Interim Results
Camellia PLC
27 September 2007
Camellia Plc
Interim report 2007
Chairman's statement
The pre-tax profit from continuing operations of £12,255,000 for the six months
to 30 June 2007 compares with a profit of £4,277,000 for the same period last
year.
The profit for the six months under review includes a significant increase in
our share of the profits of Siegfried Holding AG and also treats BF&M Limited, a
Bermudian insurance company, as an associate for the first time. The results
also include a profit of £5,313,000 on the disposal of 'available-for-sale'
investments being principally our shareholding in Getaz Romang Holding SA and a
biological asset fair value loss of £637,000 compared with a profit of
£2,471,000 in the same period last year.
The board has declared an interim dividend of 20p per ordinary share payable on
8 November 2007 to shareholders on the register on 19 October 2007.
Tea
India
Tea production and prices are very similar to the previous year. Torrential rain
experienced over the last few months has presented operational difficulties and
impacted adversely on the movement of teas and on sales into the domestic
market.
Bangladesh
Tea production is ahead of last year but prices are lower. Bangladesh has also
suffered from excessive rainfall. After a period of unrest the political
situation is now quiet although there is no definite timetable for a return to
democratic elections.
Africa
Kenya has enjoyed a significant increase in production in the first half of the
year and prices, having reacted downwards in the early months, have strengthened
recently although they are still well below the rate prevailing in the previous
year. The proposed phased sale by Kakuzi of the Siret Tea Company awaits
Presidential consent. The Kenya shilling remains at high levels against the US
dollar and continues to affect margins negatively.
Malawi has received good rains, with increased production and satisfactory
prices. The prospects for the year are encouraging. Logistical difficulties in
respect of the shipment of tea remain a problem.
Edible nuts
Macadamia production in Malawi is expected to be above last year but that in
South Africa will be below. The market continues to be very selective at lower
prices. 2007 will be an 'off' year for our Californian pistachio orchards but
early indications are that the crop will be higher than expected.
Other horticulture
Very cold weather in both Chile and California has reduced citrus crops
significantly. Higher prices in California have mitigated the situation somewhat
but this is not the case in Chile where the number of boxes suitable for export
will be reduced.
Table grape production and prices in Chile improved on last year but wine grape
production in both Chile and South Africa are below the previous year.
Avocado production in Kenya is on a par with last year but shipping difficulties
as a result of port congestion and lack of containers could result in quality
problems when the fruit arrives at its destination.
Despite difficult weather conditions in Bangladesh, rubber production and prices
are expected to show an improvement over last year.
Prices for maize and soya have shown an upward trend recently and prospects for
our Brazilian operations are encouraging.
Food storage and distribution
Trading conditions at Associated Cold Stores & Transport remain difficult. 2007
will bear the cost of a far-reaching re-organisation of management and
procedures which will put the company in a stronger position for the future.
Engineering
Our engineering companies continue to perform well, benefiting from a generally
strong market, although there is some evidence that demand is weakening in the
Aberdeen area. Skilled staff shortages remain a major problem.
Banking
The Duncan Lawrie banking and asset management business performance has been
satisfactory in the first half of the year. The current volatility in stock
markets will present challenges to the management team in the second half of the
year.
Pharmaceutical
Siegfried Holding AG revenues increased by 8.6% over the same period last year.
Net profits increased due to the sale of the Sidroga division and other
divestments. The Actives Business Unit generated most of the revenue increase
but the Generics Unit was also able to increase revenues despite a difficult
market environment.
Other associated undertakings
BF&M Limited has recently announced record net earnings for the six months to 30
June 2007.
Both United Leasing and United Insurance in Bangladesh have suffered from a
reduction in demand following the political uncertainties of the last few
months.
Prospects
Overall our tea production is expected to increase over last year mainly as a
result of the high crop in Kenya and Malawi. Prices particularly in Kenya and
Bangladesh will be lower than last year. The weakness of the US dollar and
shipping problems also conspire to make life difficult. These factors and
climatic uncertainties make it difficult to predict the outcome for the full
year.
Mr Keith FitzGerald
In conclusion it is with much sadness that I advise you that our Chairman
Emeritus, Mr Keith FitzGerald, passed away on 13th September. Keith's
contribution to the success of the Camellia Group was immeasurable and he will
be greatly missed by all his friends and colleagues.
