REG-Roxboro Group PLC Interim Results – Part 3
Date/Range: 12-SEP-2005
Short Abstract: REG-Roxboro Group PLC Interim Results – Part 3
RNS Number:1166R
Roxboro Group PLC
Net deferred tax liability – UK – –
GAAP
IFRS adjustments:
Rollover Gain 41 47
Deferred tax on development costs 25 17
Net deferred tax liability – IFRS 66 64
Other changes
There are a number of other minor changes. These have no material effect on
either reported profits or net assets.
DISTRIBUTABLE RESERVES
The Company has considerable distributable reserves under both UK GAAP and IFRS.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2004
IFRS adjustments
Development Employee
UK GAAP Costs Benefits Goodwill IFRS
£’000 (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000
Revenue 118,852 118,852
Cost of sales (80,521) 1,987 116 – (78,418)
Gross Profit 38331 1,987 116 – 40,434
Distribution costs (15,777) – 17 – (15,760)
Administrative (13,501) – 616 926 (11,959)
expenses
Operating profit 9,053 1,987 749 926 12,715
Financial income 5 – – – 5
Financial expenses – – (194) – (194)
Net financing income 5 – (194) – (189)
Profit before tax 9,058 1,987 555 926 12,526
Income tax expense (3,462) (611) (217) – (4,290)
Profit for the year 5,596 1,376 338 926 8,236
attributable to
shareholders
Earnings per share
Basic 18.3p 27.4p
Diluted 18.2p 27.1p
CONSOLIDATED INCOME STATEMENT
For the half year ended 30 June 2004
IFRS adjustments
Development Employee
UK GAAP Costs Benefits Goodwill IFRS
£’000 (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000
Revenue 59,182 – – – 59,182
Operating profit 3,879 868 553 463 5,763
Net financing costs (11) – (98) – (109)
Profit before tax 3,868 868 455 463 5,654
Income tax expense (1,598) (263) (178) – (2,039)
Profit for the year 2,270 605 277 463 3,615
attributable to
shareholders
Earnings per share
Basic 7.4p 12.0p
Diluted 7.4p 11.9p
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the year ended 31 December 2004
IFRS adjustments
Development Employee
UK GAAP Costs Benefits Goodwill IFRS
£’000 (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000
Foreign exchange (1,195) – 104 14 (1,077)
translation
differences
Actuarial loss on – – (1,194) – (1,194)
defined benefit
pension schemes
Tax on items taken – – 340 – 340
directly to equity
Net income recognised (1,195) – (750) 14 (1,931)
directly in equity
Profit for the year 5,596 1,376 338 926 8,236
Total recognised 4,401 1,376 (412) 940 6,305
income and expense
for the year
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the half year ended 30 June 2004
IFRS adjustments
Development Employee
UK GAAP Costs Benefits Goodwill IFRS
£’000 (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000
Foreign exchange (399) – 52 (163) (510)
translation
differences
Actuarial loss on – – (596) – (596)
defined benefit
pension schemes
Tax on items taken – – 170 – 170
directly to equity
Net income recognised (399) 0.0 (374) (163) (936)
directly in equity
Profit for the year 2,270 605 277 463 3,615
Total recognised 1,871 605 (97) 300 2,679
income and expense
for the year
CONSOLIDATED BALANCE SHEET
As at 31 December 2004
IFRS adjustments
Development Employee
UK Costs Benefits Goodwill Dividend Other IFRS
GAAP (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Non-current
assets
Intangible assets 14,347 3,524 – 1,383 – – 19,254
Property, plant & 11,463 – – – – – 11,463
equipment
Trade and other 635 – (635) – – – –
receivables
falling due after
more than one
year
Deferred tax 316 (1,046) 3,508 – – (159) 2,619
asset
26,761 2,478 2,873 1,383 – (159) 33,336
Current assets
Inventories 15,404 – – – – – 15,404
