REG - Volvere PLC - Final Results <Origin Href="QuoteRef">VLE.L</Origin> - Part 2
16/07/2015 08:23
- Part 2: For the preceding part double click ID:nRSc5756Oa
such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent
of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in
use. In assessing value in use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and any risks specific
to the asset for which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset (or
cash-generating unit) is reduced to its recoverable amount. An impairment
loss is recognised as an expense immediately, unless the relevant asset is
carried at a revalued amount, in which case the impairment loss is treated as
a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the
asset (or cash-generating unit) is increased to the revised estimate of its
recoverable amount, but only so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment
loss been recognised for the asset (or cash-generating unit) in prior years.
A reversal of an impairment loss is recognised as income immediately, unless
the relevant asset is carried at a revalued amount, in which case the reversal
of the impairment loss is treated as a revaluation increase.
Share-based payments
The Group issues equity-settled share-based payments to certain directors and
employees. Equity-settled share-based payments are measured at fair value at
the date of grant. The fair value determined at the grant date of the
equity-settled share-based payments is expensed on a straight-line basis over
the vesting period, based on the Group's estimate of options that will
ultimately vest.
Fair value is measured by use of a Black-Scholes pricing model. The expected
life used in the model has been adjusted, based on management's best estimate,
for the effects of non-transferability, exercise restrictions and behavioural
considerations.
In determining the Group's share-based payment charge arising in respect of
the shares issued to non-controlling interests (as set out in note 24), the
Group has evaluated the enterprise value of JMP. This evaluation has
considered the range of possible earnings multiples that could apply on an
exit to a business such as JMP, the rights attaching to the shares issued, the
proportion of the resulting equity participation and the existence of a single
large shareholder with significant influence.
Inventories
Inventories are stated at the lower of cost and net realisable value. Raw
materials are valued at purchase price and the costs of ordinarily
interchangeable items are assigned using a weighted average cost formula. The
cost of finished goods comprises raw materials directly attributable to
manufacturing processes based on product specification and packaging cost.
Net realisable value is the estimated selling price in the ordinary course of
business less any applicable selling expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, overnight deposits and
treasury deposits. The Group considers all highly liquid investments with
original maturity dates of three months or less to be cash equivalents.
Financial assets
The Group classifies its financial assets into one of the following
categories, depending on the purpose for which the asset was acquired. The
Group's accounting policy for each category is as follows:
Fair value through profit or loss (FVTPL): This category comprises only
in-the-money derivatives. They are carried in the statement of financial
position at fair value with changes in fair value recognised in the income
statement. The Group does not have any assets held for trading nor does it
voluntarily classify any financial assets as being at fair value through
profit or loss.
Loans and receivables: These assets are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active market. They
arise principally through the provision of goods and services to customers
(trade receivables), but also incorporate other types of contractual monetary
asset. They are initially recognised at fair value and subsequently carried
at amortised cost using the effective interest method less any provision for
impairment. Receivables are considered for impairment when there is a risk of
counterparty default.
Available-for-sale: Non-derivative financial assets not included in the above
categories are classified as available-for-sale and comprise the Group's
investments in entities not qualifying as subsidiaries, associates or jointly
controlled entities. They are carried at fair value with changes in fair
value recognised directly in equity (other comprehensive income). Fair value
is determined by reference to independent valuation statements provided by the
investment manager or broker (as the case may be) through whom such
investments are made. Where the underlying investments are exchange-traded,
the mid-price of the investment is used.
Impairment: All financial assets except those at FVTPL are reviewed for
impairment at each reporting date to identify whether there is any objective
evidence that a financial asset or group of assets is impaired. Different
methods are used to determine impairment as described above.
Financial liabilities
The Group classifies its financial liabilities into one of two categories,
depending on the purpose for which the liability was acquired. The Group's
accounting policy for each category is as follows:
FVTPL: This category comprises only out-of-the-money derivatives. They are
carried in the statement of financial position at fair value with changes in
fair value recognised in the income statement.
Other financial liabilities: Other financial liabilities include trade
payables and other short-term monetary liabilities, which are initially
recognised at fair value and subsequently carried at amortised cost using the
effective interest method.
