20645_Scapa_AR_160504

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CONSOLIDATED CASH CASH FLOW FLOW STATEMENT STATEMENT FOR THE YEAR ENDED 31 MARCH 31 MARCH 2016 2016 All on continuing operations note Year ended 31 March 2016 £m Year ended 31 March 2015 £m Cash flows from operating activities Net cash flow from operations 28 16.5 17.6 Cash generated from operations before exceptional items 28 19.0 18.3 Cash outflows from exceptional items 28 (2.5) (0.7) Net cash flow from operations 16.5 17.6 Net interest paid (0.6) (0.6) Income tax paid (3.0) (3.9) Net cash generated from operating activities 12.9 13.1 Cash flows from investing activities Acquisition of subsidiary 12 – (8.8) Purchase of property, plant and equipment (9.8) (7.5) Proceeds from sale of property, plant and equipment 0.1 – Net cash used in investing activities (9.7) (16.3) Cash flows (used in)/generated from financing activities Dividends (2.2) (1.5) Issue of shares – 0.3 Increase in borrowings 5.7 28.1 Repayment of borrowings acquired 12 – (2.2) Repayment of borrowings (4.9) (18.7) Net cash (used in)/ generated from financing activities (1.4) 6.0 Net increase in cash and cash equivalents 1.8 2.8 Cash and cash equivalents at beginning of the year 16.7 13.6 Exchange gains on cash and cash equivalents 0.2 0.3 Total cash and cash equivalents at end of the year 19 18.7 16.7 72 SCAPA GROUP PLC ANNUAL REPORT AND ACCOUNTS 2016 67 Annual Report and Accounts 2016 Scapa Group plc
GROUP ACCOUNTING POLICIES POLICIES FINANCIAL STATEMENTS Scapa Group plc (‘the Company’) and its subsidiaries (together ‘the Group’) manufacture bonding products and adhesive components for applications in the Healthcare and Industrial markets. The Group has manufacturing plants around the world and sells mainly in countries within Europe, North America and Asia. The Company is a limited liability company incorporated and domiciled in the UK. The address of its registered office is 997 Manchester Road, Ashton-under-Lyne, Manchester OL7 0ED. The Company has its listing on the Alternative Investment Market. These consolidated financial statements have been approved for issue by the Board of Directors on 24 May 2016. A summary of the more important Group accounting policies applied in the preparation of these consolidated financial statements is set out below. BASIS OF PREPARATION The consolidated financial statements of Scapa Group plc have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU), IFRIC interpretations and the Companies Act 2006 applicable to companies reporting under IFRSs. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through the Income Statement. GOING CONCERN The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt a going concern basis of accounting in preparing the financial statements. Further detail is contained in the Directors’ Report on page [57]. EARLY ADOPTION OF STANDARDS The Group has not early adopted any Standards. ADOPTION OF NEW AND REVISED STANDARDS Standards affecting the reported results There have been no new IFRSs that have come into effect in the period that have had a material impact on the disclosures or amounts reported in these financial statements. Standards not affecting the reported results nor the financial position The following Standards and Interpretations have come into effect during the year. The adoption of these amendments has not had any material impact on the disclosures or amounts reported in these financial statements: IFRS 10 and 12 and IAS 27 (amendments) Investment Entities IAS 36 (amendments) Recoverable Amount Disclosures for Non-Financial Assets IAS 39 (amendments) Novation of Derivatives and Continuation of Hedge Accounting IFRIC Interpretation 21 Levies IAS 32 (amendments) Offsetting Financial Assets and Financial Liabilities At the date of these financial statements, the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the