TIDMWGN
RNS Number : 6703L
Wogen PLC
15 January 2009
Preliminary Announcement of Audited Results for the year ended 30 September 2008
Wogen plc, the international specialty metals and minerals trader, today
announces its results for the year ended 30 September 2008.
Summary:
* Revenue up by 5% from GBP205m to GBP215m
* Gross profit margin declined to 2.8% (2007: 7.1%)
* Exceptional GBP13.3m writedown of inventories at the year end (2007: GBP1.9m)
* Loss for the year GBP1.6m (2007: profit of GBP4.1m)
* Final dividend suspended (interim dividend 2.45p paid, 2007: total dividend
7.35p paid)
* Superalloy Metals continued strong performance
* Domestic trading in China continued to grow strongly
* Trading conditions since financial year end very challenging
Allan Kerr, Chief Executive of Wogen plc, said:
"Our trading revenue to September 2008 was robust, with good growth on the
previous year. Since then, prices of specialty metals have fallen precipitously
and we have had to take substantial writedowns on our inventories to reflect
these price falls."
"As prices stabilise into 2009, opportunities in the spot markets will increase.
This environment plays well to Wogen's trading expertise, breadth of
relationships and strong balance sheet. We intend to be ready to capitalise on
these opportunities in 2009 as they arise."
15 January 2009
Enquiries:
Wogen plc Tel: 020 7222 2171
Allan Kerr, Chief Executive Officer
Neil Poulter, Finance Director
Teathers Tel: 020 7426 9000
Dan Webster
CHAIRMAN'S STATEMENT
The financial year to 30th September 2008 saw healthy demand and liquidity in
most of our traded metals, however conditions in the specialty metals markets
have rapidly deteriorated since Wogen's financial year-end.
The crisis in the financial sector has impacted exchange rates worldwide and
caused a drop in demand for metals and reduction in inventories worldwide. The
resulting falls in prices since September have been more rapid and substantial
than anything experienced for many decades. This has caused Wogen to make
significant writedowns in the value of existing contracts and inventory
positions, which have led to Wogen declaring a loss for the current financial
year.
Wogen has seen several market downturns since it was founded in 1972. The
downturn of the current cycle has been more rapid than any before it, the likely
result of faster information flows and increased inter-dependencies across the
global economy. As such, we believe that the market will be able to rebalance
and recover more quickly than in previous cycles. The combination of lower oil
prices, interest rates and the commencement of plans by several governments to
invest heavily in national infrastructure, particularly in China, is likely to
accelerate a recovery in demand for specialty metals.
While market performance in 2009 is impossible to predict, the long-term demand
for specialty metals remains, supported by new technologies and infrastructure
investment. Meanwhile trading opportunities will abound and will favour those
with strong balance sheets and experience in the markets.
In this context, and considering our loss for the year, Wogen's Board has
carefully considered its cash position and determined that the payment of a
final dividend for 2008 would be inappropriate. Wogen's Board intends the
company to be ready and well positioned to take advantage of the opportunities
that will arise within the specialty metals sector.
We depend to a great extent on the quality and loyalty of our staff. I would
like to express my thanks for their hard work during the year. I would also
like to thank Colin Williams for his outstanding service to the company over the
past 36 years and wish him well as he steps down from his executive role in the
company. We are all glad that he will continue to advise and support the
company's future growth as a Non-executive Director.
Michael Hutchinson
Chairman
14 January 2009
CHIEF EXECUTIVE OFFICER'S REVIEW
After a period of over five years of continued growth in demand, the benign
conditions of the early summer of 2008 when we reported our Interim Results,
were followed by weakening in certain metals from July, which developed into
precipitous falls from mid-September in the prices of the majority of specialty
metals in which we trade.
The crisis in the financial markets which started in 2007, began to affect our
sector from September 2008 and quickly led to currency depreciation, the
disappearance of buyers from the market and thus a freeze in orders. The speed
of the fall in prices led to buyers, including large industrial corporations,
deferring or reviewing contracted orders. Within two months of September 15th,
prices of our traded metals had fallen by up to 65%, with unprecedented levels
of illiquidity and downward price correlation between different metals.
As a result, Wogen's trading figures have been affected by exceptional
provisions resulting from the decline in market prices and thus the net
realisable value of our inventories. While these events have had a serious
impact on results, Wogen nevertheless continues to have a strong balance sheet.
