TIDMAGA
RNS Number : 1254M
Aga Rangemaster Group PLC
21 August 2013
21(st) August 2013
FOR IMMEDIATE RELEASE
AGA RANGEMASTER GROUP PLC
2013 HALF-YEARLY FINANCIAL REPORT
Tide in our markets is turning : growth expected for full
year
AGA Rangemaster Group plc ('the Group'), the specialist in range
cooking and kitchen living, is pleased to announce its interim
results for the half year ended 30(th) June 2013.
-- Revenues of GBP119.5 million (2012: GBP119.2 million) were
up, with a better second quarter offsetting the slow start to the
year.
-- Operating profits were GBP1.5 million for the half year
(2012: GBP1.5 million). Full year 2012 operating profits were
GBP6.5 million.
-- Group on track for a profit before tax after pension charges
for the full year. Implementing the revised pension accounting
standard and non-recurring costs gives rise to a loss before tax of
GBP2.4 million for the period to 30(th) June 2013.
-- Balance sheet remains strong with total equity of GBP138.9
million (30(th) June 2012: GBP101.9 million) and net debt of GBP6.0
million (30(th) June 2012: net cash GBP11.9 million).
Operational highlights
-- AGA cooker orders were up 8% at the half year and with the
newly launched electric products the trend should continue.
-- Rangemaster is showing sales momentum picking up after a slow start.
-- Fired Earth returned to profitability and AGA Marvel in North America is growing well.
-- IAS 19 Employee Benefits (revised) shows a balance sheet
deficit of GBP15.6 million at 30(th) June 2013. No deficit recovery
payments to be made in 2013 or 2014.
"We saw momentum established during the half year after the slow
start and order intake since then has been encouraging. The tide is
turning, the mood amongst our customers is better and there is a
buzz about our new products. We will now see what our new
generation of products - led by a more flexible AGA - and our
enhanced operational gearing can deliver."
William McGrath
Chief Executive
Enquiries: 020 7404 5959 (today)
William McGrath, Chief Executive 01926 455 731 (thereafter)
Shaun Smith, Finance Director 020 7404 5959
Charlotte Winsley / Laura Jack
(Brunswick)
AGA RANGEMASTER GROUP PLC
2013 INTERIM MANAGEMENT REPORT
Overview
The tide in our key markets is turning changing the prospects
for the business. We have seen stronger order intake in the second
quarter after a quiet start to the year. The levels of housing
transactions which are a key driver of our business have started to
pick up and we expect that improvement to feed through into higher
sales volumes in the second half - particularly given our recent
new product introductions. Encouraging performances were seen
notably in North America from AGA Marvel and from Fired Earth which
made an operating profit for the first time for some years. While
the start of the year saw trading down in the UK range cooker
market, we expect the positive current trends to bring a better
second half to the year.
Half year results
Revenues in the first half were up at GBP119.5 million. Order
intake which was down 4% in the first quarter year-on-year was up
5% in the second quarter. Operating profits were unchanged at
GBP1.5 million. 38% of revenues were outside the UK (37% in 2012).
There were non-recurring costs primarily relating to
rationalisation of the Grange and Waterford Stanley operations of
GBP0.7 million each. IAS 19 Employee Benefits has been revised and
significantly impacts the figures reported in the income statement.
In particular, the revision means that the rate used to calculate
income on the assets of the scheme is now the same rate used to
discount the liabilities and does not take account of returns on
the assets being held. The changes reduce the reported profit
before tax and that means there is a loss before tax of GBP2.4
million in the first half (half year 2012 restated: GBP1.4 million
loss, originally reported GBP1.6 million profit). The changes have
no impact on cash deficit recovery contributions to the Group's
main pension scheme which were agreed with the trustee at nil for
both the current year and for 2014 following the GBP16.0 million
deficit recovery contribution made in 2012. Under these
arrangements no dividends are to be paid without the consent of the
trustee and no interim dividend is proposed in 2013.
Operating performances
The AGA is the world's best cooker and in its new modernised
form it has the flexibility to appeal to new domestic and
international customers. Consequently, the prospects for our AGA
business have improved. The number of AGA cookers ordered was up 8%
at the half year as AGA Total Control, available in 3 and 5-oven
electric models, gained traction. It now represents over 30% of AGA
cooker sales having been launched two years ago. The Total Control
can cost under GBP5 a week to run. The running and servicing cost
savings against having old oil models can be over GBP1,000 a year.
We have just introduced the Dual Control version with a single heat
source for the ovens but with separate hot plates that are rapidly
up to cooking temperature when needed. This is particularly
attractive to those who are used to or want to have an AGA not only
to cook but also on and providing background warmth for most of the
year. We expect the Total Control and Dual Control models which are
assembled in the factory and capable of being internally or
externally vented to become the core AGA product lines and may
become the only heat storage lines made available in new
international markets.
Rayburn unit sales volumes edged up - while Stanley cooker sales
fell again - but by aiming directly at the solid fuel markets and
oil boiler owners who can upgrade to a modern boiler as part of a
Rayburn or Stanley cooker, we see these markets bottoming out.
Rangemaster is the UK's market leader having close to 50% of the
market by value - a market which is now growing again. Competitor
prices fell at the start of the year and this had some impact on
Rangemaster sales as consumers traded down in response. Rangemaster
overall saw volumes down 4% although France proved resilient and
exports represented a record 30% of sales volumes.
Our 'Built from Experience' adverts focusing on the quality
differential echoed by market research endorsed Rangemaster as the
sector's aspirational brand. New product introductions in the
second half will underscore this quality and design advantage.
Fired Earth saw sales up 5% and it made an operating profit for
the first time since the economic downturn - a notable achievement
since the management changes in 2011 when operating losses were in
excess of GBP1.4 million. The strong current floor and wall tile
collections together with an exceptional programme of new
introductions underpin the improved prospects. Home design bookings
are running well ahead of 2012 and new, small London high street
format stores are performing well. We expect, in particular, the
new Transport for London collections taken at their behest from
their remarkable tile and poster archives will prove a major factor
in the growth of Fired Earth's online activities.
