Camellia Regulatory News (CAM)

28 Sep 2006 12:30

Camellia PLC28 September 2006 Camellia Plc Interim report 2006 Chairman's statement The pre-tax profit from continuing operations of £4,277,000 for the six monthsto the 30 June 2006 compares with a profit of £2,455,000 for the same periodlast year. The above mentioned profit for the six months includes a biological asset fairvalue gain of £2,471,000 as against a £72,000 loss in the same period last year. The board has declared an interim dividend of 20p per ordinary share payable on8 November 2006 to shareholders on the register on 13 October 2006. Tea India Tea production in India is on a par with the previous year. Average prices forour Dooars tea have been slightly ahead of those of the previous year whilstthose in Assam are approximately 10 per cent. ahead. Rainfall to date has beenunpredictable and the effect of this on the full year's production is difficultto anticipate. Bangladesh Bangladesh suffered a prolonged drought at the beginning of this year andproduction was behind by over one million kilos at the half year stage. Teaprices have been slightly ahead for the first six months but have recently showna considerable increase. It is unlikely that the deficit in production will bemade up in the second part of the year. Africa Kenya also suffered from an extensive drought at the beginning of the yearwhich, like Bangladesh, affected production significantly. At the half yearstage crops were two million kilos behind the same period in 2005. The shortageof tea in the Kenyan market has however led to a substantial price increase ofapproximately 40 per cent. and, if this is maintained in the second half of theyear, should go some way towards mitigating the effects of the drought. TheKenyan shilling does, however, remain strong against the US dollar, whichreduces the benefit to us of the higher tea prices. Malawi escaped the drought and at the half year stage was one million kilosahead of the previous year, which was however affected by the drought in 2005.Prices in Malawi are also ahead of last year by some 20 per cent. and theprospects for the year appear encouraging. Progress has been made in the disposal of tea assets located in South Africa andit is hoped that this exercise will be finalised by the end of the year. Edible nuts The drought at the time of flowering in the macadamia orchards in Malawi andSouth Africa has, as expected, led to a decline in production. Prices are alsosome 30 per cent. below those prevailing last year. The harvest of the pistachioorchards in California will commence shortly. California has recentlyexperienced long periods of very hot weather and the effect this may have onultimate production levels is uncertain. Other horticulture Citrus production in California continues to expand as the orchards mature. Thecitrus operations in South Africa and Chile have produced poor results, due tolow crops and indifferent prices. The table grape operations in both these countries has also been disappointingwith very low production in South Africa and reduced prices in Chile. Wine grape production has increased in Chile with reasonable prices. Although,the harvest in South Africa for the wine grapes was reduced, sales of bottledwine have recently showed some improvement in a difficult market. Avocado production in Kenya continues to expand as the orchards mature. The newpacking shed opened on time to enable the 2006 harvest to be exported by usdirectly to Europe and the initial results look to be encouraging. Production of soya and maize in Brazil was up to expectation and in excess ofthe previous year although prices remain somewhat depressed, particularly forsoya. The drought in Bangladesh has affected the production of rubber for the firstsix months but prices are well ahead of the previous year. Food storage and distribution There has been a modest reduction in the losses incurred at Associated ColdStores & Transport. The company continues to operate in a very competitiveenvironment and significant over capacity in the storage market generallyremains a problem. The fortunes of our food distribution business in TheNetherlands have also shown a small improvement. Engineering Continuing buoyant oil prices have resulted in our engineering activitiesperforming ahead of expectation. Abbey Metal also improved its results onaccount of increased activity in the aerospace and defence markets. Banking Our banking operations have performed well compared with the prior year andbudget. Duncan Lawrie has recently announced the purchase of the Hill Martingroup. This acquisition will add significantly to funds under management