Interim Results
Dignity PLC
15 September 2005
For Immediate Release 15 September 2005
Dignity plc
Interim Results for the 26 week period to 1 July 2005
Dignity plc, Britain's largest single provider of funeral-related services,
namely funeral services, cremations and pre-arranged funeral plans, announces
interim results for the period to 1 July 2005.
Financial highlights
Underlying profit before tax* up 19.7% to £15.8 million (2004: £13.2 million)
Operating profit up 11.4% to £23.4 million (2004: £21.0 million)
Revenue up 8.0% to £74.6 million (2004: £69.1 million)
Interim dividend per share 2.75p per share (2004: 1.875p per share)
*Before non-recurring finance charges 2004
Operating highlights
• Acquisition of four new funeral home locations, bringing the total to 516
homes at 1 July 2005.
• Additional six new funeral homes acquired since 1 July 2005.
Peter Hindley, Chief Executive of Dignity plc, commented;
'We are pleased to report a strong trading performance in the first 26 weeks of
2005. Underlying profits before tax increased by almost 20%, achieved on
increased revenues that were up 8%, and a 1.7% increase in the estimated number
of deaths in Great Britain, which was slightly ahead of expectations.
'We continue to grow the core areas of our business organically, having acquired
ten funeral locations as at the end of August. We continue to look for new
opportunities.
'The Group is trading well and the outlook remains positive for the rest of the
year.'
For more information
Peter Hindley, Chief Executive
Mike McCollum, Finance Director
Dignity plc +44 (0) 20 7466 5000
Richard Oldworth
Mark Edwards
Suzanne Brocks
Buchanan Communications +44 (0) 20 7466 5000
The interim results are available at www.dignityfuneralsplc.co.uk
CHAIRMAN'S STATEMENT
Introduction
This Interim Report has been prepared under IFRS and includes explanations of
all adjustments arising from the change from UK GAAP to IFRS.
The adoption of IFRS represents an accounting change only and does not affect
the ongoing operations or cash flows of the Group for 2005 or beyond.
The Group's first Annual Report and Accounts prepared under IFRS will be for the
52 week period ending 30 December 2005.
Results
I am pleased to report a strong trading performance in the first 26 weeks of
2005. Operating profit reported under IFRS has increased by 11.4 per cent to
£23.4 million (2004: £21.0 million).
The Group performed 36,000 (2004: 35,100) funerals from our network of 516
funeral homes around the country and 21,200 (2004: 19,800) cremations from our
22 crematoria. Total estimated deaths for the 26 week period to 1 July 2005 in
Great Britain were 300,800 compared to 295,800 in the comparative 26 week period
in 2004. This is an increase of 1.7 per cent, which is marginally ahead of our
expectations for the period. The Board's view on death rates continues to rely
on government forecasts and its view on medium term death rates remains
unchanged.
The number of unfulfilled pre-arranged funeral plans at 1 July 2005 was 171,500
(2004: 170,200).
Underlying profit before tax and dividend
Underlying profit before tax in the first 26 weeks of the year was £15.8 million
compared to £13.2 million in the previous period, an increase of 19.7 per cent.
This was slightly ahead of our expectations and is stated before non-recurring
finance charges in 2004. After taking account of these items, the reported
profit before taxation was £15.8 million (2004: loss £(2.1) million).
The Board has declared an interim dividend of 2.75 pence per share (2004: 1.875
pence per share) which will be paid on 28 October 2005 to shareholders on the
register at 7 October 2005. This is an increase of 10 per cent on the annualised
2004 interim dividend. This is consistent with the Group's policy of progressing
the dividend based on the Group's performance.
Developments
As part of its stated strategy, the Group acquired four funeral home locations
in the period to 1 July 2005, funded from existing cash reserves and internally
generated cash flows. In addition, in July, the Group acquired a further six
funeral home locations. This brings the total investment in acquisitions in 2005
to £6.9 million. The Group continues to look for further suitable opportunities.
