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Half Yearly Report

27 Aug 2009 11:00

RNS Number : 1039Y

Camellia PLC

27 August 2009

Camellia Plc

Half-yearly report 2009

Highlights from the results
	Six months ended		Six months ended
	30 June 2009		30 June 2008

	£'000		£'000

Revenue	96,948		77,611

Trading profit	4,774		2,837

Profit before tax	4,995		7,991

Profit for the period	3,114		6,073

Earnings per share	63.4	p	203.9	p

Interim dividend	20	p	20	p

Chairman's statement

The pre-tax profit from continuing operations of £4,995,000 for the six months to 30 June 2009 compares with a profit of £7,991,000 for the same period last year.

The board has declared an interim dividend of 20p per ordinary share payable on 5 November 2009 to shareholders on the register on 16 October 2009.

Tea

India

The monsoon in India was late in arriving resulting in a loss of crop of approximately 20% over the same period last year. Tea prices have however been higher than last year which will mitigate the effect of the loss of production to some extent. The factory renovation programme is continuing with a number of projects being commissioned during the first half of the year.

Bangladesh

Bangladesh did not suffer to the same extent as India from the late arrival of the rains and production reduced by about 8%. Sale prices have increased over the previous year which, if maintained, will have a positive effect on the year's results.

Africa

Tea prices in both Kenya and Malawi have been strong in the first half of the year and production has been at expected levels.

The lack of progress towards a new constitution in Kenya together with corruption and poor security continue to be a major cause of concern, as is the current drought being experienced in many areas of Kenya which is putting severe pressure on such essential resources as water, power and food production.

Elections in Malawi proceeded peacefully. The stubbornly high value of the Kwacha continues to put pressure on margins in local currency.

Edible nuts

Macadamia production in Malawi is very disappointing due to the lack of rain at the time of flowering last year. Production in South Africa is anticipated to meet budget. Sale prices are low in comparison to recent years but demand at the lower prices is better than expected for what is essentially a luxury product and therefore more susceptible to the recession.

Production of pistachios in California will be low as 2009 is an 'off' year in the biennial bearing pattern of these nuts.

Other horticulture

The citrus crop and sale prices at Horizon Farms in California are expected to be on a par with the previous year.

Avocado production from Kakuzi's own plantings will be slightly reduced but this has been more than made up by significant volumes of outgrower fruit being packed in our facilities. Fruit came to the market at the same time as large volumes from Peru and South Africa and therefore sale prices have been lower than anticipated.

Rubber production in Bangladesh is equivalent to the previous year. Sale prices have reduced but are showing some signs of improvement and this operation remains profitable.

Maize production was reduced at CC Lawrie in Brazil. Soya production was on budget. However, input costs have increased and our operations will also suffer from the relative strength of the Brazilian currency against the US dollar.

Following a review of the prospects of Hacienda Chada in Chile, the board decided to consider a disposal of this asset and negotiations are presently being conducted with interested parties.

Food storage and distribution

The progress made last year at Associated Cold Stores and Transport has continued into this year and results to date are satisfactory. The market remains very competitive and customers continue to seek savings in their own costs wherever possible.

Engineering

Our engineering group experienced mixed fortunes with large fluctuations in orders received from month to month. Profits to 30 June are ahead of last year due to AKD in Lowestoft being awarded a number of offshore contracts where higher margins are achievable. General Utilities has however experienced a complete reversal of the very good results enjoyed last year.

Banking

Duncan Lawrie's conservative policy of not lending more than its share capital and reserves and placing customer deposits with highly rated counterparties has resulted in very low margins in its banking operations which are unlikely to improve in the current economic climate. Duncan Lawrie's results will also be impacted by calls being made by banking compensation schemes, to which I referred in my chairman's statement that accompanied the 2008 accounts.

