RNS Number:6582J
United Overseas Group PLC
27 April 2000
UNITED OVERSEAS GROUP PLC
Final Results for the year ended 31 December 1999
United Overseas Group plc ("UOG"), Europe's largest group specialising in the
purchase, sale and distribution of surplus inventory to wholesale and retail
customers, announces final results for the year ended 31 December 1999. These
results were produced against a background of difficult trading conditions in
the UK retail market.
Mr. Alex Watson, Chairman, said in his statement to shareholders:
"Whilst the results for the year are in many ways very disappointing, your
Board believes that 1999 has marked the turning point for the Group's
future."
Key points and extracts from the Chairman's Statement:
(comparatives are 12 month figures to 31 December 1998)
* Turnover of #113.2m (1998: #107.6m).
* Pre-tax loss of #3.9m, after charging substantially non-recurring
costs of #5.3m, and Goodwill of #0.5m (1998: #3.7m profit).
* Directors are not recommending payment of a final dividend.
* Stock reduced by #6.9 million.
* Debt reduced by #6.2 million.
* European Distribution Centre in Moerdijk, the Netherlands, fully
operational September 1999 - record Q4 sales volumes achieved.
* Significant increase in European sales (excl. UK) - 34% of turnover
(1998: 20%).
* Board further strengthened during year with appointment of Michael
Corke as Group Managing Director, Phil Green as Managing Director,
United Overseas Limited (UK).
* Eppe Boersema, Managing Director, Northern Continental Europe,
tragically died on 16 April 2000.
* Appointment of new non-executive Directors, John Gordon and Robert
van den Heuvel.
Regarding the outlook for the remainder of 2000, Mr. Watson added:
"The building and development of strong profitable businesses in key
geographic regions remains at the heart of the Group's strategic plan. The
development of the European Distribution Centre at Moerdijk and the
subsequent record performance of our Dutch subsidiary following the facility
becoming fully operational is encouraging confirmation of progress in
fulfilling our aims in Northern Europe. Our North American business, having
improved stock efficiency significantly in 1999, is now well placed to
continue its growth plans in 2000 and beyond."
"We expect that our business in the first half of 2000, whilst continuing to
operate in an extremely competitive retail environment, will realise the
benefits of the focused management action taken in 1999. The Board is
confident that the Group is now firmly positioned for profitable growth over
the medium term."
Enquiries:
Alex Watson, Chairman
Jeffrey Curtiss, Chief Executive
Terry Balkham, Finance Director, United Overseas Group plc 01733 362300
Peter Binns/Simon Ellis/Jane Mallinson, Binns & Co PR Limited 020 7786 9600
Chairman's Statement
In the Interim Report for 1999 the Board identified major difficulties
confronting the business and confirmed its resolve to overcome them.
Consequently, whilst the results for the year are in many ways very
disappointing, your Board believes 1999 has marked the turning point for the
Group's fortunes. Overall, sales increased by 5 per cent to #113.2 million
(1998: #107.6 million), but at the pre-tax level the Group has recorded a
loss of #3.9 million, compared to a pre-tax profit of #3.7 million in 1998.
The results were adversely affected by actions taken to address key issues
which the Board believe are substantially non-recurring. In summary these
were margin reductions to below normal expectations to improve stock
efficiency, corrective actions taken to refocus the Toy Wizards business and
one-off costs of re-organisation particularly in the UK group. In the
circumstances your Board does not propose the payment of a final dividend.
Business Development
Despite these undoubted disappointments, there has been progress made in
areas vital to the Group's development. The European Distribution Centre in
Moerdijk, the Netherlands, became fully operational in September 1999 and the
fourth quarter saw record sales volumes in our Dutch subsidiary. We are
confident that our business in Northern Europe now has the firm foundation
necessary to develop consistently profitable growth.
The Board identified improved management of working capital as a key goal
during 1999. The advances made in this area resulted in an overall reduction
in stock from 1998 levels and an increased focus on cash management producing
a significant reduction of debt at year end.
