The RCF bears interest at a variable rate of LIBOR plus a
variable margin dependent on the net debt to EBITDA ratio of the
Group. It is secured by fixed and floating charges on certain
assets of the Group. The financial covenants of the RCF are based
on the interest cover and leverage of the Group. The Group has been
in compliance with these covenants since inception of the RCF.
10 Provisions
Customer redress
Cash settled share and associated
based payments costs Total
GBP'000 GBP'000 GBP'000
Six months ended 30 June
2012 (Unaudited)
At 1 January 2012 894 14,778 15,672
Charged to the income statement 3 7,495 7,498
Customer redress and associated costs paid
in the period - (1,934) (1,934)
Loan notes repaid in the period (897) - (897)
At 30 June 2012 - 20,339 20,339
Six months ended 30 June
2011 (Unaudited)
At 1 January 2011 1,719 - 1,719
Charged to the income statement 152 - 152
Customer redress and associated costs paid - - -
in the period
Loan notes repaid in the period (897) - (897)
At 30 June 2011 974 - 974
Year ended 31 December 2011 (Audited)
At 1 January 2011 1,719 - 1,719
Charged to the income statement 72 16,892 16,964
Customer redress and associated costs paid
in the period - (2,114) (2,114)
Loan notes repaid in the period (897) - (897)
At 31 December 2011 894 14,778 15,672
Provisions in respect of cash settled share based payments
represent loan notes issued by employees to the Group. The loan
notes were payable in accordance with certain vesting conditions
and have been fully repaid by the balance sheet date.
Provision for customer redress and associated costs comprises
anticipated compensation payable to customers through a customer
redress exercise, regulatory penalties, and other costs and
professional fees associated with the customer redress
exercise.
Customer redress and associated costs are expected to be settled
within one year of the balance sheet date.
11 Share capital
Share capital at 30 June 2012 amounted to GBP17,109,000, having
increased from GBP17,106,000 at 31 December 2011. During the period
the Company issued 26,191 ordinary shares for cash consideration of
GBP5,000 to option holders under its share option schemes.
12 Reconciliation of operating cash flows
6 months ended 30 June 2012 6 months ended 30 June 2011 Year ended 31 December 2011
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Profit for the period 4,448 15,941 18,051
Adjustment for:
Depreciation and amortisation 6,001 5,754 12,090
Equity settled share based
payment expense 253 1,657 2,169
Loss on disposal of property,
plant and equipment 62 - 13
Share of loss of joint venture 156 724 1,181
Investment revenues (303) (264) (423)
Finance costs 915 638 1,795
Income tax expense 2,358 7,147 10,255
Operating cash flows before
movement in working capital 13,890 31,597 45,131
Increase in inventories (2) (13) (40)
Increase in receivables (6,393) (9,982) (770)
Increase in insurance assets (11,591) (2,714) (3,059)
Increase / (decrease) in
payables 2,819 (662) 605
Decrease in insurance
liabilities (602) (1,703) (1,539)
Increase in provisions 5,564 38 14,850
Cash generated by operations 3,685 16,561 55,178
Exercise of share options (897) (1,047) (1,059)
Income taxes paid (2,279) (4,712) (12,572)
Net cash from operating
activities 509 10,802 41,547
13 Contingent liabilities
It is possible that other claims or matters may arise against
the Group in connection with the FSA's investigations, which could
take a number of forms and therefore have a financial effect that
cannot presently be estimated. The Directors have considered the
probability of such claims or matters crystallising, and as a
result do not deem them probable enough to recognise a
provision.
14 Related party transactions
Ultimate controlling party
The Group is controlled by the Company's majority shareholder,
Mr Hamish Ogston.
Transactions with associated undertakings
The Group has undertaken the following transactions with its
joint venture entity, Home 3 Assistance Limited ("Home 3"):
6 months ended 30 June 2012 6 months ended 30 June 2011 Year ended 31 December 2011
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Costs rechargeable to Home 3
incurred by the Group 163 139 361
Balance receivable from Home
3 1,945 450 1,090
Amounts receivable from Home 3 include GBP1,700,000 (H1 2011:
GBP500,000) of sub-ordinated loan notes which fall due for
repayment in December 2012.
Remuneration of key management personnel
The remuneration of the Directors and Senior Management Team,
who are the key management personnel of the Group, is set out
below:
6 months ended 6 months ended Year ended 31
30 June 2012 30 June 2011 December 2011
GBP'000 GBP'000 GBP'000
(Unaudited) (Unaudited) (Audited)
Short term employee benefits 2,220 1,713 3,436
Post employment benefits 128 103 231
Termination benefits 323 140 142
Share based payments 58 879 1,153
2,729 2,835 4,962
DIRECTORS' RESPONSIBILITIES STATEMENT
We confirm that to the best of our knowledge:
a) The condensed financial statements have been prepared in
accordance with IAS 34 "Interim Financial Reporting"
b) The Chief Executive Officer's report and operating and
financial report together include a fair review of the information
required by DTR 4.2.7R (indication of important events during the
first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
c) The operating and financial report includes a fair review of
the information required by DTR 4.2.8R (disclosure of related
parties' transactions and changes therein).
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