International Greetings PLC Preliminary Results -11-
02 Luglio 2014 - 8:01AM
UK Regulatory
The average number of persons employed by the Group (including
Directors) during the year, analysed by category, was as
follows:
Number of employees
2014 2013
----------------------------- ---------- ----------
Selling and administration 401 397
Production and distribution 1,400 1,411
----------------------------- ---------- ----------
1,801 1,808
----------------------------- ---------- ----------
The aggregate payroll costs of these persons were as follows
2014 2013
Note GBP000 GBP000
------------------------------------------------- ---- ------ ------
Wages and salaries 37,165 36,512
Share--based payments - Long term incentive plan 25 82 -
Share--based payments - Share option scheme 25 - 22
Social security costs 3,050 2,911
Other pension costs 2,498 2,057
------------------------------------------------- ---- ------ ------
42,795 41,502
------------------------------------------------- ---- ------ ------
For information on Directors' remuneration please refer to the
sections titled "Executive share options" and "Directors'
remuneration" within the Directors' remuneration report.
7 Other operating income
2014 2013
Note GBP000 GBP000
--------------------------------------------------- ---- ------ ------
Grant income received 570 550
Sub-lease rentals credited to the income statement 304 191
Other (137) 62
--------------------------------------------------- ---- ------ ------
737 803
Exceptional item 10 147 -
--------------------------------------------------- ---- ------ ------
884 803
--------------------------------------------------- ---- ------ ------
8 Finance expenses
2014 2013
Note GBP000 GBP000
------------------------------------------------------------------------ ---- ------ ------
Interest payable on bank loans and overdrafts 2,463 2,676
Other similar charges 536 719
Finance charges in respect of finance leases 110 57
Unwinding of fair value discounts 7 57
------------------------------------------------------------------------ ---- ------ ------
Interest payable under the effective interest method 3,116 3,509
Derivative financial instruments at fair value through income statement 61 (43)
------------------------------------------------------------------------ ---- ------ ------
3,177 3,466
Exceptional item 10 439 -
------------------------------------------------------------------------ ---- ------ ------
3,616 3,466
------------------------------------------------------------------------ ---- ------ ------
9 Taxation
Recognised in the income statement
2014 2013
GBP000 GBP000
----------------------------------------------- ------ -------
Current tax expenses
Current year - UK corporation tax 173 -
Current year - foreign tax 1,372 516
Adjustments for prior years (324) 482
----------------------------------------------- ------ -------
1,221 998
----------------------------------------------- ------ -------
Deferred tax expense
Original and reversal of temporary differences 390 887
Adjustments in respect of previous periods (152) (284)
----------------------------------------------- ------ -------
238 603
----------------------------------------------- ------ -------
Total tax in income statement 1,459 1,601
----------------------------------------------- ------ -------
Reconciliation of effective tax rate
2014 2013
GBP000 GBP000
------------------------------------ ------ -------
Profit before tax 5,187 5,677
------------------------------------ ------ -------
Profit before tax multiplied by
the standard rate of
corporation tax rate of 23% in the
UK (2013: 24%) 1,193 1,362
Effects of:
Expenses not deductible for tax
purposes 219 38
Unrecognised tax losses - 684
Movement in unprovided deferred
tax (295) (1,220)
Deferred tax effect on tax rate
changes 213 35
Differences between UK and overseas
tax rates 200 396
Other items 405 108
Adjustments in respect of prior
years (476) 198
------------------------------------ ------ -------
Total tax in income statement 1,459 1,601
------------------------------------ ------ -------
10 Exceptional items
Other
Cost of operating Finance
sales income expenses Total
2014 GBP000 GBP000 GBP000 GBP000
------------------------------------------ ------- --------- -------- ------
Restructuring of operational activities
Efficiency programmes in the UK (a) 2,006 (147) - 1,859
Accelerated amortisation of bank fees (b) - - 439 439
------------------------------------------ ------- --------- -------- ------
Total restructuring costs 2,006 (147) 439 2,298
------------------------------------------ ------- --------- -------- ------
Income tax credit (381)
------------------------------------------ ------- --------- -------- ------
1,917
------------------------------------------ ------- --------- -------- ------
Cost of Selling Admin
sales expenses expenses Total
2013 GBP000 GBP000 GBP000 GBP000
---------------------------------------- ------- -------- -------- ------
Restructuring of operational activities
- bad debt (c) - 455 - 455
- China factory disruptions (d) 953 - - 953
- management restructuring (e) - - 195 195
---------------------------------------- ------- -------- -------- ------
Total restructuring costs 953 455 195 1,603
---------------------------------------- ------- -------- -------- ------
Income tax credit (289)
---------------------------------------- ------- -------- -------- ------
1,314
---------------------------------------- ------- -------- -------- ------
(a) Costs associated with major upgrade to manufacturing
facilities in Wales and restructuring of UK operations. Other
operating income relates to accelerated release of a grant.
(b) Accelerated amortisation of bank arrangement fees as a
result of renegotiating banking facilities to fund the investment
in Wales.
(c) Bad debt arising from major customer entering
administration.
(d) Costs associated with disruption caused by a strike in the
China factory.
(e) Redundancy costs arising from restructuring of management at
a UK subsidiary.
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