REG - SigmaRoc PLC - Interim results
12/09/2022 07:16
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RNS Number : 0194Z SigmaRoc PLC 12 September 2022
12 September 2022
(EPIC: SRC / Market: AIM / Sector: Construction Materials)
SIGMAROC PLC
('SigmaRoc', the 'Company' or the 'Group')
Interim Results
SigmaRoc plc, the AIM listed buy-and-build quarried materials group, is
pleased to announce its unaudited interim results for the six months ended 30
June 2022.
Highlights
Financial highlights
30 June 2022 30 June 2021 Change
Revenue £247.1m £84.8m 191.5%
Underlying EBITDA £47.6m £15.2m 212.2%
Underlying profit before tax £29.1m £8.7m 233.7%
Underlying EPS 3.61p 2.68p 34.7%
Cash and cash equivalents £46.4m £19.9m 132.9%
Underlying results are stated before acquisition related expenses, certain
finance costs, redundancy and reorganisation costs, impairments, amortisation
of acquisition intangibles and share option expense. References to an
underlying profit measure throughout this Annual Report are defined on this
basis. Pro-forma financial information is presented on a like-for-like basis
adjusting for impact of any acquisitions or non-recurring events.
Financial highlights
· Strong first half of 2022, demonstrating the effectiveness of the
Group's diversified model
· Revenue of £247m, 17% ahead of prior year on a pro-forma basis
· EBITDA of £47.6m, 6% ahead of prior year on a pro-forma basis
reflecting pass through and management of inflationary cost increases
· Underlying operating cash generation of £22 million, with
leverage within the Group's target range
Strategic highlights
· Ongoing focus on efficiency with further improvement initiatives
implemented across the portfolio
· Continued very strong momentum in uptake of our Greenbloc,
ultra-low carbon products technology, with roll out across our concrete ranges
and new capacity investment
· Acquisitions of Johnston and RightCast completed in the first
half
· Published maiden ESG report with net-zero target set for 2040
· Creation of quicklime division at Nordkalk based on strong
technical competencies
· Joint venture agreement signed with ArcelorMittal post period end
Outlook
· H2 trading started well, benefitting from the Group's
diversification
· Demand remains good for both housing and infrastructure, as
well as for industrial minerals
· Continue to focus on inflationary cost management, particularly
energy, with further operational improvement initiatives to be implemented
· The Board is cognisant of the macro-economic backdrop, but the
Group is well placed to make further financial and strategic progress in H2
· The long term potential remains exciting, with significant
opportunities to extend our geographical reach and product offering across a
range of markets for high quality construction materials and industrial
minerals
David Barrett, Executive Chairman, commented:
"I am extremely pleased with the performance of the Group considering the
challenges faced in the last six months. Furthermore, Johnston Quarry Group
and RightCast are excellent additions to the Group and fit the SigmaRoc model
well. The Group remains well positioned for growth and evolution in the coming
months and years, as clearly demonstrated by the very exciting development
with ArcelorMittal."
Max Vermorken, CEO, commented:
"Amidst a new set of challenges in the first half of the year, the Group once
again demonstrates its drive and agility. We closed the first six months of
2022 well on track while successfully managing inflationary pressures across
the Group, the industrial action in Finland and the consequences of the
Ukraine conflict.
Our focus for the second half remains on numerous strategic projects including
our industry leading ESG commitments and our partnership with ArcelorMittal
for green quicklime, while continuing to look for further opportunities to
grow."
The full text of the interim statement is set out below, together with
detailed financial results, and will be available on the Company's website at
www.sigmaroc.com.
An investor and analyst call will take place at 8.00 a.m. today. To
participate in the results call, please register your interest via the
following links:
URL: https://us06web.zoom.us/webinar/register/WN_kiNoUHiWT0uEE_3l4R5Cvw
Should you wish to ask questions of management, there will be an online
Q&A facility to log any questions. It may not be possible for all
questions to be heard during the call.
Any large investor or analyst wishing to arrange a one to one call with the
Company, should contact ir@sigmaroc.com or one of the Company's Joint Brokers
via the relevant contact details below.
Information on the Company is available on its website at www.sigmaroc.com.
Enquiries:
SigmaRoc plc Tel: +44 (0) 207 002 1080
Max Vermorken
Liberum Capital (Co-Broker and Nominated Adviser) Tel: +44 (0) 203 100 2000
Neil Patel / Jamie Richards / Ben Cryer
Peel Hunt (Co-Broker) Tel: +44 (0) 20 7418 8900
Mike Bell / Ed Allsopp
Investor Relations Tel: +44 (0) 207 002 1080
Dean Masefield ir@sigmaroc.com
EXECUTIVE STATEMENT
When COVID-19 hit, our business model showed its inherent flexibility and our
teams their drive and agility. 2022 produced new challenges and yet again our
agility and flexibility showed its true value. We closed the first half of
2022 well on track with market expectations. Our central team was able to find
savings and efficiency gains to compensate for unexpected breakdowns and union
strikes. Our commercial teams locally were able to deal with inflationary cost
pressures, leveraging the strategic location of our footprint and our customer
relationships. Our operators were able to react with agility to an
increasingly challenging energy market, production requirements and customer
demand. We are pleased that the quality of our operators, the inherent
diversification in our model and our strong local market positions have
demonstrated their true value in a time of rapid changes and multiple
challenges.
The Group reported underlying revenue of £247.1 million, representing a
191.5% year-on-year increase, and an underlying EBITDA of £47.6 million,
being an uplift of 212.2% year-on-year. Underlying profit before tax was
£29.1 million and underlying EPS was 3.61p representing a 34.7% improvement
year-on-year. Revenue and underlying EBITDA have increased primarily due to
the inclusion of Nordkalk which was acquired in August 2021, together with the
additions of Johnston and RightCast. On a pro-forma adjusted basis revenue and
EBITDA grew by 18% and 6%, respectively, in the first half.
The strong trading performance and continuation of careful and effective cash
management strategies has led to a strong cash position at 30 June 2022 of
£46.4 million. Whilst the Group has continued its investment led growth
strategy with the acquisitions of Johnston and RightCast, for a total initial
consideration of £38 million, the Group's Adjusted Leverage Ratio at 30 June
2022 had reduced to 2.24x, which is within our long term target range.
