TIDMALLG
RNS Number : 4928U
All Leisure Group PLC
30 July 2015
30 July 2015
All Leisure group plc ("All Leisure", the "Company" or the
"Group")
Unaudited interim results for the six months ended 30 April
2015
Highlights
The Group's result for the six months ended 30 April 2015 is a
loss after tax of GBP12.3m, an improvement of GBP3.3m compared to
the loss after tax of GBP15.6m in the first half last year. This
loss includes a charge for the movement in the fair value of
derivative hedging instruments of GBP37k (six months ended 30 April
2014: charge of GBP3.9m). Highlights of the period under review
include:
-- Revenue for the seasonally quieter first half was GBP45.9m,
down GBP3.2m compared to the six months to 30 April 2014. Cruise
revenue was down GBP2.1m and Escorted Tours revenue was down
GBP1.1m.
-- Planned dry-dock maintenance was performed for both "Minerva"
and "Voyager", causing a significant combined loss of 32 cruising
days in the period. This reduced revenue by c. GBP1.5m compared to
the previous year when no dry dock was performed for either vessel.
As a result of engineering issues arising in the dry dock, one
planned Minerva cruise was also cancelled in the period with a
further loss of revenue of GBP0.9m.
-- Excluding the dry-dock periods, the Cruise division achieved
77% occupancy in the first half, in line with the same period last
year. Encouragingly, revenue per passenger-night improved by 12% in
comparison to the same period last year. The decision to dispose of
the vessel "Discovery" in October 2014 also contributed positively
to the improved result, as losses of GBP2.0m were incurred on this
vessel in the first half last year.
-- In Escorted Tours, passenger numbers were down 4% compared to
those achieved in the same period last year, with average revenue
per passenger down 1%. Events in Syria had a very severe impact on
demand for Escorted Tours to neighbouring Turkey. Departures to
certain Asian destinations (Vietnam, Thailand, India) were also
significantly down in the period in line with the market, offset by
stronger departures to our core markets of USA and Italy.
-- Year-on-year underlying currency was GBP0.6m unfavourable,
mainly as a result of weaker Sterling against the US Dollar.
Realised foreign currency transaction losses arising mainly from
derivative currency hedging instruments were GBP2.1m (six months to
30 April 2014: GBP1.6m).
-- Unrestricted cash at bank improved to GBP5.6m (30 April 2014: GBP5.1m).
Outlook
The trading performance in the first half of the year has been
broadly in line with expectations, with a small improvement in
seasonal losses despite the dry dock periods for Minerva and
Voyager. The derivative currency hedging instruments that were
purchased in prior years continue to generate losses, but the
business has now started to hedge future USD and Euro requirements
using simple forward contracts, and the last of the loss-making
derivative contracts will expire in early 2016.
We have currently sold 89% of budgeted escorted tour revenue for
departures up to 31 October 2015, and 92% of budgeted cruise
revenue for this year's departures up to 31 October 2015.
Geo-political events continue to impact the business adversely;
the ongoing conflict in Ukraine continues to affect Cruising in the
Black Sea, removing these previously profitable itineraries from
our future plans. Our Escorted Tour programme to Russia has been
cancelled as a consequence of the onerous new visa regulations
which deterred our customers from booking. The conflict in Syria
and its effect on surrounding territories has also impacted
Escorted Tours bookings to Turkey for the full year FY15, which are
currently c.54% down relative to bookings taken at the same point
in F14. The recent bombing in Luxor will continue to disrupt
tourism to Egypt.
The cruise industry is becoming increasingly competitive as new
vessels are launched and the capacity within the industry grows.
Consequently the industry is seeing increased levels of price
competition which is expected to negatively affect the
profitability of the Group in the second half of the year and
beyond.
Commenting Roger Allard, Executive Chairman of All Leisure
said:
I am pleased to report that the seasonal losses for the first
half year have been reduced, despite the dry dock periods for both
Voyager and Minerva, which reduced available sailing time.
