Interim Results

Fuller,Smith&Turner PLC 15 November 2002 STRICTLY EMBARGOED UNTIL 7AM FRIDAY 15 NOVEMBER 2002 PRESS RELEASE FULLER SMITH & TURNER P.L.C. Financial results for the six months ended 28 September 2002 Financial Highlights â€¢ *Normalised profit before tax up 20% to Â£7.7 million (2001: Â£6.4 million) â€¢ **Normalised earnings per share up 21% to 20.83p (2001: 17.27p) â€¢ EBITDA up 12% to Â£12.9 million (2001: Â£11.5m) â€¢ Dividend increased 6% to 4.75p (2001: 4.47p) Corporate Progress â€¢ Significant improvement in interim results over last year â€¢ Strong performance by the Beer Company: profits up 23%; own beer volumes up 9% â€¢ New hotels trading well with rising occupancy â€¢ Good performance from the Tenanted Division: profits up 7%; average house profits up 6% reflecting improving quality of estate â€¢ Mixed performance from Managed Pubs and Bars: like for like sales in English Inns up but down in City outlets, in a challenging market â€¢ Increase in gross and net margins in managed estate by focusing on quality, not aggressive discounting â€¢ Period of consolidation for the retail estate - improving quality and strengthening the asset base rather than expansion at high freehold prices * Profits after interest before exceptional operating and non-operating costs ** Calculated on the Â£1 'A' ordinary share Commenting on the results, Anthony Fuller, Chairman, said: "I am very pleased to report a strong set of results in what continues to be a challenging time for the industry. Fuller's strategy of focusing on quality, rather than the pursuit of expansion at the expense of margins and gearing, has resulted in a 20% increase in normalised profit. Yet again the Beer Company has outperformed the UK market with profits up 23%. It is unlikely, however, that we will show the same level of growth in the Beer Company in the second half, given the very strong performance enjoyed in the corresponding period last year. We are confident that the results for the full year will show reasonable growth, although it is important to note that the difficult conditions being experienced in certain sections of our market have yet to reverse and may not do so for some time. Trading in the six weeks since the period end has been disappointing. It is hard to know at this stage whether this is due to the poor weather in October and early November or indicative of a further downward trend in the market. Nevertheless, Fuller's is in a strong position, with low gearing, a high quality and substantially freehold estate, highly successful brands and dedicated management and staff, who believe passionately in driving the business forward and enhancing shareholder value." - Ends - For further information, please contact: Fuller Smith & Turner P.L.C. Press Office 020 8996 2175/2198/2048 Mobile 07831 299801/ 07748 657854 E-mail: pr@fullers.co.uk Michael Turner - Press 020 8996 2048 Paul Clarke - Analysts 020 8996 2048 Merlin Financial 020 7606 1244 Paul Downes 07900 244 888 (mobile) Vanessa Maydon 07802 961 902 (mobile) Notes to Editors Photographs for the media are available at NewsCast Online - www.newscast.co.uk Tel. 020 7608 1000 Copies of this statement, the Interim Report and press presentation will be available on the Company's web site, www.fullers.co.uk. Attached: Chairman's Statement Financial Highlights Unaudited Group Profit and Loss Account Unaudited Group Balance Sheet Unaudited Group Cash Flow Statement Other Unaudited Group Primary Statements Notes to the Accounts FULLER SMITH & TURNER P.L.C. INTERIM RESULTS FOR THE SIX MONTHS TO 28 SEPTEMBER 2002 CHAIRMAN'S STATEMENT Whatever You Do, Take Pride I am very pleased to report a strong set of results in what continues to be a challenging time for the industry. Fuller's strategy of focusing on quality, rather than the pursuit of expansion at the expense of margins and gearing, has resulted in a 20% increase in normalised profit to Â£7.7 million (2001: Â£6.4 million) on a 5% increase in turnover to Â£68.8 million (2001: Â£65.3 million). Normalised earnings per share increased 21% to 20.83p (2001: 17.27p), which reflects the