on the new basis with comparatives restated.

3 Home Care turnover and profit in the first were as follows: Turnover 10.3m 10.0m Operating profit 0.7m 0.1m Consumer Care sales rose 16.6% to 237.1m (: 203.4m) and operating profit increased by 21.4% to 53.4m (: 44.0m) with return on sales increasing to 22.5% (: 21.6%). All markets saw sales and profit progress, though Crop Care growth slowed in the second quarter and basic fatty acid and glycerine sales into Consumer Care were well down. Health Care demand remained robust throughout the world. In Industrial Specialities, sales declined 19.3% to 210.4m (: 260.7m) and the division recorded a loss of 2.4m (: 15.2m profit). There were three main causes of this profit reduction: 1. Significant volume reductions in key industrial markets. 2. Adverse pricing for the by-product glycerine versus last year. 3. Entering the year with a stock of high priced raw materials as commodity prices were falling. We have seen a steady but modest increase in volumes throughout the period, though volumes are still well below the levels seen in the corresponding period of. Second quarter trading Continuing pre-tax profit at 21.9m (: 26.6m) in the second quarter was similar to that reported in the first quarter but trading trends were different. Consumer Care sales and profits were lower in the second quarter due to the timing of the Easter holidays, reduced Crop Care volumes (seasonality) and a lower currency translation benefit. Despite this, sales and profits were still ahead of very strong comparatives. Industrial Specialities broke even in the second quarter and returned to profit in June. This was still well down on but an encouraging improvement on the first quarter due to improving volumes, lower raw material pricing and overhead cost savings. Balance sheet The balance sheet remains strong with reduced debt levels. At 30 June, the Group had 442.4m of committed bank facilities plus a number of uncommitted credit lines. The majority of committed facilities run to June As a result of falling corporate bond rates, the IAS19 gross pension deficit has increased to 189.7m, more in line with recent actuarial valuations which were used to calculate the cash contributions to the fund. We expect the cash contributions to the pension fund over and above the charge in the profit and loss account to be no more than 10.0m in compared to 8.9m in. In the first this amounted to 3.8m (: 4.7m).

4 Site closures We have announced the closure of two UK production sites, Bromborough in Merseyside and Wilton on Teeside, the latter of which will transfer significant volumes to other Group operations and reduce overheads. We have also announced the closure of the shared services centre in Wilton and have restructured the production management teams across our two largest European sites. Total exceptional cash costs of the site closures will be around 23m though we would expect a benefit from a reduction in working capital of at least 10m. The majority of the cash outflow will occur in The ongoing benefit from these actions will be the elimination of Bromborough losses plus net cost savings from the closure of Wilton of at least 5m per annum from 2010 onwards. In addition to the cash costs, exceptional asset write downs of around 35m will be posted in the current year. As the closure of Wilton was announced after 30 June, its related closure costs will not be charged until the second. Outlook We have a robust business model, with growth in Consumer Care sales and profits, allied to strong margins. Industrial Specialities volumes are improving and the division is moving back into profit as we enter the second. We have demonstrated our continuing ability to generate cash and we have taken out significant costs across the Group. The business is well placed to benefit from the upturn in industrial end markets when it arrives and we are confident of making good progress in the rest of the year.

5 Statement of directors' responsibilities The directors' confirm that this condensed consolidated interim financial information is prepared in accordance with IAS 34 as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by DTR and DTR The directors of Croda International Plc are listed in the Group's financial statements for the year ended 31 December, with the exception of the following changes in the period: Mr D M Dunn retired on 29 April, and Mr P N N Turner was appointed on 1 June. A list of current directors is maintained on the Croda website: By order of the Board Mike Humphrey Group Chief Executive Sean Christie Group Finance Director

6 Independent review report to Croda International Plc Introduction We have been engaged by the Company to review the condensed set of financial statements in the -yearly financial report for the six months ended 30 June, which comprises the Group income statement, Group statement of comprehensive income, Group balance sheet, Group statement of changes in equity, Group cash flow statement and related notes. We have read the other information contained in the -yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. Directors' responsibilities The -yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the -yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this -yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" as adopted by the European Union. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the -yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of interim financial information performed by the independent auditor of the entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the -yearly financial report for the six months ended 30 June is not prepared, in all material respects, in accordance with IAS 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. PricewaterhouseCoopers LLP Chartered Accountants Leeds 27 July

7 Group income statement * year* Before exceptional items Audited year* Exceptional items year* Unaudited Note Total Continuing operations Revenue Cost of sales (345.5) (352.6) (698.7) - (698.7) Gross profit Operating expenses (51.0) (52.3) (99.8) - (99.8) Operating profit Financial expenses 3 (8.1) (12.3) (25.5) - (25.5) Financial income Profit before tax Tax (15.3) (17.6) (31.5) - (31.5) Profit after tax from continuing operations Discontinued operations Non-exceptional (loss)/profit after tax (3.0) Exceptional loss after tax (34.2) (9.0) - (8.6) (8.6) 5 (37.2) (3.8) 5.0 (8.6) (3.6) (Loss)/profit for the period (8.9) (8.6) 61.2 Attributable to: Minority interest Equity shareholders (9.1) (8.9) pence per share pence per share pence per share pence per share (Loss)/earnings per share of 10p Basic Total (6.8) Continuing operations Diluted Total (6.8) Continuing operations Ordinary dividends Interim Final * re-presented for discontinued operations

8 Group statement of comprehensive income Unaudited Audited year (Loss)/profit for the period (8.9) Other comprehensive (expense)/income Currency translation differences (12.0) Movement in fair value of cash flow hedges (0.8) 1.2 (2.8) Actuarial movement on retirement benefit liabilities (net of deferred tax) (82.3) (18.1) (18.2) Total comprehensive (expense)/income for the period (104.0)

