Financial Statements - Chemring Group PLC
Financial Statements - Chemring Group PLC Financial Statements - Chemring Group PLC
C H E M R I N GG R O U P P L CNotes to the Financial Statements- continued23. CALLED-UP SHARE CAPITAL - continuedShare optionsThe following options to subscribe for ordinary shares granted under various share option schemes were outstanding at 31 October 2003.(A) THE CHEMRING 1998 EXECUTIVE SHARE OPTION SCHEMEDate Number of ordinary Exercise price Dates between which optionsof grant shares under option per share may be exercised£6 Apr 1998 10,824 1.395 6 Apr 2001 - 5 Apr 20083 Feb 2000 280,000 2.36 3 Feb 2003 - 2 Feb 201023 Jan 2002 54,000 3.805 23 Jan 2005 - 22 Jan 20125 Feb 2003 100,000 2.885 5 Feb 2006 – 4 Feb 2013(B)THE CHEMRING GROUP PLC SHARE BASED INCENTIVE SCHEME (“THE ESOP”)Date Number of ordinary Exercise price Dates between which optionsof grant shares under option per share may be exercised£13 Jan 1997 1,064 -13 Jan 1997 - 13 Jan 200413 Jan 1997 2,128 -13 Jan 2000 1 - 13 Jan 20041 From 13 January 2000 – 12 January 2002, only 50% of the option could be exercised; thereafter 100% of the option could be exercised.The shares under option in this scheme have been purchased in the market and are held by the Trustees of the ESOP.24. RESERVES(A) GROUPAt 1 November 2002Retained profitLoss arising from foreign exchange translationsTransfer between reservesAt 31 October 2003Sharepremiumaccount£00020,726---20,726Specialcapitalreserve£00012,939---12,939Revaluationreserve£0002,482--(36)2,446Revenuereserves£00011,0906,485(1,636)3615,975Total£00047,2376,485(1,636)-52,086The share premium account, special capital reserve and the revaluation reserve are not distributable.Included within revenue reserves is £1,040,000 of retained profits (2002: £949,000) relating to the associated undertaking.(B)PARENTAt 1 November 2002Retained lossForeign exchange differencesAt 31 October 2003Sharepremiumaccount£00020,726--20,726Specialcapitalreserve£00012,939--12,939Revenuereserves£0003,686(2,816)5141,384Total£00037,351(2,816)51435,049P 50The share premium account and special capital reserve are not distributable. A loss after taxation of £5,071,000(2002: £446,000) was recognised in the year by the parent company.
2 0 0 3 F I N A N C I A L S T A T E M E N T S25. OBLIGATIONS UNDER NON-CANCELLABLE OPERATING LEASESLand andbuildings£000Group2003Plant andequipment£000Land andbuildings£000Group2002Plant andequipment£000Within one yearTwo to five yearsMore than five years-58263321651991-1,64233832686546791,406-2,08526. ACQUISITIONS2001/02 AcquisitionsThe financial statements for the year ended 31 October 2002 did not disclose that fair values were provisional but in accordancewith FRS7 Fair values in acquisition accounting, fair values and goodwill in respect of acquisitions made in the previous financial yearhave now been adjusted as follows:I.C.S. Electronics LimitedThe fair value of the net assets acquired has been revised from £244,000 to £45,000. This is due to a reduction in the value ofstock acquired of £52,000 and an increase in liabilities acquired of £147,000. In addition, the fair value of the deferredcontingent consideration has been reduced by £100,000. Goodwill is now calculated to be £3,252,000.27. SALE OF BUSINESS DIVISIONAlloy Surfaces Company, Inc. Chemical Coatings DivisionOn 11 July 2003 the Group sold the business and net assets of Alloy Surfaces Chemical Coatings, a division ofAlloy Surfaces Company, Inc.. Profit after tax for the division for the period from 1 November 2002 to 10 July 2003was £34,000. Profit after tax for the division for the financial year ended 31 October 2002 was £190,000.Net assets disposed of and the related sale proceeds were as follows:£000Fixed assetsStockDebtorsConsideration:Cash933473117511,475Profit on disposal724P 51
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2 0 0 3 F I N A N C I A L S T A T E M E N T S25. OBLIGATIONS UNDER NON-CANCELLABLE OPERATING LEASESLand andbuildings£000<strong>Group</strong>2003Plant andequipment£000Land andbuildings£000<strong>Group</strong>2002Plant andequipment£000Within one yearTwo to five yearsMore than five years-58263321651991-1,64233832686546791,406-2,08526. ACQUISITIONS2001/02 AcquisitionsThe financial statements for the year ended 31 October 2002 did not disclose that fair values were provisional but in accordancewith FRS7 Fair values in acquisition accounting, fair values and goodwill in respect of acquisitions made in the previous financial yearhave now been adjusted as follows:I.C.S. Electronics LimitedThe fair value of the net assets acquired has been revised from £244,000 to £45,000. This is due to a reduction in the value ofstock acquired of £52,000 and an increase in liabilities acquired of £147,000. In addition, the fair value of the deferredcontingent consideration has been reduced by £100,000. Goodwill is now calculated to be £3,252,000.27. SALE OF BUSINESS DIVISIONAlloy Surfaces Company, Inc. Chemical Coatings DivisionOn 11 July 2003 the <strong>Group</strong> sold the business and net assets of Alloy Surfaces Chemical Coatings, a division ofAlloy Surfaces Company, Inc.. Profit after tax for the division for the period from 1 November 2002 to 10 July 2003was £34,000. Profit after tax for the division for the financial year ended 31 October 2002 was £190,000.Net assets disposed of and the related sale proceeds were as follows:£000Fixed assetsStockDebtorsConsideration:Cash933473117511,475Profit on disposal724P 51
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