RNS Number:0413M
Henlys Group PLC
06 June 2003
Date: 6 June 2003.
Contacts: Henlys Group plc
Allan Welsh Chief Executive
Brian Chivers Finance Director
Telephone: 020 8953 9953
Citigate Dewe Rogerson
Chris Barrie
Rupert Steveney
Telephone: 020 7638 9571
HENLYS GROUP plc
Interim Results for the Six Months Ended 31 March 2003 and Trading Update
Salient Points
6 months 6 months
ended ended
31 March 2003 30 June 2002
Turnover including Joint Ventures #232.1m #324.9m
and Associates
Underlying Operating Profit * # 8.2m # 16.4m
Underlying Pre-tax Profit * # 1.3m # 8.6m
Underlying Earnings per Share * 1.1p 7.6p
Interim Dividend per Share 1.0p 2.5p
*Before amortisation of goodwill and exceptional costs.
Six Months to March 2003
* Reduced sales due to seasonally low period for Blue Bird school bus
business (comparative six months to June 2002 has a different seasonal
pattern) and weakness in North American tourism towards the end of the
period.
* Blue Bird result adversely affected by production problems at North
Georgia school bus plant.
* Management changes implemented at Blue Bird business:new operational team
in place.
* New vehicle launches at Blue Bird highly successful:excellent customer
reaction to new Blue Bird school bus, motorhome, commercial bus and coach
products.
* Encouraging profit growth in Prevost and Nova Bus and continuing
double-digit margin in TransBus.
* Interim dividend reduced to 1p to reflect weaker trading results.
Current Trading and Outlook
* Markets adversely affected by the Iraq war and SARS, primarily demand for
luxury coaches.
* The Blue Bird North Georgia recovery plan is well underway but will take
several months to complete.
* Full year results will be substantially below previous consensus forecasts
and additionally there will be an exceptional charge of some #10million
related to the problems in North Georgia.
* With the success of new vehicle launches and strengthening of Blue Bird
management, there is high confidence of a recovery in 2004 and delivery of
strong growth thereafter.
Allan Welsh, Chief Executive, said:-
"It is disappointing that the short-term difficulties in North Georgia and
reduced travel in North America have affected our forecast for 2003. However
with a much stronger management team now in place at Blue Bird, and our new
vehicles so well received in the marketplace, I am confident we have laid the
foundation for a positive recovery."
____________________________________________________
Henlys Group plc is the leading bus and coach manufacturer in North America.
Through Blue Bird Corporation, Prevost Car and Nova Bus it produces a
comprehensive range of vehicles including luxury touring coaches, school buses,
city buses and coach shells for prestige motorhomes. Henlys also has a 30%
shareholding in TransBus International, a major European bus and coach builder.
2.
HENLYS GROUP plc
Unaudited Interim Results
For the Six Months Ended 31 March 2003
Interim Statement and Trading Update
Introduction
The first half of the 2002/3 fiscal year was characterised by lower economic
activity and consumer confidence in the USA and increasing pressure on State and
Federal budgets. In the latter part of the period this was compounded by a
substantial downturn in global travel and tourism in the run up to the war in
Iraq.
Towards the end of the six months Blue Bird experienced a capacity constraint at
its North Georgia school bus plant. As part of a company-wide manufacturing
rationalisation programme that plant absorbed volume previously supplied from
two other Blue Bird facilities. Delivery delays and internal quality failures
occurred as a result of the volume ramp-up and the transfer of more complex
school bus models.
Despite these short-term challenges, there have been important successes in
building the foundation for the Group's recovery. In particular, good progress
has been made in launching Blue Bird's new products, the majority of which are
now entering production. There has been an excellent reaction from distributors
and final customers to all of these new vehicles.
Financial Results
Following the recent change of accounting dates, these interim results are the
first to cover the October to March period, when seasonal demand for Blue Bird's
products is lowest.
