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Rias Interim / Quarterly Report 2018
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Interim / Quarterly Report
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RIAS
RIAS A/S
HALF-YEAR REPORT 2018/19
Page 1 of 17
NASDAQ OMX Copenhagen A/S
PO Box 1040
DK-1007 Copenhagen K
Roskilde, 22 May 2019
RIAS A/S
HALF-YEAR REPORT FOR THE PERIOD
1 October 2018 – 31 March 2019
CVR 44 06 51 18
Company Announcement No 6 of 22 May 2019
RIAS
RIAS A/S
HALF-YEAR REPORT 2018/19
Page 2 of 17
Contents
Management's Review...3
Management's Statement...9
Statement of Comprehensive Income...10
Balance Sheet...11
Statement of Changes in Equity...12
Cash Flow Statement...13
Notes...14
RIAS
RIAS A/S HALF-YEAR REPORT 2018/19 Page 3 of 17
Management's Review
Company Announcement 22 May 2019
The Board of Directors has today adopted the Half-year Report for the period 1 October 2018 – 31 March 2019.
The half-year in outline:
Operations:
-
Revenue was DKK 132,364k and has thus increased by 9.7% compared to the first half of 2017/18. Both the Industrial and Building & Construction divisions have contributed to this positive development in revenue.
-
The development of the Industrial division reflects the fact that both domestic and export demand has been moderately increasing in terms of both semi-finished products and processing. However, some product areas in the visual sector have been declining. The development has also been characterized by a few large project orders, which have also contributed to the positive development in revenue.
-
The revenue of the Building & Construction Division was in both the first and second quarters over the same period in 2017/18. A generally mild winter and a growing export have contributed to the positive revenue development. New actions / solutions in sales have been positively received in the markets and have also contributed to an increased order intake in the first half.
-
Capacity costs are increasing compared to recent financial years. This is due to continued investments in the strategic development areas, which includes the processing area and exports. This is in order to strengthen our development in the future. The increase in capacity costs is also due to a price increase in transport costs, which has not been possible in full to invoice the customers.
-
In the second half of the financial year 2018/19, the company expects a continued positive revenue development despite the unrest in the markets surrounding the effect of Brexit and the possible trade war. This is partly due to the fact that the building division's main revenue is in the second half. Historically, the second half of the year is always better than the first half.
-
Based on the above, the Board of Directors expects an EBIT result for the financial year 2018/19 in the range of 8.5 - 10.0 million compared to an EBIT of DKK 9.1 million last financial year.
Henning Hess, CEO, comments as follows on the Interim Financial Statements:
> "Overall, the first half has been satisfactory and with a positive development compared to the first half of 2017/18, both on the top and bottom line. The first half of 2018/19 was also our best result so far since the crisis in 2008. A mild winter and a larger foundation of order intake have also confirmed the initiatives and solutions we have initiated. During the six months, we have completed several large one-off projects that contribute positively to revenue growth.
During the past six months, we have continued to work on developing the organization and the company. Digitization projects, a higher degree of sales solutions and the continued push on our
RIAS
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HALF-YEAR REPORT 2018/19
Page 4 of 17
growth areas, the export to Sweden and the expansion of the processing activities gives us a good starting point for the further development of RIAS A/S."
Financing
During the first half-year, the Company has had a positive cash flows from operating activities of DKK 7,135k. This is primarily due to changes in the working capital.
Investments
Total net investments for the period in intangible assets, property, plant and equipment and fixed asset investments amounted to a total off DKK 2,004k in the first half-year 2018/19 compared to an investment of DKK 74k in the first half-year 2017/18. In the first half-year 2018/19, investments primarily consisted of processing machinery.
Expectations for the second half-year 2018/19
After a first half year, which proceeded satisfactorily, it is expected with the actions that have been taken that, sales solutions and digitization / optimization projects, the traditionally higher activity in the second half of the year, continued positive development in the strategic areas and a stable social economy will contribute positively to the result.
The Board of Directors thus expects an EBIT result in the range of DKK DKK 8.5 - 10.0 million.
