Interim Results-Replacement

Caffyns PLC 28 November 2002 The following amendment has been made to the Interim Results announcement RNS# 3792E released today at 07:30. The interim dividend is payable on 15 January 2003 to shareholders on the register at the close of business on 13 December 2002 and not as originally shown. The shares will be marked ex-dividend on 11 December 2002. All other details remain unchanged. The full amended announcement is shown below. CAFFYNS PLC INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2002 Caffyns plc, the leading motor distributor based in south east England, today announced record profits for the first half-year. * Operating profits on continuing activities in half-year of Â£2,009,000 (2001: Â£1,782,000). * Exceptional gains of Â£2,358,000 arose on sale of two Mercedes Benz dealerships. * Pre-tax profits of Â£3,689,000 (2001: Â£1,287,000). * Basic earnings per share of 114.9p (2001: 31.4p). * Increased interim dividend of 7.0p per ordinary share (2001: 6.0p). For further information: Caffyns plc Simon Caffyn, Chief Executive Mark Harrison, Finance Director Telephone: 01323 730201 CAFFYNS PLC CHAIRMAN'S STATEMENT In the six months to September 2002, turnover has reduced from Â£82.5m to Â£79.0m due to the disposal of our two Mercedes dealerships in June 2002. However, it is pleasing to report that Operating Profit on continued activities is up from Â£1,782,000 to Â£2,009,000. In March 2000 we closed our contract hire operation Caffyns Motor Contracts for new business and made a provision of Â£885,000. Since then, we have seen a fall in used car residual values in excess of our expectations and we have made a further provision of Â£330,000. With only about one third of the fleet left, we do not anticipate any further provisions against this business. In June we received a territory release payment on the sale of our Mercedes Businesses together with the proceeds from the sale of these two dealerships on which a gain of Â£2.358m was made. Consequently our profit before tax for the first half is exceptionally high at Â£3,689,000 against Â£1,287,000 last year. We have already invested in replacement franchises with Volvo and Volkswagen and we are about to commence major improvement plans on our Eastbourne and Haywards Heath Volkswagen sites. Our ongoing businesses have performed well in the six months to September and we are well positioned to continue to produce good results in the second half, however much will depend on the stability of the economy. The Block Exemption Renewal has begun its transitional year and commences fully in October 2003. We enjoy good relations with our Manufacturers and continue to discuss with them the possibilities of investing in further strong franchise opportunities. Again your Directors have agreed to pay an increased dividend of 7.0p per ordinary share amounting to Â£206,000. This will be paid on 15 January 2003 to shareholders on the register at 5 p.m. on 13 December 2002. A M Caffyn Chairman 28 November 2002 CAFFYNS PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2002 Half year to Half year to Year to 30 September 30 September 31 March 2002 2001 2002 Note Â£'000 Â£'000 Â£'000 Turnover 78,988 82,466 160,234 ---------- ---------- ---------- Operating profit Continuing activities 2,009 1,782 3,749 Discontinued activities (330) - - ---------- ---------- ---------- 1,679 1,782 3,749 Exceptional items 2 2,348 (114) (244) ---------- ---------- ---------- 4,027 1,668 3,505 Interest payable (338) (381) (720) ---------- ---------- ---------- Profit on ordinary activities before taxation 3,689 1,287 2,785 Taxation 3 (308) (171) (423) ---------- ---------- ---------- Profit on ordinary activities after taxation 3,381 1,116 2,362 Dividends (equity and non-equity) 4 (257) (255) (654) ---------- ---------- ---------- Retained profit 3,124 861 1,708 ---------- ---------- ---------- Earnings per ordinary share 5 p p p Basic 114.9 31.4 66.5 Diluted 114.1 31.3 66.2 ---------- ---------- ---------- Dividend per ordinary share 7.0 6.0 18.0 ---------- ---------- ---------- Note of historical cost profits and losses Â£'000 Â£'000 Â£'000 Reported profit on ordinary activities before taxation 2 