Outlook
The Group has recorded a strong performance in the first 26 weeks of this year.
We expect the future development of the Group to be achieved by a combination of
further acquisitions, seeking additional partners for our pre-arranged funeral
plan business and from time to time, the opening of new locations. The Group
continues to trade well and the Board's expectations for the remainder of 2005
remain positive.
Finally, I would like to thank all our staff for their continued hard work and
dedication to client service.
Richard Connell
Chairman
OPERATING & FINANCIAL REVIEW
Introduction
The Group's operations are managed across three main areas, namely funeral
services, crematoria and pre-arranged funeral plans, which respectively
represent 80 per cent, 16 per cent and 4 per cent of the Group's revenues.
Funeral services relate to the provision of funerals and ancillary items such as
memorials and floral tributes. Crematoria revenues arise from cremation services
and the sale of memorials and burial plots at the Group's crematoria and
cemeteries. Pre-arranged funeral plan income represents amounts to cover the
costs of administering the sale of plans.
Adoption of IFRS
As the Chairman has noted in his statement, this Interim Report has been
prepared under IFRS.
IFRS (as endorsed by the European Commission) are subject to amendment and/or
interpretation by the International Accounting Standards Board (IASB) (and its
committees). Furthermore, emerging industry consensus may differ to the policies
adopted by the Board. As such, it is possible that further adjustments to the
accounting policies adopted may be necessary and consequently, the financial
information presented in this report may differ from that subsequently shown in
the Group's Annual Report and Accounts for the 52 week period ending 30 December
2005.
The principal changes to the Income Statement are:
• The elimination of amortisation of goodwill.
• The adoption of IAS 19 in respect of pension obligations.
• Changes to the charge for deferred taxation.
With the exception of IAS 19, the accounting impact on profit before tax and
amortisation is minimal.
The principal changes that affect the Balance Sheet are:
• The recognition of pension obligations under IAS 19.
• The inclusion of a full provision for deferred taxation.
• The recognition of separate intangible assets principally attributable
to trade names.
• The recognition of dividends on a liability basis.
Financial highlights
• Revenue has increased 8.0 per cent to £74.6 million (2004: £69.1
million).
• Operating profit has increased 11.4 per cent to £23.4 million (2004:
£21.0 million).
• Underlying profit before tax has increased 19.7 per cent to £15.8
million (2004: £13.2 million).
• Profit before tax was £15.8 million (2004: loss £(2.1) million).
• Cash generated from operations has increased 1.5 per cent to £26.5
million (2004: £26.1 million).
• Earnings per share were 13.8 pence (2004: loss (3.1) pence).
• An interim dividend of 2.75 pence per share (2004: 1.875 pence per
share).
Trading overview
26 week period ended
1 Jul 2005 25 Jun 2004
£m £m
Revenue
Funeral services 60.0 55.3
Crematoria 11.7 11.1
Pre-arranged funeral plans 2.9 2.7
74.6 69.1
Operating profit*
Funeral services 20.2 17.7
Crematoria 6.4 6.0
Pre-arranged funeral plans 1.6 2.1
Central overheads (4.8) (4.8)
23.4 21.0
* Operating profit includes Recoveries within pre-arranged funeral plans of £1.2
million (2004: £1.2 million) and profit on sale of property, plant & equipment
of £0.5 million (2004: £0.8 million).
Funeral services
The Group operates a network of 516 funeral homes throughout Britain, trading
under local established names. In the period to 1 July 2005, the Group conducted
36,000 (2004: 35,100) funerals, representing 12.0 per cent (2004: 11.9 per cent)
of estimated deaths in Britain.
Revenue within funeral services was £60.0 million (2004: £55.3 million) and
increased in all areas of the division. Operating profits were £20.2 million
(2004: £17.7 million), an increase of 14.1 per cent.
Crematoria
The Group operates 22 crematoria and carried out 21,200 cremations in 2005
representing 7.0 per cent (2004: 6.7 per cent) of estimated deaths in Britain.
