REG - Andrews Sykes Group - Half Yearly Report <Origin Href="QuoteRef">ANSY.L</Origin> - Part 2
30/09/2015 07:02
- Part 2: For the preceding part double click ID:nRSd6263Aa
31 December
2014: 110% S1NA CMI2014) with a 1% per annum long term improvement for both
males and females (30 June 2014: 1% males, 0.5% females; 31 December 2014: 1%
males, 1% females).
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 June2015 30 June2014 31 December2014
Male, current age 45Female, current age 45 22.5 years25.2 years 22.7 years24.0 years 22.5 years25.2 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 2015£'000 30 June2014£'000 31 December2014£'000
Total fair value of plan assets 38,385 36,786 38,864
Present value of defined benefit funded obligation calculated in (36,690) (35,105) (37,611)
accordance with stated assumptions
Surplus in the scheme calculated in accordance with stated 1,695 1,681 1,253
assumptions recognised in the balance sheet
The movement in the fair value of the scheme's assets during the period was as
follows:
30 June 2015 £'000 30 June 2014 £'000 31 December 2014£'000
Fair value of plan assets at the start of the period 38,864 35,707 35,707
Expected return on pension scheme assets 649 775 1,559
Actual return less expected return on pension scheme assets (359) 545 2,275
Employer contributions - normal 60 540 905
Benefits paid (774) (727) (1,455)
Administration expenses charged in the income statement (55) (54) (127)
Fair value of plan assets at the end of the period 38,385 36,786 38,864
The movement in the present value of the defined benefit obligation during the
period was as follows:
30 June2015 30 June2014 31 December 2014
£'000 £'000 £'000
Present value of defined benefit funded at the beginning of the period (37,611) (34,503) (34,503)
Interest on defined benefit obligation (628) (743) (1,486)
Actuarial gain/(loss) recognised in the CSOCTI calculated inaccordance with stated assumptions 775 (586) (3,077)
Benefits paid 774 727 1,455
Closing present value of defined benefit funded obligation calculatedin accordance with stated assumptions (36,690) (35,105) (37,611)
Amounts recognised in the income statement
The amounts credited / (charged) in the income statement were:
30 June 2015 30 June 2014 31 December 2014
£'000 £'000 £'000
Expected return on pension scheme assets 649 775 1,559
Interest on pension scheme liabilities (628) (743) (1,486)
Net pension interest credit included within finance income 21 32 73
Scheme administration expenses (55) (54) (127)
Net pension charge in the income statement (34) (22) (54)
Actuarial gains and losses recognised in the consolidated statement of
comprehensive total income (CSOCTI)
The amounts credited / (charged) in the CSOCTI were:
30 June 2015 30 June 2014 31 December 2014
£'000 £'000 £'000
Actual return less expected return on pension scheme assets (359) 545 2,275
Experience gains and losses arising on plan obligation 123 (3) 383
Changes in demographic and financial assumptions underlying thepresent value of plan obligations 652 (583) (3,460)
Actuarial gain/(loss) calculated in accordance with stated assumptionsrecognised in the CSOCTI 416 (41) (802)
8 Called up share capital
30 June 2015 30 June 2014 31 December 2014
£'000 £'000 £'000
Issued and fully paid:
42,262,082 ordinary shares of one pence each (30 June 2014 and 31 December 2014: 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 2015 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 monthsended30 June2015 6 monthsended30 June2015 12 monthsended31 December 2015
£'000 £'000 £'000
Profit for the period attributable to equity shareholders 3,732 3,206 9,311
Adjustments for:
Taxation charge 947 942 2,445
Finance costs 84 93 192
Finance income (145) (178) (342)
Inter-company foreign exchange gains and losses 355 286 222
Income from trade investments - - (517)
Profit on the sale of property, plant and equipment (211) (155) (305)
Depreciation 2,531 2,301 4,563
EBITDA* 7,293 6,495 15,569
Excess of normal pension contributions compared with service and administration expenses (5) (486) (778)
Workings capital movements:
Stocks (1,389) (1,764) (2,527)
Trade and other receivables (660) (122) 284
Trade and other payables (236) 88 686
Provisions (7) (6) (12)
Cash generated from operations 4,996 4,205 13,222
* 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 2015 30 June 2014 31 December 2014
£'000 £'000 £'000
Cash and cash equivalents per cash flow statement 19,697 22,559 24,077
Bank loans (5,965) (6,945) (6,955)
Obligations under finance leases (227) (323) (276)
Gross debt (6,192) (7,268) (7,231)
Net funds 13,505 15,291 16,846
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
2015 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 the long established UK GAAP. With effect from
accounting periods starting on or after 1 January 2015 this UK GAAP has been
withdrawn and companies must prepare their financial statements either in
accordance with new UK GAAP which, for Andrews Sykes Group plc, is essentially
FRS 100, 101 and 102 or full IFRS.
Andrews Sykes Group plc has elected to prepare its parent company accounts in
accordance with FRS 102 and to take advantage of the reduced disclosure
framework permitted by paragraph 1.12 of that standard. 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.
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 2015 setting out the
reasons for any objection. Any letter received after 30 November 2015 will not
be valid.
The group's UK subsidiary companies' accounts for the year ended 31 December
2015 will 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
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