TIDMCFYN
RNS Number : 2460Y
Caffyns PLC
28 November 2014
HALF YEAR REPORT
for the half year ended 30 September 2014
Summary
Strong performance in the first half:
2014 2013
GBP'000 GBP'000
Revenue 103,912 93,370
Underlying* profit before
tax 1,192 1,027
Profit before tax 1,213 727
Underlying* EBITDA 2,295 1,935
p p
Basic earnings per share 38.0 30.8
Underlying* earnings per
share 35.6 33.5
Interim dividend per ordinary
share 6.75 6.0
* Underlying results exclude items that have non-trading
attributes due to their size, nature or incidence.
Highlights
-- Underlying profit before tax up 16% to GBP1,192,000 from GBP1,027,000 last year
-- Profit before tax up 67% to GBP1,213,000 from GBP727,000 last year
-- Like for like new car unit sales up by 6.5%
-- Like for like used car unit sales up by 7.4%
-- Basic earnings per share up 23% to 38.0p from 30.8p last year
-- Dividend increased by 12.5% to 6.75p per share from 6.0p per share last year
Simon Caffyn, Chief Executive, commented:
"I am delighted that we have increased our underlying profit
before tax by 16% to GBP1.2m. This increase has been delivered
despite four dealerships undergoing extensive upgrades during the
period and follows an increase of 134% in the first half of the
previous year".
Enquiries:
Simon Caffyn, Chief
Caffyns plc Executive Tel: 01323 730201
Mark Harrison, Finance
Director
HeadLand Tom Gough Tel: 020 7367 5228
07717 896701
INTERIM MANAGEMENT REPORT
Summary
I am pleased to report that the group has increased underlying
profit before tax in the six months to 30 September 2014 by 16% to
GBP1.192m, up from GBP1.027m last year. This increase has been
delivered despite four dealerships undergoing extensive upgrades
during the period and follows an increase of 134% in the first half
of the previous year.
Revenue in the half year period has increased by 11.3% to
GBP103.9m from GBP93.4m last year.
Profit before tax after non-underlying items is up 67% to
GBP1.213m from GBP727,000 last year.
Basic earnings per share are 38.0p (2013: 30.8p) and underlying
earnings per share are 35.6p (2013: 33.5p). In the corresponding
period last year, following a reduction in the rate of corporation
tax, there was a consequent tax credit of GBP333,000 which
increased basic earnings per share by 12.0p.
Operating Review
New and Used Cars
-- During the first half, total UK new car registrations rose by
6.8%. Within this, the private and small business sector in which
we operate rose by 6.7%. Our new unit sales are up by 6.5% on a
like for like basis. This performance follows an increase in like
for like unit sales in the first half of the previous year of
20.8%.
-- Our like for like used car unit sales in the period are up
7.4% on last year following a strong performance in the first half
of the prior year when like for like unit sales increased by
17.6%.
Aftersales
-- Activity in the new car market over the last two years has
led to an increase in the number of one to three year old cars in
circulation. It is encouraging to see our aftersales revenue rise
by 3.9% on a like for like basis as compared to the same period
last year, despite building disruption.
Operations
-- Our new Volkswagen dealership in Worthing opened in April
2014 and we are now planning to redevelop our Volkswagen dealership
in Eastbourne in 2015 and expand the used car and aftersales
facilities incorporating the additional land that we acquired at
this site in December 2013.
-- The refurbishment and expansion of the showroom in our Audi
dealership in Eastbourne was completed in August 2014. With the
expanded used car display area we expect trading here to increase
in the second half year.
-- In June 2014 we completed a full refurbishment of our Ashford
Vauxhall showroom to the new corporate standard. The site continues
to trade strongly and with improved profitability.
-- In September 2014 we completed the construction of our Seat
dealership in Tunbridge Wells alongside our refurbished Skoda
dealership. Both businesses traded well during a period of
disruption.
-- In October 2014 we re-opened the refurbished showroom at
Ashford as a Caffyns Used Car Centre. This had originally housed
our Ashford Skoda operation which has been relocated to a newly
built facility on the same site.
