Final Results
Carr's Milling Industries PLC
21 November 2005
CARR'S MILLING INDUSTRIES PLC - PRELIMINARY ANNOUNCEMENT
Carr's the Cumbria-based agriculture, food and engineering group, announces a
year of major expansion and a seventh successive annual increase in adjusted
earnings per share in the 53 weeks ended 3 September 2005.
Financial Highlights
•Turnover increased by 23.4% to £192.1m.
•Disregarding an exceptional net gain of £2.88m, operating profit
increased by 26.9% to £7.33m, pre-tax profit was 19.8% ahead at £6.14m and
earnings per share advanced by 19.5% to 47.7p.
•The exceptional net gain of £2.88m comprised a gain of £4.11m on the
disposal of the Bendall's site in Carlisle and charges of £0.35m and £0.89m
for the post-acquisition rationalisation of the acquired Meneba (UK) and
W & J Pye businesses.
•The reported figures were a pre-tax profit of £9.02m (2004: £5.13m) and
earnings per share of 87.5p (2004: 39.9p).
•Net assets per share increased by 21.1% to 360.5p.
•Dividends per share of 16.0p, up 18.5%, are proposed, including a final
dividend per share of 11.0p, up 22.2%.
Commercial Highlights
•The major expansion principally comprised the acquisition of Meneba (UK)
in November 2004, more than doubling the size of Carr's flour business, and
in mid July 2005 the acquisition by Carr's associate company, Carrs
Billington Agriculture (Operations), of certain assets of W&J Pye (in
Administration), nearly doubling volumes of compound and blended animal
feed.
•Agriculture achieved an operating profit of £5.17m before reorganisation
costs (2004: £5.73m) on a turnover of £132.6m (2004: £124.4m). The profit
reduction occurred entirely in the associate. Animal feed suffered from
overcapacity in the North of England (since reduced by Carr's actions), but
fertiliser and retail performed well. The UK agriculture market is currently
very challenging, but the Pye integration has been successfully completed.
•Food increased its operating profit substantially to £2.22m before
reorganisation costs (2004: £0.27m) on turnover more than doubled at £48.0m
(2004: £22.0m). All three mills performed well, the integration proceeded
successfully, and a strong market presence in the northern part of the UK
has been established. Food is currently trading strongly in a market which
continues to be satisfactory.
•Engineering made a profit of £0.28m (2004: loss of £0.01m) on turnover up
23.0% at £11.5m (2004: £9.3m) and is on an upward trend.
Richard Inglewood, Chairman, stated 'The Board believes that, in the year ending
2 September 2006, the expanded business will make further good progess.'
Lunchtime Presentation:
Today, Monday 21 November, from 13:00 to 14.00, Carr's will be presenting to
brokers' analysts, over a sandwich lunch, at the offices of Bankside
Consultants, 1 Frederick's Place, London EC2R 8AE. Those wishing to attend are
asked to notify Bankside Consultants.
Enquiries:
Carr's Milling Industries plc 01228-554 600
Chris Holmes (Chief Executive Officer)
Ron Wood (Finance Director)
Bankside Consultants Limited
Charles Ponsonby 020-7367 8851
charles.ponsonby@bankside.com
CHAIRMAN'S STATEMENT
In my first Chairman's Statement, it is a particular pleasure to convey further
good news. The period ended 3 September 2005 was one of major expansion for the
Group. In November 2004, the acquisition of Meneba (UK) more than doubled the
size of Carr's flour business, and in July 2005 the acquisition by our associate
company, Carrs Billington Agriculture (Operations), of certain assets of W&J Pye
(in Administration) nearly doubled volumes of compound and blended animal feed.
In addition, Crystalyx Products, a feed block joint venture, was established in
Germany and a Carlisle-based fuel oil distributor, Wallace Oils, was acquired.
The year also witnessed a seventh successive annual increase in adjusted
earnings per share.
Prospects for further progress remain good.