The impact of derivative currency hedging contracts on our
results continues to be negative as historic contracts continue to
unwind, and the losses incurred in this first half are likely to
continue into the second half, depending on the key Sterling-USD
and Sterling-Euro rates.
The outlook for our volume Cruise brands (Swan Hellenic and
Voyages of Discovery) is very challenging as a result of increasing
industry capacity and the consequential effect on pricing and
margins, together with the ongoing issues in the Black Sea region.
Our niche, luxury "Hebridean Island Cruises" brand continues to
perform very well, delivering increasing levels of
profitability.
The Escorted Tours business has suffered a decline in passenger
bookings this year, partly driven by various geo-political events,
but the underlying business remains attractive and I am confident
about the future of the Travelsphere and Just You brands.
With the Company continuing to experience these difficult
trading conditions the Board anticipates that full year performance
will be below expectations and now expects the business to make a
small loss for the full year.
For further information:
All Leisure group plc
Roger Allard, Executive Chairman 07836 382 767
Ian Smith, Group Chief Executive Officer 01858 588 396
Nigel Arthur, Group Finance Director 01858 588 396
Broker and Nominated Adviser
Panmure Gordon Andrew Godber/Charles Leigh-Pemberton 020 7886 2500
Half year Full year
Half year to to
to 30 April 31 October
30 April 2014 2014
2015 Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 45,928 49,109 138,912
Operating loss before unrealised
losses/gains on
derivative contracts (11,773) (11,382) (7,311)
Operating loss (11,810) (15,243) (6,866)
Loss before tax (11,956) (15,384) (7,225)
Loss for the financial
period/year (12,275) (15,567) (7,483)
Loss per share - basic
and diluted (pence) (19.9)p (25.2)p (12.1)p
Unrestricted bank deposits
and cash and cash equivalents 5,561 5,083 11,600
Total (deficit) / equity (2,425) 3,602 11,741
Chairman's Statement
Overview
The Group reports a loss after tax for the half year ended 30
April 2015 of GBP12.3m (half year ended 30 April 2014: loss of
GBP15.6m; full year ended 31 October 2014: loss of GBP7.5m). Loss
per share - basic and diluted - for the half year ended 30 April
2015 was 19.9 pence compared with 25.2 pence loss per share for the
comparative period (full year ended 31 October 2014: 12.1 pence
loss per share).
The Group's Operating result before unrealised losses on
derivative contracts for the half year ended 30 April 2015 was a
loss of GBP11.8m (half year ended 30 April 2014: loss of GBP11.4m;
full year ended 31 October 2014: loss of GBP7.3m).
In terms of cash, half year gross cash balances at 30 April 2015
stood at GBP9.5m (unrestricted: GBP5.6m, restricted: GBP3.9m)
compared with GBP8.6m at 30 April 2014 (unrestricted: GBP5.1m,
restricted: GBP3.5m) and GBP15.1m at 31 October 2014 (unrestricted:
GBP11.6m, restricted: GBP3.5m).
Operational Review
Cruise Operations
In the six months to April 2015 the mv Minerva completed a full
winter itinerary commencing in the Arabian Sea and heading to Asia
where she visited a range of destinations including Singapore,
Cambodia, Vietnam, Hong Kong, Japan and Thailand. She then returned
to the Mediterranean via the Suez Canal. A dry-dock was completed
in Singapore.
The mv Voyager also operated a full winter itinerary starting
from the Arabian Sea to South Africa and the Canary Islands and
then North to the UK. Finally, "Voyager" went "In Search of the
Northern Lights" off the coast of Norway, and made a final journey
to observe the total eclipse, which was a very popular cruise. Her
dry-dock was passed in Germany.
The mv Hebridean Princess operated its usual autumn and spring
season around West Scotland.
Excluding the dry-dock periods, the Cruise division in aggregate
achieved 77% occupancy in the first half, in line with the same
period last year. Encouragingly, revenue per passenger-night
improved by 12% in comparison to the same period last year.
