RNS Number:3091P
Horizon Technology Group PLC
03 September 2003
Horizon Technology Group plc
Interim Results
For the six months to
30 June 2003
Horizon Technology Group plc, a leading system integrator and distributor of
information technology products in the UK and Ireland announces its interim
results for the six months to 30 June 2003.
Horizon exceeds market expectations
* Diluted Earnings Per Share adjusted exceeds market expectations at 3.33 cent;
* Strong improvement in services, resulting in an increase in enterprise
solutions gross profit margin from 14.7% to 15.9%;
* In a challenging but stabilising IT market, Horizon has maintained revenues,
improved profitability and increased tangible net worth;
* Net cash balances are well ahead of expectations, resulting in further
strengthening of financial position and balance sheet; and
* Due to increased efficiencies, productivity improvements have been
significant - revenue per employee has now reached a very satisfactory Euro1.26m
per annum.
Earnings Highlights - Six Months to 30 June 2003
Consensus
Actual Broker %
Euro'000 Expectation Increase
Euro'000
Turnover 128,520 136,415 (5.8%)
Gross profit 14,914 14,920 0.0%
Trading profit (pre goodwill) 3,291 2,831 16.2%
EBIT 2,527 2,131 18.6%
Diluted EPS adjusted (cent) 3.33 2.54 31.1%
Commenting on the results: Samir Naji, Executive Chairman of Horizon Technology
Group plc said: "Despite the challenging environment, Horizon has maintained
consistently high customer satisfaction levels, deepened its relationships with
partners such as Hewlett Packard and Sun Microsystems and continued to win
customers increasing its penetration in markets such as life-sciences,
healthcare and retail.
Horizon has also made significant market share gains in its traditionally strong
sectors such as telecommunications and finance. Combined with effective cost
control, these factors have allowed Horizon to further improve its financial
position. The group is well positioned to take advantage of any improvement in
the market and deliver growth in earnings going forward."
About Horizon:
Horizon Technology Group plc is a leading system integrator and distributor of
information technology products in the UK and Ireland.
For more information contact:
Paul McSharry
Financial Dynamics Ireland
Tel: +353-1-6633633
Email: paulmc@fdireland.ie
INTERIM REPORT TO SHAREHOLDERS
for the six months ended 30 June 2003
OVERVIEW
The first half of 2003 saw the return of stability in the IT market and
Horizon's business and an end to the group's two year long consolidation
process. The IT market is still challenging but the group has maintained
revenues, improved profitability and EPS and increased tangible net worth.
Horizon's strong financial position and careful management of its cost base and
capital resources combined with continued focus on performance improvement have
delivered good progress in the first half of 2003.
The following table sets out a summary of the profit and loss for the six months
to June 2003 and a comparison with the two previous six month periods. The six
months to June 2002 was the peak half year for Horizon in turnover terms and the
results for that period incorporate a number of businesses which were
subsequently sold or discontinued and therefore a comparison with the six months
to December 2002 is more meaningful.
Six months to Six months to Six months to
30 June 2003 31 Dec 2002 30 June 2002
Euro'000 Euro'000 Euro'000
Turnover 128,520 128,485 192,927
Gross profit 14,914 15,323 24,491
Staff and other costs 10,990 11,435 20,362
Trading profit (pre goodwill) 3,291 3,176 2,559
EBIT 2,527 2,477 1,498
Retained profit/(loss) 148 (6,428) (7,161)
Diluted EPS adjusted (cent) 3.33 3.33 1.26
Revenue for the six months to June 2003 at Euro128.5m was practically identical to
the previous six month period in euro terms with a 2.5% increase in local
currency terms. Distribution and channel services revenue increased 23% over the
previous six month period while enterprise solutions revenue decreased by 12.8%
in euro terms or 8.9% in local currency terms. The growth in revenue in the
Irish distribution and channel services division was attributable to stronger
customer demand, an improvement in market share and a one-off benefit from a
Northern Ireland government rollout of IT equipment to schools. The weakness in
enterprise solutions revenue arose in the UK enterprise infrastructure and
services (EIS) business, which grew significantly since its launch in 2000, but
as expected, suffered in the first half of 2003 as a result of reduced customer
spending, particularly in very large, lower margin capital projects. The Irish
EIS and the Irish enterprise application and services (EAS) businesses continued
to perform strongly.