and will also provide a substantial boost to the financial planning side of the Duncan Lawrie group's business. Pharmaceutical The Siegfried group increased its sales by 13.9 per cent. over the same periodlast year. Operating profits increased by 1.7 per cent. but profits before taxwere slightly lower due to increased finance costs. The group expects tomaintain growth during the second half of the year. Other associated undertakings In Bangladesh the profitability of the United Leasing Company and the UnitedInsurance Company are on a par with the previous year. The Surmah Valley TeaCompany, a subsidiary of United Insurance, has however suffered from the impactof the drought. Prospects It is unlikely that the shortfall of tea production in Kenya and Bangladesh willbe recovered by the end of the year but prices, if they are maintained at thepresent level, should compensate for this shortfall. The full year's resultswill, of course, be without the contributions in the previous year from thedisposal of East African Coffee Plantations Limited in Australia and the effectof the restructuring of the group following the merger with Linton Park Plc inNovember 2005. It is, however, difficult to make any prediction as to theoutcome for the full year. M C PerkinsChairman 28 September 2006 Consolidated income statementfor the six months ended 30 June 2006 Six months Six months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 Notes £'000 £'000 £'000 Continuing operationsRevenue 2 72,305 70,422 152,743Cost of sales (55,743) (55,497) (107,968) -------- -------- ---------Gross profit 16,562 14,925 44,775Other operating income 1,247 1,373 2,373Distribution costs (2,799) (3,207) (7,969)Administrative expenses (16,507) (15,955) (35,978) -------- -------- ---------Trading (loss)/profit 2 (1,497) (2,864) 3,201Share of associates' results 3 1,869 2,343 5,842Profit on disposal of non-current assets 4 1,019 448 874Profit on disposal of 'available-for-sale' investments 151 1,970 2,488Profit on part disposal of a subsidiary 5 - 795 795Gain/(loss) arising from changes in fair value of biological assets 2,471 (72) 4,147Gain on group restructuring 6 - - 5,523 -------- -------- ---------Profit from operations 4,013 2,620 22,870Investment income 828 873 1,313Net finance costs 7 (564) (1,038) (1,908) -------- -------- ---------Profit before tax 4,277 2,455 22,275Taxation 8 (1,466) (345) (1,764) -------- -------- ---------Profit for the period from continuing operations 2,811 2,110 20,511Discontinued operationsProfit for the period from discontinued operations 9 - 3,058 3,058 -------- -------- ---------Profit for the period 2,811 5,168 23,569 ======== ======== ========= Profit attributable to minority interests 529 941 3,243Profit attributable to equity shareholders 2,282 4,227 20,326 -------- -------- -------- 2,811 5,168 23,569 ======== ======== ======== Earnings per share - basic and diluted 10 82.1p 166.9p 793.2pEarnings per share from continuing operations - basic and diluted 10 82.1p 64.7p 692.2p Consolidated balance sheetat 30 June 2006 30 June 30 June 31 December 2006 2005 2005 Notes £'000 £'000 £'000 Non-current assetsGoodwill 4,220 4,220 4,220Intangible assets 404 429 368Property, plant and equipment 11 78,358 81,740 82,069Biological assets 78,299 77,409 86,679Prepaid operating leases 967 968 1,062Investments in associates 63,830 60,142 65,672Deferred tax assets 2,084 2,243 1,330Financial assets 52,712 45,216 61,831Retirement benefit surplus 2,390 2,430 2,634Trade and other receivables 519 148 583 --------- --------- ---------Total non-current assets 283,783 274,945 306,448 --------- --------- --------- Current assetsInventories 18,625 20,290 18,204Trade and other receivables 53,284 56,271 50,699Current income tax assets 2,024 1,697 1,820Cash and cash equivalents 12 210,055 175,045 170,940 --------- --------- --------- 283,988 253,303 241,663Non-current assets classified as held for sale 675 - 1,036 --------- --------- ---------Total current assets 284,663 253,303 242,699 --------- --------- --------- Current liabilitiesBorrowings 13 (25,881) (23,186) (21,234)Trade and other payables (234,691) (199,218) (201,779)Current income tax liabilities (2,213) (3,859) (1,888)Other employee benefit obligations (179) (246) (190)Provisions (49) (134) (88) --------- --------- ---------Total current liabilities (263,013) (226,643) (225,179) --------- --------- --------- Net current assets 21,650 26,660 17,520 --------- --------- ---------Total assets less current liabilities 305,433 301,605 323,968 --------- --------- --------- Non-current liabilitiesBorrowings 13 (11,371) (11,730) (10,959)Deferred tax liabilities (26,169) (26,573) (27,061)Retirement benefit obligations (14,784) (28,564) (21,284)Other employee benefit obligations (1,331) (1,502) (1,399)Other non-current liabilities (417) (543) (353)Provisions (70) (38) (70) --------- --------- --------- Total non-current liabilities (54,142) (68,950) (61,126) --------- --------- ---------Net assets 251,291 232,655 262,842 ========= ========= =========EquityCalled up share capital 284 260 284Reserves 232,357 192,490 241,632 --------- --------- --------- Shareholders' funds 16 232,641 192,750 241,916 Minority interests 16 18,650 39,905 20,926 --------- --------- ---------Total equity 251,291 232,655 262,842 ========= ========= ========= Consolidated cash flow statementfor the six months ended 30 June 2006 Six months Six months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 Notes £'000 £'000 £'000 Cash generated from operationsCash flows from operating activities 14 (6,252) 2,155 20,753Interest paid (1,205) (1,279) (2,551)Income taxes paid (1,407) (770) (3,435)Interest received 366 542 635Dividends received from associates 1,826 1,530 1,564 -------- -------- ---------Net cash flow from continuing operating activities (6,672) 2,178 16,966Net cash flow from discontinued operating activities - (2,083) 1,730 -------- -------- ---------Net cash flow from operating activities (6,672) 95 18,696 -------- -------- --------- Cash flows from investing activitiesPurchase of intangible assets (108) (24) (105)Purchase of property, plant and Equipment (4,908) (2,022) (6,844)Proceeds from sale of non-current assets 1,351 1,490 2,418Disposal of subsidiaries/businesses (net of cash disposed) - 12,883 12,883Part disposal of a subsidiary - 1,673 1,673Acquisition of subsidiary (net of cash acquired) - (4,393) (4,393)Purchase of minority interests - - (3,027)Purchase of shares in associate (20) - (16)Proceeds from sale of investments 5,381 2,595 3,200Purchase of investments (246) (299) (7,141)Income from investments 827 873 1,313Net cash flow from discontinued operations - (1,095) (1,430) -------- -------- ---------Net cash flow from investing activities 2,277 11,681 (1,469) -------- -------- --------- Cash flows from financing activitiesEquity dividends paid - - (2,284)Dividends paid to minority interests (699) (1,617) (1,306)Net increase/(repayment) of debt 4,517 (8,270) (9,213)Minority shares subscribed 532 - - -------- -------- ---------Net cash flow from financing activities 4,350 (9,887) (12,803) -------- -------- ---------Net (decrease)/increase in cash and cash equivalents 15 (45) 1,889 4,424 Cash and cash equivalents at beginning of period (6,435) (10,637) (10,637)Exchange gains/(losses) on cash equivalents 530 (180) (222) -------- -------- ---------Cash and cash equivalents at end of period (5,950) (8,928) (6,435) ======== ======== ========= 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 210,055 175,045 170,940Less banking operation funds (197,343) (164,324) (159,757)Overdrafts repayable on demand (included in current liabilities - borrowings) (18,662) (19,649) (17,618) -------- -------- --------- (5,950) (8,928) (6,435) ======== ======== ========= Statement of recognised income and expensefor the six months ended 30 June 2006 Six months Six months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000 Foreign exchange translation differences (17,352) 3,910 12,725Actuarial movement on defined benefit pension schemes 5,852 (2,704) 4,310Movement on deferred tax relating to defined benefit pension schemes (1,383) (51) 1,204Available-for-sale investments: Valuation (loss)/gain taken to equity (1,045) 1,011 7,124 Transferred to profit or loss on sale 10 (1,191) (1,562)Other fair value adjustment - - 135Share of associates' net movement in defined benefit pension schemes (85) - -Share of associates' fair value adjustments (106) (32) (45)Share of associates' profit/(loss) on cash flow hedges 427 (632) (585) -------- -------- ---------Net (expense)/income recognised directly in equity (13,682) 311 23,306 Profit for the period 2,811 5,168 23,569 -------- -------- ---------Total recognised income and expense for the period (10,871) 5,479 46,875 ======== ======== ========= Attributable to:Minority interests (2,109) 630 5,767Equity shareholders (8,762) 4,849 41,108 -------- -------- --------- (10,871) 5,479 46,875 ======== ======== =========Notes to the accounts 1 Basis of preparation These financial statements are the interim consolidated financial statements ofCamellia Plc, a company registered in England, and its subsidiaries (the"group") for the six month period ended 30 June 2006 (the "Interim Report").They should be read in conjunction with the Report and