REG - Volvere PLC - Final Results <Origin Href="QuoteRef">VLE.L</Origin> - Part 2
26/05/2017 07:06
- Part 2: For the preceding part double click ID:nRSZ2949Ga
role
of chief operating decision-maker is performed collectively by the Board of Directors.
Volvere plc is a holding company that identifies and invests principally in undervalued and distressed businesses and
securities as well as businesses that are complementary to existing Group companies. Its customers are based primarily in
the UK, Europe and the USA.
Financial information (including revenue and profit before tax and intra-group charges) is reported to the board on a
segmental basis. Segment revenue comprises sales to external customers and excludes gains arising on the disposal of
assets and finance income. Segment profit reported to the board represents the profit earned by each segment before tax
and intra-group charges. For the purposes of assessing segment performance and for determining the allocation of resources
between segments, the board reviews the non-current assets attributable to each segment as well as the financial resources
available. All assets are allocated to reportable segments. Assets that are used jointly by segments are allocated to the
individual segments on a basis of revenues earned.
All liabilities are allocated to individual segments. Information is reported to the board of directors on a segmental
basis as management believes that each segment exposes the Group to differing levels of risk and rewards due to their
varying business life cycles. The segment profit or loss, segment assets and segment liabilities are measured on the same
basis as amounts recognised in the financial statements. Each segment is managed separately.
Leasing
Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present
value of the minimum lease payments, each determined at the inception of the lease. The corresponding liability to the
lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned
between finance charges and the reduction of lease obligation so as to achieve a constant rate of interest on the remaining
balance of the liability. Finance charges are charged directly against income.
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing on the dates of the
transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting date. Gains and losses arising on retranslation are included in net
profit or loss for the period.
Retirement benefit costs
The Group's subsidiary undertakings operate defined contribution retirement benefit schemes. Payments to these schemes are
charged as an expense in the period to which they relate. The assets of the schemes are held separately from those of the
relevant company and Group in independently administered funds.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on
taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are
never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised
for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable
profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are
not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting
profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and
associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary
difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is measured on an undiscounted basis using the tax rates that are expected to apply in the period when the
liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss.
Freehold property is revalued on a periodic basis. Depreciation is charged so as to write off the cost or valuation of
assets, less their residual values, over their estimated useful lives, using the straight line method, on the following
bases:
Freehold property - 1.5% per annum
Improvements to short-term leasehold property - Over the life of the lease
Plant and machinery - 4%-33% per annum
Investments
Investments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract
whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially
measured at fair value, including transaction costs. Available for sale current asset investments are carried at fair
value with adjustments recognised in other comprehensive income.
Investment income
Income from investments is included in the income statement at the point the Group becomes legally entitled to it.
Interest income and expenses are reported on an accruals basis using the effective interest method.
Impairment of property, plant and equipment and intangible assets (including goodwill)
At each reporting date the Group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any 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.
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). On disposal, amounts recognised in other comprehensive income are transferred to the profit and loss
as part of the gain or loss on disposal. 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:
Consolidation
Management have concluded that is not appropriate to utilise the exemption from consolidation available to investment
entities under IFRS10 as it is not considered to meet all of the essential elements of the definition of an investment
entity as performance is not measured or evaluated on a fair value basis. Accordingly the consolidation includes all
entities which the Company controls.
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.
Receivables
Due to the nature of some services provided by certain businesses within the Group the recoverability of receivables can be
subject to management estimates. Management estimation is required in measuring and recognising provisions and otherwise
determining the exposure to unrecoverable debts. Sensitivity is limited through the Group's credit control procedures and
the overall high quality of the Group's customer base, although it is acknowledged that some customer concentration can
mean that adjustments could be material.
Useful lives of depreciable assets
The depreciation charge for an asset is derived using estimates of its expected useful life and expected residual value,
which are reviewed annually. Increasing an asset's expected life or residual value would result in a reduced depreciation
charge in the consolidated income statement.
Management determines the useful lives and residual values for assets when they are acquired, based on experience with
similar assets and taking into account other relevant factors such as any expected changes in technology or regulations.
Inventories
In determining the cost of inventories management have to make estimates to arrive at cost and net realisable value.