Trade and other 25,363 – – – – – 25,363
receivables
Cash and cash 6,819 – – – – – 6,819
equivalents
47,586 – – – – – 47,586
Current
liabilities
Trade and other (18,932) – – – 2,288 – (16,644)
payables
Loans and (51) – – – – – (51)
borrowings
Tax liabilities (1,212) – 235 – – – (977)
Net current
assets 27,391 – 235 – 2,288 – 29,914
Total assets less 54,152 2,478 3,108 1,383 2,288 (159) 63,250
current
liabilities
Non-current
liabilities
Trade and other (1,667) – – – – – (1,667)
payables falling
due after more
than one year
Retirement – – (11,030) – – – (11,030)
benefit
obligations
Deferred tax – (25) – – – (41) (66)
liability
Net assets 52,485 2,453 (7,922) 1,383 2,288 (200) 50,487
Equity
Called-up share 2,849 – – – – – 2,849
capital
Share premium 6,049 – – – – – 6,049
account
Retained earnings 3,215 2,453 (7,922) 1,383 2,288 (200) 1,217
Capital 40,372 – – – – – 40,372
redemption
reserve
Equity 52,485 2,453 (7,922) 1,383 2,288 (200) 50,487
attributable to
the shareholders
of the parent
CONSOLIDATED BALANCE SHEET
As at 30 June 2004
IFRS adjustments
Development Employee
UK GAAP Costs Benefits Goodwill Dividend Other IFRS
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
£’000
£’000 £’000 £’000 £’000 £’000 £’000
Non-current
assets
Intangible assets 14,906 2,405 – 743 – – 18,054
Property, plant & 12,284 – – – – – 12,284
equipment
Trade and other 59 – (59) – – – –
receivables
falling due after
more than one
year
Deferred tax 426 (711) 3,625 – – (153) 3,187
asset
27,675 1,694 3,566 743 – (153) 33,525
Current assets
Inventories 15,026 – – – – – 15,026
Trade and other 24,741 – – – – – 24,741
receivables
Cash and cash 5,787 – – – – – 5,787
equivalents
45,554 – – – – – 45,554
Current
liabilities
Trade and other (17,167) – – – 1,023 – (16,144)
payables
Loans and (37) – – – – – (37)
borrowings
Tax liabilities (1,650) – 22 – – – (1,628)
Net current 26,700 – 22 – 1,023 – 27,745
assets
Total assets less 54,375 1,694 3,588 743 1,023 (153) 61,270
current
liabilities
Non-current
liabilities
Trade and other (1,912) – – – – (1912)
payables falling
due after more
than one year
Retirement – – (11,190) – – – (11,190)
benefit
obligations
Deferred tax – (17) – – – (47) (64)
liability
Net assets 52,463 1,677 (7,602) 743 1,023 (200) 48,104
Equity
Called-up share 3,027 – – – – – 3,027
capital
Share premium 6,049 – – – – – 6,049
account
Retained earnings 3,194 1,677 (7,602) 743 1,023 (200) (1,165)
Capital 40,193 – – – – 40,193
redemption
reserve
Equity
attributable to 52,463 1,677 (7,602) 743 1,023 (200) 48,104
the shareholders
of the parent
CONSOLIDATED BALANCE SHEET
As at 31 December 2003
IFRS adjustments
Development Employee
Costs Benefits Goodwill Dividend Other IFRS
UK GAAP (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000 £’000 £’000 £’000
Non-current
assets
Intangible assets 15,464 1,537 – 442 – – 17,443
Property, plant & 13,100 – – – – – 13,100
equipment
Deferred tax 488 (462) 3,656 – – (156) 3,526
asset
29,052 1,075 3,656 442 – (156) 34,069
Current assets
Inventories 16,118 – – – – – 16,118
Trade and other
receivables 25,391 – (85) – – – 25,306
Cash and cash
equivalents 4,332 – – – – – 4,332
45,841 – (85) – – – 45,756
Current
liabilities
Trade and other (17,868) – – – 2,075 – (15,793)
payables
Loans and (2,364) – – – – – (2,364)
borrowings
Tax liabilities (1,486) – 32 – – – (1,454)
Net current 24,123 – (53) – 2,075 – 26,145
assets
Total assets less 53,175 1,075 3,603 442 2,075 (156) 60,214
current
liabilities
Non-current
liabilities
Trade and other (1,507) – – – – (1,507)
payables falling
due after more
than one year
Retirement – – (11,110) – – – (11,110)
benefit
