Strategy into action
Building for a sustainable future
Robinson plc Annual Report and Accounts 2018
Robinson plc Annual Report and Accounts 2018
Contents
Strategic Report
Financial Statements
Additional Information
1 Highlights and
five year record
2 Chairman’s report
4 Business review
10 Sustainability and
corporate responsibility
12 Corporate governance
18 Directors’ report
22 Group income statement
46 Notice of
Annual General Meeting
47 Form of proxy
48 Annual General Meeting
attendance form
and statement of
comprehensive income
23 Statement of
financial position
24 Statement of changes
in equity
25 Statement of cash flows
26 Notes to the
financial statements
43 Report of the
independent auditor
Directors and advisors
Directors
Alan Raleigh Non-executive Chairman
Martin McGee Chief Executive
Guy Robinson Finance Director
Mike Cusick Commercial Director
Anthony Glossop Non-executive Director
Sara Halton Non-executive Director
Registered Office
Field House, Wheatbridge,
Chesterfield, S40 2AB
Nominated Adviser/Broker
FinnCap
60 New Broad Street, London, EC2M 1JJ
Solicitor
DLA Piper UK LLP
1 St Paul’s Place, Sheffield, S1 2JX
Auditor
Mazars LLP
45 Church Street, Birmingham, B3 2RT
Registrar
Neville Registrars Ltd
Steelpark Rd, Halesowen, B62 8HD
Banker
HSBC
1 Bond Court, Leeds, LS1 2JZ
The Company is incorporated in England,
registered no. 39811
Highlights
Revenue increased by
10%
to £32.8m
(2017: £29.8m)
Gross margin reduced
from 19% to
18%
Operating costs reduced by
2%
Net borrowings increased to
Capital expenditure was
£8.8m
£4.4m
(2017: £6.5m)
(2017: £3.2m)
Five year record
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Operating profit before
exceptional items and
amortisation of intangible
assets increased to
£1.5m
(2017: £1.3m)
The Board recommends a
final dividend for the year of
3.0p per share
(2017: 3.0p)
The total dividend per share
declared in respect of 2018 is
5.5p
(2017: 5.5p)
Year ended 31 December
£’000
2014
2015
2016
2017
2018
Income statement
Revenue
Gross profit
% of revenues
Operating profit before exceptional items and
amortisation of intangible asset
Exceptional items
Amortisation of intangible asset
Operating profit
Interest
Finance income in respect of Pension Fund
Profit before taxation
Taxation
Dividends
Retained profit/(loss)
Net assets excluding pension asset after
deduction of related deferred tax
Depreciation
EBITDA (earnings before interest,
tax, depreciation and amortisation)
Operating profit: revenue
Basic earnings per share
28,071
6,402
23%
2,912
(364)
(392)
2,156
(79)
342
2,419
(418)
(755)
1,246
29,138
6,995
24%
3,190
(1,694)
(783)
713
(92)
153
774
(679)
(837)
(742)
27,459
6,258
23%
29,813
5,778
19%
32,802
5,884
18%
2,138
190
(783)
1,545
(116)
189
1,618
(390)
(877)
351
1,321
65
(783)
603
(103)
130
630
(317)
(901)
(588)
1,514
110
(783)
841
(156)
-
685
10
(890)
(195)
22,520
21,471
22,612
23,056
22,928
1,176
1,423
1,385
1,492
1,795
3,724
7.7%
12.4p
2,919
2.4%
0.6p
3,713
5.6%
7.5p
2,878
2.0%
1.9p
3,419
2.6%
4.2p
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Robinson plc Annual Report and Accounts 2018
Chairman’s report
This is my first Chairman’s report since I was
appointed after the AGM in May 2018. I heard a loud
and clear message that shareholders want improved
performance and clear plans to address margin
erosion, sustainability and future cash generation.
With this in mind, the Board has spent considerable
time reviewing the strategy and operating plans of
the business, with a particular emphasis on customer
relationship management, input material costs, operating
costs and sustainability. We have also reviewed our key
capabilities, including innovation, technology and people.
As a result of this review, we have concluded that our
core strategy of partnering with winning customers in
attractive markets and geographies remains correct.
However, the execution of our strategy needs to be
sharpened and our key capabilities can be improved
to provide further competitive advantage.
It was agreed that changes were necessary to ensure the
Group’s future development and success. At the end of
November, the Chief Executive resigned, and Martin McGee
was appointed as an interim CEO to lead a “Strategy into
Action” agenda that will deliver improved shareholder value.
This plan, which is already underway, will take time to
fully implement but we expect progress during 2019.
Governance
During the year a great deal of emphasis has been placed on
corporate governance. The Board has adopted the Quoted
Companies Alliance Corporate Governance Code. The
roles, relationships and responsibilities of the Board and
its committees have been reviewed and updated to ensure
we have a team working openly and effectively to deliver
the agreed strategy and operational improvements.
I heard a loud and clear message
that shareholders want improved
performance and clear plans to
address margin erosion, sustainability
and future cash generation.
Additionally, as a result of the Board changes following
the AGM and implementation of the new governance
code, a new independent non-executive director was
required. After an extensive search process, I am delighted
that Sara Halton agreed to join the Board from 1 January
2019. Sara’s biography can be found on page 15.
Sustainability
In a world where consumers are correctly challenging the
impact of plastic waste on the environment, we must play our
part to ensure the lowest possible impact from the design,
manufacture and use of the plastic products we produce.
To achieve this, we participate in an emerging plastics
circular economy. We are committed to using the lowest
quantity of total plastic and highest-level of post-
consumer recycled plastics in our bespoke products
without compromising either aesthetics or functional
properties. We will ensure that in future all our products
are recyclable and can be responsibly collected, cleaned
and then supplied again in a form we can reuse.
We may be a small part of this at the moment, but we
are growing and take our responsibilities seriously. We
have an important role to play in the development of a
fully functioning plastics circular economy. In partnership
with our suppliers, industry partners and customers we
commit to taking practical, measurable steps which we will
report transparently as we progress on this journey.
Revenues, gross margins and operating costs
It is pleasing to report that revenues increased by 10% to
£32.8m in 2018. Underlying volumes were 7% higher.
We have passed on some, but not all, input price increases to
customers in a very challenging retail environment. This has led
to a reduction in gross margin from 19% to 18% in the year.
In 2018 operating costs reduced by 2% and, whilst we expect
to make further investments in personnel to strengthen the
business, we recognise that the shape of the profit and loss
account needs to be addressed as a key part of delivering
adequate returns for our shareholders. Growing revenues
whilst maintaining efficient levels of operating costs is part of
the planned solution.
Chairman’s report continued
Profits
With tighter control of operating costs compensating for the
slight gross margin erosion, operating profit has improved in
2018 by 15% to £1.5m whilst EBITDA rose 19% to £3.4m. Basic
earnings per share have risen from 1.9p to 4.2p.
Capital investment, financing, dividend and pension
There was an increase in net borrowings of £2.3m in the
year as we invested £4.4m (2017: £3.2m) in new plant and
equipment and maintained the dividend at £0.9m (2017:
£0.9m). Of this capital investment, £3.1m in 2018 related to
new business growth and we will continue to invest during
2019 to upgrade current capabilities and accelerate new
business growth. Net borrowings ended the year at £8.8m
(2017: £6.5m), safely within our £13m of facilities and
shareholders’ funds reduced slightly from £23.1m to £22.9m.
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The Board proposes an unchanged final dividend of 3.0p
per share to be paid on 3 June 2019 to shareholders on
the register at the close of business on 17 May 2019. The
ordinary shares become ex-dividend on 16 May 2019.
This brings the total dividend declared in respect of
2018 to 5.5p per share (2017: 5.5p). The IAS19 valuation
at the year-end of our pension fund reported a surplus
of £6.5m (2017: £8.5m). This surplus is deemed to be
irrecoverable and not included in the Company’s assets.
Property
The current market for both retail and, locally, residential
developments remains challenging, but we continue to explore
all opportunities to find suitable schemes for our surplus sites
at Walton Works and Boythorpe Works in Chesterfield. We
remain confident that buyers will be found but do not expect
significant income from the sale of these sites in 2019.
Outlook
Our pipeline of future business is now much stronger and more
advanced than in previous years. This, together with even
stronger customer partnerships, gives us confidence that we
will see double-digit sales growth again in 2019. We also expect
a marked step-up in profitability, ahead of market expectations,
arising from our “Strategy into Action” program which will
drive faster, better execution of our plans. Central Europe will
continue to play an important role in driving profitable growth.
Alan Raleigh
Chairman
21 March 2019
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Robinson plc Annual Report and Accounts 2018
Business review
Robinson aims to generate annual sales in excess of £50 million within five years.
This will be achieved through a combination of organic growth in our existing
markets and expansion in mainland Europe.
We will strengthen our strategic role as a reliable business
partner and quality provider of rigid plastic packaging to
leading brand owners and their contract suppliers in the
personal care/toiletries, household and food sectors in
their markets.
To win and maintain the loyalty of new and existing customers,
we will combine our broad industry skills and a capability
for reliable fast response, quickly developing and supplying
bespoke products at competitive prices. Importantly, by
leveraging the right equipment technology and processes, we
will at the same time ensure our packaging solutions take full
advantage of advances in the use of recycled materials and
ensure that their impact on the environment is minimised.
Our business model is supported by four strategic pillars. We will:
Maximise the use of
sustainable plastics
Partner with brand
& product innovators
Through collaboration with external change agents and
customers, we will increase environmental awareness
and align with the circular economy. Our manufacturing
and supply chain operations will also demonstrate a
commitment to reduce our environmental footprint,
through year-on-year reduction in waste and energy.
Most importantly, we will work closely with the plastics
industry alliance associations and suppliers to support
our promise to use recyclable & recycled plastics in all
our products with all customers.
In partnership with winning customers, we will
deliver unique rigid plastic packaging that facilitates
Brand differentiation, affords product protection
and assures ease of use for consumers.
Build long term
customer relationships
Become more
competitive
Through continuous development of the best
talent, processes and organisation, we will better
understand our customer’s markets, plans and needs
so we can consistently provide the right packaging
solutions and services that secure long term loyalty
and repeat custom.
By embedding a culture of cross functional team
work, performance measurement and continuous
improvement across our business, we will not only
meet our long-term growth and sustainability
ambitions but will increase our competitiveness:
improving our ability to offer the right products at the
right costs to meet specific customers’ needs.
Business review continued
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We are adopting more collaborative working practices,
encouraging team work and promoting best practice
across our operations in the UK and Poland.
Our People & Culture
We recognise that our future success relies on retaining
and attracting skilled and motivated people. Our main
businesses were early adopters of the ISO 9001 Quality
Standard and Investors in People and we remain committed
to helping our people achieve their maximum potential.
Helping employees to contribute to the best of their abilities
at work is supported through the provision of training.
We intend that all employees will receive an annual
performance and career development review and
have updated and simplified our bonus incentive
scheme for 2019 to better align rewards with both
business and personal achievement targets.
Robinson is justifiably proud of its packaging industry,
technology and engineering knowledge and the experience
of many loyal and long-standing professionals as well
as talented individuals recruited more recently.
To sustain this precious intellectual property and
support succession planning, we are adopting more
collaborative working practices, encouraging team work
and promoting best practice sharing both across
business functions and our operations in UK and Poland.
It is our policy to ensure equal opportunity in recruitment,
selection, promotion and employee development and we
have an equal opportunities and diversity policy in place. It
is a key objective to ensure that successful candidates for
appointment and promotion are selected taking account of
individual ability, skills and competencies without regard to
age, gender, race, religion, disability or sexual orientation.
We’re committed to international human rights standards.
We do not use child labour and check suppliers in this
respect. We do not tolerate unfair discrimination. We
comply with laws and standards on working hours.
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Business review continued
We believe it is a strategic imperative
to be logistically integrated with
our customers’ operations.
Our Market
Robinson plc has successfully serviced its customers
in UK and internationally for over 179 years. Today,
it specialises in injection, blow and stretch-blow
moulded plastic and rigid paperboard in a wide range
of product formats.
Our customers include leading multinational brand
owners who seek creative on-shelf differentiation to make
their products stand out from the crowd – including Avon,
McBride, Nestle, Proctor & Gamble, Dr Oetker,
Reckitt Benckiser, SC Johnson and Unilever.
Our Operations
Leading international brand owners require
strategic supplier partners capable of serving all
their core consumer markets locally. We believe
it is a strategic imperative to be logistically
integrated with our customers’ operations
to serve both geographically mature and
emerging regions simultaneously. Supplying
UK, European and specific export markets,
Robinson is an established and respected
supplier to our brand led customers across
Europe. Specialising in developing solutions
specific to each market sector, we aim to
manufacture and supply locally throughout the
region to best meet our customers’ requirements.
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Robinson owns
five production
facilities across the
United Kingdom
and in Poland.
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Kirkby
Nottinghamshire UK
Primarily focussed on innovative
solutions for the food & drink
markets manufacturing custom
injection moulded packaging
solutions. A large proportion of
production from this unit serves the
domestic UK food brands.
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Stanton Hill
Nottinghamshire UK
Manufactures blow moulded products
and high quality injection moulded
devices such as aerosol actuators.
Produced mainly for international
toiletries & cosmetics brands for
both UK and international markets,
including Latin America and Asia.
Lodz
Poland3
Manufactures high quality
injection moulded solutions for
many global branded customers
serving the emerging Central
European markets.
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Minsk
Poland
Manufactures blow and injection
moulded products primarily for
the toiletries & cosmetics and
household sectors in the region.
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Chesterfield
Derbyshire UK
The dedicated design and production
centre for Robinson Paperbox
Packaging – our rigid paper
box business, serving domestic
confectionary, food, electronics and
cosmetic gifting markets.
Robinson plc Annual Report and Accounts 2018
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Business review continued
Quality standards
All our manufacturing facilities are British Retail Consortium
(BRC) accredited to food packaging standards and, in the
UK, we have long held the ISO 9001 Quality Standard.
This includes our rigid paper box facility based in
Chesterfield UK which is now one of the few UK based
rigid box manufacturers with this accreditation.
