Final Results - Amendment

Informa Group PLC 03 March 2004 The following replaces the final results announcement released on 02 March 2004 at 07.01am under RNS Number:0038W An amendment following a formatting error has been made to the Consolidated Balance Sheet (at 31 December 2003) under the heading Creditors:amounts falling due after more than one year for the 2003 and 2002 period. Informa Group plc Preliminary Results for the Year ended 31 December 2003 Informa Group plc is pleased to announce its preliminary results for the year ended 31 December 2003. Highlights •Subscription income largest revenue stream at 36% of total revenue •MMS/MCM integration on track •Maritime division returns to growth •Established critical mass in Life Sciences with the acquisition of PJB Publications Limited •2004 3GSM successful with 4,000 delegates and a 9% increase in sponsorship and exhibition revenue Preliminary Results Summary Statutory Results 2003 2002 Turnover £268m £283m Operating profit margin 6.5% 7.0% Profit before tax £7.7m £12.1m Basic earnings per share 0.65p 3.74p Business Performance *2003 2002 Operating profit margin 14.0% 13.1% Profit before tax £31.6m £30.1m Adjusted EPS 17.23p 16.36p * Before amortisation of goodwill and exceptional items Peter Rigby, Chairman of Informa Group commented: "I am pleased to report our full year figures which show a return to growth in earnings before exceptional items and goodwill amortisation, despite the challenging conditions experienced in the first half of 2003. "It is our intention to build a business which allies defensive qualities with the ability to take strong advantage of economic improvements. In the latter part of the year, acquisitions of MMS and PJB helped push our subscription revenues up to 36% of total revenues in 2003 (over 40% on a pro-forma basis for 2004). This is part of our stated strategy to develop subscriptions as the dominant revenue stream going forward. On the other hand we continued to develop our events business which is highly operationally geared. It contributed 44% of group profits in 2003, and we are pleased to report a modest recovery in delegate revenue in the last quarter of the year, a trend which has continued into the early part of this year. "We believe that our structure is now lean and efficient and we are well placed to drive additional profits through incremental advertising and delegate revenues as economic conditions improve. "The outlook for 2004 appears more positive than in recent years and we look forward to another successful year." Further enquiries Jim Wilkinson 020 7017 4302 Informa Group plc Catherine Lees 020 7861 3877 Zoe Sanders 020 7861 3887 Bell Pottinger Financial Notes: •There will be a conference call today for wire services at 7.30am. Please dial 020 8996 3950, followed by access code 687795#. •A presentation to analysts will take place at 9.30am at the City Conference Centre, 80 Coleman Street, EC2R 5BJ. •A press briefing will take place at 11.15am at the City Conference Centre, 80 Coleman Street, EC2R 5BJ. Chairman's Annual Statement I am pleased to announce the results for the year ended 31 December 2003. The year was notable for a return to growth in operating profit before exceptional items and goodwill amortisation ('adjusted operating profit') and the completion of several important acquisitions, most notably MMS Group Holdings Limited (MMS) and PJB Publications Limited (PJB). Our adjusted operating profit at £37.5m was 1% above 2002 on turnover of £268m which was 5% below the previous year. The decline in sales was countered by continuing strong cost control which helped lift the operating margin to 14.0% from 13.1%. The effect of this, plus a slight decline in our corporation tax rate resulted in our adjusted earnings per share rising by 5.3%. The acquisitions of MMS and PJB in the latter part of the year, helped push our subscription revenues up to 36% of total revenues in 2003. This should rise to above 40% in 2004 with the acquisitions included for a full year, with a significant proportion deriving from electronically delivered information. The integration of the acquisitions, associated restructuring and loss on disposal of some titles during the year led to an exceptional charge of £12.4m compared with £7.0m in 2002, which left profits after tax at £0.9m (2002:£4.8m), after an £11.5m (2002:£11.0m) charge for goodwill amortisation. The rate at which we turn adjusted operating profit into cash was 109% (2002: 126%) again reflecting the benefits of pre-paid subscription and event income. The net interest charge for the year was £5.8m, compared with £7.2m in 2002 and was covered 6.4 times by our adjusted operating profit, compared to 5.2 times in 2002. Net debt rose to £178m by the year-end