Interim report

Transcription

Interim report

McBride plc
Half‑Year Report 2016
Manufacturing our future
“We are pleased with our progress in the first half and
the improved profitability following the launch of our
strategic transformation plan. The commitment and focus
of the McBride team on the execution and delivery of
our objectives is very encouraging and a critical aspect
for future success. The ongoing actions of our “Repair”
phase, which in part will result in lower second half
revenues, are nevertheless expected to provide further
progress in profitability. As a consequence, the Board is
now expecting full year results to be modestly ahead of
its previous expectations.”
Rik De Vos
Chief Executive Officer
Contents
Highlights1
Executive review
2
Responsibility statement
6
Independent review report to McBride plc
7
Condensed interim consolidated income statement
8
Condensed interim consolidated statement
of comprehensive income
8
Condensed interim consolidated balance sheet
9
Condensed interim consolidated cash flow statement
of changes in equity
10
11
Notes to the condensed interim financial statements
14
Other information
21
Shareholder information
22
McBride plc Half-Year Report 2016
1
Welcome to the McBride plc
Half‑Year Report 2016
Highlights
• Revenue increased by 0.4% on a constant
currency basis. On a reported basis, revenues
were 5.6% lower due to the impact of a weaker
Euro on translated results.
• Group adjusted operating profit increased
57.1% on a constant currency basis
(40.8% as reported).
• New segmental analysis, splitting the Group’s
activities into two divisions, Household and
Personal Care/Aerosols (PCA), with Household
representing approximately 80% of the
Group’s revenue:
• sales in Household were 0.9% higher overall
with growth across most regions except in
the UK, where an 8.2% fall was driven by
lower private label sales and the end of some
contract manufacturing business. Germany
continued the progress seen last year,
while France delivered growth mostly from
contracts; and
• PCA saw a 1.5% sales decline, with a weak UK
offset by good gains in Eastern Europe and
strong growth in Asia.
• UK restructuring project on track to
deliver annualised savings of £12.0 million
by 30 June 2016.
• Actions from the “Repair” phase of the Group’s
new strategy is well under way, with plans to
lower complexity through the rationalisation of
our customer base down to 25% of our existing
customer portfolio on track to be complete by
30 June 2016. Additionally, new purchasing
initiatives started delivering benefits in the
first half year.
• Adjusted profit before income tax up by 56.3%
to £13.6 million (2014: £8.7m).
• Net debt at £86.3 million represents 1.6x
annualised adjusted EBITDA(6).
• Interim payment to shareholders of 1.2 pence, in
line with new policy outlined in September 2015.
• Our Chairman Iain Napier has informed the
Board of his intention to retire at the end
of June this year by which time he will have
completed nine years in the position.
£m unless otherwise stated
H1 2016
H1 2015(1)Change
Revenue
344.1364.7(5.6%)
Revenue (constant currency)(2)
344.1342.7 0.4%
Adjusted operating profit(3)
17.6
12.540.8%
Adjusted operating profit (constant currency)(2)
17.6 11.257.1%
Adjusted operating margin(3)
5.1%
3.4%1.7ppts
Operating profit
17.1
11.154.1%
13.6
8.756.3%
Adjusted profit before income tax
Profit before income tax13.0
7.378.1%
Diluted earnings per share
4.9p 2.8p75.0%
Adjusted diluted earnings per share(4)5.2p 3.4p52.9%
Interim payment to shareholders (per ordinary share)
1.2p
Cash flow from operations (before exceptional items)
26.2 30.7(14.7%)
1.7p(29.4%)
Net debt
86.3 92.4(6.6%)
Return on capital employed(5)23.6% 16.4%7.2ppts
(1)Net debt comparative is as at 30 June 2015, all other comparatives refer to the six months ended on 31 December 2014 unless
otherwise stated.
(2)Comparatives translated at 2015 exchange rates.
(3)Adjustments made for the amortisation of intangible assets and exceptional items.
(4)Adjustments made for the amortisation of intangible assets, exceptional items, non‑cash financing costs from unwind of discount on
initial recognition of contingent consideration, unwind of discount on exceptional provisions and any related tax.
(5)Annualised adjusted operating profit for the six months ended on 31 December 2015 and 31 December 2014 as a percentage of average
period end net assets excluding net debt.
(6)Annualised adjusted EBITDA equates to the rolling twelve months to 31 December 2015.
2
Executive review
Strategy update
The Group’s new strategy, “Manufacturing our Future”
was launched in September 2015. Implementation of the
strategy has started via the phased actions and projects
included in our “Repair, Prepare, Grow” programme, a
transformation plan with a three to five year ambition
for adjusted operating profit margin (EBITA %) of 7.5%
and ROCE targeted at 25‑30%.
At the time of our final results in 2015, plans for
£3 million of annual overhead savings were already
actioned and during the period the Group made
progress with its “Repair” phase initiatives, including:
• customer choices project; 75% of the Group’s
customers in Europe will be exited by 30 June 2016,
delivering a lower complexity product range with
lower management, technical and administration
requirements. The project is expected to be profit
positive in isolation, and also sets the platform for
further value chain improvements;
• simplification of the business model and ways
of working with further integration of regional
management teams. The resulting flatter
management structure will give rise to faster
decision making and further overhead savings;
• commencement of a large number of purchasing
driven saving initiatives that provide both immediate
and long term structural savings;
• agreement for the closure to future service accrual
of the UK Defined Benefit pension plan; and
• a recovery plan for our Asia business, with improved
results already evident and the completion of the
closure of our loss‑making China operations.
Additionally, a key element of the strategy review
was to identify under‑performing segments of
activity and determine actions to improve them
where possible. During the period, we concluded
a review of the operating performance of the PCA
business, which represents approximately 20% of
Group revenues. The review found that this business’
financial performance is some way below the Group’s
average and as a result the Board has concluded that
this business will be separately run by a dedicated
management team in order to provide improved
direction and focus. A management team has now been
appointed and been tasked to produce an improvement
plan during our second half year.
