TIDMBMTO
RNS Number : 1664C
Braime (T.F.& J.H.) (Hldgs) PLC
11 April 2013
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
('Braime' or the 'company' and with it subsidiaries the
'group')
ANNUAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2012
At a meeting of the directors held today, the accounts for the
year ended 31st December 2012 were submitted and approved by the
directors. The preliminary accounts statement is as follows:
Chairman's statement
Performance of group companies
Sales revenue increased again in 2012 by 5.7% to GBP21.2m
despite the global recession. However, the profit before tax
declined from GBP1.24m in 2011 to GBP678,000 in 2012, and the
profit after tax almost halved from GBP814,000 to GBP427,000.
Given the group's dependency on exports, the principal cause for
the fall in profitability was that gross margins were adversely
affected by the rise in the value of sterling against both the US
dollar and the euro during 2012. Furthermore, the group faced even
fiercer competition in the recession hit Euro zone, which also
impacted on profits.
The level of the group's inventories has remained largely
unchanged, which together with an improvement in debtors and trade
creditor funding has resulted in the group being highly cash
positive in the year. This situation has been further boosted by
net proceeds of GBP378,000 from the sale of the US property. Having
chosen to repay loans of GBP247,000 during the year, the group's
closing cash and cash equivalents were GBP934,000 compared to
GBP261,000 at the end of 2011.
Trading across the group at the start of 2013 has been positive,
and as an exporter the recent exchange rates movements have been to
the group's favour.
In these circumstances, the board decided to pay a second
dividend of 5.40p on 4th April 2013, making a total dividend for
the tax year ended 5th April 2013 of 7.80p, unchanged from the
previous year.
Braime Pressings Limited, manufacturer of deep drawn metal
presswork
Some of the new work planned to come on stream in 2012 did not
materialise, consequently the loss in this subsidiary increased. A
decision was made in the year to reduce the cost base by making a
number of redundancies at shop floor level and, in January 2013, at
management level. The board does not anticipate that any further
reductions in staff will be necessary.
However, the company did secure a significant new customer
account which has already begun generating sales. Furthermore, the
board are more confident that revenues from one of the existing
accounts, delayed last June, will come on stream later in 2013.
The company is modernising its web site and continues to
actively search for new business. Seeking to achieve increased
efficiencies through process improvement and carefully selected
investment will also remain a focus.
4B division, distributor worldwide of components and monitoring
systems for the material handling industry
Much of the division's business is generated from either the
processing of industrial commodities, or from the handling, storage
and processing of cereal crops. As a result, the business had
seemed to be largely immune from the global recession. However, in
the last quarter of 2012, there was a large reduction in business
as existing projects were completed and new projects were delayed,
as customers waited for bank finance. This drop in business in the
last quarter of 2012, together with the continuing steep rise in
the value of the sterling, had a major negative effect on the
overall result for 2012.
The division still benefited from a good result in 4B Components
in the USA, even though the net result was slightly down on
2011.
During 2012 the US business was re-located into a new 53,000 sq
ft. warehouse and office facility, which was fitted out to the very
high specification required to gain maximum efficiencies and
provide for potential significant expansion. In the short-term this
was a major challenge, but was successfully achieved with minimum
disruption to the level of sales. Long-term the new facility offers
a strong platform to continue growing this business.
Meanwhile, the subsidiaries with significant Euro zone sales,
although increasing sales volumes, delivered disappointing results.
2013 has begun more positively as a result of the favourable
movement in exchange rates which will help restore margins.
In addition to investing in new facilities, both in the US and
4B Africa, the division has continued to invest heavily in new
products. In particular, investment was made in tooling for a new
major bucket range, which has been successfully launched in
February 2013 at the GEAPS exposition in the USA.
Investment
Including the investment in the new offices and distribution
facilities and in new tooling, the group made fixed asset additions
totalling GBP824,000 in 2012.
This included some major additions to the manufacturing plant at
Braime Pressings and further investments are planned for 2013.
During 2012, a new ERP computer system was successfully
implemented in the central UK arm of the 4B division. This system
will be rolled out across all subsidiaries in 2013 and 2014,
enabling the group to improve operating efficiencies and to fully
integrate the subsidiaries across the world.
Banking facility
Following a detailed review of the group's banking facilities, a
decision was made to consolidate the banking arrangements with
HSBC. This process was completed in January 2013. This has given
the group wider access to lines of finance, as well as providing
improved international reach. The board believes that these new
arrangements will support future growth.
