Stobart Group Limited Interim Results for the six -11-
23 Ottobre 2014 - 8:01AM
UK Regulatory
method (1,360) (150) (460)
Loss on disposal of/loss in
value of assets held for sale 68 750 1,020
Depreciation of property, plant
and equipment 3,127 2,826 5,769
Impairment of assets - - 12,970
Finance income (258) (245) (635)
Interest expense 1,459 6,265 12,098
Finance costs - separately disclosed
items 8,096 - -
Release of grant income (131) (164) (240)
Non-operating transaction costs - 416 480
Amortisation of intangibles 1,969 111 221
Share option charge 250 268 369
Working capital adjustments:
Decrease/(increase) in inventories (239) 612 529
Decrease/(increase) in trade
and other receivables (20,047) 2,469 3,906
(Decrease)/increase in trade
and other payables 15,790 (3,071) (6,433)
Cash (used in)/generated from
continuing operations (590) 6,956 7,787
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14 Related parties
Associates and joint ventures
Since the partial disposal of the transport and distribution
division, there have been a number of transactions with the group
headed by Greenwhitestar Holding Company 1 Limited, an associate
interest. From the date of disposal to the period end, the Group
made sales of GBP2,575,000, mainly relating to cost recharges, (see
below) and purchases of GBP9,787,000, mainly relating to haulage
costs and cost recharges (see below).
The Group and members of the group headed by Greenwhitestar
Holding Company 1 Limited are operating under a transitional
services agreement for a period following the partial disposal.
This agreement details recharges for shared services; significant
examples are time apportioned staff costs, truck and trailer hire
costs, property leases, office space rental charges, fuel and car
costs, IT hardware and software costs and payroll processing
costs.
During the period to 31 August 2014 the Group made loans under a
revolving credit facility to a 100% subsidiary of Everdeal Holdings
Limited, an associate interest, of GBP1,992,000.
During the period to 31 August 2014 the Group made additional
loans to its associate interest, Shuban Power Limited, of
GBP1,054,000.
Key management personnel
Details of bonuses paid to Executive Directors during the period
are included in the Directors' remuneration section of the Half
Year Review.
Full details of key management remuneration will be reported in
the Annual Report for the year ending 28 February 2015.
INDEPENDENT REVIEW REPORT TO STOBART GROUP LIMITED
Introduction
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 31 August 2014 which comprises the Condensed
Consolidated Income Statement, the Condensed Consolidated Statement
of Comprehensive Income, the Condensed Consolidated Statement of
Financial Position, the Condensed Consolidated Statement of Changes
in Equity and the Condensed Consolidated Cash Flow Statement and
the related explanatory notes. We have read the other information
contained in the half-yearly financial report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the company in accordance with the
terms of our engagement to assist the company in meeting the
requirements of the Disclosure and Transparency Rules ("the DTR")
of the UK's Financial Conduct Authority ("the UK FCA"). Our review
has been undertaken so that we might state to the company those
matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we
have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the directors. The directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA.
As disclosed in note 1, the financial statements of the group
are prepared in accordance with IFRSs as adopted by the EU. The
condensed set of financial statements included in this half-yearly
financial report has been prepared in accordance with IAS 34
Interim Financial Reporting as adopted by the EU.
Our responsibility
Our responsibility is to express to the company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
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
UK. 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.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 31
August 2014 is not prepared, in all material respects, in
accordance with IAS 34 as adopted by the EU and the DTR of the UK
FCA.
Nicola Quayle
for and on behalf of KPMG LLP
Chartered Accountants
St James' Square, Manchester, M2 6DS
23 October 2014
This information is provided by RNS
The company news service from the London Stock Exchange
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