FINANCIAL REVIEW
The figures in this paragraph take no account of exceptional items. In the 53
weeks (2004: 52 weeks), on turnover up 23.4% at £192.1m (2004: £155.7m), total
operating profit increased by 26.9% to £7.33m (2004: £5.78m), whilst pre-tax
profit was 19.8% ahead at £6.14m (2004: £5.13m). Adjusted earnings per share
advanced by 19.5% to 47.7p (2004: 39.9p).
Exceptional items comprise a gain of £4.11m on the disposal of the Bendall's
site and charges of £0.35m and £0.89m for the post-acquisition rationalisation
of the acquired Meneba and Pye businesses respectively, a net gain of £2.88m.
The net cash inflow to the Group from these exceptional items was £0.54m.
After exceptional items, the reported figures were a pre-tax profit of £9.02m
(2004: £5.13m) and earnings per share of 87.5p (2004: 39.9p).
Period end equity shareholders' funds increased by 23.2% to £29.61m (2004:
£24.04m), representing net assets per share of 360.5p (2004: 297.7p). Net debt
of £14.92m compared with £5.76m at 28 August 2004, giving gearing of 50.4% and
24.0%, respectively. This reflects the £8.75m of cash required to fund the
Meneba acquisition and the £1.32m initial cash consideration for the Wallace
acquisition. Net interest payable of £1.19m (2004: £0.65m) was covered 6.2 times
(2004: 8.9 times) by total operating profit before exceptional items.
DIVIDENDS
A final dividend per share of 11.0p (2004: 9.0p), up 22.2%, is proposed, payable
on 19 January 2006 to shareholders on the register at close of business on 16
December 2005, with an ex-dividend date of 14 December 2005.
Together with the interim dividend per share of 5.0p (2004: 4.5p), total
dividends per share are 18.5% higher at 16.0p (2004:13.5p), covered 3.0 times
(2004: 3.0 times) by adjusted earnings per share.
The AGM will be held at 11.30 a.m. on Monday 9 January 2006 at the Crown Hotel,
Wetheral, Carlisle.
BOARD
Sadly, David Newton resigned from the Board, because of illness, at the time of
the Interim Announcement in April 2005, having been non-executive Chairman since
April 1996. David made a major contribution to the Group's growth during his
time on the Board, for which we are all grateful. We wish him every good fortune
in his retirement.
In September 2005, I was appointed his successor, having been a non-executive
director since September 2004.
At the same time, Alistair Wannop was appointed a non-executive Director,
bringing the number of non-executive Directors to three. Alistair is a major
figure in Cumbrian agriculture and brings to the Board expertise in both
agriculture and food.
BUSINESS OVERVIEW
This has been a significant period for Carr's, which included major acquisitions
strengthening our position in both the food and agriculture markets. It is a
testament to the underlying strength of our business that it continued to
perform well during this busy period. We are especially pleased with the
performance of our food business which, despite flooding at a major customer's
premises in Carlisle in January 2005 and a serious fire at another customer one
month later, successfully integrated the Meneba business, with its two mills at
Kirkcaldy (Fife) and Maldon (Essex).
In July 2005, the Pye acquisition, comprising four compound feed mills and one
blended feed mill, enabled a certain amount of rationalisation in animal feed
production which was commercially necessary. The integration of this business
with Carrs Billington Agriculture (Operations) has been successful and we
anticipate benefits to be forthcoming in 2006.
Another major event late in the period was the disposal of the site from which
Bendalls Engineering operated and its relocation to a newly built factory
elsewhere in Carlisle, together with the purchase of new equipment. The move
took place during June and July 2005 and was completed with minimal disruption
to our production timetable and our customers.
In September, post the period end, we formed a joint venture company with
Wynnstay Group PLC and Welsh Feed Producers Limited to market and sell animal
feed, fertilisers and other farm requirements in Wales. Carrs interest in the
joint venture is 50%.