International developments
In North America the housing market has picked up and we are
seeing a better performance from our AGA Marvel business which
sells primarily cookers and undercounter fridges. We expect this to
build as the year progresses given the number of new customer
accounts and sales relationships established over the last 18
months. A revamped distributor structure; the addition of major
buying groups and large retail accounts attracted by our upgraded
products from our Michigan factory and the overall 'suites' offered
to consumers that include our European made cookers suggest that
AGA Marvel will perform strongly in an upturn. We are remodelling
our cabinets to meet new 2014 regulations.
For Grange we cut back on outlets and warehousing in North
America to reduce the level of loss, much of our focus will now be
on our New York showroom. In Europe, markets remained subdued. With
'My Grange' attracting new business to Grange and with a move to
integrate our two manufacturing and warehousing sites in Lyon to
one, we see progress on both revenues and costs bringing Grange
back to profitability.
We have developed a range of products adapted for the Chinese
markets in conjunction with our partner, Vatti. These are
undergoing Chinese accreditation processes which are expected to be
completed before the end of the year. We will then be ready to
launch our range cookers into the Chinese market. The gas burner
systems we have developed have wider market applicability and we
expect them to bring additional sales as we fuse eastern and
western expectations of a range cooker.
We have also worked on raising the profile of our products and
strengthening distribution across Europe. We have highlighted the
flexibility of our products for international markets through
Divertimenti's 'The World Cooks in One City' campaign as shown on
the website. Apart from our collaborations, a series of
international initiatives have been set up in the appliance sector
recently indicating an increased internationalist sentiment.
Pension scheme funding and financing
The accounting for pension schemes has changed this year with
the introduction of IAS 19 Employee Benefits (revised). At 30(th)
June 2013 the Group's pension assets were valued at GBP813.3
million ahead of the asset value at 31(st) December 2012 of
GBP809.1 million. The pension liabilities, calculated using a yield
on 'AA' corporate bonds which gives a discount rate of 4.8% at
30(th) June 2013 and assuming a RPI inflation rate of 3.1%, were
GBP828.9 million, producing a deficit of GBP15.6 million.
The profit and loss impact of the pension scheme has changed in
that the assumed income on assets held is now calculated using the
same discount rate as used for the liabilities, with no account
being taken of the expected investment performance of the assets
held. The full year impact is to eliminate credits previously
included in the income statement in 2012 of GBP7.8 million, and a
comparable number in 2013, which now flow through the statement of
comprehensive income. Given the profile of the Group's main pension
scheme, the GBP27.7 million present value of projected future
general administration expenses that are a direct consequence of
past service, paid by the scheme and the Company, has now been
included as part of the retirement benefit obligation rather than
being included in the current service cost.
The Group's main pension scheme remains a major factor for the
Group. The agreement reached with the trustee in 2012 set the
deficit recovery contribution levels at GBP16.0 million in 2012;
nil in 2013 and 2014; GBP4.0 million in 2015; and GBP10.0 million
per annum thereafter. The Group has been able to ride out the
extremes of a market slowdown on the business and the impact of low
bond yields pushing up pension scheme liabilities. As market
conditions alter and as the increase in yields on government bonds
has a positive impact on the actuarial valuation of liabilities, it
remains the intention of the Group to rebalance the relationship in
terms of scale and financial strength between the scheme and the
Company before any new formal funding arrangements are to be put in
place in relation to the next triennial actuarial valuation to be
undertaken as at 31(st) December 2014.
Following completion of the pension scheme funding arrangements
in 2012 a new three year banking deal was put in place. The cash
contribution and the higher costs of borrowings and guarantees
added to finance costs which were GBP0.7 million in the first
half.
Current trading and outlook
Ever since the UK and US housing market downturns led to sharp
falls in appliance sales, trading conditions have been difficult.
We have cut costs and continue with a series of efficiency and
rationalisation programmes. We, however, have importantly kept
investing in products and in our brands and these have been behind
our continuing progress for the business. As the tide turns we now
feel that our major markets in the UK and North America will
provide buoyancy and sales.
The new generation of electric AGA products can bring a step
change in performance. We intend to support them with a sustained
marketing effort in the UK - where existing owners trading up are a
key market - and in new markets where brand recognition may be high
but knowledge of the current product strengths is limited. The year
on year improvements in order volumes have continued since the half
year.
Rangemaster's success has attracted competition but the quality
of the product and our strength in distribution provide a great
platform in improving markets and orders since the half year have
been good nearly making up the first half volume shortfalls.
Taken overall the indicators from the order intake are that
revenues will finally start to move forward in the second half
bringing profitability improvements as the operational gearing
impacts.
Financial review
Revenue - The revenue of GBP119.5 million was slightly higher
than last half year's GBP119.2 million. Market conditions were
particularly tough in the first quarter and somewhat better in the
second quarter.
Operating profit - The operating profit at GBP1.5 million was
the same as the operating profit of GBP1.5 million in the first
half of 2012.
Net pension charge - The half year pension charge of GBP1.8
million (half year 2012 restated: GBP1.5 million) was higher than
the restated 2012 charge due to the net interest charge of GBP0.6
million (half year 2012 restated: GBP0.2 million) having been
calculated on a higher deficit at the beginning of the period.
Non-recurring costs - Non-recurring costs were GBP1.4 million in
the period (half year 2012: GBP1.4 million) and mainly relate to
the continuing rationalisation programmes involving Waterford
Stanley in Ireland and Grange in North America as disclosed in the
2012 financial statements. The total cost in 2013 is expected to be
around GBP2 million.
Finance costs - The finance cost was GBP0.7 million (half year
2012: finance cost GBP0.2 million, finance income GBP0.2 million)
reflecting the higher borrowing costs of the new three year bank
facilities put in place at the end of 2012, the cost of the GBP30
million of pension scheme guarantees provided and interest payable
on the Group's EUR and USD hedging loans.
Taxation - The effective tax rate for the half year is forecast
at nil compared to 21% in the first half of 2012. UK deferred tax
balances have been accounted for at a rate of 23% at 30(th) June
2013. Tax thereafter in the UK should track the UK standard rate,
although foreign tax rates may vary.