9 Group balance sheet Unaudited Note At 30 June At 30 June Audited At 31 December Assets Non-current assets Intangible assets Property, plant and equipment Investments Deferred tax assets Current assets Inventories Trade and other receivables Cash and cash equivalents Other financial assets Assets classified as held for sale Liabilities Current liabilities Trade and other payables (138.4) (214.0) (179.8) Borrowings and other financial liabilities 7 (60.6) (107.5) (87.2) Provisions (15.0) (10.1) (7.0) Current tax liabilities (15.4) (25.3) (10.2) (229.4) (356.9) (284.2) Net current assets Non-current liabilities Borrowings and other financial liabilities (339.7) (276.2) (355.6) Other payables (3.8) (3.3) (4.7) Retirement benefit liabilities (189.7) (80.4) (88.5) Provisions (35.5) (38.3) (41.5) Deferred tax liabilities (44.0) (43.2) (49.2) (612.7) (441.4) (539.5) Net assets Shareholders' equity Minority interest in equity Total equity

10 Group statement of changes in equity Unaudited Audited year Total equity at beginning of period (Loss)/profit for the period (9.1) Other comprehensive (expense)/income (94.6) (12.5) 5.1 Transactions with owners: Dividends on equity shares (18.3) (14.5) (22.9) Share based payments Consideration received for sale of own shares held in trust Total transactions with owners (16.7) (13.0) (20.8) Transactions with minority interests: Share of profit after tax Currency translation differences (0.5) Dividends paid to minority shareholders (0.3) (0.2) (0.2) Total minority interest transactions (0.6) (0.1) 0.3 Total equity at end of period

11 Group statement of cash flows Unaudited Note Audited year Cash flows from operating activities Continuing operations Operating profit Adjustments for: Depreciation and loss on disposal of fixed assets Changes in working capital 20.5 (15.2) (4.9) Pension fund contributions in excess of service cost (3.8) (4.7) (8.9) Share based payments Movement on provisions (6.0) (10.9) (16.7) Cash generated from continuing operations Discontinued operations (2.0) Interest paid (11.8) (13.1) (22.5) Tax paid (8.8) (15.6) (41.3) Net cash generated from operating activities Cash flows from investing activities Acquisition of subsidiaries - (1.8) (4.1) Purchase of property, plant and equipment 6 (18.9) (23.3) (51.9) Purchase of computer software - - (0.1) Proceeds from sale of property, plant and equipment Proceeds from sale of investments Proceeds from sale of businesses (net of costs) Cash paid against non-operating provisions (2.0) - (1.2) Interest received Net cash (used in)/generated from investing activities (17.3) 26.1 (5.5) Cash flows from financing activities Additional borrowings Repayment of borrowings (24.2) (29.4) (85.4) Net purchase of own shares Dividends paid 4 (18.6) (14.7) (23.1) Other - - (0.3) Net cash used in financing activities (20.9) (43.9) (40.7) Net movement in cash and cash equivalents Cash and cash equivalents brought forward Exchange differences (3.1) (1.4) 5.3 Cash and cash equivalents carried forward Cash and cash equivalents carried forward comprise: Cash at bank and in hand Bank overdrafts (12.3) (40.5) (25.0) A reconciliation of the cash flows above to the movement in net debt is shown in note 8.

12 Notes to the interim report 1. a) General information The Company is a public limited company (Plc) incorporated and domiciled in the UK. The Company is listed on the London Stock Exchange. This condensed consolidated interim report was approved for issue on 27 July. The financial information included in this interim financial report for the six months ended 30 June does not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and is unaudited. The comparative information for the six months ended 30 June is also unaudited. The comparative figures for the year ended 31 December have been extracted from the Group's financial statements, as filed with the Registrar of Companies, on which the auditors gave an unqualified opinion and did not make a statement under section 237 of the Companies Act b) Basis of preparation This interim financial report has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and IAS 34 'Interim financial reporting' (as adopted by the EU). The report should be read in conjunction with the Group's financial statements for the year ending 31 December, which were prepared in accordance with IFRSs as adopted by the EU. c) Accounting policies The accounting policies adopted in preparing this report are consistent with those used in the Group's financial statements for the year ended 31 December as described in those statements. The following new standards, amendments to existing standards or interpretations are mandatory for the first time for financial years beginning on or after 1 January, and have been adopted by the Group effective from 1 January :- - IAS 1 (revised), 'Presentation of financial statements', The revised standard brings new disclosure requirements regarding 'non-owner changes in equity' and owner changes in equity, which are now required to be shown separately. Under this revised guidance the Group has elected to continue to present two performance statements: an income statement and a statement of comprehensive income (previously the 'Statement of Recognised Income and Expense'). The financial statements have been prepared under the revised disclosure requirements. - IFRS 8, 'Operating segments'. IFRS 8 replaces IAS 14, 'Segment reporting'. IFRS 8 requires a 'management approach' under which segment information is presented on the same basis as that used for internal reporting purposes. This has not resulted in a change to reported segments, which remain as Consumer Care and Industrial Specialities. The following new standards, amendments to standards and interpretations are mandatory for the first time for the financial year beginning 1 January, but do not have any impact on the Group - IFRIC 13 'Customer loyalty programmes', IFRIC 14 'The limit on a defined benefit asset, minimum funding requirements and their interaction', IFRIC 15 'Agreements for the construction of real estate', IFRIC 16 'Hedges of a net investment in a foreign operation', IAS 39 (amendment) 'Financial instruments: Recognition and measurement', IFRS 2 (amendment) 'Share based payments - vesting conditions and cancellations', IAS 23 (revised), 'Borrowing costs', IAS 27 (revised) 'Consolidated and separate financial statements', IAS 32 and IAS 1 (amendment) 'Puttable financial instruments and obligations arising on liquidation'. The following amendment to a standard is expected to have a disclosure only impact on the financial statements for the year ending 31 December - IFRS 7 (amendment) 'Financial instruments: Disclosures'. 2. Segmental information At 30 June the Group is organised on a worldwide basis into two main business segments, relating to the manufacture and sale of the Group's products which are destined for either the Consumer Care market or the market for Industrial Specialities. These are the segments for which summary management information is presented to the Finance Committee and Executive Committee, which is deemed to be the Group's chief operating decision maker.