Property
-- Capital expenditure in the half year was GBP1.96m of which
GBP0.87m was incurred on the upgrade to our Eastbourne Audi
dealership, GBP0.45m at the Skoda/Seat dealership in Tunbridge
Wells and GBP0.25m at our Vauxhall dealership in Ashford.
-- In September 2014, we announced the sale of the part of our
freehold site in Lewes which was surplus to requirements for
GBP858,000 and the proceeds have now been received. The net profit
on disposal has been included in non-underlying "Other income" in
the Statement of Financial Performance.
-- Following the granting of a planning approval to the
purchaser of our vacant freehold site in Hailsham, it is expected
that the contract will become unconditional in December 2014 at
which time the proceeds on sale of GBP1.4m are receivable in cash.
This property has therefore been shown as a "Non-current asset held
for sale" in the Statement of Financial Position.
Bank facilities
-- During the half year, we successfully concluded a renewal of
our bank facilities with HSBC. The former three year revolving
credit facility for GBP7.5m has been renewed for a further four
year term and, together with the GBP3.5m overdraft facility,
includes a reduction in the interest rate charged.
Pensions
-- The IAS 19 net pension position at 30 September 2014 was a
deficit of GBP9.44m net of tax (GBP11.85m gross of tax) compared
with a deficit of GBP9.09m net of tax at 31 March 2014 (GBP11.36m
gross of tax). The higher deficit reflects the impact on
liabilities of a reduction in the discount rate from 4.3% at 31
March 2014 to 4.0% at 30 September 2014 and a reduction in
inflation from 3.2% to 3.1%. However, the resulting increase in
liabilities has been mitigated by improved returns on the scheme's
assets.
-- The Recovery Plan agreed with the trustees requires a cash
payment of GBP358,000 in the year to 31 March 2015, increasing by
3.4% per annum thereafter.
People
-- I am very grateful for the dedication and patience shown by
our employees during the period of significant disruption at four
of our dealerships. With growth across the whole company, it is
encouraging to see their efforts rewarded with a further
improvement in profits.
Dividend
-- The Board has decided to increase the interim dividend to
6.75p per Ordinary Share. This will be paid on 9 January 2015 to
shareholders on the register at close of business on 12 December
2014.
Current Trading and Outlook
-- New and used car sales remain encouraging and, whilst
competition in aftersales remains strong, we are seeing improved
sales as our three year car parc continues to grow in line with our
higher new and used car sales. The UK market remains more buoyant
than in many other parts of Europe and we expect manufacturers to
continue looking to the UK to delivery higher sales, although care
needs to be taken to ensure that this does not come at the expense
of further pressure on margin.
-- We continue to see growth in new car unit sales in line with
the UK market and our focus on used car unit sales, margin and
finance income, together with improvements to our aftersales
retention processes, are driving further and sustainable
improvements in profitability.
Simon G M Caffyn
Chief Executive
28 November 2014
Condensed Consolidated Statement of Financial Performance
for the half year ended 30 September 2014
Half year to 30 Half year to Year ended 31
September 2014 30 September March 2014
2013
Non-underlying
Underlying (note Underlying Total Underlying Total
Note 3) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 103,912 - 103,912 93,370 93,370 193,166 193,166
Cost of sales (91,727) - (91,727) (82,143) (82,143) (169,878) (169,878)
Gross profit 12,185 - 12,185 11,227 11,227 23,288 23,288
Operating
expenses (10,411) (50) (10,461) (9,741) (9,752) (20,240) (20,260)
Operating profit
before
other income 1,774 (50) 1,724 1,486 1,475 3,048 3,028
Other income - 390 390 - - - -
Operating profit 1,774 340 2,114 1,486 1,475 3,048 3,028
Finance expense 4 (582) (79) (661) (459) (459) (882) (882)
Net finance
expense
on pension
scheme - (240) (240) - (289) - (580)
Net finance
expense (582) (319) (901) (459) (748) (882) (1,462)
Profit before
taxation 1,192 21 1,213 1,027 727 2,166 1,566
Income tax
(expense)/credit 5 (211) 46 (165) (97) 129 (78) (155)
Profit for the
period
from continuing
operations 981 67 1,048 930 856 2,088 1,411
Continuing
operations
earnings per
share
Basic 6 38.0p 30.8p 51.0p
Diluted 6 37.5p 30.6p 50.3p
Non GAAP measure
Underlying basic earnings
per share 6 35.6p 33.5p 75.5p
