TIDMBMTO
RNS Number : 8478K
Braime (T.F.& J.H.) (Hldgs) PLC
27 September 2016
T.F. & J.H. BRAIME (HOLDINGS) P.L.C.
("Braime" or the "Company")
Interim Results For the six months ended 30th June 2016
Performance
Group sales revenue for the first six months of 2016 increased
by 1% to GBP13,619,000 (2015 - GBP13,487,000) but profit before tax
increased by 14% to GBP464,000 and profit after tax by 15% to
GBP324,000 compared to GBP282,000 in the comparable period of
2015.
Given the very weak demand level and outlook at the turn of the
year, the directors regard the interim result as satisfactory.
Dividends
The directors have decided to maintain the interim dividend
unchanged at 2.90p per share. This dividend will be paid on the
21st October 2016 to the Ordinary and "A" Ordinary shareholders on
the register on 14th October 2016. The associated ex-dividend date
will be 13th October 2016
Braime Pressings Limited
The year started out with low demand from Europe for new or
replacement parts for commercial vehicles as the EU economies
remained flat, but there has been an increase in activity in recent
months. The manufacturing business has also finally begun to
benefit from some improvements in productivity and losses have been
reduced.
4B Division
In the early months of 2016, monthly sales by 4B Braime,
particularly within the UK, continued at the worryingly low levels
experienced at the end of 2015, in part because of the uncertainty
prior to the Referendum. During the first six months of 2016, the
monthly results remained stubbornly below budget and well below the
equivalent months in 2015.
Then immediately after the unexpected result of the Referendum,
4B Braime had three strong sales months as pent up demand was
released in the UK agricultural sector. Meanwhile margins on export
sales, made since the start of the second half of the year, have
improved substantially due to the sudden 10% fall in the value of
the Pound following the Brexit decision and the company is now
trading at comparable levels to prior year.
At 4B France, 2016 started brightly but severe weather in the
spring and early summer has led to a poor harvest and many
customers have now reduced their planned expenditure for the
remainder of the year.
The other overseas subsidiaries have had a much better start to
the year than they had feared and generally remain positive about
the final result for the year, although there are signs of the
usual slowdown in the USA as the Presidential Election
approaches.
Cash Flow.
Cash throughout the first six months of the year remained tight.
This is the period when outgoings are normally high as both the tax
and dividends for the previous year become due. This situation was
exacerbated by the unusually low sales revenue in the UK companies
in the first months of 2016 and capital investment and improvements
at the Hunslet Road site.
However the "Headroom" - the difference between the maximum
amount of borrowing facility available to the group and the amount
of borrowing actually needed at any one time to pay the ongoing
costs of the business and for investments - has gradually improved
and is predicted to continue to do so throughout the second half of
2016.
The business continues to focus on reducing group stocks and the
cash it ties up in working capital. Meanwhile the group has been
able to continue its policy of investing in new equipment to
improve productivity.
Forecast for the second half of 2016.
Given the global spread of sales, the group is always going to
be exposed to the sudden effects of unexpected economic events
elsewhere. However, overall, we are reasonably optimistic of
achieving a solid result in 2016.
For further information please contact:
T.F. & J.H. Braime (Holdings) P.L.C.