Roskilde, 22 May 2019
RIAS
RIAS A/S
HALF-YEAR REPORT 2018/19
Page 5 of 17
Financial Highlights
| Income statement (DKK million) | 1/10-2018-31/3-2019 | 1/10-2017-31/3-2018 | 1/10-2017-30/9-2018 |
|---|---|---|---|
| Revenue | 132.3 | 120.7 | 275.0 |
| Cost of sales | 92.5 | 83.0 | 191.2 |
| Gross profit | 39.8 | 37.7 | 83.8 |
| Capacity costs | 36.2 | 34.9 | 72.1 |
| Depreciation and amortisation | 1.7 | 1.7 | 2.6 |
| Profit/loss before financial income and expenses | 1.9 | 1.1 | 9.1 |
| Financial income | 0.0 | 0.0 | 0.0 |
| Financial expenses | 0.2 | 0.3 | 0.5 |
| Profit/loss before tax | 1.7 | 0.7 | 8.6 |
| Tax on profit/loss for the period | 0.4 | 0.0 | 1.9 |
| Net profit/loss for the period | 1.3 | 0.7 | 6.7 |
| Balance sheet, end of period (DKK million) | |||
| Non-current assets | 98.8 | 96.3 | 98.5 |
| Current assets | 106.3 | 102.9 | 110.0 |
| Assets | 205.1 | 199.2 | 208.5 |
| Equity | 161.8 | 160.1 | 166.1 |
| Non-current liabilities | 9.2 | 9.3 | 9.3 |
| Current liabilities | 34.1 | 29.8 | 33.1 |
| Liabilities and equity | 205.1 | 199.2 | 208.5 |
| Cash flows (DKK million) | |||
| Cash flows from operating activities | 7.1 | -2.1 | 7.2 |
| Cash flows from investing activities | -2.0 | -0.1 | -4.1 |
| Cash flows from financing activities | -5.7 | -4.6 | -4.6 |
| Total cash flows | -0.6 | -6.8 | -1.5 |
| Average number of full-time employees | 99 | 96 | 102 |
Financial ratios:
| Accounting ratios: | |||
|---|---|---|---|
| Gross margin | 30% | 31% | 31% |
| Profit margin | 1% | 1% | 3% |
| Solvency ratio, end of period | 79% | 80% | 80% |
| Share ratios: | |||
| Earnings per DKK 100 share | 5.64 | 3.62 | 29 |
| Earnings per DKK 100 share, diluted | 5.64 | 3.62 | 29 |
| Book value per DKK 100 share, end of period | 703 | 694 | 721 |
| Market price per DKK 100 share, end of period | 434 | 424 | 448 |
Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33 "Earnings per share".
Definitions of financial ratios:
Gross margin is calculated as gross profit in % of revenue.
Profit margin is calculated as profit/loss before financials and tax in % of revenue.
Book value per DKK 100 share is calculated as equity end of period divided by 1/100 of the share capital.
Earnings per DKK 100 share are calculated as profit/loss for the period divided by 1/100 of the share capital after deduction of the Company's holding of own shares end of period.
Diluted earnings per DKK 100 share are calculated as profit/loss for the period divided by 1/100 of the share capital after deduction of the Company's holding of own shares end of period – diluted.
Solvency ratio is calculated as equity end of period in % of balance sheet total end of period.
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HALF-YEAR REPORT 2018/19
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Development in the Company's activities
Revenue for the period increased by DKK 11,707k from DKK 120,657k in 2017/18 to DKK 132,364k in 2018/19.
Revenue for the period of the Industry Division increased by DKK 1,572k from DKK 90,506k in 2017/18 to DKK 92,078k in 2018/19.
Revenue for the period of the Building & Construction Division increased by DKK 10,135k from DKK 30,151k in 2017/18 to DKK 40,286k in 2018/19.
This year Easter was in the second half-year compared to last year were it was in the first half-year, which increased the number of days with revenues in the first half-year 2018/19.
Gross profit for the period increased compared to first half-year 2017/18 amounting to DKK 37,705k in 2017/18 and in 2018/19 amounting to DKK 39,867k. The gross margin ratio fell from 31.2% in 2017/18 to 30.5% in 2018/19.
Capacity costs for the period increased by DKK 1,782k from DKK 36,615k in 2017/18 to DKK 38,397k in 2018/19 which primarily is caused by investments in strategic sales areas with the intention to push sales development in the future.
