RNS Number:7502D
Capital Radio PLC
17 May 2001
PART 2
Unaudited Group Profit and Loss Account
For the Half Year to 31st March 2001 Unaudited Unaudited Audited
Half Year Half Year Year
Ended
To 31st to 31st 30th
March March September
2001 2000 2000
(Restated)(Restated)
NOTE #000 #000 #000
Turnover: Continuing operations 2 72,587 59,481 130,063
Discontinued operations 2 - 3,374 4,862
72,587 62,855 134,925
Operating profit
Continuing operations
Before goodwill and exceptional operating 2 18,784 21,767 41,373
costs
Post acquisition restructuring costs 2 - - (1,685)
Amortisation of goodwill (4,484) (1,274) (4,246)
Discontinued operations 3 - (728) (4,982)
Operating profit 3 14,300 19,765 30,460
Share of operating profit of associated
companies 2,765 328 2,309
Exceptional gain on sale of stations 7,394 - -
Profit on ordinary activities before 2 24,459 20,093 32,769
interest
Net interest (payable)/receivable and (3,285) 70 (2,418)
similar income
Underlying profit before taxation from
continuing operations 18,264 22,165 41,264
Exceptional items, goodwill and
discontinued operations 2,910 (2,002) (10,913)
Profit on ordinary activities before
taxation 21,174 20,163 30,351
Taxation on profit on ordinary activities 4 (5,109) (6,003) (9,828)
Profit on ordinary activities after
taxation 16,065 14,160 20,523
Minority interest in profit for the period
- equity - (271) (368)
Profit for the financial period 16,065 13,889 20,155
Dividends 5 (4,903) (4,534) (14,807)
Retained profit for the period and its
share of associates 11,162 9,355 5,348
Earnings per share 6 19.7p 18.5p 26.3p
Profit/(loss) per share on exceptional
items, goodwill and discontinued operations 3.6p (2.4p) (13.0p)
after taxation
Underlying earnings per share from 6 16.1p 20.9p 39.3p
continuing operations
Diluted earnings per share 6 19.6p 18.3p 26.1p
Unaudited Group Balance Sheet
Unaudited as Unaudited as Audited as at
at 31st March at 31st March 30th September
NOTE 2001 2000 2000
#000 #000 #000
Fixed assets
Intangible assets -
goodwill 216,870 29,363 222,490
Tangible fixed assets 26,877 20,848 26,077
Investments (including
associated undertakings) 3,923 4,123 3,790
247,670 54,334 252,357
Current assets
Stock 358 87 383
Debtors 7 21,674 19,369 23,722
Cash at bank and in hand 1,364 10,927 -
23,396 30,383 24,105
Creditors: amounts falling 8
due within one year (65,275) (29,516) (74,342)
Net current (liabilities)/
assets (41,879) 867 (50,237)
Total assets less current
liabilities 205,791 55,201 202,120
Creditors: amounts falling 9
due after more than one (53,136) - (61,063)
year
Net assets 152,655 55,201 141,057
Capital and reserves
Called up share capital 11 2,043 1,889 2,040
Share premium account 11 72,857 14,134 72,084
Merger reserve 11 31,856 - 31,856
Profit and loss account 11 45,899 37,679 34,737
Equity shareholders' funds 10 152,655 53,702 140,717
Minority interest - equity - 1,499 340
152,655 55,201 141,057
Unaudited Group Cash Flow Statement
For the Half Year to Unaudited Half Year Unaudited Half Audited
31st March 2001 to Year
Ended
31st March 2001 Year to 31st March 30th
September
NOTE 2000 2000
#000 #000 #000
Net cash inflow from 12 19,116 20,802 44,419
operating activities
Dividends from
associated 838 561 1,241
undertakings
Returns on
investments and
servicing of finance
Interest received and
similar income 52 47 114
Interest paid (2,850) (71) (1,781)
Repayment of
associate loan 1,930 - -
Dividends paid to
minority interests - - (768)
Returns on
investments and (868) (24) (2,435)
servicing of finance
Taxation paid (4,298) (3,658) (12,433)
Capital expenditure
Proceeds from sale of
tangible fixed assets - 4,773 471
Purchase of tangible
fixed assets (3,466) (3,521) (6,048)
Purchase of own
shares - - (1,825)
Cash (outflow)/inflow
on capital (3,466) 1,252 (7,402)
expenditure
Acquisitions and 13 7,608 (2,220) (145,478)
disposals
Cash outflow from
equity dividends paid (10,151) (8,576) (13,163)
Cash inflow/(outflow)
before financing 8,779 8,137 (135,251)
Cash (outflow)/inflow
from financing (1,011) 3,167 129,224
Increase/(decrease)
in cash in the period 7,768 11,304 (6,027)
Reconciliation of
net cash flow to
movement 14
in net debt
Increase/(decrease) in cash in the period 7,768 11,304 (6,027)
Cash outflow from increase in debt - - (68,500)
Change in net debt arising
from cash flows 7,768 11,304 (74,527)
Finance leases acquired with subsidiary - - (1,104)
Repayment of finance leases 302 14 305
New loan notes issued - - (24,354)
Repayment of loan notes 807 - 200
Movement in net debt in the period 8,877 11,318 (99,480)
Net debt at start of period (100,723) (1,243) (1,243)
Net (debt)/cash at end of period (91,846) 10,075 (100,723)
Notes to the Interim Statement
1. Accounting Policies
The statement has been prepared under the historical cost accounting
rules, modified to include the revaluation of certain fixed assets, and
in accordance with applicable accounting standards. Tangible fixed assets
are stated at cost less accumulated depreciation. Fixed asset investments
are stated at cost less provisions. Stock is stated at the lower of cost
and net realisable value.
