Final Results
Kier Group PLC
18 September 2002
18 September 2002
KIER GROUP PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2002
• Growth continues for tenth successive year
• Unadjusted EPS up 25.8% for the year - compound growth of 25% pa over six
years
• Operating profit up 23.0% to £26.2m (2001: £21.3m)
• Profit before tax at £28.0m up 27.9% (2001: £21.9m)
• Dividend increased by 15.4% to 14.2p (2001: 12.3p)
• Strong cash performance - £50.0m generated from operating activities
• Significant cash investments in acquisitions during the year
Commenting, Colin Busby, Chairman and Chief Executive, said:
"Despite global economic uncertainties the markets for Construction & Services
and Homes & Property are still growing.
"Our order books in Construction & Services have been maintained at around
£1.2bn. In Homes we commenced the new year with our strongest ever forward sales
position and reservations have continued at a healthy rate subsequently. Our
development property portfolio contains excellent opportunities that should
provide good returns in the future.
"Prospects for further growth in all our markets are encouraging and I believe
that Kier is well positioned to deliver further improved performance."
Enquiries to:
Kier Group plc
Colin Busby/Deena Mattar Tel: 01767 640111
Bell Pottinger Financial
Caroline Sturdy/Bella Jowett Tel: 020 7861 3232
CHAIRMAN'S STATEMENT
Overview
Kier Group plc has once again produced excellent results for the year, extending
our record of 25% compound growth in earnings per share in the six years since
flotation on the London Stock Exchange. Our proven strategy of investing the
cash generated by our construction operation into the higher margin, cash
consuming, homes and property operations has driven this growth enabling us to
record our tenth successive increase in profit since the Group's formation in
1992.
We have had a busy year which included a number of corporate acquisitions,
predominantly within the homes and property operations. In total we have
invested over £44m in new acquisitions all funded by internal resources
supported by the exceptional cash performance from the construction operation.
Our £27.5m investment in Allison Homes is producing good returns. The business
has integrated well with the homes operation and has made a pleasing
contribution in the nine and a half months since acquisition. The acquisition of
Laing Property Developments through joint venture, in which our investment is
£15.8m, significantly bolsters our property operation and is a sound investment
for the future.
The integrated business, which has evolved since our employee buy-out in 1992,
continues to move forward both through organic growth and acquisition. We remain
strongly committed to our newer areas of Support Services and Infrastructure
Investment. The market for Support Services, in particular, is a significant
one, offering exciting opportunities to strengthen the business over the next
few years.
Financial performance
A strong financial performance was achieved across all reporting segments.
Overall operating profits rose 23.0% to £26.2m (2001: £21.3m) on turnover up
10.5% at £1,382.7m (2001: £1,251.1m). Profit before tax (after crediting profit
on disposal of an interest in a subsidiary of £0.7m) increased by 27.9% to
£28.0m (2001: £21.9m) and, on the same basis, earnings per share at 60.4p rose
25.8% (2001: 48.0p).
We are proposing a final dividend on the Ordinary Shares of 9.7p (2001: 8.4p)
making 14.2p for the year, an increase of 15.4% on 2001's 12.3p. The dividend
will be paid on 10 December 2002 to those on the register on 4 October 2002 and
there will be a scrip alternative.
Cash and liquid assets at 30 June 2002 were £46.4m (2001: £58.1m), an outflow of
only £11.7m despite the substantial cash investment in acquisitions during the
year. Within Construction the cash flow was again very strong with an inflow of
£40m achieved during the year. Shareholders' funds increased by £16.7m to £74.5m
(2001: £57.8m). Pre-tax return on shareholders' funds was 42.3% having exceeded
40% for five consecutive years.
Construction & Services
Results
Construction & Services recorded an operating profit of £12.5m (2001: £11.1m),
an increase of 12.6% on turnover of £1,218.4m (2001: £1,121.3m), up 8.7%. The
operating margin of 1.03% continues to grow in line with our objective of
further margin improvement.
Overall the proportion of negotiated and partnered awards has increased to 58%
(2001: 51%) and in Kier National, the major projects division, the proportion
was over 90%. This is an increase on last year within Kier National as a
consequence of the continued drive to improve the risk profile through greater
selectivity.