13 2. Segmental information (continued) Income statement * year* Revenue - continuing operations Consumer Care Industrial Specialities Operating profit/(loss) - continuing operations Consumer Care Industrial Specialities (2.4) There is no material trade between segments. All operating costs of the Group are allocated between the segments. Total assets Segment total assets: Consumer Care Industrial Specialities Total segment assets Goodwill (excluding software) Assets classified as held for sale Tax assets Cash, other financial assets and other investments , ,089.0 * Re-presented for discontinued operations 3. Net financial expenses year Financial expenses Bank interest payable Expected interest on pension scheme liabilities less return on scheme assets Financial income Bank interest receivable (0.7) (0.4) (2.1) Expected return on pension scheme assets less interest on scheme liabilities - (3.3) (7.1) (0.7) (3.7) (9.2) Net financial expenses

14 4. Dividends paid Pence per share year Ordinary 2007 Final - paid June Interim - paid October Final - paid June Preference (paid June and December) Dividends paid to minority shareholders An interim dividend in respect of of 6.50p, amounting to a total dividend of 8.8m, was declared by the directors at their meeting on 27 July. This interim report does not reflect the interim dividend payable. The dividend will be paid on 8 October to shareholders registered on 4 September. 5. Discontinued operations In April, continuing its strategy to reduce exposure to basic commodity sectors, the Group announced the closure of its operations at Bromborough in Merseyside, United Kingdom. During, the Group sold its 46.5% stake in its associate, Baxenden Chemicals Capital Limited, to Chemtura Corporation for 13m and its Chicago Oleochemicals business was sold to H.I.G. Capital LLC for 46.8m. year Operating (loss)/profit of discontinued operations (3.0) Income from disposed associate Loss on disposal and closure of discontinued operations (37.8) (10.3) (9.9) Tax 3.6 (0.5) (0.5) Total loss after tax from discontinued operations (37.2) (3.8) (3.6) 6. Property, plant and equipment year Opening net book amount Exchange differences (37.8) Additions Business disposals and closures (29.9) (38.4) (39.1) Other disposals and write offs (0.1) (0.1) (3.0) Depreciation charge for period (17.7) (15.4) (32.8) Closing net book amount At 30 June the Group had contracted capital expenditure commitments of 6.1m (: 10.8m). 7. Financial assets and liabilities During 2006 the Group took out additional interest rate swaps to fix a proportion of the floating rate acquisition funding, these swaps are being designated as cash flow hedges. Under IFRS the fair value of such derivative instruments must be recognised in the financial statements. Accordingly, a financial liability of 3.2m (30 June : asset of 1.6m) has been recognised within current liabilities (30 June : current assets), being the fair value of the interest rate swaps designated as cash flow hedges, with a corresponding adjustment to equity.

15 8. Reconciliation to net debt year Net movement in cash and cash equivalents Movement in debt and lease financing Change in net debt from cash flows New finance lease contracts - - (0.6) Exchange differences 25.0 (6.8) (60.5) (32.1) Net debt brought forward (398.1) (366.0) (366.0) Net debt carried forward (351.1) (341.6) (398.1) 9. Post balance sheet events On 8 July the Group announced the closure of its operations at Wilton on Teeside, United Kingdom. Expected cash closure costs of approximately 13m and a relatively small asset write-off of around 5m will be charged in the second of the year. 10. Accounting estimates and judgements The Group's critical accounting policies under IFRS have been set by management with the approval of the Audit Committee. The application of these policies requires estimates and assumption to be made concerning the future and judgements to be made on the applicability of policies to particular situations. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Under IFRS an estimate or judgement may be considered critical if it involves matters that are highly uncertain, or where difference estimation methods could reasonably have been used, or if changes in the estimate that would have a material impact on the Group's results are likely to occur from period to period. The critical judgements required when preparing the Group's accounts are as follows: (i) Provisions - the Group has made significant provision for potential environmental liabilities and for the costs of the restructuring exercise following the acquisition of Uniqema. The environmental provision relates to soil and potential ground water contamination on a number of sites, both currently in use and previously occupied, in Europe and the Americas. Restructuring provisions relate to the ongoing plans to integrate the acquired Uniqema business with the existing Croda businesses. Provisions are made where a constructive or legal obligation can be quantified and where the timing of the transfer of economic benefits relating to the provisions cannot be ascertained with any degree of certainty. In relation to the environmental provision, the directors consider that the balance will be utilised within 20 years. With regard to the restructuring provisions, significant elements have been utilised to date and the directors' view is that there will be further elements that will be utilised in the remainder of with the balance largely utilised by Based on information currently available and on the detailed plans established for the restructuring of the Group, this level of provision is considered appropriate by the directors. Following an announcement in April, the Group made a 10m provision for closure costs at its Bromborough site. (ii) Goodwill and fair value of assets acquired - the Group's goodwill carrying value increased significantly in 2006 following the acquisition of Uniqema. The Group tests annually whether goodwill has suffered any impairment and the Group's goodwill value has been supported by detailed value-in-use calculations relating to the recoverable amounts of the underlying cash generating units. These calculations require the use of estimates, however recoverable amounts as calculated at the end of last year far exceed carrying value, including goodwill and as there has been no indication thus far this year of subsequent impairment, there is no sensitivity with regard to impairment. (iii) Retirement benefit liabilities - the Group's principal retirement benefit schemes are of the defined benefit type. Recognition of the liabilities under these schemes and the valuation of assets held to fund these liabilities require a number of significant assumptions to be made, relating to levels of scheme membership, key financial market indicators such as inflation and expectations on future salary growth and asset returns. These assumptions are made by the Group in conjunction with the schemes' actuaries and the directors are of the view that any estimation should be prudent and in line with consensus opinion. As a result of falling bond rates, the IAS 19 gross pension deficit at 30 June has increased to 189.7m.

