REG - Plastics Capital PLC - Half-year Report <Origin Href="QuoteRef">PLA.L</Origin> - Part 2
06/12/2017 07:10
- Part 2: For the preceding part double click ID:nRSF4898Ya
- (822)
Dividends paid - - - - (1,038) (1,038) - (1,038)
Balance at 30 September 2016 356 21,263 652 2,640 (133) 24,778 - 24,778
Share issue 1 133 - - - 134 - 134
Profit or loss - - 594 - 925 1,519 (107) 1,412
Elimination of non-controlling interests - - - - - - (182) (182)
Dividends paid - - - - (72) (72) - (72)
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
Share issue 32 3,516 - - - 3,548 - 3,548
Profit or loss - - (257) - 1,465 1,208 48 1,256
Elimination of non-controlling interests - - - - - - (96) (96)
LTIP charge 80 80 - 80
Balance at 30 September 2017 389 24,912 989 2,640 2,036 30,966 (337) 30,629
1 Basis of preparation and accounting policies
Basis of preparation
The interim financial information has been prepared on the basis of the
recognition and measurement requirements of adopted IFRSs as at 30 September
2017 that are effective (or available for early adoption) as at 31 March 2018.
Based on these adopted IFRSs, the directors have applied the accounting
policies, as set out below, which they expect to apply to the annual IFRS
financial statements for the year ending 31 March 2018.
However, the adopted IFRSs that will be effective (or available for early
adoption) in the annual financial statements for the period ending 31 March
2017 are still subject to change and to additional interpretations and
therefore cannot be determined with certainty. Accordingly, the accounting
policies for that annual period will be determined finally only when the
annual financial statements are prepared for the period ending 31 March 2018.
Accounting policies
The accounting policies applied to the Interim Results for six months ended 30
September 2017 are consistent with those of the Company's annual accounts for
the year ended 31 March 2017.
Going concern
The Financial Reporting Council issued "Going Concern and Liquidity Risk:
Guidance for Directors of UK Companies" in October 2009 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.
2 Reconciliation of financial highlights table to the consolidated
income statement
UnauditedSix months to30 September 2017 UnauditedSix months to30 September2016 Change
£000 £000 %
Revenue 36,462 27,771 31.3%
Gross profit 11,222 8,877 26.4%
Operating profit 825 911 -9.4%
Add back: Exceptional cost 219 269
Add back: Amortisation 418 749
Add back: Depreciation 1,030 802
Add back: LTIP charge 80 -
EBITDA before exceptional costs 2,572 2,731 -5.8%
Profit / (loss) before tax 1,566 (728) 315.1%
Add back: Exceptional costs 219 269
Add back: Amortisation 418 749
Add back: Capitalised deal fee amortisation 43 107
Add back: Unrealised foreign exchange & derivate (gains) / losses (1,179) 1,240
Add back: LTIP charge 80 -
Add back: Non-controlling interest loss 48
Profit before tax* 1,195 1,637 -27.0%
Taxation (101) (107)
Profit after tax* 1,094 1,530 -28.5%
Basic adjusted EPS*+ 2.8p 4.3p 34.9%
Basic EPS 3.9p (2.4)p -262.5%
Capital expenditure 1,650 1,896 -13.0%
Net Debt 14,988 15,123 -0.9%
* excluding amortisation, exceptional costs, unrealised foreign exchange
translation and derivative gains/losses, capitalised deal fee amortisation,
share-based incentive scheme charges and non-controlling interests
+ applying an expected tax charge of 10% (2016-17: 6.5%) and based on the
average number of shares in issue in the year
3 Operating segment information
The following summary describes the operations in each of the Group's
reportable segments:
· Films - includes industrial films
· Industrial - includes hose mandrel, creasing matrix and plastic bearings
Industrial Films Unallocated and reconciling items Total
UnauditedSix months to30 September2017 UnauditedSix months to30 September2017 UnauditedSix months to30 September2017 UnauditedSix months to30 September2017
£000 £000 £000 £000
External sales* 17,071 19,391 - 36,462
Profit before tax** 181 402 983 1,566
Depreciation and amortisation 674 348 426 1,448
_______ _______ _______ ______
UnauditedSix months to30 September 2016 UnauditedSix months to30 September2016 UnauditedSix months to30 September2016 UnauditedSix months to30 September 2016
£000 £000 £000 £000
External sales* 12,455 15,316 - 27,771
Profit / (loss) before tax** 635 153 (1,516) (728)
Depreciation and amortisation 471 303 777 1,551
_______ _______ _______ _______
AuditedYear to 31 March2017 AuditedYear to31 March2017 AuditedYear to31 March2017 AuditedYear to31 March2017
£000 £000 £000 £000
External sales* 32,472 33,313 - 65,758
Profit / (loss) before tax** 1,887 1,340 (2,461) 766
Depreciation and amortisation 1,057 654 1,149 2,860
_______ _______ _______ _______
* All revenue is attributable to external customers, there are no transactions between operating segments
