REG-Menzies(John) PLC: Final Results - Part 4

- Part 4: For the preceeding part double click ID

                                    £m        £m            £m       £m

Interest bearing loans          (15.6)    (77.7)        (58.2)   (18.0)
and borrowings

Preference shares                (0.1)     (0.1)         (0.1)    (1.5)

Other liabilities                (0.1)     (0.1)             -        -

Trade and other payables       (201.1)     (1.3)             -        -

Financial derivatives           (48.7)    (14.9)         (0.3)        -

Total                          (265.6)    (94.2)        (58.6)   (19.5)
                                                2008

                                   Due       Due           Due Due over
                              within 1   between       between  5 years
                                  year
                                       1-2 years     2-4 years

                                    £m        £m            £m       £m

Interest bearing loans          (63.4)     (5.3)       (106.9)   (20.7)
and borrowings

Preference shares                (0.1)     (0.1)         (0.1)    (1.5)

Other liabilities                (0.1)         -             -    (0.2)

Trade and other payables       (195.8)     (0.2)             -        -

Financial derivatives           (89.0)    (14.2)             -        -

Total                          (348.4)    (19.8)       (107.0)   (22.4)
13. CONTINGENT LIABILITIES
There are contingent liabilities, including those in respect of disposed and
acquired businesses, which are not expected to give rise to any significant
loss to the Group.
In addition, in the normal course of business, the Company has guaranteed
certain trading obligations of its subsidiaries.
14. ACQUISITIONS
On 7 January 2009 Menzies Aviation acquired the trade and fixed assets of Kion,
a ramp services business based at Mexico City airport, for a consideration of £
0.5m, including costs of £0.1m.
A performance-related payment of up to £1.6m may become payable in respect of
The Network (Field Marketing & Promotions) Company Limited, acquired in 2008,
up to May 2011.
15. HEDGE ACCOUNTING RESERVE
This reserve records the portion of the gains or losses on hedging instruments
used as cash flow hedges that are determined to be effective.
16. CASHFLOW
                                                2009               2008

                                          £m      £m         £m      £m

Operating Profit                                24.3               19.4

Share-based payments                             0.4                0.4

Depreciation                                    24.9               23.6

Amortisation of                                  4.7                3.0
intangibles

Net pension movement                           (1.4)              (1.3)

Working capital                                  3.2              (4.0)

Exceptional items                                6.0                7.3

Cash spend on                                  (8.1)              (9.3)
exceptional items

Dividends from associates and joint              4.2                3.3
ventures

Non-cash items                                 (0.5)                0.1

Operating cash flow                             57.7               42.5

Purchase of property, plant and       (15.1)             (40.4)
equipment

Intangible asset additions             (4.1)              (2.4)

Sale of property, plant and              1.0                9.1
equipment

Net capital expenditure                       (18.2)             (33.7)

Net interest paid                              (7.1)              (7.6)

Foreign currency loss                              -              (7.7)

Tax paid                                       (5.5)              (4.6)

Free cash flow                                  26.9             (11.1)

Equity dividends paid                              -             (15.5)

Additional pension                             (1.5)                  -
payment

Acquisitions                                   (1.6)             (11.8)

Cash raised from asset                          16.5                  -
sales and leasebacks

Other investments                                3.2                4.1

Shares                                             -                0.8

Total movement                                  43.5             (33.5)

Opening net debt                             (182.6)            (111.3)

Currency movement                                6.8             (37.8)

Closing net debt                             (132.3)            (182.6)
17. ACCOUNTING POLICIES
This statement has been prepared in accordance with accounting standards and
policies consistent with those set out in the Group Accounts for the year ended
31 December 2009.
18. ACCOUNTS
The figures used in this statement, which was approved by the directors on 8
March 2010, are not the Group's statutory accounts within the meaning of
Section 434 of the Companies Act 2006 for the year, but are taken from those
accounts. The auditors' report on the statutory accounts was unqualified and
did not contain a statement under Section 428 (4(f)) of the Companies Act 2006.
19. ANNUAL REPORT
The Annual Report and Accounts will be available on 9 April 2010 and the Annual
General Meeting will be held at the Roxburgh Hotel in Edinburgh on 21 May 2010
at 12.15pm. Statutory accounts for the year ended 31 December 2008 have been
delivered to the Registrar of companies and those for the year to 31 December
2009 will be delivered following the Company's Annual General Meeting.
END