RNS Number:8023J
International Greetings PLC
13 December 2007
Under Embargo 7am
13 December 2007
INTERNATIONAL GREETINGS PLC
("International Greetings" or "the Group")
INTERIM RESULTS
International Greetings PLC (AIM: IGR), the global designer and manufacturer of
greetings products, film and television character based licensed stationery,
books and gifts, today announces interim results for the six months ended 30
September 2007.
Financial highlights:
* Turnover for the period was �91.8million (2006: �85.1million)
* Operating profit of �3.9million (2006: �6.5million)
* Interest payable during the period increased to �1.7million (2006:
�0.9million)
* Profit before tax of �1.9million (2006: �5.6million)
* Basic earnings per share for the period were 3.0p (2006: 9.2p)
* Interim dividend of 2.0p (2006: 2.25p)
Operational highlights:
* Continuing difficulties with revenues and margins in the UK Greetings
Division
* Overseas operations continue to perform in line with expectations: -
- 10% increase in turnover in US Division (excluding Glitterwrap);
- 24% increase in turnover in European Gift Wrap Division
* Acquisition of Weltec photo frame business strengthens position in
German market
* Acquisition of Glitterwrap Inc in US enhancing market presence
* Acquisition (post period end) of a 50% shareholding in Artwrap Pty,
extending the Group's reach into Australia
For further information:
Keith James, Chairman, International Greetings:
Richard Day, Arden Partners Plc 020 7398 1632
Jeremy Carey/Gemma Bradley, Tavistock Communications: 020 7920 3150
CHAIRMAN'S STATEMENT
I announce below the interim results for the six months to 30 September 2007.
FINANCIAL REVIEW
Turnover for the period was �91.8m (2006: �85.1m), with operating profit of
�3.9m (2006: �6.5m). Net interest payable during the period increased to �1.7m
from �0.9m last year. The group's share of losses of associates was �0.3m (2006:
�nil), resulting in profit before tax of �1.9m (2006: �5.6m). Basic earnings per
share for the period were 3.0p (2006: 9.2p). Turnover of �4m and operating
profit of �nil was attributable to acquisitions made during the period. These
results are a reflection of the announcement made on 4th December 2007 that the
UK retail climate remains extremely tough.
OPERATIONAL REVIEW
Our US and European businesses continue to develop with a 10% increase in
turnover of the US Division (excluding Glitterwrap) and a 24% increase in
turnover of the European Gift Wrap Division. In the Far East, our strategy to
develop FOB sales direct to our global customer base is proving successful and
we expect this trend to continue. These rates of growth, together with the
acquisitions made overseas during the first half of the financial year,
illustrate the potential that exists in our global markets. The acquisition of
the Weltec photo frame business in April this year has strengthened our position
in the German market place, and we expect to achieve good sales growth during
the next financial year. The purchase of Glitterwrap Inc has enhanced our market
position in the US. It is being merged with our existing business, thereby
providing trading and cost saving benefits for both. We recently announced the
purchase of a 50% shareholding in Artwrap Pty, which gives the Group a presence
in Australia. We have identified many opportunities to sell products from other
Divisions within the Group into the Australian market. In addition, Artwrap will
obtain significant cost saving benefits from its association with us. In the US,
our 50% investment in Halloween Express involves three areas of business; the
existing franchise operation, the development of an internet site under the same
banner and the trialing of a Halloween and Christmas merchandise operation with
a view to extending the franchise business. Once the seasonal trading period has
completed, we will evaluate each of these areas to plan our forward strategy for
this investment.
In the UK, our Anker and Alligator trading divisions are performing broadly in
line with expectations. However, the UK Greetings Division continues to be
affected by the tough trading climate in this sector with both volumes and
margins under pressure.
As a result, an extensive review is underway which will lead to a restructuring
of the UK manufacturing and distribution base and its associated plants in both
Latvia and China. We expect that the outcome will be a reorganised business
compatible with the volumes and margins now attainable in this Division capable
of earning acceptable profit margins in the future.
