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Interim Results

13 Sep 2007 07:01

Dignity PLC13 September 2007 For Immediate Release 13 September 2007 Dignity plc ('Dignity' or 'the Group') Interim results for the 26 week period ended 29 June 2007 Dignity plc, Britain's largest single provider of funeral-related services,namely funeral services, cremations and pre-arranged funeral plans, announcesits unaudited interim results for the 26 week period ended 29 June 2007. Financial highlights 26 week period ended 29 June 30 June Increase 2007 2006 per cent Underlying earnings per share (pence) 20.2 14.9 35.6Revenue (£million) 81.1 78.3 3.6Operating profit (£million) 27.0 24.7 9.3Profit before tax (£million) 18.3 17.2 6.4Cash generated from operations (£ million) 30.4 28.3 7.4Basic earnings per share (pence) 21.1 14.9 41.6Interim dividend (pence) 3.33 3.03 10.0 Peter Hindley, Chief Executive of Dignity plc commented: "The Group continues to trade strongly and remains in line with expectations forthe full year. Underlying earnings per share has increased by 36 per cent. This excellentperformance reflects the strong operating result this year and the value createdby the cash return and reduction in equity last year. As of today the Group has been successful in acquiring 21 funeral locations.Each of these opportunities was consistent with the Group's acquisition criteriaof buying good quality, long established businesses. I am delighted that during the period, the Group was appointed as RotherhamMetropolitan Borough Council's preferred bidder to operate and maintain theircrematorium and cemeteries from 2008." For further information please contact: Dignity plc 0121 354 1557Peter Hindley, Chief ExecutiveMike McCollum, Finance Director Buchanan Communications 0207 466 5000Richard Oldworth/Suzanne Brocks Chairman's statement Results The Group has continued its strong trading performance into the first half of2007. Operating profit was £27.0 million, an increase of 9.3 per cent (2006:£24.7 million). Underlying earnings per share has increased 35.6per cent to 20.2 pence per share(2006: 14.9 pence per share). This demonstrates the strong operating performanceand the value created by the return of value and reduction in equity last year. Basic earnings per share were 21.1 pence per share (2006: 14.9 pence per share),an increase of 41.6 per cent. The differences between basic earnings per share and underlying earnings pershare relate to tax and profit on sale of fixed assets and are explained furtherin the business and financial review. Dividends During the period, the Group paid a final dividend of 6.06 pence per share(2006: nil pence per share) in respect of 2006 operating performance. No finaldividend was paid in the previous year because of the issue of further SecuredNotes in February 2006 and subsequent Return of Value of £1 per share toshareholders in August 2006. The Board has declared an interim dividend of 3.33 pence per share (2006: 3.03pence per share), an increase of 10.0 per cent. This dividend will be paid on 26October 2007, to shareholders who are on the register at the close of businesson 21 September 2007. Our staff Our staff continue to be vital to the Group in delivering its strategy. I wouldlike to thank each of them for their cooperation and devotion to giving ourclients the best possible service. I am delighted that many of them areinvesting in the Group's second save as you earn (SAYE) option scheme. Thisscheme started this year following the successful conclusion of the first SAYEscheme operated by the Group, which enabled approximately 600 staff members toreceive shares worth over £4.5 million. Outlook We have made progress in all aspects of our strategy. We have acquired afurther 21 funeral locations, been appointed as Rotherham Metropolitan BoroughCouncil's preferred bidder to operate their crematorium and cemeteries, thefirst deal of its kind and pre-arranged funeral plans continue to add newpartners. Overall, the