Bank and other borrowings are initially recognised at the fair value of the
amount advanced net of any transaction costs directly attributable to the
issue of the instrument. Such interest bearing liabilities are subsequently
measured at amortised cost using the effective interest method. Interest
expense in this context includes initial transaction costs and premia payable
on redemption, as well as any interest or coupon payable while the liability
is outstanding.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into. An equity instrument
is any contract that evidences a residual interest in the assets of the Group
after deducting all of its liabilities.
Invoice discounting
The Group uses an invoice discounting facility and retains all significant
benefits and risks relating to the relevant trade receivables. The gross
amounts of the receivables are included within assets and a corresponding
liability in respect of proceeds received from the facility is included within
liabilities. The interest and charges are recognised as they accrue and are
included in the income statement with other interest charges.
Significant management judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with IFRS requires
management to make judgements, estimates and assumptions that affect the
application of accounting policies and reported amounts of assets and
liabilities, income and expenses. The nature of the Group's business is such
that there can be unpredictable variation and uncertainty regarding its
business. The estimates and associated assumptions are based on historical
experience and various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates.
Significant management judgements
The judgements that have a significant impact on the carrying value of assets
and liabilities are discussed below:
Deferred tax asset
The Group recognises a deferred tax asset in respect of temporary differences
relating to capital allowances, revenue losses and other short term temporary
differences when it considers there is sufficient evidence that the asset will
be recovered against future taxable profits.
Current asset investments
Declines in the fair value of current asset investments are considered for
indicators of impairment. Where the decline in value is significant or
prolonged the asset may be considered to be impaired with the resulting
impairment losses recognised in the income statement. Short term and
insignificant declines in fair value that are considered to be temporary are
reflected in other comprehensive income.
Significant estimates
Information about estimates and assumptions that have the most significant
effect on recognition and measurement of assets, liabilities, income and
expenses is provided below. Actual results may be substantially different.
Revenue recognition
Due to the nature of some services provided by certain of the Group's
businesses the recoverability of receivables can be subject to management
estimates. Whilst the Group has a thorough process for reviewing the
requirement for receivables and credit note provisions, this area is
inherently subjective.
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at
each reporting date, based on the expected utility of the assets.
Uncertainties in these estimates relate to technical obsolescence that may
change the utility of certain equipment used in the production of food.
Inventories
Management estimates the net realisable values of inventories, taking into
account the most reliable evidence available at each reporting date. The
future realisation of these inventories may be affected by market-driven
changes that may reduce future selling prices.
Consolidation
Management have concluded that is not appropriate to utilise the exemption
from consolidation available to investment entities under IFRS10. Accordingly
the consolidation includes all entities which the Company controls.
Business combinations
Management uses valuation techniques in determining the fair values of the
various elements of a business combination (see note 22).
Fair value measurement
Management uses valuation techniques to determine the fair value of financial
instruments (where active market quotes are not available) and non-financial
assets. This involves developing estimates and assumptions consistent with how
market participants would price the instrument. Management bases its
assumptions on observable data as far as possible but this is not always
available. In that case management uses the best information available.
Estimated fair values may vary from the actual prices that would be achieved
in an arm's length transaction at the reporting date.
New standards and interpretations - in issue but not yet effective
At the date of authorisation of these financial statements, certain new
standards, and amendments to existing standards have been published by the
IASB that are not yet effective, and have not been adopted early by the Group.
Information on those expected to be relevant to the Group's financial
statements is provided below.
Management anticipates that all relevant pronouncements will be adopted in the
Group's accounting policies for the first period beginning after the effective
date of the pronouncement. New standards, interpretations and amendments not
either adopted or listed below are not expected to have a material impact on
the Group's financial statements.
IFRS 9 'Financial Instruments' (2014)
The IASB recently released IFRS 9 'Financial Instruments' (2014), representing
the completion of its project to replace IAS 39 'Financial Instruments:
Recognition and Measurement'. The new standard introduces extensive changes to
IAS 39's guidance on the classification and measurement of financial assets
and introduces a new 'expected credit loss' model for the impairment of
financial assets. IFRS 9 also provides new guidance on the application of
hedge accounting.
