TIDMASY
RNS Number : 8968A
Andrews Sykes Group PLC
28 September 2022
27 September 2022
ANDREWS SYKES GROUP PLC
("Andrews Sykes" or "the Company" or "the Group")
Half Year Results
Unaudited results for the six months ended 30 June 2022
Summary of Results
Unaudited Unaudited
six months six months
ended ended
30 June 30 June
2022 2021
GBP000 GBP000
Revenue from continuing operations 37,903 35,693
EBITDA* from continuing operations 13,181 12,402
Operating profit 8,489 7,955
Profit for the financial period 6,477 6,239
Cash and cash equivalents 34,430 24,717
Net funds 21,741 9,673
(pence) (pence)
Basic earnings per share 15.36 14.79
Interim dividend declared per equity
share 11.90 11.90
Special dividend declared per equity 16.60 -
share
* Earnings before interest, taxation, depreciation, profit on
the sale of property, plant and equipment, amortisation and
non-recurring items
Enquiries
Andrews Sykes Group plc T: +44 (0)1902 328 700
Carl Webb, Managing Director
Ian Poole, Finance Director and
Company Secretary
Houlihan Lokey UK Limited (Nominated T: +44 (0)20 7484 4040
Advisor)
Tim Richardson
CHAIRMAN'S STATEMENT
Overview
The Group's revenue for the 6 months ended 30 June 2022 (the
"period") was GBP37.9 million, an increase of GBP2.2 million
compared with the same period in 2021 and a record for the first
half year. Operating profit for the period was GBP8.5 million
compared with GBP8.0 million in 2021, an increase of GBP0.5
million, reflecting the increased revenue. Overall, net funds
increased by GBP5.2 million from GBP16.5 million as at 31 December
2021 to GBP21.7 million as at 30 June 2022 .
Operations review
Revenue at Andrews Sykes Hire in the UK continues to grow and
improved by 2.1% compared with the same period in 2021. Our
businesses in the rest of Europe experienced a very strong increase
in revenue, improving 16.8% compared to the same period in 2021.
This result was driven by an exceptional performance from our
Italian subsidiary, Nolo Climat, with revenues 92.9% up on the same
period in 2021 with the early and prolonged high summer
temperatures seen in Italy increasing demand in our cooling
products. Consequently, the combined operating profit for the UK
and European hire businesses in the period was GBP1.0 million above
the level achieved in 2021.
Climat Location in France has continued to struggle with
revenues 12.0% lower than the same period in 2021. As a result, the
decision has been made to restructure the business in France and
restructuring costs, including depot closures and redundancy, of
GBP0.5m have been incurred during the period. We are confident that
once completed, the restructuring will right-size the French
operation and lead to profitable future growth.
Andrews Air Conditioning and Refrigeration, our UK air
conditioning installation business, has traded broadly in line with
last year. Whilst revenue increased 3.7% in the period compared to
the first six months of 2021, it still remains 33.1% lower than the
corresponding period in 2019. Operating profit decreased by GBP0.1m
as compared to first half of 2021 as a continuing struggle to
recruit and retain engineers negatively impacted results.
Khansaheb Sykes, our business based in the UAE, has continued to
experience a difficult trading environment but pleasingly recorded
revenue growth of 5.8% versus the first half of 2021. Despite this
revenue increase and a favourable exchange rate between the Dirham
and Sterling, operating profit is comparable to the first half of
2021 and continues to be depressed by increased historic bad debt
charges.
Profit for the financial period and Earnings per Share
Profit before tax for the period was GBP8.5 million compared
with GBP7.6 million in the same period last year. This GBP0.9m
increase is attributable to the GBP0.5 million improvement in
operating profit, a net foreign exchange gain on inter-company
balances of GBP0.2 million (2021: loss of GBP0.1m) due to the
weakening of Sterling compared with the Euro, and a net increase of
GBP0.1 million in interest receivable resulting from the full
repayment of the GBP3.0 million loan outstanding as at 31 December
2021 and higher interest received on cash deposits.
The total tax charge for the period increased by GBP0.7 million
to GBP2.1 million (2021: GBP1.3 million), an effective tax rate of
24.0% (2021: 17.5%). The increase in the overall effective rate of
tax is driven by a lower level of capital allowances claimed in the
UK, coupled with higher profits generated in Italy which has a
higher tax rate than in the UK.
