2002 Report And Accounts - Guinness Peat Group plc

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Notes to the Financial Statements19 Financial instruments (continued)f) Hedging currency exposuresAs explained in the financial review on page 9, the Group uses derivative financial instruments to manage certain currency exposures.Changes in the value of instruments used as hedges are not recognised in the financial statements until the hedged position matures.The analysis of these unrecognised gains and losses are as follows:Gains Losses Total netgains/(losses)£000 £000 £000Unrecognised gains and losses on hedges:At 1st July 2001 42 (225) (183)of which recognised in the year (42) 225 183–––––––––– –––––––––– ––––––––––– – –Arising and not recognised in the year 670 (41) 629–––––––––– –––––––––– ––––––––––At 30th June 2002 670 (41) 629–––––––––– –––––––––– ––––––––––Expected to be recognised in the next year 670 (41) 629–––––––––– –––––––––– ––––––––––20 Provisions for liabilities and chargesGroup Deferred Warranty Vacant Restructuringtaxation provision properties provision Total£000 £000 £000 £000 £000At 1st July 2001 as originally stated – 1,167 182 3 1,352Prior year adjustment 6,682 – – – 6,682–––––––––– –––––––––– –––––––––– –––––––––– ––––––––––Restated at 1st July 2001 6,682 1,167 182 3 8,034Created in period – 987 – – 987Utilised (64) (134) – (3) (201)Released – (632) (34) – (666)–––––––––– –––––––––– –––––––––– –––––––––– ––––––––––At 30th June 2002 6,618 1,388 148 – 8,154–––––––––– –––––––––– –––––––––– –––––––––– ––––––––––The Group has a number of vacant, partly sub let and fully sub let leasehold properties arising from the significant downsizing of theGroup in the last ten years. The properties are located in all areas of England. Provision has been made for residual leasecommitments, together with other outgoings after taking into account existing sub-tenant arrangements. In determining the provisionthe cash flows have been discounted using appropriate rates. The maturity profile of these properties is shown in note 19(b).The warranty provisions are established on an individual contract basis to cover potential costs that may arise in the warranty period(usually between one and two years) for machinery supplied which are based on prior periods experience.Deferred tax liability/(asset)Restated2002 2001£000 £000Capital allowances in excess of depreciation (52) (78)Other timing differences (165) (227)ACT (600) (350)Losses available for offset (30) (36)Pension prepayment provision 6,618 6,682–––––––––– ––––––––––5,771 5,991–––––––––– ––––––––––The deferred tax liability is disclosed within:Debtors (847) (691)Provisions 6,618 6,682–––––––––– ––––––––––5,771 5,991–––––––––– ––––––––––The 2001 figures have been restated to reflect the adoption of FRS 19 ‘Deferred Taxation’ (see note 22).40
Notes to the Financial Statements20 Provisions for liabilities and charges (continued)Defined benefit pension schemesThe Group operates one scheme which is of the defined benefit type. Under SSAP 24 a prepayment of £22.1 million has arisen.Tax relief will be given on contributions made and hence the prepayment represents a timing difference giving rise to a deferred taxliability.Other potential deferred tax assets not recognisedThe Group has a number of management expenses and trading losses which may, in certain circumstances, be available to offsetagainst profit made by the Group in the future. The estimated value of the unrecognised deferred tax asset at a standard rate of 30%is £4,884,000 (2001: £4,030,000). In addition, the Group has an unrecognised deferred tax asset in relation to Advance CorporationTax of £2,081,000 (2001: £2,478,000).21 Share capitalRestated2002 2001£000 £000Authorised:70,000,000 ordinary shares of 20p each 14,000 14,0001,118,442,997 special non-voting deferred shares of 1p each 11,184 11,184–––––––––– ––––––––––25,184 25,184–––––––––– ––––––––––Allotted, issued and fully paid:35,296,033 ordinary shares of 20p each 7,059 7,0591,118,442,997 special non-voting deferred shares of 1p each 11,184 11,184–––––––––– ––––––––––18,243 18,243–––––––––– ––––––––––On 29th September 2000, the shareholders of the Company approved a share capital reorganisation. As part of the capitalreorganisation all of the special non-voting deferred shares were to be acquired by the Company for 1 pence and an amount equal totheir aggregate nominal value of £11,184,430 was credited to a Capital Redemption Reserve. In 2002 the special non-voting deferredshares of 1p each have been restored to the balance sheet as the Company’s lack of distributable reserves prevented it from buyingthem back as it had intended to do pursuant to the share capital reorganisation. The 2001 comparatives have been restatedaccordingly.At 30th June 2002, ordinary share options were exercisable as follows:i under the Company’s Share Option Plan over 37,102 ordinary shares (2001:79,912) at 127.2p per share,ii under the Company’s Executive Share Option Scheme over 36,324 ordinary shares (2001:71,698) at 127.2p per share.In addition, at the same date super options were exercisable under the Company’s Executive Share Option Scheme over 45,924ordinary shares (2001: 197,146) at 127.2p per share.No options have been issued by the Company under its Phantom Option Scheme. Ordinary options are exercisable at dates between2002 and 2009 and super options at dates between 2004 and 2009, and in both cases are normally subject to the achievement ofspecified performance criteria as described in the Directors’ Report on page 14.At 30th June 2002, there were no savings related share options remaining outstanding as the last extant options matured on that date(2001: 1,426).On 5th July 2002 the Company issued to Mr R. J. Petersen 105,888 ordinary shares upon the exercise of his rights to subscribe forshares in connection with the 6.5% unsecured loan notes 2001. The remaining noteholders have a right to subscribe to 952,992ordinary shares at a price of 38.28p per share. This right expires on 30th November 2002.41
Page 1 and 2: Report and Accounts 2002
Page 3 and 4: Year in BriefCorporate Highlights
Page 5 and 6: Chairman’s StatementPRIMARY TOBAC
Page 7 and 8: Chairman’s StatementWEB PROCESSIN
Page 9 and 10: Financial ReviewIntroductionOther t
Page 11 and 12: Financial ReviewTreasury Activities
Page 13 and 14: Directors’ ReportThe Directors pr
Page 15 and 16: Directors’ ReportIn addition to t
Page 17 and 18: Remuneration Committee ReportRemune
Page 19 and 20: Remuneration Committee ReportRemune
Page 21 and 22: Independent Auditors’ ReportTo th
Page 23 and 24: Group Balance Sheetas at 30th June
Page 25 and 26: Company Balance Sheetas at 30th Jun
Page 27 and 28: Notes to the Group Cash Flow Statem
Page 29 and 30: Accounting PoliciesBasis of account
Page 31 and 32: Notes to the Financial Statements2
Page 41: Notes to the Financial Statements19
Page 51 and 52: Notice of MeetingNotice is hereby g
Page 53 and 54: Form of ProxyBrunel Holdings PlcAnn
Page 55 and 56: High Performance Flotation Coolerfo

2002 Report And Accounts - Guinness Peat Group plc

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