REG - Essentra plc - RESULTS FOR THE FULL YEAR ENDED 31 DECEMBER 2015 <Origin Href="QuoteRef">ESNT.L</Origin> - Part 2
19/02/2016 07:10
- Part 2: For the preceding part double click ID:nRSS5274Pa
Interest bearing loans and borrowings 10 403.5 104.2
Retirement benefit obligations 8 24.7 21.8
Provisions 2.8 3.4
Other financial liabilities - 3.5
Deferred tax liabilities 93.0 54.7
Total non-current liabilities 524.0 187.6
Interest bearing loans and borrowings 10 0.6 5.8
Derivative liabilities 17 0.4 0.1
Income tax payable 26.8 28.6
Trade and other payables 241.9 156.8
Provisions 8.0 4.2
Total current liabilities 277.7 195.5
Total liabilities 801.7 383.1
Total equity and liabilities 1,416.9 980.9
Consolidated Statement of Changes in Equity
for the year ended 31 December 2015
2015
Issued capital Merger relief reserve Capital redemption reserve Other reserve Cash flow hedging reserve Translation reserve Retained earnings Non-controlling interests Total equity
£m £m £m £m £m £m £m £m £m
At 1 January 2015 66.0 298.1 0.1 (132.8) 3.4 (8.5) 366.5 5.0 597.8
Profit for the year 67.9 0.8 68.7
Other comprehensive income (3.4) (12.9) 1.7 0.1 (14.5)
Total comprehensive income for the year - - - - (3.4) (12.9) 69.6 0.9 54.2
Purchase of employee trust shares (1.0) (1.0)
Share options exercised 5.4 5.4
Share option expense 5.7 5.7
Tax relating to share-based incentives 2.3 2.3
Dividends paid (49.0) (0.2) (49.2)
At 31 December 2015 66.0 298.1 0.1 (132.8) - (21.4) 399.5 5.7 615.2
2014
Issued capital Merger relief reserve Capital redemption reserve Other reserve Cash flow hedging reserve Translation reserve Retained earnings Non-controlling interests Total equity
£m £m £m £m £m £m £m £m £m
At 1 January 2014 60.1 136.4 0.1 (132.8) (0.1) (9.9) 345.0 4.2 403.0
Profit for the year 71.0 0.8 71.8
Other comprehensive income 3.5 1.6 (10.8) 0.3 (5.4)
Total comprehensive income for the year - - - - 3.5 1.6 60.2 1.1 66.4
Issue of shares 5.9 161.7 167.6
Changes in non-controlling interests in subsidiaries (0.1) (0.1)
Transfer to loss on disposal of subsidiary (0.2) (0.2)
Purchase of employee trust shares (12.3) (12.3)
Share options exercised 4.3 4.3
Share option expense 6.8 6.8
Tax relating to share-based incentives 0.6 0.6
Dividends paid (38.1) (0.2) (38.3)
At 31 December 2014 66.0 298.1 0.1 (132.8) 3.4 (8.5) 366.5 5.0 597.8
Consolidated Statement of Cash Flows
for the year ended 31 December 2015
2015 2014
Note £m £m
Operating activities
Profit for the year 68.7 71.8
Adjustments for:
Income tax expense 21.7 27.9
Net finance expense 4 10.3 9.1
Intangible amortisation 7 31.7 17.5
Exceptional operating items 3 39.1 16.2
Depreciation 6 31.9 27.2
Share option expense 5.7 6.8
Other movements (0.5) (2.9)
Increase in inventories (14.6) (5.5)
Increase in trade and other receivables (51.2) (22.4)
Increase in trade and other payables 13.0 2.5
Cash outflow in respect of exceptional operating items (22.1) (6.9)
Adjustment for pension contributions (5.1) (2.5)
Movements in provisions (2.3) (8.1)
Cash inflow from operating activities 126.3 130.7
Income tax paid (15.7) (20.5)
Net cash inflow from operating activities 110.6 110.2
Investing activities
Interest received 0.6 0.3
Acquisition of property, plant and equipment (58.6) (38.1)
Proceeds from sale of property, plant and equipment 3.8 5.0
Acquisition of businesses net of cash acquired 11 (304.5) (26.1)
Net cash outflow from investing activities (358.7) (58.9)
Financing activities
Interest paid (10.0) (8.8)
Dividends paid to equity holders (49.0) (38.1)
Dividends paid to non-controlling interests (0.2) (0.2)
Proceeds from equity issue 9 - 167.6
Repayments of short-term loans (4.9) (3.8)
Repayments of long-term loans - (158.1)
Proceeds from long-term loans 292.8 -
Purchase of employee trust shares (1.0) (12.3)
Proceeds from sale of employee trust shares 5.4 4.3
Net cash inflow/(outflow) from financing activities 233.1 (49.4)
Net (decrease)/increase in cash and cash equivalents 10 (15.0) 1.9