The Group is the largest single operator of crematoria in Britain.
Revenue within crematoria was £11.7 million (2004: £11.1 million). Operating
profits were £6.4 million (2004: £6.0 million), an increase of 6.7 per cent.
In January 2005 the Department of Environment, Food and Rural Affairs announced
that crematoria operators should install equipment to cut mercury emissions by
50 per cent by 2012 under new statutory guidance. The Group is confident that it
can meet all the new emissions legislation in the required timescales. We expect
funding for these changes to be via an industry wide environmental levy.
Pre-arranged funeral plans
Pre-arranged funeral plans allow people to plan and pay for their funeral in
advance. The Group is the market leader in the provision of pre-arranged funeral
plans. Unfulfilled pre-arranged funeral plans increased to 171,500 from 170,200
during the period.
The Group received Recoveries of £1.2 million (2004:£1.2 million) during the
period. Operating profit was lower in 2005 as a result of the sales mix.
Underlying profit before tax
Last year witnessed a significant reorganisation of the Group's capital
structure, with the listing of its shares and redemption of expensive debt
associated with the management buyout in 2002 and the subsequent whole business
securitisation in 2003. Therefore, comparison with the prior period is not
straightforward. The Directors are of the opinion that the following provides
additional indicative information regarding the underlying profits of the Group:
26 week period ended
1 Jul 2005 25 Jun 2004
£m £m
Profit/(loss) before tax for the period as reported 15.8 (2.1)
Add the effects of:
Exceptional interest expense - 10.1
Interest expense of Mezzanine Loan and Loan Notes 2013 - 4.7
Amortisation of debt issues costs of Mezzanine Loan and Loan Notes
2013 - 0.5
Underlying profit before tax 15.8 13.2
Cash flow and cash balances
Operating cash flow was £26.5 million in the period (2004: £26.1 million).
Expenditure on funeral home acquisitions amounted to £4.3 million (2004: £1.5
million). A further £3.4 million (2004: £1.9 million) was spent on capital
expenditure, the majority of which was spent on replacing or enhancing existing
assets.
Cash balances at the end of the financial period amounted to £33.5 million
although under the terms of the Group's secured borrowing, there are certain
restrictions on elements of this balance as described further in note 7 of this
report. The Group's operations continue to be significantly cash generative.
Capital structure and financing
The Group's only material external debt financing is the Class A and B secured
notes, rated A and BBB respectively, of which £204.0 million (2004: £207.7
million) was outstanding as at 1 July 2005. Both tranches of debt were issued at
fixed rates of interest and will be progressively repaid over the next 25 years.
1 Jul 2005 25 Jun 2004
£m £m
Class A and B secured notes (204.0) (207.7)
Accrued interest on Class A and B secured notes - (7.3)
Loan Notes 2006 (0.1) (0.1)
Cash balances 33.5 42.5
Economic Net Debt 170.6 172.6
Going forward, the Group's finance expense will substantially consist of the
interest on the Class A and B secured notes and the related ancillary
instruments that were issued in April 2003. The finance charge in the period was
£8.5 million, including the amortisation of debt issue costs of £0.5 million,
unwinding of discounts of £0.3 million and pension charges of £0.2 million.
Taxation
The overall effective tax rate on earnings before exceptional items is
approximately 31.0 per cent (2004: 31.0 per cent).
This tax rate is higher than the standard UK tax rate of 30 per cent due to the
impact of disallowable trading expenses and expenditure on the Group's premises
that does not attract any deductions for corporation tax purposes. The latter
will also cause the effective tax rate to increase slightly in the future.
Pensions
The Group operates two principal defined benefit pension schemes. Under IAS 19,
the pension deficit has decreased by £0.3 million with a period end deficit
(before deferred tax) of £13.5 million.
