TIDMBLEY
RNS Number : 0936A
Bailey(C.H.) PLC
18 December 2014
C.H. Bailey plc
Chairman's statement and financial audited results
for the six months ended 30 September 2014 (unaudited)
C.H. Bailey plc ("C.H. Bailey", the "Company" or together with
it's subsidiaries the "Group", announces its unaudited interim
results for the half year ended 30(th) September 2014.
Interim Statement and Results
Our interim results for the 6 month period ended 30(th)
September 2014 show a profit after tax of GBP32,457 (2013: loss
GBP853,850). Revenue has increased by 13% to GBP2.7m (2013:
GBP2.4m) with cost of sales increasing by 1.47% GBP1.9m
(2013:1.88m). This has resulted in a Gross Profit for the period of
GBP832,638 (2013: GBP529,852).
The increase in sales has resulted from the operations in
Tanzania and an increase in activity in the Industrial division.
Sales in Malta have again remained in line with last year due to
the operational change of our major customer.
Over the period, the company has continued to review and reduce
administrative costs and that is reflected in the accounts
GBP867,429 (2013: GBP930,389). Income from investments and other
activities including exchange gains contributed to GBP264,647
(2013: loss GBP329,690) for the period.
As previously been reported, the decision to sell our Mikumi
Wildlife camp to a third party was taken and we entered into a
conditional sale agreement. During the period we received a deposit
from the purchaser and we are hopeful that the sale process will be
completed by the end of the current financial year.
Finance costs have increased over the period by 43% GBP224,406
(2013: GBP156,880), which is primarily due to the increase in
finance charges in Tanzania. Phase III, the final building of the
development in Dar-es-salaam, has now been completed and the
increases in the finance charges are due to the restructuring and
formalisation of the external and internal loans.
UK Operations
Bailey Industrial Engineering based in Newport, South Wales, is
the Group's specialist heavy engineering operation. Last year 2013,
the company saw a steep downturn in orders of some 30% but I am
pleased to report that for the current year 2014, sales are
returning to sustainable levels.
We have seen past clients return to use our services and we have
had success in attracting business from new markets, which we hope
will continue and we are cautiously optimistic for the future of
this division.
Tanzania
We have seen a downturn in sales at Beho Beho by some 15% due to
the reaction to the Ebola outbreak in West Africa whilst no
outbreak has been reported in Tanzania. Overall the safari business
in East Africa has been affected with some reports of a drop of 40%
on last year. The Oyster Bay hotel has not been affected and sales
and occupancy rates have increased. The Oyster Bay Hotel s still No
1 in Dar-es-salaam on Trip Advisor and recently gained prominent
recognition in Forbes and the SWISS airlines magazines.
As reported in my interim statement of 2013, our serviced
offices and retail space in Dar-es-salaam remains fully let and the
construction of the final phase (phase III) of serviced
accommodation and offices has now been completed. The revenue from
this new property has started to filter through into the financial
figures and they will further impact on the full year's
accounts.
Malta
Sales in our hotel in Malta have remained flat due to the
forthcoming sale of the assets which has impacted on the
operational activities of our major customer who changed the type
of programme at the hotel. We believe that the second part of the
sale is on track and will be completed in March 2015 as agreed.
Following the sale, the existing hotel operations will cease.
The group is investigating other investment opportunities in
Malta as and when they arise. Malta continues to receive more
global recognition and is seen as the Southern boundary of the EU,
with Valletta becoming the Cultural capital of the EU in 2018,
Malta taking over the EU presidency and its growing importance as a
recognised global financial centre.
Outlook
As previously stated we continue to put in place measures to
control costs whilst being vigilant about maintaining high levels
of client service. We are conscious that there are difficult market
conditions associated with the countries and sectors in which the
Group operates in and so sales are always difficult to increase in
the short term and require a team effort to achieve increases in
sustainable markets.