Design solutions
At Robinson we partner with our customers to ensure we
have an in-depth understanding of the design, functional
and quality standards required from a packaging innovation
to meet their consumers’ needs. We add value to the new
product development process from the start of the brief and
aim to structure the projects to reduce unnecessary risk and
deliver right-first-time solutions. This is achieved through:
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• Applying state-of-the-art design software
& hardware including 3D printing
• Investing in in-house engineering skills and capabilities
• Ensuring rigorous new product development
and project lead time control
• Delivering speed to market while
minimising risk for our customers
This means our design solutions are always relevant from
a cost, manufacturability, logistic and environmental
perspective as well as delivering real consumer benefits.
Performance Review
The Group’s primary commitment is to provide a safe and healthy environment for its employees.
The number of accidents was as follows:
2018
2017
2016
Comments
Lost time accidents
Reportable accidents
2
6
3
3
1
-
Whilst there has been a small increase in the number of accidents,
these were relatively minor and have been followed up with
rigorous root cause evaluation and corrective measures to
minimise the risk of recurrence.
Key financial indicators, including the management of profitability and working capital, monitored on an ongoing basis by
management, are set out below:
Indicator
2018
2017
2016
Comments
Revenue (£’000)
32,802
29,813
27,459
Revenues increased by 10% in 2018,
with a 7% increase in underlying volumes.
Profitability ratios:
Gross margin
18%
19%
23%
Trading margin
5%
4%
8%
Return on Capital
Employed
5%
4%
7%
Working capital levels
26%
28%
29%
Gross profit as a percentage of revenue. We have passed on some,
but not all, costs in a challenging market place.
Operating profit before exceptional items and amortisation as a
percentage of revenue. The small increase in 2018 is attributable
to the increased revenues and slightly lower operating costs.
Operating profit (before exceptional items and amortisation of
intangible assets) less taxation divided by the average capital
employed (net assets less net debt). Growth has been muted by the
significant investments in plant and machinery, which only
produced returns for part of the year.
Inventory + trade receivables - trade payables as a percentage of
revenue. Despite increased pressure from some of our main
customers to extend payment terms, some progress has been made
in reducing this.
Investment in new technology continues to yield benefits in electrical consumption rates. Waste to recycling
increased slightly because of trends away from black products, which previously consumed some of our waste.
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Business review continued
The Group is committed to making sustainable improvements to the design, manufacture and distribution of products.
The following indicators are used by the Group to measure its progress in achieving this objective:
Indicator
Electricity consumed (‘000 kwh)
Waste to recycling (tonnes)
Waste to landfill (tonnes)
2018
21,354
517
68
units per
£’000
revenue
0.651
0.016
0.002
2017
20,343
439
96
units per
£’000
revenue
0.682
0.015
0.003
2016
19,431
394
156
units per
£’000
revenue
0.708
0.014
0.006
Investment in new technology continues to yield benefits in electrical consumption rates. Waste to recycling increased
slightly because of trends away from black products, which previously consumed some of our waste.
The group employee gender diversity is as follows:
Male
Female
Directors
Employees in other senior
executive positions
Total senior managers
and directors of the group
Other employees of the group
Total employees of the group
5
10
15
213
228
1
2
3
97
100
In our recruitment process for
key roles, we are committed to
incorporate principles to ensure
greater diversity.
The appointment of Sara Halton as a new non-executive Director is an important first step towards improved gender diversity
– especially at senior levels of the Group. In our recruitment process for key roles, we are committed to incorporate principles
to ensure greater diversity, for example, in gender, ethnicity and age, as well as company culture and values.
Property
The Group has surplus properties and other properties not used
in the manufacture of packaging products with a total value at
the end of 2018 of £6.4m (2017: £6.6m). These properties arise
from the transfer or sale of previous manufacturing businesses.
Some of these properties are let out to tenants on
contracts that vary in length between 1 month and 5
years. The annual gross rental income earned during the
year was £0.4m (2017: £0.4m) representing a 6% yield.
The intention of the Group is, over time, to realise the
maximum value from surplus properties via disposal and
reinvest receipts in developing its packaging business.
Investments in AIM trading companies can attract 100%
relief from Inheritance Tax (Business Property Relief).
Tax counsel have previously advised that the Company
qualifies for this relief since the properties held are residue
from previous trading activities and there is an active plan
to dispose of them.
Robinson plc Annual Report and Accounts 2018
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Business review continued
Pension Fund
The Group had a surplus in its defined benefit scheme fund at the
last actuarial valuation (5 April 2017). This scheme was closed to
new entrants in 1997 and the intention is to buy out the liabilities
when market conditions allow. The IAS19 valuation of the scheme
showed a surplus of £6.5m at the end of 2018. This surplus is deemed
to be irrecoverable and not included in the Company’s assets.
Principal risks and uncertainties
The directors have set in place a thorough risk management
process that identifies the key risks faced by the Group and
ensures that processes are adopted to monitor and mitigate
such risks. The principal risks affecting the business and the
Group’s responses to these risks are:
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Risk
Impact
Mitigation
Customer
relationships
A significant proportion of
the Group’s turnover is
derived from its key
customers.
The loss of any of these key
customers, or a significant
worsening in commercial
terms, could adversely
affect the Group’s results.
Through close collaboration with our key customers:
anticipating their needs and rapidly responding
to requests.
Fluctuations
in input prices
Input prices such as plastic
resin prices and electricity
costs can fluctuate
significantly.
Cost over-run;
lower profitability.
The Group monitors the effect of such fluctuations
closely, seeks to structure contracts with customers
to recover its costs and ensures availability of
alternative competitive sources of specific materials.
Foreign
currency
risk
Significant fluctuations
between the £ and Polish
Zloty / €.
Exchange rate movements
could impact revenues
and profitability as we
produce in Poland and
purchase materials in
$’s, £’s and €’s.
Although we do not typically hedge currencies,
we regularly monitor these exchange rate
movements as a Board.
Unavailability
of raw
materials
Disruption of supplies to
UK, particularly resins,
from Europe due to Brexit.
Inability to meet orders;
customer service outages.
Parallel measures actioned: increased resin & key
materials stock cover; secondary supply sources
established through distributors; forward ordering of
products for specific customers.
Brexit
The availability of raw materials To counter these risks, we have built stocks of raw
in the UK market, import. duties materials, discussed the scenarios with our customers and
and customs procedures may suppliers and taken steps to minimise the possible disruption
result in delays to deliveries
to our business in the UK.
which could impact on our
The outcome of the ongoing
Brexit negotiations may have
an impact on the business. In
the short term, the main risks
to our business are the
continuity of supply and pricing. ability to supply our customers. Robinson is well placed, with operations in both the UK
and Central Europe, to mitigate the impact of any such
In the longer term, our
customers may decide to
decisions on the group’s performance.
relocate the manufacturing
locations of their products –
depending on the outcomes
this could either be a benefit
or a threat.
Pricing, driven by market
conditions including foreign
exchange rates, could also
result in lower demand for
our products.
People
Low unemployment and
high demand, particularly
for skilled machine
operators and engineers
in Poland.
Insufficient labour to run
machines; reduced engineering
maintenance cover in Polish
factories; lower efficiencies
& outputs. Higher wage bills.
Frequent salary benchmarking & adjustment needed;
increased manufacturing efficiencies to reduce
inflationary costs; incentive schemes devised
to increase retention.
On behalf of the Board
Guy Robinson
Director
21 March 2019
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Robinson plc Annual Report and Accounts 2018
Sustainability and corporate responsibility
Robinson commits to improving responsible plastic manufacture, by
participating fully with our industry partners and suppliers in the circular
economy and practically managing the sustainability of our products and
operational supply chain processes.
1: Packaging in the environment
We aim not to put any waste in landfill. Any
waste which is not typically recyclable gets
sifted by our waste management company,
100% of which is recycled or made into fuel.
We recently joined RECOUP, a plastics cross-
industry group established to lead and inform
the sustainable development of plastics recycling
that protects resources.
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Our
Promise
Indu
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Our approach is to work in close
collaboration with our brand owner
customers and packaging industry partners
who share our commitment to the
circular economy.
To secure our future, we have made a
promise to responsibly manufacture plastic
products that maximise the use of recycled
plastics in all products and that
are recyclable.
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P a
g i n g R ecovery
T a x
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To support our customers to communicate
with their consumers, we have engaged with
Terracycle to devise customised programmes
for managing waste disposal, from bespoke
collection platforms for specific products to
recycling hard-to-recycle waste streams. We
will also be working with partners to optimise
recycling of on-site waste streams in our
manufacturing operations.
We pay a proportion of the cost of the
recovery and recycling of our packaging to take
responsibility for its environmental impact.
This complies with the first producer
responsibility legislation in the UK that came
into effect in 1997 in Great Britain (1999 in
Northern Ireland).
Sustainability and corporate responsibility continued
Robinson plc Annual Report and Accounts 2018
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2: Products and processes at Robinson
Design
We ensure our products are designed to maximise resource
efficiency. We use light weighting and value engineering
techniques within each design. We also strive to use single
polymer assemblies, where feasible, to maximise recyclability.
End of life considerations are accounted for with each product
design to maximise re-usability.
Energy policy
All tooling is designed to produce the most lightweight and
cost-effective plastic product possible. We are committed to
reducing our carbon footprint year on year. We are replacing
all lighting with more efficient LED lighting.
Manufacturing and distribution
Product manufacture is rigorously scrutinised to constantly
streamline each process step of production. We use the latest,
high-tech, low energy consuming machines to ensure efficient
and lean production. We optimise our payloads and routings
for transporting goods to minimise our carbon footprint.
Masterbatch containing carbon black
This is the material used in black plastics which are not
picked up by automated recycling sensors. Working with
our colourant partners, we now offer an alternative that the
sensors recognise. Through our membership of RECOUP, we
will also participate in the Black Plastic Packaging Recycling
forum to ensure we take advantage of further developments
in the circular economy.
90%
170 tons
30%
Recycling
General waste recycling
Post-Consumer Recycling (PCR)
We recycle all post-process waste
material and out of 100 tons of
plastic waste produced, 90% is
recycled in our own factories.
In 2018, we recycled 170 tons of
general waste, 20% of which was
segregated on site (card, paper etc).
At Robinson, we optimise our payloads and
routings for transporting goods to minimise
our carbon footprint.
We have sourced a post-consumer
recycled HDPE by working closely
with waste management and recycling
experts. We are typically using 30% PCR
HDPE in our blow moulded products.
Since early August 2018, we have been
rapidly expanding the circle of customers
where we use recycled PET for new
injection stretch blow moulding projects
and in the range of products supplied
from our UK and Polish facilities.
12
Robinson plc Annual Report and Accounts 2018
Corporate governance
Our objective is to deliver a sustainable profitable business which
delivers consistently good value to our shareholders. In doing
so, the Board takes account of its employees, customers and the
environment in which the Group operates.
People
Health & safety
Our primary aim is to provide a safe and healthy
environment for our employees. At each of our sites
we have health & safety procedures in place which
are regularly reviewed and updated to provide such
information, training and supervision as required.
Communication
The Board recognises the need to ensure effective
communications with employees. During the year, they were
provided with financial and other information affecting
the Company and its various operations, by means of the
house magazine, briefings and newsletters. Consultative
committees in the different areas of the Company enabled
the views of employees to be heard and considered when
making decisions likely to affect their interests. In 2019,
the Board will formally review the effectiveness of our
communications to key stakeholders, including employees.
Non-discrimination
Our policy is to have no discrimination on grounds of age, race,
colour, sex, religion, sexuality or disability. We aim to achieve
the highest standards of business integrity and ethics. We
will not tolerate any forms of harassment at any level within
our organisation or when dealing with people from outside.
Training & education
We recognise the importance of training and
education for our people. Our main businesses were
early adopters of the ISO 9001 Quality Standard and
Investors in People and we remain committed to helping
our people achieve their maximum potential.
Welfare
We take the welfare of our employees both past and
present very seriously, recognising that an involved caring
community is a more satisfying place to work. A Group
pension scheme is in place and we encourage employees
to save for their retirement. We publish a Group magazine
every 6 months that is distributed to all employees and
pensioners. We have a Group Welfare Officer, who inter
alia looks after the foundation club (for retired employees),
a visitors’ panel and the annual pensioners’ party.
Products
We aim to produce our products in a responsible manner,
using innovative design and manufacturing to meet our
customers’ requirements with minimum adverse impact on
the environment. We work with our customers and suppliers
to ensure recycled materials can be used where possible and
that the product specification is optimised to reduce the weight
or other factors that affect its impact on the environment.
Places
We want our manufacturing processes to have as minimal
impact on the environment as possible. You will see from the
Strategic report that we measure several indicators to ensure
that we make continuous improvements in this area. We aim
to recycle as much of our waste as possible. We are working
to increase the environmental awareness of our staff in order
that both the Company and the local community can benefit.
Corporate governance continued
Robinson plc Annual Report and Accounts 2018
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We understand good corporate
governance is not complete without it
being communicated effectively, thus
promoting trust among shareholders
and other stakeholders.
Code compliance
The Board has adopted the Quoted Companies Alliance
(QCA) Corporate Governance Code in line with the London
Stock Exchange’s recent changes to the AIM Rules. With
the appointment of Sara Halton as an independent Non-
Executive Director on 1 January 2019, the Board considers
it has complied with all the requirements of the Code.
The Company has a strategy which sets out how we intend
to achieve growth in shareholder value.
Our responsibilities include:
• having a board of directors, senior management team and
workforce with the necessary mix of skills and experience
to execute and evolve the strategy and business model;
• having all individuals in the business working together
effectively, within a clear organisational structure; and
• maximising the chances for successful execution of
the strategy by putting in place tailored processes.
We understand good corporate governance is not complete
without it being communicated effectively, thus promoting
trust among shareholders and other stakeholders.
The board members have a collective responsibility
and legal obligation to promote the interests of the
company and are collectively responsible for defining
corporate governance arrangements. Ultimate
responsibility for the quality of, and approach to,
corporate governance lies with the chair of the board.
14
Robinson plc Annual Report and Accounts 2018
Corporate governance continued
Board of Directors
The Company supports the concept of an effective board
leading and controlling the Group. The Board is responsible for
approving Group policy and strategy and the Directors are free
to seek any further information they consider necessary. All
Directors have access to independent professional advice at
the Group’s expense.
The Board reviews its performance as an integral part of
each board meeting and appraises the performance of each
Director. During 2019 we plan an externally facilitated review.
The Board has a written statement of its responsibilities and
there are written terms of reference for the Nomination,
Remuneration and Audit committees. The Chairman and
Non-Executive Directors, whose time commitment to the
Company is commensurate with their remuneration, hold
other positions as set out in the biographies below.