Earnings per share
The basic earnings per share were 13.8 pence per share for the period (2004:
loss (3.1) pence per share). See note 5 for further information.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
for the 26 week period ended 1 July 2005
53 week
26 week period ended period ended
1 Jul 25 Jun 31 Dec
2005 2004 2004
Note £m £m £m
Revenue 2 74.6 69.1 135.7
Gross profit 38.6 34.7 67.7
Trading expenses (16.4) (14.9) (29.7)
Other operating income 1.2 1.2 1.2
Operating profit 2 23.4 21.0 39.2
Interest payable before exceptional
charges (8.5) (13.8) (22.6)
Exceptional interest payable on
redemption of debt - (10.1) (10.1)
Interest payable and similar charges 3 (8.5) (23.9) (32.7)
Interest receivable 3 0.9 0.8 1.5
Profit/(loss) before tax 2 15.8 (2.1) 8.0
Taxation 4 (4.8) 0.5 (2.5)
Profit/(loss) for the period 11.0 (1.6) 5.5
Profit/(loss) attributable to
minority interest - - -
Profit/(loss) attributable to equity
shareholders 6 11.0 (1.6) 5.5
11.0 (1.6) 5.5
Earnings/(loss) per share
attributable to
equity shareholders (pence) 5
- Basic 13.8p (3.1)p 8.5p
- Diluted 13.7p (3.1)p 8.5p
CONSOLIDATED STATEMENT OF RECOGNISED INCOME & EXPENSE (UNAUDITED)
for the 26 week period ended 1 July 2005
53 week
period ended
26 week period ended
1 Jul 25 Jun 31 Dec
2005 2004 2004
£m £m £m
Profit/(loss) for the period 11.0 (1.6) 5.5
Actuarial gains/(losses) on retirement
benefit obligations 0.4 (2.1) (0.7)
Employee share options 0.2 0.1 0.2
Deferred tax (0.1) 0.6 0.3
Net income/(expense) not
recognised in income statement 0.5 (1.4) (0.2)
Total recognised income/(expense)
for the period 11.5 (3.0) 5.3
CONSOLIDATED BALANCE SHEET (UNAUDITED)
as at 1 July 2005
1 Jul 25 Jun 31 Dec 2004
2005 2004
Note £m £m £m
Non-current assets
Goodwill 108.9 107.1 107.8
Intangible assets 7.8 2.9 5.2
Property, plant & equipment 84.0 79.5 84.0
Financial assets 5.5 4.9 5.4
Assets held for sale 0.8 0.8 0.8
Deferred tax assets - 1.6 -
207.0 196.8 203.2
Current assets
Inventories 3.3 3.1 3.4
Trade and other receivables 19.1 20.0 19.7
Cash and cash equivalents (a) 33.5 42.5 24.9
55.9 65.6 48.0
Current liabilities
Financial liabilities (2.1) (10.7) (2.0)
Trade and other payables (17.0) (26.5) (17.6)
Current tax (3.4) (0.1) (0.1)
Provisions (1.0) (1.2) (1.0)
(23.5) (38.5) (20.7)
Net current assets 32.4 27.1 27.3
Non-current liabilities
Financial liabilities (193.0) (194.9) (193.9)
Deferred tax liabilities (3.3) - (1.6)
Retirement benefit obligations (13.5) (15.0) (13.8)
Other non-current liabilities (2.7) (2.5) (2.7)
Provisions (2.2) (2.1) (2.3)
(214.7) (214.5) (214.3)
Net assets 24.7 9.4 16.2
Shareholders' equity
Ordinary shares 8 5.6 5.6 5.6
Share premium account 8 111.6 111.6 111.6
Other reserves 8 (12.0) (13.7) (12.5)
Retained earnings 8 (79.3) (92.9) (87.3)
Total shareholders' equity 8 25.9 10.6 17.4
Minority interest in equity (1.2) (1.2) (1.2)
Total equity 24.7 9.4 16.2
(a) Certain cash balances are subject to restrictions. See note 7.
