TIDMAGA
RNS Number : 7167G
Aga Rangemaster Group PLC
06 March 2015
6(th) March 2015
FOR IMMEDIATE RELEASE
AGA RANGEMASTER GROUP PLC
2014 FULL YEAR RESULTS
2014 PROVIDES SOUND TRADING BACKDROP FOR STRATEGIC
INITIATIVES
AGA Rangemaster Group plc ('the Group'), the specialist in range
cooking and kitchen living, is pleased to announce its full year
results for the year ended 31(st) December 2014.
Financial highlights
-- Revenues of GBP261.1 million (2013: GBP250.4 million) were
up 4.3% for the year : 5.7% in constant currency and 5.1% in
the second half.
-- UK revenues were up 8.5% at GBP171.5 million.
-- Operating profits of GBP9.6 million (2013: GBP8.2 million)
were up 17.1%.
-- Profit before tax of GBP0.7 million is after GBP3.3 million
to account for Fired Earth fair value increase.
-- Net cash balances at 31(st) December 2014 were GBP9.2 million
(2013: GBP5.9 million).
Strategic and operational highlights
-- AGA heat storage cooker volumes grew 9%.
-- Rangemaster sales grew by 9% in the UK and by 6% overall.
-- Fired Earth and AGA Marvel in North America saw revenue increases
of over 10% contrasting with revenue falls for Waterford Stanley
in Ireland and for French-based Grange furniture lines.
-- Pursuing strategy to become a focused premium international
appliance operation.
William McGrath, Chief Executive commented: "2014 was another
sound year achieved in easing market conditions. AGA, Rangemaster
and Marvel Refrigeration were all strong performers and now have
new product platforms established in their markets. We are seeking
out strategic links to accelerate the growth strategies for these
brands."
Enquiries:
William McGrath, Chief Executive 020 7404 5959 (today)
Shaun Smith, Finance Director 01926 455 731 (thereafter)
Simon Sporborg / Nina Coad (Brunswick) 020 7404 5959
AGA RANGEMASTER GROUP PLC
2014 FULL YEAR RESULTS
Group overview
2014 was a positive year for the Group. Revenues rose by 4.3% to
GBP261.1 million, 5.7% at constant currency, with 66% of the
revenue generated in the UK. Second half growth of 5.1% was higher
than in the first half. Operating profits rose again to reach
GBP9.6 million from GBP8.2 million - a 17.1% increase.
This success has come despite the challenging trading
environment across our markets, where activity levels remain down
on pre-2008 levels. UK mortgage approvals, which have been a good
lead indicator of activity for us historically, actually ended the
year with a fourth quarter down on the prior year, leaving rolling
12 month numbers only just ahead year-on-year. This was sharply
below expectations set a year ago by the Bank of England. It was
encouraging, therefore, that household goods expenditure and
appliance expenditure increased after a long period in the
doldrums. With real incomes now rising and with inflation low, the
trend towards higher spending on the home can be expected to
continue in 2015. Elsewhere our markets in North America showed
sustained good growth in contrast to our European markets which
were soft.
Trading performance
Our AGA and Rangemaster brands are the most significant
contributors to Group revenue and operating profit, and they traded
well with new products for both brands coming to the market. We
introduced the new 60 centimetre cookers in the autumn which
attracted encouraging levels of interest. While still operating
well below 2007 levels, both brands are seeing sustained
improvement in volumes. Marvel Refrigeration based in the United
States gained traction with the introduction of a new generation of
products and increased further market share. Overall, there was
reasonable growth across our core appliance brands during 2014. We
are confident that with the current product development phase
nearing completion, 2015 will see further opportunities for growth
for these brands.
Fired Earth performed strongly with revenue growth of over 15%.
That fed through into a significantly improved profit performance.
We are optimistic about the prospects for 2015. Trading for our
European operations, however, continued to be more difficult with
consumers remaining cautious in their spending. Waterford Stanley
and Grange based in Ireland and France respectively have been
particularly affected. We have invested significantly in recent
years to improve the fundamentals of these operations. The issues
for these businesses are about demand levels in their product
categories which have been weakened by the prevailing economic
environment.
Dividend
As previously announced, the board agreed on completion of the
2011 triennial actuarial valuation of the Group's main pension
scheme and related recovery plan not to make dividend payments
without pension scheme trustee agreement. The board is not
proposing to make a dividend payment in respect of 2014.