impact of a 2% reduction in the weighted average number of shares in the period following a series of share buybacks. There were no exceptional operating or non-operating charges this half-year compared to an exceptional operating charge of Â£1.4 million for property impairments and Â£3.8 million exceptional losses last year. This has resulted in this year's post-exceptional profit before tax of Â£7.7 million, showing a six-fold increase on the pre-tax profit last year of Â£1.3 million. Tax has been provided for at the expected effective rate for the full year of 32.5%. This comprises 27.5% current tax and 5% deferred tax. EBITDA increased by 12% to Â£12.9 million compared to Â£11.5 million last year. Fuller's accounting policies remain prudent, the average annual depreciation rate across the estate as a whole was 3.5% (on cost), for an estate that is over 90% freehold. Total capital expenditure for the half-year was Â£5.2 million (2001: Â£15.0 million), Â£4.0 million of which related to enhancing the existing business. Most of last year's total capital expenditure related to the hotel and brewery expansion programmes, which are both now generating returns for the Company. The Board believes that freehold pub prices are currently unsustainably high; consequently there have been fewer retail acquisitions in the period. Gearing is broadly unchanged at 14.5% (2001: 14.3%) with the reduction in capital expenditure being offset in part by share buybacks. We shall be increasing the interim dividend by 6% to 4.75p per 'A' and 'C' Â£1 ordinary share, and 0.475p per 'B' 10p ordinary share, which will be paid on Friday 10 January 2003 to shareholders on the Share Register as at Friday 13 December 2002. Fuller's Inns Fuller's Inns' turnover increased by 3% to Â£48.9 million, mainly due to the increase in the contribution from the Hotels Division. Normalised profit (excluding the impact of exceptional charges last year) was up 14% to Â£8.2 million. Cash generation remains significant with EBITDA of Â£11.5 million up 10%. Managed Pubs and Bars The trading environment has been challenging for Managed Pubs and Bars, especially in the City. Our strategy has been to avoid short term discounting and concentrate on the quality of our business using food, wine and quality cask ale as key levers for longer term growth. As a result, although like for like sales are down by 1.7%, gross and net margins have improved. We continue to invest in the training, development and career progression of our retail staff, with staff turnover now at its lowest ever level. Like for like sales in the non-City pubs have broadly been maintained at last year's level with a particularly good performance from the destination food business, 'English Inns', where LFL sales are up 6%. During the period we opened one new outlet, the Grove Lock on the Grand Union Canal near Leighton Buzzard. Early indications for this 'English Inns' pub are very encouraging. Since the period end we have acquired a further site in Winchester, which is currently undergoing refurbishment and will open in January 2003. We also transferred one pub to the Tenanted Division. There were five major refurbishments, all of which have been successful and are trading ahead of expectations. We will continue to invest in such projects to improve the quality of our offering and broaden customer appeal. As an example, the introduction of All Day Food across the managed estate in September has already led to a significant increase in food sales. Fuller's Hotels Turnover has grown by 57% and profit is up 150%, largely as a result of the hotels in which we invested last year being open for the whole of this period. The new hotels are trading well with occupancy levels rising. The performance of the existing hotels has exceeded expectations with like for like sales up 2% in what is still a very difficult market. Demand from UK-based business travellers remains robust. Total revenue per available room (RevPar) has increased by 11% to Â£45.09. This increase is largely a result of the higher room rates being achieved at the new hotels, while RevPar at our