REG - Victoria PLC - Final Results <Origin Href="QuoteRef">VCP.L</Origin> - Part 2
29/10/2014 16:08
- Part 2: For the preceding part double click ID:nRSc2951Qa
1,725 70,909 (421) (2,634) (465) (2,782)
* Profit/(loss) from discontinued operations relates to the Canadian operation
Colin Campbell & Sons Limited, which was sold on 28 March 2014. The result is
shown net of tax.
Intersegment sales between the UK and Australia were immaterial in the current
and comparative periods.
Management information is reviewed on a segmental basis to profit/(loss)
before tax.
Balance Sheet As at 29 March As at 30 March
2014 2013
Segment Segment Segment Segment
assets liabilities assets liabilities
£000 £000 £000 £000
UK 55,877 24,739 22,203 7,965
Australia 22,000 11,022 36,627 7,912
Assets held for sale 547 ---- 389 ----
Unallocated central assets/liabilities 472 8,496 180 5,049
78,896 44,257 59,399 20,926
Assets held for sale relates to the Castlemaine spinning mill in Australia
which was sold in May 2014. The prior year figure relates to the Canadian
operation Colin Campbell & Sons Limited which was sold on 28 March 2014.
Other segmental information 52 weeksended29 March2014 52 weeksended30 March2013
£000 £000
Depreciation and amortisation
UK 904 792
Australia 1,650 1,960
2,554 2,752
No other significant non-cash expenses were deducted in measuring segment
results.
52 weeksended29 March2014 52 weeksended30 March2013
£000 £000
Capital expenditure
UK 304 593
Australia 227 257
531 850
2 Earnings/(loss) per share
The calculation of the basic, adjusted and diluted earnings/(loss) per share is based on the following data:
Basic Adjusted Basic Adjusted
2014 2014 2013 2013
£000 £000 £000 £000
Profit/(loss) attributable to ordinary equity holders of the parent entity 1,725 1,725 (2,782) (2,782)
Exceptional items (net of tax effect):
Profit on sale of Australia properties ---- (1,823) ---- ----
Profit on sale of UK property ---- (693) ---- ----
Contract for Differences ---- 1,631 ---- ----
Profit on sale of investment in Colin Campbell & Sons Limited ---- (111) ---- ----
Acquisition costs ---- 633 ---- ----
Restructuring of Australia's spinning mills ---- 546 ---- 608
Move to AIM ---- ---- ---- 177
Incentive plan ---- ---- ---- 173
General Meeting costs ---- ---- ---- 459
Write off of certain intangible assets ---- ---- ---- 336
Impairment of investment in associate company ---- ---- ---- 259
Earnings for the purpose of basic and adjusted earnings per share 1,725 1,908 (2,782) (770)
Earnings for the purpose of basic and adjusted earnings per share
from continuing operations 1,609 1,792 (2,600) (588)
Weighted average number of shares:
2014 2013
Number of Number of
shares ('000) shares ('000)
Weighted average number of ordinary shares for the purposes of basic and adjusted earnings per share 7,036 7,033
The Group's earnings/(loss) per share are as follows:
2014 2013
Pence Pence
Basic adjusted and diluted adjusted 27.12 (10.95)
Basic and diluted 24.52 (39.56)
Basic adjusted and diluted adjusted from continuing operations 25.47 (8.36)
Basic and diluted from continuing operations 22.87 (36.97)
The issue of 7,087,730 new shares post year-end on the 29 July would have
reduced the Group's earnings per share by 50% had they been in place from the
start of the financial period.
3 Exceptional Items from continuing operations
52 weeksended29 March2014 52 weeksended30 March2013
£000 £000
(a)Contract for Differences (1,631) ------
(b) Profit on sale of properties 3,297 ------
(c) Restructuring of Australia's spinning mills (780) (869)
(d) Acquisition costs (655) ------
(e) Move to AIM ------ (233)
(f) Incentive plan ------ (227)
(g) General Meeting costs ------ (604)
(h) Write off of certain intangible assets ------ (442)
231 (2,375)
All exceptional items are classified within
administrative expenses (except where noted).
(a) Relates to the fair value of the Contract for
Differences between the Company and Geoffrey Wilding
signed in April 2013, including related professional
fees of £26,000. The contract was terminated on 28 July
2014 and resulted in the issue of 7,087,730 new shares
to Geoffrey Wilding (through Camden Holdings Limited) on
29 July 2014.
(b) Relates to the profit from the sale and leaseback of
Australia's carpet manufacturing facility and spinning
mill in Bendigo, and the profit from the sale and
leaseback of the carpet manufacturing facility in
Kidderminster, UK. This profit is included as part of
other operating income.
(c) Relate to costs associated with the "right-sizing"
and reorganising the two spinning mills to meet reduced
volume requirements as a result of declining demand for
woollen yarns. The smaller of the two spinning mills was
closed during the first half of the financial period and
ceased production by the end of June 2013. The property
is shown under the heading 'assets held for sale' in the
accounts at 29 March 2014 and was subsequently sold
after the year end for its written down value.
(d) Relate to professional fees in connection with the
acquisition of Globesign Limited in December 2013.