Strategy
Over the recent difficult years for trading, all levels of our
operations have carefully managed cost and rationalisation
programmes to reduce the number of sites we occupy and to deliver
cost savings to improve efficiency and effectiveness. We are a
leaner business and in a better position to deliver profits as our
markets pick up and our operational gearing shows through. We have
prepared for an upturn by continuing to invest in research and
development and have thereby brought a wide range of new products
to market, many of which will have international appeal. We are
proud of our heritage and look to build on it creating new products
focussed on meeting the demands of today's customers with designs
for 21st century living.
The Group's strategy is to focus on the expansion of its core
cooker and refrigeration brands in the UK and international
markets. During the year we considered offers for Fired Earth but
felt the best option was to extend existing arrangements with
management, acquire a portion of management's shareholding and
allow the benefit of work carried out to be clearer in its impact
before looking at a comprehensive valorisation exercise. A value of
GBP3.3 million - by extrapolation over GBP20 million for Fired
Earth as a whole including an inter-company loan - was placed on
the management's shareholding which gave rise to a fair value
movement.
The triennial actuarial valuation as at 31st December 2014 is in
train and in due course we will provide further clarification on
the future funding requirements of the pension scheme.
Overall, we are working to configure the business best to take
the market opportunities that arise. Focusing our resources and
potentially creating strategic and product alliances from within
our segment would bring appreciable benefits. In January 2015
Rothschild was appointed corporate finance adviser to the Group to
assist in bringing third party agreements to fruition.
Current trading
Market conditions in our major business areas are expected to
improve this year. Our order intake so far this year is back to
2014 levels after a slow start. Fired Earth and AGA Marvel have
seen the strong trend lines of 2014 continue in 2015. There are
some more encouraging signs in both Ireland and France. We are
looking to our development work in wider markets to start to
contribute additionally to our sales in Germany - where our
distributor CoolGiants has been rapidly opening up new outlets -
and China. In China, our distributor, Beijing Hi Seasons is to have
30 displaying outlets and there will be the formal launch later
this month in Beijing. Overall, with these developments providing
additional impetus, we expect trading outcomes to be encouraging
this year.
Business review and performance
AGA : range modernisation completed
AGA had an encouraging year in 2014 with sales of heat storage
AGA cookers increasing by 9%. The launch of the AGA City60 in the
autumn helped to create a widened market for us. Of the sales in
2014 66% were of factory finished controllable products launched
since mid 2011. The AGA Dual Control where electric hobs and gas or
electric ovens operate on one system was launched in 2012 and is
already our best selling heat storage line. The additional
flexibility offered by a product that provides radiant heat, cooked
food - together with the wider lifestyle benefits of the AGA -
within a readily installable, flueless, electric package, provides
a powerful sales proposition. We have been generating materially
higher numbers of leads and we are now offering greater flexibility
in how we work with customers so that we are ready to talk about
their needs whenever they wish - not only in shop hours. We are
also launching an international programme of webinars aimed at
'absolute beginners'. With the City60 we are also making sure that
the transition from an old built-in or slot-in cooker to an AGA is
made as straight forward as possible.
We now have the products in place for AGA for the coming years.
Our strategy is to maximise sales in our main targeted markets from
the new product.
We see the AGA cookware business - from cast iron pots to
fashionable textiles - as an important adjunct to the sale of
cookers. Revenues are now growing with online sales rising sharply
to represent a third of the business. A new website launching this
month introduces a 'click and collect' capability which will add to
the momentum.
Cooker boiler sales under the Rayburn and Stanley brands have
fallen substantially since 2008 and continue to decline. To reverse
the trend we are putting greater emphasis on direct contact from
our own Rayburn/Stanley sales teams with consumers in supporting
our dealers in ensuring the particular features and benefits of
these products are recognised by consumers. That can apply to solid
fuel/wood burning models, in particular, where how to make the most
of cost efficiency and practicality of a cooker/boiler combination
needs to be fully explained.
For a wide range of households in the UK and France, there is a
strong case for having a wood burning product in the home. Such a
tradition exists in Ireland where we are the market leader and we
see our stove operation expanding beyond its Irish homeland to
bring volumes that can much improve the economics of our Waterford
Stanley factory - now our centre of excellence for wood burning
products and their development.
