REG - Alumasc Group Plc - Final Results <Origin Href="QuoteRef">ALUG.L</Origin> - Part 3
01/09/2016 07:06
- Part 3: For the preceding part double click ID:nRSA6193Ib
dividend for 2014 of 2.8p paid on 5 November 2014 - 998
2,208 1,889
A final dividend of 3.8 pence per equity share, at a cash cost of £1,349,000,
has been proposed for the year ended 30 June 2016, payable on 1 November 2016.
In accordance with IFRS accounting requirements this dividend has not been
accrued in the above consolidated financial statements.
9 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:
2015/16 2014/15(re-stated)
£'000 £'000
Profit attributable to equity holders of the parent - continuing operations 5,178 4,805
Profit/(loss) attributable to equity holders of the parent - discontinued operations 1,306 (429)
Net profit attributable to equity holders of the parent 6,484 4,376
000s 000s
Weighted average number of shares 35,618 35,648
Dilutive potential ordinary shares - employee share options 520 567
36,138 36,215
36,138
36,215
Calculation of underlying earnings per share from continuing operations:
2015/16 2014/15(re-stated)
£'000 £'000
Reported profit before taxation from continuing operations 6,759 6,288
Add: brand amortisation 268 268
Add: IAS 19 pension scheme administration costs 510 455
Add: IAS 19 net pension scheme finance costs 724 711
Underlying profit before taxation from continuing operations 8,261 7,722
Tax at underlying group tax rate of 20.8% (2014/15: 22.0%) (1,718) (1,699)
Underlying earnings from continuing operations 6,543 6,023
Weighted average number of shares 35,618 35,648
Underlying earnings per share from continuing operations 18.4p 16.9p
Underlying earnings per share from continuing operations
18.4p
16.9p
10 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 622,528 (2015: 485,171) ordinary
own shares held by the company. The market value of shares at 30 June 2016
was £756,372 (2015: £802,958). 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.
11 Related party disclosure
The group's principal subsidiaries are listed below:
Principal subsidiaries Principal activity Country of incorporation % of equity interest and votes held
2016 2015
Alumasc Exterior Building Products Limited Building products England 100 100
Alumasc Limited Building products England 100 100
Levolux Limited Building 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.
Five Year Summary
2015/16 2014/15 2013/14 2012/13 2011/12
£'000 £'000 £'000 £'000 £'000
Income Statement Summary
Continuing operations:
Revenue 92,233 90,295 80,301 85,291 71,094
Underlying operating profit 8,476 8,314 6,645 7,133 3,234
Net interest cost on borrowings (215) (592) (521) (767) (706)
Underlying profit before tax 8,261 7,722 6,124 6,366 2,528
Brand amortisation (268) (268) (268) (273) (299)
IAS 19 pension scheme costs (1,234) (1,166) (900) (1,396) (317)
Non-recurring costs - - - (1,315) (273)
Profit before taxation 6,759 6,288 4,956 3,382 1,639
Taxation (1,581) (1,483) (1,016) (1,025) (372)
Profit for the year from continuing operations 5,178 4,805 3,940 2,357 1,267
Discontinued operations - Profit/(loss) after tax 1,306 (429) 101 (471) (854)
Profit for the year 6,484 4,376 4,041 1,886 413
Continuing operations:
Order book at 30 June 26,569 24,014 19,737 21,116 28,524
Return on sales 9.2% 9.2% 8.3% 8.4% 4.5%
Underlying tax rate 20.8% 22.0% 24.2% 25.7% 31.6%
Underlying earnings per share 18.4 16.9 13.0 13.3 4.9
Basic earnings per share 14.5 13.5 11.1 6.6 3.6
Dividends per share (pence) 6.5 6.0 5.0 4.5 2.0
Basic earnings per share (total group) 18.2 12.3 11.3 5.3 1.2
Balance Sheet Summary at 30 June
Shareholders' funds 16,580 15,929 17,042 22,443 18,928
Net (cash)/debt (8,632) (914) 7,666 7,687 13,229
Pension deficit (net of associated deferred tax asset) 18,588 16,748 14,338 7,748 11,050
Discontinued operations - (2,969) (11,037) (12,169) (13,219)
Capital Invested - continuing operations 26,536 28,794 28,009 25,709 29,988
Ratios:
Underlying return on capital invested (post-tax) (note a) 24.3% 22.8% 18.8% 19.0% 7.4%
Gearing (note b) - - 45.0% 34.3% 70.0%
EBITDA interest cover (note c) 44.2 17.3 17.2 12.0 7.6
Net debt/EBITDA (note d) n/a 0.1 1.0 1.0 2.5
Notes
a) Underlying operating profit after tax from continuing operations calculated using the underlying tax rate, as a percentage of average capital invested
b) Net borrowing as a percentage of shareholders' funds
c) EBITDA divided by net interest cost on borrowings
d) Net debt plus contingent liabilities divided by underlying EBITDA
This information is provided by RNS
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