TIDMVLX
RNS Number : 9277O
Volex PLC
11 November 2016
11 November 2016
VOLEX plc
Half year results for the 26 weeks ended 2 October 2016
'Strong cash flow generation returns the group to a net cash
position'
Volex plc ('Volex'), the global provider of cable assemblies,
today announces its interim results for the 26 weeks to 2 October
2016 ('H1 FY2017').
26 weeks to 26 weeks to
2 October 4 October %
Financial Summary 2016 2015 Change
------------------------------------- ------------ ----------------- -------------
Revenue $166.1m $189.4m (12.3%)
Underlying* operating profit /
(loss) $4.3m $4.2m 2.3%
Statutory operating profit / (loss) ($4.6m) $3.9m Nm
Underlying* profit / (loss) before
tax $3.3m $3.3m -
Statutory profit / (loss) before
tax ($5.6m) $3.0m Nm
Basic earnings / (loss) per share (7.5c) 1.1c Nm
Underlying diluted earnings /
(loss) per share 2.5c 1.5c 66.7%
Cash generated by / (used by)
operations $11.3m $2.5m 360.2%
Net cash / (debt) $5.2m ($5.4m) Nm
* Before non-recurring items and share-based payments
Financial highlights
-- $11.3 million of cash generated by operations through tight
working capital management returns the Group to net cash at period
end.
-- Underlying operating profit is up 2.3% on H1 FY2016 despite a 12.3% reduction in sales.
-- The revenue decline from our largest customer (21.7% decline)
has been managed by a reduction in our Power manufacturing
footprint. This has resulted in a non-cash impairment charge of
$6.2 million.
-- Underlying operating expenses for the half year have reduced
by $3.6 million or 13.5% as the benefits from removing the
divisional management structure in the prior year and further cost
reduction measures taken in the first half of 2016 are
observed.
-- A $4.6 million statutory operating loss after tax was
recorded (after the $6.2 million impairment charge and $1.1 million
of non-recurring costs associated with the down-sizing of the
Brazilian operation).
-- US facility successfully exited and 50% size reduction in our Singapore head office.
-- Underlying diluted EPS up 60% to 2.5c following a reduction in the global tax charge.
-- Basic loss per share of 7.5c recorded reflecting the
impairment charge taken in the half year.
Nat Rothschild, Executive Chairman, said:
"I am pleased to report that underlying profitability has been
maintained at prior year levels reflecting the actions that we have
taken to address the continuing decline in revenues from several of
our larger customers.
There has been strong progress at the factory level with
improvements in operational efficiency and reductions in
inventories and factory operating expenses. Through the difficult
actions we have taken in the first half of the year, which have
included the downsizing of one of our Chinese facilities and the
closure of our Brazil facility, factory profitability should
improve in the second half of the year as we run at higher capacity
with lower overheads.
Furthermore, work at our previously announced joint venture
agreement with a Taiwanese manufacturer continues with the aim of
producing competitively priced Volex-branded AC raw cables. We hope
to benefit from this arrangement in the next financial year.
We have an encouraging set of projects in the sales pipeline,
however, we anticipate that the benefits arising from these will
not be realised for at least another twelve months (the lead time
to bring on new accounts). In the meantime, we expect our markets
to remain fiercely competitive and we will continue the practice of
ensuring our factory footprint and costs are aligned with revenue
performance".
For further information please contact:
Volex plc
Nathaniel Rothschild, Group Executive Chairman +65 6788 7833
Daren Morris, Group Chief Financial Officer +44 208 017 3240
RESULTS FOR THE 26 WEEKSED 2 OCTOBER 2016
Introduction
The Board is pleased to report its results for the half year to
2 October 2016 which has seen the Group maintain its underlying
profitability despite a 12 % reduction in sales. The significant
cost reduction measures taken late last year (which included the
removal of the divisional management teams), the ongoing rigorous
cost control and favourable foreign exchange rate movements have
all helped to offset the lost profit contribution from lower
sales.
Of the $23.3 million Group revenue reduction to $166.1 million,
a significant proportion (circa 42%) can be attributed to our
largest customer. Our reliance on this customer has lessened
somewhat in H1 FY2017 with their contribution to group revenue
reducing from 26% in FY2016 to 21% in the current half year. This
revenue concentration has long been identified as a risk to Volex,
however, we would expect the risk to reduce in the future as the
account is expected to decline further over the next few years. The
continuing contraction of the PC market and product miniaturisation
(leading to more power devices which can be charged with a USB cord
and a power adapter rather than a conventional powercord) will
further reduce demand and hence the need to diversify our customer
base through on-boarding new customers and growing other
accounts.
This revision of our sales strategy from that of focusing on our
large existing customers to targeting new accounts has resulted in
personnel changes within our sales function. With the on-boarding
of new customers typically taking between 12 and 18 months, the
full impact of the new strategy is not expected until next year.
However, the Group has reason to be encouraged about multiple new
opportunities within its sales pipeline.
In the first half of the year, the Group has reacted to the
revenue reduction by further reducing its cost base. The
significant actions taken last year (which included not only the
removal of the divisional management teams but also the down-sizing
of the Board, consolidation of executive management roles, removal
of both direct and indirect labour heads at our factories and a
significant down-sizing of our Brazilian facility) enabled the
Group to report a modest increase to underlying operating profit
for H1 FY2017, however, due to the continued contraction the
following actions have also been taken:
-- Significant (33%) reduction in size to our largest factory
site in China servicing the Power division's largest customer;
-- Closure of our Brazil factory until such time as the Brazilian economy recovers;
-- Closure of a number of our regional sales offices with sales
responsibilities transferred either to other sales offices or to
the factories themselves;
-- Commenced a review of our stock-holding hub network in Asia
with a view to consolidating hub locations. In the first half, 3
hubs have been closed with further opportunities identified in the
second; and
-- Closure of a US facility and a 50% reduction in the size of our Singapore headquarters.
The impact of all of the above has been to reduce underlying
fixed costs by $3.5 million in the half year.
Furthermore the manufacturing optimisation reviews taking place
in each of the factories has helped improve the underlying gross
margin despite the deleveraging effect of lower volumes passing
through certain factories. As presented within the FY2016 year-end
accounts, our Mexico facility had been chosen as the pilot site in
which all aspects of the production process are being reviewed and
improved. During H1 FY2017 this project has continued as well as
being extended to all of our other facilities. The tangible benefit
of this factory focus can be seen in the slight margin improvement
from 16.7% in H1 FY2016 to 16.9% in H1 FY2017 despite the 12.3%
reduction in sales.