(e) Relate to costs incurred in the move from the
Official List to the AIM market of the London Stock
Exchange.
(f) Relate to professional fees in connection with a
proposed incentive remuneration plan subsequently
withdrawn.
(g) Relate to costs in connection with various General
Meetings of the Company, resulting in changes to the
Board composition.
(h) Relates to the write off of intangible assets held
in relation to 1) the acquisition of certain assets of
C&H Distribution and 2) the Munster brand in respect to
the UK contract market where it is no longer used.
4 Rates of exchange
The results of overseas subsidiaries have been translated into Sterling at the
average exchange rates prevailing during the periods. The balance sheets are
translated at the exchange rates prevailing at the period ends:
2014 2013
Average Year end Average Year end
Australia - A$ 1.7057 1.7988 1.5317 1.4565
Canada - C$ 1.6816 1.8401 1.5841 1.5427
5 Reconciliation of operating profit/(loss) to net cash inflow/(outflow) from
operating activities
Group Company
2014 2013 2014 2013
£000 £000 £000 £000
Operating profit/(loss) from continuing operations 2,812 (2,873) 24,163 (714)
Adjustments for:
- Depreciation charges 2,484 2,700 60 60
- Amortisation of intangible assets 70 52 ---- ----
- Impairment of intangible assets ---- 442 ---- ----
- Fair value charge for Contract for Differences 1,605 ---- 1,605 ----
- (Profit)/loss on disposal of property, plant and equipment (3,324) 13 (693) (8)
- Exchange rate difference on consolidation 55 124 ---- ----
Operating cash flows before movements in working capital 3,702 458 25,135 (662)
Decrease/(increase) in working capital 4,317 2,124 (11,488) (282)
Cash generated/ (used) by operations 8,019 2,582 13,647 (944)
Interest paid (531) (465) (384) (105)
Income taxes paid (395) (506) ---- ----
Net cash inflow/(outflow) from operating activities 7,093 1,611 13,263 (1,049)
6 Analysis of net debt
At30 March2013 Cash flow Othernon-cashcanges Exchangemovement At29 March2014
£000 £000 £000 £000 £000
Cash 1,091 14,296 ---- (195) 15,192
Bank loans payable less than one year and overdrafts (7,566) 2,294 ---- 5 (5,267)
Cash and cash equivalents (6,475) 16,590 ---- (190) 9,925
Finance leases and hire purchase agreements
- Payable less than one year (143) 14 (37) 27 (139)
- Payable more than one year (390) ---- 37 74 (279)
Bank loans payable more than one year (500) (10,488) ---- ---- (10,988)
Net debt (7,508) 6,116 ---- (89) (1,481)
7. Post Balance Sheet Events
(a) Special Dividend
A special dividend of £2.92 pence per share was paid to shareholders on 25
July 2014, following the approval by shareholders at a General Meeting on 9
July 2014.
(b) Contract for Differences
A CFD between the Company and Geoffrey Wilding was entered into on 19 April
2013, following shareholder approval at a General Meeting of the Company on 20
February 2013. The CFD was subsequently terminated further to satisfying the
condition of returning £3 per share to shareholders. At a General Meeting held
on 9th July 2014, shareholders approved the issue of 7,087,730 new shares in
settlement of the liability under the CFD upon termination. Following this
share issue, the percentage of the Company owned by Geoffrey Wilding (through
Camden Holdings Limited) is 50%. The proportion of the cost recognised in the
financial period was approximately 15%.
(c) Castlemaine Spinning Mill
The Castlemaine spinning mill, in Australia, was closed during the first half
of the financial year and ceased production by the end of June 2013. The
property is shown under the heading "Assets held for sale" in the financial
statements at 29th March 2014 and was subsequently sold after the year-end for
its written down value.
8. The results have been extracted from the audited financial statements of
the Group for the 52 weeks ended 29 March 2014. The results do not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006. Whilst the financial information included in this announcement has been
computed in accordance with the principles of International Financial
Reporting Standards ("IFRS") as adopted by the EU, IFRIC interpretations and
Companies Act 2006 that applies to companies reporting under IFRS, this
announcement does not itself contain sufficient information to comply with
IFRS. The Group has published full financial statements that comply with IFRS.
The audited financial statements incorporated an unqualified audit report.
The Auditor's report on these accounts did not draw attention to any matters
by way of emphasis and did not contain statements under S498(2) or (3)
Companies Act 2006.
Statutory accounts for the 52 weeks ended 30 March 2013, which incorporated an
unqualified auditor's report, have been filed with the Registrar of Companies.
The Auditor's report on these accounts did not draw attention to any matters
by way of emphasis and did not contain statements under S498(2) or (3)
Companies Act 2006. The accounting policies applied are consistent with those
described in the Annual Report & Accounts for the 52 weeks ended 30 March
2013.
9. The Annual Report & Accounts are being posted to shareholders today.
Further copies will be available from the Company's Registered Office:
Worcester Road, Kidderminster, Worcestershire, DY10 1JR or via the website:
www.victoriaplc.com.
10. The Annual General Meeting is being held at the Registered Office of the
Company, as above, at 11.00am on Wednesday, 24 September 2014.
This information is provided by RNS
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