Construction
Kier Regional has had a year of consolidation with turnover remaining relatively
flat at £724.9m (2001: £732.4m) following a period of rapid growth in the prior
year. Cash generation has been excellent during the year reflecting improvements
in margins and a strong underlying performance. This business, operating through
27 offices throughout the UK, has the widest coverage of any regional
contracting business and, due to its localised nature, has the flexibility to
react quickly to the requirements of its market places. This is evidenced by our
move towards public sector work, which has increased, from 18% of awards in 2001
to 24% of new awards in 2002. With an order book of £359m and a strong pipeline
of opportunities, we expect further growth in the next financial year.
In Kier National, our major projects division, turnover increased by 25.4% to
£412.6m, largely within the building company, Kier Build, which recorded a
significant increase in the last twelve months. The market for major building
has remained strong during the year enabling us to be selective with all new
contracts being awarded on a negotiated or partnered basis. Kier Construction,
our civil engineering, rail and mining business, made good progress on its two
major contracts on the Channel Tunnel Rail Link in North London. It also secured
a £250m framework contract for United Utilities in a one-third joint venture.
Whilst the overall construction operating profit shows a healthy increase, the
margin recorded in the UK has reduced this year. Firstly the Mining division,
which is working out our last contract coal-mining project, has encountered
unexpected ground conditions requiring a loss provision this year and secondly
there has been a higher proportion than normal of long-term contracts that are
not yet eligible for profit attribution under our accounting policies.
Our overseas business, which is managed in the UK as part of Kier National,
performed well during the year. In the previous three years the business
recorded operating losses as difficulties arose on contracts that had, in the
past, been competitively tendered. The prudence applied in assessing these
contract outturns, coupled with the strategy to improve the risk profile by
taking on only negotiated work, has provided an excellent result for the year.
The lower risk strategy will result in a more focused overseas business with a
lower, but solid, contribution in the future. In accordance with this strategy
51% of our investment in Kier Hong Kong was sold during the year realising a
profit of £0.7m.
Support Services
Our support services business, under the banner of Caxton Integrated Services,
operates through three business streams: managed services for occupiers of
commercial and industrial premises; services to PFI and PPP projects; and large
scale building maintenance contracts for local authorities and other social
landlords. In line with our strategy to grow the business we were awarded our
second building maintenance contract under the Government's 'best value'
programme for £20m over five years for the London Borough of Greenwich. We are
also pleased to have been selected as one of two bidders on a similar, but
larger, contract in Sheffield. Costs of £1.1m (2001: £1.0m) associated with
bidding for these contracts have been included in Corporate Overhead in these
results. Our short-term target remains to increase turnover in this division to
£150m per annum.
Homes & Property
Results
This segment recorded a 37.0% increase in operating profit at £22.2m (2001:
£16.2m) on turnover up 25.9% to £158.8m (2001: £126.1m).
Kier Residential
The strong demand for housing, which has continued over the twelve months to 30
June 2002, together with the effect of the acquisition of Allison Homes in
September 2001, provided Kier Residential with a 31.9% increase in house sales
to £145.6m (2001: £110.4m). This arose from a 19.6% increase in unit sales to
877 (2001: 733) at increased average selling prices (£166,100 in 2002 compared
with £150,500 in 2001). The operating margin improved to 14.0% from 13.0% in
2001. The forward order book at 30 June 2002 was 170% ahead of the previous year
at £54m (on a like-for like basis excluding Allison it was twice that of the
previous year).
Allison Homes has made a good contribution to the results for the year,
confirming our view of the quality of the business, and it has a good spread of
sites in the eastern counties of England and a sound strategic land bank. A
further £56.7m was invested in land across the operating areas during the year
contributing to the increase in plots owned and controlled at the year-end to
3,814 (2001 excluding Allison: 2,353 plots). This represents a four year land
bank which is appropriate given the planning issues that still plague the
industry. The business continues to derive significant benefits from its
strategic land bank, which stood at 11,000 plots at 30 June 2002.
