REG - Porvair PLC - Full Year Results <Origin Href="QuoteRef">PORV.L</Origin> - Part 2
28/01/2015 02:33
- Part 2: For the preceding part double click ID:nRSZ0486Da
(2,158) - (20,904) (23,062)
Net book value
At 30 November 2014 3,850 1,887 6,599 12,336
At 30 November 2013 2,251 349 6,406 9,006
5. Goodwill and other intangible assets
Goodwill Development expenditure capitalised Software capitalised Trademarks, knowhow and other intangibles Total
£'000 £'000 £'000 £'000 £'000
Net book amount at 1 December 2013 41,373 329 19 814 42,535
Additions - - 42 125 167
Amortisation charges - (127) (46) (204) (377)
Exchange differences 834 21 (2) 31 884
Net book amount at 30 November 2014 42,207 223 13 766 43,209
At 30 November 2014 Goodwill Development expenditure capitalised Software capitalised Trademarks, knowhow and other intangibles Total
£'000 £'000 £'000 £'000 £'000
Cost 60,744 1,820 1,049 1,234 64,847
Accumulated amortisation and impairment (18,537) (1,597) (1,036) (468) (21,638)
Net book amount 42,207 223 13 766 43,209
6. Trade and other payables
Amounts falling due within one year: 2014£'000 2013£'000
Trade payables 6,977 7,867
Taxation and social security 1,020 697
Other payables 924 733
Accruals and deferred income 15,989 10,175
At 30 November 24,910 19,472
7. Construction contracts
2014£'000 2013£'000
Amounts due from contract customers included in trade receivables 2,564 308
Contracts in progress at 30 November
Amounts due from contract customers included in other receivables - 102
Amounts due to contract customers included in accruals and deferred income (8,586) (3,127)
Net amounts due to contract customers (8,586) (3,025)
Contract costs incurred plus recognised profits less recognised losses to date 29,611 10,105
Less: progress billings (38,197) (13,130)
Contracts in progress at 30 November (8,586) (3,025)
8. Borrowings
2014£'000 2013£'000
Secured multi-currency revolving credit facility of US$20 million (2013: US$20 million) maturing in January 2018 with interest at 2.25% (2013: 2.25%) above US dollar LIBOR 1,900 4,474
Secured five year amortising debt facility of £0.75 million (2013: £1.75 million) expiring in June 2015 with interest at 2.0% (2013: 2.0%) above LIBOR 727 1,720
At 30 November 2,627 6,194
On 25 January 2013, the Group entered into new five year banking facilities
sufficient for its foreseeable needs comprising a US $20 million revolving
credit facility, a £2.5 million amortising term loan (reduced to £750,000 at
30 November 2014) and a £2.5 million overdraft. At 30 November 2014, the
Group had £10.8 million of unused facilities (2013: £7.6 million of unused
facilities) and an unutilised overdraft facility of £2.5 million (2013: £2.5
million).
9. Share capital and premium
Number of shares Ordinary shares Share premium account Total
thousands £'000 £'000 £'000
At 1 December 2013 43,734 875 35,147 36,022
Issue of shares on exercise of share options 629 12 187 199
At 30 November 2014 44,363 887 35,334 36,221
In January 2014, 425,000 ordinary shares of 2 pence each were issued on the
exercise of Long Term Share Plan share options for a cash consideration of
£9,000. In May 2014, September 2014, October 2014 and November 2014 204,733
ordinary shares of 2 pence each were issued on exercise of Save As You Earn
share options for a cash consideration of £190,000.
10. Other reserves
Restated
Cumulative translation reserve Retained earnings
£'000 £'000
At 1 December 2012 612 9,199
Profit for the year attributable to shareholders - 5,320
Dividends paid - (1,175)
Actuarial losses - (3,340)
Tax on actuarial losses - 422
Share based payments - 455
Tax on share based payments - 75
Interest rate swap cash flow hedge - 79
Foreign exchange contract cash flow hedge - 932
Exchange differences (921) -
At 30 November 2013 (309) 11,967
Profit for the year attributable to shareholders - 6,333
Dividends paid - (1,325)
Actuarial losses - (900)
Tax on actuarial losses - (166)
Share based payments - 503
Tax on share based payments - (470)
Interest rate swap cash flow hedge - 20
Foreign exchange contract cash flow hedge - (866)
Exchange differences 1,125 -
At 30 November 2014 816 15,096
11. Deferred and contingent consideration on acquisitions
£'000
At 1 December 2013 1,892
Cash paid in the period (707)
Recognised in the income statement (297)
Exchange movements 36
At 30 November 2014 924
12. Cash generated from operations
Restated
2014£'000 2013£'000
Operating profit 9,205 8,391
Post-employment benefits 26 32
Share based payments 503 455
Depreciation, amortisation and impairment 2,235 1,879
Profit on disposal of property, plant and equipment (1) (66)
Operating cash flows before movement in working capital 11,968 10,691
Decrease/(increase) in inventories 415 (920)
Increase in trade and other receivables (2,440) (2,002)
Increase in payables 4,213 4,496
Decrease in working capital 2,188 1,574
Cash generated from operations 14,156 12,265
13. Basis of preparation
The results for the year ended 30 November 2014 have been prepared in
accordance with International Financial Reporting Standards (IFRSs) as adopted
by the European Union as at 30 November 2014. The financial information
contained in this announcement does not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006. The financial information
has been extracted from the financial statements for the year ended 30
November 2014, which have been approved by the Board of Directors and on which
the auditors have reported without qualification. The financial statements
will be delivered to the Registrar of Companies after the Annual General
Meeting. The financial statements for the year ended 30 November 2013, upon
which the auditors reported without qualification, have been delivered to the
Registrar of Companies.
14. Annual general meeting
The Company's Annual General Meeting will be held on Tuesday 14 April 2015 at
7 Regis Place, Bergen Way, King's Lynn, PE30 2JN.
15. Related parties
There were no related party transactions in the year ended 30 November 2014.
16. Responsibility Statement
Each of the Directors confirms that, to the best of his knowledge that:
· the financial statements, on which this announcement is based, have
been prepared in accordance with the applicable law and International
Financial Reporting Standards as adopted by the EU and give a true and fair
view of the assets, liabilities, financial position, and profit or loss of the
Company and the undertakings included in the consolidation taken as a whole;
and
· the review of the business includes a fair review of the development
and performance of the business and the position of the Company and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face.
The Directors of Porvair are listed in the Porvair Annual Report for the year
ended 30 November 2013. Since the Report was filed Dr Krishnamurthy Rajagopal
was appointed to the Board on 1 April 2014 and Andrew Walker resigned as a
Non-Executive Director on 8 April 2014. A list of current Directors is
maintained on the Porvair website www.porvair.com.
Copies of full accounts will be sent to shareholders in March 2015. Additional
copies will be available from www.porvair.com.
This information is provided by RNS
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