Results and Financials

Results and Financials
In 2012, The Group delivered good profit growth despite challenging trading conditions in its markets. The positive outcome for the year demonstrates the benefits of the restructuring and self-help measures implemented over the past eighteen months.
  • Financial Highlights
  • Income Statement
  • Balance Sheet
  • Cash Flow Statement
  • Five Year Summary

  • 2012 Financial Results

    Grafton Group plc announced its 2012 Final Results, on Thursday, 07 March 2013, at 07:00 (GMT).

    The following information was released on the day.



        2012
    €'m    		 2011
    €'m
    Revenue   2,171 2,054
    Underlying (before exceptional items):      
    Operating profit*   72.9 54.7
    EBITDA   114.7 97.4
    Profit before tax*   59.7 42.3
    Profit after tax*   43.3 33.7
    Adjusted basic earnings per share   19.5c 15.4c
    Statutory:      
    Operating profit   46.8 22.7
    Profit before tax   33.5 10.3
    Profit after tax   41.1 2.5
    Earnings per share - basic   17.7c 1.1c
    Dividend for year   8.5c 7.5c

    * Includes an intangible amortisation charge of €2.24 million (2011: €2.2 million).

    Historical Results Comparisons

    • Turnover (€'m)
    • Adjusted EPS (€ cent)
    • Adjusted EBITDA (€'m)
    • Operating Profit (€'m)
    • Dividend per share
      (€ cent)


  • Group Income Statement for the year ended 31 December 2012
     



    Notes     		Pre-
    Exceptional
    Items
    2012
    €'000    		 Exceptional
    Items
    2012
    €'000

    Total
    2012
    €'000    		 Pre-
    Exceptional
    Items
    2011
    €'000    		 Exceptional
    Items
    2011
    €'000

    Total
    2011
    €'000
    Revenue 2 2,171,388 - 2,171,388 2,053,833 - 2,053,833
    Operating costs and income 3 (2,098,452) (26,170) (2,124,622) (1,999,114) (32,055) (2,031,169)
    Operating profit   72,936 (26,170) 46,766 54,719 (32,055) 22,664
    Finance expense 4 (27,909) - (27,909) (32,377) - (32,377)
    Finance income 4 14,666 - 14,666 19,977 - 19,977
    Profit before tax   59,693 (26,170) 33,523 42,319 (32,055) 10,264
    Income tax 15 (16,396) 23,993 7,597 (8,583) 864 (7,719)
    Profit after tax for the financial year   43,297 (2,177) 41,120 33,736 (31,191) 2,545
    Profit attributable to:              
    Owners of the Company       41,120     2,545
    Non-controlling interests       -     -
    Profit after tax for the financial year       41,120     2,545
                   
    Earnings per ordinary share - basic 5     17.73c     1.10c
    Earnings per ordinary share - diluted 5     17.73c     1.09c
  • Group Balance Sheet as at 31 December 2012

     
     


     
    31 Dec 2012
    (Audited)
    €'000
    31 Dec 2011
    (Audited)
    €'000
    ASSETS      
    Non-current assets      
    Goodwill   583,466 566,336
    Intangible assets   - 2,241
    Property, plant and equipment   561,616 564,884
    Deferred tax assets   32,933 36,331
    Derivative financial instruments   2,691 5,331
    Financial assets   176 152
    Total non-current assets   1,180,882 1,175,275
    Current assets      
    Inventories   305,516 271,217
    Trade and other receivables   332,439 323,044
    Derivative financial instruments   1,345 5,625
    Cash and cash equivalents   156,876 134,600
    Properties held for sale   17,709 16,231
    Total current assets   813,885 750,717
    Total assets   1,994,767 1,925,992
           
    EQUITY      
    Equity share capital   11,664 11,656
    Share premium account   293,009 292,545
    Capital redemption reserve   905 905
    Revaluation reserve   29,795 30,566
    Shares to be issued reserve   4,337 4,588
    Cash flow hedge reserve   (343) (831)
    Foreign currency translation reserve   (90,059) (110,767)
    Retained earnings   753,197 759,908
    Treasury shares held   (5,746) (5,746)
    Equity attributable to owners of the Company   996,759 982,824
    Non-controlling interests   5,122 -
    Total equity   1,001,881 982,824
           
    LIABILITIES      
    Non-current liabilities      
    Interest-bearing loans and borrowings   334,507 325,230
    Provisions   30,983 32,805
    Retirement benefit obligations   62,971 33,560
    Derivative financial instruments   39 422
    Deferred tax liabilities   44,181 39,872
    Total non-current liabilities   472,681 431,889
    Current liabilities      
    Interest-bearing loans and borrowings   27,815 45,110
    Trade and other payables   469,501 421,658
    Current income tax liabilities   13,548 34,289
    Derivative financial instruments   590 739
    Provisions   8,751 9,483
    Total current liabilities   520,205 511,279
    Total liabilities   992,886 943,168
    Total equity and liabilities   1,994,767 1,925,992
  • Group Cash Flow Statement for the year ended 31 December 2012

     
     
     


     
     
