Final Results
Headlam Group PLC
16 April 2002
Preliminary Results for the Year Ended 31 December 2001
Headlam Group plc ('Headlam'), the floorcoverings distributor, announces its
preliminary results for the year ended 31 December 2001.
Financial highlights
2001 2000 Change
Turnover £434.1m £448.6m -3%
Profit before tax, goodwill amortisation, asset £28.7m £24.6m +17%
impairment and exceptionals
Profit/loss before taxation £8.7m £(44.0)m -
Adjusted earnings per share 22.4p 18.8p +19%
Total dividend per share 11.40p 10.35p +10%
Key points
• Operating profit, before goodwill amortisation, increased by 9% to £32.1
million
• Our floorcovering distribution business in the UK showed another strong
performance during 2001 and enjoyed a record year in both sales and
operating profit.
• Adjusted earnings per share up 19% to 22.4p
• Total dividend per share up 10% to 11.4p
Tony Brewer, Chief Executive of Headlam, said:
' Our UK floorcovering distribution businesses continue to grow organically,
whilst having the added benefit of the recently acquired businesses. The early
months of 2002 have shown a similar sales trend to those experienced during
2001. With this positive performance in the UK and sound contributions from the
European floorcovering distribution and retained windowcovering businesses, we
look forward to another year of growth.'
Date: 16 April 2002
Enquiries:
Headlam Group plc City Profile
Tony Brewer, Chief Executive Simon Courtenay
Steve Wilson, Finance Director Ed Senior
01675-433000 020-7448-3244
e-mail: simon.courtenay@city-profile.com
Chairman's Statement
It is pleasing to be able to report that during the year, our floorcoverings
business, which now accounts for 91% of the turnover of continuing operations,
achieved another record performance. At the same time, the board has continued
with its major reshaping of the Windowcoverings division.
Financial performance
Operating profit, before goodwill amortisation, increased by 9% to £32.1 million
compared with £29.5 million for the previous year and the disposals generated a
profit of £13.7 million before goodwill adjustments. As a result of the strong
organic performance and cash received from the disposals, the group ended the
year with the strength of its balance sheet substantially restored and its
liquidity significantly enhanced. The group completed the year with net cash
resources of £12.4 million compared with net indebtedness of £38.9 million for
the previous year. Shareholders funds increased by 38% to £88.3 million.
Earnings and dividend
Adjusted earnings per ordinary share increased by 19% from 18.8p to 22.4p. Given
the group's financial strength, the board is recommending a final dividend of
8.45p per ordinary share making a total dividend for the year of 11.40p per
ordinary share. This represents an increase of 10% over the previous year's
total dividend of 10.35p per ordinary share and marks the tenth successive year
of increasing dividends. The dividend for the year is twice covered by the
profit for the year excluding exceptional items. If approved the final dividend
will be paid on 1 July 2002 to shareholders on the register at 14 June 2002.
Disposals
Since the interim results were reported, the Gradus business has been sold, as
was the Eclipse business in the Netherlands and the fabrics business of
Edinburgh Weavers. These disposals follow the sale of three fabrics businesses
and the Eclipse businesses in the Czech Republic, Germany and America. All these
businesses and their employees leave the group with the board's best wishes for
their future.
Acquisitions
Towards the end of 2001, the group made a number of acquisitions in the
floorcoverings business funding the investments from its cash resources. This
process has continued into the current year and enables the group to further
enhance its product and service offerings and ultimately provides the potential
to develop additional value.
Employees
The group's performance would not have been achieved without the commitment,
dedication and efforts of our people who constantly strive to develop and
improve relationships with our customers and suppliers. The board wishes to
place on record its appreciation for all they have done.
Outlook
Following the restructuring and disposal activities of the last twelve months,
Headlam is now a group that is focussed on the floorcovering distribution
activities that have underpinned its success over the last ten years.
The current year has started well with trading results for the first three
months ahead of last year and in line with our planned performance. This
continuing improvement in organic growth allied with selective acquisition
opportunities should result in the group achieving its performance objectives
for 2002.
