TIDMANP
11 September 2019
Anpario plc("Anpario" or the "Group")
Interim Results
Anpario plc (AIM:ANP), the international producer and
distributor of natural animal feed additives for animal health,
nutrition and biosecurity is pleased to announce its interim
results for the six months to 30 June 2019.
Financial highlights
-- Sales of GBP14.3m (2018: GBP14.8m)
-- 2% increase in gross profit to GBP7.1m (2018: GBP7.0m)
-- 1% advance in profit before tax to GBP2.3m (2018: GBP2.2m)
-- 3% uplift in diluted earnings per share to 8.88p (2018: 8.66p)
-- 14% increase in interim dividend to 2.5p (2018: 2.2p) per share
-- Cash balances of GBP13.7m at 30 June 2019 (Dec 2018: GBP12.9m)
Operational highlights
-- Strong sales recovery in Latin America and the Middle East
-- GBP1m investment in automated bottling plant completed
-- Launch of Anpario Direct online channel to smaller farm customers
Peter Lawrence, Chairman, commented:
"The board is encouraged by the continued recovery in a number
of our markets which struggled during 2018. Latin America and the
Middle East delivered strong performances and the United States
continued its double-digit sales growth. As expected, China and
certain territories in South East Asia experienced weak trading,
where the impact of African Swine Fever put farmers under
significant strain. As our improved profitability demonstrates, the
geographic and species diversity of the Group is a major strength
when facing such external challenges and we have been able to
mitigate some of the impact by focusing on higher value-added
products and developing more direct routes to market, which have
helped to improve gross margins.
Expanding profitable sales and distribution channels around the
world remains our priority. Our strong balance sheet and cash
generation capability provide Anpario with a firm platform from
which to invest in new products and to develop the exciting Anpario
Direct opportunity. Our business development initiatives, backed by
the quality and ability of our employees worldwide, give me
confidence that we are in line for our full year management
expectations."
Chairman's statement
Group sales in the six months to 30 June 2019 were broadly the
same as in the equivalent period last year, after allowing for the
termination of our non-core business in the Philippines in early
2018. The impact of African Swine Fever in China and the
surrounding region and the US - China trade dispute created tougher
trading conditions than experienced during this period last year
and which affected our business in Asia. However, this was
significantly offset by the very strong recovery in our Latin
American and Middle East markets and continued progress in the US.
These positive trends highlight the benefit of our geographic
diversity and the underlying strength of the business.
Profit before tax rose 1% to GBP2.3m (2018: GBP2.2m). Basic
earnings were unchanged at 9.16 pence per share while diluted
earnings increased 3% to 8.88 pence per share (2018: 8.66 pence).
The Board is recommending an interim dividend of 2.5 pence per
share (2018: 2.2 pence) an increase of 14%. This dividend, payable
on 29 November to shareholders on the register at close of business
on 15 November, continues to reflect the Board's confidence in the
future of Anpario and its ability to generate cash.
Enquiries:
Anpario plcRichard Edwards, Chief Executive Officer +44 (0)7776
417129Karen Prior, Group Finance Director +44 (0)1909 537380
Peel Hunt LLP +44 (0)20 7418 8900Adrian Trimmings, George
Sellar
Operations
Latin America has delivered a very strong performance with sales
growth of 29% compared with the same period last year. The upturn
has been driven by a number of business development initiatives,
particularly in Brazil, which are now beginning to produce results.
Our Brazilian egg laying customers, using Orego-Stim®, have
experienced improved production with additional eggs per laying hen
and better egg size distribution. These benefits contribute to a
significant return on investment for our customers and we expect
further progress in the coming months. Mexico and Argentina also
recovered well after a poor 2018, with sales growth in the period
of 41% and 91% respectively. There has been renewed focus on our
aquaculture efforts in the region, where we recently registered a
number of products.