Changes to the Board and Advisers
At the Annual General Meeting in May 1999 Dr John Westhead retired from the
Board upon reaching his 70th birthday. Norman Riddell, my predecessor as
Chairman, stood down from the Board in October 1999 to enable him to
concentrate on his other business interests. On behalf of the Board I would
like to thank John and Norman for their considerable contribution and wish
them well for the future.
Our Executive Management team was strengthened by two key appointments during
the second half of 1999. In August, Phil Green joined the Board from
Woolworths plc in the position of Managing Director, United Overseas Limited,
the Group's principal operating company in the UK. In November, Michael
Corke was appointed as Group Managing Director, United Overseas Group plc,
having had substantial senior management experience of developing
international marketing and distribution businesses, with Hagemeyer NV and
Hutchison Whampoa.
It is with great sadness that I must report the death of Eppe Boersema.
Eppe, a member of the Board, and Managing Director Northern Continental
Europe, died on 16 April following injuries he received in a road traffic
accident. Eppe's contribution to the group during his all too short
association with us was of major significance. Eppe will be sadly missed by
all who knew him as an exceptional trader, colleague and friend.
I am pleased to announce the appointment of John Gordon and Robert van den
Heuvel to the Board as Non-Executive Directors from 26 April 2000. In
welcoming John and Robert to the Group I am sure that the skills and
experience they bring, will greatly assist in the development of the Group's
strategic direction.
The Board agreed with Marshall Securities Limited that they would stand down
as financial advisers and stockbrokers to the Group with effect from 31 March
2000. On behalf of the Group I would like to thank Marshall for their
support and encouragement over the years of our association. I expect to be
able to announce the appointment of new financial advisers and stockbrokers
shortly.
Employees
1999 was an extremely difficult and challenging year for the Group caused by
the changes to practices which have been implemented. I would like to take
this opportunity to thank all our staff for their efforts in ensuring that
the redirection of the Group was satisfactorily achieved.
Strategy
The building and development of strong profitable businesses in key
geographic regions remains at the heart of the Group's strategic plan. The
development of the European Distribution Centre at Moerdijk and the
subsequent record performance of our Dutch subsidiary following the facility
becoming fully operational is encouraging confirmation of progress in
fulfilling our aims in Northern Europe. Our North American business, having
improved stock efficiency significantly in 1999, is now well placed to
continue its growth plans in 2000 and beyond.
Outlook
We expect that our business in the first half of 2000, whilst continuing to
operate in an extremely competitive retail environment will realise the
benefits of the focused management action taken in 1999. The Board is
confident that the Group is now firmly positioned for profitable growth over
the medium term.
Alex Watson
Chairman
Operational Review
During the course of the past twelve months the business has faced a number
of issues critical to ensuring the long term prosperity of the Group. I
believe necessary remedial actions have been taken and where appropriate
their costs are reflected in the 1999 results.
Management
We had determined that a key requirement for our business was to enhance the
quality and experience of our management to drive and sustain our business
growth. During the second half of 1999 significant gains were made by the
appointment of Phil Green and Michael Corke to the Board. Phil brings to our
Group 25 years of blue-chip retailing experience at Woolworths plc and his
contribution as Managing Director of United Overseas Limited, our principal
UK trading company, will be pivotal to the Group's development during 2000
and beyond. Michael has 28 years international experience of managing
branded consumer products trading companies and nurturing business growth in
North America, Europe and Asia Pacific. Michael's key responsibility as
Group Managing Director will be to partner with our operating company
management in each country to facilitate the development and achievement of
their business plans to ensure consistent future growth.
UK
Our UK business was adversely affected in 1999 by a series of adjustments
necessary to reposition the Toy Wizards business. This necessitated re-
aligning selling activities and distribution channels in addition to managing
down stock balances, all of which was successfully completed during the year.