The profit and loss account for the half year ended 31st March 2000 has
been restated to reclassify as discontinued the results of the Restaurant
cafes.
The accounting policies applied in the period are identical to those for
the year ended 30th September 2000.
2. Unaudited Half Year Unaudited Half Year Audited Year Ended
Segmental to 31st March 2001 to 31st March 2000 30th September 2000
Information
(Restated) (Restated)
#000 #000 #000
Turnover -
continuing
operations:
Commercial
radio, all
from UK:
Analogue 64,866 58,939 123,935
Digital 68 - -
Total
commercial 64,934 58,939 123,935
radio, all
from UK
Interactive,
all from UK 462 542 984
Television,
all from UK 7,191 - 5,144
Total -
continuing 72,587 59,481 130,063
operations
Turnover -
discontinued
operations:
Restaurants - 3,374 4,862
Total -
discontinued - 3,374 4,862
operations
72,587 62,855 134,925
Profit before interest
and taxation
Commercial
radio, all
from UK:
Analogue 19,808 23,360 45,396
Digital (1,279) (311) (1,264)
Total
commercial 18,529 23,049 44,132
radio, all
from UK
Interactive,
all from UK (1,871) (1,282) (4,211)
Television,
all from UK 2,126 - 1,452
Continuing
operations 18,784 21,767 41,373
before
goodwill and
exceptional
operating
costs
Post
acquisition - - (1,685)
restructuring
costs
(continuing)
Amortisation
of goodwill - (4,484) (1,274) (4,246)
radio
Restaurants
(discontinued) - (728) (4,982)
Share of
operating 2,765 328 2,309
profit of
associated
undertakings
Exceptional
gain on sale 7,394 - -
of stations
24,459 20,093 32,769
3. Operating Profit
Continuing Discontinued
Operations Operations Total
#000 #000 #000
Unaudited Half Year to 31st March 2001
Turnover 72,587 - 72,587
Direct cost of sales (9,650) - (9,650)
Gross profit 62,937 - 62,937
Staff costs (16,344) - (16,344)
Other operating charges (25,287) - (25,287)
Depreciation and amortisation of
goodwill (7,006) - (7,006)
Operating profit 14,300 - 14,300
Unaudited Half Year to 31st March 2000 (Restated)
Turnover 59,481 3,374 62,855
Direct cost of sales (7,183) (850) (8,033)
Gross profit 52,298 2,524 54,822
Staff costs (13,953) (1,141) (15,094)
Other operating charges (14,995) (1,962) (16,957)
Depreciation and amortisation of
goodwill (2,857) (149) (3,006)
Operating profit 20,493 (728) 19,765
Audited Year to 30th September 2000 (Restated)
Turnover 130,063 4,862 134,925
Direct cost of sales (16,284) (1,256) (17,540)
Gross profit 113,779 3,606 117,385
Staff costs (32,666) (1,943) (34,609)
Other operating charges (37,353) (6,349) (43,702)
Depreciation, amortisation and
impairment of goodwill (8,318) (296) (8,614)
Operating profit 35,442 (4,982) 30,460
4. Taxation
UK corporation tax has been provided at 30% (2000: 30%) on the taxable
profits for the period. After allowing for adjustments related to prior
years the effective rate of corporation tax is 28%.
5. Dividends
The Directors propose to pay an interim dividend of 6.0p per share (2000:
Interim dividend of 6.0p per share, full year dividend of 18.5p per
share) on 29th June 2001 to all shareholders on the register on 1st June
2001 (ex-dividend date: 25th May 2001).
6. Earnings Per Share
Earnings per share is based on the profit after tax and minority interest
of #16,065,000 (2000 restated: #13,889,000) divided by the weighted
average number of Ordinary Shares in issue in each of the relevant
periods; 2001: 81,473,810 (2000: 74,975,376). Dilution increases the
weighted average number of shares to 81,930,016 (2000: 76,063,696).