Profit after tax in the period was GBP6.5 million (2021: GBP6.2
million). Basic earnings per share increased by 0.57 pence, or
3.9%, to 15.36 pence (2021: 14.79 pence) reflecting this increase
in profit .
Dividends
The final dividend of 12.50 pence per ordinary share for the
year ended 31 December 2021 was approved by members at the AGM held
on 14 June 2022. Accordingly, on 17 June 2022 the Company made a
total dividend payment of GBP5.27 million which was paid to
shareholders on the register as at 27 May 2022.
The board continues to adopt the policy of returning value to
shareholders whenever possible. The Group remains profitable, cash
generative and financially strong. Accordingly, the board has
decided to declare an interim dividend of 11.90 pence per ordinary
share which in total amounts to GBP5.0 million.
In addition to the interim dividend, the board has assessed the
company's ongoing cash requirements and has concluded that, as a
result of the company's robust cash generation, a portion of the
current cash reserves are surplus to the company's requirements.
The board has therefore decided to return this surplus capital to
Andrews Sykes shareholders by way of a special dividend of 16.60
pence per ordinary share which in total amounts to GBP7.0 million.
Both the interim and special dividends will be paid on 4 November
2022 to shareholders on the register as at 7 October 2022.
Outlook
The second half of the year has started resiliently with record
temperatures in the UK and Europe positively impacting demand for
the Group's air conditioning units and chillers. This increased
summer demand leads management to be optimistic over the full year
results. In the longer term, management remains optimistic that the
business will continue to improve but are mindful of the current
economic climate and the impact that heightened energy prices,
inflation and recession risk can pose to the business and customer
demand.
JG Murray
Chairman
27 September 2022
Consolidated Income Statement
for the six months ended 30 June 2022
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
Note 2022 2021 2021
GBP000 GBP000 GBP000
Revenue 2 37,903 35,693 75,219
Cost of sales (15,338) (15,064) (29,001)
------------ ------------ -------------
Gross profit 22,565 20,629 46,218
Distribution costs (6,846) (6,386) (14,066)
Administrative expenses (7,230) (6,412) (10,759)
Other operating income - 124 151
------------ ------------ -------------
Operating profit 8,489 7,955 20,074
EBITDA* 13,181 12,402 28,946
Depreciation and impairment losses (3,444) (3,399) (6,628)
Depreciation of right-of-use
assets (1,528) (1,622) (3,111)
Profit on the sale of plant and
equipment and right-of-use assets 280 574 867
--------------------------------------- ------------ ------------ -------------
Operating profit 8,489 7,955 20,074
--------------------------------------- ------------ ------------ -------------
Finance income 3 316 7 24
Finance costs 3 (278) (401) (599)
Profit before tax 8,527 7,561 19,499
Tax expense 4 (2,050) (1,322) (3,959)
------------ ------------ -------------
Profit for the period from continuing
operations attributable to equity
holders of the Parent Company 6,477 6,239 15,540
------------ ------------ -------------
Earnings per share from continuing
operations:
Basic and diluted 5 15.36p 14.79p 36.85p
Dividend per equity share paid
during the period 12.50p 11.50p 23.40p
Proposed dividend per equity
share 11.90p 11.90p 12.50p
Proposed special dividend per 16.60p - -
equity share
(*) Earnings before interest, taxation, depreciation, profit on
sale of property, plant and equipment, amortisation and
non-recurring items.