M C Perkins
Chairman
27 September 2007
Consolidated income statement
for the six months ended 30 June 2007
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
Notes £'000 £'000 £'000
Continuing operations
Revenue 2 74,550 72,305 160,552
Cost of sales (53,828) (55,743) (106,239)
--------- --------- ---------
Gross profit 20,722 16,562 54,313
Other operating income 887 1,247 1,657
Distribution costs (2,984) (2,799) (8,987)
Administrative expenses (18,984) (16,507) (36,141)
--------- --------- ---------
Trading (loss)/profit 2 (359) (1,497) 10,842
Share of associates' results 3 7,743 1,869 4,932
Profit on disposal of
non-current assets 4 - 929 929
Profit on disposal of
non-current assets held
for sale 5 171 90 952
Profit on disposal of
'available-for-sale'
investments 6 5,313 151 364
(Loss)/gain arising from
changes in fair value of
biological assets (637) 2,471 1,176
--------- --------- ---------
Profit from operations 12,231 4,013 19,195
Investment income 457 828 1,606
--------- --------- ---------
Finance income 377 366 709
Finance costs (1,107) (1,380) (2,544)
Pension schemes net financing
income 297 450 1,016
--------- --------- ---------
Net finance costs 7 (433) (564) (819)
--------- --------- ---------
Profit before tax 12,255 4,277 19,982
Taxation 8 (1,290) (1,466) (4,808)
--------- --------- ---------
Profit for the period 10,965 2,811 15,174
========= ========= =========
Profit attributable to minority
interests 203 529 2,271
Profit attributable to equity
shareholders 10,762 2,282 12,903
--------- --------- ---------
10,965 2,811 15,174
========= ========= =========
Earnings per share - basic
and diluted 9 387.2p 82.1p 464.2p
Consolidated balance sheet
at 30 June 2007
30 June 30 June 31 December
2007 2006 2006
Notes £'000 £'000 £'000
Non-current assets
Intangible assets 7,767 4,624 7,865
Property, plant and equipment 10 76,117 78,358 76,257
Biological assets 76,047 78,299 75,553
Prepaid operating leases 985 967 969
Investments in associates 11 82,720 63,830 63,672
Deferred tax assets 272 2,084 1,344
Financial assets 11 38,364 52,712 55,466
Retirement benefit surplus 8,566 2,390 3,585
Trade and other receivables 546 519 526
--------- -------- ----------
Total non-current assets 291,384 283,783 285,237
--------- -------- ----------
Current assets
Inventories 19,906 18,625 19,067
Trade and other receivables 59,143 53,284 52,416
Current income tax assets 2,164 2,024 1,786
Cash and cash equivalents 12 252,186 210,055 210,560
--------- --------- ----------
333,399 283,988 283,829
Non-current assets classified
as held for sale 105 675 167
--------- --------- ----------
Total current assets 333,504 284,663 283,996
--------- --------- ----------
Current liabilities
Borrowings 13 (16,935) (25,881) (16,688)
Trade and other payables (284,206) (234,691) (235,008)
Current income tax liabilities (1,455) (2,213) (2,488)
Other employee benefit obligations (149) (179) (142)
Provisions (37) (49) (58)
--------- --------- ----------
Total current liabilities (302,782) (263,013) (254,384)
--------- --------- ----------
Net current assets 30,722 21,650 29,612
--------- --------- ----------
Total assets less current liabilities 322,106 305,433 314,849
--------- --------- ----------
Non-current liabilities
Borrowings 13 (12,297) (11,371) (14,951)
Deferred tax liabilities (27,410) (26,169) (25,161)
Retirement benefit obligations (10,261) (14,784) (17,781)
Other employee benefit obligations (1,233) (1,331) (1,163)
Other non-current liabilities (401) (417) (417)
Provisions (92) (70) (112)
--------- --------- ----------
Total non-current liabilities (51,694) (54,142) (59,585)
--------- --------- ----------
Net assets 270,412 251,291 255,264
========= ========= ==========
Equity
Called up share capital 284 284 284
Reserves 251,353 232,357 235,677
--------- --------- ----------
Shareholders' funds 16 251,637 232,641 235,961
Minority interests 16 18,775 18,650 19,303
--------- --------- ----------
Total equity 270,412 251,291 255,264
========= ========= ==========
Consolidated cash flow statement
for the six months ended 30 June 2007
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
Notes £'000 £'000 £'000
Cash generated from operations
Cash flows from operating
activities 14 1,831 (6,549) 9,235
Interest paid (1,108) (1,205) (2,857)
Income taxes paid (2,220) (1,407) (3,416)
Interest received 416 366 665
