RNS Number:7287Z
Atlantic Telecom Group PLC
1 March 2001
1 March 2001
ATLANTIC TELECOM GROUP PLC
Quarterly results for the period ended 31 December 2000
Issue of Quarterly Financial Information
Atlantic Telecom Group PLC ("Atlantic, the Company or the Group") is required
to file quarterly financial information in the United States in order to
comply with reporting requirements in respect of its outstanding bonds. In
order to ensure the same information is available to the UK market, this
statement includes the unaudited financial statements for the quarter to 31
December 2000.
Atlantic issued quarterly statistics in respect of the quarter ended 31
December 2000 on 22 January 2001*. At the same time, it also announced a
restructuring of its cost base.
Commenting on the results, Executive Chairman Graham J Duncan said:
"The results announced today are in line with expectations, and confirm that
Atlantic's business plan continues to be executed on schedule. Following our
restructure in January, the Group's strong cash resources ensure that Atlantic
is fully funded for our roll out of broadband services to the SME market in
Germany, Holland and the UK."
Results for the period
Turnover for the nine-month period was #54m compared to #15.7m for the
equivalent period last year, helped by the acquisition of First Telecom, which
has been consolidated since June 2000. A pro-forma profit and loss account is
set out on page 14. The turnover for the six-month period to 30 September 2000
was #32m. The turnover for the quarter to 31 December of #22.1m compares to #
21.5m for the three-months to 30 September 2000.
Our negative earnings before interest, tax, depreciation and amortisation for
the nine-month period was #48.1m. This compares to #15.2m for the nine months
to 31 December 1999. The three-month negative earnings of #20.4m compares to #
14.9m for the quarter ended 30 September 2000 and reflects our continuing
investment in network roll out and the costs associated with the introduction
of the 'atlantic' brand across all markets during the quarter. As previously
reported, we have taken significant steps to restructure our operating costs
in line with our SME strategy.
The average revenues achieved from our customer base continue to be stable,
particularly in the important SME area. For the nine-months to 31 December,
the average revenue per month from our directly connected business customers
in the United Kingdom amounted to #87.06. This compares with the six-month
average of #87.36. Although we are seeking to downscale our residential
business, the average revenues from our directly connected residential base
for the nine-months to 31 December continued to hold up and averaged #36.84
per month, compared to #35.81 per month for the six-months to 30 September.
Our single cable TV operation in Aberdeen continues its expected decrease in
customer numbers. The customer base at 31 December 2000 was 14,860 compared to
14,944 customers at 30 September 2000. The revenue per customer per month
averaged over the nine-month period to 31 December 2000 was #25.94 compared to
#27.17 for the six-month period.
Over the three-months to 31 December, the Group has absorbed #44.7m of cash of
which #28.4m was absorbed in capital expenditure and financial investment.
As at 31 December 2000 the Group had #168 million of cash and #25 million of
investments on the balance sheet. The investments, together with #13 million
of cash are in escrow for interest on the high-yield bonds. The cash and
investments in escrow cover three half-yearly interest payments on the bonds.
Outlook
The benefits from our investment in 2000 will start to come through this year.
SMEs are the vibrant part of the European economy and we are confident of
making further significant progress. Moreover, the underlying cash flow
position should be much improved.
The Board will continue to ensure that it remains focused on providing
long-term value for shareholders in what remains a dynamic market.
For further information contact:
Graham J Duncan, Executive Chairman, Atlantic Telecom 01224 454000
Susy Atkinson, Director of Corporate Affairs, Atlantic Telecom 0141 403 4747
07808 397374
Patrick Toyne Sewell/Sara Thomas, Citigate Dewe Rogerson 020 7638 9571
Notes to Editors
*The quarterly statistics and restructure announcement referred to can be
viewed on the Atlantic website: www.atlantic-telecom.com/global/
third_quarter_stats.htm
CONSOLIDATED SUMMARISED PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED 31
DECEMBER 2000
9 months to 9 months to 12 months
to
31 December 31 December
31 March
2000 1999
(unaudited) (unaudited) 2000
(audited)
#'000 #'000
#'000
TURNOVER: Continuing Operations 16,495 15,667 21,307
Acquisitions 37,576 - -
--------- --------- ---------
54,071 15,667 21,307
Operating costs - ongoing (131,057) (36,099) (49,753)
--------- -------- --------
OPERATING LOSS: Continuing Operations (48,690) (20,432) (28,446)
Acquisitions (28,296) - -
------- --------- --------
GROUP OPERATING LOSS (76,986) (20,432) (28,446)
Provision for diminution in value of (1,265) - -
investment
Net interest (11,915) (1,262) (4,931)
-------- -------- --------
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (90,166) (21,694) (33,377)
Tax on loss on ordinary activities - - -
-------- -------- --------
RETAINED LOSS FOR THE PERIOD
(90,166) (21,694) (33,377)
====== ====== ======
Loss per share (44.06)p (23.79)p (31.32)p
====== ====== ======
The directors regard earnings before interest, tax, depreciation and
amortisation, which is set out below and is often used in the
telecommunications and cable industry, as an important measure of the
operating cash flow of the business.
