REG - Vesuvius plc - Final Results <Origin Href="QuoteRef">VSVS.L</Origin> - Part 2
03/03/2015 07:12
- Part 2: For the preceding part double click ID:nRSC3254Ga
- 11.0
Capital expenditure (53.1) - (53.1) (46.3) - (46.3)
Proceeds from the sale of property, plant and equipment 2.0 - 2.0 1.6 - 1.6
Dividends received from joint ventures 0.6 - 0.6 1.3 - 1.3
Dividends paid to non-controlling shareholders (2.6) - (2.6) (1.1) - (1.1)
Free cash flow 59.2 (0.5) 58.7 94.9 (9.9) 85.0
Group Balance Sheet
As at 31 December 2014
2014 2013as restated
Notes £m £m
Assets
Property, plant and equipment 291.8 274.7
Intangible assets 703.9 717.7
Employee benefits - net surpluses 12 49.8 28.7
Interests in joint ventures 16.9 15.4
Investments 3.3 4.2
Income tax recoverable 2.9 4.2
Deferred tax assets 71.4 43.7
Other receivables 16.5 14.3
Total non-current assets 1,156.5 1,102.9
Cash and short-term deposits 76.9 76.6
Inventories 191.9 181.9
Trade and other receivables 334.1 313.7
Income tax recoverable 4.0 3.5
Derivative financial instruments - 0.3
Total current assets 606.9 576.0
Total assets 1,763.4 1,678.9
Equity
Issued share capital 27.8 27.8
Retained Earnings 2,332.1 2,284.6
Other reserves (1,466.7) (1,455.8)
Equity attributable to the owners of the parent 893.2 856.6
Non-controlling interests 29.9 27.3
Total equity 923.1 883.9
Liabilities
Interest-bearing borrowings 304.9 309.5
Employee benefits - net liabilities 12 100.9 76.6
Other payables 18.2 18.6
Provisions 31.9 35.3
Deferred tax liabilities 50.3 51.0
Total non-current liabilities 506.2 491.0
Interest-bearing borrowings 40.3 23.5
Trade and other payables 221.0 214.5
Income tax payable 51.8 45.0
Provisions 17 20.8 20.8
Derivative financial instruments 0.2 0.2
Total current liabilities 334.1 304.0
Total liabilities 840.3 795.0
Total equity and liabilities 1,763.4 1,678.9
Net debt
Interest-bearing borrowings - non-current 304.9 309.5
- current 40.3 23.5
Cash and short-term deposits (76.9) (76.6)
Net debt 10 268.3 256.4
Group Statement of Changes in Equity
For the year ended 31 December 2014
Owners Non-
Issued Other Retained of the controlling Total
share capital reserves earnings parent Interests equity
£m £m £m £m £m £m
As at 1 January 2013 27.8 (1,399.0) 2,212.2 841.0 26.8 867.8
Profit - - 135.3 135.3 5.0 140.3
Other comprehensive income/(loss), net of income tax
Items that will not be reclassified subsequently to income statement
Remeasurement of defined benefit liabilities/assets - - 10.2 10.2 - 10.2
Income tax relating to items not reclassified - - (1.6) (1.6) - (1.6)
Items that may be reclassified subsequently to income statement
Exchange differences on translation of the net assets of foreign operations - (51.6) - (51.6) (3.4) (55.0)
Reclassification of exchange differences on disposal of foreign operations - (6.2) - (6.2) - (6.2)
Exchange translation differences arising on net investment hedges - 0.3 - 0.3 - 0.3
Change in fair value of cash flow hedges - 0.4 - 0.4 - 0.4
Change in fair value of available-for-sale investments - 0.1 - 0.1 - 0.1
Other comprehensive (loss)/income, net of income tax - (57.0) 8.6 (48.4) (3.4) (51.8)
Total comprehensive (loss)/income - (57.0) 143.9 86.9 1.6 88.5
Purchase of own shares - - (34.1) (34.1) - (34.1)
Recognition of share-based payments - - 2.1 2.1 - 2.1
Dividends paid (note 9) - - (39.4) (39.4) (1.1) (40.5)
Redemption of redeemable preference shares - 0.1 (0.1) - - -
Issue of share capital - 0.1 - 0.1 - 0.1
Total transactions with owners 0.2 (71.5) (71.3) (1.1) (72.4)
As at 1 January 2014 27.8 (1,455.8) 2,284.6 856.6 27.3 883.9
Profit 95.9 95.9 4.6 100.5
Other comprehensive income/(loss), net of income tax
Items that will not be reclassified subsequently to income statement
Remeasurement of defined benefit liabilities/assets - - (9.9) (9.9) - (9.9)
Income tax relating to items not reclassified - - 0.5 0.5 - 0.5
Items that may be reclassified subsequently to income statement
Exchange differences on translation of the net assets of foreign operations - (10.2) - (10.2) 0.6 (9.6)
Exchange translation differences arising on net investment hedges - (0.3) - (0.3) - (0.3)
Change in fair value of cash flow hedges - (0.2) - (0.2) - (0.2)
Change in fair value of available-for-sale investments - (0.2) - (0.2) - (0.2)
Other comprehensive (loss)/income, net of income tax (10.9) (9.4) (20.3) 0.6 (19.7)
Total comprehensive (loss)/income (10.9) 86.5 75.6 5.2 80.8
Purchase of own shares - - (0.5) (0.5) - (0.5)
Recognition of share-based payments - - 2.7 2.7 - 2.7
Dividends paid (note 9) - - (41.2) (41.2) (2.6) (43.8)
Total transactions with owners - - (39.0) (39.0) (2.6) (41.6)
As at 31 December 2014 27.8 (1,466.7) 2,332.1 893.2 29.9 923.1
Notes to the financial statements
1 Basis of preparation
1.1 Basis of accounting
The financial information set out in this annual results announcement does not
constitute the Company's statutory accounts for the years ended 31 December
2014 or 2013, but is derived from those accounts. Statutory accounts for 2013
have been delivered to the registrar of companies and those for 2014 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 auditor 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.