Accounts (the "AnnualReport") for the year ended 31 December 2005. The financial information contained in this interim report has not been auditedand does not constitute statutory accounts within the meaning of Section 240 ofthe Companies Act 1985. A copy of the statutory accounts for the year ended 31December 2005 has been delivered to the Registrar of Companies. The auditors'opinion on these accounts was unqualified and does not contain a statement madeunder Section 237(2) and Section 237(3) of the Companies Act 1985. The interim financial statements have been prepared in accordance withInternational Financial Reporting Standards ("IFRS") including IAS 34 "InterimFinancial Reporting". For these purposes, IFRS comprise the Standards issued bythe International Accounting Standards Board ("IASB") and Interpretations issuedby the International Financial Reporting Interpretations Committee ("IFRIC")that have been endorsed by the European Union. The interim financial information has also been prepared on the basis ofaccounting policies consistent with those applied in the financial statementsfor the year ended 31 December 2005. Any Standards or Interpretations which apply or are expected to apply for thefirst time for the year ended 31 December 2006 are not considered to have anymaterial impact on the group. Where necessary, the comparatives have been reclassified from the previouslyreported interim results to take into account any presentational changes made inthe Annual Report. 2 Segment reporting Six months ended Six months ended Year ended 30 June 2006 30 June 2005 31 December 2005 Revenue Trading profit Revenue Trading profit Revenue Trading profit £'000 £'000 £'000 £'000 £'000 £'000 Agriculture and horticulture 37,863 (599) 36,746 (1,204) 83,861 6,506Engineering 10,082 711 9,705 458 19,441 223Food storage and distribution 18,676 (294) 19,016 (755) 38,734 (1,004)Banking and financial services 5,203 1,126 4,492 597 9,350 1,303Other operations 481 311 463 437 1,357 339 -------- --------- -------- --------- -------- --------- 72,305 1,255 70,422 (467) 152,743 7,367 ======== ======== ======== Unallocated corporate expenses (2,752) (2,397) (4,166) --------- --------- ---------Trading (loss)/profit (1,497) (2,864) 3,201 Share of associates' results 1,869 2,343 5,842Profit on disposal of non-current assets 1,019 448 874Profit on disposal of 'available-for-sale' investments 151 1,970 2,488Profit on part disposal of a subsidiary - 795 795Gain/(loss) arising from changes in fair value of biological assets 2,471 (72) 4,147Gain on group restructuring - - 5,523Investment income 828 873 1,313Net finance costs (564) (1,038) (1,908) --------- --------- ---------Profit before tax 4,277 2,455 22,275Taxation (1,466) (345) (1,764)Profit for the period from discontinued operations - 3,058 3,058 --------- --------- ---------Profit after tax and discontinued operations 2,811 5,168 23,569 ========= ========= ========= 3 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 2006 2005 2005 £'000 £'000 £'000 Operating profit 2,803 2,837 7,748Net finance costs (484) 113 (692) ---------- ---------- -----------Profit before tax 2,319 2,950 7,056Taxation (450) (607) (1,214) ---------- ---------- -----------Profit after tax 1,869 2,343 5,842 ========== ========== =========== 4 Profit on disposal of non-current assets Six months Six months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000 Profit on disposal of property, plant and equipment associated with the production of tea in South Africa 90 - 525Profit on disposal of other land and property 929 448 349 -------- -------- -------- 1,019 448 874 ======== ======== ======== 5 Profit on part disposal of a subsidiary In 2005 a profit of £795,000 was realised following completion of the sale of1,673,000 ordinary shares (8 per cent.) in the group's subsidiary, EasternProduce Kenya Limited. 6 Gain on group restructuring In 2005, Camellia Plc acquired the outstanding minority shareholding in LintonPark Plc. A gain of £6,529,000 was realised as the consideration paid was lowerthan the net assets acquired. This gain has been partially offset by expensesincurred in relation to the transaction of £1,006,000. 7 Net finance costs Six months Six months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000 Interest payable on loans and bank overdrafts (1,208) (1,219) (2,445)Interest payable on obligations under finance leases (72) (60) (121) -------- -------- --------Total borrowing costs (1,280) (1,279) (2,566) -------- -------- -------- Pension liability interest cost (2,850) (2,896) (6,613)Expected return on pension assets 3,300 2,676 6,351 -------- -------- --------Net pension liability interest 450 (220) (262) -------- -------- -------- Net exchange (loss)/gain on foreign currency borrowings (100) (81) 213 -------- -------- --------Finance costs (930) (1,580) (2,615)Bank interest received 366 542 707 -------- -------- --------Net finance costs (564) (1,038) (1,908) ======== ======== ======== The above figures do not include any amounts relating to the banking subsidiaries. 