The Board meets regularly on dates agreed each year for the
calendar year ahead. This is typically eight times per year although
additional meetings are called as and when deemed necessary.
A formal schedule of matters requiring Board approval is
maintained covering such areas as strategy, approval of budgets,
financial results, Board appointments and dividend policy.
The Board consists of a Non-Executive Chairman, two other
Non-Executive Directors, a Chief Executive, a Finance
Director and a Commercial Director. This provides a broad
background of experience and a balance whereby the Board’s
decision making cannot be dominated by one individual.
The Chairman of the Board is Alan Raleigh and the Group’s
business is run by the Chief Executive (Martin McGee), the
Finance Director (Guy Robinson) and the Commercial Director
(Mike Cusick). The biographies of the Directors, who we consider
to be the key managers of the business, are set out below:
Alan Raleigh Non-executive Chairman and Senior Independent Director
Alan is primarily responsible for:
• overall leadership and governance of the Board
• promoting a healthy culture of challenge and debate
• fostering open and effective relationships between the
Executive and Non-Executive directors
• ensuring Board and shareholder meetings are
properly conducted
• promoting effective decision making.
Martin is primarily responsible for:
• development, implementation and communication of
business model and strategy
• leadership and development of all employees
• delivery of financial and operational performance targets
• establishing a firm business base to support
sustainable growth
• building relationships with all stakeholders.
Alan joined the Board in August 2015. After gaining a
BSc (Hons) in Production Engineering and Production
Management from Strathclyde University he spent
his career with Unilever plc holding a variety of senior
positions in the UK, US and Japan. He was Executive
Vice President, Personal Care Supply Chain until 2016
and is a non-executive director of Coletta, a Swedish
confectionary company listed on the Stockholm Stock
Exchange. Alan brings experience in highly relevant
sectors to the Board.
Martin McGee Chief Executive
Martin has an honours degree in Chemistry from
Sheffield University and spent his early career in UK,
Holland, Sweden, Japan and Brazil with Unilever plc,
prior to moving into international R&D and Technical
Director roles for PZ Cussons Ltd and the Scotts
Company Ltd. He left Avon Products Inc as VP Global
Manufacturing and Supply Chain Operations in 2014,
acted as Independent Advisor to McKinsey & Company
to 2016 and Chief Operating Officer for McBride PLC
to May 2018. Martin has over eighteen years Board
level experience across consumer packaging businesses
as both customer and supplier, leading strategy
development and operational improvements that deliver
better and more profitable products and services.
Corporate governance continued
The Board considers that it has sufficient experience,
skills, personal qualities and capabilities to deliver the
strategy of the Company. The Board regularly review its
composition and depth of skills to ensure it can support
the ongoing development of the Company. The directors
are kept up to date on key issues and developments
pertaining to the Company through the executive directors
and external advisers. There is a succession plan in place
for the Board and this is being actively progressed.
Shareholders
The Company will maintain a regular dialogue with existing
and potential investors both directly and through its brokers
to communicate its strategy and understand shareholder
expectations. This will be done by the Board at the Annual
General Meeting and through periodic Investor Roadshows that
showcase evolutions in our business and offer the opportunity
to meet and engage with the Board and senior business leaders.
Wider Responsibilities
Robinson is aware of its corporate social responsibilities
and the need to maintain balanced relationships with its
shareholders, employees, customers, suppliers, the environment
and other stakeholders. Based on stakeholder feedback we
plan to assess our plans on Safety, Diversity and Sustainability
and, if appropriate, intervene to drive further progress.
Robinson plc Annual Report and Accounts 2018
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Internal control
The Board recognises its responsibility for maintaining systems
of internal control and reviewing their effectiveness. The Board
maintains procedures for identifying significant risks faced by
the Group. The Board has reviewed the operation and
effectiveness of the Group’s system of internal financial
control for the financial year up to the date of approval of
the financial statements. The system of internal financial
control is designed to provide reasonable, but not absolute,
assurance against material misstatement or loss.
The principal elements of the Group’s systems of internal
financial control include:
• a management structure and written procedures that clearly
define the levels of authority,
responsibility and accountability;
• well established business planning, budgeting and
monthly reporting functions with timely reviews
at the appropriate levels of the organisation;
• a comprehensive system for investment
appraisal and review; and
• an Audit Committee that regularly reviews the relationship
with and matters arising from the external auditors including
the level of non-audit work that is performed by them.
Guy Robinson Finance Director
Guy has an honours degree in mechanical engineering
from Nottingham University and qualified as a Chartered
Accountant in 1981 at Coopers & Lybrand, working
for them until he joined Robinson as Management
Information Systems Manager in 1985. He has held the
positions of Group Finance Controller and Packaging
Mike Cusick Commercial Director
A qualified management accountant, Mike joined
Robinson in 2015 and was appointed a director in
January 2019. Previously he was Group Commercial
Finance Director, responsible for the post-acquisition
integration of the Madrox business in Poland, and new
commercial systems across the Group.
Anthony Glossop Non-executive Director
Anthony was appointed a director in 1995 and is
Chairman of the remuneration committee. After
qualifying as a solicitor, he entered industry as a
company secretary. He became Chief Executive of a
West Midlands engineering group.
Sara Halton Non-executive Director
Sara has held key senior executive positions at well-
known British brands, including as Chief Executive
Officer of Molton Brown. She brings a wealth of
experience in driving strategic growth for global brands.
Division Financial Director and was appointed Finance
Director in 1995. He has been responsible for working
with the Board on a number of business acquisitions
and disposals and is responsible for the Company’s
significant property portfolio.
Prior to joining Robinson, Mike gained international
financial experience during 8 years in various finance
roles at SIG plc, latterly as Financial Controller,
Mainland Europe.
During the engineering recession of the 1980s he
steered that group into what is now St Modwen
Properties of which he was Chief Executive and
then Chairman.
Sara is a Chartered Accountant having gained MSc in
Economics and Econometrics, and BSc in Economics,
at the University of Southampton.
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Corporate governance continued
Audit Committee Report
Dear Shareholder
I am pleased to present the report on the activities of the
Audit Committee for the year and to be able to confirm on
behalf of the Board that the annual report and accounts taken
as a whole is fair, balanced and understandable.
Roles and responsibilities:
The Audit Committee is chaired by Alan Raleigh and includes
Anthony Glossop, Sara Halton, and Martin McGee with Guy
Robinson as secretary. This Committee reviews the interim
and preliminary announcement of final results and the annual
financial statements prior to their publication. It is also
responsible for the appointment or dismissal of the external
auditors and for agreeing their fees. It keeps under review the
scope and methodology of the audit and its cost effectiveness
together with the independence and objectivity of the
auditors. It meets with the auditors at least twice per year to
agree the audit plan and review the results of the audit.
This comprises:
• monitoring and reviewing the Group’s accounting policies,
practices and significant accounting judgements; and
• reviewing the annual and interim financial statements
and any public financial announcements and advising
the Board on whether the annual report and
accounts is fair, balanced and understandable.
In relation to the external audit:
• approving the appointment and recommending
the reappointment of the external auditor
and its terms of engagement and fees;
• considering the scope of work to be undertaken by the
external auditor and reviewing the results of that work;
• reviewing and monitoring the independence of the external
auditor and approving its provision of non-audit services;
• monitoring and reviewing the effectiveness of the
external auditor
• monitoring and reviewing the adequacy and effectiveness
The primary function of the Committee is to assist the Board in
fulfilling its responsibilities regarding the integrity of financial
reporting, audit, risk management and internal controls.
of the risk management systems and processes; and
• assessing and advising the Board on the internal
financial, operational and compliance controls.
Alan Raleigh
21 March 2019
Remuneration Committee Report
Dear Shareholder
On behalf of the Remuneration Committee, I am pleased to
present the Remuneration Committee
report for the year ended 31st December 2018.
Roles and responsibilities:
The Remuneration Committee is chaired by Anthony Glossop
and includes Alan Raleigh, Sara Halton and Martin McGee
with Guy Robinson as secretary. On behalf of the Board
the Committee reviews and approves the remuneration
and service contracts (including benefits) of the executive
Directors and other senior staff. The Committee aims to
provide executive remuneration packages designed to attract,
motivate and retain directors of the calibre necessary to
achieve the Board’s strategic and operational objectives
and to reward them for enhancing shareholder value. The
remuneration packages for the executive Directors and
other senior staff include a basic salary and benefits, an
annual performance related pay scheme and a long term
incentive plan in the form of a share option scheme.
The role of the Committee is to recommend to the Board a
strategy and framework for remuneration for Directors and
the senior management team to attract and retain leaders
who are focused and incentivised to deliver the Company’s
strategic business priorities, within a remuneration
framework which is aligned with the interests of our
shareholders and thus designed to promote the long-term
success of the Group.
The Committees main responsibilities are:
• establishing and maintaining formal and transparent
procedures for developing policy on executive
remuneration and for fixing the remuneration packages of
individual Directors, and monitoring and reporting on them;
• determining the remuneration, including
pension arrangements, of the Directors.
Details of director’s remuneration are included in the
Directors Report.
Anthony Glossop
21 March 2019
Corporate governance continued
Nomination Committee Report
Dear Shareholder
As Chairman of the Nomination Committee, I present
our report detailing the role and responsibilities of the
Committee and its activities during the year.
Roles and responsibilities:
The Nomination Committee is chaired by Alan Raleigh
and includes Anthony Glossop, Sara Halton and Martin
McGee with Guy Robinson as secretary. This Committee
meets at least once per year and reviews the Board’s
structure, size and composition. It is also responsible
for succession planning for Directors and other
senior executives.
Robinson plc Annual Report and Accounts 2018
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The key responsibilities of the Committee are:
• assessing whether the size, structure and composition
of the Board (including its skills, knowledge, experience,
independence and diversity, including gender diversity)
continue to meet the Group’s business and strategic needs;
• examining succession planning for Directors and other
senior executives and for the key roles of Chairman
of the Board and Chief Executive; and
• identifying and nominating for approval by the Board,
candidates to fill Board vacancies as and when they arise,
together with leading the process for such appointments.
Board changes:
On 10 May 2018 Richard Clothier resigned as Non-Executive
Chairman and was replaced by Alan Raleigh. On 30 November
2018 Adam Formela resigned as Chief Executive and was
replaced on 6 December 2018 by Martin McGee.
On 1 January 2019 Mike Cusick was appointed as
Commercial Director and Sara Halton joined the Board as a
Non-Executive Director.
Alan Raleigh
21 March 2019
Attendance of Board and Committee meetings
The attendance at meetings for the year ended 31 December 2018 were as follows:
2018
Number of meetings
Alan Raleigh
Martin McGee (from 6/12/18)
Guy Robinson
Anthony Glossop
Richard Clothier (to 10/5/18)
Adam Formela (to 30/11/18)
Board
Audit
Committee
Remuneration
Committee
Nomination
Committee
8
8
1
8
8
3
7
3
3
1
3
3
1
2
2
2
-
2
2
1
2
6
6
1
6
6
2
5
There were more Nomination Committee meetings than normal during the year because of the review of the Board structure
together with the changes that followed.
18
Robinson plc Annual Report and Accounts 2018
Director’s report
The directors present their report and the audited financial statements of the
Group for the year ended 31 December 2018. The financial statements of the
Group and the Company have been prepared under International Financial
Reporting Standards as adopted by the European Union.
Dividends
The directors recommend a final dividend of 3p per share to be paid on 3 June 2019 to shareholders on the register on 17 May 2019.
Directors and directors’ interests
The directors together with their interests in 0.5p ordinary shares in Robinson plc, were as follows:
Guy Robinson
Anthony Glossop
Alan Raleigh
Martin McGee (appointed 6 December 2018)
Mike Cusick (appointed 1 January 2019)
Sara Halton (appointed 1 January 2019)
Adam Formela (resigned 30 November 2018)
Richard Clothier (resigned 10 May 2018)
31 December 2018
31 December 2017
1,212,601
196,922
Nil
Nil
5,458
Nil
1,159,635
196,922
Nil
Nil
4,792
Nil
309,944
54,548
No director had any interest in the shares of any other Group company. The Group maintains insurance cover to protect directors
in respect of their duties as directors of the Group. During the year, none of the directors had any material interest in any contract
of significance in relation to the Group’s business. In accordance with the Company’s Articles of Association, Martin McGee, Mike
Cusick, Sara Halton and Anthony Glossop retire and offer themselves for re-election. Further details concerning directors are
provided in the Report on Corporate Governance.
Remuneration Policy
The Group aims to attract, reward, motivate and retain senior executives with the objective of enhancing shareholder value.
The current remuneration packages are intended to be competitive and incentivise senior executives. They comprise a mix of
performance related and non-performance related remuneration.
Directors’ Service Contracts
The Executive Directors have service contracts with the Company. The Non-Executive Directors do not have service contracts
with the Company. The remuneration of Non-Executive Directors is determined after consideration of appropriate external
comparisons and the responsibilities and time involvement of individual Directors. No Director is involved in deciding his own
remuneration.
Remuneration Package
The Executive Directors’ remuneration packages, which are reviewed annually by the Remuneration Committee, consist of annual
salary, performance related bonuses, health and other benefits, pension contributions and share options.
Summary of Directors Remuneration
A Formela
G Robinson
A Raleigh
A Glossop
R Clothier
M McGee
2018
2017
Salary &
benefits-
in-kind
Company
pension
Bonus contributions
£’000
Total
2018
Total
2017
455
160
53
45
23
19
755
516
-
-
-
-
-
-
-
-
63
-
-
-
-
-
63
32
518
160
53
45
23
19
818
-
253
154
40
45
56
-
548
Director’s report continued
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Following his resignation, Adam Formela received one years’ notice pay and benefits during the year, in line with his service
contract. Adam Formela was a member of a money purchase pension scheme and the Company contributed at a rate of 15% of salary.
Bonus
The Executive Directors participate in an annual bonus plan which allows them to earn up to 70% of their basic annual salary of
which 70% is based on achieving profit targets and 30% on achieving agreed strategic objectives.
Long Term Incentives
Share options have been granted to the Executive Directors under the Company’s Share Option Scheme. These are designed to
reward the Directors for achieving growth in shareholder value over the longer term.
