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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
Both businesses have sound and competent management and we look forward to
future growth and profitability. 
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
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. 
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. 
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
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 
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)
  Gross       1,061,593  (53,416)   1,008,177  1,480,887   324,333    1,805,220
  Distributi  (154,979)         0   (154,979)  (171,792)  (76,110)    (247,902)
  on costs                                                                    
  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)
  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  (217,240)   (55,777)   (273,017)    389,677 (707,393)    (317,716)

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

  ordinary   (349,592)  (326,781)   (676,373)    217,240  (852,863)   (635,623)
  Tax on                                                                      
  loss on                            (12,365)                          (40,133) 
  Loss on                                                                     
  ordinary                          (688,738)                         (675,756)
  Equity                              (3,279)                             4.877 
  Loss for                                                                    
  the                               (692,017)                         (670,879)
  dividends                                 0                          (46,878) 
  paid and                                                                    
  loss for                          (692,017)                         (717,757)
  per share                                                                   
  - Basic                             (5.02)p                           (5.53p) 
                            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 
  Cash at bank and in        425,556      1,169,128       12,052      573,090 
                           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                                                             
  Net assets               1,867,174      2,590,197    2,779,416    3,462,331 
  Capital and                                                                 
  Called up share          1,378,750      1,378,750    1,378,750    1,378,750 
  Share premium            1,620,302      1,620,302    1,620,302    1,620,302 
  Revaluation reserve              0        191,734            0      191,734 
  Capital redemption          27,000         27,000       27,000       27,000 
  Profit and loss        (1,158,878)      (675,881)    (246,636)      244,545 
  Equity                   1,867,174      2,541,905    2,779,416    3,462,331 
  shareholders' funds                                                         
  Equity minority                  0         48,292            0            0 
  Total capital and        1,867,174      2,590,197    2,779,416    3,462,331 
                            CALDWELL INVESTMENTS P.L.C. 
                              AS AT 31 DECEMBER 2000 
                                                            2000         1999 
                                                               £            £ 
  Net cash (outflow)/inflow from operating             (345,639)      526,074 
  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) 
  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) 
  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