We believe that the strategies put in place to diversify our
revenue streams are beginning to bear fruit. We have seen during
this period a return to profits for which I would like to thank
everybody within the Group for their efforts.
Your Group is a diverse group of international businesses, with
investments and operations in leisure, property and engineering
with its current key markets being Tanzania, Malta and the UK. I am
confident that the Group is well placed in the countries and
sectors in which we operate to consolidate its position in order to
offer a platform for growth.
Charles Bailey
18 December 2014
C.H. Bailey plc
Consolidated Income Statement
for the six months ended 30 September 2014 (unaudited)
Notes September September March
2014 2013 2014
GBP GBP GBP
Continuing operations
Revenue 4 2,738,916 2,408,582 4,380,696
Cost of sales (1,906,278) (1,878,730) (3,184,605)
------------------ ------------------ ------------------
Gross profit 832,638 529,852 1,196,091
Administrative expenses (867,429) (930,389) (1,838,342)
------------------ ------------------ ------------------
Trading (loss) (34,791) (400,537) (642,251)
Investment activities and other income 5 264,647 (329,690) (469,412)
------------------ ------------------ ------------------
Operating profit (loss) 229,856 (730,227) (1,111,663)
EBITDA* 635,916 (348,151) (456,523)
Depreciation (406,060) (381,558) (654,622)
(Loss) on sale of plant and equipment - (518) (518)
------------------ ------------------ ------------------
Operating profit (loss) 229,856 (730,227) (1,111,663)
---------------------------------------------- ------ ------------------ ------------------ ------------------
Finance income 6 24,434 22,839 40,429
Finance costs 7 (224,406) (156,889) (337,172)
------------------ ------------------ ------------------
Profit (loss) before taxation 29,884 (864,277) (1,408,406)
Taxation 2,379 10,163 5,676
Minority interest 194 264 1,882
------------------ ------------------ ------------------
Profit (loss) for the financial year 32,457 (853,850) (1,400,848)
------------------ ------------------ ------------------
Earnings (loss) per share from continuing and
total operations 8 0.43p (11.22p) (18.41p)
C.H. Bailey plc
Consolidated Statement of
Comprehensive Total Income
for the six months ended 30 September 2014 (unaudited)
September September March
2014 2013 2014
GBP GBP GBP
Profit (loss) for the financial period 32,457 (853,850) (1,400,848)
Items that may be reclassified to profit and loss:
Exchange differences (215,814) (513,827) (806,393)
Total comprehensive (loss) for the period (183,357) (1,367,677) (2,207,241)
---------------- --------------- ---------------
C.H. Bailey plc
Consolidated Balance Sheet
as at 30 September 2014 (unaudited)
Notes September September March
2014 2013 2014
GBP GBP GBP
Non-current assets
Property, plant and equipment 9 12,587,281 13,546,451 12,080,207
Operating leases 134,471 93,667 115,166
Deferred tax asset 146,823 145,487 143,411
12,868,575 13,785,605 12,338,784
---------------- ----------------- ----------------
Current assets
Inventory 15,634 16,613 16,561
Trade and other receivables 2,219,425 1,969,771 1,933,659
Current asset investments 1,561,373 2,461,931 2,387,200
Cash and cash equivalents 2,649,734 3,907,437 2,928,007
6,446,166 8,355,752 7,265,427
Assets classified as held for sale 10 2,257,084 - 2,338,960
8,703,250 8,355,752 9,604,387
---------------- ----------------- ----------------
Current liabilities
Trade and other payables (3,267,920) (2,667,215) (3,027,994)
Bank loans and overdrafts 13 (1,387,951) (899,534) (1,670,059)
Other loans 13 (767,938) (740,522) (751,589)
Obligations under finance leases (29,894) (29,149) (29,894)
Provisions (250,000) (250,000) (250,000)
(5,703,703) (4,586,420) (5,729,536)
---------------- ----------------- ----------------
Net current assets 2,999,547 3,769,332 3,874,851
---------------- ----------------- ----------------
Total assets less current liabilities 15,868,122 17,554,937 16,213,635
Non-current liabilities
Trade and other payables (317,512) (334,636) (330,464)
Bank loans 13 (4,823,047) (5,054,496) (4,957,732)
Obligations under finance leases (31,129) (46,569) (32,128)
Deferred tax liabilities (258,650) (272,599) (269,201)
Net assets 10,437,784 11,846,637 10,624,110
---------------- ----------------- ----------------
Equity