like for like hotels is level. To support the Fuller's Hotels brand, a dedicated web-site www.fullershotels.com was launched in September. In addition our hotels are featured on over 120 other web-sites, including some of the market leaders. The hotel investment programme is due to continue, with work starting in the New Year on a new 55 bedroom, Â£6.5 million hotel at the Red Lion in Hillingdon. We are confident that, given the high quality and longstanding reputation of our hotels, we are in a good position to see increased levels of return from our Hotels Division when economic conditions improve. Tenanted Pubs The tenanted estate continues to improve in terms of quality and contribution to the Company. Turnover increased 7% in spite of the number of outlets remaining largely unchanged at 118, including one transfer from the managed estate since March. Average turnover and profit per house have increased by 5% and 6% respectively, reflecting the gradual churning and improvement of the estate. We are continuing to convert new and existing tenancies to the Fuller's 10-year lease and currently have 30 tenants signed up. As in previous years, we have spent over Â£1 million on the existing estate during the period through capital projects, repairs and maintenance. The Fuller's Beer Company Yet again the Beer Company has outperformed the UK market with turnover up 5% to Â£30.9 million (2001: Â£29.4 million), profits up 23% to Â£2.8 million (2001: Â£2.3 million) and EBITDA up 18% to Â£3.5 million (2001: Â£2.9 million). Own beer barrelage was up 9% to 94,000 barrels. Our share of the cask ale market is estimated to be 5.4% compared to 4.9% for last year as a whole. It is unlikely, however, that we will show the same level of growth in the Beer Company in the second half, given the very strong performance enjoyed in the corresponding period last year. The Beer Company continues to reduce its reliance on the tied trade with free trade now representing 84% of our own beer volumes (2001: 82%). Own beer free on-trade volumes were up 13% to over 60,000 barrels. Off-trade volumes were up 10% to 13,000 barrels without any deterioration in margins. London Pride continues to be our flagship brand, with volumes increasing by 11%. Organic Honey Dew is still small by comparison but is growing fast with volumes increasing by over 50% in the first half. This is supported by dedicated advertising, sampling campaigns and the introduction of Organic Honey Dew with Cranberry. It is pleasing to see continued recognition for the quality of all our brands, demonstrated by various prizes and awards being won in this period. These include unprecedented gold, silver and bronze medals at the Great British Beer Festival and being voted Brewer of the Year by the Good Pub Guide 2003. We were delighted to have been honoured by the invitation to be the Official Beer Supplier to The Queen's Golden Jubilee Concerts at Buckingham Palace at which we supplied over 28,000 pints of London Pride and Organic Honey Dew. The Fuller's Wine Wholesale business sources and distributes a varied selection of wines and spirits to our own tied estate and to a growing free trade customer base (which now represents approximately a third of the business). Wine in particular has performed very well in this period with volumes up 11%. This has more than offset a decline in popularity of Premium Packaged Spirits. Overall profits from the division are up 10%. Share Buy-backs Following the initial buyback of 100,000 'A' ordinary shares in December 2001, the Company has repurchased a further 1,312,000 shares at a cost of Â£6.4 million. The average price paid during the period was Â£4.85, which is a considerable discount to our net asset value of Â£6.26. It is worth noting that we now have 13.9 million 'A' shares in free float, which is higher than at the time of the transfer to the main market of the London Stock Exchange in September 1996. We continue to believe strongly that purchasing our own shares in the market represents sound sense at times when they are undervalued, particularly against the assets they represent. The lack of