Earnings / loss per share - The basic loss per share was 3.5
pence (half year 2012 restated: 1.4 pence loss). The average number
of shares in issue was 69.3 million (the same as the previous half
year and year end).
Dividends - The board has decided not to pay an interim dividend
(half year 2012: GBPnil). Under the agreement reached over future
pension contributions, agreement with the pension trustee would be
required prior to a dividend payment being made.
Discontinued operations - Payments made during the first half of
2013 amounted to GBP0.6 million (half year 2012: GBP1.4 million and
full year 2012: GBP6.0 million) and were fully provided for at
31(st) December 2012 and expected future claims are fully provided
at 30(th) June 2013.
Balance sheet - The balance sheet remains strong. Working
capital at the period end was GBP26.0 million (30(th) June 2012:
GBP24.3 million).
The net pension deficit was GBP15.6 million and compares to a
restated net deficit of GBP38.7 million at 31(st) December 2012 and
GBP72.5 million at 30(th) June 2012. The reduction is primarily a
result of the higher discount rate used - up from 4.3% at 31(st)
December 2012 to 4.8% at 30(th) June 2013 - which has the impact of
decreasing the scheme liabilities.
Net debt was GBP6.0 million (30(th) June 2012: net cash GBP11.9
million, 31(st) December 2012 net cash GBP5.5 million) after
GBP12.0 million of deficit recovery payments to the pension scheme
and GBP4.6 million of settlement payments in relation to divested
businesses in the second half of 2012.
Net assets of the Group at 30(th) June 2013 were GBP138.9
million, up from the restated GBP119.9 million at the end of last
year.
Cashflow - The cash used in operating activities saw an
improvement at GBP6.5 million in the period (half year 2012:
GBP11.1 million outflow). In line with normal seasonality, there
was a working capital outflow of GBP8.6 million (half year 2012:
GBP13.1 million outflow). In the second half of 2012 the working
capital inflow was GBP7.6 million.
The business plan assumed growth driven by new product
introductions. Expenditure on intangibles, in particular
development costs, was GBP1.4 million (half year 2012: GBP1.1
million) and compares to an amortisation charge of GBP1.1 million
(half year 2012: GBP0.9 million). Capital expenditure in the period
was GBP1.7 million (half year 2012: GBP0.8 million) and compares to
a depreciation charge of GBP2.3 million (half year 2012: GBP2.8
million).
By order of the board:
J Coleman W B McGrath
Chairman Chief Executive
21(st) August 2013
AGA RANGEMASTER GROUP PLC
2013 HALF-YEARLY FINANCIAL REPORT
CONSOLIDATED INCOME STATEMENT
Half year Half year Year to
to June to June December
2013 2012 2012
Unaudited Unaudited Audited
Restated Restated
Note (note 11) (note 11)
GBPm GBPm GBPm
Revenue 119.5 119.2 244.6
Net operating costs (118.0) (117.7) (238.1)
Group operating profit 1.5 1.5 6.5
Net pension charge 11 (1.8) (1.5) (2.9)
Non-recurring costs 4 (1.4) (1.4) (1.7)
(Loss) / profit before finance
(costs) / income and tax (1.7) (1.4) 1.9
Finance income - 0.2 0.4
Finance costs (0.7) (0.2) (0.6)
(Loss) / profit before tax (2.4) (1.4) 1.7
Tax credit / (expense) 6 - 0.3 (0.2)
(Loss) / profit for the period (2.4) (1.1) 1.5
(Loss) / profit attributable
to:
Equity holders of the parent (2.4) (1.0) 1.6
Non-controlling interests - (0.1) (0.1)
(Loss) / profit for the period (2.4) (1.1) 1.5
(Loss) / earnings per share
attributable to
equity holders of the parent: 8 p p p
Basic (3.5) (1.4) 2.3
Diluted (3.5) (1.4) 2.3
All operations are continuing.
AGA RANGEMASTER GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Half year Half year Year to
to June to June December
2013 2012 2012
Unaudited Unaudited Audited
Restated Restated
(note 11) (note 11)
GBPm GBPm GBPm
(Loss) / profit for the period (2.4) (1.1) 1.5
------------------------------------------- ------------ ------------ ------------
Other comprehensive income / (losses)
to be reclassified to profit or loss
in subsequent periods:
Exchange adjustments on hedge of net
investments (0.9) 0.3 0.6
Exchange differences on translation of
foreign operations 4.3 (2.2) (2.8)
Net other comprehensive income / (losses)
to be reclassified to profit or loss
in subsequent periods 3.4 (1.9) (2.2)
Items not to be reclassified to profit
or loss in subsequent periods:
Actuarial gains / (losses) on defined
benefit pension schemes 23.3 (53.8) (32.7)
Tax on defined benefit pension schemes
and tax losses (5.4) 12.9 7.4
Net other comprehensive income / (losses)
not being reclassified to profit or loss
in subsequent periods 17.9 (40.9) (25.3)
Other comprehensive income / (losses)
for the period 21.3 (42.8) (27.5)
Total comprehensive income / (losses)
for the period 18.9 (43.9) (26.0)
Attributable to:
Equity holders of the parent 18.9 (43.8) (25.9)
Non-controlling interests - (0.1) (0.1)
Total comprehensive income / (losses)
for the period 18.9 (43.9) (26.0)
AGA RANGEMASTER GROUP PLC
CONSOLIDATED BALANCE SHEET
30(th) 30(th) June 31(st) December
June 2013 2012 2012
Unaudited Unaudited Audited
Restated Restated
Note (note 11) (note 11)
GBPm GBPm GBPm
Non-current assets
Goodwill 67.5 65.8 65.3
Intangible assets 25.8 23.5 24.5
Property, plant and equipment 10 38.5 38.5 38.3
Other receivables 0.3 0.5 0.6
Deferred tax assets 8.6 22.3 14.5
140.7 150.6 143.2
Current assets
Inventories 46.9 48.9 45.9
Trade and other receivables 34.7 34.9 30.9
Current tax assets - 1.0 1.1
Cash and cash equivalents 12 10.1 29.7 21.0
91.7 114.5 98.9
Assets held for sale 2.3 2.6 2.2
Total assets 234.7 267.7 244.3