EU). The Directors do not expect that the adoption of the Standards and Interpretations listed below will have a material impact on the Group in future periods. IFRS 9 Financial Instruments IFRS 15 Revenue from Contracts with customers IFRS 11 (amendments) Accounting for Acquisitions of Interests in Joint Operations IAS 16 and IAS38 (amendments) Clarification of Acceptable Methods of Depreciation and Amortisation IAS 16 and IAS41 Agriculture: Bearer Plants IAS19 (amendments) Defined Benefit Plans: Employee Contributions IAs 27 (amendments) Equity Method in Separate Financial Statements IFRS10 and IAS 28 Sale or Contribution of Assets between an investor and its associate or Joint Venture 68 Scapa Group plc Annual Report and Accounts 2016 73 ANNUAL REPORT AND ACCOUNTS 2016 SCAPA GROUP PLC
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STRATEGIC VALUE CREATION SCAPA GROU
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FINANCIAL HIGHLIGHTS STRATEGIC REPO
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STRATEGIC REPORT REVENUE BY DIVISIO
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STRATEGIC REPORT PERFORMANCE AND DI
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STRATEGIC REPORT STRATEGIC PROGRESS
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STRATEGIC REPORT 2016 STRATEGIC GOA
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STRATEGIC REPORT UNDERLYING CASH FL
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STRATEGIC REPORT RISK MANAGEMENT MO
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PRINCIPAL RISKS AND UNCERTAINTIES S
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STRATEGIC REPORT Risk Accountable E
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VIABILITY STATEMENT STRATEGIC REPOR
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STRATEGIC REPORT Healthcare has del
Page 25 and 26: STRATEGIC REPORT We continue to inv
Page 27 and 28: STRATEGIC REPORT Umquasperum unt qu
Page 29 and 30: STRATEGIC REPORT OUR STRATEGY 2015/
Page 31 and 32: STRATEGIC REPORT The underlying eff
Page 33 and 34: STRATEGIC REPORT projects that prov
Page 35 and 36: STRATEGIC REPORT OUR EXECUTIVE TEAM
Page 37 and 38: STRATEGIC REPORT ENVIRONMENTAL PERF
Page 39 and 40: CORPORATE GOVERNANCE of Group Finan
Page 41 and 42: CORPORATE GOVERNANCE M C BUZZACOTT
Page 43 and 44: CORPORATE GOVERNANCE The Chief Exec
Page 45 and 46: CORPORATE GOVERNANCE Board diversit
Page 47 and 48: CORPORATE GOVERNANCE REPORT OF THE
Page 49 and 50: CORPORATE GOVERNANCE To assess the
Page 51 and 52: CORPORATE GOVERNANCE REPORT OF THE
Page 53 and 54: REPORT OF THE REMUNERATION COMMITTE
Page 55 and 56: CORPORATE GOVERNANCE REMUNERATION C
Page 57 and 58: CORPORATE GOVERNANCE Purpose Operat
Page 59 and 60: CORPORATE GOVERNANCE Purpose Operat
Page 61 and 62: DIRECTORS’ ANNUAL REMUNERATION RE
Page 63 and 64: CORPORATE GOVERNANCE The performanc
Page 65 and 66: CORPORATE GOVERNANCE HISTORICAL CHI
Page 67 and 68: CORPORATE GOVERNANCE The salary of
Page 69 and 70: CORPORATE GOVERNANCE shareholders g
Page 71 and 72: DIRECTORS’ RESPONSIBILITIES FINAN
Page 73 and 74: CONSOLIDATED STATEMENT INCOME INCOM
Page 75: CONSOLIDATED STATEMENT OF CHANGES O
Page 79 and 80: GROUP ACCOUNTING POLICIES CONTINUED
Page 85 and 86: NOTES ON ON THE THE ACCOUNTS FINANC
Page 87 and 88: FINANCIAL STATEMENTS 2. SEGMENT ASS
Page 89 and 90: FINANCIAL STATEMENTS current status
Page 91 and 92: FINANCIAL STATEMENTS 9. TAXATION CO
Page 93 and 94: NOTES ON THE ACCOUNTS CONTINUED FIN
Page 115 and 116: FIVE YEAR SUMMARIES FINANCIAL STATE
Page 117 and 118: COMPANY BALANCE SHEET SHEET AS AT 3
Page 119 and 120: STATEMENT OF ACCOUNTING POLICIES CO
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NOTES ON THE ACCOUNTS CONTINUED FIN
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COMPANY INFORMATION FINANCIAL STATE
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