T.G. Larman
Chief Executive's Report
Our floorcovering distribution business in the UK, showed another strong
performance during 2001 and enjoyed a record year in both sales and operating
profit.
Floorcovering distribution activities in Continental Europe had a satisfactory
year and we have a solid base to further develop this business.
The restructuring of the Windowcovering division is largely complete, with most
businesses being sold and those which are retained, showing an improving
performance.
UK Floorcovering Distribution
The strong performance of this business was due to a number of factors.
The multi-brand strategy allows our current 34 trade brands to operate with a
combination of national and regional presence. The autonomous brands are
operated by individual management teams to a defined strategy and this is
proving to give us substantial and increasing market penetration in all key
product areas.
Relationships with major suppliers have ensured that we remain at the forefront
of product development. In conjunction with this, our principal customers, the
independent flooring retailer and flooring contractor are trading positively,
with the number of active accounts increasing significantly.
We have a policy of supplying a comprehensive range of products covering all the
flooring needs, for both the residential and commercial sectors. During 2001,
carpet sales have continued to grow and this, in combination with a strong
increase in commercial product sales and substantial growth in laminate and wood
flooring, has resulted in an enhanced market share.
It is encouraging that due to these various initiatives, all UK operations
produced increased year-on-year sales volume, reflecting a well-balanced
geographical growth in our business.
During the latter part of the year and the early part of 2002, we have made a
number of acquisitions and subsequently re-sited the businesses into our
existing distribution centres, whilst retaining their individual trade
identities.
The Floorsales business, based in Belfast, acquired in November 2001, is a
commercial floorcovering distributor complementing our existing Belfast
business, which distributes principally residential products. The two businesses
will be re-sited into one distribution centre in the autumn of 2002, when the
cost benefits will be realised and an increase in profitability achieved.
Georgian Carpets, a supplier of luxury woollen products, was acquired in
December 2001. This business gives us the opportunity to market high quality
products on a national basis, with product being sourced from our traditional
supplier base.
In February 2002, we acquired the UK distribution operation of Rikett, which
supplies resilient commercial floorcovering. This business now operates from the
Joseph Hamilton & Seaton distribution centre and complements its existing
commercial carpet business.
Also acquired in February 2002, was the residential floorcovering business of
HBS Floortrade, which now operates from our distribution centre in Stockport,
servicing retail customers in the North-West of England.
The latest acquisition Betrex Supplies, based in central Birmingham, will be a
satellite of the Coleshill distribution centre and provide an enhanced service
to commercial flooring customers in the city of Birmingham. A project is
currently underway to have a similar business operating in the centre of London,
again to enhance our commercial trade.
Continental Europe Floorcovering Distribution
We have continued to develop our businesses in Holland, Switzerland and France.
The foundation for this is the utilisation of information technology systems
developed in the UK business, to ensure up-to-date logistics techniques.
Furthermore, these businesses have enjoyed the benefit of our relationship with
key manufacturers throughout Europe.
These operations achieved a satisfactory result in 2001. Demand generally
experienced in these countries, was not as buoyant as the UK market and
therefore, significant sales growth has been difficult to achieve. We are
however, comfortable with these activities, which give us a solid base in
Continental Europe and at the appropriate time, will enable us to enlarge our
presence, particularly in these three markets, with further acquisitions. These
opportunities continue to be carefully considered.
Gradus
Whilst an improved performance was shown by Gradus during 2001, the future role
of this business within the group was carefully reviewed during the autumn.
Decisions with regard to ongoing investment in product development and
marketing, the proposed relocation of the business and possible acquisitions,
would inevitably have involved the group in more manufacturing. Therefore, it
was considered more appropriate for Gradus to pursue an independent future and
develop outside the group, whilst continuing as an important supplier. This sale
was successfully completed during December 2001 and we wish the management and
staff of Gradus every success.
Windowcoverings
The restructuring of this division announced at the end of 2000, was largely
completed during 2001.
The loss making and under-performing fabric businesses were disposed of during
the spring of 2001 and the loss making Eclipse European businesses, with the
exception of Sweden, were disposed of during the summer of 2001.