3,689 1,287 2,785 Realisation of property revaluation (deficits)/surpluses (693) - 272 ---------- ---------- ---------- Historical cost profit on ordinary activities before taxation 2,996 1,287 3,057 ---------- ---------- ---------- Historical cost profit for the period retained after taxation 2,431 861 1,980 and dividends ---------- ---------- ---------- CAFFYNS PLC CONSOLIDATED BALANCE SHEET AT 30 SEPTEMBER 2002 30 September 2002 30 September 2001 31 March 2002 Â£'000 Â£'000 Â£'000 Fixed assets Intangible assets 22 18 34 Tangible assets 24,837 25,725 26,356 --------- --------- --------- 24,859 25,743 26,390 --------- --------- --------- Current assets Stocks 15,099 17,737 16,873 Consignment stocks 5,831 5,930 6,756 Debtors 6,460 6,791 7,800 Bank balances and cash 52 35 554 --------- --------- --------- 27,442 30,493 31,983 --------- --------- --------- Creditors : amounts falling due within one year Short term borrowings 1,440 6,300 1,500 Obligations under finance leases 106 135 140 Obligations relating to consignment stock 5,831 5,930 6,756 Other 13,514 13,936 18,906 --------- --------- --------- 20,891 26,301 27,302 --------- --------- --------- Net current assets 6,551 4,192 4,681 --------- --------- --------- Total assets less current liabilities 31,410 29,935 31,071 --------- --------- --------- Creditors : amounts falling due after one year Long term borrowings (3,000) (2,000) (5,500) Obligations under finance leases - (106) (37) Other (517) (1,417) (881) --------- --------- --------- (3,517) (3,523) (6,418) --------- --------- --------- Provisions for liabilities and charges (657) (761) (541) --------- --------- --------- Net assets 27,236 25,651 24,112 --------- --------- --------- Capital and reserves Called up share capital 2,686 2,935 2,686 Share premium account 167 164 167 Capital redemption reserve 249 - 249 Revaluation reserve 4,729 4,308 4,036 Profit and loss account 19,405 18,244 16,974 --------- --------- --------- Shareholders' funds 27,236 25,651 24,112 --------- ---------- --------- CAFFYNS PLC CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2002 Half year to Half year to Year to 30 September 2002 30 September 2001 31 March 2002 Â£'000 Â£'000 Â£'000 Cash inflow from operating activities Operating profit 1,679 1,782 3,749 Depreciation 494 510 1,029 Amortisation of goodwill 12 6 15 Loss on disposal of tangible fixed assets - 74 - Decrease/(increase) in stocks 1,298 (1,571) (1,228) Decrease/(increase) in debtors 1,340 (701) (1,675) (Decrease)/increase in creditors (4,432) 202 2,708 Increase/(decrease) in provisions 90 (229) (512) ---------- ---------- ---------- Net cash inflow from operating activities 481 73 4,086 ---------- ---------- ---------- Returns on investments and servicing of finance Interest paid (338) (381) (720) Preference dividends paid (51) (51) (102) ---------- ---------- ---------- (389) (432) (822) ---------- ---------- ---------- Taxation Corporation tax refunded - 100 98 ---------- ---------- ---------- Capital expenditure and financial investment Purchase of tangible fixed assets (389) (1,327) (1,943) Closure costs - (114) (301) Sale of tangible fixed assets - 7 626 ---------- ---------- ---------- (389) (1,434) (1,618) ---------- ---------- ---------- Disposals/(acquisitions) 5,163 - (1,319) ---------- ---------- ---------- Equity dividends paid (348) (323) (526) ---------- ---------- ---------- Cash inflow/(outflow) before financing 4,518 (2,016) (101) ---------- ---------- ---------- Financing Issue of ordinary shares - - 3 Repurchase of ordinary shares (2,389) - - Loan (repayments)/advances (4,000) 1,000 4,000 Capital element of finance lease (71) (65) (129) ---------- ---------- ---------- Net cash (outflow)/inflow from financing (6,460) 935 3,874 ---------- ---------- ---------- (Decrease)/increase in cash (see note 6) (1,942) (1,081) 3,773 ===== ===== ===== CAFFYNS PLC NOTES TO THE INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2002 1. BASIS OF PREPARATION The directors approved this interim statement on 28 November 2002. The interim accounts for the half-year ended 30 September 2002 and the comparative figures for the half-year ended 30 September 2001 are unaudited, and have been prepared on the same basis as the accounts for the year ended 31 March 2002. The financial information for the year ended 31 March 2002 has been abridged from the statutory accounts which have been filed with the Registrar of Companies and on which the auditors have given an unqualified audit opinion. The interim financial statements have been reviewed by the company's auditors. A copy of the auditors' review report is set out at the end of this statement. 