Interim Results

Associated British Engineering PLC 20 December 2000 ASSOCIATED BRITISH ENGINEERING PLC INTERIM REPORT 2000 CHAIRMAN'S STATEMENT The group made a pre-tax profit of £57,000 in the six months to 30 September 2000 against a pre-tax loss of £339,000 in the comparable period last year. The continuing operations made a pre-tax loss of £163,000 against a pre-tax loss of £169,000 in the same period last year. Diesel services had a slow start to the year and had an operating loss of £18,000 against a loss of £9,000 last year. On 16 December 2000 the Board announced that a subsidiary, British Polar Engines Limited, had acquired the fixed assets and goodwill from Kelvin Diesels plc. It is believed that the acquisition will bring operating efficiencies and will enable the diesel services division to become a more substantial independent provider of diesel services. Negotiations to sell the properties held for sale in Havant are now well underway. The costs of central services have been reduced in the last year to reflect the current size of the group. The Board is continuing to investigate the future strategy for the group. RA Pearce Gould Chairman 19 December 2000 78 Chapel Street Thatcham Berkshire RG18 4QN UNAUDITED RESULTS FOR THE SIX MONTHS TO 30TH SEPTEMBER 2000 Audited 6 months 6 months year to to to 30.9.00 30.9.99 31.3.00 Restated £000s £000s £000s 3,363 Turnover - Continuing operations 1,742 1,444 20,027 - Discontinued operations - 17,129 23,390 1,742 18,573 (334) Operating (loss)/profit - Continuing (183) (244) operations (713) - Discontinued operations - 352 (1,047) (183) 108 Discontinued Middle East operations (117) - Exceptional costs on the sale - - - - Release of provisions - - (117) - - Discontinued catering equipment operations (498) - Exceptional costs - - (1,120) - Goodwill previously eliminated against - - reserves - - Release of provisions 220 - (1,618) 220 - - Profit attributable to interest in associated - 7 undertakings Profit/(loss) on ordinary activities before finance costs (334) - Continuing operations (183) (244) (2,448) - Discontinued operations 220 352 (2,782) 37 108 125 Net finance income/(costs) - Continuing 20 75 operations (678) - Discontinued operations - (529) (553) 20 (454) Profit/(loss) on ordinary activities before taxation (209) - Continuing operations (163) (169) (3,126) - Discontinued operations 220 (177) (3,335) 57 (346) - Taxation - - (3,335) Profit/(loss) on ordinary activities after 57 (346) taxation (23) Equity minority interest (15) (3,358) Profit/(loss) for the period 57 (361) Dividends: (51) Preference dividends (26) (26) (3,409) Retained profit/(loss) 31 (387) Profit/(loss) per ordinary share (20)p - Continuing operations (14)p (16)p (260)p - Basic 2p (29)p Dividends per share paid and proposed: 7.0p 7% preference - 3.50 8.0p 8% preference - 4.00 UNAUDITED GROUP BALANCE SHEET AS AT 30TH SEPTEMBER 2000 Audited 30.9.00 30.9.99 31.3.00 £000s £000s FIXED ASSETS 724 Tangible assets 633 3,062 CURRENT ASSETS 1,389 Stock 1,385 6,534 921 Properties held for sale 926 - - Debtors - amount falling due after one year - 403 1,685 Debtors - amount falling due within one year 885 15,300 1,203 Cash at bank and in hand 1,328 143 5,198 4,524 22,380 1,721 Creditors - amounts falling due within one year 916 19,038 3,477 Net current assets 3,608 3,342 4,201 Total assets less current liabilities 4,241 6,404 38 Creditors - amounts falling due after one year 23 471 37 Provisions for liabilities and charges 35 40 4,126 Net assets 4,183 5,893 CAPITAL AND RESERVES 3,339 Called up share capital 3,339 3,339 5,038 Share premium account 5,038 5,038 11 Other reserves 11 36 (4,262) Profit and loss account (4,205) (2,558) 3,414 Equity shareholders' funds 3,445 5,143 712 Non Equity shareholders' funds 738 712 4,126 Total shareholders' funds 4,183 5,855 - Equity minority funds - 38 4,126 4,183 5,893 S T A T