business continues to trade strongly. The Group'sperformance remains consistent will full year expectations. Business and financial review Introduction The Group's operations are managed across three main areas, namely funeralservices, crematoria and pre-arranged funeral plans. Funeral services revenuesrelate to the provision of funerals and ancillary items such as memorials andfloral tributes. Crematoria revenues arise from cremation services and the saleof memorials and burial plots at the Group's crematoria and cemeteries.Pre-arranged funeral plan income represents amounts to cover the costs ofmarketing and administering the sale of plans. Financial highlights • Underlying earnings per share have increased 35.6 per cent to 20.2 pence per share (2006: 14.9 pence per share). • Revenue has increased 3.6 per cent to £81.1 million (2006: £78.3 million). • Operating profit has increased 9.3 per cent to £27.0 million (2006: £24.7 million). • Profit before tax has increased 6.4 per cent to £18.3 million (2006: £17.2 million). • Cash generated from operations has increased 7.4 per cent to £30.4 million (2006: £28.3 million). • Basic earnings per share have increased 41.6 per cent to 21.1 pence per share (2006: 14.9 pence per share). • The Group has paid a final dividend of 6.06 pence per share (2006:nil pence per share) in respect of 2006 and declared an interim dividend in relation to 2007 of 3.33 pence per share (2006: 3.03 pence per share), an increase of 10.0 per cent. Office for National Statistics data As part of its results announcements since flotation, the Group has reportedtotal estimated deaths and market share based on the initial Office of NationalStatistics (ONS) estimates for each calendar year. However, in April this year, the ONS suspended the provision of thisinformation. We believe this to be pending the implementation of a new births,marriages and deaths computer system. At the time of writing, the ONS have notconfirmed when this information will be provided again. Whilst this information is useful to the Group, its absence has no impact on theGroup's operations, results or future prospects. Funeral services Revenue within the division was £64.5 million (2006: £ 62.8 million). Operatingprofits were £22.8 million (2006: £ 21.9 million). These results were generatedby performing 34,700 funerals (2006: 35,600). The first half of 2007 has also seen the acquisition of 10 funeral locations,representing an investment of £8.5 million. Since the period end, the Group hasinvested an additional £8.0 million to acquire 11 more funeral locations. Thisreflects a greater number of opportunities being available this year, which areconsistent with the Group's acquisition criteria. During the period, one funeral location was closed. As a result, the Groupoperated 530 funeral locations at the balance sheet date and 541 as at 13September 2007. Crematoria The Group continues to operate 22 crematoria and is Britain's largest singleoperator. This portfolio performed 20,600 cremations (2006: 20,500) in theperiod. Revenue within the division was £13.2 million (2006: £12.0 million),whilst operating profits were £7.2 million (2006: £6.3 million). The improvedperformance in the period reflects stronger memorial sales generally andadditional cremation volumes at two locations following the temporary closure ofa nearby local authority crematorium. After a comprehensive tendering process, the Group was awarded preferred bidderstatus by Rotherham Metropolitan Borough Council to operate and maintain itscrematorium and cemeteries, commencing in 2008. As part of this process,approximately £3.5 million will be invested by the Group in improving thecrematorium's facilities. The Group continues to pursue similar opportunitieswith five other local authorities. Pre-arranged funeral plans The Group continues to be the market leader in the provision of pre-arrangedfuneral plans, which allow people to plan and pay for their funeral in advance.The Group sells pre-arranged