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
for the 26 week period ended 1 July 2005
53 week
26 week period ended period e ended
1 Jul 2005 25 Jun 2004 31 Dec 2004
Note £m £m £m
Cash flows from operating activities
Cash generated from operations 9 26.5 26.1 44.2
Interest received 0.9 0.8 1.6
Interest paid (7.8) (23.5) (39.4)
Tax paid - (0.1) (0.1)
Net cash from operating activities 19.6 3.3 6.3
Cash flows from investing activities
Acquisition of subsidiaries (4.3) (1.5) (5.3)
Purchase of property, plant & equipment (3.4) (1.9) (8.5)
Proceeds from sale of property, plant &
equipment 0.9 1.1 2.3
Transfers from restricted bank accounts 7 - 15.9 18.3
Net cash (used in)/from investing activities (6.8) 13.6 6.8
Cash flows from financing activities
Net proceeds from issue of ordinary share - 115.2 115.2
capital
Finance lease principal repayments - - -
Repayment of borrowings (1.2) (115.6) (125.5)
Dividends paid to shareholders (3.0) - (1.5)
Net cash used in financing activities (4.2) (0.4) (11.8)
Net increase in cash and cash equivalents 7 8.6 16.5 1.3
Cash and cash equivalents at
beginning of the period 23.7 22.4 22.4
Cash and cash equivalents at the
end of the period 7 32.3 38.9 23.7
NOTES TO THE INTERIM REPORT 2005
for the 26 week period ended 1 July 2005
1 Basis of preparation
Historically, the Group prepared its consolidated financial statements under UK
Generally Accepted Accounting Principles ('UK GAAP'). Following Regulation No.
1606/2002 passed by the European Parliament in 2002, the Group is required to
prepare its consolidated financial statements for the 52 week period ending 30
December 2005 in accordance with all applicable International Financial
Reporting Standards ('IFRS'), including International Accounting Standards ('
IAS') and related interpretations issued by the International Accounting
Standards Board ('IASB') and its committees, as endorsed by the European
Commission.
These interim financial statements have been prepared in accordance with IFRS
and in accordance with the Listing Rules of the Financial Services Authority
covering interim reports.
IFRS (as endorsed by the European Commission) are subject to amendment and/or
interpretation by the IASB (and its committees). Furthermore, emerging industry
consensus may differ to the policies adopted by the Board. As such, it is
possible that further adjustments to the accounting policies adopted may be
necessary and consequently, the financial information presented in this report
may differ from that shown in the Group's Annual Report and Accounts for the 52
week period ending 30 December 2005.
Full details of the changes in accounting policies, which have been consistently
applied to all periods, and the reconciliations between IFRS and UK GAAP are set
out in Appendix 1 to this report.
The statements were approved by the Board of Directors on 14 September 2005 and
are unaudited. The Group's auditors have carried out a review of the statements
and their report is set out on page 16.
The figures for all periods presented have been extracted from the underlying
accounting records.
2 Revenue and segmental analysis
The revenue and operating profit*, by segment, were as follows:
26 week period ended 26 week period ended 53 week period ended
1 Jul 2005 25 Jun 2004 31 Dec 2004
Operating Operating Operating
profit/ profit/ profit/
Revenue (loss) Revenue (loss) Revenue (loss)
£m £m £m £m £m £m
Funeral services 60.0 20.2 55.3 17.7 108.8 33.9
Crematoria 11.7 6.4 11.1 6.0 21.6 11.8
Pre-arranged
funeral plans 2.9 1.6 2.7 2.1 5.3 2.5
Central overheads - (4.8) - (4.8) - (9.0)
74.6 23.4 69.1 21.0 135.7 39.2
Net interest
expense (7.6) (23.1) (31.2)
Profit/(loss)
before tax 15.8 (2.1) 8.0
*Operating profit includes Recoveries within pre-arranged funeral plans of £1.2
million (2004: £1.2 million; December 2004: £1.2 million) and profit on sale of
property, plant & equipment of £0.5 million (2004: £0.8 million; December 2004:
£1.2 million).
