Final Results
Kingspan Group PLC
20 March 2002
KINGSPAN GROUP PLC
RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2001
FINANCIAL HIGHLIGHTS
€ % change
Turnover 828.9m Up 25%
Operating profit 88.6m Up 15%
Operating profit before goodwill amortisation 97.2m Up 20%
Net profit before tax 73.4m Up 9%
Basic earnings per share 32.9 c Up 8%
Adjusted earnings per share (before goodwill amortisation) 37.9c Up 16%
Total dividend per share for the year 4.7 c Up 30%
Dividend cover 6.9 times (2000: 8.4 times)
Interest cover 6.4 times (2000: 8.7 times)
Gearing ratio (net debt as % of shareholders' funds) 73% at 31st December 2001
(60% at 31st December 2000)
CHAIRMAN'S STATEMENT
Turnover for the year ended December 2001 was €829 million up 25% over the
previous year. Tate, the leading raised access flooring business in the USA, was
acquired in January 2001 and contributed €125million to turnover for the period.
Turnover excluding Tate was €704 million, an increase of €42 million over
2000. Turnover in the raised access flooring business in Europe demonstrated a
strong performance, with an increase of €23 million. The demand for this
product range was particularly strong in the UK and Irish markets. Sales of
insulated panels increased marginally in the period across all markets and this
again was achieved against the backdrop of an estimated decline in the UK
cladding market of 10% in the year. This demonstrates the strength of Kingspan
Insulated Panels in the overall cladding market. Insulation boards, which
continues to be targeted at the domestic housing market, showed an increase of
11%. Components and light weight structural sections which tend to be related
to the macro economic scene were flat compared with 2000 which was considered a
very credible performance given the decline in the market for single storey
industrial buildings during the period. The environmental containers business
continued to grow on the back of increasing demand for products that offer
increased environmental protection.
The performance of Tate since its acquisition has been extremely disappointing
from initial expectations. The Group has had to wrestle with unforeseen
problems, a number of which are the subject of arbitration proceedings mentioned
below. The Group has applied considerable resources in refocusing the
business and reducing the cost base and employee numbers significantly. The
US raised access flooring market has the potential to be an attractive one but
will require considerable marketing resources to deliver on this potential.
Already the Groups marketing initiatives for raised access flooring in the US
have generated a very encouraging response, far in excess of anything that Tate
had ever experienced in the past. These initiatives are in line with our market
conversion strategy for the raised access floor market in the US. We had
expected to be undertaking this activity with the luxury of a substantial
backlog of orders that no longer exist. Kingspan's strength, which it is
bringing to Tate is its ability to convert markets to its particular solution,
irrespective of the macroeconomic environment. The whole focus now is to
identify all the projects at the design stage so that Tate can influence the use
of access floors at that point. Projects at the design stage now could
logically be expected to come on stream in 2004. The emphasis at Tate in the
past was very much a basic product sell. The new approach is to sell a total
solution, in effect a 'technology platform' where all of the services, cabling,
sprinklers and HVAC are all incorporated under the floor The arguments in
favour of designing the 'technology platform' into office buildings is that in
so doing they are cheaper to build, cheaper to staff and cheaper to operate.
The speed at which Kingspan can convince the US market of these compelling
arguments is what will influence the rate of growth of raised access floors and
hence the performance of Tate over the next few years.
As part of the acquisition of Tate, Kingspan required and was granted a number
of specific representations and warranties by the Vendor. These representations
and warranties were an integral part of the acquisition decision, and as such
were an important component in the transaction value to Kingspan. A number of
these representations and warranties given by the Vendor have subsequently been
revealed to be misrepresented or incorrect, and Kingspan has accordingly
initiated binding arbitration.
At the interim stage, it was indicated that expenditure on new product
development across the Group in 2001 would be in excess of €5million. This has
transpired to be the case. Ten new products were flagged up at that stage, all
of which were the subject of rigorous testing and certification procedures. We
can now confirm that all of those products will be fully launched by the end of
June 2002, fully certified. These products will be contributors to Group
profits in 2002 and increasingly thereafter.