Rangemaster : 1,000,000 cooker milestone
Our range cooker operations sold 64,000 units during 2014, up 6%
in the year with the UK up 9%. Our ranges are the best made in the
overall market - 'built from experience'. The solidity is provided
by the patented single piece base plate and single piece hob
developed in-house. The quality of the ovens and air flow
management then ensure that our ovens cook evenly and well. Our
home economics team review these aspects continually.
The domestic cooker was invented in our Leamington Spa factory
in 1830 which has always had a reputation for product excellence.
We remodelled the range cooker in 1995 for the modern world. We
have now made over 1,000,000 of these modern range cookers in the
Leamington Spa factory which is testament to the strength of the
business. In 2014 Currys added 25 new design centres in the UK
which featured the breadth of Rangemaster products. We provided
Currys with an exclusive six month launch period for certain 60cm
products. The independent retailers - who had a good 2014 - also
had an exclusive line. As the market for these 60cm products widens
this year it will provide an important additional revenue
source.
With our complementary brands, Rangemaster, Falcon and Mercury
we lead the UK range market. Part of our strategy is to increase
the size of the UK market by highlighting why a range provides a
better option than a built-in layout for the kitchen. We are also
putting this to house builders and to builders providing refitted
kitchens for existing homes.
We expect to show progress again in 2015 as the market continues
to strengthen. We also expect Rangemaster to expand onto the
continent - a key strategic objective for the Group. Economic
conditions in our established markets in France and Benelux remain
tough but the growth structures are in place. There are now over
250 displays in Germany. At the Cologne Kitchen Show in January it
was clear that opinion forming observers of the German kitchen
scene, were expecting range cookers to make ground in a market that
is completely dominated by built-in models.
We have developed a gas burner system for our hobs which is
particularly relevant for consumers who use woks extensively. We
offer great controllability and flexibility. We are looking to see
this support our progress in the Far East and in particular in the
Chinese market, for which we now have the accreditations and sales
structure in place. We are launching our products at the end of
March and will test how rapidly the range can gain a niche position
in the Chinese market.
Our development work in 2014 saw us create a new generation of
vaulted ovens for La Cornue to be launched this month. It brings a
patented variant to air flow management in a vaulted oven ensuring
La Cornue meets new European energy consumption standards. The
international dealer structure for La Cornue has received great
attention and we expect revenues to start to grow significantly
this year.
AGA Marvel : returns starting to increase
Our Marvel Refrigeration operation in North America enjoyed a
strong year as consumer confidence picked up. We strengthened our
market position by launching a completely new product range in the
autumn, compliant with regulatory requirements introduced from
September 2014 - this was a key strategic objective for the
business. It is the work of our highly technically adept
engineering team who put their careers' experience into producing
this new product generation. We have had an excellent response to
the launch. We expect the double digit revenue growth achieved in
the last two years to continue. As the production levels increase
the operational gearing of our modern purpose built facility in
Greenville, Michigan should, for the first time, show through in
North America.
We hope to broaden our relationship with consumers by providing
packages of hot and cold products. This is a key strategic
objective for the business. Our European produced cookers have a
small but well established presence and we have the platform to
deepen consumer contact. Generating a consistent flow of leads to
be managed closely by our own team alongside our dealers will
ensure both our North American and European styled products find
wider audiences.
Fired Earth : further growth
Having returned to profitability in 2013 Fired Earth enjoyed a
good year in which revenues increased by over 15%. The tile
business which provides over half of sales for the division, was at
a record level with both floor and wall lines performing well.
Strengths are in providing not only good value but the unusual
products, like our porcelain tiles that look like wood. Sales
online exceeded those achieved by any one retail store for the
first time. The retail format devised of smaller neighbourhood
stores has been part of a retail space evolution for Fired Earth
and we believe that the new stores opened recently in Ascot,
Beaconsfield and Barnes will add to the momentum being achieved. We
are moving from Marylebone High Street to a new flagship showroom
on Baker Street following the sale of our shop lease. With a new
brochure for bathrooms now available that sets style standards - as
is expected of Fired Earth - we anticipate good growth to continue
this year.
Grange : modernisation continues
In 2014 the major project undertaken by Grange was the
integration of factory sites in Saint Symphorien, near Lyon, into a
single production and warehouse centre, the benefits of which will
be seen in higher efficiencies from 2015. The project cost was GBP1
million and follows other factory rationalisation programmes in
Europe and the closure of a number of design centre outlets and our
warehouse in North America. We have also looked at the product
offering and Grange has been introducing new contemporary styled
products which are aimed at younger urban consumers. The Côte
Design products which lend themselves to small space living and
many of which have multi-functional and imaginative capabilities is
one of the principal drivers that are expected to provide the
additional 10% in revenues to take Grange back above the breakeven
point - a key strategic requirement for the Group. It has been in
North America where over a ten year period revenues have decreased
from $18 million to less than $4.5 million where we are yet to
create a viable model.
