Interim Results
Photo-Me International PLC
7 January 2002
7 January 2002
PHOTO-ME INTERNATIONAL PLC - INTERIM RESULTS
* In the six months to 31 October 2001, total turnover increased by 1.5%
to £107.3m, EBITDA declined by 18.0% to £26.6m and pre-tax profit was
45.3% lower at £8.2m.
* Basic earnings per share were 1.24p (2000: 2.81p) and an interim
dividend per share of 0.3p (2000: 0.5p) is declared.
* Net debt decreased by £9.2m to £47.0m.
* Operating turnover decreased by 10.3% to £81.3m, whilst Manufacturing
turnover increased by 71.8% to £26.0m, reflecting increased sales of the
DKS minilab.
* As in 2000, Continental Europe, which is the area with the largest
Operating business and home to PMI's Manufacturing activities, was the
principal contributor to both turnover and pre-tax profit, with £56.1m and
£7.5m, respectively.
* In the half-year, sales of DKS 1 minilabs (650 prints per hour), which
were first made in July 2000, increased to over 500 from over 100; these
minilabs are performing technically extremely well and have been
favourably received by purchasers. The DKS 2 minilab (1,500 prints per
hour), which will permit PMI to cover over 95% of the market as against
some 40% currently, will be launched at next month's PMA Exhibition in
Orlando.
* As to prospects for PMI's Operating business, Serge Crasnianski, CEO,
stated 'In the short term, PMI believes that it is unlikely that there
will be any significant improvement in overall market conditions. Whilst
the UK is likely to achieve a significantly lower result to that of the
recent past, the Board is confident of continued success in France and of
an eventual recovery in Japan.'
* With regard to prospects for PMI's Manufacturing business, Mr.
Crasnianski said 'In the medium term, as the DKS range extends, prospects
for PMI's Manufacturing business are very good. In the coming months,
however, there can be no guarantee of substantial sales of DKS machines on
account of economic conditions in the USA, which is the market with much
the largest potential.'
* On the overall position, Mr Crasnianski concluded 'In the short term,
the outlook remains uncertain and the Group does not expect to make progress
in the second half of the year, which is traditionally the weaker half for
the Operating business. Thereafter, the prospects for Manufacturing, whose
importance as an activity is expected to continue to increase, give us cause
for some optimism'.
Presentation to brokers' analysts:
A presentation will be made from 11:30 a.m to 12:30 p.m today at Regus,
CityPoint, 1 Ropemaker Street, London, EC2 (under 200 yards from Moorgate
Underground station).
Notes for Editors:
PMI is the world's leading operator and manufacturer of photobooths. PMI is
also a major manufacturer of photographic development and printing equipment,
which represents its highest growth opportunity. In both cases, its focus is
firmly on digital technology.
Enquiries:
Photo-Me International plc 01372-453399
Vernon Sankey (Deputy Chairman) )
Serge Crasnianski (Chief Executive Officer) ) on 7 January at 020-7444 4166
Jean-Luc Peurois (Group Finance Director) )
Robert Lowes (Company Secretary)
Bankside Consultants Limited
Charles Ponsonby 020-7444 4166
INTERIM STATEMENT
In the six months to 31 October 2001, turnover increased by 1.5% whilst
pre-tax profits declined by 45.3%.
As was indicated in the announcement of 19 October 2001, the first half has
been impacted by a slow down in the Operations business and a reduction in the
Manufacturing order book. At that date, the Board also committed to explore
ways to maximise shareholder value by way of partial asset realisations. This
process continues.
In the face of worldwide recession, prospects are likely to remain unexciting
until such time, hopefully this autumn, as sales of PMI's excellent and
extended DKS (Digital Kis System) digital photoprocessing minilab range return
to high growth.
FINANCIAL OVERVIEW
In order to make comparisons more meaningful, exceptional items initially
reported in the 2000 interim announcement have been excluded from the
following analysis.
For the six months to 31 October 2001, on turnover up 1.5% at £107.3m (2000:
£105.7m), EBITDA declined by 18.0% to £26.6m (2000: £32.5m) - which, at 25%,
represents a high percentage of turnover - whilst profit before interest and
tax decreased by 39.4% to £10.0m (2000: £16.4 m) and pre-tax profit was 45.3%
lower at £8.2m (2000: £15.1m).
