Final Results

Kier Group PLC 18 September 2002 18 September 2002 KIER GROUP PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2002 â€¢ Growth continues for tenth successive year â€¢ Unadjusted EPS up 25.8% for the year - compound growth of 25% pa over six years â€¢ Operating profit up 23.0% to Â£26.2m (2001: Â£21.3m) â€¢ Profit before tax at Â£28.0m up 27.9% (2001: Â£21.9m) â€¢ Dividend increased by 15.4% to 14.2p (2001: 12.3p) â€¢ Strong cash performance - Â£50.0m generated from operating activities â€¢ 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 Â£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 Â£44m in new acquisitions all funded by internal resources supported by the exceptional cash performance from the construction operation. Our Â£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 Â£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 Â£26.2m (2001: Â£21.3m) on turnover up 10.5% at Â£1,382.7m (2001: Â£1,251.1m). Profit before tax (after crediting profit on disposal of an interest in a subsidiary of Â£0.7m) increased by 27.9% to Â£28.0m (2001: Â£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 Â£46.4m (2001: Â£58.1m), an outflow of only Â£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 Â£40m achieved during the year. Shareholders' funds increased by Â£16.7m to Â£74.5m (2001: Â£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 Â£12.5m (2001: Â£11.1m), an increase of 12.6% on turnover of Â£1,218.4m (2001: Â£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 Â£724.9m (2001: Â£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 Â£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 Â£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 Â£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 Â£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 Â£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 Â£1.1m (2001: Â£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 Â£150m per annum. Homes & Property Results This segment recorded a 37.0% increase in operating profit at Â£22.2m (2001: Â£16.2m) on turnover up 25.9% to Â£158.8m (2001: Â£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 Â£145.6m (2001: Â£110.4m). This arose from a 19.6% increase in unit sales to 877 (2001: 733) at increased average selling prices (Â£166,100 in 2002 compared with Â£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 Â£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 Â£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 Â£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 (Â£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 Â£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 Â£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 Â£1.2m charged in the results to 30 June 2002 (2001: Â£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 Â£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 Â£m Â£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 Â£25.0m, 2001 Â£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 Â£4.1m, 2001 Â£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 Â£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 Â£m Â£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 Â£m Â£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 Â£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 Â£m Â£m Â£m Â£m Â£m Â£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 Â£m Â£m Â£m Â£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 Â£m Â£m Â£m Â£m Â£m Â£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 Â£m Â£m Â£m Â£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 Â£m Â£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 Â£m Â£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 Â£m Â£m Â£m Â£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 Â£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 Â£m Â£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 Â£m Â£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 Â£m Â£m Â£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 Â£18.7m (2001: Â£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. This information is provided by RNS The company news service from the London Stock Exchange

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