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.
Dec 14, 2015
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P R E L I M I N A R Y R E S U L T S13 March 2003
SalesContinuing operations 138.0 127.6Discontinued operations 0.0 80.7
138.0 208.3Operating profit before exceptional items
Continuing operations 18.4 19.4Discontinued operations 0.0 (0.8)
18.4 18.6Operating 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)pEarnings per share before exceptional items 6.0p 4.8pDividend per share 3.0p 2.0p
Financial Highlights 2002 2001
£ million 2002(restated)*
* 2001 restated for the adoption of FRS 19 Deferred Tax
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
Sales Analysis 2002
Sales change vs. 2001 on a like-for-like basis
2002Volume 2.7%
Price / Mix (3.0)%
Operations (0.3)%
Foreign Exchange 0.7%
Total 0.4%
Regional sales by destination 2002
Sales change vs. 2001 on a like-for-like basis
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
2002£m Operations Exchange Total
Europe 80.7 (2.7)% 3.3% 0.6%
Regional sales by destination 2002
Sales change vs. 2001 on a like-for-like basis
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
2002£m Operations Exchange Total
Americas 31.0 (2.5)% (4.4)% (6.9)%
Regional sales by destination 2002
Sales change vs. 2001 on a like-for-like basis
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
2002£m Operations Exchange Total
Asia/Pacific 26.3 10.7% (0.5)% 10.2%
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
2002Full Year £m Operations Exchange Total
Profit and Loss – 2002
SalesContinuing operations 138.0 127.6Discontinued operations 0.0 80.7
138.0 208.3Operating profit before exceptional items
Continuing operations 18.4 19.4Discontinued operations 0.0 (0.8)
18.4 18.6Operating 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£ million 2002(restated)*
* 2001 restated for the adoption of FRS 19 Deferred Tax ** 2002 includes an exceptional credit of £3.2m
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
20012002
(restated)*
* 2001 restated for the adoption of FRS 19 Deferred Tax
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£ million 2002(restated)*
* 2001 restated for the adoption of FRS 19 Deferred Tax ** Including preference shares as debt
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*
£ million 2002 2001
* Calculated on operating profits – continuing operations before exceptional items
Total Indebtedness
£ million 2002 2001
Preference share capital – 36.0
Net debt 35.2 24.7
35.2 60.7
Outlook
Continued focus on cash generation
Satisfactory start to the year
Current trading in line with expectations
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