TIDMASY
RNS Number : 0582P
Andrews Sykes Group PLC
27 September 2013
Andrews Sykes Group plc
Interim financial statements 2013
Summary of results
for the six months ended 30 June 2013
(Unaudited)
6 months ended 6 months
30 June 2013 ended
30 June 2012*
GBP000 GBP000
Revenue from continuing operations 29,774 28,570
EBITDA** from continuing operations 8,383 8,235
Operating profit 6,427 6,396
Profit for the financial period 5,208 4,894
Basic earnings per share (pence) 12.32p 11.57p
Dividends declared per equity share (pence) 8.90p 0.00p
Net funds 20,674 12,642
* Restated following the implementation of IAS 19 (revised), see note 2.
** Earnings before interest, taxation, depreciation, profit on
the sale of property, plant and equipment, amortisation and
non-recurring items.
For further information please contact:
Andrews Sykes Group plc
Kevin Ford +44 (0) 1902 328700
Altium (Nominated adviser)
Paul Lines +44 (0) 845 505
Adam Sivner 4343
Arden Partners plc (Broker) +44 (0) 20 7614
Adrian Trimmings 5920
Chairman's statement
Overview
The group's revenue for the six months ended 30 June 2013 was
GBP29.8 million, an increase of GBP1.2 million (4.2%) compared with
last half year's figure of GBP28.6 million. Operating profit
increased very slightly to GBP6.4 million for the period under
review, the positive impact from the increase in revenue being
largely offset by a combination of a change in mix across our
business sectors and start-up costs. However, the first half of
2012 benefited from a significant one-off contract for the supply
of equipment in connection with the Olympic Games. The group
continues to demonstrate its ability to return a satisfactory
result, achieving an operating profit this period at approximately
the same level as last in the face of both unfavourable weather and
economic trading conditions.
The group continues to generate strong cash flows, net cash
inflow from operating activities being GBP6.0 million in the six
months ended 30 June 2013 compared with GBP4.6 million in the same
period in 2012. As at 30 June 2013 the group had net funds of
GBP20.7 million, an increase of GBP5.1 million compared with 31
December 2012 and an increase of over GBP8.0 million compared with
the position as at 30 June 2012. Taking all these factors into
account, on 18 June 2013 the Board declared an interim dividend of
8.9 pence per ordinary share which resulted in a payment to
shareholders of GBP3.8 million on 24 July 2013.
Management continue to be mindful of the need to maintain the
operational structure of the business and the group has invested
GBP2.5 million on new hire fleet assets, plant and equipment in the
six months under review. In addition we have continued our policy
of pursuing organic growth within our market sectors and the
associated overhead start-up costs have been expensed as incurred.
Continuing investment in both our existing businesses and the
ongoing development of new operations and income streams will
ensure that we remain in a strong position and will safeguard
profitability into the future.
Operations review
Our main hire and sales business in the UK again faced a number
of challenges and opportunities during the first half of 2013. The
improvements in the pumping business reported in last year's annual
report continued into the current period and made a significant
contribution to the results for the first half year. Non-weather
dependent contracts continue to be sought and investment will
continue to be made into this core business. Our heating division
also performed well with revenue being slightly ahead of last year
mainly due to the colder weather at the beginning of the year
continuing longer this period than last. However, the early summer
weather was very poor and conditions remained un-seasonably cold
until the middle of June when the warmer weather finally arrived.
Overall the operating profit of our main UK business was
approximately GBP0.1 million better than the first half last
year.
Our subsidiary in the Netherlands had a difficult first half of
the year also being adversely affected by the late arrival of the
warmer summer weather in the middle of June; this had an almost
direct impact on operating profit which ended GBP0.4 million lower
than the same period in 2012. Our Belgian subsidiary continued to
trade successfully.
In June 2011 we opened a new operation in Italy, Nolo Climat,
and following additional investment in both staff and hire fleet in
the first half of 2013, we remain optimistic for further growth in
this business in the future.
In December 2012 we opened a new subsidiary in France that
commenced trading in January 2013. We are also currently
establishing another new subsidiary in the French-speaking region
of Switzerland to become fully operational by the end of 2013.
