Interim Results
Photo-Me International PLC
12 January 2004
PHOTO-ME INTERNATIONAL PLC: INTERIM ANNOUNCEMENT
2003/04 results expected to exceed market expectations
PMI, the world's leading operator of photobooths and a significant manufacturer
of photo-processing equipment, is delighted to confirm the prediction made in
the Preliminary Announcement of 30 June 2003 that 2003/04 will register not just
a material improvement in results but also a further material reduction in
indebtedness, following substantial progress in the half year ended 31 October
2003.
Financial Highlights
• Turnover up 22.7% to £117.2m
• EBITDA up 62.9% to £32.1m
• Pre-tax profit up 1020% to £15.1m (2002: £1.3m)
• Basic earnings per share up 1045% to 2.52p (2002: 0.22p)
• Net cash inflow from operating activities totalled £35.5m (2002: £24.0m)
• Net debt reduced by over three-quarters to £7.9m from £33.4m at 30
April 2003, reducing gearing to 11.1% from 54.0%
Commercial Highlights
• Operations turnover was unchanged at £79.1m but performance was
substantially improved.
• Manufacturing turnover increased by 133% to £38.1m. The increase was
principally the consequence of the launch in December 2002 of the DKS 1500 and
its OEM variant for Kodak. The turn-around in Manufacturing has been the main
contributor to the significantly improved profit in the half year.
• The £1.4m acquisition of Imaging Solutions, the former Gretag central
lab business, in April 2003, generated turnover of £5.7m and a contribution to
profits.
• The planned move of a substantial proportion of minilab manufacture to
a sub-contractor in Poland, which started in December, has the potential
materially to improve margins.
• In order to capitalise on the rapidly expanding digital camera market,
the Board has decided to launch Digital Media Kiosks on many of its sites,
worldwide.
Serge Crasnianski, CEO, stated: 'The Directors are confident that, despite the
second half of the year being traditionally much the weaker of the two for
Operations, in 2003/04 PMI will achieve results that will be ahead of current
market expectations. Further out, the Directors believe that the widespread
adoption of, and developments in, digital photography offer huge opportunities
to PMI for sustained profitable growth.'
Analyst Presentation:
Today, from 9:30 a.m. to 10:30 a.m, an analyst presentation will be held at
Regus, CityPoint, 1 Ropemaker Street, London, EC2, which is situated under 200
yards from Moorgate underground station.
Enquiries:
Photo-Me International plc 01372-453 399
Vernon Sankey (Deputy Chairman)
Serge Crasnianski (Chief Executive Officer)
Jean-Luc Peurois (Group Finance Director)
Bankside Consultants Limited
Charles Ponsonby 020-7444 4166/07789-202 312
CHIEF EXECUTIVE'S STATEMENT
As predicted in the Preliminary Announcement of the 2002/03 results on 30 June
2003 and as indicated at the time of the AGM of 5 November 2003, PMI has enjoyed
a substantially improved trading performance in both Operations and
Manufacturing in the first half. Consequently, the interim pre-tax profit
increased by 1020% to £15.1m, which represents current market expectations for
the full year, whilst net debt has been reduced by over three-quarters in the
half year, to £7.9m. Additionally, prospects of further substantial progress are
good.
Following a substantial share price increase since the start of the calendar
year 2003, PMI's shares have been classified in the FTSE 250 index since
September and PMI was the top share price performer of 2003 of those companies
included at 31 December 2003 in the FTSE 350.
PROFIT AND LOSS ACCOUNT OVERVIEW
On turnover up 22.7% at £117.2m (2002: £95.6m), operating profit totalled £15.6m
(2002: £2.6m), up 508% and representing an operating margin of 13.3% (2002:
2.7%), including a positive currency translation effect of £0.9m. After an
exceptional £0.4m (2002: nil) profit on disposal of a joint venture, profit on
ordinary activities before interest amounted to £16.0m (2002: £2.6m). Following
deduction of reduced net interest payable of £0.9m (2002: £1.2m), covered 18.6
times (2002: 2.1 times), pre-tax profit was £15.1m (2002: £1.3m). Profit before
tax and exceptionals was £14.8m (2002: £1.3m), 10.9 times the previous figure.
