Salvesen(Christn) - Interim Results
December 04 1997 - 2:30AM
UK Regulatory
RNS No 2594k
CHRISTIAN SALVESEN PLC
4th December 1997
CHRISTIAN SALVESEN PLC
RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 1997
Strong growth from Logistics Operations
Christian Salvesen PLC, the logistics and food services company, today
announces its interim results.
Performance of Continuing 1997 1996
Operations
Turnover
Logistics #235.8m #232.3m
Food Services #28.3m #32.2m
Operating profit
Logistics #20.9m #19.7m
Food Services #2.5m #6.6m
Performance including Discontinued
Operations
Profit before taxation #47.6m #51.6m
Earnings per share 10.46p 12.30p
Earnings per share
(excluding exceptionals) 10.73p 12.03p
Dividend (1996 excluding 17p 3.9p 3.8p
enhancement)
* Logistics operating profits increased 11%, excluding the
impact of currency. Logistics margins were up from 8.5% to 8.9%.
* UK Logistics has performed particularly well with operating
profits 14.1% ahead at #17 million with strong growth in
Industrial, UK Temperature Control Network and Consumer.
* Continuing expansion in Industrial Logistics into new sectors
was achieved with three year contracts for The Mail and Mail on
Sunday and SPTyres, along with new business from Vauxhall and
Mobil.
* Operating profits in Continental Europe Logistics 5.7% ahead
of last year at #3.7 million excluding negative currency impact of
#0.8 million. Expansion into Spain and Italy progressing well.
* Food Services profits reduced by #4.1 million after poorest
processing season for 15 years.
* Demerger of Aggreko successfully completed 29 September 1997.
* Interim Dividend up 2.6% to 3.9 pence.
Chairman, Jonathan Fry, said:
"With the exception of Food Services, these results were satisfactory.
In particular we saw an encouraging rise in operating profits from
Logistics, the key to our future.
"The priority of the company will now be the development of a high
quality pan-European network of logistics services for both industrial
and food/consumer customers. With a strong management team, excellent
technology and a broad and prestigious customer base in place, I
believe we are well placed to pursue this strategy."
Enquiries:
Edward Roderick
Chief Executive
Christian Salvesen PLC Tel: 0171 353 9203 (until 3pm)
01604 666 2640 (thereafter)
Jonathon Brill/John Kiely
Lowe Bell Financial Tel: 0171 353 9203
CHRISTIAN SALVESEN PLC
RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 1997
CHAIRMAN'S STATEMENT
As your new Chairman, I am pleased to report that all the strategic
measures proposed to you a year ago have now been carried through.
Aggreko has been demerged and shareholders have received #150 million
of special dividends. In addition, the USA logistics operations have
been sold.
These results, for the half year to 30 September 1997, are the final
figures including Aggreko, which has now been demerged. They are at
first sight disappointing with an 11% fall in earnings per share
before exceptional items. However, excluding the effects of currency
and a downturn in Food Services, impacted by poor harvests, operating
profits are up, and operating profit from Logistics - the key to our
future - rose 11% on like for like exchange rates. The dividend has
been increased from 3.8 pence to 3.9 pence, of which 2.45 pence is
deemed to be in respect of the ongoing business.
The priority of the company will now be the development of a high
quality pan-European network of logistics services for both industrial
and food/consumer customers. There is no doubt that this is an
attractive market to serve. The large manufacturers and retailers of
Europe are now viewing it as a single market in terms of their supply
chain. Products are being manufactured at strategically placed
locations in Europe and distributed from these to the national markets
of the EU. Many companies will not wish to carry out this
distribution themselves, having resolved that their core skills lie
elsewhere, in selling, in production or in marketing. This presents
Christian Salvesen with an excellent strategic opportunity, and we
intend to grasp it, obtaining an increasing share of what will be a
strongly growing market.
In order to achieve this, there is much to be done. Both our
Industrial and Food /Consumer businesses have a strong home base in
the UK; both have made a start on developing a presence in
Continental Europe, the latter having progressed further than the
former. Linking Europe together in distribution terms is not an easy
task; national and regional orientation in the logistics business is
still very prevalent; trans-border co-operation and affiliation
require changes of attitude. Attempts to date to develop across the
whole market have led to problems for many companies including, in the
past, our own.