funeral plans through various affinity partnerssuch as Age Concern, AXA, Royal London and Liverpool Victoria. Pre-arrangedfuneral plans are also sold through the Group's network of funeral locations. Unfulfilled pre-arranged funeral plans at 29 June 2007 were 192,400 (2006:185,300). These unfulfilled pre-arranged funeral plans help to support ourfuture market share. This is because the Group expects to perform the majorityof these funerals and the manner in which they are marketed means that themajority of sales are likely to represent funerals that would not ordinarilyhave been performed by the Group. In the first half of 2007, the Group has continued to successfully test anddevelop various propositions with other partners, most notably, NewsInternational and Reader's Digest. In January, the Group signed a new exclusive 10 year marketing agreement withAge Concern, securing an important route to market. As part of this arrangement,the Group paid £2 million to acquire the 25 per cent held by Age Concern inAdvance Planning Limited, one of the subsidiaries of the Group. Cash flow and cash balances Cash generated from operations was £30.4 million (2006: £28.3 million), anincrease consistent with the growth in operating profits. During the period, the Group spent £3.6 million (2006: £3.6 million) onmaintenance capital expenditure. Cash balances at the end of the period amounted to £42.4 million (2006: £131.6million). £23.7 million was available for future acquisitions, of which £8.0million has already been spent since the period end. A further £10.0 million hasbeen set aside for tax and dividend payments to be made in the period to June2008. Cash balances at June 2006 included the net proceeds of the issue of furtherSecured Notes. £10 million was paid into the Group's pension scheme and £80million (£1 per share) was returned to shareholders in the second half of 2006. Capital structure and financing The Group's capital structure is unchanged compared to December 2006, with theonly material external debt financing being the A and BBB rated Class A and BSecured Notes. Further details of these Secured Notes may be found in theGroup's 2006 Annual Report. The comparative net debt positions were as follows: 29 Jun 2007 29 Dec 2006 30 Jun 2006 £m £m £mClass A and B Secured Notes*- issued April 2003 (198.3) (199.7) (201.2)- issued February 2006 (86.3) (87.3) (88.2)Cash balances 42.4 41.4 131.6Net debt (242.2) (245.6) (157.8) * The amounts above exclude any costs incurred in issuing the Secured Notes,which are netted off the gross amounts outstanding in the presentation of theGroup's balance sheet on page 8 in accordance with IAS 23. The net finance cost in the period was £8.7 million (2006: £7.5 million), anincrease of 16.0 per cent. This increase is because the comparative periodincludes net interest costs on the Notes issued in February 2006 forapproximately 19 weeks, compared to a full 26 weeks in 2007. Furthermore, as theGroup retained the proceeds of this issue in cash until July 2006, the Group'sbank deposit interest is significantly lower this period at £1.3 million (2006:£2.3 million). Pensions The Group's pension scheme asset was £4.2 million (2006: deficit of £9.7million) on an IAS 19 basis. The movement reflects the £10 million cashinjection in August 2006 as well as favourable movements in gilt yields. Thesurplus of the scheme at the year end will depend on market factors at thattime. Taxation In June 2007, legislation was passed confirming that the rate of Corporation Taxwould reduce from 30 per cent to 28 per cent from 1 April 2008. As a result, theGroup recognised a release of £0.5 million through its income statement toreflect the one off reduction in the period of the Group's required deferred taxprovision. This also had the effect of reducing the Group's effective tax rate (excludingthe non-recurring adjustment) to 30 per cent in 2007, compared to 31 per cent inthe previous period. The Group anticipates its effective tax rate will