For the six months to 31 March 2003 total turnover including joint ventures and
associates was #232.1m (January to June 2002 #324.9m). This includes #43.9m for
associates (January to June 2002 #44.2m). Group operating profit before
exceptional costs and amortisation of goodwill was #8.2m compared with #16.4m in
January to June 2002. The main reasons for the lower turnover and operating
profit are the significantly weaker seasonal period included this year for Blue
Bird school buses and the production problems at North Georgia which incurred
additional costs and delayed supply of some vehicles until after the period end.
Pre-tax profit before exceptional costs and amortisation of goodwill was #1.3m
(January to June 2002 #8.6m). Earnings per share on the same basis was 1.1p
compared with 7.6p in January to June 2002, and fully diluted EPS 3.8p (8.9p
January to June 2002). The Group's net debt at 31 March 2003 was #303.0m
against #307.8m at 30 June 2002.
Blue Bird
The overall market for school buses was broadly flat in the first half year
although pressure on State budgets has been increasing. Demand for motorhomes
and commercial buses reduced in the second quarter, affected by business
uncertainty in the build-up to the war in Iraq. There was a more significant
negative effect on coach volumes, which were already depressed before the impact
of the SARS virus.
Blue Bird made an operating loss of #0.2m before exceptional costs and
amortisation of goodwill compared with an operating profit of #9.9m in January
to June 2002. This reflects the impact of the seasonally low delivery period
for school buses and also lower sales of motorhome, commercial bus and coach
products as Blue Bird phased out a number of old models and produced only the
initial launch volumes of six new models. Additional costs were also incurred
at North Georgia related to the production and quality problems. A recovery
programme is now underway at that site.
Market reaction to all the new Blue Bird vehicles has been extremely positive -
the Xcel 102 standard floor height bus, Ultra LF and LMB low-floor midi-buses,
M380 motorhome and Blue Bird Vision school bus are now in the early stages of
production.
To improve financial and market focus on the different product ranges Blue Bird
has been reorganised into three separate Business Units - School Bus, Commercial
Bus, Motorhome/Coach. The key positions in the new management structure have
now been filled, many by external recruitment.
Prevost Car Inc and Nova Bus Corporation
The Group has a 50% shareholding in these joint ventures. The Group's share for
the period was #3.9m operating profit before exceptional costs and amortisation
of goodwill (#1.5m in January to June 2002).
Prevost again maintained market share in coaches, and continued to trim its cost
base to cope with the depressed North American coach market. Demand for
motorhome shells held up better, and new market applications are emerging for
these high-specification coach shells.
Nova Bus is now delivering the expected benefits of exiting the two US plants
closed in the last year. During the first half further operational improvement
was achieved with reduced build times and improved quality levels.
TransBus International
The Group has a 30% shareholding in TransBus. As announced previously, with the
Group's change of year-end TransBus results will now be included in Group
financial results with a three-month lag. Therefore this interim report
includes the TransBus figures from June to December 2002.
The Group's share of TransBus produced an operating profit before exceptional
costs and amortisation of goodwill of #4.4m (#5.1m January to June 2002).
TransBus maintained its market leadership in the UK, and continued to develop
selected export markets. The re-structured coach operation achieved 30% sales
growth in 2002. The introduction of the congestion charge in London is expected
to have a positive effect on bus ridership, opening up market opportunities if
similar schemes are adopted by other UK cities.
Current Trading and Outlook
Demand in North America has deteriorated due to the effects of the Iraq war and
SARS on tourism and consumer confidence in general. This has had a particular
impact on the level of demand for luxury coaches. Whilst the recovery programme
in North Georgia is well underway, it will take several more months to complete.
As a result of these factors, the Group's full-year results will be
substantially below previous consensus forecasts. In addition, these results
will include an exceptional charge of some #10m related to the problems in Blue
Bird North Georgia.
Although these factors have combined to impact adversely the Group's short-term
results, some notable progress has also been made in this period with the
improved performance of Nova Bus, the successful launch of new vehicles and
strengthening of the Blue Bird management structure to resolve the short-term
production and quality issues in North Georgia.
