REG - Essentra plc - RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2015 <Origin Href="QuoteRef">ESNT.L</Origin> - Part 2
31/07/2015 07:01
- Part 2: For the preceding part double click ID:nRSe6477Ua
Condensed consolidated statement of changes in equity (continued)
Year ended 31 December 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)
Shares 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
Condensed consolidated statement of cash flows
Six monthsended Six monthsended Year ended
Note 30 Jun 2015 30 Jun 2014 31 Dec 2014
£m £m £m
Operating activities
Profit for the period from continuing operations 35.6 35.8 71.8
Adjustments for:
Income tax expense 9.5 13.4 27.9
Net finance expense 5.3 4.8 9.1
Intangible amortisation 15.2 8.7 17.5
Exceptional operating items 16.3 6.3 16.2
Depreciation 18.4 15.0 27.2
Share option expense 3.3 3.2 6.8
Other movements (0.4) (1.0) (2.9)
Increase in inventories (11.7) (10.6) (5.5)
Increase in trade and other receivables (38.3) (25.8) (22.4)
Increase/(decrease) in trade and other payables 17.0 (0.8) 2.5
Cash outflow in respect of exceptional operating items (6.0) (1.6) (6.9)
Adjustment for pension contributions (3.1) (0.3) (2.5)
Movement in provisions (0.8) (1.2) (8.1)
Cash inflow from operating activities 60.3 45.9 130.7
Income tax paid (6.3) (10.3) (20.5)
Net cash inflow from operating activities 54.0 35.6 110.2
Investing activities
Interest received 0.3 0.1 0.3
Acquisition of property, plant and equipment (29.8) (14.8) (38.1)
Proceeds from sale of property, plant and equipment 1.9 1.2 5.0
Acquisition of businesses net of cash acquired (304.0) (2.6) (26.1)
Net cash outflow from investing activities (331.6) (16.1) (58.9)
Financing activities
Interest paid (4.9) (4.9) (8.8)
Dividends paid to equity holders (32.6) (24.8) (38.1)
Dividends paid to non-controlling interests (0.2) - (0.2)
Proceeds from equity issue - - 167.6
Repayments of short-term loans (4.9) (5.2) (3.8)
Repayments of long-term loans - (25.3) (158.1)
Proceeds from long-term loans 305.4 33.9 -
Purchase of employee trust shares (1.0) (4.4) (12.3)
Proceeds from sale of employee trust shares 5.0 3.5 4.3
Net cash inflow/(outflow) from financing activities 266.8 (27.2) (49.4)
Net (decrease)/increase in cash and cash equivalents (10.8) (7.7) 1.9
Net cash and cash equivalents at the beginning of the period 46.0 44.1 44.1
Net (decrease)/increase in cash and cash equivalents (10.8) (7.7) 1.9
Net effect of currency translation on cash and cash equivalents (0.9) (0.9) -
Net cash and cash equivalents at the end of the period 7 34.3 35.5 46.0
Notes
1. Basis of preparation
The condensed set of financial statements has been prepared in accordance with
the accounting policies set out in the 2014 Annual Report which comply with
International Financial Reporting Standards as adopted by the EU and also in
accordance with IAS 34 Interim Financial Reporting as adopted by the EU and
the Disclosure and Transparency Rules ('DTR') of the Financial Conduct
Authority. The preparation of the condensed set of financial statements
requires management to make estimates and assumptions that affect the
reporting amounts of revenues, expenses, assets and liabilities at 30 June
2015. If in the future such estimates and assumptions, which are based on
management's best judgement at the date of the condensed set of financial
statements, deviate from the actual circumstances, the original estimates and
assumptions will be modified as appropriate in the period in which the
circumstances change.
In the view of the Directors, the Group has adequate resources to continue its
activities for the foreseeable future and, therefore it is appropriate to
continue to adopt the going concern basis in the preparation of the condensed
set of financial statements.
The comparative figures for the financial year ended 31 December 2014 are not
the Company's statutory accounts for that financial year. Those accounts have
been reported on by the Company's auditor and delivered to the Registrar of
Companies. The report of the auditor was (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.
