TIDMROR
RNS Number : 2272O
Rotork PLC
05 August 2014
Rotork plc
2014 Half Year Results
OCC *(2)
HY 2014 HY 2013 % change % change
Order intake GBP302.7m GBP294.3m +2.9% +7.1%
Revenue GBP278.5m GBP276.1m +0.9% +4.4%
Adjusted*1 operating profit GBP69.1m GBP70.2m -1.7% +4.9%
Profit before tax GBP61.5m GBP63.6m -3.3% +7.3%
Adjusted*1 profit before
tax GBP68.4m GBP69.4m -1.4% +5.3%
Basic earnings per share 51.5p 52.8p -2.5% +8.1%
Adjusted*1 basic earnings
per share 57.3p 57.6p -0.5% +6.3%
Interim dividend 19.2p 18.05p +6.4%
*(1) Adjusted figures are before the amortisation of acquired
intangible assets
*(2) OCC is organic constant currency
Highlights
-- Record half year order intake of GBP303m
-- Order book of GBP203m, up 7.4% from December (OCC +12.1%)
-- OCC operating margin up 20bps to 25.6%
-- 9% adverse currency impact on adjusted*(1) operating profit
-- Acquisition of YTC in Korea; post period-end acquisition of Midland
-- Interim dividend increased by 6.4%
Peter France, Chief Executive, commenting on the results,
said:
"During the first half, we saw an increased level of activity in
many of the markets that we serve and our geographic reach and
broad product portfolio enabled us to secure a number of major
projects. This resulted in record order intake and first half
revenue despite a strengthening currency headwind.
For the full year, we anticipate that as in previous years the
Group's performance will be more weighted towards the second half.
Our order book, increased project activity and wide market exposure
provide the Board with confidence of achieving further progress in
the full year."
For further information, please contact:
Rotork plc Tel: 01225 733200
Peter France, Chief Executive
Jonathan Davis, Finance Director
FTI Consulting Tel: 020 3727 1340
Nick Hasell / Susanne Yule
Review of operations
Business Review
In the six months to 30 June 2014 Rotork delivered growth in
both order intake and revenue, despite sterling strengthening.
Record order intake of GBP302.7m was 2.9% higher than the
comparative period, with currency a GBP23.5m or 7.2% headwind.
Removing the impact of currency and acquisitions, order intake grew
by 7.1%. Revenue grew 0.9% to GBP278.5m despite a GBP20.3m currency
headwind. At constant currency, revenue was 8.3% higher and, after
removing the contribution from acquisitions, growth was 4.4%. The
three acquisitions in the second half of 2013 and the YTC
acquisition in March 2014 added GBP10.7m of revenue.
The strengthening of sterling dampened reported margins in the
period, resulting in an adjusted operating profit 1.7% lower at
GBP69.1m, and giving a margin of 24.8% compared with 25.4% in the
comparative period. Currency reduced adjusted operating profit by
GBP6.8m and removing this impact results in a constant currency
margin of 25.4% from profit of GBP75.9m. The acquisitions were also
slightly dilutive so organic constant currency adjusted operating
margins were 25.6%, a 20 basis point increase. The order book
increased by 7.4% in the period to GBP202.6m, driven by several
major project awards.
As a global business operating across a wide range of industries
and geographies, we are well placed to benefit from an increase in
project activity in any region. The Far East and Latin America
performed well in the period. Mexico was once again particularly
active and we secured another large order for the automation of
more of the existing liquid and gas pipeline network which will be
delivered during 2015 and 2016. The Indian market continues to show
signs of improvement although we do not expect the Indian power
market to recover fully until 2015. China continues to benefit from
investment in cleaner power generation. North America had a slower
start to the period with the harsh winter in the north of the
region affecting a number of our businesses. Europe remains
generally subdued. Overall project visibility remains positive and
quote activity in the second quarter was encouraging.
We continue to actively manage our costs, with a particular
focus on bought-in components, which are the largest part of the
cost base in our outsourced manufacturing model. Our new factory in
Leeds was finished in the period and the transfer of people and
activities will be completed during the summer. We have also
completed the relocation of our sales office in Spain and opened a
new sales office in Poland. We expect to open a new office in Chile
in the second half of the year.
As well as focusing on organic sales growth and product
development, we have continued to grow by acquisition. We announced
the acquisition of YTC for GBP64m in March and, following the
period-end, we announced the acquisition of Xylem Flow Control, now
Rotork Midland, for GBP18m in July. Both of these businesses
provide us with additional products that are core to the
Instruments division's portfolio. YTC, which is based in Korea,
also strengthens the Instruments division's presence in the
important Far East market. The integration of YTC is progressing
well and it made a positive contribution in the period. We continue
to look for opportunities to grow both organically and by
acquisition that will support our long-term strategic and financial
objectives.
Financial position
Cash flow
Cash flow from operating activities was GBP39.6m which
represents 87.1% cash generation compared with 91.7% in the
corresponding period last year. Cash generation is our KPI which
compares cashflow from operating activities with operating profit.
A working capital outflow of GBP8.9m compares with a GBP9.1m
outflow in the prior period, with a GBP7.9m increase in inventory
being the largest element of this outflow in the period. The net
outflow on the acquisition of YTC (GBP55.5m) and final dividend
payment (GBP26.0m) were the two largest outflows, although
completion of the new Leeds facility resulted in higher than normal
capital expenditure (GBP8.7m) in the period.
Balance sheet
The balance sheet at the period end included net cash of
GBP14.9m. The acquisition of Midland for GBP18m took place shortly
after the period end. Gross cash balances of GBP71.6m were offset
by borrowings of GBP56.7m, GBP55.0m of which is provided under two
committed facilities. Net working capital at the period end was
GBP151.7m, an increase of GBP8.6m since the year end. This
represents 27.2% of revenue compared with 26.8% at the same time
last year.
