REG - Howden Joinery Grp - Half-year Report <Origin Href="QuoteRef">HWDN.L</Origin> - Part 2

Howden JoineryAnnouncement

20/07/2017 07:06

- Part 2: For the preceding part double click  ID:nRST5639La 

 
                                                                               non-pensioner aged 45 - female    92.3                              92.2                                92.3  
 
 
10 Retirement benefit obligations (continued) 
 
Balance sheet 
 
The amount included in the balance sheet arising from the Group's obligations
in respect of the defined benefit scheme is as follows: 
 
                                                         10 June 2017£m  11 June 2016£m  24 December 2016£m  
 Present value of defined benefit obligations            (1,385.0)       (1,133.5)       (1,283.8)           
 Fair value of scheme assets                             1,261.0         1,047.0         1,177.8             
 Deficit in the scheme, recognised in the balance sheet  (124.0)         (86.5)          (106.0)             
 
 
Movements in the deficit during the period are as follows: 
 
                                         24 weeks to10 June 2017 unaudited£m  24 weeks to11 June 2016unaudited£m  52 weeks to24 December 2016audited£m  
 Deficit at start of period              (106.0)                              (49.2)                              (49.2)                                
 Current service cost                    (8.4)                                (6.9)                               (15.0)                                
 Administration cost                     (1.0)                                (0.7)                               (2.9)                                 
 Employer contributions                  18.9                                 19.2                                48.5                                  
 Other finance charge                    (1.1)                                (0.4)                               (1.0)                                 
 Actuarial losses gross of deferred tax  (26.4)                               (48.5)                              (86.4)                                
 Deficit at end of period                (124.0)                              (86.5)                              (106.0)                               
 
 
Statement of comprehensive income 
 
Amounts taken to equity via the statement of comprehensive income in respect
of the Group's defined benefit plan are shown below: 
 
                                                        24 weeks to10 June 2017 unaudited£m  24 weeks to11 June 2016unaudited£m  52 weeks to24 December 2016audited£m  
 Actuarial gains on plan assets                         68.3                                 29.8                                133.4                                 
 Actuarial losses on plan liabilities                   (94.7)                               (78.3)                              (219.8)                               
 Total actuarial losses before associated deferred tax  (26.4)                               (48.5)                              (86.4)                                
 
 
11 Provisions 
 
                                Property £m  Warranty£m  Other£m  Total£m  
 At 24 December 2016 - audited  4.7          4.0         0.3      9.0      
 Created in the period          1.1          1.4         2.0      4.5      
 Utilised in the period         (0.4)        (1.8)       -        (2.2)    
 Released in the period         (0.2)        -           -        (0.2)    
 At 10 June 2017 - unaudited    5.2          3.6         2.3      11.1     
 
 
12 Related party transactions 
 
There have been no changes to the related party arrangements or transactions
as reported in the 2016 Annual Report & Accounts 
 
Transactions between Group companies, which are related parties, have been
eliminated on consolidation and are therefore not disclosed.  Other
transactions which fall to be treated as related party transactions are: those
relating to the remuneration of key management personnel, which are not
disclosed in the half-yearly report, and which will be disclosed in the
Group's next Annual Report; and transactions between the Group and the Group's
defined benefit pension plan, which are disclosed in note 10. 
 
13 Note to the cash flow statement 
 
Analysis of net cash 
 
                                Cash atbank and in hand£m  Short-term investments£m  Cash and cash equivalents/Net cash£m  
 At 24 December 2016 - audited  139.3                      87.3                      226.6                                 
 Cash flow                      75.8                       (87.3)                    (11.5)                                
 At 11 June 2016 - unaudited    215.1                      -                         215.1                                 
 
 
INDEPENDENT REVIEW REPORT TO HOWDEN JOINERY GROUP PLC 
 
We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the 24 weeks ended 10 June
2017 which comprises the income statement, the balance sheet, the statement of
changes in equity, the cash flow statement and related notes 1 to 13. 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 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.  Our work has been undertaken so that
we might state to the company those matters we are required to state to it in
an independent review 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 formed. 
 
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 Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority. 
 
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union.  The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34 "Interim Financial Reporting" as adopted by the European Union. 
 
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 United Kingdom. A review of interim financial
information consists of making inquiries, 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 
 
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 24
weeks ended 10 June 2017 is not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority. 
 
Deloitte LLP 
 
Statutory Auditor 
 
London, United Kingdom 
 
19 July 2017 
 
FINANCIAL CALENDAR 
 
                                   
 2017                              
                                   
 Trading update                    2 November 2017   
                                   
 End of financial year (53-weeks)  30 December 2017  
                                   
 2018                              
                                   
 2017 Preliminary Results          1 March 2018      
                                   
 Trading update                    2 May 2018        
                                   
 Annual General Meeting            2 May 2018        
                                   
 Half Year Report                  26 July 2018      
                                   
 Trading update                    2 November 2018   
                                                     
 
 
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