BOARD CHANGES
In order to help implement the restructuring and improve the performance of the
UK Greetings Division, the following Board changes will take place with
immediate effect. Paul Fineman will take on the newly created role of Group
Managing Director and will be directly responsible for the restructuring of the
UK Greetings Division. Anders Hedlund will step down as Joint Chief Executive
and become Deputy Chairman. Nick Fisher, currently Joint Chief Executive, will
become Group Chief Executive.
All other Directors will maintain their existing roles and responsibilities.
DIVIDEND
Taking into account current trading and forward prospects the Board have
reviewed the level of dividend which is appropriate for the Group to pay and
proposes an interim dividend of 2p, which will be paid on 22 January 2008 to all
shareholders on the register on 21 December 2007.
OUTLOOK
As shareholders are aware, we have been aggressively pursuing a strategy to
diversify our business both geographically and into new product categories to
reduce our historical reliance on the UK multiple retail sector. The Board is
confident that this is the right strategy and that following the restructuring
of the UK manufacturing and distribution base, the business will show improved
results in the future.
Keith James OBE
Chairman
13 December 2007
CONDENSED CONSOLIDATED INCOME
STATEMENT FOR THE SIX MONTHS
ENDED 30 SEPTEMBER 2007
Unaudited
six months Unaudited six
ended 30 months ended
September 30 September 12 months to
Notes 2007 2006 31 March 2007
�000 �000 �000
Revenue 91,774 85,093 196,718
-------- -------- --------
Operating profit before
restructuring costs
and disposal of fixed
assets 3,933 6,837 20,487
Restructuring costs 4 - (304) (1,252)
Profit on disposal of
fixed assets - - 2,240
-------- -------- --------
Operating profit 3,933 6,533 21,475
Financial expenses (1,674) (958) (2,757)
-------- -------- --------
2,259 5,575 18,718
Share of loss of associates (net
of tax) (343) - -
-------- -------- --------
Profit before taxation 1,916 5,575 18,718
Taxation 2 (498) (1,317) (4,315)
-------- -------- --------
Profit for the period
attributable to equity holders of
the parent company 1,418 4,258 14,403
========= ======== ========
Earnings per share 3
Basic 3.0p 9.2p 31.1p
Diluted 3.0p 9.1p 30.6p
CONDENSED CONSOLIDATED BALANCE
SHEET AS AT 30 SEPTEMBER 2007
Unaudited Unaudited as
as at 30 at 30
September September 12 months to
2007 2006 31 March 2007
�000 �000 �000
Assets
Property, plant and equipment 43,813 40,017 41,882
Intangible assets 32,502 26,091 28,153
Investments in associates 3,630 - -
-------- -------- --------
Total non-current assets 79,945 66,108 70,035
Current assets
Inventories 66,472 62,254 48,577
Trade and other receivables 84,192 75,519 41,283
Cash and cash equivalents 20 10 12,990
Investments - 15 20
-------- -------- --------
Total current assets 150,684 137,798 102,870
-------- -------- --------
Total assets 230,629 203,906 172,905
======== ======== ========
Equity
Issued capital 2,353 2,314 2,317
Share premium 3,007 2,455 2,515
Reserves 13,298 12,845 11,759
Shares to be issued 2,091 1,052 2,235
Retained earnings 63,777 56,688 65,923
-------- -------- --------
Total equity attributable to
equity holders of the parent
company 84,526 75,354 84,749
Non-current liabilities 11,921 9,300 7,958
Current liabilities 134,182 119,252 80,198
-------- -------- --------
Total liabilities 146,103 128,552 88,156
-------- -------- --------
Total equity and
liabilities 230,629 203,906 172,905
======== ======== ========
CONSOLIDATED CASH FLOW STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2007
Unaudited Unaudited as
as at 30 at 30
September September 12 months to
2007 2006 31 March 2007
�000 �000 �000
Cash flows from operating
activities
Profit for the period 1,418 4,258 14,403
Adjustments for:
Depreciation 2,833 3,560 5,876
Financial expenses 1,674 958 2,757
Share of loss of associates 343 - -
Gain on sale of property, plant
and equipment - - (2,240)
Equity settled share-based
payment 65 112 244
Income tax expense 498 1,317 4,315
-------- -------- --------
Operating profit before
changes in working capital
and provisions 6,831 10,205 25,355