Post balance sheet event
On 2 July 2014 we completed the acquisition of Xylem Flow
Control Limited, a UK based subsidiary of Xylem Inc. for GBP18m.
This business makes solenoid valves and other flow control
instruments which are sold under the Midland-ACS, Alcon and Landon
Kingsway brands and which are used extensively in explosion-proof
zoned areas. The business has been renamed Rotork Midland Ltd and
has become part of the Rotork Instruments division.
Operating Review
Delivery against our twin-track growth strategy is reflected in
these results with the benefit of the YTC, Flowco, GTA and Renfro
acquisitions supplementing the organic growth of our divisions.
Rotork Controls
GBPm H1 2014 H1 2013 Change OCC*(2) Change
Order intake 161.3 155.7 +3.6% +12.0%
Revenue 150.7 152.6 -1.3% +6.0%
Adjusted*(1) operating
profit 46.1 49.0 -5.9% +3.5%
Adjusted operating
margin 30.6% 32.1% -150 bps -70 bps
Order intake grew by 3.6% to GBP161.3m, a record half year
performance for Controls. On an organic constant currency basis,
order intake grew 12.0%, with currency having a greater impact on
Controls than our other divisions. Activity levels in Europe and
North America were stable compared with the first half of 2013
whilst Latin America and the Far East grew strongly. The power
market in India continued to improve, although we do not expect it
to recover fully until 2015. In China the power market was active,
whilst the oil and gas market experienced some delays in order
placement. The order book rose 5.0% in the period to GBP105.4m
despite the currency headwind.
With a greater concentration of sterling costs than the other
divisions, adjusted operating margins in Controls reduced by 150
basis points, largely as a result of currency. Gross margins were
impacted by the geographic, end market and product mix of revenue
in the period and this reduced underlying margins by 70 basis
points.
The second half of the year will see the launch of our new
Centork electric actuator. The specification for this range has
been designed for the power and water markets and will complement
the IQ series.
Rotork Fluid Systems
GBPm H1 2014 H1 2013 Change OCC*(2) Change
Order intake 101.0 101.6 -0.6% +2.4%
Revenue 88.8 89.2 -0.5% +1.6%
Adjusted*(1) operating
profit 14.4 14.2 +1.6% +8.1%
Adjusted operating
margin 16.2% 15.9% +30 bps +100 bps
First half order intake was 0.6% below the record comparative
period but up 2.4% on an organic constant currency basis. With the
Mexican pipeline order mainly benefiting Fluid Systems, the order
book is at a new high of GBP84.1m and 10.7% higher than December
2013.
Activity levels in the Eastern European oil and gas market and
the US liquids pipeline business were slower compared with the very
active period last year but this was mitigated by oil pipeline and
power project successes in Latin America in the current period.
North America, Europe and Asia saw consistently good levels of
activity.
Adjusted operating margins improved 30 basis points to 16.2%,
benefiting from material sourcing initiatives and the continued
widening of the component supply base for Fluid Systems. Product
mix was also favourable.
Rotork Gears
GBPm H1 2014 H1 2013 Change OCC*(2) Change
Order intake 27.7 29.8 -6.9% -6.3%
Revenue 28.7 27.1 +5.9% +6.4%
Adjusted*(1) operating
profit 6.4 6.1 +5.1% +8.5%
Adjusted operating
margin 22.2% 22.3% -10 bps +50 bps
Gears' sales focus remains on winning new customer accounts.
Whilst there have been some key successes in this area, it has not
yet translated into order intake, which was 6.9% lower
year-on-year. Currency had less of an impact on Gears so on an
organic constant currency basis order intake was 6.3% below 2013.
The order book was GBP9.8m, the same level as in December 2013.
In the US our Houston factory saw growth in the period and we
benefited from a contribution from Renfro. In Europe we saw fewer
subsea projects than in the comparative period so sales from our
Italian factory were lower year-on-year, but our Netherlands
factory had an improved start to the year. India also had a much
more positive period as we continued work to indigenise the
sourcing of components. Sourcing from lower cost regions is one of
the initiatives which has helped improve Gears' underlying
margins.
Rotork Instruments
GBPm H1 2014 H1 2013 Change OCC*(2) Change
Order intake 18.2 13.2 +37.7% +8.3%
Revenue 17.4 12.4 +40.9% +13.0%
Adjusted*(1) operating
profit 5.5 3.9 +40.6% +10.4%
Adjusted operating
margin 31.4% 31.4% No change -70 bps
Order intake grew strongly on both a reported and underlying
basis. The headline increase of 37.7% includes three months
contribution from YTC but, removing the effect of acquisitions and
currency, orders were still 8.3% higher. We continue to develop our
sales channels and expand our product portfolio such that we fully
utilise our global reach and sales infrastructure. Instruments
benefits from its manufacturing presence in the USA, Italy, Korea
and UK, and Rotork Midland and YTC bring to the Group increased
engineering resources that will enhance our development of product
lines for the international market.
Board Composition
As previously announced, Ian King retired from the Board on 20
June 2014 after serving nine years as a non-executive director, at
which time John Nicholas became senior independent non-executive
director and Sally James became Chair of the Audit Committee.
Martin Lamb and Lucinda Bell were appointed as non-executive
directors, on 2 June 2014 and 10 July 2014 respectively, and are
both members of the Audit, Nomination and Remuneration
Committees.
Change of auditor
We announced our intention to offer all external audit work for
tender in the 2013 Annual Report. Following the completion of this
process, Deloitte LLP were appointed as the Group's statutory
auditor and have carried out a review of this half year financial
report in this capacity.
Principal risks and uncertainties
The Group has an established risk management process as part of
the corporate governance framework set out in the 2013 Annual
Report & Accounts. We regularly review the principal risks and
uncertainties facing our businesses and examine the potential
impacts on our processes and procedures. The risk management
process is described in detail on pages 30 to 33 of the 2013 Annual
Report & Accounts. We identify risks in the form of strategic,
operational and financial risks and set out mitigations and
improvements to our processes and procedures as necessary to manage
these risks. The Group has reviewed these risks and concluded that
they remain applicable to the second half of the financial
year.