reasonably priced acquisition opportunities for the retail estate and low interest rates mean that investing in our own shares is an excellent way to enhance shareholder value. Prospects Our strategy to grow the business across all areas is unchanged. Circumstances dictate that at times we must adapt and have a flexible approach, investing in areas that will achieve the best long-term returns for shareholders. We believe that, in general, freehold pub prices have reached unsustainable levels while many leasehold properties are on offer at rents that are too high given current market conditions. Our policy of not pursuing acquisitions at any price has maintained the strength of our balance sheet and property portfolio. We are confident that the results for the full year will show reasonable growth, although it is important to note that the difficult conditions being experienced in certain sections of our market have yet to reverse and may not do so for some time. Trading in the six weeks since the period end has been disappointing. It is hard to know at this stage whether this is due to the poor weather in October and early November or indicative of a further downward trend in the market. Nevertheless, Fuller's is in a strong position, with low gearing, a high quality and substantially freehold estate, highly successful brands and dedicated management and staff, who believe passionately in driving the business forward and enhancing shareholder value. A.G.F. Fuller CBE Chairman 15 November 2002 FULLER SMITH & TURNER P.L.C. FINANCIAL HIGHLIGHTS FOR THE 26 WEEKS ENDED 28 SEPTEMBER 2002 26 weeks to 26 weeks to 52 weeks to 28 September 29 September Increase 30 March 2002 2001 2002/2001 2002 Â£000 Â£000 Â£000 _______________________________________ ___________ ___________ ___________ ___________ Turnover 68,803 65,300 5.4% 132,395 Operating profit before exceptional items 8,675 7,271 19.3% 16,776 Normalised profits* 7,705 6,447 19.5% 14,948 EBITDA** 12,942 11,514 12.4% 25,141 Normalised earnings per share*** 20.83p 17.27p 20.6% 40.07p Dividend per share*** 4.75p 4.47p 6.3% 15.17p Assets per share*** Â£6.26 Â£5.91 5.9% Â£6.04 Gearing ratio 14.5% 14.3% N/A 12.7% _______________________________________ ___________ ___________ ___________ ___________ * Profits after interest before exceptional operating and non-operating costs. ** Earnings before interest, tax, depreciation and amortisation. *** Calculated on the Â£1 'A' ordinary share. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP PROFIT AND LOSS ACCOUNT FOR THE 26 WEEKS ENDED 28 SEPTEMBER 2002 26 weeks to 26 weeks to 52 weeks to 28 September 29 September 30 March 2002 2001 2002 Â£000 Â£000 Â£000 TURNOVER - continuing operations 68,803 65,300 132,395 Operating costs (60,128) (59,379) (116,969) OPERATING PROFIT - continuing operations ------------------ ------------------ ------------------ Before operating exceptional costs 8,675 7,271 16,776 Operating exceptional costs - (1,350) (1,350) ------------------ ------------------ ------------------ TOTAL OPERATING PROFIT 8,675 5,921 15,426 Non-operating exceptional losses - (3,821) (3,799) Interest payable (net) (970) (824) (1,828) ------------------ ------------------ ------------------ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 7,705 1,276 9,799 Taxation (2,506) (1,577) (3,935) ------------------ ------------------ ------------------ PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 5,199 (301) 5,864 Preference dividends (60) (60) (120) ------------------ ------------------ ------------------ ATTRIBUTABLE TO EQUITY SHAREHOLDERS 5,139 (361) 5,744 Ordinary dividends (1,134) (1,124) (3,814) ------------------ ------------------ ------------------ RETAINED PROFIT/(LOSS) FOR THE FINANCIAL PERIOD 4,005 (1,485) 1,930 ========= ========= ========= EARNINGS/(LOSS) PER SHARE* Basic 20.83p (1.44)p 22.90p Diluted 20.74p (1.44)p 22.80p Normalised basis 20.83p 17.27p 40.07p *Calculated on the Â£1 'A' ordinary share. