Victoria PLC Half-Year Results -3-
29 Novembro 2012 - 5:00AM
UK Regulatory
The accounting policies and basis of consolidation of these
condensed financial statements are consistent with those applied
and set out on pages 64 to 71 of the Group's audited financial
statements for the 52 weeks ended 31 March 2012.
Accounting standard IAS 12 (amended) "Deferred Tax: Recovering
of Underlying Assets" became effective for the Group in the current
reporting period. The amended standard has not had a material
impact on the Group's net cash flows, financial position, total
comprehensive income or earnings per share.
Having reviewed the Group's projections, and taking account of
reasonably possible changes in trading performance, the Directors
believe they have reasonable grounds for stating that the Group has
adequate resources to continue in operational existence for the
foreseeable future.
The Directors are of the view that the Group is well placed to
manage its business risks despite the current challenging economic
and market conditions. Accordingly, the Directors continue to adopt
the going concern basis in preparing the financial statements of
the Group.
3. Segmental information
The Group is organised into two operating divisions: The UK
& Ireland and Australia. The Group's share of the Canadian
Associate result is also presented separately.
Geographical segment information for revenue, operating profit
and a reconciliation to Group net profit is presented below:
For the 26 weeks ended For the 26 weeks ended
29 September 2012 1 October 2011
Segmental Exceptional Loss Segmental Exceptional Profit
operating operating Finance before operating operating Finance Before
Revenue profit items costs tax* Revenue profit items costs tax*
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------------- -------- ------------ ------------- -------- -------- -------- ----------- ------------ -------- --------
UK & Ireland 13,763 (235) ---- (54) (289) 13,817 210 (451) (54) (295)
Australia 22,222 752 (860) (98) (206) 25,199 2,026 ---- (116) 1,910
--------------- -------- ------------ ------------- -------- -------- -------- ----------- ------------ --------
35,985 517 (860) (152) (495) 39,016 2,236 (451) (170) 1,615
Central costs ---- (411) (601) (93) (1,105) ---- (388) ---- (49) (437)
Share of
results of
Associate ---- ---- ---- ---- 74 ---- ---- ---- ---- 95
--------------- -------- ------------ ------------- -------- -------- -------- ----------- ------------ -------- --------
Total
continuing
operations 35,985 106 (1,461) (245) (1,526) 39,016 1,848 (451) (219) 1,273
Tax 413 (471)
--------------- -------- ------------ ------------- -------- -------- -------- ----------- ------------ -------- --------
(Loss)/profit
after tax
from
continuing
activities (1,113) 802
--------------- -------- ------------ ------------- -------- -------- -------- ----------- ------------ -------- --------
* The share of results of the Associate company is shown net of
tax as required by IAS1.
Intersegment sales between the Group's subsidiaries were
immaterial in the current and comparative periods.
4. Exceptional items
26 weeks 26 weeks
ended ended
29 Sep 2012 1 Oct 2011
GBP000 GBP000
------------------------------------------- ------------- ------------
(a) Restructuring of Australia's spinning
mills 860 ----
(b) Proposed move to AIM 177 ----
(c) Incentive Plan 144 ----
(d) Requisition costs 280 ----
(e) Ireland restructuring costs ---- 451
------------------------------------------- ------------- ------------
1,461 451
------------------------------------------- ------------- ------------
All exceptional items are classified within administrative
expenses.
(a) Relate primarily to redundancy costs associated with
"right-sizing" and reorganising the two Australian spinning mills
to meet reduced volume requirements as a result of declining demand
for woollen yarns.
(b) Relate to costs incurred to date in the proposed move from
the Official List to the AIM market of the London Stock
Exchange.
(c) Relate to professional fees in connection with a proposed
incentive remuneration plan. The remuneration plan was subsequently
withdrawn.
(d) Relate to professional fees in connection with the
Requisition of the Company on 15 August 2012.
(e) Relate to closure costs associated with the restructuring,
with the largest cost relating to redundancies. The Irish business
and brands are now being marketed and traded under a distribution
model and reported within the UK operation.
5. Tax
26 weeks 26 weeks
ended ended
29 Sep 2012 1 Oct 2011
GBP000 GBP000
---------------------------------------- ---------------- ------------
Current tax
- Current year overseas (92) 586
(92) 586
----------------------------------------------- --------- ------------
Deferred tax
- Current year movement (321) (115)
(321) (115)
----------------------------------------------- --------- ------------
Total (413) 471
----------------------------------------------- --------- ------------
The overall corporation tax rate is 27.1% (2011: 37.0%),
representing the best estimate of the weighted average annual
corporation tax rate expected for the full financial year. The
relatively high corporation tax rate in the prior year was due to
Irish restructuring costs which could not be utilised for tax
purposes.
6. Earnings per share
The calculation of earnings per ordinary equity share in the
parent entity is based on the following earnings and number of
shares:
26 weeks
26 weeks ended 26 weeks 26 weeks
Ended 29 Sept ended ended
29 Sep 2012 2012 1 Oct 2011 1 Oct 2011
Basic Adjusted Basic Adjusted
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ ------------- ---------- ------------ ------------
(Loss)/profit attributable to ordinary
equity
holders of the parent entity (1,113) (1,113) 802 802
Exceptional items (net of tax effect):
Restructuring of Australian Spinning
Mills ---- 602 ---- ----
Proposed move to AIM ---- 136 ---- ----
Incentive Plan ---- 111 ---- ----
Requisition costs ---- 216 ---- ----
Ireland restructuring costs ---- ---- ---- 424
------------------------------------------ ------------- ---------- ------------ ------------
Earnings for the purpose of basic,
adjusted and diluted earnings per
share (1,113) (48) 802 1,226
------------------------------------------ ------------- ---------- ------------ ------------
Weighted average number of ordinary
shares ('000) for the purposes
of basic
and basic adjusted earnings per
share 7,033 6,944
Effect of dilutive potential ordinary
shares:
Long Term Incentive Plan and Performance
Share Plan ('000) 503 728
Weighted average number of ordinary
shares ('000) for the purposes
of diluted
earnings per share 7,536 7,672
------------------------------------------ ------------- ---------- ------------ ------------
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