REG - Zotefoams PLC - Half Yearly Report <Origin Href="QuoteRef">ZTF.L</Origin> - Part 2

ZotefoamsAnnouncement

29/10/2014 12:01

- Part 2: For the preceding part double click  ID:nRSL8436Oa 

           5                                
 Deferred tax                    485(155)                         46958                            
                                 330                              527                              
 
 
The Group's consolidated effective tax rate for the six months ended 30 June
2014 was 21% (2013: 21%) 
 
Tax is accrued based on an estimated tax rate that would be applicable to
estimated annual earnings. 
 
9.   DIVIDENDS 
 
                                                                                   Six monthsended30 June2014£000  Six monthsended30 June2013£000  
 Final dividend for the year ended 31 December 2013 of 3.6p(2012: 3.5p) per share  1,421                           1,378                           
 
 
The final dividend for the year ended 31 December 2013 was paid on 28 May
2014. 
 
10.  EARNINGS PER SHARE 
 
The calculation of the basic and diluted earnings per share is based on the
following data: 
 
                                                                                                                                                                 Six monthsended30 June 2014£000  Six monthsended30 June2013£000  
 Earnings                                                                                                                                                                                                                         
 Earnings for the purpose of basic earnings per share pre-exceptional items being net profit attributable to equity holders of the parent pre-exceptional items  2,288                            1,991                           
 Earnings for the purposes of diluted earnings per share pre-exceptional items                                                                                   2,288                            1,991                           
 Earnings for the purpose of basic earnings per share being net profit attributable to equity holders of the parent                                              1,276                            1,991                           
 Earnings for the purposes of diluted earnings per share                                                                                                         1,276                            1,991                           
 
 
 Number of shares                                                                           Number      Number      
 Weighted average number of ordinary shares for the purposes of basic earnings per share    39,444,150  39,257,986  
 Effect of dilutive potential ordinary shares:Share options and Long-Term Incentive Plans   660,253     673,441     
 Weighted average number of ordinary shares for the purposes of diluted earnings per share  40,104,403  39,931,427  
 
 
11.  FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT 
 
The Group's activities expose it to a variety of financial risks including
credit risk, interest rate risk, liquidity risk and foreign currency risk. 
 
The condensed interim financial statements do not include all financial risk
management information and disclosures required in the annual financial
statements; they should be read in conjunction with the Group's annual
financial statements as at 31 December 2013. There have been no changes in any
risk management policies since the year end. 
 
Fair value estimation 
 
The table below analyses financial instruments carried at fair value, by
valuation method. The different levels have been defined as follows: 
 
·      Quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1). 
 
·      Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (Level 2). 
 
·      Inputs for the asset or liability that are not based on observable
market data (that is, unobservable inputs) (Level 3). 
 
The following table presents the Group's financial instruments that are
measured at fair value at 30 June 2014. 
 
                             Level 1  Level 2  Level 3  Total  
                             £000     £000     £000     £000   
 Assets                                                        
 Forward exchange contracts  -        216      -        216    
                                                               
 Total assets                -        216      -        216    
                                                               
 Liabilities                                                   
 Forward exchange contracts  -        -        -        -      
                                                               
 Total liabilities           -        -        -        -      
                                                               
 
 
The following table presents the Group's financial instruments that are
measured at fair value at 30 June 2013. 
 
                             Level 1  Level 2  Level 3  Total  
                             £000     £000     £000     £000   
 Assets                                                        
 Forward exchange contracts  -        -        -        -      
                                                               
 Total assets                -        -        -        -      
                                                               
 Liabilities                                                   
 Forward exchange contracts  -        320      -        320    
                                                               
 Total liabilities           -        320      -        320    
 
 
The forward exchange contracts have been fair valued using forward exchange
rates that are quoted in an active market. 
 
Group's valuation process 
 
The Group's finance department performs the valuation of forward exchange
contracts required for financial reporting purposes. This is reported to the
Audit Committee. 
 
The results of the valuation processes are included in the Group's monthly
reporting to the directors which includes all members of the Audit Committee. 
 
Fair value of financial assets and liabilities measured at amortised cost 
 
The fair value of borrowings is as follows: 
 
              30 June 2014  30 June 2013  
              £000          £000          
 Current      687           1,158         
 Non-current  1,826         2,514         
                                          
 Total        2,513         3,672         
 
 
The fair value of the following financial assets and liabilities approximate
their carrying amount: 
 
·      Trade and other receivables 
 
·      Other current financial assets 
 
·      Cash and cash equivalents 
 
·      Trade and other payables 
 
·      Other current liabilities 
 
12.  RELATED PARTY TRANSACTIONS 
 
There were no material related party transactions for the periods ended 30
June 2014 and 30 June 2013. 
 
Independent review report to Zotefoams plc 
 
Report on the condensed consolidated interim financial statements 
 
Our conclusion 
 
We have reviewed the condensed consolidated interim financial statements,
defined below, in the Interim Results of Zotefoams plc for the six months
ended 30 June 2014. Based on our review, nothing has come to our attention
that causes us to believe that the condensed consolidated interim financial
statements are not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European Union and the
Disclosure and Transparency Rules of the United Kingdom's Financial Conduct
Authority. 
 
This conclusion is to be read in the context of what we say in the remainder
of this report. 
 
What we have reviewed 
 
The condensed consolidated interim financial statements, which are prepared by
Zotefoams plc, comprise: 
 
·      the consolidated statement of financial position as at 30 June 2014; 
 
·      the consolidated income statement and consolidated statement of
comprehensive income for the period then ended; 
 
·      the consolidated statement of cash flows 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. 
 
As disclosed in note 2, 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. 
 
The consolidated interim financial statements included in the half-yearly
financial report have been prepared in accordance with International
Accounting Standard 34, 'Interim Financial Reporting', as adopted by the
European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority. 
 
What a review of condensed consolidated 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 Ireland) 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 results and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed consolidated interim
financial statements. 
 
Responsibilities for the condensed consolidated interim financial statements
and the review 
 
Our responsibilities and those of the directors 
 
The Interim Results including the condensed consolidated interim financial
statements, is the responsibility of, and has been approved by, the directors.
The directors are responsible for preparing the Interim Results in accordance
with the Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority. 
 
Our responsibility is to express to the company a conclusion on the condensed
consolidated interim financial statements in the Interim Results 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 and
Transparency Rules of the 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. 
 
PricewaterhouseCoopers LLP 
 
Chartered Accountants 
 
11 August 2014 
 
Gatwick 
 
Zotefoams plc 
 
675 Mitcham Road 
 
Croydon CR9 3AL 
 
United Kingdom 
 
T +44 (0)20 8664 1600 
 
F +44 (0)20 8664 1616 
 
E info@zotefoams.com 
 
W www.zotefoams.com 
 
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