Current liabilities
Borrowings 12 (1.0) (2.8) (1.3)
Trade and other payables (55.6) (59.5) (61.0)
Current tax liabilities (2.7) (2.9) (3.0)
Provisions 13 (3.1) (7.9) (3.9)
(62.4) (73.1) (69.2)
Net current assets 29.3 41.4 29.7
Non-current liabilities
Borrowings 12 (15.1) (15.0) (14.2)
Retirement benefit obligation 11 (15.6) (72.5) (38.7)
Deferred tax liabilities (1.2) (3.3) (1.2)
Provisions 13 (1.5) (1.9) (1.1)
(33.4) (92.7) (55.2)
Total liabilities (95.8) (165.8) (124.4)
Net assets 138.9 101.9 119.9
Equity
Share capital 14 32.5 32.5 32.5
Share premium account 29.6 29.6 29.6
Other reserves 85.2 82.1 81.8
Retained loss (8.5) (42.4) (24.1)
Equity attributable to equity holders
of the parent 138.8 101.8 119.8
Non-controlling interests 0.1 0.1 0.1
Total equity 138.9 101.9 119.9
AGA RANGEMASTER GROUP PLC
CONSOLIDATED CASH FLOW STATEMENT
Half year Half year Year to
to June to June December
2013 2012 2012
Unaudited Unaudited Audited
Restated Restated
Note (note 11) (note 11)
GBPm GBPm GBPm
Operating activities
(Loss) / profit before tax (2.4) (1.4) 1.7
Reconciliation of (loss) / profit before
tax to net cash flows:
Net finance costs 0.7 - 0.2
Depreciation of property, plant and
equipment 10 2.3 2.8 5.1
Amortisation of intangible assets 1.1 0.9 2.1
Loss / (profit) on disposal of property,
plant and equipment, intangibles and
assets held for sale 0.1 - (0.5)
Share based payments expense 0.1 0.1 0.2
Increase in inventories - (3.8) (1.0)
Increase in receivables (2.7) (4.1) (0.3)
Decrease in payables (5.9) (5.2) (4.2)
Decrease in provisions - (0.5) (0.6)
Pension charge and normal contributions 0.2 0.1 (0.6)
Cash (used in) / generated from operating
activities (6.5) (11.1) 2.1
Deficit recovery pension contributions - (4.0) (16.0)
Cashflows related to discontinued operations 7 (0.6) (1.4) (6.0)
Net finance costs (0.7) (0.2) (0.1)
Tax receipt / (payment) 1.3 - (0.3)
Net cash used in operating activities (6.5) (16.7) (20.3)
Investing activities
Purchase of property, plant and equipment 10 (1.7) (0.8) (3.7)
Expenditure on intangibles (1.4) (1.1) (2.7)
Proceeds from disposal of property,
plant and equipment and assets held
for sale - - 1.0
Net cash used in investing activities (3.1) (1.9) (5.4)
Financing activities
Dividends paid 9 - (0.8) (0.8)
Borrowing costs (0.4) - (0.2)
(Repayment of borrowings) / new bank
loans raised (0.3) 1.0 (0.3)
Net cash (used in) / generated from
financing activities (0.7) 0.2 (1.3)
Effects of exchange rate changes (0.6) - (0.1)
Net decrease in cash and cash equivalents (10.9) (18.4) (27.1)
Cash and cash equivalents at beginning
of period 21.0 48.1 48.1
Cash and cash equivalents at end of
period 12 10.1 29.7 21.0
AGA RANGEMASTER GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Half year to 30(th) June 2013
Equity attributable to equity
holders of the parent
Retained
earnings
Restated Non-
Share Share Other (note controlling Total
capital premium reserves 11) Total interests equity
--------- --------- ---------- ---------- --------- ------------- --------
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
At 1(st) January 2013 as
reported 32.5 29.6 81.8 (2.8) 141.1 0.1 141.2
Prior year adjustment (note
11) - - - (21.3) (21.3) - (21.3)
---------------------------------- --------- --------- ---------- ---------- --------- ------------- --------
At 1(st) January 2013 as
restated 32.5 29.6 81.8 (24.1) 119.8 0.1 119.9
Comprehensive income
Loss for the period - - - (2.4) (2.4) - (2.4)
Other comprehensive income
/ (losses):
Exchange adjustments on
hedge of net investments - - (0.9) - (0.9) - (0.9)
Exchange differences on
translation of foreign
operations - - 4.3 - 4.3 - 4.3
Actuarial gain on defined
benefit pension schemes - - - 23.3 23.3 - 23.3
Deferred tax on actuarial
gains - - - (5.4) (5.4) - (5.4)
Total comprehensive income
for the period ended 30(th)
June 2013 - - 3.4 15.5 18.9 - 18.9
Share based payments - - - 0.1 0.1 - 0.1
At 30(th) June 2013 32.5 29.6 85.2 (8.5) 138.8 0.1 138.9
Half year to 30(th) June 2012
Equity attributable to equity holders
of the parent
Retained
earnings Non-
Share Share Other Restated controlling Total
capital premium reserves (note Total interests equity
11)
--------- --------- ---------- ---------- ------- ------------- --------
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
At 1(st) January 2012 as
reported 32.5 29.6 84.0 21.4 167.5 0.2 167.7
Prior year adjustment (note
11) - - - (21.2) (21.2) - (21.2)
----------------------------- --------- --------- ---------- ---------- ------- ------------- --------
At 1(st) January 2012 as
restated 32.5 29.6 84.0 0.2 146.3 0.2 146.5
Comprehensive income
Loss for the period - - - (1.0) (1.0) (0.1) (1.1)
Other comprehensive income
/
(losses):
Exchange adjustments on
hedge of
net investments - - 0.3 - 0.3 - 0.3
Exchange differences on
translation
of foreign operations - - (2.2) - (2.2) - (2.2)
Actuarial losses on defined
benefit pension schemes - - - (53.8) (53.8) - (53.8)
Deferred tax on actuarial
losses - - - 12.9 12.9 - 12.9
Total comprehensive income
for
the period ended 30(th)
June 2012 - - (1.9) (41.9) (43.8) (0.1) (43.9)
Dividends paid - - - (0.8) (0.8) - (0.8)
Share based payments - - - 0.1 0.1 - 0.1
At 30(th) June 2012 32.5 29.6 82.1 (42.4) 101.8 0.1 101.9
AGA RANGEMASTER GROUP PLC
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
1. CORPORATE INFORMATION
The interim condensed consolidated financial statements of the
Group for the six months ended 30(th) June 2013 were authorised for
issue in accordance with a resolution of the directors on 21(st)
August 2013.