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP BALANCE SHEET 28 SEPTEMBER 2002 At At At 28 September 29 September 30 March 2002 2001 2002 Â£000 Â£000 Â£000 FIXED ASSETS 189,572 184,476 188,810 CURRENT ASSETS Stocks 3,894 3,744 3,838 Debtors 12,471 12,046 11,419 Current asset investments 1,527 3,577 2,050 Cash, at bank and in hand 3,298 1,795 5,275 ------------------ ------------------ ------------------ 21,190 21,162 22,582 CREDITORS: amounts falling due within one year 27,337 23,994 26,156 ------------------ ------------------ ------------------ NET CURRENT LIABILITIES (6,147) (2,832) (3,574) ------------------ ------------------ ------------------ TOTAL ASSETS LESS CURRENT LIABILITIES 183,425 181,644 185,236 CREDITORS: amounts falling due after more than one year Debenture stock 26,979 26,968 26,974 PROVISIONS FOR LIABILITIES AND CHARGES 4,137 3,480 3,745 ------------------ ------------------ ------------------ NET ASSETS 152,309 151,196 154,517 ========= ========= ========= CAPITAL AND RESERVES Called up share capital Equity 24,060 25,323 25,323 Non equity 1,600 1,600 1,600 Share premium account 3,282 2,840 3,144 Revaluation reserve 28,794 28,683 28,794 Capital redemption reserve 1,412 - 100 Profit and loss account 93,161 92,750 95,556 ------------------ ------------------ ------------------ TOTAL SHAREHOLDERS' FUNDS 152,309 151,196 154,517 ========= ========= ========= FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP CASH FLOW STATEMENT FOR THE 26 WEEKS ENDED 28 SEPTEMBER 2002 26 weeks to 26 weeks to 52 weeks to 28 September 29 September 30 March 2002 2001 2002 Â£000 Â£000 Â£000 NET CASH INFLOW FROM OPERATING ACTIVITIES 14,331 9,236 24,642 ----------------- ----------------- ----------------- RETURNS ON INVESTMENT AND SERVICING OF FINANCE Preference dividends paid (60) (60) (120) Interest received 100 329 501 Interest paid (1,009) (1,081) (2,234) ----------------- ----------------- ----------------- (969) (812) (1,853) TAXATION Corporation tax paid (1,806) (1,699) (4,942) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire tangible fixed assets (5,210) (16,374) (26,980) Payments to acquire fixed asset investments - (327) (328) Receipts from sales of tangible fixed assets 64 1,034 3,684 ----------------- ----------------- ----------------- (5,146) (15,667) (23,624) EQUITY DIVIDENDS PAID (2,690) (2,513) (3,631) ----------------- ----------------- ----------------- TOTAL NET CASH INFLOW/(OUTFLOW) BEFORE THE 3,720 (11,455) (9,408) USE OF LIQUID RESOURCES AND FINANCING MANAGEMENT OF LIQUID RESOURCES* 523 9,864 11,391 FINANCING Issue of equity shares 180 315 719 Repurchase of equity shares (6,400) - (498) ----------------- ----------------- ----------------- (6,220) 315 221 ----------------- ----------------- ----------------- MOVEMENT IN CASH IN THE PERIOD (1,977) (1,276) 2,204 ======== ======== ======== * Management of liquid resources is the movement in cash on short-term deposit at financial institutions. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Operating profit 8,675 5,921 15,426 Depreciation 4,209 4,160 8,287 Loss on disposal of tangible fixed assets 58 83 78 Impairment of fixed assets - 1,350 1,350 ----------------- ----------------- ----------------- EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND 12,942 11,514 25,141 AMORTISATION (INCREASE)/DECREASE IN WORKING CAPITAL Stocks (56) 285 191 Debtors (1,029) (1,478) (941) Creditors 2,474 (1,085) 251 ----------------- ----------------- ----------------- NET CASH INFLOW FROM OPERATING ACTIVITIES 14,331 9,236 24,642 ======== ======== ======== FULLER SMITH & TURNER P.L.C. OTHER UNAUDITED GROUP PRIMARY STATEMENTS FOR THE 26 WEEKS ENDED 28 SEPTEMBER 2002 GROUP STATEMENT OF TOTAL RECOGNISED 26 weeks to 26 weeks to 52 weeks to GAINS AND LOSSES 28 September 29 September 30 March 2002 2001 2002 Â£000 Â£000 Â£000 Profit/(loss) on ordinary activities after taxation 5,199 (301) 5,864 Prior period adjustment - (3,176) (3,176) ----------------- ----------------- ----------------- Total recognised gains and losses for the period 5,199 (3,477) 2,688 ----------------- ----------------- ----------------- GROUP HISTORICAL COST PROFITS AND LOSSES Reported profit on ordinary activities before taxation 7,705 1,276 9,799 Realisation of property revaluation