Our strategy is a bold one, to develop with speed a continent-wide set
of networks, employing a mixture of joint venture, acquisition and
organic development. We have made an encouraging start. Although the
massive changes to the company concluded only weeks ago have meant
some dislocation, our logistics operations are, as I have said, making
progress, with profits showing, at constant exchange rates, a good
upward momentum.
We are now well placed to pursue our strategy. We have a strong
management team, excellent technology (particularly and crucially in
IT) and a broad and prestigious customer base. We are confident that
these are the right ingredients for building shareholder value. We
will deploy them to the full.
As to the immediate future, although difficulties in Food Services
remain, the growth achieved in Logistics is being maintained.
Jonathan Fry
Chairman 4 December 1997
CHRISTIAN SALVESEN PLC
REVIEW OF OPERATIONS - EDWARD RODERICK, CHIEF EXECUTIVE
This six month period will be the last for Christian Salvesen as a
business services company comprising the three divisions of Logistics,
Food Services and Aggreko. The business achieved good growth across
all sectors other than Food Services. Currency movements have,
however, reduced Operating Profits by #2.6 million.
The Logistics business continued to perform well and we saw strong
underlying growth across all divisions. Industrial Logistics and the
Temperature Controlled Network within Food/Consumer UK have performed
particularly well as they benefited from last year's business wins.
Food Services, meanwhile, was impacted by the poor weather, high stock
levels in the industry and the strong pound. We have taken remedial
action to stabilise the position, but market conditions remain
uncertain.
Aggreko turned in another good performance in its last six months as
part of the Group with profits up 3.0% to #24.4 million.
Capital expenditure, which totalled #38 million, was focused
principally on Industrial Logistics, a project for Unilever in The
Netherlands with #20.4 million on Aggreko's fleet.
LOGISTICS
Industrial
The division performed strongly with both sales and operating profits
ahead in the UK.
During the period we saw an encouraging level of new business wins
totalling #20 million in annualised sales. These include major
contracts with Vauxhall for its aftermarket business as well as
significantly increased volumes for Mobil following its joint venture
in lubricants with BP.
Continuing expansion into new sectors was achieved with three-year
contracts won in September for Associated Newspapers (The Daily Mail)
and SP Tyres for their Dunlop brand.
In Europe, development opportunities are being studied in both Germany
and France. In Portugal, we have continued to trade well, encouraged
by the recognition from the Ford Motor Company that Lisbon was the
best performing depot in Europe.
Our associate company, Wohlfarth, improved its operating profit in the
period after excluding the profit on the sale of a tanker business
(#0.5 million) in 1996.
In the UK, we have experienced planning delays in the construction of
our new facilities at Rowley, near Birmingham, and Thatcham in London
and these will not now be completed until mid-1998. Temporary
premises have been rented to accommodate the business which will be
routed through these facilities.
Food/Consumer
UK
In Food/Consumer Logistics in the UK, business has been won, contracts
renewed and the problems at Elstree tackled.
The Temperature Controlled Network is making good progress and
continuing to build on its successful launch last year. We have
gained both new customers and additional volume . Meanwhile, at
Elstree, working with our customer, Sainsbury, we have made
considerable progress in resolving our operating difficulties, and as
a result, made a small loss in the period. We anticipate that this
improving trend will be maintained during the second half.
Our contract at Warrington for Kwik Save has been extended for a
further three years and we have created new capacity at our Rugby
distribution centre to cope with increased chilled food volumes for
Marks & Spencer. In retail support services activities, we have
expanded activities with the implementation of the first phase of the
contract to operate six strategically sited tray wash units for Chep
(UK).
We have continued to expand our services to consumer product retailers
with increases in volumes of clothing and housewares being supplied to
Marks & Spencer. In addition, we have agreed a contract with House of
Fraser to operate a new and much larger distribution centre in Milton
Keynes. This will expand business volumes dramatically with existing
product from the current site in Northampton being supplemented by
additional volumes currently delivered direct to stores.
Food/Consumer
Continental Europe
On the continent, trading was generally satisfactory during the first
half with clear signs that consumer spending is beginning to pick up.
Profits were ahead of last year, excluding the impact of currency
translation.