AGA Rangemaster Group is a public limited company incorporated
and domiciled in the UK whose shares are publicly traded on the
London Stock Exchange.
The principal activities of the Group are the manufacture and
sale of range cookers, kitchen and related home fashions
products.
The interim condensed consolidated financial statements do not
comprise the Group's statutory accounts as defined by section 434
of the Companies Act 2006. Statutory accounts for the year ended
31(st) December 2012 were approved by the board of directors on
8(th) March 2013 and were delivered to the Registrar of Companies.
The auditors' report on those accounts was unqualified, it 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 financial information presented here is unaudited but has
been reviewed by the Group's auditor, Ernst & Young LLP. The
review opinion appears at the end of these notes.
2. BASIS OF PREPARATION
The interim condensed consolidated financial statements for the
six months ended 30(th) June 2013 have been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority and with International Accounting Standard 34 ('IAS 34')
Interim Financial Reporting as adopted by the European Union.
The interim condensed consolidated financial statements do not
include all the information and disclosures required in the annual
financial statements and should be read in conjunction with the
Group's Annual Report and Accounts as at 31(st) December 2012 which
have been prepared in accordance with International Financial
Reporting Standards ('IFRS') as adopted by the European Union.
The 2012 figures have been restated as IAS 19 Employee Benefits
(Revised 2011) has been adopted - see note 11.
GOING CONCERN
The directors have assessed the financial position and the
future funding requirements of the Group and compared them to the
level of available committed borrowing facilities. The Group's
committed bank facilities mature in 2015. The directors' assessment
included a review of the Group's financial forecasts, financial
instruments and hedging arrangements for the 15 months from 30(th)
June 2013. The directors considered a range of potential scenarios
within the key markets the Group serves. The directors have also
taken into consideration developments in the Eurozone countries and
have also considered what mitigating actions the Group could take
to limit any adverse consequences. Having undertaken this
assessment, the directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future, and so it has been determined that it
is appropriate for the 2013 interim condensed consolidated
financial statements to be prepared on a going concern basis.
ESTIMATES
The preparation of the interim condensed consolidated financial
statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Future actual results may differ from these estimates.
In preparing these interim condensed consolidated financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those applied to the
Group's Annual Report and Accounts for the year ended 31(st)
December 2012.
RISKS AND UNCERTAINITIES
There are a number of risks and uncertainties which could have a
material impact on the Group's performance over the remaining six
months of the financial year and could cause actual results to
differ from expected and historical results. The directors do not
consider that the principal risks and uncertainties have changed
since the publication of the Annual Report and Accounts for the
year ended 31(st) December 2012, which are summarised below:
-- Pension scheme - the Group is the sponsor of a large pension scheme and can be called on to meet funding deficits.
-- Financial covenants and funding - the Group's bank facilities mature at the end of 2015.
-- General economic conditions - the Group's operations are sensitive to the global economic conditions and to
developments in Eurozone countries. The Group has operating
subsidiaries in Ireland and France. The Group has
little exposure to Greece and Spain.
-- Financial instruments - the Group is exposed to foreign exchange risks, particularly, movements in the Euro and
interest rate risks.
-- Competition / margin erosion.
-- Intellectual property - failure to protect our brands.
-- Over reliance on any individual customer or supplier.
-- People - the potential loss of key personnel.
-- Legal, regulatory and litigation.
-- Health, safety and environmental.
3. ACCOUNTING POLICIES
The interim condensed consolidated financial statements have
been prepared using the same accounting policies as used in the
preparation of the Group's Annual Report and Accounts for the year
ended 31(st) December 2012 except for the adoption of new standards
and interpretations effective as of 1(st) January 2013, as noted
below.
The Group applies, for the first time, certain standards and
amendments that require restatement of previous financial
statements. These include IAS 19 Employee Benefits (Revised 2011)
and amendments to IAS 1 Presentation of Financial Statements. As
required by IAS 34, the nature and the effect of these changes are
disclosed below.
Several other new standards and amendments apply for the first
time in 2013. However, they do not impact the interim condensed
consolidated financial statements or the Annual Report and Accounts
of the Group.
The nature and the impact of each new standard / amendment is
described below:
IAS 1 Presentation of Items of Other Comprehensive Income
(Amendments to IAS 1)
The amendments to IAS 1 introduce a grouping of items presented
in other comprehensive income ('OCI'). Items that could be
reclassified (or recycled) to profit or loss at a future point in
time (e.g. net gain on hedge of net investment and exchange
differences on translation of foreign operations) now have to be
presented separately from items that will never be reclassified
(e.g. actuarial gains and losses on defined benefit plans). The
amendment affected presentation only and had no impact on the
Group's financial position or performance.
IAS 1 Clarification of the Requirement for Comparative
Information (Amendment)
The amendment to IAS 1 clarifies the difference between
voluntary additional comparative information and the minimum
required comparative information. An entity must include
comparative information in the related notes to the financial
statements when it voluntarily provides comparative information
beyond the minimum required comparative period. The additional
voluntarily comparative information does not need to be presented
in a complete set of financial statements. An opening statement of
financial position (known as the 'third balance sheet') must be
presented when an entity applies an accounting policy
retrospectively, makes retrospective restatements, or reclassifies
items in its financial statements, provided any of those changes
has a material effect on the statement of financial position at the
beginning of the preceding period. The amendment clarifies that a
third balance sheet does not have to be accompanied by comparative
information in the related notes. Under IAS 34, the minimum items
required for interim condensed consolidated financial statements do
not include a third balance sheet.