The reduction in Power revenue and subsequent downsizing of
Power's largest Chinese facility resulted in a fixed asset
impairment charge of $6.2 million during H1 FY2017. A further
charge of $1.1 million was incurred in relation to the closure of
the Brazil factory. Combined with other one-off costs, a total
non-recurring charge of $8.7 million was recorded in the half year.
As a result a statutory operating loss of $4.6 million is reported
for the half year versus a statutory operating profit of $3.9
million in the same period last year.
Further detailed analysis of the trading divisions is given on
the subsequent pages.
Trading performance
Power Cords Division
$'000 26 weeks 26 weeks 52 weeks
ended 4 ended 2 ended 3 April
October October 2016
2015 2016
Top 3 customers* 54,098 42,924 111,563
Other customers 63,335 57,479 118,642
---------- ---------- ----------------
Revenue 117,433 100,403 230,205
---------- ---------- ----------------
Underlying gross
profit 15,220 14,234 29,750
Underlying gross
margin 13.0% 14.2% 12.9%
Operating costs (13,862) (12,765) (27,457)
---------- ---------- ----------------
Underlying operating
profit 1,358 1,469 2,293
========== ========== ================
Underlying operating
margin 1.2% 1.5% 1.0%
---------------------- ---------- ---------- ----------------
*According to H1 FY2016 revenue distribution
Volex designs and manufactures power cords, duck heads and
related products that are sold to the manufacturers of a broad
range of electrical and electronic devices and appliances. Volex
products are used in laptops, PCs, tablets, printers, TVs, games
consoles, power tools, kitchen appliances and vacuum cleaners.
The Power division revenue for H1 FY2017 was $100.4 million,
down 14.5% on the prior period. This downturn was observed across
nearly the entire customer base and reflected further softening in
Volex's core end markets as well as the impact of competing
technologies and intense competition.
The global PC market continues to shrink with global shipments
in the period April to September 2016 down 5% on the corresponding
period in the prior year. This decline has been attributed to
further market cannibalisation by the smartphone and a strong USD.
Similarly the global PC hardware peripherals market has contracted
with a 7% reduction in shipments (for the period January to June
2016). Our largest customer has seen its tablet sales volume reduce
by 5% year on year and its laptop sales reduce by 13%.
In addition to the contraction of the PC and PC peripherals end
markets, a significant revenue decline was also observed from
customers manufacturing household cleaning appliances. As battery
technology has improved, the need for retractable power cables is
declining with vacuum manufacturers instead favouring a charging
station for their unit. Whilst this charging station still requires
a power cable, its greater simplicity and shorter length means that
the value of the cable is significantly reduced.
Falling PC sales and the move to cordless household products are
just two factors that have led to a reduction in the size of
Volex's end markets. Consequently competition has continued to
intensify. For Volex to be successful, it must compete aggressively
on price with every dollar saved from the production and
procurement processes helping protect already thin margins. Volex
has the capability to compete - during the first half the sales
team has successfully grown business with a well-known branded
coffee capsule machine manufacturer such that it now represents a
significant revenue stream.
However, for significant improvements in divisional
profitability, the Power division needs to improve utilisation in
its factories. Volex is therefore seeking new end markets in which
Volex's expert knowledge in the manufacture of high power
distribution cables and its reputation for quality and safety are
best recognised. In this regard, the first shipment of vehicle
charging cables to a key manufacturer of electric cars, due in the
second half of the year, represents an exciting development for
Volex. With forecasts predicting electric vehicles could make up to
35% of global new car sales by 2040, and with each of these
requiring a sizeable power cable, the opportunity for Volex is
significant.
The underlying Power gross profit has reduced to $14.2 million
from $15.2 million in H1 FY2016, representing a gross margin of
14.2% (H1 FY2016: 13.0%). The principal reason for the improvement
in gross margin is a more favourable product mix. Actions taken to
reduce costs include:
-- Transferring a proportion of PVC production from the largest
facility in China, Shenzhen, to Zhongshan (another Power factory in
China) and Batam (Power factory in Indonesia). This allowed Volex
to downsize Shenzhen and focus a larger proportion of its
production on its largest customer. Zhongshan and Batam enjoy lower
labour costs and should further benefit from economies of scale as
greater PVC cable volumes pass through these factories;
-- Continuing the alternate procurement sourcing programme in
which a new cable supplier was integrated into the supply chain,
reducing certain cable costs by 3%;
-- Extending the manufacturing optimization reviews to each of
the Power factories. By analysing the production processes, both
direct and indirect headcounts have been reduced; and
-- Closure of a number of our sales offices and warehousing hubs.
In addition to the above, Volex announced in H1 FY2017 it was to
enter into a joint venture agreement with a Taiwan-based
manufacturer, Joinsoon Electronics Mfg. Co. Ltd to engage in the
development, manufacture and marketing of Volex-branded AC raw
cables. The impact of the joint venture on the Volex cost structure
is not expected until FY2018 with work on the safety certification
set to commence in November 2016 following the on schedule receipt
in the first half year of all required business licences.
Operating costs have reduced by $1.1 million to $12.8 million
following the actions taken in FY2016 to remove the Power
divisional management team.
Given the decline in Power revenues and the downsizing of the
Shenzhen facility, the fixed asset base of Shenzhen was reviewed
for potential impairment during the half year. Writing off now
redundant machinery acquired over the past ten years and aligning
the remaining book value with the forecast profitability from the
Shenzhen Power business has resulted in a non-cash impairment
charge of $6.2 million in the period. This has been reported as a
non-recurring item.
Cable Assemblies Division
$'000 26 weeks 26 weeks 52 weeks
ended 4 ended 2 ended 3 April
October October 2016
2015 2016
Top 3 customers* 42,106 37,618 79,934
Other customers 29,890 28,076 57,395
---------- ---------- ----------------
Revenue 71,996 65,694 137,329
---------- ---------- ----------------
Underlying gross
profit 16,393 13,788 30,617
Underlying gross
margin 22.8% 21.0% 22.3%
Operating costs (10,924) (8,976) (20,775)
---------- ---------- ----------------
Underlying operating
profit 5,469 4,812 9,842
========== ========== ================
Underlying operating
margin 7.6% 7.3% 7.2%
---------------------- ---------- ---------- ----------------
*According to H1 FY2016 revenue distribution
Volex designs and manufactures a broad range of cables and
connectors (ranging from high speed copper and fiber-optic cables
to complex customised optical cable assemblies) that transfer
electronic, radio-frequency and optical data. Volex products are
used in a variety of applications including data networking
equipment, data centres, wireless base stations and cell site
installations, mobile computing devices, medical equipment, factory
automation, vehicle telematics, agricultural equipment and
alternative energy generation.
