Resultados finales
robinson plc
22 de marzo de 2024
Resultados finales para el año terminado el 31 de diciembre de 2023
Robinson plc ("Robinson", the "Company" or the "Group" stock code: RBN), the custom manufacturer of plastic and paperboard packaging, is pleased to announce its audited results for the year ended 31 December 2023.
Aspectos financieros más destacados
· Operating profit before exceptional items and amortisation of intangible assets increased to 2.2m (2022: £ 2.0 millones)
· Los ingresos cayeron un 2% hasta 49.7m (2022: £ 50.5 millones)
· Gross margin increased to 19% (2022: 17%)
· Exceptional items of £1.1m including £0.7m of restructuring and rationalisation costs (2022: £1.7m profit)
· Pérdida antes de impuestos de 0.7m (2022: beneficio de 2.3 millones de libras esterlinas)
· Deuda neta de 6.3m (2022: £9.2m), after receipt of 0.7m proceeds on sale of surplus property and 3.3m return of pension escrow funds
· Final dividend retained at 3.0p por acción
Aspectos operacionales destacados
· Implemented a restructuring program in June with exceptional costs of £0.4m and annual savings of £0.7m, of which £0.4m benefitted 2023
· Paperbox operations and Group head office impacted by flooding in October
· Achieved important new business wins with leading FMCG customers
Alan Raleigh, presidente, comentó:
"Robinson ended 2023 with a much stronger business. We improved adjusted operating profits*, achieved surplus property sales, and secured the return of the pension escrow account funds to reduce gearing and strengthen our balance sheet.
We have largely renewed our manufacturing asset base, won important new business with leading FMCG customers and are now seeing sales volumes recover.
We have taken the necessary actions to make Robinson more resilient, more competitive, and more responsive. As market conditions begin to improve, we are well placed to generate sustainable long-term value for our shareholders.
Following improved momentum in the second half of 2023, and reflecting the effect of new customer projects and the full year impact of cost savings, the Company expects revenue, and operating profit (before amortisation of intangible assets and any exceptional items), for the 2024 financial year to be ahead of 2023. We remain committed in the medium-term to delivering above-market profitable growth and our target of 6-8% adjusted operating margin**."
Para más información, por favor póngase en contacto con:
robinson plc | www.robinsonpackaging.com |
Sara Halton, directora ejecutiva interina Mike Cusick, director financiero | Tel: 01246 389280 |
Cavendish Capital Markets Limitado | |
Ed Frisby / Seamus Fricker, finanzas corporativas Tim Redfern, corretaje corporativo | Tel: 020 7220 0500 |
Sobre Robinson:
Al ser una empresa con un propósito específico, Robinson se especializa en empaques personalizados con soluciones técnicas y de valor agregado para la higiene, seguridad, protección y conveniencia de alimentos y productos de consumo; ir más allá para crear un futuro sostenible para nuestra gente y nuestro planeta. Su principal actividad es el embalaje de plástico moldeado por inyección y soplado y el embalaje de lujo de cartón rígido, operando en los sectores de alimentación y bebidas, cuidado del hogar, cuidado personal y belleza, y regalos de lujo. Robinson ofrece productos y servicios a los principales actores del mercado de bienes de consumo en rápida evolución, incluidos Procter & Gamble, Reckitt Benckiser, SC Johnson y Unilever.
Robinson, con sede en Chesterfield (Reino Unido), tiene plantas en el Reino Unido, Polonia y Dinamarca. Robinson fue anteriormente una empresa familiar cuyos orígenes se remontan a 1839 y que actualmente emplea a casi 400 personas. El Grupo también cuenta con una importante cartera de propiedades con potencial de desarrollo.
*Operating profit before exceptional items and amortisation of intangible assets
**Operating profit margin before exceptional items and amortisation of intangible assets
Declaración del presidente
Market conditions remained difficult in 2023 with persistent high inflation and sharp increases in central bank interest rates across our countries of operation. The continuing cost-of-living crisis has impacted consumer buying habits and consequentially created volatility and uncertainty in customer demand.
Performance in the first half of the year was impacted by lower sales volumes. Demand notably reduced across the premium products in our customers' portfolio because of inflation and the cost-of-living crisis. In addition to this general trend, a large UK customer experienced issues after making supply chain changes, which caused a substantial in-year reduction in sales with them.
Our strong customer relationships allowed us to increase sales prices to recover the majority of input cost increases and therefore protect gross margins, however, those increases were not sufficient to cover all the fixed operating cost increases.
In the second half of the year, plastics sales volumes recovered as large new projects came on stream. With a strong pipeline of further projects, we believe we have now passed the worst of the downturn.
