Annual Report and Accounts 2012 - Scapa

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Notes on the Accounts continued 25. Retirement benefit liabilities continued Analysis of movement in scheme liabilities 68 Scapa Group plc Annual Report and Accounts 2012 2012 £m Europe Others Total Beginning of the year (138.8) (139.9) (12.1) (10.9) (150.9) (150.8) Exchange differences 0.1 – – 0.6 0.1 0.6 Current service cost (staff costs) (0.4) (0.1) (0.3) (0.6) (0.7) (0.7) Past service cost 1.0 – – – 1.0 – Settlement (including within staff costs) – – 1.1 – 1.1 – Interest on scheme liabilities (7.4) (7.7) (0.6) (0.6) (8.0) (8.3) Experience (losses)/ gains (11.6) 0.6 (1.5) – (13.1) 0.6 Changes in assumptions (11.2) – – (1.2) (11.2) (1.2) Benefits paid 8.7 8.3 0.7 0.6 9.4 8.9 End of the year (159.6) (138.8) (12.7) (12.1) (172.3) (150.9) Experience losses in Europe are after £4.1m gain (2011: £Nil) from pension equalisation and £0.8m gain (2011: £Nil) from pension increase exchange. Analysis of movement in Balance Sheet liability Europe Others Total 2012 £m Beginning of the year (32.0) (36.1) (3.0) (2.5) (35.0) (38.6) Exchange differences (0.1) – – 0.1 (0.1) 0.1 Income Statement expense Statement of Comprehensive (0.1) (1.5) 0.8 (0.6) 0.7 (2.1) Income items (9.3) 2.0 (1.6) (0.8) (10.9) 1.2 Contributions paid 5.6 3.6 0.8 0.8 6.4 4.4 Net deficit in the schemes (35.9) (32.0) (3.0) (3.0) (38.9) (35.0) End of the year (32.0) (3.0) (35.0) Cumulative actuarial losses on pension schemes recognised in reserves total £20.5m (2011: £9.6m). Europe 2012 2011 2010 2009 2008 £m £m £m £m £m Present value of defined benefit obligation (159.6) (138.8) (139.9) (130.7) (136.5) Fair value of plan assets 123.7 106.8 103.8 84.9 94.3 Deficit in the plan (35.9) (32.0) (36.1) (45.8) (42.2) Experience adjustments on plan liabilities (22.8) 0.5 (9.6) 8.1 10.6 Experience adjustments on plan assets 13.5 1.4 17.1 (14.3) (1.5) Others Present value of defined benefit obligation (12.7) (12.1) (10.9) (8.6) (6.8) Fair value of plan assets 9.7 9.1 8.4 5.0 5.8 Unrecognised past service cost – – – 0.1 0.1 Deficit in the plan (3.0) (3.0) (2.5) (3.5) (0.9) Experience adjustments on plan liabilities (1.5) – (1.6) 0.1 (0.2) Experience adjustments on plan assets (0.1) 0.4 2.6 (2.9) (0.4) 2011 £m 2011 £m 2012 £m 2012 £m 2012 £m 2011 £m 2011 £m 2011 £m 2010 £m 2012 £m 2012 £m 2009 £m 2011 £m 2011 £m 2008 £m
25. Retirement benefit liabilities continued Total Present value of defined benefit obligation (172.3) (150.9) (150.8) (139.3) (143.3) Fair value of plan assets 133.4 115.9 112.2 89.9 100.1 Unrecognised past service cost – – – 0.1 0.1 Deficit in the plan (38.9) (35.0) (38.6) (49.3) (43.1) Experience adjustments on plan liabilities (24.3) 0.5 (11.2) 8.2 10.4 (14.1%) – (7.4%) 5.9% 7.3% Experience adjustments on plan assets 13.4 1.8 19.7 (17.2) (1.9) 10.0% 1.6% 17.6% (19.1%) (1.9%) 26. Share capital Allotted, issued and fully paid 146,006,979 (2011: 145,095,883) shares of 5p each 7.3 7.3 The movement in share capital relates to share options (see below). Potential issues of ordinary shares Certain senior managers hold options to subscribe for shares in the Company at prices ranging from nil pence per share to 94.5 pence per share under the share options schemes approved by shareholders. The number of shares subject to options, the periods in which they were granted, and the periods in which they may be exercised are given below: Scheme Year of grant 2012 £m 2011 £m 2010 £m Average exercise price per share Exercise period 2009 £m 2012 £m Number of options 2012 2008 £m 2011 £m Number of options 2011 Executive share option plan 2000-2002 49p-94.5p up to 20 June 2012 17,500 78,500 Executive share option plan 2006 22.25p up to 31 August 2016 150,000 250,000 Executive share option plan 2007 29.25p up to 20 August 2017 250,000 400,000 Executive share option plan 2007 32.75p up to 10 December 2017 125,000 300,000 Executive share option plan 2008 27.75p up to 7 July 2018 75,000 200,000 US stock option plan 2000-2002 