One positive result of the synchronicity and speed of the current downturn is
that there have been rapid cuts in the production of metals, possibly a result
of the much faster flow of pricing and production information between suppliers,
traders and end users. This has the potential to result in a faster balancing
and recovery of the market. Government stimulation worldwide, lower oil prices
and lower interest rates all point to an upturn in due course, although the
timing is difficult to predict. We are cautiously optimistic that in 2009, with
our experienced team and knowledge of the markets, we will be able to capitalise
on opportunities thrown up by the disruption of the past few months and we
intend to be ready and positioned to take advantage of these opportunities.
Physical Trading
Our trading revenue increased during the year by 5%, largely as a result of
increases in volumes from the Far Eastern subsidiaries. While trading profits at
the year end were very similar to the previous year, our reported figures have
been significantly impacted by unexpected contract cancellations, deferrals, and
substantial inventory writedowns.
During the year, we began to widen our range of materials handled and developed
business in bulk ferro alloys and ores, principally with the China market as a
focus. This development showed good profitability, although did not impact
substantially on revenue.
Metals associated with super alloys destined for the aircraft and gas turbine
industries, such as Cobalt and Chrome, performed particularly well during the
year but this sector, which includes our Super Alloy scrap operation in
Sheffield, has been affected by the recent market turmoil.
Up to mid September 2008, few specialty metals had seriously declined in price,
with the exception of Titanium and the Platinum Group Metals. However October
and November 2008 saw rapid price falls in most metals. While our business model
is to be a trader of specialty metals, the illiquidity of our markets means we
are inevitably bound to carry inventory.
Geographic Presence
Our revenue in the emerging markets of Brazil, India, Ukraine and Russia
continued to improve during the year and margins were satisfactory. These
markets, however, have been hit hard by the current conditions. Some emerging
market counterparties have been accustomed to appreciating local currencies
against the US dollar, and the consequent falls have left them exposed.
We are optimistic that the USA, China and certain of the emerging economies will
recover faster than some of the other more over-borrowed consumer markets of the
developed world and whilst our strategy of expansion may have to be put on hold
for the time being, in the long run our experience and contacts in these markets
will enable us to continue to build the business.
China
Throughout the year, business with China continued strongly and actively. Our
locally incorporated trading company, Wogen Metal Commercial (Shanghai) Ltd more
than doubled its revenue and margins remained reasonable. We increased our sales
teams in China and have recently been assisting a number of overseas customers
to place distressed cargo in the ports into domestic consumers where we have
strong relationships. Massive infrastructure investment is continuing and we are
confident that our business in China will expand and that we will build on our
long-established friendships with many of the major corporations in that
country.
Russia and the CIS
During the year we moved into a larger office and successfully recruited two
experienced new staff. The region remains a significant producer and exporter of
raw materials and we plan to increase the pace and scope of our activity in this
area over the next year.
Other Markets
During the year we have developed regular and good quality business in Poland
and Taiwan. We also commenced business in new areas of South East Asia, where a
number of manufacturing plants have been established by Chinese companies. In
South Africa, which is a significant supply base for raw materials to China, we
have recently established a representation agreement which we hope will bear
fruit over the next year.
Beaver Brook Antimony Mine
Production of Antimony Concentrates at the Beaver Brook Antimony Mine, with
which Wogen has a marketing agreement, commenced in the first half of 2008.
Since August 2008, under a new General Manager, the efficiency of the mine has
been greatly enhanced and successful efforts made to drive production costs
down, so as to be in the lowest cost quartile of world production.
Current Trading and Prospects
Business since the year end slowed down considerably, but prices have stabilised
and we have seen modest levels of increased activity since the New Year. This is
partially a reaction to the reduction of inventory levels in the global supply
chain. While we have seen a contraction in the long term contract market, there
is likely to be a corresponding growth in the spot markets where we as a trading
house believe we have an advantage. The macro economic picture is still not
encouraging and our growth strategy is on hold for the time being, but during
this period of retrenchment we aim to ensure that we retain our customer base,
recover our margin and position ourselves for the upturn that will surely occur.