Revenue for H1 FY2017 was $65.7 million, down 8.8% on the prior
period but in line with H2 FY2016. Revenue from the largest Data
customer, operating in the Healthcare sector, was actually up 13.8%
due to their strategy to consolidate a fragmented supply chain,
with Volex benefiting from this effect. However, this growth was
off-set by a fall in sales to a leading legacy mobile
telecommunications customer which continues to see its market share
decline and a fall in sales to our largest transportation customer
which is suffering from a cyclical drop in truck sales (US truck
sales for the period April to August 2016 are down 15% on the prior
year).
The revenue from the remaining customers fell by 6.1% to $28.1
million reflecting an over reliance on legacy business which Volex
has been slow to address, such as internal cables used in PC's
(significantly down) and household appliances (increased
competition). Revenue growth was observed in our Data Centre,
Industrial and Medical Robotic end markets both of which place a
premium on reliability and signal integrity. Future sales projects
currently within the pipeline are encouraging and include awarded
business such as wiring harnesses for a commercial food service
equipment manufacturer and data cables for an acoustic headset
producer.
The underlying gross profit has reduced to $13.8 million from
$16.4 million, representing a gross margin of 21.0% (H1 FY2016:
22.8%). This fall in margin reflects lost sales of complex cable
harnesses on which a higher premium can be charged plus the
deleveraging effect of passing fewer cables through the factories
to absorb the fixed overheads.
Operating costs have reduced by $1.9 million to $9.0 million.
This saving is primarily in headcount with activities taken in the
second half of FY 2016 to remove the divisional management team
reducing the cost base.
As a result of the above, underlying divisional operating profit
for the period fell from $5.5 million in H1 FY2016 to $4.8 million
in H1 FY2017.
Despite the restructuring efforts made to our Brazilian
operation in FY2016, it continued to generate losses in the first
half of FY2017. With little improvement forecast in either the
Brazilian economy or the factory outlook, the tough decision was
taken to suspend local operations. A non-recurring charge of $1.1
million has been recognised in respect of the closure of the
factory.
Non-recurring items and share-based payments
Non-recurring items of $8.7 million have been incurred in the
current period of which $6.2 million relates to the non-cash
impairment of Power assets following the downturn in sales from our
largest customer and downsizing of facilities (see Power discussion
above) and $1.1 million relates to the closure of our Brazil
operations (see Data discussion above). A further $0.6 million was
incurred in relation to severance payments arising from the
downsizing of functions and facilities across the Group.
Following his appointment in November 2015, the Executive
Chairman sought to address the production issues facing our
factories across the globe in order to make them more cost
competitive. To support the management function, an external
manufacturing consultancy was employed, to advise on manufacturing
best practice and implementation. These consultants will complete
their work in December 2016 and the cost has therefore been
classified as non-recurring.
During H1 FY2017, the Group finalised the sub-let of its US
facility incurring a cost of $0.3 million. The sub-lease mirrors
the head lease terms through to lease expiry with the exception of
a quarter's rent free period included within the provision
made.
The prior year $1.1 million restructuring charge included $0.3
million for the departure of Christoph Eisenhardt (the former Chief
Executive Officer), $0.4 million for the restructuring of the Power
management team and $0.3 million for the right-sizing of our
Brazilian operation.
The total cost of the former CEO's divisionalisation strategy,
as well as the compensation of his management team, coupled with
severances payments between FY2014 and FY2016 is estimated at $12.5
million.
In the prior year, off-setting the non-recurring charge was a
$0.9 million credit for share-based payments arising from lapsed
share options following the departure of certain employees. The
current year charge of $0.1 million does not benefit from any
similar lapses.
Tax
The Group incurred a tax charge of $1.1 million (H1 FY2016: $2.0
million). The underlying tax charge was $1.1 million (H1 FY2016:
$2.0 million), representing an underlying effective tax rate of 32%
(H1 FY2016: 60%), consistent with our expectation of the underlying
ETR for the full year.
The reduction in the ETR reflects the work the Group has done to
update its taxation of related party transactions and the tax
effects of structural changes made within the Group over the past
six months.
Half year position and cash flows
Balance sheet and refinancing
Net assets as at H1 FY2017 are $45.2 million, down $6.1 million
from the prior year end. This is primarily due to the $6.2 million
impairment booked against the fixed assets of the Power business
(see Power discussion above).
The $1.8 million increase to the UK defined benefit pension
provision (arising from the reduction in UK government gilts) is
off-set by the $2.2 million translation gain arising from
converting the UK held liabilities into USD for presentation
purposes post Brexit.
A $2.5 million reduction in provisions is observed, primarily
due to the utilisation of the UK property provision held at prior
year end. During H1 FY2017, a $2.5 million exit payment was made to
release Volex from all of its obligations under the old UK head
office lease. This lease ran to March 2020 with future payments
totalling $4.8 million.
The Group was in a net cash position of $5.2 million at H1
FY2017, an improvement of $8.4 million versus prior year end. As
reported in the year end accounts, in June 2016 the Group obtained
a one year extension on its senior credit facility which now runs
to June 2018. $0.6 million of costs were incurred in arranging this
extension, all of which have been capitalised and are being
amortised over the period to June 2018.
Cash flows
The underlying business generated $13.3 million from its
operating activities (H1 FY2016: $0.6 million), with the
improvement on prior year primarily as a result of better stock
control. In addition, a further $4.2 million (H1 FY2016: $1.9
million) of non-recurring operational cash spend was incurred,
including the $2.5 million UK onerous lease exit payment noted
above.
$1.0 million of capital expenditure was incurred on tooling and
machinery throughout the Group, down $3.5 million on the prior
period, reflecting the heavy investment in the prior year on new
product roll-outs.
