Preliminary Results -14-
30 Novembro 2011 - 5:01AM
UK Regulatory
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Retirement benefit obligation at the end of the
year (317.4) - (317.4) (368.4)
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Movements in the fair value of plan assets are as follows:
Group Third-party
schemes schemes Total Total
2011 2011 2011 2010
GBPm GBPm GBPm GBPm
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Plan assets at the beginning of the year 254.9 60.5 315.4 268.2
Expected return on plan assets 16.0 3.6 19.6 19.8
Company contributions 10.5 1.1 11.6 14.5
Employee contributions 1.2 0.5 1.7 3.1
Benefits paid (13.0) (1.3) (14.3) (10.9)
Actuarial gain 15.0 5.5 20.5 20.7
Elimination upon settlement/curtailment of scheme - (69.9) (69.9) -
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Plan assets at the end of the year 284.6 - 284.6 315.4
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Group Third-party
schemes schemes Total Total
2011 2011 2011 2010
GBPm GBPm GBPm GBPm
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Current service cost - included in cost of sales 2.8 0.9 3.7 5.8
Current service cost - included in administrative
expenses 0.4 0.1 0.5 0.6
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Total current service cost 3.2 1.0 4.2 6.4
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Interest cost 16.2 2.7 18.9 19.9
Expected return on plan assets (16.0) (3.6) (19.6) (19.8)
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Net finance (income)/cost 0.2 (0.9) (0.7) 0.1
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Total recognised in the Income Statement pre
exceptional items 3.4 0.1 3.5 6.5
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Settlement/curtailment gain from customer contract
change - (1.9) (1.9) -
Curtailment charges charged to exceptional restructuring
costs (upto 31 May 2011) - 0.2 0.2 -
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Total recognised in the Income Statement 3.4 (1.6) 1.8 6.5
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The principal employer, after consulting with the actuaries, has
agreed with the trustees of each of the schemes appropriate
recovery plans.
The expected contributions payable, based on existing funding
plans and contribution rates, to the defined benefit schemes for
the forthcoming year is GBP5.6m.
Actuarial gains and losses recognised in the Statement of
Comprehensive Income are as follows:
Group Third-party
schemes schemes Total Total
2011 2011 2011 2010
GBPm GBPm GBPm GBPm
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Actual return less expected return on pension
scheme assets 15.0 5.5 20.5 20.7
Experience gains and losses arising on the scheme
liabilities 6.1 4.6 10.7 -
Past service costs recognised on RPI to CPI change 3.9 3.8 7.7 -
Effect of changes in assumptions on the present
value of scheme liabilities (15.8) (12.6) (28.4) (21.4)
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Actuarial gain/(loss) 9.2 1.3 10.5 (0.7)
Deferred tax on movement in scheme deficits (2.3) (0.3) (2.6) 0.2
Total recognised in the Statement of Comprehensive
Income 6.9 1.0 7.9 (0.5)
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Cumulative actuarial losses recognised in the Statement of
Comprehensive Income total GBP33.9m (2010: GBP44.4m).
17 Contingent liabilities
Contingent liabilities at 31 July 2011 in respect of guarantees
and indemnities in the normal course of business totalled GBP15.2m
(2010: GBP21.5m) of which GBP1.5m has been released since the year
end. Much of this arises from bonds issued by our bankers in
support of specific contracts and which can be called at any time
by the client who would ordinarily do so in the event of our poor
contractual performance. No such calls were made during the year.
No reimbursement would be expected if calls were made.
In addition, bank overdrafts of subsidiaries were guaranteed at
31 July 2011 up to GBP0.2m (2010: GBP0.3m); the amount overdrawn at
that date being GBPnil (2010: GBPnil). These overdrafts are
unsecured.
The Company and various of its subsidiaries are, from time to
time, parties to legal proceedings and claims which arise in the
ordinary course of business. Provisions are maintained by the Group
having regard to the size and nature of the claims and the Group's
best estimate of the likely settlement. The Directors do not
believe that the outcome of these proceedings, actions and claims,
either individually or in aggregate, will have a materially adverse
effect upon the Group's financial position.
The Group's liabilities under the revolving credit facility
detailed in note 12 is guaranteed, on a joint and several basis, by
Mouchel Group plc, Mouchel Finance Limited, Mouchel Limited,
Mouchel Ewan Limited, Mouchel Rail Limited, Mouchel Traffic Support
Limited, Mouchel Holdings Limited, Mouchel Business Services
Limited and Mouchel Management Consulting Limited.
18 Post-balance sheet events
Disposals
On 19 October 2011 the Group announced the disposal of the
business and assets of Mouchel Rail, the UK-based provider of
multi-disciplinary design, consultancy and project management
services to the rail industry, to Sinclair Knight Merz ("SKM"). SKM
paid GBP3.4m in cash to the group at completion, and the Group will
retain net realisable assets (principally trade receivables and
unbilled revenue) of a further GBP2.5m. SKM will assist the group
in the collection of Mouchel Rail's trade receivable and unbilled
revenue, and will receive a 5 per cent. administration fee on all
unbilled revenue collected. The Group has also committed to fund
certain work in respect of future project commitments under one
contract up to a maximum of GBP0.75m, and expects that this will be
recoverable upon completion of that contract. The transaction was
completed on 31 October 2011 upon the satisfaction of certain
conditions relating to key employees and clients. Proceeds from the
sale will be used to repay a portion of the group's debt. For the
year ended 31 July 2011, Mouchel Rail reported external revenue of
GBP12.5m and an underlying operating profit of GBP0.4m. This
disposal business is reported within the Regulated Industries
segment in note 2.
On 21 October 2011 the Group announced the disposal of its
pipeline design business, the UK-based provider of design and
project services to the gas engineering and wider energy markets,
to Mott MacDonald Limited ("Mott MacDonald"). Mott MacDonald paid
initial consideration of approximately GBP2.6m in cash for the
share capital of Mouchel Energy Limited, a new company set up for
the purpose of the disposal. The transaction is also subject to
post-completion adjustments (relating to certain net asset and
unbilled revenue items), but for which additional cash
consideration payable to the group under such adjustments is capped
in aggregate at approximately GBP0.9m. The proceeds from the sale
will be used to repay a portion of the group's debt. For the year
ended 31 July 2011, the pipeline design business reported external
revenue of GBP3.8m and an underlying operating loss of GBP0.3m.
This disposal business is reported within the Regulated Industries
segment in note 2.
Bank Facilities
On 29th November 2011 the company agreed amendments to the terms
of its principal banking facilities which expire on 31 March
2014.
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