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Save Group PLC (SVE)

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Friday 07 April, 2000

Save Group PLC

Final Results - Year Ended 23 Dec 1999, Part 2

Save Group PLC
7 April 2000



PART 2

                     SAVE GROUP PLC
                            
 Preliminary Results for the 52 weeks ended 23 December
                          1999

Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999

Group Profit and Loss Account
     
                        1999                1999     1998
                       Before     1999      After    After
                        Excep-    Excep-    Excep-   Excep-
                        tional    tional    tional   tional
           Item       Item     Item     Item
                Note   £'000      £'000     £'000    £'000
                                                       
Turnover         2   420,640        -     420,640  422,841
Cost of Sales       (391,220)       -    (391,220)(388,932)
                    ---------------------------------------                     
             
Gross Profit          29,420        -      29,420   33,909
 
Distribution    3 
costs                (19,944)      (148)  (20,092) (22,585)                     
                           
Administrative            
expenses              (7,533)        -     (7,533)  (6,899)
Other Operating      
Income                 4,765         -      4,765    5,205
                    -------------------------------------- 
                     (22,712)     (148)   (22,860) (24,279)
                    ---------------------------------------
Operating Profit       6,708      (148)     6,560    9,630
                    --------------------------------------                      
            
Net Interest          (4,653)       -      (4,653)  (5,010)
                    --------------------------------------                      
            
Profit on
ordinary a                                    
activities
before taxation 2      2,055      (148)     1,907    4,620
                                                       
Tax credit on                                    
profit on
ordinary 
activities      5       -          -          -        136
                    --------------------------------------                      
            
Profit for the     
financial year        2,055       (148)     1,907    4,756
Dividends       6       -          -         -      (3,229)
                    ---------------------------------------                     
             
Profit retained       2,055       (148)     1,907    1,527
                    --------------------------------------                      
             
Earnings per
 share         4        -                    2.0p     5.0p
Adjusted
Earnings  
per share      4      2.1p                    -       5.9p
Diluted 
Earnings   
per share      4       -                     2.0p     5.0p


Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999

Group Balance Sheet
                            1999          1998
                            £'000         £'000
                                                   
Fixed Assets              195,897       196,040
                                                   
Current Assets                                     
Stocks                      9,895         9,731
Debtors                    11,784        11,924
Cash at bank and in hand      926           988
                          ---------------------
                           22,605        22,643
                          ---------------------                         
Current Liabilities                                
                                                   
Creditors: amounts falling                
due within one year       (98,656)      (72,712)
                          ----------------------                  
Net current liabilities   (76,051)      (50,069)
                          ----------------------                  
Total assets less current
liabilities               119,846       145,971
                                          
Creditors: amounts falling                
due after more than one     
year                         -          (28,000)
                                           
Provisions for
liabilities  
and charges                (1,880)       (1,912)
                           ---------------------
                           117,966      116,059
                           ---------------------
Capital and reserves                                 
                                          
Called up share capital     24,462        24,462
Share premium account       68,497        68,497
Revaluation reserve            285           285
Profit and loss account     24,722        22,815
                           ---------------------
Shareholders' funds        117,966       116,059
                           ---------------------

Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999

Group Cash Flow Statement                                
                                                         
                           Cash                          
                           Flow
                           Note      1999   1999   1998   1998
                                    £'000  £'000  £'000  £'000
                                                         
Net cash inflow from        1              9,444         16,247
operating activities                                     
Returns on investments and                               
servicing
of finance                                               
Net interest paid                 (5,303)        (4,525)  
                                  ------------------------------
Net cash outflow from                                    
returns on investments and
servicing of
finance                                   (5,303)        (4,525)

Net UK Corporation Tax                    
received/(paid)                              790         (1,274)                
             

Capital Expenditure and                                  
financial investment

Expenditure on tangible            (973)         (3,060)
fixed assets                                    
Sale of tangible fixed           
assets                              617              93     
                                   ------------------------------               
          
Net outflow from capital
expenditure and financial 
investment                                  (356)        (2,967)

Equity dividend Paid                      (3,229)        (6,665)

Financing                                                

Share options exercised             -             2,866  
Decrease in bank loans          (1,500)          (9,000)  
                                -------------------------------- 
Net cash outflow from
financing                                 (1,500)        (6,134)
                                --------------------------------                
        
Decrease in cash           2                (154)        (5,318)
                                --------------------------------

Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999

Cashflow Notes

1.  Net Cash Inflow from Operating                 
    Activities
                                          1999     1998
                                          £'000    £'000
                                                   