Net cash and cash equivalents at the beginning of the year 46.0 44.1
Net (decrease)/increase in cash and cash equivalents (15.0) 1.9
Net effect of currency translation on cash and cash equivalents (0.8) -
Net cash and cash equivalents at the end of the year 10 30.2 46.0
1. Basis of preparation
The consolidated financial statements have been prepared and approved by the Directors in accordance with International
Financial Reporting Standards as adopted by the European Union ("EU") in accordance with EU law (IAS Regulation EC
1606/2002) ("adopted IFRS") and International Financial Reporting Standards as issued by the International Accounting
Standards Board, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements are prepared under the historical cost convention except for derivatives which are stated at fair
value and retirement benefit obligations which are valued in accordance with IAS 19 Employee Benefits.
The financial information set out above does not constitute the Company's statutory accounts for the years ended 31
December 2015 or 2014 but is derived from those accounts. Statutory accounts for 2014 have been delivered to the registrar
of companies, and those for 2015 will be delivered in due course. The auditor has reported on those accounts; their reports
were (i) unqualified (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis
without qualifying their report and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act
2006.
Changes in accounting policies
In the current financial year, Essentra adopted amendments to IAS 19 Defined Benefit Plans: Employee Contributions which
clarify that an entity is permitted to recognise employee contributions as a reduction in the service cost in the period in
which the service is rendered, instead of allocating the contributions to the periods of service, if the amount of the
contributions is independent of the number of years of service. The adoption of these amendments did not have an impact on
the Group in relation to measurement, recognition and presentation. Other than this, the accounting policies and
presentation in this set of financial statements are consistent with those applied in the prior years.
2. Segment analysis
In accordance with IFRS 8, Essentra has determined its operating segments based upon the information reported to the Group
Management Committee. These segments are as follows:
Distribution consists of a Component Distribution business, a Speciality Tapes business and a Security business. Component
Distribution is a global market leading manufacturer and distributor of plastic injection moulded, vinyl dip moulded, and
metal items. The Speciality Tapes business has expertise in coating multiple adhesive systems in numerous technologies.
The Security business has been at the forefront of ID technology for over 30 years, and has access to the widest portfolio
of products and services, including printers, software and consumables from leading manufacturers.
Health and Personal Care Packaging is a leading global provider of packaging and authentication solutions to a diversified
blue-chip customer base in the health and personal care, consumer and specialist packaging sectors, and to the paper and
board industries.
Filter Products is a global independent cigarette filter manufacturer supplying a wide range of value-adding high quality
innovative filters, packaging solutions to the roll your own segment and analytical laboratory services for ingredient
measurement for the industry.
Specialist Technologies is a leading provider of specialised solutions to an international customer base in a diverse range
of end-markets, including oil and gas, construction, point of sale, health & personal care and consumer goods.
With effect from 1 January 2016, a new organisation structure has been implemented, comprising three strategic business
units (see note 16 for further details).