Underlying diluted
earnings per share 6 35.1p 33.3p 74.4p
Condensed Consolidated Statement of Comprehensive Income
for the half year ended 30 September 2014
Half year Half year Year to
to to
30 September 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Profit for the period 1,048 856 1,411
Other comprehensive income
Remeasurement of net defined liability (433) 2,468 2,515
Deferred tax on remeasurement 86 (903) (912)
Other comprehensive income, net
of tax (347) 1,565 1,603
Total comprehensive income for
the period 701 2,421 3,014
Condensed Consolidated Statement of Financial Position
at 30 September 2014
30 September 30 September 31 March 2014
2014 2013
GBP'000 GBP'000 GBP'000
Non-current assets
Property, plant and equipment 37,494 33,363 37,637
Investment property 521 525 525
Goodwill 286 286 286
Deferred tax asset 577 969 676
-
============= ============= ==============
Total non-current assets 38,878 35,143 39,124
Current assets
Inventories 30,631 25,224 26,853
Trade and other receivables 7,003 6,417 6,163
Cash and cash equivalents 91 21 949
Non-current asset held 1,400 - -
for sale
Total current assets 39,125 31,662 33,965
Total assets 78,003 66,805 73,089
Current liabilities
Interest bearing loans
and borrowings 4,000 3,114 1,000
Trade and other payables 30,793 26,005 29,496
Tax liabilities 188 208 208
Total current liabilities 34,981 29,327 30,704
Net current assets 4,144 2,335 3,261
Non-current liabilities
Interest bearing loans
and borrowings 11,625 7,500 11,875
Preference shares 1,237 1,237 1,237
Retirement benefit obligations 11,852 11,290 11,360
Total non-current liabilities 24,714 20,027 24,472
Total liabilities 59,695 49,354 55,176
Net assets 18,308 17,451 17,913
Equity
Share capital 1,439 1,439 1,439
Share premium account 272 272 272
Capital redemption reserve 282 282 282
Non-distributable reserve 2,390 2,390 2,390
Other reserve 55 4 30
Retained earnings 13,870 13,064 13,500
Total equity 18,308 17,451 17,913
Consolidated Statement of Changes in Equity
for the half year ended 30 September 2014
Capital
Share Share redemption Non-distributable Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2014 1,439 272 282 2,390 30 13,500 17,913
Total comprehensive
income
Profit for the period - - - - - 1,048 1,048
Other comprehensive
income - - - - - (347) (347)
Total comprehensive
income for the period - - - - - 701 701
Transactions with
owners:
Dividends - - - - - (331) (331)
Share based payment - - - - 25 - 25
At 30 September 2014 1,439 272 282 2,390 55 13,870 18,308
for the half year ended 30 September 2013
Capital
Share Share redemption Non-distributable Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2013 1,439 272 282 2,390 120 10,812 15,315
Total comprehensive
income
Profit for the period - - - - - 856 856
Other comprehensive
income - - - - - 1,565 1,565
Total comprehensive
income for the period - - - - - 2,421 2,421
Transactions with
owners:
Dividends - - - - - (195) (195)
Purchase of own
shares - - - - - (386) (386)
Issue of own shares-
SAYE scheme - - - - - 284 284
Share based payment - - - - 12 - 12
Share based payment
transfer - - - - (128) 128 -
At 30 September 2013 1,439 272 282 2,390 4 13,064 17,451
Consolidated Statement of Changes in Equity
for the year ended 31 March 2014
Capital
Share Share redemption Non-distributable Other Retained
capital premium reserve reserve reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 April 2013 1,439 272 282 2,390 120 10,812 15,315
Total comprehensive
income
Profit for the period - - - - - 1,411 1,411
Other comprehensive
income - - - - - 1,603 1,603
Total comprehensive
income
for the year - - - - - 3,014 3,014
Transactions with
owners:
Dividends - - - - - (360) (360)
Purchase of Own
Shares - - - - - (386) (386)
Issue of shares -
SAYE
scheme - - - - - 292 292
Transfer - SAYE
scheme
(2010) - - - - (128) 128 -
Share-based payment - - - - 38 - 38
At 31 March 2014 1,439 272 282 2,390 30 13,500 17,913
Condensed Consolidated Cash Flow Statement
for the half year ended 30 September 2014
Half year Half year Year to
to to
30 September 30 September 31 March
2014 2013 2014
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 1,213 727 1,566
Adjustments for:
Net finance expense 901 748 1,462
Depreciation and amortisation 521 449 893
Change in retirement benefit obligations (170) (172) (326)
Gain on disposal of property, plant
and equipment (390) (3) (5)
Share-based payments 25 12 38
(Increase)/decrease in inventories (3,778) 426 (1,203)
(Increase)/decrease in trade and
other receivables (201) (243) 11