transition to 29 per cent inthe 2009 financial period and beyond following these legislative changes. Further legislation is anticipated in respect of Industrial BuildingsAllowances. If this is substantially enacted in the form currently expectedprior to the end of December 2007, then this will result in a one off charge tothe income statement of £0.5 million in its full year results. Otherwise, thischarge will impact on the Group's results in 2008. This legislation is notanticipated to affect the Group's future effective tax rate. Earnings per share The Group's earnings were £13.2 million (2006: £11.9 million). Basic earningsper share were 21.1 pence per share (2006: 14.9 pence per share), an increase of41.6 per cent. However, the Group's reported earnings include the one off benefit of £0.5million for taxation described above and £0.1 million (2006: £nil million) netof tax in respect of profit on sale of fixed assets. Consequently, the Group'sunderlying earnings were £12.6 million (2006: £11.9 million), giving anunderlying earnings per share of 20.2 pence per share (2006: 14.9 pence pershare), an increase of 35.6 per cent. This increase demonstrates the strong operating performance combined with a 22per cent reduction in the number of shares in issue. This reduction was aresult of what was effectively a share buy back programme, made possible by theissue of Secured Notes and return of value of £1 per share (£80 million) inAugust 2006. Underlying earnings increased less than operating profits because of the 16.0per cent increase in net finance costs described above. Overall, the result for the period represents an excellent performance for ourshareholders. It demonstrates the ongoing benefit of the changes to the capitalstructure made last year, made possible by the predictable and stable nature ofthe business. Consolidated income statement (unaudited)for the 26 week period ended 29 June 2007 52 week 26 week period ended period ended 29 Jun 2007 30 Jun 2006 29 Dec 2006 Note £m £m £m Revenue 2 81.1 78.3 149.8Cost of sales (37.9) (37.5) (73.2) Gross profit 43.2 40.8 76.6Administrative expenses (17.7) (17.3) (34.4)Other operating income 1.5 1.2 1.2 Operating profit before exceptional charges 2 27.0 24.7 44.1Exceptional charges 2 - - (0.7) Operating profit 2 27.0 24.7 43.4 Finance charges 3 (10.8) (11.1) (22.1)Finance income 3 2.1 3.6 5.9 Profit before tax 2 18.3 17.2 27.2 Taxation - continuing activities 4 (5.6) (5.3) (8.4)Taxation - exceptional 4 0.5 - - Taxation 4 (5.1) (5.3) (8.4) Profit for the period 13.2 11.9 18.8 Profit attributable to minority interest - - -Profit attributable to equity shareholders 8 13.2 11.9 18.8 13.2 11.9 18.8Earnings per share attributable to 5equity shareholders (pence) - Basic and diluted 21.1p 14.9p 25.9p Dividends per share attributable to 6equity shareholders (pence) - Dividend per share paid (2007: £3.8 million,2006: £1.9 million) 6.06p - 3.03p - Dividend per share proposed 3.33p 3.03p 6.06p The results have been derived wholly from continuing activities throughout theperiod. Consolidated statement of recognised income & expense (unaudited)for the 26 week period ended 29 June 2007 52 week 26 week period ended period ended 29 Jun 2007 30 Jun 2006 29 Dec 2006 £m £m £m Profit for the period 13.2 11.9 18.8Actuarial gains on retirement benefit obligations 3.1 2.3 2.4Deferred tax on actuarial gainson retirement benefit obligations (0.9) (0.7) (0.7) Net income not recognised in income statement 2.2 1.6 1.7 Total recognised income for the period 15.4 13.5 20.5 Attributable to:Minority interest - - -Equity shareholders of the parent 15.4 13.5 20.5 Consolidated balance sheet (unaudited)as at 29 June 2007 29 Jun 2007 30 Jun 2006 29 Dec 2006 Note £m £m £mNon-current assetsGoodwill 113.8 109.9 111.3Other intangible assets 20.2 10.5 12.1Property, plant and equipment 89.3 87.4 89.1Financial assets 4.6 5.5 5.6Retirement benefit asset 4.2 - 0.6 232.1 213.3 218.7 Current assetsInventories 2.8 3.0 3.0Trade and other