The USA achieved 14% sales growth compared with the same period
last year with Orego-Stim® contributing significantly to the
performance. Our mycotoxin binder growth was somewhat subdued due
to a weaker dairy sector but the recruitment of sales personnel in
California earlier this year is starting to deliver new business
and we are in discussions with a number of customers about our
Optomega dairy fertility product. Building on our success in Brazil
with Orego-Stim®, we have recently added to our US sales team by
expanding our poultry expertise, which is targeting the layer
industry. Results have also been replicated in a significant trial
programme commenced earlier in the year with North Carolina State
University, which is one of the world's leading institutions in
rearing and egg laying research. We continue to develop the poultry
broiler sector by supporting integrators with their antibiotic free
programmes.
In the UKand Europe sales declined 8%. This was largely due to
the closure of a customer, who we supplied with lower margin
vitamin and mineral premix formulations. Excluding this customer,
sales were flat with a small increase in gross profit compared to
the previous year. In general, the UK market was stable following a
stronger previous year where higher feed volumes and rising milk
prices benefited our toxin binder range. The UK sales team is
focused on driving smaller farm customers to use the Anpario Direct
online platform where they can experience transparent pricing, ease
of ordering and next day delivery for order requirements of less
than one tonne. A German subsidiary has been incorporated, as part
of our preparations for the potential impact of Brexit, and also to
enable Anpario to employ a sales team in the region as part of our
strategy to develop more direct routes to market.
The Middle East and Africa had its best six months on record
with sales growth of 23% compared with the previous year. The
region experienced strong performances in Iraq, Israel and the
United Arab Emirates driven by sales of Orego-Stim® and Mastercube,
our pellet binder. Turkey continued to disappoint as a result of
the economic situation there, but this is offset by strong sales to
Iraq; a region whose animal nutrition capability is now recovering
having been formerly dependent on supply from Turkey.
In China sales declined by 16% compared with the previous year
mainly as the result of African Swine Fever. In addition, a large
swine producer experienced financial difficulties and stopped using
our products. However, our China team has worked hard to refocus
the business by targeting the poultry industry, both broiler and
layers, where they have been successful in selling our acid based
eubiotic products.
In Asia African Swine Fever has spread to a number of countries,
particularly Vietnam, which has a land border with China. Anpario's
Asia region sales, excluding China, declined by 30% with a third of
this fall due to our decision to terminate non-core and low margin
product sales in the Philippines. In addition, a number of larger
customers either stopped or reduced their purchase volumes in South
Korea, Malaysia and the Philippines. Some of these decisions are
due to the cost pressures faced by integrators as a consequence of
cheap US meat exports, which have been diverted from the China
market because US production is currently uncompetitive, given the
tariff situation and the ongoing trade dispute. Territories that
delivered strong sales performances include Bangladesh, Taiwan and
Thailand. While Asia is expected to experience these headwinds for
the remainder of the year, we remain optimistic that we can build
on some of the work already underway when the region recovers.
Brexit
As highlighted in our full year results, released on 6 March
2019, Anpario's products and processes comply with European Union
regulations. However, it is difficult to anticipate exactly what
the regulatory environment will look like for our products in the
event of a no-deal Brexit. In preparation for this possibility, we
have incorporated a company in Germany. This business will be able
to invoice customers in the EU and we have plans in place with our
EU suppliers to try to minimise any Brexit related disruption.
These arrangements also include increasing certain raw material
stock levels in the UK.
Production
The GBP1 million investment in the automated bottling plant at
Manton Wood is now complete. The plant has been commissioned and
all previously toll-manufactured production brought in-house. This
investment will speed up the turnaround time for our customers and
enable us to support the Anpario Direct channel and some of their
target customer segments for whom liquid versions of our products
are more popular.
Our Anpario Direct channel was recently launched to the UK
market with both sales and user visits to the website increasing
week on week. The priority is to drive direct marketing activity
which will include online offers and promotional campaigns
coinciding with various agricultural shows throughout the UK. The
Anpario Direct proposition was designed to also complement our
field sales team channel and the UK sales team is actively
introducing the online platform to those farmers who typically
order smaller product quantities. The channel also targets other
species such as equine, pigeon and game birds.
