REG - Weir Group PLC - Half-year Report <Origin Href="QuoteRef">WEIR.L</Origin> - Part 5
27/07/2017 07:06
- Part 5: For the preceding part double click ID:nRSa1966Md
Bank overdrafts & short-term borrowings (0.1) (2.0)
257.0 265.9 209.0
The Group has a number of cash pooling arrangements whereby individual entities have bank accounts with the same bank under a master pooling facility which are subject to rights of offset. Cash & short-term deposits of £266.0m (2016: £211.0m) and bank overdrafts & short-term borrowings of £0.1m (2016: £2.0m) are presented after elimination of debit and credit balances within individual pools of £1.7m
(2016: £524.9m).
The following tables summarise the net debt position.
Period ended Period ended Period ended
31 December 2016 30 June 2017 30 June 2016
£m £m £m
Reconciliation of net increase in cash & cash equivalents to movement in net debt
32.2 Net increase (decrease) in cash & cash equivalents from total operations 21.9 (1.6)
92.4 Net (increase) decrease in debt (91.2) 40.9
124.6 Change in net debt resulting from cash flows (69.3) 39.3
(1.2) Lease inceptions - (1.2)
0.1 Loans/leases disposed - (0.2)
(133.0) Foreign currency translation differences 34.8 (66.3)
(9.5) Change in net debt during the period (34.5) (28.4)
(825.0) Net debt at the beginning of the period (834.5) (825.0)
(834.5) Net debt at the end of the period (869.0) (853.4)
Net debt comprises the following
258.6 Cash & short-term deposits 266.0 211.0
(144.0) Current interest-bearing loans & borrowings (366.9) (217.2)
(949.1) Non-current interest-bearing loans & borrowings (768.1) (847.2)
(834.5) (869.0) (853.4)
15. Related party disclosure
The following table provides the total amount of significant transactions which have been entered into with related parties for the relevant financial period and outstanding balances at the period end.
Period ended Period ended Period ended
31 December 2016 30 June 2017 30 June 2016
£m £m £m
26.0 Sales of goods to related parties - joint ventures 26.7 7.7
0.1 Sales of services to related parties - joint ventures 0.1 -
0.2 Purchases of goods from related parties - joint ventures 0.2 0.5
0.4 Purchases of services from related parties - joint ventures 0.2 0.3
4.1 Amounts owed to related parties - group pension plans 1.8 1.6
16. Exchange rates
The principal exchange rates applied in the preparation of these interim financial statements were as follows.
Period ended Period ended Period ended
31 December 2016 30 June 2017 30 June 2016
Average rate (per £)
1.36 US Dollar 1.26 1.43
1.83 Australian Dollar 1.67 1.96
1.22 Euro 1.16 1.29
1.80 Canadian Dollar 1.68 1.91
4.98 United Arab Emirates Dirham 4.62 5.27
918.59 Chilean Peso 830.80 989.17
20.00 South African Rand 16.63 22.10
4.75 Brazilian Real 4.00 5.32
91.20 Russian Rouble 73.00 100.72
Closing rate (per £)
1.22 US Dollar 1.30 1.33
1.70 Australian Dollar 1.69 1.78
1.17 Euro 1.14 1.20
1.65 Canadian Dollar 1.69 1.72
4.49 United Arab Emirates Dirham 4.78 4.87
813.76 Chilean Peso 863.50 875.31
16.63 South African Rand 16.98 19.49
3.97 Brazilian Real 4.30 4.23
73.89 Russian Rouble 76.92 84.84
17. Events after the balance sheet date
5,060,237 ordinary shares of 12.5p each were issued on 19 July 2017, raising cash proceeds of £90m which will be used to
fund the pending acquisition of KOP Surface Products.
Directors' Statement of Responsibilities
The directors confirm that this set of interim financial statements has been prepared in accordance with IAS 34 "Interim
Financial Reporting" as adopted by the European Union, and that the interim management report herein includes a fair review
of the information required by the Disclosure and Transparency Rules of the Financial Conduct Authority, paragraphs DTR
4.2.7 and DTR 4.2.8, namely:
· an indication of important events that have occurred during the first six months and their impact on the set of
interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of
the financial year; and
· material related-party transactions in the first six months and any material changes in the related-party
transactions described in the last annual report.
The directors of The Weir Group PLC are listed in the Group's 2016 Annual Report.
A list of current directors is maintained on The Weir Group PLC website which can be found at www.global.weir.
On behalf of the Board
John Heasley
Chief Financial Officer
27 July 2017
Independent review report to The Weir Group PLC
Report on the consolidated interim financial statements
Our conclusion
We have reviewed The Weir Group PLC's consolidated interim financial statements (the "interim financial statements") in the
interim report of The Weir Group PLC for the 6 month period ended 30 June 2017. Based on our review, nothing has come to
our attention that causes us to believe that the interim financial statements are not prepared, in all material respects,
in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union
and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
What we have reviewed
The interim financial statements comprise:
· the consolidated balance sheet as at 30 June 2017;
· the consolidated income statement and consolidated comprehensive income for the period then ended;
· the consolidated cash flow statement for the period then ended;
· the consolidated statement of changes in equity for the period then ended; and
· the explanatory notes to the interim financial statements.
The interim financial statements included in the interim report have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
As disclosed in note 1 to the interim financial statements, the financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the European Union.
Responsibilities for the interim financial statements and the review
Our responsibilities and those of the directors
The interim report, including the interim financial statements, is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the interim report in accordance with the Disclosure Guidance and
Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
Our responsibility is to express a conclusion on the interim financial statements in the interim report based on our
review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying
with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for
no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any
other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent
in writing.
What a review of interim financial statements involves
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 'Review of
Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board
for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK)
and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion.
We have read the other information contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
Glasgow
27 July 2017
(a) The maintenance and integrity of The Weir Group PLC website is the responsibility of the directors; the work carried
out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility
for any changes that may have occurred to the interim financial statements since they were initially presented on the
website.
(b) Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from
legislation in other jurisdictions.
Shareholder Information
The Board have declared an interim dividend of 15.0p (2016: 15.0p). The dividend will be paid on 3 November 2017 to
shareholders on the register on 22 September 2017. Shareholders may opt to participate in the Scrip Dividend Programme
(SCRIP). The price for the SCRIP dividend will be announced on 28 September 2017. The final date for receipt of SCRIP
elections is 20 October 2017.
Financial Calendar
Ex-dividend date for interim dividend
21 September 2017
Record date for interim dividend
22 September 2017
Shareholders on the register at this date will receive the dividend
Final day for receipt of SCRIP elections
20 October 2017
Interim dividend paid
3 November 2017
Our Interim Report will be available to download from The Weir Group PLC website at global.weir shortly.
Disclaimer
This information includes 'forward-looking statements'. All statements other than statements of historical fact included
in this presentation, including, without limitation, those regarding The Weir Group PLC's (the "Group") financial position,
business strategy, plans (including development plans and objectives relating to the Group's products and services) and
objectives of management for future operations, are forward-looking statements. These statements contain the words
"anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning. Such forward-looking statements
involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance
or achievements of the Group to be materially different from future results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the
Group's present and future business strategies and the environment in which the Group will operate in the future. These
forward-looking statements speak only as at the date of this document. The Group expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any
change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any
such statement is based. Past business and financial performance cannot be relied on as an indication of future
performance.
Registered office and company number
1 West Regent Street
Glasgow
G2 1RW
Scotland
Registered in Scotland
Company number: SC002934
This information is provided by RNS
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