Basic earnings per share of 2.52p (2002: 0.22p), before exceptionals, reflected
a tax charge of £5.4m (2002: £0.5m), representing an effective tax rate of 35.4%
(2002: 33.7%), and minority interests of £0.2m (2002: £0.1m). Basic earnings per
share, after exceptionals, were 2.62p (2002: 0.22p).
Demonstrating the usual strength of PMI's cash generation, EBITDA was £32.1m
(2002: £19.7m), and the depreciation charge of £16.1m (2002: £17.1m)
substantially exceeded net capital expenditure (including on intangible assets)
of £9.6m (2002: £7.3m).
Operations turnover was unchanged at £79.1m, 68% (2002: 83%) of total turnover.
Third party Manufacturing turnover increased by 133% to £38.1m (2002: £16.4m),
32% (2002: 17%) of total turnover.
Being the home to PMI's Manufacturing activities as well as being the area with
the largest Operations business, Continental Europe was the driver of PMI's
dramatically improved performance; turnover improved by 42% to £68.4m (2002:
£48.3m), 58% (2002: 51%) of total turnover, generating substantially all the
Group's pre-tax profit, with a contribution of £14.7m (2002: £1.7m). The next
most important area, the UK and the Republic of Ireland, contributed 26% (2002:
29%) of total turnover and £0.7m (2002: £0.1m) of pre-tax profit.
BORROWINGS AND CASH FLOW
During the half year, net debt decreased by over three-quarters to £7.9m (30
April 2003: £33.4m), reflecting improved profitability combined with the
cash-generative nature of the Operations business. With net assets before
deducting minority interests increased in the half year to £71.0m (30 April
2003: £61.9m), gearing decreased to 11.1% from 54.0% at 30 April 2003 (and 58.8%
at 31 October 2002).
Net cash inflow from operating activities totalled £35.5m (2002: £24.0m), helped
by a further reduction in working capital of £3.9m (2002: £4.4m).
DIVIDENDS
Although no interim dividend is being declared, as was announced in the
Chairman's AGM Statement of 5 November 2003, it is expected that a final
dividend for the current year will be proposed.
BUSINESS REVIEW
Operations
The Operations business comprises the operation of photobooths and other vending
equipment. At the half year end, the total number of Operations sites worldwide
had increased by 1,000 since a year previously, to 26,000, including some 20,000
photobooths (75% of which are now digital). Although total Operations turnover
was unchanged in the period, performance was substantially improved as a result
of management actions and cost control.
PMI is a global company with three main Operations countries - the UK, France
and Japan - in all of which it continues to enjoy the market leading position.
Operations turnover in the UK and the Republic of Ireland (with 8,200 sites,
including 5,800 photobooths of which 75% are digital) was maintained, despite
the previously announced loss of the Safeway contract in October 2002.
Furthermore, this territory returned to profitability, ahead of expectations,
reflecting the diminished threat posed by a predatory competitor and the
beneficial effect of significant management changes made a year ago.
Operations turnover in France (with 8,500 sites, including 5,900 photobooths)
was maintained in Euro terms but, on translation to sterling, increased by 7%.
This territory is well equipped - 92% of the photobooths being digital. In the
current financial year, the important contracts with the Paris Metro and French
Railways have been renewed.
Operations turnover in Japan (with 4,000 sites, including 3,900 photobooths)
decreased by 3% in sterling terms (flat in Yen terms), despite a 5% increase in
the number of machines and an increase in the proportion of digital to 63% from
43%. This performance reflected Japan's sustained recession.
Of PMI's smaller markets, Germany experienced a small turnover decrease,
Switzerland maintained its level of activity, whilst the US, a less important
territory, experienced a more substantial decrease in turnover following further
rationalisation of its sited photobooths.
Manufacturing
Manufacturing turnover primarily derives from the sale to third parties of
photo-processing equipment manufactured by PMI. This equipment mainly comprises
minilabs but also includes, since its acquisition in April 2003, the Gretag
central lab business, now trading as Imaging Solutions AG.