Outlook
Volex's core markets are expected to remain highly competitive
in the near term with second half revenues forecast to be
marginally below that achieved in the first half.
Our focus for the coming year will continue to be on
profitability and cash generation to further cement the foundation
for the future. The strong progress achieved in the first half of
the year to generate a greater return from our asset base through
improved operational efficiencies and supply chain management will
continue.
We will continue to prioritise growth in strategic sectors, such
as Medical Robotics, over commodity volume business. Within the
Industrial market we are identifying and focusing on attractive
segments, such as the electric charger market, an area with high
potential, which plays to our strengths.
As we build on the progress made in the first half, we are in a
better position to win new business. However, the cost base and
factory footprint of the Group will be closely monitored to ensure
they remain aligned with revenue performance.
Risks and uncertainties
Risks to Volex are anticipated and regularly assessed and
internal controls are enhanced where necessary to ensure that such
risks are appropriately mitigated. The principal risks and
uncertainties facing the Group in the second half of the year
remain those detailed in the FY2016 Annual Report and Accounts on
pages 17 to 18, a copy of which is available on the website at
www.volex.com.
The principal risks and uncertainties are summarised as:
-- Competition and pricing pressure;
-- Sales Channel Effectiveness;
-- Customer concentration;
-- Supplier dependency;
-- Quality and product failure;
-- Key personnel retention;
-- Breach of financial covenants and liquidity;
-- Copper price volatility; and
-- Compliance with legislation and regulations.
Two further risks identified by the Board in the half year
period are the impact of disruptive technologies such as improving
batteries, wireless technology and USB-C and the exposure to
foreign currencies. To help mitigate the first risk, Volex has
split its engineering function into a traditional in-house function
which helps identify new opportunities and threats and determines
how Volex best responds to them and a "field application
engineering" function which embeds itself into key customers and
keeps Volex abreast of customer specific issues. Further the sales
function is incentivised to identify new opportunities that are
aligned with Volex's key strengths in high power distribution
cables and rapid data transmission with reliable signal integrity.
In order to mitigate the second risk, the Volex central finance
function closely monitors the exposure to key currencies such as
the Chinese Renminbi and Mexican Peso and hedges these currencies
where appropriate.
Responsibility statement
We confirm that to the best of our knowledge:
-- the condensed set of financial statements has been prepared
in accordance with IAS34 'Interim Financial Reporting' as adopted
by the EU.
-- the interim management report includes a fair review of the
information required by DTR 4.2.7R:
o an indication of important events that have occurred during
the first six months of the financial year, and their impact on the
condensed set of financial statements, and
o a description of the principal risks and uncertainties for the
remaining six months of the year.
-- the interim management report includes a fair review of the
information required by DTR 4.2.8R:
o related parties transactions that have taken place in the
first six months of the current financial year and that have
materially affected the financial position or performance of the
Group in that period, and
o any changes in the related parties transactions described in
the Annual Report 2016 that could have a material effect on the
financial position or performance of the Group in the current
period.
Nathaniel Rothschild Daren Morris
Executive Chairman Group Chief Financial Officer
11 November 2016 11 November 2016
Unaudited consolidated income statement
For the 26 weeks ended 2 October 2016 (26 weeks ended 4 October
2015)
26 weeks ended 2 26 weeks ended 4
October 2016 October 2015
Non- Before Non-
Before recurring non-recurring recurring
non-recurring items items items
items and and and
and share-based share-based share-based share-based
payments payments Total payments payments Total
Notes $'000 $'000 $'000 $'000 $'000 $'000
------------------------- ----- ---------------- ------------ --------- -------------- ------------ ---------
Revenue 2 166,097 - 166,097 189,429 - 189,429
Cost of sales (138,075) (6,966) (145,041) (157,816) - (157,816)
------------------------- ----- ---------------- ------------ --------- -------------- ------------ ---------
Gross profit 28,022 (6,966) 21,056 31,613 - 31,613
Operating expenses (23,714) (1,945) (25,659) (27,402) (329) (27,731)
------------------------- ----- ---------------- ------------ --------- -------------- ------------ ---------
Operating profit/(loss) 2 4,308 (8,911) (4,603) 4,211 (329) 3,882
Finance income 11 - 11 9 - 9
Finance costs (1,014) - (1,014) (927) - (927)
------------------------- ----- ---------------- ------------ --------- -------------- ------------ ---------
Profit/(loss) on
ordinary activities
before taxation 3,305 (8,911) (5,606) 3,293 (329) 2,964
Taxation 4 (1,072) - (1,072) (1,970) - (1,970)
------------------------- ----- ---------------- ------------ --------- -------------- ------------ ---------
Profit/(loss) for
the period attributable
to the owners of
the parent 2,233 (8,911) (6,678) 1,323 (329) 994
------------------------- ----- ---------------- ------------ --------- -------------- ------------ ---------
Earnings/(loss)
per share (cents)
Basic 5 2.5 (7.5) 1.5 1.1
Diluted 5 2.5 (7.5) 1.5 1.1
------------------------- ----- ---------------- ------------ --------- -------------- ------------ ---------
52 weeks ended 3
April 2016
Non-
Before recurring
non-recurring items
items and
and share
share-based based
payments payments Total
Notes $'000 $'000 $'000
------------------------- ----- -------------- ---------- ---------
Revenue 2 367,534 - 367,534
Cost of sales (307,167) (1,848) (309,015)
------------------------- ----- -------------- ---------- ---------
Gross profit 60,367 (1,848) 58,519
Operating expenses (53,195) (1,885) (55,080)
------------------------- ----- -------------- ---------- ---------
Operating profit/(loss) 2 7,172 (3,733) 3,439
Finance income 18 - 18
Finance costs (1,915) - (1,915)
------------------------- ----- -------------- ---------- ---------
Profit/(loss) on
ordinary activities
before taxation 5,275 (3,733) 1,542
Taxation 4 (3,942) 88 (3,854)
------------------------- ----- -------------- ---------- ---------
Profit/(loss) for
the period attributable
to the owners of
the parent 1,333 (3,645) (2,312)
------------------------- ----- -------------- ---------- ---------
Earnings/(loss)
per share (cents)
Basic 5 1.5 (2.6)
Diluted 5 1.5 (2.6)
------------------------- ----- -------------- ---------- ---------