2. Segment analysis continued
2015
Distribution Health & Personal Care Packaging Filter Products Specialist Technologies Elimin-ations Central Services1 Continuing operations Discontinued operations Total
£m £m £m £m £m £m £m £m £m
External revenue 267.3 393.8 302.0 135.0 - - 1,098.1 - 1,098.1
Intersegment revenue 1.3 0.6 0.6 0.5 (3.0) - - - -
Total revenue 268.6 394.4 302.6 135.5 (3.0) - 1,098.1 - 1,098.1
Operating profit/(loss) before intangible amortisation and exceptional operating items 60.3 52.2 55.4 19.8 - (16.2) 171.5 - 171.5
Intangible amortisation (9.4) (19.9) - (2.4) - - (31.7) - (31.7)
Exceptional operating items 1.8 (31.3) (11.5) - - 1.9 (39.1) - (39.1)
Operating profit/(loss) 52.7 1.0 43.9 17.4 (14.3) 100.7 - 100.7
Segment assets 154.6 219.7 169.3 108.2 - 9.7 661.5 - 661.5
Intangible assets 185.3 453.2 - 53.1 - - 691.6 - 691.6
Unallocated items 2 - - - - - 63.8 63.8 - 63.8
Total assets 339.9 672.9 169.3 161.3 - 73.5 1,416.9 - 1,416.9
Segment liabilities 44.8 109.8 61.6 18.5 - 18.0 252.7 - 252.7
Unallocated items 2 - - - - - 549.0 549.0 - 549.0
Total liabilities 44.8 109.8 61.6 18.5 - 567.0 801.7 - 801.7
Other segment items
Capital expenditure 9.3 26.1 10.1 8.4 - 4.7 58.6 - 58.6
Depreciation 7.2 9.5 8.8 6.3 - 0.1 31.9 - 31.9
Average number of employees 2,201 3,579 1,723 911 - 176 8,590 - 8,590
2014
Distribution Health & Personal Care Packaging Filter Products Specialist Technologies Elimin-ations Central Services1 Continuing operations Discontinued operations Total
£m £m £m £m £m £m £m £m £m
External revenue 243.7 168.8 291.4 161.8 - - 865.7 - 865.7
Intersegment revenue 0.3 0.5 0.1 0.3 (1.2) - - - -
Total revenue 244.0 169.3 291.5 162.1 (1.2) - 865.7 - 865.7
Operating profit/(loss) before intangible amortisation and exceptional operating items 56.9 30.8 39.0 29.8 - (14.0) 142.5 - 142.5
Intangible amortisation (8.4) (7.0) - (2.1) - - (17.5) - (17.5)
Exceptional operating items (4.0) (11.6) (0.4) (0.2) - (16.2) - (16.2)
Operating profit/(loss) 44.5 12.2 38.6 27.5 - (14.0) 108.8 108.8
Segment assets 137.5 102.5 133.6 103.3 - 5.0 481.9 - 481.9
Intangible assets 188.4 163.9 - 54.1 - - 406.4 - 406.4
Unallocated items 2 - - - - - 92.6 92.6 - 92.6
Total assets 325.9 266.4 133.6 157.4 - 97.6 980.9 980.9
Segment liabilities 42.7 36.5 38.8 20.4 - 27.0 165.4 2.5 167.9
Unallocated items 2 - - - - - 215.2 215.2 - 215.2
Total liabilities 42.7 36.5 38.8 20.4 - 242.2 380.6 2.5 383.1
Other segment items
Capital expenditure 9.4 10.6 8.4 7.0 - 2.7 38.1 - 38.1
Depreciation 6.4 5.6 8.5 6.3 - 0.4 27.2 - 27.2
Average number of employees 1,641 1,322 1,732 1,022 - 109 5,826 - 5,826
1 Central Services includes executive and non-executive management, group finance, tax, treasury, legal, group assurance,
human resources, information technology, corporate development, corporate affairs and other services provided centrally to
support the operating segments