Basic earnings per share for the first half were 1.24p (2000: 2.81p), after a
substantially increased effective tax rate of 44.0% (2000: 31.0%),
principally reflecting the losses arising from certain overseas operations on
which no tax relief is available.
Operating turnover decreased by 10.3% to £81.3m (76% of total turnover) from £
90.6 m (86% of total turnover). Manufacturing turnover increased by 71.8%
to £26.0m (24% of total turnover) from £15.1m (14% of total turnover),
reflecting increased sales of the DKS minilab.
As in 2000, Continental Europe, which is the area with the largest Operating
business and home to PMI's Manufacturing activities, was the principal
contributor to both turnover and pre-tax profit, with £56.1m and £7.5m,
respectively. Profits, however, were flat, reflecting the continued
investment in the DKS minilab activity.
An explanation of the profit variances of the principal Operating businesses
is included in the Business Review below.
DIVIDEND
An interim dividend of 0.3p (2000: 0.5p) per ordinary share is declared and
will be paid on 8 April 2002 to holders of ordinary shares on the register at
close of business on 8 March 2002. A decision on the level of the final
dividend for the year ending
30 April 2002 will be taken at the time of the preliminary announcement, in
the light of the results for the year and the prospects at that time.
BORROWINGS, CASH AND INTEREST
During the half year, net debt decreased by £9.2m to £47.0m, reflecting
reduced capital expenditure of £14.7m (2000 : £22.2m), of which £11.5m (2000 :
£17.4m) relates to Operating equipment. With net assets before deducting
minority interests increased by £3.4m to £75.5m, gearing decreased to 62.2%
from 77.9% at 30 April 2001.
As compared to the half year ended 31 October 2000, net cash inflow from
operating activities was only slightly lower at £29.7m (2000: £30.4m),
benefiting from an improvement in working capital.
Net interest payable increased to £1.7m from £1.4m but was still covered a
comfortable 5.8 times by profit before interest and tax.
BUSINESS REVIEW
PMI's strategy for both Manufacturing and Operating remains firmly rooted in
the application of digital technology to photography.
Operating
Operating comprises the operation of photobooths and other vending equipment.
At the half year end, the total number of Operating sites worldwide was around
25,000, including some 20,000 photobooths.
PMI is a global company with three major Operating territories - the UK,
France and Japan, in all of which it continues to enjoy the leading market
position.
Operating turnover in the UK and the Republic of Ireland (with 7,600 sites,
including 5,900 photobooths) decreased by 11% to £26.5m, principally due to
the loss in November 2000 of the Crown Post Office contract and slightly
reduced demand for ID photography; profitability was also affected by
increased competitive activity.
Operating turnover in France (with 8,100 sites, including 5,500 photobooths)
increased by 5% to £21.9m, reflecting a constant market share and the strength
of the French Franc. Profits were maintained.
Operating turnover in Japan (with 3,700 sites, including 3,600 photobooths)
decreased by 23% to £17.7m, of which 10% was due to the weaker Yen and 13% due
to the change in driving licence regulations with regard to ID photographs and
to continued recession, which has caused both a decline in retail sales and a
number of bankruptcies amongst site owners. The reduced turnover and profits
in Japan are to be addressed principally by a programme of installation of new
digital machines in new sites.
PMI has recently acquired two complementary companies in Germany and has
agreed to purchase another operation in Switzerland.
The decline in operating turnover in the Americas to £3.9 m from £5.5m is due
in part to the disposal, as a subsidiary, of the Brazilian operation which
generated turnover of £0.9m in the first half of last year. Further loss of
turnover in the USA followed the abandonment of certain unprofitable sites, in
addition to adverse market conditions for fun photography (which in the USA
generates higher volumes than ID photography) subsequent to 11 September, when
turnover immediately dropped by approximately one-third relative to budget.
The loss in the Americas includes a £0.5m share of the start-up loss for the
DigitalPortal Inc (DPI) joint venture with SanDisk to operate self-service
digital photoprocessing kiosks in the USA. The first kiosks, which were
manufactured by PMI in Grenoble, were delivered to the USA in May 2001 for
field testing, which has proved both technically and commercially
satisfactory. A gradual roll-out of further kiosks is now in progress.
