REG - Porvair PLC - Full Year Results <Origin Href="QuoteRef">PORV.L</Origin> - Part 2
25/01/2016 07:10
- Part 2: For the preceding part double click ID:nRSY7916Ma
64,215
Accumulated amortisation and impairment (18,560) (389) (1,042) (677) (20,668)
Net book amount 42,825 124 11 587 43,547
6. Trade and other payables
Amounts falling due within one year: 2015£'000 2014£'000
Trade payables 6,741 6,977
Taxation and social security 724 1,020
Other payables 64 924
Accruals and deferred income 15,663 15,989
At 30 November 23,192 24,910
7. Construction contracts
2015£'000 2014£'000
Amounts due from contract customers included in trade receivables - 2,564
Contracts in progress at 30 November
Amounts due to contract customers included in accruals and deferred income (7,730) (8,586)
Net amounts due to contract customers (7,730) (8,586)
Contract costs incurred plus recognised profits less recognised losses to date 35,160 29,611
Less: progress billings (42,890) (38,197)
Contracts in progress at 30 November (7,730) (8,586)
8. Borrowings
2015£'000 2014£'000
Secured multi-currency revolving credit facility of US$20 million (2014: US$20 million) maturing in January 2018 with interest at 2.25% (2014: 2.25%) above US dollar LIBOR - 1,900
Secured five year amortising debt facility of £nil (2014: £0.75 million) expiring in June 2015 with interest at 2.0% (2014: 2.0%) above LIBOR - 727
At 30 November - 2,627
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 2015, the
Group had £13.2 million of unused facilities (2014: £10.8 million of unused
facilities) and an unutilised overdraft facility of £2.5 million (2014: £2.5
million).
9. Share capital and premium
Number of shares Ordinary shares Share premium account Total
Thousands £'000 £'000 £'000
At 1 December 2014 44,363 887 35,334 36,221
Issue of shares on exercise of share options 460 9 25 34
At 30 November 2015 44,823 896 35,359 36,255
In February 2015, 441,000 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 December 2014 and May 2015, 9,221 ordinary shares of 2 pence each
were issued on exercise of Save As You Earn share options for a cash
consideration of £10,000. In November 2015, 10,000 ordinary shares of 2 pence
each were issued on the exercise of EMI share options for a cash consideration
of £15,000.
10. Other reserves
Cumulative translation reserve Retained earnings
£'000 £'000
At 1 December 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
Profit for the year attributable to shareholders - 6,956
Dividends paid - (1,479)
Actuarial gains - 872
Tax on actuarial gains - (504)
Share based payments - 502
Tax on share based payments - (184)
Foreign exchange contract cash flow hedge - (156)
Exchange differences 890 -
At 30 November 2015 1,706 21,103
11. Acquisition
On 29 June 2015 the Group, through its subsidiary Selee Corporation, purchased
the trade and assets of Fiber Ceramics from Joy-Mark, Inc. The trade is the
manufacture of specialist filters and is based in the USA. The trade
contributed external revenue of $217,000 (£141,000) and a net profit of
$32,000 (£21,000) in the period 29 June 2015 to 30 November 2015. It is
estimated that if the acquisition had occurred on 1 December 2014, the
acquisition would have contributed external revenue of $700,000 (£456,000) and
a net profit of $80,000 (£52,000) for the year ended 30 November 2015. The
total consideration is $509,000 (£324,000); $425,000 (£271,000) was paid by 30
November 2015, with the balance due by 31 December 2015. The purchase is
accounted for as an acquisition. Acquisition related costs of $27,000
(£18,000) have been charged to administrative expenses in the consolidated
income statement in the year ended 30 November 2015.
12. Deferred and contingent consideration on acquisitions
£'000
At 1 December 2014 924
Purchase consideration in the period 324
Cash paid in the period (1,087)
Recognised in the income statement (129)
Exchange movements 24
At 30 November 2015 56
13. Cash generated from operations
2015£'000 2014£'000
Operating profit 9,801 9,205
Post-employment benefits 75 26
Share based payments 502 503
Depreciation, amortisation and impairment 2,156 2,235
Profit on disposal of property, plant and equipment (17) (1)
Operating cash flows before movement in working capital 12,517 11,968
(Increase)/decrease in inventories (904) 415
Decrease/(increase) in trade and other receivables 2,492 (2,440)
(Decrease)/increase in payables (1,389) 4,213
Increase in provisions 578 -
Decrease in working capital 777 2,188
Cash generated from operations 13,294 14,156
14. Post balance sheet event
On 4 December 2015 the Group, through its subsidiary Porvair Filtration Group,
Inc., purchased the trade and assets of TEM Filter Company. The trade is the
manufacture of specialist filters and is based in the USA. The total
consideration is $4,888,000 (£3,236,000); $4,350,000 (£2,880,000) was paid on
4 December 2015, with the balance being contingent and due for payment before
31 May 2017. The direct costs of acquisition, which will be charged to the
income statement, were $58,000 (£38,000).
15. Basis of preparation
The results for the year ended 30 November 2015 have been prepared in
accordance with International Financial Reporting Standards (IFRSs) as adopted
by the European Union as at 30 November 2015. 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 2015, 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 2014, upon
which the auditors reported without qualification, have been delivered to the
Registrar of Companies.
16. Annual general meeting
The Company's Annual General Meeting will be held on Tuesday 12 April 2016 at
7 Regis Place, Bergen Way, King's Lynn, PE30 2JN.
17. Related parties
There were no related party transactions in the year ended 30 November 2015.
18. 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 2014. A list of current Directors is also maintained on the
Porvair website www.porvair.com.
Copies of full accounts will be sent to shareholders in March 2016. Additional
copies will be available from www.porvair.com.
This information is provided by RNS
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