REG - Camellia PLC - Half Yearly Report <Origin Href="QuoteRef">CAME.L</Origin> <Origin Href="QuoteRef">HTG.L</Origin> <Origin Href="QuoteRef">NBDD.L</Origin> - Part 2

HuntingAnnouncement

27/08/2015 07:02

- Part 2: For the preceding part double click  ID:nRSa2165Xa 

proposed interim dividend was approved by the board of directors on 26 August 2015 and has not been included as a liability in these financial statements.  
 
 
 13  Earnings per share (EPS)  
 
 
                                          Six months          Six months            Year                        
                                                ended                  ended                    ended           
                                                 30 June               30 June                 31 December      
                                                 2015                  2014                    2014             
                                          Earnings            EPS                   Earnings                    EPS          Earnings    EPS         
                                          £'000               Pence                 £'000                       Pence        £'000       Pence       
                                                                                    restated                    restated     restated    restated    
                                                                                                                                                     
 Basic and diluted EPS                                                                                                                               
 Attributable to ordinary shareholders    (7,956           )  (288.1             )  (5,934                   )  (214.8    )  2,836       102.7       
 
 
Basic and diluted earnings per share are calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue of 2,762,000 (2014: six months 2,762,531 - year
2,762,264), which excludes 62,500 (2014: six months 62,500 - year 62,500)
shares held by the group as treasury shares. 
 
 14  Property, plant and equipment                                                                                                                                                                                                                                                                                                                                                             
     During the six months ended 30 June 2015 the group acquired assets with a cost of £5,203,000 (2014: six months £7,782,000 - year £19,019,000). Assets with a carrying amount of £906,000 were disposed of during the six months ended 30 June 2015 (2014: six months £37,000 - year £139,000) and assets with a net book value of £2,090,000 were reclassified as investment properties.  
 
 
 15  Investment properties                                                                                                                                                                                                                                        
     During the six months ended 30 June 2015 the group acquired investment properties with a cost of £8,605,000 and following a review of property, plant and equipment, assets with a net book value of £2,090,000 were reclassified as investment properties.  
 
 
 16  Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                          
     Included in cash and cash equivalents of £241,827,000 (2014: six months £263,199,000 - year £257,164,000) are cash and short-term funds, time deposits with banks and building societies and certificates of deposit amounting to £197,783,000 (2014: six months £207,248,000 - year £200,285,000), which are held by banking subsidiaries and which are an integral part of the banking operations of the group.  
 
 
 17  Borrowings                                                                                                                                                                                                                                                                                                                    
     Borrowings (current and non-current) include loans and finance leases of £6,052,000 (2014: six months £76,000 - year £140,000) and bank overdrafts of £3,530,000 (2014: six months £7,338,000 - year £2,757,000). The following loans and finance leases were taken out and repaid during the six months ended 30 June 2015:  
 
 
                            £'000       
                                        
 Balance at 1 January 2015  140         
 Exchange differences       1           
 New Loans                  6,000       
 Repayments                             
 Loans                      (86    )    
 Finance lease liabilities  (3     )    
 Balance at 30 June 2015    6,052       
 
 
 18  Retirement benefit schemes                                                                                                                                                                                                                                      
     The UK defined benefit pension scheme for the purpose of IAS 19 has been updated to 30 June 2015 from the valuation as at 31 December 2014 by the actuary and the movements have been reflected in this interim statement. Overseas schemes have not been       
     updated from 31 December 2014 valuations as it is considered that there have been no significant changes.  An actuarial gain of £7,244,000 was realised in the period, of which a gain of £2,282,000 was realised in relation to the scheme assets, £1,584,000  
     was realised in relation to experience gains on scheme liabilities and a gain of £3,378,000 was realised in relation to changes in the underlying actuarial assumptions. The assumed discount rate has increased to 3.75% (31 December 2014: 3.50%), the assumed 
     rate of inflation (CPI) has increased to 2.25% (31 December 2014: 2.00%) and the assumed rate of increases for salaries to 2.25% (31 December 2014: 2.00%). The mortality tables have been updated to use the S2PA mortality assumption with the CMI_2013       
     projection and a long-term rate of improvement of 1.25% per annum.                                                                                                                                                                                              
 
 
 19  Share Capital  
 
 
                                                                                                        30 June    30 June     31 December     
                                                                                                        2015       2014        2014            
                                                                                                        £'000      £'000       £'000           
                                                                                                                                               