Unaudited consolidated statement of comprehensive income
For the 26 weeks ended 2 October 2016 (26 weeks ended 4 October
2015)
(Audited)
26 weeks 26 weeks 52 weeks
to to to
2 October 4 October 3 April
2016 2015 2016
$'000 $'000 $'000
-------------------------------------------------- ------------- ------------- ----------
Profit/(loss) for the period (6,678) 994 (2,312)
Items that will not be reclassified subsequently
to profit or loss:
Actuarial gain/(loss) on defined benefit
pension schemes (1,767) 126 (405)
Tax relating to items that will not be - - -
reclassified
-------------------------------------------------- ------------- ------------- ----------
(1,767) 126 (405)
Items that may be reclassified subsequently
to profit or loss:
Gain/(loss) on hedge of net investment
taken to equity (292) 106 (135)
Gain/(loss) arising on cash flow hedges
during the period 105 155 1,097
Exchange gain/(loss) on translation of
foreign operations 2,366 (2,007) (360)
Tax relating to items that may be reclassified - - -
-------------------------------------------------- ------------- ------------- ----------
2,179 (1,746) 602
Other comprehensive income/(loss) for
the period 412 (1,620) 197
Total comprehensive income/(loss) for
the period (6,266) (626) (2,115)
-------------------------------------------------- ------------- ------------- ----------
Unaudited consolidated statement of financial position
As at 2 October 2016 (4 October 2015)
(Audited)
2 October 4 October 3 April
Note 2016 2015 2016
$'000 $'000 $'000
---------------------------------- ------ ----------- ----------- ----------
Non-current assets
Goodwill 2,512 2,937 2,741
Other intangible assets 692 1,506 986
Property, plant and equipment 24,763 36,383 33,338
Other receivables 1,007 1,010 1,539
Deferred tax asset 821 1,005 823
---------------------------------- ------ ----------- ----------- ----------
29,795 42,841 39,427
---------------------------------- ------ ----------- ----------- ----------
Current assets
Inventories 39,989 51,631 41,505
Trade receivables 55,267 68,316 55,210
Other receivables 6,663 7,810 8,378
Current tax assets 619 275 367
Derivative financial instruments 106 - 144
Cash and bank balances 7 33,432 30,022 30,738
---------------------------------- ------ ----------- ----------- ----------
136,076 158,054 136,342
---------------------------------- ------ ----------- ----------- ----------
Total assets 165,871 200,895 175,769
---------------------------------- ------ ----------- ----------- ----------
Current liabilities
Borrowings 7 - 7,069 5,164
Trade payables 56,956 70,084 53,814
Other payables 21,516 25,178 20,784
Current tax liabilities 5,765 5,830 6,183
Retirement benefit obligation 748 789 763
Provisions 1,227 2,576 1,771
Derivative financial instruments - 1,059 76
---------------------------------- ------ ----------- ----------- ----------
86,212 112,585 88,555
---------------------------------- ------ ----------- ----------- ----------
Net current assets 49,864 45,469 47,787
---------------------------------- ------ ----------- ----------- ----------
Non-current liabilities
Borrowings 7 28,270 28,383 28,823
Other payables 419 481 393
Deferred tax liabilities 1,955 2,447 2,133
Retirement benefit obligation 3,772 2,526 2,567
Provisions - 1,455 1,946
34,416 35,292 35,862
---------------------------------- ------ ----------- ----------- ----------
Total liabilities 120,628 147,877 124,417
---------------------------------- ------ ----------- ----------- ----------
Net assets 45,243 53,018 51,352
---------------------------------- ------ ----------- ----------- ----------
Equity attributable to owners of
the parent
Share capital 39,755 39,755 39,755
Share premium account 7,122 7,122 7,122
Non-distributable reserve 2,455 2,455 2,455
Hedging and translation reserve (5,785) (10,312) (7,964)
Own shares (867) (867) (867)
Retained earnings 2,563 14,865 10,851
---------------------------------- ------ ----------- ----------- ----------
Total equity 45,243 53,018 51,352
---------------------------------- ------ ----------- ----------- ----------
Unaudited Consolidated Statement of Changes in Equity
For the 26 weeks ended 2 October 2016 (26 weeks ended 4 October
2015)
Share Non-distributable Hedging Retained
Share premium reserves and translation earnings/ Total
capital account reserve Own shares (losses) equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000
--------------------- --------- --------- ------------------ ----------------- ----------- ----------- --------
Balance at 5 April
2015 39,755 7,122 2,455 (8,566) (867) 14,609 54,508
Profit for the
period
attributable to the
owners of the
parent - - - - - 994 994
Other comprehensive
income/ (loss) for
the period - - - (1,746) - 126 (1,620)
--------------------- --------- --------- ------------------ ----------------- ----------- ----------- --------
Total comprehensive
income/ (loss) for
the period - - - (1,746) - 1,120 (626)
Reserve entry for
share option
charges/(credit) - - - - - (864) (864)
Balance at 4 October
2015 39,755 7,122 2,455 (10,312) (867) 14,865 53,018
--------------------- --------- --------- ------------------ ----------------- ----------- ----------- --------
Balance 3 April 2016 39,755 7,122 2,455 (7,964) (867) 10,851 51,352
Profit for the
period
attributable to the
owners of the
parent - - - - - (6,678) (6,678)
Other comprehensive
income/ (loss) for
the period - - - 2,179 - (1,767) 412
--------------------- --------- --------- ------------------ ----------------- ----------- ----------- --------
Total comprehensive
income/ (loss) for
the period - - - 2,179 - (8,445) (6,266)
Reserve entry for
share option
charges/(credit) - - - - - 157 157
Balance at 2 October
2016 39,755 7,122 2,455 (5,785) (867) 2,563 45,243
--------------------- --------- --------- ------------------ ----------------- ----------- ----------- --------
Unaudited consolidated statement of cash flows
For the 26 weeks ended 2 October 2016 (26 weeks ended 4 October
2015)
(Audited)
26 weeks 26 weeks 52 weeks
to to to
2 October 4 October 3 April
Notes 2016 2015 2016
$'000 $'000 $'000
-------------------------------------------- ------- ------------- ------------- ----------
Profit/(loss) for the period (6,678) 994 (2,312)
Adjustments for:
Finance income (11) (9) (18)
Finance costs 1,014 927 1,915
Income tax expense 1,072 1,970 3,854
Depreciation of property, plant and
equipment 2,830 3,094 6,162
Impairment of property, plant and
equipment 6,593 - 1,498
Amortisation of intangible assets 355 364 1,018
Loss on disposal of property, plant
and equipment 5 16 25
Share option charge/(credit) 170 (927) (1,009)
Effects of foreign exchange rate changes 279 (88) (1,203)
Increase/(decrease) in provisions (2,664) (1,166) 126
-------------------------------------------- ------- ------------- ------------- ----------
Operating cash flow before movements
in working capital 2,965 5,175 10,056
(Increase)/decrease in inventories 1,653 (8,422) 1,897
(Increase)/decrease in receivables 2,137 (1,581) 10,609