Dividends received from
associates 1,955 1,826 1,835
--------- --------- ---------
Net cash flow from operating
activities 874 (6,969) 5,462
--------- --------- ---------
Cash flows from investing activities
Purchase of intangible assets (90) (108) (237)
Purchase of property, plant and
equipment (3,493) (4,908) (8,657)
Proceeds from sale of non-current
assets 399 1,351 2,564
Proceeds from sale of non-current
assets held for sale 228 297 1,634
Acquisition of subsidiary (net of
cash acquired) - - (3,670)
Minority share subscription - 532 541
Purchase of shares in associate - (20) (23)
Proceeds from sale of investments 7,269 5,381 9,596
Purchase of investments (3,051) (246) (4,378)
Income from investments 457 827 1,606
--------- --------- ---------
Net cash flow from investing
activities 1,719 3,106 (1,024)
--------- --------- ---------
Cash flows from financing activities
Equity dividends paid - - (2,474)
Dividends paid to minority
interests (842) (699) (1,055)
Net (repayment of)/increase in
debt (3,734) 4,517 4,971
Purchase of own shares - - (31)
--------- --------- ---------
Net cash flow from financing
activities (4,576) 3,818 1,411
--------- --------- ---------
Net (decrease)/increase in cash
and cash equivalents 15 (1,983) (45) 5,849
Cash and cash equivalents at
beginning of period (542) (6,435) (6,435)
Exchange (losses)/gains on cash (138) 530 44
--------- --------- ---------
Cash and cash equivalents at end
of period (2,663) (5,950) (542)
========= ========= =========
For the purposes of the cash flow statement, cash and cash equivalents are
included net of overdrafts repayable on demand. These overdrafts are excluded
from the definition of cash and cash equivalents disclosed on the balance sheet.
For the purposes of the cash flow statement cash and cash equivalents comprise:
Cash and cash equivalents 252,186 210,055 210,560
Less banking operation funds (240,820) (197,343) (198,422)
Overdrafts repayable on demand
(included in current liabilities
- borrowings) (14,029) (18,662) (12,680)
--------- --------- ---------
(2,663) (5,950) (542)
========= ========= =========
Statement of recognised income and expense
for the six months ended 30 June 2007
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£'000 £'000 £'000
Foreign exchange translation
differences (1,887) (17,352) (26,348)
Actuarial movement on defined benefit
pension schemes 11,516 5,852 3,540
Movement on deferred tax relating to
defined benefit pension schemes (2,765) (1,383) (1,185)
Available-for-sale investments:
Valuation gains/(losses) taken to
equity 3,340 (1,045) 4,401
Transferred to profit or loss on sale (3,676) 10 (124)
Reclassification of investment to an
associate (2,748) - -
Other fair value adjustment - - 69
Share of associate's net movement in
defined benefit pension schemes 92 (85) 257
Share of associates' fair value
adjustments 1,353 (106) (73)
Share of associate's (loss)/profit on
cash flow hedges (92) 427 378
Share of associate's income taxes on
items recorded in equity - - (27)
--------- --------- ---------
Net income/(expense) recognised
directly in equity 5,133 (13,682) (19,112)
Profit for the period 10,965 2,811 15,174
--------- --------- ---------
Total recognised income and expense
for the period 16,098 (10,871) (3,938)
========= ========= =========
Attributable to:
Minority interests 314 (2,109) (1,109)
Equity shareholders 15,784 (8,762) (2,829)
--------- --------- ---------
16,098 (10,871) (3,938)
========= ========= =========
Notes to the accounts
1 Basis of preparation
These financial statements are the interim consolidated financial statements of
Camellia Plc, a company registered in England, and its subsidiaries (the
'group') for the six month period ended 30 June 2007 (the 'Interim Report').
They should be read in conjunction with the Report and Accounts (the 'Annual
Report') for the year ended 31 December 2006.
The financial information contained in this interim report has not been audited
and does not constitute statutory accounts within the meaning of Section 240 of
the Companies Act 1985. A copy of the statutory accounts for the year ended 31
December 2006 has been delivered to the Registrar of Companies. The auditors'
opinion on these accounts was unqualified and does not contain a statement made
under Section 237(2) and Section 237(3) of the Companies Act 1985.