Called-up share capital 11 833,541 833,541 833,541
Share premium account 609,690 609,690 609,690
Capital redemption reserve 5,163,332 5,163,332 5,163,332
Investment in own shares (960,509) (960,509) (960,509)
Translation reserve 237,308 697,560 323,167
Retained earnings 4,485,868 5,428,925 4,583,366
---------------- ----------------- ----------------
Surplus attributable to the parent's shareholders 10,369,230 11,772,539 10,552,587
Minority interest 68,554 74,098 71,523
Total equity 10,437,784 11,846,637 10,624,110
---------------- ----------------- ----------------
C.H. Bailey plc
Consolidated Cash Flow Statement
for the six months ended 30 September 2014 (unaudited)
Notes September September March
2014 2013 2014
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations 12 370,136 296,730 765,708
Interest paid (224,406) (156,889) (337,172)
Overseas tax paid (1,033) (1,397) (3,808)
Net cash flow from operating activities 144,697 138,444 424,728
------------------ ----------------- -------------------
Investing activities
Sale of property, plant and equipment - - 1,749
Purchase of property, plant and equipment (888,590) (1,803,207) (3,427,874)
Sale of investments 1,039,517 273,295 590,266
Purchase of investments (237,878) (253,755) (596,159)
Interest received 24,434 22,839 40,429
Net cash flow from investing activities (62,517) (1,760,828) (3,391,589)
------------------ ----------------- -------------------
Financing activities
Equity dividends paid - - (380,388)
Movement in bank loans (273,090) 1,168,789 1,186,645
Movement in directors' loans 236,552 (101,087) (83,337)
Movement in other loans 16,349 17,179 28,246
Movement in capital element of finance leases (999) (15,253) (28,949)
Net cash flow from financing activities (21,188) 1,069,628 722,217
------------------ ----------------- -------------------
Net increase (decrease) in cash and cash
equivalents 60,992 (552,756) (2,244,644)
Cash and cash equivalents at beginning of
period 1,257,948 3,680,071 3,680,071
Exchange differences (57,157) (119,412) (177,479)
Cash and cash equivalents at end of period 13 1,261,783 3,007,903 1,257,948
------------------ ----------------- -------------------
Reconciliation of net cash flow to movement
in net (debt) in the period
Net increase (decrease) in cash and cash
equivalents 60,992 (552,756) (2,244,644)
Net cashflow from the movement in debt 257,740 (1,170,715) (1,185,942)
------------------ ----------------- -------------------
Movement in net (debt) during the period 318,732 (1,723,471) (3,430,586)
Net (debt) at the beginning of period (4,513,395) (1,269,254) (1,269,254)
Exchange differences (195,562) 129,892 186,445
Net (debt) at the end of period 13 (4,390,225) (2,862,833) (4,513,395)
------------------ ----------------- -------------------
Consolidated Statement of Changes in Equity
for the six months ended 30 September 2014
Called-up share Share premium Capital redemption Investment in own Translation reserve Retained earnings Minority Total
capital account reserve shares interest
GBP GBP GBP GBP GBP GBP GBP GBP
At 31st
March 2013 833,541 609,690 5,163,332 (960,509) 800,063 6,694,099 76,842 13,217,058
Transactions with owners recorded directly in equity
Equity
dividends
paid - - - - - (380,388) - (380,388)
Transfer - - - - (386,758) 386,758 - -
Income
statement
(Loss) for
the
financial
period - - - - - (1,400,848) (1,882) (1,402,730)
Items that may be reclassified to profit and loss
Exchange
differences - - - - (90,138) (716,255) (3,437) (809,830)
------------------- ------------------ ---------------------- ---------------------- ------------------------ ------------------- ----------------- -----------------------
At 31st
March 2014 833,541 609,690 5,163,332 (960,509) 323,167 4,583,366 71,523 10,624,110
Income
statement
Profit for
the
financial
period - - - - - 32,457 (194) 32,263
Items that may be reclassified to profit and loss
Exchange
differences - - - - (85,859) (129,955) (2,775) (218,589)
------------------- ------------------ ---------------------- ---------------------- ------------------------ ------------------- ----------------- -----------------------
At 30th
September
2014 833,541 609,690 5,163,332 (960,509) 237,308 4,485,868 68,554 10,437,784
------------------- ------------------ ---------------------- ---------------------- ------------------------ ------------------- ----------------- -----------------------
.