Depreciation and amortisation increased by DKK 22k from DKK 1,699k in the first half-year 2017/18 to DKK 1,721k in the first half-year 2018/19.
Net financial expenses for the period, DKK 323k in 2017/18, decreased by DKK 126k, amounting to DKK 197k in 2018/19.
Profit/loss before tax shows a gain of DKK 1,776k in the first half-year 2018/19 compared to a gain of DKK 767k in the first half-year 2017/18.
Net profit/loss after tax shows a gain of DKK 1,340k in the first half-year 2018/19 compared to a gain of DKK 675k in the first half-year 2017/18.
Balance sheet and capital resources
Compared to 31 March 2018, the balance sheet total at 31 March 2019 increased by DKK 5,925k to DKK 205,133k.
Intangible assets decreased from DKK 56,264k at 31 March 2018 to DKK 55,856k at 31 March 2019. The reduction in intangible assets is due to amortisation in the period. The most material intangible asset is goodwill of DKK 53,085k, which is attributable to the acquisition of the activities of Rodena A/S and Nordisk Plast A/S.
Property, plant and equipment decreased by DKK 2,966k to DKK 42,931k from DKK 39,965k.
Current assets increased by DKK 3,367k to DKK 106,346k from DKK 102,979k.
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HALF-YEAR REPORT 2018/19
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Inventories decreased from DKK 32,913k at 31 March 2018 to DKK 30,151k at 31 March 2019.
Receivables increased from DKK 41,002k to DKK 45,678k.
Total liabilities increased from DKK 39,032k to DKK 43,383k. Current liabilities increased from DKK 29,732k to DKK 34,111k.
Cash flows
Operating activities:
Cash flows from operating activities increased from DKK -2,177k in the first half-year 2017/18 to DKK 7,135k in the first half-year 2018/19, which is primarily attributable to changes in the working capital.
Investing activities:
Cash flows from investing activities increased from DKK 74k in the first half-year 2017/18 to DKK 2,004k in the first half-year 2018/19. During the period, new investments were made in processing machinery.
Cash at bank and in hand increased to DKK 26,150k at 31 March 2019 from DKK 21,794k at 31 March 2018. The capital resources are considered satisfactory.
Special risks
Operating risks
Unforeseen price fluctuations and discontinuation of trade with large customers may affect the Company adversely with regard to expected earnings for the year, but such risks are normal in a trading enterprise.
Financial risks
The Company does not speculate in financial risks, and thus the management of the Company solely focuses on managing financial risks that are a direct consequence of the Company's operations and financing.
The Company has no derivative financial instruments.
Interest rate risks
The Company does not enter into interest rate agreements to hedge against interest rate exposure as moderate changes in the level of interest will not have any material effect on earnings.
Credit risks
The Company's credit risks relate to trade receivables.
It is the Company's policy to take out credit insurance in respect of trade receivables to the extent possible. Trade receivables are assessed on a current basis, and provisions are made when necessary.
Foreign exchange risks
The Company is only to a limited extent exposed to exchange rate developments. Almost all trading takes place in DKK or EUR. As the foreign exchange risk relating to DKK/EUR is considered very small, the Company does not hedge its net debt in foreign currency.
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HALF-YEAR REPORT 2018/19
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Liquidity risks
The Company only has debts falling due within one year, see the balance sheet. Payment of the amount, DKK 33,7 million, can be fully covered by payments from receivables.
Knowledge resources
The Company has specific knowledge and competence within the area of trade in plastic semi-manufactures.
The Company attaches importance to attracting, retaining and contributing to the development of well-educated and motivated employees who can participate in safeguarding one of our core values, namely that of providing our customers with the best service.
During the first half-year 2018/19, the Company's number of full-time employees averaged 99, an increase of 3 compared to the first half-year 2017/18.
Environment
The Company continuously strives to limit environmental impact. However, the environmental impact is in itself insignificant as the activities of the Company mainly comprise the distribution and sale of plastic semi-manufactured, but not manufacturing.
The Company is not involved in any environmental lawsuits.
Research and development activities
The Company has no specific research activities, but is continuously developing its business and competence.