following the acquisitions. The Directors believe that the group remains financially strong and will recommend the payment of a final dividend of 4.94p per share. This together with an interim dividend of 2.66p per share will give a total dividend of 7.6p per share for the year, which is the same as 2002. The dividend will be paid on 20 May 2004 to all shareholders on the register on 23 April 2004. Trading We successfully raised adjusted operating profit in the year despite mixed trading conditions. The war in Iraq and the SARS outbreak exacerbated an already challenging business environment in the first part of the year. Once these uncertainties were removed confidence returned to many of our markets and we saw an encouraging improvement in conditions in the second half of the year, reflected in a stronger performance from both our event and publishing businesses. The effect of the slower first half saw sales decline overall by 5%, requiring a continued focus on cost cutting. Staff numbers (excluding acquisitions) were lowered by 8% and in addition a number of small and under-performing publications were merged, closed or sold and some events cancelled. In total we ran 2,627 events in 2003 compared with 3,052 in 2002. Although total delegate revenue fell over the year as we reduced the number of events, we saw a recovery in the last four months of 2003 with average delegate attendance at our events increasing by 4% compared to the same period in 2002. This upward trend has continued into the early part of 2004. We believe that our structure now is lean and efficient and we are well placed to drive additional profits through incremental advertising and delegate revenues as economic conditions continue to improve. We would only expect to start increasing our cost base again as conditions become favourable and we feel it appropriate to step up our output more dramatically. The Group has a significant proportion of its activities based overseas and as such its results can be affected by movements in currency exchange rates, particularly those of the Euro and US Dollar. The effect on overall 2003 Group operating profits was limited as translation losses on Dollar earnings were offset by gains on Euro earnings. Within individual divisions the exchange rate movements had some effect since the Finance and Insurance results are predominately US Dollar denominated whilst Law and Tax is mainly Euro denominated. i. Finance and Insurance This is our largest sector accounting for 34% of total group adjusted operating profit. This division showed good growth with adjusted operating profits of £12.9m, up 6% on 2002. At constant currency rates the profits were 15% higher than 2002 and excluding the contribution of acquisitions the division still showed a 3% growth in underlying profits. The acquisitions of MMS and NetDecide in the second half of 2003 helped profit growth and contributed to a solid recovery from the difficult market conditions in the financial services sector which existed in the first half of the year. MMS, which provides real time information on corporate and government bonds and currencies and which uses Reuters, Bloomberg and the internet to deliver its content, fits extremely well with our other capital markets information service companies, particularly MCM which we acquired in February 2001. We have largely completed our stated plan of merging the two businesses and establishing a single content platform with combined sales and editorial teams. We have reduced the overall workforce from 318 people in September 2003 to around 200 by the end of the year and closed all the duplicated offices around the world. The key to the success of this strategy will be measured by how high a percentage of shared customers can be retained which will not be known until we have experienced the full twelve-month renewal cycle. Initial indications though are positive with our estimates of the retention rate having risen from 45% at the date of acquisition to above 60% at present. We have however elected to retain more cost in the business than we had originally envisaged, specifically maintaining a strong internet development capability to diversify the future content delivery options for the business. Our other acquisition, NetDecide, provides wealth management software solutions in the North America marketplace. It fits well with our Effron business with which it has already been integrated. Elsewhere in the financial area our conferences and the advertising based Banking Technology magazine continued to find conditions difficult, though our insurance business did better as we saw increased buoyancy in the reinsurance markets manifesting itself in higher advertising revenue yields. Trading in the last quarter of 