Manufacturing
Manufacturing comprises the manufacture of photoprocessing equipment, for
operation by third parties, and of photobooths, for operation by PMI.
The manufacture of minilabs is now concentrated on digital equipment which
places the Group at the forefront of the rapid worldwide move into digital
photography. A recent authoritative report estimates that the digital
photography market will more than double in the next four years to over $37
billion, the largest market being North America.
The DKS range of photoprocessing minilabs
In the half year, PMI sold more than 500 DKS minilabs, which compares with
slightly more than 100 (in addition to analogue minilabs) in the half year
ended 31 October 2000, following the commencement of production of the DKS in
July 2000. These DKS I minilabs, which can produce 650 prints an hour, are
performing extremely well technically and have been favourably received by
purchasers. Their profit contribution, however, was not as much as had been
expected as a result of the cost base increasing in anticipation of a higher
level of sales.
During the half year, PMI progressed the development of the DKS 1+ machine,
which can produce 750 prints an hour and will be available this month, and the
DKS 2 machine, which can produce 1,500 prints an hour, making it one of the
fastest and best value machines on the market. The official launch of the DKS
2 will take place at the Photo Marketing Association exhibition to be held in
Orlando, Florida next month, with delivery of the first units in that month
and volume roll-out scheduled for the autumn. The DKS 2 will take PMI into a
different segment of the market and permit it to cover over 95% of the market
as against some 40% currently. A full range of DKS minilabs is under
development.
OEM products
PMI recently signed a contract to manufacture desktop digital printers for
Mitsubishi, and the development of other photoprocessing equipment, also for
sale through OEM arrangements, is underway.
PROSPECTS
Operating
In the short term, PMI believes that it is unlikely that there will be any
significant improvement in overall market conditions. Whilst the UK is likely
to achieve a significantly lower result to that of the recent past, the Board
is confident of continued success in France and of an eventual recovery in
Japan.
Manufacturing
In the medium term, as the DKS range extends, prospects for PMI's
Manufacturing business are very good. In the coming months, however, there
can be no guarantee of substantial sales of DKS machines on account of
economic conditions in the USA, which is the market with much the largest
potential.
Overall
In the short term, the outlook remains uncertain and the Group does not expect
to make progress in the second half of the year, which is traditionally the
weaker half for the Operating business. Thereafter, the prospects for
Manufacturing, whose importance as an activity is expected to continue to
increase, give us cause for some optimism.
Serge Crasnianski 7 January 2002
Chief Executive Officer
GROUP PROFIT AND LOSS ACCOUNT
for the six months ended 31 October 2001
Unaudited Audited
Unaudited 6 months to 31 October 2000 year to 30 April 2001
6 months before except after before except after
to 31 except -ional except except -ional except
October -ional items -ional -ional items -ional
2001 items (note 3) items items (note 3) items
£000 £000 £000 £000 £000 £000 £000
Total group
turnover
- continuing 107,283 105,728 - 105,728 208,816 - 208,816
operations
Less: sales to (742) - - - - - -
joint venture
Turnover 106,541 105,728 - 105,728 208,816 - 208,816
Cost of sales (83,541) (77,093) (24,116) (101,209)(158,532) (24,116)(182,648)
Gross profit/ 23,000 28,635 (24,116) 4,519 50,284 (24,116) 26,168
(loss)
Administrative (13,075) (12,844) - (12,844) (25,146) - (25,146)
expenses
