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Save Group PLC (SVE)

  Print      Mail a friend       Annual reports

Wednesday 30 August, 2000

Save Group PLC

Interim Results - Part 2

Save Group PLC
30 August 2000

PART 2



Contact: Save Group PLC               Tel: 01296 395 951
         R. James Frost, Chairman
         John Murgatroyd, Group Finance Director
         Buchanan Communications      Tel: 020 7466 5000
         Charles Ryland / Catherine Miles


                       SAVE GROUP PLC
                              
     Interim Results for the 27 weeks ended 29 June 2000


Group profit and loss account
for the 27 weeks ended 29 June 2000
Unaudited and unreviewed


                        Notes            26 weeks  52 weeks
                               27 weeks     ended     ended
                                  ended   24.6.99  23.12.99
                                29.6.00  Restated  Restated
                                  £'000     £'000     £'000
                                                            
Turnover                  2     235,752   201,486   420,640
Cost of sales                  (221,128) (187,424) (391,220)
                               -----------------------------              
Gross profit                     14,624    14,062    29,420
Distribution costs         
--- other                        (9,262)   (9,183)  (19,944)
--- exceptional           4         ---      (148)     (148)
                               -----------------------------
                                 (9,262)   (9,331)  (20,092)
Administrative expenses          (3,882)   (3,858)   (7,367)
Other operating income            2,656     2,315     4,765
                               -----------------------------
                                (10,488)  (10,874)  (22,694)
                               ----------------------------
Operating profit                  4,136     3,188     6,726
                               ----------------------------
Bank interest and     
facility fees             5      (2,934)   (2,218)   (4,819)
                               ---------------------------- 
Profit on ordinary    
activities before
taxation                  2       1,202       970     1,907
Tax on profit on     
ordinary activities       3         ---       ---       ---
                                ----------------------------
Profit on ordinary            
activities after
taxation                          1,202       970     1,907
Dividends                          ---       ---       ---
                                ----------------------------
Profit retained                   1,202       970     1,907
                                ----------------------------
Earnings per share        6        1.2p       1.0p     2.0p
Adjusted earnings per  
share                     6        1.2p       1.1p     2.1p
Dividend per share                 0.0p       0.0p     0.0p
                                ---------------------------

There were no recognised gains and losses other than the
profit for the period.

Group balance sheet

as at 29 June 2000
Unaudited and unreviewed

                  Notes        At        At          At
                            29.6.00    24.6.99    23.12.99
                             £'000      £'000      £'000
Fixed assets                                               
                                                           
Tangible                   195,591    196,259    195,897
                           -----------------------------                       
           
Current assets                                             
                                                           
Stocks                       9,990     10,479      9,895
Debtors              7      12,714     13,809     11,784
Cash at bank and         
in hand                        901        982        926
                           -----------------------------
                            23,605     25,270     22,605
                           -----------------------------
Current liabilities                                        
                                                           
Creditors: amounts             
falling due
within one year:
Bank loans and
overdrafts                  47,964     60,399     53,537
Other creditors             50,146     42,264     45,119
                           ------------------------------ 
                            98,110    102,663     98,656
                           -----------------------------
Net current         
(liabilities)              (74,505)   (77,393)   (76,051)
Total assets less          
current liabilities        121,086    118,866    119,846
Provisions for                
liabilities and
charges                      1,918      1,837      1,880
                           -----------------------------
                           119,168    117,029    117,966
Capital and reserves       -----------------------------                       
           
                                                           
Called up share capital     24,462     24,462     24,462
Share premium account       68,497     68,497     68,497
Revaluation reserve            285        285        285
Profit and loss account     25,924     23,785     24,722
                           -----------------------------
Shareholders' funds        119,168    117,029    117,966
                           -----------------------------

Summarised group cash flow statement
for the 27 weeks ended 29 June 2000
Unaudited and unreviewed



                              27       27       26       52
                           weeks    weeks    weeks    weeks
                           ended    ended    ended    ended
                         29.6.00  29.6.00  24.6.99  23.12.99
                           £'000    £'000    £'000    £'000
                                                  
Net cash inflow from                  
operating activities
after restructuring costs           7,889    1,787    9,444
(note 8)
                                                            
Returns on investments              
and servicing of finance                                   

Net interest paid                  (2,483)  (3,461)  (5,303)
Net Corporation taxation                
received                             ---      ---       790
                                                            
Capital expenditure and      
financial investment

Purchase of tangible
fixed assets                (207)             (749)    (973)
Sale of tangible fixed       
assets                       349               192      617
                          -------         -----------------                    
                
Net inflow/(outflow) from               
capital expenditure and
financial investment                  142     (557)    (356)
                                       
Equity dividend paid                  ---   (3,229)  (3,229) 
                                    ------------------------                   
      
Decrease/(increase) in               
net debt                            5,548   (5,460)   1,346
                                    ------------------------
                                     
Decrease in debt                    4,000     ---     1,500
Decrease/(increase) in              
overdraft                           1,573   (5,454)     (92)
Decrease in cash                      (25)      (6)     (62)
                                    ------------------------   
Decrease/(increase) in           
net debt                            5,548   (5,460)   1,346
                                    ------------------------
Notes to the interim results
for the 27 weeks ended 29 June 2000
Unaudited and unreviewed

The  comparative figures for the 52 weeks ended 23  December
1999  have  been extracted from the Group's latest published
accounts which contain an unqualified audit report and which
have been filed with the Registrar of Companies. The figures
have been adjusted for note 5 below.

