Final Results

Unite Group PLC 25 March 2003 Date: 25 March 2003 On behalf of: The UNITE Group plc ('UNITE') Embargoed until: 0700hrs The UNITE Group plc - PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002 HIGHLIGHTS The UNITE Group plc, the UK's leading provider of student and NHS key worker accommodation services, today releases the preliminary announcement of its results for the year ended 31 December 2002. The key highlights are: • Secured beds up 51% to 26,346 beds (2001: 17,460) • Net assets up 52% to £308.1m (2001: £202.1m) • Net asset value per share of 286p (2001: 297p) • Rental income up 72% to £32.4m (2001: £18.8m) • Annualised rent roll at £43.4m • Occupancy rates averaging 95% during the year • Bookings for next academic year 54%, up from 35% at March 2001 • Operating profits from completed properties up 65% to £19.1m (2001: £11.6m) • Pre-tax loss before exceptional items and goodwill of £(9.1)m (2001: £(2.8)m) • Final recommended dividend of 1.67p per share (2002 total: 2.5p) (2001: 2.5p) • First £275m securitisation in April 2002 releasing £39m for reinvestment • Successful equity raising in August 2002 raised £55m (net) to support UNITE's growth objectives of securing 8,500 beds per annum Commenting on the results, Geoffrey Maddrell, Chairman of The UNITE Group plc, said: 'In a defining year and amidst challenging economic conditions, UNITE has proved its resilience and business proposition. We have established clear strategic objectives, consolidated management and started the process of continuous cost control, thereby establishing the platform for future growth and attractive financial returns. Our core divisions, development, manufacturing and accommodation services, have made significant progress in line with plan. I firmly believe that UNITE is well positioned to capitalise on the excellent potential of its chosen market, to continue to deliver on our stated strategy and to fulfil our shareholders' expectations.' A presentation to analysts will be held today at 09.30 at 'The City Cellars', The Brewery, Chiswell Street, London, EC1Y 4SD. Enquiries: The UNITE Group plc Nicholas Porter, Chief Executive Officer Tel: 020 7902 5055 Simon Bernstein, Chief Financial Officer Redleaf Communications Ltd Tel: 020 7955 1410 Emma Kane/Katharine Sharkey Mob: 07876 338339 CHAIRMAN'S STATEMENT INTRODUCTION UNITE is a highly focused business which has over the past few years secured the leading position in the student and key worker accommodation market, principally by offering a complete service from the development through to the servicing of accommodation. During the year, I am pleased to report the achievement of a number of key objectives, notably a strong performance from our portfolio of completed properties and the delivery of a planned development pipeline which increased from 17,460 beds at the end of 2001 to 26,346 beds at the end of 2002. 2002 has been a year in which we built the firm financial and structural foundations on which to deliver our true future potential. Importantly, the Group established a brand new asset class in the bond markets when it completed a securitisation of substantially all of its mature portfolio in April 2002. In the process, £275m was raised from the issue of bonds, £39m of which was released for reinvestment. In August, in very difficult markets, and against a background of our clarity of concept and strategic focus, we were able to raise £55m (net of expenses). This was a lower level equity raising than previously planned, leading to a reduction in our targeted growth in secured bed numbers to 8,500 per annum. This remains a very healthy rate of growth and we very much appreciate the confidence shown by our shareholders in supporting the new equity issue. In addition to the delivery of performance against agreed plans and securing finance to support long term growth, management's attention during the year has been on putting in place the operational systems necessary for consistent growth. These included setting up fully accountable operating divisions for the development, accommodation services and manufacturing activities; creating an effective management board responsible for developing and implementing detailed plans; installing a package of Oracle e-business systems required for our integrated business and