IAS 19 Employee Benefits (Revised 2011) (IAS 19R)
IAS 19R includes a number of amendments to the accounting for
defined benefit plans, including expected returns on pension
schemes' assets are no longer recognised in profit or loss, instead
interest on the net defined benefit obligation is recognised in
profit or loss, calculated using the discount rate used to measure
the pension liability. Costs of managing the plan assets are
deducted in determining the return on plan assets which are
recognised in other comprehensive income and the present value of
projected future general administration expenses that are a direct
consequence of past service are now included as part of the
retirement benefit obligation, rather than being included in the
current service cost. Unvested past service costs are now
recognised in profit or loss at the earlier of when the amendment
to the plan giving rise to the past service cost occurs or when the
related restructuring or termination costs are recognised. Other
amendments include new disclosures, such as, quantitative
sensitivity disclosures. In the case of the Group, the transition
to IAS 19R had an impact on the pension charge in the income
statement. The effect of the adoption of IAS 19R is explained in
note 11.
IAS 34 Interim Financial Reporting and Segment Information for
Total Assets and Liabilities (Amendment)
The amendment clarifies the requirements in IAS 34 relating to
segment information for total assets and liabilities for each
reportable segment to enhance consistency with the requirements in
IFRS 8 Operating Segments. Total assets and liabilities for a
reportable segment need to be disclosed only when the amounts are
regularly provided to the chief operating decision maker ('CODM')
and there has been a material change in the total amount disclosed
in the entity's previous Annual Report and Accounts for that
reportable segment. The Group does not provide this disclosure as
total segment assets and total segment liabilities were not
reported to the CODM.
IFRS 13 Fair Value Measurement
IFRS 13 establishes a single source of guidance under IFRS for
all fair value measurements. IFRS 13 does not change when an entity
is required to use fair value, but rather provides guidance on how
to measure fair value under IFRS when fair value is required or
permitted. The application of IFRS 13 has not materially impacted
the fair value measurements carried out by the Group.
IFRS 13 also requires specific disclosures on fair values, some
of which replace existing disclosure requirements in other
standards, including IFRS 7 Financial Instruments: Disclosures.
Some of these disclosures are specifically required for financial
instruments by IAS 34.16A(j), thereby affecting the interim
condensed consolidated financial statements. The Group provides
these disclosures in note 15.
The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet
effective.
4. NON-RECURRING COSTS
The non-recurring costs during the period to 30(th) June 2013 of
GBP1.4 million related to site rationalisation programmes involving
Waterford Stanley in Ireland and the costs of closing certain
selling / retailing outlets and the warehouse at Grange in North
America, as disclosed in the 2012 Annual Report and Accounts.
The non-recurring costs during the period to 30(th) June 2012 of
GBP1.4 million related to the reorganisation of our AGA Rangemaster
distribution operations and retail structures.
5. SEGMENTAL ANALYSIS
The directors consider that there are two operating segments
namely AGA (which comprises the brands and operations of AGA
Rayburn, Fired Earth, Grange, Redfyre and Waterford Stanley) and
Rangemaster (which comprises the brands and operations of AGA
Marvel, Divertimenti, Heartland, La Cornue and Rangemaster). Two
areas of the business were identified over which the directors
allocate resource, plan purchasing and manufacturing, have combined
sales targets, incentives and marketing programmes. These areas
were determined to be the level at which the chief operating
decision maker ('CODM') makes decisions and were deemed to be the
operating segments of 'AGA' and 'Rangemaster'. The strategy as set
by the board is for the Group to be seen as a global consumer brand
which sells range cookers, kitchen and related home fashions
products internationally with cross selling opportunities creating
appreciable competitive advantage for all our individual
brands.
The operating results of the operating segments, for which
discrete information is available, are regularly reviewed by the
CODM, which consists of the chief executive and his senior
management team, to make decisions about the resources to be
allocated to the segments and assess their performance.
Management's focus is on the cross selling of all consumer products
to our customer database - e.g. AGA Marvel is responsible for
distributing product manufactured in the UK at our Leamington Spa
(range cookers) and Telford (cast iron cookers) factories, which
are then sold in North America under the AGA brand. Waterford
Stanley is the distributor for Rangemaster and Rayburn products
into Ireland and Grange has developed products that are sold under
its own brand and the Fired Earth brand.
Our customers are substantially of the same demographic. At the
heart of our sales strategy we look to sell packages of products to
our customer base which, for example, may include AGA, Fired Earth,
Rangemaster and AGA Marvel branded products. In addition, this is
how our senior management are now incentivised to achieve Group
targets.
The two operating segments are considered to meet the
aggregation criteria of IFRS 8 in full and so the directors
consider that there is only one aggregated reportable segment. All
disclosures required under IFRS 8 and IAS 34 have therefore already
been given in these interim condensed consolidated financial
statements. The aggregation criteria has been met as the segments
have similar economic characteristics, products and services,
production processes, types and classes of customer and methods of
distribution. The directors consider the aggregated reportable
segment to be the manufacture and sale of range cookers, kitchen
and related home fashions products, from which the Group derives
most of its revenue. All Group companies are subject to similar
economic forces and comparable regulatory environments.
6. TAXATION
Corporation tax for the interim period to 30(th) June 2013 has
been charged at the estimated rates chargeable for the full year in
the respective jurisdictions as follows:
Half year Half year Year to
to June to June December
2013 2012 2012
Restated (note Restated
11) (note 11)
GBPm GBPm GBPm
Current tax
UK corporation tax 0.1 - 1.9
Overseas tax (0.1) - 0.4
- - 2.3
Deferred tax
UK deferred tax - (0.1) (0.8)
Overseas deferred tax - (0.2) (1.3)
- (0.3) (2.1)
Total income tax (credit)
/ expense - (0.3) 0.2
Total UK tax 0.1 (0.1) 1.1
Total overseas tax (0.1) (0.2) (0.9)
Total income tax (credit)
/ expense - (0.3) 0.2
Factors affecting the future tax charge:
A reduction in the UK corporation tax rate from 26% to 24% was
substantively enacted in March 2012 and was effective from 1(st)
April 2012. A further reduction from 24% to 23% was substantively
enacted in July 2012 and was effective from 1(st) April 2013.