Gross profit margin for the six months to June 2003 at 11.6% was down from the
11.9% achieved in the six months to December 2002, reflecting the change in the
sales mix between distribution and channel services revenue and enterprise
solutions revenue. The gross profit margin in the enterprise solutions division
increased from 14.7% to 15.9% reflecting higher services content and a change in
the sales mix in the UK EIS business. In the distribution and channel services
division gross profit margins fell principally because of a very low margin on
the project to rollout IT infrastructure to schools in Northern Ireland.
Trading profit (pre goodwill) for the six months to June 2003 at Euro3.29m is up
28.6% on the comparative six month period to June 2002 and 3.6% on the previous
six month period. The improvement on the previous six month period is primarily
due to a further 5.7% cut in staff costs and a 1.2% reduction in other costs, as
the group continued to benefit from its internal emphasis on cost efficiency and
overhead reduction. Headcount has remained relatively static over the six month
period. The current full time equivalent headcount of 204 compares to 208 six
months ago. Costs have been reduced by 46% since the equivalent period of last
year and by 68% from the peak level in March 2001. Productivity improvements
have been significant, revenue per employee is now a very satisfactory Euro1.26m
per annum.
Progress has been made in the drive to reduce the future lease obligations for
properties that lie vacant. These liabilities arose from the sale of the Cisco
training business and the restructuring process. The group has entered into, or
expects to enter into, agreements to sub-let, assign or otherwise dispose of a
number of these obligations. The combined benefit of these agreements is to
create annual cash inflow of Euro1m thereby reducing the annual cost of vacant
properties from Euro2.9m to Euro1.9m in early years. The directors have estimated the
income that can reasonably be expected from remaining vacant properties and,
having taken into account the weakness of the commercial property market, have
concluded that the accounts should include a non-operating exceptional charge of
Euro1.25m and a balance sheet provision for future costs of Euro5.7m.
The group's cash flow and financial position remain strong. Net cash balances at
30 June 2003 were Euro2.5m. In the six-month period to June 2003, stock days were
reduced by 4 to 24 days and debtors days were trimmed by 6 to 43 days. This was
offset, as expected, by a 16 day reduction in creditors days, principally
attributable to the reduction in the credit received from HP following the HP/
Compaq merger.
Through careful management of the cash conversion cycle, capital efficiency has
shown a marked improvement. Working capital has been reduced over an 18 month
period by Euro33m or from 42 days to 9 days. A number of factors contributed to the
particularly low level of working capital of Euro6.6m at 30 June 2003 and a more
realistic maintainable level for the future will be approximately Euro8m higher.
OUTLOOK
Although the market has become less volatile, IT spending shows no sign of
significant improvement in the short term. Unit volumes and services delivered
will show reasonable growth but as a result of productivity improvements and
reductions in vendors margins, market revenue growth will be marginal, if any.
However, Horizon has completed its consolidation process and has strong market
positions, a very competitive cost structure and efficient processes. In
addition, it has excellent relationships with blue-chip customers and global IT
vendors and a debt free balance sheet. Leveraging these competitive advantages
has enabled Horizon to grow market share even in challenging market conditions
and the group expects this trend to continue.
The group will continue to develop and enhance its existing businesses to create
growth in profit and cash flow. Although the group remains cautious, it will
constantly monitor the developing IT market in the UK and Ireland to identify
new opportunities that would achieve growth in profit and shareholder value.
Horizon is a profitable group, commercially and financially well positioned and
ready to take advantage of any upturn in market conditions.
Samir Naji
Executive Chairman
2 September 2003
OPERATING REVIEW
for the six months ended 30 June 2003
DIVISIONAL ANALYSIS
The group operates through two separate trading divisions, namely enterprise
solutions (previously referred to as IT services) and distribution and channel
services. The performance of each division is detailed below.
ENTERPRISE SOLUTIONS DIVISION
This division assists customers in implementing IT strategies through the
provision of IT infrastructure, development and consulting services
predominately to blue-chip corporate clients. The division includes the Irish
and UK based EIS businesses and the Irish EAS business and has a current full
time equivalent staff count of 144.