** Profit before tax for unallocated and reconciling items is analysed on Page 16.
3 Operating segment information (continued)
Reconciliation of reportable segment revenue
UnauditedSix months to 30 September 2017£000 UnauditedSix months to 30 September 2016£000 AuditedYear to31 March2017£000
Films
High strength film packaging 19,391 15,316 33,313
Industrial
Packaging consumables 7,090 3,667 12,663
Plastics rotating parts 6,947 6,614 14,800
Hydraulic hose consumables 3,034 2,174 5,009
Turnover per consolidated income statement 36,462 27,771 65,785
Reconciliation of reportable segment profit
UnauditedSix months toSeptember2017£000 UnauditedSix months to30 September 2016£000 AuditedYear to 31 March2017£000
Total profit for reportable segments 583 788 3,227
Unallocated amounts:
Amortisation (418) (749) (604)
Unrealised gains / (losses) on derivatives 1,179 (1,240) (862)
Management charge income 2,145 2,125 4,050
FX hedge (loss) on forward contracts (404) (307) (953)
Plastics Capital Trading Ltd and Plastics Capital plc costs (829) (641) (1,927)
Other foreign exchange costs - - (382)
LTIP charge (80) - (165)
Net interest costs (395) (292) (694)
Deal fee amortisation (43) (107) (568)
Exceptional costs (219) (269) (406)
Other 47 (36) 50
Consolidated profit / (loss) before income tax 1,566 (728) 766
4 Exceptional items
Administrative Expenses UnauditedSix months to 30 September 2017£000 UnauditedSix months to 30 September 2016£000 AuditedYear to 31 March2017£000
Redundancy & recruitment costs 70 - 79
Acquisitions - professional and legal costs 149 269 314
Factory relocations - - 395
Other - - 119
219 269 907
5 Financial income and expenses
UnauditedSix months to30 September2017£000 UnauditedSix months to30 September2016£000 AuditedYear to31 March2017£000
Financial expenses:
Bank interest 395 292 725
Amortisation of capitalised deal fees 43 107 360
Write-off of capitalised deal fees - - 208
Financial expenses 438 399 1,293
Financial income and expenses included within foreign exchange:
Net foreign exchange (gains) / losses - - 382
Unrealised (gains) / losses on derivatives used to manage foreign exchange risk (1,179) 1,240 862
Foreign exchange impact and derivatives (1,179) 1,240 1,244
6 Taxation
The taxation charge is calculated by applying the Directors' best estimate of
the annual tax rate for the profit for the period.
7 Dividends
The Directors have not recommended the payment of an interim dividend (30
September 2016: 1.46p).
8 Earnings per share
UnauditedSix months to30 September 2017 UnauditedSix months to30 September 2016 AuditedYear to31 March 2017
£000 £000 £000
Numerator
(Loss) / profit for the period 1,465 (835) 539
Denominator
Weighted average number of shares used in basic EPS 37,364,795 34,512,663 34,957,994
Weighted average number of shares used in diluted EPS 39,001,714 36,665,359 36,632,457
Basic earnings per share (total) 3.9p (2.4)p 1.5p
Diluted earnings per share (total) 3.8p (2.4)p 1.5p
9 Accounts
Copies of the interim accounts may be obtained from the Company Secretary at
the Registered Office of the Company: London Heliport, Bridges Court Road,
London, SW11 3BE.
10 Acquisitions
In the six-month period to 30 September 2017, Plastics Capital made the
following payments for acquisitions and investments:
· Synpac Limited - £310,000 paid in July'17 relating to deferred
consideration on the acquisition made a year earlier;
· CCM Inc - $1,200,000 paid in August'17 to acquire an additional 39%
shareholding in the business; and
· Mito Srl - E150,000 paid in April'17 relating to deferred consideration
on the investment made in December'16
This information is provided by RNS
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