Total sales in 1999 were lower at #59 million compared to #69 million in
1998, a major contributory factor being the revised strategy in 1999 of
repositioning Toy Wizards to address a smaller niche collector market. The
UK was central to the Group's drive to improve stock efficiency during 1999
and stocks were reduced substantially during the year. In order to generate
these gains, margins were reduced where appropriate to create the necessary
sales velocity to move the stock. In addition certain structural and
management changes were made to improve the effectiveness of the UK
organisation with the costs of the reorganisation reflected in the 1999
results. With these issues conclusively addressed, Phil Green is leading our
development plans in the UK with a combination of business building
initiatives and targeted cost reduction programmes. Currently there are
encouraging signs from these initiatives which we expect will start to bear
fruit in 2000.
European Stock Solutions, our specialist housewares business, continued its
growth pattern and recorded a 17 per cent increase in turnover in 1999
compared to 1998. The business has established a major presence in its core
sector and we expect further gains in 2000.
Northern Europe
Our strategy is to increase our presence in the major consumer markets of the
world and our development within Northern Europe continues on course. Our
focus over the past 12 months has been the development of a new, centralised
warehouse and distribution complex at Moerdijk, the Netherlands, capable of
servicing our expanding Northern European operation. This was achieved on
time and within budget and despite the inevitable disruption caused during
the commissioning of the new 225,000 sq ft facility. Intertrading turnover
in 1999 increased to #25 million compared to the #23 million achieved on an
annualised basis in 1998. Turnover in the fourth quarter of 1999 reached
record levels, and given the size of the project and the scale of the
undertaking, the Board regard this increase in turnover as satisfactory. We
now have in place a fully operational and technically advanced distribution
facility, thus removing a major restraint on growth. Our expanded presence in
Northern Europe will enable us to increase sales in the key consumer markets
of Germany, Scandinavia, Holland, Belgium, Switzerland and Austria, a
combined market of approximately 150 million consumers, and we continue to
regard the potential as considerable.
North America
Progress in North America was modest in 1999 partially due to a short term
but critical disruption to our buying function. However good gains were made
in the area of stock efficiency. Having re-established and strengthened both
our buying and selling organisations we are confident that 2000 will see
significant gains in our performance in the North American market place. Our
local management team are focused on achieving an aggressive growth plan
which will establish the foundation for further progress over the medium term
as we continue to consolidate our position in the world's largest consumer
market.
Asia Pacific
I commented last year that the primary aim of our development in Hong Kong
was to build on our relationships with the world's major toy manufacturers
and to assist in our sourcing capability. This is a key facet of our
strategy, and since we established a presence in Hong Kong in October 1998 we
have been pleased with the results. We have also been encouraged by the
level of sales that have been achieved by our Hong Kong operation recently in
South East Asia and Australasia. Admittedly our business in these regions is
small, but nonetheless we are making progress, and further gains are expected
in the coming year.
Summary and Prospects
As we look to the future the Group is actively considering the business
growth potential available from leveraging of Internet based technology
particularly in the area of e-commerce business to business buying and
selling. We are presently working on developing the appropriate balance
between the excitement generated from the potential opportunities and the
commercial reality likely to drive shareholder value. A cohesive e-commerce
strategy is expected to be implemented during 2000.
In my concluding remarks to shareholders last year, I commented that
management of the Balance Sheet would remain a high priority throughout 1999
and this focus has produced positive results. Our strategy for the future
profitable development of the Group remains intact, and given the changes
that we have made in 1999, we now have a firm platform from which we can
develop. In the current year we will continue to retain our focus on Balance
Sheet management whilst further developing the business initiatives commenced
in 1999. Despite our recent difficulties I remain confident in the Group's
profitable future and management's ability to deliver it.
Jeffrey Curtiss
Chief Executive
Financial Review
The statutory accounts are the consolidated results of the Group and include
the first full year's performance of Intertrading.