O. N. A. Braime - Chairman
0113 245 7491
W. H. Ireland Limited
Katy Mitchell
0113 394 6628
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated income statement
For the six months ended 30th June 2016
-----------------
Unaudited Unaudited
6 months 6 months Audited
to to year to
Note 30th June 30th June 31st December
2016 2015 2015
GBP GBP GBP
------------------------------- ------- ------------ ------------ ---------------
Revenue 13,619,008 13,487,175 26,470,084
Changes in inventories
of finished goods and
work in progress 224,198 424,534 886,480
Raw materials and consumables
used (7,625,329) (7,975,378) (15,529,776)
Employee benefits costs (3,151,829) (2,848,956) (6,022,492)
Depreciation expense (390,290) (342,441) (758,589)
Other expenses (2,148,239) (2,305,874) (4,148,272)
------------------------------- ------- ------------ ------------ ---------------
Profit from operations 527,519 439,060 897,435
Profit on disposal of
tangible fixed assets - 14,750 1,158,140
Finance costs (64,523) (53,505) (116,830)
Finance income 580 5,870 11,726
------------------------------- ------- ------------ ------------ ---------------
Profit before tax 463,576 406,175 1,950,471
Tax expense (139,289) (123,833) (408,937)
------------------------------- ------- ------------ ------------ ---------------
Profit for the period 324,287 282,342 1,541,534
------------------------------- ------- ------------ ------------ ---------------
Profit attributable to
:
Owners of the parent 384,521 305,646 1,584,748
Non-controlling interests (60,234) (23,304) (43,214)
------------------------------- ------- ------------ ------------ ---------------
324,287 282,342 1,541,534
------------------------------- ------- ------------ ------------ ---------------
Basic and diluted earnings
per share 2 22.52p 19.61p 107.05p
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of comprehensive income
For the six months ended 30th June 2016
Unaudited Unaudited
6 months 6 months
to to Audited
30th 30th year to
June June 31st December
2016 2015 2015
GBP GBP GBP
------------------------------------- ---------- ---------- ---------------
Profit for the period 324,287 282,342 1,541,534
------------------------------------- ---------- ---------- ---------------
Items that will not be reclassified
subsequently to profit or
loss
Net pension remeasurement
gain on post employment benefits - - 10,000
Items that may be reclassified
subsequently to profit or
loss
Foreign exchange losses on
re-translation of overseas
operations (151,517) (167,627) (146,822)
Other comprehensive income
for the period (151,517) (167,627) (136,822)
------------------------------------- ---------- ---------- ---------------
Total comprehensive income
for the period 172,770 114,715 1,404,712
------------------------------------- ---------- ---------- ---------------
Total comprehensive income
attributable to:
Owners of the parent 233,004 138,019 1,447,926
Non-controlling interests (60,234) (23,304) (43,214)
------------------------------------- ---------- ---------- ---------------
172,770 114,715 1,404,712
------------------------------------- ---------- ---------- ---------------
The foreign currency movements arise on the re-translation of
overseas subsidiaries' opening balance sheets at closing rates.
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated balance sheet
At 30th June 2016
Unaudited Unaudited Audited
6 months 6 months year to
to to 31(st)
30th June 30th June December
2016 2015 2015
GBP GBP GBP
Non-current assets
Property, plant and equipment 5,285,297 4,414,976 4,677,456
Goodwill 12,270 12,270 12,270
Financial assets 26,180 77,096 51,877
Total non-current assets 5,323,747 4,504,342 4,741,603
------------------------------- ------------ ------------ ------------
Current assets
Inventories 5,887,955 5,218,773 5,719,654
Trade and other receivables 5,712,176 5,028,829 5,005,099
Financial assets 50,918 49,056 57,777
Cash and cash equivalents 1,243,172 801,577 931,018
------------------------------- ------------ ------------ ------------
Total current assets 12,894,221 11,098,235 11,713,548
------------------------------- ------------ ------------ ------------
Total assets 18,217,968 15,602,577 16,455,151
------------------------------- ------------ ------------ ------------
Current liabilities
Bank overdraft (1,517,675) (1,094,170) (615,038)
Trade and other payables (4,173,632) (4,178,533) (4,053,220)
Other financial liabilities (1,981,539) (1,278,021) (1,498,171)
Corporation tax liability (177,586) (37,867) (66,854)
------------------------------- ------------ ------------ ------------
Total current liabilities (7,850,432) (6,588,591) (6,233,283)
------------------------------- ------------ ------------ ------------
Non-current liabilities
Financial liabilities (1,425,702) (1,442,491) (1,363,524)