initiating cost control programmes. FINANCIAL RESULTS In line with a further step change in the size of the business, the net asset value of the Group increased from £202m to £308m. Of this increase of £106m, £60m related to the portfolio itself and £74m to equity raised in the year, offset by £9.1m of pre-exceptional losses and £18.9m of goodwill amortisation, other exceptional items and dividends. With the larger number of shares now in issue, net asset value per share fell marginally from 297p in 2001 to 286p. At the end of 2002, the value of our completed portfolio stood at £542m, and the total value of our properties including those in development stood at £710m. Our portfolio of completed properties increased during the year from 10,337 beds at the end of 2001 to 14,778 beds. Rental income on these properties (including Peabody UNITE as if it had been consolidated for both years in full) once again increased significantly, from £18.8m in 2001 to £32.4m. The annualised gross rent roll at the end of 2002 stood at £43.4m. Operating profits from the completed properties rose by 65% from £11.6m in 2001 to £19.1m in 2002. The portfolio made a small profit after absorbing all attributable overheads and the interest costs associated with the properties. As the business is still strongly in a development phase, the Group recorded a loss before exceptional items and goodwill, of £9.1m. That resulted from the write-off of £6.2m of pre-contract development costs, in line with the requirements of the new accounting policy UITF Abstract 34, which the Group adopted in the year, and from absorbing central overheads, much of which is associated with the growth of the business. This accounting standard has the unusual result that costs associated with development are accounted for through the profit and loss account whilst the associated NAV uplift is taken to the balance sheet. At the exceptional level, two significant costs were incurred, namely £1.3m in relation to the University of Sheffield PPP contract negotiations, from which we withdrew, and £9.7m of break costs in relation to historic debt following the restructuring of debt funding. After these exceptional items and goodwill amortisation, the Group recorded a loss after tax of £25.6m (2001: £2.0m) and a loss per share (excluding goodwill amortisation, exceptional items and deferred tax) of 10.67p (2001: 5.01p). Gearing increased during the year, partly as a result of the securitisation, to 133% at 31 December 2002, representing a loan to value ratio of 58% (December 2001: 93% and 50% respectively). We would expect this trend to continue as the ratio of completed assets relative to developments increases. DIVIDEND In line with our stated policy, the Board is pleased to recommend a final dividend of 1.67p per share, making a total dividend of 2.5p per share for the year (2001: 2.5p). The dividend will be paid on 14 May 2003 to shareholders on the register on 11 April 2003. BUSINESS PERFORMANCE Development Our acquisitions teams have continued to provide a strong pipeline of well located schemes for future development in our target towns and cities across the UK. UNITE's growth strategy is to target prime cities and regional markets, thereby gaining operating cost efficiencies and synergies. The Group has secured over 1,000 beds in each of ten target cities (Aberdeen, Bristol, Glasgow, Leeds, Liverpool, London, Manchester, Newcastle, Portsmouth and Sheffield), four of which were added in 2002. Manufacturing Off-site manufacturing is another important element in our strategy for addressing cost and quality on a lifetime basis. We have the advantage of reasonably standard products, to which we are able to apply modern manufacturing processes. During the year we replaced the less automated manufacturing facility in Bristol and commissioned a new modular manufacturing facility in Gloucestershire, capable of producing high volumes of fully finished bedroom modules. As the facility ramps up production in 2003, the Group anticipates producing some 1,500 equivalent modules and depending on exact volume and mix, expects to incur a loss of £1.5m in this start up year, the majority of which will be incurred in the first half of the year. The facility is expected to breakeven by the end of 2004. Accommodation Services The key for