Pharmaceutical

Sales by Siegfried Holdings AG for the first six months declined by 24% with a significant reduction in the generics division. Overall Siegfried recorded a net loss of CHF 6 million of which our share is £1.15 million. This compares with our share of net profit of £3.40 million in the first half of 2008 which included profit on disposal of the pharmaceutical production facility in Zofingen and licensing income from a previous bio-generics project. The board of Siegfried expect improved sales for the second half of the year but cannot yet forecast the result for the full year.

Prospects

Despite the poor figures from Siegfried and lack of rain in India, the group has performed well in the first six months. The economic environment remains challenging and it is my opinion that talk of an early end to the recession is premature. Whilst it is impossible to give any indication of the likely outcome for the full year, our conservative operating policies continue to stand us in good stead for the future.

M C Perkins

Chairman

27 August 2009

Interim management report

The chairman's statement forms part of this report and includes important events that have occurred during the six months ended 30 June 2009 and their impact on the financial statements set out herein.

Principal risks and uncertainties

The directors' report in the statutory financial statements for the year ended 31 December 2008 (the accounts are available on the company's website: www.camellia.plc.uk) highlighted risks and uncertainties that could have an impact on the group's businesses. As these businesses are widely spread both in terms of activity and location, it is unlikely that any one single factor could have a material impact on the group's performance. These risks and uncertainties continue to be relevant for the remainder of the year. In addition, the chairman's statement included in this report refers to specific risks and uncertainties that the group is presently facing.

Statement of directors' responsibilities

The directors confirm that these condensed financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the European Union, and that the interim management report herein includes a fair review of the information required by sections 4.2.7 and 4.2.8 of the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

The directors of Camellia Plc are listed in the Camellia Plc statutory financial statements for the year ended 31 December 2008. There have been no subsequent changes of directors and a list of current directors is maintained on the group's website at www.camellia.plc.uk.

By order of the board

M C PerkinsChairman 27 August 2009

Consolidated income statement
for the six months ended 30 June 2009

		Six months		Six months		Year
		ended		ended		ended
		30 June		30 June		31 December
		2009		2008		2008
	Notes	£'000		£'000		£'000


Revenue	4	96,948		77,611		190,551
Cost of sales		(68,076)		(53,683)		(123,203)

Gross profit		28,872		23,928		67,348
Other operating income		869		1,029		2,206
Distribution costs		(3,642)		(3,370)		(8,765)
Administrative expenses		(21,325)		(18,750)		(37,588)

Trading profit	4	4,774		2,837		23,201
Share of associates' results	5	465		5,185		(8,612)
Profit on disposal of available-for-sale investments		28		23		390
Profit on part disposal of a subsidiary	6	135		104		104
Profit on disposal of an associate		-		-		50
Profit on disposal of property		-		-		280
Gain arising from changes in
fair value of biological assets		95		178		8,916

Profit from operations		5,497		8,327		24,329
Investment income		412		476		1,070
Finance income		435		278		643
Finance costs		(650)		(1,218)		(2,500)
Pension schemes' net financing (cost)/income		(699)		128		498
Net finance costs	7	(914)		(812)		(1,359)

Profit before tax		4,995		7,991		24,040
Taxation	8	(1,881)		(1,918)		(7,547)

Profit for the period		3,114		6,073		16,493

Profit attributable to:
Minority interests		1,353		406		5,449
Owners of the parent		1,761		5,667		11,044
		3,114		6,073		16,493

Earnings per share - basic and diluted	10	63.4	p	203.9	p	397.3	p


Statement of comprehensive income
for the six months ended 30 June 2009

		Six months		Six months		Year
		ended		ended		ended
		30 June		30 June		31 December
		2009		2008		2008
		£'000		£'000		£'000


Profit for the period		3,114		6,073		16,493

Other comprehensive income:
Foreign exchange translation differences		(32,479)		3,612		67,513
Actuarial movement on defined benefit pension schemes (note 15)		(13,890)		(9,595)		(21,926)
Available-for-sale investments:
Valuation (losses)/gains taken to equity		(1,562)		416		(7,025)
Transferred to profit or loss on sale		-		(2)		-
Share of other comprehensive income of associates		262		303		(5,384)
Tax relating to components of other comprehensive income		(104)		2,686		1,784