In light of the Group's existing bank facilities being due to expire in
September 2004, management is in the process of discussing the refinancing of
these facilities with its lenders. The Group is currently operating within the
terms of it facilities.
In overall terms the Board remains confident that the Group's current strategy
will enable the Group to achieve a recovery in 2004 and deliver strong growth
thereafter.
Dividend
The Board has declared an interim dividend of 1.0p to be paid on 12 August 2003
to holders of Ordinary Shares on the register at close of business on 18 July
2003.
T. Allan Welsh
Chief Executive
6 June 2003.
HENLYS GROUP plc
Group Profit and Loss Account
For the Half Year Ended 31 March 2003 (Unaudited)
6 months ended 31 March 2003 6 months ended 30 June 2002
Interest Interest Interest Interest
Group In Joint In Total Group In Joint In Total
Ventures Associates Ventures Associates
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Turnover
Existing 127,205 60,955 43,902 232,062 195,220 85,447 44,250 324,917
operations
====== ======= ======== ======= ========= ======== ======= =======
Operating (Loss)/
Profit
Existing (161) 3,949 4,426 8,214 9,859 1,450 5,101 16,410
operations
Amortisation
of (8,700) (551) (863) (10,114) (9,547) (588) (863) (10,998)
goodwill
Exceptional
costs - - (108) (108) - - (393) (393)
------- -------- --------- ----------- ------------ ------- -------- ----
(8,861) 3,398 3,455 (2,008) 312 862 3,845 5,019
Share of
operating 3,398 ---------- ------------ ---------- 862 ---------- ----------- -------
profit in
joint
ventures
Share of
operating 3,455 3,845
profit in
associates
------------ ------------
Total
Operating (2,008) 5,019
(Loss)/
Profit
Share of profit
on 1,150 -
disposal of fixed
assets in
associates
Interest
payable (6,958) (7,807)
(net)
------------- ------------
Loss on
Ordinary (7,816) (2,788)
Activities
before
Taxation
Taxation (758) (2,709)
------------ -----------
Loss after (8,574) (5,497)
Taxation
Dividends (762) (1,904)
------------ --------------
Transfer
from (9,336) (7,401)
Reserves
========= =========
Adjusted
Profit 1,256 8,603
before
Taxation
========= =========
(Loss)/Earnings
per Share
Basic (11.3)p (7.2)p
========= =========
Adjusted 1.1p 7.6p
========= =========
Diluted (5.8)p (2.5)p
======== =========
Adjusted
diluted 3.8p 8.9p
========= =========
Reconciliation of
Adjusted Profit
before Taxation
Adjusted profit 1,256 8,603
before taxation
Amortisation (10,114) (10,998)
of goodwill
Exceptional costs (108) (393)
Share of profit 1,150 -
on disposal of
fixed assets in
associates
------------ ----------
Loss before (7,816) (2,788)
taxation per
accounts
======== =======
HENLYS GROUP plc
Group Profit and Loss Account
For the Half Year Ended 31 March 2003 (Unaudited)
9 months ended 30 September 2002
Interest Interest
Group In Joint In Total
Ventures Associates
#'000 #'000 #'000 #'000
Turnover
Existing operations 358,061 120,457 44,250 522,768
===== ===== ======= ======
Operating (Loss)/Profit
Existing operations 22,292 4,119 5,101 31,512
Amortisation of goodwill (14,001) (873) (1,295) (16,169)
Exceptional costs (6,105) (1,731) (393) (8,229)
---------- ---------- ------------ --------
2,186 1,515 3,413 7,114
Share of operating profit in joint 1,515 ---------- ------------ -----------
ventures
Share of operating profit in 3,413
associates
----------
Total Operating (Loss)/Profit 7,114
Share of profit on disposal of
fixed assets in associates -
Interest payable (net) (11,106)
----------
Loss on Ordinary Activities before (3,992)
Taxation
Taxation (3,693)
----------
Loss after Taxation (7,685)
Dividends (5,826)
----------
Transfer from Reserves (13,511)
======
Adjusted Profit before Taxation 20,406
======
(Loss)/Earnings per Share
Basic (10.1)p
======
Adjusted 18.4p
======
Diluted (3.1)p
======
Adjusted diluted 18.8p
======
Reconciliation of Adjusted Profit
before Taxation
Adjusted profit before taxation 20,406
Amortisation of goodwill (16,169)
Exceptional costs (8,229)
