REG - Wynnstay Group PLC - Final Results <Origin Href="QuoteRef">WYWYN.L</Origin> - Part 2

WynnstayAnnouncement

28/01/2015 01:53

- Part 2: For the preceding part double click  ID:nRSU6740Ca 

January 2015  
 
 
Fair Value 
 
Initial fair value of acquisition:                                            
                                                               £000 
 
Plant and equipment                                                           
                                                                              
 19 
 
Inventories                                                                   
                                                                              
        170 
 
Goodwill                                                                      
                                                                              
         312 
 
     
 
 
 Estimated total fair value of acquisition  501  
 
 
Consideration paid as follows: 
 
Net cash paid on completion                                                   
                                                                        365 
 
Less retention pending confirmation of Net Asset values at completion         
                                         76 
 
Fair value of contingent consideration to be paid after one year              
                                               60 
 
     
 
 
 Estimated total fair value of acquisition  501  
 
 
The final consideration to be paid is subject to confirmation of the
Inventories value, and the financial performance of the acquired business in
the period from acquisition to 1 January 2016. 
 
In line with the sale and purchase agreement the maximum contingent
consideration will be £60,000. 
 
Revenue in the year to 30 June 2014, being the latest complete information
available, was £1,044,000 and profit on ordinary activities before tax in that
year was £123,000.  The acquisition of the business extends the Group's
geographic trading area and farmer customer base, as well as adding additional
outlet to the Group's Country Store Chain. 
 
15.  CASH GENERATED FROM OPERATIONS 
 
                                                                                                           
                                                                                                  2014       2013     
                                                                                                  £000       £000     
 Profits for the year                                                                             6,697      6,171    
 Adjustments for:                                                                                                     
 Tax                                                                                              1,796      1,850    
 Depreciation of tangible fixed assets                                                            2,509      2,522    
 Amortisation of other intangible fixed assets                                                    10         -        
 (Profit) on disposal of property, plant and equipment                                            (171)      (131)    
 Interest income                                                                                  (52)       (46)     
 Interest expense                                                                                 378        524      
 Share of results of joint ventures and associate                                                 (428)      (269)    
 Share based payments                                                                             99         182      
                                                                                                                      
 Changes in working capital (excluding effects of acquisitions and disposals of subsidiaries):                        
 Decrease in short term loan to joint ventures                                                    265        185      
 Decrease/(increase) in inventories                                                               844        (1,000)  
 Decrease/(increase) in trade and other receivables                                               2,522      (1,600)  
 (Decrease)/increase in payables                                                                  (2,696)    4,568    
                                                                                                                      
 Cash generated from operations                                                                   11,773     12,956   
 
 
16.  RESPONSIBILITY STATEMENT 
 
The Directors below confirm to the best of their knowledge: 
 
·      the financial statements, prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit or loss of the Company and the
undertakings included in the consolidation taken as a whole; and 
 
·      the management report includes a fair review of the development and
performance of the business and the position of the issuer and the
undertakings included in the consolidation taken as a whole, together with a
description of the principal risks and uncertainties that they face. 
 
J McCarthy 
 
P M Kirkham 
 
Lord Carlile CBE QC 
 
B P Roberts 
 
K R Greetham 
 
D A T Evans 
 
H J Richards 
 
17.       CONTENT OF THIS REPORT 
 
The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 October 2014 or 31 October 2013, but
is derived from those accounts. 
 
Statutory accounts for 2013 have been delivered to the Registrar of Companies.
 The auditor, KPMG Audit Plc, has reported on the 2013 accounts; the report
(i) was 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. 
 
The statutory accounts for 2014 will be delivered to the Registrar of
Companies following the Annual General Meeting. The auditor, KPMG LLP, has
reported on these accounts; their report is unqualified, does not include a
reference to any matters to which the auditor drew attention by way of
emphasis without qualifying their report, and; does not include a statement
under either section 498(2) or (3) of the Companies Act 2006. 
 
The Annual Report and full Financial Statements will be posted to shareholders
during the week commencing 2 February 2015. Further copies will be available
to the public, free of charge, from the Company's Registered Office at Eagle
House, Llansantffraid, Powys, SY22 6AQ or on the Company's website at
www.wynnstay.co.uk. 
 
18.     ANNUAL GENERAL MEETING 
 
The Annual General Meeting of the Company will be held at The Lion Quays Hotel
and Spa, Lion Quays, Weston Rhyn, Oswestry, Shropshire, SY11 3EN on 24 March
2015 at 11.45am. 
 
This information is provided by RNS
The company news service from the London Stock Exchange