Interests in Share Options
The Company has an equity settled share option scheme for its Executive Directors and other key managers. Details of outstanding
share options on 0.5p ordinary shares are as follows:
Adam Formela (*)
Guy Robinson
Mike Cusick
Other key managers
Weighted average price
Contractual life outstanding (weighted average) - years (*)
Granted
04-May-11
Granted
14-Nov-13
Granted
Granted Outstanding
07-Apr-14 11-May-17 31-Dec-18
450,000
140,056
140,056
67,494
450,000
69p
280,112
43p
67,494
202p
58,000
75,000
133,000
130p
590,056
207,550
58,000
75,000
930,606
80p
6
* Following his resignation, Adam Formela is entitled to exercise his outstanding options until 16 April 2019. These options have
not been included in the Contractual life outstanding calculation.
Generally, the share options may be exercised in whole or in part at any time between the third and tenth anniversary of being
granted subject to the achievement of certain performance criteria. 797,606 options were exercisable at the end of the period. The
market value of the shares at 31 December 2018 was 65p per share.
Employment of disabled persons
In accordance with Group policy, full and fair consideration is given to the employment of disabled persons, having regard to their
aptitudes and abilities and the responsibility and physical demands of the job. Disabled employees are provided with equal
opportunities for training and career development.
20
Robinson plc Annual Report and Accounts 2018
Director’s report continued
Financial risk management objectives and policies
The Group’s financial instruments comprise borrowings, cash balances, liquid resources, receivables and payables that arise
directly from its operations. The main purpose of these financial instruments is to raise finance for the Group’s operations. The
Group does not use derivative instruments.
The principal financial risks the Group faces in its activities are:
• Credit risk from debts arising from its operations
• Foreign currency risk, to which the Group is exposed through its investment in one unlisted company based overseas
• Refinancing and/or liquidity risk
The Board reviews and agrees policies for managing each of these risks and they are summarised below. These policies have
remained unchanged from previous years. The Group seeks to manage credit risk by careful review of potential customers and
strict control of credit. The Group does not hedge its exposure of foreign investments held in foreign currencies. There is little trade
between the UK and Poland.
The Group has limited exposure to liquidity risk and short-term flexibility may be achieved using overdraft facilities with a
floating interest rate.
Further details are given in note 22 to the financial statements and in the Business review.
Going concern
In determining whether the Group’s annual consolidated financial statements can be prepared on a going concern basis, the
directors considered the Group’s business activities, together with the factors likely to affect its future development, performance
and position; these are set out in the Business review.
The Group meets its day to day working capital requirements through an overdraft facility which is due for renewal in February
2020. The Group’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the
Group should be able to operate within the level of its current facility. The Group will seek to renegotiate this facility in due course
and management is confident that a facility will be forthcoming on acceptable terms.
As at the date of this report, the directors have a reasonable expectation that the Company and Group have adequate resources to
continue in business for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing
the annual financial statements.
Future developments
See the Chairman’s report for an update on future developments.
Subsequent events
There have been no events since the balance sheet date that would have had a material impact on the financial statements.
Capital structure
As set out in note 20, the issued share capital of the Company is 17,687,223 ordinary shares of 0.5p each of which 1,073,834 are
held in treasury. There have been no changes to the issued share capital since the year end. There is only one class of share in issue
and there are no restrictions on the voting rights attached to these shares or the transfer of securities in the Company.
Details of share options are set out above. Persons with a shareholding of over 3% in the Company as at 31 December 2018 were:
C W G Robinson
S J Robinson
R B Hartley
R A Shemwell
S C Shemwell
S E A Hardy
H G Shaw
J C Mansell
Total
1,212,601
724,585
654,191
598,791
534,091
525,191
515,191
500,000
%
7.3%
4.1%
3.9%
3.6%
3.2%
3.2%
3.1%
3.0%
Director’s report continued
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Auditor
In the case of each of the persons who are directors of the Company at the date of approval of this report:
• so far as each of the directors is aware, there is no relevant audit information (as defined in
the Companies Act 2006) of which the Company’s auditor is unaware; and
• each of the directors has taken all the steps that he ought to have taken as a director to make himself aware of any
relevant audit information (as defined) and to establish that the Company’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
Directors’ responsibilities statement
The directors are responsible for preparing the Strategic Report, Directors’ Report and the financial statements in accordance with
applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have
elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by
the European Union and applicable law. Under company law the directors must not approve the financial statements unless they
are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the Group for
that period.
In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and accounting estimates that are reasonable and prudent;
• state whether IFRS as adopted by the European Union have been followed subject to any
material departures disclosed and explained in the financial statements;
• provide additional disclosures when compliance with specific requirements in IFRS is insufficient to enable users to understand
the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance; and
• prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure
that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the
company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
On behalf of the Board
Guy Robinson
Director
21 March 2019
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Robinson plc Annual Report and Accounts 2018
Group income statement and statement of comprehensive income
Group income statement
Note
£’000
2018
2017
Revenue
Cost of sales
Gross profit
Operating costs
Operating profit before exceptional items and amortisation of intangible assets
Exceptional items
Amortisation of intangible assets
Operating profit after exceptional items
Finance income - interest receivable
Finance costs - bank interest payable
Finance income in respect of pension fund
Profit before taxation
Taxation
Profit attributable to the owners of the Company
Basic earnings per share
Diluted earnings per share
1
2
3
11
26
4
6
8
8
Group statement of comprehensive income
Note
£’000
Profit for the year
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of net defined benefit liability
Deferred tax relating to items not reclassified
26
16
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
Other comprehensive income for the year
Total comprehensive income for the year attributable to the owners of the Company
Notes 1 to 27 form an integral part of the financial statements.
32,802
(26,918)
5,884
(4,370)
1,514
110
(783)
841
-
(156)
-
685
10
695
29,813
(24,035)
5,778
(4,457)
1,321
65
(783)
603
1
(104)
130
630
(317)
313
4.2p
4.2p
1.9p
1.9p
2018
695
193
-
193
(138)
55
750
2017
313
61
(11)
50
818
868
1,181
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t
s
Statement of financial position
Statement of financial position
Note
£’000
Group
2018
Group
2017
Company
2018
Company
2017
Non-current assets
Goodwill
Other intangible assets
Property, plant and equipment
Investments in subsidiaries
Deferred tax asset
Current assets
Inventories
Trade and other receivables
Deferred tax asset
Cash
Total assets
Current liabilities
Trade and other payables
Corporation tax payable
Bank overdrafts
Bank and other loans
Obligations under finance lease contracts
Non-current liabilities
Bank and other loans
Obligations under finance lease contracts
Deferred tax liabilities
Amounts due to group undertakings
Provisions
Total liabilities
Net assets
Equity
Share capital
Share premium
Capital redemption reserve
Translation reserve
Revaluation reserve
Retained earnings
Equity attributable to shareholders
10
11
12
13
16
14
15
17
18
18
18
18
18
16
19
20
1,115
4,306
19,039
-
868
25,328
2,972
10,699
-
1,358
15,029
40,357
(5,897)
(99)
(6,178)
-
(276)
(12,450)
(2,700)
(1,049)
(1,056)
-
(174)
(4,979)
(17,429)
22,928
83
732
216
826
4,126
16,945
22,928
1,115
5,089
17,011
-
95
23,310
2,838
9,905
-
283
13,026
36,336
(5,568)
(250)
(6,441)
(221)
(44)
(12,524)
-
(87)
(488)
-
(181)
(756)
(13,280)
23,056
83
732
216
964
4,321
16,740
23,056
-
-
9,312
20,690
523
30,525
-
1,236
-
227
1,463
31,988
(6,639)
(37)
(1,518)
-
-
(8,194)
(2,700)
-
-
(7,652)
(174)
(10,526)
(18,720)
13,268
83
732
216
-
388
11,849
13,268
-
-
9,649
20,782
503
30,934
-
2,747
-
148
2,895
33,829
(8,559)
(8)
(2,021)
-
-
(10,588)
-
-
-
(9,208)
(181)
(9,389)
(19,977)
13,852
83
732
216
-
388
12,433
13,852
As permitted by section 408 of the Companies Act 2006, the parent Company’s income statement has not been included in these
financial statements and its profit for the financial year after tax amounted to £101,000 (2017: loss £750,000).
Notes 1 to 27 form an integral part of the financial statements. The financial statements were approved by the directors and
authorised for issue on 21 March 2019. They were signed on their behalf by:
Martin McGee
Director
Guy Robinson
Director
24
Robinson plc Annual Report and Accounts 2018
Statement of changes in equity
Statement of changes
in equity
£’000
Share
Capital
Share
Premium
Capital
redemption Translation Revaluation
reserve
reserve
reserve
Group
At 1 January 2017
Profit for the year
Other comprehensive income/(expense)
Transfer from revaluation reserve as a
result of property transactions
Credit in respect of share based payments
Total comprehensive income for the year
Shares issued
Dividends paid
Transactions with owners
At 31 December 2017
Profit for the year
Other comprehensive income/(expense)
Transfer from revaluation reserve as a
result of property transactions
Credit in respect of share based payments
Total comprehensive income for the year
Shares issued
Dividends paid
Transactions with owners
At 31 December 2018
82
610
216
146
4,402
-
1
1
83
-
122
122
732
818
(81)
-
818
(81)
-
216
-
964
(138)
-
4,321
(195)
-
-
-
(138)
(195)
-
83
-
732
-
216
Capital
-
826
-
4,126
£’000
Share
Capital
Share
Premium
redemption Translation Revaluation
reserve
reserve
reserve
Company
At 1 January 2017
Loss for the year
Dividends received
Other comprehensive expense
Transfer from revaluation reserve as a
result of property transactions
Credit in respect of share based payments
Total comprehensive income for the year
Shares issued
Dividends paid
Transactions with owners
At 31 December 2017
Profit for the year
Other comprehensive income
Transfer from revaluation reserves as a
result of property transactions
Credit in respect of share based payments
Total comprehensive income for the year
Shares issued
Dividends paid
Transactions with owners
At 31 December 2018
82
610
216
-
435
-
1
1
83
-
122
122
732
-
-
216
-
-
-
-
83
-
732
-
216
(47)
(47)
-
388
-
-
388
-
-
-
-
-
-
Retained
earnings
17,181
313
50
81
16
460
(901)
(901)
16,740
695
193
195
12
1,095
(890)
(890)
16,945
Retained
earnings
10,034
(750)
3,937
50
47
16
3,300
(901)
(901)
12,433
101
193
12
306
(890)
(890)
11,849
Total
22,637
313
868
-
16
1,197
123
(901)
(778)
23,056
695
55
-
12
762
-
(890)
(890)
22,928
Total
11,377
(750)
3,937
50
-
16
3,253
123
(901)
(778)
13,852
101
193
-
12
306
-
(890)
(890)
13,268
The share premium account is the amount paid for shares issued in excess of the nominal value. The capital redemption reserve represents
the amount by which the Company’s share capital has been diminished by the cancellation of shares held in treasury. The retained earnings
reserve represents the accumulated realised earnings from the prior and current periods as reduced by losses and dividends from time to time.
Exchange differences relating to the translation from the functional currencies of the group’s foreign subsidiary from Polish Zloty are brought
to account by recognising those exchange differences in other comprehensive income and accumulating them in a separate component of
equity under the header of translation reserve. The property revaluation reserve arises on the revaluation of land and buildings. Where
revalued land or buildings are sold, the portion of the property revaluation reserve that relates to that asset, and is effectively realised, is
transferred directly to retained earnings. Land and buildings are held at deemed cost in the Group and at revalued amounts in the Company.
Statement of cash flows
Statement of cash flows
Cash flows from operating activities
Prof it/(loss) for the year
Adjustments for:
Depreciation of property, plant and equipment
Impairment of property, plant and equipment
Loss/(profit) on disposal of other plant and equipment
Impairment/amortisation of goodwill and customer relationships
Decrease in provisions
Other finance income in respect of Pension Fund
Finance costs
Finance income
Taxation (credited) / charged
Other non-cash items:
Pension current service cost and expenses
Charge for share options
Operating cash flows before movements in working capital
Increase in inventories
(Increase)/decrease in trade and other receivables
Increase/(decrease) in trade and other payables
Cash generated by/(used in) operations
Corporation tax paid
Interest paid
Net cash generated by/(used in) operating activities
Cash flows from investing activities
Interest received
Acquisition of plant and equipment
Proceeds on disposal of property, plant and equipment
Net cash (used in)/generated from investing activities
Cash flows from financing activities
Loans repaid
Loans drawndown
Loans granted to subsidiaries
Loans repaid by subsidiaries
Shares issued
Finance leases drawndown
Finance lease payments
Dividends paid
Net cash generated from/(used in) financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at 1 January
Effect of foreign exchange rate changes
Cash and cash equivalents at 31 December
Cash
Overdraf t
Cash and cash equivalents at 31 December
Notes 1 to 27 form an integral part of the financial statements.
Robinson plc Annual Report and Accounts 2018
25
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
£’000
Group
2018
Group
2017
Company
2018
Company
2017
695
313
104
(750)
1,795
189
209
783
(7)
-
156
-
(10)
193
12
4,015
(151)
(853)
329
3,340
(294)
(150)
2,896
-
(4,355)
15
(4,340)
(221)
2,700
-
-
-
1,300
(106)
(890)
2,783
1,339
(6,158)
(1)
(4,820)
1,358
(6,178)
(4,820)
1,492
-
(85)
783
(4)
(130)
104
(1)
317
191
16
2,996
(263)
(875)
411
2,269
(405)
(104)
1,760
1
(2,614)
151
(2,462)
(531)
-
-
-
123
-
(28)
(901)
(1,337)
(2,039)
(4,206)
87
(6,158)
283
(6,441)
(6,158)
124
189
(5)
-
(7)
-
181
(80)
(99)
193
12
612
-
1,511
(1,621)
502
(102)
(181)
219
80
-
30
110
-
2,700
(1,557)
-
-
-
-
(890)
253
582
(1,873)
-
(1,291)
227
(1,518)
(1,291)
260
-
(82)
-
(4)
(130)
180
(34)
108
191
16
(245)
-
571
49
375
(202)
(180)
(7)
34
(25)
132
141
-
-
-
3,655
123
-
-
(901)
2,877
3,011
(4,884)
-
(1,873)
148
(2,021)
(1,873)
26
Robinson plc Annual Report and Accounts 2018
Notes to the financial statements
1 Segmental information
The directors consider the one operating segment of the Group to be solely plastic and paperboard packaging. Accordingly, the
disclosures in respect of this segment are those of the Group as a whole. The Group’s internal reports about components of the
Group which are those reported to the Board of Directors are based on geographical segments. Results were derived from assets and
liabilities held in the following locations:
United Kingdom
Poland
UK- Head Office
£’000
2018
2017
2018
2017
Revenue Operating profit/(loss)*
17,892
14,910
-
32,802
16,828
12,985
-
29,813
677
912
(75)
1,514
772
990
(441)
1,321
*before exceptional items and amortisation of intangible asset.