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards ('IFRS') including IAS 34 'Interim
Financial Reporting'. For these purposes, IFRS comprise the Standards issued by
the International Accounting Standards Board ('IASB') and Interpretations issued
by the International Financial Reporting Interpretations Committee ('IFRIC')
that have been endorsed by the European Union.
These interim financial statements have also been prepared on the basis of
accounting policies consistent with those applied in the financial statements
for the year ended 31 December 2006.
The group adopted IFRS 7 (Financial Instruments: Disclosures) on 1 January 2007.
As IFRS 7 is a disclosure standard only, there is no impact from the adoption of
this standard on these interim financial statements.
Where necessary, the comparatives have been reclassified from the previously
reported interim results to take into account any presentational changes made in
the Annual Report.
2 Segment reporting
Six months ended Six months ended Year ended
30 June 2007 30 June 2006 31 December 2006
Trading Trading Trading
Revenue profit Revenue profit Revenue profit
£'000 £'000 £'000 £'000 £'000 £'000
Agriculture and horticulture 38,404 671 37,863 (599) 88,549 12,682
Engineering 10,293 947 10,082 711 20,255 1,744
Food storage and distribution 18,831 (356) 18,676 (294) 39,266 (512)
Banking and financial services 6,911 849 5,203 1,126 11,096 1,766
Other operations 111 (156) 481 (222) 1,386 (9)
-------- -------- -------- -------- -------- --------
74,550 1,955 72,305 722 160,552 15,671
======== ======== ========
Unallocated corporate expenses (2,314) (2,219) (4,829)
-------- -------- --------
Trading (loss)/profit (359) (1,497) 10,842
Share of associates' results 7,743 1,869 4,932
Profit on disposal of non-current
assets - 929 929
Profit on disposal of non-current
assets held for sale 171 90 952
Profit on disposal of
'available-for-sale' investments 5,313 151 364
(Loss)/gain arising from changes
in fair value of biological assets (637) 2,471 1,176
Investment income 457 828 1,606
Net finance costs (433) (564) (819)
-------- -------- --------
Profit before tax 12,255 4,277 19,982
Taxation (1,290) (1,466) (4,808)
--------- -------- --------
Profit after tax 10,965 2,811 15,174
========= ======== ========
3 Share of associates' results
The group's share of the results of associates is analysed below:
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£'000 £'000 £'000
Operating profit 4,914 2,803 6,570
Net finance costs (90) (484) (780)
--------- --------- ---------
Profit before tax 4,824 2,319 5,790
Taxation (701) (450) (858)
--------- --------- ---------
Profit after tax 4,123 1,869 4,932
Net profit from discontinued
operations 3,620 - -
--------- --------- ---------
7,743 1,869 4,932
========= ========= =========
The net profit from discontinued operations relates to the disposal by the
Siegfried Group of its Sidroga division and the potential sale of its Biologics
business unit.
4 Profit on disposal of non-current assets
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£'000 £'000 £'000
Profit on disposal of property - 929 929
========= ========= =========
5 Profit on disposal of non-current assets held for sale
A profit of £171,000 (2006: six months £90,000 - year £952,000) was realised in
relation to property, plant and equipment of Eastern Produce South Africa (Pty)
Limited (formerly Sapekoe (Pty) Limited) which had previously been used in the
group's production of tea in South Africa and were reclassified as being held
for sale in 2005.
6 Profit on disposal of 'available-for-sale' investments
The profit of £5,313,000 includes a profit of £4,870,000 relating to the
disposal of the group's entire shareholding in Getaz Romang Holding SA, a public
quoted company on the SWX Swiss Exchange.
7 Net finance costs
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£'000 £'000 £'000
Interest payable on loans and bank
overdrafts (1,085) (1,208) (2,341)
Interest payable on obligations under
finance leases (96) (72) (144)
--------- --------- ---------
Total borrowing costs (1,181) (1,280) (2,485)
Net exchange gain/(loss) on foreign
currency borrowings 74 (100) (59)
--------- --------- ---------
Finance costs (1,107) (1,380) (2,544)
Finance income - interest income on
short-term bank deposits 377 366 709
Pension schemes net financing income 297 450 1,016
--------- --------- ---------
Net finance cost (433) (564) (819)
========= ========= =========
The above figures do not include any amounts relating to the banking
subsidiaries.