Staff
David Brown, group Financial Director, retired on 10th April
2012. The board would like to thank him for his considerable
service to the company during 31 years, latterly coping with the
growing complexity of both the business and the regulatory
requirements of a listed company. The directors wish him well in
his retirement.
Marcus Mills joined the group in February 2012 as Financial
Director Designate and Company Secretary, and his position was
confirmed as Financial Director in October. Marcus qualified with
PricewaterhouseCoopers in 1999. Before joining the group, he was
the Financial Director of ALNO UK Limited and, although then only
38, brings with him considerable finance and business experience in
European distribution.
During 2012 several new managers and trainee engineers have been
recruited. We welcome them to the group. Our staff at all levels
are our most important asset, and we thank them for their
continuing support as their tasks become ever more challenging.
Outlook
The year has begun positively in spite of the continuing
recession, and exchange rates have moved in the group's favour.
Investment continues in machinery, facilities, new product
development, employee training and the improvement of processes
which the directors believe will enable a better result in 2013 to
be achieved.
However, as seen in 2012, predicting future economic or business
conditions is difficult, particularly as an international business
manufacturing a large proportion of its products in the UK, which
is exposed to changes in exchange rates.
Summarised Consolidated Income Statement for the year ended 31st
December 2012 (audited)
Note 2012 2011
GBP GBP
Revenue 21,211,887 20,067,905
Changes in inventories of finished
goods and work in
progress (23,484) 777,134
Raw materials and consumables used (11,849,425) (11,791,200)
Employee benefits costs (4,587,039) (4,132,824)
Depreciation expense (464,539) (395,200)
Other expenses (3,628,799) (3,232,150)
Profit from operations 658,601 1,293,665
Profit on disposal of tangible fixed
assets 100,435 21,617
Finance costs (101,541) (82,455)
Finance income 20,726 11,406
Profit before tax 678,221 1,244,233
Tax expense (251,346) (430,212)
Profit for the year attributable
to equity shareholders of the parent
company 426,875 814,021
Basic and diluted earnings per share 1 29.64p 56.53p
Summarised Consolidated Statement of Comprehensive Income for
the year ended 31st December 2012 (audited)
2012 2011
GBP GBP
Profit for the year 426,875 814,021
Actuarial losses recognised directly
in equity (7,000) (50,000)
Foreign exchange (losses)/gains on
re-translation of overseas operations (57,608) 48,467
Adjustment in respect of minimum
funding requirement per IFRIC14 10,000 (31,000)
Other comprehensive income for the
year (54,608) (32,533)
Total comprehensive income for the
year 372,267 781,488
Summarised Consolidated Balance Sheet at 31st December 2012
(audited)
Note 2012 2012 2011 2011
GBP GBP GBP GBP
Assets
Non-current assets
Property, plant
and equipment 1,504,575 1,426,995
Goodwill 12,270 12,270
Total non-current
assets 1,516,845 1,439,265
Current assets
Inventories 4,387,303 4,401,733
Trade and other
receivables 3,219,715 3,507,494
Cash and cash equivalents 1,576,283 1,746,464
Total current assets 9,183,301 9,655,691
Total assets 10,700,146 11,094,956
Liabilities
Current liabilities
Bank overdraft 642,492 1,485,757
Trade and other
payables 2,478,283 2,257,710
Other financial
liabilities 863,922 749,632
Corporation tax
liability - 114,319
Total current liabilities 3,984,697 4,607,418
Non-current liabilities
Financial liabilities 515,437 547,473
Total non-current
liabilities 515,437 547,473
Total liabilities 4,500,134 5,154,891
Total net assets 6,200,012 5,940,065
Capital and reserves
attributable to
equity holders of
the parent company
Share capital 360,000 360,000
Capital reserves 77,319 77,319
Foreign exchange
reserve 277,151 334,759
Retained earnings 5,485,542 5,167,987
Total equity 6,200,012 5,940,065
Summarised Consolidated Cash Flow Statement for the year ended
31st December 2012 (audited)
Note 2012 2012 2011 2011
GBP GBP GBP GBP
Operating activities
Net profit 426,875 814,021