Other comprehensive income
for the period, net of tax		(47,773)		(2,580)		34,962

Total comprehensive income
for the period		(44,659)		3,493		51,455


Total comprehensive income
attributable to:
Minority interests		(1,755)		91		10,437
Owners of the parent		(42,904)		3,402		41,018
		(44,659)		3,493		51,455


Consolidated balance sheet
at 30 June 2009

		30 June		30 June		31 December
		2009		2008		2008
	Notes	£'000		£'000		£'000

Non-current assets
Intangible assets		8,761		8,376		9,059
Property, plant and equipment	11	77,122		75,885		85,787
Biological assets		100,625		79,797		114,220
Prepaid operating leases		1,045		1,013		1,171
Investments in associates		93,731		99,677		109,883
Deferred tax assets		161		853		183
Other investments		28,937		36,516		33,668
Retirement benefit surplus		2,741		3,618		3,101
Trade and other receivables		805		616		979
Total non-current assets		313,928		306,351		358,051

Current assets
Inventories		28,004		22,340		30,771
Trade and other receivables		73,592		71,313		75,960
Current income tax assets		2,633		1,623		1,481
Cash and cash equivalents	12	236,996		283,671		281,634
		341,225		378,947		389,846
Non-current assets classified as held for sale	13	5,768		-		-
Total current assets		346,993		378,947		389,846

Current liabilities
Borrowings	14	(18,432)		(16,875)		(18,629)
Trade and other payables		(274,436)		(324,162)		(316,514)
Current income tax liabilities		(3,696)		(2,176)		(4,605)
Other employee benefit obligations		(226)		(183)		(247)
Provisions		(297)		(75)		(123)
Total current liabilities		(297,087)		(343,471)		(340,118)
Net current assets		49,906		35,476		49,728
Total assets less current liabilities		363,834		341,827		407,779

Non-current liabilities
Borrowings	14	(7,475)		(11,348)		(11,354)
Deferred tax liabilities		(28,090)		(23,424)		(32,678)
Retirement benefit obligations	15	(39,825)		(17,367)		(27,063)
Other employee benefit obligations		(1,927)		(1,385)		(2,052)
Other non-current liabilities		(120)		(207)		(131)
Total non-current liabilities		(77,437)		(53,731)		(73,278)

Net assets		286,397		288,096		334,501

Equity
Called up share capital		284		284		284
Reserves		258,699		267,483		303,816
Shareholders' funds		258,983		267,767		304,100

Minority interests		27,414		20,329		30,401

Total equity		286,397		288,096		334,501


Consolidated cash flow statement
for the six months ended 30 June 2009

		Six months		Six months		Year
		ended		ended		ended
		30 June		30 June		31 December
		2009		2008		2008
	Notes	£'000		£'000		£'000

Cash generated from operations
Cash flows from operating activities	16	2,603		(1,497)		23,651
Interest paid		(870)		(1,254)		(2,503)
Income taxes paid		(4,123)		(1,805)		(4,720)
Interest received		513		164		579
Dividends received from associates		1,490		2,397		2,884
Net cash flow from operating activities		(387)		(1,995)		19,891

Cash flows from investing activities
Purchase of intangible assets		(115)		(336)		(602)
Purchase of property, plant and equipment		(4,055)		(3,876)		(8,091)
Proceeds from sale of non-current assets		139		143		852
Part disposal of a subsidiary		579		297		302
Acquisition of subsidiary (net of cash acquired)		-		-		(4,120)
Purchase of minority interests		-		(173)		(177)
Proceeds from sale of associate		-		-		83
Proceeds from sale of investments		51		6,735		7,188
Purchase of investments		(18)		(1,848)		(1,749)
Income from investments		412		476		1,070
Net cash flow from investing activities		(3,007)		1,418		(5,244)

