RNS Number : 2325C
Camellia PLC
28 August 2008
Camellia Plc
Half-yearly report 2008
Highlights from the results
Six months ended Six months ended
30 June 2008 30 June 2007
£'000 £'000
Revenue 77,611 74,550
Trading profit/(loss) 2,837 (359)
Profit before tax 7,991 12,255
Profit for the period 6,073 10,965
Earnings per share 203.9 p 387.2 p
Interim dividend 20 p 20 p
Chairman's statement
The pre-tax profit from continuing operations of £7,991,000 for the six months to 30 June
2008 compares with a profit of £12,255,000 for
the same period last year which included a profit of £5,313,000 on the disposal of 'available
for sale' investments.
The board has declared an interim dividend of 20p per ordinary share payable on 6 November
2008 to share holders on the register on 17
October 2008.
Tea
India
Despite dry weather at the beginning of the year, crops are only marginally behind those
of the previous year. Sales prices are ahead of
last year particularly for orthodox teas produced in Assam and Darjeeling. The demand for
independent statehood in Darjeeling and the
possible associated civil unrest are a cause for concern.
Bangladesh
Tea production in Bangladesh is similar to the previous year but tea prices have
increased. The prospects for the full year are
encouraging.
Africa
Kenya experienced a major drought at the beginning of the year which has reduced
production significantly when compared to the previous
year. The cost of production has increased as a result of the lower crop but increased sales
prices have compensated to some degree. The
political difficulties that Kenya experienced at the beginning of the year have been resolved
for the time being by the formation of a
Government of National Unity, which must now negotiate a new constitution.
Our operations in Malawi have produced a crop similar to the previous year but higher
sales prices have more than offset the increased
cost of production.
Edible nuts
Macadamia production in both Malawi and South Africa is expected to exceed that of the
previous year and prices have recently shown some
improvement over the low levels of last year.
Crop projections for the harvest in September of our pistachio orchards in California are
encouraging.
Other horticulture
Both production and sales prices for our citrus operations in California are higher than
the previous year.
Exportable production of table grapes and citrus in Chile is on a par with last year.
Kakuzi's avocado production is expected to exceed the previous year but difficulties in
the port of Mombasa are playing havoc with
shipping schedules and significant insurance claims are anticipated. The situation in the port
is chaotic and is seriously affecting all
exports from Kenya that have no option but to use Mombasa. It is to be hoped that the
Government will take immediate and firm action to
rectify the problems and enable Kenya to compete effectively in world markets.
Rubber production in Bangladesh is on a par with last year although prices are expected to
be a little lower.
Maize and Soya prices have increased over last year and, with similar production, the
results of our Brazilian farming operations are
most satisfactory.
Wine production in both South Africa and Chile increased over the previous year but the
international wine market remains very
competitive.
Food storage and distribution
The re-organisation costs incurred in 2007 are beginning to show a positive result and it
is hoped that Associated Cold Stores and
Transport will make a profit for the full year. Rationalisation continues in this sector and
as a result there is now more likelihood of the
market, which has been very difficult for a number of years, returning to stability and
profitability.
Engineering
The difficulties of recruiting skilled operatives in some of our engineering companies
continue and are having a detrimental effect on
profitability. The price of steel and the availability of specialist metals combined with the
impact of the fall in demand in the
construction industry are also current concerns for our operations.
Banking
It is relevant to repeat that Duncan Lawrie has no exposure to sub-prime mortgages and
their derivatives and indeed is benefiting from
the current credit crisis due to its strong balance sheet and very conservative lending
policies. The wealth management division does of
course continue to suffer from lower fee income as a result of the decline in stock market
values. Duncan Lawrie has now completed the
integration of recent acquisitions, the costs of which will be a charge against profits in the
current year.
Pharmaceutical
Net sales of Siegfried Holding AG were marginally ahead of the same period last year.Operating profit increased by 33% mainly as a
result of the sale of the pharmaceutical production facility in Zofingen to the US-based Arena
Pharmaceuticals and also to the receipt of
licence payments for a previous bio-generic project.
Prospects
The Camellia Group is presently operating in a difficult global trading environment. The
substantially increased costs of energy and
fertilisers are a major cause of concern. However, the group's diversity and conservative
policies, particularly in respect of borrowings,
means that it should be well placed to withstand any forthcoming recession and continue to
develop its operations in a modest and structured
manner. It is however even more difficult than usual to give any indication of the outcome for
the full year.