    Operating Profit                      6,560    9,630
    Depreciation and amortisation           539      567
    Profit on sale of fixed assets          (40)     (50)
    Movement on redemption fund             (32)      57
    (Increase)/Decrease in stocks          (164)   2,254
    Increase in debtors                    (650)  (1,110)
    Increase in creditors                 3,231    4,899
                                          --------------
    Net cash inflow from operating
    activities                            9,444   16,247
                                         ---------------          
2.  Reconciliation of net cashflow to           
    movement in net debt
                                           1999     1998
                                          £'000    £'000
    Decrease in cash                        154    5,318
    Cash outflow from bank loan
    repayments                           (1,500)  (9,000)
                                         ----------------           
    Movement in net debt in the period   (1,346)  (3,682)
    Net debt at 25th December 1998       53,957   57,639
                                         ---------------
    Net debt at 23rd December 1999       52,611   53,957
                                         ---------------
3.  Analysis of changes in                        
    net debt
                                At                    At
                              25.12.98    Cashflow  23.12.99
                              £'000       £'000       £'000
                                                  
    Cash at bank and in hand   988          (62)       926
    Overdrafts and debt    (54,945)       1,408    (53,537)
                           ---------------------------------                    
  
    Net Debt               (53,957)       1,346    (52,611)
                           --------------------------------


Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999

Notes:

1.   The   financial   information  set   out   in   this
     preliminary statement does not constitute  statutory
     accounts  as defined in section 240 of the Companies
     Act  1985  and  has  been prepared  using  the  same
     accounting   policies  as  in  the  1998   statutory
     accounts, modified to reflect FRS 13 and  15.   This
     information  has  been extracted  from  the  Group's
     financial  statements  for  the  period  ended  23rd
     December 1999.  These financial statements have  not
     yet  been  delivered to the Registrar of  Companies,
     nor   have  the  auditors  reported  on  them.   The
     information relating to the year ended 24th December
     1998 is based on full accounts which have been filed
     with  the Registrar of Companies and upon which  the
     auditors opinion was unqualified.

2.    Turnover  and profit on ordinary activities  before
taxation


                         Turnover        Profit Before
                                           Taxation
                      1999     1998      1999     1998
                      £'000    £'000    £'000    £'000
                                                
Retailing of          
petroleum products  402,841  393,784    5,736    7,723            
Wholesaling of                                  
petroleum products   17,485   28,047      (28)     (48)
Sales promotion       2,596    3,543      759    1,158
schemes
Property services       225      900       93      797
Less: Inter-company 
turnover             (2,507)  (3,433)      -        -                  
                     ----------------------------------                         
   
                    420,640  422,841    6,560    9,630
Net interest
  payable                              (4,653)  (5,010)
                    -----------------------------------                         
  
                    420,640  422,841    1,907    4,620
                    ----------------------------------           

3.   The  exceptional  item relates to  charges  under  a
     Transport Agreement.  These charges were referred to
     an   independent  expert  under  the  terms  of  the
     Agreement, whose determinations enabled the Group to
     serve  12  months' written notice to  terminate  the
     Agreement which expired on 1st April 1999.

     The Group obtained a number of quotations for future
     possible  contracts.  The exceptional item  referred
     to  above  equates to the difference  between  those
     quotations  and the sum charged under the Agreement.
     This has been written off as an exceptional item  so
     as  to better reflect the ongoing performance of the
     Group.   No  further  amounts  are  expected  to  be
     incurred in respect of this matter.

     A  new transport agreement was signed with P&O Trans
     European Ltd which commenced on 2nd April 1999.

4.   Earnings per share:  The calculation of earnings per
     share  is based on the profit on ordinary activities
     for  the period after taxation of £1,907,000  (1998:
     £4,756,000)  and  on  97,849,245 (1998:  94,881,474)
     ordinary  shares  of  25p each, being  the  weighted
     average  number of ordinary shares  in  issue.   The
     calculation  of the adjusted earnings per  share  is
     based  on  the  profit on ordinary activities  after
     taxation  for the period and adding back the  charge
     for  the  exceptional item relating to the transport
     contract of £148,000 (1998: £833,000) and tax credit
     thereon  of  £Nil  (1998: £Nil)  calculated  at  the
     standard  tax  rate  for the period.   The  adjusted
     earnings  per  share  has been presented  to  better
     reflect the Group's underlying performance.

     The  calculation of diluted earnings  per  share  is
     based  on  ordinary activities for the period  after
     taxation  of  £1,907,000 (1998: £4,756,000)  and  on
     97,852,076 (1998: 95,569,662) ordinary shares of 25p
     each,  being the weighted number of ordinary  shares
     adjusted for the dilutive effect of share options of
     2,831 shares (1998: 688,188).

5.   The  Group has trading tax losses available for  set
     off  against  future trading profits of £3.5m  gross
     (1998:  £1.24m).   The taxation  result  includes  a
     credit  of £4.3m gross (1998: £5.5m) as a result  of
     timing differences on accelerated capital allowances
     on which deferred tax has not been provided.

     As  at 23rd December 1999 the current total pool for
     capital allowances was £14.4m (1998: £18.4m).

6.   The  Directors  do not recommend the  payment  of  a
     dividend.