receivables 20.7 19.7 19.2Assets held for sale - 0.2 -Cash and cash equivalents 7 42.4 131.6 41.4 65.9 154.5 63.6 Total assets 298.0 367.8 282.3 LiabilitiesCurrent liabilitiesFinancial liabilities 4.8 4.0 4.6Trade and other payables 19.5 18.6 19.2Current tax liabilities 3.0 3.7 2.7Provisions for liabilities and charges 1.4 1.1 1.4 28.7 27.4 27.9 Non-current liabilitiesFinancial liabilities 268.8 273.3 271.0Deferred tax liabilities 10.9 7.3 7.2Retirement benefit obligation - 9.7 -Other non-current liabilities 2.8 2.9 2.9Provisions for liabilities and charges 1.6 1.9 1.6 284.1 295.1 282.7 Total liabilities 312.8 322.5 310.6 Shareholders' equityOrdinary shares 8 5.7 5.6 5.6Share premium account 8 33.6 111.6 31.6Capital redemption reserve 8 80.0 - 80.0Other reserves 8 (10.9) (10.8) (9.5)Retained earnings 8 (123.2) (59.9) (134.8) Equity attributable to shareholders 8 (14.8) 46.5 (27.1)Minority interest in equity 8 - (1.2) (1.2) Total equity (14.8) 45.3 (28.3) Total equity and liabilities 298.0 367.8 282.3 Consolidated cash flow statement (unaudited)for the 26 week period ended 29 June 2007 52 week 26 week period ended period ended 29 Jun 2007 30 Jun 2006 29 Dec 2006 Note £m £m £m Cash flows from operating activities Cash generated from operations before 9 30.4 28.3 51.7exceptional paymentsExceptional costs in respect of redemption of B - - (0.7)sharesExceptional contribution to pension scheme - - (10.0) Cash generated from operations 30.4 28.3 41.0Finance income received 1.4 2.2 4.2Finance charges paid (10.3) (10.5) (20.8)Tax paid (3.3) (2.7) (6.1) Net cash generated from operating activities 18.2 17.3 18.3 Cash flows from investing activitiesAcquisition of subsidiaries and businesses (8.5) (3.7) (7.3)Acquisition of minority interest (2.0) - -Proceeds from sale of property, plant and equipment 0.5 0.3 0.6Purchase of property, plant and equipment (3.6) (3.6) (8.0)Transfers to restricted bank accounts 7 (0.3) - - Net cash used in investing activities (13.9) (7.0) (14.7) Cash flows from financing activitiesProceeds from issue of Secured Notes - 90.2 90.2Issue costs in respect of Secured Notes - (4.2) (3.7)Receipt of debenture loan 1 - -Repayment of borrowings (2.1) (2.0) (4.1)Dividends paid to shareholders (3.8) - (1.9)Proceeds from issue of shares under SAYE scheme 1.3 - -Redemption of B shares - - (80.0) Net cash (used in)/ generated from financing (3.6) 84.0 0.5activities Net increase in cash and cash equivalents 7 0.7 94.3 4.1 Cash and cash equivalents at the beginning ofthe period 40.2 36.1 36.1 Cash and cash equivalents at the end ofthe period 7 40.9 130.4 40.2 Notes to the interim report 2007 (unaudited) for the 26 week period ended 29June 2007 1 Basis of preparation The interim consolidated financial statements of Dignity plc (the 'Company') arefor the 26 weeks ended 29 June 2007 and comprise the results, assets andliabilities of the Company and its subsidiaries (the 'Group'). These interim consolidated financial statements have been prepared in accordancewith the Listing Rules of the Financial Services Authority. The Group has chosennot to adopt the full disclosure requirements of IAS 34, 'Interim FinancialReporting'. Therefore this interim financial information is not fully incompliance with International Financial Reporting Standards. However, theconsolidated financial statements have been prepared in accordance with allother applicable International Financial Reporting Standards that are expectedto apply to the Group's Financial Report for the 52 week period ended 28December 2007. The interim financial information is also consistent with theaudited consolidated financial statements for the 52 weeks ended 29 December2006. It does not include all of the information required for full annualfinancial statements, and should be read in conjunction with the auditedconsolidated financial statements of the Group as at and for the 52 week periodended 29 December 2006. The Directors approved these consolidated interimfinancial statements on 12 