With a capable management team, new product and established,
committed dealers in place we are examining what needs to be added
to the commercial mix of Grange to provide the impetus the business
needs to prosper again as markets improve.
Pension scheme funding
31(st) December 2014 is the date of the triennial actuarial
valuation of the Group's main pension scheme. The scheme is large
relative to the size of the Group's operations. The scheme's asset
performance over the three years since the last triennial valuation
has been good. The returns achieved on the assets have been well in
excess of the payments made to meet current obligations to and in
respect of the members of the scheme. The basis on which the future
liabilities of the scheme are assessed for scheme funding purposes
is linked to yields on UK government bonds. As gilt yields are
being maintained at extremely low levels, and fell markedly over
the second half of 2014, the valuation of the liabilities on the
gilts-related basis increased significantly over this period. In
accounting terms the liabilities are valued by reference to yields
on 'AA' corporate bonds - which at the year end were also
particularly low by historical standards. As a result, against
total pension scheme assets of GBP883.4 million, the accounting
liabilities were GBP955.4 million as at 31(st) December 2014 -
giving an accounting deficit of GBP72.0 million as at 31(st)
December 2014, compared with a deficit of GBP35.8 million as at
31(st) December 2013. It is expected that the funding deficit as at
31(st) December 2014 will be substantially higher given that gilt
yields fell even more sharply than 'AA' corporate bond yields over
the second half of 2014.
In accordance with the deficit recovery plan put in place on
completion of the triennial actuarial valuation undertaken as at
31(st) December 2011, the Group paid GBP16.0 million in deficit
reduction contributions in 2012 and made no deficit recovery
payments in 2013 and 2014. If this existing deficit recovery plan
were to remain in place, the deficit reduction contributions would
be GBP4.0 million in 2015 and GBP10.0 million per annum in and from
2016.
Given the current levels of profitability of the Group, the
pension scheme is a major absorber of resources and likely to
continue to be so if gilt yields remain at current levels. All
parties are aware of the need to maintain a balance recognising the
interests of all stakeholders. A strengthening corporate covenant
and the delivery of higher growth rates for the Group's principal
operations would assist in achieving the necessary balance.
Financial Review
Revenue
Group revenues increased by 4.3% to GBP261.1 million from the
GBP250.4 million reported in 2013 and were up 5.7% in constant
currency. First half revenues of GBP123.5 million were 3.3% up
compared with GBP119.5 million in the first half of 2013 while
second half revenues of GBP137.6 million were 5.1% up (2013:
GBP130.9 million) as we successfully introduced a new range of 60cm
product in September. Of total revenues 34% were outside the UK
(2013: 37%).
Operating profit
The operating profit for the year was GBP9.6 million, up from
the operating profit of GBP8.2 million reported in 2013. The second
half profit of GBP7.2 million followed on from a first half profit
of GBP2.4 million as the Group benefitted more fully from the
operational efficiencies established during the economic downturn
and the normal seasonality.
Net operating costs and non-recurring costs
Net operating costs for the year included reorganisation costs
of GBP0.9 million - shown separately in 2013. Income of GBP0.9
million in the first half related to a lease assignment of one of
the Group's London shops and followed a prior year property gain of
GBP0.9 million.
In 2013 non-recurring costs of GBP2.2 million related to site
rationalisation programmes involving Waterford Stanley in Ireland
and Grange in France and the costs of closing certain design centre
outlets and the warehouse at Grange in North America.
Fair value movement
A fair value charge of GBP3.3 million arises from a provision
for a 'cash settled share based payment' in respect of incentive
arrangements with the management of Fired Earth. Of this, GBP1.1
million was paid in January 2015. The GBP3.3 million represented
the value placed on management's 19.9% holding at the balance sheet
date. This values Fired Earth, including an inter-company loan, at
over GBP20 million.
Finance costs
Net finance costs for the year were GBP1.5 million (2013: GBP1.4
million) and related to the cost of the three year bank facilities
put in place at the end of 2012, the cost of the GBP30.0 million of
pension scheme guarantees provided and interest payable on the
Group's EUR and USD hedging loans.
