REG - Alliance Trust PLC - Final Results <Origin Href="QuoteRef">ATST.L</Origin> - Part 3
06/03/2015 07:01
- Part 3: For the preceding part double click ID:nRSF7182Gb
designated investments - 163,587 163,587 - 415,851 415,851
Profit on investment property - 284 284 - 211 211
Total revenue 95,707 163,871 259,578 89,994 416,062 506,056
Administrative expenses (19,714) (1,090) (20,804) (20,219) (1,294) (21,513)
Finance costs (3,575) (4,163) (7,738) (3,059) (3,137) (6,196)
Gain on disposal of other fixed assets - - - - 14 14
Gain on revaluation of office premises - 240 240 - - -
Foreign exchange losses - (2,752) (2,752) - (15,189) (15,189)
Profit before tax 72,418 156,106 228,524 66,716 396,456 463,172
Tax (3,666) - (3,666) (6,100) (100) (6,200)
Profit for the year 68,752 156,106 224,858 60,616 396,356 456,972
All profit for the year is attributable to equity holders of the parent.
Earnings per share attributable to equity holders of the parent
Basic (p per share) 12.38 28.11 40.49 10.83 70.80 81.63
Diluted (p per share) 12.35 28.05 40.40 10.80 70.60 81.40
Company statement of comprehensive income
Year to December 2014 Year to December 2013
£000 Revenue Capital Total Revenue Capital Total
Profit for the year 68,752 156,106 224,858 60,616 396,356 456,972
Items that will not be reclassified subsequently to profit or loss:
Defined benefit plan net actuarial loss - (1,506) (1,506) - (875) (875)
Retirement benefit obligations deferred tax - 301 301 - 96 96
Other comprehensive loss - (1,205) (1,205) - (779) (779)
Total comprehensive income for the year 68,752 154,901 223,653 60,616 395,577 456,193
All total comprehensive income for the year is attributable to equity holders of the parent.
Statement of changes in equity for the year ended 31 December 2014
Group Company
£000 Dec 14 RestatedDec 13 Dec 14 Dec 13
Called up share capital
At 1 January 14,003 14,040 14,003 14,040
Own shares purchased and cancelled in the year (168) (37) (168) (37)
At 31 December 13,835 14,003 13,835 14,003
Capital reserve
At 1 January 2,108,441 1,718,563 2,108,609 1,718,637
Profit for the year 156,039 396,262 156,106 396,356
Defined benefit plan actuarial net loss (1,205) (779) (1,205) (779)
Own shares purchased and cancelled in the year (30,208) (6,658) (30,208) (6,658)
Share based payments 848 1,053 848 1,053
At 31 December 2,233,915 2,108,441 2,234,150 2,108,609
Merger reserve
At 1 January and at 31 December 645,335 645,335 645,335 645,335
Capital redemption reserve
At 1 January 4,995 4,958 4,995 4,958
Own shares purchased and cancelled in the year 168 37 168 37
At 31 December 5,163 4,995 5,163 4,995
Revenue reserve
At 1 January 113,381 107,723 113,212 107,649
Profit for the year 68,820 60,711 68,752 60,616
Dividends paid (61,275) (55,068) (61,275) (55,068)
Unclaimed dividends (redistributed)/returned (10) 15 (10) 15
At 31 December 120,916 113,381 120,679 113,212
Total Equity at 1 January 2,886,155 2,490,619 2,886,154 2,490,619
Total Equity at 31 December 3,019,164 2,886,155 3,019,162 2,886,154
All comparative information, including relevant notes, have been restated to reflect the implementation of Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). Refer to Basis of accounting for details.