Increase/(decrease) in payables 4,566 7,288 (14,433)
Movement in working capital 8,356 (2,715) (1,927)
Cash generated by operations 11,321 2,460 8,129
------------- ------------- ----------
Cash generated by operations before
non-recurring items 15,510 4,338 12,597
Cash utilised by non-recurring items (4,189) (1,878) (4,468)
------------- ------------- ----------
Taxation paid (1,606) (2,842) (4,489)
Interest paid (607) (902) (1,842)
-------------------------------------------- ------- ------------- ------------- ----------
Net cash generated from/(used in)
operating activities 9,108 (1,284) 1,798
-------------------------------------------- ------- ------------- ------------- ----------
Cash flow from investing activities
Interest received 11 9 18
Proceeds on disposal property, plant
and equipment 99 2 22
Purchases of property, plant and equipment (1,031) (4,520) (5,961)
Purchases of intangible assets (76) (474) (626)
Net cash generated from/(used in)
investing activities (997) (4,983) (6,547)
-------------------------------------------- ------- ------------- ------------- ----------
Cash flow before financing activities 8,111 (6,267) (4,749)
------------- ------------- ----------
Cash generated/(used) before non-recurring
items 12,300 (4,389) (281)
Cash utilised in respect of non-recurring
items (4,189) (1,878) (4,468)
------------- ------------- ----------
Cash flow from financing activities
Repayment of borrowings - (3,500) (3,500)
Refinancing costs paid (552) - -
New bank loans raised - 6,872 6,872
Net cash generated from/(used in)
financing activities 7 (552) 3,372 3,372
-------------------------------------------- ------- ------------- ------------- ----------
Net increase/(decrease) in cash and
cash equivalents 7,559 (2,895) (1,377)
Cash and cash equivalents at beginning
of period 7 25,574 26,203 26,203
Effect of foreign exchange rate changes 299 (355) 748
-------------------------------------------- ------- ------------- ------------- ----------
Cash and cash equivalents at end of
period 7 33,432 22,953 25,574
-------------------------------------------- ------- ------------- ------------- ----------
Notes to the Interim Statements
1. Basis of preparation
These interim financial statements have been prepared in
accordance with IAS 34, 'Interim Financial Reporting' as adopted by
the European Union. The condensed consolidated interim financial
information should be read in conjunction with the annual financial
statements for the 52 weeks ended 3 April 2016, which have been
prepared in accordance with IFRSs as adopted by the European
Union.
This condensed consolidated interim financial information does
not comprise statutory accounts within the meaning of section 434
of the Companies Act 2006. The financial information presented for
the 26 weeks ended 2 October 2016 and the 26 weeks ended 4 October
2015 ('H1 FY2016') has not been reviewed by the auditors. The
financial information for the 52 weeks ended 3 April 2016 ('FY
2016') is extracted and abridged from the Group's full accounts for
that year. The statutory accounts for FY 2016 have been filed with
the Registrar of Companies for England and Wales and have been
reported on by the Group's auditors. The Report of the Auditors was
not qualified and did not contain a statement under Section 498 of
the Companies Act 2006.
The interim report was approved by the Board of Directors on 11
November 2016.
This interim report can be downloaded or viewed via the Group's
website at www.volex.com. Copies of the annual report for the
financial year ended 3 April 2016 are available at the Company's
registered office at 7/8 St. Martin's Place, London, WC2N 4HA, UK
and can also be downloaded or viewed via the Group's website.
The Group's forecast and projections, taking reasonable account
of possible changes in trading performance, show that the Group
should operate within the level of the committed senior credit
facility for the foreseeable future and should comply with
associated covenants over this period. The Group also has access to
and uses additional uncommitted facilities. Further, the Group has
a number of mitigating actions available to it, should actual
performance fall below the current financial forecasts. The
Directors have the financial controls and monitoring available to
them to put in place those mitigating actions in a timely fashion
if they see the need to do so. The Directors therefore believe that
the Group is well placed to manage its business within its
covenants. Accordingly, they continue to adopt the going concern
basis in preparing these condensed financial statements.
The same presentation and methods of computation are followed in
these condensed financial statements as applied in the Group's
latest annual financial statements. These condensed financial
statements have also been prepared using accounting policies
consistent with International Financial Reporting Standards as
adopted for use in the European Union ('IFRS') and which are
consistent with those disclosed in the annual report and accounts
for the year ended 3 April 2016. There are no standards, amendments
to standards or interpretations that are both mandatory for the
first time for the financial year ending 2 April 2017 and expected
to have a material impact on the Group's results.
2. Business and geographical segments
Business segments
The internal reporting provided to the Group's Board for the
purpose of resource allocation and assessment of Group performance
is based upon the nature of products which the Group supplies. In
addition to the operating divisions, a Central division exists to
capture all of the corporate costs incurred in supporting the
operations.
Division Description
----------------- -----------------------------------------------------------
Power Cords The sale and manufacture of electrical power products
to manufacturers of electrical / electronic devices
and appliances. These include laptop / desktop computers,
printers, televisions, power tools and floor cleaning
equipment.
----------------- -----------------------------------------------------------
Cable Assemblies The sale and manufacture of cables permitting the transfer
of electronic, radio-frequency and optical data. These
cables can range from simple USB cables to complex
high speed cable assemblies and are used in numerous
devices including medical equipment, data centres,
telecoms networks and the automotive industry.
----------------- -----------------------------------------------------------
Central Corporate costs that are not directly attributable
to the manufacture and sale of the Group's products
but which support the Group in its operations. Included
within this division are the costs incurred by the
executive management team and the corporate head office.
----------------- -----------------------------------------------------------
The Board believes that the segmentation of the Group based upon
product characteristics allows it to best understand the Group's
performance and profitability.
