ONE51 PLC 2014 FINAL RESULTS

Transcription

1 ONE51 PLC 2014 FINAL RESULTS Strong growth in revenue and profits, strategic opportunities being pursued Dublin 14 April 2015 One51 plc, a leading environmental services and plastics operator today announces full year results for the period ended 31 December Commenting on the results, Alan Walsh, Group Chief Executive said: 2014 was a year of significant progress and growth for One51. The financial results for 2014 were ahead of our expectations and our leverage ratios are now at their lowest levels in the Group s history. Throughout 2014 we have continued to build on the positive momentum of recent years. Our strategic goals remain clear; to grow OnePlastics and ClearCircle through both organic investment and acquisition where appropriate and to continue to manage our investment portfolio to realise further value. I am confident that we have both the management and financial resources in place to execute our strategy in the years ahead Highlights 1 : m Change % Revenue EBITDA Profit after tax Adjusted Basic EPS c 4.30c 34.9 Net Debt 4 (7.4) (40.3) (81.6) Total Equity Strong trading performance driven by OnePlastics 22.6m in new equity raised from existing shareholders and new investors Refinancing completed in January new 75m bank facility put in place for 4 years September 2014 HSBC joined syndicate with 25m commitment Straight plc acquired and currently being integrated with MGB to create the UK s leading environmental waste and recycling container business Augean stake sold Irish Pride Bakeries sold to WHW Bakeries Thomas Street HQ sold with leaseback in place Greenore Port JV divested to Burke Shipping Group Limited Capital re organisation and reduction completed during the first quarter 2014 Further expansion opportunities within plastics and hazardous waste have been identified Post year-end Bank facility term extended through January 2019 on improved terms On 6 April 2015, NTR plc announced the sale of its Post Rock and Lost Creek wind projects 1 Please refer to financial results at the end of this announcement, which have been prepared in accordance with International Financial Reporting Standards for the first time. 2 EBITDA excludes exceptional and non recurring items. 3 Adjusted Basic Earnings per Share is as per the Basic Earnings per Share included in the Group Income Statement, adjusted to exclude exceptional and non recurring items, and their tax effects. 4 Excluding Convertible Loan Notes.

2 Refinancing and Capital Raise One51 has reduced its debt levels significantly over recent years. At 31 December 2014 our Net Debt was again substantially reduced to 7.4 million (2013: 40.3 million). In January 2014, One51 refinanced all of its remaining borrowings under a new four year facility through January 2018 with its banking syndicate. Our banking syndicate was expanded in September 2014 by the addition of HSBC Bank plc resulting in the total committed bank facilities available to the Group increasing to over 90 million. Post year end, following engagement with our bank syndicate we have extended the facility term to January 2019 on improved terms and have further increased, by c. 24 million, the amount of uncommitted facilities available to the Group. In September 2014, One51 raised new equity capital of 22.6 million. This amount was raised with the support of our existing shareholders and with some new institutional investors participating. The bank refinancing, syndicate growth and capital raise provide us with the resources to execute our strategic plan in the years ahead. Convertible Loan Note Redemption In November 2014, the Group offered Convertible Loan Note ( CLN ) holders an option to have their CLNs bought back at a 50% discount and to subsequently subscribe the discounted amount to new ordinary shares at a price of 90 cents. The offer was accepted by c. 74% of CLN holders. As a result, 5.3 million new ordinary shares in One51 have been issued and this will result in a full year interest cost saving of approximately 0.4 million. Board Changes and Renewal Mr. Paul Carroll retired from the board on 16 July Mr. Guy Hallifax retired from the board on 19 August Mr. Hugh McCutcheon was co opted to the board as an independent non executive Director effective 19 January Outlook The Group finished 2014 on a solid footing and that momentum has carried into 2015 to date. OnePlastics outperformed against expectations while within ClearCircle, our Hazardous Waste Management business delivered a solid performance. ClearCircle s Metal recycling business has acquitted itself well despite an increasingly challenging commodity pricing environment. Notwithstanding these challenges, we are confident in the ability of our underlying businesses to grow profitably from their current positions and deliver further earnings growth in 2015 and to increase in value over the medium term. One51 has in place the management team, financial resources and strategic focus to grow our operating divisions both organically and through acquisition and to realise further value from our investment portfolio. About One51 One51 comprises two operating businesses focused on environmental services and plastics. The Group also continues to manage a significant investment portfolio with interests in renewable energy. One51 is headquartered in Dublin, Ireland and has operations in Ireland, the UK and China. Investor Enquires Alan Walsh, Chief Executive Officer, Robert Burns, Group Head of Corporate Development,