C.H. Bailey plc
Notes to the Consolidated Interim Financial Statements
for the six months ended 30 September 2014 (unaudited)
1. General information
Legal status and country of incorporation
C. H. Bailey plc, company number 190106, is incorporated in
England and Wales under the Companies Act 2006.
Basis of preparation
These interim financial statements have been prepared in
accordance with International Accounting Standards (IAS) and
International Financial Reporting Standards (IFRS) as adopted by
the European Union and with the Companies Act 2006. Therefore these
financial statements comply with the AIM rules.
The interim financial statements are prepared using the
historical cost basis of accounting except for:
-- Properties held at the date of transition to IFRS which are stated at deemed cost; and
-- Assets held for sales which are stated at the lower of fair
value less anticipated disposal costs and carrying value.
Going concern
The directors have prepared these financial statements on the
fundamental assumption that the group is a going concern and will
continue to trade for at least 12 months following the date of
approval of the financial statements.
Accounting period
The current period is for the six months ended 30 September 2014
and the comparative period is for the six months ended 30 September
2013.
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. Significant accounting policies
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the company and entities controlled by the company
(its subsidiaries) made up to 30 September 2014. Control is
achieved where the company has the power to govern the financial
and operating policies of an investee so as to obtain benefits from
its activities.
Minority interests in the net assets of consolidated
subsidiaries are identified separately from the group's equity
therein. Minority interests consist of the amount of those
interests at the date of the original business combination (see
below) and the minority's share of changes in equity since the date
of the combination. Losses applicable to the minority in excess of
the minority's interest in the subsidiary's equity are allocated
against the interests of the group except to the extent that the
minority has a binding obligation and is able to make an additional
investment to cover the losses.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposal, as appropriate.
Where necessary, adjustments are made to the financial
statements of subsidiaries to bring the accounting policies used
into line with those used by the group.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Business combinations and goodwill
The acquisition of subsidiaries is accounted for using the
acquisition method. The assets, liabilities and contingent
liabilities that meet the conditions for recognition under IFRS 3
are recognised at their fair value at their acquisition date except
for non-current assets (or disposal groups) that are classified as
held for sale in accordance with IFRS 5 which are recognised and
measured at fair value less costs to sell. Any excess of the cost
over the asset valuation as calculated above is recognised as
goodwill.
Goodwill arising on consolidation represents the excess of
consideration over the group's interest in the fair value of
identified assets, liabilities and contingent liabilities
recognised. Goodwill is recognised as an asset and is not
amortised. It is reviewed for impairment annually as detailed in
"impairment of non-financial assets" below.
In accordance with the options that are available under IFRS 1
on transition to IFRS, the group elected not to apply IFRS 3
retrospectively to past business combinations that occurred before
the date of transition to IFRS.
Accordingly goodwill that had previously been offset against
reserves under UK GAAP has not been recognised in the opening IFRS
balance sheet. The interest of any minority shareholders in the
acquiree is initially measured at the minority's proportion of the
net fair value of the assets, liabilities and contingent
liabilities recognised.