Furthermore, determining the net realisable value of the wider range of products held requires judgement to be applied to
determine the saleability of the product and estimations of the potential price that can be achieved. In arriving at any
provisions for net realisable value management take into account the age, condition and quality of the product stocked and
the recent sales trend. The future realisation of these inventories may be affected by market-driven changes that may
reduce future selling prices
Business combinations
When the Group completes a business combination, the fair values of the identifiable assets and liabilities acquired are
recognised. The determination of the fair values of acquired assets and liabilities is based, to a considerable extent, on
management estimations. If the purchase consideration exceeds the fair value of the net assets acquired then the
incremental amount paid is recognised as goodwill. If the purchase price consideration is lower than the fair value of the
assets acquired then the difference is recorded as a gain in the income statement.
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.
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.
This requires management to make decisions on such deferred tax assets based on future forecasts of taxable profits. If
these forecast profits do not materialise, or there is a change in the tax rates or to the period over which temporary
timing differences might be recognised, the value of the deferred tax asset will need to be revised in a future period.
The most sensitive area of estimation risk is with respect to losses. The Group has losses for which no value has been
recognised for deferred tax purposes in these financial statements, as future economic benefit of these temporary
differences is not probable. If appropriate profits are earned in the future, recognition of the benefit of these losses
may result in a reduced tax charge in a future period.
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.
IFRS 9 'Financial Instruments' (2015)
The IASB recently released IFRS 9 'Financial Instruments' (2015), 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.
IFRS 9 is effective for reporting periods beginning on or after 1 January 2018. The Group's management have not yet
assessed the impact of IFRS 9 on the consolidated financial statements.
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 2018. The Group's management have not yet
assessed the impact of IFRS 15 on the consolidated financial statements.
IFRS 16 'Leases'
IFRS 16 introduces significant changes to accounting for leases including a general move towards more leases being
classified as finance leases, and fewer being classified as operating leases.
IFRS 16 is effective for accounting periods commencing on or after 1 January 2019. The Group's management have not yet
assessed the impact of IFRS 15 on the consolidated financial statements.
2 Operating profit
Operating profit is stated after charging/(crediting):
2016£'000 2015£'000
Staff costs 13,451 10,321
Depreciation of property, plant and equipment 436 370
Amortisation of intangible assets 32 89
Operating lease expense 309 207
Auditor's fees - audit services 58 65
Auditor's fees - tax advice 14 -
The analysis of audit fees is as follows:
- for the audit of the Company's annual accounts 16 19
- for the audit of the Company's subsidiaries' accounts 42 46
58 65
Auditor's fees were payable to KPMG LLP in 2016 and to Grant Thornton UK LLP in 2015.
3 Staff costs
Staff costs comprise:
2016£'000 2015£'000
Wages and salaries 11,811 9,036
Employer's National Insurance contributions 1,218 905
Defined contribution pension cost 415 380
Share based payment expense 7 -
13,451 10,321
The average number of employees (including Directors) in the Group was as follows:
2016Number 2015Number
Engineering, production and professional 284 266
Sales and marketing 8 11
Administration and management 43 40
335 317
4 Directors' remuneration
The remuneration of the directors was as follows:
Salaries & fees2016£'000 Otherbenefits2016£'000 Total2016£'000
David Buchler 30 - 30
Jonathan Lander 11 - 11
Nick Lander 11 1 12
52 1 53
Salaries & fees2015£'000 Otherbenefits2015£'000 Total2015£'000
David Buchler 58 - 58
Jonathan Lander 11 - 11
Nick Lander 11 1 12
80 1 81
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
£615,000 (2015: £1,128,000). Amounts owed to D2L Partners LLP at the year end totalled £nil (2015: £nil).
The amount paid to David Buchler in the year was paid to a third party on an invoice basis and no amounts were outstanding
at the year end (2015: £nil). None of the directors were members of the Group's defined contribution pension plan in the
year (2015: none).
5 Operating segments
Analysis by business segment:
An analysis of key financial data by business segment is provided below. The Group's automotive consulting and security
solutions segments are engaged in the provision of services to third party customers. The group's food manufacturing
segment is engaged in the production and sale of food products to third party customers, and the investing and management
services segment incurs central costs, provides management services and financing to other Group segments and undertakes
treasury management on behalf of the Group. A more detailed description of the activities of each segment is given in the
Strategic Report.
