Presentation is loading. Please wait.

Presentation is loading. Please wait.

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

Similar presentations


Presentation on theme: "P R E L I M I N A R Y R E S U L T S 13 March 2003."— Presentation transcript:

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

2 Sales Continuing operations Discontinued operations Operating profit before exceptional items Continuing operations Discontinued operations0.0(0.8) Operating margin – continuing operations13.3%15.2% Exceptional items(1.8)(52.1) Net interest(2.9)(3.4) Profit/(loss) before tax13.7(36.9) Earnings/(loss) per share7.2p(29.1)p Earnings per share before exceptional items6.0p4.8p Dividend per share3.0p2.0p Financial Highlights £ million 2002(restated)* * 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 Sales Analysis 2002 S ales change vs on a like-for-like basis 2002 Volume2.7% Price / Mix(3.0)% Operations(0.3)% Foreign Exchange0.7% Total0.4%

5 Regional sales by destination 2002 S ales change vs 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 £mOperationsExchangeTotal Europe80.7(2.7)%3.3%0.6%

6 Regional sales by destination 2002 S ales change vs 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 £mOperationsExchangeTotal Americas31.0(2.5)%(4.4)%(6.9)%

7 Regional sales by destination 2002 S ales change vs 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 £mOperationsExchangeTotal Asia/Pacific %(0.5)%10.2%

8 Europe80.7(2.7)%3.3%0.6% Americas31.0(2.5)%(4.4)%(6.9)% Asia/Pacific %(0.5)%10.2% Total138.0(0.3)%0.7%0.4% Regional sales by destination 2002 S ales change vs on a like-for-like basis 2002 Full Year £mOperations ExchangeTotal

9 Profit and Loss – 2002 Sales Continuing operations Discontinued operations Operating profit before exceptional items Continuing operations Discontinued operations0.0(0.8) Operating margin – continuing operations13.3%15.2% Exceptional items(1.8)(52.1) Net interest(2.9)(3.4) Profit/(loss) before tax13.7(36.9) Tax(1.0)**(7.2) Minority interest(0.2)(0.1) Profit/(loss) for the year12.5(44.2) 2001 £ million 2002(restated)* * 2001 restated for the adoption of FRS 19 Deferred Tax ** 2002 includes an exceptional credit of £3.2m

10 Earnings and Dividend – 2002 Earnings per ordinary share Basic7.2p(29.1)p Diluted7.2p(29.1)p Before exceptional items6.0p4.8p Dividend per ordinary share3.0p2.0p (restated)* * 2001 restated for the adoption of FRS 19 Deferred Tax

11 Balance Sheet Fixed assets Net current assets Long term creditors and provisions(55.7)(51.0) Share capital, share premium and reserves Retained earnings(0.6) Minority interest Net debt(35.2)(24.7) Net gearing62.9%155.5%** 2001 £ million2002(restated)* * 2001 restated for the adoption of FRS 19 Deferred Tax ** Including preference shares as debt

12 Cash Flow Net cash inflow from operating activities Net interest paid(3.0)(3.3) Taxation1.8(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 Redemption of preference shares(27.7)0.0 Exchange (Increase)/decrease in net debt(10.6)4.3 Interest cover6.4*5.4* £ million *Calculated on operating profits – continuing operations before exceptional items

13 Total Indebtedness £ million Preference share capital–36.0 Net debt

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


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

Similar presentations


Ads by Google