To secure competitive operating costs, we implemented a restructuring program in June which, together with increased sales volumes, helped to increase underlying profits in the second half.
We suffered flooding at our Chesterfield site in October and despite the substantial efforts of our employees, some damage was caused to facilities, materials and equipment. The flood halted production in our Paperbox business and impacted premises that are let to tenants whilst the clean-up and reinstatement of production equipment were carried out.
We have made important progress on raising our level of recycled material content in recent years, but at 18% in 2023, we have not yet achieved our target of 30%. Our pipeline of new projects will support a further increase in this ratio and, excluding products for food, where there is restrictive legislation, we expect to achieve our goal in 2024.
We would like to thank our employees for their continued commitment and excellent contribution during the year, with a special mention for those in the Paperbox business that have expertly dealt with the aftermath of a serious flood event.
Desempeño financiero y operativo
Revenues were 2% lower than 2022. After adjusting for price changes and foreign exchange, sales volumes were 6% lower than 2022.
Gross margins of 19% (2022: 17%) were 2% above 2022, despite the operational gearing effect of 6% lower sales volumes and continued inflation in input costs.
Operating costs excluding exceptional items were 10% higher than in 2022. The restructuring program implemented in June resulted in exceptional costs of c.£0.4m and annual savings of c.£0.7m, of which £0.4m benefited 2023.
Operating profit before amortisation of intangible assets and exceptional items has increased to £2.2m (2022: £2.0m). After £0.7m restructuring and rationalisation costs and £0.1m of uninsured costs related to the flood in Chesterfield, loss before tax was £0.7m (2022: profit £2.3m). Income of £3.3m from the return of the escrow account funds has gone through the statement of comprehensive income.
Finance costs increased to £0.8m (2022: £0.5m) as a result of the sharp increases in market interest rates across our countries of operation, partially offset by the lower net debt during the year.
Cash generated by operations was £5.0m (2022: £7.6m). Working capital inflows normalised after a very strong year in 2022, which included improved payment terms with suppliers and customers.
Inversión de capital, financiamiento y pensión
During the year, we invested a net £4.0m in property, plant and equipment, of which £2.3m was related to a previously communicated large new project in Denmark. Surplus property sales proceeds of £0.7m were received in May and £3.3m was received from the return of the pension escrow account in August. Consequently, net debt at 31 December 2023 was £6.3m (2022: £9.2m). With total credit facilities of £15m (2022: £19m), the necessary headroom is available for the Group to operate effectively.
The IAS 19 valuation of our pension plan at 31 December 2023 reported a surplus of £3.6m (2022: £7.0m). This surplus is not recoverable and so is not included in the Group's assets.
In December 2022, the Robinson & Sons' Limited Pension Fund (the "Scheme") completed a buy-in of all the Group's defined benefit pension scheme liabilities with a plan to complete a full buy-out within 12 months. A data cleanse exercise was completed, the administration and payroll functions were handed over to Legal and General Assurance Society Limited ("L&G") from 1 August 2023 and a final balancing payment of £0.1m, was made by L&G to the Scheme on 19 February 2024, completing the buy-in process. The surplus remaining in the Scheme, currently £3.6m, will be used to augment member benefits. We are pleased that this important buy-in transaction has de-risked the Group's defined benefit pension obligations and we expect the final buy-out to be completed shortly.
Non-cash exceptional costs of £0.3m were incurred in 2023, including the costs of enhancing the benefits of active members and the expenses of moving towards buy-out. These costs are payable by the Scheme but accounted for in the Company under IAS19.
During the year, the Company reached agreement with the trustees of the Scheme for the funds held in the pension escrow account, totalling c.£3.3m, to be returned to the Group of which, £2.7m was already loaned to the Company. These funds have been received and used to reduce net indebtedness.
puesto de director ejecutivo
Dr Helene Roberts resigned as CEO and a Director of the Company on 1 September 2023, at which point Sara Halton assumed responsibility as the Interim CEO for a transitional period whilst the Board conducts a search for a new CEO. We thank Helene again for her enormous contribution to the business.
The selection process for the new CEO is underway, and the Directors expect to make an announcement on the appointment of a permanent CEO in due course.
Propiedades
We have continued to progress our surplus property disposal agenda during the year, with movement on two sites.
In May, the Group completed on the sale of part of the Walton Works surplus property, known as "Mill Lane". Consideration of £0.7m was received in cash and used to reduce bank debt.
In August, the Group exchanged contracts for the sale of a further c.1.3 acres of the Walton Works surplus property. Completion is subject to satisfactory planning approval and is currently expected to take up to 18 months. The consideration payable on completion would be £1.5m in cash, with estimated Group costs of £0.4m. The net proceeds of £1.1m would be used by the Group to reduce current bank debt or to invest in the listed Walton Mill buildings to enhance their saleability.
