Muntons Annual Review 2016
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<strong>Muntons</strong> Made<br />
OUR YEAR IN NUMBERS<br />
SALES TURNOVER (£M)<br />
105<br />
100<br />
95<br />
90<br />
85<br />
80<br />
75<br />
70<br />
7<br />
6<br />
5<br />
4<br />
3<br />
2<br />
1<br />
0<br />
-5<br />
0<br />
2012 2013 2014 * 2015 <strong>2016</strong> 2012 2013 2014 * 2015 <strong>2016</strong><br />
2012 2013 2014 * 2015 <strong>2016</strong><br />
Malt & MI<br />
Other<br />
Sales tonnage has increased by 5% from<br />
2015, but turnover has decreased in line<br />
with the drop in raw material prices and<br />
change in product mix.<br />
CAPITAL EXPENDITURE (£M)<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
-2<br />
2012 2013 2014 * 2015 <strong>2016</strong> 2012 2013 2014 * 2015 <strong>2016</strong><br />
Expenditure on capital items was £5.7m,<br />
reflecting the ongoing level of strategic<br />
investment which included the new barley<br />
intake and the SAP project.<br />
RETURN ON CAPITAL EMPLOYED –<br />
EXCLUDES EXCEPTIONAL ITEMS %<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
Return on Capital Employed has decreased<br />
from 2015 due to the increased investments<br />
being undertaken for the future. Increased<br />
earnings due to these investments will be<br />
recognised in future periods<br />
EARNINGS BEFORE INTEREST, TAX,<br />
DEPRECIATION AND AMORTISATION<br />
(£M) (EBITDA)<br />
Depreciation<br />
Interest<br />
Profit / Loss Before Tax<br />
Finance Charge on FRS 17 Deficit<br />
EBITDA decreased marginally from 2015,<br />
reflecting the expenditure undertaken in<br />
order to get the Joint Venture to the point<br />
of manufacture. Also there has been a higher<br />
proportion of sales to export markets at<br />
slightly lower margins.<br />
BORROWINGS (£M)<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
Long Term<br />
Short Term<br />
Net borrowings have decreased due to cash<br />
generated from operations and a slight<br />
reduction in stock holding. A significant<br />
level of investment is being maintained<br />
year on year.<br />
* The 2014 figures are pro rata from a<br />
66 week period to a comparative 52 week.<br />
SUMMARY GROUP INCOME STATEMENT<br />
Restated<br />
<strong>2016</strong> ** 2015 **<br />
£’ 000 £’ 000<br />
52 weeks 52 weeks<br />
Turnover 90,330 91,493<br />
Cost of Sales (65,595) (66,245)<br />
Gross Profit 24,735 25,248<br />
Administration and Distribution Costs (16,020) (16,292)<br />
Profit before interest 8,715 8,956<br />
Share of loss in joint venture (677) (261)<br />
Interest Payable (959) (1,035)<br />
Other Finance Charge 454 185<br />
Profit before tax 7,533 7,845<br />
Tax on Profit (1,649) (1,824)<br />
Profit after tax 5,884 6,021<br />
Earnings per Share 691.0 707.0<br />
SUMMARY GROUP STATEMENT OF FINANCIAL POSITION<br />
Fixed Assets 30,579 28,467<br />
Current Assets 45,483 45,871<br />
Current Liabilities 27,606 26,200<br />
Net Current Assets 17,877 19,671<br />
Total Assets less Current Liabilities 48,456 48,138<br />
Long term Creditors (10,915) (12,930)<br />
Deferred Tax (270) (300)<br />
Net Assets before Pension Liability 37,271 34,908<br />
Pension Liability (10,109) (8,958)<br />
Net Assets 27,162 25,950<br />
Share Capital 852 852<br />
Reserves 26,310 25,098<br />
Total Shareholders’ Funds 27,162 25,950<br />
SUMMARY GROUP STATEMENT OF CASH FLOWS<br />
Net Cash from Operating Activities 9,444 4,406<br />
Net Cash from Investing Activities (6,249) (4,096)<br />
Net Cash used in Financing Activities (3,537) 49<br />
Net (Decrease)/Increase in Cash and Cash Equivalents<br />
(342) 359<br />
Cash and Cash Equivalents at the beginning of the year<br />
(10,012) (10,371)<br />
Cash and Cash Equivalents at the end of the year (10,354) (10,012)<br />
** This financial information has been provided prior to the completion of our statutory accounts.<br />
26 27<br />
Discover more at: www.muntons.com<br />
<strong>Muntons</strong> PLC <strong>Annual</strong> <strong>Review</strong> <strong>2016</strong>