The Group's management have yet to assess the impact of IFRS 9 on these
consolidated financial statements. The new standard is required to be applied
for annual reporting periods beginning on or after 1 January 2018.
IFRS 15 'Revenue from Contracts with Customers'
IFRS 15 presents new requirements for the recognition of revenue, replacing
IAS 18 'Revenue', IAS 11 'Construction Contracts', and several revenue-related
Interpretations. The new standard establishes a control-based revenue
recognition model and provides additional guidance in many areas not covered
in detail under existing IFRSs, including how to account for arrangements with
multiple performance obligations, variable pricing, customer refund rights,
supplier repurchase options, and other common complexities.
IFRS 15 is effective for reporting periods beginning on or after 1 January
2017. The Group's management have not yet assessed the impact of IFRS 15 on
these consolidated financial statements.
2 Operating profit
Operating profit is stated after charging/(crediting):
2014£'000 2013£'000
Staff costs 9,091 5,773
Depreciation of property, plant and equipment:
- owned assets 394 321
- leased assets 22 23
Amortisation and impairment of intangible assets Gain on bargain acquisition - - 429 (417)
Operating lease expense 177 436
Audit fees 50 48
The analysis of audit fees is as follows:
- for the audit of the Company's annual accounts 15 12
- for the audit of the Company's subsidiaries' accounts 35 36
50 48
3 Staff costs
Staff costs comprise:
2014£'000 2013£'000
Wages and salaries 7,955 5,096
Employer's National Insurance contributions 767 467
Defined contribution pension cost 369 210
9,091 5,773
The average number of employees (including Directors) in the Group was as
follows:
2014Number 2013Number
Engineering and production 220 193
Sales and marketing 9 9
Administration and management 31 30
260 232
4 Directors' remuneration
The remuneration of the directors was as follows:
Salaries & fees2014£'000 Bonus2014£'000 Other benefits2014£'000 Total2014£'000
David Buchler 30 - - 30
Jonathan Lander 11 - - 11
Nick Lander 11 - 1 12
52 - 1 53
Salaries & fees2013£'000 Bonus2013£'000 Other benefits2013£'000 Total2013£'000
David Buchler 30 - - 30
Jonathan Lander 11 - - 11
Nick Lander 11 - 1 12
52 - 1 53
The services of Jonathan Lander and Nick Lander are provided under the terms
of a Service Agreement with D2L Partners LLP. The amount due under these
agreements, which is in addition to the amounts disclosed above, for the year
amounted to £551,000 (2013: £396,000). The amount paid to David Buchler in
the year was paid to a third party on an invoice basis. None of the directors
were members of the Group's defined contribution pension plan in the year
(2013: none).
5 Operating segments
Analysis by business segment:
Transport planning and engineering2014£'000 Security solutions2014£'000 Investing and management services2014£'000 Food manufacturing2014£'000 Total continuing2014£'000 Discontinued2014£'000 Total 2014£'000
Revenue 11,761 253 - 12,134 24,148 - 24,148
Profit/(loss) before tax* 450 81 (534) 1,651 1,648 (177) 1,471
Transport planning andengineering2013£'000 Security solutions2013£'000 Investing and management services2013£'000 Food manufacturing2013£'000 Total continuing2013£'000 Discontinued2013£'000 Total2013£'000
Revenue 7,413 176 17 8,531 16,137 7,252 23,389
Profit/(loss) before tax* 1,114 1 (724) 117 508 203 711
*stated before intra-group management and interest charges
Transport planning and engineering2014£'000 Security solutions2014£'000 Investing and management services2014£'000 Food manufacturing2014£'000 Total continuing2014£'000 Discontinued2014£'000 Total 2014£'000
Assets 4,526 33 11,932 9,553 26,044 - 26,044
Liabilities (2,817) (166) (256) (3,806) (7,045) - (7,045)
Net assets 1,709 (133) 11,676 5,747 18,999 - 18,999
Transport planning and engineering2013£'000 Security solutions2013£'000 Investing and management services2013£'000 Food manufacturing2013£'000 Total continuing2013£'000 Discontinued2013£'000 Total 2013£'000
Assets 3,378 80 11,562 8,257 23,277 - 23,277
Liabilities (1,791) (105) (295) (3,503) (5,694) - (5,694)
Net assets 1,587 (25) 11,267 4,754 17,583 - 17,583