Change in inventories (14,402) (20,802) (7,521)
Change in trade and other
receivables (43,109) (44,131) (6,917)
Change in trade and other
payables 9,665 15,512 1,804
Change in provisions and deferred
income (416) (857) (1,832)
-------- -------- --------
(41,431) (40,073) 10,889
Interest paid (2,074) (1,020) (2,419)
Income taxes paid (497) (703) (3,024)
-------- -------- --------
Net cash (outflow)/ inflow
from operating activities (44,002) (41,796) 5,446
Cash flows from investing
activities
Acquisition of subsidiaries,
including overdrafts acquired (10,555) (16,372) (16,776)
Acquisition of shares in
associates (791) - -
Payments to acquire property,
plant and equipment (3,785) (7,005) (11,933)
Receipts from sales of property,
plant and equipment 3,715 109 95
Receipt of grants 1,962 - -
Receipts from sale of
investments 20 286 45
-------- -------- --------
Net cash (outflow) from investing
activities (9,434) (22,982) (28,569)
-------- -------- --------
Cash flows from financing
activities
Proceeds from the issue of share
capital - 38 101
Repayment of loans (159) (177) (89)
Receipt of new loans - 1,203 -
Payment of finance lease
liabilities (48) (91) (280)
Equity dividends (3,629) (3,240) (4,282)
Net cash (outflow) from financing -------- -------- --------
activities (3,836) (2,267) (4,550)
-------- -------- --------
Net (decrease) in cash and cash
equivalents (57,272) (67,045) (27,673)
Cash and cash equivalents at
start of period (35,567) (9,025) (9,025)
Effect of exchange rate
fluctuations on cash held (223) 777 1,131
-------- -------- --------
Cash and cash equivalents at end
of period (93,062) (75,293) (35,567)
======== ======== ========
Reconciliation of cash and cash equivalents
Unaudited Unaudited as
as at 30 at 30
September September 12 months to
2007 2006 31 March 2007
�000 �000 �000
Cash and cash equivalents 20 10 12,990
Loans and borrowings (93,082) (75,303) (48,557)
-------- -------- --------
Cash and cash equivalents per the
cash flow statement (93,062) (75,293) (35,567)
======== ======== ========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended
30 September 2007
Total equity
attributable to
Potential Capital equity holder
Merger Retained issue of redemption Translation of the parent
September 2007 Share Capital Share premium reserve earnings shares reserve reserve company
�000 �000 �000 �000 �000 �000 �000 �000
Balance at 1 April 2007 2,317 2,515 13,416 65,923 2,235 1,340 (2,997) 84,749
Exchange adjustment - - - - - - (578) (578)
------------------------------------------------------------------------------------------------
Net income recognised
directly in equity - - - - - - (578) (578)
Profit for the period - - - 1,418 - - - 1,418
------------------------------------------------------------------------------------------------
Total income and expense
recognised for the period - - - 1,418 - - (578) 840
Dividends paid - - - (3,629) - - - (3,629)
Equity settled transactions - - - 65 - - - 65
Shares issued 36 492 2,117 - - - - 2,645
Decrease in potential issue
of shares - - - - (144) - - (144)
------------------------------------------------------------------------------------------------
Balance at 30 September
2007 2,353 3,007 15,533 63,777 2,091 1,340 (3,575) 84,526
================================================================================================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended
30 September 2006
Total equity
attributable to
Potential Capital equity holder
September 2006 Share capital Share premium Merger Retained issue of redemption Translation of the parent
reserve earnings shares reserve reserve company
�000 �000 �000 �000 �000 �000 �000 �000
Balance at 1 April 2006 2,308 2,386 13,023 55,558 1,052 1,340 (399) 75,268
Exchange adjustment - - - - - - (1,512) (1,512)
------------------------------------------------------------------------------------------------
Net income recognised
directly in equity - - - - - - (1,512) (1,512)
Profit for the period - - - 4,258 - - - 4,258
------------------------------------------------------------------------------------------------
Total income and expense
recognised for the period - - - 4,258 - - (1,512) 2,746
Dividends paid - - - (3,240) - - - (3,240)
