1、The Heavitree Brewery PLCTrood LaneMatfordExeter EX2 8YPDate: 28 June 2013Contact: Graham Crocker Managing Director 01392 217733Nicola McLean Company Secretary 01392 217733Pascal Keane Shore Capital 0207 468 7995Following a meeting by a duly authorised committee of the Board of Directors held today,
2、 28 June 2013, the Directors announce the interim results for the six months ended 30 April 2013. Chairmans statementI am pleased to report that, helped by the good control of general costs, operating profit for the six months ended 30 April 2013 has improved by 11.7% over last year. This was despit
3、e turnover being down 3.5% in the period due, in part, to a drop in rental income as a result of two houses being closed for capital investment and two other houses being marketed for sale. Also, revenue has been affected by a drop in gaming machine income which we believe may be as a result of the
4、increased popularity of the new style of machines in betting shops. RESULTSThe Group operating profit is 541,000 (2012 - 484,000) an increase of 11.7% on last year. After allowing for finance costs of 143,000 which includes 40,000 in respect of the IAS 19 calculation referring to the closed final sa
5、lary Pension Scheme (2012 - 132,000 and 37,000 respectively), the Group profit before taxation is 398,000 (2012 352,000).DIVIDENDThe Directors have resolved to pay an interim dividend of 3.5p per Ordinary Share and A Limited Voting Ordinary Share (2012 3.5p). The dividend will be paid on 2nd August
6、2013 to shareholders on the Register at the close of business on 19th July 2013.PROSPECTSIt remains a challenging time to trade Public Houses and once again the adverse weather conditions and in particular the flooding in the region at the start of the year has not helped many of our Tenants. It is
7、very much to the credit of those who were flooded that they only lost in total two days of actual trading.The Group operating profit at the end of the six months period is encouraging and we hope for another steady performance in the second half of the year. N H P TUCKERChairmanGroup income statemen
8、t (unaudited)For the six months ended 30 April 20136 monthsto30 April20136 months to30 April2012Audited12 months to31 October2012Note 000 000 000Revenue 3,266 3,383 7,268Change in stocks - - -Other operating income 80 58 144Purchase of inventories (1,353) (1,405) (3,097)Staff Costs (501) (573) (1,21
9、1)Depreciation of property, plant and equipment (127) (181) (293)Other operating charges (824) (798) (1,566)(2,725) (2,899) (6,023)Group operating profit 541 484 1,245Profit on disposal of non-current assets and assets held for sale - - (121) Group profit before finance costs and taxation 541 484 1,
10、124Finance income 11 14 26Finance costs (114) (109) (168)Other finance costs-pensions (40) (37) (55)(143) (132) (197)Profit before taxation 398 352 927Tax (expense) (118) (131) (296)Profit for the period 280 221 631Earnings per share- basic- diluted25.5p5.5p4.4p 4.4p12.5p12.5pGroup statement of comp
11、rehensive income (unaudited)For the six months ended 30 April 20136 monthsto30 April20136 months to30 April2012Audited12monthsto31 October2012 000 000 000Profit for the period 280 221 631Items that will not be reclassified to profit or lossActuarial gains/(losses) on defined benefit pension plansTax
12、 relating to items that will not be reclassified 98 (26)72 (17)5(12)(868)208(660)Items that may be reclassified to profit or lossCash flow hedgesFair value adjustmentTax relating to items that may be reclassified7-(2)5-(23)-(23)(75)(26)18(83)Other comprehensive income for the year, net of tax 357 18
13、6 (112)Total comprehensive income attributable to:Equity holders of the parent 357 186 (112)DividendsThe Directors declare an interim dividend of 3.5p per share (2012 3.5p) on the Ordinary and A Limited Voting Ordinary Shares. This dividend will be paid on 2 August 2013 to shareholders on the regist
14、er at 19 July 2013.Group balance sheet (unaudited)at 30 April 201330 April2013 00030 April2012 000Audited31 October 2012000Non-current assetsProperty, plant and equipment 15,394 14,944 14,833Financial assets 28 32 28Deferred tax asset 268 190 41715,690 15,166 15,278Current assetsTrade and other rece
15、ivables 1,242 1,450 1,362Inventories 10 10 10Cash and short-term deposits 74 114 781,326 1,574 1,450Assets held for sale 525 - 525Total assets 17,541 16,740 17,253Current liabilitiesTrade and other payables (600) (676) (970)Financial liabilities (1,912) (1,619) (1,454)Income tax payable (5) (5) (102
16、)(2,517) (2,300) (2,526)Non-current liabilitiesOther payables (258) (297) (292)Financial liabilities (5,011) (4,261) (4,261)Deferred tax liabilities (215) (251) (220)Defined benefit pension plan (1,097) (793) (1,662)(6,581) (5,602) (6,435)Total liabilities (9,098) (7,902) (8,961)Net assets 8,443 8,8
17、38 8,292Capital and reservesEquity share capital 264 264 264Capital redemption reserve 673 673 673Treasury shares (891) (804) (875)Fair value adjustments reserve 8 11 8Cash flow hedging reserve (52) - (57)Currency translation 6 6 6Retained earnings 8,435 8,688 8,273Total equity 8,443 8,838 8,292Grou
18、p statement of cash flows (unaudited)for the six months ended 30 April 20136 monthsto30 April20136 months to30 April2012Audited12monthsto31 October2012 000 000 000Profit for the periodTax expenseNet finance costs280118143221132132631296197Profit on disposal of non-current assets and assets held for
19、sale - - (101)Depreciation and impairment of property, plant and equipment 127 181 537Decrease/(Increase) in trade and other receivables 147 (188) (100)(Decrease)/Increase in trade and other payables (357) (94) 125Net pension charge (507) (507) (507)Cash generated from operations (49) (123) 1,078Inc