Share of profit on disposal of
fixed assets in associates
--------
Loss before taxation per accounts (3,992)
======
HENLYS GROUP plc
HENLYS GROUP plc
Group Balance Sheet
As at 31 March 2003 (unaudited)
31 March 2003 30 June 2002
Interest Interest
Group In Joint Total Group In Joint Total
Ventures Ventures
#'000 #'000 #'000 #'000 #'000 #'000
Fixed Assets
Intangible 312,484 17,298 329,782 322,476 18,131 340,607
Tangible 29,179 13,917 43,096 26,632 17,019 43,651
Investments 102,675 (30,711) 71,964 105,572 75,864
(29,708)
--------- --------- --------- --------- --------- ----------
444,338 444,842 454,680 460,122
504 5,442
--------- --------- --------- --------- --------- ----------
Current Assets
Stocks 101,502 34,996 136,498 133,514 40,295 173,809
Debtors 27,850 29,183 57,033 36,062 40,071 76,133
Cash at bank and in hand 18,666 5,294 23,960 6,987 2,519 9,506
--------- --------- --------- --------- --------- ----------
148,018 69,473 217,491 176,563 82,885 259,448
Creditors
Amounts falling due within
one year (187,053) (59,661) (246,714) (170,753) (255,977)
(85,224)
-------- -------- -------- -------- -------- --------
Net Current (Liabilities)/Assets (39,035) 9,812 (29,223) 5,810 (2,339) 3,471
--------- --------- --------- --------- --------- ----------
Total Assets less Current
Liabilities 405,303 10,316 415,619 460,490 3,103 463,593
Creditors: Amounts falling due
after more than one year:
Convertible debt (151,831) - (151,831) (157,449) - (157,449)
Other creditors (47,156) (1,054) (48,210) (67,436) (2,055) (69,491)
Provision for liabilities
and charges (25,589) (9,262) (34,851) (34,013) (1,048) (35,061)
--------- --------- --------- --------- --------- ----------
Net Assets 180,727 - 180,727 201,592 - 201,592
====== ====== ====== ====== ====== ======
Equity Shareholders' Funds 180,727 201,592
===== =====
Net Debt 303,005 307,757
===== =====
30 September 2002
Interest
Group In Joint Total
Ventures
#'000 #'000 #'000
Fixed Assets
Intangible 314,244 16,688 330,932
Tangible 26,240 15,589 41,829
Investments 101,117 (28,228) 72,889
---------- --------- ----------
441,601 4,049 445,650
---------- --------- ----------
Current Assets
Stocks 86,315 35,901 122,216
Debtors 29,244 35,897 65,141
Cash at bank and in hand 39,991 2,142 42,133
---------- --------- ----------
155,550 73,940 229,490
Creditors
Amounts falling due within
one year (157,838) (60,781) (218,619)
---------- -------- ---------
Net Current (Liabilities)/Assets (2,288) 13,159 10,871
---------- --------- ----------
Total Assets less Current
Liabilities 439,313 17,208 456,521
Creditors: Amounts falling due
after more than one year:
Convertible debt (152,614) - (152,614)
Other creditors (64,820) (1,110) (65,930)
Provision for liabilities
and charges (32,645) (16,098) (48,743)
---------- --------- ----------
Net Assets 189,234 - 189,234
====== ====== ======
Equity Shareholders' Funds 189,234
=====
Net Debt 254,992
=====
HENLYS GROUP plc
Statement of Total Recognised Gains and Losses
For the Half Year Ended 31 March 2003 (unaudited)
6 months to 6 months to 9 months to
31 March 2003 30 June 2002 30 Sept 2002
#'000 #'000 #'000
Loss for the financial period (8,574) (5,497) (7,685)
Foreign exchange gain/(loss) on retranslation
of investments and goodwill 270 (20,181) (38,538)
Foreign exchange gain on retranslation of loans 526 14,663 27,898
Tax effect of foreign exchange movements 33 243 (883)
----------------- -------------- --------------
Total recognised gains and losses relating to the period (7,745) (10,772) (19,208)
----------------- -------------- --------------
HENLYS GROUP plc
Reconciliation of Movements in Equity Shareholders' Funds
For the Half Year Ended 31 March 2003 (unaudited)
6 months to 6 months to 9 months to
31 March 2003 30 June 2002 30 Sept 2002
#'000 #'000 #'000
Loss for the financial period (8,574) (5,497) (7,685)
Dividends (762) 1,904) (5,826)
Net foreign exchange gain/(loss) on translation of
investments, goodwill and loans 796 (5,518) (10,640)
Tax effect of foreign exchange movements 33 243 (883)