Escorted Tour Operations
Escorted Tours passenger numbers were down 4% in the first six
months compared to those achieved in the same period last year,
with average revenue per passenger down 1%. Events in Syria had a
very severe impact on demand for Escorted Tours to neighbouring
Turkey. All Escorted Tours departures to Russia in the first six
months were cancelled as the Russian government introduced new visa
procedures which deterred visitors. Departures to certain Asian
destinations (Vietnam, Thailand and India) were also significantly
down in the period, offset by stronger departures to our core
markets of USA and Italy. The Discover Egypt program remains
active, but with very low passenger volumes as a result of the
political situation.
Hedging
As in previous years, a significant element of the Group's costs
are denominated in foreign currencies, especially US dollars and
Euros.
The Group is fully hedged for USD and Euro for the current
financial year, and has currently hedged c.80% of its 2016 Euro
requirements and c.45% of USD requirements. The Group also has
hedge contracts in place for approximately 37% of its projected
cruise fuel requirement for the next twelve months.
Insurance
The nature of the Group's activities gives rise to various
insurable risks including engineering issues with its vessels and
the cost of cancellation of holidays for reasons beyond the Group's
control. Such events can give rise to insurance claims, the
resolution of which can be very protracted. Accordingly the Group
takes a prudent approach in recognising income from insurance
claims.
Roger Allard
Chairman
Unaudited Interim Condensed Financial Statements
Consolidated Income Statement
For the six months ended 30 April 2015
Restated
- see
note 13
Six month Six month
period period Year
ended ended ended
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Revenue 45,928 49,109 138,912
Costs, expenses and
other income
Operating (43,513) (46,374) (110,454)
Selling and administrative (11,453) (11,420) (22,943)
Depreciation (1,936) (1,711) (3,863)
Amortisation (599) (637) (1,253)
Exceptional items 4 (200) (349) (7,710)
Total costs, expenses
and other income (57,701) (60,491) (146,223)
Operating loss before
unrealised losses on
derivative contracts (11,773) (11,382) (7,311)
Unrealised (losses)/gains
on derivative contracts (37) (3,861) 445
Operating loss (11,810) (15,243) (6,866)
Investment revenues 15 40 70
Finance costs (161) (181) (429)
Loss before taxation (11,956) (15,384) (7,225)
Tax charge 5 (319) (183) (258)
Loss for the financial
period/year (12,275) (15,567) (7,483)
Loss per share (pence):
Basic and diluted 7 (19.9)p (25.2)p (12.1)p
All results derive from continuing operations and are
attributable to equity holders of the parent company.
Consolidated Statement of Comprehensive Income
For the six months ended 30 April 2015
Six month Six month
period period
ended ended Year ended
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Loss for the financial period/year (12,275) (15,567) (7,483)
Items that will not be reclassified
subsequently to profit or
loss
Gain on property revaluation - - 380
Actuarial losses on defined
benefit pension schemes (2,364) (85) (491)
Deferred tax on pensions 473 17 98
Total comprehensive loss
for the period/year (14,166) (15,635) (7,496)
Consolidated Balance Sheet
At 30 April 2015
At At At
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 19,634 20,722 20,185
Property, ships, plant
and equipment 8 30,742 38,800 29,132
Deferred tax asset 1,545 1,512 1,450
Deposits 3,686 3,840 3,686
55,607 64,874 54,453
Current assets
Inventories 1,502 2,436 1,402
Trade and other receivables 8,131 9,792 9,230
Derivative financial
instruments 223 - 20
------------------------------ ---- ---------- ---------- -----------
Restricted bank balances 3,902 3,471 3,530
Cash and cash equivalents 5,561 5,083 11,600
------------------------------ ---- ---------- ---------- -----------
Total current bank
balances and cash in
hand 9,463 8,554 15,130