The KPIs linked to the “Repair” phase are monitored
closely. We have delivered an improvement in our
average Customer Service Levels from 96.6% to 97.7%
and exited the period end at over 98.5%. The labour
cost/revenue measure has decreased by 0.7% to 19.0%.
Board change
Iain Napier, Chairman since July 2007, has advised the
Board of his intention to retire from the McBride Board
at the end of June 2016. The Board is commencing
a search process and will provide an update at the
appropriate time.
Group operating results
McBride’s main developed markets continue to
experience challenging conditions with most territories
seeing lower activity for Private Label through the
period, in particular in the UK. Nevertheless, overall
the Group’s half-year constant currency revenues were
marginally ahead (+0.4%) of the prior period with
growth from contract manufacturing offsetting private
label decline. Reported revenues declined by 5.6%
primarily as a result of the weaker Euro.
As a consequence of the decision to separately
manage the Group’s Household and PCA activities, our
segmental reporting is being amended to accommodate
this change, with revenues analysed on this basis in this
Half-Year Report (note 4) and profits to be split from
our next full year results presentation. The reported PCA
financial figures will comprise of European activities and
the entire Asia business.
Sales growth in the Household segment delivered
growth overall of 0.9%, however UK sales were lower
by 8.2% as a result of continued price and volume
pressures across all key accounts. We experienced good
growth in our German and Spanish businesses and
also in France, where some private label growth was
supported by good progress in contracts.
PCA saw a 1.5% sales decline overall. In Europe, our
UK business saw decline in this sector as well, offset
by good gains in Eastern Europe. Our Asia activities
delivered strong growth in the period in all territories.
Our contract manufacturing activities have shown
encouraging early signs of development with existing
opportunities developing well. We continue to examine
growth prospects from longer‑term structural supply
contracts emerging in these markets.
Margins have improved during the period, reflecting
the Group’s focus on sales activity which improves
profitability. While the Group experienced raw material
prices in line with the second half of last year, we are
also seeing early benefits from purchasing initiatives,
a key aspect of our “Repair” phase.
The UK restructuring project is now in the final
phase and on track to deliver annualised savings of
£12.0 million by 30 June 2016, with savings in first
half year of £5.5 million (2014: £1.5m), in line with
expectations.
On a constant currency basis, total operating costs
before adjusting items and the impact of profit based
incentives and wage inflation decreased by £2.2 million.
The UK restructuring project and early actions on
overhead savings from the “Repair” phase contributed
£5.0 million, offset by a combination of factors,
including one off strategic project costs, increased
commercial costs and the setup of a new Project
Management Office to manage the delivery of our
strategic projects.
3
Adjusted operating profit for the period was
£17.6 million (2014: £12.5m) with adjusted operating
profit margin increasing to 5.1% (2014: 3.4%) and return
on capital employed improving to 23.6% (2014: 16.4%).
As a result of a weaker Euro, adjusted operating profit
for the half year includes a negative foreign exchange
translation impact of £1.3 million.
Cash generated from operations before exceptional
items was £26.2 million (2014: £30.7m), with a net
working capital outflow of £0.1 million (2014: inflow
£9.2m). Capital expenditure cash flow decreased
to £5.6 million (2014: £10.0m), as a result of a slight
resetting of the timing of our medium-term investment
plans, with capital expenditure expected to accelerate
during the next twelve months. Cash outflow for
exceptional items of £3.5 million (2014: £5.8m) reflects
the UK restructuring project and the early overhead
actions taken in June 2015. Net cash inflow before
financing activities was £13.9 million (2014: £8.2m).
Cash payments made to shareholders during the period
amounted to £3.7 million (2014: £5.6m), in line with our
new policy. Consequently, year‑end net debt decreased
to £86.3 million (30 June 2015: £92.4m).
The Group’s balance sheet remains robust with net
assets of £62.4 million (30 June 2015: £57.5m) and
gearing at 58% (30 June 2015: 61%). The Group
maintains significant borrowing headroom of
£102.3 million (30 June 2015: £94.6m) on committed
debt facilities.
Other financial information
Exceptional items
During the period ended 31 December 2015, the
Group recognised no exceptional items (2014: £0.8m).
Exceptional costs are anticipated across the next twelve
months arising from one‑off costs associated with the
ongoing “Repair” phase of the strategy.
Net finance costs
Net finance costs were £4.1 million (2014: £3.8m) with
the increase mainly due to foreign exchange losses on
financing activities.
Profit before income tax and tax rate
Reported profit before income tax was £13.0 million
(2014: £7.3m) with adjusted profit before income tax
totalling £13.6 million (2014: £8.7m). The tax charge on
adjusted profit before income tax for the first half of
2015/16 of £4.0 million represents a 30% effective tax
rate (30 June 2015: 30%).
4
Executive review continued
Earnings per share
Going concern
Payments to shareholders
At 31 December 2015, committed undrawn facilities
amounted to £102.3 million. The Group’s forecasts and
projections, taking account of reasonably possible
changes in trading performance, show that the Group
will be able to operate comfortably within its current
bank facilities.
On an adjusted basis, diluted earnings per share (EPS)
increased by 52.9% to 5.2 pence (2014: 3.4p) with basic
EPS at 4.9 pence (2014: 2.8p).
The Board reset its policy on payments to shareholders
in September 2015 with a prudent approach being
adopted during the early stage of the transformation
plan. In line with this policy an interim payment of
1.2 pence (2014: 1.7p) is declared and will be issued
using the Company’s B Share scheme.
Covenants
The Group’s funding arrangements are subject to
covenants, representations and warranties that are
customary for unsecured borrowing facilities, including
two financial covenants: Debt Cover (the ratio of net
debt to EBITDA) may not exceed 3:1 and Interest Cover
(the ratio of EBITDA to net interest) may not be less
than 4:1. For the purpose of these calculations, net debt
excludes amounts drawn under the invoice discounting
facilities. The Group still remains comfortably within
these covenants.
Pensions
At 31 December 2015, the Group recognised a deficit
on its UK Defined Benefit pension plan of £30.7 million
(30 June 2015: £29.8m).