Investments in associates and trade investments
The results of entities over which the group is not in a
position to be able to exercise significant influence despite
holding a significant shareholding are not accounted for as
associates and therefore are not equity accounted. The companies
are classified as trade investments and are carried as available
for sale financial assets which are measured at cost, as the
directors consider that fair value cannot be reliably measured,
other than impairment losses which are recognised in the income
statement. Dividend income is recognised in the income statement on
a cash basis when received.
Property, plant and equipment
Property is carried at deemed cost at the date of transition to
IFRS based on the previous UK GAAP valuations. Plant and equipment
held at the date of transition and subsequent additions to
property, plant and equipment are stated at purchase cost including
directly attributable costs. The group does not have a revaluation
policy. Freehold land is not depreciated. Depreciation of other
property, plant and equipment is provided on a straight line basis
using rates calculated to write down the cost of each asset over
its estimated useful life as follows:
Property:
Freehold buildings 1%
Leasehold buildings Period of the lease
Plant and equipment Between 10% and 25%
Annual reviews are made of estimated useful lives and material
residual values.
Lessee accounting
Initial rental payments in respect of operating leases are
included in current and non-current assets as appropriate and
amortised to the income statement over the period of the lease.
Ongoing rental payments are charged as an expense in the income
statement on a straight line basis until the date of the next rent
review. Finance leases are capitalised and depreciated in
accordance with the accounting policy for property, plant and
equipment. As permitted by IFRS 1 at the date of transition to
IFRS, the carrying value of long leasehold properties are based on
the previous UK GAAP valuations and this has been taken as deemed
cost. Rental costs arising from operating leases are charged as an
expense in the income statement on a straight line basis over the
period of the lease.
Non-current assets held for sale
Non-current assets are reclassified as assets held for sale if
they are immediately available for sale in their current condition
and their carrying value will be recovered through a sale
transaction on which is highly probable to be completed within 12
months of the initial classification. Assets held for sale are
valued at the lower of carrying value at the date of initial
classification and fair value less costs to sell.
Impairment of non-financial assets
Goodwill is tested annually for impairment or more frequently if
there are any changes in circumstances or events that indicate that
a potential impairment may exist. Goodwill impairments cannot be
reversed. Property, plant and equipment are reviewed for
indications of impairment when events or changes in circumstances
indicate that the carrying amount may not be recovered. If there
are indications then a test is performed on the asset affected to
assess its recoverable amount against carrying value. An asset
impaired is written down to the higher of value in use or its fair
value less cost to sell.
Deferred and current taxation
The charge for taxation is based on the taxable profit or loss
for the year and takes into account taxation deferred because of
differences between the treatment of certain items for taxation and
for accounting purposes. Full provision is made for the tax effects
of these differences. Deferred tax is provided on unremitted
earnings from overseas subsidiaries where it is probable that these
earnings will be remitted to the UK in the foreseeable future.
Deferred tax is measured using tax rates that have been enacted, or
substantively enacted, by the year end balance sheet date. The
measurement of deferred tax reflects the tax consequences that
would follow the manner in which the group expects, at the end of
the reporting period, to recover or settle the carrying value of
its assets and liabilities. Deferred tax assets and liabilities are
not discounted.
The carrying amount of the deferred tax assets is reviewed at
each reporting balance sheet date to ensure that it is probable
that sufficient taxable profits will be available to allow the
asset to be recovered. Assets and liabilities, in respect of both
deferred and current tax, are only offset when there is a legally
enforceable right to offset and the assets and liabilities relate
to taxes levied by the same taxation authority.
Deferred and current tax is charged or credited in the income
statement except when it relates to items charged directly to
equity in which case the associated tax is also dealt with in
equity.