The Group had capital investment of €33.7million in the year and is planning to
invest a further €90million up to end 2003. This capital investment is
necessary to support anticipated growth in the existing product groups and to
create state of the art facilities for the 10 new products that will have been
launched by mid-2002. It was always understood that in bedding down the Tate
acquisition the focus for the following 2 years would be on organic growth. The
size of the planned capital expenditure demonstrates this point.
The Group expects to have strong growth in its composite panel markets,
under-pinned by building regulation changes finally introduced and new products
which are showing early signs of strong market acceptance. These new products
double the size of the market in which the Group operates. The fact that Tate
has had a difficult year in no way affects the Groups ability to implement its
growth strategy going forward.
Outlook
The issues at Tate have detracted from what has been a strong performance from
the Group in 2001 in mixed market conditions. Demand conditions in the global
building materials sector are expected to remain challenging in the current year
particularly in the area of high-rise office development . Kingspan's other
businesses face a less challenging environment and with the benefit of
regulatory changes and new products should deliver growth in line with
expectations. Against an overall challenging background, the Group's enlarged
product portfolio remains strategically well positioned for the future. Cash
generation can be expected to remain strong again in 2002 and this will enable
the Group to take advantage of any opportunities that arise.
Financial Review
Operating review
Sales for 2001 at €828.9 million were €166.4 million, or 25% higher than 2000.
Of this increase €125million related to the acquisition of Tate, translation
effects had a negative effect of €8.8million and €50.2million related to
continuing underlying sales growth across all product groups.
Operating profits, before charging amortisation of goodwill, increased by
€16.6million or 20.6% compared to 2000. Goodwill amortisation increased from
€3.8million in 2000 to €8.6million in 2001. This increase related to the Tate
acquisition. Net interest charges increased by €6 million and corporate tax
charge increased by €1.9million. The combination of these increased charges
resulted in an 8% growth in earnings. Cash generation in the year was strong
with free cash flow per share increasing 107% to 68.3 cent per share (2000: 32.9
cent per share).
A total of €120.4 million was invested in the acquisition of Tate Global in the
year and €12.0 million was paid in respect of this acquisition in 2000. Of
the total amount invested in Tate of €132.4 million, €92.1 million was in
respect of goodwill capitalised. Tate generated operating profits of €7.9
million in the year.
Sales and Margins
Excluding the acquisition of Tate, sales increased by 6% . On a geographical
basis, sales in the Republic of Ireland continued to grow strongly in 2001, and
generated an increase of 11% over 2000. Sales in Britain and Northern Ireland,
which accounted for 59% of Group turnover, increased by 8% in value terms to
€493.8 million. In Mainland Europe sales were up 5%.
2001 2000
The analysis by geographical area is as follows: €'000 €'000
Republic of Ireland 108,919 97,694
Britain and Northern Ireland 493,764 455,809
Mainland Europe 94,126 89,471
United States of America 109,221 2,564
Other 22,917 17,015
828,947 662,553
2001 2000
The analysis by class of activity is as follows: €'000 €'000
Composite panels 248,011 244,745
Raised access flooring 252,455 104,098
Insulation boards 98,306 87,989
Environmental containers 116,147 111,037
Building components 114,028 114,684
828,947 662,553
At the gross profit level average margins,excluding Tate, were stable at 31.1%
compared to 2000. Margins were diluted with the inclusion of Tate to 28.9%. At
the operating profit level before goodwill amortisation, average margins,
excluding the effect of Tate, increased to 12.7% (2000: 12.2%) and were diluted
with the inclusion of Tate to 11.7%.
Taxation
The Group's effective tax rate, calculated before goodwill amortisation, fell
marginally from 22.6% in 2000 to 21.9% in 2001.