The following is an analysis of the Group's revenues and results
by reportable segment.
26 weeks to 2 October 26 weeks to 4 October
2016 2015
--------------------------------------- ------------------------ ------------------------
Revenue Profit/(loss) Revenue Profit/(loss)
$'000 $'000 $'000 $'000
--------------------------------------- -------- -------------- -------- --------------
Power Cords 100,403 1,469 117,433 1,358
Cable Assemblies 65,694 4,812 71,996 5,469
Unallocated central costs (excluding
share-based payments) (1,973) (2,616)
--------------------------------------- -------- -------------- -------- --------------
Divisional results before share-based
payments and non-recurring
items 166,097 4,308 189,429 4,211
Non-recurring items (8,741) (1,256)
Share-based payments (170) 927
--------------------------------------- -------- -------------- -------- --------------
Operating profit (4,603) 3,882
Finance income 11 9
Finance costs (1,014) (927)
--------------------------------------- -------- -------------- -------- --------------
Profit before tax (5,606) 2,964
Tax (1,072) (1,970)
--------------------------------------- -------- -------------- -------- --------------
Profit after tax (6,678) 944
--------------------------------------- -------- -------------- -------- --------------
(Audited)
52 weeks to 3 April
2016
--------------------------------------- ---------- ------------------------
Revenue Profit/(loss)
$'000 $'000
--------------------------------------- ---- ---- -------- --------------
Power Cords 230,205 2,293
Cable Assemblies 137,329 9,842
Unallocated central costs (excluding
share-based payments) (4,963)
--------------------------------------------------- -------- --------------
Divisional results before share-based
payments and non-recurring
items 367,534 7,172
Non-recurring items (4,742)
Share-based payments 1,009
--------------------------------------------------- -------- --------------
Operating profit 3,439
Finance income 18
Finance costs (1,915)
--------------------------------------------------- -------- --------------
Profit before tax 1,542
Tax (3,854)
--------------------------------------------------- -------- --------------
Profit after tax (2,312)
--------------------------------------------------- -------- --------------
The accounting policies of the reportable segments are in
accordance with the Group's accounting policies.
The non-recurring items charge within operating profit of
$8,741,000 (H1 FY2016: $1,256,000, FY2016: $4,742,000) was split
$6,485,000 (H1 FY2016: $422,000, FY2016: $1,802,000) to Power
Cords, $1,616,000 (H1 FY2016: $320,000, FY2016: $1,349,000) to
Cable Assemblies and $640,000 (H1 FY2016: $514,000, FY2016:
$1,591,000) to Central.
Other segmental information
External revenue Non-current assets
(excluding deferred tax assets)
---------------------------------------- ----------------------------------------
(Audited) (Audited)
26 weeks 26 weeks 52 weeks 26 weeks 26 weeks 52 weeks
to to to to to to
2 October 4 October 3 April 2 October 4 October 3 April
2016 2015 2016 2016 2015 2016
$'000 $'000 $'000 $'000 $'000 $'000
----------------- ------------- ------------- ---------- ------------- ------------- ----------
Geographical segments
Asia (excluding
India) 96,773 114,978 225,053 23,764 34,943 32,068
North America 39,503 42,444 80,802 1,202 1,372 1,532
Europe 25,878 25,769 50,305 3,136 3,885 3,614
India 2,360 3,702 6,878 857 713 897
South America 1,583 2,536 4,496 15 923 493
166,097 189,429 367,534 28,974 41,836 38,604
----------------- ------------- ------------- ---------- ------------- ------------- ----------
3. Non-recurring items and share-based payments
(Audited)
26 weeks to 26 weeks to 52 weeks
to
2 October 4 October 3 April
2016 2015 2016
$'000 $'000 $'000
---------------------------------------- ------------- ----------------------------- ----------
Impairment 6,166 - 1,498
Restructuring costs 1,636 1,155 2,693
Manufacturing optimisation consultancy 621 - -
Movement in onerous lease provision 318 101 1,151
Provision for historic sales tax
claims - - (600)
Total non-recurring items 8.741 1,256 4,742
Share-based payments (credit) / charge 170 (927) (1,009)
---------------------------------------- ------------- ----------------------------- ----------
Non-recurring items and share-based
payments 8,911 329 3,733
---------------------------------------- ------------- ----------------------------- ----------
Costs that are one-off in nature and significant, such as
restructuring costs or impairment charges, are deemed to be
non-recurring by virtue of their nature and size. They are included
under the statutory classification appropriate to their nature but
are separately disclosed on the face of the income statement to
assist in understanding the financial performance of the Group.
Following a further downturn in Power revenue resulting in
significant surplus capacity at our Power factories, a full review
of the Power cost base was performed. As a consequence, one of the
Power factory sites was downsized with one of the three available
buildings returned to the landlord. This resulted in impairment of
the associated building fit-out costs. Further the number of
production lines running in the remaining two buildings was reduced
resulting in impairment of the redundant plant, machinery and
tooling. This has resulted in a $6,166,000 impairment charge in the
half year which followed a $1,498,000 impairment charge in the
second half of FY2016.
Volex's operations in Brazil continued to struggle in the first
half of the year despite the actions taken in FY2016. As a result,
the decision was taken to suspend all manufacturing operations in
Brazil until such further time as the Brazilian economy shows signs
of recovery. $1,067,000 of restructuring cost has been expensed in
H1 FY2017 (H1 FY2016: $315,000, FY2016: $336,000) following this
decision covering fixed asset and inventory write downs plus
provisions for severance pay and future litigation. The underlying
trading loss, included within operating profit before non-recurring
items and share-based payments, incurred by the Brazilian
operations was $0.3m. Since operations had not fully ceased by 2
October 2016, the Brazil operations do not meet the requirements of
a discontinued operation under IFRS 5 'Non-current Assets Held for
Sale and Discontinued Operations'.
A further $569,000 (H1 FY2016: $840,000, FY2016: $2,357,000) of
restructuring cost has been incurred in right-sizing our
operations, primarily through severance pay at the Power factory
noted above. The prior year figures included $282,000 in relation
to the departure of the Chief Executive Officer and further costs
covering management changes in the Power division.
Following his appointment in November 2016, the Executive
Chairman sought to address the production issues facing our
factories across the globe in order to make them more cost
competitive. To support the management function, an external
manufacturing consultancy was employed on a fixed term contract of
9 months, to advise on manufacturing best practice and
implementation. This contract expires in December 2016 and has
therefore been classified as non-recurring.