M C Perkins
Chairman
28 August 2008
Interim management report
The chairman's statement forms part of this report and includes important events that have
occurred during the six months ended 30 June
2008 and their impact on the financial statements set out herein.
Principal risks and uncertainties
The directors' report in the statutory financial statements for the year ended 31 December
2007 (the accounts are available on the
company's website: www.camellia.plc.uk) highlighted risks and uncertainties that could have an
impact on the group's businesses. As these
businesses are widely spread both in terms of activity and location, it is unlikely that any
one single factor could have a material impact
on the group's performance. These risks and uncertainties continue to be relevant for the
remainder of the year. In addition, the chairman's
statement included in this report refers to specific risks and uncertainties that the group is
presently facing.
Statement of directors' responsibilities
The directors confirm that these condensed financial statements have been prepared in
accordance with IAS 34 'Interim Financial
Reporting' as adopted by the European Union, and that the interim management report herein
includes a fair review of the information
required by sections 4.2.7 and 4.2.8 of the Disclosure and Transparency Rules of the United
Kingdom's Financial Services Authority.
The directors of Camellia Plc are listed in the Camellia Plc statutory financial
statements for the year ended 31 December 2007. There
have been no subsequent changes of directors and a list of current directors is maintained on
the group's website at www.camellia.plc.uk.
By order of the board
M C Perkins
Chairman
28 August 2008
Consolidated income statement
for the six months ended 30
June 2008
Six months
Six months
Year
ended
ended
ended
30 June
30 June
31 December
2008
2007
2007
Notes £'000
£'000
£'000
Revenue 4 77,611
74,550
161,936
Cost of sales (53,683)
(53,828)
(107,497)
Gross profit 23,928
20,722
54,439
Other operating income 1,029
887
1,631
Distribution costs (3,370)
(2,984)
(9,665)
Administrative expenses (18,750)
(18,984)
(37,261)
Trading profit/(loss) 4 2,837
(359)
9,144
Share of associates' results 5 5,185
7,743
10,568
Profit on disposal of other 6 23
5,313
5,259
investments
Profit on part disposal of a 7 104
-
170
subsidiary
Profit on disposal of property -
-
2,029
Profit on disposal of
non-current
assets held for sale -
171
327
Gain/(loss) arising from
changes in
fair value of biological 178
(637)
2,770
assets
Profit from operations 8,327
12,231
30,267
Investment income 476
457
867
Finance income 278
377
701
Finance costs (1,218)
(1,107)
(1,921)
Pension schemes' net financing 128
297
737
income
Net finance costs 8 (812)
(433)
(483)
Profit before tax 7,991
12,255
30,651
Taxation 9 (1,918)
(1,290)
(3,205)
Profit for the period 6,073
10,965
27,446
Profit attributable to 406
203
2,129
minority interests
Profit attributable to equity 5,667
10,762
25,317
shareholders
6,073
10,965
27,446
Earnings per share - basic and 11 203.9
p 387.2 p
910.8 p
diluted
Consolidated balance sheet
at 30 June 2008
30 June
30 June
31 December
2008
2007
2007
Notes £'000
£'000
£'000
Non-current assets
Intangible assets 8,376
7,767
8,246
Property, plant and equipment 12 75,885
76,117
76,233
Biological assets 79,797
76,047
80,633
Prepaid operating leases 1,013
985
982
Investments in associates 99,677
82,720
90,367
Deferred tax assets 4,152
272
1,356
Other investments 36,516
38,364
41,186
Retirement benefit surplus 3,618
8,566
5,766
Trade and other receivables 616
546
634
Total non-current assets 309,650
291,384
305,403
Current assets
Inventories 22,340
19,906
20,137
Trade and other receivables 71,313
59,143
67,893
Current income tax assets 1,623
2,164
1,616
Cash and cash equivalents 13 283,671
252,186
235,612
378,947
333,399
325,258
Non-current assets classified -
105
-
as held for sale
Total current assets 378,947
333,504
325,258
Current liabilities
Borrowings 14 (16,875)
(16,935)
(14,771)
Trade and other payables (324,162)
(286,152)
(275,913)
Current income tax liabilities (2,176)
(1,455)
(1,786)
Other employee benefit (183)
(149)
(169)
obligations
Provisions (75)
(37)
(123)
Total current liabilities (343,471)
(304,728)
(292,762)
Net current assets 35,476
28,776
32,496
Total assets less current 345,126