The Eclipse American operation, whilst profitable, was non-core and therefore,
sale of the business was completed in August 2001.
The performance of the retained Eclipse business in the UK has been enhanced by
the streamlining of logistics techniques, in order to support new product and
marketing initiatives and is now making a satisfactory contribution to profits.
The Eclipse operation in Sweden made a positive contribution to profits during
the year.
William O'Hanlon, involved in both curtain and window blinds, has continued to
perform profitably and develop its business during this transitional period for
the Windowcovering division.
Outlook
The early months of 2002 have shown a similar sales trend to those experienced
during 2001, with the UK market strong.
Our UK floorcovering distribution businesses continue to grow organically,
whilst having the added benefit of the recently acquired businesses. We continue
to evaluate acquisition opportunities and would envisage more businesses joining
the group during 2002.
With this positive performance in the UK and sound contributions from the
European floorcovering distribution and retained windowcovering businesses, we
look forward to another year of growth.
Financial Review
Trading summary
Turnover
During the year, the group's turnover reduced by 3.2% from £448.6 million to
£434.1 million. The decrease was entirely attributable to the restructuring and
divestment activity that occurred during the year and conceals the improvement
in turnover from continuing operations, up 4.3%, from £365.6 million to £381.3
million.
Turnover from continuing operations in the Floorcoverings division increased by
4.7% during the year, up from £330.8 million to £346.4 million principally as a
result of a strong performance from the UK businesses. Turnover in the
Windowcoverings division showed a modest increase improving from £34.8 million
to £34.9 million.
The turnover contributed by discontinued operations was £52.8 million compared
with £83.1 million for the previous year.
Operating profit
Operating profit on ordinary activities before goodwill amortisation and asset
impairment amounted to £32.1 million compared with £29.5 million for the
previous year.
Profit in the Floorcoverings division increased by 10% from £24.0 million to
£26.4 million whilst operating profit in the Windowcoverings division declined
from £2.5 million to £2.2 million.
Operating profit contributed by the discontinued operations increased from £4.2
million to £4.7 million.
Exceptional items
The exceptional items for the year relate to the disposal of operations and
properties.
Businesses disposed of during the year were as follows
Business Activity Location Month disposed
BS Brown Fabrics UK January 2001
Gordon John Textiles Fabrics UK February 2001
Claremont Fabrics Fabrics UK April 2001
HPM Window blinds Czech Republic June 2001
Haller Boden Window blinds Germany June 2001
Eclipse Inc Window blinds USA August 2001
Scientific Plastics Inc Window blinds USA August 2001
Eclipse BV Window blinds Netherlands October 2001
Gradus Floorcovering UK December 2001
Decor Fabrications Lighting UK December 2001
In addition, Edinburgh Weavers, a fabrics business located in the UK, was
disposed during February 2002. The operating results of all these businesses
have been included in discontinued operations.
The net profit, before goodwill, arising on the disposal of these operations
amounted to £13.7 million. Goodwill of £32.5 million, previously written off to
reserves on the acquisition of these businesses, has been charged to the profit
and loss account in the year of disposal. The net loss on disposal after
recognising goodwill amounts to £18.8 million.
The loss on property disposals amounting to £0.4 million relate to surplus
properties no longer required and the properties occupied by Gradus that were
disposed along with the sale of the business.
Interest
During the year, the group's borrowings declined due to strong operational cash
flows and receipts from disposals. This combined with lower average interest
rates, gave rise to net interest payable reducing by £1.5 million from £4.9
million to £3.4 million. Interest cost was covered 9 times by operating profit
before goodwill amortisation.
Taxation
The taxation charge for the year of £9.2 million is based on a rate of 32% and
is calculated by reference to profit before goodwill amortisation and
exceptional items. Goodwill amortisation remains a non-deductible item and no
taxable benefit has been assumed for the exceptional losses. The underlying rate
exceeds the standard UK rate of 30% because of the affects of foreign tax and
non-deductible items in the UK. The underlying rate of tax for the year is
likely to be maintained for the near future and the adoption of FRS 19 is not
anticipated to have any appreciable impact.