2. EXCEPTIONAL ITEMS During the half-year ended 30 September 2002, the Company recorded the following exceptional items: - * The sale of a freehold property in Salisbury, Wiltshire for a cash consideration (before disposal costs) of Â£1,925,000, generated a profit on sale of Â£1,135,000. The profit on a historical costs basis was Â£599,000. * The sale of certain assets, including goodwill, of the Mercedes Benz dealerships based in Dorchester and Salisbury, including the freehold property at Dorchester, for a cash consideration of Â£3,367,000 (before disposal costs) generated a profit on sale of Â£1,223,000. The profit on a historical costs basis was Â£1,066,000. * Losses on disposal of other fixed assets of Â£10,000. 3. TAX ON PROFIT ON ORDINARY ACTIVITIES Half year to Half year to Year to 30 September 2002 30 September 2001 31 March 2002 Â£'000 Â£'000 Â£'000 Current UK corporation tax at 30% Charge for the period (307) (388) (689) Advance corporation tax recovered 104 199 303 On chargeable gains (79) - - Over-provision in respect of prior years - - 8 ---------- ---------- ---------- Total corporation tax (282) (189) (378) Deferred tax at 30% Origination and reversal of timing differences (26) 18 (45) ---------- ---------- ---------- (308) (171) (423) ---------- ---------- ---------- 4. DIVIDENDS Ordinary shares of 50p each The interim dividend proposed at the rate of 7.0p per share (2001: 6.0p) is payable on 15 January 2003 to shareholders on the register at the close of business on 13 December 2002. The shares will be marked ex-dividend on 11 December 2002. Preference shares Preference dividends have been paid in October 2002. The next preference dividends are payable in April 2003. 5. EARNINGS PER SHARE The basic and diluted earnings per ordinary share are calculated on the profit after tax and preference dividend and on the weighted average number of ordinary shares as detailed below: Profit after tax and preference dividends No. of Ordinary Shares Basic Diluted Â£'000 '000 '000 30 September 2002 3,718 2,899 2,918 31 March 2002 2,260 3,397 3,412 30 September 2001 1,065 3,396 3,405 6. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 30 September 2002 30 September 2001 31 March 2002 Â£'000 Â£'000 Â£'000 (Decrease)/increase in cash in the period (1,942) (1,081) 3,773 Movements in loans 4,000 (1,000) (4,000) Cash outflow from capital repayments of finance leases 71 65 129 ---------- ---------- ---------- Movement in net debt in the period 2,129 (2,016) (98) Net debt at beginning of period (6,623) (6,525) (6,525) ---------- ---------- ---------- Net debt at end of period (4,494) (8,541) (6,623) ---------- ---------- ---------- 7. INTERIM STATEMENT The interim statement will be posted to ordinary and preference shareholders by 9 December 2002. Copies will also be available to the public at the registered office of the company at Saffrons Room, Meads Road, Eastbourne, BN20 7DR. INDEPENDENT REPORT REVIEW TO CAFFYNS PLC Introduction We have been instructed by the company to review the financial information for the six months ended 30 September 2002 which comprise the consolidated profit and loss account, the note of historical cost profits and losses, the consolidated balance sheet, consolidated cash flow statement and notes 1 to 7. We have read the other information contained in the interim report which comprises only the Chairman's Statement and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Our responsibilities do not extend to any other information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2002. Grant Thornton Chartered Accountants 28 November 2002 This information is provided by RNS The company news service from the London Stock Exchange

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