AGRICULTURE
Feed
Operating profit of £5.2 million before reorganisation costs of £0.89 million
(2004: £5.7 million) was achieved on a turnover of £132.7 million (2004: £124.4
million).
The Group's animal feed business comprises (in association with Edward
Billington & Sons Limited) the UK manufacture of animal feeds by Carrs
Billington Agriculture at Carlisle (Cumbria), Langwathby (Cumbria), Lancaster
(Lancashire) and Stone (Staffordshire) and the blending of animal feeds at
Askrigg (North Yorkshire), Kirkbride (Cumbria) and Lancaster.
The market for ruminant animal feeds was difficult last year, with severe
manufacturing over-capacity in the north of England, resulting in margins being
under constant pressure. This resulted in reduced profits of our own feed
business and that of our associate company, Carrs Billington Agriculture
(Operations). Our share of the associate company result was also affected by
reorganisation costs amounting to £0.89 million.
In testing trading conditions, it is important that we adhere to our strategy
and seize opportunities that secure our trading position. Accordingly on 15 July
2005, our associate company acquired certain trade and assets of W & J Pye
Limited (in Administration) and immediately initiated a consultation process
with the management to restructure the business. Following consultation, it was
agreed to cease production at the acquired Blackburn and Shrewsbury feed mills
in addition to our feed mill at Penrith. The retained business was transferred
to our newly acquired feed mills in Lancaster and Langwathby and also to our
existing feed mills at Carlisle and Stone.
On 1 October 2005, subsequent to the period end, we formed a joint venture
company, Bibby Agriculture Limited, with Carrs Billington Agriculture (Sales)
being a 50% shareholder, and Wynnstay Group PLC and Welsh Feed Producers Limited
each having a 25% shareholding. Bibby Agriculture Limited will market animal
feed, fertiliser and other farm requirements in Wales with the feed supplied
from the three shareholders' mills.
In the USA our two low-moisture animal feed block plants, at Belle Fourche,
South Dakota and Poteau, Oklahoma, manufacture Smartlic and Feed in a Drum.
During the period, they traded with large cost increases in the base raw
material, molasses. During the period, we also commenced marketing our range of
equine products, Horslyx, which is successfully sold in the UK, to the USA
market, resulting in high initial promotional costs. Consequently, the results
are lower than last year. However, the raw material cost increases are now
recovered and, with lower marketing costs associated with Horslyx, we expect
profit growth in the current year.
In the UK, the growth of our speciality equine and calf products continued. In
February 2005, Horslyx Mini Licks, a treat for horses, was launched. Sales of
Crystalyx continue to benefit from the adjacent molasses terminal facility to
the plant at Silloth in Cumbria.
In December 2005, we will commission a new low-moisture animal feed plant to
manufacture Crystalyx in Oldenburg, Germany with our 50% joint venture partner,
Agravis, one of Germany's largest agricultural companies. We look forward to
growing new markets in continental Europe.
Fertiliser
The fertiliser business performed well, with sales volumes of speciality
fertilisers increasing and those of traditional fertiliser similar to last year.
The investment programme to upgrade the production facilities at our three
blending sites - Invergordon (Easter Ross), Montrose (Angus) and Silloth
(Cumbria) - following the restructuring in 2003 was completed during the period,
giving higher capacity to meet seasonal demand.
The commitment to developing fertiliser products and services appropriate to
farming needs, post-CAP Reform, is reflected in increasing sales of our unique
range of environmentally protective fertiliser, New Choice. Through such
developments, Carr's is well placed to provide farmers with a whole-farm,
integrated approach to nutrient management covering all aspects of the soil/
plant/ animal cycle.
Retail
Again, we enjoyed a strong performance from our existing 14 retail agricultural
branches, operating from Milnathort in Kinross to Leek in Staffordshire, with
sales growth of 7%. We gained five branches from the Pye acquisition which will
help achieve our aim of continued growth in retail. Our branches sell a wide
product range to farmers with our ultimate aim of providing a one stop shop
supplying everything from combine harvesters, tractors, feed, fertiliser, grass
seed and wellington boots, through to animal health products and minerals.