Operating performance
The majority of Group businesses performed ahead of the Board's expectations
during the first half of 2022, which enabled the Company to offset the impact
of the union strike at our leading pulp and paper customer in the first
quarter.
In the Channel Islands phasing of significant construction projects created a
modest decline in demand early in the year, but with residential development
still buoyant in Jersey, and with rising confidence in Guernsey, targets for
the half year were exceeded. The residential sector is expected to remain
strong and, with more favourable project phasing coming through in H2, we
anticipate good sales volumes through the rest of the year.
PPG continued its strong performance, with demand consistent across the period
and cost increases passed-on through regular price increases. Allen Concrete
continued its strong volume trend from 2021, Poundfield had a slightly subdued
start to the year but closed the period with a very busy bespoke projects
division and CCP operated at close to maximum capacity, with additional shifts
added to meet the rising demand.
Our rebranded England & Wales platform traded well after recovering from a
challenging start at Harries and the inclusion of Johnston from February.
Revenue for Harries was strong throughout the period, but margin performance
was impacted in January and February as a result of equipment issues which
increased maintenance and plant hire costs. This has been recovered by
improved margins through a combination of premium aggregate product sales and
operating cost efficiencies. At Johnston construction aggregate demand from
Lincolnshire quarries was subdued as large infrastructure projects were
delayed but this was offset by strong demand for agricultural lime.
Dimension Stone had a particularly strong first half in 2022, with an
exceptionally strong order book translating into high volumes. Inflationary
input cost pressure was mitigated by regular price increases and we further
benefitted from very good electricity generation from a new solar panel
installation.
Our Benelux platform had mixed results but overall performed in line with
expectations. B-Mix had a very strong first half of the year with volumes
ahead of budget translating into good EBITDA growth. Cuvelier was in line with
expectations and GduH behind due to offtake volumes not being adhered to,
which will correct in H2 2022 through a contractual take-or-pay mechanism.
Nordkalk faced particularly challenging conditions in the early part of the
year, including:
· The Russian invasion of Ukraine displacing three employees and
their families;
· Significant energy cost increases and concern over supply
arrangements;
· Union strike at UPM in Finland which persisted for almost 4
months; and
· Unexpected plant shutdown at customer, SSAB, in January.
Through active collaboration between SigmaRoc technical teams and the regional
teams within Nordkalk, many of the challenges were met head-on. Further
savings were found across the Group and Nordkalk's commercial teams were able
to manage the inflationary pressure well through a combination of hedging and
dynamic pricing. The impact from customer interruptions was successfully
mitigated through the implementation of cost saving programmes across the
Group combined with catchup demand through the remainder of the period. The
challenges of the Ukraine conflict should also not be forgotten. Nordkalk
staff in Poland were very active in assisting our Ukrainian staff and their
families to relocate to safety when possible, with those who had to remain in
Ukraine being located near the Polish border. As a result, Nordkalk had a good
first half of 2022 in ways beyond the purely financial.
Safety
The Group has continued to progress and improve its safety culture across the
first half of 2022 by focusing on 3 key areas: 1. Structure & Compliance
by ensuring corrective actions are properly closed out and on time; 2.
Proactive Prevention by focusing on each businesses' 3-5 core risks; 3. Learn
& Improve through thorough investigations and timely communication. We are
pleased to report a 21% period-on-period reduction in incident frequency rate;
no increase in harm frequency rate and a 277% period-on-period increase in
near hit, hazard and risk reporting. With the addition of two new businesses
during the period the Group has leveraged its established health & safety
tools and procedures, including the internally developed safety management
system HighVizz which has helped increase reporting, decrease incidents and
improve safety awareness and culture.
Invest, improve, integrate, innovate
At the end of January 2022, the Group acquired Johnston for an initial cash
consideration of £35.5 million. Johnston is a specialist quarried materials
supplier producing construction aggregates and premium quality building stone,
as well as agricultural lime for soil improvement. Its aggregate products are
typically used in infrastructure projects, with its unique Cotswolds Ironstone
and Bath Stone used in specified high end housing and architectural
applications. The business currently operates five active quarries and mines
and two separate processing sites located across the south-west of England,
Oxfordshire and Lincolnshire. Johnston has access to 86 million tonnes of
freehold and leasehold reserves and resources giving JQG an average life of
mine of over 40 years.
For the 12 months to 30 September 2021, Johnston reported revenue of £14.7
million, generating EBITDA of £5.9 million and profit before tax of £3.6
million. The acquisition was funded from the Group's existing resources,
including the assumption of approximately £10 million in borrowings
comprising long term debt and plant hire contracts.
In April 2022, the Group acquired RightCast for an initial cash consideration
of £2.55 million with a further £0.45 million deferred consideration payable
in 12 months subject to certain conditions. RightCast is a precast concrete
producer specialising in the production of concrete stair flights and
landings.
For the 12 months ended 31 October 2021, RightCast reported revenue of £3.1
million, generating EBITDA of £0.6 million and profit after tax of £0.5
million. The acquisition was funded from the Group's existing resources and
RightCast has been integrated into the PPG platform. RightCast brought with it
a strong pipeline of work, well established team and complimentary product
offering to PPG.
The market reaction to Greenbloc has surpassed our expectations. We have
invested significantly in our own manufacturing facilities to keep pace with
demand, while the PPG platform has also acquired and developed additional UK
sites to facilitate the development and manufacture of ultra-low carbon
construction products that go beyond concrete blocks.
From the start of this year every product currently manufactured by SigmaRoc's
PPG platform is now available in a cement-free ultra-low carbon option. From
September 2022 we expect up to 50% of all products produced by the PPG
Platform to fall under the Greenbloc brand.
Our strategic collaboration agreement with Marshalls, which was established on
the back of our leadership in the market with Greenbloc, has accelerated
during the first half of 2022. We have multiple workstreams focusing on
pushing existing technologies to their limits while also developing new
manufacturing techniques. Together with Marshalls, we remain committed to
improving how concrete is specified within the build environment and reducing
its carbon footprint significantly.
In the Channel Islands all ready-mix concrete and concrete products are now
offered with a low carbon cement blend option, and the ultra-low carbon
offering for ready-mix concrete is gathering traction in the market.