The principal risks and uncertainties are:
-- Competition on price as a result of a competitor moving to
manufacture in a lower cost area of the world;
-- Rotork not having the appropriate products, either in terms of features or costs;
-- Lower investment in Rotork's traditional market sectors;
-- Major in field product failure arising from a component
defect or warranty issue which might require a product recall;
-- Failure of a key supplier or a tooling failure at a supplier causing disruption to planned manufacturing;
-- Failure of an acquisition to deliver the growth or synergies
anticipated, due to incorrect assumptions or changing market
conditions, or failure to integrate an acquisition to ensure
compliance with Rotork's policies and procedures;
-- Failure of IT security systems to prevent penetration by
unauthorised people and access to commercially sensitive data;
-- Volatility of exchange rates;
-- Political instability in a key end-market;
-- Defined benefit pension scheme deficit.
Statement of Directors' Responsibilities
The Directors confirm that this condensed consolidated interim
financial information has been prepared in accordance with IAS 34
as adopted by the European Union and that the interim management
report includes a fair review of the information required by DTR
4.2.7R and DTR 4.2.8R, namely:
-- an indication of important events that have occurred during
the first six months 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 financial year;
and
-- material related party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.
The Directors of Rotork plc are listed in the Rotork plc Annual
Report & Accounts for 31 December 2013. A list of current
directors is maintained in the About Us section of the Rotork
website: www.rotork.com.
Dividend
The interim dividend is to be increased by 6.4% to 19.2p per
ordinary share and will be paid on 26 September 2014 to
shareholders on the register at the close of business on 29 August
2014.
Outlook
During the first half, we saw an increased level of activity in
many of the markets that we serve and our geographic reach and
broad product portfolio enabled us to secure a number of major
projects. This resulted in record order intake and first half
revenue despite a strengthening currency headwind.
For the full year, we anticipate that as in previous years the
Group's performance will be more weighted towards the second half.
Our order book, increased project activity and wide market exposure
provide the Board with confidence of achieving further progress in
the full year.
By order of the Board
Peter France
Chief Executive
4 August 2014
Independent Review Report to Rotork plc
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2014 which comprises the Consolidated
Income Statement, the Consolidated Statement of Comprehensive
Income and Expense, the Consolidated Balance Sheet, the
Consolidated Statement of Changes in Equity, the Consolidated
Statement of Cash Flows related notes 1 to 17. 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.
This report is made solely to the company 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. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
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 Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
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.
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 inquiries, 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 30
June 2014 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London
4 August 2014
Consolidated Income Statement
First half First half Full year
2014 2013 2013
Notes GBP000 GBP000 GBP000
---------- ---------- ---------
Revenue 2 278,543 276,051 578,440
Cost of sales (144,908) (143,805) (304,066)
---------- ---------- ---------
Gross profit 133,635 132,246 274,374
Other income 158 73 206
Distribution costs (2,729) (2,688) (5,623)
Administrative expenses (68,864) (65,161) (129,576)
Other expenses (86) (4) (116)
Operating profit before the amortisation
of
acquired intangible assets 69,050 70,210 151,412
Amortisation of acquired intangible
assets (6,936) (5,744) (12,147)
----------------------------------------- ----- ---------- ---------- ---------
Operating profit 2 62,114 64,466 139,265
Finance income 3 724 613 1,173
Finance expense 4 (1,357) (1,469) (2,441)
Profit before tax 61,481 63,610 137,997
Income tax expense 5
UK (3,766) (4,327) (8,060)
Overseas (13,062) (13,500) (30,428)
---------- ---------- ---------
(16,828) (17,827) (38,488)
Profit for the period 44,653 45,783 99,509
========== ========== =========
pence pence pence
Basic earnings per share 8 51.5 52.8 114.8
Adjusted basic earnings per share 8 57.3 57.6 124.9
Diluted earnings per share 8 51.3 52.6 114.3
Adjusted diluted earnings per share 8 57.1 57.3 124.3
Consolidated Statement of Comprehensive Income and Expense
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
---------- ---------- ---------
Profit for the period 44,653 45,783 99,509
Other comprehensive income and expense
Items that may be subsequently reclassified
to the income statement:
Foreign currency translation differences (6,554) 6,788 (4,981)
Effective portion of changes in fair value
of cash flow
hedges net of tax 270 (1,829) 1,274
---------- ---------- ---------
(6,284) 4,959 (3,707)
Items that are not subsequently reclassified
to the income statement:
Actuarial (loss) / gain in pension scheme
net of tax (2,055) - 5,528
---------- ---------- ---------
Income and expenses recognised directly in
equity (8,339) 4,959 1,821
Total comprehensive income for the period 36,314 50,742 101,330
========== ========== =========
Consolidated Balance Sheet
30 June 30 June 31 Dec
2014 2013 2013
Notes GBP000 GBP000 GBP000
------- ------- -------
Goodwill 136,409 105,547 105,150
Intangible assets 68,059 56,435 53,481
Property, plant and equipment 58,061 44,521 45,871
Deferred tax assets 11,288 13,549 11,778
Derivative financial instruments - - 804
Other receivables 1,530 1,644 1,532
Total non-current assets 275,347 221,696 218,616
Inventories 9 83,831 86,723 75,081
Trade receivables 108,564 103,862 105,976
Current tax 1,570 2,162 1,145
Derivative financial instruments 4,403 582 2,933
Other receivables 16,853 12,554 12,152
Cash and cash equivalents 71,626 41,594 68,873
------- ------- -------
Total current assets 286,847 247,477 266,160
Total assets 562,194 469,173 484,776