For the purpose of the condensed set of financial statements 'Essentra' or
'the Group' means Essentra plc ('the Company') and its subsidiaries.
The Group operates in industries where there are no significant seasonal or
cyclical variations in revenue. All results in the current period were
attributable to continuing operations.
Income tax expense is recognised based upon the best estimate of the weighted
average income tax rate on profit before tax and exceptional items expected
for the full financial year, taking into account the weighted average rate for
each jurisdiction.
2. Segment analysis
In accordance with IFRS 8, Essentra has determined its operating segments
based upon the information reported to the Group Management Committee. With
effect from 1 January 2015, Essentra has implemented a new organisation
structure, comprising four strategic business units. The Components,
Speciality Tapes and Security businesses form a strategic business unit named
Distribution. The Pipe Protection Technologies, Porous Technologies and
Extrusion businesses together form Speciality Technologies. The packaging and
authentication solutions businesses within the previous Packaging & Securing
Solutions division and the Clondalkin SPD business acquired on 30 January 2015
(see note 8) form Health & Personal Care Packaging. The existing Filter
Products division remains as a separate strategic business unit.
In conjunction with the structural change, with effect from 1 January 2015
Essentra has also implemented a revised methodology for allocation of certain
functional costs such as finance, human resources, legal and IT, as well as
costs relating to management of the strategic business units and regions.
These allocations are made on the basis of revenue which is deemed by
management as a reasonable measure of activities and a key performance
indicator of the Group.
2. Segment analysis (continued)
The operating 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 an independent cigarette filter manufacturer supplying a
wide range of value adding high quality innovative filters, packaging
solutions to the roll your own sector 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.
June 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 137.6 189.0 153.5 70.3 - - 550.4 - 550.4
Intersegment revenue 0.4 0.1 0.4 0.2 (1.1) - - -
Total revenue 138.0 189.1 153.9 70.5 (1.1) - 550.4 - 550.4
Adjusted operating profit/(loss) 2 32.4 22.4 23.8 12.1 - (8.8) 81.9 - 81.9
Segment assets 147.8 206.9 151.6 103.3 - 7.7 617.3 - 617.3
Intangible assets 183.1 442.0 - 51.5 - - 676.6 - 676.6
Unallocated items 3 - - - - - 71.9 71.9 - 71.9
Total assets 330.9 648.9 151.6 154.8 - 79.6 1,365.8 1,365.8
Segment liabilities 42.3 100.6 54.1 14.4 - 24.1 235.5 - 235.5
Unallocated items 3 - - - - - 537.6 537.6 - 537.6
Total liabilities 42.3 100.6 54.1 14.4 - 561.7 773.1 - 773.1
June 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 123.9 85.9 141.7 79.6 - - 431.1 - 431.1
Intersegment revenue 0.1 0.2 - - (0.3) - - - -
Total revenue 124.0 86.1 141.7 79.6 (0.3) - 431.1 - 431.1
Adjusted operating profit/(loss) 2 31.2 15.3 17.6 13.8 - (8.9) 69.0 - 69.0
Segment assets 120.9 99.5 134.7 97.7 - 2.7 455.5 - 455.5
Intangible assets 162.4 168.8 - 52.0 - - 383.2 - 383.2
Unallocated items 3 - - - - - 70.9 70.9 - 70.9
Total assets 283.3 268.3 134.7 149.7 - 73.6 909.6 - 909.6
Segment liabilities 38.0 37.6 45.9 18.0 - 15.0 154.5 2.5 157.0
Unallocated items 3 - - - - - 347.7 347.7 - 347.7
Total liabilities 38.0 37.6 45.9 18.0 - 362.7 502.2 2.5 504.7
2. Segment analysis (continued)
December 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
Adjusted operating profit/(loss) 2 56.9 30.8 39.0 29.8 - (14.0) 142.5 - 142.5
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 3 - - - - - 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 3 - - - - - 215.2 215.2 - 215.2
Total liabilities 42.7 36.5 38.8 20.4 - 242.2 380.6 2.5 383.1
1 Central Services includes group finance, tax, treasury, legal, group
assurance, human resources, information technology, corporate development and
other services provided centrally to support the operating segments
2 Operating profit before intangible amortisation and exceptional items
3 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.