16 11. Principal risks Each division considers strategic, operational and financial risks and identifies actions to mitigate those risks. These risk profiles are updated at least annually. The principal risks and uncertainties for the remaining six months of the financial year are the same risks and uncertainties referred to and discussed in the Group's most recent Annual Report, which can be found at These risks remain as; a major site event, loss of key personnel, interruption of raw material supply, major environmental incident, product liability, regulatory compliance, IT failure, management of pension fund assets and working capital management. 12. Related party transactions The Group has not entered into any material transactions with related parties in the first six months of the year. Supplementary analysis of continuing operations restated for discontinued operations and Home Care move 30 June unaudited Turnover trends Q1 Q2 H1 Average price + 8.0% - 1.7% + 3.1% Volume % % % Underlying % % % Currency % % % Continuing sales + 1.9% - 8.8% - 3.6% Turnover Q1 Q2 H1 Consumer Care Industrial Specialities Profits Consumer Care Industrial Specialities (2.4) - (2.4) Operating Profit Interest (4.6) (2.8) (7.4) Profit before tax Turnover H1 H2 Year Consumer Care Industrial Specialities Profits Consumer Care Industrial Specialities Operating Profit Interest (8.6) (7.7) (16.3) Profit before tax

17 Turnover Q1 Q2 Q3 Q4 Year Consumer Care Industrial Specialities Profits Consumer Care Industrial Specialities Operating Profit Interest (4.2) (4.4) (3.8) (3.9) (16.3) Profit before tax

15 September 2011 VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars

15 September 2011 VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars 15 September VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars As communicated in our annual financial statements for the

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

6 months to 28 Feb months to 29 Feb Exceptional items & goodwill amortisation 73 (9) (137) (70) (130)

6 months to 28 Feb months to 29 Feb Exceptional items & goodwill amortisation 73 (9) (137) (70) (130) Group Profit and Loss Account 6 months to 28 Feb 2005 6 months to 29 Feb 2004 12 months to 31 Aug 2004 Note Before exceptional items & goodwill Exceptional items & goodwill Total Before exceptional items

More information

Consolidated financial statements

Consolidated financial statements Rexam Annual Report 83 Consolidated financial statements Consolidated financial statements: Independent auditors report to the members of Rexam PLC 84 Consolidated income statement 87 Consolidated statement

More information

Year ended 31 Dec 2009

Year ended 31 Dec 2009 PACE PLC CHANGE OF FUNCTIONAL AND PRESENTATIONAL CURRENCY AND COMPARATIVES RE-PRESENTED IN US DOLLARS Introduction Pace announced at the time of its preliminary results announcement that the Board had

More information

Sterling Green Group plc ( Sterling Green or the Company ) Half yearly results for the six month period ended 30 September 2011

Sterling Green Group plc ( Sterling Green or the Company ) Half yearly results for the six month period ended 30 September 2011 22 December Sterling Green Group plc ( Sterling Green or the Company ) Half yearly results for the six month period CHAIRMAN S STATEMENT Introduction I present the Group s interim results for the six month

More information

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011

Capcon Holdings plc. Interim Report 2011. Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management

More information

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012

AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March 2012 Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March

More information

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007

Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for

More information

FOR THE SIX MONTHS ENDED 30 JUNE

FOR THE SIX MONTHS ENDED 30 JUNE Interim Report FOR THE SIX MONTHS ENDED 30 JUNE 2009 2009 Contents Financial Highlights 1 Commentary on Interim Results 2 Consolidated Income Statement 6 Consolidated Statement of Comprehensive Income

More information

Financial statements: contents

Financial statements: contents Section 5 Financial statements 115 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 116 Consolidated income statement 123 Consolidated

More information

Mitchells & Butlers plc Accounting policies under IFRS

Mitchells & Butlers plc Accounting policies under IFRS Mitchells & Butlers plc Accounting policies under IFRS 7 December 2005 Background With effect from 2 October 2005, Mitchells & Butlers plc ( the Group ) is required to prepare its consolidated financial

More information

Storage Wireless Wireline telecom

Storage Wireless Wireline telecom Storage Wireless Wireline telecom CML Microsystems Plc designs, manufactures and markets a range of semiconductors for global industrial and professional applications within the storage, wireless and wireline

More information

FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS. Commenting on the results, Group Chief Executive Steve Russell said:

FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS. Commenting on the results, Group Chief Executive Steve Russell said: FOR IMMEDIATE RELEASE 23 September 2010 UNAUDITED INTERIM RESULTS Bond International Software plc ( the Group ), the specialist provider of software for the international recruitment and human resources

More information

Opening doors to new ideas. Interim Report 2007/08

Opening doors to new ideas. Interim Report 2007/08 Opening doors to new ideas Interim Report 2007/08 SPG Media Group Plc Interim Report 2007/08 Contents 2 Chairman s Statement 4 Consolidated Interim Income Statement 5 Consolidated Interim Balance Sheet

More information

27 September 2016 Next Fifteen Communications Group plc Interim results for the six months ended 31 July 2016

27 September 2016 Next Fifteen Communications Group plc Interim results for the six months ended 31 July 2016 27 September 2016 Next Fifteen Communications Group plc Interim results for the six months Next Fifteen Communications Group plc ( Next 15 or the Group ), the digital communications group, today announces

More information

27 September, 2016 Savannah Petroleum PLC ( Savannah or the Company ) Half Year Results

27 September, 2016 Savannah Petroleum PLC ( Savannah or the Company ) Half Year Results 27 September, 2016 Savannah Petroleum PLC ( Savannah or the Company ) Half Year Results Savannah Petroleum PLC ( Savannah ), together with its subsidiaries (together the Group ), today announces its unaudited

More information

Financial results for the six months ended 30 June 2007

Financial results for the six months ended 30 June 2007 13 August 2007 Fleet Place House 2 Fleet Place, Holborn Viaduct London EC4M 7RF Tel: +44 (0)20 7710 5000 Fax: +44 (0)20 7710 5001 www.mcgplc.com Financial results for the six months 2007 Management Consulting