Shareholder information
Share capital:
The Company's share capital, DKK 23,063k, is distributed on DKK 3,125k A shares and DKK 19,938k B shares.
A shares, which are non-negotiable instruments, carry 10 votes per DKK 100 share, see article 11 of the Articles of Association. B shares, which are negotiable instruments, carry 1 vote per DKK 100 share, see article 11 of the Articles of Association.
The B-shares are listed on NASDAQ OMX Copenhagen A/S.
The Board of Directors and the Executive Board do not hold any shares in RIAS A/S.
Any amendment of the Company's Articles of Association requires 2/3 of the share capital to be represented at the General Meeting, and the proposed amendment must be adopted by 2/3 both of the votes cast and of the share capital represented at the General Meeting.
Contact, Investor Relations:
For more information concerning investor relations and the share market, please contact:
Henning Hess, CEO
Tel: +45 46 77 00 00
E-mail: [email protected]
RIAS
RIAS A/S
HALF-YEAR REPORT 2018/19
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Management's Statement
The Board of Directors and the Executive Board have today considered and adopted the Half-year Report of RIAS A/S for the period 1 October 2018 – 31 March 2019.
The Half-year Report, which has not been audited or reviewed by the Company’s auditor, is prepared in accordance with IAS 34 “Interim Financial Reporting” as adopted by the EU as well as Danish disclosure requirements for listed companies.
In our opinion, the Half-year Report gives a true and fair view of the financial position at 31 March 2019 of the Company and of the results of the Company’s operations and cash flows for the period 1 October 2018 – 31 March 2019.
Moreover, in our opinion, Management’s Review gives a true and fair view of the development in the Company’s activities and finances, the results for the period and the Company’s financial position as a whole as well as a description of the most significant risks and elements of uncertainty to which the Company is exposed.
Roskilde, 22 May 2019
Executive Board:
Hennig Hoss
CEO
Board of Directors:
Gudrun Degenhart
Chairman
Steen Raagaard Andersen
Vice-chairman
Peter Swinkels
Dieter Wetzel
June Svendsen
Søren Koustrup
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HALF-YEAR REPORT 2018/19
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Statement of Comprehensive Income
| Amounts in DKK '000 | Note | 1/10 2018-31/3 2019 | 1/10 2017-31/3 2018 | 1/10 2017-30/9 2018 |
|---|---|---|---|---|
| Revenue | 3 | 132.364 | 120.657 | 275.020 |
| Cost of sales | 92.497 | 82.952 | 191.133 | |
| Gross profit | 39.867 | 37.705 | 83.887 | |
| Distribution expenses | 29.169 | 28.214 | 58.759 | |
| Administrative expenses | 8.725 | 8.401 | 15.999 | |
| Profit/loss before financial income and expenses | 1.973 | 1.090 | 9.129 | |
| Financial income | 26 | 36 | 136 | |
| Financial expenses | 223 | 359 | 675 | |
| Profit/loss before tax | 1.776 | 767 | 8.590 | |
| Tax on profit/loss for the period | -436 | -92 | -1.915 | |
| Net profit/loss for the period | 1.340 | 675 | 6.675 | |
| Other comprehensive income | 0 | 0 | 0 | |
| Comprehensive income for the period | 1.340 | 675 | 6.675 |
Earnings per share:
| Earnings per share | 5.64 | 3.62 | 28,94 |
|---|---|---|---|
| Earnings per share, diluted | 5.64 | 3.62 | 28,94 |
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HALF-YEAR REPORT 2018/19
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Balance Sheet
| Amounts in DKK '000 | Note | 31/3 2019 | 31/3 2018 | 30/9 2018 |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Intangible assets | 4 | 55.856 | 56.264 | 56.130 |
| Property, plant and equipment | 5 | 42.931 | 39.965 | 42.373 |
| Total non-current assets | 98.787 | 96.229 | 98.503 | |
| Current assets | ||||
| Inventories | 6 | 30.151 | 32.913 | 25.815 |
| Receivables | 7 | 45.678 | 41.002 | 53.683 |