Total current assets 19,319 20,782 25,782
Total assets 74,926 85,656 80,235
Current liabilities
Trade and other payables (60,137) (62,283) (53,532)
Current tax liabilities (17) (8) (17)
Derivative financial
instruments (4,672) (8,717) (4,431)
Provisions (168) (321) (1,497)
Borrowings (580) (580) (580)
(65,574) (71,909) (60,057)
Non-current liabilities
Borrowings (4,052) (4,622) (4,050)
Deferred tax liabilities (2,095) (2,238) (2,153)
Long term provisions (1,252) (1,319) -
Retirement benefit
obligations (4,378) (1,966) (2,234)
(11,777) (10,145) (8,437)
Total liabilities (77,351) (82,054) (68,494)
Net (liabilities)/assets (2,425) 3,602 11,741
Equity
Share capital 9 617 617 617
Share premium account 13,346 13,346 13,346
Revaluation reserve 380 - 380
Currency translation
reserve 12 12 12
Retained earnings (16,780) (10,373) (2,614)
Total equity (2,425) 3,602 11,741
Consolidated Statement of Changes in Equity
For the six months ended 30 April 2015
Six month Six month
period period Year
ended ended ended
30 April 30 April 31 October
Note 2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Opening total equity 11,741 19,237 19,237
Loss for the financial
period/year (12,275) (15,567) (7,483)
Revaluation of property - - 380
Actuarial losses on defined
benefit pension schemes (2,364) (85) (491)
Deferred tax on pensions 473 17 98
Total comprehensive loss
for the financial period/year (14,166) (15,635) (7,496)
Closing total equity (2,425) 3,602 11,741
Consolidated Cash Flow Statement
For the six months ended 30 April 2015
Six month Six month
period period Year
ended ended ended
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Net cash (outflow)/inflow
from operating activities 11 - (3,580) 4,077
Investing activities:
Interest received 15 40 70
Rental income 11 1 6
Purchases of property, plant
and equipment (3,593) (977) (2,428)
Proceeds on disposal of
property, plant and equipment - - 3,133
Proceeds on disposal of
assets held for sale - 350 350
Movement in long-term restricted
cash held on deposit (372) 123 64
Net cash (used in)/generated
from investing activities (3,939) (463) 1,195
Financing activities:
Repayment of borrowings - - (580)
Net cash used in financing
activities - - (580)
Net (decrease)/increase
in cash and cash equivalents (3,939) (4,043) 4,692
Cash and cash equivalents
at the start of the period/year 11,600 10,685 10,685
Effect of foreign exchange
rate changes (2,100) (1,559) (3,777)
Cash and cash equivalents
at the end of the period/year 5,561 5,083 11,600
Notes to the Unaudited Interim Condensed Financial
Statements
For the six months ended 30 April 2015
1. Basis of presentation
The interim condensed unaudited financial statements of the
Group for the six months ended 30 April 2015 have been prepared in
accordance with the International Financial Reporting Standards
('IFRS') accounting policies adopted by the Group and set out in
the annual report and financial statements for the year ended 31
October 2014. The Group does not anticipate any changes in these
accounting policies for the year ended 31 October 2015.
As permitted, this interim report has been prepared in
accordance with the AIM rules and not in accordance with IAS 34
"Interim financial reporting". While the financial figures included
in these interim condensed financial statements have been computed
in accordance with IFRSs applicable to interim periods, this
announcement does not contain sufficient information to constitute
an interim financial report as that term is defined in IFRSs.
The financial information contained in the interim report also
does not constitute statutory financial statements for the purposes
of s434 of the Companies Act 2006. The financial information for
the year ended 31 October 2014 is based on the statutory financial
statements for the year ended 31 October 2014. The auditor reported
on those financial statements. This report was unqualified, did not
draw attention to any matters by way of emphasis and did not
contain a statement under s498(2) or (3) Companies Act 2006.