Transport planning and engineering2014£'000 Security solutions2014£'000 Investing and management services2014£'000 Food manufacturing2014£'000 Total continuing2014£'000 Discontinued2014£'000 Total 2014£'000
Capital spend 163 - - 82 245 - 245
Depreciation 82 1 7 326 416 - 416
Amortisation/impairment - - - - - - -
Transport planning and engineering2013£'000 Security solutions2013£'000 Investing and management services2013£'000 Food manufacturing2013£'000 Total continuing2013£'000 Discontinued2013£'000 Total 2013£'000
Capital spend 167 1 2 96 266 67 333
Depreciation 18 2 4 320 344 107 451
Amortisation/impairment - - - 429 429 - 429
Geographical analysis:
External revenue by location of customers Non-current assets (excluding deferred tax) by location of assets
2014 2013 2014 2013
£'000 £'000 £'000 £'000
UK 22,795 15,226 5,361 5,531
Rest of Europe 478 399 - -
Other 875 512 - -
24,148 16,137 5,361 5,531
The Group had 3 customers that individually accounted for in excess of 10% of the Group's revenues as follows:
2014 2013
£'000 £'000
First customer 3,210 3,109
Second customer 2,775 1,910
Third customer 2,659 -
6 Discontinued operations
The Group's stake in Interactive Prospect Targeting Limited (IPT) was sold on
13 December 2013 for cash consideration amounting to £900,000. In accordance
with IFRS 5 the total profits relating to discontinued activities for the year
ended 31 December 2013 are presented on a single line on the income statement,
and are analysed below. Discontinued operations in 2014 comprise further
costs incurred during 2014 in respect of the disposal of IPT.
2014£'000 2013£'000
Revenue - 7,252
Cost of sales - (3,486)
Administrative expenses (177) (4,325)
Loss before taxFinance incomeIncome tax expense (177)-- (559)
-(850)
Loss for the year (177) (1,409)
Non-controlling interests' share of losses in period to disposal - 767
Group share of lossesProfit on disposal (see below) (177)- (642)845
(Loss)/profit from discontinued operations (177) 203
At the date of disposal the carrying amount of IPTs net assets were as follows: 2013£'000
Goodwill 305
Property plant and equipment 98
Receivables 1,032
Cash and cash equivalents 131
Payables (current) (1,445)
Net assets 121
Non-controlling interests' share of net assets (66)
Group share of net assetsProfit on disposal 55845
Consideration 900
7 Investment revenues, other gains and losses and finance income and
expense
2014 2013
£'000 £'000
Investment revenues 65 261
Other gains and losses 142 304
Finance income
Bank interest receivable 50 34
Finance expense
Bank interest (64) (70)
Finance lease interest (15) (18)
Other interest and finance charges (77) (51)
(156) (139)
Investment revenues and other gains and losses represent respectively interest
and dividends receivable from, and the gains arising upon disposal of,
investments made pursuant to the Group's investing and treasury management
policies.
8 Income tax
2014 2013
£'000 £'000
Current tax expense - -
Deferred tax expense recognised in income statement - -
Total tax expense recognised in income statement - -
Tax recognised directly in equity - -
Total tax recognised (continuing operations) - -
The reasons for the difference between the actual tax expense for the year and
the standard rate of corporation tax in the UK applied to profits for the year
are as follows:
2014£'000 2013£'000
Profit before tax 1,471 508
Expected tax charge based on the prevailing rate of corporation tax in the UK of 21.49% (2013: 23.25%) 316 118
Effects of: 75 9
Expenses not deductible for tax purposes
Discontinued activities - 47
Income/gains not subject to tax (197) (342)
Depreciation for period (less than)/in excess of capital allowances (16) 43
Short term timing differencesLosses not utilised 124 -118
Utilisation of previously unrecognised losses (194) -
Other differences - 7
Total tax recognised - -
9 Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
Earnings for the purposes of earnings per share: 2014£'000 2013£'000
From continuing operationsFrom discontinued operations 1,246(177) 486203
Total 1,069 689
EEaWeighted average number of shares for the purposes of earnings per share: 2014No. 2013No.