Stocks
Stocks are valued at the lower cost of purchase and net
realisable value. Cost comprises actual purchase price and, where
applicable, associated direct costs incurred bringing the stock to
its present location and condition. Net realisable value is based
on estimated selling price less further costs expected to be
incurred to completion and disposal. Provision is made for
obsolete, slow moving or defective items where appropriate.
Financial instruments
Financial assets and financial liabilities are recognised on the
consolidated balance sheet when the group becomes a party to the
contractual provisions of the instrument.
Financial assets are recognised and derecognised on a trade date
where the purchase or sale of an asset is under a contract whose
terms require delivery of the investment within the timeframe
established by the market concerned. Financial assets are
classified as "loans and receivables", "held to maturity"
investments, "available for sale" investments or "assets at fair
value through the profit and loss" depending upon the nature and
purpose of the financial asset. The classification is determined at
the time of the initial recognition.
Financial assets are normally classified as "loans and
receivables" and are initially measured at fair value including
transaction costs incurred. The only financial assets currently
held at "fair value through profit or loss" are the current asset
investments.
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the group after deducting all of
its liabilities. Financial liabilities are normally classified as
"other financial liabilities" and are initially measured at fair
value, normally cost, net of transaction costs.
Loans and receivables
Trade receivables, loans and other receivables are measured on
initial recognition at fair value and, except for short term
receivables where the recognition of interest would be immaterial,
are subsequently re-measured at amortised cost using the effective
interest rate method. Allowances for irrecoverable amounts, which
are dealt with in the income statement, are calculated based on the
difference between the asset's carrying amount and the present
value of estimated future cash flows, calculated based on past
default experience, discounted at the effective interest rate
computed at initial recognition where material.
Derivative financial instruments and hedge accounting
The group's borrowing is subject to floating interest rates
based on LIBOR plus the most competitive margin available. The
group's policy is not to hedge its international assets with
respect to foreign currency balance sheet translation exposure, nor
against foreign currency transactions. The group generally does not
enter into any forward exchange contracts and it does not use
financial instruments for speculative purposes. Derivative
financial instruments are initially measured at cost and are
remeasured at fair value at the balance sheet date. Changes in the
fair value of derivative financial instruments that do not qualify
for hedge accounting are recognised in the income statement as they
arise.
Cash and cash equivalents
Cash and cash equivalents includes cash-in-hand, cash at bank
and short term highly liquid investments that are readily
convertible into known amounts of cash within three months from the
date of initial acquisition with an insignificant risk of a change
in value.
Impairment of financial assets
Financial assets, other than those designated as "assets at fair
value through the profit and loss" are assessed for indicators of
impairment at each balance sheet date. Financial assets are
impaired where there is objective evidence that, as a result of one
or more events that occurred after the initial recognition of the
financial assets, the estimated future cash flows of the investment
have been impacted.
Other financial liabilities
Other financial liabilities, including trade payables, are
measured on initial recognition at fair value and, except for short
term payables where the recognition of interest would be
immaterial, are subsequently re-measured at amortised cost using
the effective interest rate method.
Bank loans
Interest bearing bank loans are recorded at the proceeds
received less capital repayments made. Finance charges are
accounted for on an accruals basis in the profit and loss account
using the effective interest rate method. They are included within
accruals to the extent that they are not settled in the period in
which they arise.
Provisions
Provisions are created where the group has a present obligation
(legal or constructive) as a result of a past event where it is
probable that the group will be required to settle that obligation.
Provisions are measured at the directors' best estimate of the
expenditure required to settle the obligation at the balance sheet
date. Provisions are only discounted to present value where the
effect is material.
Net debt
Net debt is defined as cash and cash equivalents, bank and other
loans including finance lease obligations and derivative financial
instruments stated at current fair value.
Revenue recognition
Revenue
Revenue represents the fair value of the consideration received
and receivable for services provided and goods supplied to third
party customers. In respect of long term contracts and contracts
for on-going services, revenue is recognised as the contract
progresses on the basis of work completed. Revenue excludes value
added tax.