Innovation and development
Following an extensive programme of both in-vitro and in-vivo
trials on our Anpro® mycotoxin binder product, the dossier for
making mycotoxin deactivation claims was submitted during the
period to the EU for their approval. We anticipate receiving a
response early in 2020.
Anpario has an extensive programme of both scientific and
commercial trials covering various aspects of animal health and
performance. There is increasing pressure on the pig industry to
reduce antimicrobial usage whilst maximising animal health and
performance and some recent trials performed concluded that adding
Orego-Stim® to the feed on farm made significant improvements to
health and profitability.
Outlook
Sales in the current year are at a similar level to the
equivalent period last year, albeit with improved gross margins. We
expect African Swine Fever to continue to impact the market
although this should gradually ease albeit the timing remains
uncertain. Expanding profitable sales and distribution channels
around the world remains our priority. Our strong balance sheet and
cash generation capability provide Anpario with a firm platform
from which to invest in new products and to develop the exciting
Anpario Direct opportunity.
Our business development initiatives, backed by the quality and
ability of our employees worldwide, give me confidence that we are
in line for our full year management expectations.
Peter LawrenceChairman11 September 2019
Financial Review
restated restated
six months to six months to year ended
30/06/2019 30/06/2018 31/12/2018
GBP000 GBP000 GBP000
Revenue 14,285 14,773 28,277
Gross profit 7,102 6,994 13,542
Profit before tax 2,253 2,242 4,555
Adjusted EBITDA (note 3) 2,805 2,753 5,583
Adjusted earnings per 9.16p 9.16p 18.91p
share (note 4)
Cash generated/(absorbed) 718 (861) (615)
Cash and cash equivalents 13,653 12,647 12,912
Revenues for the first half of the year declined 3% to GBP14.3m
(2018: GBP14.8m). There was strong double digit sales growth across
the Middle-East, Latin America and US markets. However, overall
sales declined, largely due to the Asia region which was impacted
by a number of factors including African Swine Fever and the
previously announced planned withdrawal from non-core and low
margin product sales (GBP0.4m) in the Philippines which stopped
after H1 2018.
Gross profits were 2% higher than last year at GBP7.1m (2018:
GBP7.0m). This is a result of both increased sales to direct end
user segments in strategically important markets and the withdrawal
from the aforementioned, non-core, low margin sales. Gross margins
increased to 49.7% from 47.3%.
Administrative expenses, excluding foreign exchange, were
virtually unchanged at GBP4.9m (2018: GBP4.8m). Included in
administrative costs are immaterial net foreign exchange gains
while the prior year included gains of GBP0.2m.
Profit before tax rose by 1% to GBP2.3m (2018: GBP2.2m).
Adjusted EBITDA, also increased by 1% to GBP2.8m.
Basic and adjusted earnings per share were unchanged at 9.16
pence per share and diluted earnings per share increased by 3% to
8.88 pence per share (2018: 8.66 pence).
The balance sheet remains strong and debt free, with a
period-end cash balance of GBP13.7m (Dec 2018: GBP12.9m).
These financial statements reflect the adoption of IFRS 16 by
the Group, as outlined in the last annual report the impact of this
on the Income Statement is immaterial. IFRS 16 requires operating
leases to be capitalised on the statement of financial position, as
well as the present value of future lease obligations being shows
in liabilities. Prior period comparatives have been restated to
reflect the adoption and more detail about the impact can be found
in the notes to the financial statements.