Allan Kerr
Chief Executive Officer
14 January 2009
AUDITED CONSOLIDATED INCOME STATEMENT
for the year ended 30 September 2008
+---------------------------------------------+-------+----------------+---------------+
| | Note | 2008 | 2007 |
+---------------------------------------------+-------+----------------+---------------+
| | | GBP'000 | GBP'000 |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| Revenue | | 215,482 | 205,367 |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| Cost of sales | | (209,602) | (190,700) |
+---------------------------------------------+-------+----------------+---------------+
| | | _______ | _______ |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| Gross profit | | 5,880 | 14,667 |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| Other operating income | | 86 | 16 |
+---------------------------------------------+-------+----------------+---------------+
| Administrative expenses | | (6,583) | (7,371) |
+---------------------------------------------+-------+----------------+---------------+
| | | _______ | _______ |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| Operating (loss)/profit | | (617) | 7,312 |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| Finance income | | 94 | 25 |
+---------------------------------------------+-------+----------------+---------------+
| Finance expenses | | (1,699) | (1,464) |
+---------------------------------------------+-------+----------------+---------------+
| | | _______ | _______ |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| (Loss)/Profit before tax | | (2,222) | 5,873 |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| Tax credit/(expense) | | 669 | (1,755) |
+---------------------------------------------+-------+----------------+---------------+
| | | _______ | _______ |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| (Loss)/Profit for the year | | (1,553) | 4,118 |
+---------------------------------------------+-------+----------------+---------------+
| | | _______ | _______ |
+---------------------------------------------+-------+----------------+---------------+
| | | | |
+---------------------------------------------+-------+----------------+---------------+
| (Loss)/Earnings per share - basic and | 2 | (3.5)p | 9.3p |
| diluted | | | |
+---------------------------------------------+-------+----------------+---------------+
| | | _______ | _______ |
+---------------------------------------------+-------+----------------+---------------+
The income statement has been prepared on the basis that all operations are
continuing operations in both the current and the prior year.
AUDITED CONSOLIDATED BALANCE SHEET
as at 30 September 2008
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | 2008 | 2008 | 2007 | 2007 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Assets | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Non-current assets | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Property, plant and equipment | | 304 | | 300 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Available for sale investments | | 1,060 | | 1,060 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Other non-current assets | | 469 | | 420 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Pension asset | | 240 | | 548 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Total non-current assets | | 2,073 | | 2,328 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Current assets | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Inventories | | 41,924 | | 42,774 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Trade and other receivables | | 17,770 | | 17,945 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Cash and cash equivalents | | 3,351 | | 711 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Other current assets | | 388 | | 221 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Corporation tax receivable | | 1,834 | | - | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Deferred tax asset | | - | | 178 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Total current assets | | 65,267 | | 61,829 | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Total Assets | | | 67,340 | | 64,157 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Liabilities | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Deferred tax liability | | (67) | | (164) | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Non-current liabilities | | (67) | | (164) | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Current liabilities | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Trade and other payables | | (6,696) | | (5,386) | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Short term loans and borrowings | | (33,992) | | (27,419) | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Corporation tax payable | | - | | (159) | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Total current liabilities | | (40,688) | | (32,964) | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | _______ | | _______ | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Total liabilities | | | (40,755) | | (33,128) |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | _______ | | _______ |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Total net assets | | | 26,585 | | 31,029 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | _______ | | _______ |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Capital and reserves | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Share capital | | | 2,245 | | 2,245 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Share premium reserve | | | 2 | | 2 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Capital redemption reserve | | | 400 | | 400 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Employees Trust reserve | | | (159) | | (192) |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Capital reserve | | | 87 | | 87 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Foreign exchange reserve | | | 253 | | (197) |
+---------------------------------------------+-------+----------+----------+----------+----------+
| Retained earnings | | | 23,757 | | 28,684 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | _______ | | _______ |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | | | |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | 26,585 | | 31,029 |
+---------------------------------------------+-------+----------+----------+----------+----------+
| | | | _______ | | _______ |
+---------------------------------------------+-------+----------+----------+----------+----------+
AUDITED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 September 2008
