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Caldwell Inv. (PRS)

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Monday 30 April, 2001

Caldwell Inv.

Final Results

Caldwell Investments PLC
30 April 2001

Chairman's Statement 
for the year ended 31 December 2000 
 
 
The positive action taken over the last two years has finally started to show
through. In my interim statement I referred to the ongoing process of
rationalisation and reorganisation within the group. We have continued this
process in the second half of the year and have now completed the disposal of
the assets of the Lawtex business and a final programme of redundancies. The
results for the year show a pre tax loss of £676,373 (1999 - £635,623) The
results in the year included losses on discontinued activities of £326,781
(1999 - £852,863). In 2000 the pre-tax loss on continuing activities,
essentially the underwear and ninaclip(R) businesses, was £349,592 (1999
profit £217,240) after charging exceptional operating costs of £254,743 (1999
£nil) and losses made on foreign currency. We would not expect these items to
recur in the current year. The results for the second half of 2000 have
reduced the loss reported for the half year and are a positive indication of
the steps taken over the last two years. No final dividend is being paid.
Equity shareholders' net assets are 13.5p (1999 18.4p). 
 
Underwear Business 
 
Germany:     The business had to deal with harsh trading and currency
conditions. In spite of these it managed another year of positive
contribution to the groups results. 
 
United Kingdom:     Following the re-organisation and consolidation of last
year, the business has settled down well and contributed to second half group
profits. 
 
Both businesses have sound and competent management and we look forward to
future growth and profitability. 
 
ninaclip(R) 
 
The sales of ninaclip brand parasols showed a material increase over the
sales of the previous year. Unfortunately, we had production problems with
our Taiwanese manufacturer of plastic components. These proved very costly to
rectify. 
 
In the autumn, at some considerable expense, we moved the production back to
the U.K. 
 
In addition, we had a total review of our ninaclip(R) strategy, decided to
reduce our immediate ambitions for the company, and stopped, for the moment,
ongoing investment in new product development with its attendant costs and
negative cash flow. 
 
Accordingly, the ninaclip(R) establishment overheads, personnel and
development programme have all been drastically cut. Nevertheless, the
international and U.K., ninaclip(R) parasol business has prospered with
orders for the first three months up on the same period last year. 
 
RE-ORGANISATION AND BOARD CHANGES 
 
Through the year action has been taken to extensively cut the level of group
establishment and personnel overheads. 
 
As part of that re-organisation, two main Board Directors resigned on 22
September 2000. Matthew Wootliff, who did a splendid job for establishing
world wide ninaclip(R) sales and Simon Cuffin-Munday, Caldwell Group Finance
Director. We thank them both for their past contributions and wish them well
for the future. 
 
In addition, Roger Henton, who had been a Non Executive Director for fifteen
years, resigned on April 18th 2001. We thank him for his past services and
wish him well for the future. 
 
We are happy to announce that Jack Posner, F.C.A., a local Leeds accountant
with many years of audit corporate finance and tax experience with smaller
Companies joined the Board as a Non-Executive Director on April 18th 2001. 
 
PROSPECTS 
 
We finished the year with strong liquidity and balance sheet, good products,
a quality customer base and a much reduced overhead structure. We believe the
group will trade profitably going forward reverting to its historic pattern
of trade of a small loss in the first half, with a larger profit in the
second. 
 
GENERAL 
 
2000 has been a year of much change and consolidation. It has not been easy,
and I would like to thank my colleagues and all Caldwell employees for their
considerable contribution. 
 
S.J. Wootliff 
Chairman 
 
27 April 2001  
 
 
 
 
                            CALDWELL INVESTMENTS P.L.C. 
                              PROFIT AND LOSS ACCOUNT 
                        FOR THE YEAR ENDED 31 DECEMBER 2000  

                                                                                

             Continuing Discontinued   Total Continuing  Discontinued      Total

                   2000      2000       2000       1999       1999          1999
           
                     £          £          £          £          £            £ 
  Turnover    6,959,989    15,141  6,975,130  7,210,786  2,659,430    9,870,216
                                                                              
                                                                              
  Cost of   (5,898,396)  (68,557)(5,966,953)(5,729,899)(2,335,097)  (8,064,996)
  sales           
                                                                              
  Gross       1,061,593  (53,416)   1,008,177  1,480,887   324,333    1,805,220
  Profit/(loss)                                                                 
                                                              
  Distributi  (154,979)         0   (154,979)  (171,792)  (76,110)    (247,902)
  on costs                                                                    
                                                                              
  Other                                                                       
  Administration  
  expenses    (936,111) (391,504) (1,327,615)  (979,568) (324,853)  (1,304,421) 
                                                              
                                                                              
  Exceptional (254,743)   389,143     134,400          0 (630,763)    (630,763)
  items                                                                     
                                                                              
  Total                                                                       
  Administration
  expenses  (1,190,854)   (2,361) (1,193,215)  (979,568) (955,616)  (1,935,184) 
                                                                
                                                                              
  Other         67,000          0      67,000     60,150         0       60,150 
  operating                                                                   
  income                                                                      
                                                                              
  Operating  (217,240)   (55,777)   (273,017)    389,677 (707,393)    (317,716)
  (loss)/                                                                  
  profit                                                                        

                                                                              
  Share of                                                                    
  associates'  (2,859)          0     (2,859)    (1,765)         0      (1,766) 
  operating                                                                   
  loss                                                                        
                                                                              
  Loss on                                                                     
  disposal          -   (181,599)   (181,599)   (79,086)   (34,339)   (113,425)
  of fixed                                                                    
  assets                                                                      
                                                                              
