65 Finsbury Food Group Annual Report & Accounts 2016


(continued)


e) Debt and Capital Management The Group’s objective is to maximise the return on net invested capital while maintaining its ongoing ability to operate and guaranteeing  months to 26 December 2015 of 0.93p per share was paid on 22 April 2016 to shareholders on the register at the close of business on 1 April 2016.   


The Group manages its capital by monitoring its gearing ratio on a regular basis, there are also covenant tests which are monitored regularly and presented to the Group’s banks every 6 months. There have been no breaches of covenant tests during the year and the gearing ratio stands at 0.2 (2015: 0.2). The gearing ratio is calculated taking total net debt including deferred consideration over net assets.


The Group considers its capital to include share capital, share premium and capital redemption reserve. The Group does not have any externally imposed capital requirements.


26. Capital and Reserves The reconciliation of movement in capital and reserves is shown as a primary statement: Consolidated Statement of Changes in Equity on page 70.


Equity comprises the following:


• Share capital representing the nominal value of equity shares   over nominal value of the equity shares


• Capital redemption reserve representing the buyback and cancellation of shares at nominal value  


27. Share Capital


2016 000’s


 Shares issued





128,037 2,346


130,383 £000


Allotted, called up and fully paid Ordinary shares of 1p each


2015 000’s


66,894 61,143


128,037 £000


1,304


1,280


The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. During the year 28,300 shares were issued at 14 pence per share and 2,317,824 shares were issued at 1 pence per share. Shares are 


Share Based Payments The Group operates both approved and unapproved share option schemes.


 based on the best available estimate of the number of share options expected to vest, with a corresponding credit to reserves.


Upon exercise of the share options the proceeds received net of attributable transaction costs are credited to share capital and where appropriate share premium.


 Date of grant


4 December 2015 4 December 2015


Number of options granted


1,200,146 423,980


Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administrative expenses


Number of options expected to vest


972,118 343,424


Exercise price


Nil Nil


 £000


947 383


Amount expensed in year to


2 July 2016 £000


195 79


274 465 739


Period of expense


3 years 3 years


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88