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P R E L I M I N A R Y R E S U L T S 13 March 2003

P R E L I M I N A R Y R E S U L T S 13 March 2003. Sales Continuing operations 138.0 127.6 Discontinued operations 0.0 80.7 138.0 208.3 Operating profit before exceptional items Continuing operations 18.4 19.4 Discontinued operations 0.0 (0.8) 18.4 18.6

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P R E L I M I N A R Y R E S U L T S 13 March 2003

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  1. P R E L I M I N A R Y R E S U L T S 13 March 2003

  2. SalesContinuing operations 138.0 127.6Discontinued operations 0.0 80.7 138.0 208.3 Operating profit before exceptional itemsContinuing operations 18.4 19.4Discontinued operations 0.0 (0.8) 18.4 18.6 Operating margin – continuing operations 13.3% 15.2% Exceptional items (1.8) (52.1) Net interest (2.9) (3.4) Profit/(loss) before tax 13.7 (36.9) Earnings/(loss) per share 7.2p (29.1)p Earnings per share before exceptional items 6.0p 4.8p Dividend per share 3.0p 2.0p 2001£ million 2002 (restated)* Financial Highlights 2002 * 2001 restated for the adoption of FRS 19 Deferred Tax

  3. Key Features • More stable business pattern • Edible collagen volumes ahead of prior year • Adverse currency impact of £2m on operating profit • Introduction of Porcine collagen casings • Management structure realignment – one year payback • Redemption of preference shares at a discount of £7.9m • Overall indebtedness reduced from £61m to £35m

  4. 2002 Sales Analysis 2002Sales change vs. 2001 on a like-for-like basis Volume 2.7% Price / Mix (3.0)% Operations (0.3)% Foreign Exchange 0.7% Total 0.4%

  5. Regional sales by destination 2002Sales change vs. 2001 on a like-for-like basis 2002 £m Operations Exchange Total Europe 80.7 (2.7)% 3.3% 0.6% • Stronger second half in the UK market offset by weaker pricing • Growth in Western Europe markets • Eastern Europe slightly behind • Good Cutisin performance in both edible and non-edible collagen • Strength of Czech Koruna

  6. Regional sales by destination 2002Sales change vs. 2001 on a like-for-like basis 2002 £m Operations Exchange Total Americas 31.0 (2.5)% (4.4)% (6.9)% • Like-for-like volumes ahead • Solid Coria performance in the US • US collagen pricing stable • Prior year comparison reflects abnormal one-off volume benefit • Underlying sales growth in the Americas maintained • Adverse exchange impact

  7. Regional sales by destination 2002Sales change vs. 2001 on a like-for-like basis 2002 £m Operations Exchange Total Asia/Pacific 26.3 10.7% (0.5)% 10.2% • Volumes 10% ahead • Price / mix favourable • Solid collagen sales performance in Australia • Strong recovery of collagen volumes in South East Asia • Stronger second half performance in Japan

  8. Europe 80.7 (2.7)% 3.3% 0.6% Americas 31.0 (2.5)% (4.4)% (6.9)% Asia/Pacific 26.3 10.7% (0.5)% 10.2% Total 138.0 (0.3)% 0.7% 0.4% Regional sales by destination 2002 Sales change vs. 2001 on a like-for-like basis 2002 Full Year £m Operations Exchange Total

  9. 2001£ million 2002 (restated)* Profit and Loss – 2002 SalesContinuing operations 138.0 127.6Discontinued operations 0.0 80.7 138.0 208.3 Operating profit before exceptional itemsContinuing operations 18.4 19.4Discontinued operations 0.0 (0.8) 18.4 18.6 Operating margin – continuing operations 13.3% 15.2% Exceptional items (1.8) (52.1) Net interest (2.9) (3.4) Profit/(loss) before tax 13.7 (36.9) Tax (1.0)** (7.2) Minority interest (0.2) (0.1) Profit/(loss) for the year 12.5 (44.2) * 2001 restated for the adoption of FRS 19 Deferred Tax ** 2002 includes an exceptional credit of £3.2m

  10. 2001 2002 (restated)* Earnings and Dividend – 2002 Earnings per ordinary share Basic 7.2p (29.1)p Diluted 7.2p (29.1)p Before exceptional items 6.0p 4.8p Dividend per ordinary share 3.0p 2.0p * 2001 restated for the adoption of FRS 19 Deferred Tax

  11. 2001£ million 2002 (restated)* Balance Sheet Fixed assets 89.2 91.8Net current assets 25.2 36.9Long term creditors and provisions (55.7) (51.0) 58.7 77.7 Share capital, share premium and reserves 56.6 60.1Retained earnings (0.6) 15.1 56.0 75.2 Minority interest 2.7 2.5 58.7 77.7 Net debt (35.2) (24.7) Net gearing 62.9% 155.5%** * 2001 restated for the adoption of FRS 19 Deferred Tax ** Including preference shares as debt

  12. £ million 2002 2001 Cash Flow Net cash inflow from operating activities 29.3 31.1Net interest paid (3.0) (3.3)Taxation 1.8 (5.5)Capital expenditure (5.6) (7.8)Acquisitions and disposals (1.2) (1.8)Preference dividend paid (2.3) (2.4)Equity dividend paid (3.2) (6.9) Net cash flow before financing 15.8 3.4Redemption of preference shares (27.7) 0.0Exchange 1.3 0.9 (Increase)/decrease in net debt (10.6) 4.3 Interest cover 6.4* 5.4* * Calculated on operating profits – continuing operations before exceptional items

  13. £ million 2002 2001 Total Indebtedness Preference share capital – 36.0 Net debt 35.2 24.7 35.2 60.7

  14. Outlook • Continued focus on cash generation • Satisfactory start to the year • Current trading in line with expectations

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