Interim Results
CPL Resources PLC
20 February 2001
CPL PLC
INTERIM REPORT AND CHAIRMAN'S STATEMENT
FOR THE HALF YEAR ENDED 31 DECEMBER, 2000
Chairman's Interim Statement
I am pleased to report that the Group continued its record of strong growth in
the six month period ended 31st December 2000 and that our results for the
period reflect that growth. Net fee income, represented by Gross Profit, of
EUR8.2 million was 65% up on the same period last year (1999: EUR5.0 million).
Pre-tax profits increased by 40% to EUR2.7 million (199: EUR2 million).
Earnings per share amounted to EUR5.7c, an improvement of 43%.
The Group continues to grow in a highly competitive market. Our business has
performed well in all sectors and our record of strong organic growth has
continued. In addition, Careers Register, acquired in April 2000, has been
successfully integrated and is now an important part of our business. We are
continuing to pursue further opportunities for growth, both organically and by
acquisition, and the Board continues to view the future with confidence.
The Directors have declared an interim dividend of EUR0.6c per ordinary share.
The interim dividend is subject to Irish dividend withholding tax. Dividends
will be due and payable on 6th April 2001 to holders of ordinary shares at
close of business on the record date of 9th March 2001. Copies of the interim
statement will be posted to shareholders and will be available at the Group's
registered office.
John Hennessy Registered Office:
Chairman 83 Merrion Square
Dublin 2
19th February 2001
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED 31 DECEMBER 2000
Half year ended Half year ended Year ended
31 December 31 December 30 June
Notes 2000 1999 2000
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Turnover 17,248 11,542 26,004
Cost of sales (9,005) (6,538) (14,008)
-----------------------------------------
Gross Profit 8,243 5,004 11,996
Administrative expenses (4,650) (2,412) (6,132)
Distribution expenses (800) (620) (1,255)
-----------------------------------------
Operating Profit 2,793 1,972 4,609
Interest payable and
similar charges (44) (14) (41)
-----------------------------------------
Profit on Ordinary
Activities before
Taxation 2,749 1,958 4,568
Taxation on profit on
ordinary activities (700) (520) (1,211)
-----------------------------------------
Profit on Ordinary
Activities after
Taxation 2,049 1,438 3,357
Dividends paid and
proposed 2 (217) (182) (364)
-----------------------------------------
Retained Profit for the
Financial Period 1,832 1,256 2,993
Profit and Loss Account,
start of period 6,241 3,248 3,248
-----------------------------------------
Profit and Loss Account,
end of period 8,073 4,504 6,241
=========================================
Earnings per Ordinary
Share 3 5.7 cents 4.0 cents 9.3 cents
=========================================
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2000
Half year ended Half year ended Year ended
31 December 31 December 30 June
Notes 2000 1999 2000
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Fixed Assets
Tangible Assets 1,390 1,107 1,418
Intangible Assets 4,532 - 4,618
-----------------------------------------
5,922 1,107 6,036
-----------------------------------------
Current Assets
Work in progress 363 249 500
Debtors 8,852 7,513 8,617
Cash at bank and in hand 2,917 1,798 2,594
-----------------------------------------
12,132 9,560 11,711
Creditors: amounts
falling due within
one year (5,945) (3,627) (7,116)
-----------------------------------------
Net Current Assets 6,187 5,933 4,595
-----------------------------------------
Total Assets less
Current Liabilities 12,109 7,040 10,631
Creditors: amounts
falling due after more
than one year (2,000) (500) (2,354)
Provisions for Liabilities
and Charges (60) (60) (60)
-----------------------------------------
Net Assets 10,049 6,480 8,217
=========================================
Capital and Reserves
Called up share capital 3,620 3,620 3,620
Capital conversion
reserve fund 57 57 57
Share premium 1,656 1,656 1,656
Merger reserve (3,357) (3,357) (3,357)
Profit and loss account 8,073 4,504 6,241
-----------------------------------------
Shareholders' Funds
- all Equity 4 10,049 6,480 8,217
=========================================
CONSOLIDATED CASH FLOW STATEMENT
FOR THE HALF YEAR ENDED 31 DECEMBER 2000
Half year ended Half year ended Year ended
31 December 31 December 30 June
Notes 2000 1999 2000
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Net Cash Inflows from
Operating Activities 5 2,258 1,025 4,081
Returns on Investments and
Servicing of Finance (44) (14) (41)
Taxation (1,171) (940) (1,020)