Consolidated Statement of Comprehensive Total Income
for the six months ended 30 June 2022
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Profit for the period 6,477 6,239 15,540
Other comprehensive income
Currency translation differences on
foreign currency operations 926 (640) (954)
Net other comprehensive income/ (expense)
that may be reclassified to profit
and loss 926 (640) (954)
Re-measurement of defined benefit
pension assets and liabilities 2,567 2,476 4,430
Related deferred tax (898) (619) (1,551)
Net other comprehensive income that
will not be reclassified to profit
and loss 1,669 1,857 2,879
------------ ------------ -------------
Other comprehensive income for the
period net of tax 2,595 1,217 1,925
------------ ------------ -------------
Total comprehensive income for the
period attributable to equity holders
of the Parent Company 9,072 7,456 17,465
------------ ------------ -------------
Consolidated Balance Sheet
At 30 June 2022
Unaudited Unaudited
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Non-current assets
Property, plant and equipment 20,091 21,761 20,877
Right-of-use assets 12,125 11,594 12,423
Prepayments - 42 -
Deferred tax assets - 7 -
Defined benefit pension
scheme surplus 9,392 3,606 6,137
---------- ---------- ------------
41,608 37,010 39,437
Current assets
Stocks 5,205 7,821 5,660
Trade and other receivables 18,749 18,584 19,796
Current tax asset - 268 -
Cash and cash equivalents 34,430 24,717 32,443
58,384 51,390 57,899
---------- ---------- ------------
Current liabilities
Trade and other payables (14,178) (14,726) (13,587)
Current tax liabilities (485) - (265)
Bank loans - (2,995) (3,000)
Right-of-use lease obligations (2,625) (2,539) (2,602)
(17,288) (20,260) (19,454)
---------- ---------- ------------
Net current assets 41,096 31,130 38,445
---------- ---------- ------------
Total assets less current
liabilities 82,704 68,140 77,882
Non-current liabilities
Right-of-use lease obligations (10,064) (9,510) (10,332)
Deferred tax liability (3,124) - (1,959)
Provisions (2,096) - (1,971)
(15,284) (9,510) (14,262)
Net assets 67,420 58,630 63,620
---------- ---------- ------------
Equity
Called up share capital 422 422 422
Share premium 13 13 13
Retained earnings 62,845 54,667 59,971
Translation reserve 3,894 3,282 2,968
Other reserve 246 246 246
---------- ---------- ------------
Total equity 67,420 58,630 63,620
---------- ---------- ------------
Consolidated Cash Flow Statement
for the six months ended 30 June 2022
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Operating activities
Profit for the period 6,477 6,239 15,540
Adjustments for:
Tax charge 2,050 1,322 3,959
Finance costs 278 401 599
Finance income (316) (7) (24)
Profit on disposal of property,
plant and equipment and
right-of-use assets (280) (574) (867)
Depreciation of property,
plant and equipment 3,444 3,399 6,628
Depreciation of right-of-use
assets 1,528 1,621 3,111
Difference between pension
contributions paid and
amounts recognised in the
Income Statement (628) (625) (1,194)
Decrease/ (increase) in
inventories 639 65 (635)
Decrease/ (increase) in
receivables 1,669 (1,500) (2,653)
Increase in payables 330 2,534 2,322
Movement in provisions 125 - 1,112
Cash generated from continuing
operations 15,316 12,875 27,898
Interest paid (278) (284) (574)
Corporation tax paid (1,553) (2,694) (3,735)
Net cash inflow from operating
activities 13,485 9,897 23,589
Investing activities
Disposal of property,
plant and equipment 302 722 1,173
Purchase of property,
plant and equipment (2,380) (2,794) (2,530)
Interest received 256 - 9
Net cash outflow from
investing activities (1,822) (2,072) (1,348)
Financing activities
Loan repayments (3,000) (500) (500)
Capital repayments for
right-of-use lease
Obligations (1,471) (1,547) (2,951)
Equity dividends paid (5,272) (4,850) (9,869)
Net cash outflow from
financing activities (9,743) (6,897) (13,320)
------------ ------------ -------------
Net increase in cash and
cash equivalents 1,920 928 8,921
Cash and cash equivalents
at the start of the period 32,443 24,012 24,012
Effect of foreign exchange
rate changes 67 (223) (490)
------------ ------------ -------------
Cash and cash equivalents
at the end of the period 34,430 24,717 32,443
------------ ------------ -------------
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2022
Attributable
Capital to equity
Share Translation redemption UAE Netherlands holders
Share premium reserve reserve legal capital Retained of the
capital reserve reserve earnings parent
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
At 31 December
2020 422 13 3,922 158 79 9 51,421 56,024
Profit for the