2003, which has carried over into 2004, indicates a marked improvement in financial conferences performance. ii. Telecoms and Media Telecoms and Media profits of £8.4m accounted for 22% of total adjusted operating profit in 2003. The retrenchment in the mobile telecommunications industry, which began in earnest in 2002, continued in 2003. As a result, our adjusted operating profits fell 10% on sales which were16% lower although these results reflect signs of stabilisation in the market compared to the declines experienced in 2002. The mainstay once again was our flagship 3GSM World Congress in Cannes, which we operate in association with the GSM Association. In 2003 it maintained its profitability and achieved an increase in visitor numbers over 2002. Elsewhere a number of our smaller events declined or were not run at all and our China events were disrupted in the first part of the year by SARS. Our leading mobile magazine MCI saw an upturn in its profitability as advertisers slowly returned to spending and we gained market share as competitors closed down their publications. Of all our industry areas Telecoms has faced the most difficult economic conditions and is where we have had to take out most cost and product over the last two years. Moving into 2004 the mobile industry at last seems to be recovering with both operators and manufacturers showing enhanced earnings. The launch of 3G services is important to the industry and now seems set to occur in the second half of 2004. We have renewed and further broadened our agreement with the GSM Association, which will enable us to build upon the 3GSM World Congress, and our smaller regional GSM-related events, with increased support from the industry. In addition, in partnership with the GSMA we are launching an Asian version of the World Congress in Singapore in the autumn. This is extremely exciting as it is the Asian market - especially China - which is experiencing highest growth rates in mobile uptake and where there are major opportunities to exploit. iii. Law and Tax This is our third biggest area growing 31% (10% at constant currency) year on year with adjusted operating profits of £6.2m in 2003 compared with £4.7m in 2002. This business has done well with a sound performance in our legal and taxation journal, books and newsletter business resulting in significantly improved adjusted operating profitability. Our legal conference businesses especially in Germany and the UK showed strong recovery during 2003. iv.Maritime, Trade & Transport This division generated adjusted operating profits of £2.7m showing growth of 13% over 2002. 2003 included the biennial Cruise + Ferry show in May which, whilst highly profitable, showed a decline over 2001, reflecting more uncertain conditions in the passengership sector. As the year progressed shipping market conditions improved markedly as freight rates rose to their highest levels in some years. This is largely driven by the strength of the Chinese market both as an importer of raw materials and an exporter of finished goods. We now expect our advertising based publications to take advantage of this return to prosperity for many of our maritime customers. This division has the highest exposure to advertising income of any of our divisions and current signs of recovery look promising. v. Life Sciences After a very strong performance in 2002, adjusted operating profits in this division at £4.1m (11% of group adjusted operating profits) were 24% lower, largely due to the launch costs associated with two new controlled circulation magazines - BioProcess International and PreClinica. These were launched early in the year and are on target to contribute to profits in 2005. The spend on R&D by pharmaceutical companies continues to drive the market and our business. Overall we expect the Life Sciences market to grow by around 6% a year over the next five years, offering considerable encouragement for the future. Our Drug Discovery businesses have felt some slowdown in life sciences spending as the impact of new technologies is reassessed. The flagship Drug Discovery Technology Congress last August saw a reduction in delegate numbers although sales of sponsorship and exhibition opportunities remained at previous levels as did total visitors to the event. On the other hand we launched an Asian version of this event, which was held in Singapore in September. This attracted 200 delegates and significant sponsorship and exhibition revenues and will be repeated this year. To date, this division has been heavily concentrated on early stage drug discovery and whilst this has proved a highly profitable niche, it has been our intention for some time to broaden our publishing and event profile in the biomedical and pharmaceuticals