Kier Property
In April 2002 we announced a £15.8m investment in a 50% joint venture with the
Bank of Scotland that acquired the shares in Laing Property Developments. The
joint venture, Kier Developments, consists of a portfolio of 23 opportunities at
varying stages of development. Due to the timing of some of these developments
the investment has not had a material impact on the results for the year. The
investment is treated as a joint venture in our accounts with the joint venture
borrowings (£59.6m) being non-recourse to Kier. We are delighted with the
opportunities that this investment has already afforded us, including one of the
largest deals secured along the M3 this year with BAE Systems Electronics in
Frimley, and we look forward to exciting returns in the future.
Following our investment in Laing Property Developments our commercial property
business was reorganised under the banner of Kier Property and now comprises
Kier Ventures, our wholly owned property business, and our share of Kier
Developments.
Within Kier Ventures we sold an office in Cheltenham, pre-let to Marlborough
Stirling, for £11.2m in January 2002. In August 2002 our joint venture with
Norwich Union at Waltham Abbey completed the 700,000 sq ft distribution facility
for J Sainsbury alongside the M25. At Whitehall we have signed, subject to
planning, a development contract with the Crown Estate for a 125,000 sq ft
office development pre-let to the Department for Environment, Food and Rural
Affairs which will be constructed by Kier Build.
Infrastructure Investment
In October we were pleased to announce the award of our first schools project,
the latest project to be included in our portfolio of PFI projects, which now
comprises five schemes. Two of the projects are now operational, Hairmyres
Hospital and Bournemouth Library, with two further hospitals under construction,
Neath Port Talbot and West Berkshire Mental Health unit, as well as the Tendring
Schools project. We are also preferred bidder on Greenwich Care Homes. Our total
committed investment to these projects is £10.6m with an expected long-term
average yield in excess of 15%. Our pipeline of projects, including a number of
hospitals, should further expand our portfolio.
PFI remains an important element of our business and one in which we continue to
invest with overhead and bidding costs of £1.2m charged in the results to 30
June 2002 (2001: £0.8m). However we remain concerned about the timing and costs
of bidding for these projects. A major overhaul of the bidding process is
required without which the number of projects we are prepared to bid will be
curtailed.
Kier People
Our successful track record is the tangible result of the skill, vision,
creativity, professionalism and commitment of our outstanding people. They have
ensured that we have achieved consistent growth in turnover, profits and cash
flow and that we continue to excel in every one of our chosen markets. I wish to
pay tribute to all Kier employees for their unstinting efforts in contributing
to the continued success of the Group.
Creating and sustaining an inspiring work environment that demands integrity and
stimulates entrepreneurial spirit together with a deep sense of responsibility
to the business and its stakeholders is an important objective for us. We
continue to recruit the best from universities each year and our training
department is continually reviewing its range of internal courses with the aim
of developing the entire workforce to be best in class.
Accounting and reporting
There has been a great deal of mistrust of corporate accounting this year. In
Kier we have a very straightforward approach to accounting and reporting. Our
accounting policies are rigorously applied and we endeavour to be transparent in
all our dealings with stakeholders. This approach is encouraged throughout the
business and is fundamental to the Kier culture. Our focus has always been to
ensure that cash underpins our reported performance.
The publication by the Urgent Issues Task Force of Abstract 34 "Pre-contract
costs" has caused unease amongst followers of those involved in PFI. As a
consequence of the way in which external bidding costs have been dealt with in
our accounts in the past, the effect of the adoption of UITF 34 on the Group's
results for the year ended 30 June 2002 is not significant and no adjustment has
been required to prior year results.
Health & Safety
Kier is totally committed to improving safety standards, an ethos that is driven
from the highest level in our organisation. Throughout the year we have actively
pursued the health and safety targets set by the Major Contractors' Group and we
have re-enforced health and safety awareness across the Group and throughout our
supply chain.
The Group's Accident Incidence Rate ('AIR') for the year to 30 June 2002 was 699
per 100,000 employees including subcontractors. This compares favourably with
the industry average AIR of 1,221 for the same period.
Prospects
Our order books in Construction & Services have been maintained at around
£1.2bn. In Homes we commenced the new year with our strongest ever forward sales
position and reservations have continued at a healthy rate subsequently. Our
development property portfolio contains excellent opportunities that should
provide good returns in the future.