period - - - - - - 6,239 6,239
Other
comprehensive
(expense)/
income
for the
period
net of tax - - (640) - - - 1,857 1,217
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Total
comprehensive
(expense)/
income - - (640) - - - 8,096 7,456
Dividends paid - - - - - - (4,850) (4,850)
Total of
transactions
with
shareholders - - - - - - (4,850) (4,850)
At 30 June
2021 422 13 3,282 158 79 9 54,667 58,630
Profit for the
period - - - - - - 9,301 9,301
Other
comprehensive
(expense)/
income
for the
period
net of tax - - (314) - - - 1,022 708
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Total
comprehensive
(expense)/
income - - (314) - - - 10,323 10,009
Dividends paid - - - - - - (5,019) (5,019)
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Total of
transactions
with
shareholders - - - - - - (5,019) (5,019)
At 31 December
2021 422 13 2,968 158 79 9 59,971 63,620
Profit for the
period - - - - - - 6,477 6,477
Other
comprehensive
income for
the
period net of
tax - - 926 - - - 1,669 2,595
Total
comprehensive
income - - 926 - - - 8,146 9,072
Dividends paid - - - - - - (5,272) (5,272)
Total of
transactions
with
shareholders - - - - - - (5,272) (5,272)
At 30 June
2022 422 13 3,894 158 79 9 62,845 67,420
-------- --------- ------------- ------------ --------- ------------ ---------- --------------
Notes to the Interim Financial statements
1 General information and accounting policies
These interim financial statements have been prepared in
accordance with the recognition and measurement principles of
international accounting standards in conformity with the
requirements of the Companies Act 2006 .
The information for the 12 months ended 31 December 2021 does
not constitute the Group's statutory accounts for 2021 as defined
in Section 434 of the Companies Act 2006. Statutory accounts for
2021 have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified and did not
contain statements under Section 498(2) or (3) of the Companies Act
2006. These interim financial statements, which were approved by
the Board of Directors on 27 September 2022, have not been audited
or reviewed by the auditors .
Basis of preparation
The interim financial statement has been prepared using the
historical cost basis of accounting except for:
(i) Properties held at the date of transition to IFRS which are stated at deemed cost;
(ii) Assets held for sale which are stated at the lower of (i)
fair value less anticipated disposal costs and (ii) carrying
value;
(iii) Derivative financial instruments (including embedded
derivatives) which are valued at fair value; and
(iv) Pension scheme assets and liabilities calculated at fair
value in accordance with IAS 19
The annual financial statements of the Group are prepared in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 . The condensed set
of financial statements included in this half-yearly financial
report has been prepared in accordance with the AIM Rules issued by
the London Stock Exchange.
Accounting policies
The principal accounting policies applied in preparing the
interim Financial Statements comply with international accounting
standards in conformity with the requirements of the Companies Act
2006 and are consistent with the policies set out in the Annual
Report and Accounts for the year ended 31 December 2021.
No new standards or interpretations issued since 31 December
2021 have had a material impact on the accounting of the Group.
Functional and presentational currency
The financial statements are presented in pounds Sterling
because that is the functional currency of the primary economic
environment in which the group operates.
2 Revenue
An analysis of the Group's revenue is as follows:
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
Continuing operations
Revenue outside the scope of IFRS
15 and recognised as lease income
in accordance with IFRS 16:
Hire 33,772 31,627 67,734
Revenue recognised at a point in time
in accordance with IFRS 15:
Sales 2,739 2,709 4,630
Maintenance 665 752 1,368
Installation and sale
of units 727 605 1,487
------------ ------------ --------------
Group consolidated revenue from the
sale of goods and provision of services 37,903 35,693 75,219
------------ ------------ --------------
The geographical analysis of the Group's revenue by origination
is:
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2022 2021 2021
GBP000 GBP000 GBP000
United Kingdom 23,225 22,743 47,917
Rest of Europe 10,365 8,874 19,442
Middle East and Africa 4,313 4,076 7,860
37,903 35,693 75,219
------------ ------------ --------------
The geographical analysis of the Group's revenue by destination
is not materially different to that by origination.