======= ======= =======
Ordinary shares 11 4,344 4,341 4,344
Share premium 8,882 8,301 8,840
Reserves 365 15,315 6,649
Retained earnings 329,089 268,870 312,246
------- ------- -------
Total equity 342,680 296,827 332,079
------- ------- -------
Interest-bearing loans and borrowings 12 1,474 1,936 1,678
Employee benefits 21,500 30,727 22,705
Deferred tax liabilities 20,129 15,799 16,920
Non-current provisions 2,397 1,881 2,628
------- ------- -------
Total non-current liabilities 45,500 50,343 43,931
Interest-bearing loans and borrowings 12 55,286 226 532
Trade payables 40,715 42,710 38,019
Employee benefits 12,369 10,312 17,479
Current tax 16,996 19,507 14,836
Derivative financial instruments 23 3,104 32
Other payables 39,238 41,576 31,002
Provisions 9,387 4,568 6,866
------- ------- -------
Total current liabilities 174,014 122,003 108,766
Total liabilities 219,514 172,346 152,697
Total equity and liabilities 562,194 469,173 484,776
======= ======= =======
Consolidated Statement of Changes in Equity
Issued Capital
equity Share Translation redemption Hedging Retained
capital premium reserve reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------- --------- ------------ ------------ --------- ---------- ---------
Balance at 31 December
2012 4,340 8,258 7,649 1,644 1,063 246,369 269,323
Profit for the period - - - - - 45,783 45,783
Other comprehensive income
--------- --------- ------------ ------------ --------- ---------- ---------
Foreign currency translation
differences - - 6,788 - - - 6,788
Effective portion of
changes in fair value
of cash flow hedges - - - - (2,383) - (2,383)
Tax in other comprehensive
income - - - - 554 - 554
--------- --------- ------------ ------------ --------- ---------- ---------
Total other comprehensive
income - - 6,788 - (1,829) - 4,959
--------- --------- ------------ ------------ --------- ---------- ---------
Total comprehensive income - - 6,788 - (1,829) 45,783 50,742
Transactions with owners,
recorded directly in
equity
Equity settled share
based payment transactions - - - - - (1,301) (1,301)
Tax on equity settled
share based payment transactions - - - - - 302 302
Share options exercised
by employees 1 43 - - - - 44
Own ordinary shares acquired - - - - - (3,601) (3,601)
Own ordinary shares awarded
under share schemes - - - - - 4,400 4,400
Dividends - - - - - (23,082) (23,082)
--------- --------- ------------ ------------ --------- ---------- ---------
Balance at 30 June 2013 4,341 8,301 14,437 1,644 (766) 268,870 296,827
========= ========= ============ ============ ========= ========== =========
Issued Capital
equity Share Translation redemption Hedging Retained
capital premium reserve reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------- --------- ------------ ------------ --------- ---------- ---------
Balance at 31 December
2012 4,340 8,258 7,649 1,644 1,063 246,369 269,323
Profit for the year - - - - - 99,509 99,509
Other comprehensive income
--------- --------- ------------ ------------ --------- ---------- ---------
Foreign currency translation
differences - - (4,981) - - - (4,981)
Effective portion of
changes in fair value
of cash flow hedges - - - - 1,598 - 1,598
Actuarial gain on defined
benefit pension plans - - - - - 7,669 7,669
Tax in other comprehensive
income - - - - (324) (2,141) (2,465)
--------- --------- ------------ ------------ --------- ---------- ---------
Total other comprehensive
income - - (4,981) - 1,274 5,528 1,821
--------- --------- ------------ ------------ --------- ---------- ---------
Total comprehensive income - - (4,981) - 1,274 105,037 101,330
Transactions with owners,
recorded directly in
equity
Equity settled share
based payment transactions - - - - - 143 143
Tax on equity settled
share based payment transactions - - - - - 632 632
Share options exercised
by employees 4 582 - - - - 586
Own ordinary shares acquired - - - - - (5,601) (5,601)
Own ordinary shares awarded
under share schemes - - - - - 4,401 4,401
Dividends - - - - - (38,735) (38,735)
--------- --------- ------------ ------------ --------- ---------- ---------
Balance at 31 December
2013 4,344 8,840 2,668 1,644 2,337 312,246 332,079
========= ========= ============ ============ ========= ========== =========
Issued Capital
equity Share Translation redemption Hedging Retained
capital premium reserve reserve reserve earnings Total
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------- --------- ------------ ------------ --------- ---------- ---------
Balance at 31 December
2013 4,344 8,840 2,668 1,644 2,337 312,246 332,079
Profit for the period - - - - - 44,653 44,653
Other comprehensive
income
--------- --------- ------------ ------------ --------- ---------- ---------
Foreign currency translation
differences - - (6,554) - - - (6,554)
Effective portion of
changes in fair value
of cash flow hedges - - - - 344 - 344
Actuarial loss on defined
benefit pension plans - - - - - (2,618) (2,618)
Tax in other comprehensive
income - - - - (74) 563 489
--------- --------- ------------ ------------ --------- ---------- ---------
Total other comprehensive
income - - (6,554) - 270 (2,055) (8,339)
--------- --------- ------------ ------------ --------- ---------- ---------
Total comprehensive
income - - (6,554) - 270 42,598 36,314
Transactions with owners,
recorded directly in
equity
Equity settled share
based payment transactions - - - - - (1,560) (1,560)
Tax on equity settled
share based payment
transactions - - - - - 335 335
Share options exercised
by employees - 42 - - - - 42
Own ordinary shares
acquired - - - - - (3,900) (3,900)
Own ordinary shares
awarded under share
schemes - - - - - 5,416 5,416
Dividends - - - - - (26,046) (26,046)
--------- --------- ------------ ------------ --------- ---------- ---------
Balance at 30 June 2014 4,344 8,882 (3,886) 1,644 2,607 329,089 342,680
========= ========= ============ ============ ========= ========== =========
Consolidated Statement of Cash Flows
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
---------- ---------- ---------
Profit for the period 44,653 45,783 99,509
Amortisation of acquired intangible assets 6,936 5,744 12,147
Amortisation of development costs 700 602 1,214
Depreciation 3,635 3,130 6,801
Equity settled share based payment expense 1,137 1,037 2,178
Net loss / (gain) on sale of property, plant
and equipment 4 (40) (25)
Finance income (724) (613) (1,173)