Adjustments for:
Depreciation 464,539 395,200
Grants amortised (1,656) (1,656)
Foreign exchange
(losses)/gains (53,182) 47,391
Finance income (20,726) (11,406)
Finance expense 101,541 82,455
Gain on sale of
land and buildings,
plant, machinery
and motor vehicles (100,435) (21,617)
Adjustment in respect
of defined benefits
scheme 21,000 (74,000)
Income tax expense 251,346 430,212
662,427 846,579
Operating profit
before changes in
working capital
and provisions 1,089,302 1,660,600
Decrease/(increase)
in trade and other
receivables 363,898 (215,892)
Decrease/(increase)
in inventories 14,430 (808,053)
Increase/(decrease)
in trade and other
payables 444,808 (50,686)
823,136 (1,074,631)
Cash generated from
operations 1,912,438 585,969
Income taxes paid (441,784) (486,947)
Investing activities
Purchases of property,
plant, machinery
and motor vehicles (483,734) (320,241)
Sale of land and
buildings, plant,
machinery and motor
vehicles 378,440 21,620
Interest received 2,726 4,406
(102,568) (294,215)
Financing activities
Proceeds from long
term borrowings - 133,196
Repayment of borrowings (247,065) -
Repayment of hire
purchase creditors (234,076) (190,674)
Interest paid (101,541) (82,455)
Dividends paid (112,320) (103,680)
(695,002) (243,613)
Increase/(decrease)
in cash and cash
equivalents 673,084 (438,806)
Cash and cash equivalents,
beginning of period 260,707 699,513
Cash and cash equivalents,
end of period 933,791 260,707
Consolidated statement of changes in equity for the year ended
31st December 2012 audited)
Foreign
Share Capital Exchange Retained
Capital Reserve Reserve Earnings Total
GBP GBP GBP GBP GBP
Balance at 1st January
2011 360,000 77,319 286,292 4,538,646 5,262,257
Comprehensive income
Profit - - - 814,021 814,021
Other comprehensive
income
Actuarial gains recognised
directly in equity - - - (50,000) (50,000)
Foreign exchange
losses on re-translation
of overseas operations - - 48,467 - 48,467
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - (31,000) (31,000)
Total other comprehensive
income - - 48,467 (81,000) (32,533)
Total comprehensive
income - - 48,467 733,021 781,488
Transaction with
owners
Dividends - - - (103,680) (103,680)
Total transactions
with owners - - - (103,680) (103,680)
Balance at 31st December
2011 360,000 77,319 334,759 5,167,987 5,940,065
Balance at 1st January
2012 360,000 77,319 334,759 5,167,987 5,940,065
Comprehensive income
Profit - - - 426,875 426,875
Other comprehensive
income
Actuarial losses
recognised directly
in equity - - - (7,000) (7,000)
Foreign exchange
losses on re-translation
of overseas operations - - (57,608) - (57,608)
Adjustment in respect
of minimum funding
requirement per IFRIC14 - - - 10,000 10,000
Total other comprehensive
income - - (57,608) 3,000 (54,608)
Total comprehensive
income - - (57,608) 429,875 372,267
Transaction with
owners
Dividends - - - (112,320) (112,320)
Total transactions
with owners - - - (112,320) (112,320)
Balance at 31st December
2012 360,000 77,319 277,151 5,485,542 6,200,012
Notes
1. Earnings per share and dividends
Both the basic and diluted earnings per share have been
calculated using the net results attributable to shareholders of
T.F. & J.H. Braime (Holdings) P.L.C. as the numerator.
The weighted average number of outstanding shares used for basic
earnings per share amounted to 1,440,000 (2011- 1,440,000). There
are no potentially dilutive shares in issue.
Dividends paid 2012 2011
GBP GBP
Equity shares
Ordinary shares
Interim of 5.40p (2011- 4.80p) per
share paid on 2nd April 2012 25,920 23,040
Interim of 2.40p (2011 - 2.40p) per
share paid on 10th October 2012 11,520 11,520
37,440 34,560
'A' Ordinary shares
Interim of 5.40p (2011 - 4.80p) per
share paid on 2nd April 2012 51,840 46,080
Interim of 2.40p (2011 - 2.40p) per
share paid on 10th October 2012 23,040 23,040
74,880 69,120
Total dividends paid 112,320 103,680
2. Cash and cash equivalents 2012 2011
GBP GBP
Cash at bank and in hand 1,576,283 1,746,464
Bank overdrafts 642,492 1,485,757
933,791 260,707
3. Major non-cash transaction
During the year the group acquired tangible assets subject to
finance of GBP340,816 (2011 - GBP281,170) under hire purchase
agreements.
