Muntons Annual Review 2016

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