Unaudited consolidated income statementfor the six months ended
30 June 2019
restated1 restated1
six months to six months to year ended
30/06/2019 30/06/2018 31/12/2018
Notes GBP000 GBP000 GBP000
Revenue 3 14,285 14,773 28,277
Cost of sales (7,183) (7,779) (14,735)
Gross profit 7,102 6,994 13,542
Administrative (4,891) (4,786) (9,069)
expenses
Operating profit 2,211 2,208 4,473
Finance income 42 34 82
Profit before 2,253 2,242 4,555
income tax
Income tax expense (371) (366) (552)
Profit for the period 1,882 1,876 4,003
Profit attributable
to:
Owners of the parent 1,882 1,875 4,003
Non-controlling - 1 -
interests
Profit for the period 1,882 1,876 4,003
Basic earnings 4 9.16p 9.16p 19.54p
per share
Diluted earnings 4 8.88p 8.66p 18.53p
per share
Unaudited consolidated statement of comprehensive incomefor the
six months ended 30 June 2019
restated1 restated1
six months to six months to year ended
30/06/2019 30/06/2018 31/12/2018
GBP000 GBP000 GBP000
Profit for the period 1,882 1,876 4,003
Items that may be subsequently
reclassified
to profit or loss:
Exchange difference on translating (43) 76 (3)
foreign operations
Cashflow hedge movements (75) (107) (184)
(net of deferred tax)
Total comprehensive income 1,764 1,845 3,816
for the period
Attributable to the owners 1,764 1,844 3,816
of the parent:
Non-controlling interests - 1 -
Total comprehensive income 1,764 1,845 3,816
for the period
1 Prior period comparatives have been restated following the
adoption of IFRS 16 as disclosed in note 8.
Unaudited consolidated balance sheetas at 30 June 2019
restated1 restated1
as at as at as at
30/06/2019 30/06/2018 31/12/2018
Notes GBP000 GBP000 GBP000
Intangible assets 5 11,474 10,954 11,373
Property, plant 6 4,207 3,319 3,710
and equipment
Right of use assets 7 280 131 196
Deferred tax assets 688 451 641
Non-current assets 16,649 14,855 15,920
Inventories 3,405 3,852 4,031
Trade and other receivables 5,767 6,821 5,328
Derivative financial 6 76 6
instruments
Cash and cash equivalents 13,653 12,647 12,912
Current assets 22,831 23,396 22,277
Total assets 39,480 38,251 38,197
Called up share capital 5,394 5,357 5,360
Share premium 10,849 10,397 10,423
Other reserves (5,824) (5,346) (5,449)
Retained earnings 24,696 22,119 22,814
Equity attributable to owners 35,115 32,527 33,148
of the parent company
Non-controlling interest - (1) -
Total equity 35,115 32,526 33,148
Lease liabilities 213 75 115
Deferred tax liabilities 1,288 1,045 1,182
Non-current liabilities 1,501 1,120 1,297
Trade and other payables 2,368 4,149 3,426
Lease liabilities 7 70 60 83
Derivative financial 113 - 11
instruments
Current income tax 313 396 232
liabilities
Current liabilities 2,864 4,605 3,752
Total liabilities 4,365 5,725 5,049
Total equity and 39,480 38,251 38,197
liabilities
1 Prior period comparatives have been restated following the
adoption of IFRS 16 as disclosed in note 8.