Investment and interest income
Dividend income is recognised in the income statement when the
shareholder's right to receive payment has been established.
Interest income from bank deposit accounts is accrued on a time
basis calculated by reference to the principal on deposit and
effective interest rate applicable.
Foreign currencies
Transactions in foreign currencies are recorded at the rate of
exchange at the date of the transaction. Monetary assets and
liabilities in foreign currencies are translated into pounds
sterling at the financial reporting year end rates. Non monetary
items that are measured in terms of historical cost in a foreign
currency are not re-translated. The results of overseas subsidiary
undertakings, associates and trade investments are translated into
pounds sterling at average rates for the year unless exchange rates
fluctuate significantly during that year in which case exchange
rates at the date of transactions are used.
The closing balance sheets are translated at the year end rates
and the exchange differences arising are transferred to the group's
translation reserve as a separate component of equity and are
reported within the consolidated statement of changes in equity.
All other exchange differences are included within the consolidated
income statement in the year. In accordance with IFRS 1, the
translation reserve has been set to zero at the date of transition
to IFRS.
Operating profit
Operating profit is defined as the profit for the year from
continuing operations after all operating costs and income but
before finance income, finance costs, and taxation. Operating
profit is disclosed as a separate line on the face of the income
statement.
Normalised operating profit is the same as the above but
excludes non-recurring items, for example profit on the sale of
property. Normalised operating profit is reconciled to operating
profit on the face of the income statement.
Other gains and losses
Other gains and losses are material items that arise from
unusual non-recurring events. They are disclosed separately, in
aggregate, on the face of the income statement after operating
profit where, in the opinion of the directors, such disclosure is
necessary in order to fairly present the results for the financial
period.
Finance costs
Finance costs are recognised in the income statement on the
accruals basis in the year in which they are incurred.
3. Segmental information
Revenue continuing operations Operating profit (loss) Net assets
continuing operations
GBP GBP GBP
Classes of business
Industrial:
September 2014 717,032 (9,524) 320,022
September 2013 766,515 (67,082) 433,023
March 2014 1,309,556 (274,033) 201,509
Leisure:
September 2014 2,021,884 215,631 9,157,031
September 2013 1,642,067 (12,728) 8,608,758
March 2014 3,071,140 270,136 8,594,185
Management:
September 2014 - 23,749 960,731
September 2013 - (650,417) 2,804,856
March 2014 - (1,107,766) 1,828,416
Total:
September 2014 2,738,916 229,856 10,437,784
September 2013 2,408,582 (730,227) 11,846,637
March 2014 4,380,696 (1,111,663) 10,624,110
Geographical segments
United Kingdom:
September 2014 786,339 (132,308) 1,178,158
September 2013 839,958 (380,704) 1,058,115
March 2014 1,436,181 (901,267) 916,865
Africa:
September 2014 1,678,576 345,496 5,264,810
September 2013 1,224,470 (37,942) 4,282,884
March 2014 2,582,661 391,209 4,485,630
Malta and Rest of the World:
September 2014 274,001 16,668 3,994,816
September 2013 344,154 (311,581) 6,505,638
March 2014 361,854 (601,605) 5,221,615
Total:
September 2014 2,738,916 229,856 10,437,784
September 2013 2,408,582 (730,227) 11,846,637
March 2014 4,380,696 (1,111,663) 10,624,110
4. Earnings (loss) per share
The earnings per share has been calculated by reference to the
weighted average number of ordinary shares of 10p each in issue of
7,607,755 (2013: 7,607,755) which excludes own shares held. The
share options in issue have no dilutive effect on the weighted
average number of ordinary shares.
5. Called-up share capital
September September March
2014 2013 2014
GBP GBP GBP
Authorised:
60,000,000 ordinary shares of 10p each 6,000,000 6,000,000 6,000,000
--------------- ----------- ---------------
Issued and fully paid:
8,335,413 ordinary shares of 10p each 833,541 833,541 833,541
--------------- ----------- ---------------
The company retains as treasury shares 727,658 ordinary shares
of 10 pence at a cost of GBP960,509. The company did not buy back
any shares for cancellation during the year. At 30 September 2014,
the company has one class of ordinary shares, which carry no right
to fixed income.
