RNS Number:6793I
Save Group PLC
7 April 2000
PART 2
SAVE GROUP PLC
Preliminary Results for the 52 weeks ended 23 December
1999
Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999
Group Profit and Loss Account
1999 1999 1998
Before 1999 After After
Excep- Excep- Excep- Excep-
tional tional tional tional
Item Item Item Item
Note #'000 #'000 #'000 #'000
Turnover 2 420,640 - 420,640 422,841
Cost of Sales (391,220) - (391,220)(388,932)
---------------------------------------
Gross Profit 29,420 - 29,420 33,909
Distribution 3
costs (19,944) (148) (20,092) (22,585)
Administrative
expenses (7,533) - (7,533) (6,899)
Other Operating
Income 4,765 - 4,765 5,205
--------------------------------------
(22,712) (148) (22,860) (24,279)
---------------------------------------
Operating Profit 6,708 (148) 6,560 9,630
--------------------------------------
Net Interest (4,653) - (4,653) (5,010)
--------------------------------------
Profit on
ordinary a
activities
before taxation 2 2,055 (148) 1,907 4,620
Tax credit on
profit on
ordinary
activities 5 - - - 136
--------------------------------------
Profit for the
financial year 2,055 (148) 1,907 4,756
Dividends 6 - - - (3,229)
---------------------------------------
Profit retained 2,055 (148) 1,907 1,527
--------------------------------------
Earnings per
share 4 - 2.0p 5.0p
Adjusted
Earnings
per share 4 2.1p - 5.9p
Diluted
Earnings
per share 4 - 2.0p 5.0p
Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999
Group Balance Sheet
1999 1998
#'000 #'000
Fixed Assets 195,897 196,040
Current Assets
Stocks 9,895 9,731
Debtors 11,784 11,924
Cash at bank and in hand 926 988
---------------------
22,605 22,643
---------------------
Current Liabilities
Creditors: amounts falling
due within one year (98,656) (72,712)
----------------------
Net current liabilities (76,051) (50,069)
----------------------
Total assets less current
liabilities 119,846 145,971
Creditors: amounts falling
due after more than one
year - (28,000)
Provisions for
liabilities
and charges (1,880) (1,912)
---------------------
117,966 116,059
---------------------
Capital and reserves
Called up share capital 24,462 24,462
Share premium account 68,497 68,497
Revaluation reserve 285 285
Profit and loss account 24,722 22,815
---------------------
Shareholders' funds 117,966 116,059
---------------------
Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999
Group Cash Flow Statement
Cash
Flow
Note 1999 1999 1998 1998
#'000 #'000 #'000 #'000
Net cash inflow from 1 9,444 16,247
operating activities
Returns on investments and
servicing
of finance
Net interest paid (5,303) (4,525)
------------------------------
Net cash outflow from
returns on investments and
servicing of
finance (5,303) (4,525)
Net UK Corporation Tax
received/(paid) 790 (1,274)
Capital Expenditure and
financial investment
Expenditure on tangible (973) (3,060)
fixed assets
Sale of tangible fixed
assets 617 93
------------------------------
Net outflow from capital
expenditure and financial
investment (356) (2,967)
Equity dividend Paid (3,229) (6,665)
Financing
Share options exercised - 2,866
Decrease in bank loans (1,500) (9,000)
--------------------------------
Net cash outflow from
financing (1,500) (6,134)
--------------------------------
Decrease in cash 2 (154) (5,318)
--------------------------------
Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999
Cashflow Notes
1. Net Cash Inflow from Operating
Activities
1999 1998
#'000 #'000
Operating Profit 6,560 9,630
Depreciation and amortisation 539 567
Profit on sale of fixed assets (40) (50)
Movement on redemption fund (32) 57
(Increase)/Decrease in stocks (164) 2,254
Increase in debtors (650) (1,110)
Increase in creditors 3,231 4,899
--------------
Net cash inflow from operating
activities 9,444 16,247
---------------
2. Reconciliation of net cashflow to
movement in net debt
1999 1998
#'000 #'000
Decrease in cash 154 5,318
Cash outflow from bank loan
repayments (1,500) (9,000)
----------------
Movement in net debt in the period (1,346) (3,682)
Net debt at 25th December 1998 53,957 57,639
---------------
Net debt at 23rd December 1999 52,611 53,957
---------------
3. Analysis of changes in
net debt
At At
25.12.98 Cashflow 23.12.99
#'000 #'000 #'000
Cash at bank and in hand 988 (62) 926
Overdrafts and debt (54,945) 1,408 (53,537)
---------------------------------
Net Debt (53,957) 1,346 (52,611)
--------------------------------
Preliminary Unaudited Results
for the 52 weeks ended 23rd December 1999
Notes:
1. The financial information set out in this
preliminary statement does not constitute statutory
accounts as defined in section 240 of the Companies
Act 1985 and has been prepared using the same
accounting policies as in the 1998 statutory
accounts, modified to reflect FRS 13 and 15. This
information has been extracted from the Group's
financial statements for the period ended 23rd
December 1999. These financial statements have not
yet been delivered to the Registrar of Companies,
nor have the auditors reported on them. The
information relating to the year ended 24th December
1998 is based on full accounts which have been filed
with the Registrar of Companies and upon which the
auditors opinion was unqualified.