    Twelve months
    to 31 Dec 2012
    (Audited)
    €'000
    Twelve months
    to 31 Dec 2011
    (Audited)
    €'000
    Profit before taxation   33,523 10,264
    Finance income   (14,666) (19,977)
    Finance expense   27,909 32,377
    Operating profit   46,766 22,664
           
    Depreciation   39,521 40,448
    Intangible amortisation   2,241 2,212
    Share-based payments charge/(credit)   762 (670)
    Non-cash movement in operating provisions   939 20,337
    Claims paid on insurance provisions   (3,036) (3,927)
    Non-cash movement on asset impairment   2,442 4,588
    Profit on sale of property, plant and equipment   (534) (1,457)
    Contributions to pension schemes in excess of IAS 19 charge   (6,232) (5,594)
    Decrease in working capital   22,864 18,333
    Cash generated from operations   105,733 96,934
    Interest paid   (16,484) (16,610)
    Income taxes paid   (4,044) (3,131)
    Cash flows from operating activities   85,205 77,193
           
    Investing activities      
    Inflows      
    Proceeds from sale of property, plant and equipment   2,437 8,732
    Interest received   2,052 3,979
    Sale of financial assets   - 36
        4,489 12,747
    Outflows      
    Acquisition of subsidiary undertakings and businesses   (18,202) (3,945)
    Net cash acquired with subsidiary undertakings   5,184 -
    Share of acquisition of subsidiaries and businesses by J.V.   - (8,736)
    Share of cash acquired through acquisitions made by J.V.   - 873
    Net overdraft assumed with joint venture   - (106)
    Deferred acquisition consideration paid   (2,030) -
    Purchase of financial assets   (9) -
    Purchase of property, plant and equipment   (28,332) (35,327)
        (43,389) (47,241)
    Cash flows from investing activities   (38,900) (34,494)
           
    Financing activities      
    Inflows      
    Proceeds from the issue of share capital   472 1,353
    Proceeds from borrowings   25,758 65,313
        26,230 66,666
    Outflows      
    Repayments of borrowings   - (161,411)
    Dividends paid   (17,975) (16,797)
    Movement on finance lease liabilities   (642) 22
    Redemption of loan notes payable net of derivatives   (34,853) (32,195)
        (53,470) (210,381)
           
    Cash flows from financing activities   (27,240) (143,715)
    Net increase/(decrease) in cash and cash equivalents   19,065 (101,016)
    Cash and cash equivalents at 1 January   134,600 234,275
    Effect of exchange rate fluctuations on cash held   3,211 1,341
    Cash and cash equivalents at 31 December   156,876 134,600
    Cash and cash equivalents are broken down as follows:      
    Cash at bank and short-term deposits   156,876 134,600
  •   2012 2011 2010 2009 2008
    Results (€'m)          
    Revenue 2,171.4 2,053.8 2,004.4 1,979.8 2,673.0
               
    Operating profit 46.8 22.7 33.0 4.9 99.2
    Finance (expense)/ income (net) (13.3) (12.4) (7.4) 8.7 (35.1)
    Profit before tax 33.5 10.3 25.6 13.6 64.1
    Taxation 7.6 (7.7) 38.4 (0.2) (6.4)
    Profit after tax 41.1 2.6 64.0 13.4 57.7
               
    Cashflow          
    Cash generated from operations 105.7 96.9 95.7 136.7 252.7
               
    Balance Sheets (€'m)          
    Capital employed          
    Goodwill and intangibles 583.5 568.5 557.3 551.0 541.7
    Property, plant and equipment 561.6 564.9 568.8 604.8 633.3
    Financial assets 0.2 0.2 3.9 3.9 0.2
    Net current assets * 163.8 145.1 142.0 138.1 202.6
    Other net non-current liabilities (105.2) (69.9) (26.5) (63.6) (73.3)
      1,203.9 1,208.8 1,245.5 1,234.2 1,304.5
               
    Fiananced as follows:          
    Shareholders' equity 996.8 982.8 990.4 911.7 868.9
    Non-controlling interest 5.1 - - - -
    Net debt/(cash) 202.0 226.0 255.1 322.5 435.6
      1,203.9 1,208.8 1,245.5 1,234.2 1,304.5
               
    Performance Ratios          
    Net debt to shareholders' equity (%) 20% 23% 26% 35% 50%
    Current liabilities to current assets (%) 64% 68% 72% 62% 65%
    Net finance cost cover on EBITDA (times) 8.7 7.9 12.7 5.5 4.9
               
    Per ordinary share (€ cent)          
    Basic EPS 17.7 1.1 27.7 5.8 25.1
    Adjusted EPS ** 19.5 15.4 18.5 5.4 32.2
    Dividend/share purchase per share 8.5 7.5 7.0 5.0 15.0
    Net assets per share 429.6 423.9 428.1 395.2 377.4
    Dividend/share purchase cover (times) 2.3 2.1 2.6 1.1 2.1
    * Excluding net debt/(cash)
    ** Before intangible amortisation and exceptional items (restructuring costs (net ), onerous lease provision and impairment, taxation credit in 2012 and 2010 and investment profit in 2009).