Half Yearly Report -7-
30 Novembro 2011 - 5:01AM
UK Regulatory
The amounts recognised in the Consolidated balance sheet are
determined as follows:
(Unaudited) (Unaudited) (Audited)
At At At
30 September 30 September 31 March
2011 2010 2011
GBPm GBPm GBPm
======================================= ============== ============== ==========
Present value of funded obligations 432.0 436.5 406.0
Fair value of defined benefit pension
scheme assets (270.3) (278.7) (287.8)
======================================= ============== ============== ==========
Retirement benefit obligations of the
Scheme 161.7 157.8 118.2
Present value of unfunded benefits 3.8 4.0 3.6
======================================= ============== ============== ==========
Retirement benefit obligations 165.5 161.8 121.8
======================================= ============== ============== ==========
The retirement benefit obligations have increased to GBP165.5
million since 31 March 2011 (31 March 2011: GBP121.8 million, 30
September 2010: GBP161.8 million). This increase has occurred as a
result of changes to the financial assumptions used in calculating
the present value of funded obligations and also a decrease in the
market value of the pension scheme assets as at 30 September
2011.
At 30 September 2011 a discount rate of 5.1% (31 March 2011:
5.6%, 30 September 2010: 5.0%) was used to discount the gross
liabilities of the Scheme to the present value. The movement in the
discount rate is due to changes in corporate bond yields at the
consolidated balance sheet date. The result of the movement is an
increase in the present value of the obligations, although the
effect has been partially compensated by a fall in the inflation
assumption from 3.4% to 3.1%. There have been no other significant
changes to the assumptions used and disclosed in note 29 of the
2011 Annual Report and Accounts of AEA Technology Group plc.
The Scheme's past service funding deficit is expected to be
cleared over approximately 18 years under a schedule of
contributions agreed by AEA Technology plc and the Trustees in June
2009. The triennial valuation of the Scheme for 31 March 2011 is
currently ongoing.
The amounts recognised in respect of pension benefits in the
Consolidated income statement are as follows:
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2011 2010 2011
GBPm GBPm GBPm
============================================ ============== ============== ==========
Curtailment gain - - (0.1)
============================================ ============== ============== ==========
Net pension credit - - (0.1)
Accretion of discount on defined benefit
scheme obligations 11.2 11.6 23.2
Expected return on defined benefit pension
scheme assets (10.2) (10.5) (21.2)
============================================ ============== ============== ==========
Total expense in the Consolidated income
statement 1.0 1.1 1.9
============================================ ============== ============== ==========
The curtailment gain in the year ended 31 March 2011 resulted
from the cessation of benefits payable to one individual in the
unfunded scheme.
8 FINANCE INCOME
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2011 2010 2011
GBPm GBPm GBPm
============================================ ============== ============== ==========
Expected return on defined benefit pension
scheme assets 10.2 10.5 21.2
============================================ ============== ============== ==========
Finance income 10.2 10.5 21.2
============================================ ============== ============== ==========
9 FINANCE COSTS
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended ended
30 September 30 September 31 March
2011 2010 2011
GBPm GBPm GBPm
============================================ ============== ============== ==========
Interest on bank overdrafts and loans 1.3 0.8 1.7
Interest on finance leases - - 0.1
Fair value losses on financial instruments
- interest rate swaps - 0.3 0.1
Accretion of discount on defined benefit
pension scheme obligations 11.2 11.6 23.2
============================================ ============== ============== ==========
Finance costs 12.5 12.7 25.1
============================================ ============== ============== ==========
10 EARNINGS PER SHARE
Details of basic, diluted and adjusted earnings per share are
set out below. The weighted average number of shares has been
restated for all prior periods to reflect the inherent bonus
element of the shares issued at below market value in the Firm
Placing, Placing and Open Offer in November 2010.
(a) Basic loss per share
Basic loss per share is calculated by dividing the loss for the
period attributable to the owners of the parent by the weighted
average number of ordinary shares in issue for the period.
(Unaudited)
(Unaudited) Six months (Audited)
Six months ended Year
ended 30 September ended
30 September 2010 31 March
2011 restated 2011
============================================ ============== ============== ==========
Loss for the period attributable to the
owners of the parent (GBP million) (2.2) (9.0) (14.0)
============================================ ============== ============== ==========
Weighted average number of ordinary shares
in issue (million) 1,453.6 987.6 1,173.6
Basic loss per share (pence) (0.2)p (0.9)p (1.2)p
============================================ ============== ============== ==========
(b) Diluted loss per share
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares in issue to assume conversion of
all potential dilutive ordinary shares resulting from outstanding
share options at 30 September 2011. The calculation is performed
for the share options to determine the number of shares that could
have been acquired at fair value (determined as the average annual
market share price of the Company's shares) based on the monetary
value of the subscription rights attached to the outstanding share
options. The number of shares calculated as above is compared with
the number of shares that would have been issued assuming the
exercise of the share options to give the number of shares deemed
to be issued at nil consideration. These dilutive shares are added
to the weighted average number of ordinary shares in issue.
(Unaudited)
(Unaudited) Six months (Audited)
Six months ended Year
ended 30 September ended
30 September 2010 31 March
2011 restated 2011
============================================ ============== ============== ==========
Loss for the period attributable to the
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