Turnover
Group turnover for the year to 31 December 1999 of #113.2 million represented
an increase of #5.6 million or 5% on the previous year. Intertrading sales
included for a full year in 1999 were #24.9 million compared to #8.1 million
for the period 2 September to 31 December 1998 following acquisition. The
geographical distribution of sales showed a significant increase in the
proportion of the Group's business originating in Europe, excluding the UK,
to 34% (1998: 20%), with the UK representing 52% (1998: 64%) and North
America and Asia 14% (1998: 16%).
Profit and Loss
The Group recorded an operating loss of #2.0 million (1998: #6.0 million
profit) after charging goodwill of #0.5 million (1998: #0.2 million). There
were three significant factors which adversely impacted the result as
follows. Margin reductions to consolidate improvements in efficient stock
management across the Group amounted to #3.3 million. Adjustments to the
trading methodology of Toy Wizards and the attendant carrying value of stock
impacted adversely by #1.4 million and structural reorganisation to improve
efficiency a further #0.6 million.
Interest
Interest costs reduced to #2.1 million (1998: #2.3 million) having included a
full year effect of Intertrading. Exclusive of Intertrading, interest
payable declined to #1.6 million (1998: #2.1 million) reflecting the Group's
improved use of cash and borrowing resources.
Taxation
The 1999 tax charge for the Group, #0.1 million (1998: #1.5 million) arose on
profits that were not able to be offset against losses made in other parts of
the Group. In addition there were a number of charges at Group level,
including the amortisation of goodwill, which were non-deductible for tax
purposes. The Group will obtain tax repayments where losses arose and those
which cannot be utilised will be carried forward to offset against future
profits.
Treasury Management
It is Group policy that no trading in financial instruments or speculative
trading activity be undertaken. Whilst it is not Group policy to
specifically hedge the earnings of its overseas subsidiaries this is
partially achieved by borrowing in local currencies principally US Dollars
and Dutch Guilders. Additionally the Group frequently purchases in foreign
currencies giving rise to transactional currency exposure. These exposures,
where appropriate, are hedged by forward currency transactions and by the
holding of foreign currency cash balances.
Intangible Fixed Assets
During 1999 fair value adjustments arising from the acquisition of
Intertrading have been finalised from the provisional position existing at
the 1998 Balance Sheet date in accordance with Financial Reporting Standard
(FRS)7 - "Fair Values in Acquisition Accounting". As required by FRS11 -
"Impairment of Fixed Assets and Goodwill" a review was undertaken in respect
of the Goodwill relating to the above acquisition and this confirmed the
carrying value of the asset as recorded in the financial statements.
Tangible Fixed Assets
During 1999 the development of the European Distribution Centre at Moerdijk,
the Netherlands, continued and was completed in July 1999. On 14 July the
development was sold to Vastned Industrial BV for #6.9 million (NLG 22.75
million) realising a profit of #0.2 million (NLG 0.6 million). All loans
undertaken to fund the construction were repaid in full in July 1999.
Working Capital and Debt
From the second half of 1998 a key goal of the Group has been to improve its
Balance Sheet management and in particular working capital and debt.
Progress in this area was illustrated by the Group's generation of positive
cash flow in 1999 following significant cash outflows in the preceding years.
The resultant effect from this was that net debt was reduced to #21.8 million
(1998: #28.1 million).
Sustained efforts to improve efficiency of inventory management and align
investment in stock more closely with demand resulted in stock being reduced
to #35.7 million (1998: #42.6 million). Trade debtor management was improved
generally throughout the Group resulting in a closing balance of #19.8
million (1998: #24.7 million).
Long Term Debt
Long term debt was reduced to #2.3 million in 1999 (1998: #6.7 million). On
completion of the construction, sale and leaseback of the Moerdijk facility
the loans obtained to fund its construction were repaid in full.
The draw down on these loans at the end of 1998 was #3.2 million (NLG 10
million). Repayments of the loan relating to the cash element of the
acquisition of Intertrading began in 1999 with the long term content reducing
to #2.1 million at the end of 1999 (1998: #3.2 million).
