Final Results - Part 2

Headlam Group PLC 27 March 2001 PART 2 Consolidated profit and loss account for the year ended 31 December 2000 2000 1999 £000 £000 Turnover Continuing operations 405,905 365,787 Acquisitions 26,185 - ------ ------ 432,090 365,787 Discontinued operations 16,556 21,091 ------ ------ 448,646 386,878 Cost of sales (309,117) (271,030) ------ ------ Gross profit 139,529 115,848 Net operating expenses (176,593) (84,028) ------ ------ Operating (loss)/profit Continuing operations (34,202) 33,889 Acquisitions 994 - ------ ------ (33,208) 33,889 Discontinued operations (3,856) (2,069) ------ ------ Operating profit before goodwill amortisation and asset impairment 29,516 34,259 Goodwill amortisation (including goodwill impairment of £60.0 million) (60,757) (2,439) Asset impairment (5,823) - ------ ------ (37,064) 31,820 Loss on closure of discontinued operation (1,454) - Loss on sale of properties in continuing operations (604) - ------ ------ (39,122) 31,820 Net interest payable and other similar items (4,914) (3,096) ------ ------ (Loss)/profit on ordinary activities before taxation (44,036) 28,724 Taxation on (loss)/profit of ordinary activities (3,696) (9,494) ------ ------ (Loss)/profit for the financial year (47,732) 19,230 Dividends paid and proposed on equity and non-equity shares (8,650) (8,461) ------ ------ Retained (loss)/profit for the financial year (56,382) 10,769 ====== ====== Earnings/(loss) per share Basic Before goodwill amortisation 15.6p 27.5p ====== ====== After goodwill amortisation (57.0p) 24.4p ====== ====== Diluted Before goodwill amortisation 15.6p 27.2p ====== ====== After goodwill amortisation (57.0p) 24.1p ====== ====== Consolidated balance sheet 31 December 2000 2000 1999 £000 £000 Fixed assets Intangible assets 14,422 69,787 Tangible assets 54,856 49,822 Investments 466 466 ------ ------ 69,744 120,075 ------ ------ Current assets Stocks 82,115 81,784 Debtors 79,075 86,230 Investments - 28 Cash at bank and in hand 7,216 10,871 ------ ------ 168,406 178,913 Creditors: amounts falling due within one year (135,384) (148,095) ------ ------ Net current assets 33,022 30,818 ------ ------ Total assets less current liabilities 102,766 150,893 ------ ------ Creditors: amounts falling due after more than one year (38,219) (30,993) Provisions for liabilities and charges (667) (451) ------ ------ Net assets 63,880 119,449 ====== ====== Capital and reserves Called up share capital 4,235 4,220 Share premium account 48,303 47,838 Revaluation reserve 3,606 3,866 Special reserve - 49,654 Profit and loss account 7,736 13,871 ------ ------ Shareholders' funds Equity 63,830 119,399 Non-equity 50 50 ------ ------ 63,880 119,449 ====== ====== Consolidated cash flow statement for the year ended 31 December 2000 2000 1999 £000 £000 Net cash inflow from operating activities 32,309 32,000 Returns on investments and servicing of finance (4,652) (3,056) Taxation (9,184) (7,700) Capital expenditure and financial investment (847) (9,978) Acquisitions (8,389) (22,605) Equity dividends paid (8,323) (4,381) ------ ------ Cash inflow/(outflow) before financing 914 (15,720) Financing (4,411) 3,046 ------ ------ Decrease in cash in year (3,497) (12,674) ====== ====== Reconciliation of net cash flow to movements in net debt 2000 1999 £000 £000 Decrease in cash in year (3,497) (12,674) Cash outflow/ (inflow) from reduction/(increase) in debt 4,891 (14,836) ------ ------ Change in debt resulting from cash flows 1,394 (27,510) Debt acquired with subsidiaries (3,080) (2,513) New finance leases and similar hire purchase contracts (2,996) (1,770) Translation difference (634) 583 ------ ------ Movement in net debt in the year (5,316) (31,210) Net debt at 1 January (33,631) (2,421) ------ ------ Net debt at 31 December (38,947) (33,631) ====== ====== Consolidated statement of total recognised gains and losses for the year ended 31 December 2000 2000 1999 £000 £000 (Loss)/profit for the financial year (47,732) 19,230 Currency translation differences on foreign currency net investments 167 (87) ------ ------ Total recognised gains and losses for the financial year (47,565) 19,143 ====== ====== Note of consolidated historical cost profits and losses for the year ended 31 December 2000 2000 1999 £000 £000 Reported (loss)/profit on ordinary activities before taxation (44,036) 28,724 Difference between an historical cost depreciation charge and the actual depreciation charge calculated on the revalued amount 260 58 ------ ------ Historical cost (loss)/profit on ordinary activities before taxation (43,776) 28,782 ====== ====== Historical cost (loss)/ profit for the year retained after taxation and dividends (56,122) 10,827 ====== ====== Reconciliation of movements in consolidated shareholders' funds for the year ended 31 December 2000 2000 1999 £000 £000 (Loss)/profit for the financial year (47,732) 19,230 Dividends Equity shares (8,647) (8,332) Non-equity shares (3) (129) ------ ------ Retained (loss)/profit for the financial year (56,382) 10,769 Equity share capital issued 480 51,044 Cost of share issues - (330) Shares issued from Qualifying Employee Share Trust 166 - Currency translation differences on foreign currency net investments 167 (87) ------ ------ Net (reduction)/addition to shareholders' funds (55,569) 61,396 Shareholders' funds at 1 January 119,449 58,053 ------ ------ Shareholders' funds at 31 December 63,880 119,449 ====== ====== Segmental analysis Turnover 2000 1999 £000 £000 By activity Floorcoverings 331,794 300,752 Continuing activities 26,185 - ------ ------ Acquisitions 357,979 300,752 Windowcoverings Continuing activities 74,111 65,035 Discontinued operations 16,556 21,091 ------ ------ 90,667 86,126 ------ ------ 448,646 386,878 ------ ------ Operating (loss)/profit 2000 1999 £000 £000 By activity Floorcoverings Continuing activities 27,163 26,905 Acquisitions 1,277 - Less: goodwill amortisation (787) (370) ------ ------ 27,653 26,535 Windowcoverings Continuing activities 2,913 7,108 Less: goodwill impairment (59,970) (2,069) Less: asset impairment (2,633) - ------ ------ (59,690) 5,039 Discontinued operations (666) 1,188 Less: asset impairment (3,190) - ------ ------ (3,856) 1,188 ------ ------ (63,546) 6,227 Central operations (1,171) (942) ------ ------ (37,064) 31,820 ------ ------ Earnings per share The calculation of earnings per share is based on the average number of ordinary shares in issue during the year of 83,614,426 (1999: 78,436,955). The weighted average number of ordinary shares used for the diluted earnings per share calculation is 83,709,152 (1999: 79,360,933). Reconciliation of group operating (loss)/profit to net cash inflow from operating activities 2000 1999 £000 £000 Operating(loss)/profit (37,064) 31,820 Exceptional items (2,058) - Depreciation of tangible fixed assets 5,319 3,937 Depreciation of intangible fixed assets 64 - Fixed asset investment writedown 28 - Goodwill amortisation 60,757 2,439 Asset impairment 5,823 - Loss/(profit) on sale of tangible fixed assets 854 (91) Movement in stocks 323 (5,231) Movement in debtors 4,804 (7,308) Movement in creditors (6,541) 6,434 ------ ------ Net cash inflow from operating activities 32,309 32,000 ====== ====== Gross cash flows 2000 1999 £000 £000 Returns on investments and servicing of finance Bank interest receivable 78 44 Bank and loan interest (4,452) (2,793) Interest payable on finance leases and similar hire purchase contracts (275) (178) Dividends on non-equity shares (3) (129) ------ ------ (4,652) (3,056) ====== ====== Capital expenditure and financial investment Purchase of tangible fixed assets (5,687) (10,545) Sale of tangible fixed assets 4,840 1,033 Purchase of investments - (466) ------ ------ (847) (9,978) ====== ====== Financing Issue of ordinary share capital 480 661 Expenses paid in connection with share issues - (330) Repayment of amounts borrowed (8,254) (2,869) New loans 5,202 19,563 Redemption of preference shares - (12,121) Capital element of finance leases and similar hire purchase contract payments (1,839) (1,858) ------ ------ (4,411) 3,046 ====== ====== Analysis of changes in net debt At 1 Jan Cashflows Acquired Other Translation At 31 Dec 2000 Changes differences 2000 £000 £000 £000 £000 £000 £000 Cash at bank and in hand 10,871 (4,119) 551 - (87) 7,216 Bank overdraft (793) 71 - - (7) (729) ------ ------ ------ ------ ------ ------ 10,078 (4,048) 551 - (94) 6,487 Debt due within one year (11,677) 8,254 (1,484) (749) (65) (5,721) Debt due after one year (28,094) (5,202) (1,551) 749 (475) (34,573) Finance leases and similar hire purchase contracts (3,938) 1,839 (45) (2,996) - (5,140) ------ ------ ------ ------ ------ ------ (33,631) 843 (2,529) (2,996) (634) (38,947) ====== ====== ====== ====== ====== ====== 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 2000 or 1999. The financial information for 1999 is derived from the statutory accounts for 1999 which have been delivered to the registrar of companies. The auditors have reported on the 1999 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 2000 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 2000 will be posted to shareholders shortly.

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