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Latest Results

Interim Results
for the six months ended 4 March 2017


"A robust half year performance, medium term outlook remains positive"

Carr's (CARR.L), the Agriculture and Engineering Group, announces its results for the six months ended 4 March 2017.

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UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
For the 26 weeks ended 4 March 2017

    26 weeks ended
4 March
2017
26 weeks
ended
27 February
2016
53 weeks
ended
3 September
2016
  Notes £'000 £'000 £'000
Cash flows from operating activities        
Cash generated from continuing operations 16 6,057 166 6,257
Interest received   93 77 155
Interest paid   (480) (332) (673)
Tax paid   (447) (117) (1,098)
Net cash generated from/(used in) operating activities in continuing operations   5,223 (206) 4,641
Net cash generated from operating activities in discontinued operations   - 1,480 5,477
Net cash generated from operating activities   5,223 1,274 10,118
Cash flows from investing activities        
Acquisition of subsidiaries (net of overdraft/cash acquired) 15 (4,698) (265) (1,258)
Disposal of subsidiary, net of costs (including cash disposed)   - - 23,922
Dividend received from joint venture   627 - 113
Loans repaid by joint ventures   - 2,055 2,332
Loan repaid by associate   - - 500
Other loans   74 (70) (20)
Purchase of intangible assets   (67) (37) (62)
Proceeds from sale of property, plant and equipment   176 178 349
Purchase of property, plant and equipment   (1,347) (3,081) (5,788)
Purchase of own shares held in trust   (4) - (12)
Redemption of preference shares in joint venture   - - 150
Net cash (used in)/generated from investing activities in continuing operations   (5,239) (1,220) 20,226
Net cash used in investing activities in discontinued operations   - (267) (449)
Net cash (used in)/generated from investing activities   (5,239) (1,487) 19,777
Cash flows from financing activities        
Proceeds from issue of ordinary share capital   23 44 532
Net proceeds from issue of new bank loans   - 143 153
Finance lease principal repayments   (394) (465) (925)
Repayment of loan from related party   - - (500)
Repayment of borrowings   (5,895) (544) (1,614)
Increase/(decrease) in other borrowings   743 (4,438) (192)
Dividends paid to shareholders   (18,599) (2,492) (3,347)
Net cash used in financing activities in continuing operations   (24,122) (7,752) (5,893)
Net cash used in financing activities in discontinued operations   - (695) (1,408)
Net cash used in financing activities   (24,122) (8,447) (7,301)
Effects of exchange rate changes   (37) 720 918
Net (decrease)/increase in cash and cash equivalents   (24,175) (7,940) 23,512
Cash and cash equivalents at beginning of the period   39,787 16,275 16,275
Cash and cash equivalents at end of the period   15,612 8,335 39,787
         
Cash and cash equivalents consist of:        
Cash and cash equivalents per the balance sheet   21,176 13,2721 48,411
Bank overdrafts included in borrowings   (5,564) (4,937)1 (8,624)
    15,612 8,335 39,787

1 restated by £4,553,000 for the grossing up of cash and cash equivalents and bank overdrafts for accounts with right of offset within the same banking facility (see note 3)

 

Statement of Directors' responsibilities

The Directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

  • an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
  • material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report.

The Directors are listed in the Annual Report and Accounts 2016. A list of current Directors is maintained on the website: www.carrsgroup.com

On behalf of the Board

 

Tim Davies
Chief Executive
12 April 2017
Neil Austin
Group Finance Director
12 April 2017

 



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