Looking at individual countries, all businesses performed in line with
expectations. In particular, The Netherlands and Spain performed
well, with the latter starting from a low base. We also continued to
progress towards profitability in Germany.
There have been a number of new business wins during the period. We
are to take over a warehouse at Hanover in Germany for an ice cream
manufacturer and considerable new business has been won for the
growing chill network in Benelux. In France, new business has been
obtained from Carrefour and Auchan and a major extension of the Go
Sport warehouse near Amiens was opened in September. Significant
projects with Iglo Ola (Unilever in The Netherlands) and Galbani
(Groupe Danone in Italy) are progressing well and are on schedule to
open in the second half of 1998/99.
FOOD SERVICES
Following a good harvest in 1996 we entered this year with high stock
levels and declining average selling prices. So far, the season has
proved to be a very difficult one with poor yields resulting in a
reduction in our pea tonnage of over 45% on last year's volume. This
is the lowest processed tonnage for 15 years.
Good progress has been made in the development of our non-vegetable
activities with business gains from Birds Eye Wall's, H J Heinz and
Spillers and the renewal of our United States Air Force contract.
In addition, an investment is being made in a state of the art
vegetable mixing plant at our central repacking facility at Easton.
This is due for completion in the second half of this financial year,
and will provide the opportunity to develop better our added value
services.
The increasing availability of fresh produce, coupled with strong
competition from mainland Europe for frozen vegetables, which has been
assisted by the exchange rate, has resulted in a very poor first half
year for Tendafrost, our wholesale operation.
AGGREKO
In its last six months as part of the Christian Salvesen Group,
Aggreko continued to make good progress. Despite the strength of
sterling adversely impacting the translation of overseas profits by
#1.5 million and the absence of last year's exceptional contribution
from the Atlanta Olympics, trading profits are 3.0% ahead at #24.4
million.
In North America, which in profit terms is Aggreko's largest market,
the business continued to develop on a broad front. The
environmentally friendly "Green Power" generators introduced last year
have proved to be extremely popular, and in many applications have set
a new industrial standard. Utilisation of Oil Free Compressors
continued at a high level throughout the six months and, on the
temperature control front, several new applications were developed.
With a significant proportion of the European generator fleet having
been deployed in Sri Lanka during the summer months, attention in the
UK and Mainland Europe was focused on developing the temperature
control business. Revenues in the six months were substantially ahead
of the same period last year, and further fleet will be introduced to
meet this growing market.
In the Rest of the World, demand for Aggreko's specialist services
continued to grow. Although the contract in Sri Lanka will be
completed by the end of the year, several new contracts have been
secured in Australasia and in the Middle East a new depot has been
established in Saudi Arabia.
CONCLUSION
I firmly believe that as a result of the demerger shareholders now
have two strong and independent companies ready to deliver a bright
future. With our focused Logistics business we expect to be able to
maintain strong growth on a consistent basis.
Edward Roderick
Chief Executive 4 December 1997
CHRISTIAN SALVESEN PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE HALF YEAR ENDED 30 SEPTEMBER 1997
UNAUDITED Before
exceptional Exceptional Total for the Year
half year ended
items items ended 30 31
September March
1997 1997 1997 1996 1997
#m #m #m #m #m
Turnover
Continuing operations 264.1 - 264.1 264.5 534.9
Discontinued operations 91.1 - 91.1 116.8 212.9
-------- ---------- ---- ----- -----
Total turnover 355.2 - 355.2 381.3 747.8
-------- --------- ---- ------ ------
Operating profit -
Continuing operations 23.2 - 23.2 25.7 41.7
Income from associated
undertakings 0.2 - 0.2 0.6 0.5
Discontinued operations 24.6 - 24.6 27.4 45.0
--------- --------- ---- ----- -----
Total operating profit 48.0 - 48.0 53.7 87.2
Continuing operations:
Bid defence costs - - - (0.8) (1.0)
Discontinued operations:
Surpluses in respect of
businesses sold - 15.5 15.5 1.6 5.8
Demerger costs - (8.4) (8.4) - -
-------- --------- ---- ----- -----
Profit on ordinary
activities before
interest 48.0 7.1 55.1 54.5 92.0
Net interest payable (7.5) - (7.5) (2.9) (6.1)
--------- --------- ---- ----- -----
Profit on ordinary
activities before
taxation 40.5 7.1 47.6 51.6 85.9
Tax on profit on
ordinary activities
- UK (3.8) 0.9 (2.9) (7.1) (15.1)
- Overseas (8.7) (8.7) (17.4) (8.6) (14.2)
--------- --------- ------ ----- ------
Profit for the
financial period 28.0 (0.7) 27.3 35.9 56.6
Dividends on ordinary
shares - Cash (10.3) - (10.3) (61.1) (174.4)
- In specie on
demerger - (87.3) (87.3) - -
---------- ---------- ------ ----- ------
Transfer from reserves
for the financial
period 17.7 (88.0) (70.3) (25.2) (117.8)
===== ===== ===== ===== =====
Earnings per share
On published earnings 10.46p 12.30p 19.4p
Adjustment for
exceptional items 0.27p (0.27)p 0.4p
------ ------ ------
Excluding exceptional
items 10.73p 12.03p 19.8p
------ ----- ------
Dividend per
ordinary share* 3.90p 20.80p 60.15p
----- ------ ------
* includes enhanced interim and special dividends: September 1996,
17p, March 1997, 51p.