Going concern
After conducting a further review of the Group's forecasts of
earnings and cash over the next twelve months and after making
appropriate enquiries as considered necessary, including exposure
to external risks as described in the Chairman's Statement, the
directors have a reasonable expectation that the Company and Group
have adequate resources to continue in operational existence for
the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the half yearly condensed
financial statements.
Operating loss
Operating loss is stated as loss before tax, investment income,
finance costs and other gains and losses.
2. Critical accounting judgements and key sources of estimation uncertainty
The directors are required to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities at
each period end. The estimates and associated assumptions are based
on historical experience and other factors that are considered to
be relevant. Actual results may differ from these estimates.
The following are the critical accounting judgements and
estimates that the Directors have made in the process of applying
the Group's accounting policies and that have the most significant
effect on the amounts recognised in financial statements:
-- Residual value of cruise ships
-- Valuation of derivative financial instruments
-- Key assumptions applied in determining the defined benefit pension liability
-- Impairment of assets
The estimates and underlying assumptions are reviewed on an
ongoing basis. There has been no change to the application of
critical accounting judgements or key sources of estimation
uncertainty from those set out in the 31 October 2014 financial
statements.
3. Business segments
The Group has identified two reporting segments: Cruising
(including the Voyages of Discovery, Swan Hellenic and Hebridean
Island Cruises brands) and Tour Operating (including the
Travelsphere, Just You and Discover Egypt brands).
Reporting segment revenues and results
The following is an analysis of the Group's revenue and results
by reportable segments in 2015.
Central salary costs and gains on derivative financial
instruments have not been allocated to either of the Group's two
reporting segments and are shown separately as Corporate items.
Six months ended Tour
30 April 2015 Cruising Operating Corporate Consolidated
2015 2015 2015 2015
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External sales 25,799 20,129 - 45,928
Result
Underlying loss from operations (8,008) (2,844) (473) (11,325)
Separately disclosed items (48) (152) - (200)
Amortisation of business
combination intangibles - (248) - (248)
Operating loss before adjustment
for derivative financial
instruments (8,056) (3,244) (473) (11,773)
Losses on derivative financial
instruments - - (37) (37)
Operating loss (8,056) (3,244) (510) (11,810)
Investment revenues 15
Finance costs (161)
Loss before tax (11,956)
Tax charge (319)
Loss for the financial
period (12,275)
Six months ended Tour
30 April 2014 Cruising Operating Corporate Consolidated
2014 2014 2014 2014
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External sales 27,903 21,206 - 49,109
Result
Underlying loss from operations (8,238) (2,072) (475) (10,785)
Separately disclosed items (201) (148) - (349)
Amortisation of business
combination intangibles - (248) - (248)
Operating loss before adjustment
for derivative financial
instruments (8,439) (2,468) (475) (11,382)
Losses on derivative financial
instruments - - (3,861) (3,861)
Operating loss (8,439) (2,468) (4,336) (15,243)
Investment revenues 40
Finance costs (181)
Loss before tax (15,384)
Tax charge (183)
Loss for the financial
period (15,567)
Year ended Tour
31 October 2014 Cruising Operating Corporate Consolidated
2014 2014 2014 2014
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
External sales 67,567 71,345 - 138,912
Result
Underlying (loss)/profit
from operations (1,627) 3,510 (987) 896
Separately disclosed items (7,224) (486) - (7,710)
Amortisation of business
combination intangibles - (497) - (497)
Operating (loss)/profit
before adjustment for
derivative financial instruments (8,851) 2,527 (987) (7,311)
Gains on derivative financial
instruments - - 445 445
Operating (loss)/profit (8,851) 2,527 (542) (6,866)
Investment revenues 70
Finance costs (429)
Loss before tax (7,225)
Tax charge (258)
Loss for the financial
year (7,483)
4. Exceptional items
Half Half Full
year year year
to 30 to 30 to 31
April April October
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Onerous lease provision - - 104
Restructuring costs (200) (349) (719)
Loss on disposal of ship - - (7,095)
Total exceptional items (200) (349) (7,710)
The restructuring costs disclosed above for the half year to 30
April 2015 include costs arising from the closure of the Group's
office in Fort Lauderdale and other redundancies. Restructuring
costs for prior periods relate to the ongoing integration of the
cruise and tour operating businesses.