obligations
Deferred tax – – – – – (44) (44)
liability
Net assets 51,668 1,075 (7,507) 442 2,075 (200) 47,553
Equity
Called-up share 3,115 – – – – – 3,115
capital
Share premium 5,976 – – – – – 5,976
account
Retained earnings 2,473 1,075 (7,507) 442 2,075 (200) (1,642)
Capital 40,104 – – – – 40,104
redemption
reserve
Equity
attributable to
the shareholders 51,668 1,075 (7,507) 442 2,075 (200) 47,553
of the parent
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2004
IFRS adjustments
Development Employee
UK GAAP Costs Benefits Goodwill Other IFRS
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000 £’000 £’000
Cash flows from operating
activities
Operating profit 9,053 1,987 749 926 – 12,715
Amortisation of 1,117 – – (926) – 191
intangibles
Depreciation and other 2,660 142 – – – 2,802
amortisation
Decrease in inventories 238 – – – – 238
Increase in trade and (1,076) – – – – (1,076)
other receivables
Increase in trade and 1,209 – (555) – – 654
other payables
Cash generated from 13,201 2,129 194 – – 15,524
operations
Net interest payable 5 – (194) – – (189)
Income tax expense (3,583) – – – – (3,583)
Operating cash flow 9,623 2129 – – – 11,752
Cash flows from investing
activities
Capital expenditure and (1,299) – – – – (1299)
financial investment
Proceeds from sale of 13 – – – – 13
tangible fixed assets
Development costs – (2,129) – – – (2,129)
Net cash used in (1,286) (2,129) – – – (3,415)
investing activities
Free cash flow 8,337 – – – – 8,337
Cash flows from financing
activities
Proceeds from the issue 74 – – – – 74
of share capital
Shares redeemed (267) – – – – (267)
Dividends paid (3,135) – – – – (3,135)
Net cash used in (3,328) – – – – (3,328)
financing activities
Net decrease in cash and 5,009 – – – – 5,009
cash equivalents
Cash and cash equivalents 1,968 – – – – 1,968
at the beginning of the
year
Effect of exchange rates (209) – – – – (209)
in cash
Cash and cash equivalents
at the end of the year 6,768 – – – – 6,768
CONSOLIDATED CASH FLOW STATEMENT
For the half year ended 30 June 2004
IFRS adjustments
Development Employee
UK Costs Benefits Goodwill Other IFRS
GAAP (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
£’000 £’000 £’000 £’000 £’000 £’000
Cash flows from operating
activities
Operating profit 3,879 868 553 463 – 5,763
Amortisation of 558 – – (463) – 95
intangibles
Depreciation and other 1,346 53 – – – 1,399
amortisation
Decrease in inventories 894 – – – – 894
Decrease in trade and 379 – – – – 379
other receivables
Increase in trade and 958 – (455) – – 503
other payables
Cash generated from 8,014 921 98 – – 9,033
operations
Net interest payable (15) – (98) – – (113)
Income tax expense (1,375) – – – – (1,375)
Operating cash flow 6,624 921 – – – 7,545
Cash flows from investing
activities
Capital expenditure and (665) – – – – (665)
financial investment
Development costs – (921) – – – (921)
Proceeds from sale of 5 – – – – 5
tangible fixed assets
Purchase of intangible (50) – – – – (50)
assets
Net cash used in (710) (921) – – – (1,631)
investing activities
Free cash flow 5,914 – – – – 5,914
Cash flows from financing
activities
Proceeds from the issue 73 – – – – 73
of share capital
B Shares redeemed (89) – – – – (89)
Equity dividends paid (2,112) – – – – (2,112)
Net cash used in (2,128) – – – – (2,128)
financing activities
Net decrease in cash and 3,786 – – – – 3,786
cash equivalents
Cash and cash equivalents 1,968 – – – – 1,968
at the beginning of the
year
Effect of exchange rates (4) – – – – (4)
in cash
Cash and cash equivalents 5,750 – – – – 5,750
at the end of the year
Appendix 2
Group Profit and Loss Account – UK GAAP