The enterprise solutions division aims to provide customers with a full
portfolio of solutions, which link business strategies with integrated IT
solutions and architectures. It operates in the UK and Irish markets.
Six months to Six months to Six months to
30 June 2003 31 Dec 2002 30 June 2002
Euro'000 Euro'000 Euro'000
Turnover 71,896 82,423 131,574
Gross profit 11,451 12,129 20,572
Gross margin 15.9% 14.7% 15.6%
The division's turnover at Euro71.9m was down 12.8% on the previous six months or
8.9% in local currency terms. The weakness in enterprise solutions revenue arose
in the UK EIS business which has shown significant growth since its launch in
2000, but as expected, suffered in the first half of 2003 as a result of reduced
IT expenditure in the UK, particularly in very large capital projects. However,
these projects typically had lower gross profit margins. The reduced number of
very large capital projects and the group's focus on services had the effect of
pushing up the average services content within contracts and therefore the
overall gross margin of the division increased from 14.7% to 15.9%.
Despite the challenging environment, the Irish EIS and EAS businesses continued
to perform strongly and broadened their industry footprints with customer wins
in newer markets such as life-sciences, healthcare and retail, while also
gaining market share from competitors in their traditionally strong markets of
telecommunications and finance. Recent customer wins include the provision of
systems or services to EBS Building Society, AIB, Pepsi-Cola, O2, Wyeth
Nutritional amongst many others. The UK based EIS business has strengthened its
relationship with system integrators and shown particular strength in its
penetration of the UK government sector, a trend that is expected to continue.
DISTRIBUTION AND CHANNEL SERVICES DIVISION
Clarity Distribution is Ireland's leading value-added distributor of computer
and IT products. It offers leading edge supply chain management services to
resellers and to global technology vendors.
Six months to Six months to Six months to
30 June 2003 31 Dec 2002 30 June 2002
Euro'000 Euro'000 Euro'000
Turnover 56,624 46,063 61,065
Gross profit 3,463 3,175 3,888
Gross margin 6.1% 6.9% 6.4%
Divisional turnover was up 23% on the previous six month period but 7% down on
the corresponding period of the previous year. Gross profit has increased by 9%
but gross profit margin has reduced to 6.1% mainly because of the impact of a
large Northern Ireland government rollout of IT equipment to schools on which
the group earned a very low margin. Excluding this project, gross profit margin
was 6.6%.
The division had a strong half year and experienced significant growth in its
share of the Irish HP distribution market. Eight of the top ten Irish HP
resellers use Clarity Distribution as their primary source of HP product.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 June 2003
Unaudited Unaudited Audited
Six months to Six months to Year ended
30 June 2003 30 June 2002 31 Dec 2002
Note Euro'000 Euro'000 Euro'000
TURNOVER 2/5 128,520 192,927 321,412
________ ________ ________
GROSS PROFIT 2 14,914 24,491 39,814
________ ________ ________
EARNINGS BEFORE INTEREST,
DEPRECIATION, AND GOODWILL
AMORTISATION (EBITDA) 3,924 4,129 8,017
Depreciation (633) (1,570) (2,282)
Amortisation of intangibles (764) (1,061) (1,760)
________ ________ ________
OPERATING PROFIT (EBIT) 5 2,527 1,498 3,975
NON-OPERATING EXCEPTIONAL ITEMS: 4
Costs of fundamental restructuring (160) (613) (2,132)
Disposal and termination of business units (1,533) (6,271) (13,176)
Diminution in value of long term investments - (161) (161)
________ ________ ________
834 (5,547) (11,494)
Net interest charge (353) (643) (977)
Unwinding of discount (164) - -
________ ________ ________
PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 317 (6,190) (12,471)
Taxation on profit/(loss) on ordinary activities (169) (971) (1,109)
________ ________ ________
PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 148 (7,161) (13,580)
Minority interests (including non-equity minority - - (9)
interests)
________ ________ ________
PROFIT/(LOSS) RETAINED FOR THE FINANCIAL PERIOD AND 148 (7,161) (13,589)
ATTRIBUTABLE TO MEMBERS OF THE PARENT COMPANY
________ ________ ________
Earnings per share: 3
Basic earnings per ordinary shares (cent) 0.23 (10.99) (20.93)
Basic earnings per ordinary shares adjusted* (cent) 3.63 1.36 4.97
Diluted earnings per ordinary shares (cent) 0.21 (10.99) (19.39)
Diluted earnings per ordinary shares adjusted* (cent) 3.33 1.26 4.60
*Earnings per share adjusted for non-operating exceptional items, amortisation
of intangibles, and unwinding of discount.