Despite global economic uncertainties the markets for Construction & Services
and Homes & Property are still growing. In Construction the market continues to
offer selective opportunities with any potential downturn in the private sector
being supported by ambitious public sector spending plans ensuring continuing
demand. The market for local authority outsourcing contracts is extensive,
supporting our expansion plans for Support Services. In housing the ongoing
shortage of new homes ensures that demand outstrips supply but we believe that
the market will return to more sustainable levels over the next twelve months
with the rate of growth of selling prices likely to reduce. This is a
development we would welcome in order to provide a more stable market for
housing.
Prospects for further growth in all our markets are encouraging and I believe
that Kier is well positioned to deliver further improved performance.
Consolidated Profit and Loss Account
For the year ended 30 June 2002
Notes 2002 2001
£m £m
Turnover - Continuing operations
Group and share of joint ventures 2 1,382.7 1,251.1
Less share of joint ventures turnover (13.3) (18.7)
----------- ----------
Group turnover (acquisitions £25.0m, 2001 £nil) 1,369.4 1,232.4
Cost of sales (1,276.2) (1,156.3)
----------- ----------
Gross profit 93.2 76.1
Administrative expenses (68.4) (56.2)
----------- ----------
Operating profit - Continuing operations - Group 24.8 19.9
(acquisitions £4.1m, 2001 £nil)
Share of operating profit - joint ventures 1.4 1.4
----------- ----------
Total operating profit: Group and share of joint
ventures 2 26.2 21.3
Profit on disposal of interest in subsidiary undertaking 0.7 -
Net interest receivable - Group 1.9 1.0
Net interest payable - joint ventures (0.6) (0.4)
Net interest payable - associates (0.2) -
----------- ----------
Profit on ordinary activities before taxation 2 28.0 21.9
Taxation on profit on ordinary activities 3 (7.7) (5.9)
----------- ----------
Profit for the year 20.3 16.0
Dividends 4 (4.8) (4.1)
----------- ----------
Retained profit for the Group and its share of
joint ventures and associates 15.5 11.9
====== ======
Earnings per ordinary share 5
- basic 60.4p 48.0p
- diluted 58.8p 47.1p
----------- ----------
Adjusted earnings per ordinary share 5
(excluding profit on disposal of interest in subsidiary
undertaking)
- basic 58.3p 48.0p
- diluted 56.7p 47.1p
----------- ----------
Dividend per ordinary share 14.2p 12.3p
----------- ----------
All items in the profit and loss account relate to operations continuing as at 30 June 2002.
An adjustment of £0.6m has been made in the June 2001 comparatives between 'Share of operating profit - joint
ventures' and 'Net interest payable - joint ventures' to reflect a change in accounting treatment within the
accounts of a joint venture. There is no effect on the profit before tax for the Group.
Consolidated Balance Sheet - At 30 June 2002
Notes 2002 2001
£m £m
Tangible assets
Investments 48.9 46.3
Investments in joint ventures
Share of gross assets 143.1 82.9
Share of gross liabilities (139.8) (78.9)
Loans provided to joint ventures 21.9 4.4
---------- ----------
25.2 8.4
Investment in associates 2.3 -
Investment in own shares 1.6 1.1
29.1 9.5
---------- ----------
78.0 55.8
Current assets ---------- ----------
Stock 251.3 164.4
Debtors due within one year 201.6 200.7
Debtors due after more than one year 7.6 11.3
Cash at bank and in hand 49.2 60.9
---------- ----------
509.7 437.3
Current liabilities
Creditors - amounts falling due within one year (488.2) (416.8)
---------- ----------
Net current assets 21.5 20.5
---------- ----------
Total assets less current liabilities 99.5 76.3
Creditors: amounts falling due after more than one year (18.0) (12.8)
Provisions for liabilities and charges (7.0) (5.7)
---------- ----------
Net assets 74.5 57.8
---------- ----------
Capital and reserves
Called up share capital 0.3 0.3
Share premium account 13.7 12.0
Capital redemption reserve 2.7 2.7
Profit and loss account 57.8 42.8
---------- ----------
Equity shareholders' funds 6 74.5 57.8