Cash flows from financing activities
Equity dividends paid		-		-		(2,557)
Dividends paid to minority interests		(1,676)		(553)		(896)
New loans		850		69		738
Repayment of debt		(2,890)		(2,030)		(4,356)
Net cash flow from financing activities		(3,716)		(2,514)		(7,071)
Net (decrease)/increase in cash and cash equivalents	17	(7,110)		(3,091)		7,576

Cash and cash equivalents at beginning of period		9,919		758		758
Exchange (losses)/gains on cash		(434)		412		1,585
Cash and cash equivalents at end of period		2,375		(1,921)		9,919


For the purposes of the cash flow statement, cash and cash equivalents are included net of overdrafts repayable on demand. These overdrafts are excluded from the definition of cash and cash equivalents disclosed on the balance sheet.



For the purposes of the cash flow statement cash and cash equivalents comprise:

Cash and cash equivalents		236,996		283,671		281,634
Less banking operation funds		(220,740)		(271,691)		(256,859)
Overdrafts repayable on demand
(included in current liabilities - borrowings)		(13,881)		(13,901)		(14,856)
		2,375		(1,921)		9,919

Statement of changes in equity
for the six months ended 30 June 2009

	Share	Share	Treasury	Retained	Other		Minority	Total
	capital	premium	shares	earnings	reserves	Total	interest	equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000

At 1 January 2008	284	15,298	(400)	212,286	38,803	266,271	20,870	287,141

Total comprehensive income for the period	-	-	-	(939)	4,341	3,402	91	3,493
Dividends	-	-	-	(2,001)	-	(2,001)	(553)	(2,554)
Minority interest subscription	-	-	-	-	-	-	192	192
Payment to minority interest	-	-	-	-	-	-	(173)	(173)
Change in composition of group	-	-	-	98	-	98	(98)	-
Share of associate's change in treasury shares	-	-	-	(62)	-	(62)	-	(62)
Share of associates' other equity movements	-	-	-	150	-	150	-	150
Loss on dilution of interest in associate	-	-	-	(91)	-	(91)	-	(91)
At 30 June 2008	284	15,298	(400)	209,441	43,144	267,767	20,329	288,096

At 1 January 2008	284	15,298	(400)	212,286	38,803	266,271	20,870	287,141
Total comprehensive income for the period	-	-	-	(14,265)	55,283	41,018	10,437	51,455
Dividends	-	-	-	(2,557)	-	(2,557)	(896)	(3,453)
Reclassification of investment to an associate	-	-	-	-	(653)	(653)	-	(653)
Minority interest subscription	-	-	-	-	-	-	260	260
Change in composition of group	-	-	-	126	-	126	(270)	(144)
Share of associate's change in treasury shares	-	-	-	(49)	-	(49)	-	(49)
Share of associates' other equity movements	-	-	-	268	-	268	-	268
Loss on dilution of interest in associate	-	-	-	(324)	-	(324)	-	(324)
At 31 December 2008	284	15,298	(400)	195,485	93,433	304,100	30,401	334,501

Total comprehensive income for the period	-	-	-	(11,971)	(30,933)	(42,904)	(1,755)	(44,659)
Dividends	-	-	-	(2,001)	-	(2,001)	(1,676)	(3,677)
Minority interest subscription	-	-	-	-	-	-	444	444
Share of associate's change in treasury shares	-	-	-	(258)	-	(258)	-	(258)
Share of associate's other equity movements	-	-	-	75	-	75	-	75
Loss on dilution of interest in associate	-	-	-	(29)	-	(29)	-	(29)
At 30 June 2009	284	15,298	(400)	181,301	62,500	258,983	27,414	286,397

Notes to the accounts

1 Basis of preparation

These financial statements are the interim condensed consolidated financial statements of Camellia Plc, a company registered in England, and its subsidiaries (the "group") for the six month period ended 30 June 2009 (the "Interim Report"). They should be read in conjunction with the Report and Accounts (the "Annual Report") for the year ended 31 December 2008.