Operating loss (76,986) (20,432) (28,446)
Depreciation and amortisation of goodwill 28,883 5,231 7,604
-------- -------- --------
Earnings before interest, tax, depreciation (48,103) (15,201) (20,842)
and amortisation
====== ====== ======
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2000
31 December 31 December 31 March
2000 1999 2000
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
FIXED ASSETS
Intangible assets 370,187 3,608 3,754
Tangible assets 262,194 214,417 203,101
Investments - - 855
---------- ----------- ----------
632,381 218,025 207,710
---------- ----------- ----------
CURRENT ASSETS
Stock 5,407 6,020 4,139
Debtors : amounts falling due 10,786 9,977 10,435
after more than one year
Debtors: amounts falling due 32,053 7,342 13,472
within one year
Investments 25,317 - 48,701
Cash at bank 168,626 120,063 263,226
---------- ---------- ----------
242,189 143,402 339,973
CREDITORS (106,182) (23,956) (35,070)
Amounts falling due within one year ---------- ---------- ----------
NET CURRENT ASSETS 136,007 119,446 304,903
---------- ---------- ----------
TOTAL ASSETS LESS CURRENT LIABILITIES 768,388 337,471 512,613
CREDITORS (200,915) (21,430) (197,772)
Amounts falling due after more than
one year
Equity minority interest 243 - -
---------- ---------- ----------
567,716 316,041 314,841
====== ====== ======
CAPITAL AND RESERVES
Called up share capital 53,322 38,388 38,430
Share premium account 340,948 329,023 328,639
Provision for unallocated share 31,431 - -
capital
Merger reserve 277,306 - -
Other reserves 16,910 - 10,690
Profit and loss account (152,201) (51,370) (62,918)
------------ ----------- ----------
567,716 316,041 314,841
======= ====== ======
CONSOLIDATED SUMMARISED CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED 31
DECEMBER 2000
9 months 9 months 12
to to months
to
31 31
December December 31 March
2000 1999 2000
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
RECONCILIATION OF OPERATING LOSS TO NET CASH
OUTFLOW FROM OPERATING ACTIVITIES
Operating loss from operating activities (76,986) (20,432) (28,446)
Depreciation of fixed assets 17,083 5,107 7,439
Amortisation of lease prepayment 649 124 165
Amortisation of goodwill 11,151 - -
Exchange loss 319 - 38
Network lease prepayments (1,000) (1,500) (2,000)
(Increase)/decrease in stock (1,268) 163 2,094
Increase in debtors (5,276) (932) (1,935)
Increase in creditors 10,889 (1,305) 2,984
Non-cash consideration for consultancy - - (415)
Gain on disposal of fixed assets (20) (157) (27)
-------- -------- --------
Net cash outflow from operating activities (44,459) (18,932) (20,103)
-------- -------- --------
CASH FLOW STATEMENT
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (44,459) (18,932) (20,103)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (3,895) (1,262) (9,146)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (63,043) (145,466) (17,818)
ACQUISITIONS - Purchase of subsidiaries (9,142) - (218)
- Expenses related to acquisition (7,614) - (12)
- Bank balances at subsidiary 17,990 - (53)
-------- -------- --------
1,234 - (283)
MANAGEMENT OF LIQUID RESOURCES (63,688) - (103,885)
FINANCING (10,005) 281,031 352,965
-------- --------- ---------
(DECREASE)/INCREASE IN CASH (183,856) 115,371 201,730
===== ===== =====
NOTES TO THE CONSOLIDATED SUMMARISED CASH FLOW STATEMENT
1. ANALYSIS OF NET FUNDS / (DEBT)
At 1 Cash Non-cash Exchange At 31
April Acquisitions Flow # Items # Movement # December
2000 # #'000 '000 '000 '000 2000 #'000
'000
Cash 207,960 - (179,800) - 394 28,554
Bank overdraft (856) - (4,056) - - (4,912)
--------- --------- ------------ --------------------- --------
207,104 - (183,856) - 394 23,642
--------- --------- ------------ ----------- ---------- ---
Short term 55,266 - 87,665 - 2,053 144,984
deposits
Restricted 48,701 - (23,977) (129) 722 25,317
current asset
investments *
Debt after one (186,885) - 300 (801) (3,959) (191,345)
year
Debt within year (422) (7,000) 3,105 - - (4,317)
Finance Leases (24,830) (4,987) 5,545 (644) - (24,916)
--------- --------- ------------ ----------- ---------- ---