CHRISTIAN SALVESEN PLC
GROUP BALANCE SHEET
UNAUDITED
30 September 30 September 31 March
1997 1996 1997
As at 30 September 1997 #m #m #m
Fixed assets
Tangible assets 259.0 460.6 444.2
Investments 1.7 1.4 1.5
------- ------- -------
260.7 462.0 445.7
------- ------- -------
Current assets
Stocks 34.0 57.2 49.5
Debtors 123.1 176.2 152.9
Corporation tax recoverable 24.9 - 35.2
Investments 0.1 3.5 0.6
Cash at bank and in hand 26.3 58.3 61.9
------- ------- -------
208.4 295.2 300.1
Current Liabilities
Creditors:
Amounts falling due within
one year
Borrowings (7.0) (20.2) (61.1)
Corporation tax (5.6) (29.9) (49.2)
Ordinary dividends (10.3) (61.3) (14.0)
Other creditors (134.1) (195.5) (160.7)
-------- -------- --------
Net current assets/(liabilities) 51.4 (11.7) 15.1
-------- -------- --------
Total assets less current
liabilities 312.1 450.3 460.8
Long term liabilities
Creditors:
Amounts falling due beyond
one year
Borrowings (133.6) (110.9) (219.7)
Other creditors (21.0) (22.2) (22.5)
Provisions for liabilities (7.9) (9.1) (17.4)
and charges
--------- -------- --------
Total net assets 149.6 308.1 201.2
===== ===== =====
Capital and reserves
Called up share capital 74.6 73.0 73.3
Share premium account 42.8 32.9 34.5
Capital redemption reserve 3.5 3.5 3.5
Goodwill reserve (80.9) (93.2) (93.2)
Profit and loss account 109.6 291.9 183.1
-------- -------- --------
Shareholders' funds 149.6 308.1 201.2
===== ===== =====
CHRISTIAN SALVESEN PLC
GROUP CASH FLOW SUMMARY
UNAUDITED Year
Half year ended ended
30 30 31
September September March
1997 1996 1997
for the half year ended
30 September 1997 #m #m #m
Operating profit 48.0 53.7 87.2
Depreciation charges 32.7 35.3 71.2
Increase in working capital (16.6) (10.5) (14.8)
Demerger costs (2.3) - -
Other items not involving the 0.8 (2.1) 3.0
movement of cash
-------- -------- -------
Cash flow from operating activities 62.6 76.4 146.6
Net cash outflow from returns on
investments and servicing of finance (7.8) (2.8) (6.0)
Tax paid (52.9) (8.4) (28.2)
Capital expenditure and
financial investment (36.1) (45.5) (83.8)
Disposal of businesses 62.7 - 1.1
Equity dividends paid (14.0) (15.0) (175.4)
-------- -------- -------
Cash inflow/(outflow) before use of
liquid resources and financing 14.5 4.7 (145.7)
Management of liquid resources 7.0 (23.4) 18.5
Financing
Issue of ordinary share capital 9.6 0.5 2.4
Increase in debt 2.5 16.6 99.4
------- -------- -------
Increase/(decrease) in cash
in the period 33.6 (1.6) (25.4)
===== ===== =====
Half year ended Year ended
30 30 31 March
September September
Reconciliation of net cash flow to 1997 1996 1997
movement in net debt #m #m #m
Increase/(decrease) in cash 33.6 (1.6) (25.4)
Cash inflow from increase in debt (2.5) (16.6) (99.4)
Cash (inflow)/outflow from
(decrease)/increase in liquid
resources (7.0) 23.4 (18.5)
-------- -------- --------
Changes in net debt resulting
from cash flows 24.1 5.2 (143.3)
Demerger of Aggreko 81.0 - -
Translation difference (1.0) - (0.5)
-------- -------- --------
Movement in net debt in the period 104.1 5.2 (143.8)
Opening net debt (218.3) (74.5) (74.5)
-------- -------- --------
Closing net debt (114.2) (69.3) (218.3)
===== ===== =====
CHRISTIAN SALVESEN PLC
NOTES TO THE INTERIM STATEMENTS