Profit before tax
Profit before tax in the year was GBP0.7 million (2013: GBP1.1
million).
Taxation
The Group had a tax charge of GBP0.6 million (2013: GBP0.4
million). The Group expects the underlying tax rate to be slightly
above the UK standard rate of 20% from April 2015. The impact of
the pension scheme deficit recovery contributions in previous years
will continue to reduce significantly future cash tax payments,
which totalled GBP0.3 million in 2014.
Earnings per share
Basic earnings per share was 0.1 pence (2013: 1.2 pence) based
on an average number of shares in issue of 69.3 million (2013: 69.3
million). Adjusted underlying earnings per share (excluding the
pension charge, non-recurring costs and fair value movement and
based on a standard UK tax rate) were 9.4 pence (2013: 7.6
pence).
Dividends
The directors are not recommending a final dividend. This means
no dividends are to be paid in relation to the 2014 results (2013:
nil). Under the arrangements made on completion of the 2011
actuarial valuation of the Group's main pension scheme, agreement
with the scheme trustee would be required prior to a dividend
payment being made and this was not sought in respect of 2014.
Cash flow
Cash management continues to be a focus of attention for the
Group. Cash generated from operating activities of GBP14.4 million
in the year was up on the GBP8.4 million generated in 2013 and
resulted from a determined effort to manage working capital while
supporting the international development of the business.
The net inflow from working capital in the year was GBP2.0
million (2013: GBP0.4 million).
Cash flows relating to discontinued operations amounted to
GBP0.5 million (2013: GBP0.7 million).
Capital expenditure including intangibles in the year totalled
GBP9.9 million compared to GBP8.5 million in 2013 and included
additional investment during the year in the AGA manufacturing
processes in Coalbrookdale. The charge for depreciation and
amortisation of intangibles in 2014 was GBP7.0 million (2013:
GBP7.0 million).
Proceeds of GBP1.1 million were received from the disposal of
property, plant and equipment and assets held for sale (2013:
GBP1.2 million) as we sold the former head office building during
the year.
The resulting net cash position at 31st December 2014 increased
to GBP9.2 million (2013: GBP5.9 million).
Pensions
The deficit in the Group's pension schemes at the end of 2014
included in the financial statements was GBP72.0 million on an
accounting basis compared with a deficit of GBP35.8 million a year
earlier. The change over the year reflects the impact of a lower
liability discount rate of 3.5% (2013: 4.5%) which increases the
liabilities, which counters the increase in the value of the assets
held and the lower inflation expectation assumptions. The pension
charge in the year was GBP4.1 million (2013: GBP3.5 million), of
which GBP1.5 million was net interest as calculated on the net
deficit in the scheme, up GBP0.4 million on 2013.
CONSOLIDATED INCOME STATEMENT
Year ended 31(st) December
Note 2014 2013
GBPm GBPm
Revenue 261.1 250.4
Net operating costs (251.5) (242.2)
Group operating profit 9.6 8.2
Pension charge 4 (4.1) (3.5)
Non-recurring costs - (2.2)
Fair value movement (3.3) -
--------------------------------------------------- ----- -------- --------
Profit before finance income / (costs) and tax 2.2 2.5
Finance income - 0.1
Finance costs (1.5) (1.5)
Profit before tax 0.7 1.1
Tax expense 5 (0.6) (0.4)
Profit for the year 0.1 0.7
Profit attributable to:
Equity holders of the parent 0.1 0.8
Non-controlling interests - (0.1)
Profit for the year 0.1 0.7
Earnings per share attributable to equity holders
of the parent 6 p p
Basic 0.1 1.2
Diluted 0.1 1.1
All operations are continuing.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 31(st) December 2014 2013
GBPm GBPm
Profit for the year 0.1 0.7
Other comprehensive income / (losses) to be
reclassified to profit or loss in subsequent
periods:
Exchange adjustments on hedge of net investments (0.1) -
Exchange differences on translation of foreign
operations (1.6) 0.4
Tax on items taken to reserves 0.4 (0.4)
Net other comprehensive losses to be
reclassified to profit or loss in subsequent
periods (1.3) -
Items not to be reclassified to profit or loss
in subsequent periods:
Actuarial (losses) / gains on defined benefit
pension schemes (36.0) 2.3