Net funds / 98,934 (11,987) (111,218) (1,574) (790) (26,635)
(debt)
===== ===== ====== ====== ====== =======
2. RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN NET (DEBT)/FUNDS
9 months to 31 9 months to 31 12 months to
December 2000 December 1999 March 2000
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
(Decrease) / (183,856) 115,371 201,730
increase in cash in
the period
Cash outflow from 63,688 - 103,885
movement in liquid
resources
Cash outflow / 3,405 300 (184,949)
(inflow) from
movement in debt
Cash outflow from 5,545 3,311 5,068
lease financing
------------ ----------- -----------
Change in net funds (111,218) 118,982 125,734
resulting from cash
flows
Inception of (644) (17,893) (18,991)
finance leases
Exchange (790) - (38)
differences
Acquisitions (11,987) - (12)
Other non-cash (930) - (335)
items
------------ ----------- -----------
Movement in net (125,569) 101,089 106,358
(debt) / funds in
the period
Net funds / (debt) 98,934 (7,424) (7,424)
at 1 April
------------ ----------- -----------
Net (debt) / funds (26,635) 93,665 98,934
at 31 December
======= ====== ======
*Restricted investments of #25m and restricted cash of #13m are held in escrow
by Bankers Trust Company, an independent agent to meet the next three interest
payments on the unsecured senior notes issued on 3 February 2000. Bankers
Trust Company will hold the investments to maturity when they will distribute
the interest payment to the bond holders. The investments comprise UK and
European listed Government Bonds.
NOTES TO THE INTERIM REPORT
1. Preparation of Interim Report
The interim financial information for the nine months ended 31 December 2000
was approved by the directors on 28 February 2001. It has been prepared in
accordance with relevant accounting standards on a consistent basis using
accounting policies set out in the 2000 financial statements. Goodwill arising
on the acquisition of First Telecom Group plc in the current year,
representing the excess of the fair value of the consideration given over the
fair values of the identifiable net assets acquired is capitalised and
amortised on a straight line basis over its estimated useful economic life
which has been assessed as 20 years.
The interim financial information is unaudited.
2. Financial information
The financial information set out on pages 3 to page 6 does not constitute
full statutory accounts for the purposes of section 240 of the Companies Act
1985. Comparative figures for the year ended 31 March 2000 are extracted from
the statutory financial statements, which have been delivered to the Registrar
of Companies. The report of the auditors on those financial statements was
unqualified and did not contain a statement under section 237 (2) of the
Companies Act 1985.
3. Segment Information
Geographical segments:
Turnover by origin United Rest of Group
Kingdom Europe
#'000 #'000 #'000
Sales to third parties 38,345 15,726 54,071
---------- --------- -----------
Segment operating loss (67,476) (9,510) (76,986)
---------- --------- -----------
Segment operating assets/ 629,490 (35,139) 594,351
(liabilities)
---------- --------- -----------
Net funds (34,492) 7,857 (26,635)
---------- --------- -----------
Net assets / (liabilities) 594,998 (27,282) 567,716
---------- --------- -----------
Prior to the acquisition of First Telecom Group plc on 7 June 2000 the Group's
turnover originated in the United Kingdom.
There is no material difference between turnover by origin and turnover by
destination.
4. Loss per share
The loss per share is based on the loss attributable to the Ordinary
Shareholders of #90,166,000 (31 December 1999 - loss of #21,694,000 and 31
March 2000 - loss of #33,377,000) and on the weighted average number of
Ordinary Shares in issue during the period of 204,641,210 (31 December 1999 -
91,173,532 and 31 March 2000 - 106,559,708). The increase is due to the
purchase of First Telecom Group plc as detailed in Note 7. Shares issued to
date in relation to this acquisition total 59,388,932.