Our UK air conditioning installation business benefited last
year from the one-off contract for the supply of equipment for the
Olympic Games. This year, despite the poor start to the season and
lacking the Olympics contract, we have produced a result very close
to last year's.
Khansaheb Sykes, our long established business based in the UAE,
continued to benefit from improved market conditions in the region.
Both of its main trading locations in Dubai and Abu Dhabi produced
strong results in the first half of the year from its traditional
dewatering, sewage and general pump hire activities. Overall
revenue and operating profit increased in the first half of 2013
compared with the same period in 2012.
Profit for the financial period and earnings per share
Profit before tax was very slightly ahead of the first half of
2012 at GBP6.7 million.
The tax charge reduced by GBP0.3 million from GBP1.8 million*
last half year to GBP1.5 million in the six months ended 30 June
2013. The group's effective tax rate fell from 26.3% to 22.0%
mainly due to (i) a 1.25% reduction in the UK annualised
corporation tax rate to 23.25% and (ii) an increase in the
proportion of profits earned in lower tax rate overseas countries
in the first half of 2013. A reconciliation of the theoretical
corporation tax charge based on the accounts profits multiplied by
23.25% and the actual tax charge is given in note 4 of these
interim accounts.
The profit for the financial period increased by GBP0.3 million
from GBP4.9 million* in the first half of 2012 to GBP5.2 million in
the current period. Basic earnings per share increased by 6.5% from
11.57 pence* to 12.32 pence reflecting both the above increase in
profit and the group's share buyback programme in earlier years. No
shares have been purchased for cancellation in the current half
year.
Dividends
On 18 June 2013 the Board declared an interim dividend of GBP3.8
million, equal to 8.9 pence per ordinary share, and this was paid
to shareholders on the register as at 28 June 2013 on 24 July 2013.
This interim dividend has been charged against reserves during the
six months ended 30 June 2013 and included on the balance sheet as
a current liability as at 30 June 2013.
The Board continues to adopt the policy of returning value to
shareholders whenever possible and accordingly the decision
regarding a further interim dividend will be taken later in the
year in the light of profitability and cash resources.
Renewal of bank loan facilities
As advised in the 2012 Annual Report and Financial Statements, a
new bank loan of GBP8 million was taken out on 30 April 2013 which
was used to finance the repayment of the previous loan on the same
day. The group is currently in compliance with the loan covenants
and forecasts indicate that this will continue to be the case for
the foreseeable future. Accordingly the loan has been split between
current and non-current liabilities in accordance with the agreed
repayment profile.
Outlook
Trading in the third quarter to date has been encouraging.
During July and August the UK and Northern Europe saw sustained
periods of warm weather conditions which benefited our air
conditioning business. Both the UK pumping business and the Middle
East business sector have continued to trade ahead of last year and
these factors will therefore have a positive impact on the results
for the second half of 2013.
However, it must be remembered that the results for 2012 had a
one-off benefit of a significant contract in connection with the
Olympic and Paralympic Games and therefore this will distort any
comparison with 2013. In addition the weather for the final quarter
of 2013 is currently an unknown factor. Overall, however, the Board
is cautiously anticipating a reasonable performance for the
remainder of 2013.
JG Murray
Chairman
26 September 2013
* Restated due to the implementation of IAS 19 (revised), see
note 2.
Consolidated income statement
for the 6 months ended 30 June 2013 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012* 2012*
Continuing operations GBP000 GBP000 GBP000
Revenue 29,774 28,570 58,380
Cost of sales (13,324) (12,930) (25,455)
Gross profit 16,450 15,640 32,925
Distribution costs (5,256) (4,927) (10,088)
Administrative expenses (4,767) (4,317) (8,616)
Operating profit 6,427 6,396 14,221
EBITDA** 8,383 8,235 17,825
Depreciation and impairment losses (2,201) (2,019) (4,006)
Profit on sale of plant and equipment 245 180 402
Operating profit 6,427 6,396 14,221
Income from trade investments - 265 592
Finance income 860 850 1,723
Finance costs (813) (851) (1,701)
Intercompany foreign exchange gains
and losses 206 (16) (81)
Profit before taxation 6,680 6,644 14,754
Taxation (1,472) (1,750) (3,685)
Profit for the financial period 5,208 4,894 11,069
There were no discontinued operations in any of the above
periods.