Fixed tangible assets
The group's freehold property portfolio was independently valued at 31 December
2001 and the resultant revaluation surplus of £1.6 million has been included in
tangible fixed assets and the revaluation reserve. The valuation was conducted
on an existing use basis for properties occupied by group operations and open
market value for properties occupied by third parties.
During 2002, it is anticipated that work will commence on the development on a
new distribution centre for Mercado, the national floorcovering distribution
business based in Leeds. Terms have been agreed, subject to contract, for the
disposal of the existing site and this property has therefore been transferred
to assets held for resale.
Cash flow, capital expenditure and borrowings
During the year, cash flow from operating activities increased from £32.3
million to £36.1 million confirming the strong trading performance of the group
in general and the UK floorcovering businesses in particular. As in keeping with
previous years, the net working capital investment at the half year amounting to
£8.3 million was liquidated during the second half, resulting in a £7.7 million
cash inflow and a net investment for the year of £0.6 million.
Capital expenditure on tangible fixed assets of £1.7 million was significantly
below the previous year's expenditure of £5.7 million due to the absence of
major investment projects. As mentioned above however, the proposed development
of a new distribution centre for Mercado during 2002 will give rise to total
expenditure of £8.5 million. Approximately £4.0 million will be spent during
2002 with the balance expended during the first quarter of 2003. The cost of
this project will be offset by the sale of the existing site for £4.8 million
the proceeds are anticipated to be received during the first quarter of 2003.
Disposal and restructuring activities gave rise to cash inflows amounting to
£34.3 million. The cash balances inherited by the disposed businesses, amounting
to £6.6 million means that the net cash benefit of these disposals amounted to
£27.7 million. Acquisitions during the year resulted in a cash outflow of £0.9
million.
The cash outflows relating to interest, taxation and dividends amounted to £17.4
million compared with £ 22.2 million for the previous year. The decrease of £4.8
million was due to a reduction in taxation payable during the year because of
the relief received on the asset impairment arising in connection with the
fabrics businesses in 2000.
Net cash inflow before financing amounted to £50.6 million compared with £0.9
million for the previous year. Financing outflows of £14.4 million resulted in a
net increase in cash during the year of £36.2 million compared with a net
outflow of cash for the previous year of £3.5 million. Net indebtedness at 31
December 2000 of £38.9 million moved to a net cash position of £12.4 million.
Treasury management and financial instruments
The group manages and co-ordinates its treasury activities centrally. The
activities relate to the group's funding arrangements, foreign exchange
requirements and interest rate exposure.
Financial instruments
The group's financial instruments, other than derivatives, comprise cash,
borrowings and various items that arise directly from its operations such as
trade debtors and trade creditors. The main purpose of these financial
instruments is to raise finance for and support the group's trading operations.
In addition, the group had non-equity shares that at 31 December 2001 had a
nominal value of £4,078 and market value £4,384. During the year, the company
acquired for cancellation 45,922 shares and since the 31 December 2001, has
acquired and cancelled the remaining 4,078 shares.
The group's principal derivatives transactions, relate to forward foreign
currency contracts which are used to manage the currency risks arising from the
group's operations. The group has used interest rate swaps to manage interest
rate exposures on borrowings but is presently not a party to such an instrument.
It is, and has been throughout the period under review, the group's policy that
trading in financial instruments is not permitted.
The main risks arising from the group's financial instruments are interest rate
risk, liquidity risk and foreign currency risk. The board reviews and agrees
policies for managing each of these risks and they are summarised below. These
policies have remained unchanged during the period under review.
Interest rate risk
The group is exposed to interest rate fluctuations on its borrowings and
deposits. It borrows principally in sterling, euros, Swiss francs and US dollars
at both fixed and floating rates of interest and places deposits in sterling and
euros at floating rates. During the year, with the exception of a fixed interest
term facility amounting to £2.0 million denominated in Swiss francs, the group
maintained its policy of borrowing at floating rates. This policy is based on
the board's view that the benefits derived from flexibility, particularly during
this period of divestment and restructuring, continue to outweigh the certainty
of fixed rates.