Automotive consulting2016£'000 Security solutions2016£'000 Food manufacturing2016£'000 Investing and management services2016£'000 Total continuing2016£'000 Discontinued2016£'000 Total 2016£'000
Revenue 17,372 382 15,190 20 32,964 - 32,964
Profit/(loss) before tax(1) 1,485 163 1,149 (813) 1,984 - 1,984
Automotive consulting2015£'000 Security solutions2015£'000 Food manufacturing2015£'000 Investing and management services2015£'000 Total continuing2015£'000 Discontinued2015£'000 Total2015£'000
Revenue 12,077 311 15,476 - 27,864 12,823 40,687
Profit/(loss) before tax(1) 583 118 1,588 (946) 1,343 5,667(2) 7,010
Automotive consulting2016£'000 Security solutions2016£'000 Food manufacturing2016£'000 Investing and management services2016£'000 Total continuing2016£'000 Discontinued2016£'000 Total 2016£'000
Assets 4,834 207 11,136 19,190 35,367 - 35,367
Liabilities/provisions (2,895) (209) (5,412) (226) (8,742) - (8,742)
Net assets(3) 1,939 (2) 5,724 18,964 26,625 - 26,625
Automotive consulting2015£'000 Security solutions2015£'000 Food manufacturing2015£'000 Investing and management services2015£'000 Total continuing2015£'000 Discontinued2015£'000 Total 2015£'000
Assets 5,095 148 10,163 16,277 31,683 - 31,683
Liabilities/provisions (2,600) (163) (4,287) (339) (7,389) - (7,389)
Net assets(3) 2,495 (15) 5,876 15,938 24,294 - 24,294
(1) stated before intra-group management and interest charges(2) discontinued segment result stated after tax (3) assets and liabilities stated excluding intra-group balances
Automotive consulting2016£'000 Security solutions2016£'000 Food manufacturing2016£'000 Investing and management services2016£'000 Total continuing2016£'000 Discontinued2016£'000 Total 2016£'000
Capital spend 35 - 287 - 322 - 322
Depreciation 45 - 390 1 436 - 436
Amortisation/impairment 32 - - - 32 - 32
Interest income (non-Group) - - - 48 48 - 48
Interest expense (non-Group) 41 - 121 - 162 - 162
Tax expense 175 - 136 - 311 - 311
Automotive consulting2015£'000 Security solutions2015£'000 Food manufacturing2015£'000 Investing and management services2015£'000 Total continuing2015£'000 Discontinued2015£'000 Total 2015£'000
Capital spend 25 1 821 1 848 108 956
Depreciation 26 - 343 1 370 91 461
Amortisation/impairment 89 - - - 89 - 89
Interest income (non-Group) - - - 50 50 - 50
Interest expense (non-Group) 38 - 134 - 172 - 172
Tax expense 58 - 277 - 335 250(4) 585
(4) included in profit from discontinued operations after tax
Geographical analysis:
External revenue by location of customers Non-current assets by location of assets
2016 2015 2016 2015
£'000 £'000 £'000 £'000
UK 29,064 25,039 5,991 6,224
Rest of Europe 2,612 1,761 - -
Other 1,288 1,064 - -
32,964 27,864 5,991 6,224
The Group had 3 (2015: 2) customers that individually accounted for in excess of 10% of the Group's continuing revenues as follows:
2016£'000 2015£'000
First customer (food manufacturing segment) 6,713 5,501
Second customer (automotive solutions segment)Third customer (automotive solutions segment) 3,6973,364 3,672-
6 Discontinued operations (2015)
The Group's stake in JMP Consultants Limited ("JMP"), which formed the Group's transport planning and engineering segment,
was sold on 18 December 2015 for cash consideration of £8,506,000, of which the Group's share was £6,477,000.