Accordingly a rate of 23% has been applied in the measurement of
the Group's deferred tax assets and liabilities as at 30(th) June
2013. Further reductions, to 21% from 1(st) April 2014 and to 20%
from 1(st) April 2015, were substantively enacted in July 2013 and
these reductions should reduce the deferred tax asset at the end of
the year by GBP0.6 million.
7. DISCONTINUED OPERATIONS
In the period to 30(th) June 2013 costs paid during the first
half of 2013, amounting to GBP0.6 million were fully provided at
31(st) December 2012 and primarily related to the settlement of the
remaining minority litigation and claims in relation to divested
businesses. In the period to 30(th) June 2012, payments of GBP1.4
million were made.
8.EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share is
based on the following data:
Half year Half year Year to
to June to June December
2013 2012 2012
Restated Restated
(note 11) (note 11)
GBPm GBPm GBPm
(Loss) / earnings for the purpose of
the basic and diluted EPS
(Loss) / profit after tax (2.4) (1.1) 1.5
Non-controlling interests - 0.1 0.1
(Loss) / profit attributable to equity
holders of the parent (2.4) (1.0) 1.6
Weighted average number of shares in
issue million million million
For basic EPS calculation 69.3 69.3 69.3
Dilutive effect of share options - - -
For diluted EPS calculation 69.3 69.3 69.3
(Loss) / earnings per share attributable to
equity holders of the parent
p p p
Basic (3.5) (1.4) 2.3
Diluted (3.5) (1.4) 2.3
9. DIVIDENDS
Half year Half year Year to
to June to June December
2013 2012 2012
GBPm GBPm GBPm
Final dividend of nil for the
year ended 31(st) December 2012
(2011: 1.1 pence) - 0.8 0.8
Amounts recognised as distributions
to equity holders of the parent
in the period - 0.8 0.8
------------------------------------- ----------- ---------- ----------
The board has decided not to pay an interim dividend (half year
to 30(th) June 2012: nil).
10. PROPERTY, PLANT & EQUIPMENT
During the six months to 30(th) June 2013 the Group purchased
GBP1.7 million of property, plant and equipment (period to 30(th)
June 2012: GBP0.8 million). Depreciation in the period was GBP2.3
million (period to 30(th) June 2012: GBP2.8 million).
11. RETIREMENT BENEFITS
The composition of the pension deficit in the consolidated
balance sheet and the net pension charge in the consolidated income
statement is as follows:
Half year Half year Year to
to June to June December
2013 2012 2012
Restated Restated
GBPm GBPm GBPm
Assets and liabilities of the aggregated
schemes
Assets 813.3 773.4 809.1
Liabilities (828.9) (845.9) (847.8)
Net deficit in the schemes (15.6) (72.5) (38.7)
Amounts recognised in the consolidated income
statement
Current service cost 1.2 1.3 2.4
Net interest on defined benefit
obligation 0.6 0.2 0.5
Net pension charge 1.8 1.5 2.9
Restatement
IAS 19R has been applied retrospectively from 1(st) January
2012. As a result, expected returns on pension schemes' assets are
no longer recognised in profit or loss. Instead, net interest on
the net defined benefit obligation is recognised in profit or loss,
calculated using the discount rate used to measure the pension
liability. Given the profile of the scheme the present value of
projected future general administration expenses that are a direct
consequence of past service, paid by the scheme and the Company,
has now been included as part of the retirement benefit obligation
rather than being included in the current service cost and the
costs of managing the plan assets are deducted in determining the
return on plan assets which is recognised in other comprehensive
income.
The impact on the 2012 interim and full year consolidated income
statement, consolidated statement of comprehensive income,
consolidated balance sheet and EPS is as follows. There was no
overall impact to the cash used in operating activities in the
cashflow statement.
Half year Year to
to June December
2012 2012
GBPm GBPm
Impact on the consolidated income statement:
Decrease in current service cost 0.6 1.1
Increase in net interest on net defined
benefit obligation (3.6) (7.8)
Increase in net pension charge (3.0) (6.7)
Decrease in the tax expense 0.7 1.4
---------------------------------------------------------- ------------ -----------
Impact on the consolidated income statement (2.3) (5.3)
Impact on the consolidated statement of comprehensive
income:
Decrease in the profit for the period (2.3) (5.3)
Decrease in the actuarial losses on
defined benefit pension schemes 3.0 6.9
Decrease in the tax on net defined benefit
pension schemes (0.7) (1.7)
Impact on the consolidated statement of comprehensive
income - (0.1)
---------------------------------------------------------------- ------ -----------
Half year Year to
to June December
2012 2012
GBPm GBPm
Impact on the consolidated balance sheet:
Increase in the retirement benefit obligation (27.9) (27.7)
Increase in the deferred tax asset 6.7 6.4
Net impact on equity holders of the
parent (21.2) (21.3)
----------------------------------------------- ---------- ----------
Decrease in earnings per share attributable
to equity holders of the parent p p
Basic (3.3) (7.7)
Diluted (3.3) (7.7)
--------------------------------------------- ------ ------
The net impact on the consolidated balance sheet at 1(st)
January 2012 is a reduction to the equity attributable to equity
holders of the parent of GBP21.2 million, being an increase of
GBP27.9 million to the retirement benefit obligation relating to
the present value of projected future general administration
expenses and a GBP6.7 million increase in the related deferred tax
asset.
12. CASH AND BORROWINGS
Cash
Cash and cash equivalents at 30(th) June 2013 was GBP10.1
million (30(th) June 2012: GBP29.7 million and 31(st) December
2012: GBP21.0 million). The main movements in the cash balance
compared to 30(th) June 2012 were a consequence of GBP12.0 million
of deficit recovery payments to the pension scheme and GBP4.6
million of settlement payments in relation to divested
businesses.
Borrowings
30(th) June 30(th) June 31(st) December
2013 2012 2012
GBPm GBPm GBPm
Borrowings
Current borrowings under finance
leases - - 0.1
Current (unsecured) borrowings 1.0 2.8 1.2
Non-current borrowings 15.1 15.0 14.2
Total borrowings 16.1 17.8 15.5
The Group's bank borrowings are primarily loan advances
denominated in a number of currencies and have floating interest
rates based on LIBOR or foreign equivalents.