September 2007. The accounting policies applied by the Group in these interim consolidatedfinancial statements are the same as those applied by the Group in its auditedconsolidated financial statements as at and for the 52 week period ended 29December 2006. The basis of consolidation is set out in the Group's accountingpolicies in those financial statements. The preparation of interim financial statements requires management to makejudgments, estimates and assumptions that affect the application of accountingpolicies and the reported amounts of assets and liabilities, and income andexpenses. In preparing these consolidated interim financial statements, thesignificant judgments made by the management in applying the Group's accountingpolicies and key source of estimation uncertainty were the same as those appliedto the audited consolidated financial statements as at and for the 52 weekperiod ended 29 December 2006. Comparative information has been presented as at and for the 26 weeks ended 30June 2006 and as at and for the 52 week period ended 29 December 2006. The comparative figures for the 52 week period ended 29 December 2006 do notconstitute statutory accounts for the purposes of s240 of the Companies Act1985. A copy of the Group's statutory accounts for the 52 week period ended 29December 2006 has been delivered to the Registrar of Companies and contained anunqualified auditors' report in accordance with s235 of the Companies Act 1985. 2 Revenue and segmental analysis The revenue and operating profit*, by segment, was as follows: 26 week period ended 26 week period ended 52 week period ended 29 Jun 2007 30 Jun 2006 29 Dec 2006 Operating Operating Operating profit/ profit/ profit/ Revenue (loss) Revenue (loss) Revenue (loss) £m £m £m £m £m £m Funeral services 64.5 22.8 62.8 21.9 120.0 39.3Crematoria 13.2 7.2 12.0 6.3 23.2 12.1Pre-arranged funeral plans 3.4 2.2 3.5 1.7 6.6 2.4Head Office - (5.2) - (5.2) - (9.7) Group before exceptionalitems 81.1 27.0 78.3 24.7 149.8 44.1Exceptional items - - (0.7)Finance costs (10.8) (11.1) (22.1)Finance income 2.1 3.6 5.9 Profit before tax 18.3 17.2 27.2 Taxation - continuingactivities (5.6) (5.3) (8.4)Taxation - exceptional 0.5 - - Taxation (5.1) (5.3) (8.4) Profit for the period 13.2 11.9 18.8 *Operating profit includes Recoveries within pre-arranged funeral plans of £1.5million (June 2006: £1.2 million; December 2006: £1.2 million) and profit onsale of property, plant and equipment of £0.2 million (June 2006: £nil million;December 2006: £nil million) within funeral services. December 2006 exceptional items relate to £0.7 million professional feesexpensed within Head Office in relation to the redemption of B shares. 3 Net finance costs 52 week 26 week period ended period ended 29 Jun 2007 30 Jun 2006 29 Dec 2006 £m £m £mFinance costsClass A and B Secured Notes - issued April 2003 7.2 7.3 14.6Class A and B Secured Notes - issued February 2006 2.6 2.7 5.3Amortisation of issue costs - issued April 2003 0.5 0.5 0.9Amortisation of issue costs - issued February 2006 0.1 0.1 0.3Other loans 0.1 0.1 0.1Interest payable on finance leases - - 0.1Net finance expense on retirement benefit obligations - 0.1 -Unwinding of discounts 0.3 0.3 0.8 Finance costs 10.8 11.1 22.1 Finance incomeBank deposits (1.3) (2.3) (4.0)Net finance income on retirement benefit obligations (0.3) - -Release of premium on issue of Secured Notes - issuedFebruary 2006 (0.4) (0.4) (0.9)Prepaid interest on issue of Class A and B Secured Notes - (0.8) (0.8)Debenture loan (0.1) (0.1) (0.2) Finance income (2.1) (3.6) (5.9) Net finance costs 8.7 7.5 16.2 4 Taxation The taxation charge on continuing operations in the period is based on anestimated effective tax rate of 30 per cent (2006: 31 per cent) on profit beforetax for the 52 week period ending 28 December 2007. In addition, the Group recognised a non-recurring credit of £0.5 million,representing the step change in the Group's opening deferred taxation provisionfollowing the Chancellor's change to the standard rate of Corporation Tax witheffect from 1 April 2008. The Chancellor's proposals on Industrial Buildings Allowances were notsubstantially enacted at the balance sheet date. If they are prior to 28December 2007, then the Group would incur a non-recurring write off of deferredtaxation of approximately £0.5million, based on the Group's currentunderstanding of the proposed legislation. The Group's effective tax rate(excluding the one off impacts) would not change. 