Included in revenues arising from the UK are revenues from the Group’s largest customer amounting to £3,663,000 (2017:
£2,888,000). No other customer contributed 10% or more to group revenue. The UK-Head Office operating loss is after crediting
external property rental and other income (see note 2).
£’000
2018
2017
2018
2017
United Kingdom
Poland
UK- Head Office
£’000
2018
Assets Liabilities
11,455
17,003
11,899
40,357
9,980
15,368
10,988
36,336
(7,785)
(5,161)
(4,483)
(17,429)
(6,780)
(4,088)
(2,412)
(13,280)
2017
2018
Depreciation and
2017
2018
2017
Capital expenditure amortisation Taxation
United Kingdom
Poland
UK- Head Office
2,346
2,045
(36)
4,355
1,274
1,894
26
3,194
920
902
756
2,578
2 Operating costs
Selling, marketing and distribution costs
Administrative expenses
Property rental income
Other income
Loss on foreign exchange
599
748
928
2,275
£’000
105
192
(307)
(10)
2018
1,323
3,450
(356)
(95)
48
4,370
66
275
(24)
317
2017
1,267
3,569
(352)
(94)
67
4,457
Notes to the financial statements continued
3 Exceptional items
The following are items outside the normal course of business:
Profit on disposal of properties
Restructuring & rationalisation costs
Property taxes relating to prior years repaid
4 Profit before taxation
The profit before taxation has been stated after charging / (crediting):
Depreciation
Amortisation of intangible asset
Loss/(gain) on disposal of plant and equipment
Gain on disposal of properties (see note 3)
Loss on foreign exchange movements
Fees payable to the Company’s auditor:
for the audit of the UK companies
for the audit of the overseas companies
Total audit fees
Non-audit fees - tax compliance services
Total auditor’s remuneration
Audit fees in respect of the Robinson pension scheme (charged to the scheme)
Robinson plc Annual Report and Accounts 2018
27
£’000
£’000
2018
-
(388)
498
110
2018
1,795
783
209
-
48
28
8
36
8
44
4
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
2017
65
-
-
65
2017
1,492
783
(20)
(65)
67
26
8
34
7
41
4
5 Employee information
The average monthly number of persons (including executive directors) employed by the Group and Company during the year was:
Number employed
Staff costs (for the above):
Wages and salaries
Social security costs
Pension costs
Share based charges
No.
£’000
Group
2018
325
6,327
788
212
12
7,339
Group
2017
312
6,454
764
196
16
7,430
Company
2018
Company
2017
9
10
713
89
47
12
861
868
120
53
16
1,057
28
Robinson plc Annual Report and Accounts 2018
Notes to the financial statements continued
6 Taxation
Current corporation tax is calculated at 19% (2017: 19.25%) of the estimated assessable profit for the year. In addition, deferred
tax of £nil (2017: £11,000) has been debited/credited directly to equity in the year (see note 16). The tax charge for the year can be
reconciled to the profit per the income statement as follows:
Current tax on profit for the year
Adjustments for current tax of prior periods
Total current tax charge
Decrease/(increase) in deferred tax assets
(Decrease)/increase in deferred tax liability
Total current deferred tax credit
Total tax (charge) / credit
Profit before taxation
At the effective rate of tax of 19% (2017: 19.25%)
Difference in rate on overseas taxation
Items disallowable for tax
Depreciation on assets ineligible for capital allowances
Prior year adjustments - corporation tax
Prior year adjustments - deferred tax
Book value of property disposals less than/(in excess of) capital gains
Other differences
Tax (credit) / charge for the year
£’000
2018
203
(8)
195
(773)
568
(205)
(10)
685
130
-
(18)
57
(93)
(104)
-
18
(10)
2017
269
116
385
93
(161)
(68)
317
630
121
8
(18)
38
116
41
12
(1)
317
The total tax recognised in other comprehensive income in the year was £nil (2017: £11,000). There are unrecognised capital losses
carried forward of £638,000 (2017: £638,000). With this exception, the directors are not aware of any material factors affecting
the future tax charge. The reduction in the main rate of corporation tax to 17% from 1 April 2020 has been announced. Accordingly,
deferred tax balances have been revalued to the lower rate of 17% in these accounts to the extent that timing differences are expected
to reverse after this date.
7 Dividends
Ordinary dividend paid:
2017 final of 3p per share (2016: 3p per share)
2018 interim of 2.5p per share (2017: 2.5p per share)
£’000
2018
2017
485
405
890
485
416
901
The Directors propose a final dividend of 3p per share for 2018.
8 Earnings per share
The calculation of basic and diluted earnings per ordinary share for continuing operations shown on the income statement is based
on the profit after taxation of £695,000 (2017: £313,000) divided by the weighted average number of shares in issue, net of treasury
shares of 16,613,389 (2017: 16,561,169) and for diluted earnings per share of 16,613,389 (2017: 16,857,023) after the potentially
dilutive effect of further shares issued through share options is applied.
9 Operating lease arrangements
At the balance sheet date, the Group had contracted with tenants for the following future minimum property rental lease receipts:
Receivable:
Within one year
In the second to fifth years inclusive
£’000
2018
2017
230
615
845
125
198
323
Robinson plc Annual Report and Accounts 2018
29
Notes to the financial statements continued
10 Goodwill
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are expected to
benefit from that business combination. The total goodwill balance relates to the Madrox business in Poland, acquired in 2014, which
forms a part of the Poland operating segment.
Group
Cost
At 1 January 2017 and 31 December 2018
Accumulated impairment losses
At 1 January 2017 and 31 December 2018
Carrying amount
At 1 January 2017 and 31 December 2018
£’000
1,487
372
1,115
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
The Group tests goodwill annually for impairment, or more frequently if there are indications that an impairment may be required.
The recoverable amounts of the CGUs are determined from value in use calculations. The key assumptions for these calculations are
those regarding discount rates, sales and operating profit growth rates. The Directors estimate discount rates using pre-tax rates
that reflect current market assessments of the time value of money for the Group. In respect of the other assumptions, external data
and management’s best estimates are applied. The Group performs goodwill impairment reviews by forecasting cash flows based
upon the following year’s budget, which anticipates sales growth, and a projection of sales and cash flows based upon industry growth
expectations over a further period of four years. The forecasts used in the annual impairment reviews have been prepared taking into
account current economic conditions. After this period, the sales growth rates applied to the cash flow forecasts are no more than
2% (2017: 2%) in perpetuity. The pre-tax rate used to discount the forecast cash flows is 10% (2017: 10%). The carrying value of the
Group’s CGUs remain supportable.
The Group has conducted a sensitivity analysis on the impairment test of the CGU carrying value. The Directors believe that any
reasonably possible change in the key assumptions on which the recoverable amount of goodwill is based would not cause the
aggregate carrying amount to exceed the aggregate recoverable amount of the CGU.
11 Other intangible assets
Group
Cost
At 1 January 2017 and 31 December 2018
Amortisation
At 1 January 2017
Charge for the year
At 31 December 2017
Charge for the year
At 31 December 2018
Carrying amount
At 31 December 2018
At 31 December 2017
The amortisation period for customer relationships acquired is 10 years.
Customer relationships
£’000
7,830
1,958
783
2,741
783
3,524
4,306
5,089
30
Robinson plc Annual Report and Accounts 2018
Notes to the financial statements continued
12 Property, plant and equipment
£’000
Land and
buildings
Surplus
Plant and Assets under
properties machinery construction
Total
Group
Cost or deemed cost
At 1 January 2017
Additions at cost
Disposals
Movement between categories
Exchange movement
At 31 December 2017
Additions at cost
Disposals
Movement between categories
Exchange movement
At 31 December 2018
Accumulated depreciation and impairment
At 1 January 2017
Charge for year
Disposals
Exchange movement
At 31 December 2017
Charge for year
Impairment
Disposals
Exchange movement
At 31 December 2018
Net book value
At 31 December 2018
At 31 December 2017
Company
Cost or deemed cost
At 1 January 2017
Additions at cost
Intergroup transfer
Disposals
At 31 December 2017
Additions at cost
Intergroup transfer
Disposals
At 31 December 2018
Depreciation
At 1 January 2017
Intergroup transfer
Charge for year
Disposals
At 31 December 2017
Charge for year
Impairment
Intergroup transfer
Disposals
At 31 December 2018
Net book value
At 31 December 2018
At 31 December 2017
9,014
15
-
26
496
9,551
17
-
-
(82)
9,486
1,926
286
-
113
2,325
280
-
-
(18)
2,587
6,899
7,226
4,075
21
(50)
-
-
4,046
-
-
-
-
4,046
208
-
-
-
208
-
189
-
-
397
3,649
3,838
21,685
2,034
(246)
216
866
24,555
4,338
(1,701)
1,112
(158)
28,146
18,048
1,206
(230)
708
19,732
1,515
-
(1,477)
(115)
19,655
8,491
4,823
242
1,124
-
(242)
-
1,124
-
-
(1,112)
(12)
-
-
-
-
-
-
-
-
-
-
-
-
1,124
£’000
Land and
buildings
Surplus
Plant and Assets under
properties machinery construction
3,200
-
1,456
-
4,656
-
-
-
4,656
1,071
236
350
-
1,657
112
-
-
-
1,769
2,887
2,999
6,768
21
-
(50)
6,739
-
-
-
6,739
133
-
-
-
133
-
189
-
-
322
6,417
6,606
355
4
-
(38)
321
-
(36)
(219)
66
291
24
-
(38)
277
11
-
(11)
(219)
58
8
44
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
35,016
3,194
(296)
-
1,362
39,276
4,355
(1,701)
-
(252)
41,678
20,182
1,492
(230)
821
22,265
1,795
189
(1,477)
(133)
22,639
19,039
17,011
Total
10,323
25
1,456
(88)
11,716
-
(36)
(219)
11,461
1,495
260
350
(38)
2,067
123
189
(11)
(219)
2,149
9,312
9,649
Robinson plc Annual Report and Accounts 2018
31
Notes to the financial statements continued
12 Property, plant and equipment (continued)
At 31 December 2018 had the land and buildings and surplus properties been carried at historical cost less accumulated
depreciation and accumulated impairment losses, their carrying amount would have been approximately £5,897,000 (2017:
£6,161,000); Company £1,927,000 (2017: £2,013,000). The Directors consider the fair value of the surplus properties held
by the Group equates to a market value of £6.4m (2017: £6.6m).
13 Investments in subsidiaries
Shares
in group
undertakings
Loans
to group
undertakings
£’000
Company
Cost
At 1 January 2017
Exchange differences
Additional loans granted
At 31 December 2017
Exchange differences
At 31 December 2018
Amounts written off
At 1 January 2017
Released
At 31 December 2017
Released
At 31 December 2018
Net book value
At 31 December 2018
At 31 December 2017
1
-
-
1
-
1
-
-
-
-
-
1
1
21,940
87
1,261
23,288
(15)
23,273
2,512
(5)
2,507
77
2,584
20,689
20,781
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
Total
21,941
87
1,261
23,289
(15)
23,274
2,512
(5)
2,507
77
2,584
20,690
20,782
The loans are classed as equity investments and repayment is neither planned nor likely in the foreseeable future. Provision has been
made against amounts due from subsidiaries where there is a shortfall of net assets to satisfy the debtor.
Interests in Group undertakings
The Company has the following interest in subsidiaries:
Name of undertaking
Activities
Robinson (Overseas) Limited
Robinson Paperbox Packaging Limited
Robinson Plastic Packaging Limited
Robinson Packaging Polska Sp z o.o
Walton Mill (Chesterfield) Limited
Robinson Plastic Packaging (Stanton Hill) Limited
Furnace Hill Limited
Griffin Estates (Chesterfield) Limited
Lowmoor Estates Limited
Portland Works Limited
Robinson Industrial Properties Limited
Walton Estates (Chesterfield) Limited
Wheatbridge Limited
Intermediate Holding Company
Manufacture of Paperboard Packaging
Manufacture of Plastic Packaging
Manufacture of Plastic Packaging
Property Company
Dormant Company
Dormant Company
Dormant Company
Dormant Company
Dormant Company
Dormant Company
Dormant Company
Dormant Company
The country of incorporation of each of the above companies is England, except for Robinson Packaging Polska Sp z o.o which is
incorporated in Poland.
The registered address of all the companies is Field House, Wheatbridge, Chesterfield S40 2AB except for Robinson Packaging Polska
Sp z o.o whose registered address is 238 Gen J Dabrowskiego Street, 93-231 Lodz, Poland. The percentage shareholding for all
subsidiaries is 100% and all except Robinson Packaging Polska Sp z o.o are held directly.
32
Robinson plc Annual Report and Accounts 2018
Notes to the financial statements continued
14 Inventories
Raw materials
Work in progress
Finished goods and goods for resale
£’000
Group
2018
1,806
13
1,153
2,972
Group
2017
1,803
10
1,025
2,838
The carrying value of inventories represents fair value less costs to sell.
In 2018, a total of £23,035,504 (2017: £20,675,214) cost of inventories was included in the income statement as an expense. This
includes an amount of £95,000 resulting from the write-down of inventories (2017: £35,000) and a credit of £nil (2017: £98,000)
resulting from the reversal of previous write-downs.
15 Trade and other receivables
Trade receivables
Receivables from subsidiaries
Other receivables
Prepayments
Including other receivables due in greater than one year
£’000
Group
2018
9,572
-
913
214
10,699
-
Group
2017
Company
2018
Company
2017
9,011
-
721
173
9,905
100
255
907
9
65
1,236
-
260
2,364
41
82
2,747
-
Receivables from one customer amounted to £985,000 at 31 December 2018 (2017: £978,000). The carrying value of trade or
other receivables is considered a reasonable approximation of fair value. The average credit period taken is 81 days (2017: 79 days).