Oil
Pursuing our aim of growing the business and expanding our portfolio, Wallace
Oils was acquired in April 2005. Wallace Oils operates from three depots in
Cumbria and south west Scotland and supplies oils and lubricants to a broad
customer base. Cross-selling opportunities are presented with both Carrs
Billington Agriculture (Sales) and Carrs retail branches. The full impact of
this acquisition will be seen in the current year.
Machinery
Carrs Machinery distributes new and used agricultural and ground care machinery
from branches in Annan (Dumfriesshire), Carlisle and Penrith (Cumbria), Hexham
and Morpeth (Northumberland) and Barnard Castle (County Durham). These branches
have modern workshops and provide a comprehensive store of spare parts.
Our sales expectations were again beaten, albeit at a lower level of sales and
profit than the previous year.
FOOD
Operating profit from the enlarged Food Division was £2.2 million before
reorganisation costs of £0.4 million (2004: £0.3 million) on a turnover of £48.0
million (2004: £22.0 million).
Carr's principal food businesses are Carr's Flour Mills, with a flour mill at
Silloth, and, since November 2004, the two flour mills acquired, Hutchisons at
Kirkcaldy (Fife) and Greens at Maldon (Essex). The Silloth mill experienced a
three month loss of flour sales as a result of the flooding at McVitie's biscuit
factory in Carlisle on 8 January 2005. The impact of the loss of trade was
partly compensated by our insurance programme. In addition, a serious fire at a
customer's plant bakery, also in Carlisle, in February resulted in a total loss
of flour sales. The bakery is not expected to re-open.
Notwithstanding these events, the Silloth mill performed well, as did the
acquired mills. The integration of the enlarged flour business has gone well and
the business has a strong market presence in the northern area of the UK and has
increased its market in the supply of speciality mixes. The results of the
acquisition in the nine months have been earnings enhancing, notwithstanding
reorganisation costs of £0.35 million, and are ahead of expectations.
The benefits next year of a full year's trading of Greens and Hutchisons,
combined with the implemented cost savings, should outweigh the severe increases
in energy costs.
The Carrs Breadmaker flour brand range continues to sell well, with listings in
three major multiple retailers.
ENGINEERING
Operating profit from the Engineering Division was £0.3 million (compared to a
small loss in 2004) on a turnover of £11.5 million (2004: £9.3 million).
Engineering comprises Bendalls and R Hind, both of which operate from
independent sites on the Kingstown Industrial Estate, Carlisle, and Carrs MSM,
which is based in Swindon in Wiltshire. Bendalls designs and manufactures
specialist steel fabrications for the global petrochemical, nuclear, renewable
energy and process industries. R Hind provides vehicle body building and
accident repairs for cars and commercial vehicles. Carrs MSM designs and
manufactures master slave manipulators, which are key components for many
industries but notably the nuclear industry.
In the period, the Engineering division returned to profit.
Bendalls performed well and enjoyed a steady flow of work throughout the period.
The high quality of fabrication work for the nuclear and the oil industries won
many new contracts, not least a contract to supply pressure vessels to BP for
the Caspian Sea offshore oil development.
The sale of the London Road site in Carlisle and relocation of the division to
the new purpose built 5,000 square metres factory on the Kingstown Industrial
Estate, Carlisle should give Bendalls the opportunity of winning contracts from
which its previous premises would have excluded it from tendering. The gain on
the disposal in October of the site was £4.1m and the net cash retained by
Bendalls was £1.3m after incurring the cost of equipping the new factory and
relocating.
Bendalls involvement in renewable energy is ongoing, with the tidal energy
project, 'SeaGen', expected to be commissioned and connected to the national
grid in the second half of 2006. The project has suffered from delays in release
of government funding resulting in late completion of front end design
activities.
