Interim Results

Associated British Engineering PLC 11 November 2002 A B E ASSOCIATED BRITISH ENGINEERING PLC INTERIM REPORT 2002 A B E C H A I R M A N ' S S T A T E M E N T -------------------------------------------------------------------------------- The Group made a pre-tax loss of £101,000 in the six months to 30 September 2002 compared with a loss of £190,000 in the same period last year. The trading position in British Polar Engines, the remaining operating subsidiary, has not been good enough to cover the group's costs and we have continued to make savings where possible. In my statement in the annual report for the year ended 31 March 2002 I drew shareholders attention to the FRS 17 valuation of the assets and liabilities of the Pension Fund at 1 April 2002 which resulted in a deficit of £1,763,000. Initial indications of the MFR and actuarial valuations of the pension fund as at 1 April 2002 show significant deficits and the Board with its pensions advisers is evaluating the liability, its timing and the impact on the current group. In addition we are now aiming to hold the continuing employer contributions at the current level. The Board has also agreed that the non-executive director's fees should be reduced to £5,000 per annum each from 1 October 2002, other than the Chairman. I will not be continuing as a director or Chairman and David Brown will become Chairman at his current fee level. I through my associated interests will remain as a substantial shareholder. The property at St Helens, Lancashire, which is held as a current asset, has been on the market and we now have a cash offer at above the book figure of £120,000. Once contracts have been exchanged shareholder approval will be sought and hopefully that circular will be with you shortly. As reported in my statement in the annual report for the year ended 31 March 2002, the Board has been looking to a possible disposal of British Polar Engines. Two parties made conditional offers but the higher one decided not to proceed. The other offer is from an MBO team which involves all the directors of British Polar Engines including myself. We are now finalising arrangements to acquire the business on terms which are acceptable to the Board. This will be the subject of a circular and shareholder approval in due course. The rationalisation and reduction of the cost base in the group will have been largely completed following the sale of the British Polar Engines business. I therefore have pleasure in handing over the Chairmanship to David Brown. RA Pearce Gould Chairman 11 November 2002 63 Church Street Harston Cambridge CB2 5NP A.B.E UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 Audited year 6 months to 6 months to to 31.3.02 30.9.2002 30.9.2001 £000s £000s £000s 3,007 Turnover - Continuing operations 1,241 1,586 580 - Discontinued operations 0 336 3,587 1,241 1,922 (344) Operating loss - Continuing operations (119) (63) (176) - Discontinued operations 0 (82) (520) (119) (145) (340) Loss arising on closure of trading division 0 (74) Loss on ordinary activities before finance costs (344) - Continuing operations (119) (63) (516) - Discontinued operations 0 (156) (860) (119) (219) 48 Net finance income - Continuing operations 18 29 0 - Discontinued operations 0 0 48 18 29 Loss on ordinary activities before taxation (296) - Continuing operations (101) (34) (516) - Discontinued operations 0 (156) (812) (101) (190) 0 Taxation 5 0 (812) Loss on ordinary activities after taxation (96) (190) (51) Non-equity dividends (26) (26) (863) Retained loss (122) (216) Loss per ordinary share (26) p - Continuing operations (9) p (4) p (66) p - Basic (9) p (16) p Dividends per share accrued but not paid 7.0 p 7% preference 3.5 p 3.5 p 8.0 p 8% preference 4.0 p 4.0 p - Ordinary - - A.B.E UNAUDITED GROUP BALANCE SHEET AS AT 30 SEPTEMBER 2002 Audited year 31.3.2002 30.9.2002 30.9.2001 £000s £000s £000s FIXED ASSETS 553 Tangible assets 492 724 CURRENT ASSETS 1,400 Stock 1,285 1,638 116 Properties held for sale 120 621 Debtors - amounts falling due within one year 696 925 1,518 Cash at bank and in hand 1,285 1,578 3,655 3,386 4,141 CURRENT LIABILITIES 991 Creditors - amounts falling due within one year 762 1,015 2,664 Net current assets 2,624 3,126 3,217 Total assets less current liabilities 3,116 3,850 15 Creditors - amounts falling due after one year 13 23 27 Provisions for liabilities and charges 24 29 3,175 Net assets 3,079 3,798 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 11 (5,213) Profit and loss account (5,309) (4,590) 3,175 Total shareholders' funds 3,079 3,798 2,361 Equity shareholders' funds 2,239 3,009 814 Non-equity shareholders' funds 840 789 3,175 Total shareholders' funds 3,079 3,798 A.B.E UNAUDITED GROUP CASHFLOW STATEMENT FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 Audited year 6 months to 6 months to to 30.3.02 30.9.02 30.9.01 £000s £000s £000s OPERATING ACTIVITIES (314) Cash outflow from operating activities (109) (275) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE 52 Finance income received 18 30 (3) Finance costs paid - - (1) Finance cost element of finance lease rental payments - (1) 48 Net cash inflow from returns on investments and servicing of finance 18 29 TAXATION (5) UK Taxation recovered/(paid) 5 (5) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (42) Purchase of tangible fixed assets - (31) 3 Net proceeds on sale of tangible fixed assets 16 - (39) Net cash inflow/ (outflow) from capital expenditure and financial 16 (31) investment ACQUISITIONS AND DISPOSALS (148) Acquisition of Kelvin Diesels - (148) (74) Discontinued ABE Diesels operation (102) - - Properties held for sale (4) - (222) Net cash outflow from acquisition and disposals (106) (148) (532) Cash outflow before financing (176) (430) FINANCING (12) Repayment of debt (6) (5) (6) Capital element of finance lease repayments (2) (6) (18) Net cash outflow from financing (8) (11) (550) Decrease in cash in the period (184) (441) A.B.E UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2002 The calculation of loss per ordinary share is based on: 2002 2001 Loss Weighted average Per shares Loss Weighted average Per shares number of shares amount pence number of shares amount pence £'000 £'000 Basic loss per share (122) 1,313,427 (9) (216) 1,313,427 (16) Discontinued activities - 1,313,427 - (156) 1,313,427 (12) Loss per share on (122) 1,313,427 (9) (60) 1,313,427 (4) continuing operations 1. The comparative figures for the year to 31 March 2002 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. As required by 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. The cumulative amount of preference dividends unpaid at 30 September 2002 was £128,000. This information is provided by RNS The company news service from the London Stock Exchange

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