Strategic Review
84 Finsbury Food Group Annual Report & Accounts 2018
Notes to the Consolidated Financial Statements
Corporate Governance
Financial Statements
23. Share Capital (continued) A summary of share options outstanding and movements for the year to 1 July 2017 is shown below:
At 2 July 2016 Number of options 3,941,171 Granted 1,434,380 Forfeited - Cancelled (29,899) Exercised (302,758) At 1 July 2017 5,042,894
There were no options exercisable at the period end date (2017: nil). There were 155,172 options exercised during the year (2017: 302,758). The average share price at dates of exercise was 115p per share (2017: 114p per share).
The options outstanding at the year end have weighted average exercise price of Nil (2017: 1.7p) and a weighted average contractual life of 3.9 years (2017: 5.9 years).
The Company uses a Monte Carlo model for the valuation of the award subject to relative performance to the TSR of AIM listed companies. An external consultant assists with the valuation of the awards.
The key inputs into the Monte Carlo model are as follows: 2018
Expected life of option Volatility of share price Dividend yield
Risk free discount rate Share price at grant date Exercise price
24. Dividends
On 22 December 2017, a final dividend for the year ended 1 July 2017 of 2.0p per share was paid to shareholders on the register at the close of business on 24 November 2017, the amount paid was £2,553,413.
An interim dividend for the six months to 30 December 2017 of 1.1p per share was paid on 27 April 2018 to shareholders on the register at the close of business on 3 April 2018. The amount paid was £1,404,473. A final dividend for the year ended 30 June 2018 of 2.2p per share has been proposed taking the total dividend for the year to 3.3p per share. Subject to shareholder approval at the Company’s AGM on 21 November 2018, the final dividend will be paid on 21 December 2018 to shareholders on the register at 23 November 2018.
During the year a dividend of £799,000 (2017: £705,000) was paid to the holders of the non-controlling interest in Lightbody Stretz Ltd.
25. Operating Leases The Group has annual commitments under non-cancellable operating leases relating primarily to land and buildings, fork lift trucks and office equipment. Land and buildings have been considered separately for lease classification. Land and buildings amounts relate to leasehold properties at the Nicholas & Harris site, part of the Lightbody of Hamilton site, Fletchers’ sites in London and Manchester and Johnstone’s site in East Kilbride.
During the year £2,099,000 was recognised as an expense in the Consolidated Statement of Profit and Loss in respect of operating leases (2017: £2,839,000).
Future minimum lease repayments under non-cancellable operating leases at the end of the financial periods are as follows: Land and Buildings
2018 £000
On leases which expire in: Less than one year
Between one and five years More than five years
2017 £000
2018 £000
Other
2017 £000
3.0 years 23% 2.8% 0.6%
108.0p Nil
2017
3.0 years 25% 2.1%
0.10% 126.5p Nil
2,066 6,604 6,809
15,479
2,372 7,979 7,805
18,156
956
1,023 29
2,008
839
1,064 29
1,932
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