Organic development
Development of the 2 million tonne quarry extension in Jersey, which was
consented in 2021, has progressed well, with sales of product from the
extended area already underway. In Guernsey, the planning application to
develop the new quarry resource at Chouet is expected to be determined in
autumn 2022, with extraction anticipated to commence early next year.
In Poland, a new limestone deposit was opened, with planned reserve extensions
expected to add a total of 35 million tonnes to the Group's reserves and
resources.
In Belgium, quarry extension works are on track at Soignies with construction
of the new road around the extension area progressing well, which should
enable excavations of overburden in Q4'22. Furthermore, work is nearly
complete on the construction of our first mainland Europe precast production
facility in Belgium with first products expected off the production line in
September 2022.
Environmental, Social and Governance (ESG)
In April 2022 the Group published its first ESG report which contains extended
detail on its Environmental, Social and Governance policies and initiatives,
as well as a detailed roadmap to net-zero. The report provides further detail
on a large number of initiatives already in place across the Group to manage
its energy use and sourcing, as well as accelerate its successful track record
in innovation to both meet demanding ESG targets and further enhance
competitiveness. In summary of the ESG report, we aim to:
· provide option for 100% of manufactured products to utilise
waste/recycled materials by 2025;
· utilise 100% of production materials by 2027;
· be free of fossil fuel use by 2032; and
· achieve net-zero by 2040.
No other operator in the lime sector has committed to these targets and no
other building materials producer is presently able to offer certified
products with ultra-low carbon credentials totally free of cement, across the
entire range of its products.
More specifically, in Belgium feasibility studies to further increase green
energy sourcing have been initiated. These include new wind installations and
further increases of solar capacity on site at Soignies.
In West Wales Harries contributed to a successful "nappy-enhanced" asphalt
trial, whereby 2.4km of roadway was surfaced using asphalt that contained
recycled nappies. The fibres from the nappies improve binding of bitumen with
aggregate, resulting in a more durable road surface which is expected to
remain in situ for up to 20 years while also providing reduced road noise.
As part of our commitment to employees as well has their families and the
communities they love and work in, West Wales held a Family Fun Day with over
200 people attending. This was an opportunity for everyone to come together,
have fun and relax as well as raise money for local charities with additional
support from other local businesses.
Furthering our governance initiatives, we are pleased to advise that Julie
Kuenzel has been appointed as Company Secretary with immediate effect. Julie
holds a Bachelor of Commerce Degree, is a Chartered Accountant and working
toward membership with the Chartered Governance Institute UK & Ireland.
Julie has over 20 years' experience working in a wide range of industries in
senior management positions. More recently, Julie has been focussed on
providing financial and corporate governance advice to listed companies. Julie
replaces Westend Corporate, who remain as the Group's financial accountants.
Julie bolsters the Group's already strong corporate governance function and
will report to the Board on all compliance related matters.
In April 2022, Axelle Henry joined the Board as an independent NED. Ms Henry
brings significant financial skill to the Group given her role as CFO of a
major investment fund and also adds fresh perspective to the Board with her
knowledge of sectors which are more brand and innovation oriented.
To support both our businesses and our communities, we are continuing to
develop our working relationships with the military and military employment
charities and are registered with the Career Transition Partnership. We will
help facilitate resettlement and transition from military to civilian life as
well as support civilian spouses and partners of serving and ex-Forces
personnel on their journey into employment.
Across all our platforms, our business model of local business for local
communities ensures that we continue to integrate into the areas we work,
supporting both other local businesses, projects, and communities.
Corporate
Our 2021 annual results were released in March 2022 and in April 2022 we held
our Annual General Meeting with all resolutions being passed.
Outlook
Trading in the early part of H2 2022 has started well, with the Group
benefitting from its broad end market and geographical diversification. Demand
remains good both for housing and infrastructure, as well as for industrial
minerals. The Group has successfully dealt with various supply chain and
inflationary headwinds in H1 2022 and has continued to do so into H2 2022,
with particular focus on energy costs and continuous operational improvement
initiatives.
Looking further ahead, we maintain our focus on a number of important
strategic projects identified in the FY21 annual report, including our
ambitious ESG commitments, continuing our disciplined investment strategy and
pursuing organic growth and margin improvement through expansion of our
markets and sales networks.
We continue to see significant opportunity to extend our geographical reach
and product offering across a range of markets for high quality construction
materials and industrial minerals. The Group remains well placed to continue
its growth and development while actively managing a challenging macro
landscape and horizon.
