REG - Robert Walters PLC - Results for the year ended 31 December 2015 <Origin Href="QuoteRef">RWA.L</Origin> - Part 2

Robert WaltersAnnouncement

10/03/2016 07:00

- Part 2: For the preceding part double click  ID:nRSJ6012Ra 

                (502)       
     At 31 December 2015                       6,594                        10,408                                        6,149                    18                   23,169      
                                                                                                                                                                                    
     Accumulated depreciation and impairment:                                                                                                                                       
     At 1 January 2014                         3,190                        5,187                                         4,493                    30                   12,900      
     Charge for the year                       834                          1,392                                         965                      11                   3,202       
     Disposals                                 (311)                        (186)                                         (843)                    (29)                 (1,369)     
     Foreign currency translation differences  (6)                          (143)                                         (46)                     (2)                  (197)       
     At 31 December 2014                       3,707                        6,250                                         4,569                    10                   14,536      
     Charge for the year                       746                          1,828                                         860                      4                    3,438       
     Disposals                                 (398)                        (1,188)                                       (645)                    (1)                  (2,232)     
     Foreign currency translation differences  (2)                          (256)                                         (55)                     0                    (313)       
     At 31 December 2015                       4,053                        6,634                                         4,729                    13                   15,429      
                                                                                                                                                                                    
     Carrying value:                                                                                                                                                                
     At 1 January 2014                         3,197                        4,795                                         1,292                    16                   9,300       
     At 31 December 2014                       3,099                        3,870                                         1,179                    8                    8,156       
     At 31 December 2015                       2,541                        3,774                                         1,420                    5                    7,740       
 
 
 8.  Trade and other receivables       
                                       2015     2014     
                                       £'000    £'000    
     Receivables due within one year:                    
     Trade receivables                 138,869  122,735  
     Other receivables                 12,640   4,295    
     Prepayments and accrued income    40,340   41,210   
                                       191,849  168,240  
 
 
Included within prepayments and accrued income is a provision against the
cancellation of placements where a candidate may reverse their acceptance
prior to the start date. 
 
The value of this provision as of 31 December 2015 is £1,450,000 (31 December
2014: £1,411,000).  The movement in the provision during the year is a charge
to administrative expenses in the income statement of £39,000 (2014:
£296,000). 
 
 9.  Trade payables and other payables: amounts falling due within one year  
                                                                             2015     2014     
                                                                             £'000    £'000    
     Trade payables                                                          8,020    5,514    
     Other taxation and social security                                      19,628   19,543   
     Other payables                                                          19,246   19,199   
     Accruals and deferred income                                            93,012   81,271   
                                                                             139,906  125,527  
 
 
There is no material difference between the fair value and the carrying value
of the Group's trade and other payables. 
 
 10.  Bank overdrafts and loans                 
                                                2015    2014    
                                                £'000   £'000   
      Bank overdrafts and loans: current        25,573  23,904  
                                                25,573  23,904  
                                                                
      The borrowings are repayable as follows:                  
      Within one year                           25,573  23,904  
                                                25,573  23,904  
 
 
In January 2016, the Group renewed and extended to four years its committed
financing facility of £35.0m which expires in December 2019. At 31 December
2015, £25.0m (2014: £23.4m) was drawn down under this facility. 
 
The Group has a short-term facility of Renminbi 15m (£1.5m) of which Renminbi
5m (£0.5m) was drawn down as at 31 December 2015. The loan is secured against
cash deposits in Hong Kong. 
 
The Directors estimate that the fair value of all borrowings is not materially
different from the amounts stated in the Consolidated Balance Sheet of
£25,573,000 (2014: £23,904,000). 
 
 11.  Notes to the cash flow statement                                         
                                                                               2015      2014      
                                                                               £'000     £'000     
      Operating profit                                                         23,103    18,220    
      Adjustments for:                                                                             
      Depreciation and amortisation charges                                    4,276     3,951     
      Loss on disposal of property, plant and equipment and computer software  719       350       
      Charge in respect of share-based payment transactions                    4,656     1,708     
      Operating cash flows before movements in working capital                 32,754    24,229    
      Increase in receivables                                                  (25,711)  (16,097)  
      Increase in payables                                                     16,171    3,138     
      Cash generated from operating activities                                 23,214    11,270    
 
 
 12.  Reconciliation of net cash flow to movement in net funds                     
                                                                2015     2014      
                                                                £'000    £'000     
      Increase in cash and cash equivalents in the year         5,589    8,661     
      Cash (outflow) inflow from movement in bank loans         (1,672)  (12,381)  
      Foreign currency translation differences                  (413)    (554)     
      Movement in net cash in the year                          3,504    (4,274)   
      Net cash at beginning of year                             14,301   18,575    
      Net cash at end of year                                   17,805   14,301    
 
 
Net cash is defined as cash and cash equivalents less bank loans. 
 
This information is provided by RNS
The company news service from the London Stock Exchange