-------------- -------------- ------------
Net reduction to equity shareholders' funds (8,507) (12,676) (25,034)
Equity shareholders' funds at beginning of period 189,234 214,268 214,268
-------------- -------------- ------------
Equity shareholders' funds at end of period 180,727 201,592 189,234
========== =========== ==========
HENLYS GROUP plc
Group Cash Flow Statement
For the Half Year Ended 31 March 2003 (unaudited)
6 months 6 months 9 months
ended ended Ended
31 March 2003 30 June 2002 30 Sept 2002
#'000 #'000 #'000
Net cash (outflow)/inflow from operating activities (27,103) (30,659) 18,419
------------------ -------------------- ----------------
Dividends and interest received from joint ventures
and associates 2,840 4,171 7,374
------------------ -------------------- ----------------
Returns on investments and servicing of finance
Interest received - - 767
Interest paid (8,154) (6,179) (8,511)
------------------ -------------------- ----------------
(8,154) (6,179) (7,744)
------------------ -------------------- ----------------
Taxation 699 1,010 1,479
------------------ -------------------- ----------------
Capital expenditure and financial investment
Purchase of tangible fixed assets and product (12,873) (7,365) (14,705)
development
Sale of tangible fixed assets - 15 15
Sale of fixed asset investments 1,733 2 2
------------------ -------------------- ----------------
(11,140) (7,348) (14,688)
------------------ -------------------- ----------------
Equity dividends paid (5,826) (2,589) (2,589)
------------------ -------------------- ----------------
Cash (outflow)/inflow before financing (48,684) (41,594) 2,251
------------------ -------------------- ----------------
Financing
Issue of new loans 44,182 52,158 42,150
Repayment of loans (17,522) (8,778) (8,830)
Issue of ordinary share capital - - -
----------------- ---------------- ---------------
26,660 43,380 33,680
---------------- ----------------- --------------
---------------- ----------------- --------------
(Decrease)/increase in cash in the period (22,024) 1,786 35,931
=========== =========== ==========
HENLYS GROUP plc
Notes to the Group Cash Flow Statement
For the Half Year Ended 31 March 2003 (unaudited)
1. Reconciliation of operating profit to net cash (outflow) / inflow from
operating activities
6 months 6 months 9months
ended ended ended
31 March 2003 30 June 2002 30 Sept 2002
#'000 #'000 #'000
Operating (loss)/profit (2,008) 5,019
7,114
Share of operating profit in joint ventures (3,398) (862)
(1,515)
Share of operating profit in associates (3,455) (3,845)
(3,413)
Depreciation and amortisation of goodwill 10,446 11,074
16,399
Profit on sale of fixed assets and businesses - -
146
Movement in value of fixed asset investments 24 41
(1)
Movement in working capital (28,712) (42,086)
(311)
----------------- ---------------- --------------
Net cash (outflow) / inflow from operating Activities (27,103) (30,659) 18,419
============ =========== =========
2. Reconciliation of net debt
6 months 6 months 9 months
ended ended ended
31 March 2003 30 June 2002 30 Sept 2002
#'000 #'000 #'000
(Decrease) / increase in cash in the period (22,024) 1,786 35,931
Cash (inflow) / outflow from (increase) / decrease in (26,660) (43,380) (33,680)
debt
-------------- --------------- -------------
Movement in net debt resulting from cash flows (48,684) (41,594) 2,251
Translation difference 863 14,732 23,745
Amortisation of debt issue costs (192) (192) (285)
-------------- --------------- -------------
Movement in net debt in period (48,013) (27,054) 25,711
Net debt at beginning of period (254,992) (280,703) (280,703)
-------------- --------------- -------------
Net debt at end of period (303,005) (307,757) (254,992)
========== ========== =========
HENLYS GROUP plc
NOTES
1. Preparation of Interim Financial Statements
The Interim Financial Statements have been prepared on the basis of the
accounting policies set out in the Group's 2002 statutory financial statements.