The 133% increase in Manufacturing turnover was principally the consequence of
the substantial sales of the DKS 1500 minilab through PMI's worldwide network of
distributors and its OEM contract with Kodak. Volume production at Grenoble
became increasingly efficient with the passage of time and very high quality
standards are now being achieved. The DKS minilab range now addresses the
requirements of 95% of the market, as against 40% previously.
The Imaging Solutions business generated a turnover of £5.7 million in the
period and contributed to improved pre-tax profits. Based near Zurich in
Switzerland, Imaging Solutions is involved in the development, manufacture, sale
and technical support of equipment and systems for high volume photofinishing
laboratories, in which activity at the time of acquisition it had a global 30%
market share. Its CYRA system, which is capable of processing more than 10,000
prints an hour, is the most advanced on the market and offers the only complete
digital solution.
As a result of the acquisition of the Gretag activity, PMI can offer processing
solutions ranging between 550 and 10,000 prints an hour. Synergies with PMI's
minilab business are increasingly being found in the areas of research, sales
and maintenance.
BOARD
Since October 2003, two non-independent non-executive directors have retired,
Philippe Wahl and Peter Ogborne.
As a result of share dealings by directors in October, the Board's aggregate
shareholding has reduced to 44.2% from 52.1% of the shares in issue.
THE MARKET OPPORTUNITY
Considering that digital camera and digital camera phone sales are expected to
grow exponentially in the next few years, PMI is very well placed to satisfy the
increased needs of printing digital pictures, with:
- the only digital central lab solution
- the digital minilab which produces the best quality prints (Photo Marketing
Association award March 2003)
- Digital Media Kiosks, offering vending machine convenience to digital camera
customers, which can be sited at an unrivalled network of locations worldwide.
STRATEGY
In the Preliminary Announcement of the 2002/03 results made in June 2003, it was
stated that, in the short term, PMI would aim to reduce indebtedness materially,
keep under review all major cost areas, secure continued recovery of UK
Operations and improve volume Manufacturing capability. In the half year, these
aims had been achieved in that indebtedness was materially reduced, gross
margins increased and administrative expenses decreased, the recovery of UK
Operations continued and Manufacturing volumes substantially increased.
The Preliminary Announcement of June further stated that, in the longer term,
PMI would maintain or increase the high level of cashflow generation, extend the
services on offer by Operations into related areas, and obtain for Manufacturing
a substantial share of the world market for the manufacture of digital
photo-processing equipment. This remains the case. Following successful trials
in France, Germany and Switzerland, a substantial part of the cashflow generated
will be deployed in manufacturing, mainly for operation by PMI, a large number
of Digital Media Kiosks, capable of printing from both digital cameras and
digital camera phones.
PROSPECTS
Operations
France is expected to continue to trade well, the UK is expected to continue its
recovery and Japan is expected to improve following continuing investment in new
photobooths. Looking beyond the current year, the operation of Digital Media
Kiosks offers exciting prospects.
Manufacturing
Anticipated demand for minilabs is strong and unit sales are expected to be
maintained. The planned move of a substantial proportion of minilab manufacture
to the subcontractor, Flextronics, in Poland, started in December, will gather
pace in calendar 2004 and has the potential materially to improve margins. A
useful and increasing contribution from Imaging Solutions is also anticipated.
Overall
The Directors are confident that, despite the second half of the year being
traditionally much the weaker of the two for Operations, in 2003/04 PMI will
achieve results that will be ahead of current market expectations. Further out,
the Directors believe that the widespread adoption of, and developments in,
digital photography offer huge opportunities to PMI for sustained profitable
growth.
