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Financial statements

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED BALANCE SHEET

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED STATEMENT OF CASH FLOWS

CONSOLIDATED INCOME STATEMENT

Notes

(Unaudited)

Six months

ended

30 September

2010

£m

(Unaudited)

Six months

ended

30 September

2009

£m

(Audited)

Year

ended

31 March

2010

£m

Revenue from continuing operations

4

50.6

51.0

113.2

Cost of sales

(32.5)

(31.8)

(71.5)

Gross profit

18.1

19.2

41.7

Other operating income

1.1

2.3

4.3

Selling and marketing costs

(3.7)

(3.7)

(8.1)

Administrative expenses

(22.2)

(14.6)

(27.5)

Operating (loss)/profit

4

(6.7)

3.2

10.4

Investment income

0.1

-

-

Finance income

8

10.5

7.6

14.9

Finance costs

9

(12.7)

(10.6)

(21.8)

(Loss)/profit before tax

(8.8)

0.2

3.5

Income tax

(0.2)

(0.1)

(0.2)

(Loss)/profit for the period attributable to

the owners of the parent

(9.0)

0.1

3.3

(Loss)/earnings per share for (loss)/profit

attributable to the owners of the parent during the period

Basic (pence)

10

(3.9)p

-

1.4p

Diluted (pence)

10

(3.9)p

-

1.4p

Consolidated income statement – alternative performance measures (note 3)

Adjusted operating profit

Notes

(Unaudited)

Six months

ended

30 September

2010

£m

(Unaudited)

Six months

ended

30 September

2009

£m

(Audited)

Year

ended

31 March

2010

£m

Operating (loss)/profit

4

(6.7)

3.2

10.4

Amortisation of acquired intangibles

0.6

0.6

1.2

Integration and restructuring costs

2.4

0.6

1.0

Acquisition and Group reorganisation costs

13

5.8

-

-

Net pension credit from Scheme closure

7

-

(0.2)

(0.2)

Adjusted operating profit

4

2.1

4.2

12.4

Adjusted profit before tax

Notes

(Unaudited)

Six months

ended

30 September

2010

£m

(Unaudited)

Six months

ended

30 September

2009

£m

(Audited)

Year

ended

31 March

2010

£m

(Loss)/profit before tax

(8.8)

0.2

3.5

Amortisation of acquired intangibles

0.6

0.6

1.2

Integration and restructuring costs

2.4

0.6

1.0

Acquisition and Group reorganisation costs

13

5.8

-

-

Net pension credit from Scheme closure

7

-

(0.2)

(0.2)

Net pension finance cost

1.1

2.5

5.5

Adjusted profit before tax

1.1

3.7

11.0

These supplementary disclosures do not form part of the Consolidated income statement and these tables are not included in the notes to the financial statements.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

Six months

ended

30 September

2010

£m

(Unaudited)

Six months

ended

30 September

2009

£m

(Audited)

Year

ended

31 March

2010

£m

(Loss)/profit for the period attributable to the owners of

the parent

(9.0)

0.1

3.3

Other comprehensive expense – net of tax:

Currency translation differences

(0.8)

(1.1)

(0.8)

Actuarial losses on defined benefit pension schemes

(21.7)

(29.0)

(28.6)

Other comprehensive expense for the period - net of tax

(22.5)

(30.1)

(29.4)

Total comprehensive expense for the period entirely

attributable to the owners of the parent

(31.5)

(30.0)

(26.1)

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CONSOLIDATED BALANCE SHEET

Notes

(Unaudited)

At

30 September

2010

£m

(Unaudited)

At

30 September

2009

£m

(Audited)

At

31 March

2010

£m

ASSETS

Non-current assets

Goodwill

31.5

31.0

32.7

Other intangible assets

3.8

4.6

4.6

Property, plant and equipment

4.5

3.5

3.8

Deferred income tax assets

5.5

6.1

5.9

45.3

45.2

47.0

Current assets

Contract work in progress

0.1

0.4

0.2

Trade and other receivables

22.3

24.8

25.7

Derivative financial instruments

-

1.1

-

Current income tax assets

0.6

-

0.1

Available for sale investment

2.0

2.0

2.0

Cash and cash equivalents

3.5

2.3

6.0

28.5

30.6

34.0

Total assets

73.8

75.8

81.0

EQUITY

Capital and reserves attributable to owners

of the parent

Share capital and premium

6

95.3

95.3

95.3

Capital redemption reserve

0.7

0.7

0.7

Currency translation reserve

1.0

1.5

1.8

Fair value and other reserves

(68.1)

(47.2)

(46.6)

Retained deficit

(190.4)

(184.6)

(181.4)

Total equity

(161.5)

(134.3)

(130.2)

LIABILITIES

Non-current liabilities

Trade and other payables

2.4

2.5

2.5

Borrowings

32.8

32.2

29.8

Retirement benefit obligations

7

161.8

137.6

139.8

Provisions for liabilities and charges

2.8

10.7

2.7

Deferred income tax liabilities

1.3

1.7

1.6

201.1

184.7

176.4

Current liabilities

Trade and other payables

27.2

23.1

25.1

Borrowings

2.4

2.1

2.4

Derivative financial instruments

0.4

0.1

0.1

Provisions for liabilities and charges

4.1

-

7.1

Current income tax liabilities

0.1

0.1

0.1

34.2

25.4

34.8

Total liabilities

235.3

210.1

211.2

Total equity and liabilities

73.8

75.8

81.0

On 25 November 2010 the Board of Directors approved the financial statements and authorised them for issue. The notes are an integral part of these financial statements.