4 The 2014 full-year results for Distribution and Health & Personal Care
Packaging have been represented to include manufactured cards within Health &
Personal Care Packaging.
3. Exceptional items
Six monthsended30 Jun 2015£m Six monthsended30 Jun 2014£m Yearended31 Dec 2014£m
Exceptional operating items
Acquisition fees 0.1 0.2 7.1
Acquisition integration and restructuring costs 18.2 6.1 9.3
Other (2.0) - (0.2)
16.3 6.3 16.2
Exceptional tax items (1.7) - -
Acquisition-related costs incurred during the period in respect of the
acquisition of Speciality Plastics (period ended 30 June 2014: acquisition of
Kelvindale; year ended 31 December 2014: acquisitions of Kelvindale, Abric and
Clondalkin SPD).
Acquisition integration and restructuring costs incurred during the period in
respect of Clondalkin SPD, Abric and Speciality Plastics (period ended 30 June
2014: Contego, Dakota and Mesan; year ended 31 December 2014: Kelvindale,
Contego, Dakota, Mesan and Abric). The costs for June 2015 also include the
effect of unwinding the fair value adjustment on inventory in relation to the
acquisition of Clondalkin SPD, amounting to £1.9m.
Other exceptional items in the period ended June 2015 relate to the release in
respect of warranty obligations for the disposal of Globalpack, an entity
disposed of in 2007. Other exceptional items in the period ended 31 December
2014 comprised £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.
Exceptional tax items relate to the release of tax indemnity provisions of
£1.7 million in respect of the 2007 Globalpack disposal.
4. Earnings per share
Six monthsended Six monthsended Year ended
30 Jun 2015 30 Jun 2014 31 Dec 2014
£m £m £m
Continuing operations
Earnings attributable to equity holders of Essentra plc 35.3 35.4 71.0
Adjustments
Intangible amortisation 15.2 8.7 17.5
Exceptional operating items 16.3 6.3 16.2
31.5 15.0 33.7
Tax relief on adjustments (6.4) (2.9) (5.4)
Exceptional tax item (1.7) - -
Adjusted earnings 58.7 47.5 99.3
Basic weighted average ordinary shares in issue (million) 258.6 233.6 236.8
Dilutive effect of employee share option plans (million) 4.1 5.2 5.0
Diluted weighted average ordinary shares (million) 262.7 238.8 241.8
Continuing operations
Basic earnings per share 13.7p 15.2p 30.0p
Adjustment 9.0p 5.1p 11.9p
Adjusted earnings per share 22.7p 20.3p 41.9p
Diluted earnings per share 13.4p 14.8p 29.4p
Diluted adjusted earnings per share 22.3p 19.9p 41.1p
Adjusted earnings per share is provided to reflect the underlying earnings
performance of Essentra.
5. Property, plant and equipment
During the period, the additions of land and buildings, plant and machinery
and fixtures, fittings and equipment amounted to £28.5m (six months ended 30
June 2014: £15.3m; year ended 31 December 2014: £40.5m).
Land and buildings, plant and machinery and fixtures, fittings and equipment
with a net book value of £1.9m (six months ended 30 June 2014: £1.1m; year
ended 31 December 2014: £2.6m) were disposed of for proceeds of £1.9m (six
months ended 30 June 2014: £1.2m; year ended 31 December 2014: £5.0m).