Increase/(decrease) in payables 1,197 347 3,838
Cash (used by)/generated from operations (682) 2,291 6,274
Interest paid (672) (459) (902)
Net cash (used)/generated in operating
activities (1,354) 1,832 5,372
Investing activities
Proceeds on disposal of property,
plant and equipment (net of sale
costs) 36 452 457
Purchases of property, plant and
equipment (1,959) (2,739) (7,460)
Net cash used in investing activities (1,923) (2,287) (7,003)
Financing activities
Secured loans repaid (250) - (125)
Secured loans received - - 5,000
Purchase of own shares - (386) (386)
Issue of shares - SAYE scheme - 284 292
Dividends paid to shareholders (331) (195) (360)
Net cash used in financing activities (581) (297) 4,421
Net decrease in cash and cash equivalents (3,858) (752) 2,790
Cash and cash equivalents at beginning
of period 449 (2,341) (2,341)
Cash and cash equivalents at end
of period (3,409) (3,093) 449
Notes to the Set of Financial Information
for the half year ended 30 September 2014
1. GENERAL INFORMATION
Caffyns plc is a company domiciled in the United Kingdom. The
address of the registered office is Saffrons Rooms, Meads Road,
Eastbourne BN20 7DR.
These condensed consolidated interim financial statements for
the half year to 30 September 2014 and similarly for the half year
to 30 September 2013 are unaudited. They do not include all the
information required for full annual financial statements and
should be read in conjunction with the consolidated financial
statements of the Group for the year ended 31 March 2014.
The figures for the year ended 31 March 2014 have been extracted
from the statutory accounts, filed with the Registrar of Companies
on which the auditor gave an unqualified opinion and did not
contain statements under section 498(2) or (3) of the Companies Act
2006.
These statements have been reviewed by the Company's auditor and
a copy of their review report is set out at the end of these
statements.
These consolidated interim financial statements were approved by
the Directors on 28 November 2014.
2. ACCOUNTING POLICIES
The annual financial statements of Caffyns plc are prepared in
accordance with IFRSs as adopted by the European Union. The 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. This interim financial report has been prepared
under the historical cost convention as modified by the fair value
accounting of defined benefit schemes and share based payment
transactions. As required by the Disclosure and Transparency Rules
of the Financial Services Authority, this set of financial
statements has been prepared in accordance with the accounting
policies set out in the Annual Report for the year ended 31 March
2014.
Segmental reporting
Based upon the management information reported to the Group's
chief operating decision maker, the Chief Executive, in the opinion
of the directors, the Group only has one reportable segment. There
are no major customers amounting to 10% or more of the Group's
revenue. All revenue and non-current assets derive from, or are
based in, the United Kingdom.
Basis of preparation: Going concern
The condensed financial statements have been prepared on a going
concern basis which the directors consider appropriate for the
reasons set out below:
The Group meets its day to day working capital requirements
through short-term stocking loans and bank overdraft and
medium-term revolving credit facilities. The overdraft and
revolving credit facilities include certain covenant tests. The
failure of a covenant test would render these facilities repayable
on demand at the option of the lenders.
The directors have undertaken a detailed review of trading and
cash flow forecasts for a period in excess of one year from the
date of this Half Year Report which projects that the facility
limits are not exceeded over the duration of the forecasts. These
forecasts have made assumptions in respect of future trading
conditions, particularly volumes and margins of new and used car
sales, aftersales and operational improvements together with the
timing of capital expenditure. The forecasts take into account
these factors to an extent which the directors consider to be
reasonable, based on the information that is available to them at
the time of approval of this financial information. These forecasts
indicate that the Group will be able to operate within the
financing facilities that are available to it and meet the covenant
tests with sufficient margin for reasonable adverse movements in
expected trading conditions.