Earnings per share from continuing operations
Basic and diluted (pence) 12.32p 11.57p 26.18p
Dividends declared per equity share
(pence) 8.90p - 7.10p
* Restated due to the implementation of IAS 19 (revised), see note 2.
** Earnings before interest, taxation, depreciation, profit on
the sale of property plant and equipment, amortisation and
non-recurring items
Consolidated balance sheet
as at 30 June 2013 (unaudited)
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 15,923 14,374 15,522
Lease prepayments 54 55 55
Trade investments 164 164 164
Deferred tax asset 383 1,107 609
Retirement benefit pension surplus 2,906 632 1,809
19,430 16,332 18,159
Current assets
Stocks 4,280 3,678 3,197
Trade and other receivables 14,283 14,878 15,248
Cash and cash equivalents 29,067 21,166 24,108
47,630 39,722 42,553
Current liabilities
Trade and other payables (9,923) (8,791) (9,881)
Ordinary dividend (3,761) - -
Current tax liabilities (1,429) (1,482) (1,481)
Overseas tax (denominated in Euros) (75) (88) (11)
Bank loans (980) (8,000) (8,000)
Obligations under finance leases (169) (129) (124)
Provisions (13) (13) (13)
Derivative financial instruments - (11) -
(16,350) (18,514)` (19,510)
Net current assets 31,280 21,208 23,043
Total assets less current liabilities 50,710 37,540 41,202
Non-current liabilities
Bank loans (6,945) - -
Obligations under finance leases (299) (384) (342)
Provisions (15) (28) (21)
(7,259) (412) (363)
Net assets 43,451 37,128 40,839
Equity
Called up share capital 423 423 423
Share premium 13 13 13
Retained earnings 39,763 34,060 37,825
Translation reserve 2,997 2,377 2,323
Other reserves 245 245 245
Surplus attributable to equity holders
of the parent 43,441 37,118 40,829
Minority interest 10 10 10
Total equity 43,451 37,128 40,839
Consolidated cash flow statement
for the six months ended 30 June 2013 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012* 2012*
GBP000 GBP000 GBP000
Cash flows from operating activities
Cash generated from operations 7,560 6,604 16,602
Interest paid (194) (170) (326)
Net UK corporation tax paid (1,101) (1,378) (2,543)
Net withholding tax paid - (76) (140)
Overseas tax paid (284) (380) (825)
Net cash inflow from operating activities 5,981 4,600 12,768
Investing activities
Dividends received from trade investments - 265 592
Sale of plant and equipment 431 252 559
Purchase of property, plant and equipment (2,096) (1,902) (4,715)
Interest received 111 90 193
Net cash outflow from investing activities (1,554) (1,295) (3,371)
Financing activities
Loan repayments (8,000) (6,000) (6,000)
New loans raised 8,000 - -
Finance lease capital repayments (102) (84) (132)
Equity dividends paid - - (3,001)
Purchase of own shares - (826) (825)
Net cash outflow from financing activities (102) (6,910) (9,958)
Net increase/(decrease) in cash and
cash equivalents 4,325 (3,605) (561)
Cash and cash equivalents at beginning
of period 24,108 24,986 24,986
Effect of foreign exchange rate changes 634 (215) (317)
Cash and cash equivalents at end of
period 29,067 21,166 24,108
Reconciliation of net cash flow to
movement in net funds in the
period
Net increase/(decrease) in cash and
cash equivalents 4,325 (3,605) (561)
Cash outflow from the decrease in
debt 102 6,084 6,132
Non-cash movements re new finance
leases (104) - -
Non-cash movements in the fair value
of derivative instruments - 13 23
Non-cash movements re loan finance
costs 75 - -
Increase in net funds during the period 4,398 2,492 5,594
Opening net funds at the beginning
of period 15,642 10,365 10,365
Effect of foreign exchange rate changes 634 (215) (317)
Closing net funds at end of period 20,674 12,642 15,642
Consolidated statement of comprehensive total income
(CSOCTI)
for the six months ended 30 June 2013 (unaudited)
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2013 2012* 2012*
GBP000 GBP000 GBP000
Profit for the financial period 5,208 4,894 11,069
Other comprehensive income
Currency translation differences on
foreign currency net investments 674 (281) (335)
Defined benefit plan actuarial gains
and losses 638 (1,409) (667)
Deferred tax on other comprehensive
income (147) 355 204
Other comprehensive income/(charges)
for the period net of tax 1,165 (1,335) (798)
Total comprehensive income for the
period 6,373 3,559 10,271
* Restated due to the implementation of IAS 19 (revised), see note 2.