1.2 Basis of consolidation
The consolidated financial statements of the Group incorporate the financial
statements of the Company and entities controlled by the Company (its
"subsidiaries"). Control exists when the Company has the power to direct the
relevant activities of an entity that significantly affect the entity's return
so as to have rights to the variable return from its activities. In assessing
whether control exists, potential voting rights that are currently exercisable
are taken into account. The results of subsidiaries acquired or disposed of
during the year are included in the Group income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies into line with those detailed
herein to ensure that the Group financial statements are prepared on a
consistent basis. All intra-Group transactions, balances, income and expenses
are eliminated on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are
identified separately from the Group's interest therein. Non-controlling
interests consist of the amount of those interests at the date of the original
business combination together with the non-controlling interests' share of
profit or loss and each component of other comprehensive income since the date
of the combination. Total comprehensive income is attributed to the
non-controlling interests even if this results in the non-controlling
interests having a deficit balance.
1.3 Going concern
The Directors have prepared cash flow forecasts for the Group for a period in
excess of 12 months from the date of approval of the 2014 financial
statements. These forecasts reflect an assessment of current and future
end-market conditions and their impact on the Group's future trading
performance. The forecasts show that the Group will be able to operate within
the current committed debt facilities and show continued compliance with the
Company's financial covenants. On the basis of the exercise described above
and the Group's available committed debt facilities, the Directors consider
that the Group and Company have adequate resources to continue in operational
existence for a period of 12 months from the date of approval of the 2014
financial statements. Accordingly, they continue to adopt a going concern
basis in preparing the financial statements of the Group and the Company.
1.4 Functional and presentation currency
The financial statements are presented in millions of pounds sterling, which
is the functional currency of the Company, and rounded to one decimal place.
1.5 Disclosure of "separately reported items"
IAS 1 Presentation of Financial Statements, provides no definitive guidance as
to the format of the income statement, but states key lines which should be
disclosed. It also encourages the disclosure of additional line items and the
reordering of items presented on the face of the income statement when
appropriate for a proper understanding of the entity's financial performance.
In accordance with IAS 1, the Company has adopted a columnar presentation for
its Group income statement, to separately identify Headline Performance
results, as the Directors consider that this gives a better view of the
underlying results of the ongoing business. As part of this presentation
format, the Company has adopted a policy of disclosing separately on the face
of its Group income statement, within the column entitled "Separately reported
items", the effect of any components of financial performance for which the
Directors consider separate disclosure would assist both in a better
understanding of the financial performance achieved and in making projections
of future results. In its adoption of this policy, the Company applies an
even-handed approach to both gains and losses and aims to be both consistent
and clear in its accounting and disclosure of such items.
Both materiality and the nature and function of the components of income and
expense are considered in deciding upon such presentation. Such items may
include, inter alia, the financial effect of exceptional items which occur
infrequently, such as major restructuring activity, initial recognition and
subsequent increase, decrease and amortisation of deferred tax assets,
together with items always reported separately, such as amortisation charges
relating to intangible assets, profits or losses arising on the disposal of
continuing or discontinued operations and the taxation impact of the
aforementioned exceptional items and items separately reported.
1.6 New and revised IFRS
Following the implementation of Amendments to IAS 32 Financial Instruments
which clarified the circumstances in which financial instruments can be offset
within financial statements, the Group has reviewed the presentational
treatment of its notional cash pooling arrangements and consequently has made
the following restatements to prior year consolidated results; Cash and short
term deposits have increased by £8.2m from the previously reported 2013 number
£68.4m to £76.6m, oveRecent news on Vesuvius
See all newsREG-Vesuvius Plc: Transaction in Own Shares
AnnouncementREG-Vesuvius Plc: Transaction in Own Shares
AnnouncementREG-Vesuvius Plc: Transaction in Own Shares
AnnouncementREG-Vesuvius Plc: Transaction in Own Shares
AnnouncementREG-Vesuvius Plc: Transaction in Own Shares
Announcement