2 The unallocated assets relate to income and deferred tax assets, retirement benefit assets, derivatives and cash and cash
equivalents. The unallocated liabilities relate to interest bearing loans and borrowings, retirement benefit obligations,
derivatives, deferred tax liabilities and income tax payable. Intersegment transactions are carried out on an arm's length
basis
3. Exceptional operating items
2015 2014
£m £m
Acquisition fees1 0.2 7.1
Acquisition integration and restructuring costs2 34.1 9.3
Other3 4.8 (0.2)
39.1 16.2
Exceptional tax items4 (1.7) -
1 Transaction costs incurred during the year primarily in respect of the acquisition of Specialty Plastics (2014:
Kelvindale, Abric and Clondalkin SPD)
2 Acquisition integration and restructuring costs incurred during the year associated with the acquisitions of Clondalkin
SPD, Abric and Specialty Plastics (2014: Kelvindale, Contego, Dakota, Mesan and Abric)
3 Other exceptional items incurred during the year relate to costs associated with the closure of the Filters site in
Jarrow of £11.5m, offset by a release of £1.9m in respect of warranty obligations for the 2007 disposal of Globalpack and a
£4.8m credit adjustment for contingent deferred consideration in relation to prior period acquisitions (2014: comprise
£0.4m loss on disposal of Filters Jordan and a £0.6m credit adjustment for contingent deferred consideration in relation to
the acquisition of Ulinco)
4 Exceptional tax items relate to the release of tax indemnity provisions of £1.7 million in respect of the 2007 Globalpack
disposal
The tax effect of the exceptional items is a credit of £6.1m (2014: £0.9m)
4. Net finance expense
2015 2014
£m £m
Finance income
Bank deposits 0.6 0.2
Net interest on net pension scheme assets (note 8) 0.9 1.2
1.5 1.4
Finance expense
Interest on loans and overdrafts (9.5) (8.4)
Amortisation of bank facility fees (0.7) (1.1)
Other finance expense (0.5) (0.4)
Net interest on pension scheme liabilities (note 8) (1.1) (0.6)
(11.8) (10.5)
Net finance expense (10.3) (9.1)
5. Earnings per share
2015 2014
£m £m
Continuing operations
Earnings attributable to equity holders of Essentra plc 67.9 71.0
Adjustments
Intangible amortisation 31.7 17.5
Exceptional operating items 39.1 16.2
70.8 33.7
Tax relief on adjustments (13.4) (5.4)
Exceptional tax charge (1.7) -
Adjusted earnings 123.6 99.3
Basic weighted average number of ordinary shares in issue (m) 259.5 236.8
Dilutive effect of employee share option plans (m) 3.7 5.0
Diluted weighted average number of ordinary shares (m) 263.2 241.8
Continuing operations
Basic earnings per share 26.2p 30.0p
Adjustment 21.4p 11.9p
Basic adjusted earnings per share 47.6p 41.9p
Diluted earnings per share 25.8p 29.4p
Diluted adjusted earnings per share 47.0p 41.1p
Adjusted earnings per share is provided to reflect the underlying earnings performance of Essentra. The basic weighted
average number of ordinary shares in issue excludes shares held in treasury and shares held by an employee benefit trust.
