Interim Results

Associated British Engineering PLC 23 December 2004 ASSOCIATED BRITISH ENGINEERING PLC UNAUDITED RESULTS FOR SIX MONTHS TO 30 SEPTEMBER 2004 CHAIRMAN'S STATEMENT Interim Results to 30 September 2004 The Group made a pre-tax loss of £40,000 in the six months to 30th September 2004 compared to a pre-tax loss of £83,000 in the same period last year after adjusting for the property disposal included in last years interim accounts. The Directors continue to run the Group with as little expenditure as is reasonably necessary in order to comply with its legal and regulatory obligations and to supervise the significant issue facing the Group - the pension scheme. The trading in British Polar Engines has continued to be satisfactory, and the Board is still in discussions with the management team there concerning the management 'buy out' that I have referred to before. Unfortunately, this transaction (or any involving the Group) cannot proceed until the full situation concerning the pension scheme has been settled. Following my description of the proposed settlement with the pension fund Trustees outlined to shareholders in the 2004 final accounts, I can now write that OPRA - the government watchdog on pensions - is closing its file on the matter, on the basis that the Trustees appear to be complying with their legal duties. We are currently awaiting the final figures from the Trustees' actuaries on the outstanding liabilities within the sections of the pension scheme. When those are available, the Board expects to be able to proceed finally to negotiate and sign the compromise agreement. Thereafter the Board should be able to make more progress in securing a suitable transaction for the Group. The Board is well aware that it is frustrating for the Company and for both classes of shareholders, but it is fundamental to the future of the Group to settle the pension situation. The Directors are doing their very best to effect this as soon as possible. ASSOCIATED BRITISH ENGINEERING PLC UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 30 SEPTEMBER 2004 Six months Six months --------------------------- --- ------ ------ to to ---------- ---------- 30 30 --------------------------- --- ------ ------ September September ---------- ---------- 2004 2003 --------------------------- --- ------ ------ ---------- ---------- £'000's £'000's --------------------------- --- ------ ------ ---------- ---------- --------------------------- --- ------ ------ ---------- ---------- TURNOVER 1,443 1,540 --------------------------- --- ------ ------ ---------- ---------- --------------------------- --- ------ ------ ---------- ---------- Operating loss (41) (95) --------------------------- --- ------ ------ ---------- ---------- --------------------------- --- ------ ------ ---------- ---------- Profit on sale of property 0 178 --------------------------- --- ------ ------ ---------- ---------- --------------------------- --- ------ ------ ---------- ---------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES --------------------------- --- ------ ------ ---------- ---------- BEFORE FINANCE COSTS (41) 83 --------------------------- --- ------ ------ ---------- ---------- --------------------------- --- ------ ------ ---------- ---------- Net finance income 1 12 --------------------------- --- ------ ------ ---------- ---------- --------------------------- --- ------ ------ ---------- ---------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES -------------------------------- ------ ---------- ---------- ---------- BEFORE TAXATION (40) 95 ------------------------------ ---- ------ ---------- ---------- ------------------------------ ---- ------ ---------- ---------- Taxation 0 0 ------------------------------ ---- ------ ---------- ---------- ---------- --------------------------- ----- ---- ------ ---------- ---------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES ------------------------------ ---- ------ ---------- ---------- AFTER TAXATION (40) 95 ------------------------------ ---- ------ ---------- ---------- ------------------------------ ---- ------ ---------- ---------- Appropriation in respect of non-equity shares (26) (26) ------------------------------ ---- ------ ---------- ---------- ---------- --------------------------- ----- ---- ------ ---------- ---------- RETAINED (LOSS)/PROFIT (66) 69 ------------------------------ ---- ------ ---------- ---------- ASSOCIATED BRITISH ENGINEERING PLC UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2004 ----------------------- ---------- ---------- ---------- 30 September 30 September 31 March ----------------------- ------ ---------- ---------- ---------- 2004 2003 2004 ----------------------- ------ ---------- ---------- ---------- £'000's £'000's £'000's ----------------------- ------ ---------- ---------- ---------- FIXED ASSETS ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- Tangible fixed assets 371 450 413 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- CURRENT ASSETS ----------------------- ------ ---------- ---------- ---------- Stock 1,258 1,165 1,260 ----------------------- ------ ---------- ---------- ---------- Debtors: amounts falling due within one year 650 633 516 ----------------------- ------ ---------- ---------- ---------- Investments 46 30 39 ----------------------- ------ ---------- ---------- ---------- Cash at bank and in hand 1,093 1,439 1,210 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- CREDITORS: amounts falling ----------------------- ------ ---------- ---------- ---------- due within one year 757 712 736 ----------------------- ------ ---------- ---------- ---------- ---------------------------- ---------- ---------- ---------- NET CURRENT ASSETS 2,290 2,555 2,289 ---------------------------- ---------- ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- TOTAL ASSETS LESS ----------------------- ------ ---------- ---------- ---------- CURRENT LIABILITIES 2,661 3,005 2,702 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- CREDITORS: amounts falling due ----------------------- ------ ---------- ---------- ---------- after more than one year 4 9 5 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- Provisions for liabilities and charges 60 18 60 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- NET ASSETS 2,597 2,978 2,637 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- CAPITAL AND RESERVES ----------------------- ------ ---------- ---------- ---------- Called up share capital 3,339 3,339 3,339 ----------------------- ------ ---------- ---------- ---------- Share premium account 5,038 5,038 5,038 ----------------------- ------ ---------- ---------- ---------- Other reserves 11 11 11 ----------------------- ------ ---------- ---------- ---------- Profit and loss account (5,791) (5,410) (5,751) ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- Equity shareholders' funds 1,655 2,087 1,721 ----------------------- ------ ---------- ---------- ---------- Non-equity shareholders' funds 942 891 916 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- TOTAL SHAREHOLDERS' FUNDS 2,597 2,978 2,637 ----------------------- ------ ---------- ---------- ---------- ----------------------- ------ ---------- ---------- ---------- ASSOCIATED BRITISH ENGINEERING PLC UNAUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS TO 30 SEPTEMBER 2004 ------ ------- ---------- ---------- 30 31 March -------------------------- ------ ------- September ---------- ---------- 2004 2004 -------------------------- ------ ------- ---------- ---------- £'000's £'000's -------------------------- ------ ------- ---------- ---------- -------------------------- ------ ------- ---------- ---------- OPERATING ACTIVITIES -------------------------- ------ ------- ---------- ---------- Cash outflow from operating activities (117) (194) -------------------------- ------ ------- ---------- ---------- -------------------------- ------ ------- ---------- ---------- RETURNS ON INVESTMENT AND SERVICING -------------------------- ------ ------- ---------- ---------- OF FINANCE -------------------------- ------ ------- ---------- ---------- Finance income received 4 32 -------------------------- ------ ------- ---------- ---------- Bank interest paid (2) (6) -------------------------- ------ ------- ---------- ---------- Finance cost element of finance lease rental (1) (1) payments ------ ------- ---------- ---------- -------------------------- ------------------------------ ------- ---------- ---------- ---------- Net cash inflow from returns on investment and ------ ------- ---------- ---------- -------------------------- servicing of finance 1 25 -------------------------- ------ ------- ---------- ---------- ------------------------------ ------- ---------- ---------- TAXATION ------------------------------ ------- ---------- ---------- UK taxation paid 0 0 ------------------------------ ------- ---------- ---------- ------------------------------ ------- ---------- ---------- CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT ------------------------------ ------- ---------- ---------- Sale of property 0 316 ------------------------------ ------- ---------- ---------- Purchase of tangible fixed assets (1) (31) ------------------------------ ------- ---------- ---------- Net proceeds of sale of tangible fixed assets 1 0 ------------------------------ ------- ---------- ---------- Sale/purchase of current asset investments 20 (27) ------------------------------ ------- ---------- ---------- ------------------------------ ------- ---------- ---------- Net cash inflow from capital expenditure and financial ------- ---------- ---------- ------------------------------ investment 20 258 ------------------------------ ------- ---------- ---------- ---------- -------------------------- ------ ------- ---------- ---------- MANAGEMENT OF LIQUID RESOURCES -------------------------- ------ ------- ---------- ---------- Cash held at stockbrokers (20) (12) -------------------------- ------ ------- ---------- ---------- ------------------------------ ------- ---------- ---------- ---------- Net cash outflow from the management of liquid (20) (12) resources ---- ------- ---------- ---------- ---------------------------- ------------------------------ ------- ---------- ---------- ---------- Cash (outflow)/inflow before financing (116) 77 ---------------------------- ---- ------- ---------- ---------- ---------------------------- ---- ------- ---------- ---------- FINANCING ---------------------------- ---- ------- ---------- ---------- Capital element of finance lease (1) (5) repayments ---- ------- ---------- ---------- ---------------------------- ------------------------------ ------- ---------- ---------- ---------- Net cash outflow from financing (1) (5) -------------------------- ------ ------- ---------- ---------- ------------------------------ ------- ---------- ---------- ------------------------------ ------- ---------- ---------- ---------- (Decrease)/increase in cash in the (117) 72 period ------ ------- ---------- ---------- -------------------------- -------------------------- ------ ------- ---------- ---------- ASSOCIATED BRITISH ENGINEERING PLC UNAUDITED RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2004 -------- ---------- The calculation of (loss)/profit per ordinary share is based on: -------- ---------- ------------------------------------- -------- ---------- -------------------------- ------ --------- -------- ---------- 2004 loss as per accounts £66,000 -------------------------- ------ --------- -------- ---------- -------------------------- ------ --------- -------- ---------- Weighted average number of shares 1,313,427 ------ --------- -------- ---------- -------------------------- -------------------------- ------ --------- -------- ---------- Loss; pence per share 5.02p -------------------------- ------ --------- -------- ---------- -------------------------- ------ --------- -------- ---------- 2003 profit as per accounts £69,000 -------------------------- ------ --------- -------- ---------- -------------------------- ------ --------- -------- ---------- Weighted average number of shares 1,313,427 ------ --------- -------- ---------- -------------------------- -------------------------- ------ --------- -------- ---------- Profit; pence per share 5.2p -------------------------- ------ --------- -------- ---------- -------------------------- ------ --------- -------- ---------- 1. This interim report has been prepared in accordance with accounting policies adopted in the latest published accounts. This interim report has neither been audited nor reviewed by our auditors. 2. As required by Financial Reporting Standard 4 the non-equity dividends have been charged to the profit and loss account and then added back to reserves because the company does not have sufficient reserves to make this payment. The cumulative amount of the preference dividends unpaid as at 30 September 2004 was £230,000. 3. The comparative figures for the year to 31 March 2004 are abridged from the accounts for that year and do not constitute full accounts within the meaning of Section 240 of the Companies Act 1985 (as amended). Statutory accounts for that period, on which the auditors gave a qualified opinion, have been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange R XXLFLZLBLFBL

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