TIDMSTCK
RNS Number : 0153K
Stock Spirits Group PLC
05 April 2018
5 April 2018
Stock Spirits Group PLC
Annual Financial Report for the year ended 31 December 2017
and
Notice of Annual General Meeting
Stock Spirits Group PLC (the "Company") today published its
Annual Report and Accounts for the year ended 31 December 2017 (the
"2017 Annual Report") and the Notice of the Annual General Meeting
being held on 22 May 2018. Both documents will shortly be available
on the Company's website at www.stockspirits.com.
The Company will hold its Annual General Meeting at 11.30 am on
Tuesday, 22 May 2018 at Numis Securities Limited, The London Stock
Exchange Building, Paternoster Square, London, EC4M 7LT. Copies of
the 2017 Annual Report, the Notice of the Annual General Meeting
and Proxy Form were posted to shareholders today and, in accordance
with Listing Rule 9.6.1, have also been submitted to the National
Storage Mechanism, where they will shortly be available for viewing
on http://www.morningstar.co.uk/uk/NSM.
The Company published its full-year results for the year ended
31 December 2017 on 7 March 2018 under RNS Number 9066G (the
"Preliminary Results Announcement"). Today's announcement together
with the Preliminary Results Announcement contains the information
required to comply with Disclosure and Transparency Rule 6.3.5
(please see appendix). This announcement is not a substitute for
reading the 2017 Annual Report or the Notice of the Annual General
Meeting in full.
For further information:
Stock Spirits Group:
Paul Bal, Chief Financial
Officer +44 (0) 1628 648 500
Powerscourt: +44 (0) 207 250 1446
Rob Greening stockspirits@powerscourt-group.com
Lisa Kavanagh
Investors can also address any query to investorqueries@stockspirits.com.
Appendix
The information below, which is extracted from the 2017 Annual
Report, is included solely for the purpose of complying with
Disclosure and Transparency Rule 6.3.5 and the requirements it
imposes on the publication of annual financial reports. It should
be read in conjunction with the Preliminary Results Announcement.
Together these constitute the material required by Disclosure and
Transparency Rule 6.3.5 to be communicated in unedited full text
through a Regulatory Information Service. This material is not a
substitute for reading the full 2017 Annual Report.
Page and note references in the extracted information below
relate to pages and notes in the 2017 Annual Report.
Related party transactions
Note 33 provides details of the Group's structure including
information about the subsidiaries of Stock Spirits Group PLC. In
considering each possible related party relationship, attention is
directed to the substance of the relationship, not merely the legal
form. There were no transactions with related parties in the year
to 31 December 2016 or 31 December 2017, with the exception of
intercompany transactions and compensation of key management
personnel.
Compensation of key management personnel
The Group's Directors and the Senior Management Team as shown on
page 52 are deemed to be key management personnel. It is the Board
and Senior Management Team which have responsibility for planning,
directing and controlling the activities of the Group. Total
compensation to key management personnel were included in general
and administrative and other operational expenses in the
consolidated income statement.
2017 2016
EUR000 EUR000
Short-term employee benefits 5,342 4,865
Social security costs 443 609
Post-employment benefits 306 72
Share-based compensation (note 34) 1,845 (1,144)
Termination benefits 730 1,401
------------------------------------ ------- --------
8,666 5,803
There were no material transactions or balances between the
Group and its key management personnel or members of their close
family. At the end of the period, key management personnel did not
owe the Group any amounts.
As at 31 December 2017 no Directors (2016: nil) had any
retirement benefits accrued under either money purchase schemes or
under defined benefit schemes.
In 2017 1 Director (2016: nil) made gains on the exercise of
share options.
Other disclosures on Directors' remuneration required by the
Companies Act 2006 and those specified for audit by the Directors'
Remuneration Report Regulations 2002 are included in the Directors'
Remuneration Report.
There were no transactions with Quintessential Brands Ireland
Whiskey Limited and its parent subsequent to the purchase of the
equity-accounted investment as disclosed in note 22.