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 30 June 2003
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2003 30 June 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000
Profit/(loss) attributable to members of the parent company 148 (7,161) (13,589)
Exchange difference on retranslation of net assets of (371) (1,002) (1,001)
subsidiary undertakings
__________ __________ __________
TOTAL RECOGNISED LOSSES (223) (8,163) (14,590)
RELATING TO THE PERIOD __________ __________ __________
RECONCILIATION OF SHAREHOLDERS FUNDS
for the six months ended 30 June 2003
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2003 30 June 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000
Total recognised losses (223) (8,163) (14,590)
Expenses on share issue (8) (19) (34)
Re-instatement of goodwill previously - - 947
written off
Shares to be issued by way of deferred
consideration on acquisitions 68 (2,370) (4,563)
__________ __________ __________
Total movements during the period (163) (10,552) (18,240)
Shareholders' funds at beginning of period 13,677 31,917 31,917
__________ __________ __________
Shareholders' funds at end of period 13,514 21,365 13,677
__________ __________ __________
CONSOLIDATED BALANCE SHEET
at 30 June 2003
Unaudited Unaudited Audited
30 June 2003 30 June 2002 31 Dec 2002
Note Euro'000 Euro'000 Euro'000
FIXED ASSETS
Intangible assets 9,271 14,018 9,899
Tangible assets 4,224 7,100 4,787
__________ __________ __________
13,495 21,118 14,686
__________ __________ __________
CURRENT ASSETS
Stocks 15,136 14,190 18,137
Debtors 35,782 71,239 41,293
Cash at bank and in hand 17,786 11,139 9,330
__________ __________ __________
68,704 96,568 68,760
CREDITORS: amounts falling due within 6 (61,618) (88,312) (62,087)
one year __________ __________ __________
NET CURRENT ASSETS 7,086 8,256 6,673
__________ __________ __________
TOTAL ASSETS LESS CURRENT LIABILITIES 20,581 29,374 21,359
CREDITORS: amounts falling due after more than one 7 (1,263) (4,914) (1,417)
year
PROVISIONS FOR LIABILITIES AND CHARGES 8 (5,687) (2,978) (6,148)
__________ __________ __________
13,631 21,482 13,794
__________ __________ __________
CAPITAL AND RESERVES
Called up share capital 4,755 4,533 4,754
Shares to be issued after period end 3,085 6,852 3,200
Share premium 67,134 65,737 66,960
Profit and loss account (45,913) (40,210) (45,690)
Cost of shares of the company held in an ESOP (15,547) (15,547) (15,547)
__________ __________ __________
Shareholders' funds (all equity interests) 13,514 21,365 13,677
Minority interests:
Non-equity 117 117 117
__________ __________ __________
13,631 21,482 13,794
__________ __________ __________
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2003
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2003 30 June 2002 31 Dec 2002
Note Euro'000 Euro'000 Euro'000
CASH OUTFLOW/(INFLOW) FROM OPERATING ACTIVITIES 9 (1,221) 25,800 38,083
__________ __________ __________
RETURNS ON INVESTMENT AND SERVICING OF FINANCE
Net interest paid (334) (619) (1,021)
Dividends paid to minority interests - - (9)
Interest element of finance lease rental payments (31) (55) (109)
__________ __________ __________
NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND (365) (674) (1,139)
SERVICING OF FINANCE
__________ __________ __________
TAXATION
Irish corporation tax refund/(paid) 66 (1,341) (1,443)
Overseas taxation (paid)/refund - (143) 824
__________ __________ __________
NET CASH INFLOW/(OUTFLOW) FROM TAXATION 66 (1,484) (619)