losses of previous - (70) (181) years ----------------- ----------------- ----------------- Historical cost profit on ordinary activities before 7,705 1,206 9,618 taxation ----------------- ----------------- ----------------- Historical cost profit/(loss) for the period retained 4,005 (1,555) 1,749 after taxation ----------------- ----------------- ----------------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Movement in cash in the period (1,977) (1,276) 2,204 Cash inflow from movement in liquid resources (523) (9,864) (11,391) Amortisation of issue costs (5) (5) (11) ----------------- ----------------- ----------------- Movement in net debt in the period (2,505) (11,145) (9,198) Net debt at the beginning of the period (19,649) (10,451) (10,451) ----------------- ----------------- ----------------- Net debt at the end of the period (22,154) (21,596) (19,649) ----------------- ----------------- ----------------- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Shareholders' funds at the beginning of the period 154,517 155,542 155,542 Prior period adjustment - (3,176) (3,176) ----------------- ----------------- ----------------- Restated shareholders' funds brought forward 154,517 152,366 152,366 Profit/(loss) on ordinary activities after taxation 5,199 (301) 5,864 Dividends - preference (60) (60) (120) - ordinary (1,134) (1,124) (3,814) New share capital subscribed 187 315 719 Shares repurchased and cancelled (6,400) - (498) ----------------- ----------------- ----------------- Net movement in shareholders' funds (2,208) (1,170) 2,151 ----------------- ----------------- ----------------- Shareholders' funds at the end of the period 152,309 151,196 154,517 ======== ======== ======== Shareholders' funds comprise: Equity interests 150,709 149,596 152,917 Non-equity interests 1,600 1,600 1,600 ----------------- ----------------- ----------------- 152,309 151,196 154,517 ======== ======== ======== Non-equity interests reflect the cost of the non-redeemable cumulative preference shares. FULLER SMITH & TURNER P.L.C. NOTES TO THE ACCOUNTS FOR THE 26 WEEKS ENDED 28 SEPTEMBER 2002 1. INTERIM STATEMENT The interim statement does not constitute full accounts as defined by S.240 of the Companies Act 1985. Full accounts for the year ended 30 March 2002, including an unqualified auditors' report, have been delivered to the Registrar of Companies. The interim accounts, which are unaudited, have been prepared on the basis of accounting policies set out in the Company's March 2002 Annual Report and Accounts. 2. SEGMENTAL ANALYSIS 26 weeks to 28 September 2002 Fuller's Inns Beer Company Total Â£000 Â£000 Â£000 TOTAL SALES 48,860 30,948 79,808 Inter-segment sales - (11,005) (11,005) ----------- ----------- ----------- Sales to third parties 48,860 19,943 68,803 ----------- ----------- ----------- SEGMENTAL PROFIT 8,178 2,780 10,958 ----------- ----------- Net central costs (2,283) ----------- Operating profit 8,675 Interest payable (net) (970) ----------- Profit on ordinary activities before taxation 7,705 ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 163,304 18,743 182,047 ----------- ----------- Unallocated net liabilities (29,738) ----------- Total net assets 152,309 ----------- 26 weeks to 29 September 2001 Fuller's Inns Beer Company Total Â£000 Â£000 Â£000 TOTAL SALES 47,279 29,399 76,678 Inter-segment sales - (11,378) (11,378) ----------- ----------- ----------- Sales to third parties 47,279 18,021 65,300 ----------- ----------- ----------- Segmental profit before FRS 11 7,157 2,257 9,414 Impairment of properties (FRS 11) (1,350) - (1,350) ----------- ----------- ----------- SEGMENTAL PROFIT 5,807 2,257 8,064 ----------- ----------- Net central costs (2,143) ----------- Operating profit 5,921 Non-operating exceptional losses (3,821) Interest payable (net) (824) ----------- Profit on ordinary activities before taxation 1,276 ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 159,262 16,783 176,045 ----------- ----------- Unallocated net liabilities (24,849) ----------- Total net assets 151,196 ----------- 52 weeks to 30 March 2002 Fuller's Inns Beer Company Total