REG - Avingtrans PLC - Final Results <Origin Href="QuoteRef">AVG.L</Origin> - Part 2

AvingtransAnnouncement

30/09/2015 07:02

- Part 2: For the preceding part double click  ID:nRSd6280Aa 

(174)  
               100    (388)  
 
 
(388) 
 
Notes to the Preliminary Statement (continued) 
 
31 May 2015 
 
4             Earnings per ordinary share 
 
                                                          2015        2014        
                                                          Number      Number      
                                                                                  
 Weighted average number of shares - basic                27,643,480  27,363,979  
 Share option adjustment                                  343,457     716,303     
 Weighted average number of shares - diluted              27,986,937  28,080,282  
                                                          2015        2014        
                                                          £'000       £'000       
                                                                                  
 Earnings from continuing operations                      1,771       2,914       
 Share-based payments                                     43          46          
 Restructuring costs                                      360         269         
 Start up costs - China                                   450         318         
 Acquisition costs                                        68          171         
 Amortisation of acquisition related intangibles          137         137         
 Adjusted post tax earnings attributable to shareholders  2,829       3,855       
                                                                                  
 Basic earnings per share                                 6.4p        10.6p       
 Adjusted basic earnings per share                        10.2p       14.1p       
 Diluted earnings per share                               6.3p        10.4p       
 Adjusted diluted earnings per share                      10.1p       13.7p       
                                                                                    
 
 
Notes to the Preliminary Statement (continued) 
 
31 May 2014 
 
5              Acquisitions 
 
Business combination - Sigma Swadlincote 
 
On 11 August 2014 the group acquired the trade and certain business assets and
liabilities relating to the manufacture of aerospace components of RMDG
Aerospace Ltd. The acquisition was made to enhance the Group's position in the
aerospace market. The provisional net assets at the date of acquisition were
as follows: 
 
 Fair value of assets and liabilities acquired    £'000  
                                                         
 Property, plant and equipment                    354    
 Inventories                                      770    
 Trade and other receivables                      17     
 Trade and other payables                         (4)    
 Net assets                                       1,137  
 Intangibles assets identified                    -      
 Goodwill                                         -      
                                                  1,137  
                                                         
 Fair value of consideration transferred:                
 Cash                                             1,137  
 Consideration                                    1,137  
                                                         
 Cash acquired                                    -      
 Acquisition costs charged to expenses            68     
 Net cash paid relating to the acquisition        1,205  
 
 
Net cash paid relating to the acquisition 
 
1,205 
 
Management did not identify any intangible assets on acquisition of this
business which was in a distressed state. 
 
Acquisition costs arising from this transaction of £68,000 have been included
in administration expenses before operating profit. 
 
 Since acquisition the assets acquired contributed the following to the Group's cashflows:    
                                                                                              £'000  
                                                                                                     
 Operating cashflows                                                                          (395)  
 Investing activities                                                                         -      
 Financing activities                                                                         -      
 
 
Business combination - Maloney Metalcraft 
 
On 3 July 2013 the Group acquired 100 percent of the issued share capital of
Maloney Metalcraft Limited (formerly Exterran (UK) Limited). The acquisition
of this business resulted in a gain on acquisition of £2,615,000 as a
consequence of buying the business in a distressed state. The gain on bargain
purchase was separately presented in the income statement before operating
profit. 
 
6             Events after the balance sheet date 
 
On 1 July 2015 Maloney sold its freehold site for £1.1m net of costs resulting
in a profit of £0.5m. 
 
Notes to the Preliminary Statement (continued) 
 
31 May 2015 
 
7             Net Debt and gearing 
 
 The gearing ratio at the year-end is as follows:  2015      2014      
                                                   £'000     £'000     
                                                                       
 Debt                                              (12,251)  (10,790)  
 Cash and cash equivalents                         6,337     7,204     
 Net debt                                          (5,914)   (3,586)   
                                                                       
 Equity                                            34,185    32,655    
 Net debt to equity ratio                          17.3%     11.0%     
 
 
17.3% 
 
11.0% 
 
8             Preliminary statement 
 
This preliminary statement, which has been agreed with the auditors, was
approved by the Board on 29 September 2015.  It is not the Group's statutory
accounts within the meaning of Section 434 of the Companies Act 2006. 
 
The statutory accounts for the two years ended 31 May 2015 and 2014 received
audit reports which were unqualified and did not contain statements under
s498(2) or (3) of the Companies Act 2006.  The statutory accounts for the year
ended 31 May 2014 have been delivered to the Registrar of Companies but the 31
May 2015 accounts have not yet been filed. 
 
9             Annual report and Accounts 
 
The Report and Accounts for the year ended 31 May 2015 will be available on
the Group's website www.avingtrans.plc.uk on or around 7 October 2015. 
Further copies will be available from the Avingtrans' registered office: 
 
Precision House, Derby Road, Sandiacre, Nottingham, NG10 5HU. 
 
10           Annual General Meeting 
 
The Annual General Meeting of the Group will be held at The Holiday Inn,
Bostocks Lane, Sandiacre, Nottingham NG10 5NL at 11.15 a.m. on 11 November
2015. 
 
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