__________ __________ __________
CAPITAL EXPENDITURE
Payments to acquire tangible fixed assets (158) (940) (852)
Receipts from sales of tangible fixed assets 4 122 422
__________ __________ __________
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (154) (818) (430)
__________ __________ __________
ACQUISITIONS AND DISPOSALS
Purchase of subsidiary undertakings (206) (510) (3,823)
Sale of subsidiaries (555) 9,227 8,046
Net cash transferred with subsidiaries sold - (668) (891)
_________ _________ __________
NET CASH (OUTFLOW)/INFLOW FROM ACQUISITIONS AND (761) 8,049 3,332
DISPOSALS
_________ _________ __________
CASH (OUTFLOW)/INFLOW BEFORE USE OF LIQUID (2,435) 30,873 39,227
RESOURCES AND FINANCING
NET CASH OUTFLOW FROM FINANCING 10(c) (237) (5,703) (10,723)
CASH INFLOW FROM MANAGEMENT OF LIQUID RESOURCES - 1,016 1,016
__________ __________ __________
(DECREASE)/INCREASE IN CASH 10(b) (2,672) 26,186 29,520
__________ __________ __________
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The interim financial statements for the six months ended 30 June 2003 have
been prepared in accordance with the accounting policies set out in the
financial statements for the year ended 31 December 2002.
The interim financial statements for the six months ended 30 June 2003 are
unaudited. The summary financial statements for the year ended 31 December
2002 represent abbreviated versions of the group's full accounts for that
period, on which the Auditors issued an unqualified audit report.
2. SEGMENTAL INFORMATION
Segmental information in relation to turnover and gross profit is given in
the operating review.
3. EARNINGS PER ORDINARY SHARE
Six months ended Six months ended Year ended
30 June 2003 30 June 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000
The computation of basic and diluted earnings
per share is set out below:
Numerator
Profit/(loss) after tax and minority interests 148 (7,161) (13,589)
Non-operating exceptional items 1,279 6,988 15,052
Amortisation of intangibles 764 1,061 1,760
Unwinding of discount 164 - -
__________ __________ __________
Adjusted profit before exceptional items, amortisation, and 2,355 888 3,223
unwinding of discount
Denominator
Weighted average number of shares in issue for the period ('000) 64,815 65,131 64,912
Dilutive potential ordinary shares:
Deferred consideration 5,477 5,458 4,971
Employee share options 387 - 190
__________ __________ __________
Diluted weighted average number of ordinary shares ('000) 70,679 70,589 70,073
__________ __________ __________
Earnings per share:
Basic earnings per ordinary shares (cent) 0.23 (10.99) (20.93)
Basic earnings per ordinary shares adjusted* (cent) 3.63 1.36 4.97
Diluted earnings per ordinary shares (cent) 0.21 (10.99) (19.39)
Diluted earnings per ordinary shares adjusted* (cent) 3.33 1.26 4.60
* Earnings per share adjusted for non-operating exceptional items, amortisation
of intangibles, and unwinding of discount.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares, namely share options and future contingent share issues.
4. EXCEPTIONAL ITEMS
Non-operating exceptional items give rise to a taxation credit of Euro414,000.
5. CONTINUING OPERATIONS
In the year to December 2002, Horizon disposed of its CISCO training
business, the HTS Group, and three of its smaller application consultancy
businesses; iFusion Limited, Webfactory Limited and Fusion Business
Solutions (UK) Limited.
