REG - Plastics Capital PLC - Final Results <Origin Href="QuoteRef">PLA.L</Origin> - Part 2
03/07/2017 07:05
- Part 2: For the preceding part double click ID:nRSC8428Ja
Non-controlling interest 107 -
Consolidated Statement of Changes in Shareholders' Equity
for year ended 31 March 2017
Reverse Capital
Share Share Translation acquisition
redemption Retained
capital premium reserve reserve
reserve earnings Total
£000 £000 £000 £000
£000 £000 £000
Balance at 31 March 2015 353 20,888
634 2,640 (200) 2,034 26,349
Total recognised income and expense for the year - -
5 - - 1,222
1,227
Reserve correction -
63 - - 200 (263)
-
Dividends paid -
- - - -
(1,460) (1,460)
LTIP charge -
- - - -
401 401
Settlement of LTIP 2011 - -
- - - (194)
(194)
Balance at 31 March 2016 353 20,951
639 2,640 - 1,740 26,323
Reverse Total
Non-
Share Share Translation acquisition
Retained parent controlling Total
capital premium reserve reserve
earnings equity interest equity
£000 £000 £000 £000
£000 £000 £000
£000
Balance at 31 March 2016 353 20,951
639 2,640 1,740 26,323 -
26,323
Total recognised income and expense for the year - -
607 - 539 1,146 (107)
1,039
Elimination of non-controlling interest - -
- - - -
(182) (182)
Issue of share capital 4
445 - - (449)
- - -
Dividends paid -
- - - (1,110) (1,110)
- (1,110)
LTIP charge -
- - - 165
165 - 165
Settlement of LTIP 2011 -
- - - (394) (394)
- (394)
Balance at 31 March 2017 357 21,396
1,246 2,640 491 26,130 (289)
25,841
Consolidated Balance Sheet
at 31 March 2017
Note 2017 2016
£000 £000
Non-current assets
Property, plant and equipment 11,057 8,130
Intangible assets 26,376 22,796
37,433 30,926
Current assets
Inventories 6,657 4,783
Trade and other receivables 15,482 11,945
Cash and cash equivalents 4,914 5,488
27,053 22,216
Total assets 64,486 53,142
Current liabilities
Interest-bearing loans and borrowings 6,199 8,067
Trade and other payables 14,502 9,315
Corporation tax liability 448 388
21,149 17,770
Non-current liabilities
Interest-bearing loans and borrowings 15,037 8,273
Other financial liabilities 1,277 415
Deferred tax liabilities 1,182 361
17,496 9,049
Total liabilities 38,645 26,819
Net assets 25,841 26,323
Equity attributable to equity holders of the parent
Share capital 6 357 353
Share premium 21,396 20,951
Translation reserve 1,246 639
Reverse acquisition reserve 2,640 2,640
Retained earnings 491 1,740
Total parent equity 26,130 26,323
Non-controlling interest (289) -
Total equity 25,841 26,323
Consolidated Cash Flow Statement
for year ended 31 March 2017
2017 2016
£000 £000
Profit after tax for the year 539 1,222
Adjustments for:
Income tax charge/(credit) 227 (124)
Depreciation and amortisation 2,525 2,948
Financial expense 2,537 760
Gain on disposal of plant, property and equipment (18) (74)
LTIP charge 165 401
Changes in working capital
(Increase) in trade and other receivables (2,020) (806)
(Increase) in inventories (796) (777)
Increase in trade and other payables 3,080 937
Cash generated from operations 6,239 4,487
Interest paid (725) (377)
Income tax paid (474) (275)
Net cash inflow from operating activities 5,040 3,835
Cash flows from investing activities
Acquisition of subsidiary and fees (net of cash acquired) (4,095) (300)
Acquisition of property, plant and equipment (3,499) (2,275)
Development expenditure capitalised (539) (349)
Proceeds from disposal of property, plant and equipment 26 1,400
Dividend received 15 35
Net cash outflow from investing activities (8,092) (1,489)
Cash flows from financing activities
Proceeds from the issue of share capital - -
Net proceeds from new loan 5,512 1,500
Repayment of borrowings and fees (1,131) (2,731)
Dividends paid (1,110) (1,460)
Net cash inflow/(outflow) from financing activities 3,271 (2,691)
Increase/(decrease) in cash, cash equivalents and overdrafts 219 (345)
Cash and cash equivalents at 1 April 5,488 4,437
Overdraft at 1 April (5,304) (3,908)
Cash, cash equivalents and overdrafts at 31 March 403 184
Notes
1 Financial information
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 March 2017 or 2016. Statutory
accounts for 2016 have been delivered to the Registrar of Companies, and those
for 2017 will be delivered in due course. The auditor has reported on those
accounts; their reports were (i) unqualified, (ii) did not include a reference
to any matters to which the auditors drew attention by way of emphasis without
qualifying their report and (iii) did not contain a statement under section
498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 2017.
Going concern
The Financial Reporting Council issued "Guidance on the Going Concern Basis of
Accounting and Reporting on Solvency and Liquidity Risks" and the Directors
have considered this when preparing the financial statements. These have been
prepared on a going concern basis and the Directors have taken steps to ensure
that they believe the going concern basis of preparation remains appropriate.
The Directors have considered the position of the trading companies in the
Group to ensure that these companies are in a position to meet their
obligations as they fall due.
There are not believed to be any contingent liabilities which could result in
a significant impact on the business if they were to crystallise.
