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P R E L I M I N A R Y R E S U L T S 13 March 2002.

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Presentation on theme: "P R E L I M I N A R Y R E S U L T S 13 March 2002."— Presentation transcript:

1 P R E L I M I N A R Y R E S U L T S 13 March 2002

2 Sales Continuing operations Discontinued operations Operating profit before exceptional items Continuing operations Discontinued operations(0.8) Operating margin – continuing operations15.2%17.7% Exceptional items(52.1)(1.5) Net interest(3.4)(2.7) (Loss) / profit before tax(36.9)19.8 (Loss) / earnings per share(28.8)p8.3p Earnings per share before exceptional items5.1p9.0p Dividend per share2.0p5.0p Financial Highlights 2001 £ million

3 Key Features  BSE in Continental Europe  Foot and Mouth Disease  Sale of Cellulose business  Collagen raw material costs

4 Sales Analysis 2001 Continuing Operations - sales change vs 2000 * 2001 Volume(0.9)% Price / Mix0.7% Operations(0.2)% Foreign Exchange1.6% Total1.4% * Excluding quarter 4 sales of distributed cellulose products of £3.5m

5 Europe69.0(3.4)%2.0%(1.4)% Regional sales by destination 2001 Continuing Operations – sales change vs 2000 * £ million 2001OperationsExchangeTotal  UK market depressed by the impact of Foot and Mouth Disease  Small loss of market share in UK in early part of year  Volumes in Europe adversely affected by BSE concerns  Good Cutisin performance in both edible and non-edible collagen  Favourable exchange impact * Excluding quarter 4 sales of distributed cellulose products of £3.0m

6 Regional sales by destination 2001 Continuing Operations – sales c hange vs 2000 *  Strong Coria performance in both US and Latin America markets  Devro and Cutisin volumes restricted due to BSE and Foot and Mouth concerns  Beneficial exchange impact * There are no sales of distributed cellulose products in the Americas £ million 2001OperationsExchangeTotal Americas %5.7%12.5%

7 Regional sales by destination 2001 Continuing Operations – sales c hange vs 2000 *  Regulatory restrictions had significant impact in SE Asia in first half, but strong recovery in second half  Volumes in Japan severely affected by regulatory restrictions and emergence of BSE  Modest uplift in Australia  Adverse exchange impact * Excluding quarter 4 sales of distributed cellulose products of £0.5m £ million 2001OperationsExchangeTotal Asia Pacific %(5.3)%(4.4)%

8 Europe69.0(3.4)%2.0%(1.4)% Americas %5.7%12.5% Asia / Pacific %(5.3)%(4.4)% Total124.1(0.2)%1.6%1.4% Regional sales by destination 2001 Continuing Operations – sales c hange vs 2000 * 2001 Full Year £mOperations ExchangeTotal * Excluding quarter 4 sales of distributed cellulose products of £3.5m

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10 Profit and Loss – 2001 Sales Continuing operations Discontinued operations Operating profit before exceptional items Continuing operations Discontinued operations(0.8) Operating margin – continuing operations15.2%17.7% Exceptional items(52.1)(1.5) Net interest(3.4)(2.7) (Loss) / profit before tax(36.9)19.8 Tax Minority interest (Loss) / profit for the year(43.8)15.6 £ million

11 Earnings and Dividend – 2001 Earnings per ordinary share Basic(28.8)p8.3p Diluted(28.8)p8.3p Before exceptional items5.1p9.0p Dividend per ordinary share2.0p5.0p £ million

12 Balance Sheet Fixed assets Net current assets Long term creditors and provisions(44.3)(90.6) Share capital, share premium and reserves Retained earnings Minority interest Net debt(24.7)(29.0) Net gearing30.2%30.9% £ million

13 Cash Flow – 2001 Net cash inflow from operating activities Net interest paid(3.3)(2.8) Tax paid(5.5)(5.9) Capital expenditure(7.8)(12.8) Acquisitions and disposals(1.8)(0.1) Preference dividend paid(2.4)(2.2) Equity dividend paid(6.9)(5.5) Net cash flow before financing Issue of share capital Exchange0.9(0.7) Decrease / (increase) in net debt4.3(0.3) Interest cover6.9 *8.8 £ million *Calculated on operating profits – continuing operations before exceptional items, net interest restated to exclude the costs of cancelling interest rate swaps

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