The financial information contained in this interim report has not been audited and does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. A copy of the statutory accounts for the year ended 31 December 2008 has been delivered to the Registrar of Companies. The auditors' opinion on these accounts was unqualified and does not contain an emphasis of matter paragraph or a statement made under Section 237(2) and Section 237(3) of the Companies Act 1985.





The interim condensed financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") including IAS 34 "Interim Financial Reporting". For these purposes, IFRS comprise the Standards issued by the International Accounting Standards Board ("IASB") and Interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") that have been adopted by the European Union.





Where necessary, the comparatives have been reclassified from the previously reported interim results to take into account any presentational changes made in the Annual Report.


These interim condensed financial statements were approved by the board of directors on 27 August 2009.


2 Accounting policies

These interim condensed financial statements have been prepared on the basis of accounting policies consistent with those applied in the financial statements for the year ended 31 December 2008. In addition the group has implemented the following new and revised standards and interpretations:



IFRS 8 Operating segments
IAS 1 Presentation of financial statements
IAS 19 Employee benefits
IAS 23 Borrowing costs
IAS 41 Agriculture
IFRIC 15 Agreements on the construction of real estate
IFRIC 16 Hedges of a net investment in a foreign operation

The adoption of IFRS 8 requires operating segments to be identified on the basis of internal reports used to assess performance and allocate resources by the chief operating decision maker. The chief operating decision maker has been identified as the Executive Committee led by the Chairman and Chief Executive. The adoption of this standard has not resulted in any change to the segments reported previously with 'trading profit' maintained as the reportable measure of profit or loss. Inter segment sales are not significant.





The impacts of the changes to IAS 1 are of a presentation and disclosure nature only, with the main presentational changes arising from this standard being the replacement of the 'statement of recognised income and expense' with a 'statement of comprehensive income' which discloses information on a gross rather than a net basis and the presentation of a complete statement of changes in equity as a primary statement rather than as a note to the financial statements.





The adoption of IAS19, IAS 23, IAS 41, IFRIC 15 and IFRIC 16 has had no material impact on the group's results, assets and liabilities.


3 Cyclical and seasonal factors

Due to climatic conditions the group's tea operations in India and Bangladesh produce most of their crop during the second half of the year. Tea production in Kenya remains at consistent levels throughout the year but in Malawi the majority of tea is produced in the first six months.


Soya and maize in Brazil are generally harvested in the first half of the year. In California the pistachio crop occurs in the second half of the year and has 'on' and 'off' years. Avocados in Kenya are mostly harvested in the second half of the year.


There are no other cyclical or seasonal factors which have a material impact on the trading results.

4 Segment reporting

	Six months		Six months		Year
	ended		ended		ended
	30 June		30 June		31 December
	2009		2008		2008

	Revenue	Trading profit	Revenue	Trading profit	Revenue	Trading profit
	£'000	£'000	£'000	£'000	£'000	£'000

Agriculture and horticulture	60,167	5,392	42,069	2,989	116,297	23,349
Engineering	12,231	938	10,132	671	23,019	1,814
Food storage and distribution	18,634	707	17,932	324	36,922	1,156
Banking and financial services	5,664	(340)	7,322	798	13,930	666
Other operations	252	143	156	56	383	75
	96,948	6,840	77,611	4,838	190,551	27,060

Unallocated corporate expenses		(2,066)		(2,001)		(3,859)
Trading profit		4,774		2,837		23,201

Share of associates' results		465		5,185		(8,612)
Profit on disposal of available- for-sale investments		28		23		390
Profit on part disposal of a subsidiary		135		104		104
Profit on disposal of an associate		-		-		50
Profit on disposal of property		-		-		280
Gain arising from changes in fair value of biological assets		95		178		8,916
Investment income		412		476		1,070
Net finance costs		(914)		(812)		(1,359)
Profit before tax		4,995		7,991		24,040
Taxation		(1,881)		(1,918)		(7,547)
Profit after tax		3,114		6,073		16,493