UNAUDITED Half year ended Year
ended
30 30 31 March
September September
1997 1996 1997
#m #m #m
Statement of total recognised gains
and losses
Profit for the financial period 27.3 35.9 56.6
Exchange translation effect on
foreign currency net investments (3.2) (8.2) (24.4)
-------- -------- ---------
Total recognised gains and
losses for the period 24.1 27.7 32.2
===== ===== =====
Movement in shareholders' funds
Profit for the financial period 27.3 35.9 56.6
Dividends - Cash (10.3) (61.1) (174.4)
- In specie on demerger (87.3) - -
------- --------- -------
(70.3) (25.2) (117.8)
Goodwill on demerger 12.3 - -
Other recognised gains and
losses for the period (3.2) (8.2) (24.4)
Shares issued 9.6 0.6 2.5
-------- -------- --------
Net decrease in shareholders'
funds for the period (51.6) (32.8) (139.7)
Shareholders' funds at 31 March 1997 201.2 340.9 340.9
-------- ------- -------
Shareholders' funds at
30 September 1997 149.6 308.1 201.2
===== ===== =====
At At 30
1 April Cash Exchange September
1997 Flow Demerger Movements 1997
Analysis of net debt #m #m #m #m #m
Cash
Cash at bank
in hand 64.3 (12.4) (6.8) (0.5) 44.6
Overdrafts (90.4) 46.0 3.9 0.1 (40.4)
------ ------ ------- -------- --------
(26.1) 33.6 (2.9) (0.4) 4.2
------ ------ ------- ------- -------
Liquid resources
Short term deposits 28.4 (6.5) (0.5) (0.8) 20.6
Current asset 0.6 (0.5) - - 0.1
investments
------- ------ ------- ------- -------
29.0 (7.0) (0.5) (0.8) 20.7
------ ------ ------- ------- -------
Financing
Debt due within
one year (1.5) (4.0) - - (5.5)
Debt due after
one year (219.7) 1.5 84.4 0.2 (133.6)
------ ----- ------- ------- -------
(221.2) (2.5) 84.4 0.2 (139.1)
------ ----- ------- ------ --------
Total net debt (218.3) 24.1 81.0 (1.0) (114.2)
===== ==== ==== ==== =====
CHRISTIAN SALVESEN PLC
NOTES TO THE INTERIM STATEMENTS
UNAUDITED Turnover Operating profit before
exceptional items
Year Year
Half year ended ended Half year ended ended
30 30 31 30 30 31
September September March September September March
Turnover and 1997 1996 1997 1997 1996 1997
Operating Profit #m #m #m #m #m #m
Segmental
analysis
by class of
business:
Logistics
Food/Consumer 165.6 167.3 342.8 13.3 12.6 22.7
Industrial 70.2 65.0 134.1 7.6 7.1 15.0
-------- -------- ----- -------- -------- -----
Total 235.8 232.3 476.9 20.9 19.7 37.7
Food Services 28.3 32.2 58.0 2.5 6.6 6.8
-------- -------- ----- -------- -------- -----
Continuing
operations 264.1 264.5 534.9 23.4 26.3 44.5
-------- -------- ----- -------- -------- -----
Aggreko 88.2 93.1 166.9 24.4 23.7 38.4
Logistics-
Christian
Salvesen Inc 2.9 23.7 46.0 0.2 3.7 6.6
--------- -------- ---- -------- --------- -----
Demerged and
discontinued
operations 91.1 116.8 212.9 24.6 27.4 45.0
-------- --------- ---- -------- ------- -----
355.2 381.3 747.8 48.0 53.7 89.5*
===== ===== ===== ===== ==== =====
Segmental
analysis by
geographical
area:
Logistics
Food/Consumer
- United Kingdom 117.2 109.8 231.2 9.7 8.5 16.0
- Mainland
Europe 48.4 57.5 111.6 3.6 4.1 6.7
Industrial
- United Kingdom 69.3 64.1 132.2 7.3 6.4 14.3
- Mainland
Europe 0.9 0.9 1.9 0.3 0.7 0.7
--------- -------- ---- -------- -------- -----
235.8 232.3 476.9 20.9 19.7 37.7
Food Services
- United Kingdom 28.3 32.2 58.0 2.5 6.6 6.8