Notes to the consolidated interim financial statements
for the six months ended 30 June 2013
1 General information
Basis of preparation
These interim financial statements have been prepared in
accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) as adopted by
the European Union and with the Companies Act 2006.
The information for the 12 months ended 31 December 2012 does
not constitute the group's statutory accounts for 2012 as defined
in Section 434 of the Companies Act 2006. Statutory accounts for
2012 have been delivered to the Registrar of Companies. The
Auditor's report on those accounts was unqualified and did not
contain statements under Section 498(2) or (3) of the Companies Act
2006. These interim financial statements, which were approved by
the Board of Directors on 26 September 2013, have not been audited
or reviewed by the auditors.
The interim financial statement has been prepared using the
historical cost basis of accounting except for:
(i) properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) assets held for sale which are stated at the lower of fair
value less anticipated disposal costs and carrying value; and
(iii) derivative financial instruments (including embedded
derivatives) which are valued at fair value.
Functional and presentational currency
The financial statements are presented in pounds Sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2 Accounting policies
With the exception of the adoption of IAS 19 (revised), which
became mandatory for periods commencing on or after 1 January 2013,
these interim financial statements have been prepared on a
consistent basis and in accordance with the accounting policies set
out in the group's Annual Report and Financial Statements 2012.
IAS 19 (revised) had the following impact on the group's
results:
-- Pension scheme administration costs and the costs of managing
the plan assets have been reported as an operating expense, within
administration expenses, and not as a deduction from the expected
return on assets within finance income.
-- Interest income included within finance income is no longer
based on the expected return from the pension scheme's assets but
has been restricted to the discount rate as used to discount the
pension scheme's liabilities.
The results for the prior periods have been restated on a
consistent basis with the current period and the following changes
have been made:
(Unaudited)
6 months 12 months
ended ended
30 June 2012 31 December
2012
GBP000 GBP000
Increase in administration expenses 52 91
Decrease in interest income included within
finance income 3 27
Decrease in actuarial losses recognised in
the statement of comprehensive total income 55 118
In addition the tax charge in the income statement has been
reduced by GBP13,000 for the 6 months ended 30 June 2012 (GBP29,000
for the 12 months ended 31 December 2012) and the tax charge in the
Consolidated Statement of Comprehensive Total Income has been
increased by the same amount as a result of the above changes.
2 Accounting policies (continued)
There has not been any impact on the net pension scheme surplus
or the consolidated retained earnings as a result of the
implementation of IAS 19 (revised). The remaining changes required
by IAS 19 (revised), including the abolition of the "corridor"
method of accounting for certain actuarial gains and losses and
changes in the treatment of interest on service costs did not have
any impact on the group's results.