At 31 December 2000, there were 75,000 Sterling and 200,000 Euro outstanding
share warrants, 12,501,263 outstanding share options in existence and
6,103,113 shares to be issued in respect of deferred considerations. Of the
outstanding share options in existence, 1,888,527 relate to the acquisition of
First Telecom Group plc. The remainder, 9,711,379 relate to new share option
schemes which commenced in November and December 2000. The shares that would
be issued in respect of these warrants, options and deferred shares are not
treated as dilutive as their issue would decrease the loss per share.
Accordingly no diluted loss per share figure is shown.
5. Provision for diminution in value of investment
At 31 March 2000, the group held a 10% shareholding in Skyline S.A. Of this,
5% of the share capital was received in consideration for consultancy and
advice given in relation to Skyline's application to the ART (French
Telecommunications Regulatory Authority) for telecommunications licences.
During the current year a further option on 5% of share capital was taken up.
Subsequent to the year end Skyline S.A. were unsuccessful in their application
for telecommunication licences and therefore the investment has been written
down to nil value.
6. Dividend
In view of the deficit on reserves the directors cannot recommend a dividend
and the loss for the period has therefore been offset against reserves.
7. Acquisitions
(i) On 7 June 2000, the Group issued 56,592,858 new ordinary shares, 5,278,704
share options and 6,103,113 deferred shares in consideration for 100% of the
share capital of First Telecom Group plc.
The provisional fair value of the assets and liabilities of First Telecom
Group plc acquired were as follows:
#'000
Net liabilities acquired at provisional fair value (18,956)
Goodwill 369,650
----------
Consideration 350,694
======
Satisfied by:
Issue of shares 291,453
Issue of share options 20,255
Deferred consideration 31,431
Acquisition costs paid 7,555
----------
350,694
======
The summarised profit and loss account of First Telecom Group plc from 1
January 2000, the beginning of its financial year, to the date of acquisition
was as follows:
#'000
Turnover 29,181
----------
Operating loss (22,442)
----------
Loss before tax (19,901)
----------
Taxes -
----------
Loss after tax (19,901)
======
(ii) On 22 September 2000 the Group acquired 42,250 ordinary shares of #1
each in Tele Partner Plus BV, being 65% of the Company's increased nominal
share capital for a consideration of #9,142,000.
(iii) On 20 October 2000, the Group acquired the customer base and ISP
services of ISE-Gulliver, an internet access provider in South East France for
a consideration of approximately #740,000.
8. Quantitive information about market risk
The Group uses financial instruments comprising borrowings, cash, liquid
resources and various items, such as trade debtors and trade creditors that
arise from its operations. The Group does not use derivatives. The main
purpose of these financial instruments is to raise finance for the Group's
operations. The Group is exposed to various market risks, including changes in
foreign currency exchange and interest rates. Market risk is the potential
loss arising from adverse changes in market rates and prices such as foreign
currency exchange and interest rates. The main risks arising from the Group's
financial instruments are interest rate risk, liquidity risk and foreign
currency risk. The Directors review and agree policies for managing each of
these risks and they are summarised below. These policies have remained
unchanged from previous years.
Short term debtors and creditors
Short term debtors and creditors have been excluded from all of the following
disclosures, other than the currency risk disclosures.
Interest rate risk
The Group's exposure to market risk for changes in interest rates relates
primarily to investments, senior notes, bank deposits and borrowings and
leasing. The Group's exposure to interest rate fluctuations is managed by the
use of both fixed and floating facilities. The Group also mixes the duration
of its deposits and borrowings to reduce the impact of interest rate
fluctuations. The floating rate assets bear interest at rates based on Euro
and UK bank base rates. The weighted period to maturity of zero coupon
financial assets is one year. The floating rate borrowings bear interest rates
based on the six month US LIBOR and UK bank base rates.
Currency risk
The Group is exposed to transaction and translation foreign exchange risk. The
Group does not enter into hedge arrangements in relation to foreign currency
transactions.
Foreign exchange differences on re-translation of assets and liabilities
denominated in foreign currencies are taken to the profit and loss account of
the Group companies and the Group. Exchange differences arising on translation
of the opening net assets and results of overseas operations are dealt with
through reserves.
Liquidity risk
The Group seeks to manage financial risk, to ensure sufficient liquidity is
available to meet foreseeable needs and to invest cash assets safely and
profitably.