5 Earnings per share (EPS) The calculation of basic earnings per Ordinary Share has been based on theprofit for the relevant period. The Group has two classes of potentially dilutive Ordinary Shares being thoseshare options granted to employees under the Group's SAYE scheme and thecontingently issueable shares under the Group's long term incentive plan (LTIP)schemes. The performance criteria for the vesting of the awards under the LTIP schemescannot be met until the third anniversary of their issue. Consequently, thesecontingently issueable shares have been excluded from the diluted EPScalculations. Underlying earnings is calculated as profit after tax excluding the one offcredit of £0.5 million (June 2006: £nil million; December 2006: £nil million) inrespect of taxation adjustments described in note 4, £0.1 million (June 2006:£nil million: December 2006: £nil million), net of tax, in respect of profit onsale of fixed assets and £nil million (June 2006: £nil million; December 2006:£0.5 million), net of tax, in respect of professional fees expensed in relationto the redemption of B Shares. Weighted average no. Per share Earnings of shares amount £m m pence 26 week period ended 29 June 2007 - basic and diluted 13.2 62.5 21.126 week period ended 30 June 2006 - basic and diluted 11.9 80.1 14.952 week period ended 29 December 2006 - basic and 18.8 72.6 25.9diluted Weighted Underlying average no. Per share earnings of shares amount £m m pence 26 week period ended 29 June 2007 12.6 62.5 20.226 week period ended 30 June 2006 11.9 80.1 14.952 week period ended 29 December 2006 19.3 72.6 26.6 6 Dividends On 29 June 2007, the Group paid a final dividend of 6.06 pence per share (2006:nil pence per share) totalling £3.8 million. On 12 September 2007, the Directors approved an interim dividend of 3.33 penceper share (2006: 3.03 pence per share) totalling £2.1 million (2006: £1.9million), which will be paid on 26 October 2007 to those shareholders on theregister at the close of business on 21 September 2007. 7 Cash and cash equivalents 29 Jun 30 Jun 29 Dec 2007 2006 2006 Note £m £m £m Operating cash 40.9 30.4 40.2Amounts set aside for intercompany loan (a) - 17.7 -Amounts set aside until 31 July 2006 (b) - 82.3 -Cash and cash equivalents as reportedin the cash flow statement 40.9 130.4 40.2Recoveries: pre-arranged funeral plans (c) 1.5 1.2 1.2Cash and cash equivalents as reportedin the balance sheet 42.4 131.6 41.4 (a) This amount (save for circumstances where the Directors believed that there may have been a risk of defaulting on the Secured Notes) may only have been used in paying the interest and principal due on a loan between Dignity (2002) Limited and Dignity Mezzco Limited, both of whom are wholly owned subsidiaries of the Company. This loan was repaid in full using these monies on 31 July 2006. (b) This amount (save for circumstances where the Directors believed that there may have been a risk of defaulting on the Secured Notes) could not be used for any purpose until 31 July 2006, when funds became available for any corporate purpose. (c) Recoveries may not be used for one year following receipt. Movements in the amounts described in note (a) have been treated as cashequivalents in the cash flow statement as they became available for the Group'suse once the intercompany payment was made. Movements in the amounts described in note (b) have been treated as cashequivalents in the cash flow statement as they became available for the Group'suse on 31 July 2006. Movements in the amounts described in note (c) have been treated as 'transfersto restricted bank accounts' in the cash flow statement and are reported within'Cash flows from investing activities' as they do not meet the definition ofcash and cash equivalents in IAS 7. 