3 Revenue
An analysis of the group's revenue is as follows:
6 months 6 months 12 months
ended ended ended
30 June 2013 30 June 2012 31 December
2012
GBP000 GBP000 GBP000
Continuing operations
Hire 24,379 21,469 47,453
Sales 3,451 4,789 6,083
Installations 1,944 2,312 4,844
Group consolidated revenue from the
sale of goods and provision of services 29,774 28,570 58,380
4 Taxation
6 months 6 months 12 months
ended ended ended
30 June 2013 30 June 2012* 31 December
2012*
GBP000 GBP000 GBP000
Current tax
UK corporation tax 1,048 1,172 2,580
Adjustments in respect of prior periods - - (245)
1,048 1,172 2,335
Overseas tax 344 444 813
Adjustments to overseas tax in respect
of prior periods - 49 42
Withholding tax - 76 140
Total current tax charge 1,392 1,741 3,330
Deferred tax
Deferred tax on the origination and
reversal of temporary differences 80 9 162
Adjustments in respect of prior periods - - 193
Total deferred tax charge 80 9 355
Total tax charge for the financial
period attributable to
continuing operations 1,472 1,750 3,685
The tax charge for the financial period can be reconciled to the
profit before tax per the income statement multiplied by the
standard effective annualised corporation tax rate in the UK of
23.25% (June 2012 and December 2012: 24.5%) as follows:
6 months 6 months 12 months
ended ended ended
30 June 2013 30 June 2012* 31 December
2012*
GBP000 GBP000 GBP000
Profit before taxation from continuing
and total operations 6,680 6,644 14,754
Tax at the UK effective annualised
corporation tax rate of 23.25%
(June 2012 and December 2012: 24.5%) 1,553 1,628 3,615
Effects of:
Expenses not deductible for tax purposes 61 58 122
Movement in overseas trading losses 51 35 71
Effect of different tax rates of
subsidiaries operating abroad (193) (78) (217)
Withholding tax - 76 140
Non-taxable income from other participating
interests - (65) (145)
Effect of change in rate of corporation
tax - 47 109
Adjustments to tax charge in respect
of previous periods - 49 (10)
Total tax charge for the financial
period 1,472 1,750 3,685
The total effective tax charge for the financial period
represents the best estimate of the weighted average annual
effective tax rate expected for the full financial year applying
tax rates that have been substantively enacted by the balance sheet
date. Accordingly UK corporation tax has been provided at 23.25%;
the reduction to 23% for the tax year ending 31 March 2014 having
been substantially enacted on 2 July 2012. UK deferred tax has been
provided at 23% being the rate substantially enacted at the balance
sheet date at which the timing differences are expected to
reverse.
In accordance with IAS 12 no account has been taken in these
interim financial statements of the 2012 Finance Act that was
substantively enacted on 2 July 2013 as this was after the balance
sheet date. This Act provided for the further reduction in the rate
of UK corporation tax from 23% to 21% for the tax year commencing 1
April 2014 and from 21% to 20% for the tax year commencing 1 April
2015. It is estimated that if these rate changes had been enacted
by the balance sheet date it would have had the effect of reducing
the deferred tax asset recognised at that date by approximately
GBP30,000 and they will reduce the group's future corporation tax
charge accordingly.
* Restated due to the implementation of IAS 19 (revised) see
note 2.
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the
weighted average number of ordinary shares in issue and the
earnings as set out below. There are no discontinued operations in
any period.
6 months ended 30
June 2013
Continuing Number of
earnings shares
GBP000
Basic earnings/weighted average number of shares 5,208 42,262,082
Basic earnings per ordinary share (pence) 12.32p
6 months ended 30
June 2012*
Continuing Number of
earnings shares
GBP000
Basic earnings/weighted average number of shares 4,894 42,297,624
Basic earnings per ordinary share (pence) 11.57p
12 months ended
31 December 2012*
Continuing Number of
earnings shares
GBP000
Basic earnings/weighted average number of shares 11,069 42,279,853
Basic earnings per ordinary share (pence) 26.18p
Diluted earnings per share
There were no dilutive instruments outstanding at 30 June 2013
or either of the comparative periods and, therefore, there is no
difference in the basic and diluted earnings per share for any of
these periods. There were no discontinued operations in any
period.
* Restated due to the implementation of IAS 19 (revised) see
note 2.
6 Dividend payments
The directors declared the following interim dividend during the
6 months ended 30 June 2013:
6 months ended 30
June 2013
Pence per Total dividend
share declared
GBP000
Interim dividend declared on 18 June 2013 and
paid to shareholders on the register
as at 28 June 2013 on 24 July 2013 8.90p 3,761
The above interim dividend has been charged against reserves
during the 6 months ended 30 June 2013 and included on the balance
sheet as a current liability as at 30 June 2013. The amount was
paid on 24 July 2013.