longer-term success in accommodation services lies in effective marketing and the careful management of the properties themselves. We have extended our marketing activities with promotions, marketing materials, show flats and our student web site, all with a view to maximising occupancy, particularly in newly opened accommodation. It is a credit to our regional accommodation teams that we maintained an average of 95% occupancy on all available rooms throughout the year. THE BOARD AND STAFF We were delighted to announce recently the appointment of Nigel Hall as a non-executive Director. Nigel was Group Finance Director of Arcadia Group plc (formerly The Burton Group plc) until February 2003 and joined us on 6 March 2003. I am certain he will make a significant contribution to the Group. David Naish will retire from the Board with effect from 25 March 2003. David's involvement with the Group dates back to 1996 and includes him having served for more than four years as a non-executive director. In particular, David was Chairman of the Group when it was first listed on the Alternative Investment Market in 1999. I would like to thank him for all his efforts over the years and send him our warm good wishes for the future. We also announce that David Ransome, Chief Operating Officer, will be stepping down from the Group Board and leaving the Group with effect from June 2003. David has overseen the development of the people and processes required to grow the business. Now that the senior management team and Operations Board are in place and working effectively, David's role has come to a natural end. His duties will be absorbed into the role of Chief Executive Officer, with Nicholas Porter taking over full line management responsibilities for the Operations Board from April 2003. David has made an invaluable contribution to the growth and development of UNITE and will be missed by colleagues across the business. Special attention was paid in the year to reshaping and strengthening our senior management team, which is performing well. There are significant demands on all employees in growing a business in a new industry sector. We particularly appreciate the commitment, energy, flexibility and willingness to take on the challenges evidenced throughout the business, all of which have made it possible for us to put in place a dynamic strategy. We are very excited at the long-term potential which UNITE can offer to all of its stakeholders. PROSPECTS In a defining year and amidst challenging economic conditions, UNITE has proved its resilience and business proposition. We have established clear strategic objectives, consolidated management and started the process of continuous cost control, thereby establishing the platform for future growth and attractive financial returns. Our core divisions, development, manufacturing and accommodation services, have made significant progress in line with plan. I firmly believe that UNITE is well positioned to capitalise on the excellent potential of its chosen market, to continue to deliver on our stated strategy and to fulfil our shareholders' expectations. Geoffrey Maddrell Chairman Consolidated balance sheet at 31 December 2002 Note 2002 Restated 2001 £000 £000 £000 £000 Fixed assets Intangible assets 10,710 12,886 Tangible assets Investment and development properties 5 709,595 373,532 Other tangible fixed assets 21,713 7,921 731,308 381,453 Joint venture undertakings 6 Share of gross assets - 51,159 Share of gross liabilities - (37,950) - 13,209 742,018 407,548 Current assets Stocks 1,551 2,464 Debtors 18,509 33,371 Cash at bank and in hand 10,258 5,984 30,318 41,819 Creditors: amounts falling due within one year Short term build facilities and other borrowings (including convertible debt) 7 (74,359) (42,354) Other creditors (41,426) (50,399) Net current liabilities (85,467) (50,934) Total assets less current liabilities 656,551 356,614 Creditors: amounts falling due after more than one year Long term borrowings 7 (345,886) (151,931) Other creditors (2,547) (2,625) Net assets 308,118 202,058 Capital and reserves Called up share capital 8 26,901 16,989 Share premium account 136,233 71,685 Merger reserve 40,177 40,177 Revaluation reserve 135,654 81,516 Profit and loss account (30,847) (8,309) Equity shareholders' funds 308,118 202,058 Net