markets. The acquisition of PJB, which was successfully completed just before Christmas, helps meet this strategic aim. PJB cost a net £120m after deducting the cash acquired with the business. The main products Scrip, Pharmaprojects and Clinica are highly respected market leading sources of information for the pharmaceutical and medical devices and diagnostics industries backed up by a variety of newsletters, management reports and databases, which provide a broad based and high margin information service. We are extremely encouraged by this acquisition as it provides us not only with critical mass in Life Sciences but also the chance to extend the PJB product range. In particular the opportunity to run branded events and to use our electronic publishing, marketing and advertising skills to benefit the PJB business promises well and will result in a significant improvement in the profitability of the business. v.i.Commodities and Energy This division made an adjusted operating profit of £2.9m in 2003, which was down 18% on the previous year. Despite this, most elements of the business performed well. The Agra Europe Publishing and conference business exceeded expectations and the Annual German Energy Conference, which is run in association with the Handelsblatt newspaper, posted record profits. Our portfolio of energy conferences based largely in the Middle East was reduced due to the Iraq war and uncertainty surrounding that region. Profits were down in this area despite the success of our Russia-based events including the flagship annual Sakhalin Oil conference. Opportunities even in this market are now improving however and in January we produced a successful Investing in Iran event which we expect to repeat later this year along with two new events on Libyan oil. However, Heighway, our commercial fishing business traded less strongly and has been seriously affected by the North Sea fishing quota contraction. Revenues from both our magazine and exhibition business in this area are well below the levels of previous years. Although there are no signs of recovery in the commercial fishing business, energy events seem to be bouncing back aided by high oil prices and some return to political stability. In December we strengthened further our commodities portfolio with the acquisition of Sparks, a US-based international soft commodity and agriculture-focused consultancy concern, which we believe will dovetail well with our existing Agra operations. Other Highlights During 2003 we began our cooperation in Eastern Europe with Expomedia running a particularly successful telecoms event called Wireless Russia in Moscow and developing a number of products for 2004 and beyond. These cover subjects in the financial, legal, maritime, commodities, energy and fishing markets. In addition the Telecoms event, which is being supported by the Russian telecommunications ministry, will be repeated. Also in Russia we joint ventured on a coal-mining event with the McCloskey group with whom we already work in Australia and France. This new venture was extremely successful achieving a delegate attendance of over 400 along with additional revenues from sponsors and exhibitors. We have also continued to develop a maritime intelligence security product aimed largely but not only at the U.S. market. We have received one three year subscription for this service to date and remain in discussions with a number of US security agencies and various other ports and services around the world who are evaluating its effectiveness. Strategy It is our intention to continue to build a business which allies defensive qualities with the ability to take full advantage of economic improvement. Following the recent acquisitions subscription revenues should account for over 40% of total revenues in 2004 and an even higher percentage at the operating profit level. With high renewal rates and good margins these defensive high quality revenues provide us with strong and predictable cash flow. However our events business enjoys high operational gearing and provides considerable upside profit potential as economic conditions improve. An additional delegate at every event is worth approximately £1 million extra to group operating profit. In recent years average delegates have declined by some 10% but we have the appropriate infrastructure in place to take full advantage as numbers increase into the economic upturn. It is also our intention to add new branded events as appropriate and already plan to run 32 events in 2004. PJB for example, historically ran no events of its own and with a number of strong brands in its portfolio, this provides a real opportunity. Although advertising revenues have been hit hard over the last few years there are