More information

ARM Holdings plc Consolidated balance sheet - IFRS

ARM Holdings plc Consolidated balance sheet - IFRS ARM Holdings plc Consolidated balance sheet - IFRS 30 June 31 December 2010 2009 Unaudited Audited 000 000 Assets Current assets: Financial assets: Cash and cash equivalents 53,746 34,489 Short-term investments

More information

Contents Group financial statements

Contents Group financial statements Contents Group financial statements Independent auditors report to the to the members of The Sage Group plc 99 Group financial statements Consolidated income statement 104 Consolidated statement of comprehensive

More information

A cou ccount nt in i g ng P P olic olici ies es Basis of accounting New Standards and Interpretations not yet applied

A cou ccount nt in i g ng P P olic olici ies es Basis of accounting New Standards and Interpretations not yet applied Accounting Policies Basis of accounting The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted for use in the European Union (EU) and

More information

Big Yellow Group PLC Interim 2003

Big Yellow Group PLC Interim 2003 Big Yellow Group PLC Interim 2003 CONTENTS ifc Financial Highlights 01 Trading Summary 02 Chairman s Statement 04 Consolidated Profit and Loss Account 05 Consolidated Balance Sheet 06 Reconciliation of

More information

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C.

ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Review report and interim financial information for the period ended 30 June 2014 ARABIAN SCANDINAVIAN INSURANCE COMPANY P.L.C. Contents Pages Report on review

More information

SUMMARY OF OTHER INTERNATIONAL ACCOUNTING STANDARDS

SUMMARY OF OTHER INTERNATIONAL ACCOUNTING STANDARDS SUMMARY OF OTHER INTERNATIONAL ACCOUNTING STANDARDS 1 Standards that are disclosure only IAS 1 Presentation of Financial Statements Sets out presentation requirements for P&L and balance sheet Our restated

More information

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)

More information

Hydrogen Group Plc UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015

Hydrogen Group Plc UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015 Hydrogen Group Plc 15 September 2015 UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015 The Board of Hydrogen Group plc ( Hydrogen or the Group ) (AIM: HYDG) announces its unaudited results for the

More information

INTERIM REPORT SIX MONTHS ENDED 31 OCTOBER 2005 OFFERING FLEXIBLE VEHICLE SOLUTIONS FOR 25 YEARS

INTERIM REPORT SIX MONTHS ENDED 31 OCTOBER 2005 OFFERING FLEXIBLE VEHICLE SOLUTIONS FOR 25 YEARS INTERIM REPORT SIX MONTHS ENDED 31 OCTOBER 2005 OFFERING FLEXIBLE VEHICLE SOLUTIONS FOR 25 YEARS 01-02 Northgate plc Interim Report 2005 HIGHLIGHTS 2005 2004 Vehicle fleet UK 52,400 52,000 Spain 21,500

More information

IMMEDIA GROUP PLC. ( Immedia or the Company ) INTERIM RESULTS

IMMEDIA GROUP PLC. ( Immedia or the Company ) INTERIM RESULTS IMMEDIA GROUP PLC ( Immedia or the Company ) INTERIM RESULTS Immedia Group Plc (AIM: IME), which provides bespoke digital networks, music strategies and brand conversation, today announces its interim

More information

THE CLAIMS PEOPLE GROUP PLC ( Claims People or the Group ) INTERIM RESULTS FOR THE PERIOD TO JUNE 2007

THE CLAIMS PEOPLE GROUP PLC ( Claims People or the Group ) INTERIM RESULTS FOR THE PERIOD TO JUNE 2007 26 SEPTEMBER 2007 THE CLAIMS PEOPLE GROUP PLC ( Claims People or the Group ) INTERIM RESULTS FOR THE PERIOD TO JUNE 2007 The Board of Claims People, the AIM quoted insurance claims facility provider, announces

More information

Al Buhaira National Insurance Company P.S.C.

Al Buhaira National Insurance Company P.S.C. Al Buhaira National Insurance Company P.S.C. Review report and condensed consolidated interim financial information for the nine month period ended 2015 Al Buhaira National Insurance Company P.S.C. Review

More information

Group Accounting Policies For the year ended 30 September 2014

Group Accounting Policies For the year ended 30 September 2014 91 Group Accounting Policies The consolidated financial statements have been prepared in accordance with IFRS as endorsed by the EU and in accordance with the Companies Act 2006, as applicable to companies

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

N Brown Group plc Interim Report 2013

N Brown Group plc Interim Report 2013 N Brown Group plc Interim Report 2013 2013 4CUSTOMER CENTRIC SEGMENTS FINANCIAL SUMMARY Financial Highlights 2013 2012 Revenue 409.6m 379.3m Operating profit 48.4m 45.7m Adjusted profit before taxation*

More information

Riverview Rubber Estates, Berhad (Company No. 820-V) (Incorporated in Malaysia) Part A : Explanatory Notes Pursuant to FRS 134

Riverview Rubber Estates, Berhad (Company No. 820-V) (Incorporated in Malaysia) Part A : Explanatory Notes Pursuant to FRS 134 Part A : Explanatory Notes Pursuant to FRS 134 A1. Basis of preparation The unaudited interim financial statements have been prepared under the historical cost convention unless otherwise indicated in

More information

Aldar Properties PJSC

Aldar Properties PJSC INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 30 JUNE 2016 INTERIM CONSOLIDATED INCOME STATEMENT Three months ended 30 June Six months ended 30 June Notes Revenue 1,695,915 1,105,633 2,927,912

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

Accounting policies Basis of preparation Significant judgements, key assumptions and estimates Revenue recognition Impairment

Accounting policies Basis of preparation Significant judgements, key assumptions and estimates Revenue recognition Impairment Accounting policies Basis of preparation The accounts have been prepared in accordance with the Companies Act 2006 applicable to companies reporting under International Financial Reporting Standards (IFRS)

More information

D.E MASTER BLENDERS 1753 N.V.