Other 523 500 - 500 1,528 - 1,528
operating
income
Operating
profit/(loss)
- continuing 10,448 16,291 (24,116) (7,825) 26,666 (24,116) 2,550
operations
Share of
operating loss
of joint venture (534) - - - - - -
Share of
operating
profit of 52 77 - 77 120 - 120
associates
Total 9,966 16,368 (24,116) (7,748) 26,786 (24,116) 2,670
operating
profit/(loss)
Profit on
disposal of
group - 73 - 73 - 44 44
undertakings
Profit/(loss)
on ordinary
activities 9,966 16,441 (24,116) (7,675) 26,786 (24,072) 2,714
before
interest
Interest 157 280 - 280 488 - 488
receivable
Interest (1,874) (1,651) - (1,651) (3,598) - (3,598)
payable
Profit/(loss)
on ordinary
activities
before
taxation 8,249 15,070 (24,116)(9,046) 23,676 (24,072) (396)
- Note 3
Tax on profit/
(loss) on
ordinary (3,629) (4,676) 7,720 3,044 (8,829) 7,720 (1,109)
activities -
Note 4
Profit/(loss)
on ordinary
activities 4,620 10,394 (16,396)(6,002) 14,847 (16,352) (1,505)
after taxation
Minority
interests
- equity and
non-equity
interests (121) (141) 549 408 (332) 549 217
Profit/(loss)
attributable
to members of
the holding
company 4,499 10,253 (15,847)(5,594) 14,515 (15,803) (1,288)
Dividends
- equity (1,089) (1,809) - (1,809) (6,875) - (6,875)
interests -
Note 5
Retained 3,410 8,444 (15,847)(7,403) 7,640 (15,803) (8,163)
profit/(loss)
for period
Basic earnings
per share
- before 1.24p 2.81p 4.01p
exceptionals -
Note 6
- exceptional - (4.36p) (4.37p)
items
Basic earnings
per share 1.24p (1.55p) (0.36p)
- Note 6
Diluted
earnings per
share
- before 1.23p 2.80p 3.99p
exceptionals -
Note 6
- exceptional - (4.36p) (4.37p)
items
Diluted
earnings per
share - Note 6 1.23p (1.55p) (0.36p)
Dividends per 0.30p 0.50p 0.50p 1.90p 1.90p
share- Note 5
GROUP BALANCE SHEET
as at 31 October 2001
Unaudited Unaudited Audited
31 October 31 October 30 April
2001 2000 2001
Note £000 £000 £000
Fixed assets
Intangible assets - goodwill 7 8,945 8,918 9,122
- other 7 7,103 6,171 6,034
Tangible assets 7 101,574 102,573 104,741
Investments 690 540 720
Investment in joint venture 898 - -
119,210 118,202 120,617
Current assets
Stocks 25,285 28,257 28,366
Debtors 34,673 33,588 40,653
Investments and short-term deposits 1,678 2,960 1,643
Cash at bank and in hand 13,330 13,362 10,452
74,966 78,167 81,114
Creditors
Amounts falling due within one year 72,592 79,794 77,860
Net current asset/(liabilities) 2,374 (1,627) 3,254
Total assets less current liabilities 121,584 116,575 123,871
Creditors
Amounts falling due after more than one year 32,924 35,177 38,647
88,660 81,398 85,224
Provisions for liabilities and charges
Provisions 5,655 3,423 4,842
Deferred taxation 7,505 5,866 8,258
75,500 72,109 72,124
Minority interests - equity interests 1,055 946 1,085
- non-equity interests 922 900 925
73,523 70,263 70,114
Capital and reserves
Called-up share capital 2,013 2,010 2,010
Reserves:
Share premium account 8 2,584 2,443 2,443
Capital reserves 8 10,910 7,474 8,622
Profit and loss account 8 58,016 58,336 57,039
73,523 70,263 70,114
Shareholders' funds are attributable to:
Equity interests 73,322 70,062 69,913
Non-equity interests 201 201 201
73,523 70,263 70,114
GROUP CASH FLOW STATEMENT
for the six months ended 31 October 2001
Unaudited Unaudited Audited
6 months 6 months year
to to to
31 31 30
October October April
2001 2000 2001
Note £000 £000 £000
Net cash inflow from operating activities a 29,672 30,414 44,235
Dividends from associates - - 133
Returns on investments and servicing of
finance (1,779) (1,414) (3,195)
Taxation (2,985) (3,561) (5,601)
Capital expenditure and financial investment (14,358) (20,928) (36,822)
Acquisitions and disposals (1,580) (104) (129)
Dividends paid - equity shareholders - - (6,150)
Cash inflow/(outflow) before use of liquid
resources and financing 8,970 4,407 (7,529)
Management of liquid resources 2 26 1,514