320,160
337,899
liabilities
Non-current liabilities
Borrowings 14 (11,348)
(12,297)
(11,797)
Deferred tax liabilities (26,723)
(27,410)
(26,719)
Retirement benefit obligations (17,367)
(10,261)
(10,608)
Other employee benefit (1,385)
(1,233)
(1,293)
obligations
Other non-current liabilities (207)
(401)
(341)
Provisions -
(92)
-
Total non-current liabilities (57,030)
(51,694)
(50,758)
Net assets 288,096
268,466
287,141
Equity
Called up share capital 284
284
284
Reserves 267,483
249,407
265,987
Shareholders' funds 18 267,767
249,691
266,271
Minority interests 18 20,329
18,775
20,870
Total equity 288,096
268,466
287,141
Consolidated cash flow
statement
for the six months ended 30
June 2008
Six months
Six months
Year
ended
ended
ended
30 June
30 June
31 December
2008
2007
2007
Notes £'000
£'000
£'000
Cash generated from operations
Cash flows from operating 16 (1,497)
1,831
14,171
activities
Interest paid (1,254)
(1,108)
(2,271)
Income taxes paid (1,805)
(2,220)
(3,442)
Interest received 164
416
697
Dividends received from 2,397
1,955
2,252
associates
Net cash flow from operating (1,995)
874
11,407
activities
Cash flows from investing
activities
Purchase of intangible assets (336)
(90)
(208)
Purchase of property, plant (4,277)
(3,493)
(6,953)
and equipment
Proceeds from sale of 143
399
2,948
non-current assets
Proceeds from sale of
non-current
assets held for sale -
228
489
Part disposal of a subsidiary 297
-
400
Acquisition of subsidiary (net -
-
(549)
of cash
acquired)
Purchase of minority interests (173)
-
(193)
Purchase of shares in -
-
(2)
associate
Proceeds from sale of 6,735
7,269
8,235
investments
Purchase of investments (1,848)
(3,051)
(7,915)
Income from investments 476
457
867
Net cash flow from investing 1,017
1,719
(2,881)
activities
Cash flows from financing
activities
Equity dividends paid -
-
(2,502)
Dividends paid to minority (553)
(842)
(1,132)
interests
Net repayment of debt (1,560)
(3,734)
(3,625)
Net cash flow from financing (2,113)
(4,576)
(7,259)
activities
Net (decrease)/increase in
cash and
cash equivalents 17 (3,091)
(1,983)
1,267
Cash and cash equivalents at
beginning
of period 758
(542)
(542)
Exchange gains/(losses) on 412
(138)
33
cash
Cash and cash equivalents at
end
of period (1,921)
(2,663)
758
For the purposes of the cash flow statement, cash and cash equivalents are included net of
overdrafts repayable on demand. These
overdrafts are excluded from the
definition of cash and cash equivalents disclosed on the balance sheet.
For the purposes of the cash flow statement cash and cash equivalents comprise:
Cash and cash equivalents 283,671
252,186
235,612
Less banking operation funds (271,691)
(240,820)
(223,849)
Overdrafts repayable on demand
(included in current (13,901)
(14,029)
(11,005)
liabilities - borrowings)
(1,921)
(2,663)
758
Statement of recognised income and expense
for the six months ended 30 June 2008
Six months
Six months
Year
ended
ended
ended
30 June
30 June
31 December
2008
2007
2007
£'000
£'000
£'000
Foreign exchange translation 3,612
(1,887)
5,407
differences
Actuarial movement on defined
benefit pension schemes (9,595)
11,516
6,030
(note 15)
Movement on deferred tax
relating to
defined benefit pension 2,686
(2,765)
(639)
schemes
Available-for-sale
investments:
Valuation gains taken to 416
3,340
2,044
equity
Transferred to profit or (2)
(3,676)
(3,630)
loss on sale
Share of associate's net
movement in
defined benefit pension (1,246)
92
372
schemes
Share of associates' fair (748)
1,353
932
value adjustments
Share of associate's loss on -
(92)
(115)
cash flow
hedges
Share of associate's income
taxes on
items recorded in equity 466
-
(29)
Net (expense)/income
recognised
directly in equity (4,411)
7,881
10,372
Profit for the period 6,073
10,965
27,446
Total recognised income and
expense
for the period 1,662
18,846
37,818
Attributable to:
Minority interests 91
314
2,505
Equity shareholders 1,571
18,532
35,313
1,662
18,846
37,818
Notes to the accounts
1 Basis of preparation
These financial statements are the interim consolidated financial statements of Camellia Plc,
a company registered in England, and its
subsidiaries (the "group") for
the six month period ended 30 June 2008 (the "Interim Report"). They should be read in
conjunction with the Report and Accounts (the
"Annual Report") for the year
ended 31 December 2007.
