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REG-Interbulk Group PLC: Half-yearly Report - Part 2
Released: 29/06/2009
- Part 2: For the preceeding part double click [ID:nPRrT0368a]
average number of 302,892,041 302,892,041 302,892,041
shares were (number)
Adjusted weighted average 302,892,041 302,892,041 302,892,041
number of ordinary shares
(number)
Basic profit/(loss)per share 0.40p (0.37p) 0.27p
(pence)
Diluted profit/(loss) per 0.40p (0.37p) 0.27p
share (pence)
In all of the above periods the effects of outstanding warrants and options
increase the profit per share and thus are anti-dilutive. As a result, the
diluted profit per share is the same as the basic profit per share. The
outstanding warrants and options are not added to the adjusted weighted average
number of ordinary shares.
InterBulk Group plc assesses the performance of the Group by adjusting earnings
per share, calculated in accordance with IAS 33, to exclude items it considers
to be non-recurring and believes that the exclusion of such items provides a
better comparison of business performance. The calculation of earnings per
ordinary share on this basis is based on the following adjusted earnings:
6 months to 6 months to Year to
31 March 31 March 30 September
2009 2008 2008
£'000 £'000 £'000
Profit/(loss) for the period (£ 1,207 (1,136) 831
'000)
Exclude exceptional items (net of 1,073 2,245 2,759
attributable taxation)
Exclude amortisation of intangible 182 191 363
assets
Adjusted earnings 2,462 1,300 3,953
An adjusted earnings per share
figure is presented below:
Adjusted basic earnings per share 0.81p 0.43p 1.31p
(pence)
Adjusted diluted earnings per 0.81p 0.43p 1.31p
share (pence)
6. Exceptional items
Items charged to operating profit:
Exceptional charges of £446,000 in the year relates to a redundancy programme
executed mainly impacting the UK workforce plus exit costs associated with the
closure of the Flexi-tank business in Asia. The exceptional charge of £441,000
in the year to 30 September 2008 related to the closure of the UK factory
involved in the manufacturing of the specialist liners used for the
transportation of dry bulk materials.
Items charged to finance expenses:
Included in the finance expense is an unrealised non-cash loss of £928,000
relating to some asset finance which is in currencies other than sterling to
match cash inflows. The associated asset finance is long term in nature.
In prior periods as well as asset finance items the exceptional items included
unrealised non-cash losses on long-term senior debt denominated in Euros. At
the end of June 2008 these loans were re-designated as a balance sheet hedge
and since that date exchange gains and losses have recorded within a separate
component of equity, the cumulative exchange reserve.
7. Taxation
The taxation charge for the period is based on an estimate of the Group's
expected annual effective rate of tax for the year to 30 September 2009 which
is currently estimated to be 30% (6 months to 31 March 2008: 30%). The
exceptional charge associated with the closure of the flexi-tank business in
Asia has a nil effective tax rate applied due to the existence of tax brought
forward losses. This treatment results in the headline effective rate of 34.7%
on the face of the income statement in the 6 months to 31 March 2009.
8. Cash flows from operations
6 months to 6 months to Year to
31 March 31 March 30 September
2009 2008 2008
£'000 £'000 £'000
Net profit/(loss) before 1,847 (1,622) 719
taxation
Adjustments for:
Depreciation 4,314 3,973 8,196
Amortisation of intangibles 182 191 363
assets: patents
(Profit)/loss on disposal of (22) (29) 34
property plant & equipment
Finance income (27) (167) (241)
Finance expenses 6,581 8,540 13,823
Decrease/(increase) in 950 (1,305) (254)
inventories
Decrease/(increase) in trade 1,399 (3,099) (2,751)
& other receivables
(Decrease)/increase in (3,511) 4,126 1,202
payables
Cash generated from 11,713 10,608 21,091
operations
9. Analysis of net debt
1 October 2008 Cash Exchange Non-cash 31 March 2009
flow differences movements
£'000 £'000 £'000 £'000 £'000
Cash and cash 9,317 (86) 860 - 10,091
equivalents
Loans (84,844) 1,740 (8,912) 142 (91,874)
Finance leases (28,717) 3,083 (5,207) (2,071) (32,912)
(104,244) 4,737 (13,259) (1,929) (114,695)
Non-cash movements include £2,071,000 relating to the inception of new finance
leases on the purchase of containers and other direct equipment during the
year. Non-cash movements within loans include amortisation of deferred finance
costs of £142,000 in the period.
Excluded from the analysis of net debt above but included within Financial
Liabilities is a mark to market fair value for the interest rate swap
agreements which expire in 30 September 2010. The balance sheet value at 31
March 2009 was £4,420,000 (30 September 2008; £790,000)
10. Reconciliation of movements in equity
Equity Share Consideration Performance Retirement Cumulative Hedge Retained Total
share premium Share Plan benefit translation reserve earnings
capital account Warrants obligation adjustment equity
reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 31 March 30,289 26,431 1,424 41 169 2,618 (1,004) (267) 59,701
2008
Total recognised - - - - (196) (54) 517 1,967 2,234
income and
expense for the
period
Performance - - - 14 - - - - 14
share plan
As at 30 30,289 26,431 1,424 55 (27) 2,564 (487) 1,700 61,949
September 2008
Total recognised - - - - 16 457 (2,614) 1,207 (934)
income and
expense for the
period
Performance - - - 14 - - - - 14
Share Plan
As at 31 March 30,289 26,431 1,424 69 (11) 3,021 (3,101) 2,907 61,029
2009
11. Interim Statements
This interim statement is being sent to all shareholders and is available on
the Company's website. Copies may be obtained from the Company Secretary at the
Registered Office of the Company: One London Wall, London, EC2Y 5AB.
12. Independent review report to InterBulk Group plc
Introduction
We have been engaged by the directors of InterBulk Group plc (the "Company") to
review the condensed set of financial statements in the half-yearly financial
report for the six months ended 31 March 2009 which comprises the consolidated
interim balance sheet as at 31 March 2009 and the related consolidated interim
statement of income, cash flows and changes in statement of recognised income
and expenses for the six months then ended and related 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.
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 AIM Rules for Companies
which require that the financial information must be presented and prepared in
a form consistent with that which will be adopted in the company's annual
financial statements.
This interim report has been prepared in accordance with the basis set out in
Note 1.
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. This report, including the conclusion, has been prepared for and only
for the company for the purpose of the AIM Rules for Companies and for no other
purpose. We do not, in producing this report, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent
in writing.
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 United Kingdom. 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 March 2009 is not prepared, in all
material respects, in accordance with the basis set out in Note 1 and the AIM
Rules for Companies.
PricewaterhouseCoopers LLP
Chartered Accountants
Glasgow
29 June 2009
END
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