Equity settled transactions - - - 112 - - - 112
Shares issued 6 69 393 - - - - 468
------------------------------------------------------------------------------------------------
Balance at 30 September
2006 2,314 2,455 13,416 56,688 1,052 1,340 (1,911) 75,354
================================================================================================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended
31st March 2007
Total equity
attributable to
Potential Capital equity holder
March 2007 Share capital Share premium Merger Retained issue of redemption Translation of the parent
reserve earnings shares reserve reserve company
�000 �000 �000 �000 �000 �000 �000 �000
Balance at 1 April 2006 2,308 2,386 13,023 55,558 1,052 1,340 (399) 75,268
Exchange adjustment - - - - - - (2,598) (2,598)
------------------------------------------------------------------------------------------------
Net income recognised
directly in equity - - - - - (2,598) (2,598)
Profit for the period - - - 14,403 - 14,403
------------------------------------------------------------------------------------------------
Total income and expense
recognised for the period - - 14,403 - (2,598) 11,805
Dividends paid - - - (4,282) - - - (4,282)
Equity settled transactions - - - 244 - - - 244
Shares issued 9 129 393 - - - - 531
Increase in potential issue
of shares - - - - 1,183 - - 1,183
------------------------------------------------------------------------------------------------
Balance at 31 March 2007 2,317 2,515 13,416 65,923 2,235 1,340 (2,997) 84,749
================================================================================================
Notes
1. Accounting policies
Basis of preparation
The financial information contained in this interim report does not constitute
statutory accounts as defined in Section 240 of the Companies Act and is
unaudited.
The comparative figures for the financial year ended 31 March 2007 are not the
company's statutory accounts for that financial year. Those accounts, which have
been prepared under UK GAAP, have been reported on by the company's auditors and
delivered to the registrar of companies. The report of the auditors was (i)
unqualified (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 237 (2) or (3) of the Companies
Act 1985.
The AIM rules require that the next annual consolidated financial statements of
the company for the year ended 31 March 2008 be prepared in accordance with
International Financial Reporting Standards (IFRSs) as adopted by the EU
("adopted IFRSs"). This interim financial information has been prepared on the
basis of the recognition and measurement requirements of adopted IFRSs as at 30
September 2007 that are effective (or available for early adoption) as at 31
March 2008, the Group's first annual reporting date at which it is required to
use adopted IFRSs. Based on these adopted IFRSs, the directors have applied the
accounting policies which they expect to apply when the first annual IFRS
financial statements are prepared for the year ending 31 March 2008.
However, the adopted IFRSs that will be effective (or available for early
adoption) in the annual financial statements for the year ending 31 March 2008
are still subject to change and to additional interpretations and therefore
cannot be determined with certainty. Accordingly, the accounting policies for
that annual period will be determined finally only when the annual financial
statements are prepared for the year ended 31 March 2008.
Note 7 and the subsequent pages set out detailed reconciliations to show the
differences in accounting treatment as compared to the previous UK GAAP basis of
accounting. There are reconciliations for the Consolidated Income Statement
(formerly the Consolidated Profit and Loss Account) and Consolidated Balance
Sheet for the restated comparative results for the year ended 31 March 2007 and
the six months ended 30 September 2006.
2. Taxation charge
Taxation for the six months to 30 September 2007 is based on the effective rate
of taxation, which is estimated to apply for the year ending 31 March 2008
taking into account the impact on deferred tax of the reduction in tax rate to
28% from 1 April 2008.
