REG - Goodwin PLC - Half-year Report <Origin Href="QuoteRef">GDWN.L</Origin> - Part 2
16/12/2016 12:30
- Part 2: For the preceding part double click ID:nRSP1030Sa
44,816 88,747 19,627 16,404 34,792 69,889 61,220 123,539
Inter-segment sales 13,910 7,526 18,248 2,988 1,965 4,534 16,898 9,491 22,782
Total revenue 64,172 52,342 106,995 22,615 18,369 39,326 86,787 70,711 146,321
Reconciliation to consolidated revenues:
Inter-segment sales (16,898) (9,491) (22,782)
Consolidated revenue for the period 69,889 61,220 123,539
Mechanical Engineering Refractory Engineering Sub Total
Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited
Half Year Ended 31st October 2016 Half Year Ended 31st October 2015 Year Ended 30th April 2016 Half Year Ended 31st October 2016 Half Year Ended 31st October 2015 Year Ended 30th April 2016 Half Year Ended 31st October 2016 Half Year Ended 31st October 2015 Year Ended 30th April 2016
£000 £000 £000 £000 £000 £000 £000 £000 £000
Profits
Segment result including associates 4,798 5,355 10,961 2,241 1,616 4,211 7,039 6,971 15,172
Group administration costs (604) (586) (2,083)
Group finance and treasury costs (376) (357) (775)
Consolidation adjustments (12) - -
Consolidated profit before tax for the period 6,047 6,028 12,314
Tax (1,829) (1,202) (3,376)
Consolidated profit after tax for the period 4,218 4,826 8,938
Segmental assets and liabilities
Segmental total assets Segmental total liabilities Segmental net assets
Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited
Half Year Ended31stOctober 2016£'000 Half Year Ended 31st October 2015£'000 Year Ended 30th April 2016£'000 Half Year Ended 31st October 2016£'000 Half Year Ended 31st October 2015£'000 Year Ended 30th April 2016£'000 Half Year Ended 31st October 2016£'000 Half Year Ended 31st October 2015£'000 Year Ended 30th April 2016£'000
Mechanical Engineering 93,637 71,353 82,569 70,179 50,452 65,432 23,458 20,901 17,137
Refractory Engineering 44,726 39,158 43,207 26,998 20,265 28,455 17,728 18,893 14,752
Sub total reportable segment 138,363 110,511 125,776 97,177 70,717 93,887 41,186 39,794 31,889
Goodwin PLC (the Company) net assets 68,467 66,491 71,620
Elimination of Goodwill PLC investments (22,441) (24,764) (22,441)
Goodwill 9,689 9,288 8,994
Hedge reserve consolidation adjustments (14,133) 1,607 (594)
Other consolidation adjustments 371 (6,068) 649
Consolidated total net assets 83,139 86,348 90,117
Segmental property, plant and equipment (PPE) capital expenditure
Goodwin PLC 2,095 3,221 5,633
Mechanical Engineering 737 1,485 3,405
Refractory Engineering 386 1,091 3,030
3,218 5,797 12,068
Geographical segments
Half Year Ended 31st October 2016 Half Year Ended 31st October 2015
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
Revenue Operational assets Non- current assets PPE Capital expenditure Revenue Operational assets Non- current assets PPE Capital expenditure
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
UK 11,352 52,149 70,611 2,631 15,193 65,166 64,065 4,708
Rest of Europe 15,031 10,646 2,480 265 11,825 5,254 762 98
USA 3,919 - - - 5,890 - - -
Pacific Basin 20,615 14,564 5,825 63 15,941 11,935 5,813 532
Rest of World 18,972 5,780 6,907 259 12,371 3,993 4,866 459
Total 69,889 83,139 85,823 3,218 61,220 86,348 75,506 5,797
Year Ended 30th April 2016
Audited Revenue Audited Operational assets AuditedNon- current assets AuditedPPE Capital expenditure
£'000 £'000 £'000 £'000
UK 36,776 66,292 69,383 9,771
Rest of Europe 21,656 8,035 1,120 453
USA 13,974 - - -
Pacific Basin 26,958 11,497 5,610 708
Rest of World 24,175 4,293 5,622 1,136
Total 123,539 90,117 81,735 12,068
The Group operates in the above principal locations. In presenting the
information on geographical segments, revenue is based on the location of its
customers and assets on the location of the assets.
6. Dividends
The Directors do not propose the payment of an interim dividend.