4. Segmental information
Central Manufacturing Distribution Total
2012 2012 2012 2012
GBP GBP GBP GBP
Revenue
External - 2,992,202 18,219,685 21,211,887
Inter company 51,390 3,339,322 2,300,456 5,691,168
Total 51,390 6,331,524 20,520,141 26,903,055
Profit
EBITDA (20,799) 253,679 896,659 1,129,539
Gain on sale of land
and buildings 94,036 - - 94,036
Finance costs (11,302) (49,488) (40,751) (101,541)
Finance income 1,105 19,505 116 20,726
Depreciation - (331,640) (132,899) (464,539)
Tax expense (17,718) - (233,628) (251,346)
Profit/(loss) for
the period 45,322 (107,944) 489,497 426,875
Assets
Total assets 625,569 2,250,827 7,823,750 10,700,146
Additions to non
current assets - 439,004 385,546 824,550
Liabilities
Total liabilities 458,973 1,670,820 2,370,341 4,500,134
Central Manufacturing Distribution Total
2011 2011 2011 2011
GBP GBP GBP GBP
Revenue
External - 2,510,726 17,557,179 20,067,905
Inter company 61,443 3,026,539 1,828,853 4,916,835
Total 61,443 5,537,265 19,386,032 24,984,740
Profit
EBITDA (12,901) 274,159 1,449,224 1,710,482
Finance costs (14,812) (301,808) (28,835) (345,455)
Finance income 1,679 272,722 5 274,406
Depreciation - (322,728) (72,472) (395,200)
Tax expense (23,079) - (407,133) (430,212)
(Loss)/profit for
the period (49,113) (77,655) 940,789 814,021
Assets
Total assets 810,551 2,874,795 7,409,610 11,094,956
Additions to non
current assets - 396,164 205,247 601,411
Liabilities
Total liabilities 526,570 1,849,717 2,778,604 5,154,891
5. Basis of preparation
The preliminary announcement has been prepared in accordance
with applicable International Financial Reporting Standards as
adopted by the European Union (IFRSs as adopted by the EU), IFRIC
interpretations and the Companies Act 2006 applicable to companies
reporting under IFRS.
The accounting policies adopted are consistent with those of the
annual financial statements for the year ended 31st December 2012,
as described in those annual financial statements.
The consolidated financial statements have been prepared on a
going concern basis and under the historical cost convention.
Amendment to comparative figures
Following changes to IAS 19, defined benefit interest costs have
been offset against the expected return on scheme assets disclosed
within the consolidated income statement. As a consequence of this
change in treatment the comparative figures for finance expenses
and income have been reduced by the value of the defined benefit
interest cost of GBP263,000, resulting in other finance income of
GBP7,000.
Profit from operations disclosed within the consolidated income
statement in respect of the year ended 31st December 2011 have been
reduced by GBP21,617 in respect of profits on disposal of tangible
fixed assets which have now been separately disclosed on the face
of the consolidated income statement. This has been adjusted in
order to ensure comparability with the exceptional gains achieved
on disposal in respect of the current period.
In the prior year the balance on the invoice discounting
facility of GBP398,773 was disclosed in the balance sheet and notes
within current trade and other payables. This has been adjusted to
ensure comparability with the balance on the invoice discounting
facility now included within other (current) financial
liabilities.
6. Annual general meeting
The annual general meeting of the company will be held in Leeds
on 30th May 2013. Full details will be included in the published
annual report and financial statements, which will be sent to
shareholders by the 30th April 2013 and will also be available on
the company's web-site (www.braimegroup.com) from that date.
7. Preliminary statement
The financial statements set out in the preliminary announcement
do not constitute statutory accounts as defined by section 434 of
the Companies Act 2006. The financial information for the year
ended 31st December 2012 has been extracted from the group's
financial statements upon which the auditor's opinion is
unqualified, does not include reference to any matters to which
they wish to draw attention by way of emphasis without qualifying
their report, and does not include any statement under section 498
of the Companies Act 2006. Statutory accounts for the year ended
31st December 2011 have been delivered to the Registrar of
Companies, and those for 2012 will be delivered in due course.
8. Events after the reporting year
There were no events after the balance sheet date that would
require disclosure in accordance with IAS10, "Events after the
reporting period".
11th April 2013
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
M. L. Mills - Financial Director
0113 245 7491
W. H. Ireland Limited
Katy Mitchell
0113 394 6628
This information is provided by RNS
The company news service from the London Stock Exchange
END
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