Accounting estimates and judgements
The Company makes estimates and assumptions regarding the future. Estimates
and judgements are continually evaluated based on historical experience and
other factors, including expectations of future events that are believed to be
reasonable under the circumstances. In the future, actual experience may
differ from these estimates and assumptions. The estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities or to the financial statements in general
within the next financial year are discussed below:
Intangible assets
The Group recognises intangible assets (other than goodwill) on acquisition
and capitalise certain development costs as incurred. Estimates are made in
respect of useful lives affecting the carrying value and amortisation charges
in respect of these assets. The valuation of intangible assets requires
judgements to be made in respect of valuation methods, discount rates, growth
rates and future cash flows and the cost of capital. Actual outcomes may
vary.
Goodwill
The Group is required to test, on an annual basis, whether goodwill has
suffered any impairment. Goodwill is assigned by the Company to its
cash-generating units, the allocation of which is a judgement based on the
knowledge of the business. The recoverable amount is determined based on value
in use calculations. The use of this method requires the estimation of future
cash flows, growth rates and the choice of a discount rate based on knowledge
of the cost of capital in order to calculate the present value of the cash
flows. Actual outcomes may vary.
Inventory
The Company reviews the net realisable value of, and demand for, its inventory
on a regular basis to provide assurance that recorded inventory is stated at
the lower of cost or net realisable value. Factors that could impact estimated
demand and selling prices include competitor actions, supplier prices and
economic trends.
Exceptional costs, foreign exchange costs and presentation of the financial
statements
The Group is required to make judgements in determining its policy for the
disclosure and presentation of exceptional costs and foreign exchange costs.
These judgements are made in order to facilitate the understanding of the
performance of the Group.
Notes (continued)
2 Accounting policies
Plastics Capital plc (the "Company") is a public company incorporated in
England and Wales, with subsidiary undertakings in the UK, Italy, Japan,
Thailand, India, China and the United States of America.
The Group financial statements consolidate those of the Company and its
subsidiaries (together referred to as the "Group"). The Group financial
statements have been prepared and approved by the directors in accordance with
International Financial Reporting Standards as adopted by the EU ("Adopted
IFRSs"). The accounting policies have been applied consistently to all
periods presented in these Group financial statements.
3 Exceptional items
Administrative expenses
2017 2016
£000 £000
Redundancy and restructuring costs (i) 79 301
Professional and legal costs (ii) 314 120
Release of contingent consideration - (110)
Factory relocations (iii) 395 -
Other 119 49
907 360
Exceptional costs incurred and included in administrative expenses in the year
relate to:
(i) redundancy and restructuring costs associated with the
subsidiaries;
(ii) professional and legal costs associated with the acquisition of
Synpac, CCM and Mito; and
(iii) relocation of the two Chinese factories.
4 Finance expense (excluding foreign exchange)
2017 2016
£000 £000
Bank interest 725 377
Amortisation and write off of capitalised fees 568 345
Financial expenses 1,293 722
5 Finance costs included within foreign exchange costs
2017 2016
£000 £000
Net foreign exchange loss 382 31
Unrealised losses on derivatives used to manage foreign exchange risk 862 7
1,244 38
Notes (continued)
6 Capital and reserves
Share capital
Ordinary shares of 1p each
In thousands of shares 2017 2016
In issue at 1 April 35,345 35,345
Shares issued during the year 406 -
In issue at 31 March - fully paid 35,751 35,345
2017 2016
£000 £000
Allotted, called up and fully paid
35,750,706 (2016: 35,345,573) ordinary shares of 1p each 357 353
357 353
The following describes the nature and purpose of each reserve within owners'
equity:
Reserve Description and purpose
Share premium Amount subscribed for share capital in excess of nominal value
Retained earnings Cumulative net gains and losses recognised in the consolidated income statement
Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations
Reverse acquisition reserve Arises on the reverse acquisition accounting applied to the share for share exchange of Plastics Capital Trading Limited by the Company
Notes (continued)
7 Earnings per share
2017 2016
£000 £000
Numerator
Earnings used in basic and diluted EPS
Profit for the year 539 1,222
Earnings used in adjusted EPS have been based on the adjusted profit before tax as detailed in the Financial Review section on page 10. To this has been applied the actual corporation tax charge to calculate the adjusted profit after tax.
Denominator
Weighted average number of shares used in basic EPS * 34,957,994 34,463,255
Weighted average number of shares used in diluted EPS *+ 36,632,457 36,005,262
* - excludes shares held by Plastics Capital (Trustee) Limited for the LTIP.
Treasury shares are not counted under IAS33.
+ - includes effects of share option schemes
8 Annual General Meeting
It is intended that the Annual General Meeting ("AGM") will take place at
Plastics Capital, Room 1.1, London Heliport, Bridges Court Road, London, SW11
3BE at 2.00pm on 1 August 2017. Notice of the AGM will be sent to
shareholders with the financial statements.
9 Post Balance Sheet Event
On 26 May 2017, Plastics Capital undertook a Placing to raise £3.74 million,
before expenses, by way of a Placing of 3,194,445 new Ordinary Shares at 117
pence per Placing Share. Following Admission of the Placing Shares on 31 May
2017, the total number of ordinary shares in issue was 38,945,151.
The net proceeds of the Placing, which amount to £3.54 million, will be
applied, in part, towards the proposed increase of the Company's stake in the
CCM along with investing in other parts of the Group in order to increase
capacity to satisfy increasing demand for the Group's products and thereby
accelerate organic growth.
This information is provided by RNS
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