The financial information contained in this interim report has not been audited and does not
constitute statutory accounts within the
meaning of Section 240 of the
Companies Act 1985. A copy of the statutory accounts for the year ended 31 December 2007 has
been delivered to the Registrar of Companies.The auditors' opinion on
these accounts was unqualified and does not contain a statement made under Section 237(2) and
Section 237(3) of the Companies Act 1985.
The interim financial statements have been prepared in accordance with International
Financial Reporting Standards ("IFRS") including IAS
34 "Interim Financial
Reporting". For these purposes, IFRS comprise the Standards issued by the International
Accounting Standards Board ("IASB") and
Interpretations issued by the
International Financial Reporting Interpretations Committee ("IFRIC") that have been endorsed
by the European Union.
Where necessary, the comparatives have been reclassified from the previously reported interim
results to take into account any
presentational changes made in the
Annual Report.
These interim financial statements were approved by the board of directors on 28 August
2008.
2 Accounting policies
These interim financial statements have been prepared on the basis of accounting policies
consistent with those applied in the financial
statements for the year ended
31 December 2007.
The following interpretations made by IFRIC are mandatory for the first time in the current
financial year and have been adopted by the
group with no significant
impact on its consolidated results or financial position:
IFRIC 11 Group and treasury share transactions
IFRIC 12 Service concession
arrangements
IFRIC 14 The limit on a defined benefit asset, minimum funding requirements and their
interaction
3 Cyclical and seasonal
factors
Due to climatic conditions the group's tea operations in India and Bangladesh produce most of
their crop during the second half of the
year. Tea production in Kenya
remains at consistent levels throughout the year but in Malawi, the majority of tea is
produced in the first six months.
Soya and maize in Brazil are generally harvested in the first half of the year. In California
the pistachio crop occurs in the second half
of the year and has 'on' and
'off' years. Avocados in Kenya are mostly harvested in the second half of the year.
There are no other cyclical or seasonal factors which have a material impact on the trading
results.
4 Segment reporting
Six months ended Six months ended
Year ended
30 June 2008 30 June 2007
31 December 2007
Revenue Revenue Trading
profit Revenue Trading profit
Trading profit
£'000 £'000 £'000
£'000 £'000 £'000
Agriculture and horticulture 42,069 2,989 38,404
671 89,004 9,072
Engineering 10,132 671 10,293
947 20,109 2,124
Food storage and distribution 17,932 324 18,831
(356) 38,561 (133)
Banking and financial services 7,322 798 6,911
849 13,949 1,431
Other operations 156 56 111
(156) 313 (113)
77,611 4,838 74,550
1,955 161,936 12,381
Unallocated corporate expenses (2,001)
(2,314) (3,237)
Trading profit/(loss) 2,837
(359) 9,144
Share of associates' results 5,185
7,743 10,568
Profit on disposal of other 23
5,313 5,259
investments
Profit on part disposal of a 104
- 170
subsidiary
Profit on disposal of property -
- 2,029
Profit on disposal of
non-current
assets held for sale -
171 327
Gain/(loss) arising from
changes
in fair value of biological 178
(637) 2,770
assets
Investment income 476
457 867
Net finance costs (812)
(433) (483)
Profit before tax 7,991
12,255 30,651
Taxation (1,918)
(1,290) (3,205)
Profit after tax 6,073
10,965 27,446
5 Share of associates' results
The group's share of the results of associates is analysed below:
Six months Six
months Year
ended
ended ended
30 June
30 June 31 December
2008
2007 2007
£'000
£'000 £'000
Operating profit 6,579
4,914 8,561
Net finance costs (463)
(90) (650)
Profit before tax 6,116
4,824 7,911
Taxation (931)
(701) (1,026)
Profit after tax 5,185
4,123 6,885
Net profit from discontinued operations -
3,620 3,683
5,185
7,743 10,568
The net profit from discontinued operations relates to the disposal by the Siegfried Group of
its Sidroga division and its
biologics business unit.