Tax on defined benefit pension schemes and losses 7.2 (2.3)
Net other comprehensive losses not to be
reclassified to profit or loss in subsequent
periods (28.8) -
Other comprehensive losses for the year (30.1) -
Total comprehensive (losses) / income for the
year (30.0) 0.7
Attributable to:
Equity holders of the parent (30.0) 0.8
Non-controlling interests - (0.1)
Total comprehensive (losses) / income for the
year (30.0) 0.7
CONSOLIDATED BALANCE SHEET
As at 31(st) December 2014 2013
GBPm GBPm
Non-current assets
Goodwill 65.1 65.4
Intangible assets 25.4 25.5
Property, plant and equipment 42.5 38.6
Other receivables 0.2 0.2
Deferred tax assets 17.9 11.4
151.1 141.1
Current assets
Inventories 49.0 45.1
Trade and other receivables 33.0 35.2
Cash and cash equivalents 24.2 21.2
106.2 101.5
Assets held for sale - 2.2
Total assets 257.3 244.8
Current liabilities
Borrowings (0.6) (1.0)
Trade and other payables (68.9) (63.9)
Current tax liabilities (3.8) (4.0)
Provisions and share based payments (3.7) (2.8)
(77.0) (71.7)
Net current assets 29.2 29.8
Non-current liabilities
Borrowings (14.4) (14.3)
Retirement benefit obligation (72.0) (35.8)
Deferred tax liabilities - (0.8)
Provisions and share based payments (3.2) (1.5)
(89.6) (52.4)
Total liabilities (166.6) (124.1)
Net assets 90.7 120.7
Equity
Share capital 32.5 32.5
Share premium account 29.6 29.6
Other reserves 80.5 82.2
Retained losses (51.9) (23.6)
Total equity 90.7 120.7
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31(st) December 2014 2013
GBPm GBPm
Operating activities
Profit before tax: 0.7 1.1
Reconciliation of profit before tax to net cash
flows:
Net finance costs 1.5 1.4
Depreciation of property, plant and equipment 4.7 4.7
Amortisation of intangible assets 2.3 2.3
Net loss / (profit) on disposal of property,
plant and equipment and assets held for sale 0.1 (1.0)
Share based payments expense 3.3 0.1
Other non-cash items (0.2) -
(Increase) / decrease in inventories (4.1) 0.8
Decrease / (increase) in receivables 1.6 (3.7)
Increase in payables 4.5 3.3
Pension charge 4.1 3.5
Pension contributions (4.1) (4.1)
Cash generated from operating activities 14.4 8.4
Cash flows related to discontinued operations (0.5) (0.7)
Finance income - 0.1
Finance costs (1.3) (1.4)
Tax (payment) / receipt (0.3) 1.7
Net cash flows generated from operating activities 12.3 8.1
Investing activities
Purchase of property, plant and equipment (6.7) (5.5)
Expenditure on intangibles (3.2) (3.0)
Proceeds from disposal of property, plant and
equipment and assets held for sale 1.1 1.2
Net cash used in investing activities (8.8) (7.3)
Financing activities
Borrowing costs (0.1) (0.3)
Repayment of borrowings (0.4) (0.3)
Net cash used in financing activities (0.5) (0.6)
Net increase in cash and cash equivalents 3.0 0.2
Cash and cash equivalents at beginning of year 21.2 21.0
Cash and cash equivalents at end of year 24.2 21.2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders
of the parent
-------------------------------------------------------
Non-
Share Share Other Retained controlling Total
capital premium reserves earnings Total interests equity
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
At 1(st) January 2013 32.5 29.6 81.8 (24.1) 119.8 0.1 119.9
Comprehensive income
Profit / (loss) for the
year - - - 0.8 0.8 (0.1) 0.7
Other comprehensive income
/ (losses):
Exchange differences on
translation of foreign
operations - - 0.4 - 0.4 - 0.4
Actuarial gains on defined
benefit pension schemes - - - 2.3 2.3 - 2.3
Tax on items taken to
reserves - - - (2.7) (2.7) - (2.7)
Total comprehensive gains
/ (losses) for the year
to 31(st) December 2013 - - 0.4 0.4 0.8 (0.1) 0.7
Share based payments - - - 0.1 0.1 - 0.1
At 1(st) January 2014 32.5 29.6 82.2 (23.6) 120.7 - 120.7
Comprehensive income
Profit for the year - - - 0.1 0.1 - 0.1
Other comprehensive income
/ (losses):
Exchange adjustments on
hedge of net investments - - (0.1) - (0.1) - (0.1)
Exchange differences on
translation of foreign
operations - - (1.6) - (1.6) - (1.6)
Actuarial losses on defined
benefit pension schemes - - - (36.0) (36.0) - (36.0)
Tax on items taken to
reserves - - - 7.6 7.6 - 7.6
Total comprehensive losses
for the year to 31(st)
December 2014 - - (1.7) (28.3) (30.0) - (30.0)
At 31(st) December 2014 32.5 29.6 80.5 (51.9) 90.7 - 90.7
NOTES
1. Segmental analysis
The directors consider that there are two operating segments
namely AGA and Rangemaster.