Weighted average number of ordinary shares in issue 4,175,676 4,548,805
Dilutive effect of potential ordinary shares - 9,899
Weighted average number of ordinary shares for diluted EPS 4,175,676 4,558,704
10 Subsidiaries
The principal subsidiaries of Volvere plc, all of which have been included in
these consolidated financial statements, are as follows:
Name Country ofIncorporation Proportion of ownership interest
Volvere Central Services Limited England and Wales 100%
NMT Group Limited Scotland 98.6%
Sira Defence & Security LimitedShire Foods Limited England and WalesEngland and Wales 100%80%
JMP Consultants Limited England and Wales 76%
11 Goodwill and other intangible assets
Goodwill£'000 Registered designs£'000 Total£'000
Cost
At 1 January 2013 305 441 746
Disposed in the year (305) - (305)
At 31 December 2013 - 441 441
At 31 December 2014 - 441 441
Amortisation and impairment charges
At 1 January 2013 - 12 12
Amortisation charge for the year - 24 24
Impairment - 405 405
At 31 December 2013 - 441 441
At 31 December 2014 - 441 441
Net book value
At 31 December 2014 - - -
At 31 December 2013 - - -
Goodwill represented that arising from the acquisition of Interactive Prospect
Targeting Limited's business and assets on 29
September 2008, being the difference between the fair value of the
consideration paid and the fair value of the net assets acquired. IPT was
sold on 13 December 2013.
In 2013, a review of the benefits accruing from products relating the
registered design rights resulted in an impairment charge in the year and a
corresponding reduction in their carrying value in the statement of financial
position.
12 Property, plant and equipment
Short LeaseholdProperty£'000 Freehold Property£'000 Plant & Machinery£'000 Total£'000
Cost
At 1 January 2013 9 2,430 4,719 7,158
Additions 76 - 167 243
Acquired through business combinations - - 21 21
Disposed with discontinued operations - - (1,261) (1,261)
At 31 December 2013 and 1 January 2014 85 2,430 3,646 6,161
Additions 54 - 191 245
Disposals (9) - (8) (17)
At 31 December 2014 130 2,430 3,829 6,389
Accumulated depreciation
At 1 January 2013 4 31 1,370 1,405
Disposed with discontinued operations - - (1,119) (1,119)
Charge for the year 7 22 315 344
At 31 December 2013 and 1 January 2014Disposals 11(9) 53- 566(9) 630(18)
Charge for the year 24 22 370 416
At 31 December 2014 26 75 927 1,028
Net book value
At 31 December 2014 104 2,355 2,902 5,361
At 31 December 2013 74 2,377 3,080 5,531
The net book value of property, plant and equipment held on finance leases was
£501,000 (2013: £882,000).
13 Inventories
2014£'000 2013£'000
Raw materialsFinished products 378559 266422
937 688
14 Financial assets (current)
2014£'000 2013£'000
Available-for-sale investments 921 955
During the year the Group invested in a mixture of equity funds and
sub-investment grade securities of a UK banks. At the year end the cost of
these investments was £603,000 (2013: £692,000).
15 Trade and other receivables
2014£'000 2013£'000
Trade receivables 5,151 3,366
Less: provision for impairment of trade receivables (75) (23)
Net trade receivables 5,076 3,343
Other receivables 119 195
Amounts recoverable on contracts 1,078 1,022
Prepayments and accrued income 337 263
6,610 4,823
The fair value of trade receivables approximates to carrying value at 31
December 2014 and 2013.
The Group is exposed to credit risk with respect to trade receivables due from
its customers, primarily in the transport planning & engineering and food
manufacturing segments. Both segments have a relatively large number of
customers, however there is a significant dependency on a small number of
large customers who can and do place significant contracts, particularly in
the food manufacturing segment. Provisions for bad and doubtful debts are
made based on management's assessment of the risk taking into account the
ageing profile, experience and circumstances. There were no significant
amounts due from individual customers where the credit risk was considered by
the Directors to be significantly higher than the total population.
There is no significant currency risk associated with trade receivables as the
vast majority are denominated in Sterling.