The Group manages credit risk by credit checking new customers and defining credit limits. The Group reserves the right to charge
interest on overdue amounts. The Group applies the IFRS9 simplified approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales
over a period of 12 months before 31 December 2018 or 1 January 2018 respectively and the historical credit losses experienced
within this period. The historical loss rates are adjusted to reflect current and forward looking information on macroeconomic
factors affecting the ability of the customers to settle the receivables. On that basis, the loss allowance for trade receivables as at 31
December 2018 and 1 January 2018 was £155k and £25k respectively.
In addition, some of the unimpaired Group trade receivables are past due as at the reporting date. The age of financial assets past due
but not impaired is as follows:
Not more than 3 months
More than 3 months but not more than 6 months
£’000
Group
2018
1,329
268
1,597
Group
2017
2,639
101
2,740
Company
2018
Company
2017
-
-
-
-
-
-
Trade receivables that are not past due are not considered to be impaired.
The movement in the allowance for doubtful debts was as follows:
At 1 January
Impairment losses recognised
Amounts recovered during the year
At 31 December
£’000
Group
2018
Group
2017
Company
2018
Company
2017
25
133
(3)
155
26
7
(8)
25
-
-
-
-
-
-
-
-
Trade receivables are classified as loans and receivables and are therefore measured at amortised cost.
Robinson plc Annual Report and Accounts 2018
33
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
Total
472
(90)
11
393
(205)
-
188
(467)
(47)
11
(503)
(20)
-
(523)
Notes to the financial statements continued
16 Deferred taxation
The deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period
are as follows:
Accelerated
tax
Short term
temporary
£’000 depreciation differences
Fair value
gains
Pension
obligations
Group
At 1 January 2017
Charge to income
Charged through other comprehensive income
At 31 December 2017
Charge to income
Charged through other comprehensive income
At 31 December 2018
Company
At 1 January 2017
Charge to income
Charged through other comprehensive income
At 31 December 2017
Charge to income
Charged through other comprehensive income
At 31 December 2018
Deferred tax liability
Deferred tax asset
(69)
52
-
(17)
24
-
7
(3)
-
-
(3)
-
-
(3)
£’000
517
(131)
-
386
(229)
-
157
(476)
(36)
-
(512)
(20)
-
(532)
24
-
-
24
-
-
24
12
-
-
12
-
-
12
-
(11)
11
-
-
-
-
-
(11)
11
-
-
-
-
Group
2018
1,056
(868)
188
Group
2017
Company
2018
Company
2017
488
(95)
393
-
(523)
(523)
-
(503)
(503)
Deferred tax has been provided at 17%. Certain deferred tax liabilities have been offset. The above is the analysis of the deferred tax
balances (after offset) for financial reporting purposes. The directors consider that the Group will generate sufficient taxable profits in
future years with which to recover the deferred tax asset.
17 Trade and other payables
Amount due for settlement within 12 months
Trade payables
Amounts due to subsidiaries
Social security and other taxes
Other creditors
Accruals and deferred income
£’000
Group
2018
Group
2017
Company
2018
Company
2017
4,056
-
728
323
790
5,897
3,549
-
771
581
667
5,568
60
5,924
263
88
304
6,639
90
7,440
116
345
568
8,559
The carrying amount of trade and other payables approximates to their fair value. The Group has financial risk management policies in
place to ensure that all payables are paid on a timely basis. The average credit period taken is 52 days (2017: 50 days).
34
Robinson plc Annual Report and Accounts 2018
Notes to the financial statements continued
18 Borrowings
held at amortised cost
Bank overdraft
Bank and other loans
Obligations under finance lease contracts
Amount due for settlement within 12 months
Amount due for settlement after 12 months
£’000
Group
2018
Group
2017
Company
2018
Company
2017
6,178
2,700
1,325
10,203
6,454
3,749
6,441
221
131
6,793
6,706
87
1,518
2,700
-
4,218
1,518
2,700
2,021
-
-
2,021
2,021
-
The bank overdraft facility is repayable on demand and bears interest at a rate that varies with the HSBC sterling base rate. It is
secured on a first charge over certain of the Group’s properties. The undrawn facility at 31 December 2018 was £1.3m. A loan of
£2.7m from the pension escrow account was made during the year, bears interest at a rate that varies with the Bank of England sterling
base rate and is secured by a charge over certain of the Group’s properties (see note 26 for more details). Obligations under finance
lease contracts bear interest at rates that vary with the HSBC sterling base rate or one-month EURIBOR and are secured over certain
items of plant and equipment.
19 Provisions for liabilities
Group and Company
At 1 January 2017
Movement in year
At 31 December 2017
Movement in year
At 31 December 2018
£’000
Post-retirement benefits
185
(4)
181
(7)
174
The Group provides medical insurance to certain retired employees and to an executive director on retirement. A provision has been
made to meet this liability. The principal assumptions used in determining the required provisions are a discount rate of 4% per annum,
medical cost inflation of 8% per annum, and individual life expectancy assumptions. Based on those assumptions the provision is
expected to be utilised over 33 years.
20 Share capital
Authorised:
70,000,000 ordinary shares of 0.5p each
Allotted, called up and fully paid (ordinary shares of 0.5p):
17,687,223 shares
Held in Treasury: 1,073,834 shares (2017: 1,073,834)
Net Issued Share Capital: 16,613,389 shares (2017: 16,613,389)
£’000
2018
2017
350
350
88
(5)
83
88
(5)
83
The Company has one class of ordinary shares which carry no right to fixed income. There are no special rights or restrictions
associated with these ordinary shares. The shares held in Treasury arise from the buy-back of shares in 2004 and have not been
cancelled as they are being used to satisfy share options and other future issues of shares.
21 Retained earnings
An amount of £200,000 included in the retained earnings of the Company relates to the revaluation of property held in its
subsidiaries and is not distributable.
22 Risk management objectives and policies
The Group and the Company are exposed to market risk through their use of financial instruments and specifically to credit risk and
foreign currency risks, which result from the Group’s operating activities and the Company’s investing activities. The Group’s risk is
managed in close co-operation with the board of directors and focuses on actively securing the Group’s short to medium term cash
flows by minimising the exposure to financial markets. Robinson does not engage in the trading of financial assets for speculative
purposes nor does it write options. The most significant financial risks to which the Group is exposed are described below. See also
below for a summary of the Group’s financial assets and liabilities by category.
Robinson plc Annual Report and Accounts 2018
35
Notes to the financial statements continued
Foreign currency sensitivity
Most of the Group’s transactions are carried out in sterling. Exposures to currency rates arise from the Group’s overseas sales and
purchases, which, where they are not denominated in sterling, are primarily denominated in Euros. Total debts denominated in Euros
amounted to €1,788,000 at 31 December 2018 (2017: €859,000). The following table details the Group’s sensitivity to a 10 per cent
increase and decrease in sterling against the relevant foreign currencies. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items at the period end. A positive number below indicates an increase in profit and other equity
where sterling weakens 10 per cent against the Euro.
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
Euro currency impact
Profit or loss for the year
Equity
£’000
2018
(114)
(114)
2017
15
15
Further details on currency risk management are given in the Strategic Report.
Interest rate sensitivity
If interest rates had been 1 per cent higher, the Group’s profit for the year ended 31 December 2018 would decrease by £72,000
(2017: £58,000) due to its exposure to interest rates on its variable rate borrowings. The impact of a 1% change on cash balances
would be insignificant.
Credit risk analysis
The Group’s exposure to credit risk is limited to the carrying amount of financial assets recognised at 31 December 2018 as detailed
in note 15. The Group continuously monitors defaults (for debts beyond due date) of customers and incorporates this information
into its credit risk controls. External credit ratings and reports on customers are obtained and used. The Group’s policy is to deal only
with creditworthy customers. The Group’s management considers that all the above financial assets that are not impaired for each
of the reporting dates under review are of good credit quality, including those that are past due. The bank overdraft is secured on
the debts and certain properties of the Group. No other financial assets are secured by collateral or other credit enhancements. In
respect of trade and other receivables, the Group is not exposed to any significant credit risk exposure to any counterparty or group of
counterparties having similar characteristics.
Liquidity risk analysis
The Group manages its liquidity needs by carefully monitoring cash outflows due in day-to-day business. The Group’s liabilities have
contractual maturities that are summarised below:
Current within 12 months
Trade payables
Other financial liabilities
Borrowings
Non-current later than 12 months
Other financial liabilities
Borrowings
£’000
Group
2018
Group
2017
Company
2018
Company
2017
4,056
1,113
6,454
11,623
-
3,749
3,749
3,549
1,248
6,662
11,459
60
6,316
1,518
7,894
-
87
87
7,651
2,700
10,351
90
8,353
2,021
10,464
9,208
-
9,208
The Group non-current liabilities includes the escrow loan £2.7m (see note 26) and obligations under finance lease contracts £1.0m.
The Company non-current liabilities arise from intercompany loans which are considered due in more than 5 years.
36
Robinson plc Annual Report and Accounts 2018
Notes to the financial statements continued
22 Risk management objectives and policies (continued)
Summary of financial assets and liabilities by category
The carrying amounts of financial assets and liabilities as recognised at 31 December of the reporting periods under review may also
be categorised as follows:
Financial assets
Trade and other receivables
Cash
Financial liabilities measured at amortised cost
Non-current:
Borrowings
Amounts due to group undertakings
Current:
Borrowings
Trade and other payables
Net financial assets and liabilities
Non-financial assets and liabilities
Total equity
£’000
Group
2018
Group
2017
Company
2018
Company
2017
10,485
1,358
11,843
9,732
283
10,015
1,171
227
1,398
2,665
148
2,813
(3,749)
-
(6,454)
(5,169)
(15,372)
(3,529)
26,457
22,928
(87)
-
(2,700)
(7,651)
-
(9,208)
(6,706)
(4,797)
(11,590)
(1,575)
24,631
23,056
(1,518)
(6,376)
(18,245)
(16,847)
30,115
13,268
(2,021)
(8,443)
(19,672)
(16,859)
30,711
13,852
Capital management policies and procedures
The Group’s capital management objectives are:
• to ensure the Group’s ability to continue as a going concern; and
• to provide an adequate return to shareholders by pricing products commensurately with the level of risk.
The Group monitors capital based on the carrying amount of equity, less cash and cash equivalents as presented on the face of the
statement of financial position. Robinson manages the capital structure and adjusts it in the light of changes in economic conditions and
the risk characteristics of the underlying assets. In order to maintain its capital structure, the Group may adjust the dividends paid to
shareholders, issue new shares, or sell assets to reduce debt.
23 Capital commitments
Contracted but not provided in these financial statements
£’000
Group
2018
328
Group
2017
372
Company
2018
Company
2017
-
-
24 Contingent liabilities
There were contingent liabilities at 31 December 2018 in relation to cross guarantees of bank overdrafts and leases given by the
Company on behalf of other Group undertakings. The amount guaranteed at 31 December 2018 was £5,148,000 (2017: £4,671,000).
The directors have considered the fair value of the cross guarantee and do not consider this to be significant.
25 Related parties
Transactions took place in the normal course of business between the Company and its subsidiaries during the year as follows:
Charges by the Company to its subsidiaries:
Rent
Management charges
Interest
Other charges (including costs incurred by the Company on behalf of its subsidiaries
and subsequently recharged to them)
Charges by the subsidiaries to the Company
(mainly costs incurred by them on behalf of the Company and recharged to it)
Net balances due from subsidiaries outstanding at the year end
£6,118,000 of the charges in 2018 related to UK subsidiaries (2017: £5,392,000).
£’000
2018
2017
448
310
79
5,567
6,404
64
13,681
318
462
34
4,886
5,700
108
6,497
Robinson plc Annual Report and Accounts 2018
37
Notes to the financial statements continued
26 Pension asset Group and Company
The Group operates one principal pension scheme, the Robinson & Sons Limited Pension Fund, of which approximately 90% of
UK employees are members. The scheme has a defined benefit section, which was closed to new members in 1997 and a defined
contribution section introduced in 1998. In respect of the defined benefit section, contributions to the pension schemes are made and
the pension cost is assessed in accordance with the advice of an independent qualified actuary. The actuary carried out a full actuarial
valuation of the scheme as at 5 April 2017 which showed a surplus of 2% on an on-going basis. The fund was valued under IAS19 as at
31 December by Kenneth Donaldson FIA of Quattro Pensions and the estimated financial position was as follows:
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
Equities
Gilts and bonds
Real estate
Cash
Total market value of assets
Present value of scheme liabilities
Surplus in the scheme
Irrecoverable surplus
Pension asset
£’000
2018
2017
23,600
26,618
4,890
5,864
60,972
(54,512)
6,460
(6,460)
-
26,634
28,124
6,350
4,905
66,013
(57,485)
8,528
(8,528)
-
The market value of the assets less the present value of scheme liabilities, calculated based on these assumptions, is the surplus in
the scheme. Under IAS19, the disclosure of a scheme’s total surplus must be limited to the amount by which the employer can gain
an “economic benefit” from the existence of the surplus. This “recoverable surplus” has been estimated as the amount of the scheme’s
total surplus that can be used to meet scheme expenses and the cost of future accrual in the defined benefit section of the Scheme. The
irrecoverable surplus is then the difference between the total surplus and the estimated recoverable surplus as defined above.
The following amounts were recognised in the income statement:
£’000
2018
2017
Charged to operating profit:
Current service cost - final salary section
Expenses - final salary section
Current service cost - money purchase section
Total operating charge
Charged to:
Cost of sales
Operating costs
Total operating charge
Amount credited to other finance income:
Expected return on assets
Interest on scheme liabilities
Net return
The following amounts were not recognised in other comprehensive income:
Movement in irrecoverable surplus before deduction of escrow account
Other actuarial gains/(losses)
Actuarial gain not recognised in other comprehensive income before deferred tax
Key assumptions used were:
Discount rate for liabilities
Price inflation
Salary inflation
93
100
166
359
92
267
359
1,347
(1,347)
-
2,068
(1,862)
206
2018
2.7%
3.3%
3.6%
109
82
158
349
89
260
349
1,635
(1,505)
130
(3,348)
3,565
217
2017
2.4%
3.2%
3.5%
The most significant of these assumptions is the discount rate. If this were reduced by 0.1% per annum, the liabilities would
increase by approximately £700,000 (2017: £800,000). Inflation assumptions in both years are dependent on gilt yields. The
mortality assumptions used are based on the S2 series tables with allowance for future improvements made by combining the 2017
improvement factors published by the Continuous Mortality Investigation with an assumed long-term annual rate of improvement in
mortality at each age of 1%.