8 Statement of changes in shareholders' equity Share Capital Share premium redemption Other Retained Minority capital account reserve reserves earnings Total interest Total £m £m £m £m £m £m £m £m Shareholders' equity as at 30 December 5.6 111.6 - (10.4) (74.2) 32.6 (1.2) 31.42005Profit for the 26 weeks ended 30 June - - - - 11.9 11.9 - 11.92006Reclassification of actuarial gains andlosseson defined benefit plans (net of - - - (0.8) 0.8 - - -deferred tax)(1)Actuarial gains and losses on defined - - - - 2.3 2.3 - 2.3benefit plansDeferred tax on pensions - - - - (0.7) (0.7) - (0.7)Effects of employee share options - - - 0.3 - 0.3 - 0.3Deferred tax on employee share options - - - 0.1 - 0.1 - 0.1 Shareholders' equity as at 30 June 2006 5.6 111.6 - (10.8) (59.9) 46.5 (1.2) 45.3Profit for the 26 weeks ended 29 - - - - 6.9 6.9 - 6.9December 2006Actuarial gains and losses on defined - - - - 0.1 0.1 - 0.1benefit plansEffects of employee share options - - - 0.4 - 0.4 - 0.4Deferred tax on employee share options - - - 0.9 - 0.9 - 0.9Issue of B shares - (80.0) - - - (80.0) - (80.0)Redemption of B shares - - 80.0 - (80.0) - - -Dividends - - - - (1.9) (1.9) - (1.9) Shareholders' equity as at 29 December 5.6 31.6 80.0 (9.5) (134.8) (27.1) (1.2) (28.3)2006Profit for the 26 weeks ended 29 June - - - - 13.2 13.2 - 13.22007Actuarial gains and losses on defined - - - - 3.1 3.1 - 3.1benefit plansDeferred tax on pensions - - - - (0.9) (0.9) - (0.9)Effects of employee share options - - - 0.3 - 0.3 - 0.3Tax on employee share options - - - (0.9) - (0.9) - (0.9)Share issue under 2004 SAYE scheme 0.1 1.2 - - - 1.3 - 1.3Share issue under 2004 LTIP scheme - 0.8 - - - 0.8 - 0.8Gift to Employee Benefit Trust (2) - - - (0.8) - (0.8) - (0.8)Acquisition of minority interest (3) - - - - - - 1.2 1.2Dividends - - - - (3.8) (3.8) - (3.8) Shareholders' equity as at 29 June 2007 5.7 33.6 80.0 (10.9) (123.2) (14.8) - (14.8) (1) These amounts have been reclassified in accordance with IAS 19 (Revised). (2) Relating to issue of shares under 2004 LTIP scheme. (3) Resulting from acquisition of 25 per cent minority interest in Advance Planning Limited in January 2007. 9 Reconciliation of cash generated from operations 52 week 26 week period ended period ended 29 Jun 2007 30 Jun 2006 29 Dec 2006 £m £m £m Net profit for the period 13.2 11.9 18.8Adjustments for:Taxation 5.1 5.3 8.4Net finance costs 8.7 7.5 16.2Profit on disposal of fixed assets (0.2) - -Depreciation charges 3.6 3.4 6.9Amortisation of intangibles 0.3 0.3 0.6Changes in working capital (excluding acquisitions) (0.6) (0.4) 0.1Employee share options 0.3 0.3 0.7 Cash generated from operations before exceptional items 30.4 28.3 51.7Exceptional costs in respect of redemption of B shares - - (0.7)Exceptional contribution to pension scheme - - (10) Cash generated from operations 30.4 28.3 41.0 10 Interim report Copies of the interim report are available from the registered office,Plantsbrook House, 94 The Parade, Sutton Coldfield, West Midlands, B72 1PH andat the Group's website www.dignityfuneralsplc.co.uk. 11 Securitisation In accordance with the terms of the securitisation carried out in April 2003,Dignity (2002) Limited (the holding company of those companies subject to thesecuritisation) has today issued reports to the Rating Agencies (Fitch Ratingsand Standard & Poor's), the Security Trustee and the holders of the notes issuedin connection with the securitisation confirming compliance with the covenantsestablished under the securitisation. Copies of these reports are available at www.dignityfuneralsplc.co.uk. This information is provided by RNS The company news service from the London Stock Exchange
Date   Source Headline
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