The Group has net assets at the period end of GBP414.7m (28
February 2014: GBP461.1m). The reduction is principally due to the
purchase of own shares of GBP34.8m and dividend paid of GBP13.2m.
Net assets includes property assets and property related
investments with a total book value of GBP259.9m (28 February 2014:
GBP273.2m).
Net debt fell to GBP8.1m (28 February 2014: GBP127.9m). The
Group realised net cash (after fees) of GBP189.9m on the partial
disposal of the transport and distribution division including the
GBP13.7m licence premium from Eddie Stobart Limited. At the same
time the GBP100m variable rate loan with M&G Investment
Management Limited was fully repaid and the facility was
terminated.
In March, GBP68.1m of the restricted cash held at 28 February
2014 was used to repay a substantial proportion of the property
loan with GE Real Estate Finance Limited, plus payment of fees. At
the same time, the terms of the remaining debt were renegotiated
and the facility was reduced commensurately. Later in the period
this loan was further repaid out of proceeds from property
realisations, leaving GBP2.2m outstanding.
Separately disclosed finance costs of GBP8.1m include the early
repayment of fees payable in connection with the two substantial
repayments set out above, as well as write off of the debt issue
costs carried in relation to the amounts.
The gearing ratio (net debt/equity) was 2.0% (28 February 2014:
27.7%).
Brands
Following the partial disposal of the transport and distribution
division, the Group has retained ownership of the Stobart and Eddie
Stobart trademarks and designs which remain important and valuable
assets to the Group. Both Stobart Group and Eddie Stobart are
listed in Business Superbrands with Eddie Stobart brand ranked 45th
overall and first in the Supply Chain, Distribution, Freight &
Transport Services category. The Group has licensed the use of the
Eddie Stobart brand to Eddie Stobart Limited under a 15 year
licence agreement.
In September 2014 the Group welcomed more than 12,500 visitors
over two days to 'Stobart Fest' which took place at Carlisle
Airport. The Eddie Stobart Trucking Songs: Trucking All Over the
World went straight to number 1 on the compilations charts
demonstrating the potential influence of the brand, although the
royalties are modest.
Dividend and purchase of own shares
During the period, the Company purchased 26,403,000 of its own
shares for total consideration of GBP34,764,000. These shares are
held as treasury shares at the period end.
The Board has declared an unchanged interim dividend of 2.0p,
which will be paid on 5 December 2014 to shareholders on the
register as at 7 November 2014. When the interim dividend is paid
the Group will have returned an aggregate of GBP54.6m to
shareholders in the past 12 months.
Key risks and uncertainties
As with any business, risk assessment and the implementation of
mitigating actions and controls are vital to successfully achieving
the Group's strategy. The Board has overall responsibility for risk
management and internal control within the context of achieving the
Group's objectives. The key risks are set out in our 2014 Annual
Report.
Going concern
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. Accordingly, the interim financial statements
have been prepared on a going concern basis.
Directors' responsibility statement
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with IAS 34 Interim Financial Reporting as adopted by
the EU
-- the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last annual report that could do so.
The above statement of directors' responsibilities was approved
by the Board on 23 October 2014.
Iain Ferguson Andrew Tinkler Ben Whawell
Richard Butcher Andrew Wood John Garbutt
John Coombs
23 October 2014
Stobart Group Limited
Condensed Consolidated Income Statement
For the six months ended 31 August 2014
Restated
Six months Six months Year ended
ended 31 ended 31 28 February
August 2014 August 2013 2014
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 3 56,190 48,140 99,179
-------------- ------------- --------------
Operating expenses - Items related
to carrying value of investment
properties and assets held for
sale:
Gain in value of investment properties 652 546 4,223
Profit on disposal of investment
properties - 2,852 6,427
Loss on disposal of assets held
for sale (68) (100) (100)
Write-down in value of assets held
for sale - (650) (920)
Operating expenses - Other separately
disclosed items:
New business and new contract set (113) - -
up costs
Transaction costs - (416) (480)
Restructuring costs (952) (323) (1,905)
Impairment of property, plant and
equipment - - (12,970)
Amortisation of acquired intangibles (1,969) (111) (221)
Operating expenses - Other (54,409) (42,838) (92,417)
Share of post-tax profits of associates
and joint ventures 5 1,360 150 460
-------------- ------------- --------------
Operating profit 691 7,250 1,276
----------------------------------------- ------ -------------- ------------- --------------
Analysis of operating profit:
Operating profit 691 7,250 1,276
Add back:
Other separately disclosed items 3,034 850 15,576
Other separately disclosed items
included in share of profits of 1,893 - -
associates and joint ventures
-------------- ------------- --------------
Underlying operating profit 4 5,618 8,100 16,852
----------------------------------------- ------ -------------- ------------- --------------
Finance costs - Separately disclosed (8,096) - -
items
Finance costs - Other (1,459) (6,265) (12,098)
Finance income 258 245 635
(Loss)/profit before tax (8,606) 1,230 (10,187)
Tax 6 1,048 (1,684) (393)
Loss from continuing operations (7,558) (454) (10,580)
Discontinued operation
Profit from discontinued operation,
net of tax 7,622 9,404 21,929
-------------- ------------- --------------
Profit for the period 64 8,950 11,349
-------------- ------------- --------------
Restated
Six months Six months Year ended
ended 31 ended 31 28 February
August 2014 August 2013 2014
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
Profit attributable to:
Owners of the Company 64 8,945 11,339
Non-controlling interests - 5 10
-------------- ------------- --------------
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