asset value per share 286p 297p Consolidated profit and loss account for the year ended 31 December 2002 Restated 2002 2001 Note £'000 £'000 Group turnover and share of joint venture 33,872 26,312 Less: share of turnover of joint venture (999) (1,813) Group turnover - existing operations 29,103 24,499 - acquired operations 3,770 - 4 32,873 24,499 Cost of sales (8,388) (8,545) Gross profit - existing operations 21,604 15,954 - acquired operations 2,881 - 24,485 15,954 Administrative expenses - ordinary (16,583) (12,471) - exceptional 9 (1,303) - - goodwill (5,472) (75) amortisation Group operating profit 1,127 3,408 Share of results of joint venture 6 299 1,245 Profit on disposal of investment properties 461 262 Profit on ordinary activities before interest and taxation 1,887 4,915 Net interest payable and similar charges - group - ordinary 10 (17,567) (6,641) - exceptional 9 (9,744) - - joint venture 6 (211) (1,167) Loss on ordinary activities before taxation, exceptional items and goodwill amortisation 13 (9,116) (2,818) Loss on ordinary activities before taxation (25,635) (2,893) Taxation 11 - 853 Loss on ordinary activities after taxation (25,635) (2,040) Dividends paid and proposed (2,685) (1,825) Retained loss for the financial period (28,320) (3,865) Earnings per share 13 Basic (30.02)p (3.63)p Excluding goodwill amortisation, exceptional items and deferred (10.67)p (5.01)p tax Diluted (30.02)p (3.63)p Consolidated cash flow statement for the year ended 31 December 2002 Restated Note 2002 2001 £000 £000 Cash flow from operating activities 15 5,987 (8,781) Returns on investments and servicing of finance 16 (28,323) (8,325) Acquisitions and disposals 16 (1,210) (3,620) Capital expenditure and financial investment 16 (193,187) (83,075) Equity dividends paid (2,131) (1,190) Cash outflow before financing (218,864) (104,991) Financing 16 223,138 106,699 Increase in cash in the year 4,274 1,708 Reconciliation of net cash flow to movement in net debt for the year ended 31 December 2002 Restated Note 2002 2001 £000 £000 Increase in cash in the year 4,274 1,708 Cash flow from increase in debt and lease financing (168,114) (68,511) Change in net debt resulting from cash flows (163,840) (66,803) Debt acquired in subsidiary undertaking (54,807) (31,864) Loan notes issued as consideration for subsidiary undertaking - (9,300) New finance lease and hire purchase contracts - (528) Amortisation of debt issue costs (3,039) (143) Movement in net debt in the year (221,686) (108,638) Net debt at beginning of year 17 (188,301) (79,663) Net debt at end of year 17 (409,987) (188,301) Consolidated statement of total recognised gains and losses for the year ended 31 December 2002 Restated Note 2002 2001 £000 £000 (Loss) / profit for the financial year Group (25,723) (2,118) Share of joint venture 6 88 78 (25,635) (2,040) Unrealised surplus on revaluation of properties 59,732 34,360 Unrealised surplus on revaluation of joint venture 221 249 Unrealised (loss)/profit on trading with joint venture (33) 3,261 Total recognised gains and losses for the financial year 34,285 35,830 Prior year adjustment (as explained in note 3) (5,812) - Total gains and losses recognised since the last annual 28,473 35,830 report Net asset value added per share 14 40.1p 63.7p Note of consolidated historical cost profits and losses for the year ended 31 December 2002 Restated 2002 2001 £000 £000 Reported loss on ordinary activities before taxation (25,635) (2,893) Realisation of property revaluation gains of previous 514 256 years Historical cost loss on ordinary activities before (25,121) (2,637) taxation Historical cost loss for the year retained after taxation and dividends (27,806) (3,609) Reconciliation of movements in shareholders' funds for the year ended 31 December 2002 Restated 2002 2001 £000 £000 Loss attributable to ordinary shareholders (25,635) (2,040) Dividends paid and proposed (2,685) (1,825) (28,320) (3,865) Net surplus on revaluations 59,920 37,870 New share capital subscribed (net of issue costs) 74,460 83,024 Net addition to shareholders' funds 106,060 117,029 Opening equity shareholders' funds (originally £207,105,000 before deducting the prior year adjustment of £5,047,000) 202,058 85,029 Closing equity shareholders' funds 308,118 202,058 Notes 1. Basis of preparation The group accounts