David Barrett Max Vermorken Garth Palmer
Executive Chairman Chief Executive Officer Chief Financial Officer
9 September 2022
CONSOLIDATED INCOME STATEMENT
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
Underlying Non-underlying* (Note 8) Total Underlying Non-underlying* (Note 8) Total
Continued operations Note £'000 £'000 £'000 £'000 £'000 £'000
Revenue 6 247,067 - 247,067 84,760 - 84,760
Cost of sales 7 (193,918) - (193,918) (61,585) - (61,585)
Profit from operations 53,149 - 53,149 23,175 - 23,175
Administrative expenses 7 (21,410) (9,766) (31,176) (13,117) (2,398) (15,515)
Net finance (expense)/income (3,349) (764) (4,113) (1,306) - (1,306)
Other net (losses)/gains 576 (9) 567 46 822 868
Foreign Exchange 157 - 157 (89) - (89)
Profit/(loss) before tax 29,123 (10,539) 18,584 8,709 (1,576) 7,133
Tax expense (5,206) - (5,206) (1,236) - (1,236)
Profit/(loss) 23,917 (10,539) 13,378 7,473 (1,576) 5,897
Profit/(loss) attributable to:
Owners of the parent 23,067 (10,539) 12,528 7,467 (1,571) 5,895
Non-controlling interests 850 - 850 6 (4) 2
23,917 (10,539) 13,378 7,473 (1,576) 5,897
Basic earnings per share attributable to owners of the parent (expressed in 15 3.61 (1.65) 1.96 2.68 (0.56) 2.12
pence per share)
Diluted earnings per share attributable to owners of the parent (expressed in 15 3.46 (1.58) 1.88 2.45 (0.52) 1.93
pence per share)
* Non-underlying items represent acquisition related expenses, restructuring
costs, certain finance costs, share option expense and amortisation of
acquired intangibles. See Note 8 for more information.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
Note £'000 £'000
Profit for the year 13,378 5,897
Other comprehensive income:
Items that will or may be reclassified to profit or loss:
Currency exchange (losses) / gains 11,306 (3,074)
Cash flow hedges - effective portion of changes in fair value 11,678 -
Remeasurement of the net defined benefits liability 13 -
22,997 (3,074)
Total comprehensive income 36,375 2,823
Total comprehensive income attributable to:
Owners of the parent 35,518 2,822
Non-controlling interests 12 857 1
Total comprehensive income for the period 36,375 2,823
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Company number: 05204176
30 June 2022 30 June 2021 31 December 2021
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Non-current assets
Property, plant and equipment 9 277,364 147,109 256,436
Intangible assets 10 355,222 51,181 306,436
Investment in equity-accounted associate 11 528 - 524
Investment in joint ventures 11 5,283 - 5,134
Derivative financial assets 11,989 - 870
Other receivables 4,879 12 4,759
Deferred tax asset 3,915 956 3,129
659,180 199,258 577,288
Current assets
Trade and other receivables 94,097 30,828 73,254
Inventories 56,028 14,792 44,530
Cash and cash equivalents 46,427 19,937 69,916
Derivative financial assets 10,180 174 4,327
206,732 65,731 192,027
Total assets 865,912 264,989 769,315
Current liabilities
Trade and other payables 119,933 48,511 98,213
Derivative financial liabilities 1,372 - 737
Provisions 4,982 - 4,024
Current tax payable 3,811 1,158 3,934
Borrowings 13 30,021 5,235 21,723
160,119 54,904 128,631
Non-current liabilities
Borrowings 1313 233,363 67,546 212,199
Employee benefit liabilities 1,575 - 1,589
Derivative financial liabilities 1,057 - -
Deferred tax liabilities 9,710 3,917 5,190
Provisions 5,094 5,391 6,151
Other payables 4,484 5,100 4,401
255,283 81,954 229,530
Total Liabilities 415,102 136,858 358,161
Net assets 450,510 128,131 411,154
Equity attributable to owners of the parent
Share capital 14 6,382 2,799 6,379
Share premium 14 400,022 107,893 399,897
Share option reserve 9,307 807 3,104
Other reserves 12,797 473 (11,236)
Retained earnings 12,781 14,924 2,116
Equity attributable to owners of the parent 441,289 126,896 400,260
Non-controlling interest 12 9,221 1,235 10,894
Total Equity 450,510 128,131 411,154
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share premium Share option reserve Other reserves Retained earnings Total Non-controlling interest Total
capital
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance as at 1 January 2021 2,788 107,418 847 3,293 9,218 123,564 - 123,564
Profit for the period - - - - 5,895 5,895 2 5,897
Currency translation differences - - - (3,073) - (3,073) (1) (3,074)
Total comprehensive income for the period - - - (3,073) 5,895 2,822 1 2,823
Contributions by and distributions to owners
Issue of ordinary shares 11 475 - - - 486 1,234 1,721
Share option charge - - 24 - - 24 - 24
Exercise of share options - - (64) - 64 - - -
Movement in equity - - - 253 (253) - - -
Total contributions by and distributions to owners 11 475 (40) 253 (190) 510 1,234 1,744
Balance as at 30 June 2021 2,799 107,893 807 473 14,924 126,896 1,235 128,131
Balance as at 1 January 2022 6,379 399,897 3,104 (11,236) 2,116 400,260 10,894 411,154
Profit for the period - - - - 12,528 12,528 850 13,378
Currency translation differences - - - 11,299 - 11,299 7 11,306
Other comprehensive income - - - 11,691 - 11,691 - 11,691
Total comprehensive income for the period - - - 22,990 12,528 35,518 857 36,375
Contributions by and distributions to owners
Issue of ordinary shares 14 3 125 - - - 128 - 128
Share option charge - - 6,380 - - 6,380 - 6,380
Exercise of share options - - (177) - 177 - - -
Dividends - - - - (1,686) (1,686) (2,530) (4,216)
Movement in equity - - - 1,043 (354) 689 - 689
Total contributions by and distributions to owners 3 125 6,203 1,043 (1,863) 5,511 (2,530) 2,981
Balance as at 30 June 2022 6,382 400,022 9,307 12,797 12,781 441,289 9,221 450,510
CASH FLOW STATEMENTS
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
Note £'000 £'000
Cash flows from operating activities
Profit 13,378 5,897
Adjustments for:
Depreciation and amortisation 15,830 6,076
Share option expense 6,597 23
Loss/(gain) on sale of property, plant and equipment (358) 79
Net finance costs 4,113 1,306
Other non-cash adjustments 407 (858)
Net tax paid (1,441) 549
Share of earnings from associates (201) -
Increase in trade and other receivables (13,325) (5,096)
Increase in inventories (8,501) (1,163)
(Decrease)/increase in trade and other payables 3,383 (1,026)
Decrease in provisions (539) (596)
Net cash flows from operating activities 19,343 5,191
Investing activities
Purchase of property, plant and equipment 9 (15,063) (4,119)
Cash paid for acquisition of subsidiaries (net of cash acquired) (36,648) (9,856)
Sale of property plant and equipment 779 1
Purchase of intangible assets 10 (535) -
Financial derivatives 302 -
Interest received 2,959 -
Net cash used in investing activities (48,206) (13,974)
Financing activities
Proceeds from share issue 128 1,721
Finance costs (6,714) (705)
Proceeds from borrowings 28,901 4,444
Repayment of borrowings (16,257) (4,124)
Dividends paid (1,686) -
Net cash generated from financing activities 4,372 1,336
Net increase in cash and cash equivalents (24,491) (7,447)
Cash and cash equivalents at beginning of period 69,916 27,452
Exchange (losses)/gains on cash 1,002 (68)
Cash and cash equivalents and end of period 46,427 19,937
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
The principal activity of SigmaRoc plc (the 'Company') is to make investments
and/or acquire projects in the construction materials sector and through its
subsidiaries (together the 'Group') is the production of high-quality
aggregates and supply of value-added construction materials. The Company's
shares are admitted to trading on the AIM market of the London Stock Exchange
('AIM'). The Company is incorporated and domiciled in the United Kingdom.
