- Part 2: For the preceding part double click ID:nRSR6363Za
(376) (873)
Consolidation adjustments - (12) -
Consolidated profit before tax for the period 6,108 6,047 9,244
Tax (1,656) (1,829) (2,487)
Consolidated profit after tax for the period 4,452 4,218 6,757
Segment Assets and Liabilities
Segmental total assets Segmental total liabilities Segmental net assets
Unaudited Half Year Ended 31st October 2017 Unaudited Half Year Ended 31st October 2016 Audited Year Ended 30th April 2017 Unaudited Half Year Ended 31st October 2017 Unaudited Half Year Ended 31st October 2016 Audited Year Ended 30th April 2017 Unaudited Half Year Ended 31st October 2017 Unaudited Half Year Ended 31st October 2016 Audited Year Ended 30th April 2017
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Mechanical Engineering 85,793 97,284 80,968 66,798 85,210 65,036 18,995 12,074 15,932
Refractory Engineering 45,425 44,635 41,717 24,527 29,285 23,321 20,898 15,350 18,396
Sub total reportable segment 131,218 141,919 122,685 91,325 114,495 88,357 39,893 27,424 34,328
Goodwin PLC (the Company) net assets 68,841 68,467 71,944
Elimination of Goodwin PLC investments (22,084) (22,441) (22,084)
Goodwill 9,710 9,689 9,473
Consolidated total net assets 96,360 83,139 93,661
Segmental property, plant and equipment (PPE) capital expenditure
Goodwin PLC 3,049 2,095 5,070
Mechanical Engineering 687 737 1,611
Refractory Engineering 267 386 918
4,003 3,218 7,599
Geographical Segments
Half Year Ended 31st October 2017 Half Year Ended 31st October 2016
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 13,698 63,870 71,656 3,610 11,352 52,149 70,611 2,631
Rest of Europe 14,674 10,483 2,276 136 15,031 10,646 2,480 265
USA 2,544 - - - 3,919 - - -
Pacific Basin 11,709 14,635 7,505 116 20,615 14,564 5,825 63
Rest of World 19,268 7,372 6,187 141 18,972 5,780 6,907 259
Total 61,893 96,360 87,624 4,003 69,889 83,139 85,823 3,218
Year Ended 30th April 2017
Audited Audited Audited Audited
Revenue Operational assets Non-current assets PPE capital expenditure
£'000 £'000 £'000 £'000
UK 24,034 63,451 69,693 6,504
Rest of Europe 29,712 10,213 2,271 466
USA 6,574 - - -
Pacific Basin 33,095 14,012 7,459 210
Rest of World 38,172 5,985 6,601 419
Total 131,587 93,661 86,024 7,599
6. Dividends
The Directors do not propose the payment of an interim dividend.
Unaudited Unaudited Audited
Half Year to Half Year to Year Ended
31st October 2017 31st October 2016 30th April 2017
£'000 £'000 £'000
Equity Dividends Paid:
Ordinary dividends paid during the period in respect of the year ended 30th April 2017 (42.348p per share) 3,049 - -
Ordinary dividends paid during the period in respect of the year ended 30th April 2016 (42.348p per share) - 3,049 3,049
Dividends paid to minority shareholders in Noreva GmbH 88 65 62
Total dividends paid during the period 3,137 3,114 3,111
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 £4,203,000
(six months to 31st October 2016: £3,927,000).
8. Capital Management, Issuance and Repayment of Debt
At 31st October 2017 the capital utilised was £119,505,000 as shown below:
Unaudited Unaudited Audited
as at as at as at
31st October 2017 31st October 2016 30th April 2017
£'000 £'000 £'000
Cash and cash equivalents (7,813) (5,269) (5,172)
Finance leases 2,984 3,878 3,413
Bank loans and committed facilities 22,132 28,767 23,149
Bank overdrafts 9,737 9,347 6,655
Deferred consideration 500 500 500
Net debt 27,540 37,223 28,545
Total equity attributable to equity holders of the parent 91,965 78,562 89,436
Capital 119,505 115,785 117,981
9. Property, Plant and Equipment
Unaudited Unaudited
as at as at
31st October 2017 31st October 2016
£'000 £'000
Net book value at the beginning of the period 65,739 62,530
Additions 4,003 3,218
Disposals (at net book value) (201) (77)
Depreciation (2,644) (2,718)
Exchange adjustment (105) 2,254
Net book value at the end of the period 66,792 65,207
10. Intangible assets
Unaudited Unaudited
as at as at
31st October 2017 31st October 2016
£'000 £'000
Net book value at the beginning of the period 18,240 17,565
Additions 709 484
Amortisation (552) (393)
Exchange adjustment 206 928
Net book value at the end of the period 18,603 18,584
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 company sales contracts in US Dollars and
Euros.
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 2017. 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 7,813
Receivables
Trade receivables 23,847
Other receivables 5,841
At fair value through the income statement
Derivative financial assets not designated in a cash flow hedge relationship 535
Designated cash flow hedge relationships
Derivative financial assets designated and effective as cash flow hedging instruments 21
Total financial assets 38,057
Financial liabilities
Financial liabilities at amortised cost
Bank overdraft 9,737
Trade payables 9,199
Other payables 12,763
Deferred consideration 500
Finance lease liabilities 2,984
Bank loans 22,132
Corporation tax 2,043
At fair value through the income statement
Derivative financial liabilities not designated in a cash flow hedge relationship 32
Designated cash flow hedge relationships
Derivative financial liabilities designated and effective as cash flow hedging instruments 2,196
Total financial liabilities 61,586
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
The company news service from the London Stock Exchange