3 Group Income Statement For the year ended 31 December Exceptional items Total 2013 Exceptional items Total Continuing operations Revenue 276, , , ,873 Cost of sales (218,473) - (218,473) (201,497) - (201,497) Gross profit 58,034-58,034 49,376-49,376 Operating expenses, net (including non-recurring costs) (44,004) 7,448 (36,556) (40,070) 1,393 (38,677) Operating profit 14,030 7,448 21,478 9,306 1,393 10,699 Finance costs (3,901) - (3,901) (7,641) - (7,641) Share of profit joint venture, net of tax Profit before taxation 10,497 7,448 17,945 1,817 1,393 3,210 Income tax (expense)/credit (2,201) (705) (2,906) 1,641-1,641 Profit from continuing operations 8,296 6,743 15,039 3,458 1,393 4,851 Discontinued operation Profit /(loss) from discontinued operations, net of tax 95 (2,473) (2,378) 366 (2,370) (2,004) Profit for year: all attributable to equity holders of the parent 8,391 4,270 12,661 3,824 (977) 2,847 Earnings per share Basic earnings per share (cents) Diluted earnings per share (cents) Earnings per share continuing operations Basic earnings per share (cents) Diluted earnings per share (cents)

4 Consolidated Statement of Financial Position As at 31 December December December January 2013 Assets Property, plant and equipment 65,440 59,735 60,398 Goodwill and intangible assets 49,371 33,683 34,289 Investment in joint venture - 1,294 1,142 Investment property 1,460 3,267 3,280 Available-for-sale financial assets 51,729 43,867 70,298 Deferred tax assets 1, Non-current assets 169, , ,670 Inventories 15,357 17,959 15,750 Trade and other receivables 39,315 35,184 37,625 Cash and cash equivalents 59,629 28,410 23,591 Assets held for sale 1,116 13,601 23,466 Current assets 115,417 95, ,432 Total assets 284, , ,102 Equity Share capital 1, , ,677 Share premium 88, , ,314 Reserves 26,000 5,282 1,261 Retained earnings 43,335 (290,581) (293,529) Total equity 159, ,692 95,723 Liabilities Loans and borrowings 62, Trade and other payables 1,743 6,644 6,683 Deferred consideration Government grants Provisions ,230 Deferred tax liabilities 2,027 1,125 1,752 Retirement benefit liability - 1,394 1,930 Non-current liabilities 67,630 9,348 11,716 Loans and borrowings 3,060 70, ,509 Trade and other payables 50,522 45,319 38,503 Deferred consideration Provisions Current income tax payable 2,720 1,754 2,648 Liabilities held for sale 881 8,098 9,003 Current liabilities 57, , ,663 Total liabilities 125, , ,379 Total equity and liabilities 284, , ,102

5 Consolidated Statement of Cash Flows For the year ended 31 December Net cash flows from operating activities before working capital movements 20,513 19,057 Movements in working capital 4,231 5,358 Net cash flows from operating activities 24,744 24,415 Cash flows from investing activities Proceeds from sale of property, plant and equipment & 5,565 7,782 intangible assets Proceeds from sale of listed investment 8,805 7,458 Disposal of subsidiary undertaking, net of cash disposed 5,710 1,835 Disposal of joint venture 2,343 - Acquisition of property, plant and equipment (10,342) (11,133) Acquisition of intangible assets (294) - Acquisition of subsidiaries (13,361) - Return on financial asset investment share redemption - 23,634 Net cash used in investing activities (1,574) 29,576 Cash flows from financing activities Finance costs paid (7,152) (5,689) Repurchase of treasury shares - (18) Net proceeds from equity issued 21,896 - Drawdown/(repayment) of borrowings 6,559 (41,462) Payment of finance lease liabilities (177) (113) Net cash from/(used in) financing activities 21,126 (47,282) Net increase in cash and cash equivalents 44,296 6,709 Cash acquired on purchase of subsidiary Cash and cash equivalents at 1 January 15,927 8,758 Effect of movements in exchange rates on cash held (800) 460 Cash and cash equivalents at 31 December 59,629 15,927