The address of its registered office is Suite 1, 15 Ingestre Place, London,
W1F 0DU.
2. Basis of preparation
The interim financial statements have been prepared in accordance with IAS 34
- Interim Financial Reporting, as adopted by the UK. The interim financial
statements have been prepared applying the accounting policies and
presentation that were applied in the annual financial statements for the year
ended 31 December 2021. The condensed interim financial statements should be
read in conjunction with the annual financial statements for the year ended 31
December 2021.
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of International Financial Reporting Standards (IFRS) as adopted by
the UK.
Statutory financial statements for the period ended 31 December 2021 were
approved by the Board of Directors on 23 March 2022 and delivered to the
Registrar of Companies. The report of the auditors on those financial
statements was unqualified. The comparative financial information for the
interim period ended 30 June 2021 and year ended 31 December 2021 is for the
Group only.
Going concern
The Directors, having made appropriate enquiries, consider that adequate
resources exist for the Company and Group to continue in operational existence
for the foreseeable future and that, therefore, it is appropriate to adopt the
going concern basis in preparing the condensed interim financial statements
for the period ended 30 June 2022.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Company's 2021 Annual Report and Financial Statements, a copy
of which is available on the Company's website: www.sigmaroc.com
(http://www.sigmaroc.com) . The key financial risks are liquidity risk, credit
risk, interest rate risk and fair value estimation.
Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in Note 4 of the Company's 2021 Annual Report
and Financial Statements. The nature and amounts of such estimates have not
changed significantly during the interim period.
Foreign Currencies
a) Functional and Presentation Currency
Items included in the Financial Statements are measured using the currency of
the primary economic environment in which the entity operates (the 'functional
currency'). The Financial Statements are presented in Pounds Sterling, rounded
to the nearest pound, which is the Group's functional currency.
b) Transactions and Balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions or
valuation where such items are re-measured. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the Income Statement. Foreign exchange
gains and losses that relate to borrowings and cash and cash equivalents are
presented in the Income Statement within 'finance income or costs. All other
foreign exchange gains and losses are presented in the Income Statement within
'Other net gains/(losses)'.
Translation differences on non-monetary financial assets and liabilities such
as equities held at fair value through profit or loss are recognised in profit
or loss as part of the fair value gain or loss. Translation differences on
non-monetary financial assets measured at fair value, such as equities
classified as available for sale, are included in other comprehensive income.
c) Group companies
The results and financial position of all the Group entities (none of which
has the currency of a hyperinflationary economy) that have a functional
currency different from the presentation currency are translated into the
presentation currency as follows:
· assets and liabilities for each period end date presented are
translated at the period-end closing rate;
· income and expenses for each Income Statement are translated at
average exchange rates (unless this average is not a reasonable approximation
of the cumulative effect of the rates prevailing on the transaction dates, in
which case income and expenses are translated at the dates of the
transactions); and
· all resulting exchange differences are recognised in other
comprehensive income.
On consolidation, exchange differences arising from the translation of the net
investment in foreign entities, and of monetary items receivable from foreign
subsidiaries for which settlement is neither planned nor likely to occur in
the foreseeable future, are taken to other comprehensive income. When a
foreign operation is sold, such exchange differences are recognised in the
Income Statement as part of the gain or loss on sale.
3. Accounting policies
Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed interim financial
statements as were applied in the preparation of the company's annual
financial statements for the year ended 31 December 2021, except for the
impact of the adoption of the Standards and interpretations described in para
3.1 below:
3.1. Changes in accounting policy and disclosures
(a) Accounting developments during 2022
The International Accounting Standards Board (IASB) issued various amendments
and revisions to International Financial Reporting Standards and IFRIC
interpretations. The amendments and revisions were applicable for the period
ended 30 June 2022 but did not result in any material changes to the financial
statements of the Group or Company.
(b) New standards, amendments and interpretations in issue but not yet
effective or not yet endorsed and not early adopted
Standard Impact on initial application Effective date
IAS 12 Income taxes 1 January 2023
IFRS 17 Insurance contracts 1 January 2023
IAS 8 Accounting estimates 1 January 2023
IAS 1 Classification of Liabilities as Current or Non-Current. 1 January 2023
The Group is evaluating the impact of the new and amended standards above
which are not expected to have a material impact on the Group's results or
shareholders' funds.
4. Dividends
No dividend has been declared or paid by the Company during the six months
ended 30 June 2022 (2021: nil).
5. Segment Information
Management has determined the operating segments based on reports reviewed by
the Board of Directors that are used to make strategic decisions. During the
periods presented the Group had interests in four key geographical segments,
being the United Kingdom, Channel Islands, Belgium and Northern Europe.
Activities in the United Kingdom, Channel Islands, Belgium and Northern Europe
relate to the production and sale of construction material products and
services.
6 months to 30 June 2022
United Kingdom Channel Islands Belgium Northern Europe Total
£'000 £'000 £'000 £'000 £'000
Revenue 51,343 15,021 43,224 137,479 247,067
Profit from operations per reportable segment 12,093 5,085 11,865 24,106 53,149
Additions to non-current assets 57,501 (401) (2,191) 26,984 81,893
Reportable segment assets 180,906 49,787 116,653 518,566 865,912
Reportable segment liabilities 280,673 5,500 30,015 99,214 415,102
6 months to 30 June 2021
United Kingdom Channel Islands Belgium Total
£'000 £'000 £'000 £'000
Revenue 35,225 14,367 35,168 84,760
Profit from operations per reportable segment 7,433 5,016 10,726 23,175
Additions to non-current assets 290 (874) 4,812 4,228
Reportable segment assets 105,919 47,254 111,816 264,989
Reportable segment liabilities 76,767 4,981 55,110 136,858
6. Revenue
Consolidated
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
£'000 £'000
Upstream products 28,009 11,383
Value added products 191,046 64,332
Value added services 23,171 6,832
Other 4,842 2,213
247,067 84,760
Upstream products revenue relates to the sale of aggregates and cement. Value
added products is the sale of finished goods that have undertaken a
manufacturing process within each of the subsidiaries. Value added services
consists of the transportation, installation and contracting services
provided.