During the year ended 31 October 2014 the Group entered into a
contract to sub-lease its offices in Southampton and therefore
released the balance on the onerous lease provision of GBP104,000
which had previously been recognised in relation to this lease.
The Group disposed of mv Discovery during the year ended 31
October 2014 incurring a loss on disposal of GBP7,095,000.
5. Income taxes
The tax charge of GBP319,000 (six months ended 30 April 2014:
GBP183,000; year ended 31 October 2014: GBP258,000) represents an
effective rate of (2.7)% (six months ended 30 April 2014: (1.2)%;
year ended 31 October 2014: 3.6%). Certain of the Group subsidiary
companies are subject to taxation under the UK Tonnage Tax regime.
Under this regime, a shipping company may elect to have its taxable
profits computed by reference to the net tonnage of each of the
qualifying ships it operates.
At the balance sheet date, the Finance Act 2013 had been
substantively enacted confirming that the main UK corporation tax
rate will be 20% from 1 April 2015. Therefore, at 30 April 2015,
deferred tax assets and liabilities have been calculated based on a
rate of 20%.
6. Dividends
It was announced on 27 July 2012 that the Group is not proposing
to pay dividends for the foreseeable future.
7. Loss per share (pence)
Six month Six month
period period Year
ended ended ended
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
pence pence pence
Loss per share (pence)
Basic and diluted (19.9) (25.2) (12.1)
The calculation of basic and diluted loss per share
is based on the following data:
Loss GBP'000 GBP'000 GBP'000
Loss for the purposes of basic
and diluted earnings per share
being net loss attributable
to shareholders of the parent (12,275) (15,567) (7,483)
Number Number Number
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
and diluted loss per share 61,744,777 61,744,777 61,744,777
8. Property, ships, plant and equipment
During the period, the Group spent GBP3,593,000 on capital
expenditure. The majority of this was in relation to dry dock work
undertaken on the Group's ships.
9. Share capital
At At At
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Issued and fully paid:
61,744,777 ordinary shares of
1p each 617 617 617
The Company has one class of ordinary shares which carry no
rights to fixed income.
10. Financial Instruments fair value disclosures
The only assets and liabilities of the Group in the current
period and proceeding period and year which have been measured at
fair value through profit and loss are its derivative financial
instruments. The fair values of these are derived from those inputs
other than quoted prices that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e.
derived from prices) and they therefore are categorised within
level 2 of the fair value hierarchy set out in IFRS 7. Accordingly,
no table presenting an analysis of financial instruments that are
measured subsequent to initial recognition at fair value by Levels
1 - 3 is presented.
For the derivative financial instruments (both currency and
fuel), the fair value has been calculated by discounting the future
estimated cash flows based on the applicable yield curve derived
from quoted interest rates. The derivatives are carried at fair
value and accordingly, the book value and fair value are the
same.