The ageing analysis of trade receivables is disclosed below:
2014£'000 2013£'000
Up to 3 months 5,057 3,177
3 to 6 months 64 178
6 to 12 months 27 11
Over 12 months 3 -
5,151 3,366
16 Trade and other payables
2014£'000 2013£'000
Current:
Trade payables 997 813
Other tax and social security 755 671
Other payables 655 473
Accruals 1,169 721
Deferred income 490 215
4,066 2,893
Non-current: Trade and other payables subject to CVA (see below) - 860
One of the Group's subsidiaries, Shire Foods Limited ("Shire"), entered into a
company voluntary arrangement ("CVA") in January 2012. Under the terms of the
CVA Shire were to pay £350,000 over a maximum 3 year period in satisfaction of
unsecured liabilities of approximately £1,200,000.
During 2014 Shire made the final payments due under the CVA and, in so doing,
was released from all remaining liabilities that were subject to the CVA. The
balances released totalled £852,000 and the associated credit is shown
separately in the income statement, under the caption "exceptional income".
The fair value of all other trade and other payables approximates to book
value at 31 December 2014.
17 Financial instruments - risk management
The Group's principal financial instruments are:
· Trade receivables
· Cash at bank
· Current asset investments
· Loans and finance leases
· Trade and other payables
The Group is exposed through its operations to one or more of the following
financial risks:
· Cash flow interest rate risk
· Foreign currency risk
· Liquidity risk
· Credit risk
· Other market price risk
Policy for managing these risks is set by the Board following recommendations
from the Chief Financial & Operating Officer. Certain risks are managed
centrally, while others are managed locally following guidelines communicated
from the centre. The policy for each of the above risks is described in more
detail below.
Interest rate risk
Due to the relatively low level of borrowings, the Directors do not have an
explicit policy for managing cash flow interest rate risk. All current and
recent borrowing has been on variable terms, with interest rates of between 3%
and 4% above base rate, and the Group has cash reserves sufficient to repay
all borrowings promptly in the event of a significant increase in market
interest rates. All cash is managed centrally and subsidiary operations are
not permitted to arrange borrowing independently.
The Group's investments may attract interest at fixed or variable rates, or
none at all. The market price of such investments may be impacted positively
or negatively by changes in underlying interest rates. It is not considered
relevant to provide a sensitivity analysis on the effect of changing interest
rates since at the year end, the Group's investments had the following
interest profiles which contained no variable rates:
2014£'000 2013£'000
No interest - -
Fixed interest 921 955
921 955
Foreign currency risk
Foreign exchange risk arises when individual Group operations enter into
transactions denominated in a currency other than their functional currency
(sterling). The Directors monitor and review their foreign currency exposure
on a regular basis; they are of the opinion that as the Group's trading
exposure is limited to transactions with a small number of customers and
suppliers it is not appropriate to actively hedge that element of its foreign
currency exposure, nor is its exposure to foreign currency risk considered to
be significant.
Liquidity risk
The Group maintains significant cash reserves and therefore does not require
facilities with financial institutions to provide working capital. Surplus
cash is managed centrally to maximise the returns on deposits.
Credit risk
The Group is mainly exposed to credit risk from credit sales. The Group's
policy for managing and exposure to credit risk is disclosed in note 15.
Other market price risk
The Group has generated a significant amount of cash and this has been held
partly as cash deposits and partly invested pursuant to the Group's investing
strategy. Investments have been held in 2014 in a mixture of equity funds and
sub-investment grade securities of a UK bank, which have been made having
regard to the Group's need to access capital. Market price movements of these
investments could materially affect the value of the Group's assets. The
directors believe that the exposure to market price risk from this activity is
acceptable in the Group's circumstances.
Capital management
The Group's main objective when managing capital is to protect returns to
shareholders by ensuring the Group will continue to trade profitably in the
foreseeable future. The Group also aims to maximise its capital structure of
debt and equity so as to minimise its cost of capital.
The Group manages its capital with regard to the risks inherent in the
business and the sector within which it operates by monitoring its gearing
ratio on a regular basis.
The Group considers its capital to include share capital, share premium,
revaluation reserve and retained earnings. Net debt includes short and
long-term
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