As part of the proceeds for the disposal of the Hygiene business, the Group issued a one-year Vendor Loan Note to Petropar for US$26 million at a coupon rate of 6% payable on redemption on 30 December 2012. This was repaid early on 2 August 2012 for US$25 million as full and final settlement. The US$1 million (£0.6 million) discount on settlement has been recorded within discontinued operations. In the year ended 31 December 2011, no allocation of interest charges relating to the Group’s old RCF were made to discontinued operations on the basis that debt and related costs are managed on a group basis and cannot meaningfully be directly allocated. A curtailment gain and immediate recognition of a past service cost credit of £6.4 million in respect of changes made to benefits under the Group’s US post retirement medical benefit schemes. Other non-recurring items in the discontinued hygiene business are disclosed in Note 9.
A further £0.9 million year-on-year benefit was achieved through other pricing action in the second half, bringing the full year-on-year benefit of pricing actions to £1.9 million. Looking at the year-on-year impact against the average raw material costs for the full year 2011 and 2012, and taking into account the mix of raw materials and contractual pass-through effect, the net profit impact was zero, before the £1.9 million benefit from other pricing actions. Forex is an international xcritical official site OTC (over-the-counter market), an online trading platform that allows traders to exchange one foreign currency for another. Today, the turnover of the Forex market is the largest in the world and exceeds 6.5 trillion dollars daily. If you have been contacted by any of these companies or suspect you have gotten involved with a scam broker, the team at Wealth Recovery can help. We operate on a no-win, no-fee basis and will advocate on your behalf to help you retrieve your funds.
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Even though the Company is not required to apply this corporate governance principle, the Board feels that this is the right approach for the Company at this time. Without the commitment and creativity of the entire team, our progress this year would not have been possible. I was scammed, paid R2000 then they asked me to pay R12500 in order to be able to do my withdrawal then I refused and they blocked me. MyChargeBack has already helped many people and knows all the procedures to do with banks to build a solid file with you and recover your money.
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- Statutory accounts for 2011 have been delivered to the Registrar of Companies and those for 2012 will be delivered following the Company’s Annual General Meeting.
- During the year ended 31 December 2011, the Hygiene business contributed £19.9 million to the Group’s net operating cash flows, paid £5.2 million in respect of investing activities and paid £Nil in respect of financing activities.
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- The Board recognises its corporate governance responsibilities and aims to achieve high governance standards in all of its activities.
- Forex is an international OTC (over-the-counter market), an online trading platform that allows traders to exchange one foreign currency for another.
- Historically, increases in the prices of both of these key materials have put pressure on the Group’s margins.
- Our largest manufacturing site at Old Hickory, Tennessee had a record year, with growth in construction products, notably for housewrap and landscape applications, outstripping the strong recovery in US housebuilding.
In total, the volume of the Group’s business which is affected by relative currency movements is less than 7% of turnover. Nigswinter in Germany following the transfer of business to Berlin and on the disposal of previously impaired assets from our Korma, Italy site following its closure. Dividends of £1.6 million were received from the FitesaFiberweb joint venture prior to its disposal. The net cash outflow in respect of the Boddingtons and Tubex acquisitions was £7.9 million. The net cash inflow on the disposal of the hygiene business in December 2011 was £161.2 million, with the majority of the related costs, including the swap termination costs, paid early in 2012. Within cost of sales, impairment charges of £1.6 million were recognised in relation to some obsolete equipment in Italy and assets in Geosynthetics no longer required as a result of the transfer of production to Maldon.
Earnings per share
In July 2010, the Group entered into US Dollar and Euro interest rate swaps for the term of the old RCF and for the majority of the loan facility in each currency. As a consequence, the interest rate swap contracts under the old RCF were terminated, crystallising break costs of £5.4 million which were amortised through the Group’s finance charge over the original remaining term of the previous RCF i.e. These swap break costs were being repaid in quarterly instalments over the term of the old RCF. Following the Hygiene disposal, the outstanding balances under these contracts were repaid during January 2012.
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Instead, you buy or sell a number of units for a particular financial instrument, depending on whether you think prices will go up or down. We offer CFDs on a wide range of global markets, covering currency pairs, https://xcritical.pro/ stock indices, commodities, shares and treasuries. An example of one of our most popular stock indices is the UK 100, which aggregates the price movements of all the stocks listed on the UK’s FTSE 100 index.
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- The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements.
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A 3.6% increase in US revenues to £103.3 million was driven by growth in the higher margin technical nonwovens and filtration segments of 3.5% and 1.8% respectively. Demand for dryer sheets was broadly flat, reflecting both the maturity and the Group’s majority share of this market. Graphic arts revenues (circa £8.5 million of sales) were slightly down year-on-year, in line with the market trend away from traditional printing techniques where our products are primarily used, in favour of digital. Divisional sales of £220.3 million were 1.7% ahead year-on-year at constant currency and on a like-for-like basis, after adjusting for £10.0 million of medical revenues which are no longer consolidated following the hygiene disposal.