REG - Morgan Adv Mat PLC - Half-Year Results <Origin Href="QuoteRef">MGAMM.L</Origin> - Part 3
27/07/2016 07:06
- Part 3: For the preceding part double click ID:nRSa3166Fb
auditor drew attention by
way of emphasis without
qualifying his report, and
(iii) did not contain a
statement under section
498(2) or (3) of the
Companies Act 2006. The
consolidated financial
statements of the Group as
at and for the year ended
31 December 2015 are
available on request from
the Company's registered
office at Quadrant, 55-57
High Street, Windsor,
Berkshire SL4 1LP or at
www.morganadvancedmaterial
s.com.
The condensed consolidated
financial statements for
the six months ended 30
June 2016 and the
comparative period have
neither been audited nor
reviewed.
The condensed consolidated
financial statements for
the six months ended 30
June 2016 were approved by
the Board on 27 July 2016.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
2. Acquisitions & disposals
2016
During the half year ended 30 June 2016 the Group disposed of its remaining 28.77% shareholding in Assam Carbon Products Limited for nil consideration. This shareholding was held at nil value and, as a result, there is no profit or loss on disposal.
There were no other acquisitions or disposals made during the half year ended 30 June 2016.
2015
There were no acquisitions made in 2015. On 30 January 2015 the Group disposed of its Thermal Ceramics business in Wissembourg, France. The assets and liabilities disposed of were classified as held for sale as at 31 December 2014:
£m
Property, plant and equipment 2.5
Intangible assets 0.1
Inventories 1.9
Total assets classified as held for sale 4.5
Trade and other payables 0.6
Employee benefits 0.7
Total liabilities classified as held for sale 1.3
Net assets of disposal group 3.2
Deferred consideration 3.2
The Group incurred a £1.9 million loss of business exit costs and incurred a loss on the disposal of this business of £6.1 million in 2015.
The Group also made a loan of £1.5 million to the purchasers of the Wissembourg business. This is shown in 'loan made to purchaser of business' in the condensed consolidated statement of cash flows.
NOTES TO
THE
CONDENSED
CONSOLIDAT
ED
FINANCIAL
STATEMENTS
3. Segment information
The tables
below show
restated
comparativ
e figures
for the
operating
segments
for the
year ended
31
December
2015 and
the half
-year
ended 30
June 2015.
The
restatemen
ts reflect
the impact
of changes
the Group
made to
its
internal
organisati
on during
the half
-year
ended 30
June 2016,
which
caused the
compositio
n of its
reportable
segments
to change.
Following
the
internal
organisati
on changes
made, the
Group is
now
organised
on a
divisional
basis and
comprises
the
following
six
reportable
operating
segments:
Thermal
Ceramics,
Molten
Metal
Systems,
Electrical
Carbon,
Seals and
Bearings,
Technical
Ceramics
and
Composites
and
Defence
Systems.
The
informatio
n
presented
below
represents
the
operating
segments
of the
Group.
Thermal Ceramics Molten Metal Systems Electrical Carbon Seals and Bearings Technical Ceramics Composites and Defence Systems Consolidated
Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
Restated Restated Restated Restated Restated Restated Restated
£m £m £m £m £m £m £m £m £m £m £m £m £m £m
Revenue 193.9 186.0 20.6 20.6 75.6 78.1 47.6 47.7 121.8 120.2 15.9 16.6 475.4 469.2
from
external
customers
Divisional 25.6 26.6 2.9 2.6 10.3 12.1 6.6 6.9 12.8 15.0 1.1 0.4 59.3 63.6
EBITA 1
Corporate (2.7) (2.5)
costs
Group 56.6 61.1
EBITA 2
Restructur - - - - (0.6) - - - - - 0.1 - (0.5) -
ing costs
Unallocate (1.0) -
d
restructur
ing costs
and other
one-
off items
Group 55.1 61.1
underlying
operating
profit 3
Amortisati (0.7) (0.9) (0.1) (0.1) (0.2) (0.2) (0.1) (0.1) (1.4) (1.3) (0.8) (1.0) (3.3) (3.6)
on of
intangible
assets
Operating 51.8 57.5
profit
before
specific
adjusting
items
Specific 3.8 -
adjusting
items
included
in
operating
profit
4
Operating 55.6 57.5
profit
Finance 0.7 1.9
income
Finance (10.5) (10.4)
expense
Share of 0.4 0.2
profit of
associate
(net of
income
tax)
Profit 46.2 49.2
before
taxation
NOTES TO
THE
CONDENSED
CONSOLIDAT
ED
FINANCIAL
STATEMENTS
3. Segment information continued
Thermal Ceramics Molten Metal Systems Electrical Carbon Seals and Bearings Technical Ceramics Composites and Defence Systems Consolidated
Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months Six months
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
Restated Restated Restated Restated Restated Restated Restated
£m £m £m £m £m £m £m £m £m £m £m £m £m £m
Segment 404.4 341.3 40.9 37.0 149.1 136.4 82.9 77.7 185.9 167.4 19.4 36.3 882.6 796.1
assets
Unallocate 77.5 72.7
d assets
Total 960.1 868.8
assets
Segment 82.2 66.1 6.4 5.8 28.9 25.0 16.7 14.9 38.4 36.3 6.6 9.7 179.2 157.8
liabilitie
s
Unallocate 271.4 193.0
d
liabilitie
s:
employee
benefits
Other 353.1 311.3
unallocate
d
liabilitie
s
Total 803.7 662.1
liabilitie
s
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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