3 Finance income and costs
Unaudited Unaudited
six months six months
ended ended Year ended
30 June 30 June 31 December
2022 2021 2021
Finance income GBP000 GBP000 GBP000
Net interest on net defined benefit
pension surplus 60 7 15
Intertest receivable on bank deposit
accounts 31 - 9
Inter-company foreign exchange gains 225 - -
316 7 24
------------ ------------ -------------
Finance costs
Interest charge on bank loans and
overdrafts (25) (20) (44)
Interest charge on right-of-use lease
obligations (253) (264) (530)
Inter-company foreign exchange losses - (117) (25)
(278) (401) (599)
------------ ------------ -------------
4 Income tax expense
The total effective tax charge for the financial period
represents the best estimate of the weighted average annual
effective tax rate expected for the full financial year applying
tax rates that have been substantively enacted by the balance sheet
date. UK corporation tax has been provided at 19%. In the UK budget
on 15 March 2021, the chancellor announced that the rate of
corporation tax in the UK will increase from 19% to 25% with effect
from 1 April 2023. This increase will increase the amount of
corporation tax payable in the UK. Deferred tax has been calculated
based on the rates that the directors anticipate will apply when
the temporary timing differences are expected to reverse .
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
GBP000 GBP000 GBP000
Current tax
UK corporation tax at 19% (June and
December 2021: 19%) 1,139 736 2,253
Adjustments in respect of prior periods - (21) (657)
------------ ------------ --------------
1,139 715 1,596
Overseas tax 644 530 1,251
------------ ------------ --------------
Total current tax charge 1,783 1,245 2,847
------------ ------------ --------------
Deferred tax
Origination and reversal of timing
differences 126 386 712
Effect of tax rate change - (309) (97)
Adjustments in respect of prior periods 141 - 497
------------ ------------ --------------
Total deferred tax charge/ (credit) 267 77 1,112
------------ ------------ --------------
Total tax charge for the financial
period 2,050 1,322 3,959
------------ ------------ --------------
5 Earnings per share
Basic earnings per share
The basic figures have been calculated by reference to the
weighted average number of ordinary shares in issue and the
earnings as set out below. There are no discontinued operations in
any period .
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
Weighted average number of ordinary
shares 42,174,359 42,174,359 42,174,359
------------ ------------ --------------
GBP000 GBP000 GBP000
Basic earnings 6,477 6,239 15,540
------------ ------------ --------------
pence pence pence
Basic earnings per ordinary share 15.36 14.79 36.85
------------ ------------ --------------
Diluted earnings per share
There were no dilutive instruments outstanding as at 30 June
2022 or either of the comparative periods and therefore there is no
difference in the basic and diluted earnings per share for any of
these periods. There were no discontinued operations in any period
.
6 Dividend payments
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2022 were as follows:
Paid during the six
months ended 30 June
2022
Total dividend
paid
Pence per GBP000
share
Final dividend for the year ended
31 December 2021 paid on 17 June 2022
to members on the register as at 27
May 2022 12.50p 5,272
The above dividend was charged against reserves during the 6
months ended 30 June 2022.
On 27 September 2022 the directors declared an interim dividend
of 11.90 pence per ordinary share which in total amounts to
GBP5,019,000. In addition, a special dividend of 16.60 pence per
ordinary share which in total amounts to GBP7,001,000 was also
declared. These will be both be paid on 4 November 2022 to
shareholders on the register as at 7 October 2022 and will be
charged against reserves in the second half of 2022.
Dividends declared and paid on ordinary one pence shares during
the 6 months ended 30 June 2021 were as follows:
Paid during the six
months ended 30 June
2021
Total dividend
paid
Pence per GBP000
share
Final dividend for the year ended
31 December 2020 paid on 18 June 2021
to members on the register as at 28
May 2021 11.50p 4,850
The above dividend was charged against reserves during the 6
months ended 30 June 2021.
Dividends declared and paid on ordinary one pence shares during
the 12 months ended 31 December 2021 were as follows:
Paid during the year ended
31 December 2021
Total dividend
paid
Pence per share GBP000
Final dividend for the year ended
31 December 2020 paid on 18 June 2021
to members on the register as at 28
May 2021 11.50p 4,850
Interim dividend declared on 27 September
2021 and paid on 5 November 2021 to
members on the register as at 8 October
2021 11.90p 5,019
------------------ -----------------
23.40p 9,869
------------------ -----------------
The above dividends were charged against reserves during the 12
months ended 31 December 2021.
7 Pensions
The Group closed the UK Group defined benefit pension scheme to
future accrual as at 29 December 2002. The assets of the defined
benefit pension scheme continue to be held in a separate trustee
administered fund. Over recent years the Group has taken steps to
manage the ongoing risks associated with its defined benefit
liabilities.
