REG - Alumasc Group Plc - Final Results <Origin Href="QuoteRef">ALUG.L</Origin> - Part 3

AlumascAnnouncement

29/10/2014 07:23

- Part 3: For the preceding part double click  ID:nRSB5652Qb 

consolidated statement of financial position. 
 
Deferred tax assets have been recognised where it is probable that they will
be recovered.  Deferred tax assets of £4.0 million (2013: £4.6 million) have
not been recognised in respect of net capital losses of £20 million (2013: £20
million). 
 
(e.) Factors affecting the tax charge in future periods 
 
The Finance Bill 2013, which includes the reduction in the UK corporation tax
rate to 21% with effect from 1 April 2014 and to 20% from 1 April 2015,
reached substantive enactment on 2 July 2013. This will reduce the group's
future current tax charge accordingly. Deferred tax assets and liabilities
have been calculated based on the rate of 20% substantively enacted at the
balance sheet date. 
 
7          dividends 
 
                                                          2013/14  2012/13  
                                                          £'000    £'000    
                                                                            
 Interim dividend for 2014 of 2.2p paid on 8 April 2014   784      -        
 Final dividend for 2013 of 2.5p paid on 31 October 2013  891      -        
 Interim dividend for 2013 of 2.0p paid on 9 April 2013   -        712      
 Final dividend for 2012 of 1.0p paid on 31 October 2012  -        357      
                                                          1,675    1,069    
                                                                            
 
 
A final dividend of 2.8p per equity share, at a cash cost of £998,000, has
been proposed for the year ended 30 June 2014, payable on 5 November 2014.  In
accordance with IFRS accounting requirements this dividend has not been
accrued in these consolidated financial statements. 
 
8          earnings per share 
 
Basic earnings per share is calculated by dividing the net profit for the
period attributable to ordinary equity shareholders of the parent by the
weighted average number of ordinary shares in issue during the period. Diluted
earnings per share is calculated by dividing the net profit attributable to
ordinary equity shareholders of the parent by the weighted average number of
ordinary shares in issue during the period, after allowing for the exercise of
outstanding share options. The following sets out the income and share data
used in the basic and diluted earnings per share calculations: 
 
                                                              2013/14  2012/13(re-stated)  
                                                              £'000    £'000               
                                                                                           
 Profit attributable to equity holders of the parent          4,041    1,886               
                                                                                           
                                                              000s     000s                
                                                                                           
 Basic weighted average number of shares                      35,648   35,648              
 Dilutive potential ordinary shares - employee share options  447      -                   
                                                              36,095   35,648              
 
 
36,095 
 
35,648 
 
Calculation of underlying earnings per share: 
 
                                                             2013/14  2012/13(re-stated)  
                                                             £'000    £'000               
                                                                                          
 Profit before taxation                                      5,089    2,774               
 Add: brand amortisation                                     268      273                 
 Add: IAS19 (revised) - pension scheme administration costs  452      400                 
 Add: IAS19 (revised) - net pension scheme finance costs     448      996                 
 Add: restructuring and acquisition costs                    -        814                 
 Add: impairment                                             -        625                 
 Underlying profit before taxation                           6,257    5,882               
                                                                                          
 Tax at underlying group tax rate of 24.2% (2012/13: 25.7%)  (1,514)  (1,512)             
                                                                                          
 Underlying earnings                                         4,743    4,370               
                                                                                          
 Basic weighted average number of shares                     35,648   35,648              
                                                                                          
 Underlying earnings per share                               13.3p    12.3p               
 
 
Underlying earnings per share 
 
13.3p 
 
12.3p 
 
9          movements in equity 
 
Share capital and share premium 
 
The balances classified as share capital and share premium are the proceeds of
the nominal value and premium value respectively on issue of the company's
equity share capital net of issue costs. 
 
Capital reserve - own shares
The capital reserve - own shares relates to 485,171 (2013: 485,171) ordinary
own shares held by the company.  The market value of shares at 30 June 2014
was £565,224 (2013: £446,357). These are held to help satisfy the exercise of
awards under the company's Long Term Incentive Plans.  A Trust holds the
shares in its name and shares are awarded to employees on request by the
company.  The company bears the expenses of the Trust. 
 
Hedging reserve
This reserve records the post-tax portion of the gain or loss on a hedging
instrument in a cash flow hedge that is determined to be an effective hedge. 
 
Foreign currency reserve
This foreign currency reserve is used to record exchange differences arising
from the translation of the financial statements of foreign subsidiaries. 
 
10        Related party disclosure 
 
The group's principal subsidiaries are listed below: 
 
 Principal subsidiaries                      Principal activity    Country of incorporation  % of equity interest and votes held  
                                                                                             2014                                 2013  
                                                                                                                                        
 Alumasc Exterior Building Products Limited  Building products     England                   100                                  100   
                                                                                                                                        
 Alumasc Limited                             Building products     England                   100                                  100   
                                                                                                                                        
 Levolux Limited and Levolux AT Limited      Building products     England                   100                                  100   
                                                                                                                                        
 Alumasc Precision Limited                   Engineering products  England                   100                                  100   
 
 
Terms and conditions of transactions with related parties 
 
Sales to and purchases from related parties are made at arms-length market
prices.  Outstanding balances at the year end are unsecured and settlement
occurs in cash.  There have been no guarantees provided or received for any
related party receivables. 
 
Transactions with other related parties 
 
Key management personnel are determined as the Directors of The Alumasc Group
plc.  Details of transactions with the Directors and their compensation are
detailed in the Remuneration Report within the group's annual report. 
 
Keith Walden is a non-executive Director of The Alumasc Group plc and also a
trustee of The Alumasc Group Pension Scheme. 
 
This information is provided by RNS
The company news service from the London Stock Exchange