Deferred income tax liability (230,235) (191,623) (230,235)
------------------------------- ------------ ------------ ------------
Total non-current liabilities (1,655,937) (1,634,114) (1,593,759)
------------------------------- ------------ ------------ ------------
Total liabilities (9,506,369) (8,222,705) (7,827,042)
------------------------------- ------------ ------------ ------------
Total net assets 8,711,599 7,379,872 8,628,109
------------------------------- ------------ ------------ ------------
Capital and reserves
Share capital 360,000 360,000 360,000
Capital reserve 257,319 257,319 257,319
Foreign exchange reserve (210,098) (79,386) (58,581)
Retained earnings 8,489,708 6,947,125 8,194,467
------------------------------- ------------ ------------ ------------
Total equity attributable
to the shareholders
of the parent 8,896,929 7,485,058 8,753,205
Non-controlling interests (185,330) (105,186) (125,096)
------------------------------- ------------ ------------ ------------
Total equity 8,711,599 7,379,872 8,628,109
------------------------------- ------------ ------------ ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated cash flow statement
For the six months ended 30th June 2016
Unaudited Unaudited Audited
6 months 6 months year to
to to 31st December
Note 30th June 30th June 2015
2016 2015
GBP GBP GBP
-------------------------------- ------- ------------ ------------ ---------------
Operating activities
Net profit 324,287 282,342 1,541,534
-------------------------------- ------- ------------ ------------ ---------------
Adjustments for:
Depreciation 390,290 342,441 758,589
Grants amortised (6,568) (828) (1,656)
Foreign exchange losses (151,517) (163,125) (146,677)
Finance income (580) (5,870) (11,726)
Finance expense 64,523 53,505 116,830
Gain on sale of plant,
machinery and motor vehicles - (14,750) (1,158,140)
Adjustment in respect of
defined benefit scheme - - 13,000
Income tax expense 139,289 123,833 408,937
Income taxes paid (28,557) (273,020) (490,525)
-------------------------------- ------- ------------ ------------ ---------------
Operating activities
before changes in working
capital and provisions 731,167 344,528 1,030,166
-------------------------------- ------- ------------ ------------ ---------------
Increase in trade and other
receivables (707,077) (117,721) (93,991)
Increase in inventories (168,301) (330,590) (831,471)
Increase in trade and
other payables 444,450 276,825 329,488
(430,928) (171,486) (595,974)
-------------------------------- ------- ------------ ------------ ---------------
Cash generated from operations 300,239 173,042 434,192
-------------------------------- ------- ------------ ------------ ---------------
Investing activities
Purchases of property, plant,
machinery and motor vehicles (657,387) (536,905) (1,010,401)
Sale of plant, machinery
and motor vehicles - 14,750 1,190,561
Interest received 580 5,870 8,726
-------------------------------- ------- ------------ ------------ ---------------
(656,807) (516,285) 188,886
-------------------------------- ------- ------------ ------------ ---------------
Financing activities
Proceeds from long term
borrowings - 425,000 300,000
Loan financing repaid 32,556 73,848 90,346
Repayment of borrowings (35,464) (99,351) (171,020)
Repayment of hire purchase
creditors (77,204) (57,843) (130,335)
Interest paid (64,523) (53,505) (116,830)
Dividend paid (89,280) (89,280) (131,040)
-------------------------------- ------- ------------ ------------ ---------------
(233,915) 198,869 (158,879)
-------------------------------- ------- ------------ ------------ ---------------
Decrease in cash and
cash equivalents (590,483) (144,374) 464,199
Cash and cash equivalents,
beginning of period 315,980 (148,219) (148,219)
-------------------------------- ------- ------------ ------------ ---------------
Cash and cash equivalents
(including overdrafts),
end of period 3 (274,503) (292,593) 315,980
-------------------------------- ------- ------------ ------------ ---------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity
For the six months ended 30th June 2016
Foreign
Share Capital Exchange Retained Minority Total
Capital Reserve Reserve Earnings Total Interests Equity
GBP GBP GBP GBP GBP GBP GBP
Balance
at 1st January
2016 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109
Comprehensive
income
Profit - - - 384,521 384,521 (60,234) 324,287
Other comprehensive
income
Foreign
exchange
losses on
re-translation
of overseas
operations - - (151,517) - (151,517) - (151,517)
--------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Total other
comprehensive
income - - (151,517) - (151,517) - (151,517)
Total comprehensive
income - - (151,517) 384,521 233,004 (60,234) 172,770
--------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Transactions
with owners