1 Basis of Accounting

The  interim results have been prepared under the historical
cost  convention  modified  to include  the  revaluation  of
certain freehold and investment properties and adopting  the
accounting  policies set out in the statutory  accounts  for
the Group for the 52 weeks ended 23 December 1999.

2 Segmental analysis

                        Turnover         Profit before tax
                          27        52         27        52 
                       weeks     weeks      weeks     weeks
                       ended     ended      ended     ended
                     29.6.00  23.12.99    29.6.00  23.12.99
                       £'000     £'000      £'000     £'000
                              
Retailing of         
petroleum products   232,908   402,841      3,765     5,902
Wholesaling of        
petroleum products     2,819    17,485        (48)      (28)
Sales promotion          
schemes                  911     2,596        419       759
Property services        ---       225          0        93
Less: Inter-company    
turnover                (886)   (2,507)       ---       ---
                     ---------------------------------------
                     235,752   420,640      4,136     6,726
Net interest                      
payable                                    (2,934)   (4,819)
                                           ----------------- 
Profit on ordinary                     
activities before
taxation                                    1,202     1,907
                                           -----------------
Net expenses of the parent undertaking have been allocated
to the divisions in arriving at the profit before tax shown
above.

3 Taxation

The taxation result is based on the profit for the period
and is made up as follows:--
                                             27       52
                                          weeks    weeks
                                          ended    ended
                                        29.6.00 23.12.99
                                          £'000    £'000
Corporation tax at 30% (1999: 30.25%)       ---      ---
                                       -----------------  

The  Group  has  trading tax losses available  for  set  off
against  future trading profits of £3.9m gross (23  December
1999: £3.5m). The taxation result includes a credit of £1.8m
gross  (52 week period ended 23 December 1999: £4.3m)  as  a
result   of   timing  differences  on  accelerated   capital
allowances on which deferred tax has not been provided.

At  29  June 2000 the Group had a pool of capital allowances
of approximately £12.5m (23 December 1999: £14.4m).
At  29  June  2000 the company had approximately £1m  (1999:
£1m) realised capital losses available for carry forward.

4 Exceptional item

The  exceptional item relates to charges under  a  Transport
Agreement which expired on 1 April 1999. No further  amounts
are expected to be incurred in respect of this matter.

5 Bank interest and facility fees
                     27 weeks    26 weeks     52 weeks
                        ended       ended        ended
                      29.6.00     24.6.99     23.12.99
                        £'000       £'000        £'000
Interest                2,652       2,193        4,653
Facility fees             282          25          166
                     ---------------------------------
                        2,934       2,218        4,819
                     ---------------------------------

Bank facility fees have been included with Bank interest for
the   first  time  with  the  comparative  figures  restated
accordingly.  This  gives  a more meaningful  comparison  of
operating profit.

6 Earnings per share and adjusted earnings per share

The calculation of earnings per share for the 27 weeks ended
29 June 2000 and the 26 weeks ended 24 June 1999 is based on
the   profit  on  ordinary  activities  after  taxation   of
£1,202,000  and  £970,000  respectively  and  on  97,849,245
ordinary  shares  of  25p each, being the  weighted  average
number  of ordinary shares in issue. The earnings per  share
for  the 52 weeks ended 23 December 1999 is as shown in  the
1999  Annual  Report and is based on the profit on  ordinary
activities  after  taxation  of  £1,907,000  and  97,849,245
ordinary  shares  of  25p each, being the  weighted  average
number   of   shares  in  issue  during  that  period.   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  exceptional  items
relating   to  the  Transport  Contract  of  £nil  (24.6.99:
£148,000; 23.12.99: £148,000) and tax credit thereon of £nil
(24.6.99:  £nil, 23.12.99: £nil). The adjusted earnings  per
share  has  been  presented to better  reflect  the  Group's
underlying  performance.  There was  no  difference  between
earnings per share and diluted earnings per share.

7 Debtors

Debtors  includes  ACT recoverable of  £5.1m  (1999:  £5.1m)
which  is recoverable in more than one year from the balance
sheet date. Recoverability of this amount is dependent  upon
the Group making future taxable trading profits. In addition
to  the amount stated above the Group has £807,250 of shadow
ACT relating to the dividend paid on 6 April 1999.


8 Net cash inflow from operating activities

                               27      26         52
                            weeks    weeks     weeks
                            ended    ended     ended
                          29.6.00  24.6.99  23.12.99
                            £'000    £'000     £'000
Operating profit            3,854    3,163     6,560
Depreciation and             
amortisation                  222      274       539
(Profit)/loss on sale      
of fixed assets               (58)      64       (40)
Movement on redemption fund    38      (75)      (32)
(Increase) in stocks          (95)    (748)     (164)
(Increase) in debtors        (930)  (1,883)     (650)
Increase in creditors       4,858      992     3,231
                            ------------------------
Net cash inflow from       
operating activities        7,889    1,787     9,444
                            ------------------------

9 Analysis of changes in  net debt

                            At                     At
                      23.12.99     Cashflow   29.6.00
                         £'000        £'000     £'000
Cash at bank and in      
hand                       926          (25)      901
Overdrafts and debt    (53,537)       5,573   (47,964)
                      --------------------------------
Net debt               (52,611)       5,548   (47,063)
                      ---------------------------------

A copy of the Interim Report will be sent to shareholders on
6 September 2000.
Further  copies  are  available from the Company  Secretary,
Save Group PLC, Walton Lodge, Walton Street, Aylesbury,
Buckinghamshire HP21 7QY.