Year 2000
For much of 1998 and 1999 Group IT resources were focused on the "Y2k issue".
I am delighted to report that all Group companies negotiated the millennium
change with the minimum of disruption and IT support will now be focused on
business building and development.
uogplc.com
The Group's new website was launched on 14 April 2000. The initial focus is
on Investor Relations which will be followed by further additions enabling
news and information about the Group and its subsidiary trading companies to
be easily communicated.
Terry Balkham
Finance Director
Consolidated Profit and Loss Account
For the year ended 31 December 1999
1999 1998
#'000 #'000
---------- ----------
Turnover 113,192 107,603
Cost of sales (90,689) (82,972)
---------- ----------
Gross profit 22,503 24,631
Distribution costs (10,576) (7,541)
Administrative costs: other (13,639) (10,968)
Administrative costs: amortisation of goodwill (499) (166)
Other operating income 222 83
---------- ----------
Operating (loss)/profit (1,989) 6,039
---------- ----------
Profit on disposal of property 192 -
Net interest payable (2,147) (2,309)
---------- ----------
(Loss)/profit on ordinary activities before
taxation (3,944) 3,730
Taxation (125) (1,482)
---------- ----------
(Loss)/profit on ordinary activities after
taxation (4,069) 2,248
Minority interests (205) (126)
---------- ----------
(Loss)/profit attributable to shareholders (4,274) 2,122
Dividends - (715)
---------- ----------
Retained (loss)/profit for the year (4,274) 1,407
====== ======
(Loss)/earnings per share
- Basic (3.07p) 1.64p
- Diluted (3.07p) 1.64p
- Adjusted basic (2.71p) 1.77p
====== ======
Dividends per share 0.00p 0.56p
====== ======
All of the above relate to continuing activities.
Consolidated Statement of Total Recognised Gains and Losses
1999 1998
#'000 #'000
---------- ----------
(Loss)/profit for the year (4,274) 2,122
Net currency translation differences
on foreign currency net investments (549) 202
-------- --------
Total recognised gains and losses (4,823) 2,324
====== ======
Balance Sheets
At 31 December 1999
Group
1999 1998
#'000 #'000
---------- ----------
Fixed assets
Intangible assets 9,800 9,939
Tangible assets 2,777 6,427
Investments 300 200
---------- ----------
12,877 16,566
====== ======
Current assets
Stocks 35,671 42,604
Debtors - due within one year 22,544 27,185
Cash at bank and in hand 1,742 775
---------- ----------
59,957 70,564
Creditors: amounts falling due within one year (36,777) (42,051)
---------- ----------
Net current assets 23,180 28,513
---------- ----------
Total assets less current liabilities 36,057 45,079
Creditors: amounts falling due after more than
one year (2,272) (6,676)
---------- ----------
Net assets 33,785 38,403
====== ======
Capital and reserves
Called up share capital 13,990 13,990
Share premium account 55,207 55,207
Merger reserve - -
Profit and loss account (35,828) (31,005)
---------- ----------
Equity shareholders' funds 33,369 38,192
Equity minority interests 416 211
---------- ----------
33,785 38,403
====== ======
Approved on behalf of the Board on 26 April 2000 by:
A E Watson J Curtiss
Chairman Chief Executive
Consolidated Cash Flow Statement
For the year ended 31 December 1999
1999 1998
#000 #000
---------- ----------
Net cash inflow from operating activities 4,170 4,906
---------- ----------
Returns on investments and servicing of finance
Interest received 81 54
Interest paid and similar charges (2,095) (2,273)
Interest element of finance leases (60) (51)
---------- ----------
Net cash outflow from returns on investments
and servicing of finance (2,074) (2,270)
---------- ----------
Taxation