Â£000 Â£000 Â£000 TOTAL SALES 94,362 60,764 155,126 Inter-segment sales - (22,731) (22,731) ----------- ----------- ----------- Sales to third parties 94,362 38,033 132,395 ----------- ----------- ----------- Segmental profit before FRS 11 15,178 5,806 20,984 Impairment of properties (FRS 11) (1,350) - (1,350) ----------- ----------- ----------- SEGMENTAL PROFIT 13,828 5,806 19,634 ----------- ----------- Net central costs (4,208) ----------- Operating profit 15,426 Non-operating exceptional losses (3,799) Interest payable (net) (1,828) ----------- Profit on ordinary activities before taxation 9,799 ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 162,263 16,993 179,256 ----------- ----------- Unallocated net liabilities (24,739) ----------- Total net assets 154,517 ----------- 3. TAXATION Corporation tax and deferred tax has been provided as follows: 28 September 29 September 30 March 2002 2001 2002 Tax on normalised profits Â£000 Â£000 Â£000 Current tax 2,114 1,869 3,962 Deferred tax 392 183 815 ----------------- ----------------- ----------------- 2,506 2,052 4,777 Tax on exceptional items Deferred tax - (475) (842) ----------------- ----------------- ----------------- Total tax charge 2,506 1,577 3,935 ----------------- ----------------- ----------------- Effective rate on normalised profits 32.5% 31.8% 32.0% Normalised profits are profits after interest before exceptional operating and non-operating costs. 4. ORDINARY DIVIDENDS 28 September 29 September 30 March 2002 2001 2002 pence pence pence Interim 4.75 4.47 4.47 Final - - 10.70 ----------------- ----------------- ----------------- 4.75 4.47 15.17 ----------------- ----------------- ----------------- The figures above are for the listed Â£1 'A' ordinary shares and unquoted Â£1 'C' ordinary shares. The unquoted 10p 'B' shares carry dividend rights of 1/10 of those applicable to the Â£1 'A' ordinary shares. 5. EARNINGS/(LOSS) PER SHARE 28 September 29 September 30 March 2002 2001 2002 Â£000 Â£000 Â£000 Profit/(loss) attributable to equity shareholders 5,139 (361) 5,744 Non-operating exceptional items net of tax - 3,346 2,957 FRS 11 impairment of fixed assets - 1,350 1,350 ----------------- ----------------- ----------------- Normalised earnings attributable to equity shareholders 5,139 4,335 10,051 ----------------- ----------------- ----------------- Weighted average share capital 24,677,000 25,100,000 25,081,000 Dilutive outstanding options 100,000 - 110,000 ----------------- ----------------- ----------------- Adjusted weighted average share capital 24,777,000 25,100,000 25,191,000 ----------------- ----------------- ----------------- Basic earnings/(loss) per share* 20.83p (1.44)p 22.90p Diluted earnings/(loss) per share* 20.74p (1.44)p 22.80p Normalised earnings per share* 20.83p 17.27p 40.07p *Calculated on the listed Â£1 'A' ordinary share or unquoted Â£1 'C ' ordinary share. Earnings on the unquoted 'B' 10p ordinary shares are 1/10 of the figures for the Â£1 'A' ordinary shares. The calculation is based on earnings (after deducting preference dividends) and on the average weighted ordinary share capital. Normalised earnings exclude all exceptional operating and non-operating costs. In accordance with FRS 14 the diluted loss per share for the six months ended 29 September 2001 was equivalent to the basic loss per share as any conversion of options would decrease the net loss per share. 6. SHAREHOLDERS' INFORMATION Shareholders who converted their Â£1 'A' ordinary shares to Â£1 'C' ordinary shares are reminded that they have 30 days from 15 November 2002 should they wish to reconvert those 'C' shares back to 'A' shares. Appropriate forms are available from the Company Secretary. The next available opportunity after that will be May 2003. 7. INTERIM REPORT Copies of the interim report are being sent to shareholders and will be available from the Company's registered office: Griffin Brewery, Chiswick, London W4 2QB and the Company's web-site www.fullers.co.uk. This information is provided by RNS The company news service from the London Stock Exchange

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