The statements were approved by a duly appointed and authorised committee of the
board of directors on 6 June 2003. The half year figures are neither audited nor
reviewed.
The financial information does not constitute statutory financial statements for
the purpose of section 240 of the Companies Act 1985. The figures for the period
ended 30 September 2002 have been extracted from the statutory financial
statements which have been filed with the Registrar of Companies. The Auditors'
report for the period ended 30 September 2002 was unqualified and did not
contain any statement under section 237 of the Companies Act 1985.
2. Segmental Reporting
Total turnover and operating profit, before amortisation of goodwill and
exceptional costs, by geographical origin were :
6 Months to 31 March 2003 6 Months to 30 June 2002 9 Months to 30 September 2002
Turnover Operating Turnover Operating Turnover Operating
Profit Profit Profit
#'000 #'000 #'000 #'000 #'000 #'000
North American 188,160 3,788 280,667 11,309 478,518 26,411
operations
UK operations 43,902 4,426 44,250 5,101 44,250 5,101
------------ ------------- ----------- ----------- ------------ -------------
232,062 8,214 324,917 16,410 522,768 31,512
Less: share of (5,101)
associated
(43,902) (4,426) (44,250) (44,250) (5,101)
Company
------------ ------------- ----------- ----------- ------------ -------------
188,160 3,788 280,667 11,309 478,518 26,411
========= ========= ========== ========== ======== =========
3. Exceptional Costs
The exceptional costs of #108,000 in the six months ended 31 March 2003 comprise
the Group's share of TransBus reorganisation costs and warranty costs in respect
of chassis no longer in production.
4. Taxation
Taxation has been provided at the rate estimated to be applicable for the full
year.
5. Dividends
The interim dividend declared at the rate of 1.0p per Ordinary share (2002 -
2.5p per share) will be paid on 12 August 2003 to shareholders on the register
at the close of business on 18 July 2003.
6. Earnings per share
The calculation of earnings per share is based on the profit after taxation.
The weighted average number of Ordinary shares in issue during the period
amounted to 76,153,761 (2002 - 76,153,761).
Fully diluted earnings per share is based on the profit after taxation and the
weighted average number of Ordinary shares in issue during the period adjusted
for the exercise of outstanding share options and convertible loan stock.
Adjusted earnings per share for basic and fully diluted is calculated on the
profit after taxation excluding amortisation of goodwill and exceptional costs.
.
7. US Dollar Translation of Interim Statements
The US dollar presentation of the interim statements has been prepared on the
following basis:-
The profit and loss account and cash flow statement have been translated using
the average monthly exchange rates applied to the monthly results.
The balance sheet has been translated at the closing rate at 31 March 2003 of #1
=US$1.5807 (30 June 2002 - #1=US$1.5243 and 30 September 2002 -#1=US$1.5726).
8. TransBus
As previously reported these interim results for the six months to 31 March 2003
include the Group's share of the trading results of TransBus for the six month
period from July to December 2002.
9. Interim Report
The Interim Report is expected to be posted to shareholders on 13 June 2003.