UK corporation tax recovered/(paid) 323 (2,376)
Overseas taxation recovered/(paid) 346 (838)
---------- ----------
Net cash inflow/(outflow) from taxation 669 (3,214)
---------- ----------
Capital expenditure and financial investment
Purchase of tangible fixed assets (4,132) (3,150)
Purchase of intangible fixed assets (26) (23)
Purchase of fixed asset investments (100) (200)
Sale of tangible fixed assets 7,434 35
---------- ----------
Net cash inflow/(outflow) from capital expenditure
and financial investment 3,176 (3,338)
---------- ----------
Acquisitions and disposals
Purchase of subsidiary undertakings - (4,459)
Net overdraft acquired with subsidiary
undertakings - (2,371)
---------- ----------
Net cash outflow from acquisitions and disposals - (6,830)
---------- ----------
Equity dividends paid (182) (1,476)
---------- ----------
Cash inflow/(outflow) before use of liquid
resources and financing 5,759 (12,222)
---------- ----------
Financing
Expenses paid in connection with share issues - (715)
Loans repaid (7,600) -
Finance lease capital payments (500) (502)
New loans 2,796 7,428
---------- ----------
Net cash (outflow)/inflow from financing (5,304) 6,211
---------- ----------
Increase/(decrease) in cash in the year 455 (6,011)
====== ======
All cash flows relate to continuing activities.
Notes to the Accounts
1 STATUTORY ACCOUNTS FOR 1999
The financial information contained in these Preliminary Results does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The information for the years ended 31 December 1999 and 1998 is
extracted from the audited accounts for the year ended 31 December 1999,
which will be filed with the Registrar of Companies shortly, and upon which
the Auditors have expressed an unqualified opinion.
2 TURNOVER AND PROFIT BEFORE TAX AND NET ASSETS
Segmental Information
1999 1998
#'000 #'000
---------- ----------
a) Turnover
By destination - United Kingdom 55,086 58,494
- Rest of Europe 41,491 31,005
- North America 14,775 16,922
- Rest of World 1,840 1,182
---------- ----------
113,192 107,603
====== ======
By origin - United Kingdom 59,391 69,300
- Rest of Europe 38,559 21,945
- North America and Asia 15,242 16,358
---------- ----------
113,192 107,603
====== ======
b) (Loss)/profit before tax by origin
United Kingdom (4,019) 2,629
Rest of Europe 230 610
North America and Asia (155) 491
---------- ----------
(3,944) 3,730
====== ======
c) Net assets by location
United Kingdom 20,319 23,250
Rest of Europe 11,916 13,401
North America and Asia 1,550 1,752
---------- ----------
33,785 38,403
====== ======
The Directors consider that the Group has only one class of business and
consequently no further analysis of turnover or profit is given.
3 (LOSS)/EARNINGS PER SHARE
Basic (loss)/earnings per Ordinary Share is calculated by dividing the loss
after taxation and minority interests of #4,274,000 by 139,364,613 (1998:
profit of #2,122,000 by 129,199,267) being the weighted average number of
Ordinary Shares of 10 pence each in issue during the year after taking
account of the purchase of Ordinary Shares by the Employee Share Ownership
Plan (ESOP).
In view of the significant impact of the amorisation of goodwill on earnings
per share calculated in accordance with Financial Reporting Standard 14 -
Earnings per Share, an adjusted earnings per share figure has been provided.
The adjusted basic (loss)/earnings per Ordinary Share is calculated by
dividing the loss after taxation and minority interests (#4,274,000) and
before amortisation of goodwill (#499,000) by 139,364,613 (1998: #2,288,000
by 129,199,267) being the weighted average number of Ordinary Shares of 10
pence each in issue during the year.
