- Part 2: For the preceding part double click ID:nRSR4877Ja
£000 £000 £000 £000 £000 £000 £000
Revenue
External sales 44,816 56,269 93,545 16,404 16,701 33,504 61,220 72,970 127,049
Intra-Group sales 7,526 11,656 24,899 1,965 2,573 5,912 9,491 14,229 30,811
Total revenue 52,342 67,925 118,444 18,369 19,274 39,416 70,711 87,199 157,860
Reconciliation to consolidated revenues:
Intra-Group sales (9,491) (14,229) (30,811)
Consolidated revenue for the period 61,220 72,970 127,049
Mechanical Engineering Refractory Engineering Sub Total
Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited
Half Year Ended 31st October 2015 Half Year Ended 31st October 2014 Year Ended 30th April 2015 Half Year Ended 31st October 2015 Half Year Ended 31st October 2014 Year Ended 30th April 2015 Half Year Ended 31st October 2015 Half Year Ended 31st October 2014 Year Ended 30th April 2015
£000 £000 £000 £000 £000 £000 £000 £000 £000
Profits
Segment result including associates 5,355 11,401 16,397 1,616 2,418 5,139 6,971 13,819 21,536
Group administration costs (586) (34) (801)
Group finance and treasury costs (357) (335) (682)
Consolidated profit before tax for the period 6,028 13,450 20,053
Tax (1,202) (2,907) (4,601)
Consolidated profit after tax for the period 4,826 10,543 15,452
Segmental assets and liabilities
Segmental total assets Segmental total liabilities Segmental net assets
Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited
Half Year Ended 31st October 2015£'000 Half Year Ended 31st October 2014£'000 Year Ended 30th April 2015£'000 Half Year Ended 31st October 2015£'000 Half Year Ended 31st October 2014£'000 Year Ended 30th April 2015£'000 Half Year Ended 31st October 2015£'000 Half Year Ended 31st October 2014£'000 Year Ended 30th April 2015£'000
Mechanical Engineering 71,353 74,671 65,635 50,452 48,736 48,082 20,901 25,935 17,553
Refractory Engineering 39,158 31,639 35,262 20,265 14,005 16,572 18,893 17,634 18,690
Sub total reportable segment 110,511 106,310 100,897 70,717 62,741 64,654 39,794 43,569 36,243
Goodwin PLC (the Company) net assets 66,491 55,620 69,729
Elimination of Goodwill PLC investments (24,764) (20,624) (24,122)
Goodwill 9,288 8,325 7,970
Other consolidation adjustments (4,461) (5,449) (3,298)
Consolidated total net assets 86,348 81,441 86,522
Segmental property, plant and equipment (PPE) capital expenditure
Goodwin PLC 3,221 3,122 7,586
Mechanical Engineering 1,485 2,766 4,843
Refractory Engineering 1,091 1,054 4,542
5,797 6,942 16,971
Geographical segments
Half Year Ended 31st October 2015 Half Year Ended 31st October 2014
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 15,193 65,166 64,065 4,708 14,251 63,669 52,667 5,717
Rest of Europe 11,825 5,254 762 98 14,750 5,642 427 170
USA 5,890 - - - 5,967 - - -
Pacific Basin 15,941 11,935 5,813 532 25,660 9,031 1,934 770
Rest of World 12,371 3,993 4,866 459 12,342 3,099 5,008 285
Total 61,220 86,348 75,506 5,797 72,970 81,441 60,036 6,942
Year Ended 30th April 2015
Audited Revenue Audited Operational assets AuditedNon current assets AuditedPPE Capital expenditure
£'000 £'000 £'000 £'000
UK 25,415 63,150 56,658 11,876
Rest of Europe 24,680 5,921 724 602
USA 13,009 - - -
Pacific Basin 39,321 12,430 5,587 3,799
Rest of World 24,624 5,021 5,032 694
Total 127,049 86,522 68,001 16,971
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 October2015 Half Year to31st October2014 Year Ended30th April2015
£000 £000 £000
Equity Dividends Paid:
Ordinary dividends paid during the period in respect of the year ended 30th April 2015: (42.348p per share) 3,049 - -
Ordinary dividends paid during the period in respect of the year ended 30th April 2014: (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 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 £4,897,000 (six months
to 31st October 2014: £10,186,000). The Company has no share options or other
diluting interest and, accordingly, there is no difference in the calculation
of diluted earnings per share.
8. Capital Management, issuance and repayment of debt
At 31st October 2015 the capital utilised was £105,780,000 as shown below:
Unauditedas at31st October 2015 Unauditedas at31st October 2014 Auditedas at30th April 2015
£'000 £'000 £'000
Cash and cash equivalents (5,188) (6,825) (7,732)
Bank overdrafts 11,409 7,086 -
Finance leases 407 791 565
Bank loans and committed facilities 15,889 13,885 16,861
Deferred consideration 500 500 500
Net debt 23,017 15,437 10,194
Total equity attributable to equity holders of the parent 82,763 77,216 82,741
Capital 105,780 92,653 92,935
9. Property, Plant and Equipment
Fixed asset additions were £5,797,000 during the six month period to 31st
October 2015, with the Group progressing on its capital projects. Other
movements in fixed assets were: depreciation of £2,401,000; a decrease due to
the effect of exchange adjustments of £588,000; disposals of £50,000 and an
acquisition of £39,000.
Fixed asset additions were £7,262,000 with capital grants received of £320,000
during the six month period to 31st October 2014, with the Group progressing
on its capital projects. Other movements in fixed assets were: depreciation of
£2,484,000; capitalised interest of £18,000; an increase due to the effect of
exchange adjustments of £129,000; and disposals of £249,000.
10. Intangible assets
During the six month period to 31st October 2015, intangible assets were
increased by £3,500,000 and by the acquisition of £1,405,000 (note 11) and by
additions to goodwill of £53,000 (being increased interest in existing
subsidiaries by virtue of a minority dividend been paid); reduced by
amortisation of £184,000 and reduced by exchange adjustments of £169,000.
During the six month period to 31st October 2014, intangible assets were
increased by additions to goodwill of £80,000 being increased interest in
existing subsidiaries by virtue of a minority dividend been paid; reduced by
amortisation of £212,000 and reduced by exchange adjustments of £286,000.
11. Acquisition
A small electronics company was acquired during the six months to 31st October
2015 for a consideration of £1,561,000 (with £106,000 of bank overdraft).
Assets acquired included a provisional value of intangible assets and goodwill
of £1,405,000.
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 2015. 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 5,188
Receivables
Trade receivables 24,247
Other receivables 1,762
At fair value through the income statement
Derivative financial assets not designated in a cash flow hedge relationship 575
Designated cash flow hedge relationships
Derivative financial assets designated and effective as cash flow hedging instruments 3,268
Total financial assets 35,040
Financial liabilities
Financial liabilities at amortised cost
Bank overdraft 11,409
Trade payables 13,080
Other payables 7,290
Deferred consideration 500
Finance lease liabilities 407
Bank loans 15,889
Corporation tax 1,075
At fair value through the income statement
Derivative financial liabilities not designated in a cash flow hedge relationship 302
Designated cash flow hedge relationships
Derivative financial liabilities designated and effective as cash flow hedging instruments 1,261
Total financial liabilities 51,213
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