E M E N T O F T O T A L R E C O G N I S E D G A I N S AND L O S S E S (3,358) Profit/(loss) for the period 57 (354) 101 Foreign Exchange adjustment - (104) Unrealised loss on the revaluation of the fixed asset (370) investment properties - - (3,627) Total recognised gains and losses for the period 57 (458) UNAUDITED GROUP CASHFLOW STATEMENT FOR THE SIX MONTHS TO 30TH SEPTEMBER 2000 Audited 6 months 6 months Year to to to 31.3.00 30.9.00 30.9.99 £000s £000s £000s OPERATING ACTIVITIES (498) Cash flow from operating activities (140) (249) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 191 Finance income received 73 83 (702) Finance costs paid (45) (517) (42) Finance costs element of Finance lease rental (8) (20) payments (51) Preference dividends paid - (26) Net cash flow from returns of investments - (604) and servicing of finance 20 (480) TAXATION (5) UK Taxation paid - (5) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (213) Purchase of tangible fixed assets (5) (141) 8 Net proceeds on sale of tangible fixed assets 33 - (205) 28 (141) DISPOSALS AND CLOSURES Sale of the Middle East operations 6,507 and repayment of intercompany debt (41) - 77 Discontinued catering equipment operations 310 - 6,584 Net cash flow from disposals and closures 269 - 5,272 Cash inflow/(outflow) before financing 177 (875) FINANCING (384) Decrease in debt (6) (93) (110) Capital element of finance lease payments (46) (116) (494) (52) (209) 4,778 Increase/(decrease) in cash in the period 125 (1,084) UNAUDITED RESULTS FOR THE SIX MONTHS TO 30TH SEPTEMBER 2000 Analysis of turnover, profit/(loss) before taxation and net assets Profit/ (loss) Turnover before Net taxation assets 2000 1999 2000 1999 2000 1999 £000s £000s £000s £0000s £000s £0000s Diesels services 1,742 1,444 (18) (69) 2,220 1,954 Central services - - (165) (175) 1,963 3,061 Continuing operations 1,742 1,444 (183) (244) 4,183 5,015 Middle East operations - 12,848 - 731 - 5,541 Catering equipment - 4,281 - (283) - (4,663) Central services - - - (96) - - Discontinued oprations 17,129 - 352 878 Turnover/net assets 1,742 18,573 4,183 5,893 Operating (loss)/profit (183) 108 Exceptional items: - Discontinued catering equipment 220 - operations Profit attributable to - 7 associate Finance income/(costs) 20 (454) Profit/(loss) before tax 57 (339) The calculation of earnings per ordinary share is based on: 2000 1999 Earnings Earnings Earnings Earnings per per share share £000s pence £000s pence Profit/(loss) for the financial year 57 (361) Less preference dividends (26) (26) Profit/(loss) attributable to ordinary Shareholders 31 2 (387) (29) Add (profit)/loss on discontinued Operations before taxation (220) (16) 177 13 Add equity minority interest - - 15 - Loss arising from continuing operations (189) (14) (195) (16) Number Number £000s £000s Weighted average number of ordinary share in issue during the year 1,313,427 1,313,427 1. The comparative figures for the year to 31st March 2000 are abridged from the accounts for that year and do not constitute full accounts within the meaning of Section 240 of the Companies Act 1985(as amended). Statutory accounts for that period, on which the Auditors gave an unqualified opinion have been delivered to the Registrar of Companies. 2. This interim report has been prepared in accordance with the accounting policies adopted in the latest published accounts. This interim report has neither been audited nor reviewed by our auditors. 3. The comparative figures for the six months ended 30 September 1999 have been restated to show the analysis of continuing and discontinued operations. 4. As required Financial Reporting Standard 4 the non-equity dividends have been charged to the Profit and loss account and then added back to reserves because the company does not have sufficient reserves to make this payment.

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