6. Property, plant and equipment
2015
Land and buildings Plant and machinery Fixtures, fittings and equipment Total
£m £m £m £m
Cost
Beginning of year 91.8 337.6 57.8 487.2
Acquisitions (note 11) 16.5 17.6 1.5 35.6
Additions 4.9 48.6 7.0 60.5
Disposals (1.7) (20.2) (5.9) (27.8)
Currency translation 0.1 (0.3) - (0.2)
End of year 111.6 383.3 60.4 555.3
Depreciation and impairment
Beginning of year 21.6 201.9 33.2 256.7
Depreciation charge for the year 3.2 23.8 4.9 31.9
Impairment 0.7 1.1 1.1 2.9
Disposals (0.6) (17.4) (5.5) (23.5)
Currency translation (0.5) (0.9) (0.1) (1.5)
End of year 24.4 208.5 33.6 266.5
Net book value at end of year 87.2 174.8 26.8 288.8
2014
Land and buildings Plant and machinery Fixtures, fittings and equipment Total
£m £m £m £m
Cost
Beginning of year 92.3 317.9 51.8 462.0
Acquisitions 1.9 1.5 0.2 3.6
Additions 4.8 26.9 8.8 40.5
Disposals (7.6) (10.0) (3.1) (20.7)
Currency translation 0.4 1.3 0.1 1.8
End of year 91.8 337.6 57.8 487.2
Depreciation and impairment
Beginning of year 25.8 189.9 32.6 248.3
Depreciation charge for the year 2.4 21.5 3.3 27.2
Disposals (6.1) (9.2) (2.8) (18.1)
Currency translation (0.5) (0.3) 0.1 (0.7)
End of year 21.6 201.9 33.2 256.7
Net book value at end of year 70.2 135.7 24.6 230.5
Contractual commitments to purchase property, plant and equipment amounted to £3.3m at 31 December 2015 (2014: £4.1m). The
net book value of assets under finance leases amounted to £3.6m as at 31 December 2015 (2014: £4.6m).
Impairment charge in the year of £2.9m (2014: £nil) related to assets written down as part of the restructuring of certain
of the Group's operations.
7. Intangible assets
2015
Goodwill Customer relationships Other intangible assets Total
£m £m £m £m
Cost
Beginning of year 211.8 235.6 15.0 462.4
Acquisitions (note 11) 158.7 164.5 - 323.2
Currency translation (3.3) (2.9) 0.7 (5.5)
End of year 367.2 397.2 15.7 780.1
Amortisation
Beginning of year - 49.3 6.7 56.0
Charge for the year - 30.2 1.5 31.7
Currency translation - 0.5 0.3 0.8
End of year - 80.0 8.5 88.5
Net book value at end of year 367.2 317.2 7.2 691.6
2014
Goodwill Customer relationships Other intangible assets Total
£m £m £m £m
Cost
Beginning of year 196.2 224.1 14.2 434.5
Acquisitions 16.2 11.7 - 27.9
Currency translation (0.6) (0.2) 0.8 -
End of year 211.8 235.6 15.0 462.4
Amortisation
Beginning of year - 32.7 5.1 37.8
Charge for the year - 16.3 1.2 17.5
Currency translation - 0.3 0.4 0.7
End of year - 49.3 6.7 56.0
Net book value at end of year 211.8 186.3 8.3 406.4
Other intangible assets principally comprise trade names acquired with Lendell and Reid Supply, developed technology
acquired with Lendell, Richco and Lymtech, and order backlog.
8. Employee benefits
Post-employment benefits
Pension costs of the defined benefit schemes are assessed in accordance with the advice of independent professionally
qualified actuaries. Full triennial actuarial valuations were carried out on the principal European defined benefit schemes
as at 5 April 2015 and annual actuarial valuations are performed on the principal US defined benefit schemes. The assets
and liabilities of the defined benefit schemes have been updated to the balance sheet date from the most recently completed
actuarial valuations taking account of the investment returns achieved by the schemes and the level of contributions.
The amounts included in the consolidated financial statements are as follows:
2015 2014
£m £m
Amounts expensed against operating profit
Defined contribution schemes 6.7 4.9
Defined benefit schemes - service cost 2.4 2.2
Defined benefit schemes - curtailment gain (3.0) -
Defined benefit schemes - settlement gain - (1.4)
Other post-employment obligations 0.1 0.5
Total operating expense 6.2 6.2
Amounts included as finance (income)/expense
Net interest on defined benefit scheme assets (note 4) (0.9) (1.2)
Net interest on defined benefit scheme liabilities (note 4) 1.1 0.6
Net finance expense/(income) 0.2 (0.6)
Amounts recognised in the consolidated statement of comprehensive income
Return on defined benefit scheme assets excluding amounts in net finance income 8.5 (16.7)
Impact of changes in assumptions and experience to the present value of defined benefit scheme liabilities (10.4) 32.5
Remeasurement of defined benefit schemes (1.9) 15.8
During 2015, the principal defined benefit pension schemes in the UK and the US were closed to future accrual, and
curtailment gains were recognised in profit or loss accordingly.