Unaudited consolidated statement of changes in equityfor the six
months ended 30 June 2019
Called up Share premium Otherreserves Retained Non-controlling Totalequity
share earnings interest
capital
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance 5,350 10,330 (5,406) 20,248 - 30,522
at 1
January
2018
IFRS - - - (5) - (5)
16
Adjustment
Balance at 5,350 10,330 (5,406) 20,243 - 30,517
1 January
2018
- restated1
Profit for - - - 1,876 (1) 1,875
the period
Currency - - 76 - - 76
translation
differences
Cash flow - - (107) - - (107)
hedge
reserve
Total - - (31) 1,876 (1) 1,844
comprehensive
income
for the
period
Issue of 7 67 - - - 74
share
capital
Share-based - - 91 - - 91
payment
adjustments
Transactions 7 67 91 - - 165
with owners
Balance 5,357 10,397 (5,346) 22,119 (1) 32,526
at 30
June 2018
Profit for - - - 2,127 1 2,128
the period
Currency - - (79) - - (79)
translation
differences
Cash flow - - (77) - - (77)
hedge
reserve
Total - - (156) 2,127 1 1,972
comprehensive
income
for the
period
Issue of 3 26 - - - 29
share
capital
Deferred - - (23) - - (23)
tax
regarding
share-based
payments
Share-based - - 76 - - 76
payment
adjustments
Final - - - (965) - (965)
dividend
relating
to 2017
Interim - - - (467) - (467)
dividend
relating
to 2018
Transactions 3 26 53 (1,432) - (1,350)
with owners
Balance 5,360 10,423 (5,449) 22,814 - 33,148
at 31
December
2018
Profit for - - - 1,882 - 1,882
the period
Currency - - (43) - - (43)
translation
differences
Cash flow - - (75) - - (75)
hedge
reserve
Total - - (118) 1,882 - 1,764
comprehensive
income
for the
period
Issue of 34 426 - - - 460
share
capital
Joint-share - - (320) - - (320)
ownership
plan
Share-based - - 63 - - 63
payment
adjustments
Transactions 34 426 (257) - - 203
with owners
Balance 5,394 10,849 (5,824) 24,696 - 35,115
at 30
June 2019
1 Prior period comparatives have been restated following the
adoption of IFRS 16 as disclosed in note 8.
Unaudited consolidated statement of cash flowsfor the six months
ended 30 June 2019
restated1 restated1
six months to six months to year ended
30/06/2019 30/06/2018 31/12/2018
GBP000 GBP000 GBP000
Cash generated from operating 1,885 (172) 3,362
activities
Income tax paid (229) (257) (673)
Net cash generated from 1,656 (429) 2,689
operating activities
Investment in subsidiary - - (132)
Purchases of property, (657) (130) (695)
plant and equipment
Payments to acquire (394) (354) (1,106)
intangible assets
Interest received 47 35 87
Net cash used in investing (1,004) (449) (1,846)
activities
Joint share ownership plan (320) - -
Proceeds from issuance of shares 460 74 103
Cash payments in relation (69) (56) (124)
to lease liabilities
Operating lease interest paid (5) (1) (5)
Dividend paid to Company's - - (1,432)
shareholders
Net cash used in financing 66 17 (1,458)
activities
Net increase in cash 718 (861) (615)
and cash equivalents
Effect of exchange rate changes 23 (51) (32)
Cash and cash equivalents at 12,912 13,559 13,559
the beginning of the period
Cash and cash equivalents 13,653 12,647 12,912
at the end of the period
restated1 restated1
six months to six months to year ended
30/06/2019 30/06/2018 31/12/2018
GBP000 GBP000 GBP000
Cash generated from operating
activities
Profit before income tax 2,253 2,242 4,555
Net finance income (42) (34) (82)
Depreciation, amortisation 523 433 992
and impairment
(Profit)/Loss on disposal - - 13
of property,
plant and equipment
Share-based payments 63 91 167
Fair value adjustment (75) 37 32
to derivatives
Changes in working capital:
Inventories 657 (783) (900)
Trade and other receivables (426) (1,130) 401
Trade and other payables (1,068) (1,028) (1,816)
Net cash generated from 1,885 (172) 3,362
operating activities
1 Prior period comparatives have been restated following the
adoption of IFRS 16 as disclosed in note 8.
Notes to the financial statementsfor the six months ended 30
June 2019
1. General information
Anpario plc ("the Company") and its subsidiaries (together "the
Group") manufacture and supply high performance natural feed
additives for the agricultural market with products to improve the
health and output of animals.
The Company is traded on the London Stock Exchange AIM market
and is incorporated and domiciled in the UK. The address of the
registered office is Manton Wood Enterprise Park, Worksop,
Nottinghamshire, S80 2RS.