Dividends - - - (89,280) (89,280) - (89,280)
--------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Total transactions
with owners - - - (89,280) (89,280) - (89,280)
--------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
Balance
at 30th
June 2016 360,000 257,319 (210,098) 8,489,708 8,896,929 (185,330) 8,711,599
--------------------- ---------- ---------- ------------ ------------ ------------ ------------ ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity
For the six months ended 30th June 2016
Foreign Non- Controlling
Share Capital Exchange Retained Interests Total
Capital Reserve Reserve Earnings Total Equity
GBP GBP GBP GBP GBP GBP GBP
Balance
at 1st
January
2015 360,000 257,319 88,241 6,730,759 7,436,319 (81,882) 7,354,437
Comprehensive
income
Profit - - - 305,646 305,646 (23,304) 282,342
Other
comprehensive
income
Foreign
exchange
losses
on re-translation
of overseas
operations - - (167,627) - (167,627) - (167,627)
------------------- ---------- ---------- ------------ ------------ ------------ ----------------- ------------
Total other
comprehensive
income - - (167,627) - (167,627) - (167,627)
Total
comprehensive
income - - (167,627) 305,646 138,019 (23,304) 114,715
------------------- ---------- ---------- ------------ ------------ ------------ ----------------- ------------
Transactions
with owners
Dividends - - - (89,280) (89,280) - (89,280)
------------------- ---------- ---------- ------------ ------------ ------------ ----------------- ------------
Total transactions
with owners - - - (89,280) (89,280) - (89,280)
------------------- ---------- ---------- ------------ ------------ ------------ ----------------- ------------
Balance
at 30th
June 2015 360,000 257,319 (79,386) 6,947,125 7,485,058 (105,186) 7,379,872
------------------- ---------- ---------- ------------ ------------ ------------ ----------------- ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Consolidated statement of changes in equity - continued
For the six months ended 30th June 2016
Foreign Non-Controlling
Share Capital Exchange Retained Interests Total
Capital Reserve Reserve Earnings Total Equity
GBP GBP GBP GBP GBP GBP GBP
Balance
at 1st January
2015 360,000 257,319 88,241 6,730,759 7,436,319 (81,882) 7,354,437
Comprehensive
income
Profit - - - 1,584,748 1,584,748 (43,214) 1,541,534
Other comprehensive
income
Net pension
remeasurement
gain recognised
directly
in equity - - - 10,000 10,000 - 10,000
Foreign
exchange
losses on
re-translation
of overseas
operations - - (146,822) - (146,822) - (146,822)
-------------------- ---------- ---------- ------------ ------------ ------------ ---------------- ------------
Total other
comprehensive
income - - (146,822) 10,000 (136,822) - (136,822)
Total comprehensive
income - - (146,822) 1,594,748 1,447,916 (43,214) 1,404,712
-------------------- ---------- ---------- ------------ ------------ ------------ ---------------- ------------
Transactions
with owners
Dividends - - - (131,040) (131,040) - (131,040)
Total transactions
with owners - - - (131,040) (131,040) - (131,040)
-------------------- ---------- ---------- ------------ ------------ ------------ ---------------- ------------
Balance
at 31st
December
2015 360,000 257,319 (58,581) 8,194,467 8,753,205 (125,096) 8,628,109
-------------------- ---------- ---------- ------------ ------------ ------------ ---------------- ------------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report
1. Accounting policies
Basis of preparation
The interim financial report has been prepared using accounting
policies that are consistent with those used in the preparation of
the full financial statements to 31st December 2015 and those which
management expects to apply in the group's full financial
statements to 31st December 2016.
This interim financial report is unaudited. The comparative
financial information set out in this interim financial report does
not constitute the group's statutory accounts for the period ended
31st December 2015 but is derived from the accounts. Statutory
accounts for the period ended 31st December 2015 have been
delivered to the Registrar of Companies. The auditors have reported
on those accounts. Their audit report was unqualified and did not
contain any statements under Section 498 of the Companies Act
2006.
The group's condensed interim financial information has been
prepared in accordance with International Financial Reporting
Standards ('IFRS') as adopted for the use in the European Union and
in accordance with IAS 34 'Interim Financial Reporting' and the
accounting policies included in the Annual Report for the year
ended 31st December 2015, which have been applied consistently
throughout the current and preceding periods.
2. 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 (2015 - 1,440,000). There
are no potentially dilutive shares in issue.