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. For those reasons, they continue to adopt the
going concern basis in preparing this Half Year Report.
3. NON-UNDERLYING ITEMS
Half year Half year Year to
to to 31 March
30 September 30 September 2014
2014 2013
GBP'000 GBP'000 GBP'000
Other income: Net profit on
disposal of property, plant 390 - -
and equipment
Within operating expenses: redundancy (39) - -
costs
Total other income(net of costs) 351 - -
Interest on overdue taxation (79) - -
Net finance income and service
cost on pension scheme (251) (300) (600)
Net income/(costs) before taxation 21 (300) (600)
The interest on overdue taxation relates to the corporation tax
due on a VAT repayment made to the Company in the year ended 31
March 2005. While the tax due had been the subject of dispute with
HM Revenue & Customs, it has been provided for in the accounts
but not paid.
The net financing return and service cost on pension obligations
in respect of the defined benefit scheme closed to future accrual
is presented as a non-underlying item due to the volatility of this
amount.
4. FINANCE EXPENSE
Half year Half year Year to
to to 31 March
30 September 30 September 2014
2014 2013 GBP'000
GBP'000 GBP'000
Interest payable on bank borrowings 236 161 299
Vehicle stocking plan interest 237 221 433
Financing costs amortised 58 26 48
Interest on overdue taxation 79 - -
(see note 3)
Preference dividends 51 51 102
Total finance costs 661 459 882
Interest payable on bank borrowings is after capitalising
interest in additions to freehold properties of GBP8,000 (2013:
GBP20,000) at a rate of 3.8% (2013: 3.6%).
5. TAXATION
Half year Half year Year to
to to 31 March
30 September 30 September 2014
2014 2013
GBP'000 GBP'000 GBP'000
Current UK corporation tax
Charge for the period (4) - -
Adjustment in respect of prior 24 - -
years
Total tax credit 20 - -
Deferred tax
Origination and reversal of
timing differences (185) (204) (351)
Adjustment for change in rate
of corporation tax:
On normal trading - 131 131
Non-underlying - 202 202
Adjustments recognised in the
period for deferred
tax of prior periods - - (137)
Total (charge)/credit (185) 129 (155)
Total tax (charged)/credited
in the Statement of Financial
Performance (165) 129 (155)
The tax charge/(credit) arises
as follows:
On normal trading (211) (97) (78)
Non-underlying 46 226 (77)
Total (charge)/credit (165) 129 (155)
Taxation for the half year has been provided at the effective
rate of taxation of 21% (2014: 21%) expected to apply to the whole
year on ordinary trading. Tax on non-underlying items is provided
at the actual rate applicable. The UK corporation tax rate
reduction from 21% to 20% has been enacted and will be effective
from 1 April 2015.
6. EARNINGS PER SHARE
The calculation of the basic earnings per share is based on the
earnings attributable to ordinary shareholders divided by the
weighted average number of shares in issue during the period.
Treasury shares are treated as cancelled for the purposes of this
calculation.
The calculation of diluted earnings per share is based on the
basic earnings per share, adjusted to allow for the issue of shares
and the post-tax effect of dividends and/or interest, on the
assumed conversion of all dilutive options and other dilutive
potential ordinary shares.
Reconciliations of the earnings and the weighted average number
of shares used in the calculations are set out below.
Half year Half year Year to
to to
30 September 30 September 31 March
Basic 2014 2013 2014
GBP'000 GBP'000 GBP'000
Profit before tax 1,213 727 1,566
Taxation (165) 129 (155)
Earnings 1,048 856 1,411
Basic earnings per share 38.0p 30.8p 51.0p
Diluted earnings per share 37.5p 30.6p 50.3p
Adjusted
Profit before tax 1,213 727 1,566
Adjustment: Non-underlying items
(note 3) (21) 300 600
Underlying profit before tax 1,192 1,027 2,166
Taxation (211) (97) (78)
Underlying earnings 981 930 2,088
Underlying earnings per share 35.6p 33.5p 75.5p
Diluted earnings per share 35.1p 33.3p 74.4p
The number of fully paid ordinary shares in issue at the period
end was 2,757,213 (2013: 2,754,881). The weighted average shares in
issue for the purposes of the earnings per share calculation were
2,757,213(2013: 2,776,897). The shares granted under the Company's
SAYE scheme are dilutive. The weighted average number of dilutive
shares under option at fair value was 35,409 (2013: 18,107) giving
a total diluted weighted average number of shares of 2,792,622
(2013: 2,795,004).
