REG - RM PLC - Preliminary Results <Origin Href="QuoteRef">RM.L</Origin> - Part 3

RMAnnouncement

01/02/2016 07:10

- Part 3: For the preceding part double click  ID:nRSA5242Nb 

released.      
 The major classes of assets and     
 liabilities comprising the          
 operations classified as held for   
 sale at 30 November 2015 are as     
 follows:                            
                                                                                                                                                                                                                              
                                     Net assets of entity before impairment on classification to held for sale  Net assets arising on consolidation  Impairment on classification to held for sale  Net assets held for sale  
                                     £000                                                                       £000                                 £000                                           £000                      
 Acquisition related intangible      -                                                                          150                                  (150)                                          -                         
 assets                                                                                                                                                                                                                       
 Property, plant and equipment       155                                                                        -                                    (83)                                           72                        
 Deferred tax assets                 53                                                                         -                                    -                                              53                        
 Inventories                         454                                                                        -                                    -                                              454                       
 Trade and other receivables         583                                                                        -                                    -                                              583                       
 Total assets held for sale          1,245                                                                      150                                  (233)                                          1,162                     
 Trade and other payables            (437)                                                                      -                                    -                                              (437)                     
 Provisions                          (112)                                                                      -                                    -                                              (112)                     
 Deferred tax liabilities            -                                                                          (30)                                 30                                             -                         
 Total liabilities directly          (549)                                                                      (30)                                 30                                             (549)                     
 associated with assets held for sale                                                                                                                                                                                          
 Net assets held for sale            696                                                                        120                                  (203)                                          613                       
                                                                                                                                                                                                                                                
 
 
The total pre-tax charge in the income statement relating to the assets held
for sale is £323,000, comprising an impairment charge of £233,000 as detailed
above and related transition costs. 
 
 11. Trade and other payables                                   
                                                                
                                                2015    2014    
                                                £000    £000    
 Current liabilities                                            
 Financial liabilities                                          
 Trade payables                                 11,518  12,793  
 Other taxation and social security             4,010   4,673   
 Other payables                                 761     2,066   
 Accruals                                       12,525  14,041  
 Obligations under finance leases               40      230     
 Derivative financial instruments               5       3       
 Long-term contract balances                    25,509  31,320  
                                                54,368  65,126  
 Non-financial liabilities                                      
 Deferred income                                10,606  13,959  
                                                64,974  79,085  
 Non-current liabilities                                        
 Financial liabilities                                          
 Obligations under finance leases               -       49      
 Non-financial liabilities:                                     
 Deferred income:                                               
 - due after one year but within two years      472     1,077   
 - due after two years but within five years    190     531     
                                                662     1,657   
                                                65,636  80,742  
 
 
 12. Provisions                                                             Onerous lease and dilapidations  Employee-related restructuring  Other  Total    
 Group                                                                      £000                             £000                            £000   £000     
                                                                                                                                                             
 At 1 December 2013                                                         7,885                            4,241                           1,330  13,456   
 Utilisation of provisions                                                  (836)                            (4,348)                         (289)  (5,473)  
 Release of provisions                                                      (524)                            (366)                           (431)  (1,321)  
 Increase in provisions                                                     1,298                            838                             95     2,231    
 Effect of movements in exchange rates                                      2                                -                               3      5        
 Unwind of discount                                                         269                              -                               -      269      
 At 30 November 2014                                                        8,094                            365                             708    9,167    
 Increase in provisions                                                     -                                1,070                           1,025  2,095    
 Utilisation of provisions                                                  (2,186)                          (1,166)                         (132)  (3,484)  
 Release of provisions                                                      (2,368)                          (85)                            (423)  (2,876)  
 Effect of movements in exchange rates                                      -                                -                               2      2        
 Transfer to held for sale liabilities                                      (110)                            -                               (2)    (112)    
 Unwind of discount                                                         149                              -                               -      149      
 At 30 November 2015                                                        3,579                            184                             1,178  4,941    
                                                                                                                                                             
 Disclosure of provisions                                                                                                                    2015   2014     
                                                                                                                                             £000   £000     
                                                                                                                                                             
 Current liabilities                                                                                                                         2,077  3,660    
 Non-current liabilities                                                                                                                     2,864  5,507    
                                                                                                                                             4,941  9,167    
                                                                                                                                                             
 Provisions for onerous leases and dilapidations have been recognised at    
 the present value of the expected obligation at discount rates of 2.6%     
 per annum reflecting a risk free discount rate, applicable to the          
 liabilities. These discounts will unwind to their undiscounted value over   
 the remaining lives of the leases via a finance cost within the Income     
 Statement.  At 30 November 2015, £1,829,000 (2014: £5,738,000) of the      
 provision refers to onerous leases, and £1,750,000 (2014: £2,356,000)      
 refers to dilapidations. The major release in the year relates to the      
 successful sub-letting of one of the Group's properties.                   
 The average remaining life of the leases at 30 November 2015 is 3.5 years   
 (2014: 5.1 years).                                                         
 Employee related restructuring provisions refer to costs arising from      
 restructuring to meet the future needs of the Group and are all expected   
 to be utilised during the following financial year.                        
 Other provisions includes one-off items not covered by any other           
 category. The major release of Group provisions during the year relates    
 to the successful completion of certain legal activities and a re          
 -assessment of provisions recognised as part of the exit of operations     
 following the 2011 Strategic Review.  The significant elements in the      
 provision at 30 November 2015 and the increase in the year are related to   
 regulatory initiatives.                                                    
                                                                                                                                                               
 
 
 13. Share capital                                                                                             
                                      
                                        Ordinary shares of 2p  Ordinary shares of 22/7p  Total   
                                        Number                 £000                      Number  £000   £000   
 Allotted, called-up and fully paid:    '000                   '000                      
 At 1 December 2013                     93,515                 1,870                     -       -      1,870  
 Share consolidation                    (93,515)               (1,870)                   81,826  1,870  -      
 Issued in the year                     -                      -                         814     19     19     
 At 30 November 2014                    -                      -                         82,640  1,889  1,889  
 Issued in the year                     -                      -                         10      1      1      
 At 30 November 2015                    -                      -                         82,650  1,890  1,890  
 
 
During the year 10,000 ordinary shares of 22/7p each were issued following the
exercise of options under the RM plc 2004 Company Share Option Plan. The
exercise price was £1.742 per option. 
 
Ordinary shares issued carry no right to fixed income. 
 
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