3. Earnings per share
Unaudited Unaudited 12 months to
six months six months 31 March 2007
ended 30 ended 30
September September
2007 2006
�000 �000 �000
Earnings 1,418 4,258 14,403
------------------------------------
Adjusted basic earnings
per share excluding exceptional
restructuring costs and profit on
disposal of fixed assets 3.0p 9.7p 29.4p
Loss per share on exceptional
restructuring costs - (0.5p) (1.9p)
Earnings per share on profit on
disposal of fixed assets - - 3.6p
------------------------------------
Basic earnings per share 3.0p 9.2p 31.1p
Weighted average number of shares
- basic
46,600,114 46,257,862 46,278,695
Earnings per share
- diluted 3.0p 9.1p 30.6p
Weighted average number of shares
- diluted 47,381,362 47,003,239 46,998,106
4. Restructuring costs
The restructuring costs of �304,000 during the six months ended 30 September
2006 and �1,252,000 during the twelve months ended 31 March 2007 represent costs
incurred in relation to the restructuring of the Group's UK operations in order
to maintain competitiveness.
5. Acquisitions
The following acquisitions took place during the period. Provisional fair
values have been attributed to assets and liabilities acquired.
a) On 4 April 2007, the Group acquired 100% of the issued share capital of
Weltec Holding BV, a distributor of photographic frames based in Holland,
for Euro415,000, paid in cash. During the period 4 April 2007 to 30 September
2007, the Group's results include turnover of �2.0 million, interest payable
for �29,000 and a loss before tax of �139,000 attributable to Weltec.
b) On 17 May 2007, the group acquired the business and assets of
Przedsiebiorstwp Produckcyjno-Handlowo- Uslugowe Artex ("Artex"), a
supplier of giftwrap and greetings products based in Poland, for a
consideration of Euro760,000, paid in cash. During the period 17 May 2007 to
30 September 2007, the Group's results include turnover of �139,000 and a
loss before tax of �121,000 attributable to Artex.
c) On 27 July 2007, the Group acquired 50% of the issued share capital of
Halloween Express Inc, a franchise retailer of Halloween products based in
the USA. Initial consideration of $2.65 million was paid, $1.65 million in
cash and $1 million by the issue of 119,948 new ordinary shares. Further
additional payments of up to $5.5 million may be payable, of which $800k may
be paid by the issue of new ordinary shares, dependant on future
profitability of the business. On the same date, the Group also acquired a
50% interest in the share capital of two newly formed companies based in the
USA, Asadart LLC inc and Vizterra LLC inc. Asadart is an internet retailer
of Halloween and Christmas products and Vizterra operated as a seasonal
retailer selling Halloween and Christmas products.
During the period 27 July 2007 to 30 September 2007, the Group's results
include its share of these associates losses after tax of �343,000.
d) On 4 September 2007, the Group acquired 100% of the issued share capital
of Glitterwrap Inc, a supplier of giftwrap and partyware products based in
the USA. Initial consideration of $2.8 million was paid, $1.5 million in
cash and $1.3 million by the issue of 232,024 new ordinary shares.
Additional deferred consideration of $5.7 million is payable with up to
$3.47 million payable by the issue of new ordinary shares. During the period
4 September 2007 to 30 September 2007, the Group's results include turnover
of �1.85 million, interest payable of �29,000 and profit before tax of
�230,000 attributable to Glitterwrap.
6. Share based payments
The fair value of services received in return for share options granted to
employees are measured by reference to the fair value of share options granted.
The estimate of the fair value of the services received is measured based on the
Black Scholes model (with the contractual life of the option and expectations of
early exercise incorporated into the model). The charge for the six months ended
30 September 2007 was �65,000.
7. Transition to IFRS
As stated in the accounting policies note, these are the Group's first condensed
consolidated interim financial statements for part of the period covered by the
first IFRS annual consolidated financial statements prepared in accordance with
adopted IFRS.
An explanation of how the transition from UK GAAP to adopted IFRS has affected
the Group's financial position, financial performance and cash flows is set out
in the following tables and notes that accompany the tables. The transition to
IFRS has not resulted in any impact on cash flows. The cash flow statement has
changed in terms of presentation only. There have been no changes to the
accounting policies presented in the 2007 financial statements other than in the
areas below.