3 Net interest payable
53 week
26 week period ended period ended
1 Jul 25 Jun 31 Dec
2005 2004 2004
£m £m £m
Interest payable and similar charges
Class A and B secured notes 7.4 7.5 15.1
Mezzanine Loan - 2.1 2.1
Loan Notes - 2.6 2.6
Amortisation of issue costs 0.5 1.0 1.6
Other loans 0.1 0.1 0.1
Interest payable on finance leases - - 0.1
Net finance expense of retirement obligations 0.2 0.1 0.3
Unwinding of discount 0.3 0.4 0.7
Interest payable and similar charges before
exceptional items 8.5 13.8 22.6
Exceptional interest payable and similar charges
Premium on early redemption of Mezzanine Loan - 4.0 4.0
Write-off deferred debt issue costs - 6.1 6.1
Exceptional interest payable and similar charges - 10.1 10.1
Total interest payable and similar charges 8.5 23.9 32.7
Interest receivable and similar income
Bank deposits (0.8) (0.7) (1.3)
Debenture loan (0.1) (0.1) (0.2)
Interest receivable and similar income (0.9) (0.8) (1.5)
Net interest payable and similar charges 7.6 23.1 31.2
4 Taxation
The taxation charge in the period is based on an estimated effective tax rate of
31.0 per cent on profit before tax for the 52 week period ending 30 December
2005.
5 Earnings/(loss) per share
The calculation of basic earnings/(loss) per Ordinary Share has been based on
the profit/(loss) for the relevant period.
For diluted earnings/(loss) per Ordinary Share, the weighted average number of
Ordinary Shares in issue is adjusted to assume conversion of all potentially
dilutive Ordinary Shares. The Group has two classes of potentially dilutive
Ordinary Shares being those share options granted to employees under the Group's
SAYE scheme and the contingently issueable shares under the Group's LTIP
schemes.
At the balance sheet date, the performance criteria for the vesting of the
awards under the LTIP schemes had not been met. Consequently, these contingently
issueable shares have been excluded from the diluted EPS calculations.
Weighted
average no Per share
Earnings/ of shares amount
(loss)
£m £m pence
26 week period ended 1 July 2005 - basic 11.0 80.0 13.8
26 week period ended 1 July 2005 - diluted 11.0 80.2 13.7
26 week period ended 25 June 2004 - basic and diluted (1.6) 51.5 (3.1)
53 week period ended 31December 2004 -
basic and diluted 5.5 65.0 8.5
6 Dividends
On 14 September 2005, the Directors approved an interim dividend of 2.75 pence
per share (2004: 1.875 pence per share) totalling £2.2 million (2004: £1.5
million), which will be paid on 28 October 2005 to those shareholders on the
register at the close of business on 7 October 2005. The amount recognised in
the period of £3.0 million (2004: £nil) relates to the final dividend of 3.75
pence per share in respect of the 2004 results approved by shareholders on 20
May 2005.
7 Cash and cash equivalents
1 Jul 25 Jun 31 Dec
2005 2004 2004
Note £m £m £m
Cash and cash equivalents 33.5 42.5 24.9
Represented by:
Operating cash 10.2 11.6 12.4
Cash for acquisitions (a) 7.3 11.3 7.2
Cash collateralised for Loan Notes 2012 (b) - 1.4 -
Amounts set aside for intercompany loan (c) 16.0 9.2 5.3
Amounts set aside for Class A and B
secured notes (d) - 9.0 -
33.5 42.5 24.9
(a) Under the terms of the Group's secured borrowings, this amount is required
to be retained in a separate account. This account may, in normal circumstances,
only be used for acquiring tangible fixed assets and businesses (either trade
and assets or share purchases). Included in this amount is £1.2 million (2004:
£2.2 million; December 2004: £1.2 million) relating to Recoveries, which may not
be used for one year following receipt and hence does not meet the definition of
cash and cash equivalents in IAS 7, 'Cash Flow Statements'.