D.E MASTER BLENDERS 1753 N.V. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

More information

DE LA RUE PLC INTERIM STATEMENT SIX MONTHS TO 24 SEPTEMBER 2011. Half Year 2011/12 m

DE LA RUE PLC INTERIM STATEMENT SIX MONTHS TO 24 SEPTEMBER 2011. Half Year 2011/12 m DE LA RUE PLC INTERIM STATEMENT SIX MONTHS TO 24 SEPTEMBER 2011 KEY FINANCIALS Half Year 2011/12 Half Year 2010/11 Revenue 238.1 209.2 Operating profit* 31.5 27.8 Profit before tax and exceptional items

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

ST IVES PLC HALF YEAR REPORT 2014

ST IVES PLC HALF YEAR REPORT 2014 ST IVES PLC HALF YEAR REPORT 2014 ST IVES PLC HALF YEAR REPORT 2014 CONTENTS Overview 01 Highlights 02 Group at a Glance 04 Chief Executive s Statement 02 04 Group at a glance Our business operates in

More information

90 Statement of directors responsibilities. Independent auditor s reports 91 Group income statement 96 Group statement of comprehensive income 97

90 Statement of directors responsibilities. Independent auditor s reports 91 Group income statement 96 Group statement of comprehensive income 97 Financial statements 90 Statement of directors responsibilities 91 Consolidated financial statements of the BP group Independent auditor s reports 91 Group income statement 96 Group statement of comprehensive

More information

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1 HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS PAGES STATEMENT OF FINANCIAL PERFORMANCE 1 STATEMENT OF MOVEMENTS IN EQUITY 2 STATEMENT OF FINANCIAL POSITION 4-4 STATEMENT OF CASH

More information

Helmut Engelbrecht, Chief Executive of URENCO Group, commenting on the half-year results, said:

Helmut Engelbrecht, Chief Executive of URENCO Group, commenting on the half-year results, said: news release 3 September 2014 URENCO Group Half-Year 2014 Unaudited Financial Results London 3 September 2014 URENCO Group ( URENCO or the Group ), an international supplier of uranium enrichment and nuclear

More information

financial statements 175 Independent Auditors report

financial statements 175 Independent Auditors report TUI Travel PLC Annual Report & Accounts Strategic REPORT Business and financial review Shareholder information 103 103 GROUP financial statements 104 Independent Auditors report (Group) 107 Consolidated

More information

This version includes amendments resulting from IFRSs issued up to 31 December 2010.

This version includes amendments resulting from IFRSs issued up to 31 December 2010. International Accounting Standard 12 Income Taxes This version includes amendments resulting from IFRSs issued up to 31 December 2010. IAS 12 Income Taxes was issued by the International Accounting Standards

More information

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m)

Significantly improved cash flow from operations of 1.3m (2013: outflow 1.3m) Thu, 24th Jul 2014 07:00 RNS Number : 1728N RTC Group PLC 24 July 2014 RTC Group Plc ("RTC", "the Company" or "the Group") Interim results for the six months June 2014 RTC Group Plc,the business services

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Independent auditors report to the members of Auto Trader Group plc

Independent auditors report to the members of Auto Trader Group plc Strategic report Governance Financial statements Independent auditors report to the members of Auto Trader Group plc Report on the Group financial statements Our opinion In our opinion, Auto Trader Group

More information

Consolidated Profit and Loss Account for the year ended 31 December 2002

Consolidated Profit and Loss Account for the year ended 31 December 2002 Consolidated Profit and Loss Account for the year ended 31 December 2002 -------------------2002------------------ -------------------2001------------------ Note Results from Other items Total Results

More information

Electronic Data Processing PLC (EDP) Half-year results 6 months to 31 March 2016

Electronic Data Processing PLC (EDP) Half-year results 6 months to 31 March 2016 2 June 2016 Electronic Data Processing PLC (EDP) Half-year results 6 months to 31 March 2016 EDP is an IT solution provider to the UK wholesale distribution industry and a supplier of Sales Intelligence

More information

STILO INTERNATIONAL PLC UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2014

STILO INTERNATIONAL PLC UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2014 11 th September 2014 STILO INTERNATIONAL PLC UNAUDITED INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2014 Stilo International plc ("Stilo" or the "Company"), the AIM quoted provider of XML content processing

More information

Statement of accounting policies

Statement of accounting policies 4 6 C & C G R O U P P L C Statement of accounting policies Significant accounting policies C&C Group plc (the Company ) is a company tax resident and incorporated in Ireland. The Group s financial statements

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P.

Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. Condensed Interim Consolidated Financial Statements of CAPITAL POWER L.P. (Unaudited, in millions of Canadian dollars) Three months ended March 31, 2016 and 2015 Management s Comments on Unaudited Condensed

More information

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 17 September 2013 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited 462 IBN18 (MAURITIUS) LIMITED IBN18 (Mauritius) Limited IBN18 (MAURITIUS) LIMITED 463 Independent Auditors Report Independent Auditors Report to the member of IBN18 (Mauritius) Limited Report on the Financial

More information

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES)

CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) CIMA Managerial Level Paper F2 FINANCIAL MANAGEMENT (REVISION SUMMARIES) Chapter Title Page number 1 The regulatory framework 3 2 What is a group 9 3 Group accounts the statement of financial position

More information

Diploma in International Financial Reporting Standards (IFRSs)

Diploma in International Financial Reporting Standards (IFRSs) Chartered Accountants Ireland Diploma in International Financial Reporting Standards (IFRSs) Objective This Diploma is designed to provide qualified Chartered Accountants with the opportunity to enhance

More information

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015

UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 BE SEMICONDUCTOR INDUSTRIES N.V. DUIVEN, THE NETHERLANDS UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 Contents Unaudited Condensed Interim Consolidated

More information

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands

5N PLUS INC. Condensed Interim Consolidated Financial Statements (Unaudited) For the three month periods ended March 31, 2016 and 2015 (in thousands Condensed Interim Consolidated Financial Statements (Unaudited) (in thousands of United States dollars) Condensed Interim Consolidated Statements of Financial Position (in thousands of United States dollars)

More information

To the members of British American Tobacco p.l.c.