Capital Expenditure and
Financial Investment (61) (54) (505)
Acquisitions, net of cash
acquired - - (2,640)
Equity Dividends paid (182) - (182)
-----------------------------------------
Cash Inflow/(Outflow)
before Financing 800 17 (307)
Financing (352) (150) 1,153
-----------------------------------------
Increase/(decrease) in
Cash before Amounts Paid
to Shareholders 448 (133) 846
Amounts Paid To
Shareholders 7 - (2,264) (2,264)
-----------------------------------------
Increase/(decrease)
in Cash 448 (2,397) (1,418)
=========================================
Reconciliation of Net Cash Flow to
Movement in Net Debt
Increase/(decrease) in
cash in the year 448 (2,397) (1,418)
Cash outflow/(inflow)
from decrease in debt and
lease financing 299 26 (1,463)
New finance leases (53) (76) -
-----------------------------------------
Movement in Net Debt in
the Period 694 (2,447) (2,881)
Net Funds, beginning of period 373 3,254 3,254
-----------------------------------------
Net Funds, end of period 6 1,067 807 373
=========================================
1. Basis of Preparation
This interim report has been prepared on the basis of the accounting policies
set out in the Annual Report for the year ended 30 June 2000, and are
presented in Euros. Euro currency amounts, denoted by the symbol 'EUR', are
included in the accounts at the fixed translation rate of EUR1 = IR£0.787564.
The figures for the half year ended 31 December 2000 are unaudited. The
comparative figures for the half year ended 31 December 1999 are also
unaudited. The amounts for the year ended 30 June 2000 represent an
abbreviated version of the Group's full financial statements for the year on
which the Auditors issued an unqualified audit report and which have been
filed with the Registrar of Companies.
2. Dividends Paid & Proposed
Half year ended Half year ended Year ended
31 December 31 December 30 June
2000 1999 2000
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Ordinary Dividends:
Interim dividend proposed 217 - -
Final dividend proposed and paid - - 182
Interim dividend proposed and paid - 182 182
-----------------------------------------
217 182 364
=========================================
The Directors have declared a dividend of EUR0.6 cents per Ordinary share in
respect of the half year ended 31 December 2000, payable on 6 April 2001 to
Shareholders on the Register on 9 March 2001.
3. Earnings Per Ordinary Share
The earnings per ordinary share is calculated on the basis that the weighted
average number of shares in issue for the period ended 31 December 2000 is
36,196,825 (period ended 31 December 1999 - 36,196,825; year ended 30 June
2000 - 36,196,825). It has been calculated based on the profit on ordinary
activities after taxation for the period ended 31 December 2000 of
EUR2,049,000 (period ended 31 December 1999 - EUR1,438,000; year ended 30 June
2000 - EUR3,357,000).
4. Reconciliation of Movement on Shareholders' Funds
31 December 31 December 30 June
2000 1999 2000
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Opening Shareholders' Funds 8,217 5,348 5,348
Share issue expenses - (124) (124)
Dividend paid and proposed (217) (182) (364)
Profit for the period 2,049 1,438 3,357
-----------------------------------------
Closing Shareholders' Funds 10,049 6,480 8,217
=========================================
5. Reconciliation of Operating Profit to Net Operating Cash Flows
Half year ended Half year ended Year ended
31 December 31 December 30 June
2000 1999 2000
EUR'000 EUR'000 EUR'000
(Unaudited) (Unaudited) (Audited)
Operating profit 2,793 1,972 4,609
Depreciation 131 58 191
Loss on disposal of fixed assets 10 6 -
Amortisation of Goodwill 86 - 57
Movement in work in progress 137 (112) (363)
Movement in debtors (235) (551) (1,099)
Movement in creditors (664) (348) 686
-----------------------------------------
Net Cash Inflows
from Operating Activities 2,258 1,025 4,081
=========================================
6. Analysis of Net Debt
Cash at bank Bank Bank Finance Net
and in hand overdraft loans leases funds
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
At 30 June, 2000 2,594 (175) (1,913) (133) 373
Cash flow 323 128 269 (26) 694
---------------------------------------------------
At 31 December, 2000 2,917 (47) (1,644) (159) 1,067
===================================================
7. Amounts Paid to Shareholders
Amounts paid to shareholders represent the proceeds of ordinary shares sold by
the shareholders as part of the admission of the Company to the Developing
Companies Market and the Alternative Investment Market.
20 February, 2001
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