certainly signs of recovery both for us and in the business publications sector generally. Although advertising only accounted for 11% (2002:12%) of group revenues in 2003 there is considerable upside potential due to the highly operationally geared nature of advertising based publications. Forward bookings for 2004 are significantly ahead of this time last year. We continue to believe that the portfolio approach covering media format, market sectors and geographical jurisdictions is appropriate for a group such as ours and that our current balance is an acceptable one. Having been acquisitive over the last nine months with MMS, PJB, Sparks and NetDecide and a couple of smaller fill-in acquisitions there is much integration work to do especially with MMS and MCM and a number of new opportunities to pursue particularly within PJB. This will take some time and effort but it is well underway and already the results look promising. Current Trading and Prospects Overall we saw an improvement in trading conditions in the last quarter of 2003 which has continued into 2004. An improvement in the fortunes of mobile telecommunications companies allied with our new agreement with the GSM Association should see our Telecoms business growing again. Similarly, improved freight rates will benefit our maritime business and a more settled Middle East political situation allied with high oil prices will boost our energy revenues. The acquisitions we have made in the Finance, Life Sciences and Commodities areas will boost these divisions within which we also anticipate organic growth. Geographically Australia, the United States, Germany and Brazil traded well in 2003 with Asia (due to SARS) and Holland performing poorly. Moving into 2004 most of our overseas operations should improve profitability as business confidence improves. Already in 2004 the Annual German Handelsblatt Energy event has exceeded the record profit levels of 2003 and forward bookings for both conferences and advertising based periodicals are ahead of this time last year. The 3GSM World Congress, which took place in Cannes in February has at least matched its 2003 profit levels with similar numbers of delegates (around 4,000) and a 9% increase in sponsorship and exhibition revenue. With an encouraging performance at the start of 2004 the outlook looks more positive than in recent years and we look forward to a successful year. I would like to close by thanking all of my colleagues at Informa for working so hard during the last twelve months often in quite difficult trading conditions. Their commitment and support has been fantastic and it is to be hoped that conditions will continue to improve and that everyone will see the fruit of their labours. Consolidated profit and loss account For the year ended 31 December 2003 Before Exceptional 2003 Before Exceptional 2002 Exceptional Items Exceptional Items Items (note 3) Total Items (note 3) Total notes £000 £000 £000 £000 £000 £000 ----------------- ------ -------- --------- ------- -------- --------- ------- Turnover 1 267,997 - 267,997 283,442 - 283,442 ----------------- ------ -------- --------- ------- -------- --------- ------- Operating profit before 1 37,482 (8,543) 28,939 37,255 (6,454) 30,801 goodwill amortisation Goodwill amortisation (11,534) - (11,534) (10,992) - (10,992) ----------------- ------ -------- --------- ------- -------- --------- ------- Operating profit 25,948 (8,543) 17,405 26,263 (6,454) 19,809 Loss on sale and termination 3 (3,822) (3,822) (525) (525) of operations ----------------- ------ -------- --------- ------- -------- --------- ------- Profit on ordinary activities 1 25,948 (12,365) 13,583 26,263 (6,979) 19,284 before interest Net interest payable (5,847) - (5,847) (7,200) - (7,200) ----------------- ------ -------- --------- ------- -------- --------- ------- Profit on ordinary activities 20,101 (12,365) 7,736 19,063 (6,979) 12,084 before tax Tax on profit on ordinary 4 (8,858) 2,065 (6,793) (9,167) 1,909 (7,258) activities ----------------- ------ -------- --------- ------- -------- --------- ------- Profit on ordinary activitie 11,243 (10,300) 943 9,896 (5,070) 4,826 after tax Minority interests - equity (84) (59) ----------------- ------ -------- --------- ------- -------- --------- ------- Profit for the year 859 4,767 attributable to shareholders Equity dividends paid and (11,089) (9,692) proposed ----------------- ------ -------- --------- ------- -------- --------- ------- Loss for the year (10,230) (4,925) ----------------- ------ -------- --------- ------- -------- --------- ------- Dividends per share 7.60p 7.60p ----------------- ------ -------- --------- ------- -------- --------- ------- Earnings per share Earnings per share (basic) 2 0.65p 3.74p Earnings per