Based on professional independent valuations and including the property transaction which is not yet completed, the Directors estimate that the current market value of the remaining surplus properties held by the Group is approximately £7.4m.
Subject to the necessary planning approvals, we would expect further sales of surplus property in Chesterfield to be achieved in the next 12 months. The intention of the Group remains, over time, to realise value from the disposal of surplus properties and use the proceeds to reduce indebtedness and develop our packaging business.
Dividendo
The Board proposes a final dividend of 3.0p per share to be paid on 21 June 2024 to shareholders on the register at the close of business on 7 June 2024. The ordinary shares become ex-dividend on 6 June 2024. This brings the total dividend declared for 2023 to 5.5p (2022: 5.5p).
Outlook
Following improved momentum in the second half of 2023, and reflecting the effect of new customer projects and the full year impact of cost savings, the Company expects revenue, and operating profit (before amortisation of intangible assets and any exceptional items), for the 2024 financial year to be ahead of 2023. We remain committed in the medium-term to delivering above-market profitable growth and our target of 6-8% adjusted operating margin*.
alan raleigh
Presidente
21 de marzo de 2024
*Operating profit margin before exceptional items and amortisation of intangible assets
Cuenta de pérdidas y ganancias del grupo y estado del resultado global | ||||
Cuenta de resultados del grupo | 000 £ | 2023 | 2022 | |
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|
| |
Ingresos |
| 49,670 | 50,529 | |
El costo de ventas | (40,039) | (41,765) | ||
Beneficio bruto |
|
| 9,631 | 8,764 |
Los costos de operación | (8,536) | (5,017) | ||
Beneficio operativo antes de amortización de activos intangibles |
|
| 1,095 | 3,747 |
Amortización de activos intangibles | (990) | (947) | ||
Beneficio operativo |
|
| 105 | 2,800 |
Ingresos financieros - intereses por cobrar |
| 40 | - | |
Costos financieros | (805) | (507) | ||
(Pérdida) / beneficio antes de impuestos |
| (660) | 2,293 | |
Taxation | (160) | 51 | ||
(Pérdida) / beneficio del período |
|
| (820) | 2,344 |
|
|
|
| |
(Pérdida)/ganancias por acción ordinaria (EPS) |
| p | p | |
(Pérdida) básica / ganancias por acción | (4.9) | 14.0 | ||
Diluido (pérdida) / ganancias por acción |
| (4.9) | 14.0 | |
|
|
|
| |
Todos los resultados son de operaciones continuas. |
|
|
| |
Estado de resultado integral del grupo | 000 £ | 2023 | 2022 | |
| ||||
(Pérdida) / beneficio del período |
| (820) | 2,344 | |
Partidas que no se reclasificarán posteriormente a la cuenta de resultados: |
|
| ||
Remedición del pasivo neto por beneficios definidos | 289 | 180 | ||
Impuesto diferido relativo a partidas no reclasificadas | (68) | (34) | ||
Return of pension escrow | 3,290 | - | ||
Deferred tax on pension escrow | (774) | - | ||
2,737 | 146 | |||
Partidas que pueden reclasificarse posteriormente a la cuenta de resultados: |
|
| ||
Diferencias de cambio por conversión de plusvalía e intangibles en moneda extranjera | 44 | 176 | ||
Diferencias de cambio por conversión de saldos de impuestos diferidos en moneda extranjera | 3 | (26) | ||
Diferencias de cambio en la conversión de operaciones en el extranjero | 527 | 481 | ||
574 | 631 | |||
Otro resultado integral del período | 3,311 | 777 | ||
Resultado integral total del período |
|
| 2,491 | 3,121 |
Estado de situación financiera del grupo
| ||||
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|
|
| |
| 000 £ | 2023 | 2022 | |
Activos no corrientes | ||||
Goodwill |
| 1,621 | 1,570 | |
Otros activos intangibles |
| 1,927 | 2,924 | |
Propiedad, planta y equipo. | 23,920 | 22,960 | ||
Activos por impuestos diferidos | 508 | 1,294 | ||
27,976 | 28,748 | |||
Activos circulantes |
|
|
| |
Los inventarios | 4,747 | 5,155 | ||
Cuentas comerciales y otras cuentas por cobrar | 10,635 | 9,522 | ||
Efectivo en banco y en caja | 3,576 | 5,097 | ||
Activo por impuesto corriente | - | 110 | ||
Activos clasificados como mantenidos para la venta | - | 642 | ||