6. Cash generated from operations
September September March
2014 2013 2014
GBP GBP GBP
Operating profit (loss) continuing operations 229,856 (730,227) (1,111,663)
Depreciation 406,060 381,558 654,622
(Profit) loss on the sale of property, plant and
equipment - 518 518
Loss on sale of current asset investments 17,494 27,599 87,271
Fair value movement of investments (13,906) 201,907 226,744
Provision on current asset investments 20,600 53,486 69,141
Exchange differences 9,819 36,153 171,829
------------------- ------------------ -----------------
Cash generated from operations before movements in
working capital 669,923 (29,006) 98,462
Operating leases (18,322) 44,386 6,703
Decrease in inventories 927 2,128 2,180
(Increase) decrease in trade and other receivables (285,766) 46,486 82,598
Increase in trade and other payables 3,374 232,736 575,765
Cash generated from operations 370,136 296,730 765,708
------------------- ------------------ -----------------
7. Analysis of net funds (debt)
September September March
2014 2013 2014
GBP GBP GBP
Cash and cash equivalents 2,649,734 3,907,437 2,928,007
Bank loans and overdrafts (1,387,951) (899,534) (1,670,059)
---------------- ---------------- ----------------
1,261,783 3,007,903 1,257,948
Bank loans - non-current (4,823,047) (5,054,496) (4,957,732)
Obligations under finance leases (61,023) (75,718) (62,022)
Other loans (767,938) (740,522) (751,589)
Net (debt) (4,390,225) (2,862,833) (4,513,395)
---------------- ---------------- ----------------
8. Significant investment in subsidiaries
Percentage Principle activities
of ordinary
share capital
held
Industrial:
Bailey Industrial Engineering
Limited (UK) 100% Engineering
Leisure:
Bay Travel Limited (UK) 100% Travel agency
St. George's Bay Hotel Limited Operation
(Malta) 99% of hotel
Kimbiji Bay Limited (Malta) 100% Asset holding
Leonardo Da Vinci Knowledge
Tourism Ltd (Malta) 99% Asset holding
SBB30 Ltd (Malta) 100% Asset holding
Cordura Limited (Tanzania) 100% Operation of hotel
and safari camps
Kimbiji Bay Limited (Tanzania) 100% Asset holding
Other activities:
Industrial Investment Corporation 100% Holding company
Limited (Bermuda)
IIC (Malta) Ltd (Malta) 100% Holding company
Other activities:
Industrial Investment Corporation 100% Holding company
Limited (Bermuda)
IIC (Malta) Ltd (Malta) 100% Holding company
C.H. Bailey plc
Shareholder Information
Registered C.H. Bailey Directors Mr Charles Auditors Haasco Limited
Office plc H. Bailey Chartered Accountants
Alexandra Docks Mrs Sarah A. 24 Bridge Street
Newport Bailey Newport
South Wales Sir William South Wales
NP20 2NP McAlpine, Bt. NP20 4SF
Mr Rod M. Reynolds
Registered 190106 Secretary Mr Bryan J. AIM symbol BLEY
Number Warren
Principal Barclays Bank Financial Arden Partners Solicitors Squire Patton
Bankers plc Advisors plc Boggs (UK)
14 Commercial and Brokers 125 Old Broad LLP
Street Street Rutland House
Newport London 148 Edmund
South Wales EC2N 1AR Street
NP20 1YG Birmingham
B3 2JR
Registrar Computershare Company www.chbaileyplc.co.uk
Investor Services Website
plc
P.O. Box 82
The Pavilions
Bridgewater
Road
Bristol
BS99 7NH
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLRFFLDLIS
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