20、ome taxes paid (99) (142) (246) Interest paid (114) (109) (168)Net cash (outflow)/inflow from operating activities (262) (374) 664Investing activitiesInterest received 11 14 26Proceeds from sale of property, plant and equipment and assets held for sale- - 534Payments to acquire property, plant and e
21、quipment (762) (255) (1,386) Net cash outflow from investing activities (751) (241) (826) Financing activitiesPreference dividend paid (1) (1) (1)Equity dividends paid (176) (176) (354)Consideration received by EBT on sale of shares 41 54 54Consideration paid by EBT on purchase of shares (71) (41) (
22、112)Movement in long term borrowing 750 250 250Net cash inflow/(outflow) from financing activities 543 86 (163)Decrease in cash and cash equivalents (470) (529) (325)Cash and cash equivalents at the beginning of the period (1,301) (976) (976) Cash and cash equivalents at the period end. (1,771) (1,5
23、05) (1,301) Group reconciliation of movements in equity (unaudited)6 months to Equity Capital Fair Cashflow30 April 2013 share redemption Treasury value Currency hedge Retained Totalcapital reserve shares adjustment translation reserve earnings equity 000 000 000 000 000 000 000 000At 1November 2012
24、 264 673 (875) 8 6 (57) 8,273 8,292Total comprehensive incomefor the period - - - - - 5 352 357Considerationpaidby EBT on purchase of shares - - (71) - - - - (71)Consideration receivedby EBT on sale ofshares - - 41 - - - - 41Gain by EBT on saleof shares - - 14 - - - (14) -Equity dividend paid - - -
25、- - - (176) (176)At 30 April 2013 264 673 (891) 8 6 (52) 8,435 8,4436 months to Equity Capital Fair Cashflow30 April 2012 share redemption Treasury value Currency hedge Retained Totalcapital reserve shares adjustment translation reserve earnings equity 000 000 000 000 000 000 000 000At 1 November 20
26、11264 673 (840) 34 6 - 8,679 8,816Total comprehensive incomefor the period - - - (23) - - 209 186Consideration paid by EBT on purchase of shares - - (41) - - - - (41)Considerationreceived by EBT on sale of shares - - 54 - - - - 54Gain by EBT on sale of shares- - 23 - - - (23) -Equity dividend paid -
27、 - - - - - (177) (177)At 30 April 2012 264 673 (804) 11 6 - 8,688 8,83812 months to Equity Capital Fair Cashflow31 October 2012 share redemption Treasury value Currency hedge Retained TotalAudited capital reserve shares adjustment translation reserve earnings equity 000 000 000 000 000 000 000 000At
28、 1 November 2011264 673 (840) 34 6 - 8,679 8,816Total comprehensive incomefor the period - - - (26) - (57) (29) (112)Consideration paid by EBT on purchase of shares - - (112) - - - - (112)Considerationreceived by EBT on sale of shares - - 54 - - - - 54Gain by EBT on sale of shares- - 23 - - - (23) -
29、Equity dividend paid - - - - - - (354) (354)At 31 October 2012 264 673 (875) 8 6 (57) 8,273 8,292Equity share capitalThe balance classified as share capital includes the total net proceeds (both nominal value and share premium) on issue of the Companys equity share capital, comprising 5p Ordinary an
30、d A Limited Voting Ordinary Shares.Treasury sharesTreasury shares represent the cost of The Heavitree Brewery PLC shares purchased in the market and held by The Heavitree Brewery PLC Employee Benefit Trust (EBT).Notes to the interim results1. Basis of preparationThese unaudited interim condensed and
31、 consolidated financial statements do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared on the basis of the accounting policies that were complied with in the annual financial statements for the year ended 31 October 2012. The acco
32、unting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.These unaudited financial statements were approved and authorised for issue by a duly appointed an
33、d authorised committee of the Board of Directors on 28 June 2013.2. Basic and diluted earnings per shareThe calculation of basic earnings per ordinary share is based on earnings of 280,000 (2012: 221,000), being profit after taxation for the period, and on 5,029,763 (2012: 5,059,961) shares being th
34、e weighted average number of Ordinary and A Limited Voting Ordinary Shares in issue during the period after excluding the shares owned by The Heavitree Brewery PLC Employee Benefits Trust and those shares under option pursuant to the Employee Share Option Scheme. Employee share options could potenti
35、ally dilute basic earnings per share in the future but are not included in the interim calculation of dilutive earnings per share because they are antidilutive for the period presented. The Ordinary Shares and the A Limited Voting Ordinary Shares have equal dividend rights and therefore no separate
36、calculation of earnings per share for the different classes has been given.3. Segment informationPrimary reporting format Business segmentsThe primary segmental reporting format is determined to be business segments as the Groups risks and rates of return are affected predominantly by differences in
37、 the products and services provided.During the year the Group operated in one business segment-leased estate.Leased estate represents properties which are leased to tenants to operate independently from the Group. 4. Interim reportCopies of this announcement are available from the Company at Trood Lane, Matford, Exeter EX2 8YP. The Companys interim report for the six months ended 30 April 2013 has been posted to shareholders today and will be available on our website at www.heavitreebrewery.co.uk.Ends.