6. Retirement benefit obligations
Movement in pension net assets/(liabilities) during the period
30 Jun 2015 30 Jun 2014 31 Dec 2014
£m £m £m
Movements
Beginning of period (1.7) 10.6 10.6
Service cost (1.0) (1.2) (2.7)
Employer contributions 2.3 1.5 5.2
Return on plan assets excluding amounts in net finance income (2.9) 4.3 16.7
Actuarial gain/(loss) arising from changes in financial assumptions 6.2 (8.3) (27.9)
Actuarial loss arising from changes in demographic assumptions - - (4.2)
Actuarial gain/(loss) arising from experience adjustment 0.1 - (0.4)
Net finance (cost)/income (0.1) 0.4 0.6
Business combination (4.7) - -
Curtailments and settlements 1.7 1.4
Currency translation 0.6 0.6 (1.0)
End of period 0.5 7.9 (1.7)
6. Retirement benefit obligations (continued)
The principal defined benefit schemes were reviewed by independent qualified
actuaries as at 30 June 2015. The assets of the schemes have been updated to
the balance sheet date to take account of the investment returns achieved by
the schemes and the level of contributions. The liabilities of the schemes at
the balance sheet date have been updated to reflect latest discount rates and
other assumptions as well as the level of contributions. The principal
assumptions used by the independent qualified actuaries were as follows:
Europe
30 Jun 2015 30 Jun 2014 31 Dec 2014
£m £m £m
Rate of increase in salaries (pre-2010) 1 3.00% 3.00% 3.00%
Rate of increase in salaries (post-2010) 1 3.00% 3.00% 3.00%
Rate of increase in pensions 1
At RPI capped at 5% 3.20% 3.20% 3.00%
At CPI capped at 5% 2.30% 2.30% 2.10%
At CPI minimum 3%, capped at 5% 3.30% 3.20% 3.20%
At CPI capped at 2.5% 1.80% 1.90% 1.70%
Discount rate 3.80% 4.30% 3.70%
Inflation rate - RPI 3.30% 3.30% 3.10%
Inflation rate - CPI 2.30% 2.30% 2.10%
US
30 Jun 2015 30 Jun 2014 31 Dec 2014
£m £m £m
Rate of increase in salaries 3.00% 3.00% 3.00%
Rate of increase in pensions n/a n/a n/a
Discount rate 4.55% 4.30% 4.00%
Inflation rate n/a n/a 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%
7. Analysis of net debt
30 Jun 2015 31 Dec 2014
£m £m
Cash at bank and in hand 22.0 26.5
Short-term deposits repayable on demand 12.3 19.5
Cash and cash equivalents 34.3 46.0
Debt due within one year (0.8) (5.8)
Debt due after one year (393.0) (102.3)
Net debt (359.5) (62.1)
At 30 June 2015 the Group's facilities primarily comprised US$160m US Private
Placement Loan Notes and revolving credit facilities of E160.0m and £262.0m.
8. Acquisitions
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.
A summary of the acquisition of Clondalkin SPD is detailed below:
Provisional fair value of assets/(liabilities) acquired
£m
Customer relationships and order book 160.7
Goodwill 139.6
Property, plant and equipment 44.3
Inventories 20.4
Receivables 36.3
Cash and cash equivalents 7.2
Retirement benefit obligations (4.7)
Deferred tax (43.0)
Current Tax 0.5
Payables (48.7)
Provisions (4.4)
Fair value of net assets acquired 308.2
Satisfied by:
Cash consideration paid 309.4
Completion amount receivable (1.2)
Cash consideration 309.4
Cash and cash equivalents acquired (7.2)
Net cash flow in respect of the acquisition 302.2
Property, plant and equipment, intangible assets, inventories, receivables and
payables were all reassessed to their fair value. The gross contractual amount
receivable of the receivables was £40.8m.
Goodwill represents the expected operating synergies and financial synergies,
and the value of an assembled workforce. Goodwill is not deductible for tax
purposes. The adjustment to deferred tax is the tax effect of recognising
customer relationships and other intangible assets and the tax effect of the
fair value adjustments.
Clondalkin SPD contributed £105.8m to revenue and £9.6m to operating profit
before intangible amortisation in the period from acquisition to 30 June
2015.