6 Profit on disposal of other investments
In 2007, a profit of £4,801,000 was realised on the disposal of the group's entire
shareholding in Gaz Romang Holding SA, a
public quoted company on the SWX Swiss Exchange.
7 Profit on part disposal of a subsidiary
A profit of £104,000 (2007: six months £nil - year £170,000) was realised in relation to
the disposal by Kakuzi Limited of 10%
(2007: six months nil - year 14%) of its interest in Siret Tea Company Limited to EPK
Outgrowers Empowerment Project Company
Limited, a company mainly owned by smallholders in Kenya.
8 Finance income and costs
Six months Six
months Year
ended
ended ended
30 June
30 June 31 December
2008
2007 2007
£'000
£'000 £'000
Interest payable on loans and bank overdrafts (986)
(1,085) (2,141)
Interest payable on obligations under finance
leases (92)
(96) (180)
Total borrowing costs (1,078)
(1,181) (2,321)
Net exchange (loss)/gain on foreign currency
borrowings (140)
74 400
Finance costs (1,218)
(1,107) (1,921)
Finance income - interest income on short-term
bank deposits 278
377 701
Pension schemes' net financing income 128
297 737
Net finance costs (812)
(433) (483)
The above figures do not include any amounts relating to the banking subsidiaries.
9 Taxation on profit on ordinary activities
Six months ended Six months ended Year ended
30 June 2008 30 June 2007 31 December
2007
£'000 £'000 £'000 £'000 £'000
£'000
Current tax
UK corporation tax - - 107
Overseas corporation tax 2,062 1,008 2,935
Total current tax 2,062 1,008
3,042
Deferred tax
Origination and reversal of timing
differences
UK 529 (34) (483)
Overseas (673) 316 646
Total deferred tax (144) 282
163
Tax on profit on ordinary 1,918 1,290
3,205
activities
Tax on profit on ordinary activities for the six months to 30 June 2008 has been calculated
on
the basis of the estimated annual effective rate for the year ending 31 December 2008.
10 Equity dividends
Six months
Six months
Year
ended
ended
ended
30 June
30 June
31 December
2008
2007
2007
£'000
£'000
£'000
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2007
of 72.00p (2006: 70.00p) per share
2,001
1,946
1,946
Interim dividend for the year ended 31 December 2007
of 20.00p per share
556
2,502
Dividends amounting to £45,000 (2007: six months £44,000 - year £56,000) have not
been included as group companies hold 62,500 issued
shares in the company. These are classified as treasury shares.
Proposed interim dividend for the year ended 31
December 2008 of 20.00p (2007: 20.00p) per share
556
556
The proposed interim dividend was approved by the board of directors on 28 August 2008 and
has not been included as a liability in these
financial statements.
11 Earnings per share (EPS)
Six months ended Six months ended Year ended
30 June 2008 30 June 2007 31 December 2007
Earnings EPS Earnings EPS Earnings
EPS
£'000 Pence £'000 Pence £'000
Pence
Basic and diluted EPS
Attributable to ordinary 5,667 203.9 10,762 387.2 25,317
910.8
shareholders
Basic and diluted earnings per share are calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue of
2,779,500
(2007: six months 2,779,500 - year 2,779,500), which excludes 62,500 (2007: six months
62,500
- year 62,500) shares held by the group as treasury shares.
12 Property, plant and
equipment
During the six months ended 30 June 2008 the group acquired assets with a cost of £4,277,000
(2007:
six months £3,493,000 - year £6,953,000). Assets with a carrying amount of £96,000 were
disposed of
during the six months ended 30 June 2008 (2007: six months £217,000 - year £910,000).
13 Cash and cash equivalents
Included in cash and cash equivalents of £283,671,000 (2007: six months £252,186,000 -
year
£235,612,000) are cash and short-term funds, time deposits with banks and building societies
and
certificates of deposit amounting to £271,691,000 (2007: six months £240,820,000 - year
£223,849,000), which are held by banking subsidiaries and which are an integral part of the
banking
operations of the group.