To the members of British American Tobacco p.l.c. Independent auditors report To the members of British American Tobacco p.l.c. Report on the Group financial statements Our opinion In our opinion, British American Tobacco p.l.c. s Group financial statements

More information

ADVANCED SYSTEMS AUTOMATION LIMITED (Company Registration No: 198600740M) (Incorporated in the Republic of Singapore)

ADVANCED SYSTEMS AUTOMATION LIMITED (Company Registration No: 198600740M) (Incorporated in the Republic of Singapore) Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly... http://infopub.sgx.com/apps?a=cow_corpannouncement_content&b=announcem... Page 1 of 1 8/13/2015 Financial Statements

More information

CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS

CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS Clinical Computing Plc (the Company or the Group ), the international developer of clinical information systems and project and resource management software,

More information

Total revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m 30.5m +6.9% EBIT* 31.3m 28.3m +10.

Total revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m 30.5m +6.9% EBIT* 31.3m 28.3m +10. Fyffes delivers further growth in revenue and earnings Preliminary Results Restated Change % Total revenue (incl share of joint ventures) 1,082.2m 1,017.8m +6.3% EBITDA* 40.0m 40.0m +0.0% EBITA* 32.7m

More information

2014 also excludes exceptional items.

2014 also excludes exceptional items. Patisserie Holdings plc ( the Group ) Interim results for the 6 months ended 31 March 2015 Patisserie Holdings plc, the leading UK branded café and casual dining group, today reports its interim results

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

ZAMANO PLC & SUBSIDIARIES 1

ZAMANO PLC & SUBSIDIARIES 1 ZAMANO PLC & SUBSIDIARIES 1 ZAMANO PLC & SUBSIDIARIES 2 TABLE OF CONTENTS Page GENERAL INFORMATION 3 INDEPENDENT REVIEW REPORT ON INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 4 INTERIM CONSOLIDATED

More information

Notes to the 2008 Full financial statements continued

Notes to the 2008 Full financial statements continued 30 CHANGES IN EQUITY, SHARE PREMIUM AND RESERVES Year ended 31 December 2008 Year ended 31 December 2007 Attributable Outside Total Attributable Outside Total to interests to interests shareholders shareholders

More information

Summary of certain differences between International Power s and GDF SUEZ s accounting principles

Summary of certain differences between International Power s and GDF SUEZ s accounting principles GDF Suez Energy International Business Areas and the combined entities (together GDF Suez Energy International ) Combined Financial Information reflects the combination of GDF SUEZ Energy North America,

More information

FONTERRA FINANCIAL STATEMENTS & STATUTORY INFORMATION

FONTERRA FINANCIAL STATEMENTS & STATUTORY INFORMATION FONTERRA FINANCIAL STATEMENTS & STATUTORY INFORMATION For the Year Ended 31 July 2012 CONTENTS PAGE Directors Statement 2 Income Statement 3 Statement of Comprehensive Income 4 Statement of Financial Position

More information

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014

PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 DENSITRON TECHNOLOGIES PLC PRELIMINARY UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 Densitron Technologies plc ( Densitron or the Company or the Group ), the designer, developer and distributor

More information

KCOM GROUP PLC (KCOM.L) ANNOUNCES UNAUDITED PRELIMINARY RESULTS TO 31 MARCH 2013. Improving quality and long term sustainability of the business

KCOM GROUP PLC (KCOM.L) ANNOUNCES UNAUDITED PRELIMINARY RESULTS TO 31 MARCH 2013. Improving quality and long term sustainability of the business 7 June 2013 KCOM GROUP PLC (KCOM.L) ANNOUNCES UNAUDITED PRELIMINARY RESULTS TO 31 MARCH 2013 Summary Improving quality and long term sustainability of the business Group performance in line with expectations

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion

More information

*Adjusted basic earnings per share is defined as profit attributable to shareholders before restructuring expenses net of tax

*Adjusted basic earnings per share is defined as profit attributable to shareholders before restructuring expenses net of tax RNS Number : 0981D Tangent Communications PLC November 2010 Results Tangent Communications plc, a leading integrator of technology and marketing strategy, today announces interim results for the period

More information

Interim Financial Statements

Interim Financial Statements [Type text] Interim Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2015 Page 1 of 11 Table of Contents Consolidated income statement... 3 Consolidated statement of

More information

McBride plc. 24 February 2016

McBride plc. 24 February 2016 24 February 2016 McBride plc McBride plc, the leading European manufacturer and supplier of Co-manufactured and Private Label products for the Household and Personal Care market, announces its Half-Year

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

Net cash balances at the year-end were 2.87 million (2014: 2.15 million) and total capital expenditure during the year was 626,000 (2014: 386,000).

Net cash balances at the year-end were 2.87 million (2014: 2.15 million) and total capital expenditure during the year was 626,000 (2014: 386,000). Preliminary Announcement for the year ended 30 September 2015 Chairman s Statement The result for the year to 30 September 2015 is a net Profit before Taxation of 1,869,000 (2014: 1,333,000), on Revenues

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS

TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS TRANSITION TO INTERNATIONAL FINANCIAL REPORTING STANDARDS The European Union has approved the adoption of the International Financial Reporting Standards (IFRSs) issued by the International Accounting

More information

K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces. Unaudited Half Yearly Report For the six months to 30 June 2009.