Carrs MSM had a good year and entered the current year with a strong order book.
R Hind improved over the previous year and should make steady progress this
year.
OUTLOOK
Agriculture
Prospects for Agriculture will benefit from the successful integration of the
compound and blended feed operations of Carrs Billington Agriculture with those
of the Pye acquisition. Additionally, we are confident that the strategy we have
followed will provide real benefits. However, the UK Agriculture business will
have to contend with challenging market conditions made more difficult by the
uncertainty and damage to farmers' cash flow directly caused by changes in the
support regime.
Food
Flour is trading strongly in a market which continues to be satisfactory. Flour
will benefit from the successful integration of the Carr's Flour Milling and
Meneba operations and from the effect of a full-year's ownership of the latter.
Engineering
Engineering, much the Group's smallest activity, is on an upward trend, but its
continuing success is likely to be influenced significantly by the extent of
Bendalls success in winning nuclear decommissioning work from British Nuclear
Fuels Limited, for which prospects are good.
Overall
The Board believes that, in the period ending 2 September 2006, the expanded
business will make further good progress.
Richard Inglewood
Chairman 21 November 2005
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the 53 week period ended 3 September 2005
3 September 28 August
2005 2004
£000 £000
Turnover
Continuing operations 158,876 155,749
Acquisitions - Meneba UK Holdings Limited 26,299 -
- Wallace Oils Holdings Limited 6,949 -
______ ______
Group turnover 192,124 155,749
______ ______
Group operating profit
Continuing operations 6,129 5,036
Acquisitions - Meneba UK Holdings Limited 782 -
- Wallace Oils Holdings Limited (95) -
______ ______
Group operating profit 6,816 5,036
Share of operating (loss)/profit in associate (720) 739
______ ______
Total operating profit: group and share of
associate 6,096 5,775
Profit on disposal of fixed assets 4,110 -
______ ______
Profit on ordinary activities before interest 10,206 5,775
Interest receivable
Group 93 116
Interest payable
Group (1,185) (691)
Associate (98) (73)
______ ______
Profit on ordinary activities before taxation 9,016 5,127
Taxation
Group (1,912) (1,498)
Associate 287 (135)
______ ______
Profit on ordinary activities after taxation 7,391 3,494
Minority interests - equity (276) (275)
______ ______
Profit for the financial period 7,115 3,219
Dividends (1,313) (1,090)
______ ______
Retained profit for the financial period 5,802 2,129
______ ______
Earnings per ordinary share
Basic 87.5p 39.9p
Diluted 85.9p 39.8p
Adjusted 47.7p 39.9p
Dividend per share 16.0p 13.5p
CONSOLIDATED BALANCE SHEET
at 3 September 2005
3 September 28 August
2005 2004
£000 £000
Fixed assets
Intangible assets
Goodwill and others 534 184
Negative goodwill (539) -
______ ______
(5) 184
Tangible assets 30,232 20,474
Investments
Share of net assets in associate 1,461 1,992
Investment in joint venture 172 -
Loan to associate 1,225 1,225
Other investments 255 253
______ ______
33,340 24,128
Current assets
Stocks 12,947 10,387
Debtors 34,977 19,943
Cash at bank and in hand 3,149 1,091
______ ______
51,073 31,421
Creditors
Amounts falling due within one year (43,230) (25,265)
______ ______
Net current assets 7,843 6,156
Total assets less current liabilities 41,183 30,284
Creditors
Amounts falling due after more than one year (8,501) (3,779)
Provision for liabilities and charges (1,226) (951)
Deferred income (185) (244)
_____ _____
31,271 25,310
______ ______
Capital and reserves
Called-up share capital 2,053 2,018
Share premium account 4,977 4,752
Revaluation reserve 1,632 1,663
Profit and loss account 20,952 15,605
______ ______
Equity shareholders' funds 29,614 24,038
Minority interests - equity 1,657 1,272
______ ______
31,271 25,310
______ ______
CONSOLIDATED CASH FLOW STATEMENT