A reconciliation of basic (loss)/earnings per share with adjusted basic
(loss)/earnings per share is as follows:
1999 Number Pence 1998 Number Pence
#'000 of shares per #'000 of shares per
share share
-------- -------- ------ -------- -------- -----
Basic (loss)/earnings
per Ordinary Share (4,274) 139,364,613 (3.07p) 2,122 129,199,267 1.64p
Eliminate amortisation
of goodwill 499 - 0.36p 166 - 0.13p
-------- -------- ------ -------- -------- -----
Adjusted basic
(loss)/earnings per
Ordinary Share (3,775) 139,364,613 (2.71p) 2,288 129,199,267 1.77p
======== ======== ====== ======= ======== =====
No dilution arises as a result of the share options in issue, as the value at
which they were granted is in excess of both the market price at 31 December
1999 and the average market price for the year, and therefore no options
would be exercised. Accordingly the diluted (loss)/earnings per share is
identical to the basic earnings per share as stated above.
4 TAXATION ON (LOSS)/PROFIT ON ORDINARY ACTIVITIES
1999 1998
#'000 #'000
---------- ----------
United Kingdom corporation tax on
(loss)/profit on ordinary activities at 30% (520) 853
Overseas taxation 645 629
---------- ----------
125 1,482
====== ======
The Group has taxable losses of #1,400,000 (1998: #nil) available for offset
against future UK taxable profits.
5 RECONCILIATION OF OPERATING (LOSS)/PROFIT TO NET CASH FLOW FROM
OPERATING ACTIVITIES
1999 1998
#'000 #'000
---------- ----------
Operating (loss)/profit (1,989) 6,039
Depreciation of fixed assets 783 637
Amortisation of trademarks 44 15
Amortisation of goodwill 499 166
Loss/(profit) on sale of tangible fixed assets 12 (2)
Decrease in stocks 6,032 2,550
Decrease/(increase) in debtors 4,217 (1,391)
Decrease in creditors (5,374) (2,951)
Exchange movements in respect of
foreign undertakings (54) (157)
---------- ----------
Net cash inflow from operating activities 4,170 4,906
====== ======
6 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
DEBT
1999 1998
#'000 #'000
---------- ----------
Increase/(decrease) in cash in the year 455 (6,011)
Cash outflow/(inflow) from decrease in debt
and lease financing 5,304 (6,926)
---------- ----------
Changes in net funds resulting from cash flows 5,759 (12,937)
Loans and finance leases acquired with
subsidiaries - (898)
Foreign exchange movements 729 -
New finance leases (288) (693)
---------- ----------
Movement in net debt 6,200 (14,528)
---------- ----------
Net debt at 1 January 1999 (28,050) (13,522)
Movement in net debt 6,200 (14,528)
---------- ----------
Net debt at 31 December 1999 (21,850) (28,050)
====== ======
7 ANALYSIS OF CHANGES IN NET DEBT
At Foreign Other At
1 January Exchange non-cash 31 December
1999 Cash flows movements movements 1999
#'000 #'000 #'000 #'000 #'000
---------- ---------- --------- --------- ----------
Cash at bank and
in hand 775 989 (22) - 1,742
Overdrafts (19,872) (534) 71 - (20,335)
---------- ---------- --------- --------- ----------
(19,097) 455 49 - (18,593)
---------- ---------- --------- --------- ----------
Debt due within one year
Bank loan (1,921) 1,032 178 - (711)
Finance lease
obligations (356) 141 - (59) (274)
---------- ---------- --------- --------- ----------
(2,277) 1,173 178 (59) (985)
---------- ---------- --------- --------- ----------
Debt due after one year
Bank loan (6,405) 3,772 502 - (2,131)
Finance lease
obligations (271) 359 - (229) (141)
---------- ---------- --------- --------- ----------
(6,676) 4,131 502 (229) (2,272)
---------- ---------- --------- --------- ----------
Net debt (28,050) 5,759 729 (288) (21,850)
====== ====== ====== ====== ======
8 ANNUAL REPORT AND ACCOUNTS
Copies of the Report and Accounts are being mailed to shareholders shortly
and will be made available upon request to members of the public at the
Company's registered office at United House, Shrewsbury Avenue, Woodston,
Peterborough, PE2 7BZ.
END
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