Further copies of this interim report can be obtained from the company's
registered head office at Atlantic House, 475 - 485 Union Street, Aberdeen,
AB11 6BL, Scotland.
CONSOLIDATED INCOME STATEMENTS FOR THE THREE AND NINE MONTHS ENDED 31 DECEMBER
2000
3 months 3 months 9 months 9 months
ended 31 ended 31 ended 31 ended 31
December December December December
2000 1999 2000 1999
(unaudited) (unaudited) (unaudited) (unaudited)
#'000 #'000 #'000 #'000
Turnover:
Continuing 5,890 5,465 16,495 15,667
operations
Acquisitions 16,176 - 37,576 -
---------- ---------- ---------- ---------
Total 22,066 5,465 54,071 15,667
turnover
---------- ---------- ---------- ---------
Operating
loss:
Continuing (19,121) (7,781) (48,690) (20,432)
operations
Acquisitions (12,456) - (28,296) -
---------- ---------- ---------- ---------
(31,577) (7,781) (76,986) (20,432)
---------- ---------- ----------- -----------
Provision for - - (1,265) -
diminution in
value of
investments
Net interest (5,062) (197) (11,915) (1,262)
---------- ---------- ---------- ---------
Loss on (36,639) (7,978) (90,166) (21,694)
ordinary
activities
before
taxation
Tax on loss - - - -
on ordinary
activities
---------- ---------- ---------- ---------
Retained loss (36,639) (7,978) (90,166) (21,694)
for the
period
====== ====== ====== ======
NOTES TO THE CONSOLIDATED INCOME STATEMENTS
1. Earnings before interest, taxes, depreciation and amortisation (EBITDA)
Operating loss (31,577) (7,781) (76,986) (20,432)
Depreciation and amortisation 11,133 1,957 28,883 5,231
of goodwill
---------- ---------- ---------- ---------
(20,444) (5,824) (48,103) (15,201)
====== ====== ====== ======
RECONCILIATION TO US GENERALLY ACCEPTED ACCOUNTING POLICIES (U.S. GAAP)
3 months 3 months 9 months 9 months 12 months
ended 31 ended 31 ended 31 ended 31 ended 31
December December December December March 2000
2000 1999 2000 1999
#'000 #'000 #'000 #'000 #'000
Net loss per U.K. (36,639) (7,978) (90,166) (21,694) (33,377)
GAAP
Development expense 37 37 111 111 147
(1)
Amortisation expense (43) (43) (129) (129) (171)
(2)
Stock-based 1,340 (1,726) 2,197 (2,024) (1,680)
compensation (3)
----------- ---------- ----------- ----------- -----------
Net loss per U.S. (35,305) (9,710) (87,987) (23,736) (35,081)
GAAP
----------- ---------- ----------- ---------- -----------
Closing 567,716 316,041 567,716 316,041 314,841
Shareholders' equity
per U.K. GAAP
Goodwill (2) 4,732 4,732 4,732 4,732 4,732
Amortisation expense (1,379) (1,207) (1,379) (1,207) (1,250)
(2)
Development expense (2,485) (2,633) (2,485) (2,633) (2,596)
(1)
Difference in gain (1,483) (1,483) (1,483) (1,483) (1,483)
on disposal (2)
----------- ---------- ----------- ----------- -----------
Closing 567,101 315,450 567,101 315,450 314,244
Shareholders' equity
per U.S. GAAP
----------- ---------- ----------- ----------- -----------
Shareholders' equity
at beginning of
period per U.S. GAAP 603,879 39,799 314,244 52,521 52,521
Net loss (35,305) (9,710) (87,987) (23,736) (35,081)
Stock-based (1,340) 1,726 (2,197) 2,024 1,680
compensation (3)
Foreign exchange 144 - 208 - -
differences
Issuance of shares, (277) 283,635 342,833 284,641 295,124
net of related costs
----------- ---------- ----------- ----------- -----------
Shareholders' equity 567,101 315,450 567,101 315,450 314,244
at end of period per
U.S. GAAP
----------- ---------- ----------- ----------- -----------
RECONCILIATION TO US GENERALLY ACCEPTED ACCOUNTING POLICIES (U.S. GAAP)
The following are descriptions of U.S. GAAP reconciling items:
(1) Under U.K. GAAP, the Group capitalises development expenditures related to
specific projects when recoverability can be assessed with reasonable
certainty and these expenditures are amortised over the licence period of the
project or its expected economic life, whichever is shorter. Under U.S. GAAP,
development expenditures are expensed in the period incurred.