2. Basis of preparation
The consolidated financial statements comprise the accounts of
the Company and its subsidiaries drawn up to 30 June 2019.
The Group has presented its financial statements in accordance
with International Financial Reporting Standards ("IFRS's"), as
endorsed by the European Union, IFRS IC interpretations and the
Companies Act 2006 applicable to companies reporting under IFRS.
Full details on the basis of the accounting policies used are set
out in the Group's financial statements for the year ended 31
December 2018, which are available on the Company's website at
www.anpario.com.
This condensed consolidated interim financial information does
not comprise statutory accounts within the meaning of section 434
of the Companies Act 2006. Statutory accounts for the year ended 31
December 2018 were approved by the Board of Directors on 6 March
2019 and delivered to the Registrar of Companies. The report of the
auditors on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement
under section 498 (2) or (3) of the Companies Act 2006.
The consolidated interim financial information for the period
ended 30 June 2019 is neither audited nor reviewed.
3. Segment information
Management has determined the operating segments based on the
reports reviewed by the Board that are used to make strategic
decisions. The Board considers the business from a geographic
perspective.
Americas Asia Europe MEA Head Office Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
for the six months
ended 30 June 2019
Total segmental 3,339 4,958 5,556 2,577 - 16,430
revenue
Inter-segment - - (2,145) - - (2,145)
revenue
Revenue from 3,339 4,958 3,411 2,577 - 14,285
external
customers
Adjusted EBITDA 784 1,556 1,442 848 (1,825) 2,805
Depreciation and (2) (9) - - (512) (523)
amortisation
Net finance income - - - 1 41 42
Share-based - - - - (71) (71)
payments
Profit before 782 1,547 1,442 849 (2,367) 2,253
income tax
Income tax - - - - (371) (371)
Profit for 782 1,547 1,442 849 (2,738) 1,882
the period
Total assets 39,480 39,480
Total liabilities (4,365) (4,365)
Americas Asia Europe MEA Head Office Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
for the six months
ended 30 June 2018
Total segmental 2,678 6,401 6,366 2,068 - 17,513
revenue
Inter-segment - - (2,740) - - (2,740)
revenue
Revenue from 2,678 6,401 3,626 2,068 - 14,773
external
customers
Adjusted EBITDA 568 2,118 1,410 645 (1,988) 2,753
Depreciation and (4) (6) - - (423) (433)
amortisation
Net finance income - - - 1 33 34
Share-based - - - - (112) (112)
payments
Profit before 564 2,112 1,410 646 (2,490) 2,242
income tax
Income tax - - - - (366) (366)
Profit for 564 2,112 1,410 646 (2,856) 1,876
the period
Total assets 38,251 38,251
Total liabilities (5,725) (5,725)
Americas Asia Europe MEA Head Office Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
for the year
ended
31 Dec 2018
Total 5,703 11,563 12,341 3,614 - 33,221
segmental
revenue
Inter-segment - - (4,944) - - (4,944)
revenue
Revenue from 5,703 11,563 7,397 3,614 - 28,277
external
customers
Adjusted 1,444 3,776 2,971 1,097 (3,705) 5,583
EBITDA
Depreciation (7) (12) - - (973) (992)
and
amortisation
Net finance - 1 - 2 79 82
income
Share-based - - - - (118) (118)
payments
Profit before 1,437 3,765 2,971 1,099 (4,717) 4,555
income tax
Income tax 103 (72) - - (583) (552)
Profit for 1,540 3,693 2,971 1,099 (5,300) 4,003
the year
Total assets 38,197 38,197
Total (5,049) (5,049)
liabilities
4. Earnings per share