Serge Crasnianski
Chief Executive Officer 12 January 2004
GROUP PROFIT AND LOSS ACCOUNT
for the six months ended 31 October 2003
Audited
year to 30 April 2003
Unaudited Unaudited
6 months to 6 months to Before After
31 October 31 October exceptional Exceptional exceptional
2003 2002 items items items
Note £000 £000 £000 £000 £000
Turnover -
continuing
operations 117,245 95,692 187,731 - 187,731
Less: share of
turnover of
joint venture - (115) (343) - (343)
------- ------- ------- ------- -------
Turnover 2 117,245 95,577 187,388 - 187,388
Cost of sales (90,470) (80,505) (164,389) (1) (164,390)
------- ------- ------- ------- -------
Gross
profit/(loss) 26,775 15,072 22,999 (1) 22,998
Administrative
expenses (11,623) (12,803) (23,891) - (23,891)
Other
operating
income 435 447 1,350 - 1,350
------- ------- ------- ------- -------
Operating
profit/(loss)
- continuing
operations 15,587 2,716 458 (1) 457
Share of
operating loss
of joint
venture - (184) (394) - (394)
Share of
operating
profit of
associates 20 35 23 - 23
------- ------- ------- ------- -------
Total
operating
profit/(loss) 15,607 2,567 87 (1) 86
Profit on
disposal of
joint venture 358 - - - -
Provision
against fixed
asset
investments - - - (1,163) (1,163)
------- ------- ------- ------- -------
Profit/(loss)
on ordinary
activites
before
interest 15,965 2,567 87 (1,164) (1,077)
Interest
receivable 80 193 285 - 285
Interest
payable (937) (1,411) (2,616) - (2,616)
------- ------- ------- ------- -------
Profit/(loss)
on ordinary
activities
before
taxation 3 15,108 1,349 (2,244) (1,164) (3,408)
Tax
(charge)/credit
on
profit/loss on
ordinary
activities 4 (5,353) (455) (1,221) 369 (852)
------- ------- ------- ------- -------
Profit/(loss)
on ordinary
activities
after taxation 9,755 894 (3,465) (795) (4,260)
Minority
interests
- equity
interests (232) (72) (58) - (58)
- non-equity
interests (10) (11) (21) - (21)
------- ------- ------- ------- -------
Retained
profit/(loss)
for period 9,513 811 (3,544) (795) (4,339)
======= ======= ======= ======= =======
Basic earnings
per share
- before
exceptional
items 6 2.52p 0.22p (0.98p) - -
- exceptional
items 6 0.10p - - (0.22p) -
Basic earnings
per share 6 2.62p 0.22p - - (1.20p)
Diluted
earnings per
share
- before
exceptional
items 6 2.50p 0.22p (0.98p) - -
- exceptional
items 6 0.10p - - (0.22p) -
Diluted
earnings per
share 6 2.60p 0.22p - - (1.20p)
GROUP BALANCE SHEET
as at 31 October 2003
Unaudited Unaudited Audited
31 October 31 October 30 April
2003 2002 2003
Note £000 £000 £000
Fixed assets
Intangible assets
- goodwill 7 8,098 8,591 8,331
- development costs, patents and
licences 7 10,693 7,542 9,942
Tangible assets 7 70,808 80,595 78,669
Investments 282 1,416 307
--------- --------- ---------
89,881 98,144 97,249
--------- --------- ---------
Current assets
Stocks 23,385 19,430 20,189
Debtors 31,152 26,784 25,216
Investments and short-term deposits 10,683 2,906 1,153
Cash at bank and in hand 14,254 9,227 10,122
--------- --------- ---------
79,474 58,347 56,680
Creditors
Amounts falling due within one year 63,544 55,043 55,027
--------- --------- ---------
Net current assets 15,930 3,304 1,653
--------- --------- ---------
Total assets less current 105,811 101,448 98,902
liabilities
Creditors
Amounts falling due after more than
one year 22,413 27,441 24,959
--------- --------- ---------
---------
83,398 74,007 73,943
Provisions for liabilities and
charges
Provisions 6,229 5,542 5,198
Investment in joint venture - 322 529
Deferred taxation 6,162 5,507 6,309
--------- --------- ---------
12,391 11,371 12,036
--------- --------- ---------
71,007 62,636 61,907
Minority interests
- equity interests 1,481 1,038 1,106
- non-equity interests 830 878 870
--------- --------- ---------
68,696 60,720 59,931
========= ========= =========
Capital and reserves
Called-up share capital 2,017 2,016 2,016
Reserves:
Share premium account 8 2,823 2,729 2,729
Other reserves 8 2,829 2,471 2,920
Profit and loss account 8 61,027 53,504 52,266
--------- --------- ---------
68,696 60,720 59,931
========= ========= =========
Shareholders' funds are attributable
to:
Equity interests 68,495 60,519 59,730
Non-equity interests 201 201 201
