REG - Andrews Sykes Group - Half-year Report <Origin Href="QuoteRef">ANSY.L</Origin> - Part 2

Andrews SykesAnnouncement

29/09/2016 07:06

- Part 2: For the preceding part double click  ID:nRSc1396La 

                                                               
 Closing present value of defined benefit funded obligation calculatedin accordance with stated assumptions  (39,256)        (36,690)        (35,291)          
                                                                                                                                                               
 
 
Amounts recognised in the income statement 
 
The amounts (charged) / credited in the income statement were: 
 
                                                             30 June    2016    30 June  2015    31 December  2015  
                                                             £'000              £'000            £'000              
                                                                                                                    
 Expected return on pension scheme assets                    688                649              1,298              
 Interest on pension scheme liabilities                      (640)              (628)            (1,253)            
 Net pension interest credit included within finance income  48                 21               45                 
 Scheme administration expenses                              (70)               (55)             (132)              
 Net pension charge in the income statement                  (22)               (34)             (87)               
                                                                                                                    
 
 
Actuarial gains and losses recognised in the consolidated statement of
comprehensive total income (CSOCTI) 
 
The amounts (charged) / credited  in the CSOCTI were: 
 
                                                                                                   30 June 2016    30 June  2015    31 December 2015  
                                                                                                   £'000           £'000            £'000             
                                                                                                                                                      
 Actual return less expected return on pension scheme assets                                       2,737           (359)            (895)             
 Experience gains and losses arising on plan obligation                                            281             123              371               
 Changes in demographic and financial assumptions underlying thepresent value of plan obligations  (4,323)         652              1,681             
 Actuarial (loss) / gain calculated in accordance with stated assumptionsrecognised in the CSOCTI  (1,305)         416              1,157             
                                                                                                                                                      
 
 
8              Called up share capital 
 
                                                                                                                                 30 June 2016    30 June 2015    31 December 2015  
                                                                                                                                 £'000           £'000           £'000             
 Issued and fully paid:                                                                                                                                                            
 42,262,082 ordinary shares of one pence each (30 June 2015 and 31 December 2015: 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 2016 or either of the comparative periods.  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 any of the periods and 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 ended 30 June 2016    6 monthsended 30 June 2015    12 months ended 31 December 2015  
                                                                                           £'000                          £'000                         £'000                             
                                                                                                                                                                                          
 Profit for the period attributable to equity shareholders                                 6,195                          3,732                         10,800                            
 Adjustments for:                                                                                                                                                                         
 Taxation charge                                                                           1,334                          947                           2,567                             
 Finance costs                                                                             1,135                          84                            164                               
 Finance income                                                                            (1,207)                        (145)                         (280)                             
 Inter-company foreign exchange gains and losses                                           (1,062)                        355                           (43)                              
 Profit on the sale of property, plant and equipment                                       (298)                          (211)                         (466)                             
 Depreciation                                                                              2,702                          2,531                         4,959                             
                                                                                                                                                                                          
 EBITDA*                                                                                   8,799                          7,293                         17,701                            
                                                                                                                                                                                          
 Excess of normal pension contributions compared with service and administration expenses  (326)                          (5)                           12                                
 Workings capital movements:                                                                                                                                                              
 Stocks                                                                                    (2,195)                        (1,389)                       (1,024)                           
 Trade and other receivables                                                               508                            (660)                         (2,196)                           
 Trade and other payables                                                                  325                            (236)                         139                               
 Provisions                                                                                -                              (7)                           (9)                               
                                                                                                                                                                                          
 Cash generated from operations                                                            7,111                          4,996                         14,623                            
                                                                                                                                                                                          
 
 
* Earnings Before Interest, Taxation, Depreciation, profit on the sale of
property, plant and equipment, Amortisation and non-recurring items. 
 
10           Analysis of net funds 
 
                                                    30 June 2016    30 June2015    31 December 2015  
                                                    £'000           £'000          £'000             
                                                                                                     
 Cash and cash equivalents per cash flow statement  20,590          19,697         20,715            
                                                                                                     
 Bank loans                                         (4,985)         (5,965)        (5,975)           
 Obligations under finance leases                   (213)           (227)          (182)             
 Gross debt                                         (5,198)         (6,192)        (6,157)           
 Net funds                                          15,392          13,505         14,558            
 
 
11     Adoption of Financial Reporting Standards (FRS) 101 and 102 - Reduced
disclosure framework for parent and UK subsidiary company accounts 
 
The group's consolidated financial statements for the year ended 31 December
2016 will continue to be prepared in accordance with European Union endorsed
International Financial Reporting Standards (IFRSs) on a consistent basis with
the previous financial year. 
 
Last year, the parent company accounts of Andrews Sykes Group plc were
prepared in accordance with FRS 102 and the company elected to take advantage
of the reduced disclosure framework permitted by paragraph 1.12 of that
standard. The company intends to continue to take advantage of the reduced
disclosure framework again this year. Paragraph 1.11 requires the company to
give shareholders the opportunity to object to the adoption of the reduced
disclosure framework within a reasonable specified timeframe. Accordingly any
shareholder wishing to object to the adoption of the reduced disclosure
framework set out in paragraph 1.12 of FRS 102 for the parent company accounts
of Andrews Sykes Group plc should write to the Company Secretary at the
company's registered office no later than 30 November 2016 setting out the
reasons for any objection. Any letter received after that date will not be
valid. 
 
The group's UK subsidiary companies' accounts for the year ended 31 December
2016 will continue to be prepared in accordance with the reduced disclosure
framework of either FRS 101 or FRS 102 depending upon the circumstances
relevant to each subsidiary. 
 
12     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