Following consultation with staff and the UK plan’s
Trustees, the UK Defined Benefit plan will cease to be
open to future service accrual from 29 February 2016.
Staff affected by this change have been offered a new
defined contribution scheme from that date. The closure
of this plan is one of the actions in the “Repair” phase
to limit the growth of fund liabilities, reducing the risks
and uncertainty over future cash costs associated with
providing an active Defined Benefit pension scheme.
Following the conclusion of the March 2015 triennial
valuation, the Company and Trustees have recently
agreed a new deficit reduction plan based on the
scheme funding deficit of £44.2 million. This will
give rise to an increase in the deficit cash funding
requirements of £0.4 million to £3.0 million per annum
with effect from 31 March 2015.
The Group meets its funding requirements through
internal cash generation and bank credit facilities, most
of which are committed until April 2019.
The Group has a relatively conservative level of debt
to earnings. As a result, the Directors believe that
the Group is well placed to manage its business risks
successfully despite the current uncertain economic
outlook. After making enquiries, the Directors have
a reasonable expectation that the Company and
the Group have adequate resources to continue in
operational existence for the foreseeable future.
Accordingly, they continue to adopt the going
concern basis.
Principal risks and uncertainties
The Group is subject to risk factors both internal and
external to its business, and has a well established set
of risk management procedures. The following risks
and uncertainties are those that the Directors believe
could have the most significant impact on the Group’s
business:
• market competitiveness;
• change agenda;
• input costs;
• legislative compliance;
• asset utilisation; and
• financial risks.
For greater detail of these risks, please refer to
pages 24 to 26 of the McBride plc Annual Report and
Accounts 2015 – which is available on the Group’s
website www.mcbride.co.uk.
Related party transactions
Transactions between the Company and its subsidiaries,
which are related parties of the Company, have been
eliminated on consolidation and, therefore, are not
required to be disclosed in these condensed interim
financial statements.
Key management compensation and transactions with
the Group’s pension and post‑employment schemes for
the financial year ended 30 June 2015 are detailed in
note 28 (page 108) of McBride plc’s Annual Report and
Accounts 2015. A copy of McBride plc’s Annual Report
and Accounts 2015 is available on McBride’s website at
www.mcbride.co.uk. Although there have been changes
to the Executive Leadership Team since the year end,
there are no other related party transactions.
Post balance sheet events
There are no material post balance sheet events, other
than the UK Defined Benefit plan will cease to be open
to future service accrual from 29 February 2016.
Forward looking statements
Certain statements in the Half-Year Report are
forward looking. Although the Group believes that
the expectations reflected in these forward looking
statements are reasonable, it can give no assurance
that these statements are reasonable, it can give no
assurance that these expectations will prove to be
correct. Because these statements involve risks and
uncertainties, actual results may differ materially from
those expressed or implied by these forward looking
statements.
The Group undertakes no obligation to update any
forward looking statements whether as a result of new
information, future events or otherwise.
5
Outlook
For the second half year, current expectations are for
constant currency underlying revenues to be slightly
lower year‑on‑year, in line with market conditions.
The start of the impact from the customer choices
project, planned during our first half year, is expected
to reduce second half revenues by an additional
£6.0 million.
The ongoing actions of our “Repair” phase are expected
to provide further progress in profitability, despite the
backdrop of lower revenues. As a consequence, the
Board is now expecting full year results to be modestly
ahead of its previous expectations.
6
Responsibility statement
The Directors confirm that to the best of their
knowledge:
• the condensed set of financial statements has been
prepared in accordance with IAS 34 ‘Interim Financial
Reporting’ as adopted by the EU;
• the interim management report includes a fair review
of the information required by:
(a)DTR 4.2.7 of the Disclosure and Transparency
Rules, being an indication of important events
that have occurred during the first six months
of the financial year and their impact on the
condensed set of financial statements; and a
description of the principal risks and uncertainties
for the remaining six months of the year; and
(b)DTR 4.2.8 of the Disclosure and Transparency
Rules, being related party transactions that have
taken place in the first six months of the current
financial year and that have materially affected
the financial position or performance of the entity
during that period; and any material changes in
the related party transactions described in the last
annual report that could do so.
On behalf of the Board
Rik De Vos
Chief Executive Officer
Chris Smith
Chief Finance Officer
24 February 2016
7
Independent review report to McBride plc
Report on the condensed consolidated
interim financial statements
Our conclusion
We have reviewed the condensed consolidated interim
financial statements, defined below, in the half‑year
report of McBride plc for the six months ended
31 December 2015. Based on our review, nothing has
come to our attention that causes us to believe that the
condensed consolidated interim financial statements are
not prepared, in all material respects, in accordance with
International Accounting Standard 34, ‘Interim Financial
Reporting’, as adopted by the European Union and
the Disclosure and Transparency Rules of the United
Kingdom’s Financial Conduct Authority.
This conclusion is to be read in the context of what we
say in the remainder of this report.
What we have reviewed
The condensed consolidated interim financial
statements, which are prepared by McBride plc,
comprise:
• the condensed interim consolidated income
statement and condensed interim consolidated
statement of comprehensive income for the period
then ended;
• the condensed interim consolidated balance sheet as
at 31 December 2015;
• the condensed interim consolidated statement of
cash flows for the period then ended;
• the condensed interim consolidated statement of
changes in equity for the period then ended; and
• the explanatory notes to the condensed interim
financial statements.
As disclosed in note 1, the financial reporting framework
that has been applied in the preparation of the full
annual financial statements of the group is applicable
law and International Financial Reporting Standards
(IFRS) as adopted by the European Union.
The condensed interim financial statements included in
the half‑year report have been prepared in accordance
with International Accounting Standard 34, ‘Interim
Financial Reporting’, as adopted by the European
Union and the Disclosure and Transparency Rules of the
United Kingdom’s Financial Conduct Authority.
What a review of condensed interim financial
statements involves
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.
We have read the other information contained in the
half‑year report and considered whether it contains
any apparent misstatements or material inconsistencies
with the information in the condensed interim financial
statements.