7. Debtors Unaudited as at Unaudited as at Audited as at 30th
31st March 2001 31st March 2000 September 2000
#000 #000 #000
Amounts falling due
within one year
Trade debtors 16,417 14,757 17,482
Other debtors 1,238 732 1,592
Assets awaiting
disposal 729 870 729
Prepayments and
accrued income 3,290 3,010 3,919
21,674 19,369 23,722
8. Creditors Unaudited as at Unaudited as at Audited as at 30th
31st March 2001 31st March 2000 September 2000
#000 #000 #000
Amounts falling due
within one year
Bank loans and
overdrafts 15,500 - 14,104
Loan notes 24,197 850 25,004
Finance leases 377 2 552
Trade creditors 4,051 2,925 4,876
Royalty creditors 690 1,960 1,899
Other creditors 3,164 1,407 1,941
Corporation tax
payable 7,032 11,351 7,814
Proposed dividend 4,903 4,534 10,211
Other taxation and
social security 2,455 3,061 2,811
Accruals and
deferred income 2,906 3,426 5,130
65,275 29,516 74,342
9. Creditors Unaudited as at Unaudited as at Audited as at 30th
31st March 2001 31st March 2000 September 2000
#000 #000 #000
Amounts falling due
after more than one year
Bank loans and
overdrafts 53,000 - 60,800
Finance leases 136 - 263
53,136 - 61,063
10. Reconciliation of Movement in Shareholders' Funds
Unaudited Half Unaudited Half Year Audited Year
Year to 31st to 31st March 2000 Ended 30th
March 2001 September 2000
#000 #000 #000
Profit for the financial
period 16,065 13,889 20,155
Dividends (4,903) (4,534) (14,807)
Retained profit for the
period 11,162 9,355 5,348
New share capital issued 776 3,182 62,348
Merger reserve movement - - 31,856
Net movement in
shareholders' funds 11,938 12,537 99,552
Equity shareholders'
funds at beginning of 140,717 41,165 41,165
period
Equity shareholders'
funds at end of period 152,655 53,702 140,717
11. Reserves
The movement on reserves during the period was as follows:
Share Share Merger Profit and Loss
Capital Premium Reserve Account
#000 #000 #000 #000
Beginning of period 2,040 72,084 31,856 34,737
Retained profit for the
period - - - 11,162
New share capital issued 3 773 - -
End of period 2,043 72,857 31,856 45,899
12. Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
Unaudited Half Unaudited Half Audited Year
Year to 31st Year to 31st Ended 30th
March 2001 March 2000 September 2000
#000 #000 #000
Operating profit 14,300 19,765 30,460
Depreciation 2,522 1,732 4,368
Amortisation and
impairment of goodwill 4,484 1,274 4,246
(Loss)/profit on
disposal of fixed (81) - 58
tangible assets
Impairment of fixed
assets - - 3,609
Decrease/(increase) in
debtors 1,358 (582) 999
Decrease in stock 25 90 209
(Decrease) in creditors (3,492) (2,159) (1,557)
Change in provisions
against investments - 682 2,027
Net cash inflow from
operating activities 19,116 20,802 44,419
13. Cash Flows from Acquisitions and Disposals
Unaudited Unaudited Audited Year
Half Year to Half Year to Ended 30th
31st March 31st March September
2001 2000 2000
#000 #000 #000
Acquisition of Border
Television Plc - - (112,941)
Acquisition of Beat 106
Limited - - (23,916)
Acquisition of First
Oxfordshire Radio Company - - (7,629)
Limited
Acquisition of Bucks
Broadcasting Limited (572) - -
Proceeds from sales of
investments - - 326
Purchase of fixed asset
investments (290) (2,220) (1,014)
Net cash/(debt) acquired/
sold with subsidiary 49 - (8,368)
Proceeds from sale of
radio stations 8,421 - -
Proceeds from sale of
restaurants - - 8,064
7,608 (2,220) (145,478)
Net Debt at 30th Cash Flow Net Debt at 31st
14. Analysis of Net Debt September 2000 March 2001
#000 #000 #000
Cash at bank - 1,364 1,364
Bank loans & overdrafts (6,404) 6,404 -
(6,404) 7,768 1,364
Bank loans falling due in
less than one year (7,700) (7,800) (15,500)
Bank loans falling due in
more than one year (60,800) 7,800 (53,000)
Loan notes (25,004) 807 (24,197)
Finance leases (815) 302 (513)
(94,319) 1,109 (93,210)
(100,723) 8,877 (91,846)
15. Post Balance Sheet Events
On the 11th April 2001 Capital Radio plc completed the sale of its
shareholding in two local stations, Centre FM and The Bear, to CN Group
Limited. The net cash proceeds of the deals to Capital Radio are #3.63 million
and the profit on sale will be reflected in the full years' results.
16. Full Accounts
The comparative figures for the financial year ended 30th September 2000 are
not the Company's statutory accounts for that financial year. Those accounts
have been reported on by the Company's auditors and delivered to the Registrar
of Companies. The report of the auditors was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.
Independent review report by KPMG Audit Plc to Capital Radio plc
Introduction
We have been instructed by the company to review the financial information set
out on pages 11 to 18 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The Listing
Rules of the UK Listing Authority require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where they are to be
changed in the next annual accounts in which case any changes, and the reasons
for them, are to be disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 2000
/4: Review of interim financial information issued by the Auditing Practices
Board. A review consists principally of making enquiries of group management
and applying analytical procedures to the financial information and underlying
financial data and based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A
review is substantially less in scope than an audit performed in accordance
with Auditing Standards and therefore provides a lower level of assurance than
an audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31st March 2001.
KPMG Audit Plc
Chartered Accountants
17th May 2001
London
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