8 Taxation on profit on ordinary activities
Six months ended Six months ended Year ended
30 June 2007 30 June 2006 31 December 2006
£'000 £'000 £'000 £'000 £'000 £'000
Current tax
UK corporation tax - 7 143
Overseas corporation tax 1,008 1,601 4,052
------ ------ ------
Total current tax 1,008 1,608 4,195
Deferred tax
Origination and reversal of
timing differences
UK (34) (296) (486)
Overseas 316 154 1,099
------ ------ ------
Total deferred tax 282 (142) 613
------ ------ ------
Tax on profit on ordinary
activities 1,290 1,466 4,808
====== ====== ======
9 Earnings per share (EPS)
Six months ended Six months ended Year ended
30 June 2007 30 June 2006 31 December 2006
Earnings EPS Earnings EPS Earnings EPS
£'000 Pence £'000 Pence £'000 Pence
Basic and diluted EPS
Continuing operations
Attributable to ordinary
shareholders 10,762 387.2 2,282 82.1 12,903 464.2
======= ====== ====== ===== ======= ======
Basic and diluted earnings per share are calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of ordinary
shares in issue of 2,779,500 (2006: six months 2,779,864 - year 2,779,784),
which excludes 62,500(2006: six months 62,500 - year 62,500) shares held by the
group as treasury shares.
10 Property, plant and equipment
During the six months ended 30 June 2007 the group acquired assets with a cost
of £3,493,000 (2006: six months £4,908,000 - year £8,759,000). Assets with a
carrying amount of £1,767,000 were disposed of during the six months ended 30
June 2007 (2006: six months £296,000 - year £1,667,000).
11 Investments in associates and financial assets
With effect from 1 January 2007, the group has representation on the board of
BF&M Limited and as a result the investment in this company has been
reclassified from a financial asset to an investment in associate. The result of
this reclassification is that investments in associates increase by £14,483,000,
being the equity value and financial assets decline by £17,231,000, being the
market value. The difference of £2,748,000 has been transferred to reserves.
12 Cash and cash equivalents
Included in cash and cash equivalents of £252,186,000 (2006: six months
£210,055,000 - year £210,560,000) are cash and short-term funds, time deposits
with banks and building societies and certificates of deposit amounting to
£240,820,000 (2006: six months £197,343,000 - year £198,422,000), which are held
by banking subsidiaries and which are an integral part of the banking operations
of the group.
13 Borrowings
Borrowings (current and non-current) include loans and finance leases of
£15,203,000 (2006: six months £18,590,000 - year £18,959,000) and bank
overdrafts of £14,029,000 (2006: six months £18,662,000 - year £12,680,000). The
following loans and finance leases were issued and repaid during the six months
ended 30 June 2007:
£'000
Balance at 1 January 2007 18,959
Exchange differences (23)
New issues
Loans 1,132
Finance lease liabilities 181
Repayments
Loans (4,555)
Finance lease liabilities (491)
---------
Balance at 30 June 2007 15,203
=========
14 Reconciliation of profit from operations to cash flow
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£'000 £'000 £'000
Profit from operations 12,231 4,013 19,195
Share of associates' results (7,743) (1,869) (4,932)
Depreciation and amortisation 4,044 3,897 7,673
Impairment of non-current assets - - 117
Loss/(gain) arising from changes in fair
value of biological assets 637 (2,471) (1,176)
Profit on disposal of non-current assets - (929) (929)
Profit on disposal of non-current assets
held for sale (171) (90) (952)
Profit on disposal of investments (5,313) (151) (364)
Increase in working capital (2,811) (3,907) (2,743)
Net decrease/(increase) in funds of
banking subsidiaries 957 (5,042) (6,654)
-------- -------- ---------
Cash flows from operating activities 1,831 (6,549) 9,235
======== ======== =========
15 Reconciliation of net cash flow to movement in net debt
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2007 2006 2006
£'000 £'000 £'000
(Decrease)/increase in cash and cash
equivalents in the period (1,983) (45) 5,849
Cash outflow/(inflow) from
decrease/(increase) in debt 3,914 (4,130) (3,486)
--------- --------- ---------
