Record Results Announced - Part 2
Paragon Group Of Companies PLC
16 November 1999
Part 2
THE PARAGON GROUP OF COMPANIES PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 September 1999
Year to Year to
30 September 30 September
1999 1998
£m £m
Interest receivable 167.6 159.5
Interest payable and similar
charges (112.2) (110.0)
Net interest income 55.4 49.5
Other operating income 12.7 11.1
Total operating income 68.1 60.6
Operating expenses (31.0) (30.4)
Provisions for losses (5.8) (5.1)
Operating profit 31.3 25.1
Profit on sale of fixed assets 2.5 0.0
Profit on ordinary activities
before taxation 33.8 25.1
Tax charge on profit on
ordinary activities (3.5) (1.2)
Profit on ordinary activities
after taxation 30.3 23.9
Dividend (4.0) (3.1)
Retained profit 26.3 20.8
=== ===
Dividend - Rate per Share 3.4p 3.0p
Earnings per Share
- basic (restated) 26.1p 22.4p
- diluted (restated) 25.8p 22.1p
There have been no recognised gains or losses other than the profit for the
year.
The results for the year relate entirely to continuing operations.
THE PARAGON GROUP OF COMPANIES PLC
CONSOLIDATED BALANCE SHEET
at 30 September 1999
30 September 30 September
1999 1998
£m £m
(restated)
Assets employed :
Fixed assets
Tangible assets 3.6 21.8
Loans to customers 1,482.5 1,379.2
Investment in own
shares 2.8 2.8
1,488.9 1,403.8
Current assets
Stocks 14.5 17.6
Debtors 22.8 18.2
Cash at banks
and in hand 147.2 165.9
184.5 201.7
1,673.4 1,605.5
====== ======
Financed by :
Equity shareholders' funds
Called up share
capital 11.6 11.6
Reserves 101.9 75.2
113.5 86.8
Provisions for liabilities
and charges 4.2 4.4
Creditors
Amounts falling due
within one year 27.0 32.8
Amounts falling due
after more than
one year 1,528.7 1,481.5
1,555.7 1,514.3
1,673.4 1,605.5
====== ======
THE PARAGON GROUP OF COMPANIES PLC
NOTES:
1. This summary of results does not constitute full accounts and is unaudited.
The summary of results is prepared using the same accounting policies as were
used in preparing the accounts for the year ended 30 September 1998,
with the exception of the adoption of FRS 14 - Earnings per Share (see note
3. Below). The directors consider that the separate presentation of
provisions in the balance sheet is a more appropriate presentation in light
of the requirements of FRS 12 - Provisions, Contingent Liabilities and
Contingent Assets, which has been adopted in the year. The 1998 accounts have
been restated accordingly.
2. A final dividend of 1.9p per share is proposed, payable on 18 February 2000
with a record date of 21 January 2000.
3. The basic earnings per share figures have been calculated by dividing the
profit attributable to shareholders by the weighted average number of
ordinary shares outstanding during the period.
This calculation complies with FRS14 - Earnings per Share and is a
departure from the calculation applied in previous periods. The comparative
figures have been restated accordingly. For the year ended 30 September
1999 the weighted average number of ordinary shares outstanding was 116.0
million (1998 : 106.7 million).
The diluted earnings per share figures have been calculated by adjusting
the weighted average number of ordinary shares outstanding for the effects
of all dilutive potential ordinary shares. For the year ended 30 September
1999 the adjusted weighted average number of ordinary shares outstanding
was 117.0 million (1998: 108.0 million).
The numerator in all calculations is profit on ordinary activities
after taxation.
4. The amounts included in the balance sheet as 'Investments in own
shares' represent shares held by the trustee of the company's share option
schemes.
5. The financial information set out in the announcement does not constitute
the company's statutory accounts for the years ended 30 September 1999 or
1998. The financial information for the year ended 30 September 1998 is
derived from the statutory accounts for that year which have been delivered
to the Registrar of Companies. The auditors reported on those accounts; their
report was unqualified and did not contain a statement under section 237
(2) or 237 (3) of the Companies Act 1985. The statutory accounts for the
year ended 30 September 1999 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.
6. The 1999 Annual Report and Accounts will be posted to shareholders in
due course. Copies of this announcement are available from the Company
Secretary, The Paragon Group of Companies PLC, St. Catherine's Court,
Herbert Road, Solihull, West Midlands, B91 3QE.
THE PARAGON GROUP OF COMPANIES PLC
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 September 1999
Year to Year to
30 September 30 September
1999 1998
£m £m
Net cash inflow from
operating activities 33.2 25.8
Taxation (1.3) 0.2
Capital expenditure and
financial investment
Net increase in loans
to customers (109.5) (73.7)
Other 19.1 (2.1)
Acquisitions and disposals 0.0 (25.4)
Dividends paid (3.8) (2.5)
Management of liquid resources 23.7 (16.0)
Financing 45.2 151.2
Increase in cash in the year 6.6 57.5
==== ====
(a) Reconciliation of operating profit to net cash flows from operating
activities.
Operating profit 31.3 25.1
Provision for losses 5.8 5.1
Depreciation 1.6 1.7
Decrease/(increase) in stock 1.1 (2.4)
Increase in debtors (6.9) (3.6)
Increase/(decrease) in creditors 0.3 (0.1)
Net cash inflow from operating
activities 33.2 25.8
==== ====
(b) Reconciliation of the movement of cash with the movement in net debt.
Increase in cash in period 6.6 57.5
Cash inflow from increase in debt (44.8) (343.2)
Cash movement from changes in
liquid resources (23.7) 16.0
Movement in net debt (61.9) (269.7)
Opening net debt (1,312.4) (1,042.7)
Closing net debt (1,374.3) (1,312.4)
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