As at 30 June 2022 the Group had a net defined benefit pension
scheme surplus, calculated in accordance with IAS 19 using the
assumptions as set out below, of GBP9,392,000 (30 June 2021:
GBP3,606,000; 31 December 2021: GBP6,137,000). The asset has been
recognised in the financial statements as the directors are
satisfied that it is recoverable in accordance with IFRIC 14.
Following the triennial recalculation of the funding deficit as
at 31 December 2019, a revised schedule of contributions and
recovery plan was agreed with the pension scheme trustees in March
2021 and was effective from 1 January 2021. In accordance with this
schedule of contributions and recovery plan, the Group will be
making regular contributions of GBP110,000 per month for the period
1 January 2021 to 31 December 2022, and GBP10,000 per month for the
period 1 January 2023 to 31 December 2025 or until a revised
schedule of contributions is agreed, if earlier. Consequently, the
Group expects to make total contributions to the defined benefit
pension scheme of GBP1,320,000 during 2022.
Assumptions used to calculate the scheme surplus
The IAS 19 figures are based on a number of actuarial
assumptions as set out below, which the actuaries have confirmed
they consider appropriate.
30 June 30 June 31 December
2022 2021 2021
Rate of increase in pensionable salaries n/a n/a n/a
Rate of increase in pensions in payment 3.2% 3.3% 3.5%
Discount rate 3.8% 1.8% 1.8%
Inflation assumption - RPI 3.2% 3.3% 3.5%
Inflation assumption - CPI 2.6% 2.7% 2.9%
Percentage of members taking maximum
tax-free lump sum on retirement 75% 75% 75%
The demographic assumptions used for 30 June 2022, were the same
as used in 31 December 2021, 30 June 2021 and the last full
actuarial valuation performed as at 1 April 2020.
Assumptions regarding future mortality experience are set based
on advice in accordance with published statistics. The mortality
table used at 30 June 2022, 30 June 2021 and 31 December 2021 is
100% S3PA CMI2020 with a 1.25% per annum long term improvement for
both males and females, heavy tables for males and medium tables
for females.
Valuation
The defined benefit scheme funding has changed under IAS 19 as
follows:
Unaudited Unaudited
six months six months Year to
Funding status to to 31 December
30 June 30 June 2021
2022 2021 GBP000
GBP000 GBP000
Scheme assets at end of period 40,648 46,958 48,475
Benefit obligations at end of period (31,256) (43,352) (42,338)
---------------------- ------------------------ --------------
Surplus in scheme 9,392 3,606 6,137
The increase in the pension surplus since December 2021 is
mainly due to a decrease in the value of liabilities as a
consequence of an increase in bond yields increasing the discount
rate.
8 Net funds and movement in financing liabilities
Unaudited Unaudited
six months six months Year ended
ended ended 31 December
30 June 30 June 2021
2022 2021
GBP000 GBP000 GBP000
Cash and cash equivalents per consolidated
cashflow statement 34,430 24,717 32,443
Bank loans at the beginning of the
period (3,000) (3,491) (3,491)
Loans repaid 3,000 500 500
Other non-cash changes - (4) (9)
Bank loans at the end of the period - (2,995) (3,000)
------------ ------------ --------------
Right-of-use lease obligations at
the beginning of the period (12,934) (12,849) (12,849)
Capital repayments for right-of-use
lease obligations 1,472 1,547 2,951
New right-of-use leases entered into
during the period (1,204) (963) (3,325)
Non-cash movements re: termination
of right-of-use lease obligations 77 36 40
Foreign exchange (100) 180 249
------------ ------------ --------------
Right-of-use lease obligations at
the end of the period (12,689) (12,049) (12,934)
------------ ------------ --------------
Gross debt (12,689) (15,044) (15,934)
------------ ------------ --------------
Net funds 21,741 9,673 16,509
------------ ------------ --------------
9 Distribution of interim financial statements
Following a change in regulations in 2008, the Company is no
longer required to circulate this half year report to shareholders.
This enables us to reduce costs associated with printing and
mailing and to minimise the impact of these activities on the
environment. A copy of the interim financial statements is
available on the Company's website, www.andrews-sykes.com .
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