RNS Number:0928I
Braime (T.F.& J.H.) (Hldgs) PLC
28 February 2003
At a meeting of the directors held here today, the accounts for the year ended
31st December 2002 were submitted and approved by the directors. The
preliminary profits statement is as follows:
Consolidated Profit and Loss Account for the year ended 31st December 2002
2002 2001
# #
Group turnover 9,981,579 9,172,928
Trading profit 400,521 297,249
Interest receivable 63,873 80,962
464,394 378,211
Interest payable 42,136 64,411
Profit before taxation 422,258 313,800
Taxation 72,582 79,415
Profit attributable to shareholders 349,676 234,385
The directors recommend the following appropriations:
Preference shares
Dividend already paid of 5.00p per share (2001 5.00p) 9,000 9,000
Ordinary shares
Interim dividend already paid of 2.20p per share
(2001 1.80p) 10,560 8,640
Proposed final dividend of 8.00p per share (2001 7.60p) 38,400 36,480
'A' Ordinary shares
Interim dividend already paid of 2.20p per share
(2001 1.80p) 21,120 17,280
Proposed final dividend of 8.00p per share (2001 7.60p) 76,800 72,960
155,880 144,360
Retained profit 193,796 90,025
Earnings per share 23.65p 15.65p
Consolidated Balance Sheet as at 31st December 2002
2002 2001
# #
Fixed assets Intangible assets 11,565 11,926
Tangible assets 623,579 637,098
635,144 649,024
Current assets Stocks 1,913,433 1,726,717
Debtors 1,836,492 1,862,051
Cash at bank and in hand 1,956,323 2,025,680
5,706,248 5,614,448
Creditors Amounts falling due within one year 2,033,529 2,128,907
Net current assets 3,672,719 3,485,541
Total assets less current liabilities 4,307,863 4,134,565
Deferred income 28,096 29,750
Net assets 4,279,767 4,104,815
Capital and reserves Called up share capital 540,000 540,000
Reserves 3,739,767 3,564,815
Shareholders' funds 4,279,767 4,104,815
Comprising:
Non-equity shareholders' funds 180,000 180,000
Equity shareholders' funds 4,099,767 3,924,815
Consolidated Cash Flow Statement for the year ended 31st December 2002
2002 2001
Notes # #
Net cash inflow from operating activities 1 409,416 283,234
Returns on investments and servicing of finance
Interest received 63,873 80,962
Interest paid (42,136) (64,411)
Non-equity dividends paid (9,000) (9,000)
12,737 7,551
Taxation
UK Corporation tax (paid)/received (36,004) 20,995
Overseas tax paid (61,839) (9,515)
(97,843) 11,480
Capital expenditure
Purchase of tangible fixed assets (103,795) (98,080)
Disposal of tangible fixed assets 26,946 3,600
(76,849) (94,480)
Equity dividends paid (141,120) (120,960)
Management of liquid resources
Increase in treasury deposits 2 (108,816) (10,894)
(Decrease)/increase in cash 3 (2,475) 75,931
Notes to Consolidated Cash Flow Statement
1. Reconciliation of operating profit to net cash inflow
from operating activities 2002 2001
# #
Operating profit 400,521 297,249
Depreciation of tangible and intangible assets 113,558 111,345
Profit on disposal of fixed assets (16,372) (3,599)
Government grants amortised (1,654) (1,656)
Increase in stocks (186,716) (166,453)
Decrease/(increase) in debtors 26,356 (9,628)
Increase in creditors 80,180 54,394
Movement in value of assets caused by foreign
exchange movements (6,457) 1,582
409,416 283,234
Effect of
Foreign
Exchange
Rate
2. Analysis of changes in net funds 2001 Cash flow Changes 2002
# # # #
Cash at bank and in hand 722,123 (178,173) - 543,950
Bank loans and overdrafts (1,048,619) 175,698 (18,844) (891,765)
(326,496) (2,475) (18,844) (347,815)
Treasury deposits 1,303,557 108,816 - 1,412,373
977,061 106,341 (18,844) 1,064,558
3. Reconciliation of net cash flow to movement
in net funds #
Decrease in cash (2,475)
Effect of foreign exchange rate changes (18,844)
(21,319)
Increase in treasury deposits 108,816
Movement in net funds in the year 87,497
Net funds at 31st December 2001 977,061
Net funds at 31st December 2002 1,064,558
The annual general meeting will be held on Friday 25th April 2003 and it is
proposed to pay the final dividend on Monday 28th April 2003 to shareholders
registered with the company on 14th March 2003.
This statement has been agreed with the company's auditors.
D. H. Brown
Company Secretary
T.F. & J.H. Braime (Holdings) P.L.C.
28th February 2003
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR NKOKNABKDOBB