Responsibilities for the condensed interim financial
statements and the review
Our responsibilities and those of the Directors
The half‑year financial report, including the condensed
interim financial statements, is the responsibility of,
and has been approved by, the Directors. The Directors
are responsible for preparing the half‑year report in
accordance with the Disclosure and Transparency Rules
of the United Kingdom’s Financial Conduct Authority.
Our responsibility is to express to the Company
a conclusion on the condensed interim financial
statements in the half‑year report based on our review.
This report, including the conclusion, has been prepared
for and only for the Company for the purpose of
complying with the Disclosure and Transparency Rules
of the Financial Conduct Authority and for no other
purpose. We do not, in giving this conclusion, 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.
PricewaterhouseCoopers LLP
Chartered Accountants
London
24 February 2016
Notes:
(a)The maintenance and integrity of the McBride plc website is
the responsibility of the Directors; the work carried out by
the auditors does not involve consideration of these matters
and, accordingly, the auditors accept no responsibility for any
changes that may have occurred to the financial statements
since they were initially presented on the website.
(b)Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
8
Condensed interim consolidated income statement
UnauditedUnaudited Audited
6 months 6 months Year ended
to 31 Dec to 31 Dec 30 June
201520142015
Note
£m£m£m
Revenue
4344.1364.7704.2
Cost of sales
(221.9) (242.8)(460.5)
Gross profit122.2 121.9243.7
Distribution costs
(24.1) (24.8)(48.0)
Administrative expenses
(81.0) (86.0)(186.0)
Operating profit
17.1 11.19.7
Net finance costs
(4.1)(3.8) (7.1)
Profit before income tax
13.0 7.32.6
Income tax expense
5
(4.0)(2.2)(3.3)
Profit/(loss) for the period attributable to owners of the Company
9.0 5.1(0.7)
Earnings per ordinary share 6
Basic
4.9p 2.8p(0.4)p
Diluted
4.9p 2.8p(0.4)p
Operating profit
17.1 11.19.7
Adjusted for:
Amortisation of intangible assets
0.50.6 1.0
Exceptional items
7
— 0.817.8
Adjusted operating profit
17.6 12.528.5
of comprehensive income
201520142015
£m£m£m
Profit/(loss) for the period attributable to owners of the Company
Other comprehensive income/(expense)
9.0 5.1(0.7)
Items that may be reclassified to profit and loss:
Currency translation differences on foreign subsidiaries
(Loss)/gain on net investment hedges
3.0 (7.6)(17.6)
(2.5) 7.316.4
Gain on cash flow hedges 3.90.911.2
(Loss)/gain on cash flow hedges transferred to profit or loss
(3.1)0.2(6.7)
Taxation relating to items above
(0.1) (1.3)(3.0)
1.2(0.5)0.3
Items that will not be reclassified to profit or loss:
Net actuarial loss on post‑employment benefits
Taxation relating to item above
(1.2)(1.7)(2.1)
(0.7)0.3 0.4
(1.9)(1.4) (1.7)
Total other comprehensive expense(0.7)(1.9)(1.4)
Total comprehensive income/(expense) for the period
8.3 3.2(2.1)
9
Condensed interim consolidated balance sheet
As at
As at
As at
31 Dec
31 Dec 30 June
201520142015
Note
£m£m£m
Non‑current assets
Goodwill
17.623.7 17.7
Other intangible assets
2.12.02.0
Property, plant and equipment
8
126.9139.7129.8
Derivative financial instruments
9
12.14.29.9
Deferred tax assets
9.013.5 11.1
Other non‑current assets
0.50.50.5
168.2183.6 171.0
Current assets
Inventories74.2 69.166.8
Trade and other receivables129.6133.5132.5
9
1.30.9 1.7
Cash and cash equivalents
1027.728.223.3
Assets classified as held for sale
1.11.2 1.1
233.9232.9225.4
Total assets402.1 416.5396.4
Current liabilities
Trade and other payables176.1184.2172.6
Borrowings
929.332.135.1
90.41.31.8
Current tax liabilities
5.94.8 3.7
Provisions
1.43.84.8
213.1226.2 218.0
Non‑current liabilities Trade and other payables
9
0.50.50.4
Borrowings
984.7 82.180.6
9
—0.2 0.1
Pensions and other post‑employment benefits
11
32.331.531.4
Provisions
3.32.53.2
Deferred tax liabilities
5.8 7.75.2
126.6124.5120.9
Total liabilities339.7350.7338.9
Net assets62.465.8 57.5
Equity
Issued share capital
18.318.318.3
Share premium account98.9105.5102.4
Other reserves40.4 31.635.5
Accumulated loss
(95.8)(90.2)(99.3)
Equity attributable to owners of the Company
61.865.256.9
Non‑controlling interests
0.60.60.6
Total equity62.465.8 57.5
10
Condensed interim consolidated cash flow statement
201520142015
Note
£m£m£m
Operating activities
Profit before income tax13.0 7.32.6
Net finance costs
4.13.8 7.1
Exceptional items
7
— 0.817.8
Share‑based payments
0.70.1 —
Depreciation of property, plant and equipment
8
9.310.219.6
Amortisation of intangible assets
0.50.6 1.0
Operating cash flow before changes in working capital27.622.8 48.1
Decrease/(increase) in receivables
5.4 5.9(3.6)
Increase in inventories
(6.1)(3.9)(5.5)
Increase in payables
0.67.27.8
Operating cash flow after changes in working capital