38
Robinson plc Annual Report and Accounts 2018
Notes to the financial statements continued
The average life expectancy of a pensioner at ages 45 and 65 is as follows:
Life expectancy of 45 year old man at the age of 65 years
Life expectancy of 45 year old woman at the age of 65 years
Life expectancy of 65 year old man at the age of 65 years
Life expectancy of 65 year old woman at the age of 65 years
2018
2017
22.9
24.9
21.8
23.7
23.0
25.0
21.9
23.8
If the life expectancy assumption was increased by 1 year, the liabilities would increase by approximately £2.5m (2017: £2.6m). The
average duration of the benefit obligation at the year-end is 14 years.
Following the actuarial valuation carried out in April 2002 it was clear that there was no need for the employer to pay contributions
into the fund for existing scheme members. The Company has nonetheless agreed to pay employer contributions set aside in the
Company’s financial statements since the actuarial valuation in April 2002, together with money purchase contributions between
2005 and 2017, into an escrow account. The outcome of the next actuarial valuation in April 2020 will determine whether the
contributions will be paid over to the Fund, returned to the Company or whether some other arrangements will be made. It is likely that
the escrow account will be returned to the fund and therefore it has been disclosed as an asset of the pension scheme. £2.7m of the
escrow account was loaned to the Company on commercial terms secured on surplus property valued at £3m held by the Group. The
total set aside in the escrow account, including the £2.7m loan receivable, at 31 December 2018 amounted to £3.1m (2017: £3.1m).
Movements in the defined benefit obligation were as follows:
£’000
At 1 January
Current service cost
Interest cost
Employee contributions
Remeasurement DBO - actuarial loss/(gain) from financial items
Remeasurement DBO - actuarial loss/(gain) from demographic items
Benefits paid
At 31 December
Movements in the fair value of plan assets during the year were as follows:
£’000
At 1 January
Employee contributions
Interest income on plan assets
Remeasurement of plan assets - actuarial gain/(loss)
Employer contributions
Benefits paid from plan
Expenses paid
At 31 December
2018
57,485
93
1,347
11
(1,569)
(51)
(2,804)
54,512
2018
66,013
11
1,550
(3,685)
(13)
(2,804)
(100)
60,972
2017
58,879
109
1,489
14
402
(14)
(3,394)
57,485
2017
64,059
14
1,635
3,937
(156)
(3,394)
(82)
66,013
The actual return on scheme assets over the year was £2,135,000 (2017: £5,572,000). The cumulative amount of actuarial gains and
losses recognised in other comprehensive income since the date of transition to IFRS is a loss of £10,306,000 (2017: £10,306,000).
The five-year history of experience adjustments is as follows:
Fair value of scheme assets
Present value of defined benefit obligations
Irrecoverable surplus
Surplus in the scheme
Experience adjustments on scheme assets
Percentage of scheme assets
Experience adjustments on scheme liabilities
Percentage of scheme liabilities
£m
2018
61.0
(54.5)
(6.5)
-
3.5
6%
-
0%
2017
66.0
(57.5)
(8.5)
-
3.9
6%
-
0%
2016
64.1
(58.9)
(5.2)
-
8.6
13%
-
0%
2015
56.1
(50.9)
(4.2)
1.0
(1.5)
-3%
(0.1)
0%
2014
58.4
(53.7)
(3.4)
1.3
2.6
4%
-
0%
2013
56.1
(48.6)
(5.8)
1.7
-
0%
-
0%
At 31 December 2018, £60,303 of money purchase contributions had not yet been transferred to the pension provider.
Robinson plc Annual Report and Accounts 2018
39
Notes to the financial statements continued
27 Accounting policies
Robinson plc is a company incorporated in the United Kingdom under the Companies Acts. The consolidated and Company financial
statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European
Union. All standards and interpretations that have been issued and are effective at the year end have been applied in the financial
statements. The financial statements have been prepared under the historical cost convention adjusted for the revaluation of certain
properties.
Consolidation
The Group’s financial statements consolidate the financial statements of Robinson plc and all its subsidiaries. Subsidiaries are
consolidated from the date on which control transfers to the Group and are included until the date on which the Group ceases to
control them. Transactions and year end balances between Group companies are eliminated on consolidation. All entities have
coterminous year ends. The Group obtains and exercises control through voting rights. Investments in subsidiary undertakings are
accounted for in accordance with IAS27 and IFRS 10.
i
F
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
Revenue
The Group manufactures and sells a range of plastic and paperboard packaging to its customers. Revenue is recognised when control of
the products is transferred, being when the products are delivered to the customer, and there is no unfulfilled performance obligation
that could affect the customer’s acceptance of the products. Delivery occurs when the products have been shipped to the specific
location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products
in accordance with the sales contract, the acceptance provisions have lapsed, or the group has objective evidence that all criteria for
acceptance have been satisfied. Products are sometimes sold with retrospective volume rebates based on aggregate sales over a
12 months period. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume
rebates. Accumulated experience is used to estimate and provide for the rebates, using the expected value method, and revenue is
only recognised to the extent that it is highly probable that a significant reversal will not occur. A rebate liability (included in trade and
other payables) is recognised for expected volume rebates payable to customers in relation to sales made until the end of the reporting
period. No element of financing is deemed present as the sales are made with credit terms which are considered within the range of
normal industry practice. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is
unconditional because only the passage of time is required before the payment is due.
Foreign currencies
Assets and liabilities of overseas subsidiaries are translated into sterling, the functional currency of the parent company, at the rate
of exchange ruling at the year end. The results and cash flows of overseas subsidiaries are translated into sterling using the average
rate of exchange for the year as this is considered to approximate to the actual rate. Exchange movements on the restatement of the
net assets of overseas subsidiaries and the adjustment between the income statement translated at the average rate and the closing
rate are taken directly to other reserves and reported in the other comprehensive income. All other exchange differences arising
on monetary items are dealt with through the consolidated income statement. On disposal of a foreign subsidiary the accumulated
exchange difference in relation to the operation are reclassified into the income statement.
Property, plant and equipment
Property, plant and equipment are stated at cost less a provision for depreciation and impairment losses. Depreciation is calculated to
write off the cost less estimated residual values of the assets in equal instalments over their expected useful lives. No depreciation is
provided on freehold land or Surplus Properties. Depreciation is provided on other assets at the following annual rates:
Buildings
Plant and machinery
4% - 20% per annum
5% - 33% per annum
Residual values and estimated useful lives are re-assessed annually.
Inventories
Inventories are valued at the lower of cost, including related overheads, and net realisable value. Cost comprises direct materials and,
where applicable, direct labour costs and the overheads incurred in bringing items to their present location and condition. Inventories
are valued on a first in, first out, basis. Net realisable value represents the estimated selling price less all estimated costs of completion
and costs to be incurred in marketing, selling and distribution.
Trade and other receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are
recognised initially at the amount of consideration that is unconditional. The group holds the trade receivables with the objective to
collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method,
less any required allowances for uncollectible amounts. Any change in their value through impairment or reversal of impairment is
recognised in the income statement. Provision is made for expected credit losses based upon experience.
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Notes to the financial statements continued
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, demand deposits
with banks, and other short-term, highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank
overdrafts are shown within current liabilities in the statement of financial position.
Trade and other payables
These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid.
The amounts are unsecured and are usually paid within 60 days of recognition. Trade and other payables are presented as current
liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over
the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation
specified in the contract is discharged, cancelled or expired. Borrowings are classified as current liabilities unless the group has an
unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Borrowings include bank
overdrafts, bank and other loans and obligations under finance lease contracts.
Taxation
Current income tax assets and/or liabilities comprise obligations to, or claims from, fiscal authorities relating to the current or prior
reporting periods, that are unpaid/due at the reporting date. Current tax is payable on taxable profits, which may differ from profit or
loss in the financial statements. Calculation of current tax is based on the tax rates and tax laws that have been enacted or substantively
enacted at the reporting period.
Deferred taxation is provided on taxable and deductible temporary differences between the carrying amounts of assets and liabilities
in the financial statements and their corresponding tax bases. Deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which temporary differences can be utilised or that they will reverse. Deferred tax is measured
using the tax rates expected to apply when the asset is realised, or the liability settled based on tax rates enacted or substantively
enacted by the reporting date. Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability on
the reporting date differs from its tax base except for differences arising on investments in subsidiaries where the Group can control
the timing of the reversal of the difference and it is probable that the difference will not reverse in the foreseeable future. Changes in
deferred tax assets or liabilities are recognised as a component of tax expense in the income statement, except where they relate to
items that are charged directly to other comprehensive income (such as the revaluation of land or relating to transactions with owners)
in which case the related deferred tax is also charged or credited directly to other comprehensive income. Current tax is the tax
currently payable on taxable profit for the year.
Employee benefits
The retirement benefit asset and/or liabilities recognised in the statement of financial position represents the fair value of defined
benefit fund assets less the present value of the defined benefit obligation, to the extent that this is recoverable by means of a
contribution holiday, payment of money purchase contributions and expenses from the fund calculated on the projected unit credit
method. Operating costs comprise the current service cost. Finance income comprises the expected return on fund assets less the
interest on fund liabilities. Actuarial gains or losses comprising differences between the actual and expected return on fund assets,
changes in fund liabilities due to experience and changes in actuarial assumptions are recognised immediately in other comprehensive
income. Pension costs for the money purchase section represent contributions payable during the year.
Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill arising on consolidation represents the excess
of the cost of the acquisition over the Group’s interest in the fair value of identifiable assets (including intangible assets) and liabilities
of the business acquired. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment
testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination.
Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an
indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the
unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other
assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill
is not reversed in a subsequent period. On disposal of a cash generating unit, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
Robinson plc Annual Report and Accounts 2018
41
Notes to the financial statements continued
Other intangible assets
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated
impairment losses. Amortisation is recognised in the profit for the year on a straight-line basis over their estimated useful lives. The
estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in
estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are
carried at cost less accumulated impairment losses. Intangible assets acquired in a business combination and recognised separately
from goodwill are initially recognised at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial
recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated
impairment losses, on the same basis as intangible assets that are acquired separately.
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Operating Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount
recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet
date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows
estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time
value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from
a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the
receivable can be measured reliably.
Land & buildings
Land and buildings held for use in the production or supply of goods or services, or for administrative purposes, are stated in the
balance sheet at their deemed cost, being the fair value at the date of transition, less any subsequent accumulated depreciation and
subsequent accumulated impairment losses. Any revaluation increase arising on the revaluation of such land and buildings prior to
deemed cost being adopted was credited to the properties revaluation reserve, except to the extent that it reversed a revaluation
decrease for the same asset previously recognised as an expense, in which case the increase was credited to the income statement to
the extent of the decrease previously expensed. A decrease in carrying amount arising on the revaluation of such land and buildings
was charged as an expense to the extent that it exceeds the balance, if any, held in the properties revaluation reserve relating to a
previous revaluation of that asset. Depreciation on revalued buildings is charged to income. On the subsequent sale or scrappage of
a previously revalued property, the attributable revaluation surplus remaining in the properties revaluation reserve is transferred
directly to retained earnings. Freehold land is not depreciated.
Surplus properties
The Group owns several properties, that were previously used in its trading businesses, which are now surplus to its current business
needs. There is an active plan to sell these properties as and when market conditions allow. For the purposes of these financial
statements these properties have been included under the heading Surplus Properties.
Share based payments
The fair value at the date of grant of share options is calculated using the Black Scholes pricing model and charged to the income
statement on a straight-line basis over the vesting period of the award. The charge to the income statement takes account of the
estimated number of share options that will vest. The corresponding credit to an equity settled share-based payment is recognised in
equity. If vesting periods or other non-market vesting conditions apply, the expense is allocated over the vesting period, based on the
best available estimate of the number of share options expected to vest. Estimates are subsequently revised if there is any indication
that the number of share options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting
is recognised in the current period. No adjustment is made to any expense recognised in prior periods if share options ultimately
exercised are different to that estimated on vesting. Further details are given in the Directors report.
Employee benefit trusts
The Company has established trusts for the benefit of employees and certain of their dependants. Monies held in these trusts are
held by independent trustees and managed at their discretion. Where monies held in a trust are determined by the Company based
on employees’ past services to the business and the Company can obtain no future economic benefit from these monies, such monies,
whether in trust or accrued for by the Company are charged to the income statement in the period to which they relate.
Going concern
The directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have
adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern
basis of accounting in preparing the financial statements. Further detail is contained in the Directors’ Report.
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Robinson plc Annual Report and Accounts 2018
Notes to the financial statements continued
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the Group’s financial statements requires management to make judgments, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the reporting date.
However, uncertainty about the assumptions and estimates could result in outcomes that could require a material adjustment to the
carrying amount of the asset or liability affected in the future. The key assumptions concerning the future and other key sources of
estimation uncertainty at 31 December 2018 that have a significant risk of causing material adjustment to the carrying amounts of
assets and liabilities within the next financial year relate to pension, other post-employment benefits and the impairment of goodwill,
property and intangible assets. The cost of defined benefit pension plans and other post-employment benefit is determined using
actuarial valuations. The actuarial valuation involves making assumptions about discount rates, expected rates of return on assets,
mortality rates and future pension increases. Due to the long-term nature of these plans such estimates are subject to significant
uncertainty. The irrecoverable surplus is based on estimates of the recoverable surplus. These are based on expectations in line with
the underlying assumptions in the valuation and current circumstances. Further details can be found in note 26. The Group tests
goodwill, intangible assets and property annually for impairment, or more frequently if there are indications that an impairment may
be required. Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which
goodwill has been allocated. The value-in-use calculation requires the entity to estimate the future cash flows expected to arise from
the cash-generating unit and a suitable discount rate in order to calculate present value. Further details on this process are set out in
note 10. An assessment is made at each reporting date as to whether there is any indication that the carrying value may be impaired
for intangible assets. This comprises an estimation of the fair value less cost to sell and the value in use. The key assumption used in
arriving at a fair value less cost of sale is based on future expected earnings. Future earnings streams for each cash generating unit is
then discounted over a finite period to calculate the fair value.