Balance sheet as at 31 December 2014
Group Company
£000 Dec 14 RestatedDec 13 RestatedDec 12 Dec 14 Dec 13
Non-current assets
Investments held at fair value 3,338,832 3,214,386 2,633,918 3,338,910 3,214,461
Investment property held at fair value 4,830 4,525 9,120 4,830 4,525
Property, plant and equipment: -
Office premises 4,365 4,125 4,125 4,365 4,125
Other fixed assets 467 249 157 467 249
Intangible assets 1,032 814 320 1,032 814
Pension scheme surplus 5,197 5,079 4,305 5,197 5,079
Deferred tax asset 1,039 1,015 990 1,039 1,015
3,355,762 3,230,193 2,652,935 3,355,840 3,230,268
Current assets
Outstanding settlements and other receivables 15,492 21,177 14,045 17,013 21,344
Recoverable overseas tax 995 985 - 995 985
Withholding tax debtor - - 1,006 - -
Corporation tax debtor - - 100 - -
Cash and cash equivalents 44,102 27,225 35,561 40,685 25,236
60,589 49,387 50,712 58,693 47,565
Total assets 3,416,351 3,279,580 2,703,647 3,414,533 3,277,833
Current liabilities
Outstanding settlements and other payables (11,984) (7,877) (7,678) (10,168) (6,131)
Tax payable (3,991) (3,991) (3,991) (3,991) (3,991)
Bank loans (280,000) (380,000) (200,000) (280,000) (380,000)
(295,975) (391,868) (211,669) (294,159) (390,122)
Total assets less current liabilities 3,120,376 2,887,712 2,491,978 3,120,374 2,887,711
Non-current liabilities
Unsecured fixed rate loan notes (100,000) - - (100,000) -
Deferred tax liability (1,039) (1,015) (990) (1,039) (1,015)
Finance leases - (110) (102) - (110)
Amounts payable under long term Investment Incentive Plan (173) (432) (267) (173) (432)
(101,212) (1,557) (1,359) (101,212) (1,557)
Net assets 3,019,164 2,886,155 2,490,619 3,019,162 2,886,154
Equity
Share capital 13,835 14,003 14,040 13,835 14,003
Capital reserve 2,233,915 2,108,441 1,718,563 2,234,150 2,108,609
Merger reserve 645,335 645,335 645,335 645,335 645,335
Capital redemption reserve 5,163 4,995 4,958 5,163 4,995
Revenue reserve 120,916 113,381 107,723 120,679 113,212
Total Equity 3,019,164 2,886,155 2,490,619 3,019,162 2,886,154
All net assets are attributable to equity holders of the parent. All comparative information, including relevant notes, have been restated to reflect the implementation of Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). Refer to Basis of accounting for details.
Net Asset Value per ordinary share attributable to equity holders of the
parent
Basic (£) £5.47 £5.17 £4.45 £5.47 £5.17
Diluted (£) £5.46 £5.15 £4.44 £5.46 £5.15
Cash flow statement for the year ended 31 December 2014
Group Company
£000 Dec 14 RestatedDec 13 Dec 14 Dec 13
Cash flows from operating activities
Profit before tax 228,525 463,173 228,524 463,172
Adjustments for:
Gains on investments (163,868) (416,062) (163,871) (416,062)
Foreign exchange losses 2,752 15,189 2,752 15,189
Scrip dividends 256 - 256 -
Depreciation 183 169 183 169
Amortisation of intangibles 333 154 333 154
Gains on revaluation of office premises (240) - (240) -
Share based payment expense 848 1,053 848 1,053
Interest 7,738 6,196 7,738 6,196
Movement in pension scheme surplus (1,323) (1,553) (1,323) (1,553)
Operating cash flows before movements in working capital 75,204 68,319 75,200 68,318
Decrease/(Increase) in receivables 735 (2,139) (619) (2,280)
(Decrease)/Increase in payables (1,859) 747 (1,929) 1,125
Net cash flow from operating activities before income taxes 74,080 66,927 72,652 67,163
Taxes paid (3,676) (6,080) (3,676) (6,080)
Net cash inflow from operating activities 70,404 60,847 68,976 61,083
Cash flows from investing activities
Proceeds on disposal at fair value of investments through profit and loss 1,013,121 1,075,550 1,013,121 1,075,550
Purchases of fair value through profit and loss investments (965,415) (1,240,658) (965,415) (1,240,658)
Purchase of plant and equipment (401) (261) (401) (261)
Purchase of other intangible assets (551) (648) (551) (648)
Foreign exchange losses on foreign exchange contracts - (13,993) - (13,993)
Net cash inflow/(outflow) from investing activities 46,754 (180,010) 46,754 (180,010)
Cash flows from financing activities
Dividends paid - Equity (61,275) (55,068) (61,275) (55,068)
Unclaimed dividends (redistributed)/returned (10) 15 (10) 15
Purchase of own shares (30,208) (6,658) (30,208) (6,658)
New bank loans and unsecured fixed rate loan notes raised 100,000 180,000 100,000 180,000
Repayment of borrowing (100,000) - (100,000) -
Interest payable (6,036) (6,266) (6,036) (6,266)
Net cash (outflow)/inflow from financing activities (97,529) 112,023 (97,529) 112,023
Net cash increase/(decrease) in cash and cash equivalents 19,629 (7,140) 18,201 (6,904)
Cash and cash equivalents at beginning of year 27,225 35,561 25,236 33,336
Effect of foreign exchange rate changes (2,752) (1,196) (2,752) (1,196)
Cash and cash equivalents at end of year 44,102 27,225 40,685 25,236
All comparative information, including relevant notes, have been restated to reflect the implementation of Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). Refer to Basis of accounting for details.
The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2014 or the year ended 31 December 2013, but is derived from those accounts. The comparatives are for the year ended 31 December 2013 and have been restated as a result of the implementation of Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). Statutory accounts for the year ended 31 December 2013 have been delivered to the Registrar of Companies and those for the year
ended 31 December 2014 will be delivered following the Company's annual general meeting. The independent auditor has reported on those accounts: their reports were unqualified, did not draw attRecent news on Alliance Trust
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