(b) This amount was subject to a charge in favour of the Loan Notes 2012. This
amount did not meet the definition of cash and cash equivalents in IAS 7.
(c) This amount (save for circumstances where the Directors believe there may be
a risk of defaulting on the Class A and B secured notes) may only be used in
paying the interest and principal due on a loan between Dignity (2002) Limited
and Dignity Mezzco Limited, both of whom are wholly owned subsidiaries of the
Company.
(d) This amount was required under the terms of the Group's secured borrowings
to be used to pay interest and principal on 30 June 2004.
Movements in the amounts described in notes (a) as Recoveries, together with the
amounts described in note (b), have been treated as 'transfers from /(to)
restricted bank accounts' in the cash flow statement and are reported within '
Cash flows from investing activities' as they do not meet the definition of cash
and cash equivalents in IAS 7.
Movements in the amounts described in note (c) have been treated as cash
equivalents in the cash flow statement as they will become available for the
Group's use once the intercompany payment has been made.
8 Statement of changes in shareholders' equity
Share Profit
Share premium Other & loss
capital account reserves account Total
£m £m £m £m £m
Shareholders' equity as at 26 December
2003 2.0 - (12.3) (91.3) (101.6)
Share issue 3.6 111.6 - - 115.2
Actuarial gains and losses on defined
benefit plans (net of deferred tax) - - (1.5) - (1.5)
Effects of employee share options
(net of deferred tax) - - 0.1 - 0.1
Loss for the 26 weeks ended 25 June 2004 - - - (1.6) (1.6)
Shareholders' equity as at 25 June 2004 5.6 111.6 (13.7) (92.9) 10.6
Profit for the 27 weeks ended 31 December - - - 7.1 7.1
2004
Actuarial gains and losses on defined - - 1.0 - 1.0
benefit plans (net of deferred tax)
Effects of employee share options (net of - - 0.2 - 0.2
deferred tax)
Dividends - - - (1.5) (1.5)
Shareholders' equity as at 31 December 5.6 111.6 (12.5) (87.3) 17.4
2004
Profit for the 26 weeks ended 1 July 2005 - - - 11.0 11.0
Actuarial gains and losses on defined - - 0.2 - 0.2
benefit plans (net of deferred tax)
Effects of employee share options (net of - - 0.3 - 0.3
deferred tax)
Dividends - - - (3.0) (3.0)
Shareholders' equity as at 1 July 2005 5.6 111.6 (12.0) (79.3) 25.9
9 Cash generated from operations
26 week period ended 53 week period ended
1 Jul 2005 25 Jun2004 31 Dec 2004
£m £m
£m
Net profit/(loss) for the period 11.0 (1.6) 5.5
Adjustments for:
Taxation 4.8 (0.5) 2.5
Net interest payable 7.6 23.1 31.2
Profit on disposal of property, plant &
equipment (0.5) (0.8) (1.2)
Depreciation charges 3.7 3.7 7.2
Changes in working capital (excluding
acquisitions) (0.3) 2.1 (1.2)
Employee share options 0.2 0.1 0.2
Cash generated from operations 26.5 26.1 44.2
10 Interim statement
Copies of the Interim Report are available from the registered office,
Plantsbrook House, 94 The Parade, Sutton Coldfield, West Midlands, B72 1PH and
at the Group's website www.dignityfuneralsplc.co.uk
11 Securitisation
In accordance with the terms of the securitisation carried out in April 2003,
Dignity (2002) Limited (the holding company of those companies subject to the
securitisation) has today issued reports to the Rating Agencies (Fitch Ratings
and Standard & Poor's), the Security Trustee and the holders of the notes issued
in connection with the securitisation confirming compliance with the covenants
established under the securitisation.
Copies of these reports are available at www.dignityfuneralsplc.co.uk
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