8 Taxation on profit on ordinary activities Six months ended Six months ended Year ended 30 June 2006 30 June 2005 31 December 2005 £'000 £'000 £'000 £'000 £'000 £'000Current taxUK corporation tax 7 146 68Overseas corporation tax 1,601 1,027 1,990 -------- -------- --------Total current tax 1,608 1,173 2,058 Deferred taxOrigination and reversal of timing differencesUK (296) 404 (1,855)Overseas 154 (1,232) 1,561 -------- -------- --------Total deferred tax (142) (828) (294) -------- -------- --------Tax on profit on ordinary activities 1,466 345 1,764 ======== ======== ======== 9 Discontinued operations In 2005, the group disposed of its 70.5 per cent. holding in East African CoffeePlantations Limited (EACP), as a result the revenue and results of the EACPgroup have been excluded from the income statement and are recorded in a singleline on a post-tax basis. 10 Earnings per share (EPS) Six months ended Six months ended Year ended 30 June 2006 30 June 2005 31 December 2005 Earnings EPS Earnings EPS Earnings EPS £'000 Pence £'000 Pence £'000 Pence Basic and diluted EPS Continuing and discontinued operationsAttributable to ordinary shareholders 2,282 82.1 4,227 166.9 20,326 793.2 ======== ======== ======== ======== ======== ======== Continuing operationsAttributable to ordinary shareholders 2,282 82.1 1,638 64.7 17,737 692.2 ======== ======== ======== ======== ======== ======== Discontinued operationsAttributable to ordinary shareholders - - 2,589 102.2 2,589 101.0 ======== ======== ======== ======== ======== ======== 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 2,779,864 (2005: six months 2,532,500 - year 2,562,401), excluding 62,500 (2005: six months 62,500 - year 62,500) shares held by thegroup as treasury shares. 11 Property, plant and equipment During the six months ended 30 June 2006 the group acquired assets with a costof £4,908,000 (2005: six months £4,595,000 - year £8,274,000). Assets with acarrying amount of £296,000 were disposed of during the six months ended 30 June2006 (2005: six months £1,001,000 - year £1,544,000). 12 Cash and cash equivalents Included in cash at banks and in hand of £210,055,000 (2005: six months£175,045,000 - year £170,940,000) are cash and short-term funds, time depositswith banks and building societies and certificates of deposit amounting to£197,343,000 (2005: six months £164,324,000 - year £159,757,000), which are heldby banking subsidiaries and which are an integral part of the banking operationsof the group. 13 Borrowings Borrowings (current and non-current) include loans and finance leases of£18,590,000 (year: £14,575,000) and bank overdrafts of £18,662,000 (year:£17,618,000). The following loans and finance leases were issued and repaidduring the six months ended 30 June 2006: £'000 Balance at 1 January 2006 14,575Exchange differences (502)New issuesLoans 6,279Finance lease liabilities 387RepaymentsLoans (1,746)Finance lease liabilities (403) --------Balance at 30 June 2006 18,590 ======== 14 Reconciliation of profit from operations to cash flow Six months Six months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000 Profit from operations 4,013 2,620 22,870 Share of associates' results (1,869) (2,343) (5,842)Depreciation and amortisation 3,897 3,817 7,249Impairment of non-current assets - - 336(Gain)/loss arising from changes in fair value of biological assets (2,471) 72 (4,147)Loss on disposal of investment - - 25Profit on disposal of non-current assets (1,145) (448) (874)Profit on part disposal of a subsidiary - (795) (795)Profit on disposal of investments (151) (1,970) (2,488)Restructuring costs and negative goodwill - - (5,523)Decrease in working capital 29,061 27,348 31,521Net increase in funds of banking subsidiaries (37,587) (26,146) (21,579) --------- -------- ---------Cash flows from operating activities (6,252) 2,155 20,753 ========= ======== ========= 15 Reconciliation of net cash flow to movement in net debt Six months Six months Year ended ended ended 30 June 30 June 31 December 2006 2005 2005 £'000 £'000 £'000 (Decrease)/increase in cash and cash equivalents in the period (45) 1,889 4,424Cash (inflow)/outflow from (increase)/decrease in debt (4,130) 8,458 11,771 --------- --------- ---------(Increase)/decrease