2. Turnover and profit on ordinary activities before
taxation
Turnover Profit Before
Taxation
1999 1998 1999 1998
#'000 #'000 #'000 #'000
Retailing of
petroleum products 402,841 393,784 5,736 7,723
Wholesaling of
petroleum products 17,485 28,047 (28) (48)
Sales promotion 2,596 3,543 759 1,158
schemes
Property services 225 900 93 797
Less: Inter-company
turnover (2,507) (3,433) - -
----------------------------------
420,640 422,841 6,560 9,630
Net interest
payable (4,653) (5,010)
-----------------------------------
420,640 422,841 1,907 4,620
----------------------------------
3. The exceptional item relates to charges under a
Transport Agreement. These charges were referred to
an independent expert under the terms of the
Agreement, whose determinations enabled the Group to
serve 12 months' written notice to terminate the
Agreement which expired on 1st April 1999.
The Group obtained a number of quotations for future
possible contracts. The exceptional item referred
to above equates to the difference between those
quotations and the sum charged under the Agreement.
This has been written off as an exceptional item so
as to better reflect the ongoing performance of the
Group. No further amounts are expected to be
incurred in respect of this matter.
A new transport agreement was signed with P&O Trans
European Ltd which commenced on 2nd April 1999.
4. Earnings per share: The calculation of earnings per
share is based on the profit on ordinary activities
for the period after taxation of #1,907,000 (1998:
#4,756,000) and on 97,849,245 (1998: 94,881,474)
ordinary shares of 25p each, being the weighted
average number of ordinary shares in issue. The
calculation of the adjusted earnings per share is
based on the profit on ordinary activities after
taxation for the period and adding back the charge
for the exceptional item relating to the transport
contract of #148,000 (1998: #833,000) and tax credit
thereon of #Nil (1998: #Nil) calculated at the
standard tax rate for the period. The adjusted
earnings per share has been presented to better
reflect the Group's underlying performance.
The calculation of diluted earnings per share is
based on ordinary activities for the period after
taxation of #1,907,000 (1998: #4,756,000) and on
97,852,076 (1998: 95,569,662) ordinary shares of 25p
each, being the weighted number of ordinary shares
adjusted for the dilutive effect of share options of
2,831 shares (1998: 688,188).
5. The Group has trading tax losses available for set
off against future trading profits of #3.5m gross
(1998: #1.24m). The taxation result includes a
credit of #4.3m gross (1998: #5.5m) as a result of
timing differences on accelerated capital allowances
on which deferred tax has not been provided.
As at 23rd December 1999 the current total pool for
capital allowances was #14.4m (1998: #18.4m).
6. The Directors do not recommend the payment of a
dividend.
END
FRCDQLFBBZBFBBZ
Starvest (LSE:SVE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Starvest (LSE:SVE)
Historical Stock Chart
From Jul 2023 to Jul 2024