K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces. Unaudited Half Yearly Report For the six months to 30 June 2009. KBT 2 September K3 BUSINESS TECHNOLOGY GROUP PLC ( K3 or the Group ) Announces Half Yearly Report For the six months Key Points Encouraging results in more difficult trading environment demonstrate resilience

More information

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015

EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended 30 June 2015 9 September EU Supply Plc ( EU Supply, the Company or the Group ) Interim results for the six months ended EU Supply, the e-procurement SaaS provider, is pleased to announce its unaudited interim results

More information

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE Revenue 9,516,521 14,646,232 20,422,290 21,559,263

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE Revenue 9,516,521 14,646,232 20,422,290 21,559,263 INDUSTRONICS BERHAD (23699-X) (Incorporated in Malaysia) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2012 INDIVIDUAL QUARTER CUMULATIVE QUARTERS CURRENT PRECEDING

More information

ARCONTECH GROUP PLC (formerly Knowledge Technology Solutions plc) INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2008

ARCONTECH GROUP PLC (formerly Knowledge Technology Solutions plc) INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 20 March 2009 ARCONTECH GROUP PLC (formerly Knowledge Technology Solutions plc) INTERIM REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2008 Arcontech Group PLC (AIM: ARC)( Arcontech or the Company ), providers

More information

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2.

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2. ACCOUNTING POLICIES Allied Technologies Limited ( the company ) is a South African registered company. The consolidated financial statements of the company for the year ended 28 February 2011 comprise

More information

Consolidated balance sheet

Consolidated balance sheet 83 Consolidated balance sheet December 31 Non-current assets Goodwill 14 675.1 978.4 Other intangible assets 14 317.4 303.8 Property, plant, and equipment 15 530.7 492.0 Investment in associates 16 2.5

More information

長 江 製 衣 有 限 公 司 YANGTZEKIANG GARMENT LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 00294)

長 江 製 衣 有 限 公 司 YANGTZEKIANG GARMENT LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 00294) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Financial statements. Contents. Notes to the financial statements

Financial statements. Contents. Notes to the financial statements Contents 90 Consolidated income statement 91 Consolidated statement of comprehensive income 92 Consolidated statement of financial position 93 Consolidated statement of changes in equity 94 Consolidated

More information

Page 104 Notes to the consolidated. financial statements

Page 104 Notes to the consolidated. financial statements 87 Contents The Consolidated financial statements on pages 96 to 170 are presented on a statutory basis which, under IFRS accounting principles, includes the financial results of the Group s joint ventures

More information

Public Joint Stock Company Kuzbasskaya Toplivnaya Company (trading as KTK ) Unaudit Condensed Interim Consolidated Financial Statements for the six

Public Joint Stock Company Kuzbasskaya Toplivnaya Company (trading as KTK ) Unaudit Condensed Interim Consolidated Financial Statements for the six Public Joint Stock Company Kuzbasskaya Toplivnaya Company (trading as KTK ) Unaudit Condensed Interim Consolidated Financial Statements for the six months ended 30 June 2015 Contents Consolidated Statement

More information

GROUP (Unaudited) Nine Months September 2015 $ 000. GROUP (Unaudited) September 2014 $ 000

GROUP (Unaudited) Nine Months September 2015 $ 000. GROUP (Unaudited) September 2014 $ 000 TO: THE STOCKHOLDERS OF THE GLEANER COMPANY LIMITED CONSOLIDATED INCOME STATEMENT FOR NINE MONTHS ENDED SEPTEMBER 30, 2015 Notes Three Months Three Months (Audited) Twelve Months ended Dec 31, 2014 Restated

More information

HomeServe plc Interim Results for the six months ended 30 September 2009. HomeServe on track to deliver another year of strong growth

HomeServe plc Interim Results for the six months ended 30 September 2009. HomeServe on track to deliver another year of strong growth HomeServe plc Interim Results for the six months ended 30 September 2009 HomeServe on track to deliver another year of strong growth Core operations Core and non-core Sep 09 Sep 08 Change Sep 09 Sep 08

More information

Williams Grand Prix Holdings PLC

Williams Grand Prix Holdings PLC Registration number: 07475805 Williams Grand Prix Holdings PLC Condensed Consolidated Financial Statements for the 6 month period ended Consolidated Profit and Loss Account for the 6 Months Ended Note

More information

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS

FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS FOR IMMEDIATE RELEASE 28 September 2015 BOND INTERNATIONAL SOFTWARE PLC UNAUDITED INTERIM RESULTS Bond International Software Plc ( the Group ), the specialist provider of software for the international

More information

Cash Flow Statements

Cash Flow Statements STATUTORY BOARD FINANCIAL SB-FRS 7 REPORTING STANDARD Cash Flow Statements SB-FRS 7 Cash Flow Statements applies to Statutory Boards for annual periods beginning on or after 1 January 2009. This Standard

More information

Progressive Digital Media Group Plc Unaudited Interim Report For The Six Months Ended 30 June 2012

Progressive Digital Media Group Plc Unaudited Interim Report For The Six Months Ended 30 June 2012 26 July 2012 Progressive Digital Media Group Plc Interim Report For The Six Months Ended 2012 Progressive Digital Media Group Plc (PDMG) and its subsidiaries ( the Group ) is a content driven media company

More information

INTERIM RESULTS ANNOUNCEMENT SIX MONTHS ENDED 28 AUGUST 2010

INTERIM RESULTS ANNOUNCEMENT SIX MONTHS ENDED 28 AUGUST 2010 12 October 2010 N Brown Group plc INTERIM RESULTS ANNOUNCEMENT SIX MONTHS ENDED 28 AUGUST 2010 N Brown Group plc, the internet and catalogue home shopping company, today announces its interim results for

More information

Contents. Audit report on the Company financial statements 120. Directors statement of responsibility 69

Contents. Audit report on the Company financial statements 120. Directors statement of responsibility 69 Contents Directors statement of responsibility 69 Audit report on internal controls 70 Critical accounting estimates 71 Audit report on the consolidated financial statements 73 Consolidated financial statements

More information

Accounting policies for the year ended 31 March 2009

Accounting policies for the year ended 31 March 2009 Accounting policies for the year ended 31 March 2009 A. Basis of preparation of consolidated financial statements under IFRS National Grid s principal activities involve the transmission and distribution

More information