in net debt resulting from cash flows (4,175) 10,347 16,195Net cash balances of business sold - - (1,434)Loans of subsidiaries sold - 2,002 2,002New finance leases (387) (188) (1,124)Exchange rate movements 1,032 (211) (504) --------- --------- ---------(Increase)/decrease in net debt in the period (3,530) 11,950 15,135Net debt at beginning of period (21,010) (36,145) (36,145) --------- --------- ---------Net debt at end of period (24,540) (24,195) (21,010) ========= ========= ========= 16 Statement of changes in shareholders' equity 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 2005 260 423 (400) 147,209 39,997 187,489 44,248 231,737Exchange differences - - - - 3,625 3,625 285 3,910Net profit - - - 4,227 - 4,227 941 5,168Dividends - - - - - - (678) (678)Actuarial loss - - - (2,233) - (2,233) (471) (2,704)Deferred tax on actuarial loss - - - (67) - (67) 16 (51)Disposal of subsidiary - - - - - - (4,334) (4,334)Distribution prior to disposal of subsidiary - - - - - - (941) (941)Available-for-sale investments: Valuation gains taken to equity - - - - 1,011 1,011 - 1,011 Transfer to profit or loss on sale - - - - (1,191) (1,191) - (1,191)Share of associates' fair value adjustments - - - (23) - (23) (9) (32)Share of associates' change in treasury shares - - - 412 - 412 108 520Share of associates' loss on cash flow hedges - - - (500) - (500) (132) (632)Part disposal of a subsidiary - - - - - - 872 872 ------- ------- ------- --------- -------- --------- -------- ---------At 30 June 2005 260 423 (400) 149,025 43,442 192,750 39,905 232,655 ======= ======= ======= ========= ======== ========= ======== ========= At 1 January 2005 260 423 (400) 147,209 39,997 187,489 44,248 231,737Exchange differences - - - - 10,917 10,917 1,808 12,725Net profit - - - 20,326 - 20,326 3,243 23,569Dividends - - - (2,284) - (2,284) (1,306) (3,590)Actuarial gain - - - 3,331 - 3,331 979 4,310Deferred tax on actuarial gain - - - 1,216 - 1,216 (12) 1,204Available-for-sale investments: Valuation gains taken to equity - - - - 7,100 7,100 24 7,124 Transfer to profit or loss on sale - - - - (1,409) (1,409) (153) (1,562)Other fair value adjustment - - - - 135 135 - 135Acquisition of minority interests - - - - - - (23,546) (23,546)Disposal of subsidiary - - - - - - (4,334) (4,334)Distribution prior to disposal of subsidiary - - - - - - (941) (941)New shares issued on acquisition 24 14,875 - - - 14,899 - 14,899Share of associates' fair value adjustments - - - (45) - (45) - (45)Share of associates' loss on cash flow hedges - - - (463) - (463) (122) (585)Share of associates' change in treasury shares - - - 681 - 681 161 842Share of associates' employee share plan - - - 23 - 23 5 28Part disposal of a subsidiary - - - - - - 872 872 ------- -------- -------- --------- -------- --------- -------- ---------At 31 December 2005 284 15,298 (400) 169,994 56,740 241,916 20,926 262,842 ------- -------- -------- --------- -------- --------- -------- ---------Exchange differences - - - - (14,714) (14,714) (2,638) (17,352)Net profit - - - 2,282 - 2,282 529 2,811Dividends - - - - - - (699) (699)Actuarial gain - - - 5,852 - 5,852 - 5,852Deferred tax on actuarial gain - - - (1,383) - (1,383) - (1,383)Minority subscription - - - - - - 532 532Available-for-sale investments: Valuation loss taken to equity - - - - (1,045) (1,045) - (1,045) Transfer to profit or loss on sale - - - - 10 10 - 10Share of associates' fair value adjustments - - - (106) - (106) - (106)Share of associates' change in treasury shares - - - (499) - (499) - (499)Share of associates' profit on cash flow hedges - - - 427 - 427 - 427Share of associates' other movements - - - (99) - (99) - (99) ------- -------- -------- --------- -------- --------- -------- ---------At 30 June 2006 284 15,298 (400) 176,468 40,991 232,641 18,650 251,291 ======= ======== ======== ========= ======== ========= ======== ========= 17 Subsequent event On 11 August 2006, Duncan Lawrie Holdings Limited, a subsidiary of Camellia Plc,made an offer to acquire the entire issued and to be allotted share capital of Hill Martin Limited and Hill Martin (Holdings) Limited. The initial consideration will be, in aggregate, £4,231,159. Deferred consideration may be payable, subject to contingencies, in respect of the acquisition of Hill Martin Limited. Hill Martin Limited provides financial planning services. Hill Martin (Holdings) Limited is the holding company of Hill Martin (Asset Management) Limited which provides private client investment management services. Press Enquiries: Malcolm Perkins, ChairmanTel: 01622 746655 This information is provided by RNS The company news service from the London Stock Exchange