restated1 restated1
six months to six months to year ended
30/06/2019 30/06/2018 31/12/2018
Weighted average number of 20,538 20,472 20,482
shares in Issue (000's)
Adjusted for effects of 664 1,183 1,121
dilutive potential
Ordinary shares (000's)
Weighted average number for diluted 21,202 21,655 21,603
earnings per share (000's)
Profit attributable to owners 1,882 1,875 4,003
of the Parent (GBP000's)
Basic earnings per share 9.16p 9.16p 19.54p
Diluted earnings per share 8.88p 8.66p 18.53p
restated1 restated1
six months to six months to year ended
30/06/2019 30/06/2018 31/12/2018
GBP000 GBP000 GBP000
Adjusted profit attributable
to owners of the Parent
Profit attributable to 1,882 1,875 4,003
owners of the Parent
Prior year tax adjustments - - (129)
Adjusted profit attributable 1,882 1,875 3,874
to owners of the Parent
Adjusted earnings per share 9.16p 9.16p 18.91p
Diluted adjusted earnings per share 8.88p 8.66p 17.93p
5. Intangible assets
Goodwill Brands Customer relationships Patents, trademarks and registrations Development costs Software and Licences Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cost
As at 1 January 2019 5,960 3,432 786 1,636 2,499 688 15,001
Additions - 11 - 124 254 5 394
As at 30 June 2019 5,960 3,443 786 1,760 2,753 693 15,395
Accumulated amortisation/impairment
As at 1 January 2019 - 394 522 635 1,823 254 3,628
Charge for the period - 71 38 127 - 57 293
As at 30 June 2019 - 464 561 761 1,823 312 3,921
Net book value
As at 30 June 2019 5,960 2,979 225 999 930 381 11,474
As at 1 January 2019 5,960 3,038 264 1,001 676 434 11,373
6. Property, plant and equipment
Land Plant Fixtures, Assets Total
and and machinery fittings in the
buildings and equipment course
of
construction
GBP000 GBP000 GBP000 GBP000 GBP000
Cost
As 2,181 2,137 488 554 5,360
at
1 January
2019
Additions - 525 132 - 657
Transfer - 554 - (554) -
of
assets
in
construction
As at 30 2,181 3,216 620 - 6,017
June
2019
Accumulated
depreciation
As 340 973 337 - 1,650
at
1 January
2019
Charge 15 110 35 - 160
for
the
period
As at 30 355 1,083 372 - 1,810
June
2019
Net book
value
As at 30 1,826 2,133 248 - 4,207
June
2019
As 1,841 1,164 151 554 3,710
at
1 January
2019
7. Right-of-use assets
Landand buildings Plantand machinery Fixtures, Total
fittingsand
equipment
GBP000 GBP000 GBP000 GBP000
Cost
As at 1 Jan 404 106 28 538
2019
Additions 149 - - 149
Disposals (209) (64) - (273)
Modification - 5 - 5
to
lease terms
As at 30 June 344 47 28 419
2019
Accumulated
depreciation
As at 1 Jan 236 90 16 342
2019
Depreciation 60 6 4 70
Disposals (209) (64) - (273)
As at 30 June 87 32 20 139
2019
NBV
As at 1 Jan 168 16 12 196
2019
As at 30 June 257 15 8 280
2019
as at as at
30/06/2019 31/12/2018
GBP000 GBP000
Non-current 213 115
Current 70 83
Total lease liabilities 283 198
8. Effect of the adoption of IFRS 16
IFRS 16 Leases has been adopted by the Group. The standard has
been applied from 1 January 2019, the comparatives for prior
periods have been restated accordingly. IFRS16 requires operating
leases to be capitalised on the statement of financial position.
Anpario has applied the full retrospective approach and as such at
the end of 2018 fixed assets increased by GBP0.2m being the present
value of future lease obligations with a corresponding increase in
liabilities of GBP0.2m. The impact on the profit before tax in the
Consolidated Income Statement is not material and the cash flow
impact is nil. The tables below detail the full impact of the
restatement.