5 Share of associates' results

The group's share of the results of associates is analysed below:

	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	£'000	£'000	£'000

Operating profit	1,335	6,579	6,448
Net finance costs	(465)	(463)	(825)
Impairment	-	-	(15,691)
Profit/(loss) before tax	870	6,116	(10,068)
Taxation	(405)	(931)	1,456
Profit/(loss) after tax	465	5,185	(8,612)

The impairment of £15,691,000 relates to goodwill and non-financial assets of the Siegfried Group.


6 Profit on part disposal of a subsidiary

A profit of £135,000 (2008: six months £104,000 - year £104,000) was realised in relation to the disposal by Kakuzi Limited of 17% (2008: six months 10% - year 10%) of its interest in Siret Tea Company Limited to EPK Outgrowers Empowerment Project Company Limited, a company mainly owned by smallholders in Kenya.




7 Finance income and costs

	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	£'000	£'000	£'000

Interest payable on loans and bank overdrafts	(942)	(986)	(2,057)
Interest payable on obligations under finance leases	(75)	(92)	(181)
Total borrowing costs	(1,017)	(1,078)	(2,238)
Net exchange gain/(loss) on foreign currency borrowings	367	(140)	(262)
Finance costs	(650)	(1,218)	(2,500)
Finance income - interest income on short-term bank deposits	435	278	643
Pension schemes' net financing (cost)/income	(699)	128	498
Net finance costs	(914)	(812)	(1,359)

The above figures do not include any amounts relating to the banking subsidiaries.


8 Taxation on profit on ordinary activities

	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	£'000	£'000	£'000
Current tax
UK corporation tax	205	-	(46)
Overseas corporation tax	2,228	2,062	6,782
Total current tax	2,433	2,062	6,736

Deferred tax
Origination and reversal of timing differences
UK	13	529	(2,310)
Overseas	(565)	(673)	3,121
Total deferred tax	(552)	(144)	811
Tax on profit on ordinary activities	1,881	1,918	7,547

Tax on profit on ordinary activities for the six months to 30 June 2009 has been calculated on the basis of the estimated annual effective rate for the year ending 31 December 2009.



9 Equity dividends
	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	£'000	£'000	£'000

Amounts recognised as distributions to equity holders in the period:

Final dividend for the year ended 31 December 2008
of 72.00p (2007: 72.00p) per share	2,001	2,001	2,001
Interim dividend for the year ended 31 December 2008
of 20.00p per share			556
			2,557

Dividends amounting to £45,000 (2008: six months £45,000 - year £58,000) have not been included as group companies hold 62,500 issued shares in the company. These are classified as treasury shares.


Proposed interim dividend for the year ended 31
December 2009 of 20.00p (2008: 20.00p) per share	556	556

The proposed interim dividend was approved by the board of directors on 27 August 2009 and has not been included as a liability in these financial statements.

10 Earnings per share (EPS)

	Six months ended		Six months ended		Year ended
	30 June 2009		30 June 2008		31 December 2008
	Earnings	EPS	Earnings	EPS	Earnings	EPS
	£'000	Pence	£'000	Pence	£'000	Pence
Basic and diluted EPS
Attributable to ordinary shareholders	1,761	63.4	5,667	203.9	11,044	397.3


Basic and diluted earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares in issue of 2,779,500 (2008: six months 2,779,500 - year 2,779,500), which excludes 62,500 (2008: six months 62,500 - year 62,500) shares held by the group as treasury shares.

11 Property, plant and equipment

During the six months ended 30 June 2009 the group acquired assets with a cost of £4,089,000 (2008: six months £4,277,000 - year £8,545,000). Assets with a carrying amount of £73,000 were disposed of during the six months ended 30 June 2009 (2008: six months £96,000 - year £333,000) and assets with a carrying value of £4,293,000 (2008: six months £nil - year £nil) were reclassified as held for sale.