for the 53 week period ended 3 September 2005
3 September 28 August
2005 2004
£000 £000
Net cash inflow from operating activities 6,644 6,256
______ ______
Returns on investments and servicing of finance
Interest received 95 120
Interest paid (1,061) (563)
Interest paid on finance leases (134) (88)
______ ______
Net cash outflow from returns on investments and
servicing of finance (1,100) (531)
______ ______
Taxation (1,855) (1,330)
______ ______
Capital expenditure and financial investment
Purchase of tangible fixed assets (3,396) (2,997)
Purchase of intangible fixed assets - (160)
Sale of tangible fixed assets 3,114 295
Purchase of investments (2) (100)
______ ______
Net cash outflow from capital expenditure and
financial investments (284) (2,962)
______ ______
Acquisitions and disposals
Purchase of subsidiary undertakings (6,957) -
Net cash acquired in subsidiaries 2,071 -
Loan repaid (5,370) -
Investment in joint venture (172) -
______ ______
Net cash outflow from acquisitions and disposals (10,428) -
_____ ______
Equity dividends paid (1,137) (969)
______ ______
Cash (outflow)/inflow before financing (8,160) 464
______ ______
Financing 11,749 (1,311)
______ ______
Increase/(decrease) in net cash 3,589 (847)
______ ______
NOTES
1. Segmental analysis
Turnover Operating
profit
2005 2004 2005 2004
£'000 £'000 £'000 £'000
Business analysis
Agriculture
group 132,662 124,443 5,002 4,991
associate - - (720) 739
Food 48,004 21,990 1,866 268
Engineering (before exceptional item) 11,458 9,316 282 (14)
Central - - (334) (209)
______ ______ ______ ______
192,124 155,749 6,096 5,775
______ ______ ______ ______
2. Turnover, cost of sales and other operating income and net operating expenses
2005 2005 2004 2004
£'000 £'000 £'000 £'000
Turnover 192,124 155,749
Cost of sales (161,532) (132,464)
______ ______
Gross profit 30,592 23,285
Net operating expenses
Distribution costs (13,196) (9,446)
Administrative expenses
- Normal (10,230) (8,803)
- Exceptional (Note 3) (350) -
______ ______
(23,776) (18,249)
______ ______
Group operating profit 6,816 5,036
Share of (loss)/profit in associate
- Normal 165 739
- Exceptional (Note 3) (885) -
______ ______
(720) 739
______ ______
Total operating profit: group and share
of associate 6,096 5,775
Exceptional items (as above) 1,235 -
______ ______
Total operating profit: group and share
of associate (before exceptional items) 7,331 5,775
______ ______
The total figures include the following amounts relating to acquisitions: cost
of sales £27,431,000 (2004: £nil), gross profit of £5,817,000 (2004: £nil) and
net operating expenses of £5,130,000 (2004: £nil).
3. Exceptional items
2005 2005 2004 2004
Tax Tax
Amount Credit Amount Credit
£'000 £'000 £'000 £'000
Cost of reorganising Food Division (350) 105 - -
Cost of reorganising associate (885) 258 - -
______ ______ ______ ______
Total exceptional operating expenses (1,235) 363 - -
Profit on disposal of fixed assets 4,110 - - -
______ ______ ______ ______
Total exceptional items 2,875 363 - -
______ ______ ______ ______
4. Taxation
2005 2004
£'000 £'000
United Kingdom
Current period at 30% (2004: 30%) 1,797 1,428
Prior period 24 (47)
Foreign Tax
Current period 270 287
Prior period - (2)
______ ______
Group current tax 2,091 1,666
Associate
Current period (119) 143
______ ______
Total current tax 1,972 1,809
Deferred tax
Origination and reversal of timing differences
Group (179) (168)
Associate (168) (8)
______ ______
Tax on profit on ordinary activities 1,625 1,633
______ ______
5. Dividends
2005 2004
£'000 £'000
Equity:
Ordinary - Interim paid of 5.0p per share (2004: 4.5p) 410 363
- Final proposed of 11.0p per share (2004: 9.0p) 903 727
______ ______
1,313 1,090
______ ______
6. Earnings per share
The calculation of basic earnings per share is based on profit attributable to
shareholders of £7,115,000 (2004: £3,219,000) and on 8,127,328 shares (2004:
8,073,599 shares), being the weighted average number of shares in issue during
the period.
