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KBC Advanced Technologies plc Annual Results 31 December 2003 March 2004.

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Presentation on theme: "KBC Advanced Technologies plc Annual Results 31 December 2003 March 2004."— Presentation transcript:

1 KBC Advanced Technologies plc Annual Results 31 December 2003 March 2004

2 2 Overview 2003 Difficult trading conditions persisted through most of the year - exacerbated by the uncertainty created by the ownership discussions Core business remains in good shape Management team refreshed and have stabilised the business Staff morale improved significantly in final quarter Business being repositioned to improve the scope and depth of engagement with clients and improve service differentiation Progress on software development has been made - despite the continuing legal dispute £ results impacted by continuing weakness of $US Dividend maintained

3 3 Operational highlights 2003 Began to reap the benefits of the two acquisitions made in 2002 Combined revenue up 37% KBC Energy Services was the best performing business in 2003 PEL enabled KBC to enter the strategic planning market Significant new licence sales in US, Asia and South America and overall software revenue up 10% Expansion of RAM services into Upstream sector Weakness in Europe and China contrasted with better conditions in the Americas and Asia Latin America continues to be strongest market with further multi-year programmes added First PIP in South Africa Middle East, Korea and Japan continue to be strong areas of revenue

4 4 Summarised profit and loss account Turnover32,27438,193 Operating profit7041,487 Goodwill amortisation(490)(467) Other operating exceptional items(2,397)(3,011) Amounts written off fixed asset investment-(1,451) Net Interest Loss before tax(1,983)(3,124) Taxation Profit after tax (1,484)(2,451) Dividends(1,906)(1,938) Retained (loss)/profit (3,390)(4,389) Earnings per share - basic(3.19p)(5.08p) - fully diluted(3.17p)(5.08p) - basic before goodwill and exceptional items 1.37p3.33p Average number of shares in issue46.5m 48.2m 12 months to 31 Dec Dec 2002£000

5 5 Foreign exchange impact Turnover32,27433,97638,193 Operating costs31,57032,76736,706 _______________ Operating profit before goodwill7041,2091,487 and exceptional items At 31DecAt 31 DecAt 31 Dec £000 £000£000 at constant exchange rate

6 6 Exceptional Costs Software dispute, legal fees, etc1,3251,565 Acquisition integration-399 Reorganisation8781,047 Strategic review194- ESOP share write down ____-1,451 Total2,3974, months to 31 Dec Dec 2002£000

7 7 Summarised group cash flow statement Net cash from operations 275 1,257 Operating exceptional items (1,846) (2,022) Net interest received Tax (paid)/refunded 769 (1,847) Capital expenditure (257) (799) Dividends paid (1,906) (1,994) Purchase of own shares - (683) New shares issued - 36 Translation difference (173) (123) Net cash outflow from acquisitions (410) (4,738) (3,348) (10,595) 12 months to 31 Dec Dec 2002£000

8 8 Summarised group balance sheet Fixed assets7,7569,288 Net current assets (excl cash)8,0327,356 Cash4,2757,623 Creditors due after 1 year (300)(600) Provisions (1,180) (1,100) Net assets18,583 22,567 Share capital and reserves7,4667,466 Profit and loss11,11715,101 18,58322,567 At 31 Dec £000

9 9 Revenues by region 49% 19% 32% 20%27% 53% 58% 22% 20%

10 10 Revenues by business area

11 11 Order book value £22M£35M£40M£28M£29M£24M£20M

12 12 Consultant utilisation

13 13 Strategy Stabilise Business during 2004 Build platform for future sustainable growth Neutralise impact of software dispute Retain control on costs Implement Strategy for Growth for 2005 and beyond Strategic Planning Studies- Commercial and Technical experience New software tools for plant optimisation and decision support Develop technical services based on remote performance monitoring Worldwide drive into Petrochemical Expand into Upstream Oil & Gas Refocus on Client Relationships and Regional Business strategies Review capital structure & dividend policy:once software dispute settled

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