Decrease/(increase) in net debt resulting
from cash flows 1,931 (4,175) 2,363
New finance leases (181) (387) (1,734)
Exchange rate movements (116) 1,032 881
--------- --------- ---------
Decrease/(increase) in net debt in the
period 1,634 (3,530) 1,510
Net debt at beginning of period (19,500) (21,010) (21,010)
--------- --------- ---------
Net debt at end of period (17,866) (24,540) (19,500)
========= ========= =========
16 Statement of changes in shareholders' equity
Share Share Treasury Retained Other Minority Total
capital premium shares earnings reserves Total interest equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2006 284 15,298 (400) 169,994 56,740 241,916 20,926 262,842
Exchange differences - - - - (14,714) (14,714) (2,638) (17,352)
Net profit - - - 2,282 - 2,282 529 2,811
Dividends - - - - - - (699) (699)
Actuarial gain - - - 5,852 - 5,852 - 5,852
Deferred tax on actuarial gain - - - (1,383) - (1,383) - (1,383)
Minority subscription - - - - - - 532 532
Available-for-sale investments:
Valuation losses taken to equity - - - - (1,045) (1,045) - (1,045)
Transfer to profit or loss on sale - - - - 10 10 - 10
Share of associates' fair value
adjustments - - - (106) - (106) - (106)
Share of associate's change in
treasury shares - - - (499) - (499) - (499)
Share of associate's profit on
cash flow hedges - - - 427 - 427 - 427
Share of associate's other
movements - - - (99) - (99) - (99)
------ ------- ------- -------- ------- -------- ------- -------
At 30 June 2006 284 15,298 (400) 176,468 40,991 232,641 18,650 251,291
====== ======= ======= ======== ======= ======== ======= =======
At 1 January 2006 284 15,298 (400) 169,994 56,740 241,916 20,926 262,842
Exchange differences - - - - (22,836) (22,836) (3,512) (26,348)
Net profit - - - 12,903 - 12,903 2,271 15,174
Dividends - - - (2,474) - (2,474) (1,055) (3,529)
Actuarial gain - - - 3,354 - 3,354 186 3,540
Deferred tax on actuarial gain - - - (1,117) - (1,117) (68) (1,185)
Available-for-sale investments:
Valuation gains taken to equity - - - - 4,387 4,387 14 4,401
Transfer to profit or loss on sale - - - - (124) (124) - (124)
Other fair value adjustment - - - - 69 69 - 69
Minority interest subscription - - - - - - 541 541
Share of associates' fair value
adjustments - - - (73) - (73) - (73)
Share of associate's profit on cash
flow hedges - - - 378 - 378 - 378
Share of associate's change in
treasury shares - - - (621) - (621) - (621)
Share of associate's movement in
defined benefit pension schemes - - - 257 - 257 - 257
Share of associate's income taxes
on items recorded in equity - - - (27) - (27) - (27)
Purchase of own shares - - - (31) - (31) - (31)
------ -------- ------- -------- ------- -------- ------- --------
At 31 December 2006 284 15,298 (400) 182,543 38,236 235,961 19,303 255,264
Exchange differences - - - - (1,998) (1,998) 111 (1,887)
Net profit - - - 10,762 - 10,762 203 10,965
Dividends - - - - - - (842) (842)
Actuarial gain - - - 11,516 - 11,516 - 11,516
Deferred tax on actuarial gain - - - (2,765) - (2,765) - (2,765)
Available-for-sale investments:
Valuation gains taken to equity - - - - 3,340 3,340 - 3,340
Transfer to profit or loss on sale - - - - (3,676) (3,676) - (3,676)
Reclassification of investment to
an associate - - - - (2,748) (2,748) - (2,748)
Share of associates' fair value
adjustments - - - 1,353 - 1,353 - 1,353
Share of associate's change in
treasury shares - - - 144 - 144 - 144
Share of associate's movement in
defined benefit pension schemes - - - 92 - 92 - 92
Share of associate's loss on cash
flow hedges - - - (92) - (92) - (92)
Loss on dilution of interest in
associate - - - (252) - (252) - (252)
------ ------- ------- -------- ------- -------- ------- --------
At 30 June 2007 284 15,298 (400) 203,301 33,154 251,637 18,775 270,412
====== ======= ======= ======== ======= ======== ======= ========
Press Enquiries: Malcolm Perkins, Chairman
Tel: 01622 746655
This information is provided by RNS
The company news service from the London Stock Exchange
Latest directors dealings
- 2 days ago Judges Scientific
- 2 days ago Mitie Group
- 2 days ago NCC Group
- 2 days ago Worldwide Healthcare Trust
- 2 days ago JpMorgan China Growth & Income