(2) In 1995 the Company completed a reverse stock take-over acquisition. Under
U.K. GAAP, the acquiror, Worth Investment Trust PLC ("Worth") is considered
the continuing entity. Under U.S. GAAP, the Company is considered the
acquiror. Accordingly, under U.S. GAAP, the post reverse acquisition
historical financial statements are those of the Company and additional
goodwill is recorded in connection with the acquisition of Worth. Under U.K.
GAAP, prior to December 23, 1998 depending on the circumstances of each
acquisition, goodwill is either written off directly against reserves or
amortised through the profit and loss account over the Directors' estimate of
its useful life (not to exceed 40 years). If a subsidiary or a business is
subsequently sold or closed, any goodwill arising on acquisition that was
written off directly to reserves or that has not been amortised through the
profit or loss account is taken into account in determining the profit or loss
on sale or closure. For U.S. GAAP purposes, the Company has amortised goodwill
over 20 years.
(3) Under U.S. GAAP, the Group's Share Option Scheme results in compensation
cost which is measured by the excess of the quoted market price of the shares
over the option price per share to be paid by the employee. Compensation costs
are charged to expense over the vesting period prior to exercise with the
offsetting increase to the share premium account. Under U.K. GAAP, no
compensation expense is recognised.
Additional disclosures are as follows:
1. In June 1998 the Financial Accounting Standards Board issued SFAS 133
"Accounting for Derivative Instruments and Hedging Activities". This
statement establishes accounting and reporting standards for derivative
instruments and for hedging activities. It requires that an entity
recognise all derivatives as either assets or liabilities in the statement
of financial position and measure those instruments at fair value.
Subsequent to the issuance of this statement, the Financial Accounting
Standards Board issued SFAS 137 "Accounting for Derivative Instruments and
Hedging Activities - Deferral of the Effective Date of FASB Statement No.
133 - an amendment of FASB Statement No. 133" that deferred the effective
date of SFAS 133 to all fiscal quarters of all fiscal years beginning
after June 15, 2000. We have not yet determined the effect of these
statements on the financial statements of the Company.
2. There are recent interpretations in the United States related to stock
compensation. The company is in the process of analysing the effect of
these interpretations on the stock options issued in connection with the
acquisition of First Telecom Group plc. The company believes the effect of
these interpretations will not have a material effect on the consolidated
position or result of operations.
3. The SEC staff has issued Staff Accounting Bulletin SAB 101, 'Revenue
Recognition in Financial Statements', to provide registrants with the
staff's position on the requirements for revenue recognition under
generally accepted accounting principles U.S. (GAAP). To recognise revenue
in the financial statements, U.S. GAAP requires that the revenue be
realised or realisable and earned. That generally occurs when all of the
following criteria are met: (1) persuasive evidence that an arrangement
exists (2) delivery has occurred or services have been rendered and (3)
the price is fixed or determinable. This bulletin is effective for the
fourth quarter of fiscal years beginning after December 15, 1999. We have
not yet determined the effect of this bulletin on the financial statements
of the Company.
PRO-FORMA PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED 31 DECEMBER 2000
Financial performance on a pro-forma basis (assumes the First Telecom
acquisition had taken place on 1 April 1999). This represents an aggregation
of each company's data without making full consolidation adjustments. The
table should be considered for illustrative purposes only.
Pro-forma Combined
Group
2000 1999
Pre Exceptional Exceptional Post Exceptional
items items items
#'000 #'000 #'000 #'000
Turnover 65,678 - 65,678 61,185
---------- ---------- ---------- ----------
EBITDA (57,600) (i) (4,200) (61,800) (17,087)
---------- ---------- ---------- ----------
Operating loss before (91,695) (ii) (92,960) (22,723)
interest (1,265)
---------- ---------- ---------- ----------
Retained loss for the (97,542) (5,465) (103,007) (25,215)
period
====== ====== ====== ======
Net loss per share (48.28)p (16.71)p
====== ======
(i) These are costs incurred by the First Telecom Group plc pre-acquisition
for professional fees associated with preparing the Group for either an IPO or
takeover.
(ii) This relates to the provision for diminution in value of the investment
in Skyline S.A. which is shown on the face of the consolidated profit and loss
account.
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