| Prepaid Tax | 0 | 0 | 0 | |
| Prepayments | 4.367 | 7.270 | 3.781 | |
| Cash at bank and in hand | 26.150 | 21.794 | 26.785 | |
| Total current assets | 106.346 | 102.979 | 110.064 | |
| Total assets | 205.133 | 199.208 | 208.567 | |
| Liabilities and equity | ||||
| Equity | 161.750 | 160.176 | 166.176 | |
| Liabilities | ||||
| Non-current liabilities | ||||
| Deferred tax | 9.272 | 9.300 | 9.272 | |
| Total non-current liabilities | 9.272 | 9.300 | 9.272 | |
| Current liabilities | ||||
| Trade payables and other Payables | 8 | 33.675 | 29.640 | 31.264 |
| Corporation tax | 436 | 92 | 1.855 | |
| Dividends payable | 0 | 0 | 0 | |
| Total current liabilities | 34.111 | 29.732 | 33.119 | |
| Total liabilities | 43.383 | 39.032 | 42.391 | |
| Total liabilities and equity | 205.133 | 199.208 | 208.567 |
Other notes, see pages 14 - 17
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HALF-YEAR REPORT 2018/19
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Statement of Changes in Equity
1 October 2018 – 31 March 2019
| Share capital | Revaluation reserve | Retained earnings | Proposed dividend | Total | |
|---|---|---|---|---|---|
| Equity at 1 October 2018 | 23.063 | 1.898 | 135.449 | 5.766 | 166.176 |
| Comprehensive income for the Period | 0 | 0 | 1.340 | 0 | 1.340 |
| Dividend paid | 0 | 0 | 0 | -5.766 | -5.766 |
| Equity at 31 March 2019 | 23.063 | 1.898 | 136.789 | 0 | 161.750 |
1 October 2017 – 31 March 2018
| Share capital | Revaluation reserve | Retained earnings | Proposed dividend | Total | |
|---|---|---|---|---|---|
| Equity at 1 October 2017 | 23.063 | 1.898 | 134.540 | 4.613 | 164.114 |
| Comprehensive income for the Period | 0 | 0 | 675 | 0 | 675 |
| Dividend paid | 0 | 0 | 0 | -4.613 | -4.613 |
| Equity at 31 March 2018 | 23.063 | 1.898 | 135.215 | 0 | 160.176 |
RIAS
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HALF-YEAR REPORT 2018/19
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Cash Flow Statement
| Amounts in DKK '000 | 1/10 2018 - 31/3 2019 | 1/10 2017 - 31/3 2018 |
|---|---|---|
| Net profit/loss for the period | 1.340 | 675 |
| Adjustment for non-cash operating items etc: | ||
| Tax on profit/loss for the period | 436 | 92 |
| Depreciation and amortisation | 1.719 | 1.699 |
| Profit or loss on sale of property, plant and equipment and financial assets | 0 | 0 |
| Financial income | -5 | -17 |
| Financial expenses | 180 | 145 |
| Cash flows from operating activities before changes in working capital | 3.670 | 2.594 |
| Adjustment for changes in working capital: | ||
| Changes in inventories | -4.336 | -7.203 |
| Changes in receivables (and prepayments) | 7.419 | 5.356 |
| Changes in trade payables and other payables | 2.411 | -985 |
| Cash flows before financial income and expenses and tax | 9.164 | -238 |
| Financial income, paid | 5 | 17 |
| Financial expenses, paid | -180 | -145 |
| Corporation tax paid | -1.854 | -1.811 |
| Cash flows from operating activities | 7.135 | -2.177 |
| Purchase of intangible assets | -185 | 0 |
| Purchase of property, plant and equipment | -1.819 | -74 |
| Sale of property, plant and equipment | 0 | 0 |
| Cash flows from investing activities | -2004 | -74 |
| Dividend paid | -5.766 | -4.613 |
| Cash flows from financing activities | -5.766 | -4.613 |
| Cash flows for the period | -635 | -6.864 |
| Cash and cash equivalents at 1 October | 26.785 | 28.658 |
| Cash and cash equivalents at 31 March | 26.150 | 21.794 |
RIAS
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HALF-YEAR REPORT 2018/19
Page 14 of 17
Notes
Note 1. Accounting policies
The Half-year Report is prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU as well as Danish disclosure requirements for listed companies.
The accounting policies have been changed in relation to the financial statements 2017/18, as the company has implemented IFRS 9 and IFRS 15 as described below.