Signed on behalf of the Board of Directors:

Andrew McCree

Alice Cummings

CEO

CFO

AEA Technology Group plc Registered in Jersey: 106514

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to the owners of the parent

Share

capital

(note 6)

£m

Share

premium

(note 6)

£m

Fair value

and other

reserves

£m

Capital

redemption

reserve

£m

Currency

translation

reserve

£m

Retained

deficit

£m

Total

Shareholders’ equity

£m

Balance as at

1 April 2009

27.9

67.4

(18.3)

0.7

2.6

(184.7)

(104.4)

Profit for the period

-

-

-

-

-

0.1

0.1

Currency translation

differences

-

-

-

-

(1.1)

-

(1.1)

Actuarial losses on

defined benefit

pension schemes

-

-

(29.0)

-

-

-

(29.0)

Total comprehensive

(expense)/income for the period ended

30 September 2009

-

-

(29.0)

-

(1.1)

0.1

(30.0)

Fair value of share

option schemes

-

-

0.1

-

-

-

0.1

Balance as at

30 September 2009

27.9

67.4

(47.2)

0.7

1.5

(184.6)

(134.3)

Profit for the period

-

-

-

-

-

3.2

3.2

Currency translation

differences

-

-

-

-

0.3

-

0.3

Actuarial gains on

defined benefit

pension schemes

-

-

0.4

-

-

-

0.4

Total comprehensive

income for the

period ended

31 March 2010

-

-

0.4

-

0.3

3.2

3.9

Fair value of share

option schemes

-

-

0.2

-

-

-

0.2

Balance as at

31 March 2010

27.9

67.4

(46.6)

0.7

1.8

(181.4)

(130.2)

Loss for the period

-

-

-

-

-

(9.0)

(9.0)

Currency translation

differences

-

-

-

-

(0.8)

-

(0.8)

Actuarial losses on

defined benefit

pension schemes

-

-

(21.7)

-

-

-

(21.7)

Total comprehensive

expense for the period ended

30 September 2010

-

-

(21.7)

-

(0.8)

(9.0)

(31.5)

Fair value of share

option schemes

-

-

0.2

-

-

-

0.2

Balance as at

30 September 2010

27.9

67.4

(68.1)

0.7

1.0

(190.4)

(161.5)

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CONSOLIDATED STATEMENT OF CASH FLOWS

Notes

(Unaudited)

Six months

ended

30 September

2010

£m

(Unaudited)

Six months

ended

30 September

2009

£m

(Audited)

Year

ended

31 March

2010

£m

Cash flows (used in)/generated from

operating activities

Cash (used in)/generated from operations

11

(3.4)

(3.7)

6.0

Interest paid

(0.7)

(0.4)

(1.7)

Tax paid

(0.5)

-

(0.1)

Net cash (used in)/generated from

operating activities

(4.6)

(4.1)

4.2

Cash flows from/(used in) investing

activities

Dividends received from available for sale

investment

0.1

-

-

Deferred payment on prior year acquisition of

subsidiary

-

-

(0.9)

Expenditure on product development costs

-

-

(0.4)

Purchases of property, plant and equipment

(1.4)

(0.3)

(0.6)

Net cash used in investing activities

(1.3)

(0.3)

(1.9)

Cash flows (used in)/from financing

activities

Repayment of borrowings

(4.3)

(2.5)

(7.4)

Draw-down of bank facilities

8.0

9.5

11.4

Capital element of finance lease repayments

(0.2)

-

(0.5)

Settlement of forward contracts

-

(2.5)

(2.2)

Net cash generated from financing

activities

3.5

4.5

1.3

Net (decrease)/increase in cash and cash

equivalents

(2.4)

0.1

3.6

Cash and cash equivalents at beginning of

period

6.0

3.0

3.0

Exchange losses on cash and cash equivalents

(0.1)

(0.8)

(0.6)

Cash and cash equivalents at end of period

3.5

2.3

6.0

Consolidated statement of cash flows – alternative performance measures (note 3)

Movement in net debt for the period ended

(Unaudited)

Six months

ended

30 September

2010

£m

(Unaudited)

Six months

ended

30 September

2009

£m

(Audited)

Year

ended

31 March

2010

£m

Net cash flow generated from/(used in) business operations

2.3

(0.6)

10.2

Integration and restructuring costs

(2.4)

(0.6)

(1.0)

Acquisition and Group reorganisation costs

(0.2)

-

-

Legacy cash flows

(2.5)

(1.4)

(2.1)

Funding of pension deficit

(0.6)

(1.1)

(1.1)

Cash (used in)/generated from operations

(3.4)

(3.7)

6.0

Net interest and tax paid

(1.2)

(0.4)

(1.1)

Net cash used in investing activities

(1.3)

(0.3)

(1.9)

Settlement of forward contracts

-

(2.5)

(2.2)

Non-cash financing – facility fees

(0.1)

-

(0.3)

Non-cash financing – finance leases

(0.2)

-

(0.5)

Exchange gains on net debt

0.7

2.2

1.1

Net (increase)/decrease in net debt

(5.5)

(4.7)

1.1

Net debt at beginning of period

(26.2)

(27.3)

(27.3)

Net debt at end of period

(31.7)

(32.0)

(26.2)

Closing net debt comprises:

Cash at bank and in hand

3.5

2.3

6.0

Current borrowings

(2.4)

(2.1)

(2.4)

Non-current borrowings

(32.8)

(32.2)

(29.8)

Net debt at end of period

(31.7)

(32.0)

(26.2)

These supplementary disclosures do not form part of the Consolidated statement of cash flows and these tables are not included in the notes to the financial statements.

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