Chemring Interim 2006 - Chemring Group PLC

I N T E R I M R E P O R T 2 0 0 66. RECONCILIATION OF CHANGES IN EQUITYUnauditedHalf year to30 April 2006£000UnauditedHalf year to30 April 2005As restated£000UnauditedYear to31 Oct 2005As restated£000Profit on ordinary activities after taxation for the period/yearEquity minority interestDividends7,805(2)(2,130)4,178(6)(1,797)8,769(13)(2,730)Retained profit for the period/yearOther recognised gains/(losses)Ordinary shares issuedShare premium arisingNet addition to/(reduction from) shareholders’ funds5,67399815226,25033,0732,375(4,023)6230(1,412)6,026(2,659)105643,941Opening shareholders’ funds56,50152,56052,560Closing shareholders’ funds89,57451,14856,5017. ACQUISITIONSOn 30 November 2005 the Group acquired the entire share capital of Comet GmbH for a cash consideration of £6,600,000,subject to a working capital adjustment.On 1 February 2006 the Group acquired the entire share capital of Leafield Engineering Limited and Leafield Marine Limitedfor a combined cash consideration of £4,370,000, subject to a working capital adjustment and the assumption of £570,000 ofbank overdrafts.On 13 March 2006 the Group completed the acquisition of the entire capital stock of Technical Ordnance Inc. for a cashconsideration of $70,000,000 (approximately £40,500,000), subject to a working capital adjustment.A summary of the assets acquired and consideration paid in respect of these four acquisitions is set out below:£000Intangible assetsProperty, plant and equipmentWorking capitalCashDeferred taxGoodwillConsideration:CashCash payable in future periods6,0714,8927,0491,363(710)18,66536,28354,94853,0131,93554,948Cash payable in future periods relates to working capital adjustments and is payable within twelve months.P 17