--------- --------- ---------
68,696 60,720 59,931
========= ========= =========
GROUP CASH FLOW STATEMENT
for the six months ended 31 October 2003
Unaudited Unaudited Audited
6 months to 6 months to year to
31 October 31 October 30 April
2003 2002 2003
Note £000 £000 £000
Net cash inflow from
operating activites a 35,544 24,030 42,206
Dividends from 25 - -
associated undertakings
Returns on investments
and servicing of finance (869) (1,253) (2,384)
Taxation 56 (131) (1,483)
Capital expenditure and
financial investment (9,631) (7,324) (16,971)
Acquisitions and (113) (144) (141)
disposals
-------- ------- -------
Cash inflow before use
of liquid 25,012 15,178 21,227
resources and financing
Management of liquid (9,560) (701) 1,222
resources
Financing
- decrease in debt (10,929) (4,138) (11,416)
- ordinary shares issued 95 - -
for cash
- shares in subsidiary
issued to 265 - -
minority -------- ------- -------
Increase in cash in the 4,883 10,339 11,033
period ======== ======= =======
Reconciliation of net cash
flow to movement in net
debt b
Increase in cash in the 4,883 10,339 11,033
period
Repayment of capital
element of 1,291 1,152 2,137
finance leases
Cash flow from decrease 9,638 2,986 9,279
debt
Cash flow from increase/
(decrease) in 9,560 701 (1,222)
liquid resources -------- ------- -------
Change in net debt
resulting from cash 25,372 15,178 21,227
flows
Other non-cash movements - - (26)
Foreign exchange
translation 179 (628) (3,198)
differences -------- ------- -------
Movement in net debt in 25,551 14,550 18,003
the period
Opening net debt (33,401) (51,404) (51,404)
-------- ------- -------
Closing net debt (7,850) (36,854) (33,401)
======== ======= =======
NOTES TO THE CASH FLOW STATEMENT
for the six months ended 31 October 2003
(a) Reconciliation of operating profit to operating cash flow
Unaudited Unaudited Audited
6 months to 6 months to year to
31 October 31 October 30 April
2003 2002 2003
£000 £000 £000
Operating profit 15,587 2,716 457
Depreciation and amortisation charges 16,114 17,129 35,332
Non-cash charge relating to exceptional
items - - 1
(Profit)/loss on sale of assets (51) (118) 69
Other non-cash movements (26) (138) (508)
--------- --------- --------
Gross cash inflow 31,624 19,589 35,351
Net movement in working capital 3,920 4,441 6,855
--------- --------- --------
Net cash inflow from operating activities 35,544 24,030 42,206
========= ========= ========
(b) Analysis of net debt
At Other At At
1 May non-cash Exchange 31 October 31 October
2003 Cash flow changes movement 2003 2002
£000 £000 £000 £000 £000 £000
Cash at bank
and in hand 10,122 4,199 (67) 14,254 9,227
Overdrafts (4,477) 684 32 (3,761) (3,800)
-------
4,883
-------
Debt due
after one year (24,296) 1,997 4,285 113 (17,901) (26,004)
Debt due
within one year (13,028) 7,641 (4,285) 77 (9,595) (15,821)
Finance leases (2,875) 1,291 54 (1,530) (3,362)
-------
10,929
-------
Current asset
investments
and short
term
deposits 1,153 9,560 (30) 10,683 2,906
------- ------- ------- -------- -------- --------
Total (33,401) 25,372 179 (7,850) (36,854)
======= ======= ======= ======== ======== ========
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 October 2003
Unaudited Unaudited Audited
6 months to 6 months to year to
31 October 31 October 30 April
2003 2002 2003
£000 £000 £000
Profit/(loss) attributable to
shareholders 9,513 811 (4,339)
Exchange adjustments (843) 570 4,931
--------- -------- ---------
Total recognised gains and losses for the
period 8,670 1,381 592
========= ======== =========
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 31 October 2003
Unaudited Unaudited Audited
6 months to 6 months to year to
31 October 31 October 30 April
2003 2002 2003
£000 £000 £000
Profit/(loss) for the period 9,513 811 (4,339)
Exchange adjustments (843) 570 4,931
Shares issued 95 - -
--------- -------- ---------
Net movement in shareholders' funds 8,765 1,381 592
Opening shareholders' funds 59,931 59,339 59,339
--------- -------- ---------
Closing shareholders' funds 68,696 60,720 59,931
========= ======== =========
NOTES ON THE ACCOUNTS
for the six months ended 31 October 2003
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 2003 Report and Accounts.