Unaudited interim results for the half year ended 30 June 2005
2005 2004 2004
6 months ended 6 months ended 12 months ended
30-Jun 30-Jun 31-Dec
£’000 £’000 £’000
Turnover
Continuing 25,820 28,157 55,268
operations
Discontinued 32,726 31,025 63,584
operations
58,546 59,182 118,852
Operating profit before goodwill
amortisation
Continuing 1,241 1,090 3,459
operations
Discontinued 2,903 3,347 6,711
operations
4,144 4,437 10,170
Goodwill (558) (558) (1,117)
amortisation
Operating Profit after goodwill
amortisation
Continuing 1,066 915 3,107
operations
Discontinued 2,520 2,964 5,946
operations
3,586 3,879 9,053
Net interest 24 (11) 5
Profit on ordinary activities before taxation 3,610 3,868 9,058
Tax on profit on ordinary (1,571) (1,598) (3,462)
activities
Profit for the 2,039 2,270 5,596
financial period
Dividends (1,062) (1,060) (3,391)
Retained profit 977 1,210 2,205
Pence Pence Pence
Dividends per ordinary 3.4 3.4 11.0
share
Earnings per
ordinary share
Basic 6.6 7.4 18.3
Adjusted 8.5 9.3 22.0
Diluted 6.6 7.4 18.2
Group Balance Sheets UK GAAP
Unaudited interim results
at 30 June 2005
2005 2004 2004
6 months ended 6 months ended 12 months
ended
30-Jun 30-Jun 31-Dec
£’000 £’000 £’000
Fixed assets
Intangible assets 13,789 14,906 14,347
Tangible assets 11,823 12,284 11,463
25,612 27,190 25,810
Current assets
Stock 15,879 15,026 15,404
Debtors 29,537 25,226 26,314
Cash at bank and 5,260 5,787 6,819
in hand
50,676 46,039 48,537
Creditors amounts falling due
within one year
Borrowings (42) (37) (51)
Other creditors (20,029) (18,817) (20,144)
(20,071) (18,854) (20,195)
Net current assets 30,605 27,185 28,342
Total assets less current 56,217 54,375 54,152
liabilities
Provisions for liabilities and (1,663) (1,912) (1,667)
charges
54,554 52,463 52,485
Capital and
reserves
Called up share 2,801 3,027 2,849
capital
Share premium 6,049 6,049 6,049
account
Capital redemption 40,419 40,193 40,372
reserve
Profit and loss 5,285 3,194 3,215
account
54,554 52,463 52,485
Group Statements of Cash Flows – UK GAAP
Unaudited interim results for the half year ended 30 June
2005
2005 2004 2004
6 months ended 6 months ended 12 months
ended
30-Jun 30-Jun 31-Dec
£’000 £’000 £’000
Cash flow from operating 2,980 8,014 13,201
activities
Returns on investments and servicing
of finance
Interest paid (15) (57) (90)
Interest received 39 42 95
Net cash flow from returns on investment 24 (15) 5
and servicing of finance
Taxation (1,263) (1,375) (3,583)
Capital expenditure and financial investment
Purchase of tangible fixed (1,429) (665) (1,299)
assets
Sale of tangible fixed assets – 5 13
Net cash outflow from investing activities (1,429) (660) (1,286)
Acquisitions and Disposals
Purchase of intangible – (50) –
assets
– (50) –
Dividends paid (2,331) (2,112) (3,135)
Cash (outflow)/inflow before use of liquid (2,019) 3,802 5,202
resources and financing
Financing
Issue of ordinary share – 73 74
capital
Redemption of ‘B’ shares (48) (89) (267)
Capital element of finance lease – (7) (7)
rental payments
(2,066) (23) (200)
(Decrease)/Increase in cash in the period (2,066) 3,779 5,002
Reconciliation of net cash flow to movements in net cash
(Decrease)/Increase in cash in (2,066) 3,779 5,002
the period
Cash outflow from change in debt and lease – 7 7
financing
Change in net cash resulting from cash flows (2,066) 3,786 5,009
Translation 516 (4) (209)
difference
Movement in net cash in the (1,550) 3,782 4,800
period
Net cash at beginning of 6,768 1,968 1,968
period
Net cash at end of period 5,218 5,750 6,768
– ENDS –
This information is provided by RNS
The company news service from the London Stock Exchange