The Group also acquired Specialty Plastics based in Australia in February
2015. This acquisition was not material.
9. Dividends
Per share Total
Six months ended 30 Jun 2015 Six months ended 30 Jun 2014 Yearended 31 Dec 2014 Six months ended 30 Jun 2015 Six months ended 30 Jun 2014 Year ended 31 Dec 2014
p p p £m £m £m
2014 interim: paid 30 October 2014 5.7 5.7 13.4 13.3
2014 final: paid 1 May 2015 12.6 32.6
2015 interim:payable 30 October 2015 6.3 16.4
6.3 5.7 18.3 16.4 13.4 45.9
The interim dividend for 2015 of 6.3p per 25p ordinary share will be paid on
30 October 2015 to equity holders on the share register on 25 September 2015.
10. Related party transactions
Other than the compensation of key management, Essentra has not entered into
any material transactions with related parties since the last Annual Report.
11. Financial instruments
Essentra held the following financial instruments at fair value at 30 June
2015. The only financial instrument with fair value determined by reference
to significant unobservable inputs, which is classified as level 3 in the fair
value hierarchy, is the deferred contingent consideration of £6.1m primarily
relating to the acquisition of Mesan Kilit A.S. (31 Dec 2014: deferred
contingent consideration of £5.8m relating to the acquisition of Mesan Kilit
A.S.). The other financial instruments included in the table below are
determined to be level 2 in the fair value hierarchy. There have been no
transfers between levels of the fair value hierarchy. There are no
non-recurring fair value measurements.
30 Jun 2015 31 Dec 2014
£m £m
Financial assets
Derivatives 1.0 3.9
Financial liabilities
Derivatives (0.3) (0.1)
Deferred contingent consideration (6.1) (5.8)
Total (5.4) (2.0)
The fair values of forward foreign exchange contracts and cross currency swaps
have been calculated based on period end forward exchange rates compared to
contracted rates. The carrying amount and fair value of the US Private
Placement Loan Notes are £101.9m (31 December 2014: £101.9m) and £111.6m (31
December 2014: £111.3m) respectively. The carrying amount of the other
financial instruments is a reasonable approximation of their fair value.
12. Subsequent events
On 8 July 2015, Essentra announced that it was entering into a 45-day
consultation period regarding the proposal to transfer its filter
manufacturing, product development and innovation activities based in Jarrow,
UK to its facility in Hungary, and as a consequence to close the existing
Bedesway site in Jarrow. If the proposal is confirmed, the transfer of
activities will take place by the end of 2015.
Responsibility statement of the directors in respect of the half-yearly
financial report
We confirm that to the best of our knowledge:
• the condensed set of financial statements has been prepared in accordance
with IAS 34 Interim Financial Reporting as adopted by the EU;
• the interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Colin Day
Matthew Gregory
Chief Executive Group
Finance Director
31 July 2015
Independent review report to Essentra plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2015 which comprises the condensed consolidated balance sheet, the
condensed consolidated income statement, the condensed consolidated statement
of comprehensive income, the condensed consolidated statement of changes in
equity, the condensed consolidated statement of cash flows and the related
explanatory notes. We have read the other information contained in the
half-yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements.
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the Disclosure
and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority
("the UK FCA"). Our review has been undertaken so that we might state to the
Company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company for our review work,
for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
The annual financial statements of the Group are prepared in accordance with
IFRSs as adopted by the EU. The condensed set of financial statements included
in this half-yearly financial report has been prepared in accordance with IAS
34 Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the UK. A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and consequently
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2015 is not prepared, in all
material respects, in accordance with IAS 34 as adopted by the EU and the DTR
of the UK FCA.
Stephen Wardell
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
Canary Wharf
London
E14 5GL
31 July 2015
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Essentra
See all newsREG - Essentra plc - Company Secretary Change
AnnouncementREG - Essentra plc - Notice of Full Year 2025 Results
AnnouncementREG - Essentra plc - Transaction in Own Shares
AnnouncementREG - Essentra plc - Transaction in Own Shares
AnnouncementREG - Essentra plc - Transaction in Own Shares
Announcement