At 30(th) June 2013 the non-current borrowings are split GBP0.3
million secured (30(th) June 2012: GBP0.3 million) and GBP14.8
million unsecured (30(th) June 2012: GBP14.7 million).
13. PROVISIONS
Provisions mainly relate to the remaining costs in respect of
the disposal of Pipe Systems in 2001 and Foodservice in 2007,
including possible warranty and indemnity claims, other claims and
other costs from third parties in relation to these divested
businesses. Although the majority of these provisions may be
realised in the next accounting period, the exact timing is
unclear. During 2012 the Group received a judgement from a German
appeal court relating to the valuation of a minority shareholding
in a business which the Group acquired in 1998 and sold in 2001 as
part of the Pipe Systems disposal and various settlement payments
were made during 2012. The provision held reflects the remaining
settlements and claims in relation to divested businesses.
14. SHARE CAPITAL AND OPTIONS
The number of 46 7/8 pence ordinary shares in issue amounted to
69.3 million on 30(th) June 2013 (30(th) June 2012 and 31(st)
December 2012: 69.3 million). This represents GBP32.5 million of
share capital.
No share options were issued under the 2012 Company Share Option
Plan ('CSOP') during the period.
Details of the share option schemes were given on page 36 of the
Annual Report and Accounts as at 31(st) December 2012.
15. FINANCIAL INSTRUMENTS
Hedge of net investment in foreign operations
Included in borrowings at 30(th) June 2013 were loans of EUR 7.5
million and USD 13.7 million, which have been designated as hedges
of net investments in operations based in Europe and the United
States. The loans are held as a hedge against the Group's exposure
to foreign exchange risk on these investments.
During the six month period ended 30(th) June 2013, the loss of
GBP0.3 million on the retranslation of the EUR loan and the loss of
GBP0.6 million on the retranslation of the USD loan have been
transferred to equity to offset gains and losses on translation of
the net investments in subsidiaries.
Carrying value
The carrying value of the Group's financial assets, including
trade and other receivables and cash, and financial liabilities,
including trade and other payables and borrowings, as disclosed in
the consolidated balance sheet, are equivalent to their fair value
at the balance sheet date.
16. CONTINGENT LIABILITIES AND COMMITMENTS
The Group had no material contingent liabilities arising in the
normal course of business at 30(th) June 2013.
The Group has arranged GBP30.0 million of bank guarantees to
guarantee the obligations of the Group to the AGA Rangemaster Group
Pension Scheme which may arise in the period up to 2021.
The Group had capital commitments of GBP0.9 million at 30(th)
June 2013 (31(st) December 2012: GBP0.3 million).
17. RELATED PARTY TRANSACTIONS
The Group currently recharges the Group pension scheme with part
of the cost of administration. The total amount recharged in the
period was GBP0.1 million (half year 2012: GBP0.1 million). The
amount outstanding at 30(th) June 2013 was GBP0.1 million (30(th)
June 2012: GBPnil).
18. SEASONALITY OF OPERATIONS
The normal seasonal nature of our range cooker, kitchen and home
fashions products business is to see higher revenues and operating
profits in the second half of the year than in the first six
months.
AGA RANGEMASTER GROUP PLC
CAUTIONARY STATEMENT
These interim condensed consolidated financial statements
contain certain forward-looking statements. These are made by the
directors in good faith based on the information available to them
up to the time of their approval of this report but such statements
should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying any
such forward-looking information. The directors undertake no
obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise.
The Interim Management Report ('IMR') has been prepared solely
to provide additional information to shareholders to enable them to
assess the Group's strategies and the potential for those
strategies to succeed. The IMR should not be relied on by any other
party or for any other purpose.
The IMR has been prepared for the Group as a whole and therefore
gives greater emphasis to those matters which are significant to
AGA Rangemaster Group plc and its subsidiary undertakings when
viewed as a whole.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors confirm that these interim condensed consolidated
financial statements have been prepared in accordance with IAS 34
as adopted by the European Union and that the IMR 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 interim condensed
consolidated 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 and Account.
The directors of AGA Rangemaster Group plc are listed in the
Annual Report and Accounts for 31(st) December 2012, a copy of
which is available at www.agarangemaster.com. On 1(st) July 2013
Rebecca Worthington was appointed as a non-executive director.
By order of the board:
W B McGrath S M Smith
Chief Executive Finance Director
AGA RANGEMASTER GROUP PLC
INDEPENDENT REVIEW REPORT TO AGA RANGEMASTER GROUP PLC
Introduction
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(th) June 2013 which comprises the Consolidated
Income Statement, Consolidated Statement of Comprehensive Income,
Consolidated Balance Sheet, Consolidated Cash Flow Statement,
Consolidated Statement of Changes in Equity and the related notes 1
to 18. 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
guidance contained in International Standard on Review Engagements
2410 (UK and Ireland) 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the
Auditing Practices Board. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the
Company, for our 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 2, 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 enquiries, 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(th)
June 2013 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.
Ernst & Young LLP
Birmingham
21(st) August 2013
AGA RANGEMASTER GROUP PLC
MAIN ADDRESSES AND ADVISERS
Head office and registered office
AGA Rangemaster Group plc
Juno Drive
Leamington Spa
Warwickshire
CV31 3RG
Telephone: +44 (0)1926 455 755
Fax: +44 (0)1926 455 749
e-mail: info@agarangemaster.com
Website: www.agarangemaster.com
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Registered in England No. 354715
Registrars
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Telephone (Helpline): 0871 384 2355*
(* Calls cost 8 pence per minute plus additional network charges
where applicable. Lines are open 8.30am to 5.30pm).
International (Helpline): +44 121 415 7047
Auditors
Ernst & Young LLP
Joint financial advisers and stockbrokers
Numis Securities Limited
Espirito Santo Investment Bank
This information is provided by RNS
The company news service from the London Stock Exchange
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IR DMGZRDGRGFZM
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