Liquidity risk
The board's policy on liquidity is to ensure there are sufficient medium term
committed borrowing facilities to fund medium term requirements. The net cash
received from the restructuring and divestment activities combined with the
operating cash flow during 2001, has considerably reduced the group's
requirement for medium term facilities. The group's net indebtedness at 31
December 2000 amounted to £38.9 million. At 31 December 2001, the group had net
cash balances of £12.4 million. During the year, the group repaid a sterling
term facility of £12.5 million and a facility denominated in US dollars
amounting to £1.1 million. During January 2002, the group repaid a further
sterling term facility of £16.0 million.
Foreign currency risk
The group's exposure to movements in currency exchange rates arises from
transaction currency cash flows and the translation of the results and net
assets of foreign subsidiary undertakings.
Following the disposal of a significant number of businesses in the group's
Windowcoverings division, the group's exposure to transaction currency cash
flows has considerably reduced. However, the group has maintained its policy of
limiting transaction exposures by hedging with forward foreign exchange
contracts for a period of up to twelve months.
The group's foreign operations are now limited to the Netherlands, France,
Switzerland and Sweden. The group's exposure to the currency risk of these
operations is minimal since the majority of the day to day transactions of these
foreign subsidiaries, are denominated in the currency of the country where they
are based.
The translation exposure relating to the net assets of foreign subsidiary
undertakings is hedged by means of foreign currency borrowings.
Accounting policies
The financial statements have been prepared on a basis that is consistent with
previous years. The introduction of FRS 18, Accounting Policies, has had no
affect on the basis on which the financial statements are prepared.
The financial statements include the disclosure required by the transitional
arrangements of FRS 17 Retirement benefits. No amounts will be recognised in the
primary statements until 31 December 2003.
Consolidated profit and loss account
for the year ended 31 December 2001
2001 2000
£000 £000
Turnover
Continuing operations 381,324 365,578
Discontinued operations 52,798 83,068
434,122 448,646
Cost of sales (298,951) (309,117)
Gross profit 135,171 139,529
Net operating expenses (103,843) (176,593)
Operating profit/(loss)
Continuing operations 26,670 (35,451)
Discontinued operations 4,658 (1,613)
Operating profit before goodwill amortisation and asset impairment 32,111 29,516
Goodwill amortisation and impairment (783) (60,757)
Asset impairment - (5,823)
31,328 (37,064)
Profit/(loss) on disposal of operations excluding goodwill 13,741 (1,454)
Goodwill previously written off to reserves (32,552) -
Loss on disposal of operations (18,811) (1,454)
Loss on sale of properties in discontinued operations (434) (604)
Profit/(loss) on ordinary activities before interest 12,083 (39,122)
Net interest payable and other similar items (3,403) (4,914)
Profit/(loss) on ordinary activities before taxation 8,680 (44,036)
Taxation on profit/(loss) on ordinary activities (9,188) (3,696)
Loss for the financial year (508) (47,732)
Dividends paid and proposed on equity and non-equity shares (9,558) (8,650)
Retained loss for the financial year (10,066) (56,382)
Earnings/(loss) per share
Basic (0.6p) (57.0p)
Diluted (0.6p) (57.0)p
Adjusted 22.4p 18.8p
Consolidated balance sheet
at 31 December 2001
2001 2000
£000 £000
Fixed assets
Intangible assets 12,741 14,422
Tangible assets 37,913 54,856
Investments - 466
50,654 69,744
Current assets
Stocks 70,742 82,115
Debtors: amounts falling due within one year 79,008 79,075
Debtors: amounts falling due after more than one year 2,180 -
Total debtors 81,188 79,075
Cash at bank and in hand 44,464 7,216
196,394 168,406
Creditors: amounts falling due within one year (153,803) (135,384)
Net current assets 42,591 33,022
Total assets less current liabilities 93,245 102,766
Creditors: amounts falling due after more than one year (4,498) (38,219)