27.532.046.8
Additional cash funding of pension schemes
Cash flow from operations before exceptional items
(1.3) (1.3)(2.6)
26.230.744.2
Cash outflow in respect of exceptional items
(3.5) (5.8)(10.7)
Cash generated from operations22.724.933.5
Interest paid
(2.7)(3.0) (5.7)
Income tax paid
(0.2) (4.1)(6.9)
Net cash from operating activities
19.8 17.820.9
Investing activities
Proceeds from sale of non‑current assets
—0.20.2
Purchase of property, plant and equipment
(5.1) (9.8)(21.2)
Purchase of intangible assets
(0.5)(0.2)(0.7)
Settlement of derivatives used in net investment hedging
(0.3)0.2 3.1
Net cash used in investing activities(5.9) (9.6)(18.6)
Financing activities
Redemption of B Shares
(3.7)(5.6)(8.7)
Drawdown of borrowings60.0 57.0103.4
Repayment of borrowings(66.1) (65.9)(107.7)
Capital element of finance lease rentals
Net cash generated used in financing activities
(0.2)(0.2) (0.1)
(10.0)(14.7) (13.1)
Increase/(decrease) in net cash and cash equivalents
Net cash and cash equivalents at start of the period
3.9 (6.5)(10.8)
23.334.935.3
Currency translation differences0.5(0.2)(1.2)
Net cash and cash equivalents at end of the period27.728.223.3
11
of changes in equity
Equity
Other reserves
attributable
Issued Share
Cash flow
Currency
Capital
to owners
Non‑
share
premium
hedge translation redemptionAccumulated
of the controlling
Total
capitalaccountreservereservereserve
loss
Company
interests equity
£m£m£m£m£m£m£m£m£m
At 1 July 2015
18.3
102.4
(2.0)
(4.6)
42.1
(99.3)
56.9
0.6
57.5
Profit for the period—————
9.0
9.0—
9.0
Items that may be reclassified
to profit or loss:
Currency translation differences
on foreign subsidiaries———
3.0——
3.0—
3.0
Loss on net investment hedges
—
—
—
Gain on cash flow hedges in the period
—
—
3.9
(2.5)
—
—
(2.5)
—
(2.5)
—
—
—
3.9
—
3.9
Loss on cash flow hedges transferred
to profit or loss——
(3.1)———
(3.1)—
(3.1)
—
—
(0.1)
—
—
—
(0.1)
—
(0.1)
——
0.7
0.5——1.2—1.2
Items that will not be reclassified
to profit or loss:
Net actuarial loss on
post-employment benefits —————
(1.2)
(1.2)—
(1.2)
Taxation relating to items above—————
(0.7)
(0.7)—
(0.7)
—————
(1.9)
(1.9)—
(1.9)
Total other comprehensive
income/(expense)——
0.7
0.5—
(1.9)
(0.7)—
(0.7)
Total comprehensive income
——
0.7
0.5—7.1
8.3—
8.3
Transactions with owners of the Company
Issue of B Shares—
(3.5)————
(3.5)—
(3.5)
Redemption of B Shares————
3.7
(3.7)———
Share‑based payments—————0.10.1—0.1
At 31 December 2015
18.3 98.9 (1.3) (4.1)45.8(95.8) 61.8
0.6 62.4
12
of changes in equity continued
Equity
Other reserves
attributable
Issued Share
Cash flow
Currency
Capital
to owners
Non‑
share
premium
of the controlling
Total
loss
Company
interests equity
At 1 July 2014
18.3
111.5
(5.8)
(1.1)
33.4
(88.3)
68.0
0.6
68.6
Profit for the period—————5.15.1—5.1
to profit or loss:
(7.6)——
(7.6)—
(7.6)
Gain on net investment hedges———7.3——7.3—7.3
Gain on cash flow hedges in the period
—
—
0.9
—
—
—
0.9
—
0.9
Gain on cash flow hedges transferred
0.2———
0.2—
0.2
—
—
(0.2)
(1.1)
—
—
(1.3)
—
(1.3)
——
0.9
(1.4)——
(0.5)—
(0.5)
to profit or loss:
post-employment benefits
—————
(1.7)
(1.7)—
(1.7)
0.3
0.3—
0.3
—————
(1.4)
(1.4)—
(1.4)
Total other comprehensive expense
— — 0.9(1.4) —(1.4)(1.9) —(1.9)
Total comprehensive income/(expense)
— —0.9(1.4) —3.73.2 —3.2
(6.0)————
(6.0)—
(6.0)
5.6
(5.6)———
At 31 December 2014
18.3
105.5
(4.9)
(2.5)
39.0
(90.2)
65.2
0.6
65.8
13
Equity
Other reserves
attributable
Issued Share
Cash flow
Currency
Capital
to owners
Non‑
share
premium
of the controlling
Total
loss
Company
interests equity
At 1 July 2014
18.3
111.5
(5.8)
(1.1)
33.4
(88.3)
68.0
0.6
68.6
Loss for the year —————
(0.7)
(0.7)—
(0.7)
to profit or loss:
(17.6)——
(17.6)—
(17.6)
Gain on net investment hedges
—
—
—
16.4 —
—
16.4
—
16.4
Gain on cash flow hedges in the year
—
—
11.2
—
—
—
11.2
—
11.2
Loss on cash flow hedges transferred
(6.7)———
(6.7)—
(6.7)
—
—
(0.7)
(2.3)
—
—
(3.0)
—
(3.0)
——
3.8
(3.5)——
0.3—
0.3
to profit or loss:
post-employment benefits —————
(2.1)
(2.1)—
(2.1)
0.4
0.4—
0.4
—————
(1.7)
(1.7)—
(1.7)
Total other comprehensive
income/(expense) — —3.8
(3.5)—(1.7)
(1.4)—(1.4)
Total comprehensive income/(expense)
— —3.8
(3.5)—
(2.4)
(2.1)—(2.1)
(9.1)————
(9.1)—
(9.1)
8.7
(8.7)———
Share‑based payments—————0.10.1—0.1
At 30 June 2015
18.3
102.4
(2.0)
(4.6)
42.1
(99.3)
56.9
0.6
57.5
14
1. Basis of preparation
McBride plc (‘the Company’) is a company incorporated and domiciled in the United Kingdom. The Company’s ordinary
shares are listed on the London Stock Exchange. The registered office of the Company is Middleton Way, Middleton,
Manchester M24 4DP. For the purposes of DTR 6.4.2R, the Home State of McBride plc is the United Kingdom.
The Company and its subsidiaries (together, ‘the Group’) comprise of the leading European manufacturer and supplier of
Co‑manufactured and Private Label products for the Household and Personal Care market.
