Chemring Group PLC |Annual Report and Accounts 2012

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104 Financial statements Notes to the parent company financial statements for the year ended 31 October 2012 9. Reserves Share premium account £m Special capital reserve £m Profit and loss account £m Total £m At 1 November 2011 230.6 12.9 106.1 349.6 Ordinary shares issued 0.1 - - 0.1 Profit for the year - - 6.9 6.9 Dividends paid - - (31.1) (31.1) Other recognised losses - - (0.5) (0.5) Cost of share-based payments - - (1.8) (1.8) At 31 October 2012 230.7 12.9 79.6 323.2 The share premium account and special capital reserve are not distributable. Of the £79.6 million in the profit and loss account, £16.1 million is distributable, with the remaining £63.5 million arising from the disposal of the investment in Simmel Difesa S.p.A. not being distributable. The Company generated a profit for the financial year of £6.9 million (2011: £36.7 million). Dividends from subsidiary undertakings of £11.1 million (2011: £29.5 million) were received in the year. The proposed final dividend in respect of the year ended 31 October 2012 of 4.2p per share will, if approved, absorb approximately £8.1 million of shareholders’ funds. The dividend is subject to approval by shareholders at the Annual General Meeting and accordingly has not been included as a liability in these financial statements. 10. Own shares Balance at 1 November 2011 6.6 7.2 Acquired in the year 4.8 1.5 Issued in the year to satisfy employee share awards (1.8) (2.1) Balance at 31 October 2012 9.6 6.6 The own shares reserve represents the cost of shares in Chemring Group PLC purchased in the market and held by the Group to satisfy awards under the Group’s share-based incentive schemes (see note 31 of the group financial statements). During the year, 1,215,000 (2011: 300,000) ordinary shares were acquired, and 359,331 (2011: 456,855) ordinary shares were distributed following the vesting of awards under the Chemring Group Performance Share Plan. The total number of ordinary shares held in treasury at 31 October 2012 was 2,198,814 (2011: 1,343,145), with an average cost of £4.39 (2011: £4.89) per share. This represents 1.1% of the total issued and fully-paid ordinary share capital. 11. Deferred tax Movements in deferred tax assets are as follows: At 1 November 2011 (0.5) (1.2) (Credit)/charge to profit and loss account (0.1) 0.7 At 31 October 2012 (0.6) (0.5) The amount provided represents: Other timing differences (0.6) (0.5) The Company has considered the recoverability of the deferred tax asset and feels that the future activities of the Company will be sufficient to support this value. 2012 £m 2012 £m 2011 £m 2011 £m Chemring Group PLC Report and Accounts 2012
105 12. Staff costs 2012 Number 2011 Number The average monthly number of employees (including executive directors) was: Total 38 38 The costs incurred in respect of these employees were: Wages and salaries 4.8 3.4 Social security costs 0.6 0.4 Other pension costs 0.4 0.3 2012 £m 2011 £m 5.8 4.1 Included within the 2012 charge is £1.1 million (2011: £nil) of wages and salaries, and £0.1 million (2011: £nil) of social security costs, relating to compensation for loss of office for Dr Price and Mr Rayner. Disclosures in respect of directors’ emoluments can be found in the directors’ remuneration report on pages 33 to 47 of the group financial statements. Business review Corporate governance Financial statements Other information Chemring Group PLC Report and Accounts 2012
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Chemring Group PLC | Annual Report
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1 Financial performance Revenue - c
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3 Business review Corporate governa
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5 Balance sheet, cash flow and debt
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7 Secondly, we will maintain a stro
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9 evaluation of its RVIS remote vis
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11 for flight-tests on the Typhoon
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13 A400 is a thermite incendiary gr
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15 US Energetic Materials Qualifica
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17 addition, profit at Alloy Surfac
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19 Overall working capital decrease
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21 Principal risks and uncertaintie
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23 Risk description Competitive ris
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25 to 0.80 this year. In absolute t
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27 The Group is involved with a num
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29 The Rt Hon Lord Freeman*~ Non-Ex
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31 All holders of ordinary shares a
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33 Directors’ remuneration report
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35 The Committee aims to align the
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37 Element Non-executive directors
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39 Planned application of the polic
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41 Service contracts and policy on
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43 Implementation section (audited)
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45 Long term incentives Details of
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47 Directors’ shareholdings To re
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49 The appointment and removal of t
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51 Nomination Committee Mr P Hickso
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Page 57 and 58: 55 Consolidated statement of compre
Page 59 and 60: 57 Consolidated balance sheet as at
Page 61 and 62: 59 Notes to the consolidated cash f
Page 63 and 64: 61 Accounting convention The financ
Page 65 and 66: 63 Deferred tax liabilities are rec
Page 67 and 68: 65 that no impairment has occurred
Page 69 and 70: 67 A segmental analysis of revenue
Page 71 and 72: 69 Operating profit is stated after
Page 73 and 74: 71 The total charge for the year ca
Page 75 and 76: 73 movements on derivatives, net of
Page 77 and 78: 75 14. Other intangible assets Deve
Page 79 and 80: 77 If stated under historical cost
Page 81 and 82: 79 The average credit period taken
Page 83 and 84: 81 22. Obligations under finance le
Page 85 and 86: 83 Liquidity risk The table below d
Page 87 and 88: 85 Analysed as: Included in current
Page 89 and 90: 87 26. Deferred tax The following a
Page 91 and 92: 89 The following awards were outsta
Page 93 and 94: 91 33. Discontinued operations The
Page 95 and 96: 93 Amounts recognised in the income
Page 97 and 98: 95 The principal assumptions used i
Page 99 and 100: 97 Independent auditors’ report o
Page 101 and 102: 99 Parent company statement of tota
Page 103 and 104: 101 2. Tangible assets Land and bui
Page 105: 103 6. Creditors due within one yea
Page 109 and 110: Notes 107 Business review Corporate
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