Provisions for liabilities and charges (482) (667)
Net assets 88,265 63,880
Capital and reserves
Called up share capital 4,200 4,235
Share premium account 48,605 48,303
Revaluation reserve 4,102 3,606
Profit and loss account 31,358 7,736
Shareholders' funds
Equity 88,261 63,830
Non equity 4 50
88,265 63,880
Consolidated cash flow statement
for the year ended 31 December 2001
2001 2000
£000 £000
Net cash inflow from operating activities 36,130 32,309
Returns on investments and servicing of finance (3,872) (4,652)
Taxation (4,849) (9,184)
Capital expenditure and financial investment 5,017 (847)
Acquisitions and disposals 26,874 (8,389)
Equity dividends paid (8,657) (8,323)
Cash inflow before financing 50,643 914
Financing (14,476) (4,411)
Increase/(decrease) in cash in year 36,167 (3,497)
Reconciliation of net cash flow to movements in net debt
2001 2000
£000 £000
Increase/(decrease) in cash in year 36,167 (3,497)
Cash outflow from reduction in debt 14,745 4,891
Change in debt resulting from cash flows 50,912 1,394
Debt acquired with subsidiaries - (3,080)
Debt disposed of with subsidiaries 576 -
New finance leases and similar hire purchase contracts (308) (2,996)
Translation difference 125 (634)
Movement in net cash/(debt) in the year 51,305 (5,316)
Net debt at 1 January (38,947) (33,631)
Net cash/(debt) at 31 December 12,358 (38,947)
Consolidated statement of total recognised gains and losses
for the year ended 31 December 2001
2001 2000
£000 £000
Loss for the financial year (508) (47,732)
Currency translation differences on foreign currency net investments 38 167
Surplus on revaluation of tangible fixed assets 1,594 -
Total recognised gains and losses for the financial year 1,124 (47,565)
Note of consolidated historical cost profits and losses
for the year ended 31 December 2001
2001 2000
£000 £000
Reported profit/(loss) on ordinary activities before taxation 8,680 (44,036)
Difference between an historical cost depreciation charge and 78 260
the actual depreciation charge calculated on the revalued amount
Realisation of property revaluation gains 1,098 -
Historical cost profit/(loss) on ordinary activities before taxation 9,856 (43,776)
Historical cost loss for the year retained after taxation and dividends (8,890) (56,122)
Reconciliation of movements in consolidated shareholders' funds
for the year ended 31 December 2001
2001 2000
£000 £000
Loss for the financial year (508) (47,732)
Dividends
Equity shares (9,556) (8,632)
Non-equity shares (2) (3)
Retained (loss)/profit for the financial year (10,066) (56,382)
Equity share capital issued 313 480
Preference share capital redeemed (46) -
Goodwill previously written off to reserves 32,552 -
Transfer from revaluation reserve (1,098) (260)
Transfer to profit and loss reserve 1,098 260
Surplus on revaluation of tangible fixed assets 1,594 -
Shares issued from Qualifying Employee Share Trust - 166
Currency translation differences on foreign currency net investments 38 167
Net addition/(reduction) to shareholders' funds 24,385 (55,569)
Shareholders' funds at 1 January 63,880 119,449
Shareholders' funds at 31 December 88,265 63,880
Segmental analysis
Turnover
By activity 2001 2000
£000 £000
Floorcoverings
Continuing activities 346,377 330,800
Windowcoverings
Continuing activities 34,947 34,778
Discontinued operations 52,798 83,068
87,745 117,846
434,122 448,646
Operating profit
By activity 2001 2000
£000 £000
Floorcoverings
Continuing activities 26,365 23,971
Less: goodwill amortisation (783) (787)
25,582 23,184
Windowcoverings
Continuing activities 2,174 2,506
Less: goodwill impairment - (59,970)
2,174 (57,464)
Discontinued operations 4,658 4210
Less: asset impairment - (5,823)
4,658 (1,613)
32,414 (35,893)
Central operations (1,086) (1,171)
31,328 (37,064)
Earnings per share
The calculation of earnings per share is based on the average number of ordinary
shares in issue during the year of 83,846,685 (2000: 83,614,426). The weighted
average number of ordinary shares used for the diluted earnings per share
calculation is 84,434,241 (2000: 83,709,152). The calculation of profit for the
financial period used for the adjusted earnings per share is shown below.