14 Borrowings
Borrowings (current and non-current) include loans and finance leases of £14,322,000 (2007:
six
months £15,203,000 - year £15,563,000) and bank overdrafts of £13,901,000 (2007: six
months
£14,029,000 - year £11,005,000). The following loans and finance leases were issued and
repaid during
the six months ended 30 June 2008:
£'000
Balance at 1 January 2008 15,563
Exchange differences 320
New issues
Loans 69
Finance lease liabilities 401
Repayments
Loans (1,528)
Finance lease liabilities (503)
Balance at 30 June 2008 14,322
15 Retirement benefit schemes
UK defined benefit pension schemes for the purposes of IAS 19 have been updated to 30 June
2008 from
the valuations as at 31 December 2007 by the group's actuaries and the movements have been
reflected
in this interim statement. Overseas schemes have not been updated from 31 December 2007
valuations as
it is considered that there have been no significant changes.
An actuarial loss of £13,471,000 was realised in the period in relation to the scheme
assets
following the recent falls in global stock markets. An actuarial gain of £3,876,000 was
realised in
relation to changes in the underlying actuarial assumptions. The assumed discount rate has
increased
to 6.70% (31 December 2007: 5.90%), giving rise to a decrease to the defined benefit
obligation. This
reduction is partly offset by the impact of increases in the assumptions for the rate of
inflation,
to 4.20% (31 December 2007: 3.40%), and for the rate of increases for salaries, to 4.30% (31
December
2007: 3.50%). There has been no change in the mortality assumptions used.
16 Reconciliation of profit from operations to cash
flow
Six months Six
months Year
ended
ended ended
30 June 30
June 31 December
2008
2007 2007
£'000
£'000 £'000
Profit from operations
12,231 30,267
8,327
Share of associates' results
(10,568)
(5,185)
(7,743)
Depreciation and amortisation
3,922
4,044 7,868
(Gain)/loss arising from
changes in fair value
of biological assets
(178)
637 (2,770)
Profit on disposal of
property, plant and equipment (47)
- (2,029)
Profit on disposal of -
(171) (327)
non-current assets held for
sale
Profit on part disposal of a
subsidiary (104)
(170)
Profit on disposal of other
investments (23)
(5,313) (5,259)
Decrease/(increase) in working
capital 907
(2,811) (7,949)
Net (increase)/decrease in
funds of banking
subsidiaries
(9,116)
957 5,108
Cash flows from operating
14,171
activities (1,497)
1,831
17 Reconciliation of net cash flow to movement in net debt
Six months
Six months
Year
ended
ended
ended
30 June
30 June
31 December
2008
2007
2007
£'000
£'000
£'000
(Decrease)/increase in cash and cash
equivalents in the period
(3,091)
(1,983)
1,267
Cash outflow from decrease in debt
1,961
3,914
4,310
(Increase)/decrease in net debt resulting from
cash flows
(1,130)
1,931
5,577
New finance leases
(401)
(181)
(685)
Exchange rate movements
93
(116)
(197)
(Increase)/decrease in net debt in the period
(1,438)
1,634
4,695
Net debt at beginning of period
(14,805)
(19,500)
(19,500)
Net debt at end of period
(16,243)
(17,866)
(14,805)
18 Statement of changes in shareholders' equity
Share Share Treasury Retained Other
Minority Total
capital premium shares earnings reserves
Total interest equity
£'000 £'000 £'000 £'000 £'000
£'000 £'000 £'000
At 1 January 2007 284 15,298 (400) 182,543 38,236
235,961 19,303 255,264
Exchange differences - - - - (1,998)
(1,998) 111 (1,887)
Net profit - - - 10,762 -
10,762 203 10,965
Dividends - - - (1,946) -
(1,946) (842) (2,788)
Actuarial gain - - - 11,516 -
11,516 - 11,516
Deferred tax on actuarial gain - - - (2,765) -
(2,765) - (2,765)
Available-for-sale
investments:
Valuation gains taken to - - - - 3,340
3,340 - 3,340
equity
Transfer to profit or loss - - - - (3,676)
(3,676) - (3,676)
on sale
Reclassification of
investment to an
associate - - - - (2,748)
(2,748) - (2,748)
Share of associates' fair - - - 1,353 -
1,353 - 1,353
value adjustments