6 months
to 30th
June 2016
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 6.20p per share paid on 12th
May 2016 29,760
'A' Ordinary shares
Interim of 6.20p per share paid on 12th
May 2016 59,520
----------------------------------------- -----------
Total dividends paid 89,280
----------------------------------------- -----------
Year to
31st
December
2015
GBP
Dividends paid
Equity shares
Ordinary shares
Interim of 6.20p per share paid on 2nd
April 2015 29,760
Interim of 2.90p per share paid on 18th
October 2015 13,920
----------------------------------------- -----------
43,680
----------------------------------------- -----------
'A' Ordinary shares
Interim of 6.20p per share paid on 2nd
April 2015 59,520
Interim of 2.90p per share paid on 18th
October 2015 27,840
----------------------------------------- -----------
87,360
----------------------------------------- -----------
Total dividends paid 131,040
----------------------------------------- -----------
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report - continued
3. Cash and cash equivalents
Unaudited Unaudited Audited
6 months 6 months year
to to to 31st
30th June 30th June December
2016 2015 2015
GBP GBP GBP
Cash at bank and in hand 1,243,172 801,577 931,018
Bank overdrafts (1,517,675) (1,094,170) (615,038)
-------------------------- ------------ ------------ ----------
(274,503) (292,593) 315,980
-------------------------- ------------ ------------ ----------
4. Segmental information
Unaudited 6 months to 30th June
2016
Central Manufacturing Distribution Total
GBP GBP GBP GBP
------------------- ---------- -------------- ------------- -----------
Revenue
External - 1,793,834 11,825,174 13,619,008
Inter company 111,138 1,036,547 1,785,464 2,933,149
------------------- ---------- -------------- ------------- -----------
Total 111,138 2,830,381 13,610,638 16,552,157
------------------- ---------- -------------- ------------- -----------
Profit
EBITDA 42,855 (219,819) 1,094,773 917,809
Finance costs (27,760) (17,133) (19,630) (64,523)
Finance income - 267 313 580
Depreciation (35,765) (176,568) (177,957) (390,290)
Tax expense (13,072) - (126,217) (139,289)
------------------- ---------- -------------- ------------- -----------
(Loss)/profit for
the period (33,742) (413,253) 771,282 324,287
------------------- ---------- -------------- ------------- -----------
Assets
Total assets 4,489,887 2,163,769 11,564,312 18,217,968
Additions to non
current assets - 754,777 243,354 998,131
Liabilities
Total liabilities 1,352,359 2,906,318 5,247,692 9,506,369
T.F. & J.H. Braime (Holdings) P.L.C.
Notes to the interim financial report - continued
4. Segmental information - continued
Unaudited 6 months to 30th June
2015
Central Manufacturing Distribution Total
GBP GBP GBP GBP
------------------- ---------- -------------- ------------- -----------
Revenue
External - 2,023,371 11,463,804 13,487,175
Inter company 60,816 1,361,871 1,636,148 3,058,835
------------------- ---------- -------------- ------------- -----------
Total 60,816 3,385,242 13,099,952 16,546,010
------------------- ---------- -------------- ------------- -----------
Profit
EBITDA (947) (203,828) 1,001,026 796,251
Finance costs (19,246) (15,102) (19,157) (53,505)
Finance income - 355 5,515 5,870
Depreciation (3,150) (186,192) (153,099) (342,441)
Tax expense (21,290) - (102,543) (123,833)
------------------- ---------- -------------- ------------- -----------
(Loss)/profit for
the period (44,633) (404,767) 731,742 282,342
------------------- ---------- -------------- ------------- -----------
Assets
Total assets 1,328,215 4,210,758 10,063,604 15,602,577
Additions to non
current assets - 643,810 68,095 711,905
Liabilities
Total liabilities 902,879 3,015,903 4,303,922 8,222,704
Audited year to 31st December
2015
Central Manufacturing Distribution Total
GBP GBP GBP GBP
-------------------------- ---------- -------------- ------------- -----------
Revenue
External - 3,955,447 22,514,637 26,470,084
Inter company 122,593 3,267,777 4,411,488 7,801,858
-------------------------- ---------- -------------- ------------- -----------
Total 122,593 7,223,224 26,926,125 34,271,942
-------------------------- ---------- -------------- ------------- -----------
Profit
EBITDA (102,140) 35,632 1,722,532 1,656,024
Gain on sale of tangible
fixed assets - 1,149,629 8,511 1,158,140
Finance costs (48,347) (30,566) (37,917) (116,830)
Finance income - 3,666 8,060 11,726
Depreciation - (432,370) (326,219) (758,589)
Tax expense (44,540) - (364,397) (408,937)
--------------------------
(Loss)/profit for
the period (195,027) 725,991 1,010,570 1,541,534
-------------------------- ---------- -------------- ------------- -----------
Assets
Total assets 1,314,918 4,588,122 10,552,111 16,455,151
Additions to non
current assets - 1,146,385 265,722 1,412,107
Liabilities
Total liabilities 701,606 2,839,750 4,285,686 7,827,042
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZQLFLQKFBBBD
(END) Dow Jones Newswires
September 27, 2016 02:00 ET (06:00 GMT)
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