The Group has incurred a non-recurring charge in the period of
$318,000 in relation to the sub-let of a property in North America.
The sub-lease is for the full head lease term and mirrors the head
lease clauses with the exception of an initial quarter rent free
period. In the prior year (H1 FY2016: $101,000, FY2016: $1,151,000)
the onerous lease charge was in relation to a UK property. This
property has been exited in H1 FY2017 with all exit payments in
line with the provision held.
The Group has a share based payment charge of $170,000 in H1
FY2017. The prior year share based credit (H1 FY2016: credit of
$927,000, FY2016: credit of $1,009,000) was due to the reversal of
the cumulative charge associated with lapsed options following the
departure of certain employees.
4. Tax charge
The Group tax charge for the period is based on the forecast tax
charge for the year as a whole and has been influenced by the
differing tax rates in the UK and the various overseas countries in
which the Group operates.
5. Earnings per ordinary share
The calculations of the earnings per share are based on the
following data:
26 weeks 26 weeks 52 weeks
to to to
2 October 4 October 3 April
2016 2015
$'000 $'000 2016
Earnings/(loss) $'000
-------------------------------------------- ------------ ------------ -----------
Earnings/(loss) for the purpose of basic
earnings per share (6,678) 994 (2,312)
Adjustments for:
Non-recurring items 8,741 1,256 4,742
Share based payments charge/(credit) 170 (927) (1,009)
Tax effect of above adjustments - - (88)
-------------------------------------------- ------------ ------------ -----------
Underlying earnings 2,233 1,323 1,333
-------------------------------------------- ------------ ------------ -----------
Weighted average number of ordinary shares No. shares No. shares No. shares
-------------------------------------------- ------------ ------------ -----------
Weighted average number of ordinary shares
for the purpose of basic earnings per
share 88,956,532 88,956,531 88,956,532
Effect of dilutive potential ordinary
shares - share options 38,862 48,995 27,370
-------------------------------------------- ------------ ------------ -----------
Weighted average number of ordinary shares
for the purpose of diluted earnings per
share 88,995,394 89,005,526 88,983,902
-------------------------------------------- ------------ ------------ -----------
Basic earnings/(loss) per share Cents Cents Cents
------------------------------------------------- ------ ------ ------
Basic earnings/(loss) per share from continuing
operations (7.5) 1.1 (2.6)
Adjustments for:
Non-recurring items 9.8 1.4 5.3
Share based payments charge/(credit) 0.2 (1.0) (1.1)
Tax effect of above adjustments - - (0.1)
------------------------------------------------- ------ ------ ------
Underlying basic earnings per share 2.5 1.5 1.5
------------------------------------------------- ------ ------ ------
Diluted earnings/(loss) per share
------------------------------------------------- ------ ------ ------
Diluted earnings/(loss) per share (7.5) 1.1 (2.6)
Adjustments for:
Non-recurring items 9.8 1.4 5.3
Share based payments charge/(credit) 0.2 (1.0) (1.1)
Tax effect of above adjustments - - (0.1)
------------------------------------------------- ------ ------ ------
Underlying diluted earnings per share 2.5 1.5 1.5
------------------------------------------------- ------ ------ ------
The underlying earnings per share has been calculated on the
basis of continuing activities before non-recurring items and the
share-based payments charge, net of tax. The Directors consider
that this earnings per share calculation gives a better
understanding of the Group's earnings per share in the current and
prior period.
6. Own shares
(Audited)
26 weeks 26 weeks 52 weeks
to to to
2 October 4 October 3 April
2016 2015
$'000 $'000 2016
$'000
------------------------------------ ------------- ------------- ----------
At the start and end of the period 867 867 867
------------------------------------ ------------- ------------- ----------
The own shares reserve represents the cost of shares in the
Company held by the Volex Group plc Employee Share Trust to satisfy
future share option exercises under the Group's share option
schemes.
The number of ordinary shares held by the Volex Group plc
Employee Share Trust at 2 October 2016 was 1,295,361 (H1 FY2016:
1,295,361, FY2016: 1,295,361).
In H1 FY2016 a further trust, the Volex Group Guernsey Purpose
Trust, was terminated. The $1,182,000 of cash held by the trust was
transferred to Volex plc and the intercompany balance of $39,000
repaid.
7. Analysis of net debt
Other
3 April Cash Exchange non-cash 2 October
movement changes 2016
$'000
2016 flow $'000 $'000
$'000 $'000
--------------------------- --------- -------- ----------- ---------- -----------
Cash and cash equivalents 25,574 7,559 299 - 33,432
Bank loans (29,265) - 290 - (28,975)
Debt issue costs 442 552 (85) (204) 705
--------------------------- --------- -------- ----------- ---------- -----------
Net debt (3,249) 8,111 504 (204) 5,162
--------------------------- --------- -------- ----------- ---------- -----------
(Audited)
2 October 4 October 3 April
2016 2015
$'000 $'000 2016
$'000
------------------------------------------------ ----------- ----------- ----------
Cash and bank balances 33,432 30,022 30,738
Overdrafts (included in short term borrowings) - (7,069) (5,164)
Cash and cash equivalents 33,432 22,953 25,574
------------------------------------------------ ----------- ----------- ----------
8. Related parties
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this note.
Included within the prior year restructuring charge shown in
Note 3 is $282,000 for severance payments made to directors.
9. Contingent Liabilities
As a global Group, subsidiary companies, in the normal course of
business, engage in significant levels of cross-border trading. The
customs, duties and sales tax regulations associated with these
transactions are complex and often subject to interpretation. While
the Group places considerable emphasis on compliance with such
regulations, including appropriate use of external legal advisors,
full compliance with all customs, duty and sales tax regulations
cannot be guaranteed.
Through the normal course of business, the Group provides
manufacturing warranties to its customers and assurances that its
products meet the required safety and testing standards. When the
Group is notified that there is a fault with one of its products,
the Group will provide a rigorous review of the defective product
and its associated manufacturing process and if found at fault and
contractually liable will provide for costs associated with recall
and repair as well as rectify the manufacturing process or seek
recompense from its supplier. The Group does not provide for such
costs where fault has not yet been determined and investigations
are ongoing.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIFLILDLLLIR
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