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | 2008 | 2008 | 2007 | 2007 |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Cash flows from operating activities | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| (Loss)/Profit for the year | | (1,553) | | 4,118 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Adjustments for: | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Depreciation | | 112 | | 99 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Foreign exchange (gains)/losses | | (437) | | 147 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| (Gain) on sale of property, plant | | - | | (3) | |
| and equipment | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Income tax (credit)/expense | | (669) | | 1,755 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Finance income | | (94) | | (25) | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Finance expense | | 1,699 | | 1,464 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Movement in employee benefits | | 228 | | (52) | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | ______ | | ______ | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Cash flows from operating activities | | | | | |
| before | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| changes in working capital and | | (714) | | 7,503 | |
| provisions | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| (Increase) in trade and other | | (42) | | (1,011) | |
| receivables | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Decrease/(increase) in inventories | | 850 | | (6,272) | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Increase in trade and other payables | | 1,310 | | 97 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | ______ | | ______ | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Cash generated from operations | | 1,404 | | 317 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Income tax paid | | (1,242) | | (872) | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | ______ | | ______ | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Net cash flows from operating | | | 162 | | (555) |
| activities | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Investing activities | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Interest received | | 94 | | 25 | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Sale of property, plant and | | - | | 3 | |
| equipment | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Purchase of property, plant and | | (109) | | (83) | |
| equipment | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Purchase of available for sale | | - | | (1,060) | |
| investments | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | _______ | | _______ | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Net cash used in investing | | | (15) | | (1,115) |
| activities | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Financing activities | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Interest paid | | (1,699) | | (1,464) | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Dividends paid | | (3,265) | | (3,265) | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Employees' Trust cost | | (3) | | (8) | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | _______ | | _______ | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Net cash used in financing | | | (4,967) | | (4,737) |
| activities | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | _______ | | _______ |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Net decrease in cash | | | (4,820) | | (6,407) |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Effect of exchange rate changes on | | | 887 | | (300) |
| cash | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Cash and cash equivalents at | | | (26,708) | | (20,001) |
| beginning of year | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | _______ | | _______ |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Cash and cash equivalents at end of | | | (30,641) | | (26,708) |
| year | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | _______ | | _______ |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Cash and cash equivalents for the | | | | | |
| purpose | | | | | |
| of the cash flow statement comprise: | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| of the cash flow statement: | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Cash available on demand | | | 3,351 | | 711 |
+--------------------------------------+--------------+---------+----------+---------+----------+
| Overdrafts | | | (33,992) | | (27,419) |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | _______ | | _______ |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | | | |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | (30,641) | | (26,708) |
+--------------------------------------+--------------+---------+----------+---------+----------+
| | | | _______ | | _______ |
+--------------------------------------+--------------+---------+----------+---------+----------+
AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 September 2008
+----------------+--+--------+---------+------------+------------+---------+----------+----------+---------+
| | | Share | Capital | Employees' | | Foreign | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | Share | premium | redemption | Trust | Capital | Exchange | Retained | Total |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | Capital | reserve | reserve | reserve | reserve | Reserve | earnings | equity |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Equity at 1 | 2,245 | 2 | 400 | (96) | 87 | - | 27,698 | 30,336 |
| October 2006 | | | | | | | | |
+-------------------+--------+---------+------------+------------+---------+----------+----------+---------+
| Exchange | - | - | - | - | - | (197) | - | (197) |
| differences | | | | | | | | |
| arising on | | | | | | | | |
| translation of | | | | | | | | |
| foreign | | | | | | | | |
| operations | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Actuarial gain | - | - | - | - | - | - | 22 | 22 |
| on | | | | | | | | |
| pension scheme | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Deferred tax | - | - | - | - | - | - | (6) | (6) |
| on | | | | | | | | |
| pension asset | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Net income | - | - | - | - | - | (197) | 16 | (181) |
| recognised | | | | | | | | |
| directly in | | | | | | | | |
| equity | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Profit for the | - | - | - | - | - | - | 4,118 | 4,118 |
| year | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Total | - | - | - | - | - | (197) | 4,134 | 3,937 |
| recognised | | | | | | | | |
| income and | | | | | | | | |