Amendments to IFRSs that are mandatorily effective for the current year
The adoption of the following standards, amendments and interpretations in the current year have not had a material impact on the
Group’s/Company’s financial statements.
EU effective date – periods beginning on or after
Amendment to IAS 40 Investment Property: Transfers of investment property
Amendment to IFRS 2 Share-based Payment: Classification and measurement
of share-based payment transactions
Amendment to IFRS 4 Insurance Contracts: Applying IFRS 9 Financial Instruments
with IFRS 4 Insurance Contracts
IFRS 9 Financial Instruments
IFRS 15 Revenue from Contracts with Customers
Clarifications to IFRS 15 Revenue from Contracts with Customers
Annual Improvements to IFRSs (2014 - 2016)
IFRIC 22 Foreign Currency Transactions and Advance Consideration
1 January 2018
1 January 2018
1 January 2018
1 January 2018
1 January 2018
1 January 2018
1 January 2018
1 January 2018
The adoption of the following standards, amendments and interpretations in future years are not expected to have a material
impact on the Group’s financial statements.
Amendments to IAS 28 Investments in Associates and Joint Ventures:
Long-term interests in Associates and Joint Ventures
Amendments to IFRS 9 Financial Instruments: Prepayment features with
negative compensation
IFRS 16 Leases
IFRS 17 Insurance Contracts
Annual Improvements to IFRSs (2015 - 2017)
IFRIC 23 Uncertainty over Income Tax Treatments
Comment on standards effective from 1 January 2018
a. IFRS 9 ‘Financial Instruments’
EU effective date – periods beginning on or after
1 January 2019
1 January 2019
1 January 2019
Expected endorsement date not available
1 January 2019
1 January 2019
IFRS 9 replaces the provisions of IAS 39 that relate to the recognition, classification and measurement of financial assets and
financial liabilities, derecognition of financial instruments, impairment of financial assets and hedge accounting. The adoption of
IFRS 9 Financial Instruments from 1 January 2018 did not result in a change in accounting policy or any adjustments to the amounts
recognised in the financial statements.
b. IFRS 15 ‘Revenue from Contracts with Customers’
The objective of IFRS 15 is to establish the principles that an entity should apply to report useful information to users of financial
statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The
group has adopted IFRS 15 Revenue from Contracts with Customers from 1 January 2018 which did not result in any adjustments
to the amounts recognised in the financial statements.
Comment on standards effective from 1 January 2019
c. IFRS 16 ‘Leases’
IFRS 16 specifies how to recognise, measure, present and disclose leases, and will essentially replace IAS 17. The impact of this
standard on the Group’s financial statements is not likely to be material.
Robinson plc Annual Report and Accounts 2018
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Independent Auditor’s report to the members of Robinson plc
Opinion
We have audited the financial statements of Robinson Plc (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended
31 December 2018 which comprise the Group Income Statement, the Group Statement of Comprehensive Income, the Group and
Company Statements of Financial Position, the Group and Company Statements of Changes in Equity, the Group and Company
Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial
reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
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In our opinion:
• the financial statements give a true and fair view of the state of the group’s and of the parent company’s affairs as at
31 December 2018 and of the group’s profit for the year then ended;
• the group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union;
• the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union
and as applied in accordance with the provisions of the Companies Act 2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements
section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
The impact of uncertainties due to Britain exiting the European Union on our audit
The Directors’ view on the impact of Brexit is disclosed in the strategic report on page 9. The terms on which the United Kingdom may
withdraw from the European Union, currently due to occur on 29 March 2019, are not clear, and it is therefore not currently possible
to evaluate all the potential implications to the Group’s and Company’s trade, customers, suppliers and the wider economy. We
considered the impact of Brexit on the Group and Company as part of our audit procedures, applying a standard firm wide approach in
response to the uncertainty associated with the Group’s and company’s future prospects and performance. However, no audit should be
expected to predict the unknowable factors or all possible implications for the company and this is particularly the case in relation to Brexit.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt
about the group’s or the parent company’s ability to continue to adopt the going concern basis of accounting for a period of at least
twelve months from the date when the financial statements are authorised for issue.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud)
we identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and
directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Revenue recognition
The group’s accounting policy in respect of revenue recognition is set out in the accounting policy notes on page 39. Revenue is a
material balance for Robinson Plc and represents the largest balance in the consolidated statement of comprehensive income. An
error in this balance could significantly affect a users’ interpretation of the financial statements. There is a risk of fraud or error in
the financial reporting relating to revenue recognition due to the potential to inappropriately record revenue in the wrong period.
We therefore consider cut-off to be a key audit matter. Additionally, the introduction of IFRS 15 represents a risk of revenue being
recognised in the wrong period.
Our response
Our procedures over revenue recognition included, but were not limited to:
• Obtained an understanding of the processes and controls over the recognition of revenue and undertook walkthrough tests
to validate that controls were operating as designed.
• Detail testing of a sample of revenue transactions around the year end to ensure they were accounted for in the correct period
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Robinson plc Annual Report and Accounts 2018
Independent Auditor’s report to the members of Robinson plc continued
In addition to the above, IFRS 15 (the new revenue standard) was effective for the first time in the current year. This involves
recognising revenue in line with the performance obligations established in the contractual relationship with the customer. Essentially
this requires identifying the contractual obligations and then allocating the transaction price to these obligations and recognising
revenue as they are met. As a part of our audit work, we reviewed management’s assessment and assumptions used in recognising
revenue under IFRS 15. Based on our work performed, no material misstatements were noted in revenue cut-off and we concur with
management’s assessment that there was no material impact to the financial statements from the adoption of IFRS 15 in 2018.
Our application of materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These,
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our
audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both
individually and on the financial statements as a whole. Based on our professional judgement, we determined materiality for the
financial statements as a whole as follows:
Overall materiality
How we determined it
Rationale for benchmark applied
Performance materiality
£574,000
The overall materiality level has been determined with reference to a benchmark
of consolidated revenue.
In our view, revenue is the most relevant measure of the underlying performance of
the group and therefore, has been selected as the materiality benchmark.
The percentage applied to this benchmark is 1.75%
£431,000
We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of £17,200 as well
as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also reported to the Audit
Committee on disclosure matters that we identified during the course of assessing the overall presentation of the financial statements.
Audit work at component locations for the purpose of obtaining audit coverage over significant financial statement accounts is
undertaken based on a percentage of total performance materiality. The performance materiality set for each component is based
on the relative scale and risk of the component to the group as a whole and our assessment of the risk of misstatement at component
level. In the current period, the performance materiality allocated to the components and/or subsidiaries of the group ranged between
£3,900 and £239,000. The parent company financial statement materiality has been set as 4% of Net Assets, namely £521,000.
Performance materiality has been set at 75% of our financial statement materiality, namely £391,000. The reporting threshold has
been set at 3% of our financial statement materiality, namely £16,000.
An overview of the scope of our audit
As part of designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements.
In particular, we looked at where the directors made subjective judgements such as making assumptions on significant accounting
estimates. We gained an understanding of the legal and regulatory framework applicable to the group and parent company, the
structure of the group and the parent company and the industry in which it operates. We considered the risk of acts by the parent
company which were contrary to the applicable laws and regulations including fraud. We designed our audit procedures to respond to
those identified risks, including non-compliance with laws and regulations (irregularities) that are material to the financial statements.
We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not
limited to, the Companies Act 2006. We tailored the scope of our group audit to ensure that we performed sufficient work to be able
to give an opinion on the financial statements as a whole. We used the outputs of a risk assessment, our understanding of the parent
company and group’s accounting processes and controls and its environment and considered qualitative factors in order to ensure that
we obtained sufficient coverage across all financial statement line items. Our tests included, but were not limited to, obtaining evidence
about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements
are free from material misstatement, whether caused by irregularities including fraud or error, review of minutes of directors’
meetings in the year and enquiries of management. As a result of our procedures, we did not identify any Key Audit Matters relating
to irregularities, including fraud. The risks of material misstatement that had the greatest effect on our audit, including the allocation
of our resources and effort, are discussed under “Key audit matters” within this report. Our group audit scope included an audit of
the group and parent financial statements of Robinson Plc. Based on our risk assessment, the following entities within the group were
subject to full scope audit and was performed by the group audit team.
Robinson Plc
Robinson Plastic Packaging Limited
Robinson Plastic Packaging (Stanton Hill) Limited
Robinson Paperbox Packaging Limited
Robinson (Overseas) Limited
Walton Mill (Chesterfield) Limited
Robinson Packaging Polska sp z.o.o (audit by Mazars Poland)
Independent Auditor’s report to the members of Robinson plc continued
Robinson plc Annual Report and Accounts 2018
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At the parent level we also tested the consolidation process and carried out analytical procedures to confirm our conclusion that there
were no significant risks of material misstatement of the aggregated financial information.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual
report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover
the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements
are prepared is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the
audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report. We have nothing to report in
respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received
from branches not visited by us; or
• the parent company financial statements are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the directors’ responsibilities statement set out on page 21, the directors are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error. In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit report
This report is made solely to the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed.
Louis Burns
(Senior Statutory Auditor) for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
45 Church Street, Birmingham B3 2RT
21 March 2019
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Robinson plc Annual Report and Accounts 2018
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting
of Robinson plc will be held at:
Chesterfield Football Club,
1866 Sheffield Road, Whittington Moor,
Chesterfield, S41 8NZ
on Thursday 9 May 2019 at 11:30 am
for the following purposes:
Resolutions
To consider and, if thought fit, pass the following resolutions
which will be proposed as ordinary resolutions:
1 to receive and adopt the report of the directors and the audited
financial statements for the year ended 31 December 2018
2 to declare a final dividend of 3p per ordinary share
3 to re-elect Martin McGee as a director of the Company
4 to re-elect Mike Cusick as a director of the Company
5 to re-elect Sara Halton as a director of the Company
6 to re-elect Anthony Glossop as a director of the Company
7 to re-appoint Mazars LLP as auditors of the Company and to
authorise the directors to determine their remuneration
To transact any other ordinary business of an annual general meeting.
On behalf of the Board
Guy Robinson
Director
17 April 2019
A member entitled to attend and vote at the meeting is entitled to appoint one or more proxies
to attend and, on a poll, vote in his or her stead. A proxy need not be a member of the Company.
To be valid, Forms of Proxy must be deposited at the Registered Office of the Company
not less than 48 hours before the time of the meeting.
Only those members in the register of members of the Company as at 11.30 am on 7 May 2019
or, if the meeting is adjourned, in the register of members 48 hours before the time of any
adjourned meeting shall be entitled to attend or vote at the meeting in respect of the number
of shares registered in their name at that time. Changes to entries in the register of members
after 11.30 am on 7 May 2019 or, if the meeting is adjourned, after 48 hours before the time of
any adjourned meeting shall be disregarded in determining the rights of any person to attend
or vote at the meeting.
Robinson plc Annual Report and Accounts 2018
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Form of proxy
For use at the Annual General Meeting of Robinson plc convened for 9 May 2019 and any adjournments thereof.
I/We (please write name in block capitals - see note 1):
of (please write address):
being a member of Robinson plc, hereby appoint:
The Chairman of the Meeting
(see note 2)
or my / our proxy:
(please write name of proxy - see note 2)
or failing him/her:
(please write name of second proxy - see note 2)
as my/our proxy to attend and vote in my/our name(s) and on my/our behalf at the Annual General Meeting
of the Company to be held on 9 May 2019 and at any adjournment thereof.
This form is to be used in respect of the resolutions mentioned below as indicated.
Where no instructions are given, the proxy may vote as he/she thinks fit or abstain from voting.
Resolutions:
1
To adopt the Directors’ Report
and Financial Statements for the
year ended 31 December 2018
2
To declare a final dividend of 3p
per ordinary share
For
Against
Withheld
Notes
1 The names of all registered holders
should be stated in block capitals.
2 If it is desired to appoint a proxy other
than the Chairman of the meeting,
his/her name and address should be
inserted, the reference to the Chairman
deleted and the alteration initialled.
For
Against
Withheld
3 A member entitled to attend and vote
3
To re-elect Martin McGee
as a director
For
Against
Withheld
4
To re-elect Mike Cusick
as a director
5
To re-elect Sara Halton
as a director
For
Against
Withheld
For
Against
Withheld
6
To re-elect Anthony Glossop
as a director
For
Against
Withheld
7
To reappoint Mazars LLP as
auditor of the Company and
to authorise the directors to
determine their remuneration
For
Against
Withheld
at the meeting is entitled to appoint one
or more proxies to attend and, on a poll,
vote in his or her stead. A proxy need
not be a member of the Company.
4 In the case of joint holders, the signature
of any one holder is sufficient, but the
names of all joint holders must be stated.
The vote of the senior who tenders a
vote whether in person or by proxy
will be accepted to the exclusion of the
other votes of joint holders. For this
purpose, seniority will be in the order in
which the names appear in the register
of members for the joint holding.
5 Unless otherwise indicated, or upon any
matter properly before the meeting but
not referred to above, the proxy may vote
or abstain from voting as he/she thinks fit.
6 To be valid, Forms of Proxy must be
deposited at the Registered Office
of the Company, Field House,
Wheatbridge, Chesterfield S40 2AB,
not less than 48 hours before the
time appointed for the meeting.
Please delete whichever is not desired or leave blank to allow your proxy to choose.
Signature(s):
Dated:
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48
Robinson plc Annual Report and Accounts 2018
Annual General Meeting attendance form
Annual General Meeting
Thursday 9 May 2019 at 11.30 am
The Board very much hopes that you will be
able to attend this year’s Annual General
Meeting, which will again be held at:
Chesterfield Football Club,
1866 Sheffield Road,
Whittington Moor,
Chesterfield, S41 8NZ
To assist with catering and arrangements,
it would be helpful if you would complete
and return this attendance form. If you are
appointing a proxy, then please ask your
proxy to complete and return the form.
Thank you and we look forward to
seeing you.
From (please write full name in block capitals):
I shall be attending the AGM
I shall be staying for the buffet lunch
Me
My proxy
Me
My proxy
Please tick the appropriate boxes
Signature:
Date:
Please return this form to:
Guy Robinson
Robinson plc
Field House
Wheatbridge
Chesterfield
S40 2AB
UK
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Robinson plc Annual Report and Accounts 2018
49
Robinson plc
Field House,
Wheatbridge,
Chesterfield,
S40 2AB
United Kingdom
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