The two operating segments are considered to meet the
aggregation criteria of IFRS 8 in full and so the directors
consider that there is only one aggregated reportable segment.
Disclosures in respect of revenues from external customers and
non-current assets are provided below:
2014 2013
------------------------ --------------------------
Non- Non-
current current
Revenue assets Revenue assets
GBPm GBPm GBPm GBPm
United Kingdom 171.5 60.7 158.0 58.8
North America 34.4 31.3 32.1 28.3
Europe 48.5 41.2 54.0 42.6
Rest of World 6.7 - 6.3 -
Total operations 261.1 133.2 250.4 129.7
Tax - 17.9 - 11.4
Total 261.1 151.1 250.4 141.1
2. Dividends
The directors are not recommending a final dividend in respect
of the financial year ended 31(st) December 2014 (2013: nil).
3. Exchange rates
The income statements of overseas subsidiaries are translated
into sterling using average exchange rates and balance sheets are
translated at year end rates.
4. Pensions
2014 2013
GBPm GBPm
Current service cost - defined benefit 2.6 2.4
Net interest cost on net defined benefit obligation 1.5 1.1
Pension charge included in the consolidated income
statement 4.1 3.5
5. Tax on profit for the year
2014 2013
GBPm GBPm
Current tax on income for year 1.2 0.9
Adjustments in respect of prior years - 0.2
United Kingdom corporation tax 1.2 1.1
Overseas current tax on income for year 0.2 0.2
Adjustments in respect of prior years 0.1 (0.3)
Overseas corporation tax 0.3 (0.1)
Total current tax charge 1.5 1.0
United Kingdom deferred tax credit:
- change in rate of corporation tax - (0.2)
- current year (0.1) (0.1)
Overseas deferred tax credit in year (0.5) (0.2)
Overseas deferred tax credit in respect of prior
years (0.3) (0.1)
Total deferred tax credit (0.9) (0.6)
Total United Kingdom tax 1.1 0.8
Total overseas tax (0.5) (0.4)
Tax charge 0.6 0.4
-------------------------------------------------- ------ ------
Factors affecting the future tax charge
Reductions in the UK corporation tax rate to 21% from 1(st)
April 2014 and to 20% from 1(st) April 2015, were substantively
enacted in July 2013. Accordingly, the substantively enacted rates
have been applied in the measurement of the Group's deferred tax
assets and liabilities as at 31(st) December 2014.
6. Earnings per share ('EPS')
2014 2013
GBPm GBPm
Earnings for the purpose of the basic and diluted
EPS
Profit after tax 0.1 0.7
Non-controlling interests - 0.1
Profit attributable to equity holders of the
parent 0.1 0.8
Weighted average number of shares in issue million million
For basic EPS calculation 69.3 69.3
Dilutive effect of share options 0.3 0.3
For diluted EPS calculation 69.6 69.6
EPS attributable to equity holders of the parent p p
Basic 0.1 1.2
Diluted 0.1 1.1
2015 financial calendar
Annual General Meeting 30(th) April 2015
2015 Half year close 30(th) June 2015
The 2014 full year results were approved by the board of
directors on 6(th) March 2015. The financial information set out in
this announcement does not constitute the Company's statutory
accounts for the years ended 31(st) December 2014 and 2013. The
financial information within this announcement is prepared in line
with the accounting policies presented within the Company's
statutory accounts for the current and previous years. Statutory
accounts for 2013 have been delivered to the Registrar of Companies
and those for 2014 will be delivered following the Company's Annual
General Meeting. The Company's auditor has reported on these
accounts; its reports were unqualified and did not contain
statements under section 498(2) or (3) of the Companies Act
2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UVSKRVVAORAR
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