| expense for | | | | | | | | |
| the year | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Dividend paid | - | - | - | - | - | - | (3,301) | (3,301) |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Dividend paid | - | - | - | - | - | - | 36 | 36 |
| to Employees' | | | | | | | | |
| Trust | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Share option | - | - | - | - | - | - | 28 | 28 |
| reserve | | | | | | | | |
| movement | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Pension | - | - | - | - | - | - | 89 | 89 |
| reserve | | | | | | | | |
| movement | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Movement on | - | - | - | (96) | - | - | - | (96) |
| Employees' | | | | | | | | |
| Trust | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Equity at 30 | 2,245 | 2 | 400 | (192) | 87 | (197) | 28,684 | 31,029 |
| September 2007 | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Exchange | - | - | - | - | - | 450 | - | 450 |
| differences | | | | | | | | |
| arising on | | | | | | | | |
| translation of | | | | | | | | |
| foreign | | | | | | | | |
| operations | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Actuarial loss | - | - | - | - | - | - | (330) | (330) |
| on pension | | | | | | | | |
| scheme | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Deferred tax | - | - | - | - | - | - | 97 | 97 |
| on | | | | | | | | |
| pension asset | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Net income | - | - | - | - | - | 450 | (233) | 217 |
| recognised | | | | | | | | |
| directly in | | | | | | | | |
| equity | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Loss for the | - | - | - | - | - | - | (1,553) | (1,553) |
| year | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Total | - | - | - | - | - | 450 | (1,786) | (1,336) |
| recognised | | | | | | | | |
| income and | | | | | | | | |
| expense | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Dividend paid | - | - | - | - | - | - | (3,301) | (3,301) |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Dividend paid | - | - | - | - | - | - | 36 | 36 |
| to Employees' | | | | | | | | |
| Trust | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Share option | - | - | - | - | - | - | 21 | 21 |
| reserve | | | | | | | | |
| movement | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Pension | - | - | - | - | - | - | 136 | 136 |
| reserve | | | | | | | | |
| movement | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Movement on | - | - | - | 33 | - | - | (33) | - |
| Employees' | | | | | | | | |
| Trust | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | ______ | _______ | _______ | _______ | ______ | _______ | _______ | ______ |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| Equity at 30 | 2,245 | 2 | 400 | (159) | 87 | 253 | 23,757 | 26,585 |
| September 2008 | | | | | | | | |
+----------------+-----------+---------+------------+------------+---------+----------+----------+---------+
| | __ ____ | ____ __ | __ ____ | ___ ___ | ______ | __ ____ | ______ | ______ |
+----------------+--+--------+---------+------------+------------+---------+----------+----------+---------+
1. Basis of Preparation
The financial information set out in the announcement does not constitute the
company's statutory accounts for the years ended 30 September 2008 or 2007. The
financial information for the year ended 30 September 2007 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was
unqualified, did not include references to any matters to which the auditors
drew attention by way of emphasis without qualifying their report and did and
did not contain a statement under s237(2) or (3) Companies Act 1985.
The audit of the statutory accounts for the year ended 30 September 2008 is
completed. The auditors reported on those accounts; their report was
unqualified, did not contain an emphasis of matter and did not contain a
statement under s237(2) or (3) Companies Act 1985. These accounts will be
delivered to the Registrar of Companies following the company's annual general
meeting.
While the financial information included in this preliminary announcement
has been prepared in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRSs), this announcement does not
itself contain sufficient information to comply with IFRSs.
2. Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
+----------------------------------------------------+-------------------+--------------+
| | 2008 | 2007 |
+----------------------------------------------------+-------------------+--------------+
| Earnings | | |
+----------------------------------------------------+-------------------+--------------+
| Earnings for basic and diluted earnings per share | (1,553) | 4,118 |
| (GBP'000) | | |
+----------------------------------------------------+-------------------+--------------+
| | _______ | _______ |
+----------------------------------------------------+-------------------+--------------+
| Number of shares | | |
+----------------------------------------------------+-------------------+--------------+
| Weighted average number of shares used for basic | 44,467 | 44,467 |
| and diluted | | |
| earnings per share ('000) | | |
+----------------------------------------------------+-------------------+--------------+
| | _______ | _______ |
+----------------------------------------------------+-------------------+--------------+
| | | |
+----------------------------------------------------+-------------------+--------------+
| Basic earnings per share (pence) | (3.5) | 9.3 |
+----------------------------------------------------+-------------------+--------------+
| Diluted earnings per share (pence) | (3.5) | 9.3 |
+----------------------------------------------------+-------------------+--------------+
| | _______ | _______ |
+----------------------------------------------------+-------------------+--------------+
The number of shares in issue has been used to calculate basic earnings per
share after taking into account shares held by the Wogen Group Limited 1992
Employees' Trust.
For the years ended 30 September 2008 and 2007 there is no dilutive effect of
share plans due to the average market price of shares being below that of the
exercise price of share options.
3. Annual report and accounts
The annual report and accounts for the year ended 30 September 2008 will be
posted to shareholders shortly. Additional copies will be available from the
Company Secretary at the Company's registered office 4 The Sanctuary,
Westminster, London, SW1P 3JS and may be viewed on the Company's website at
www.wogen.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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