Share of associate's change in - - - 144 -
144 - 144
treasury shares
Share of associate's movement in defined
benefit pension schemes - - - 92 -
92 - 92
Share of associate's loss on - - - (92) -
(92) - (92)
cash flow hedges
Loss on dilution of interest - - - (252) -
(252) - (252)
in associate
At 30 June 2007 284 15,298 (400) 201,355 33,154
249,691 18,775 268,466
At 1 January 2007 284 15,298 (400) 182,543 38,236
235,961 19,303 255,264
Exchange differences - - - - 4,973
4,973 434 5,407
Net profit - - - 25,317 -
25,317 2,129 27,446
Dividends - - - (2,502) -
(2,502) (1,132) (3,634)
Actuarial gain - - - 6,171 -
6,171 (141) 6,030
Deferred tax on actuarial gain - - - (684) -
(684) 45 (639)
Available-for-sale
investments:
Valuation gains taken to - - - - 2,006
2,006 38 2,044
equity
Transfer to profit or loss - - - - (3,630)
(3,630) - (3,630)
on sale
Reclassification of
investment to an
associate - - - - (2,782)
(2,782) - (2,782)
Minority interest subscription - - - - -
- 230 230
Payment to minority interest - - - - -
- (193) (193)
Change in composition of group - - - (157) -
(157) 157 -
Share of associates' fair - - - 932 -
932 - 932
value adjustments
Share of associate's loss on - - - (115) -
(115) - (115)
cash flow hedges
Share of associate's change in - - - 430 -
430 - 430
treasury shares
Share of associate's movement in defined
benefit pension schemes - - - 372 -
372 - 372
Share of associate's income taxes on items
recorded in equity - - - (29) -
(29) - (29)
Share of associates' other - - - 123 -
123 - 123
equity movements
Loss on dilution of interest - - - (115) -
(115) - (115)
in associate
At 31 December 2007 284 15,298 (400) 212,286 38,803
266,271 20,870 287,141
Exchange differences - - - - 3,927
3,927 (315) 3,612
Net profit - - - 5,667 -
5,667 406 6,073
Dividends - - - (2,001) -
(2,001) (553) (2,554)
Actuarial loss - - - (9,595) -
(9,595) - (9,595)
Deferred tax on actuarial loss - - - 2,686 -
2,686 - 2,686
Available-for-sale
investments:
Valuation gains taken to - - - - 416
416 - 416
equity
Transfer to profit or loss - - - - (2)
(2) - (2)
on sale
Minority interest subscription - - - - -
- 192 192
Payment to minority interest - - - - -
- (173) (173)
Change in composition of group - - - 98 -
98 (98) -
Share of associate's restatement of
pension
plan assets - - - 1,831 -
1,831 - 1,831
Share of associates' fair - - - (748) -
(748) - (748)
value adjustments
Share of associate's change in - - - (62) -
(62) - (62)
treasury shares
Share of associate's movement in defined
benefit pension schemes - - - (1,246) -
(1,246) - (1,246)
Share of associate's income taxes on items
recorded in equity - - - 466 -
466 - 466
Share of associate's other - - - 150 -
150 - 150
equity movements
Loss on dilution of interest - - - (91) -
(91) - (91)
in associate
At 30 June 2008 284 15,298 (400) 209,441 43,144
267,767 20,329 288,096
19 Related party transactions
There have been no related party transactions that
have a material effect on the financial position or
performance of the group in the first six months of
the financial year.
20 Events after the balance sheet date
With effect from 1 July 2008, the group has
representation on the board of West Hamilton
Holdings Limited, a Bermudian property company, and
as a result the investment in this company will be
reclassified from a financial asset to an investment
in associate. Based on the latest available accounts
to 31 December 2007, the estimated result of this
reclassification will be that the value of
investments in associates will increase by
£1,261,000, being the equity value, and the value of
financial assets will decline by £2,696,000, being
the market value. The difference of £1,435,000 will
be transferred to reserves.
Further enquiries please contact Camellia Plc
Malcolm Perkins
01622 746655
28 August 2008
This information is provided by RNS
The company news service from the London Stock Exchange
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