12 Cash and cash equivalents

Included in cash and cash equivalents of £236,996,000 (2008: six months £283,671,000 - year £281,634,000) are cash and short-term funds, time deposits with banks and building societies and certificates of deposit amounting to £220,740,000 (2008: six months £271,691,000 - year £256,859,000), which are held by banking subsidiaries and which are an integral part of the banking operations of the group.




13 Non-current assets classified as held for sale

Non-current assets held for sale represents assets of Hacienda Chada S.A., the Chilean wine and table grape operation.


14 Borrowings

Borrowings (current and non-current) include loans and finance leases of £12,026,000 (2008: six months £14,322,000 - year £15,127,000) and bank overdrafts of £13,881,000 (2008: six months £13,901,000 - year £14,856,000). The following loans and finance leases were issued and repaid during the six months ended 30 June 2009:




	£'000

Balance at 1 January 2009	15,127
Exchange differences	(1,095)
New issues
Loans	850
Finance lease liabilities	34
Repayments
Loans	(2,412)
Finance lease liabilities	(478)
Balance at 30 June 2009	12,026


15 Retirement benefit schemes

UK defined benefit pension schemes for the purposes of IAS 19 have been updated to 30 June 2009 from the valuations as at 31 December 2008 by the actuaries to each relevant pension scheme and the movements have been reflected in this interim statement. Overseas schemes have not been updated from 31 December 2008 valuations as it is considered that there have been no significant changes.




An actuarial loss of £13,890,000 was realised in the period, of which £3,589,000 was realised in relation to the scheme assets and £10,301,000 was realised in relation to changes in the underlying actuarial assumptions. The assumed discount rate has decreased to 6.00% (31 December 2008: 6.25%), the assumed rate of inflation has increased to 4.20% (31 December 2008: 3.40%) and the assumed rate of increases for salaries to 3.50 - 3.65% (31 December 2008: 2.85 - 3.00%), giving rise to an increase in defined benefit obligations. There has been no change in the mortality assumptions used.






16 Reconciliation of profit from operations to cash flow

	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	£'000	£'000	£'000

Profit from operations	5,497	8,327	24,329
Share of associates' results	(465)	(5,185)	8,612
Depreciation and amortisation	4,545	3,922	8,294
Impairment of non-current assets	359	-	350
Gain arising from changes in fair value of
biological assets	(95)	(178)	(8,916)
Profit on disposal of non-current assets	(65)	(47)	(519)
Profit on disposal of an associate	-	-	(50)
Profit on part disposal of a subsidiary	(135)	(104)	(104)
Profit on disposal of investments	(28)	(23)	(390)
(Increase)/decrease in working capital	(2,163)	907	(2,335)
Net increase in funds of banking subsidiaries	(4,847)	(9,116)	(5,620)
	2,603	(1,497)	23,651


17 Reconciliation of net cash flow to movement in net debt

	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	£'000	£'000	£'000

(Decrease)/increase in cash and cash
equivalents in the period	(7,110)	(3,091)	7,392
Cash outflow from decrease in debt	2,040	1,961	3,618
(Increase)/decrease in net debt resulting from cash flows	(5,070)	(1,130)	11,010

New finance leases	(34)	(401)	(453)
Exchange rate movements	661	93	(960)
(Increase)/decrease in net debt in the period	(4,443)	(1,438)	9,597
Net debt at beginning of period	(5,208)	(14,805)	(14,805)
Net debt at end of period	(9,651)	(16,243)	(5,208)


18 Related party transactions

There have been no related party transactions that have a material effect on the financial position or performance of the group in the first six months of the financial year.

Further enquiries please contact Camellia Plc Malcolm Perkins 01622 746655 27 August 2009

This information is provided by RNS

The company news service from the London Stock Exchange

END

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