Goodwill
Subject to the transitional relief in IFRS 1, all business combinations are
accounted for by applying the purchase method. Goodwill represents amounts
arising on acquisition of subsidiaries, associates and Jointly Controlled
Entities. In respect of business acquisitions that have occurred since 1 April
2006, goodwill represents the difference between the cost of the acquisition and
the fair value of the net identifiable assets acquired. Identifiable intangibles
are those which can be sold separately or which arise from legal rights
regardless of whether those rights are separable. Provisional fair values have
been assigned to assets and liabilities in accordance with IFRS 3 'Business
combinations' and will be finalised in the financial statements for the year
ended 31 March 2008.
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is
allocated to cash-generating units and is not amortised but is tested annually
for impairment. In respect of associates, the carrying amount of goodwill is
included in the carrying amount of the investment in the associate.
IFRS 1 grants certain exemptions from the full requirements of Adopted IFRSs in
the transition period. The Group elected not to restate business combinations
that took place prior to 1 April 2006. In respect of acquisitions prior to 1
April 2006, goodwill is included at 1 April 2006 on the basis of its deemed
cost, which represents the amount recorded under UK GAAP which was broadly
comparable save that only separable intangibles were recognised and goodwill was
amortised. Negative goodwill arising on an acquisition is recognised in profit
or loss.
Under UK GAAP the Group's policy was to amortise goodwill over 10 - 30 years.
Under IFRS 3 there is no amortisation of goodwill, so the goodwill amortisation
charge of �1,458,000 for the year ended 31 March 2007 and �669,000 for the six
months ended 30 September 2006 has been excluded from the restated accounts.
Forward contracts
Derivative financial instruments
Derivative financial instruments are recognised at fair value. The gain or loss
on re-measurement to fair value is recognised immediately in profit or loss.
However, where derivatives qualify for hedge accounting, recognition of any
resultant gain or loss depends on the nature of the item being hedged (see
below).
The fair value of forward exchange contracts is their quoted market price at the
balance sheet date.
Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the
variability in cash flows of a recognised asset or liability, or a highly
probable forecast transaction, the effective part of any gain or loss on the
derivative financial instrument is recognised directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income
statement.
Under UK GAAP, no adjustment was made to reflect the fair value of forward
exchange contracts entered into by the Group. A charge of �401,000 (before tax
attributable of �120,000) for the year ended 31 March 2007 and �305,000 (before
tax attributable of �91,000) for the six months ended 30 September 2006 has been
included in the restated accounts to reflect the change in the fair values of
these financial instruments during these periods as the criteria for hedging was
not met.
Deferred tax
Deferred tax is provided on temporary differences between the carrying amounts
of assets and liabilities for financial reporting purposes and the amounts used
for taxation purposes. The following temporary differences are not provided for:
the initial recognition of goodwill; the initial recognition of assets or
liabilities that affect neither accounting nor taxable profit other than in a
business combination, and differences relating to investments in subsidiaries to
the extent that they will probably not reverse in the foreseeable future. The
amount of deferred tax provided is based on the expected manner of realisation
or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance sheet date.
Under UK GAAP, the group had an unprovided deferred tax liability on gains on
capital disposals rolled over into replacement assets and where grants have
reduced the tax cost of properties for use in capital gains calculations on
future disposals. Under IFRS, there is no option to not recognise a deferred tax
liability in relation to this and therefore an adjustment has been made at 1
April 2006 and in the year ended 31 March 2007 to reflect the recognition of
this liability.
Impact on 1 April 2006
Retained earnings as at 1 April 2006 have been increased by �74,000,
representing the fair value of financial instruments after attributable tax at
the transition date and reduced by �597,000 representing the recognition of a
deferred tax liability previously unprovided.