This half‑year report has been prepared in accordance with the Disclosure and Transparency Rules of the United Kingdom
Financial Conduct Authority; IAS 34, ‘Interim Financial Reporting’ as adopted by the European Union; on the basis of the
accounting policies and the recognition and measurement requirements of IFRS applied in the financial statements at
30 June 2015 and those standards that have been endorsed by the European Union and will be applied at 30 June 2016.
This report should be read in conjunction with the financial statements for the year ended 30 June 2015.
The results for each half year are unaudited and do not represent the Group’s statutory accounts within the meaning
of section 434 of the Companies Act 2006. The interim financial information has been reviewed, not audited.
The Group’s statutory accounts were approved by the Directors on 8 September 2015 and have been reported on by
PricewaterhouseCoopers LLP and delivered to the Registrar of Companies. The report of PricewaterhouseCoopers LLP
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 498 of the Companies Act 2006.
Going concern basis
The Group meets its funding requirements through internal cash generation and bank credit facilities, most of which are
committed until April 2019.
At 31 December 2015, committed undrawn facilities amounted to £102.3 million. The Group’s forecasts and projections,
taking account of reasonably possible changes in trading performance, show that the Group will be able to operate
comfortably within its current bank facilities.
The Group has a relatively conservative level of debt to earnings. As a result, the Directors believe that the Group is well
placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries,
the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis.
The condensed interim consolidated financial statements were approved by the Board on 24 February 2016.
2. Accounting policies
The accounting policies adopted are consistent with those of the annual financial statements for the year ended
30 June 2015, except for:
• Defined Benefit Plans: Employee Contributions (Amendments to IAS 19); and
• Annual Improvements Projects 2012.
All of the above changes to accounting policies will have no material financial effect on the consolidated financial
statements for the year ended 30 June 2016.
During the year ended 30 June 2015, management reclassified artwork, design and product testing costs from
administrative expenses to cost of sales amounting to £6.1 million. Consequently, the comparative figures for the period
ended 31 December 2014 have been adjusted by £2.2 million.
Adjusted results
The Group believes that adjusted operating profit and adjusted earnings per share provide additional useful information
to shareholders on the underlying performance achieved by the Group. These measures are used for internal performance
analysis and short‑ and long‑term incentive arrangements for employees. Adjusting items include amortisation of
intangible assets, exceptional items, changes in estimates of contingent consideration arising on business combinations,
any non‑cash financing costs from unwind of discount on initial recognition of contingent consideration, unwind of
discount on provisions and any related tax.
15
Income tax
Income tax in the interim period is accrued using the tax rate that would be applicable to the expected annual profit or loss.
Accounting standards issued but not yet adopted
Recently issued accounting standards that are relevant to the Group but have not yet been adopted are outlined below:
• A
mendments to IAS 16, ‘Property, plant and equipment’ and IAS 38, ‘Intangible assets’ on depreciation and
amortisation;
• Amendments to IAS 27, ‘Separate financial statements’ on the equity method;
• Amendments to IFRS 10, ‘Consolidated financial statements’ and IAS 28, ‘Investments in associates and joint ventures’;
• Annual Improvements 2014;
• Amendments to IAS 1, ‘Presentation of financial statements’ on the disclosure initiative;
• IFRS 15, ‘Revenue from contracts with customers’; and
• IFRS 9, ‘Financial instruments’.
3. Critical accounting judgements and estimates
The preparation of the condensed interim financial statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these condensed interim financial statements, the significant judgements made by management in applying
the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the
consolidated financial statements for the year ended 30 June 2015.
4. Segment information
As outlined within the Annual Report and Accounts 2015, the new executive team has been reviewing the implementation
of the new strategy and what information should be provided to the Board (Chief Operating Decision Maker (CODM)).
Currently, the CODM only reviews sales on a product category and geographic basis. It is envisaged that the CODM will
commence reviewing segment profitability during 2016, once systems have been re‑configured to capture the required
information on a routine basis. On this basis, no segmental profitability has been disclosed for the six month period ended
31 December 2015.
201520142015
£m£m£m
Household:
UK
86.5 94.2184.8
North(1)
91.5 95.7185.4
South(2)
33.636.368.2
East(3)
61.5 62.2119.8
Total Household
273.1288.4558.2
Personal Care/Aerosols (PCA)(4)
71.0 76.3146.0
Total segment revenue
344.1364.7704.2
(1)France, Belgium, Holland and Scandinavia.
(2)Italy and Spain.
(3)Germany, Poland, Luxembourg and other Eastern Europe.
(4)Includes Asia.
16
continued
5. Income tax expense
The tax charge reflects an effective tax rate of 30% (30 June 2015: 30%) on adjusted profit before income tax of
£13.6 million (30 June 2015: £21.7m).
6. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the profit for the period attributable to owners of the Company
by the weighted average number of the Company’s ordinary shares in issue during the financial period. The weighted
average number of the Company’s ordinary shares in issue excludes 0.6 million shares (2014: 0.6m shares), being the
weighted average number of own shares held during the year in relation to employee share schemes.
Reference
201520142015
a
182.2182.2182.2
Effect of dilutive LTIP awards (million)
0.40.20.2
Weighted average number of ordinary shares in issue (million) Weighted average number of ordinary shares
for calculating diluted earnings per share (million)
b182.6182.4182.4
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue assuming
the conversion of all potentially dilutive ordinary shares. During the period, the Company had equity‑settled LTIP awards
with a nil exercise price that are potentially dilutive ordinary shares.
Adjusted earnings per share measures are calculated based on profit for the year attributable to owners of the Company
before adjusting items as follows:
Reference
201520142015
Earnings for calculating basic and diluted earnings per share c
9.0 5.1(0.7)
Adjusted for:
Amortisation of intangible assets 0.50.6 1.0
Exceptional items (see note 7) — 0.817.8
Unwind of discount on contingent consideration — —0.1
Unwind of discount on provisions 0.1 —0.2
Taxation relating to the above items (0.1)(0.3) (3.2)
Earnings for calculating adjusted earnings per share 9.5 6.215.2
d
201520142015
Reference
pencepencepence
Basic earnings per share
c/a
4.9 2.8(0.4)
Diluted earnings per share c/b
4.9 2.8(0.4)
Adjusted basic earnings per share
d/a
5.23.48.3
Adjusted diluted earnings per share
d/b
5.23.48.3
17
7. Exceptional items
Exceptional items are presented separately as, due to their nature or the infrequency of the events giving rise to them,
this allows users of the financial statements to better understand the elements of financial performance for the year,
to facilitate comparison with prior periods, and to assess the trends of financial performance.