All revenues from upstream and value added products relate to products for
which revenue is recognised at a point in time as the product is transferred
to the customer. Value added services revenues are accounted for as products
and services for which revenue is recognised over time.
Whilst the Group has contract revenue, this amount is not deemed to be
material under IFRS 15.
7. Expenses by nature
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
£'000 £'000
Cost of sales
Raw materials and production 92,942 22,592
Distribution and selling expenses 19,654 3,850
Employee benefit expenses 46,614 18,801
Maintenance expense 10,196 3,627
Plant hire expense 3,008 2,627
Depreciation and amortisation expense 15,091 5,221
Other costs of sale 6,413 4,867
Total cost of sales 193,918 61,585
Administrative expenses
Operational admin expenses 19,666 12,421
Corporate admin expenses 11,510 3,094
Total administrative expenses 31,176 15,515
Depreciation and amortisation expense is a combination of property, plant and
equipment depreciation and amortisation of intangible assets.
8. Non-underlying items
As required by IFRS 3 - Business Combinations, acquisition costs have been
expensed as incurred. Additionally, the Group incurred costs associated with
obtaining debt financing, including advisory fees to restructure the Group to
satisfy lender requirements.
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
£'000 £'000
Acquisition related expenses 1,849 349
Restructuring expenses 801 396
Share options expense 6,696 23
Amortisation of acquired intangibles 739 808
Other non-underlying 454 -
10,539 1,576
Acquisition related expenses include costs relating to the due diligence of
prospective pipeline acquisitions and other direct costs associated with
merger & acquisition activity including accounting fees, legal fees and
other consulting fees.
Amortisation of acquired assets are non-cash items which distort the
underlying performance of the businesses acquired.
Restructuring expenses include advisory fees, additional legal fees relating
to the refinancing and redundancy costs.
Share option expense is the fair value of the share options issued and or
vested during the period.
Other non-underlying costs include COVID-19 related costs, professional
adviser fees and other associated costs.
9. Property, plant and equipment
Office equipment Land and minerals Land and buildings Plant and machinery Furniture and vehicles Construction in progress Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
As at 1 January 2021 4,225 104,379 45,948 98,498 24,537 1,247 278,834
Acquired through acquisition of subsidiary 213 - 179 7,672 4,146 - 12,210
Fair value adjustments - - - 633 (383) (250) -
Additions 165 183 1,899 1,600 234 37 4,118
Disposals - (14) - (66) (103) - (183)
Forex (110) (162) (1,067) (2,906) (41) - (4,286)
As at 30 June 2021 4,493 104,386 46,959 105,431 28,390 1,034 290,693
Acquired through acquisition of subsidiary - 81,482 70,443 185,753 - 10,667 348,345
Transfer between classes - - 1,149 133 - (1,282) -
Fair value adjustments - 3,433 1,539 - - - 4,972
Additions 198 3,141 1,869 8,344 2,060 2,824 18,436
Disposals - (177) (592) (7,698) (5,905) - (14,372)
Forex (97) (2,298) (134) (2,045) 50 - -4,524
As at 31 December 2021 4,594 189,967 121,233 289,918 24,595 13,243 643,550
Acquired through acquisition of subsidiary 159 9,248 994 10,931 251 1,730 23,313
Transfer between classes - - - 364 - (364) -
Fair value adjustment - - (68) - 2,192 - 2,124
Additions 106 2,303 1,176 8,084 423 2,971 15,063
Disposals (5) -- - (1,254) (112) - (1,371)
Forex 93 2,742 975 2,206 201 (46) 6,171
As at 30 June 2022 4,947 204,260 124,310 310,249 27,550 17,534 688,850
Depreciation
As at 1 January 2021 3,817 11,373 25,085 76,738 17,030 - 134,043
Acquired through acquisition of subsidiary 152 - 131 4,194 3,201 - 7,678
Charge for the year 120 1,489 773 1,843 1,139 - 5,364
Transfer between classes - - - 316 (316) -
Disposals - - - - (103) - (103)
Forex (111) (102) (1,028) (1,728) (429) - (3,398)
As at 30 June 2021 3,978 12,760 24,961 81,363 20,522 - 143,584
Acquired through acquisition of subsidiary - 57,487 40,796 145,316 - - 243,599
Charge for the year 148 907 2,649 8,195 496 - 12,395
Disposals - - (592) (7,298) (2,984) - (10,874)
Impairment - - 380 684 - - 1,064
Forex (85) (980) 198 (1,979) 192 - (2,654)
As at 31 December 2021 4,041 70,174 68,392 226,281 18,226 - 387,114
Acquired through acquisition of subsidiary 78 1,947 68 4,140 53 - 6,286
Charge for the year 102 1,157 3,207 8,847 1,477 - 14,790
Disposals (3) - - (888) (58) - (949)
Forex 89 2,500 (380) 1,884 152 - 4,245
As at 30 June 2022 4,307 75,778 71,287 240,264 19,850 - 411,486
Net book value
As at 30 June 2021 515 91,626 21,998 24,068 7,868 1,034 147,109
As at 31 December 2021 553 119,793 52,841 63,637 6,369 13,243 256,436
As at 30 June 2022 640 128,482 53,023 69,985 7,700 17,534 277,364
10. Intangible assets
Consolidated
Goodwill Customer Relations Intellectual property Research & Development Branding Other Intangibles Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost & net book value
As at 1 January 2021 39,966 3,333 471 1,236 3,398 400 48,804
Additions - - - - - - -
Additions through business combination 5,494 - - - - - 5,494
Amortisation - (259) (42) (332) (80) - (713)
Forex (2,241) - - (163) - - (2,404)
As at 30 June 2021 43,219 3,074 429 741 3,318 400 51,181
As at 1 January 2022 293,438 2,816 386 571 3,238 5,986 306,436
Additions - - - 4 - 531 535
Additions through business combination 41,496 - - - - 41,496
Amortisation - (258) (42) (54) (80) (607) (1,041)
Forex 7,647 - - 4 - 145 7,796
As at 30 June 2022 342,581 2,558 344 525 3,158 6,055 355,222
The intangible asset classes are:
- Goodwill is the excess of the consideration transferred and the
acquisition date fair value of any previous equity interest in the acquired
over the fair value of the net identifiable assets.
