Interim Results

NWF Group PLC 30 January 2003 NWF Group plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2002 Chairman's Statement Once again, we have seen an excellent interim performance by the Group with pre-tax profit up 26% to Â£1,514,000 from last year's Â£1,203,000. Turnover was Â£76m compared to Â£74m last time and basic earnings per share climbed 25% from 10.5p to 13.1p. Each one of our businesses improved its performance against the same period last year. In line with our policy of rewarding shareholders, the Board has approved an interim dividend of 4.0p per share (2001: 3.6p) which will be paid on 1 May 2003 to shareholders on the register on 28 March 2003. The shares will go ex-dividend on 26 March 2003. The Agriculture business again improved operating profit from Â£469,000 to Â£545,000. This was achieved by better volumes and margins, with total feeds and blends sales up 6% to 122,000 tonnes in the period. Distribution raised its operating profit from Â£608,000 to Â£667,000 by keeping its facilities fully employed and by improved margins as indicated in my 2001/02 Chairman's Statement. Fuels did well against a background of firm oil product prices to improve operating profit from Â£462,000 to Â£520,000. Volumes overall were 5% higher than last year but the mild autumn slowed heating oil demand. In Retail, sales improved after a rainy early summer and operating profit rose to Â£41,000 compared to Â£6,000 last year. This is very much the minor half-year for our retailing outlets. Since the half-year end, we have announced the acquisition in January of the business of T Splitt Ltd, an established fuel company based in Burnley. This move brings our total number of fuels sales offices to thirteen, nine of them being depots with storage tanks. Tony Stanton, who had been a Non-Executive Director for nine years, retired in November and we thank him for his valuable counsel through this time. The Board remains confident about the outlook for the second half year when the majority of the Group's profit is normally earned. J Roy Willis Chairman 30 January 2003 Group Profit and Loss Account Half year to 30 November 2002 Unaudited Unaudited Audited Half year to Half year to Year to 30 November 30 November 31 May 2002 2001 2002 --------------- --------------- --------------- Â£'000 Â£'000 Â£'000 Turnover 76,478 73,883 154,741 Operating costs (74,705) (72,338) (149,887) --------------- --------------- --------------- Operating profit 1,773 1,545 4,854 Interest payable (259) (342) (648) --------------- --------------- --------------- Profit on ordinary activities before taxation 1,514 1,203 4,206 Taxation (469) (373) (1,300) --------------- --------------- --------------- Profit after taxation 1,045 830 2,906 Equity dividends payable (318) (285) (1,035) --------------- --------------- --------------- Profit transferred to reserves 727 545 1,871 --------------- --------------- --------------- Earnings per share (see note 1) Basic 13.1p 10.5p 36.7p Diluted 12.9p 10.5p 36.7p Dividends per share 4.0p 3.6p 13.0p Summarised Group Balance Sheet At 30 November 2002 Unaudited Unaudited Audited 30 November 30 November 31 May 2002 2001 2002 --------------- --------------- --------------- Â£'000 Â£'000 Â£'000 Intangible assets 2,566 687 2,634 Tangible assets 17,563 17,434 17,158 Stocks 5,441 4,562 5,256 Debtors 18,736 18,372 18,887 Cash and bank balances 24 22 218 Creditors: amounts falling due within one year (22,867) (22,639) (22,399) --------------- --------------- --------------- Total assets less current liabilities 21,463 18,438 21,754 Creditors: amounts falling due after more than one year (4,733) (3,840) (5,741) Provision for liabilities and charges (905) (1,008) (915) --------------- --------------- --------------- Net assets 15,825 13,590 15,098 --------------- --------------- --------------- Total equity shareholders' funds 15,825 13,590 15,098 --------------- --------------- --------------- Reconciliation of Movements in Equity Shareholders' Funds Half year to 30 November 2002 Unaudited Unaudited Audited Half year to Half year to Year to 30 November 30 November 31 May 2002 2001 2002 --------------- --------------- --------------- Â£'000 Â£'000 Â£'000 Profit after taxation 1,045 830 2,906 Dividends (318) (285) (1,035) Share capital issued including premium - 19 119 --------------- --------------- --------------- Net addition to equity shareholders' funds 727 564 1,990 Opening equity shareholders' funds 15,098 13,026 13,108 --------------- --------------- --------------- Closing equity shareholders' funds 15,825 13,590 15,098 --------------- --------------- --------------- Summarised Group