The principal assumptions used by the independent qualified actuaries for the purposes of IAS 19 were:
2015 2014
Europe US Europe US
Increase in salaries (pre-2010) 1 n/a 3.00% 3.00% 3.00%
Increase in salaries (post-2010) 1 n/a 3.00% 3.00% 3.00%
Increase in pensions 1
at RPI capped at 5% 3.10% n/a 3.00% n/a
at CPI capped at 5% 2.20% n/a 2.10% n/a
at CPI minimum 3%, capped at 5% 3.30% n/a 3.20% n/a
at CPI capped at 2.5% 1.80% n/a 1.70% n/a
Discount rate 3.80% 4.37% 3.70% 4.00%
Inflation rate 2.70% n/a 2.60% n/a
1 For service prior to April 2010, pension at retirement is linked to salary at retirement. For service after April 2010,
pension is linked to salary at April 2010 with annual increases capped at 3%
Due to the timescale covered, the assumptions applied may not be borne out in practice.
The life expectancy assumptions used to estimate defined benefit obligations at the year end are:
2015 2014
Europe US Europe US
Male retiring today at age 65 22.4 21.2 22.4 21.6
Female retiring today at age 65 24.8 23.2 24.7 23.8
Male retiring in 20 years at age 65 24.3 22.9 24.3 23.3
Female retiring in 20 years at age 65 26.7 24.9 26.6 25.5
8. Employee benefits continued
Movement in fair value of post-employment obligations during the year
2015 2014
Defined benefit pension scheme assets Defined benefit pension scheme liabilities Other Total Defined benefit pension scheme assets Defined benefit pension scheme liabilities Other Total
£m £m £m £m £m £m £m £m
Beginning of year 245.6 (245.1) (2.2) (1.7) 226.6 (213.3) (2.7) 10.6
Service cost and administrative expense (1.3) (1.1) (0.1) (2.5) (0.8) (1.4) (0.5) (2.7)
Employer contributions 3.9 - 0.1 4.0 4.3 0.1 0.8 5.2
Employee contributions 0.1 (0.1) - - 0.3 (0.3) - -
Return on plan assets excluding amounts in net finance income (8.5) - - (8.5) 16.7 - - 16.7
Actuarial gains/(losses) arising from change in financial assumptions - 6.2 - 6.2 - (27.9) - (27.9)
Actuarial losses arising from change in demographic assumptions - - - - - (4.2) - (4.2)
Actuarial gains/(losses) arising from experience adjustment - 4.2 - 4.2 - (0.4) - (0.4)
Finance income/(expense) 9.3 (9.5) - (0.2) 10.3 (9.7) - 0.6
Benefits paid (10.7) 10.7 0.5 0.5 (8.0) 8.0 - -
Curtailments - 3.0 - 3.0 - - - -
Settlements - - - - (6.4) 7.8 - 1.4
Currency translation 2.9 (3.8) - (0.9) 2.6 (3.8) 0.2 (1.0)
Business combination 5.4 (10.3) - (4.9) - - - -
End of year 246.7 (245.8) (1.7) (0.8) 245.6 (245.1) (2.2) (1.7)
Sensitivity
For the significant assumptions used in determining defined benefit costs and liabilities, the following sensitivity
analysis gives the estimate of the impact on the income statement and balance sheet for the year ended 31 December 2015.