The calculation of diluted earnings per share is based on the profit for the
financial year of £7,115,000 (2004: £3,219,000) and on 8,285,919 shares (2004:
8,086,150 shares) being the weighted average number of shares in issue during
the year plus the weighted average number of ordinary shares that would be
issued on the conversion of all the dilutive potential ordinary shares.
The calculation of earnings per share on the adjusted basis (including
acquisitions) is based on the profit for the financial year of £7,115,000
adjusting for exceptional items of £2,875,000 and related tax credit of £363,000
to give a profit for the financial year of £3,877,000 (2004: £3,219,000).
2005 2004
Earnings Earnings
Earnings Per share Earnings Per share
£'000 Pence £'000 Pence
Earnings per share - basic 7,115 87.5 3,219 39.9
Exceptional items:
Cost of reorganising Food
Division 350 4.3 - -
Cost of reorganising associate 885 10.9 - -
Profit on disposal of fixed
assets (4,110) (50.5) - -
Taxation arising on exceptional
items (363) (4.5) - -
______ ______ ______ ______
Earnings per share - adjusted 3,877 47.7 3,219 39.9
______ ______ ______ ______
7. Cash flow from operating activities
Continuing operations
2005 2004
£'000 £'000
Group operating profit 6,816 5,036
Depreciation charge 3,261 2,367
Profit on disposal of fixed assets (125) (108)
Amortisation of intangible assets (9) 38
Grants amortisation (50) (59)
Release of finance costs in accordance with FRS4 6 -
Increase in stocks (1,009) (1,264)
Increase in debtors (6,603) (1,447)
Increase in creditors 4,357 1,860
Decrease in provisions - (167)
______ ______
Net cash inflow from continuing operating activities 6,644 6,256
______ ______
8. Reconciliation of net cash flow to movement in net debt
2005 2004
£'000 £'000
Increase/(decrease) in cash in the period 3,589 (847)
Cash (inflow)/outflow from debt and lease financing (11,489) 1,312
______ ______
(7,900) 465
Loans and finance leases acquired with subsidiaries (647) -
New finance leases (597) (609)
Release of finance costs under FRS4 (6) -
Exchange adjustments (7) 1
______ ______
(9,157) (143)
Net debt at 28 August 2004 (5,758) (5,615)
______ ______
Net debt at 3 September 2005 (14,915) (5,758)
______ ______
9. The board of directors approved the preliminary announcement on 18 November
2005.
10. The accounts for the preliminary results for the period ended 3 September
2005 are unaudited. The financial information set out in this announcement does
not constitute the statutory accounts for the periods ended 3 September 2005 and
28 August 2004. The financial information for the year ended 28 August 2004 is
derived from the statutory accounts for that year which have been delivered to
the Registrar of Companies. The auditors reported on those accounts; their
report was unqualified and did not contain a statement under either Section 237
(2) or Section 237 (3) of the Companies Act 1985. The statutory accounts for the
period ended 3 September 2005 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registrar of Companies following the Company's Annual
General Meeting.
11. The Company intends to post the Report & Accounts to shareholders by 16
December 2005. Further copies will be available upon request from the Company
Secretary, Carr's Milling Industries PLC, Old Croft, Stanwix, Carlisle, Cumbria,
CA3 9BA or alternatively on the Company's website: www.carrs-milling.com
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