Finance expense 1,357 1,469 2,441
Income tax expense 16,828 17,827 38,488
74,526 74,939 161,580
Increase in inventories (7,852) (11,633) (1,740)
Increase in trade and other receivables (7,133) (5,409) (10,786)
Increase / (decrease) in trade and other payables 6,128 7,910 (1,778)
Difference between pension charge and cash
contribution (4,258) (285) (534)
(Decrease) / increase in provisions (726) (421) 863
(Decrease) / increase in employee benefits (4,808) (1,021) 2,621
---------- ---------- ---------
55,877 64,080 150,226
Income taxes paid (16,318) (13,617) (39,866)
---------- ---------- ---------
Cash flows from operating activities 39,559 50,463 110,360
Purchase of property, plant and equipment (8,715) (4,453) (10,419)
Development costs capitalised (1,050) (714) (2,033)
Proceeds from sale of property, plant and
equipment 128 91 159
Acquisition of subsidiaries, net of cash acquired (55,486) (34,255) (43,235)
Contingent consideration paid (971) (200) (250)
Interest received 214 469 917
---------- ---------- ---------
Cash flows from investing activities (65,880) (39,062) (54,861)
Issue of ordinary share capital 42 44 586
Purchase of ordinary share capital (3,900) (3,601) (5,601)
Interest paid (198) (292) (653)
Increase / (decrease) in borrowings 54,602 (193) (618)
Repayment of finance lease liabilities (22) (7) (34)
Dividends paid on ordinary shares (26,046) (23,082) (38,735)
Cash flows from financing activities 24,478 (27,131) (45,055)
Net (decrease) / increase in cash and cash
equivalents (1,843) (15,730) 10,444
Cash and cash equivalents at 1 January 68,873 59,868 59,868
Effect of exchange rate fluctuations on cash
held 4,596 (2,544) (1,439)
---------- ---------- ---------
Cash and cash equivalents at end of period 71,626 41,594 68,873
========== ========== =========
Notes to the Half Year Report
1. Status of condensed consolidated interim statements,
accounting policies and basis of significant estimates
General information
Rotork plc is a company domiciled in England and Wales.
The Company has its premium listing on the London Stock
Exchange.
The condensed consolidated interim financial statements for the
6 months ended 30 June 2014 are unaudited and the auditors have
reported 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'.
The information shown for the year ended 31 December 2013 does
not constitute statutory accounts within the meaning of Section 435
of the Companies Act 2006, statutory accounts for the year ended 31
December 2013 were approved by the Board on 4 March 2014 and
delivered to the Registrar of Companies. The Auditors' report on
those financial statements was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement
under Section 498 (2) or (3) of the Companies Act 2006.
The consolidated financial statements of the Group for the year
ended 31 December 2013 are available from the Company's registered
office or website, see note 19.
Basis of preparation
The condensed consolidated interim financial statements of the
Company for the six months ended 30 June 2014 comprise the Company
and its subsidiaries (together referred to as 'the Group').
These condensed consolidated interim financial statements have
been prepared in accordance with the Disclosure and Transparency
Rules of the Financial Services Authority and with International
Accounting Standard 34, 'Interim Financial Reporting' as adopted by
the European Union. They do not include all of the information
required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group
for the year ended 31 December 2013, which have been prepared in
accordance with International Financial Reporting Standards (IFRSs)
as adopted by the European Union.
Going concern
After making enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the
condensed consolidated interim financial information. In forming
this view, the directors have considered trading and cash flow
forecasts, financial commitments, the significant orderbook with
customers spread across different geographic areas and industries
and the significant net cash position.
Accounting policies
The accounting policies applied and significant estimates used
by the Group in these condensed consolidated interim financial
statements are the same as those applied by the Group in its
consolidated financial statements for the year ended 31 December
2013.
Critical accounting estimates and judgements
The Group makes estimates and assumptions regarding the future.
Estimates and judgements are continually evaluated based on
historical experience, and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances.
In the future, actual experience may deviate from these
estimates and assumptions. The estimates and assumptions that have
a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the current financial year
are discussed in the financial statements for the year ended 31
December 2013.
New accounting standards and interpretations
The following amendments have been applied from 1 January
2014:
-- Amendments to IAS32 - Offsetting Financial Assets and Financial liabilities
-- Amendments to IAS 36 - Recoverable Amount Disclosures for Non-Financial Assets
-- Amendments to IAS 39 - Novation of Derivatives and Continuation of Hedge Accounting
Application of these standards and amendments has not had any
material impact on the disclosures, net assets or results of the
Group.
Recent accounting developments
IFRS 9 Financial Instruments has been issued but is not yet
effective and has not been adopted as application was not mandatory
for the year. The directors anticipate that the adoption of this
standard will not have a material impact on the disclosures, net
assets or results of the Group.
2. Analysis by operating segment
The Group has chosen to organise the management and financial
structure by the grouping of related products. The four
identifiable operating segments where the financial and operating
performance is reviewed monthly by the chief operating decision
maker are as follows:
Controls - the design, manufacture and sale of electric
actuators
Fluid Systems - the design, manufacture and sale of pneumatic
and hydraulic actuators
Gears - the design, manufacture and sale of gearboxes, adaption
and ancillaries for the valve industry
Instruments - the manufacture of high precision pneumatic
controls and power transmission products for a wide range of
industries
Unallocated expenses comprise corporate expenses.