Profit and loss account Adjusted
6 months to 30 September UK GAAP Adjustments IFRS
2006 �000 �000 �000
Revenue 85,093 - 85,093
=============================================
Operating profit before
restructuring costs
and profit on disposal of fixed
assets 6,473 364 6,837
Restructuring costs (304) - (304)
---------------------------------------------
Operating profit 6,169 364 6,533
Interest payable (958) - (958)
---------------------------------------------
Profit before taxation 5,211 364 5,575
Taxation (1,408) 91 (1,317)
Profit after taxation
attributable to
equity holders of the parent ---------------------------------------------
company 3,803 455 4,258
=============================================
Earnings per Share
Basic 8.2p 1.0p 9.2p
Diluted 8.1p 1.0p 9.1p
Profit and loss account Adjusted
Year ended 31 March 2007 UK GAAP Adjustments IFRS
�000 �000 �000
Revenue 196,718 - 196,718
---------------------------------------------
Operating profit before
restructuring costs
and profit on disposal of fixed
assets 19,430 1,057 20,487
Restructuring costs (1,252) - (1,252)
Profit on disposal of fixed
assets 2,240 - 2,240
---------------------------------------------
Operating profit 20,418 1,057 21,475
Interest payable (2,757) - (2,757)
---------------------------------------------
Profit before taxation 17,661 1,057 18,718
Taxation (4,662) 347 (4,315)
---------------------------------------------
Profit after taxation
attributable to equity
holders of the parent
company 12,999 1,404 14,403
=============================================
Earnings per Share
Basic 28.1p 2.9p 31.1p
Diluted 27.7p 2.9p 30.6p
Balance sheet Adjusted
30 September 2006 UK GAAP Adjustments IFRS
�000 �000 �000
Assets
Property, plant and
equipment 40,017 - 40,017
Intangible assets 25,422 669 26,091
---------------------------------------------
Total non-current assets 65,439 669 66,108
Current assets
Inventories 62,254 - 62,254
Trade and other receivables 75,460 59 75,519
Cash and cash equivalents 10 - 10
Investments 15 - 15
---------------------------------------------
Total current assets 137,739 59 137,798
Total assets 203,178 728 203,906
=============================================
Equity
Issued capital 2,314 - 2,314
Share premium 2,455 - 2,455
Reserves 12,845 - 12,845
Potential issue shares 1,052 - 1,052
Retained earnings 56,756 (68) 56,688
---------------------------------------------
Total equity attributable
to equity holders of the
parent company 75,422 (68) 75,354
Non-current liabilities 8,703 597 9,300
Current liabilities 119,053 199 119,252
---------------------------------------------
Total liabilities 127,756 796 128,552
---------------------------------------------
Total equity and
liabilities 203,178 728 203,906
=============================================
Balance sheet Adjusted
31 March 2007 UK GAAP Adjustments IFRS
�000 �000 �000
Assets
Property, plant and
equipment 41,882 - 41,882
Intangible assets 26,695 1,458 28,153
---------------------------------------------
Total non-current assets 68,577 1,458 70,035
Current assets
Inventories 48,577 - 48,577
Trade and other receivables 41,283 - 41,283
Cash and cash equivalents 12,990 - 12,990
Investments 20 - 20
---------------------------------------------
Total current assets 102,870 - 102,870
Total assets 171,447 1,458 172,905
=============================================
Equity
Issued capital 2,317 - 2,317
Share premium 2,515 - 2,515
Reserves 11,759 - 11,759
Potential issue shares 2,235 - 2,235
Retained earnings 65,042 881 65,923
---------------------------------------------
Total equity attributable
to equity holders of the
parent company 83,868 881 84,749
Non-current liabilities 7,676 282 7,958
Current liabilities 79,903 295 80,198
---------------------------------------------
Total liabilities 87,579 577 88,156
---------------------------------------------
Total equity and
liabilities 171,447 1,458 172,905
=============================================
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Grafico Azioni Ig Design (LSE:IGR)
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Da Giu 2024 a Lug 2024
Grafico Azioni Ig Design (LSE:IGR)
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Da Lug 2023 a Lug 2024