The Financial Statements 2017/18 include a full description of the accounting policies, to which reference is made, except for the description below of IFRS 9 and IFRS 15.
Change of accounting policies
RIAS uses IFRS 9 "Financial instruments" and IFRS 15 "Revenue from contracts with customers" for the first time. The effect of these changes is described below.
Impact of IFRS 15 "Revenue from contracts with customers"
IFRS 15 replaces the previous revenue standards (IAS 11 "Contracts of Construction" and IAS 18 "Revenue") and related interpretations, and sets out a five-step approach to accounting for revenue from contracts with customers. Under IFRS 15, revenue is recognized at an amount that reflects the remuneration that RIAS expects to be eligible for in return for the goods or services that will be transferred to the customer.
In comparison with previous standards, the following essential elements of IFRS 15 are relevant to RIAS. Generally, revenue is recognized when the control passes to the customer. This can be either at a certain time or over time. When a sales transaction includes a variable remuneration such as Discounts, IFRS 15 then require that the estimated variable remuneration is limited to prevent the recognition of excess revenue. No significant variable remuneration has been identified in the first half of 2018/19 and per October 1, 2018, which should be postponed.
RIAS has implemented the new standard per. October 1, 2018. The new standard had no significant impact on recognition and measurement of revenue and therefore no effect on transferred profit per October 1, 2018.
Impact of IFRS 9 "Financial instruments"
IFRS 9 replaces IAS 39 and changes the classification, measurement and write-down of financial assets. IFRS 9 requires RIAS to record expected credit losses on trade receivables. RIAS has applied the simplified method for implementing IFRS 9 per October 1, 2018, and record expected losses in the lifetime of all trade receivables. Based on the historically low realized losses on receivables, the implementation of the new standard has not had any significant impact on RIAS and therefore no impact on the transferred profit per October 1, 2018. No elements of the implementation of the standard have had an impact on recognition and measurement.
Note 2. Estimates
The preparation of the Half-year Report requires Management to make accounting estimates that affect the application of the accounting policies as well as the recognition of assets, liabilities, income and expenses. Actual results may differ from such estimates.
When preparing the Half-year Report, the most material estimates made by Management in connection with the application of the accounting policies and the most material uncertainty in this respect are the same as in connection with the preparation of the Financial Statements for 2017/18, to which reference is made.
Note 3. Revenue
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HALF-YEAR REPORT 2018/19
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| | 1^{st} half-year
2018/19 | 1^{st} half-year
2017/18 |
| --- | --- | --- |
| Sales, Industry | 92.078 | 90.506 |
| Sales, Construction | 40.286 | 30.151 |
| | 132.364 | 120.657 |
Sales outside Denmark amount to 11.6% of the Company's revenue. All non-current assets are placed in Denmark.
Sales are distributed on a large number of different products and customers. No single customer accounts for more than 10% of total sales.
Note 4. – Intangible assets
| Goodwill | Customer relations | IT software | Under Construction | Total | |
|---|---|---|---|---|---|
| Cost at 1 October 2018 | 53.085 | 1.000 | 13.609 | 325 | 68.019 |
| Additions for the period | 0 | 0 | 0 | 185 | 185 |
| Cost at 31 March 2019 | 53.085 | 1.000 | 13.609 | 510 | 68.204 |
| Amortisation at 1 October 2018 | 0 | -662 | -11.227 | 0 | -11.889 |
| Amortisation for the period | 0 | -31 | -428 | 0 | -459 |