- Customer relations is the value attributed to the key customer
lists and relationships.
- Intellectual property is the patents owned by the Group.
- Research and development is the acquiring of new technical
knowledge and trying to improve existing processes or products or; developing
new processes or products.
- Branding is the value attributed to the established company
brand.
- Other intangibles consist of capitalised development costs for
assets produced that assist in the operations of the Group and incur revenue.
Amortisation of intangible assets is included in cost of sales on the Income
Statement. Development costs have been capitalised in accordance with the
requirements of IAS 38 and are therefore not treated, for dividend purposes,
as a realised loss.
The Purchase Price Allocation ('PPA') exercise for B-Mix has commenced but is
still subject to finalisation.
Impairment tests for goodwill
Goodwill arising on business combinations is not amortised but is reviewed for
impairment on an annual basis, or more frequently if there are indications
that the goodwill may be impaired. Goodwill is allocated to groups of cash
generating units according to the level at which management monitor that
goodwill, which is at the level of operating segments.
The primary operating segments are considered to be Ronez in the Channel
Islands, Topcrete, Poundfield, CCP, Rightcast, GD Harries and Johnston Quarry
Group in the UK, CDH, Stone, GDH, B-Mix and Casters in Belgium and Nordkalk in
Finland, Sweden and Poland.
Key assumptions
The key assumptions used in performing the impairment review are set out
below:
Cash flow projections
Cash flow projections for each operating segment are derived from the annual
budget approved by the Board for 2022 and the three-year plan to 2023 and
2025. The key assumptions on which budgets and forecasts are based include
sales volumes, product mix and operating costs. These cash flows are then
extrapolated forward for a further 17 years, with the total period of 20 years
reflecting the long-term nature of the underlying assets. Budgeted cash flows
are based on past experience and forecast future trading conditions.
Long-term growth rates
Cash flow projections are prudently based on 2 per cent. and therefore
provides plenty of headroom.
Discount rate
Forecast cash flows for each operating segment have been discounted at rates
of 8 per cent which was calculated by an external expert based on market
participants' cost of capital and adjusted to reflect factors specific to each
operating segment.
Sensitivity
The Group has applied sensitivities to assess whether any reasonable possible
changes in assumptions could cause an impairment that would be material to
these consolidated Financial Statements. This demonstrated that a 1% increase
in the discount rate would not cause an impairment and the annual growth rate
is assumed to be 2%.
The Directors have therefore concluded that no impairment to goodwill is
necessary.
11. Investment in Equity Accounted Associates & Joint Ventures
Nordkalk has a joint venture agreement with Franzefoss Minerals AS, to build a
lime kiln located in Norway which was entered into on 5 August 2004.
NorFraKalk AS is the only joint agreement in which the Group participates.
The Group has one non-material local associate in Pargas, Pargas Hyreshus Ab.
30 June 2022 30 June 2021
Unaudited Unaudited
£'000 £'000
Interests in associates 528 -
Interest in joint venture 5,283 -
5,811 -
Proportion of ownership interest held
Name Country of incorporation 30 June 2022 30 June 2021
Unaudited Unaudited
NorFraKalk AS Norway 50% -
Summarised financial information
NorFraKalk AS - Cost and net book value 30 June 2022 30 June 2021
Unaudited Unaudited
£'000 £'000
Current assets 10,960 -
Non-current assets 9,867 -
Current liabilities 4,199 -
Non-current liabilities 5,488 -
30,514 -
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
£'000 £'000
Revenues 10,559 -
Profit after tax from continuing operations 478 -
12. Non-controlling interests
6 months to 30 June 2022 6 months to 30 June 2021
Unaudited Unaudited
£'000 £'000
As at 1 January 10,894 -
Shares issued to non-controlling interest - 1,234
Non-controlling interests share of profit in the period 850 1
Dividends paid (2,530)
Foreign exchange movement 7
As at 30 June 9,221 1,235
13. Borrowings
30 June 2022 30 June 2021
Unaudited Unaudited
£'000 £'000
Non-current liabilities
Santander term facility 211,320 59,456
Bank Loans 65 634
Finance lease liabilities 21,978 7,456
233,363 67,546
Current liabilities
Santander term facility 16,000 -
Bank loans 6,962 2,298
Finance lease liabilities 7,059 2,937
30,021 5,235
In July 2021, the Group entered into a new Syndicated Senior Credit Facility
of up to £305 million (the 'Credit Facility') led by Santander UK and
including several major UK and European banks. The Credit Facility, which
comprises a £205 million committed term facility, a £100 million revolving
facility commitment and a further £100 million accordion option. This new
facility replaces all previously existing bank loans within the Group.
The Credit Facility is secured by a floating charge over the assets of
SigmaFin Limited, Carrieres du Hainaut and Nordkalk and is secured by a
combination of debentures, security interest agreements, pledges and floating
rate charges over the assets of SigmaRoc plc, SigmaFin Limited, B-Mix,
Carrieres du Hainaut and Nordkalk. Interest is charged at a rate between 1.85%
and 3.35% above SONIA ('Interest Margin'), based on the calculation of the
adjusted leverage ratio for the relevant period. For the period ending 30 June
2022 the Interest Margin was 2.60%.
The carrying amounts and fair value of the non-current borrowings are:
Carrying amount and fair value
30 June 2022 30 June 2021
Unaudited Unaudited
£'000 £'000
Santander term facility (net of establishment fees) 211,320 59,456
Bank loans 65 2,931
Finance lease liabilities 21,978 10,394
233,363 72,781
14. Share capital and share premium
Number of shares Ordinary shares Share premium Total
£ £ £
Issued and fully paid
As at 1 January 2021 278,739,186 2,787 107,418 110,205
Exercise of options and warrants - 30 April 2021 1,059,346 11 456 467
Exercise of warrants - 13 May 2021 78,044 1 19 20
As at 30 June 2021 279,876,576 2,799 107,893 110,692
Issue of new shares - 31 August 2021 ((1)) 307,762,653 3,059 249,772 252,831
Issue of new shares - 31 August 2021 50,276,521 521 42,232 42,753
As at 31 December 2021 637,915,750 6,379 399,897 406,276
As at 1 January 2022 637,915,750 6,379 399,897 406,276
4 January 2022 330,594 3 125 128
As at 30 June 2022 638,246,344 6,382 400,022 406,404
(1) Includes issue costs of £8,748,365
On 4 January 2022, the Company issued and allotted 304,580 new Ordinary Shares
at a price of 40 pence per share as an exercise of options. On this same day
the Company issued and allotted 26,014. new Ordinary Shares at a price of 25
pence per share as an exercise of options.