18,958 | 20,526 | |||
los activos totales | 46,934 | 49,274 | ||
Pasivo circulante |
|
|
| |
Comerciales y otras cuentas a pagar | 10,114 | 9,543 | ||
Préstamos | 3,527 | 5,535 | ||
Pasivos por impuestos corrientes | 172 | - | ||
13,813 | 15,078 | |||
Pasivos no corrientes |
|
|
| |
Préstamos |
| 6,350 | 8,743 | |
Pasivos por impuestos diferidos |
| 1,119 | 1,395 | |
Provisiones | 98 | 116 | ||
7,567 | 10,254 | |||
Pasivos totales | 21,380 | 25,332 | ||
Activos netos | 25,554 | 23,942 | ||
|
|
|
| |
Equidad |
|
|
| |
Capital social | 84 | 84 | ||
Compartir premium | 828 | 828 | ||
Reserva de amortización de capital | 216 | 216 | ||
Reserva de traducción | 207 | (367) | ||
Reserva de revalorización | 3,487 | 3,856 | ||
Ganancias retenidas | 20,732 | 19,325 | ||
Patrimonio atribuible a los accionistas | 25,554 | 23,942 |
Estado de cambios en el patrimonio neto del grupo
| ||||||||
| 000 £ | Capital social | Compartir premium | Reserva de amortización de capital | Reserva de traducción | Reserva de revalorización | Ganancias retenidas | Total |
Grupo procesos |
|
|
|
| ||||
Al 1 de enero de 2022 | 84 | 828 | 216 | (998) | 4,107 | 17,433 | 21,670 | |
Ganancias del año | - | - | - | - | - | 2,344 | 2,344 | |
Otro resultado integral | - | - | - | 631 | - | 146 | 777 | |
Resultado integral total del año | - | - | - | 631 | - | 2,490 | 3,121 | |
Traspaso desde reserva de revalorización como consecuencia de operaciones inmobiliarias | - | - | - | - | (251) | 255 | 4 | |
Crédito con respecto a pagos basados en acciones |
| - | - | - | - | - | 45 | 45 |
Dividendos pagados | - | - | - | - | - | (898) | (898) | |
Al 31 de diciembre de 2022 | 84 | 828 | 216 | (367) | 3,856 | 19,325 | 23,942 | |
Pérdida del año | - | - | - | - | - | (820) | (820) | |
Otro resultado integral | - | - | - | 574 | - | 2,737 | 3,311 | |
Resultado integral total del año | - | - | - | 574 | - | 1,917 | 2,491 | |
Traspaso desde reserva de revalorización como consecuencia de operaciones inmobiliarias | - | - | - | - | (369) | 369 | - | |
Crédito con respecto a pagos basados en acciones |
| - | - | - | - | - | 19 | 19 |
Dividendos pagados | - | - | - | - | - | (898) | (898) | |
Al 31 de diciembre de 2023 | 84 | 828 | 216 | 207 | 3,487 | 20,732 | 25,554 |
Estado de flujo de caja del grupo |
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000 £ | 2023 | 2022 | |||
|
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flujos de efectivo por actividades operacionales |
|
|
|
| |
(Pérdida) / beneficio del período | (820) | 2,344 | |||
Ajustes para: |
|
| |||
Depreciación de propiedades, planta y equipo | 3,280 | 3,151 | |||
Deterioro de inmuebles, planta y equipo. | 51 | - | |||
Pérdida / (ganancia) por enajenación de propiedades, planta y equipo | 11 | (1,454) | |||
(Ganancia)/pérdida por enajenación de activos mantenidos para la venta | (58) | (737) | |||
Amortización de activos intangibles | 990 | 947 | |||
Ingresos financieros | (40) | - | |||
Costos financieros | 805 | 507 | |||
Tributación cargada/(acreditada) | 160 | (51) | |||
Otros elementos no monetarios: |
| ||||
Costo y gastos del servicio corriente de pensiones | 289 | 180 | |||
Cobrar por opciones sobre acciones | 19 | 45 | |||
Flujos de efectivo operativos antes de movimientos en el capital de trabajo | 4,687 | 4,932 | |||
Disminución de inventarios | 472 | 36 | |||
(Aumento) / disminución de cuentas por cobrar comerciales y otras | (938) | 671 | |||
Aumento de cuentas por pagar comerciales y otras | 835 | 1,951 | |||
Disminución de provisiones | (18) | (12) | |||
Efectivo generado por operaciones | 5,038 | 7,578 | |||
Impuesto de sociedades pagado | (210) | (317) | |||
Pago interesado | (826) | (492) | |||
Efectivo neto generado por actividades operativas |
|
| 4,002 | 6,769 | |
|
|
|
| ||
Flujos de efectivo de actividades de inversión |
|
|
| ||
Interés recibido | 40 | - | |||
Adquisición de propiedades, planta y equipo | (4,034) | (2,584) | |||
Ingresos por enajenación de propiedades, planta y equipo | 26 | 2,600 | |||
Ingresos por enajenación de activos mantenidos para la venta | 700 | 975 | |||