The directors declared the following interim dividend during the
12 month period ended 31 December 2012:
12 months ended 31
December 2012
Pence per Total dividend
share declared
GBP000
Interim dividend declared on 29 October 2012
and paid to shareholders on the register
as at 9 November 2012 on 3 December 2012 7.10p 3,001
The above interim dividend was charged against reserves and paid
during the 12 months ended 31 December 2012.
The directors did not declare or pay any interim dividends
during the 6 months ended 30 June 2012.
7 Retirement benefit obligations - defined benefit pension scheme
The group closed the UK group defined benefit pension scheme to
future accrual as at 29 December 2002. The assets of the defined
benefit pension scheme continue to be held in a separate trustee
administered fund.
As at 30 June 2013 the group had a net defined benefit pension
scheme surplus, calculated in accordance with IAS 19 using the
assumptions as set out below, of GBP2,906,000 ( June 2012:
GBP632,000; 31 December 2012: GBP1,809,000). The asset has been
recognised in the financial statements as the directors are
satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as
at 31 December 2010, and taking into account the significant market
movements since that date, a revised schedule of contributions and
recovery plan has been agreed with the pension scheme trustees.
Based on this schedule of contributions, which is effective from 1
January 2011, the best estimate of the employer contributions to be
paid during the year commencing 1 January 2013 is GBP960,000.
Assumptions used to calculate the scheme surplus
The last full actuarial valuation was carried out as at 31
December 2010. A qualified independent actuary has updated the
results of this valuation to calculate the position as disclosed
below.
The major assumptions used in this valuation to determine the
present value of the scheme's defined benefit obligation were as
follows:
30 June 30 June 31 December
2013 2012 2012
% % %
Rate of increase in:
Pensionable salaries n/a n/a n/a
Pensions in payment 3.20 2.80 2.90
Discount rate applied to scheme liabilities 4.60 4.40 4.30
Inflation assumption:
RPI 3.30 2.80 3.00
CPI for the first six years 2.30 1.80 2.00
CPI after the first six years 2.30 1.80 2.00
From 1 January 2011, the government amended the basis for
statutory increases to deferred pensions and pensions in payment.
Such increases are now based on inflation measured by the Consumer
Price Index (CPI) rather than the Retail Price Index (RPI). Having
reviewed the scheme rules and considered the impact of the change
on this pension scheme, the directors consider that future
increases to (i) all deferred pensions and (ii) Guaranteed Minimum
Pensions accrued between 6 April 1988 and 5 April 1997 and
currently in payment will be based on CPI rather than RPI.
Accordingly, this assumption was adopted as at 31 December 2010 and
for all subsequent periods.
Assumptions regarding future mortality experience are set based
on advice in accordance with published statistics. The mortality
table used at 30 June 2013 is 110% S1NA CMI2012 (30 June 2012 and
31 December 2012: 110% S1NA CMI2011).
The assumed average life expectancy in years of a pensioner
retiring at the age of 65 given by the above tables is as
follows:
30 June 30 June 31 December
2013 2012 2012
Male, current age 45 22.7 years 22.6 years 22.6 years
Female, current age 45 24.0 years 23.9 years 23.9 years
Valuations
The fair value of the scheme's assets, which are not intended to
be realised in the short term and may be subject to significant
change before they are realised, and the present value of the
scheme's liabilities, which are derived from cash flow projections
over long periods and are inherently uncertain, were as
follows:
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
Total fair value of plan assets 34,946 32,200 34,195
Present value of defined benefit
funded obligation calculated in
accordance with stated assumptions (32,040) (31,568) (32,386)
Surplus in the scheme calculated
in accordance with stated
assumptions recognised in the balance
sheet 2,906 632 1,809
The movement in the fair value of the scheme's assets during the
period were as follows:
30 June 30 June 31 December
2013 2012* 2012*
GBP000 GBP000 GBP000
Fair value of plan assets at the
start of the period 34,195 31,447 31,447
Expected return on plan assets 726 743 1,499
Actuarial gains recognised in the
CSOCTI 244 320 1,794
Employer contributions - normal 480 420 840
Benefits paid (634) (678) (1,294)