Scheme liabilities
Europe US Total
£m £m £m
0.5% decrease in the discount rate (17.7) (3.6) (21.3)
1.0% increase in the rate of inflation (14.6) n/a (14.6)
1.0% increase in rate of salary/pension increases n/a n/a n/a
1 year increase in life expectancy (5.5) (1.4) (6.7)
0.5% increase in the discount rate 15.3 3.2 18.5
1.0% decrease in rate of salary/pension increases n/a n/a n/a
1.0% decrease in the rate of inflation 12.1 n/a 12.1
9. Issued share capital
2015 2014
£m £m
Issued and fully paid ordinary shares of 25p (2014: 25p) each 66.0 66.0
Number of ordinary shares in issue
Beginning of year 264,129,170 240,469,409
Issue of shares during the year - 23,659,761
End of year 264,129,170 264,129,170
At 31 December 2015 the Company held 1,750,571 (2014: 3,449,685) of its own shares in treasury.
In 2014, to fund the acquisition of Clondalkin Essentra plc issued a total of 23,659,761 new ordinary shares of 25p each at
a price of 713.5p per share, raising gross proceeds of £168.8m. Issue costs of £1.2m were incurred. The excess of the net
proceeds over the nominal value of shares issued is recorded in a merger relief reserve in accordance with Section 612 of
the Companies Act 2006. As at 31 December 2014, the proceeds from the placing were used to repay the amounts drawn under
the revolving credit facilities.
10. Analysis of net debt
1 Jan 2015 Cash flow Exchange movements Non-cash movements 31 Dec 2015
£m £m £m £m £m
Cash at bank and in hand 26.5 (2.0) (0.7) - 23.8
Short-term bank deposits and investments 19.5 (13.0) (0.1) - 6.4
Cash and cash equivalents in the statement of cash flows 46.0 (15.0) (0.8) - 30.2
Debt due within one year (5.8) 4.9 0.3 - (0.6)
Debt due after one year (102.3) (292.8) (7.7) (0.7) (403.5)
Net debt (62.1) (302.9) (8.2) (0.7) (373.9)
The non-cash movements represent the amortisation of prepaid facility fees.
1 Jan 2014 Cash flow Exchange movements Non-cash movements 31 Dec 2014
£m £m £m £m £m
Cash at bank and in hand 42.0 (15.5) - - 26.5
Short-term bank deposits and investments 2.1 17.4 - - 19.5
Cash and cash equivalents in the statement of cash flows 44.1 1.9 - - 46.0
Debt due within one year (6.5) 3.8 0.1 (3.2) (5.8)
Debt due after one year (254.7) 158.1 (4.0) (1.7) (102.3)
Net debt (217.1) 163.8 (3.9) (4.9) (62.1)
The non-cash movements represent the amortisation of prepaid facility fees and the increase in net debt from loans
acquired. The 2014 net debt amount presented above includes the effect of £1.9m prepaid facility fees on the Group's 5-year
revolving credit facility, which were presented within long-term receivables at 31 December 2014.
11. Acquisitions
2015 acquisition: Clondalkin
On 30 January 2015, Essentra acquired the entire Specialist Packaging Division of Clondalkin Group ("Clondalkin SPD") from
an affiliate of Warburg Pincus. Clondalkin SPD is a global provider of speciality secondary packaging solutions for the
pharmaceutical and health & personal care industries. With 24 facilities in North America and Europe, the acquisition of
Clondalkin SPD significantly enhances Essentra's existing geographic presence in healthcare packaging and, through
leveraging the combined footprint of both businesses, will allow the Group to further exploit both existing, and attractive
new growth opportunities. Clondalkin SPD's product portfolio of folding carton, product literature and labels is
complementary to the Group's current packaging and authentication capabilities, therefore broadening the range and
innovation offered to customers.
11. Acquisitions continued
A summary of the acquisition of Clondalkin SPD is detailed below:
Fair value of assets acquired /(liabilities assumed)
£m
Customer relationships and order book 160.7
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AnnouncementREG - Essentra plc - Transaction in Own Shares
AnnouncementREG - Essentra plc - Transaction in Own Shares
AnnouncementREG - Essentra plc - Transaction in Own Shares
Announcement