Contraprestación diferida pagada |
|
| - | (2,261) | |
Efectivo neto utilizado en actividades de inversión |
|
| (3,268) | (1,270) | |
|
|
|
| ||
Flujos de efectivo de actividades de financiación |
|
|
| ||
Préstamos reembolsados | (1,578) | (1,501) | |||
Préstamos dispuestos | 1,359 | 440 | |||
Ingresos netos de transacciones de venta y arrendamiento posterior | - | 439 | |||
Proceeds from return of escrow | 585 | - | |||
Elemento de capital de los pagos por arrendamiento | (1,828) | (1,714) | |||
Dividendos pagados |
| (898) | (898) | ||
Efectivo neto utilizado en actividades de financiación. |
|
| (2,360) | (3,234) | |
|
|
|
| ||
(Disminución) / aumento neto de efectivo y equivalentes de efectivo |
|
| (1,626) | 2,265 | |
Efectivo y equivalentes de efectivo al 1 de enero | 5,097 | 2,775 | |||
Efecto de las variaciones del tipo de cambio | 105 | 57 | |||
Efectivo y equivalentes de efectivo al final del período |
|
| 3,576 | 5,097 | |
| |||||
Efectivo en banco y en caja | 3,576 | 5,097 | |||
Efectivo y equivalentes de efectivo al final del período |
|
| 3,576 | 5,097 | |
Notas a los estados financieros
1. Base de preparación
Robinson prepara sus estados financieros sobre la base del costo histórico, a menos que las normas contables requieran una base de medición alternativa. Cuando existan activos y pasivos calculados sobre una base diferente, este hecho se revela en la política contable correspondiente o en las notas a los estados financieros. Los estados financieros cumplen con la Ley de Sociedades de 2006 aplicable a las empresas que utilizan las Normas Internacionales de Información Financiera ("NIIF"). Los estados financieros del Grupo se preparan sobre la base de negocio en marcha. La información financiera contenida en este anuncio no constituye cuentas legales según se define en la Sección 434 de la Ley de Sociedades de 2006. Sin embargo, los estados financieros contenidos en este anuncio se extraen de las cuentas legales auditadas para el año fiscal finalizado el 31 de diciembre de 2023 que se entregarán al Registrador de Empresas. Esas cuentas cuentan con una opinión de auditoría sin salvedades.
2. Normas Contables
Robinson prepara sus estados financieros de acuerdo con las NIIF aplicables, emitidas por el Consejo de Normas Internacionales de Contabilidad ("IASB") de conformidad con los requisitos de la Ley de Sociedades de 2006 y las interpretaciones emitidas por el Comité de Interpretaciones de las NIIF. Los estados financieros del Grupo también son consistentes con las NIIF emitidas por el IASB, ya que se aplican a los períodos contables finalizados el 31 de diciembre de 2023.
3. Negocio en marcha
Los directores han considerado los factores relevantes para respaldar una declaración de empresa en funcionamiento. Al evaluar si el supuesto de negocio en marcha es apropiado, la Junta y el comité de Auditoría y Riesgos consideraron los pronósticos de flujo de efectivo del Grupo bajo varios escenarios, identificando riesgos y mitigantes y asegurando que el Grupo tenga fondos suficientes para cumplir con sus compromisos actuales a medida que vencen. por un período de al menos 12 meses a partir de la fecha de firma de estos estados financieros. Los Consejeros tienen una expectativa razonable de que el Grupo seguirá existiendo en funcionamiento durante este período de 12 meses y, por lo tanto, han utilizado el principio de empresa en funcionamiento al preparar los estados financieros.
4. Publicación de los estados financieros legales
Los estados financieros de la Compañía deben estar disponibles en el sitio web de la Compañía (www.robinsonpackaging.com) on 22 March 2024 and posted to shareholders with the Notice of Annual General Meeting on 10 April 2024, at which time the Notice of Annual General Meeting will be made available on the Company's website. Copies will also be available at the Company's registered office, Field House, Wheatbridge, Chesterfield, S40 2AB. The Annual General Meeting is due to be held at 11.30am on 9 May 2024 at the Peak Edge Hotel, Darley Road, Chesterfield S45 0LW.
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