Annual Report and Accounts 2012 - Scapa

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Notes on the Accounts continued 7. Bank loans and overdrafts During the year the Company with other members of the Group entered into a £20.0m multi-currency facility. The principal features of this facility are: – the Group may borrow up to £20.0m subject to satisfaction of the requirements of the facility – it is unsecured – it is repayable in June 2015 – the margin on the loan is based on a sliding scale determined by the Group’s leverage; it is currently 1.7% above US Libor – the Group has in place a cross guarantee between the Parent Company and its main trading subsidiaries in respect of the facility obligations The effective interest rate at the Balance Sheet date was as follows (these exclude the swap interest rates): 31 March 2012 Bank loans 2.3% 31 March 2011 Invoice discount facility 2.5% The Company, along with other subsidiaries in the Group, has the following undrawn borrowing facilities, being the unused portion of the £20.0m committed facility: Floating rate 10.6 4.0 Prior year facility was the unused portion of the invoice discount facility. 8. Creditors 82 Scapa Group plc Annual Report and Accounts 2012 2012 £m 2011 £m 10.6 4.0 Amounts due within one year: Amounts owed to subsidiary undertakings 1.1 1.6 Other creditors, including taxation and social security 2.8 2.2 Total amounts due within one year 3.9 3.8 Amounts due after more than one year: Amounts owed to subsidiary undertakings 52.6 46.8 Total amounts due after more than one year 52.6 46.8 The terms of loans owed to subsidiary undertakings vary; expiry of these ranges from 2015-2020. 9. Provisions At 1 April 0.8 0.7 Utilised in the year (0.1) – Additions in the year 0.1 0.1 At 31 March 0.8 0.8 Part of the provision relates to the Megolon disposal in 2007. Under the Sale and Purchase Agreement the acquirer can require Scapa to make good any shortfall to an agreed value on the sale of certain property within 42 months of acquisition. A third party valuation in 2009 indicated a shortfall at that time of £0.7m. The remaining provision relates to reorganisation costs. 2012 £m 2012 £m 2011 £m 2011 £m
10. 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 note 27 of the Group accounts). Month of exercise Number of shares issued May 2011 5,463 June 2011 77,080 September 2011 83,624 February 2012 676,434 March 2012 68,495 Share options Potential issues of ordinary shares and share options for the Company are disclosed in note 27 of the Group accounts. 11. Reconciliation of shareholders’ funds Share capital £m Share Premium £m Other reserves £m 2012 £m Profit and loss Account £m 2011 £m 911,096 Balance at 1 April 2011 7.3 0.1 10.1 151.1 168.6 Issue of share capital – 0.1 – – 0.1 Share options – – – 0.4 0.4 Actuarial loss – – – (4.8) (4.8) Deferred tax on actuarial loss – – – 1.2 1.2 Loss for the period – – – (1.2) (1.2) Deferred tax on change in UK tax rate – – – (0.3) (0.3) Balance at 31 March 2012 7.3 0.2 10.1 146.4 164.0 Profit for the year includes dividends paid by Group companies of £Nil (2011: £5.0m). The Board considers the other reserves to be non-distributable. 12. Pension schemes The Company operates several defined benefit schemes and a defined contribution scheme for employees in the UK. UK Pension schemes (a) Defined contribution scheme The Company operates a defined contribution scheme in the UK. Employer’s contributions are charged to the profit and loss account as incurred. The total pension cost for the Company in respect of this scheme for the year ended 31 March 2012 was £0.2m (2011: £0.1m). (b) Defined benefit schemes The UK defined benefit schemes are closed to new members and future accrual and are therefore funded by contributions from members as defined in the scheme rules, and by the employing company at a rate assessed by the scheme actuary as sufficient to meet the balance of costs determined following the triennial fund reviews. The assets of the schemes are held separately from Company assets under Trust. The FRS 17 ‘Retirement Benefits’ valuations have been updated by the scheme actuaries, in order to assess the liabilities of the schemes at 31 March 2012. Scheme assets are stated at their market value at 31 March 2012. Total £m Scapa Group plc Annual Report and Accounts 2012 83 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
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Introduction At the heart of how Sc
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Leadership Team L-R: Ian Marchant,
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Scapa has a combination of unionise
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Directors’ Remuneration Report Th
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Other benefits Purpose Policy for e
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Directors’ interests As of 31 Mar
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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 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: 4. Investments Shares in Group unde
Page 89 and 90: 12. Pension schemes continued Five
Page 91 and 92: Designed by luminous.co.uk
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