Cash Flow Statement Half year to 30 November 2002 Unaudited Unaudited Audited Half year to Half year to Year to 30 November 30 November 31 May 2002 2001 2002 --------------- --------------- --------------- Â£'000 Â£'000 Â£'000 Operating profit 1,773 1,545 4,854 Goodwill amortisation 68 18 53 Depreciation 1,017 927 1,879 (Increase)/decrease in working capital (256) (118) 1 Other (5) (28) (34) --------------- --------------- --------------- Operating cash flow 2,597 2,344 6,753 Interest (287) (365) (695) Taxation (568) (437) (1,082) Equity dividends (748) (624) (911) Purchase of tangible fixed assets (1,513) (1,039) (1,348) Sale of tangible fixed assets 86 20 39 Acquisitions - - (1,479) Deferred acquisition payments (188) (800) (800) Share capital subscribed including premium - 19 19 --------------- --------------- --------------- Net cash (outflow)/inflow before financing (621) (882) 496 Medium term loan movements (240) (223) 1,146 --------------- --------------- --------------- (Decrease)/increase in cash in the period (861) (1,105) 1,642 --------------- --------------- --------------- Reconciliation of Net Cash Flow to Movement in Net Debt Half year to 30 November 2002 Unaudited Unaudited Audited Half year to Half year to Year to 30 November 30 November 31 May 2002 2001 2002 --------------- --------------- --------------- Â£'000 Â£'000 Â£'000 (Decrease)/increase in cash per cash flow statement (861) (1,105) 1,642 Cash outflow/(inflow) from decrease/(increase) in debt financing 240 223 (1,146) --------------- --------------- --------------- Change in net debt resulting from cash flows (621) (882) 496 Net debt brought forward (10,430) (10,926) (10,926) --------------- --------------- --------------- Net debt carried forward (11,051) (11,808) (10,430) --------------- --------------- --------------- Analysis of net debt: Cash and bank balances 24 22 218 Overdrafts (5,635) (7,519) (4,968) Short term loans (1,007) (471) (739) Medium/long term loans (4,433) (3,840) (4,941) --------------- --------------- --------------- (11,051) (11,808) (10,430) --------------- --------------- --------------- Segmental Analysis Half year to 30 November 2002 Unaudited Unaudited Audited Half year to Half year to Year to 30 November 30 November 31 May 2002 2001 2002 --------------- --------------- --------------- Â£'000 Â£'000 Â£'000 Turnover Agriculture 18,601 19,400 44,134 Distribution 6,466 6,464 12,565 Fuels 44,067 41,865 84,260 Retail 7,344 6,154 13,782 --------------- --------------- --------------- 76,478 73,883 154,741 --------------- --------------- --------------- Operating profit Agriculture 545 469 1,408 Distribution 667 608 1,318 Fuels 520 462 1,408 Retail 41 6 720 --------------- --------------- --------------- 1,773 1,545 4,854 --------------- --------------- --------------- Net operating assets Agriculture 8,442 9,347 7,998 Distribution 9,748 9,398 9,257 Fuels 3,684 2,889 3,962 Retail 5,267 5,005 5,233 --------------- --------------- --------------- 27,141 26,639 26,450 --------------- --------------- --------------- Notes: 1. The calculation of basic earnings per share for the half year is based on profit after taxation of Â£1,045,000 (2001: Â£830,000) and on 7,960,241 (2001: 7,910,471) ordinary shares representing the weighted average number of shares in issue during the period. The calculation of the diluted earnings per share for the half year is based on the figures shown above amended for the weighted average dilutive effect (139,590) of share options outstanding through the period (2001: 6,470). 2. The comparative figures for the year to 31 May 2002 are an abridged version of the Accounts filed with the Registrar of Companies on which an unqualified audit opinion has been given. 3. The above statements have been prepared on the basis of accounting policies set out in the 2002 Annual Financial Statements. 2003 Financial Calendar Interim Dividend Paid 1 May 2003 Financial Year End 31 May 2003 Preliminary Announcement of Full Year Results August 2003 Publication of Full Year Report and Accounts September 2003 Annual General Meeting 25 September 2003 Final Dividend Paid 1 November 2003 Copies of the Interim Statement are being sent to shareholders on Friday, 7 February 2003. Further copies can be obtained from the Company Secretary at NWF Group plc, Wardle, Nantwich, Cheshire, CW5 6BP or viewed on the Company's Web site: http://www.nwf.co.uk For further information contact: Graham Scott (Chief Executive) 01829 260260 Alan Fulker (Finance Director) END This information is provided by RNS The company news service from the London Stock Exchange

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