REG - Maintel Holdings PLC - Preliminary Results <Origin Href="QuoteRef">MAIH.L</Origin> - Part 2
09/03/2015 07:00
- Part 2: For the preceding part double click ID:nRSI8317Ga
reserve 31 31
Translation reserve 47 -
Retained earnings 3,703 2,713
Total equity 5,004 3,879
Maintel Holdings Plc
Consolidated statement of changes in equity
for the year ended 31 December 2014
Share capital Share premium Capital redemption reserve Translation reserve Retained earnings Total
£000 £000 £000 £000 £000 £000
At 1 January 2013 107 1,028 31 - 1,542 2,708
Profit and total comprehensive income for the year - - - - 2,665 2,665
Dividend - - - - (1,494) (1,494)
At 31 December 2013 107 1,028 31 - 2,713 3,879
Profit and total comprehensive income for the year - - - - 2,944 2,944
Foreign currency translation differences - - - 47 - 47
Dividend - - - - (1,954) (1,954)
Issue of new ordinary shares - 88 - - - 88
At 31 December 2014 107 1,116 31 47 3,703 5,004
At 31 December 2014
107
1,116
31
47
3,703
5,004
Maintel Holdings Plc
Consolidated statement of cash flows
for the year ended 31 December 2014
2014 2013
£000 £000
Operating activities
Profit before taxation 3,809 3,643
Adjustments for:
Intangibles amortisation 1,472 898
Profit on sale of fixed asset (1) -
Depreciation charge 184 135
Interest received (2) (2)
Interest payable 135 32
Operating cash flows before changes in working capital 5,597 4,706
Increase in inventories (94) (36)
Decrease/(increase) in trade and other receivables 1,403 (1,253)
Increase/(decrease) in trade and other payables 197 (1,306)
Cash generated from operating activities 7,103 2,111
Tax paid (1,049) (1,148)
Net cash flows from operating activities 6,054 963
Investing activities
Purchase of plant and equipment (87) (89)
Proceeds from disposal of plant and equipment 6 -
Purchase price in respect of business combination (11,994) (3,500)
Net cash acquired with subsidiary undertaking 3,526 3
(8,468) (3,497)
Interest received 2 2
Net cash flows from investing activities (8,547) (3,584)
Financing activities
Proceeds from borrowings 10,000 3,000
Repayment of borrowings (2,750) (250)
Interest payable (135) (32)
Issue of new ordinary shares 88 -
Equity dividends paid (1,954) (1,494)
Net cash flows from financing activities 5,249 1,224
Net increase/(decrease) in cash and cash equivalents 2,756 (1,397)
Cash and cash equivalents at start of period 544 1,941
Exchange differences 47 -
Cash and cash equivalents at end of period 3,347 544
Cash and cash equivalents at end of period
3,347
544
Maintel Holdings Plc
Notes to the preliminary statement
1. Basis of preparation
The financial information set out in these preliminary results does not
constitute the company's statutory accounts for 2013 or 2014.
Statutory accounts for the years ended 31 December 2014 and 31 December 2013
have been reported on by the Independent Auditors. The Independent Auditors'
Report on the Annual Report and Financial Statements for 2014 was unqualified,
did not draw attention to any matters by way of emphasis, and did not contain
a statement under 498(2) or 498(3) of the Companies Act 2006.
Statutory accounts for the year ended 31 December 2013 have been filed with
the Registrar of Companies. The statutory accounts for the year ended 31
December 2014 will be delivered to the Registrar in due course.
2. Accounting policies
The financial information set out in these preliminary results has been
prepared using the recognition and measurement principles of International
Accounting Standards, International Financial Reporting Standards and
Interpretations adopted for use in the European Union (collectively Adopted
IFRSs). The accounting policies adopted in this results announcement have been
consistently applied to all the years presented and are consistent with the
policies used in the preparation of the statutory accounts for the period
ended 31 December 2014. The principal accounting policies adopted are
unchanged from those used in the preparation of the statutory accounts for the
period ended 31 December 2013.
3. Segmental information
For management reporting purposes and operationally, the Group consists of
three business segments: (i) telecommunications managed service and equipment
sales, (ii) telecommunications network services, and (iii) mobile services.
Each segment applies its respective resources across inter-related revenue
streams which are reviewed by management collectively under these headings.
The businesses of each segment and a further analysis of revenue are described
under their respective headings in the Strategic report. The Datapoint
business is reported under the managed service and equipment division as it is
managed and measured as part of that division; Proximity is similarly reported
apart from £98,000 of revenue and its associated margin which relates to the
network services segment.
Year ended 31 December 2014
Managed service and equipment Network services Mobile Central/ inter- company Total
£000 £000 £000 £000 £000
Revenue 31,993 7,156 2,907 (166) 41,890
Operating profit before customer relationship intangibles amortisation and exceptional costs 4,418 1,027 764 14 6,223
Customer relationship intangibles amortisation (252) (28) - (1,192) (1,472)
Exceptional costs (312) - - (497) (809)
Operating profit 3,854 999 764 (1,675) 3,942
Interest (net) (133)
Profit before taxation 3,809
Taxation (865)
Profit after taxation 2,944
2,944
Revenue is wholly attributable to the principal activities of the Group and
other than sales of £3,291,000 to EU countries and £378,000 to the rest of the
world (2013: £973,000 to EU countries; £151,000 rest of the world), arises
within the United Kingdom.
Intercompany trading consists of telecommunications services, and recharges of
sales, engineering and rent costs, £81,000 (2013: £90,000) attributable to the
managed service and equipment segment, £79,000 (2013: £82,000) to the network
services segment and £6,000 (2013: £3,000) to the mobile segment.
In 2014 the Group had two customers (2013: two) which accounted for more than
10% of its revenue, one accounting for £5.317m and the other £4.311m (2013:
£5.419m and £4.258m).
Managed service and equipment Network services Mobile Central/ inter- company Total
£000 £000 £000 £000 £000
Other
Capital expenditure 87 - - - 87
Depreciation 183 - 1 - 184
Amortisation 252 28 - 1,192 1,472
Depreciation
183
-
1
-
184
Amortisation
252
28
-
1,192
1,472
Year ended 31 December 2013
Managed service and equipment Network services Mobile Central/ inter- company Total
£000 £000 £000 £000 £000
Revenue 21,764 6,938 2,597 (175) 31,124
Operating profit before customer relationship intangibles amortisation and exceptional costs 3,246 1,101 931 (16) 5,262
Customer relationship intangibles amortisation (251) (49) - (598) (898)
Exceptional costs (120) - - (571) (691)
Operating profit 2,875 1,052 931 (1,185) 3,673
Interest income (30)
Profit before taxation 3,643
Taxation (978)
Profit after taxation 2,665
2,665
Managed service and equipment Network services Mobile Central/ inter- company Total
£000 £000 £000 £000 £000
Other
Capital expenditure 89 - - - 89
Depreciation 133 - 2 - 135
Amortisation 251 49 - 598 898
Depreciation
133
-
2
-
135
Amortisation
251
49
-
598
898
4. Earnings per share
Earnings per share is calculated by dividing the profit after tax for the
period by the weighted average number of shares in issue for the period, these
figures being as follows:
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