Consolidated statement of changes in equity for the year ended
31 December 2017
Foreign
Own currency
Issued Share Merger Consolidation share Other translation Retained Total
capital premium reserve reserve reserve reserve reserve earnings equity
EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000
Balance at 1
January
2016 23,625 183,541 99,033 5,130 (635) 9,254 15,284 29,630 364,862
Profit for the
year - - - - - - - 28,437 28,437
Other
comprehensive
income - - - - - - (7,765) (3) (7,768)
Total
comprehensive
income - - - - - - (7,765) 28,434 20,669
-------- -------- -------- -------------- -------- -------- ------------ --------- ---------
Share based
compensation
charge (note 34) - - - - - 81 - - 81
Dividends (note
29) - - - - - - - (37,356) (37,356)
Own shares
utilised
for incentive
schemes
(note 28) - - - - 279 - - 44 323
======== ======== ======== ============== ======== ======== ============ ========= =========
Balance at 31
December
2016 23,625 183,541 99,033 5,130 (356) 9,335 7,519 20,752 348,579
======== ======== ======== ============== ======== ======== ============ ========= =========
Profit for the
year - - - - - - - 11,329 11,329
Other
comprehensive
expense - - - - - - 8,310 (5) 8,305
-------- -------- -------- -------------- -------- -------- ------------ --------- ---------
Total
comprehensive
income/(expense) - - - - - - 8,310 11,324 19,634
-------- -------- -------- -------------- -------- -------- ------------ --------- ---------
Share based
compensation
charge (note 34) - - - - - 1,942 - - 1,942
Dividends (note
29) - - - - - - - (15,730) (15,730)
Own shares
acquired
for incentive
schemes
(note 28) - - - - (116) - - - (116)
Own shares
utilised
for incentive
schemes
(note 28) - - - - 166 - - (166) -
======== ======== ======== ============== ======== ======== ============ ========= =========
Balance at 31
December
2017 23,625 183,541 99,033 5,130 (306) 11,277 15,829 16,180 354,309
======== ======== ======== ============== ======== ======== ============ ========= =========
Statement of Directors' responsibilities
The Directors are responsible for preparing the Annual Report
and the Group and parent company financial statements in accordance
with applicable law and regulations.
Company law requires the Directors to prepare Group and parent
company financial statements for each financial year. Under that
law, they are required to prepare the Group financial statements in
accordance with IFRSs as adopted by the EU and applicable law, and
have elected to prepare the parent company financial statements on
the same basis.
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 Group and parent company, and
of their profit or loss for that period. In preparing each of the
Group and parent company financial statements, the Directors are
required to:
-- Select suitable accounting policies, and then apply them consistently;
-- Make judgements and estimates that are reasonable, relevant and reliable;
-- State whether they have been prepared in accordance with IFRSs as adopted by the EU;
-- Assess the Group and parent company's ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern; and
-- Use the going concern basis of accounting unless they either
intend to liquidate the Group or the parent company or to cease
operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the parent
company's transactions, and disclose with reasonable accuracy at
any time the financial position of the parent company, and enable
them to ensure its financial statements comply with the Companies
Act 2006. They are responsible for such internal control as they
determine is necessary to enable the preparation of the financial
statements that are free from material misstatement, whether due to
fraud or error, and have general responsibility for taking such
steps as are reasonably open to them to safeguard the assets of the
Group, and to prevent and detect fraud and other
irregularities.
Under applicable law and regulations, the Directors are also
responsible for preparing a Strategic Report, Directors' Report,
Directors' Remuneration Report and Corporate Governance Report that
complies with that law and those regulations.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
company's website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the
Annual Report & Accounts (ARA)
We confirm that, to the best of our knowledge:
-- The financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company, and the undertakings included in the consolidation
taken as a whole; and
-- The Strategic Report and Directors' Report include a fair
review of the development and performance of the business and the
position of the issuer and the undertakings included in the
consolidation taken as a whole, together with a description of the
principal risks and uncertainties that they face.
We consider the ARA, taken as a whole, is fair, balanced and
understandable and provides the information necessary for
shareholders to assess the Group's position and performance,
business model and strategy.
By order of the Board.
Mirek Stachowicz Paul Bal
Chief Executive Officer Chief Financial Officer
7 March 2018 7 March 2018
This information is provided by RNS
The company news service from the London Stock Exchange
END
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