--------- --------- ----- -------- -------- -----
Continuing 264.1 264.5 534.9 23.4 26.3 44.5
operations
-------- -------- ----- -------- -------- -----
Demerged and
discontinued
operations 91.1 116.8 212.9 24.6 27.4 45.0
-------- --------- ----- --------- --------- -----
355.2 381.3 747.8 48.0 53.7 89.5*
===== ===== ==== ===== ===== =====
* The amount disclosed is before an exceptional charge of #2.3
million in respect of professional fees and costs associated with the
payment of enhanced interim and special dividends.
CHRISTIAN SALVESEN PLC
NOTES TO THE INTERIM STATEMENTS
The figures for the year to 31 March 1997 are derived from the latest
report and accounts, which have been delivered to the Registrar of
Companies and on which the report of the auditors was unqualified.
These interim results have been prepared on the basis of accounting
policies which are consistent with those set out in the report and
accounts of the company for the year ended 31 March 1997.
The charge for taxation reflects the anticipated effective tax rate
for the year ending 31 March 1998 on the profit on ordinary activities
before taxation.
Earnings per share are calculated on a weighted average of the shares
in issue for the period.
Profits and losses of overseas subsidiaries are translated into
sterling at average exchange rates and the difference in relation to
rates ruling at the end of the accounting period is carried directly
to reserves. Assets and liabilities of overseas subsidiaries are
translated into sterling at the closing rates of exchange ruling at
the end of the appropriate accounting period and any gain or loss
arising is taken directly to reserves.
Discontinued operations
On 24 April 1997, Christian Salvesen Inc was sold to The Security
Capital Group for US $121.4 million (#74.8 million).
On 29 September 1997, the net assets and undertaking of Aggreko's
power and temperature control business was demerged from Christian
Salvesen PLC.
Interim dividend
The interim dividend of 3.9p per share will be paid on 2 February 1998
to shareholders on the register on 5 January 1998, with an ex-dividend
date of 29 December 1997.
CHRISTIAN SALVESEN PLC
NOTES TO THE INTERIM STATEMENTS
Dividend in specie on demerger
The dividend in specie represents the net assets of the Aggreko
business which was distributed to shareholders, on the basis of one
share in Aggreko plc for every one share in Christian Salvesen PLC.
An analysis of the net assets is provided below:
#m
Fixed assets 141.2
Net current assets 24.3
Creditors (amounts falling due
after more than one year) (1.8)
Provisions for liabilities and charges (7.7)
Net borrowings * (81.0)
--------
Net assets of Aggreko on demerger 75.0
Goodwill previously written off 12.3
--------
87.3
=====
*Net borrowings consists of #2.9 million cash, #0.5 million liquid
resources and #(84.4) million debt.
UK capital gains tax information
For UK capital gains tax purposes, the base cost of Christian Salvesen
PLC ordinary shares acquired prior to the demerger of 29 September
1997 will be apportioned between Christian Salvesen PLC ordinary
shares and Aggreko plc ordinary shares. The relevant apportionment is
Christian Salvesen PLC 39.85% and Aggreko plc 60.15%.
END
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