 Authorised: 2,842,000 (2014: 30 June 2,842,000 - 31 December 2,842,000) ordinary shares of 10p each    284        284         284             
 Allotted, called up and fully paid: ordinary shares of 10p each:                                                                              
 At 1 January - 2,824,500 (2014: 2,829,700) shares                                                      282        283         283             
 Purchase of own shares - Nil (2014: 30 June 5,200 - 31 December 5,200) shares                          -          (1       )  (1           )  
 At 30 June - 2,824,500 (2014: 30 June 2,824,500 - 31 December 2,824,500) shares                        282        282         282             
 
 
Group companies hold 62,500 issued shares in the company. These are classified
as treasury shares. 
 
 20  Reconciliation of (loss)/profit from operations to cash flow  
 
 
                                                                        Six months     Six months     Year            
                                                                        ended          ended          ended           
                                                                        30 June        30 June        31 December     
                                                                        2015           2014           2014            
                                                                        £'000          £'000          £'000           
                                                                                                                      
 (Loss)/profit from operations                                          (10,616     )  (9,060      )  18,003          
 Share of associates' results                                           (510        )  (466        )  (1,092       )  
 Depreciation and amortisation                                          5,272          4,810          10,165          
 Impairment of non-current assets                                       -              -              3,494           
 Loss/(gain) arising from changes in fair value of biological assets    175            3,420          (8,820       )  
 Profit on disposal of non-current assets                               (905        )  (72         )  (125         )  
 Profit on disposal of investments                                      (217        )  (294        )  (447         )  
 Profit on part disposal of subsidiary                                  (25         )  -              (56          )  
 Pensions and similar provisions less payments                          (592        )  (599        )  (1,235       )  
 Biological assets capitalised cultivation costs                        (4,246      )  (2,356      )  (5,636       )  
 Biological assets decreases due to harvesting                          4,797          4,287          8,604           
 Decrease/(increase) in working capital                                 8,380          (1,471      )  (6,326       )  
 Net decrease/(increase) in funds of banking subsidiaries               195            (4,858      )  551             
                                                                        1,708          (6,659      )  17,080          
 
 
 21  Reconciliation of net cash flow to movement in net cash  
 
 
                                                               Six months     Six months     Year            
                                                               ended          ended          ended           
                                                               30 June        30 June        31 December     
                                                               2015           2014           2014            
                                                               £'000          £'000          £'000           
                                                                                                             
 Decrease in cash and cash equivalents in the period           (11,889     )  (23,403     )  (19,915      )  
 Net cash (inflow)/outflow from (increase)/decrease in debt    (5,911      )  112            60              
 Decrease in net cash resulting from cash flows                (17,800     )  (23,291     )  (19,855      )  
 Exchange rate movements                                       (1,720      )  (881        )  1,128           
 Decrease in net cash in the period                            (19,520     )  (24,172     )  (18,727      )  
 Net cash at beginning of period                               53,982         72,709         72,709          
 Net cash at end of period                                     34,462         48,537         53,982          
 
 
 22  Contingencies                                                                                                                                                                                                                                                   
     The group operates in certain countries where its operations are potentially subject to a number of legal claims including taxation. When required, appropriate provisions are made for the expected cost of such claims. The Malawi Revenue Authority made a   
     claim in 2014 of Malawi kwacha K1.5 billion (£2,069,000) against Eastern Produce Malawi Limited for underpaid tax in prior years. The group has assessed the claim and provided for £680,000 of the amount in the 2014 tax charge. The remaining £1,389,000 is  
     strongly contested on the basis that the directors believe it is without technical merit, and accordingly, no provision has been made.                                                                                                                          
 
 
 23  Related party transactions                                                                                                                                                     
     There have been no related party transactions that had a material effect on the financial position or performance of the group in the first six months of the financial year.  
 
 
Camellia Plc                                                                  
                                                                              
                     01622 746655 
 
Malcolm Perkins, Chairman 
 
Tom Franks, Deputy Chief Executive 
 
Susan Walker, Finance Director 
 
Julia Morton, Company Secretary 
 
Panmure Gordon                                                                
                                                                              
              020 7886 2500 
 
Nominated Adviser & Broker 
 
Russell Cook 
 
James Greenwood 
 
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