Half year to 30 June 2014
Fluid
Controls Systems Gears Instruments Elimination Unallocated Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------- --------- --------- -------------- -------------- -------------- ---------
Revenue from
external customers 150,689 88,831 22,315 16,708 - - 278,543
Inter segment
revenue - - 6,418 697 (7,115) - -
----------- --------- --------- -------------- -------------- -------------- ---------
Total revenue 150,689 88,831 28,733 17,405 (7,115) - 278,543
----------- --------- --------- -------------- -------------- -------------- ---------
Operating profit
before amortisation
of acquired
intangible assets 46,107 14,390 6,375 5,465 - (3,287) 69,050
Amortisation
of acquired
intangibles
assets (1,860) (851) (211) (4,014) - - (6,936)
Operating profit 44,247 13,539 6,164 1,451 - (3,287) 62,114
----------- --------- --------- -------------- -------------- -------------- ---------
Net financing
expense (633)
Income tax expense (16,828)
---------
Profit for the
period 44,653
---------
Half year to 30 June 2013
Fluid
Controls Systems Gears Instruments Elimination Unallocated Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------- --------- --------- -------------- -------------- -------------- ---------
Revenue from
external customers 152,619 89,241 22,051 12,140 - - 276,051
Inter segment
revenue - - 5,088 217 (5,305) - -
----------- --------- --------- -------------- -------------- -------------- ---------
Total revenue 152,619 89,241 27,139 12,357 (5,305) - 276,051
----------- --------- --------- -------------- -------------- -------------- ---------
Operating profit
before amortisation
of acquired
intangible assets 49,020 14,163 6,063 3,886 - (2,922) 70,210
Amortisation
of acquired
intangibles
assets (2,024) (810) (109) (2,801) - - (5,744)
Operating profit 46,996 13,353 5,954 1,085 - (2,922) 64,466
----------- --------- --------- -------------- -------------- -------------- ---------
Net financing
expense (856)
Income tax expense (17,827)
---------
Profit for the
period 45,783
---------
Full year to 30 December 2013
Fluid
Controls Systems Gears Instruments Elimination Unallocated Group
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------- --------- --------- -------------- -------------- -------------- ---------
Revenue from
external customers 321,902 186,969 45,353 24,216 - - 578,440
Inter segment
revenue - - 10,682 706 (11,388) - -
----------- --------- --------- -------------- -------------- -------------- ---------
Total revenue 321,902 186,969 56,035 24,922 (11,388) - 578,440
----------- --------- --------- -------------- -------------- -------------- ---------
Operating profit
before amortisation
of acquired
intangible assets 105,472 31,010 12,972 7,833 - (5,875) 151,412
Amortisation
of acquired
intangibles
assets (4,363) (1,920) (403) (5,461) - - (12,147)
Operating profit 101,109 29,090 12,569 2,372 - (5,875) 139,265
----------- --------- --------- -------------- -------------- -------------- ---------
Net financing
expense (1,268)
Income tax expense (38,488)
---------
Profit for the
year 99,509
---------
Revenue by location of subsidiary
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
----------- ----------- ----------
UK 25,683 26,240 51,027
Italy 34,803 29,991 64,861
Rest of Europe 57,737 55,287 117,467
USA 68,970 72,151 147,039
Other Americas 12,290 17,850 38,201
Rest of the World 79,060 74,532 159,845
----------- ----------- ----------
278,543 276,051 578,440
----------- ----------- ----------
This disclosure has been restated to revenue by location of
subsidiary because this gives a better reflection of the geographic
distribution of where the sale occurred.
3. Finance income
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
----------- ----------- ----------
Interest income 500 469 917
Foreign exchange gain 224 144 256
----------- ----------- ----------
724 613 1,173
----------- ----------- ----------
4. Finance expense
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
Interest expense (495) (292) (653)
Interest charge on pension scheme liabilities (394) (584) (1,168)
Foreign exchange loss (468) (593) (620)
----------- ----------- ----------
(1,357) (1,469) (2,441)
----------- ----------- ----------
5. Income taxes
Income tax expense is recognised based on management's best
estimate of the weighted average annual income tax rate expected
for the full financial year. The estimated average annual tax rate
used for the year ended 31 December 2014 is 27.4% (the effective
tax rate for the year ended 31 December 2013 was 27.9%).
The Group continues to expect its effective corporation tax rate
to be higher than the standard UK rate due to higher tax rates in
the US, China, Canada, France, Germany, Italy, Japan and India.
6. Acquisitions
On 31 March 2014 the Group acquired 100% of the entire share
capital of Young Tech Co., Ltd. ("YTC") for GBP68,240,000. YTC,
based in Seoul, Korea, is a leading manufacturer and supplier of
valve positioners and accessories certified for use in
international markets. The acquired business will be reported
within the Instruments division. In the period since acquisition
YTC has contributed GBP4,431,000 to Group revenue and GBP1,462,000
to consolidated operating profit before amortisation. The
amortisation charge in the period since acquisition from the
acquired intangible assets was GBP1,486,000.
If the acquisition had occurred on 1 January 2014 YTC would have
contributed GBP8,447,000 to Group revenue and GBP2,787,000 to Group
operating profit. It is not practicable to disclose profit before
tax or profit attributable to equity shareholders as the Group
manages its Treasury function on a Group basis.
The acquisition had the following effect on the Group's assets
and liabilities.
Provisional Provisional
Book value Adjustments Fair values
GBP000 GBP000 GBP000
Current assets
Inventory 3,167 (316) 2,851
Trade and other receivables 3,307 (135) 3,172
Cash 4,514 - 4,514
Current liabilities
Trade and other payables (983) (398) (1,381)
Employee benefits (147) - (147)
Warranty provision - (168) (168)
Non-current assets / liabilities
Property, plant and equipment 7,889 - 7,889
Intangible assets 226 22,353 22,579
Deferred tax - (5,365) (5,365)
Total net assets 17,973 15,971 33,944
Goodwill 34,296
-------------
Purchase consideration 68,240
Paid in cash 60,000
Deferred consideration 4,240
Contingent consideration 4,000
Purchase consideration 68,240
Purchase consideration paid in
cash 60,000
Cash held in subsidiary (4,514)
-------------
Cash outflow on acquisition 55,486
-------------
The provisional adjustments shown in the table above represent
the alignment of accounting policies to Rotork Group policies and
the fair value adjustments of the assets and liabilities at the
acquisition date. Goodwill has arisen on the acquisition as a
result of the value attributed to staff expertise and the assembled
workforce, which did not meet the recognition criteria for a
separate intangible asset. The intangible assets identified are
customer relationships, the YTC brand, product design patents and
the acquired order book.