---------- ----------
Consolidated Cash Flow Statement - For the year ended 30 June 2002
Notes 2002 2001
£m £m
Net cash inflow from operating activities 7 50.0 38.5
---------- ----------
Returns on investments and servicing of finance
Interest received 2.1 3.6
Interest paid (1.1) (2.2)
Interest from joint ventures 0.7 0.9
---------- ----------
1.7 2.3
Taxation ---------- ----------
UK corporation tax paid (6.7) (4.7)
Overseas tax paid (0.1) (0.3)
---------- ----------
(6.8) (5.0)
---------- ----------
Capital expenditure and financial investment
Purchase of tangible fixed assets (11.5) (24.5)
Sale of tangible fixed assets 2.1 13.8
---------- ----------
(9.4) (10.7)
---------- ----------
Acquisitions and disposals 7 (44.0) (4.4)
---------- ----------
Equity dividends paid (3.2) (2.9)
---------- ----------
Financing
Issue of ordinary share capital 0.5 0.4
Purchase of own shares (0.5) (0.5)
---------- ----------
- (0.1)
---------- ----------
Cash (outflow)/inflow before use of liquid resources (11.7) 17.7
---------- ----------
Management of liquid resources
Net (increase)/decrease in short term bank deposits (6.4) 17.6
Sale of short term investment - 0.8
---------- ----------
(6.4) 18.4
---------- ----------
(Decrease)/increase in cash during the year (18.1) 36.1
====== ======
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash during the year (18.1) 36.1
Cash outflow/(inflow) from movement in liquid resources 6.4 (18.4)
---------- ----------
Movement in net funds in period (11.7) 17.7
Net funds at 1 July 58.1 40.4
---------- ----------
Net funds at 30 June 7 46.4 58.1
====== ======
Notes to the Financial Statements
1. Accounting policies
The adoption this year of FRS 19 "Deferred Tax" and UITF 34 "Pre-Contract Costs"
has resulted in no prior year adjustments. The presentation of the Profit and
Loss account for the year ended 2001 has been altered due to a change in
accounting basis within a PFI special purpose joint venture reflecting a change
in presentation from 'fixed asset' to 'finance debtor'. An adjustment of £0.6m
has been made between 'Share of operating profit - joint ventures' and 'Net
interest payable joint ventures'. The effect on the total result is Nil.
2. Turnover, profit and segmental information
Segmental analysis of the results is shown below:
Turnover Operating profit Profit before tax
2002 2001 2002 2001 2002 2001
£m £m £m £m £m £m
Construction & Services 1,218.4 1,121.3 12.5 11.1 20.8 19.2
Homes & Property 158.8 126.1 22.2 16.2 17.4 11.2
Infrastructure Investment 5.5 3.7 (0.6) (0.5) (0.2) (0.8)
Corporate Overhead/Finance - - (7.9) (5.5) (10.0) (7.7)
----------- ---------- ------------- ----------- ----------- ---------
1,382.7 1,251.1 26.2 21.3 28.0 21.9
----------- ---------- ------------- ----------- ----------- ---------
Net operating assets Net assets
2002 2001 2002 2001
£m £m £m £m
Construction & Services (146.0) (110.3) 60.7 56.7
Homes & Property 168.8 103.0 41.8 30.8
Infrastructure Investment 6.7 5.5 (1.6) (1.8)
Corporate Overhead/Finance (1.4) 1.5 (26.4) (27.9)
-------------- ------------ ------------- -----------
28.1 (0.3) 74.5 57.8
-------------- ------------ ------------- -----------
Geographical analysis of the results is as follows:
Turnover Operating profit Profit before tax
2002 2001 2002 2001 2002 2001
£m £m £m £m £m £m
United Kingdom 1,310.7 1,149.4 19.9 22.2 21.3 23.0
Rest of World 72.0 101.7 6.3 (0.9) 6.7 (1.1)
---------- ----------- ----------- ---------- ----------- ----------
1,382.7 1,251.1 26.2 21.3 28.0 21.9
---------- ---------- ----------- ----------- ----------- ----------
Net operating assets Net assets
2002 2001 2002 2001
£m £m £m £m
United Kingdom 29.5 (8.9) 69.7 57.1
Rest of World (1.4) 8.6 4.8 0.7
------------- ------------ ------------ ----------
28.1 (0.3) 74.5 57.8
------------- ------------ ------------ ----------
The above analysis of turnover shows the geographical segments from which the
products or services are supplied and is not materially different from the
geographical segments to which products or services are supplied.