include the accounts of the company and its subsidiary undertakings, all of which are made up to 31 December 2002. The financial information set out in this preliminary announcement is prepared on the basis of the accounting policies set out in the most recent set of annual Financial Statements, except that during the period, the Group has adopted the requirements of Financial Reporting Standard 19 and UITF Abstract 34, as detailed in note 3. The financial information set out in this document does not constitute the company's statutory accounts for the years ended 31 December 2002 or 2001. The financial information for 2001 is derived from the statutory accounts for 2001, which have been delivered to the Registrar of Companies. The auditors have reported on the 2001 accounts; their report was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for 2002 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the company's annual general meeting. This preliminary announcement was approved by the board of directors on 25 March 2003 and satisfies the provisions of S240 of the Companies Act 1985 regarding the publication of non-statutory accounts. 2. Goodwill On 13 March 2002 the Group took full control of its London joint venture by acquiring Peabody Trust's 50 per cent interest in Peabody UNITE plc for a consideration (including the cost of the acquisition) of £16.2m, satisfied by the issue of shares with a value of £14.6m and £1.6m payable in cash. In addition, a further £4.8m was paid to settle the joint venture's indebtedness to Peabody Trust by the issue of further shares. The fair value of the net assets acquired was £12.9m, giving rise to £3.3m of goodwill. 3. Prior year adjustment During the period the Group has adopted UITF Abstract 34: Pre-contract costs. As a result, in respect of development activity, costs incurred prior to contracts being exchanged will be expensed through the profit and loss account as incurred. Costs incurred following exchange of contracts will continue to be attributed directly to the cost of the asset. Bidding costs relating to PPP-type contracts which are incurred prior to Preferred Bidder status being achieved will be expensed through the profit and loss account as incurred. The results of the prior periods have been restated on the basis of this new accounting policy, which causes more costs to be expensed in the profit and loss account but greater revaluation gains to occur, as the cost of assets is reduced. There is a timing difference between the expensing of costs and recognition of revaluation gains which amounts to £5.0m at 31 December 2001 and has been treated as a prior year adjustment. The Group has also adopted the requirements of Financial Reporting Standard 19: Deferred Tax, which requires provision for deferred tax on all timing differences. Timing differences existed at 31 December 2000 giving rise to a deferred tax liability at this date of £853,000. These timing differences had reversed by 31 December 2001 such that no provision for deferred tax is required at that date or at 31 December 2002. The comparative figures have been restated accordingly giving rise to both the appropriate balance sheet adjustments and a tax credit in the profit and loss account in 2001. 4. Segmental analysis of operations Restated 2002 2001 £'000 £'000 Turnover Investment activities Existing operations 27,586 15,219 Acquired operations 3,770 - 31,356 15,219 Development and corporate activities Existing operations 1,517 9,280 Total Existing operations 29,103 24,499 Acquired operations 3,770 - 32,873 24,499 Profit before interest and tax Investment activities 18,736 10,117 Development and corporate activities (16,849) (5,202) 1,887 4,915 Net assets Investment activities 199,990 145,410 Development and corporate activities 108,128 56,648 308,118 202,058 5. Investment and development properties Properties held Investment Developments in for future properties progress development Total £000 £000 £000 £000 Cost or valuation and net book value At beginning of year 288,620 69,539 18,407 376,566 Prior year adjustment (see note 3) - (1,209) (1,825) (3,034) At beginning of year - as restated 288,620 68,330 16,582 373,532 Additions 130,187 116,296 31,070 277,553 Disposals (2,220) - - (2,220) Transfers 118,799 (87,124) (31,675) - Transfer from other tangible