The deferred consideration is an adjustment based on the
completion balance sheet and was paid on 14 July 2014. The
contingent consideration is payable in April 2015 dependant on an
EBIT target being achieved.
None of the goodwill recognised is expected to be deductible for
income tax purposes.
7. Dividends
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
---------- ---------- ---------
The following dividends were paid in the period
per
qualifying ordinary share:
30.0p final dividend (2013: 26.6p) 26,046 23,082 23,082
18.05p interim dividend - - 15,653
26,046 23,082 38,735
---------- ---------- ---------
The following dividends per qualifying ordinary
share were declared / proposed at the balance
sheet date:
30.0p final dividend - - 26,061
19.2p interim dividend declared (2013: 18.05p) 16,680 15,670 -
16,680 15,670 26,061
---------- ---------- ---------
The interim dividend of 19.2p pence will be payable to
shareholders on 26 September 2014 to those on the register on 29
August 2014.
8. Earnings per share
Earnings per share is calculated using the profit attributable
to the ordinary shareholders for the period and 86.7m shares (six
months to 30 June 2013: 86.7m; year to 31 December 2013: 86.7m)
being the weighted average ordinary shares in issue.
Diluted earnings per share is based on the profit for the year
attributable to the ordinary shareholders and 87.1m shares (six
months to 30 June 2013: 87.1m; year to 31 December 2013: 87.1m).
The number of shares is equal to the weighted average number of
ordinary shares in issue (net of own ordinary shares held) adjusted
to assume conversion of all potentially dilutive ordinary
shares.
Adjusted basic and diluted earnings per share is calculated
using the profit attributable to the ordinary shareholders for the
year after adding back the amortisation charge net of tax.
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
---------- ---------- ---------
Net profit attributable to ordinary shareholders 44,653 45,783 99,509
Amortisation 6,936 5,744 12,147
Tax effect on amortisation at effective rate (1,898) (1,610) (3,388)
---------- ---------- ---------
Adjusted net profit attributable to ordinary
shareholders 49,691 49,917 108,268
---------- ---------- ---------
9. Inventories
30 June 30 June 31 Dec
2014 2013 2013
GBP000 GBP000 GBP000
-------- -------- --------
Raw materials and consumables 56,568 56,478 51,844
Work in progress 12,036 14,577 8,445
Finished goods 15,227 15,668 14,792
-------- -------- --------
83,831 86,723 75,081
-------- -------- --------
10. Pension schemes - Defined Benefit deficit
The defined benefit obligation at 30 June 2014 of GBP18,952,000
(30 June 2013: GBP28,760,000; 31 December 2013: GBP20,198,000) is
estimated based on the latest full actuarial valuations at 31 March
2013 for UK and US plans. The valuation of the most significant
plan, namely, the Rotork Pension and Life Assurance Scheme in the
UK has been updated at 30 June 2014 by independent actuaries to
reflect updated assumptions regarding discount rates, inflation
rates and asset values.
30 June 30 June 31 Dec
2014 2013 2013
-------- -------- -------
Discount rate 4.4 4.3 4.6
Rate of inflation 3.3 2.9 3.4
-------- -------- -------
In addition, the defined benefit plan assets and liabilities
have been updated to reflect the regular payments, the GBP3.4
million payment made in March 2014 in respect of past service and
the benefits earned during the period to the 30 June 2014.
11. Share capital and reserves
The number of ordinary 5p shares in issue at 30 June 2014 was
86,875,000 (30 June 2013: 86,814,000; 31 December 2013:
86,871,000). All issued shares are fully paid.
The Group acquired 143,335 of its own shares through purchases
on the London Stock Exchange during the period, (30 June 2013:
123,509; 31 December 2013: 194,724). The total amount paid to
acquire the shares was GBP3,900,000 (30 June 2013: GBP3,601,000; 31
December 2013: GBP5,601,000), and this has been deducted from
shareholders equity. At 30 June 2014 the number of shares held in
trust for the benefit of Directors and employees for future
payments under the Share Incentive Plan and Long-term incentive
plan was 108,116 (30 June 2013: 91,303; 31 December 2013:
162,518).
Awards under the Group's long-term incentive plan and share
investment plan vested during the period and 83,672 and 114,065
shares respectively were transferred to employees.
Employee share options schemes: options exercised during the
period to 30 June 2014 resulted in 3,912 ordinary 5p shares being
issued (30 June 2013: 5,393 shares), with exercise proceeds of
GBP42,000 (30 June 2013: GBP44,000). The weighted average market
share price at the time of exercise was GBP26.53 (30 June 2013:
GBP27.19) per share.
The share based payment charge for the period was GBP1,137,000
(30 June 2013: GBP1,037,000; 31 December GBP2,177,000).
12. Loans and borrowings
The following loans and borrowings were issued and repaid during
the six months ended 30 June 2014:
Carrying
Year of Interest value
maturity rate GBP000
----------- ------------ ---------
Balance at 1 January 2014 2,210
Movement in the period:
Drawdown under UK loan facility 2015 1.26% 55,000
Repayment of Euro denominated loans 2014-32 2.15% (376)
Repayment of finance leases 2014-15 1.5% - 5.6% (22)
Exchange differences (52)
Balance at 30 June 2014 56,760
---------
Current 55,286
Non-current 1,474
---------
56,760
---------
The Group has increased its committed loan facilities to
GBP75,000,000 (First half 2013: GBP15,000,000; Full year 2013:
GBP15,000,000), of which GBP55,000,000 (30 June 2013: GBPnil; 31
December 2013: GBPnil) has been drawn down, the outstanding amount
attracts a blended interest rate of LIBOR plus 0.764%. Repayment of
GBP35,000,000 is due by January 2015 and GBP20,000,000 is repayable
in May 2015.