Scheme administration expenses (65) (52) (91)
Fair value of plan assets at the
end of the period 34,946 32,200 34,195
The movement in the present value of the defined benefit
obligation during the period was as follows:
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
Opening present value of defined
benefit funded obligation calculated
in accordance with stated assumptions (32,386) (29,818) (29,818)
Interest on defined benefit obligation (682) (699) (1,401)
Actuarial gain/(loss) recognised
in the CSOCTI calculated in
accordance with stated assumptions 394 (1,729) (2,461)
Benefits paid 634 678 1,294
Closing present value of defined
benefit funded obligation calculated
in accordance with stated assumptions (32,040) (31,568) (32,386)
Amounts recognised in the income statement
The amounts (charged)/credited in the income statement were:
30 June 30 June 31 December
2013 2012* 2012*
GBP000 GBP000 GBP000
Expected return on pension scheme
assets credited within finance
income 726 743 1,499
Interest on pension scheme liabilities
charged within finance costs (682) (699) (1,401)
Net pension interest credit 44 44 98
Scheme expenses charged in administration
expenses (65) (52) (91)
Net pension (charge)/credit in the
income statement (21) (8) 7
Actuarial gains and losses recognised in the consolidated
statement of comprehensive total income (CSOCTI)
The amounts credited/(charged) in the CSOCTI were:
30 June 30 June 31 December
2013 2012* 2012*
GBP000 GBP000 GBP000
Actual return less expected return
on scheme assets 244 320 1,794
Experience gains and losses arising
on plan obligation (6) (437) (278)
Changes in demographic and financial
assumptions underlying the
present value of plan obligations 400 (1,292) (2,183)
Actuarial gain/(loss) calculated
in accordance with stated assumptions
recognised in the CSOCTI 638 (1,409) (667)
* Restated due to the implementation of IAS 19 (revised), see
note 2.
8 Called up share capital
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
Issued and fully paid:
42,262,082 ordinary shares of one
pence each (June 2012 and December
2012: 42,262,082 ordinary shares
of one pence each) 423 423 423
The company did not buy back any shares for cancellation during
the 6 months ended 30 June 2013 (June 2012 and December 2012:
426,506 shares for a total consideration of GBP814,934). The
company did not issue any shares in the period or either of the
comparative periods. No share options were granted, forfeited or
expired during either the current or comparative financial periods.
There were no share options outstanding at any period end.
The company has one class of ordinary shares which carry no
right to fixed income.
9 Cash generated from operations
6 months 6 months 12 months
ended 30 ended ended
June 2013 30 June 31 December
2012* 2012*
GBP000 GBP000 GBP000
Profit for the period attributable
to equity shareholders 5,208 4,894 11,069
Adjustments for:
Taxation charge 1,472 1,750 3,685
Finance costs 813 851 1,701
Finance income (860) (850) (1,723)
Inter-company foreign exchange gains
and losses (206) 16 81
Income from trade investments - (265) (592)
Profit on the sale of property,
plant and equipment (245) (180) (402)
Depreciation 2,201 2,019 4,006
Excess of normal pension contributions
compared with service cost (415) (368) (749)
Cash generated from operations before
movements in working capital 7,968 7,867 17,076
Movement in stocks (1,419) (301) (246)
Movement in trade and other receivables 988 (96) (462)
Movement in trade and other payables 29 (860) 247
Movement in provisions (6) (6) (13)
Cash generated from operations 7,560 6,604 16,602
* Restated due to the implementation of IAS 19 (revised) see
note 2.
10 Analysis of net funds
30 June 30 June 31 December
2013 2012 2012
GBP000 GBP000 GBP000
Cash and cash equivalents per cash
flow statement 29,067 21,166 24,108
Bank loans (7,925) (8,000) (8,000)
Obligations under finance leases (468) (513) (466)
Derivative financial instruments - (11) -
Gross debt (8,393) (8,524) (8,466)
Net funds 20,674 12,642 15,642
11 Distribution of interim financial statements
Following a change in regulations in 2008, the company is no
longer required to circulate this half year report to shareholders.
This enables us to reduce costs associated with printing and
mailing and to minimise the impact of these activities on the
environment. A copy of the interim financial statements is
available on the company's website, www.andrews-sykes.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GMGZLLVMGFZM
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