Copies will be available to the public at the Registered Office of the Company
at 1 Imperial Place, Elstree Way, Borehamwood, Herts. WD6 1JJ.
The Company is registered in England and Wales. The Company's registered number
is 435086.
HENLYS GROUP plc
Group Profit and Loss Account (US Dollars)
For the Half Year Ended 31 March 2003 (Unaudited)
6 months ended 31 March 2003 6 months ended 30 June 2002
Interest Interest Interest Interest
Group In Joint In Total Group In Joint In Total
Ventures Associates Ventures Associates
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Turnover
Existing 201,840 96,698 69,819 368,357 283,986 123,554 63,980 471,520
operations
====== ====== ======== ====== ======= ======= ======= ======
Operating (Loss)/
Profit
Existing (314) 6,253 7,059 12,998 14,568 2,131 7,415 24,114
operations
Amortisation of (13,809) (875) (1,370) (16,054) (13,785) (849) (1,246) (15,880)
goodwill
Exceptional costs - - (171) (171) - (583) (583)
---------- ---------- ----------- ---------- ---------- ---------- ----------- ----------
(14,123) 5,378 5,518 (3,227) 783 1,282 5,586 7,651
Share of
operating 5,378 ---------- ----------- ---------- 1,282 ---------- ----------- ----------
profit in joint
ventures
Share of operating 5,518 5,586
profit in
associates
Total Operating (3,227) 7,651
(Loss)/Profit
Share of profit on 1,821
disposal of fixed -
assets in
associates
Interest payable (11,039) (11,278)
(net)
-------- ---------
Loss on Ordinary (12,445) (3,627)
Activities before
Taxation
Taxation (1,192) (4,043)
-------- ---------
Loss after (13,637) (7,670)
Taxation
Dividends (1,210) (2,749)
-------- ---------
Transfer from (14,847) (10,419)
Reserves
====== =====
Adjusted Profit 1,959 12,836
before Taxation
====== =====
Reconciliation of
Adjusted Profit
before Taxation
Adjusted Profit 1,959 12,836
before Taxation
Amortisation of (16,054) (15,880)
goodwill
Exceptional costs (171) (583)
Share of profit on 1,821 -
disposal of fixed
assets in
associates
Loss before (12,445) (3,627)
taxation per
accounts
====== =====
HENLYS GROUP plc
Group Profit and Loss Account (US Dollars)
For the Half Year Ended 31 March 2003 (Unaudited)
9 months ended 30 September 2002
Interest Interest
Group In Joint In Total
Ventures Associates
US$'000 US$'000 US$'000 US$'000
Turnover
Existing operations 536,120 177,799 63,980 777,899
Operating (Loss)/Profit
Existing operations 33,836 6,256 7,415 47,507
Amortisation of goodwill (20,688) (1,290) (23,891)
(1,913)
Exceptional costs (9,500) (2,659) (12,742)
(583)
--------- -------- --------- --------
3,648 2,307 4,919 10,874
Share of operating profit in joint ventures 2,307 -------- --------- --------
Share of operating profit in associates 4,919
----------
Total Operating (Loss)/Profit 10,874
Share of profit on disposal of fixed assets -
in associates
Interest payable (net) (16,398)
----------
Loss on Ordinary Activities before Taxation (5,524)
Taxation (5,555)
-----------
Loss after Taxation (11,079)
Dividends (8,618)
----------
Transfer from Reserves (19,697)
======
Adjusted Profit before Taxation 31,109
======
Reconciliation of Adjusted Profit before
Taxation
Adjusted Profit before Taxation 31,109
Amortisation of goodwill (23,891)
Exceptional costs (12,742)
Share of profit on disposal of fixed assets -
in associates
---------
Loss before taxation per ccounts (5,524)
======
HENLYS GROUP plc
Group Balance Sheet (US Dollars)
As at 31 March 2003 (unaudited)
31 March 2003 30 June 2002
Interest Interest
Group In Joint Total Group In Joint Total
Ventures Ventures
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Fixed Assets
Intangible 493,943 27,343 521,286 491,550 27,637 519,187