| Amortisation at 31 March 2019 | 0 | -693 | -11.655 | 0 | -12.348 |
| Carrying amount at 31 March 2019 | 53.085 | 307 | 1.954 | 510 | 55.856 |
| Cost at 1 October 2017 | 53.085 | 1.000 | 23.624 | 0 | 77.709 |
| Additions for the period | 0 | 0 | 0 | 0 | 0 |
| Cost at 31 March 2018 | 53.085 | 1.000 | 23.624 | 0 | 77.709 |
| Amortisation at 1 October 2017 | 0 | -600 | -20.318 | 0 | -20.918 |
| Amortisation for the period | 0 | -31 | -496 | 0 | -527 |
| Amortisation at 31 March 2018 | 0 | -631 | -20.814 | 0 | -21.445 |
| Carrying amount at 31 March 2018 | 53.085 | 369 | 2.810 | 0 | 56.264 |
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Note 5. – Property, plant and equipment
| Land and buildings | Plant and machinery | Fixtures and fittings, tools and equipment | Under Construction | Total | |
|---|---|---|---|---|---|
| Cost at 1 October 2018 | 61.906 | 20.896 | 21.433 | 77 | 104.312 |
| Additions for the period | 0 | 1.802 | 66 | 28 | 1.896 |
| Disposals for the period | 0 | 0 | 0 | -77 | -77 |
| Cost at 31 March 2019 | 61.906 | 22.698 | 21.499 | 28 | 106.131 |
| Depreciation at 1 October 2018 | -29.869 | -12.959 | -19.111 | 0 | -61.939 |
| Depreciation for the period | -373 | -636 | -252 | 0 | -1.261 |
| Reversed depreciation on disposals for the period | 0 | 0 | 0 | 0 | 0 |
| Depreciation at 31 March 2019 | -30.242 | -13.595 | -19.363 | 0 | -63.200 |
| Carrying amount at 31 March 2019 | 31.664 | 9.103 | 2.136 | 28 | 42.931 |
| Land and buildings | Plant and machinery | Fixtures and fittings, tools and equipment | Under Construction | Total | |
| --- | --- | --- | --- | --- | --- |
| Cost at 1 October 2017 | 61.906 | 18.165 | 22.698 | 0 | 102.769 |
| Additions for the period | 0 | 0 | 74 | 0 | 74 |
| Disposals for the period | 0 | 0 | 0 | 0 | 0 |
| Cost at 31 March 2018 | 61,906 | 18.165 | 22.772 | 0 | 102.843 |
| Depreciation at 1 October 2017 | -29.119 | -12.132 | -20.454 | 0 | -61.705 |
| Depreciation for the period | -374 | -501 | -298 | 0 | -1.173 |
| Reversed depreciation on disposals for the period | 0 | 0 | 0 | 0 | 0 |
| Depreciation at 31 March 2018 | -29.493 | -12.633 | -20.752 | 0 | -62.878 |
| Carrying amount at 31 March 2018 | 32.413 | 5.532 | 2.020 | 0 | 39.965 |
Note 6. Inventories
| 31/3 2019 | 31/3 2018 | |
|---|---|---|
| Inventories are specified as follows: | ||
| Goods for resale | 32.397 | 36.040 |
| Write-down at 1 October | -2.246 | -2.546 |
| Write-downs for the period | 0 | 0 |
| Write-down at 31 March | -2.246 | -2.546 |
| 30.151 | 33.494 |
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HALF-YEAR REPORT 2018/19
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Note 7. Receivables
| 31/3 2019 | 31/3 2018 | |
|---|---|---|
| Trade receivables | 43.793 | 40.335 |
| Receivables from group enterprises | 5 | 2 |
| Other receivables | 1.819 | 595 |
| Corporation tax | 61 | 70 |
| 45.678 | 41.002 | |
| Write-down for bad debts is specified as follows: | ||
| Write-down at 1 October | -556 | -430 |
| Write-downs for the period | 0 | 0 |
| Write-down at 31 March | -556 | -430 |
Note 8. Trade payables and other payables
| 31/3 2019 | 31/3 2018 | |
|---|---|---|
| Trade payables | 17.771 | 14.710 |
| Payables to group enterprises | 259 | 331 |
| Accrued VAT | 4.587 | 3.654 |
| Holiday pay accrual | 4.936 | 4.547 |
| Other payables | 6.122 | 6.979 |
| 33.675 | 30.221 |
Note 9. Contingencies and other financial commitments
Since the issue of the Financial Statements 2017/18, there have been no significant changes that have not been disclosed in this Half-year Report.
Note 10. Related parties and related party transactions
There have been no significant changes with regard to related parties or the type and scope of related party transactions compared to that disclosed in the Financial Statements 2017/18.
Note 11. Subsequent events
After the Half-year Report balance sheet date, no significant events have occurred that have not been incorporated and sufficiently disclosed in this Half-year Report.