Financing - (decrease)/increase in debt (4,381) (1,193) 1,086
- shares issued 144 - -
Increase/(decrease) in cash in the period 4,735 3,240 (4,929)
Reconciliation of net cash flow to movement
in net debt b
Increase/(decrease) in cash in the period 4,735 3,240 (4,929)
Repayment of capital element of finance
leases 1,091 992 1,737
Cash flow from decrease/(increase) in debt
and lease financing 3,290 201 (2,823)
Cash flow from decrease in liquid resources (2) (26) (1,514)
Change in net debt resulting from cash flows 9,114 4,407 (7,529)
Decrease in debt on disposal of subsidiary
undertaking - 315 335
Finance leases - - (15)
Other non-cash changes - (15) -
Foreign exchange translation differences 75 (125) (2,108)
Movement in net debt in the period 9,189 4,582 (9,317)
Net debt at 1 May 2001 (56,185) (46,868) (46,868)
Net debt at 31 October 2001 (46,996) (42,286) (56,185)
NOTES TO THE CASH FLOW STATEMENT
for the six months ended 31 October 2001
(a) Reconciliation of operating profit to operating cash flow
Unaudited Unaudited Audited
6 months 6 months year
to to to
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Operating profit/(loss) 10,448 (7,825) 2,550
Depreciation and amortisation charges 16,684 36,954 52,641
Non-cash charge relating to other exceptional
provisions - 3,239 3,912
Loss/(profit) on sale of assets - 43 (230)
Other non-cash movements (4) - 441
Gross cash inflow 27,128 32,411 59,314
Net movement in working capital 2,544 (1,997) (15,079)
Net cash inflow from operating activities 29,672 30,414 44,235
(b) Analysis of net debt
At Other At At
1 May non-cash Exchange 31 31
October October
2001 Cash flow changes movement 2001 2000
£000 £000 £000 £000 £000 £000
Cash at bank and in 10,452 2,896 - (18) 13,330 13,362
hand
Overdrafts (10,284) 1,839 - 2 (8,443) (4,460)
4,735
Debt due after one (33,360) (2,667) 6,823 13 (29,191) (27,881)
year
Debt due within one (18,399) 5,957 (6,823) 38 (19,227) (19,762)
year
Finance leases (6,237) 1,091 - 3 (5,143) (6,505)
4,381
Current asset
investments
and short term 1,643 (2) - 37 1,678 2,960
deposits
Total (56,185) 9,114 - 75 (46,996) (42,286)
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 October 2001
Unaudited Unaudited Audited
6 months to 6 months to year to
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Profit/(loss) attributable to shareholders 4,499 (5,594) (1,288)
Exchange adjustments (145) 1,563 2,174
Total recognised gains and losses for the 4,354 (4,031) 886
period
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 31 October 2001
Unaudited Unaudited Audited
6 months 6 months year to
to to 30
31 October 31 October April
2001 2000 2001
£000 £000 £000
Profit/(loss) for the period before dividends 4,499 (5,594) (1,288)
Dividends (1,089) (1,809) (6,875)
Exchange adjustments (145) 1,563 2,174
Shares issued including share premium 144 - -
Goodwill written-back on disposal of subsidiary
undertakings - (73) (73)
Net movement in shareholders' funds 3,409 (5,913) (6,062)
Shareholders' funds at 1 May 2001 70,114 76,176 76,176
Shareholders' funds at 31 October 2001 73,523 70,263 70,114
NOTES ON THE ACCOUNTS
for the six months ended 31 October 2001
1 Basis of preparation of the interim accounts
The interim accounts have been prepared on the basis of accounting policies
set out in the Group's 2001 Report and Accounts.
The Group is adopting new accounting standards, FRS 18 'Accounting policies'
and FRS 19 'Deferred tax', during the year ending 30 April 2002. These
standards have not had any material impact on the Group's accounts.
For the preparation of the interim accounts, the results of overseas
undertakings have been translated at exchange rates ruling on 31 October 2001.
Turnover and operating profit are derived from continuing operations. There
have been no acquisitions nor discontinued operations in the six months to 31
October 2001.