During the period ended 31 December 2015, the Group recognised no exceptional costs (2015: £0.8m in relation to
Classification, Labelling and Packaging).
8. Property, plant and equipment
Total
£m
Net book value at 1 July 2015 (audited)
129.8
Exchange movements
1.9
Additions
4.5
Depreciation charge
(9.3)
Net book value at 31 December 2015 (unaudited)
126.9
Capital commitments as at 31 December 2015 amounted to £2.5 million (2014: £6.7m).
9. Financial risk management
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate
risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.
The condensed interim financial statements do not include all financial risk management information and disclosures
required in the annual financial statements and they should be read in conjunction with the Group’s annual financial
statements as at 30 June 2015. There have been no material changes in the risk management policies since the year end.
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been
defined as follows:
• Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities;
• Level 2 — inputs other than Level 1 that are observable for the asset or liability, either directly (prices) or indirectly
(derived from prices); and
• Level 3 — inputs that are not based on observable market data (unobservable inputs).
As at As at As at
31 Dec
31 Dec 30 June
201520142015
£m£m£m
Assets
Level 2:
–
Forward currency contracts
1.50.9 1.3
–
Cross currency interest rate swaps
11.94.29.9
–
Contract for Difference (HDPE)
— —0.4
Total assets
13.4 5.111.6
Liabilities
Level 2:
–
Forward currency contracts
(0.4)(0.7) (1.5)
–
Interest rate swaps
— (0.8)(0.4)
(0.4)(1.5)(1.9)
Level 3:
Trade and other payables
–
Contingent consideration
(0.5)(0.5)(0.4)
Total liabilities
(0.9)(2.0)(2.3)
18
continued
9. Financial risk management continued
Derivative financial instruments comprise the foreign currency derivatives, non‑deliverable commodity derivatives
and interest rate derivatives that are held by the Group in designated hedging relationships. Foreign currency forward
contracts are measured by reference to prevailing forward exchange rates. Commodity forward contracts are measured
by the difference to prevailing market prices. Foreign currency options are measured using a variant of the Monte Carlo
valuation model. Interest rate swaps and caps are measured by discounting the related cash flows using yield curves
derived from prevailing market interest rates.
Contingent consideration
Contingent consideration is measured at fair value based upon management’s estimates of the future sales and
profitability of the acquired business. At each reporting date, the Directors estimate the contingent consideration payable
in relation to the 70% interest acquired and the liability to acquire the remaining 30% interest.
Valuation levels and techniques
There were no transfers between levels during the period and no changes in valuation techniques.
Financial assets and liabilities measured at amortised cost
The fair value of borrowings are as follows:
As at As at As at
31 Dec
31 Dec 30 June
201520142015
£m£m£m
Current
29.332.135.1
Non-current
84.7 82.180.6
Total borrowings
114.0114.2115.7
The fair value of the following financial assets and liabilities approximate to their carrying amount:
• trade and other receivables;
• other current financial assets;
• cash and cash equivalents; and
• trade and other payables.
10. Net debt
Audited
Unaudited
As at As at
30 June
Exchange 30 Dec
2015
Cash flow
differences
2015
£m
£m
£m
£m
Cash and cash equivalents 23.3
3.9
0.5
27.7
Overdrafts
(4.7)
1.2
(0.1)
(3.6)
Bank and other loans
(110.4)
4.9
(4.5)
(110.0)
Finance lease liabilities
(0.6)
0.2
—
(0.4)
Net debt (92.4)
10.2
(4.1)
(86.3)
19
11. Pensions and post‑employment benefits
The Group operates a number of post‑employment benefit arrangements. In the UK, the Group operates a Defined Benefit
pension scheme and defined contribution schemes. Together, these schemes cover most of the Group’s UK employees.
Elsewhere in Europe, the Group has a number of unfunded post‑employment benefit arrangements.
At 31 December 2015, the Group recognised a deficit on its UK Defined Benefit pension plan of £30.7 million
(30 June 2015: £29.8m). The Group’s post‑employment benefit obligations outside the UK amounted to £1.6 million
(30 June 2015: £1.6m).
Defined Benefit schemes had the following effect on the Group’s results and financial position:
201520142015
£m£m£m
Profit or loss
Service cost and administration expenses
(0.9)(0.8) (1.7)
Charge to operating profit
(0.9)(0.8) (1.7)
Net interest cost on Defined Benefit obligation
(0.6)(0.6) (1.3)
Charge to profit before income tax
(1.5) (1.4)(3.0)
Other comprehensive expense
Net actuarial loss
(1.2)(1.7)(2.1)
Other comprehensive expense
(1.2)(1.7)(2.1)
As at As at As at
31 Dec
31 Dec 30 June
201520142015
£m£m£m
Balance sheet
Defined Benefit obligations:
UK – funded
(133.5)(133.0)(135.5)
Other – unfunded
(1.6)(1.8)(1.6)
(135.1)(134.8) (137.1)
Fair value of scheme assets
102.8103.3105.7
Deficit on the schemes
(32.3)(31.5)(31.4)
Following consultation with staff and the UK plan’s Trustees, the UK Defined Benefit plan will cease to be open to future
service accrual from 29 February 2016. Staff affected by this change have been offered a new defined contribution
scheme from that date. The closure of this plan is one of the key actions in the “Repair” phase to limit the growth of fund
liabilities, reducing the risks and uncertainty over future cash costs associated with providing an active Defined Benefit
pension scheme.
Following the conclusion of the March 2015 triennial valuation, the Company and Trustees have recently agreed a new
deficit reduction plan based on the scheme funding deficit of £44.2 million. This will give rise to an increase in the deficit
cash funding requirements of £0.4 million to £3.0 million per annum with effect from 31 March 2015.