Tangible 46,123 21,999 68,122 40,595 25,942 66,537
Investments 162,298 (48,545) 113,753 160,923 (45,284) 115,639
-------- -------- --------- ------- -------- ----------
702,364 703,161 693,068 8,295 701,363
797
-------- -------- --------- --------- --------- --------
Current Assets
Stocks 160,444 55,318 215,762 203,515 61,422 264,937
Debtors 44,022 46,130 90,152 54,969 61,080 116,049
Cash at bank and in hand 29,505 37,873 10,650 3,840 14,490
8,368
-------- -------- --------- --------- --------- --------
233,971 109,816 343,787 269,134 126,342 395,476
Creditors
Amounts falling due within one (295,675) (94,306) (389,981) (260,278) (129,907) (390,185)
year
-------- -------- --------- --------- --------- --------
Net Current (Liabilities)/Assets (61,704) 15,510 (46,194) 8,856 (3,565) 5,291
-------- -------- --------- --------- --------- --------
Total Assets less Current
Liabilities
640,660 16,307 656,967 701,924 4,730 706,654
Creditors: Amounts falling due
after more than one year
Convertible debt (240,000) (240,000) (240,000) (240,000)
- -
Other creditors (74,538) (76,204) (102,792) (3,132) (105,924)
(1,666)
Provision for liabilities and (40,449) (55,090) (51,846) (1,598) (53,444)
charges (14,641)
Net Assets 285,673 285,673 307,286 - 307,286
-
====== ====== ====== ====== ====== ======
Equity Shareholders' Funds 285,673 307,286
====== =====
Net Debt 478,960 469,114
====== ======
HENLYS GROUP plc
Group Balance Sheet (US Dollars)
As at 31 March 2003 (unaudited)
30 September 2002
Interest
Group In Joint Total
Ventures
US$'000 US$'000 US$'000
Fixed Assets
Intangible 494,180 26,244 520,424
Tangible 41,265 24,515 65,780
Investments 159,017 (44,391) 114,626
------------ -------------- ----------
694,462 6,368 700,830
------------ ------------- ----------
Current Assets
Stocks 135,739 56,458 192,197
Debtors 45,989 56,452 102,441
Cash at bank and in hand 62,890 3,369 66,259
------------ ------------- ----------
244,618 116,279 360,897
Creditors
Amounts falling due within one year (248,216) (95,584) (343,800)
------------- ------------ ------------
Net Current (Liabilities)/Assets (3,598) 20,695 17,097
------------- ------------ ------------
Total Assets less Current Liabilities 690,864 27,063 717,927
Creditors: Amounts falling due after more than one
year
Convertible debt (240,000) - (240,000)
Other creditors (101,936) (1,746) (103,682)
Provision for liabilities and charges
(51,338) (25,317) (76,655)
-------------- ------------- -----------
Net Assets 297,590 - 297,590
======== ========= ==========
Equity Shareholders' Funds 297,590
======
Net Debt 441,434
======
HENLYS GROUP plc
Group Cash Flow Statement (US Dollars)
For the Half Year Ended 31 March 2003 (unaudited)
6 months 6 months 9 months
ended ended Ended
31 March 2003 30 June 2002 31 Sept 2002
US$'000 US$'000 US$'000
Net cash (outflow)/inflow from operating activities (42,174) (43,441) 32,695
Dividends and interest received from joint ventures
and
4,496 6,020 10,994
associates
Returns on investments and servicing of finance (12,901) (8,991) (11,418)
Taxation 1,103 1,432 2,162
Capital expenditure (net) (17,705) (10,663) (22,062)
Equity dividends paid (9,273) (3,779) (3,779)
------------------- ------------------ ----------------
Cash (outflow)/inflow before financing (76,454) (59,422) 8,592
Financing 42,484 62,517 47,620
------------------- ------------------ ----------------
(Decrease)/increase in cash in the period (33,970) 3,095 56,212
=========== ========= ==========
This information is provided by RNS
The company news service from the London Stock Exchange
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