share (diluted) 2 0.65p 3.74p Adjusted basic earnings per 2 17.23p 16.36p share ----------------- ------ -------- --------- ------- -------- --------- ------- All results are derived from continuing operations. Acquisitions made during 2003 contributed revenue of £9,596,000 which is included in the figures shown above. It is not possible to separately identify the profit from these acquisitions as they have been integrated upon acquisition. Consolidated statement of total recognised gains and losses For the year ended 31 December 2003 2003 2002 £000 £000 ------------------------------------------------ --------- --------- Profit for the year 859 4,767 Currency translation differences on foreign (2,358) (3,809) currency net investments and borrowings --------------------------- --------- --------- Total gains and losses recognised in the year (1,499) 958 --------------------------- --------- --------- Consolidated cash flow statement For the year ended 31 December 2003 2003 2002 Notes £000 £000 ------------------------------------------------ --------- --------- Cash inflow from operating activities 5 34,174 46,510 Return on investments and servicing of (6,025) (6,492) finance Taxation (4,149) (1,667) Capital expenditure (2,467) (2,123) Acquisitions and disposals (144,535) (4,576) Equity dividends paid (9,943) (9,674) ------------------------ ------ --------- --------- Cash (outflow)/inflow before financing (132,945) 21,978 Financing 138,892 (19,027) ------------------------ ------ --------- --------- Increase in cash in the year 5,947 2,951 ------------------------ ------ --------- --------- Reconciliation of net cash flow to movement in net debt For the year ended 31 December 2003 2003 2002 Notes £000 £000 ------------------------------------------------ --------- --------- Increase in cash in the year 5,947 2,951 Cash (outflow)/inflow from (decrease)/ (86,880) 19,798 increase in debt financing ------------------------ ------ --------- --------- Change in net debt resulting from cash (80,933) 22,749 flows Translation differences (1,623) 554 Non-cash movements (114) - ------------------------ ------ --------- --------- Movement in net debt in the year (82,670) 23,303 Net debt at the start of the year 6 (95,529) (118,832) ------------------------ ------ --------- --------- Net debt at the end of the year 6 (178,199) (95,529) ------------------------ ------ --------- --------- Consolidated balance sheet At 31 December 2003 2003 2002 £000 £000 ------------------------------------------------ --------- --------- Fixed assets Intangible assets 306,131 159,639 Tangible assets 27,262 23,080 Investments 6,893 4,788 ------------------------------------------------ --------- --------- 340,286 187,507 Current assets Stocks and work in progress 7,419 6,212 Debtors 56,163 51,734 Cash at bank and in hand 10,455 5,195 ------------------------------------------------ --------- --------- 74,037 63,141 Creditors: amounts falling due within one year (142,732) (117,876) ------------------------------------------------ --------- --------- Net current liabilities (68,695) (54,735) ------------------------------------------------ --------- --------- Total assets less current liabilities 271,591 132,772 Creditors: amounts falling due after more than (183,168) (99,143) one year Provisions for liabilities and charges (10,903) (7,028) Minority interests-equity (79) (334) ------------------------------------------------ --------- --------- Net assets 77,441 26,267 ------------------------------------------------ --------- --------- Capital and reserves Called up share capital 15,195 12,824 Share premium account 184,494 123,103 Special reserve 1 1 Other reserve 37,398 37,398 Profit and loss account (159,647) (147,059) ------------------------------------------------ --------- --------- Shareholders' funds - equity 77,441 26,267 ------------------------------------------------ --------- --------- Notes 1.Segmental analysis Analysis by market sector Turnover Adjusted operating Profit / (loss) profit* before interest 2003 2002 2003 2002 2003 2002 £000 £000 £000 £000 £000 £000 -------------------- -------- ------ ------- -------- -------- ------- Finance and Insurance 79,649 79,442 12,900 12,135 5,797 7,098 Telecoms and Media 44,050 52,575 8,389 9,301 4,461 5,968 Law and Tax 39,218 45,097 6,209 4,737 2,712 1,877 Maritime,Trade and 45,053 46,705 2,679 2,379 (1,338) (582) Transport Life Sciences 27,629 27,492 4,059 5,308 1,595 3,565 Commodities and Energy 30,414 31,226 2,947 3,615 234 1,636 Other 1,984 905 299 (220) 122 (278) -------------------- -------- ------ ------- -------- -------- ------- 267,997 283,442 37,482 37,255 13,583 19,284 -------------------- -------- ------ ------- -------- -------- ------- *Adjusted operating profit excludes amortisation of goodwill and exceptional items. 