13. Financial instruments fair value disclosure
The Group held forward currency contracts designated as hedge
instruments in a cash flow hedging relationship. At 30 June 2014
the fair value of these contracts was a net asset of GBP4,380,000
(30 June 2013: a net liability of 2,522,000; 31 December 2013: a
net asset of GBP3,705,000). The fair value was estimated using
period end spot rates adjusted for the forward points to the
appropriate value dates, and gains and losses are taken to equity
estimated using market foreign exchange rates at the balance sheet
date. All derivative financial instruments are categorised at Level
2 of the fair value hierarchy. There was no ineffectiveness to be
recorded from the use of foreign exchange contracts.
The other financial instruments, comprising of trade and other
receivables/payables and contingent consideration, are classified
as level 3 in the fair value hierarchy and their carrying amount is
deemed to reflect the fair value. The Group had no derivative
financial instruments in the current or previous year with fair
values that would be classified as level 3 in the fair value
hierarchy.
14. Related parties
The Group has a related party relationship with its subsidiaries
and with its directors and key management. A list of subsidiaries
is shown in the 2013 Annual Report & Accounts. Transactions
between key subsidiaries for the sale and purchase of products or
between the subsidiary and parent for management charges are priced
on an arms length basis.
Sales to subsidiaries and associates of BAE Systems plc, a
related party by virtue of non-executive director IG King's
directorship of that company, totalled GBPnil during the period to
30 June 2014 (First half 2013: GBP49,000; Full year 2013:
GBP49,000) and no balance was outstanding at 30 June 2014 (30 June
2013: GBP16,032; 31 December 2013: GBPnil).
UBS Investment Bank are a related party by virtue of
non-executive director SA James' directorship of UBS Limited. UBS
Investment Bank provides the Group financial advice and
stockbroking services. The current arrangement with UBS Investment
Limited is that out of pocket expenses will be reimbursed and no
fees will be charged for their regular advisory or broking
services. Expenses of GBP6,000 have been reimbursed during the
period to 30 June 2014 (First half 2013: GBP3,000: Full year 2013:
GBP4,000) and no balance was outstanding at 30 June 2014 (30 June
2013: GBPnil; 31 December 2013: GBPnil).
15. Key management emoluments
The emoluments of those members of the management team,
including directors, who are responsible for planning, directing
and controlling the activities of the Group are:
First half First half Full year
2014 2013 2013
GBP000 GBP000 GBP000
----------- ----------- ----------
Emoluments including social security
costs 2,475 2,469 4,816
Post employment benefits 274 244 493
Share based payments 743 697 1,465
----------- ----------- ----------
3,492 3,410 6,774
----------- ----------- ----------
16. Share-based payments
A grant of shares was made on 6 March 2014 to selected members
of senior management at the discretion of the Remuneration
Committee. The key information and assumptions from this grant
were:
Equity Settled Equity Settled
TSR condition EPS condition
--------------- ---------------
Grant date 6 March 2014 6 March 2014
Share price at grant date GBP27.52 GBP27.52
Shares awarded under scheme 53,201 53,201
Vesting period 3 years 3 years
Expected volatility 25.1% 25.1%
Risk free rate 1.0% 1.0%
Expected dividends expressed as a dividend
yield 1.7% 1.7%
Probability of ceasing employment before
vesting 5% p.a. 5% p.a.
Fair value GBP12.56 GBP26.21
The basis of measuring fair value is consistent with that
disclosed in the 2013 Annual Report & Accounts.
17. Events Post Balance Sheet Date
On 2 July 2014 the Group acquired 100% of the share capital of
Xylem Flow Control Limited, a leading manufacturer of solenoid
valves and instruments based in Wolverhampton, United Kingdom. The
acquired business will be reported within the Rotork Instruments
division. The provisional consideration was GBP19,779,000 and the
net cash outflow on completion was GBP18,000,000. The business will
contribute to Group revenue and operating profit in the second half
of the year.
The provisional net assets are GBP6,514,000, including net cash
of GBP1,779,000. If these acquisitions had occurred on 1 January
2014 the businesses would have contributed GBP7,400,000 to Group
revenue and GBP770,000 to Group operating profit in the six months
to 30 June.
Due to the proximity of the acquisitions to the date of approval
of the interim financial statements the initial accounting for
these business combinations is incomplete and therefore the
disclosures regarding the fair value of the assets acquired and
liabilities assumed, the valuation of the goodwill and other
intangibles, the amount of goodwill expected to be deductible for
tax purposes, the fair value of contingent liabilities and assets
and the amount and treatment of acquisition costs cannot be
made.
18. Shareholder information
This interim report is being sent to shareholders who requested
it and copies are available to the public from the Registered
Office at the address below. The interim report is also available
on the Rotork website at www.rotork.com.
General shareholder contact numbers:
Shareholder General Enquiry Number
(UK): 0871 384 2030
International Shareholders - General
Enquiries: (00) 44 121 415 7047
For enquires regarding the Dividend Reinvestment Plan (DRIP)
contact:
The Share Dividend Team
Equiniti
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Tel: 0871 384 2268
19. Group information
Secretary and registered office:
Stephen Rhys Jones
Rotork plc
Rotork House
Brassmill Lane
Bath
BA1 3JQ
Company website:
www.rotork.com
Investor Section:
http://www.rotork.com/en/investors/index/
20. Financial Calendar
5 August 2014 Announcement of half year financial
results for 2014
27 August 2014 Ex-dividend date for 2014 interim dividend
29 August 2014 Record date for 2014 interim dividend
26 September 2014 Payment date for 2014 interim dividend
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UGUBGRUPCGMC
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