Net operating assets represent assets excluding cash, bank overdrafts and
interest bearing inter-company loans.
Corporate Overhead/Finance operating profit and profit before tax for 2001 has
been restated to reflect a change in presentation of PFI bidding costs and
investment income which are now charged/credited to Infrastructure Investment.
3. Analysis of taxation charge
2002 2001
£m £m
Current tax
UK corporation tax on profits for the year at 30% 6.6 5.3
Adjustments in respect of previous years 0.6 -
Joint venture tax 0.2 0.3
Foreign tax 0.2 0.3
------------- -----------
Total current tax 7.6 5.9
------------- -----------
Deferred tax
Origination and reversal of timing differences 0.1 -
------------- -----------
Total deferred tax 0.1 -
------------- -----------
Tax on profit on ordinary activities 7.7 5.9
------------- -----------
4. Dividends
2002 2001
£m £m
Ordinary shares
Paid 4.5p (2001: 3.9p) 1.5 1.3
Proposed 9.7p (2001: 8.4p) 3.3 2.8
------------ ----------
4.8 4.1
------------ ----------
5. Earnings per share
Earnings per share is calculated as follows:
2002 2001
Basic Diluted Basic Diluted
£m £m £m £m
Profit after tax 20.3 20.3 16.0 16.0
Less: profit on disposal of interest in
subsidiary undertaking (0.7) (0.7) - -
------------ ------------ ------------ ------------
Adjusted profit after tax 19.6 19.6 16.0 16.0
------------ ------------ ------------ ------------
Million Million Million Million
Weighted average number of shares 33.6 33.6 33.2 33.2
Weighted average number of unexercised
options - dilutive effect - 0.5 - 0.4
Weighted average impact of Long Term Incentive Plan - 0.4 - 0.2
------------ ------------ ------------ ------------
Weighted average number of shares
used for EPS 33.6 34.5 33.2 33.8
------------ ------------ ------------ ------------
Pence Pence Pence Pence
Earnings per share 60.4 58.8 48.0 47.1
Adjusted earnings per share (after excluding
profit on disposal of interest in subsidiary
undertaking) 58.3 56.7 48.0 47.1
------------ ------------ ------------ ------------
6. Reconciliation of movements in shareholders' funds
£m
Shareholders' funds at 30 June 2001 57.8
Issue of new ordinary shares 1.7
Retained profit for the year 15.5
Currency translation (0.5)
----------
Shareholders' funds at 30 June 2002 74.5
----------
7. Cash flow notes
Reconciliation of operating profit to operating cash flows
2002 2001
£m £m
Group operating profit 24.8 19.9
Depreciation charges 7.3 7.6
(Increase) in stocks (48.5) (14.9)
Decrease/(increase) in debtors 3.7 (27.3)
Increase in creditors 62.3 52.6
Increase in provisions 0.4 0.6
---------- ----------
Net cash inflow from operating activities 50.0 38.5
---------- ----------
Acquisitions and disposals
2002 2001
£m £m
Sale of interest in subsidiary undertaking (proceeds) 1.5 -
Sale of interest in subsidiary undertaking (cash) (1.2) -
Investment in subsidiary undertaking (assets) (15.8) -
Investment in subsidiary undertaking (overdraft) (9.5) -
Investment in associates (2.5)
Investment in joint ventures (16.5) (4.4)
---------- ----------
(44.0) (4.4)
---------- ----------
Analysis of changes in net funds
1 July 2001 Movement 30 June 2002
£m £m £m
Cash at bank and in hand 50.6 (18.1) 32.5
Bank overdrafts (2.8) - (2.8)
Short term bank deposits 10.3 6.4 16.7
---------- ---------- ----------
58.1 (11.7) 46.4
---------- ---------- ----------
Net funds include £18.7m (2001: £23.3m) being the Group's share of cash and
liquid resources held by joint arrangements.
8. Statutory accounts
The financial information set out above does not constitute statutory accounts
for the years ended 30 June 2002 or 2001 but is derived from those accounts.
Statutory accounts for 2001 have been delivered to the Registrar of Companies
and those for 2002 will be delivered following the Company's Annual General
Meeting. The auditors have reported on those accounts, their reports were
unqualified and did not contain statements under section 237 (2) or (3) of the
Companies Act 1985.
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