2.Earnings and adjusted earnings per share In order to show results from operating activities on a comparable basis, an adjusted earnings per share has been calculated which excludes amortisation of goodwill and exceptional items. 2003 2002 £000 £000 ------------------------------------------------ --------- --------- Profit for the year attributable to shareholders 859 4,767 Adjustments: Amortisation of goodwill 11,534 10,992 Exceptional items 10,300 5,070 ------------------------------------------------ --------- --------- Adjusted earnings 22,693 20,829 ------------------------------------------------ --------- --------- Weighted average number of equity shares - for basic and adjusted earnings 131,695,549 127,294,855 Effect of dilutive share options 99,492 4,888 Weighted average number of equity shares - for diluted earnings 131,795,041 127,299,743 ------------------------------------------------ --------- --------- Basic earnings per share 0.65p 3.74p Diluted earnings per share 0.65p 3.74p Adjusted earnings per share 17.23p 16.36p ------------------------------------------------ --------- --------- 3.Exceptional items (1) Operating costs The £8,543,000 shown in the profit and loss account is in respect of the following: a. •prepaid bank loan facility fees (£874,000) now expensed as the facility was replaced in the year due to the acquisition of PJB Publications Limited; b. •restructuring costs largely related to integrating the acquisitions (£7,669,000). (2) Loss on sale and termination of operations The current year charge represents the net cost arising on the disposal of certain publications and the sale of one subsidiary. The loss on disposal of a subsidiary undertaking in 2002 represents the net cost arising from the closure of a Dutch subsidiary. 4.Taxation 2003 2002 £000 £000 ------------------------------------- --------- --------- United Kingdom corporation tax 1,689 1,514 Overseas tax 3,269 5,046 ------------------------------------- --------- --------- Current tax 4,958 6,560 Deferred tax 1,835 698 ------------------------------------- --------- --------- 6,793 7,258 ------------------------------------- --------- --------- 5.Reconciliation of operating profit to net cash inflow from operating activities 2003 2002 £000 £000 ------------------------------------- --------- --------- Operating profit 17,405 19,809 Depreciation charges 6,524 7,357 Amortisation of goodwill 11,534 10,992 Profit on sale of tangible fixed assets (25) (23) (Increase)/decrease in stocks (829) 219 (Increase)/decrease in debtors (127) 10,393 Decrease in creditors (282) (2,457) Other operating items (26) 220 ------------------------------------- --------- --------- Net cash inflow from operating activities 34,174 46,510 ------------------------------------- --------- --------- Included in net cash inflow from operating activities are payments of £5,884,000 (2002: £539,000) relating to exceptional costs. Excluding these costs the operating cash inflow is £40,058,000 (2002: £47,049,000). 6.Analysis of changes in net debt At 1 Non-cash Exchange At 31 January movements Cash flow Movement December £000 £000 £000 £000 £000 ------------------- ------- -------- --------- --------- --------- Cash at bank and in hand 5,195 - 5,127 132 10,454 Overdrafts (2,062) - 820 (29) (1,271) ------------------- ------- -------- --------- --------- --------- 3,133 - 5,947 103 9,183 Bank loans due in less than one year (374) - (3,827) - (4,201) Finance leases due in less than one year - (94) 54 - (40) Bank loans due after one year (98,288) - (77,231) (1,726) (177,245) Loans due after one year - - (5,876) - (5,876) Finance lease due after one year - (20) - - (20) ------------------- ------- -------- --------- --------- --------- Total (95,529) (114) (80,933) (1,623) (178,199) ------------------- ------- -------- --------- --------- --------- 7.Basis of preparation and statutory information The financial information set out in the above pages 10 to 15 does not constitute the Company's statutory accounts for the years ended 31 December 2003 or 2002 but is derived from those accounts. The statutory accounts for 2002 have been delivered to the Registrar of Companies and those for 2003 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under section 237 (2) or (3) of the Companies Act 1985. The financial information has been prepared on a going concern basis under the historical cost convention and in accordance with all applicable current accounting standards. The financial information has been prepared on a consistent basis with the prior year. This information is provided by RNS The company news service from the London Stock Exchange

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