Discontinued operations in 2013 comprise only the post-tax results of the European Precious Metals Processing business for the period up to 31 May 2013 when it was sold, together with the profit arising on its disposal. The European Precious Metals Processing business was sold to Heimerle + Meule for consideration received of €56.8m plus €8.2m for working capital delivered. Included in the profit on disposal is a credit of £6.2m for recycled foreign exchange differences which had previously been taken directly to reserves in the Group accounts relating to the businesses sold. As at 31 December 2012, the net assets of the European Precious Metals Processing business of £19.4m were classified as held for sale in the Group balance sheet (note 23).
In 2012, discontinued operations comprised: (i) the post-tax results of the Alent group of companies for the period up to 19 December 2012, when they were demerged from Vesuvius, together with the profit on demerger of Alent; (ii) the post-tax results of the US Precious Metals Processing business for the period up to 1 May 2012 when it was sold, together with the loss arising on its disposal; and (iii) the post-tax results of the European Precious Metals Processing business, which was held for sale as at 31 December 2012, for the whole of the year. Prior year comparatives in the Group income statement have been restated accordingly.
Further details, along with the effects of the disposals on the financial position of the Group, can be found in note 24.
25.1 Results of discontinued operations
|Profit before tax||10.6||102.3|
|Income tax costs||—||(31.1)|
|Profit on disposal of discontinued operations||24||19.3||541.3|
|Profit for the year attributable to owners of the parent||29.9||612.5|
|Earnings per share — pence|
The profit before tax of £10.6m in 2013 includes the release of £10.2m of a provision relating to a VAT case which was resolved in Vesuvius' favour.
25.2 Cash flows from discontinued operations
|Net cash (outflow)/inflow from:|
|— operating activities||(9.9)||22.5|
|— investing activities||—||(80.7)|
|— financing activities||—||0.4|
|Net cash (outflow)/inflow for the year||(9.9)||(57.8)|