The Directors consider that underlying earnings per share
figures provide a better measure of comparative performance.
7. DIVIDENDS
Ordinary shares of 50p each
The interim dividend proposed at the rate of 6.75p per share
(2013: 6.0p) is payable on 9 January 2015 to shareholders on the
register at the close of business on 12 December 2014. The shares
will be marked ex-dividend on 10 December 2014.
Preference shares
Preference dividends have been paid in October 2014. The next
preference dividends are payable in April 2015. The cost of the
preference dividends has been included within finance costs.
8. PENSIONS
The net liability for defined benefit obligations has increased
from GBP11,360,000 at 31 March 2014 to GBP11,852,000 at 30
September 2014. The increase of GBP492,000 comprises the net charge
to the Statement of Financial Performance of GBP251,000 and a net
remeasurement loss charged to Reserves of GBP433,000 less
contributions of GBP192,000. The net remeasurement loss has arisen
principally due to decreased bond yields, which determines the
discount rate used and, consequently, the value of the liabilities
over the period. The main assumptions subject to change are the
discount rate 4.0% (31 March 2014 - 4.3%) and the rate of increase
in inflation at 3.1% (31 March 2014 - 3.2%). The resulting
increased liabilities have been mitigated by improved returns on
the scheme's assets.
9. RELATED PARTY TRANSACTIONS
There have been no new related party transactions that have
taken place in the first six months of the current financial year
that have materially affected the financial position or performance
of the Group during that period and there have been no material
changes in the related party transactions described in the last
Annual Report that could do so.
10. RISKS AND UNCERTAINTIES
There are a number of potential 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 materially from expected and historical results.
The Board believes these risks and uncertainties to be consistent
with those disclosed in our latest Annual Report, including general
economic factors, their impact on the Group's defined benefit
pension scheme, liquidity and financing, manufacturers' dependency
and stability, used car prices and regulatory compliance.
11. RESPONSIBILITY STATEMENT
We confirm to the best of our knowledge:
a) the Half Year Report has been prepared in accordance with
IAS34 'Interim Financial Reporting';
b) the Half Year Report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules (indication of important events during the first
six months and their impact on the set of financial statements; and
a description of the principal risks and uncertainties for the
remaining six months of the year); and
c) the Half Year Report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules (disclosure of related parties' transactions and
changes therein).
By order of the Board
S G M Caffyn
Chief Executive
M S Harrison
Finance Director
28 November 2014
INDEPENDENT REVIEW REPORT
to Caffyns plc
Introduction
We have reviewed the condensed set of financial statements in
the Half Year Report for the six months ended 30 September 2014
which comprises the Condensed Consolidated Statement of Financial
Performance, the Condensed Consolidated Statement of Comprehensive
Income, the Condensed Consolidated Statement of Financial Position,
the Consolidated Statement of Changes in Equity, the Condensed
Consolidated Cash Flow Statement and the related notes. 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's members, as a body,
in accordance with ISRE (UK and Ireland) 2410, 'Review of Interim
Financial Information performed by the Independent Auditor of the
Entity'. Our review work has been undertaken so that we might state
to the Company's members those matters we are required to state to
them in a review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company and the Company's members as a
body, for our review work, for this report, or for the conclusion
we have formed.
Directors' responsibilities
The Half Year Report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for
preparing the Half Year Report in accordance with the Disclosure
and Transparency Rules of the United Kingdom's Financial Services
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 Year 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 a conclusion on the condensed
set of financial statements in the Half Year 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 Year Report for the six months ended 30 September 2014
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 Services Authority.
Grant Thornton UK LLP
Auditor
Gatwick
28 November 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
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