11. Notes to the consolidated cash flow statement
Six month Six month
period period Year
ended ended ended
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Loss for the financial period/year (12,275) (15,567) (7,483)
Adjustments for:
Investment revenues (15) (40) (70)
Rental income (11) (1) (6)
Finance costs 161 181 429
Other gains and losses - - 6,132
Income tax 319 183 258
Depreciation and amortisation 2,535 2,348 5,116
Foreign exchange movements 2,100 1,559 3,777
Movement in fair value of
derivatives 37 3,861 (445)
Decrease in provisions (77) (150) (293)
Adjustment for pension funding (220) (220) (440)
Operating cash (outflows)/inflows
before movements in (7,446) (7,846) 6,975
working capital
(Increase)/decrease in inventories (100) (124) 910
Decrease/(increase) in receivables 1,099 (392) 324
Increase/(decrease) in payables 6,447 4,779 (3,762)
Cash (outflow)/inflow generated
from operations - (3,583) 4,447
Income taxes refunded/(paid) - 3 (5)
Interest paid - - (365)
Net cash (outflow)/inflow
from operating activities - (3,580) 4,077
12. Related party transactions
Trading transactions
During the period/year, Group companies entered into the
following transactions with related parties who are not members of
the Group:
Purchase of services
Six month Six month
period period Year
ended ended ended
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
GBP GBP GBP
Roger Allard Limited 67,445 91,872 184,317
PB Consultancy Services
Limited 5,572 7,200 12,950
Amounts owed to related
parties
At At At
30 April 30 April 31 October
2015 2014 2014
Unaudited Unaudited Audited
GBP GBP GBP
Roger Allard Limited 59,843 15,887 52,865
PB Consultancy Services
Limited 3,668 2,378 2,508
Roger Allard Limited is a company owned and controlled by Mr R J
Allard, a director of the Company and majority shareholder of the
Group, and the payments made are for consultancy services.
PB Consultancy services is owned and controlled by Mr P E
Buckley, the Company Secretary of the Group, and the payments are
for consultancy, accounting and Company Secretarial services.
In addition to the above transactions, the Group sold a property
to Mr R J Allard for GBP350,000 during the year ended 31 October
2014.
On 15 May 2012, All Leisure Group PLC acquired 100% of the
issued share capital of Page & Moy Travel Group Limited
("PMTGL"), on a debt free basis, for a consideration of GBP3.3m.
The consideration was funded with a GBP5.8m loan from a consortium
of individual investors, some of whom were related parties. The
lenders who meet the definition of related parties, and the amounts
loaned to the Group are as follows:
Loan amount Accrued interest
30 April 30 April 31 October 30 April 30 April 31 October
2015 2014 2014 2015 2014 2014
Unaudited Unaudited Audited Unaudited Unaudited Audited
GBP GBP GBP GBP GBP GBP
R J Allard and
interests 3,620,000 4,010,000 3,620,000 242,986 269,164 117,328
N J Jenkins 200,000 225,000 200,000 13,425 15,103 6,482
D A Wiles and
interests 320,000 360,000 320,000 21,479 24,164 10,372
N J Jenkins is a director and shareholder in All Leisure group
plc. D A Wiles is a director of All Leisure Holidays Limited, a
subsidiary of All Leisure group plc.
13. Prior period restatement
Costs totalling GBP1,360,000 have been reclassified from selling
and administrative expenses to operating expenses in the income
statement for the period ended 30 April 2014 following a review of
the categorisation of income and expenditure items.
14. Ultimate Controlling Party
By virtue of his majority shareholding, the ultimate controlling
party is Mr R J Allard.
Unaudited Interim Condensed Financial Statements
Independent Review Report to All Leisure group plc
We have been engaged by the Company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 April 2015 which comprises the Consolidated
Income Statement, the Consolidated Statement of Comprehensive
Income, the Consolidated Balance Sheet, the Consolidated Statement
of Changes in Equity, the Consolidated Cash Flow Statement and
related notes 1 to 14. We have read the other information contained
in the half-yearly financial report and considered whether it
contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial
statements.
This report is made solely to the Company in accordance with the
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. Our work has been undertaken so that we might state to the
Company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the AIM Rules of the London Stock Exchange.
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 half-yearly financial report have been prepared in
accordance with the accounting policies the Group intends to use in
preparing its next annual financial statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of Review
We conducted our review in accordance with the 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 inquiries, 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 half-yearly financial report for the six months ended 30
April 2015 is not prepared, in all material respects, in accordance
with the AIM Rules of the London Stock Exchange.
Deloitte LLP
Chartered Accountants and Statutory Auditor
Nottingham, United Kingdom
30 July 2015
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PKCDNABKDPOB
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