Unaudited Unaudited Audited
Half Year to31st October2016 Half Year to31st October2015 Year Ended30th April2016
£000 £000 £000
Equity Dividends Paid:
Ordinary dividends paid during the period in respect of the year ended 30th April 2016: (42.348p per share) 3,049 - -
Ordinary dividends paid during the period in respect of the year ended 30th April 2015: (42.348p per share) - 3,049 3,049
_____ _____ _____
Total dividends paid during the period 3,049 3,049 3,049
_____ _____ _____
7. Earnings per share
The calculation of the basic earnings per ordinary share is based on the
number of ordinary shares in issue during all periods of 7,200,000 and on the
profit for the six months attributable to ordinary shareholders of £3,927,000
(six months to 31st October 2015: £4,897,000).
8. Capital Management, issuance and repayment of debt
At 31st October 2016 the capital utilised was £115,785,000 as shown below:
Unauditedas at31st October2016 Unauditedas at31st October2015 Auditedas at30th April2016
£'000 £'000 £'000
Cash and cash equivalents (5,269) (5,188) (4,970)
Finance leases 3,878 407 4,339
Bank loans and committed facilities 28,767 15,889 17,306
Bank overdrafts 9,347 11,409 5,383
Deferred consideration 500 500 500
Net debt 37,223 23,017 22,558
Total equity attributable to equity holders of the parent 78,562 82,763 86,294
Capital 115,785 105,780 108,852
9. Property, Plant and Equipment
Fixed asset additions were £3,218,000 during the six month period to 31st
October 2016 (2015: £5,797,000), with the Group progressing on its capital
projects. Other movements in fixed assets were: depreciation of £2,718,000
(2015: £2,401,000); an increase due to the effect of exchange adjustments of
£2,254,000 (2015: decrease of £588,000); disposals of £77,000 ( 2015: £50,000)
and an acquisition of £Nil (2015: £39,000).
10. Intangible assets
During the six month period to 31st October 2016, intangible assets were
increased by £414,000 (2015: £3,500,000), via acquisitions of £Nil (2015:
£1,405,000) and by additions to goodwill of £70,000 (2015: £53,000). The
current period goodwill addition relates to additional deferred tax
liabilities in existing subsidiaries; the prior half year addition was an
increased interest in existing subsidiaries by virtue of a minority dividend
having been paid. Intangible assets have been reduced by amortisation of
£393,000 (2015: £184,000) and increased by exchange adjustments of £928,000
(2015: decreased by £169,000).
11. Hedge reserve
The Group is exposed to sales and purchases in foreign currency and in order
to mitigate the foreign exchange risk, the Group at its discretion uses hedges
where deemed appropriate by the Board. The majority of the Group's hedging
activity is in relation to UK subsidiary sales contracts in US Dollars and
Euros. Since the UK took the decision to leave the EU on the 23rd June 2016,
Sterling has depreciated against all major currencies including the US Dollar
and the Euro. As at the 31st October 2016, the cash flow hedge reserve is
significantly negative which reflects the marked to market values of
currencies sold to / purchased from the banks in relation to the Group's
underlying currency sales and purchase requirements and does not impact on the
reported profits of the Group.
12. Total financial assets and financial liabilities
The table below sets out the Group's accounting classification of its
financial assets and financial liabilities, and their carrying values/fair
values at 31st October 2016. The fair values of all financial assets and
financial liabilities are not materially different to the carrying values.
Carrying value/Fair value
£000
Financial assets
Cash and cash equivalents 5,269
Receivables
Trade receivables 28,534
Other receivables 4,285
Designated cash flow hedge relationships
Derivative financial assets designated and effective as cash flow hedging instruments 1,235
Total financial assets 39,323
Financial liabilities
Financial liabilities at amortised cost
Bank overdraft 9,347
Trade payables 12,916
Other payables 13,731
Deferred consideration 500
Finance lease liabilities 3,878
Bank loans 28,767
Corporation tax 2,234
Designated cash flow hedge relationships
Derivative financial liabilities designated and effective as cash flow hedging instruments 13,293
Total financial liabilities 84,666
Derivative financial assets and financial liabilities fair values in the above
table are derived using Level 2 inputs as defined by IFRS 7 as detailed in the
paragraph below*. All other financial assets and financial liabilities fair
values are determined using Level 3 inputs.
*IFRS 7 requires that the classification of financial instruments at fair
value be determined by reference to the source of inputs used to derive the
fair value. This classification uses the following three-level hierarchy:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or
liabilities;
Level 2 - inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices);
Level 3 - inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
This information is provided by RNS
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