15. Earnings per share
The calculation of the total basic earnings per share of 1.96 pence (2021:
2.12 pence) is calculated by dividing the profit attributable to shareholders
of £13,378 million (2021: £5,897 million) by the weighted average number of
ordinary shares of 638,240,865 (2021: 279,125,771) in issue during the period.
Diluted earnings per share of 1.88 pence (2021: 1.93 pence) is calculated by
dividing the profit attributable to shareholders of £13,378 million (2021:
£5,897,070) by the weighted average number of ordinary shares in issue during
the period plus the weighted average number of share options and warrants to
subscribe for ordinary shares in the Company, which together total 667,404,450
(2021: 304,541,876).
Details of share options that could potentially dilute earnings per share in
future periods are disclosed in the notes to the Group's Annual Report and
Financial Statements for the year ended 31 December 2021.
16. Fair value of financial assets and liabilities measured at amortised
costs
The following table shows the carrying amounts and fair values of the
financial assets and liabilities, including their levels in the fair value
hierarchy. It does not include fair value information for financial assets and
financial liabilities not measures at fair value if the carrying amount is a
reasonable approximation of fair value.
Items where the carrying amount equates to the fair value are categorised to
three levels:
· Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date
· Level 2 inputs are inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly
or indirectly
· Level 3 inputs are unobservable inputs for the asset or
liability.
Carrying Amount Fair value
Fair value - Hedging instruments Fair value through P&L Fair value through OCI Financial asset at amortised cost Other financial liabilities Total Level 1 Level 2 Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Forward exchange contracts - 1,138 - - - 1,138 - 1,138 1,138
CO(2) emission hedge - 126 - - - 126 126 - 126
Electricity hedges 20,905 - - - - 20,905 20,905 - 20,905
Financials assets not measured at fair value
Trade and other receivables (excl. Derivatives) - - - 94,097 - 94,097 - - -
Cash and cash equivalents - - - 46,427 - 46,427 - - -
Financial liabilities measured at fair value
Forward exchange contracts 219 - - - - 219 - 219 219
CO(2) emission hedge 126 - - - - 126 126 - 126
Electricity hedges 2,084 - - - - 2,084 2,084 - 2,084
Financial liabilities not measured at fair value
Loans - - - - 234,347 234,347 - - -
Finance lease liability - - - - 29,037 29,037 - - -
Trade and other payables (excl. derivative) - - - - 124,120 124,120 - - -
17. Business combination
Johnston Quarry Group
On 1 February 2022, the Group acquired 100 per cent. of the share capital of
Johnston Quarry Group Limited ('JQG') for a cash consideration of £35.5
million (being £35.5 million less adjustments for various obligations assumed
by the Group as part of the acquisition). JQG is registered and incorporated
in England. JQG is a high-quality producer of construction aggregates,
building stone and agricultural lime.
The following table summarises the consideration paid for JQG and the values
of the assets and equity assumed at the acquisition date.
Total consideration £'000
Net cash consideration 35,050
Deferred consideration 8,500
43,550
Recognised amounts of assets and liabilities acquired £'000
Cash and cash equivalents 1,587
Trade and other receivables 2,160
Inventories 1,533
Property, plant & equipment 16,897
Trade and other payables (5,685)
Borrowings (10,795)
Provisions (325)
Income tax payable (350)
Deferred tax liability (826)
Total identifiable net assets 4,197
Goodwill 39,354
Total consideration 43,550
RightCast Limited
On 27 April 2022, the Group acquired 100 per cent. of the share capital of
RightCast Limited ('RightCast') and its subsidiaries for a cash consideration
of £2.55 million. RightCast is registered and incorporated in England.
RightCast is a precast company specialising in the design, manufacture, supply
and installation of bespoke precast concrete products.
The following table summarises the consideration paid for RightCast and the
values of the assets and equity assumed at the acquisition date.
Total consideration £'000
Cash 2,550
Deferred consideration 747
3,297
Recognised amounts of assets and liabilities acquired £'000
Cash and cash equivalents 15
Trade and other receivables 1,153
Inventories 462
Property, plant & equipment 75
Trade and other payables (474)
Income tax payable (57)
Deferred tax liability (19)
Total identifiable net assets 1,155
Goodwill (refer to note 10) 2,142
Total consideration 3,297
18. Related party transactions
Loans with Group Undertakings
Amounts receivable/(payable) as a result of loans granted to/(from) subsidiary
undertakings are as follows:
Company
30 June 2022 30 June 2021
Unaudited Unaudited
£'000 £'000
Ronez Limited (19,728) (15,468)
SigmaGsy Limited (6,763) (5,455)
SigmaFin Limited 20,146 (6,584)
Topcrete Limited (9,494) (8,678)
Poundfield Products (Group) Limited 5,251 5,863
Foelfach Stone Limited 466 457
CCP Building Products Limited 5,396 5,786
Carrières du Hainaut SCA 16,388 (4,861)
GDH (Holdings) Limited 9,838 1,484
B-Mix Beton NV 517 -
Stone Holdings SA 376 368
Nordkalk Oy Ab 73,939 -
Johnston Quarry Group 10,451 -
106,783 (27,088)
Loans granted to or from subsidiaries are unsecured, have interest charged at
2% and are repayable in Pounds Sterling on demand from the Company.
All intra Group transactions are eliminated on consolidation.
Other Transactions
During the period, there were no related party transactions.
19. Events after the reporting date
On 12 September 2022 the Company announced it had entered into a joint venture
agreement with ArcelorMittal Global Holdings S.L.R. to develop quicklime
production for use in steel production and other applications.
20. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of
Directors on 9 September 2022.
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