REG - Finsbury Food Group - Preliminary Results <Origin Href="QuoteRef">FIF.L</Origin> - Part 3
29/10/2014 13:19
- Part 3: For the preceding part double click ID:nRSV1887Sb
(2013:
£219,995). This asset has not been recognised in these Financial Statements as
suitable profits to utilise the underlying losses are not expected to arise in
the future.
7 Earnings per ordinary share
Basic earnings per share for the period is calculated on the basis of profit
for the year after tax, divided by the weighted average number of shares in
issue 65,635,000 (2013: 59,904,000).
Basic diluted earnings per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion of all
potential dilutive ordinary shares; which for 28 June 2014 the diluted
weighted average number is 70,169,000 shares, (2013: 65,653,000).
An adjusted earnings per share and an adjusted diluted earnings per share have
also been calculated as in the opinion of the Board this will allow
shareholders to gain a clearer understanding of the trading performance of the
Group. These adjusted earnings per share exclude:
· Reorganisation and other significant non-recurring costs
· IAS 39 'Financial Instruments: Recognition and Measurement' fair value
adjustment relating to the Group's interest rate swaps and foreign exchange
contracts
· IAS 19 (revised) 'Accounting for retirement benefits' relating to the
net income
· IFRS 3 'Business Combinations' discount charge relating to the deferred
consideration payable and receivable
· The taxation effect at the appropriate rate on the adjustments
Year ending28 June 2014 Year ending29 June 2013
Earnings Weighted average number of shares Per share amount Earnings Weighted average number of shares Per share amount
£000 000's Pence £000 000's Pence
Continued 4,400 - 6.7 4,311 - 7.2
Discontinued - - - 3,034 - 5.1
Basic earnings 4,400 65,635 6.7 7,345 59,904 12.3
Significant non-recurring and other items 26 - - (1,629) - (2.7)
Adjusted earnings 4,426 65,635 6.7 5,716 59,904 9.6
Profit on discontinued operations - - - (2,073) - (3.5)
Taxation on discontinued operations - - - 223 - 0.4
Discontinued earnings - - - (1,850) - (3.1)
Continuing Adjusted earnings 4,426 65,635 6.7 3,866 59,904 6.5
Dilutive effect of options - 4,534 - - 5,749 -
- 70,169 - - 65,653 -
Continued 4,400 - 6.3 4,311 - 6.6
Discontinued - - - 3,034 - 4.6
Basic diluted earnings 4,400 - 6.3 7,345 - 11.2
Adjusted diluted earnings 4,426 - 6.3 5,716 - 8.7
Discontinued diluted earnings - - - (1,850) - (2.8)
Continuing adjusted diluted earnings 4,426 70,169 6.3 3,866 65,653 5.9
8 Other interest-bearing loans and borrowings
This note provides information about the contractual terms and repayment terms
of the Group's interest-bearing loans and borrowings, which are measured at
amortised cost, using the effective interest rate method.
2014 Margin Frequency ofRepayments Year of maturity Facility£000 Drawn£000 Current£000 Non-Current£000
Invoice Discounting 1.50%/base On demand Revolving* 15,000 2,959 2,959 -
Revolving credit 2.00%/LIBOR Monthly 2017 8,000 2,000 2,000 -
Mortgage 1.75%/base Monthly 2023 4,000 3,593 399 3,194
Finance lease liabilities 1.76%/base Monthly various 2,000 854 382 472
Overdraft 2.00%/base On demand - 3,000 - - -
32,000 9,406 5,740 3,666
Unamortised transaction costs (76) (22) (54)
9,330 5,718 3,612
Secured bank loans and mortgages over one year (included above) 3,194
Unamortised transaction costs (54)
3,140
Repayments are as follows:
Between one and two years 347
Between two and five years 1,073
Between five and ten years 1,720
Between ten and fifteen years -
3,140
2013 Margin Frequency ofRepayments Year of maturity Facility£000 Drawn£000 Current£000 Non-Current£000
Invoice Discounting 1.50%/base On demand Revolving* 15,000 3,259 3,259 -
Revolving credit 2.00%/LIBOR Monthly 2017 8,000 - - -
Mortgage 1.75%/base Monthly 2023 4,000 3,932 369 3,563
Finance lease liabilities 1.83%/base Monthly various 2,000 1,332 476 856
Overdraft 2.00%/base On demand - 3,000 - - -
32,000 8,523 4,104 4,419
Unamortised transaction costs (260) (183) (77)
8,263 3,921 4,342
Secured bank loans and mortgages over one year (included above) 3,563
Unamortised transaction costs (77)
3,486
Repayments are as follows:
Between one and two years 347
Between two and five years 1,051
Between five and ten years 1,842
Between ten and fifteen years 246
3,486
* Revolving maturity above relates to the payment terms on the invoice
discounting which is up to 90 days from the date of invoice. The invoice
discounting facility renewal date is December 2017.
8 Other interest-bearing loans and borrowings (continued)
Finance lease liabilities are payable as follows:
2014 2013
Minimum lease payments Interest Principal Minimum lease payments Interest Principal
£000 £000 £000 £000 £000 £000
Less than one year 403 21 382 509 33 476
Between one and five years 486 14 472 891 35 856
889 35 854 1,400 68 1,332
All of the above loans are denoted in pounds sterling, with various interest
rates and maturity dates. The main purpose of the above facilities is to
finance the Group's operations.
HSBC Bank Plc, HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd
have debentures incorporating fixed and floating charges over the undertaking
and all property and assets including goodwill, book debts, uncalled capital,
buildings, fixtures, fixed plant and machinery
As part of the bank borrowing facility the Group needs to meet certain
covenants every six months. There were no breaches of covenants during the
year. The covenant tests required are as follows:
Net bank debt : EBITDA
Interest cover
Debt service cover
The HSBC facilities (excluding overdraft) available for drawdown are £29.0m
(2013: £29.0m). At the period end date the facility utilised was £9.4m (2013:
£8.5m), giving £19.6m (2013: £20.5m) headroom.
9 Analysis of net debt
Note At year ended29 June2013£000 Cash flow £000 At year ended28 June2014£000
Cash at bank 1,310 (718) 592
Loan notes - - -
1,310 (718) 592
Debt due within one year (369) (2,030) (2,399)
Debt due after one year (3,563) 369 (3,194)
Invoice discounting due within one year (3,259) 300 (2,959)
Hire purchase obligations due within one year (476) 94 (382)
Hire purchase obligations due after one year (856) 384 (472)
Total net bank debt (7,213) (1,601) (8,814)
Debt 8 (8,263) (9,330)
Cash at bank 1,310 592
Unamortised transaction costs (260) (76)
Total net bank debt (7,213) (8,814)
Deferred consideration payable (216) -
Total net debt including deferred consideration payable (7,429) (8,814)
Cash at banks 1,310 592
Total debt including deferred consideration payable excluding cash (8,739) (9,406)
Deferred consideration receivable 2,745 2,895
Total debt including deferred consideration payable and receivable excluding cash (5,994) (6,511)
This information is provided by RNS
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