For accounting purposes, the Fund’s benefit obligation as at 31 December 2015 has been calculated based on data
gathered for the triennial actuarial valuation as at March 2012 and by applying assumptions made by the Group on the
advice of an independent actuary in accordance with IAS 19, ‘Employee benefits’.
20
continued
12. Payments to shareholders
Payments to ordinary shareholders are made by way of the issue of B Shares in place of income distributions. Ordinary
shareholders are able to redeem any number of the B Shares issued to them for cash. Any B Shares that they retain attract
a dividend of 75% of LIBOR on the 0.1 pence nominal value of each share, paid on a twice‑yearly basis.
Payments to ordinary shareholders made or proposed in respect of each period were as follows:
to 31 Dec
to 31 Dec 30 June
2015(1)2014 2015
Interim
1.2p1.7p1.7p
Final
n/a n/a1.9p
(1)Interim payment to shareholders that is not recognised within these condensed interim consolidated financial statements.
Movements in the B Shares were as follows:
Nominal
value
Number
£m
At 1 July 2014 (audited)
578,450,919
0.6
Issued 6,012,907,197
6.0
Redeemed
(5,580,803,984)
(5.6)
At 31 December 2014 (unaudited)
1,010,554,132
1.0
Issued
3,097,558,253
3.1
Redeemed
(3,139,105,190)
(3.1)
At 30 June 2015 (audited)
969,007,195
1.0
Issued
3,461,976,871
3.5
Redeemed
(3,674,427,539)
(3.7)
At 31 December 2015 (unaudited)
756,556,5270.8
13. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated
on consolidation and, therefore, are not required to be disclosed in these condensed interim financial statements.
Key management compensation and transactions with the Group’s pension and post‑employment schemes for the financial
year ended 30 June 2015 are detailed in note 28 (page 108) of McBride plc’s Annual Report and Accounts 2015. A copy of
McBride plc’s Annual Report and Accounts 2015 is available on McBride’s website at www.mcbride.co.uk. Although there
have been changes to the Executive Leadership Team since the year end, there are no other related party transactions.
14. Key performance indicators (KPIs)
Management uses a number of KPIs to measure the Group’s performance and progress against its strategic objectives.
The most important of these are noted and defined below:
• organic revenue growth – change in revenue adjusted for the effect of exchange rate movements (constant currency);
• adjusted operating profit – operating profit before adjusting items;
• adjusted operating margin – adjusted operating profit as a percentage of revenue;
• labour cost/revenue – labour cost as a percentage of revenue;
• customer service level – volume of products delivered in the correct volumes and within agreed timescales as a
percentage of total volumes ordered by customers;
• adjusted diluted earnings per share – profit attributable to shareholders before adjusting items divided by the weighted
average number of ordinary shares used for calculating diluting earnings per share; and
• return on capital employed – adjusted operating profit as a percentage of average year‑end net assets excluding
net debt.
21
Other information
Financial calendar for the year ended 30 June 2016
Payments to shareholders
Interim
Announcement
24 February 2016
Entitlement to B Shares 22 April 2016
Redemption of B Shares
27 May 2016
Final
Announcement
7 September 2016
Entitlement to B Shares
21 October 2016
Redemption of B Shares 25 November 2016
Results
Interim
Announcement
24 February 2016
Preliminary statement for full year
Announcement 7 September 2016
Annual Report and Accounts 2016
Circulated
September 2016
Annual General Meeting
To be held
24 October 2016
Exchange rates
The exchange rates used for conversion to Sterling were as follows:
201520142015
Average rate:
Euro
1.391.26 1.31
US Dollar
1.531.631.58
Polish Zloty
5.875.305.48
Czech Koruna
37.62 34.9136.34
Hungarian Forint
434.20 392.20406.07
Malaysian Ringgit
6.39 5.335.44
Australian Dollar
2.121.831.89
Chinese Yuan
9.7310.01 9.75
Closing rate:
Euro
1.361.28 1.41
US Dollar
1.481.561.57
Polish Zloty
5.815.495.89
Czech Koruna
36.8235.6138.31
Hungarian Forint
430.52 405.11442.69
Malaysian Ringgit
6.405.455.93
Australian Dollar
2.10 1.902.05
Chinese Yuan
9.629.679.75
22
Shareholder information
Company’s registered office
McBride plc
Registrars
Capita Asset Services
www.mcbride.co.uk
Financial public relations advisers
FTI Consulting LLP
Middleton Way
Middleton
Manchester M24 4DP
Telephone: +44 (0)161 653 9037
Company’s corporate offices
McBride plc
Shared Service Centre
Central Park
Northampton Road
Manchester M40 5BP
Independent auditors
PricewaterhouseCoopers LLP
Chartered Accountant and Statutory Auditors
1 Embankment Place
London WC2N 6RH
Joint financial advisers and brokers
Investec plc
2 Gresham Street
London EC2V 7QP
Panmure Gordon & Co. plc
One New Change
London EC4M 9AF
Principal bankers
Barclays Bank PLC
Ashton House
497 Silbury Boulevard
Milton Keynes MK9 2LD
BayernLB
Moor House
120 London Wall
London EC2Y 5ET
BNP Paribas
10 Harewood Avenue
London NW1 6AA
HSBC Bank plc
Level 6
Metropolitan House, CBX3
321 Avebury Boulevard
Milton Keynes MK9 2GA
KBC Bank N.V.
5th Floor
111 Old Broad Street
London EC2N 1BR
Designed and produced by
www.lyonsbennett.com
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
200 Aldersgate
London EC1A 4HD
McBride plc
Middleton Way
Middleton
Manchester M24 4DP
Telephone: +44 (0)161 653 9037
Facsimile: +44 (0)161 655 2278
www.mcbride.co.uk
McBride has been accepted into
the FTSE4Good Index Series of
leading companies which meet
globally recognised corporate
responsibility standards.
McBride has been a leading
contributor in the development of
the A.I.S.E. Charter for sustainable
cleaning and was the first Private Label
company to achieve Charter status.

Interim report

Transcription

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