fixed 998 - - 998 assets Revaluations 5,440 45,813 8,479 59,732 At 31 December 2002 541,824 143,315 24,456 709,595 At 31 December 2001 - restated 288,620 68,330 16,582 373,532 Included within investment and development properties are the following values in respect of leasehold interests: Properties held Completed Developments in for future Total Total developments progress development 2002 2001 £000 £000 £000 £000 £000 Cost or valuation and net book value Long leasehold 69,850 19,720 - 89,570 52,478 Short leasehold 11,900 - - 11,900 9,388 81,750 19,720 - 101,470 61,866 The valuation of investment and development properties comprise: 2002 2001 £000 £000 Historical cost 573,941 309,066 Revaluation 135,654 64,466 709,595 373,532 6. Joint venture undertaking Interest in joint venture £000 Cost or valuation and net book value At beginning of year - as previously reported 13,302 Prior year adjustment (see note 3) (93) At beginning of year - as restated 13,209 Share of operating profit until acquisition 299 Share of interest payable until acquisition (211) Share of retained profit until acquisition 88 Share of revaluation prior to acquisition 221 Total 13,518 Acquisition during the year (13,518) At end of year - On 13 March 2002 the Group took full control of its London joint venture by acquiring Peabody Trust's 50 per cent interest in Peabody UNITE plc, the details of which were as follows: Fair value Book value adjustments Fair value £000 £000 £000 Tangible fixed assets 103,904 312 a 104,216 Stocks and work in progress 767 130a 897 Debtors 2,125 2,125 Cash 331 331 Creditors (25,726) (1,346)b (27,072) Bank loans (54,807) (54,807) 26,594 (904) 25,690 Purchase of 50% share of net assets 12,845 Settlement of joint venture indebtedness to Peabody Trust 4,836 Goodwill 3,296 20,977 Satisfied by: Cash (including costs of acquisition, £746,899) 1,541 Shares allotted 19,436 20,977 The fair value adjustments arose as follows: a) Revaluation of the portfolio of properties to their open market value, and developments in progress to valuation at acquisition, by Timothy Butler FRICS, the Head of Group Valuation. b) A valuation of the cost of breaking Peabody UNITE plc's swaps and fixed rate loans as at the completion date. 7. Analysis of debt 2002 2001 £000 £000 Bank loans, other loans and overdrafts fall due: In one year or less, or on demand 73,607 41,909 Between one and two years 18,821 1,212 Between two and five years 65,646 87,158 In five years or more 259,858 63,215 417,932 193,494 Obligations under finance lease and hire purchase contracts fall due: 2002 2001 £000 £000 In one year or less 752 445 In more than one year 1,561 346 2,313 791 The Group has various borrowing facilities available to it. The undrawn committed facilities available at 31 December 2002 in respect of which all security conditions precedent had been met at that date were as follows: 2002 2001 £000 £000 Expiring in one year or less Build facilities 104,373 7,428 Other facilities 5,000 5,300 109,373 12,728 Expiring between two and five years 2,018 - 111,391 12,728 8. Called up share capital 2002 2001 £000 £000 Authorised 155,000,000 (2001: 120,000,000) ordinary shares of 25p each 38,750 30,000 Number of shares £000 Allotted, called up and fully paid At beginning of year 67,957,895 16,989 Acquisition of Peabody UNITE plc 6,783,945 1,696 Shares issued to raise funds 32,857,143 8,214 Share options exercised and scrip dividends 5,789 2 At end of year 107,604,772 26,901 On 16 August 2002, the Company increased its authorised share capital by £8,750,000 to £38,750,000 divided into 155,000,000 ordinary shares of 25p each by the creation of an additional 35,000,000 ordinary shares of 25p each. 9. Exceptional items The exceptional cost of £1,303,000 comprises bid costs relating to the Sheffield PPP project incurred since the Group's appointment as Preferred Bidder. As this project is no longer going to proceed, these costs have been expensed to the profit and loss account in accordance with the Group's accounting policy, but were unusually large due to the size and complexity of the proposed project. The exceptional costs of £9,744,000 comprise costs associated with the early termination of loans and related hedging instruments as a result of the securitised bond issue. 