The figures for the year ended 30 April 2001 have been extracted from the
Report and Accounts which have been filed with the Registrar of Companies, in
which the auditors' report was unqualified and did not contain any statement
under Section 237(2) or (3) of the Companies Act 1985.
2 Turnover
Total group turnover was contributed as follows:
6 months to 6 months to Year to
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Area of activity
Manufacturing 26,012 15,144 45,431
Operating 81,271 90,584 163,385
Total sales to third parties 107,283 105,728 208,816
Geographical area
United Kingdom and Republic of Ireland 29,360 33,524 62,277
Overseas - Continental Europe 56,136 43,477 95,747
- The Americas 3,942 5,499 9,454
- Asia 17,845 23,228 41,338
107,283 105,728 208,816
3 Profit on ordinary activities before taxation
6 months to Year to
31 October 2000 30 April 2001
6 months to Before After Before After
31 October exceptional exceptional exceptional exceptional
2001 items items items items
£000 £000 £000 £000 £000
Geographical area
United Kingdom and
Republic of Ireland 1,446 5,443 2,692 6,981 4,274
Overseas
- Continental Europe 7,541 8,284 775 13,841 6,332
- The Americas (1,440) (309) (6,547) (1,349) (7,587)
- Asia 702 1,652 (5,966) 4,203 (3,415)
8,249 15,070 (9,046) 23,676 (396)
In accordance with Financial Reporting Standard (FRS) 11, an impairment review
of the carrying value of fixed assets and of related stocks of components
resulted in a total exceptional charge against profit of £24,116,000 in both
the six months period to 31 October 2000 and the year to 30 April 2001.
4 Taxation
6 months to 6 months to Year to
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
United Kingdom 264 295 1,022
Overseas 3,365 (3,339) 87
3,629 (3,044) 1,109
The charges for taxation for the six months ended 31 October 2001
have been computed by applying the estimated effective tax rates for the full
financial year.
5 Dividends
6 months to 6 months to Year to
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Interim - 0.3p per share (2000: 0.5p) 1,089 1,809 1,809
Final - 1.4p per share - - 5,066
1,089 1,809 6,875
The directors have declared an interim dividend of 0.3p (2000: 0.5p) per
Ordinary share. The interim dividend will be paid on 8 April 2002 to
shareholders on the register at the close of business on 8 March 2002.
6 Earnings per share
The calculation of earnings per share is based on the following:
6 months to 6 months to Year to
31 October 31 October 30 April
2001 2000 2001
Profit attributable to shareholders
- before exceptional items (£000) 4,499 10,180 14,515
- exceptional items (£000) - (15,774) (15,803)
- after exceptional items (£000) 4,499 (5,594) (1,288)
Weighted average number of shares in issue
in the period
- basic (000) 361,924 361,748 361,765
- including dilutive share options (000) 365,137 363,416 364,119
For both the six month period to 31 October 2000 and the year to 30
April 2001, the loss after exceptional items attributable to Ordinary
shareholders and the weighted average number of Ordinary shares, for the
purpose of calculating the diluted earnings per share, were identical to those
used for the basic earnings per share. This is because the exercise of share
options would have had the effect of reducing the loss per Ordinary share and
was therefore not dilutive under the terms of FRS14.
7 Fixed assets
Other
Goodwill intangible Tangible
£000 £000 £000
Net book value at 1 May 2001 9,122 6,034 104,741
Exchange adjustment - (2) (36)
Additions - operating equipment - - 11,462
- other 89 2,160 1,034
Depreciation provided in the period (266) (1,089) (15,329)
Disposals at net book value - - (298)
Net book value at 31 October 2001 8,945 7,103 101,574
8 Reserves
Share Capital Profit
premium Reserves and loss
£000 £000 £000
Balance at 1 May 2001 2,443 8,622 57,039
Exchange adjustment - (5) (140)
Transfer between reserves - 2,293 (2,293)
Arising on issue of shares in the period 141 - -
Profit for the period - - 3,410
Balance at 31 October 2001 2,584 10,910 58,016
9 Copies of the Interim Report
Copies of the Interim Report will be mailed to shareholders on 16 January 2002
and from that date will be available from the Company's Registered Office at
Church Road, Bookham, Surrey KT23 3EU (tel: 01372-453399).
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