Restated consolidated income statement
As reported IFRS Restated As reported IFRS Restated
16 Adjustments 16 Adjustments
six months to six months to six months to year ended year ended year ended
30/06/2018 30/06/2018 30/06/2018 31/12/2018 31/12/2018 31/12/2018
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Revenue 14,773 - 14,773 28,277 - 28,277
Gross 6,994 - 6,994 13,541 1 13,542
profit
Administrative (4,788) 2 (4,786) (9,076) 7 (9,069)
expenses
Operating 2,206 2 2,208 4,465 8 4,473
profit
Net 35 (1) 34 87 (5) 82
finance
income
Profit 2,241 1 2,242 4,552 3 4,555
before
income
tax
Profit 1,875 1 1,876 4,000 3 4,003
for
the
period
Profit
attributable
to:
Owners 1,874 1 1,875 4,000 3 4,003
of the
parent
Profit 1,875 1 1,876 4,000 3 4,003
for
the
period
Restated adjusted EBITDA
As IFRS Restated As reported IFRS Restated
reported 16 16
Adjustments Adjustments
six months six months six months year ended year year ended
to to to ended
30/06/2018 30/06/2018 30/06/2018 31/12/2018 31/12/2018 31/12/2018
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Adjusted 2,696 57 2,753 5,454 129 5,583
EBITDA
Depreciation (378) (55) (433) (871) (121) (992)
and
amortisation
Net 35 (1) 34 87 (5) 82
finance
income
Profit 2,241 1 2,242 4,552 3 4,555
before
income
tax
Profit 1,875 1 1,876 4,000 3 4,003
for
the
period
Restated consolidated balance sheet
as IFRS restated as reported IFRS restated
reported 16 16
adjustments adjustments
six months six months six months year ended year year ended
to to to ended
30/06/2018 30/06/2018 30/06/2018 31/12/2018 31/12/2018 31/12/2018
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Right - 131 131 - 196 196
of
use
assets
Total 38,120 131 38,251 38,001 196 38,197
assets
Retained 22,123 (4) 22,119 22,816 (2) 22,814
earnings
Total 32,530 (4) 32,526 33,150 (2) 33,148
equity
Lease - 75 75 - 115 115
liabilities
Non-current 1,045 75 1,120 1,182 115 1,297
liabilities
Lease - 60 60 - 83 83
liabilities
Current 4,545 60 4,605 3,669 83 3,752
liabilities
Total 5,590 135 5,725 4,851 198 5,049
liabilities
Total 38,120 131 38,251 38,001 196 38,197
equity
and
liabilities
Restated consolidated statement of cash flows
as reported IFRS 16 restated as reported IFRS 16 restated
six months to adjustments six months to year ended adjustments year ended
30/06/2018 var 30/06/2018 31/12/2018 var 31/12/2018
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Cash (229) 57 (172) 3,233 129 3,362
generated
from
operating
activities
Net (486) 57 (429) 2,560 129 2,689
cash
generated
from
operating
activities
Net cash (449) - (449) (1,846) - (1,846)
used
in
investing
activities
Cash - (56) (56) - (124) (124)
payments
in
relation
to
lease
liabilities
Operating - (1) (1) - (5) (5)
lease
interest
paid
Net cash 74 (57) 17 (1,329) (129) (1,458)
used
in
financing
activities
Net (861) - (861) (615) - (615)
increase
in cash
and
cash
equivalents
Cash and 12,647 - 12,647 12,912 - 12,912
cash
equivalents
at the
end of
the
period
Cash
generated
from
operating
activities
Profit 2,241 1 2,242 4,552 3 4,555
before
income
tax
Net (35) 1 (34) (87) 5 (82)
finance
income
Depreciation, 378 55 433 871 121 992
amortisation
and
impairment
Net (229) 57 (172) 3,233 129 3,362
cash
generated
from
operating
activities
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190910006180/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 11, 2019 02:00 ET (06:00 GMT)
Anpario (LSE:ANP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Anpario (LSE:ANP)
Historical Stock Chart
From Apr 2023 to Apr 2024