In accordance with IFRS 5 the total profits for 2015 relating to discontinued activities for the year were presented on a
single line on the income statement, and are analysed below:
2015£'000
Revenue 12,823
Cost of sales (6,817)
Administrative expensesInterestIncome tax expense (4,898)(11)(250)
Profits for the period to disposal/year 847
Non-controlling interests' share of profits in period to disposal (190)
Group share of profitsProfit on disposal (see below) 6575,010
Profit on discontinued operations 5,667
The net assets disposed, and resulting profit on sale is analysed below:
2015£'000
Property, plant and equipment 248
Work in progress 1,698
ReceivablesCash and cash equivalentsLiabilities and provisions 2,405833(3,256)
Net assets at date of disposal 1,928
Non-controlling interests' share of net assets at date of disposal (461)
Group share of net assets at date of disposalProfit on disposal 1,4675,010
Consideration 6,477
The consideration receivable is analysed as follows:
Received on date of disposal 5,693
Receivable following determination of net assets at disposal (included in other receivables at year-end) 385
Receivable one year after disposal (included in other receivables at year-end) 399
Total consideration receivable 6,477
The cash flows associated with the disposal are as follows (2015):
Cash received on date of disposal 5,693
Cash disposed (833)
Net cash flows on disposal 4,860
The amount receivable as at 31 December 2015 (£784,000) was received in full during 2016.
7 Investment revenues, other gains and losses and finance income and expense
2016 2015
£'000 £'000
Investment revenues 186 163
Other gains and losses (22) 429
Finance income
Bank interest receivable 48 50
Finance expense
Bank interest (64) (86)
Finance lease interest (19) 7
Other interest and finance charges (79) (93)
(162) (172)
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.
£617,000 of losses (2015: £318,000 of gains) previously recognised directly in equity have been recycled to profits in the
current year on disposal of the related investments.
8 Income tax
2016 2015
£'000 £'000
Current tax expense - current year 271 -
Deferred tax expense recognised in income statement - current yearDeferred tax expense recognised in income statement - adjustments in respect of prior years 105(65) 28847
Total tax expense recognised in income statement 311 335
Tax recognised directly in equity - -
Total tax recognised (continuing operations) 311 335
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:
2016£'000 2015£'000
Profit before tax 1,984 1,343
Expected tax charge based on the prevailing rate of corporation tax in the UK of 20% (2015: 20.25%) 397 272
Effects of: 51 49
Expenses not deductible for tax purposes
Income/gains not subject to tax (37) (33)
Unrecognised deferred tax assets 1 33
Effect of changes in rate of tax (36) (33)
Adjustments in respect of prior years (65) 47
Total tax recognised (continuing operations) 311 335
In July 2015, the UK government announced its intention to further reduce corporation tax rates to 17% from 1 April 2020.
This has been substantively enacted during the year and deferred tax has been provided for at the rate at which it is
expected to be settled. Further details on deferred tax assets (recognised and unrecognised) are given in note 19.
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: 2016£'000 2015£'000
From continuing operationsFrom discontinued operations 1,334- 8325,667
Total 1,334 6,499
EEaWeighted average number of shares for the purposes of earnings per share: 2016No. 2015No.
Weighted average number of ordinary shares in issue 4,085,958 4,091,547
Dilutive effect of potential ordinary shares - -
Weighted average number of ordinary shares for diluted EPS 4,085,958 4,091,547
There were no share options (or other dilutive instruments) in issue during the year or the previous year.
10 Subsidiaries
The subsidiaries of Volvere plc, all of which have been included in these consolidated financial statements, are as
follows:
Name Registered address PrincipalActivity Proportion of ownership interest in ordinary shares
Volvere Central Services Limited Note 1 Group support services 100%
NMT Group Limited Note 2 Investment 98.6%
Sira Defence & Security LimitedShire Foods Limited Note 1Note 1 Software publishingFood manufacturing 100%80%
Impetus Automotive LimitedImpetus Automotive Solutions LimitedImpetus Automotive GmbH Note 3Note 1Note 4 Automotive consultingHolding companyAutomotive consulting Note 7100%Note 5
Impetus Automotive Consulting Services (Beijing) Co., Ltd Note 5 Automotive consulting
- More to follow, for following part double click ID:nRSZ2949GcRecent news on Volvere
See all newsREG - Volvere PLC - Holding(s) in Company
AnnouncementREG - Volvere PLC - Holding(s) in Company
AnnouncementREG - Volvere PLC - Transaction in Own Shares
AnnouncementREG - Volvere PLC - Trading Update and Notice of Final Results
AnnouncementREG - Volvere PLC - Holding(s) in Company
Announcement