Adjusted earnings per share
2001 2000
£000 £000
Operating profit after goodwill amortisation but before asset impairment 31,328 28,729
Net interest payable (3,403) (4,914)
Profit on ordinary activities before taxation 27,925 23,815
Taxation on profit on ordinary activities (9,188) (8,119)
Profit for the financial period 18,737 15,696
Reconciliation of group operating profit/(loss) to net cash inflow from
operating activities
2001 2000
£000 £000
Profit/(loss) on ordinary activities before interest 12,083 (39,122)
Exceptional items 19,245 2,058
Operating profit 31,328 (37,064)
Depreciation of tangible fixed assets 4,589 5,319
Depreciation of intangible fixed assets 4 64
Fixed asset investment write-down - 28
Goodwill amortisation 783 787
Goodwill impairment - 59,970
Asset impairment - 5,823
Loss on sale of fixed tangible assets 8 250
Movement in stocks (2,675) 323
Movement in debtors (6,005) 4,804
Movement in creditors 8,098 (7,995)
Net cash inflow from operating activities 36,130 32,309
Gross cash flows
2001 2000
£000 £000
Returns on investments and servicing of finance
Bank interest receivable 1,806 78
Bank and loan interest (5,286) (4,452)
Interest payable on finance leases and similar hire purchase contracts (390) (275)
Dividends on non-equity shares (2) (3)
(3,872) (4,652)
Capital expenditure and financial investments
Purchase of tangible fixed assets (1,735) (5,687)
Sale of tangible fixed assets 6,752 424
Sale of assets held for resale - 4,416
5,017 (847)
Acquisitions and disposals
Sale of subsidiary undertakings 34,364 -
Net cash/(overdrafts) disposed of with subsidiaries (6,625) -
Net cash outflow from purchase of businesses (865) (8,389)
26,874 (8,389)
Financing
Issue of ordinary share capital 313 480
Repayment of amounts borrowed (13,880) (8,254)
New loans 546 5,202
Redemption of preference shares (46) -
Capital element of finance leases and similar hire purchase contract payments (1,409) (1,839)
(14,476) (4,411)
Analysis of changes in net debt
At 1 Cash flows Acquisitions Other Translation At 31 December
January and disposals non-cash differences 2001
2001 exec cash and changes
overdrafts
£000 £000 £000 £000 £000 £000
Cash at bank and in hand 7,216 37,152 - - 96 44,464
Bank overdraft (729) (985) - - 19 (1,695)
6,487 36,167 - - 115 42,769
Debt due within one year (5,721) 815 413 (20,159) 21 (24,631)
Debt due after one year (34,573) 12,521 - 20,159 (11) (1,904)
Finance leases and similar hire purchase (5,140) 1,409 163 (308) - (3,876)
contracts
(38,947) 50,912 576 (308) 125 12,358
The financial information set out in the financial statements and notes above
does not constitute the Company's statutory accounts for the years ended 31
December 2001 or 2000. The financial information for 2000 is derived from the
statutory accounts for 2000 which have been delivered to the registrar of
companies. The auditors have reported on the 2000 accounts; their report was
unqualified and did not contain a statement under section 237 (2) or (3) of the
Companies Act 1985.
The statutory accounts for 2001 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.
The financial statements for the year ended 31 December 2001 will be posted to
shareholders shortly.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 17th May 2024
COMPANIES COVERED:
Latest directors dealings
- 16 minutes ago Centrica
- 46 minutes ago Vistry Group
- 55 minutes ago Conduit Holdings Limited Com Shs (DI)
- 1 hour ago Irish Continental Group Units (Comp) (CDI)
- 1 hour ago Irish Continental Group Units (Comp) (CDI)