10. Interest payable and similar charges 2002 2001 £000 £000 Amounts payable on bank loans and overdrafts On loans not wholly repayable within five years 231 4,189 On loans wholly repayable within five years 10,866 4,284 On bank overdrafts 82 59 Amounts payable on other loans On asset backed bonds 13,527 - On convertible unsecured loan stock 466 609 On unsecured loan notes 285 231 Finance charges payable in respect of finance lease and hire purchase 102 7 contracts 25,559 9,379 Transfer to cost of investment and development properties (7,411) (2,178) 18,148 7,201 Less: interest receivable (581) (560) 17,567 6,641 Share of interest payable by joint venture 211 1,167 17,778 7,808 11. Taxation There is no corporation tax charge in the period due to the availability of capital allowances and tax losses to offset against taxable profits accrued. The tax credit in the prior period represents the release of the deferred tax provision created at 31 December 2000 by restatement for FRS19. 12. Dividends 2002 2001 £000 £000 Equity Interim dividend paid of 0.83p (2001: 0.83p) per 25p ordinary share 897 585 Final dividend proposed of 1.67p (2001: 1.67p) per 25p ordinary share 1,788 1,240 2,685 1,825 13. Earnings per share Basic earnings per share has been calculated using a weighted average number of shares of 85,398,488 (2001: 56,243,133) as follows: Earnings EPS After goodwill Before goodwill After goodwill Before goodwill amortisation amortisation amortisation amortisation and and and and deferred tax deferred tax deferred tax deferred tax £'000 £'000 pence pence Year ended 31 December 2002 Basic earnings (25,635) (20,163) (30.02) (23.61) Bond issue - loan cancellation costs 9,744 9,744 11.41 11.41 PPP bid costs written off 1,303 1,303 1.53 1.53 Prior to exceptional costs (14,588) (9,116) (17.08) (10.67) Year end 31 December 2001 Basic earnings (2,040) (2,818) (3.63) (5.01) The share options and convertible loan stock in issue during 2001 and 2002 do not give rise to any dilutive potential ordinary shares and therefore the basic and diluted loss per share are the same. 14. Net asset value added per share Net asset value added per share of 40.1p (2001: 63.7p) has been calculated on total gains and losses recognised in the year of £34,285,000 (2001: £35,830,000) divided by the average number of ordinary shares in issue during the year of 85,398,488 (2001: 56,243,133). 15. Reconciliation of operating profit to operating cash flows 2002 2001 £000 £000 Operating profit 1,127 3,408 Depreciation and amortisation charges 7,167 1,167 Decrease in stocks 1,532 2,124 Increase in debtors (806) (19,417) (Decrease) / increase in creditors and provisions (3,033) 3,912 Loss on sale of fixed assets - 25 Net cash inflow / (outflow) from operating activities 5,987 (8,781) 16. Analysis of cash flows 2002 2001 £000 £000 Returns on investment and servicing of finance Interest received 581 560 Interest paid (21,162) (8,885) Exceptional interest paid (7,742) - Net cash flow from returns on investment and servicing of finance (28,323) (8,325) Acquisitions and disposals Purchase of subsidiary undertaking (1,541) (4,017) Cash balances acquired with subsidiary 331 397 Net cash flow from acquisitions and disposals (1,210) (3,620) Capital expenditure and financial investments Purchase of tangible fixed assets (196,147) (86,088) Disposal of tangible fixed assets 2,960 3,063 Purchase of own shares - (50) Net cash flow from capital expenditure and financial investments (193,187) (83,075) Financing Issue of share capital 55,024 38,188 Movement on bank loans 171,088 68,856 Movement on loan notes (4,496) - Finance lease and hire purchase contracts 1,522 (345) Net cash flow from financing 223,138 106,699 17. Analysis of net debt At 1 January Acquired with At 31 2002 Cash flow subsidiary Other changes December 2002 £000 £000 £000 £000 £000 Cash at bank and in hand 5,984 4,274 - - 10,258 Financing Debt due within one year (41,909) (31,284) - (414) (73,607) Debt due after one year (151,585) (135,308) (54,807) (2,625) (344,325) Finance lease and hire purchase contracts (791) (1,522) - - (2,313) (168,114) (54,807) Net debt at end of year (188,301) (163,840) (54,807) (3,039) (409,987) This information is provided by RNS The company news service from the London Stock Exchange

Companies

Unite Group (UTG)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today