REG - Carr's Milling Inds - Final Results - Replacement <Origin Href="QuoteRef">CARS.L</Origin> - Part 2

Carr'sAnnouncement

10/11/2014 13:50

- Part 2: For the preceding part double click  ID:nRSJ5241Wa 

    
 Intangible asset amortisation                                                           193      252             
 Profit on disposal of property, plant and equipment                                     (104)    (108)           
 Profit on disposal of investment                                                        -        (14)            
 Amounts written off property, plant and equipment                                       -        7               
 Amortisation of grants                                                                  (54)     (50)            
 Net fair value loss on share based payments                                             401      244             
 Net foreign exchange differences                                                        160      (220)           
 Net fair value losses/(gains) on derivative financial instruments in  operating profit  9        (303)           
 Interest income                                                                         (264)    (513)           
 Interest expense and borrowing costs                                                    1,679    1,354           
 Share of profit from associate and joint ventures                                       (2,486)  (2,819)         
 IAS19 income statement credit in respect of employer contributions                      (2,806)  (2,867)         
 IAS19 income statement charge                                                           687      692             
                                                                                                                  
 Changes in working capital (excluding the effects of acquisitions):                                              
 Decrease/(increase) in inventories                                                      807      (6,088)         
 Decrease/(increase) in receivables                                                      4,880    (5,699)         
 (Decrease)/increase in payables                                                         (7,329)  2,787           
 Cash generated from operations                                                          17,125   7,233           
 
 
7. Pensions 
 
The Group operates its current pension arrangements on a defined benefit and
defined contribution basis. The valuation of the defined benefit scheme under
the IAS19 accounting basis showed a surplus (2013: deficit) net of the related
deferred tax liability (2013: asset) in the scheme at 30 August 2014 of £1.6m
(2013: £2.6m). 
 
A Group subsidiary undertaking is a participating employer in a defined
benefit pension scheme of the associate. The IAS19 accounting basis showed a
deficit, for that scheme, net of the related deferred tax asset in the scheme
at 30 August 2014 of £3.5m (2013: £3.2m). The Group recognises in its balance
sheet approximately 50% of the deficit and deferred tax asset through its
investment in associate. 
 
In the period, the retirement benefit charge in respect of the Carr's Milling
Industries Pension Scheme 1993 was £687,000 (2013 Restated: £692,000). 
 
8. Analysis of changes in net debt 
 
                                                      At 1September     Cash        OtherNon-Cash  Exchange   At 30  August     
                                                      2013              Flow        Changes        Movements  2014              
                                                      £'000             £'000       £'000          £'000      £'000             
 Cash and cash     equivalents                        22,884            (5,616)     -              -          17,268            
 Bank overdrafts                                      (209)             147         -              (181)      (243)             
                                                      22,675            (5,469)     -              (181)      17,025            
                                                                                                                                
 Loans and other   borrowings:- current- non-current  (13,262)(20,137)  (160)2,475  (3,789)3,735   --         (17,211)(13,927)  
 Finance leases:                                                                                                                
 - current                                            (2,074)           2,325       (2,485)        -          (2,234)           
 - non-current                                        (9,311)           -           1,049          -          (8,262)           
 Net debt                                             (22,109)          (829)       (1,490)        (181)      (24,609)          
 
 
9.         The Board of Directors approved the preliminary announcement on 10
November 2014. 
 
10.       The results included in the preliminary announcement are unaudited. 
The financial information set out in this announcement does not constitute the
statutory accounts for the periods ended 30 August 2014 and 31 August 2013. 
The statutory accounts for the period ended 30 August 2014 will be finalised
on the basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting. 
 
11.       The Company intends to post a Summary Report and Accounts to
shareholders by 3 December 2014.  The full Report and Accounts will be
available upon request from the Company Secretary, Carr's Milling Industries
PLC, Old Croft, Stanwix, Carlisle, CA3 9BA or alternatively on the Company's
website: www.carrs-milling.com 
 
This information is provided by RNS
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