For the preparation of the interim accounts, the results of overseas
undertakings have been translated at exchange rates ruling on 31 October 2003.
Turnover and operating profit are derived from continuing operations.
The financial information set out in this document in respect of the year ended
30 April 2003 does not constitute the Group's statutory accounts for that period
but has been extracted from the statutory accounts, which have been filed with
the Registrar of Companies. The auditors' report on those accounts was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.
2 Turnover
Turnover was contributed as follows:
6 months to 6 months to Year to
31 October 31 October 30 April
2003 2002 2003
£000 £000 £000
Analysis by activity
Manufacturing:
Total sales 38,740 18,442 40,477
Sales of capital equipment to Group
undertakings for own use (657) (2,090) (2,879)
-------- -------- --------
Sales to third parties 38,083 16,352 37,598
Operations 79,162 79,225 149,790
-------- -------- --------
Total sales to third parties 117,245 95,577 187,388
======== ======== ========
Geographical analysis by origin
United Kingdom and Republic of Ireland 30,377 27,841 51,112
Continental Europe 68,350 48,294 97,812
Asia 16,084 16,245 33,022
United States of America 2,434 3,197 5,442
-------- -------- --------
117,245 95,577 187,388
======== ======== ========
Sales of capital equipment to Group undertakings originates from Continental
Europe and has been excluded from the geographical analysis by origin.
3 Profit on ordinary activities before taxation
Year to
30 April 2003
-------------
6 months to 6 months to Before After
31 October 31 October exceptional exceptional
2003 2002 items items
£000 £000 £000 £000
Geographical analysis
United Kingdom and
Republic of Ireland 677 140 (1,641) (571)
Continental Europe 14,721 1,686 1,327 164
Asia 69 121 (455) (455)
United States of America (359) (598) (1,475) (2,546)
-------- -------- -------- --------
15,108 1,349 (2,244) (3,408)
======== ======== ======== ========
4 Taxation
6 months to 6 months to Year to
31 October 31 October 30 April
2003 2002 2003
£000 £000 £000
United Kingdom 169 88 (178)
Overseas 5,184 367 1,030
----------- ---------- --------
5,353 455 852
=========== ========== ========
The charges for taxation for the six months ended 31 October 2003 have been
computed by applying the estimated effective tax rates for the full financial
year.
5 Dividends
The Directors have decided not to declare an interim dividend this year (2002:
nil).
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
2003 2002 2003
Earnings attributable to shareholders
- before exceptional items (£000) 9,155 811 (3,544)
- exceptional items (£000) 358 - (795)
- after exceptional items (£000) 9,513 811 (4,339)
Weighted average number of shares in issue in the period
- basic (000) 363,122 362,994 363,008
- including dilutive share options (000) 366,251 362,994 365,244
========= ========== =========
7 Fixed assets
Development
costs,
patents and
Goodwill licences Tangible
£000 £000 £000
Net book value at 1 May 2003 8,331 9,942 78,669
Exchange adjustment (3) (191) (559)
Additions
- operating equipment - - 5,823
- other 28 3,196 1,082
Depreciation provided in the period (258) (2,254) (13,602)
Disposals at net book value - - (605)
---------- --------- --------
Net book value at 31 October 2003 8,098 10,693 70,808
========== ========= ========
8 Reserves
Share Profit
premium Other and loss
account Reserves account
£000 £000 £000
Balance at 1 May 2003 2,729 2,920 52,266
Exchange adjustment - (91) (752)
Arising on share issues 94 - -
Profit for the period - - 9,513
---------- --------- --------
Balance at 31 October 2003 2,823 2,829 61,027
========== ========= ========
9 Copies of the Interim Report
Copies of the Interim Report will be mailed to shareholders on 21 January 2004
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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