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

CaffynsAnnouncement

26/05/2017 07:05

- Part 2: For the preceding part double click  ID:nRSZ2757Ga 

differences between accounts profits and taxable profits                                (48)       -                             
 Movement in rolled over and held over gains                                                   (2)        47                            
 Re-measurement of deferred tax due to change in rate of corporation tax                       98         184                           
 Adjustments to tax charge in respect of prior years                                           -          170                           
 Tax charge for the year                                                                       (1,159)    (148)                         
                                                                                                                                        
                                                                                                                                                          
 
 
9.     EARNINGS PER SHARE 
 
 The calculation of the basic earnings per share is based on the earnings attributable 
 to ordinary shareholders divided by the weighted average number of shares in issue   
 during the year.  Treasury shares are treated as cancelled for the purposes of this  
 calculation. The calculation of diluted earnings per share is based on the basic     
 earnings per share, adjusted to allow for the issue of shares and the post-tax effect 
 of dividends and/or interest, on the assumed conversion of all dilutive options and  
 other dilutive potential ordinary shares.   Reconciliations of earnings and weighted 
 average number of shares used in the calculations are set out below:                 
                                                                                      Adjusted   Basic                         
                                                                                      2017£'000  Restated2016£'000  2017£'000  Restated2016£'000    
 Profit before tax                                                                    6,282      2,635              6,282      2,635                
 Adjustments:                                                                                                                                       
 Profit before tax relating to discontinued operations                                (4,623)    (1,392)            -          -                    
 Non-underlying items (note 5)                                                        392        222                -          -                    
 Adjusted profit before tax                                                           2,051      1,465              6,282      2,635                
 Taxation                                                                             (455)      (119)              (1,159)    (148)                
 Earnings                                                                             1,596      1,346              5,123      2,487                
 Earnings per share                                                                   58.0p      48.8p              186.3p     90.1p                
 Diluted earnings per share                                                           58.0p      48.0p              186.3p     88.7p                
 
 
                                                                                    2017£'000          2016£'000        
 Continuing operations:                                                                                                 
 Underlying earnings from continuing operations                                     1,596              1,346            
 Earnings per share                                                                 58.0p              48.8p            
 Diluted earnings per share                                                         58.0p              48.0p            
 Non-underlying losses from continuing operations                                   (312)              (173)            
 Losses per share                                                                   (11.3p)            (6.3p)           
 Diluted losses per share                                                           (11.3p)            (6.2p)           
 Total earnings from continuing operations                                          1,284              1,173            
 Earnings per share                                                                 46.7p              42.5p            
 Diluted earnings per share                                                         46.7p              41.8p            
                                                                                                                        
 Discontinued operations:                                                                                               
 Earnings from discontinued operationsEarnings per shareDiluted earnings per share  3,839139.6p139.6p  1,31447.6p46.9p  
 
 
The number of fully paid ordinary shares in circulation at the year-end was
2,694,790 (2016: 2,763,071). The weighted average shares in issue for the
purposes of the earnings per share calculation were 2,750,015 (2016:
2,759,371). The shares granted under the Company's SAYE scheme are dilutive.
All outstanding shares under option at the start of the year were either
exercised or became lapsed during the year. In the prior year the weighted
average number of dilutive shares under option at fair value was 45,703 giving
a total diluted weighted average number of shares of 2,805,074. 
 
10.   DIVIDENDS 
 
 Paid                                                                                                                                                                                                                                                                                                                                                                                                              2017     2016     
                                                                                                                                                                                                                                                                                                                                                                                                                   £'000    £'000    
 Preference                                                                                                                                                                                                                                                                                                                                                                                                                          
 7% Cumulative First Preference*                                                                                                                                                                                                                                                                                                                                                                                   12       18       
 11% Cumulative Preference*                                                                                                                                                                                                                                                                                                                                                                                        48       57       
 6% Cumulative Second Preference                                                                                                                                                                                                                                                                                                                                                                                   12       12       
 Included in finance expense (see note 5)                                                                                                                                                                                                                                                                                                                                                                          72       87       
 Ordinary                                                                                                                                                                                                                                                                                                                                                                                                                            
 Interim dividend paid in respect of the current year of 7.5p (2016: 7.25p)                                                                                                                                                                                                                                                                                                                                        202      200      
 Final dividend paid in respect of the March 2016 year end of 14.5p (2015: 13.5p)                                                                                                                                                                                                                                                                                                                                  401      373      
                                                                                                                                                                                                                                                                                                                                                                                                                   603      573      
 Proposed                                                                                                                                                                                                                                                                                                                                                                                                          
 In addition, the directors are proposing a final dividend in respect of the year ended 31 March 2017 of 15.0 pence per share which will absorb £404,000 of shareholders' funds (2016: 14.5p per share absorbing £401,000).  The proposed final dividend is subject to approval by shareholders at the forthcoming Annual General Meeting and has not been included as a liability in these financial statements.  
 *Redemption of preference shares and change to coupon rate                                                                                                                                                                                                                                                                                                                                                                        
 On 8 February 2016, the Company repurchased 218,268 6.5% Cumulative First Preference shares and 206,664 10% Cumulative Preference shares. The voting rights attributable to the 10% Cumulative Preference shares have been removed and at the same time the coupon rates were raised from 6.5% to 7% and from 10% to 11% respectively.                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                       
 
 
11.   NOTES TO THE CASH FLOW STATEMENT 
 
                                                                          2017£'000  Restated2016£'000  
 Profit before taxation for continuing operations                         1,659      1,243              
 (Loss)/profit before tax for discontinued operations (note 8)            (61)       1,392              
 Profit before tax for the year                                           1,598      2,635              
 Adjustment for share redemption premium and costs                        -          292                
 Adjustment for net finance expense                                       1,092      1,350              
                                                                          2,690      4,277              
 Adjustments for:                                                                                       
 Depreciation of property, plant and equipment and investment properties  1,196      1,148              
 Change in retirement benefit obligations                                 (350)      (324)              
 Loss/(gain) on disposal of property, plant and equipment                 1          (317)              
 Share-based payments                                                     21         51                 
 Operating cash flows before movements in working capital                 3,558      4,835              
 Decrease/(increase) in inventories                                       1,100      (1,029)            
 Decrease/(increase) in receivables                                       611        (1,235)            
 (Decrease)/increase in payables                                          (2,034)    241                
 Cash generated by operations                                             3,235      2,812              
 Tax paid                                                                 (557)      (325)              
 Interest paid                                                            (935)      (1,135)            
 Net cash derived from operating activities                               1,743      1,352              
 
 
Included within the amount of net cash derived from operating activities is
cash inflow of £664,000 (2016: £1,574,000) attributable to discontinued
operations. Accordingly, the net cash from operating activities in respect of
continuing operations during the year was £1,079,000 (2016: £222,000
outflow). 
 
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