Final Results
April 30 2001 - 7:57AM
UK Regulatory
RNS Number:8421C
Reflex Group PLC
30 April 2001
REFLEX GROUP Plc
FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2000
CHAIRMAN'S STATEMENT
Reflex Group Plc and its subsidiaries (the "Group") recorded a profit
attributable to shareholders of Euro327,000 in 2000. This compares to a profit
of Euro289,000 in 1999.
The consolidated balance sheet of the Group shows shareholders' funds of Euro
3,067,000. The fixed assets held by the Group principally comprise the rental
asset portfolio of current computer products. It is the policy of the Group to
write off fully these assets over a 3 year period and, at the end of the
product's useful rental life, to sell the products on to unrelated third
parties.
The cash situation of the Group has improved since 1999, increasing from Euro
809,000 in 1999 to Euro1,759,000 in 2000.
From 1 January 2000 the Group operated its rental business through one UK
entity, First Rental Limited. While the consolidation of the UK businesses
resulted in a reduction in turnover, there was a related reduction in
operating costs with the result that overall profitability improved.
In conclusion I would like to thank the executives and staff of the Group for
their efforts and commitment during the year.
Martin A. Kilduff
Chairman
30 April 2001
REFLEX GROUP Plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2000
2000 1999
Euro Euro
000's 000's
Turnover 3,656 4,194
Cost of Sales (1,348) (1,823)
Gross Profit 2,308 2,371
Administrative Expenses (1,846) (2,176)
Operating Profit 462 195
Write Back of Provision for Losses on Discontinued - 23
Operations
Profit on Ordinary Activities before Interest 462 218
Interest, net 5 (22)
Profit on Ordinary Activities before Taxation 467 196
Taxation (140) 93
Profit Attributable to Group Shareholders 327 289
Earnings per Ordinary Share Euro0.79 Euro0.69
REFLEX GROUP Plc
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2000
2000 1999
Euro Euro
000's 000's
Fixed Assets
Tangible assets - Lease and rental equipment 1,293 1,669
- Other 353 416
1,646 2,085
Current Assets
Stock 23 30
Debtors 464 693
Cash at bank and in hand 1,759 809
2,246 1,532
Creditors (Amounts falling due within one year) (787) (815)
Net Current Assets 1,459 717
Creditors (Amounts falling after more than one year) (38) (56)
Net Assets 3,067 2,746
Capital and Reserves
Called up share capital 2,642 2,642
Share premium account 5,464 5,464
Profit and loss account (5,039) (5,360)
Shareholders' Funds - all equity 3,067 2,746
REFLEX GROUP Plc
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2000
2000 1999
Euro Euro
000's 000's
Net Cash Inflow from Operating Activities 1,663 1,439
Returns on Investments and Servicing of Finance 5 (22)
Taxation - -
Capital expenditure and financial investment (636) (1,104)
Cash Inflow before Finance 1,032 313
Financing - Capital element of finance payments (82) (48)
Increase in Cash in the Year 950 265
Reconciliation of Net Cash Flow to Movement in
Net Funds
Increase in cash in year 950 265
Cash outflow from decrease in debt 82 48
Change in Net Funds resulting from Cashflows 1,032 313
New finance leases (35) (27)
Movement in Net Funds in the Year 997 286
Net Funds, beginning of year 676 390
Net Funds, end of year 1,673 676
REFLEX GROUP Plc
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2000
2000 1999
Euro000's Euro000's
Profit attributable to Group Shareholders 327 289
Exchange adjustments (6) 281
Total recognised gains for the year 321 570
REFLEX GROUP Plc
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 31 DECEMBER 2000
2000 1999
Euro000's Euro000's
At 1 January 2000 2,746 2,176
Total gains for the year 321 570
At 31 December 2000 3,067 2,746
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