CONTINUING OPERATIONS COMPARATIVE FIGURES
Continuing Continuing Discontinued Continuing Discontinued
Six months to Six months to Six months to Year ended Year ended
30 June 2003 30 June 2002 30 June 2002 31 Dec 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000 Euro'000 Euro'000
TURNOVER 128,520 181,460 11,467 310,048 11,364
__________ __________ __________ __________ __________
OPERATING PROFIT (EBIT) 2,527 2,995 (1,497) 5,647 (1,672)
__________ __________ __________ __________ __________
6. CREDITORS: amounts falling due within one year
30 June 2003 30 June 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000
Trade Creditors 26,792 58,932 43,792
Accruals 17,701 14,313 12,663
PAYE/PRSI (26) 483 186
VAT 1,226 770 1,027
Corporation Tax 372 293 70
Overseas taxation 404 (576) 404
Bank borrowings 14,983 8,510 3,708
Acquisition loan note 37 4,615 40
Obligations under finance leases 129 972 197
___________ __________ ___________
61,618 88,312 62,087
___________ __________ ___________
7. CREDITORS: amounts falling due after more than one year
30 June 2003 30 June 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000
Bank borrowings - 106 99
Obligations under finance leases 138 254 193
Other creditors and accruals 1,125 4,554 1,125
___________ __________ ___________
1,263 4,914 1,417
___________ __________ ___________
8. PROVISIONS FOR LIABILITIES AND CHARGES
Total
Euro'000
At beginning of period 6,148
Provided in period 1,250
Unwinding of discount 164
Utilised during period (1,875)
___________
At end of period 5,687
___________
Following the sale of the Cisco training business and as a result of the
implementation of the group's fundamental restructuring plan the group has a
number of properties that lie vacant. Provision has been made for the best
estimate of the net present value of the unavoidable lease payments on these
properties, being the difference between the future rental costs and related
expenses and any income reasonably expected to be derived from their being sub-
let. The provision is expected to be utilised over the life of the leases, which
range from two years to ten years and is included in the total above.
9. RECONCILIATION OF OPERATING PROFIT TO NET CASH
(OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
Six months ended Six months ended Year ended
30 June 2003 30 June 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000
Operating profit 2,527 1,498 3,975
Non-operating exceptional items (1,693) (7,045) (15,469)
Non-cash exceptional items (848) 4,963 12,919
Depreciation and amortisation of intangibles 1,397 2,631 4,042
Loss on disposal of tangible fixed assets 2 10 25
Decrease/(increase) in debtors 4,669 (2,515) 25,646
Decrease/(increase) in stocks 2,439 1,940 (2,056)
(Decrease)/increase in creditors (9,714) 24,318 9,001
___________ ___________ ___________
Net cash (outflow)/inflow from operating activities (1,221) 25,800 38,083
___________ ___________ ___________
10. ANALYSIS OF NET CASH AND FINANCING AND RECONCILIATION
OF NET CASH FLOW TO MOVEMENT IN NET CASH
(a) Analysis of cash
31 Dec 2002 Cashflow Translation 30 June 2003
Opening Euro'000 Adjustment Closing
Euro'000 Euro'000 Euro'000
Cash 9,330 8,649 (193) 17,786
Overdraft (3,688) (11,321) 26 (14,983)
________ ________ ________ ________
5,642 (2,672) (167) 2,803
Short term loans (20) 20 - -
Long term loans (99) 99 - -
Finance lease obligations (390) 110 13 (267)
Acquisition loan notes (40) - 3 (37)
________ ________ ________ ________
5,093 (2,443) (151) 2,499
________ ________ ________ ________
(b) Reconciliation of net cash flow to movement in net cash
Euro'000
Decrease in cash in period (2,672)
Cash outflow from decrease in debt and lease financing 229
__________
Change in net cash resulting from cash flows (2,443)
Translation adjustment (151)
__________
Movement in net cash in the period (2,594)
Net cash at 31 December 2002 5,093
__________
Net cash at 30 June 2003 2,499
__________
(c) Net cash outflow from financing
Six months ended Six months ended Year ended
30 June 2003 30 June 2002 31 Dec 2002
Euro'000 Euro'000 Euro'000
Net movements in short term borrowings (20) (3,866) (8,701)
Net movements in long term borrowings (99) (923) (930)
Expenses on issue of ordinary share capital (8) (19) (34)
Capital element of finance lease rental payments (110) (895) (1,058)
__________ __________ __________
Net cash outflow from financing (237) (5,703) (10,723)
__________ __________ __________
11. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information contained in this interim statement does not
constitute statutory accounts as defined in section 19 of the Companies
(Amendment) Act, 1986. The financial information for the full preceding
accounting period is based on the statutory accounts for the year ended 31
December 2002.
12. APPROVAL OF ACCOUNTS
The interim accounts (unaudited) were approved by the board of directors on
2 September 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
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