  Net        (129,493)   (89,405)   (218,898)   (91,586)  (111,131)   (202,717)
  interest                                                                    
  payable                                                                     
                                                                              
  (Loss)/profit                                                                 

  on                                                                      
  ordinary   (349,592)  (326,781)   (676,373)    217,240  (852,863)   (635,623)
  activities                                                                  
  before                                                                      
  taxation                                                                    
                                                                              
  Tax on                                                                      
  loss on                            (12,365)                          (40,133) 
  ordinary                                                                    
  activities                                                                  
                                                                              
                                                                              
  Loss on                                                                     
  ordinary                          (688,738)                         (675,756)
  activities                                                                  
  after                                                                       
  taxation                                                                    
                                                                              
  Equity                              (3,279)                             4.877 
  minority                                                                    
  interest                                                                    
                                                                              
  Loss for                                                                    
  the                               (692,017)                         (670,879)
  financial                                                                   
  year                                                                        
                                                                              
  Equity                                                                      
  dividends                                 0                          (46,878) 
  paid and                                                                    
  proposed                                                                    
                                                                              
  Retained                                                                    
  loss for                          (692,017)                         (717,757)
  the                                                                         
  financial                                                                   
  year                                                                        
                                                                              
  Earnings                                                                    
  per share                                                                   
  - Basic                             (5.02)p                           (5.53p) 
  and                                                                          
  diluted                                                                     
     
 
 
                            CALDWELL INVESTMENTS P.L.C. 
                          GROUP AND COMPANY BALANCE SHEET 
                               AS AT 31 DECEMBER 2000  
 
 
                                        GROUP                    COMPANY 
                                                            
                                2000           1999         2000         1999 
                                   £              £            £            £ 
  Fixed assets                                                                
  Intangible assets          344,642        344,327            0      216,369 
  Tangible assets            323,828      1,286,407                   974,340 
  Investments                      0              0    2,445,407    1,786,152 
                             668,470      1,630,734    2,445,407    2,976,861 
                                                                              
  Current assets                                                              
  Stocks                   1,802,676      2,137,232            0            0 
  Debtors falling due        945,531      1,425,675      425,432       87,824 
  within one year                                                             
  Debtors falling due                                                         
  after more than one                             0            0      460,834 
  year                                                                        
  Cash at bank and in        425,556      1,169,128       12,052      573,090 
  hand                                                                        
                           3,173,763      4,732,035      437,484    1,121,748 
                                                                              
  Creditors: amounts                                                          
  falling due within     (1,720,861)    (2,921,405)    (103,475)    (156,899) 
  one year                                                                    
                                                                              
  Net current assets       1,452,902      1,810,630      334,009      964,849 
                                                                              
  Total assets less        2,121,372      3,441,364    2,779,416    3,941,710 
  current liabilities                                                         
                                                                              
  Creditors: amounts                                                          
  falling due after        (240,000)      (843,402)            0    (479,379) 
  more than one year                                                          
                                                                              
  Provisions for            (14,198)        (7,765)            0            0 
  liabilities and                                                             
  charges                                                                     
                                                                              
  Net assets               1,867,174      2,590,197    2,779,416    3,462,331 
                                                                              
  Capital and                                                                 
  reserves                                                                    
  Called up share          1,378,750      1,378,750    1,378,750    1,378,750 
  capital                                                                     
  Share premium            1,620,302      1,620,302    1,620,302    1,620,302 
  account                                                                     
  Revaluation reserve              0        191,734            0      191,734 
  Capital redemption          27,000         27,000       27,000       27,000 
  reserve                                                                     
  Profit and loss        (1,158,878)      (675,881)    (246,636)      244,545 
  account                                                                     
  Equity                   1,867,174      2,541,905    2,779,416    3,462,331 
  shareholders' funds                                                         
  Equity minority                  0         48,292            0            0 
  interest                                                                    
  Total capital and        1,867,174      2,590,197    2,779,416    3,462,331 
  reserves                                                                    
                                                                             
   
 
 
 
                            CALDWELL INVESTMENTS P.L.C. 
                        CONSOLIDATED CASH FLOW STATEMENT 
                              AS AT 31 DECEMBER 2000 
                         
                                                                                
                                                            2000         1999 
                                                               £            £ 
  Net cash (outflow)/inflow from operating             (345,639)      526,074 
  activities                                                                  
                                                                              
  Returns on investments and servicing of finance                             
  Interest received                                       27,609       15,386 
  Interest paid                                        (246,507)    (218,102) 
                                                                              
  Net cash outflow                                     (218,898)    (202,716) 
                                                                              
  Taxation                                                                    
  Tax paid                                              (51,420)     (39,775) 
                                                                              
  Net cash outflow                                      (51,420)     (39,775) 
                                                                              
  Capital expenditure and financial investment                                
  Purchase of intangible fixed assets                   (37,518)     (86,042) 
  Purchase of tangible fixed assets                     (92,185)    (127,363) 
  Purchase of minority interest                         (37,500)            0  
  Receipt from sale of fixed assets                      775,180            0  
                                                                              
  Net cash inflow/(outflow)                              607,977    (213,405) 
                                                                              
  Equity dividends paid                                        0    (135,118) 
                                                                              
  Net cash outflow before financing                      (7,980)     (69,940) 
                                                                              
  Financing                                                                   
  Issue of shares                                              0      623,181 
  Repayment of loans                                   (657,744)    (172,564) 
  Capital element of finance lease payments             (28,157)     (12,803) 
                                                                              
  Net cash (outflow)/inflow                            (685,901)      437,814 
                                                                              
  (Decrease)/Increase in cash in the year              (693,881)      372,874