49p-94.5p up to 20 June 2012 5,000 44,500 Performance share plan 2009 nil pence per share up to 6 September 2019 500,000 500,000 Performance share plan 2010 nil pence per share up to 8 June 2020 1,775,000 2,500,000 Performance share plan 2010 nil pence per share up to 29 November 2020 1,500,000 1,500,000 Performance share plan 2011 nil pence per share up to 27 July 2021 755,000 – Performance share plan 2011 nil pence per share up to 1 December 2021 300,000 – Sharesave option plan 3 year 2008 24.6p up to 1 September 2011 – 13,266 Sharesave option plan 5 year 2008 24.6p up to 1 September 2013 210,337 234,921 Sharesave option plan 3 year 2009 13p up to 1 September 2012 – 1,025,470 Sharesave option plan 5 year 2009 13p up to 1 September 2014 488,489 488,489 Sharesave option plan 3 year 2012 42.6p up to 1 September 2015 633,689 – Sharesave option plan 5 year 2012 42.6p up to 1 September 2017 188,729 – 6,973,744 7,535,146 During the year 911,096 options under the 2008 and 2009 Sharesave option plans were exercised. All other movements from 2011 are expired/lapsed options and new grants. Scapa Group plc Annual Report and Accounts 2012 69 Overview Business Review Governance Financial Statements
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Annual Report and Accounts 2012 Gro
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Sector split Electronics Healthcare
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Chairman’s Statement A focus on s
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“Our goal is to deliver sustainab
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Revenue £145.9m +0.2% 74.6% of Gro
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Revenue £39.5m +16.9% 20.2%of Grou
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Revenue £10.2m -20.9% 5.2% of Grou
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KPIs Return on sales (*1) 5.5% Trad
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Lost Time Accidents (LTAs) FY12 FY1
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We take the view that the policies
Page 21 and 22: Introduction At the heart of how Sc
Page 23 and 24: Leadership Team L-R: Ian Marchant,
Page 25 and 26: Scapa has a combination of unionise
Page 27 and 28: Directors’ Remuneration Report Th
Page 29 and 30: Other benefits Purpose Policy for e
Page 31 and 32: Directors’ interests As of 31 Mar
Page 33 and 34: Corporate Governance “ Good gover
Page 35 and 36: Internal control system In accordan
Page 37 and 38: Under its terms of reference, the A
Page 39 and 40: Independent Auditor’s Report to t
Page 41 and 42: Consolidated Balance Sheet As at 31
Page 43 and 44: Consolidated Cash Flow Statement Fo
Page 45 and 46: Consolidation The consolidated fina
Page 47 and 48: Property, plant and equipment (incl
Page 49 and 50: The liability recognised in the Bal
Page 51 and 52: Notes on the Accounts 1. Segmental
Page 53 and 54: 2. Segment assets and liabilities c
Page 55 and 56: 6. Key management compensation and
Page 57 and 58: 9. Taxation continued Movement in u
Page 59 and 60: 13. Goodwill Cost 1 April 34.2 45.8
Page 61 and 62: 16. Assets held for sale During the
Page 63 and 64: 22. Borrowings Amounts due within o
Page 65 and 66: 23. Derivative financial instrument
Page 67 and 68: 24. Provisions continued During the
Page 69 and 70: 25. Retirement benefit liabilities
Page 71: 25. Retirement benefit liabilities
Page 75 and 76: 27. Share options continued US Stoc
Page 77 and 78: 29. Commitments Capital commitments
Page 79 and 80: Scapa Group plc Parent Company Fina
Page 81 and 82: Company Balance Sheet As at 31 Marc
Page 83 and 84: Foreign currencies Transactions in
Page 85 and 86: 4. Investments Shares in Group unde
Page 87 and 88: 10. Share capital Allotted, issued
Page 89 and 90: 12. Pension schemes continued Five
Page 91 and 92: Designed by luminous.co.uk
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Annual Report and Accounts 2012 - Scapa

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