Earnings per share
Earnings per share before goodwill at 37.9 cent shows an increase of 16% over
the previous year, or 8% after goodwill amortisation. Earnings per share before
goodwill amortisation has grown at an annual compound rate of 19% over the
period 1998 through to 2001.
Dividends
The total net dividend per share for 2001 is proposed at 4.70 cent. This
comprises an interim dividend of 1.75 cent paid in October 2001, and a final
dividend of 2.95 cent which it is proposed will be paid on 28th May 2002 to
shareholders on the register on 2nd April 2002. This represents an increase of
30% on the previous year. The dividend for the year is covered 6.9 times
compared to 8.4 times in 2000.
Cash flow
The table below summarises the Group's funds flow for 2001 and 2000:
2001 2000
€million €million
Inflows
Profit before taxation 73.4 67.5
Depreciation 22.2 15.7
Amortisation 9.0 4.3
Working Capital 26.9 (19.0)
Share issues in Company 0.5 1.1
132.0 69.6
Outflows
Acquisitions 120.4 15.0
Acquisition deposit 0.0 12.0
Capital Expenditure 33.7 31.1
Dividends paid 6.8 4.9
Taxation paid 16.3 13.0
Dividends to and acquisitions of minorities 1.6 1.8
Translation effect on debt 9.0 1.1
Purchase of own shares 4.0 0.0
191.8 78.9
Increase in net debt (59.8) (9.3)
Net debt at start of year (109.9) (100.6)
Net debt at end of year (169.7) (109.9)
The acquisition of Tate was financed out of the Groups resources. There was an
increase in net debt of €59.8million but leaving aside the payment for the
period in respect of the acquisition of Tate of €120.4million and non-cash
translation effects there was debt reduction in the period of €69.6 million.
The free cash flow for the year, comprising operating cash flow less interest
and taxation paid, amounted to €115.2million, an increase of 107% compared to
€55.5million in 2000. This performance represents 68.3 cent per share (2000:
32.9 cent). Over the two years 2000 and 2001 a total of €197million in free
cash was generated which was used in acquisitions which cost €148million and
in capital expenditure of €66million. This was achieved through good
management and control practices
Working capital, comprising stocks, debtors and creditors, was reduced by
€26.9million, having adjusted for working capital included in acquisitions.
Of this reduction €12million was achieved in Tate since its acquisition. Year
end working capital expressed as days sales in 2001 was 46 days compared to 60
days in 2000.
Return on capital employed
The return on capital employed, being profit before interest and taxation, at
year end was 22.3% compared to 26.6% in 2000.
If goodwill previously written off of €52million (2000:€43million) was
still on the balance sheet, the return on year end capital employed, being
profit before interest ,taxation and goodwill amortisation, would have been
21.6% compared to 24.2% in 2000.
Treasury
Net interest payable amounted to €15.3million and this is covered 5.8 times
(2000: 8.3 times) Net year end borrowings amounted to €169.7million
representing gearing of 73%, compared to 60% in 2000. Net debt was reduced by
€62million in the course of the second half of the year.
Summary
The acquisition of Tate in the USA has had the effect of temporarily reducing
some of the key ratios and measures of profitability. The market initiatives,
which have been undertaken, together with, cost reduction programs and extending
the product range will address this issue. Cash generation remains strong and
the Group remains committed to continuing its growth strategy. This will entail
investment in extending capacity, specifically in composite panels and
insulation products, and in improving production facilities during 2002. Capital
of €90million has been allocated for these developments over 2002 and 2003.
Operations Review
The Group is focused on five main product groups, all of which have leading
positions in various building material markets. In each market, our product
solutions have inherent advantages over alternative building methods
particularly in relation to meeting ever more stringent building, fire or
environmental legislation. Consequently, our products are specified by name by
architects or engineers at the design phase of the building.
New Product Development to Double Our Available Markets
Developing and launching new products has been a major objective of the Group
this year. We are implementing a new product pipeline in related market segments
which will have the Kingspan brand values of quality, reliability and
continually offering new solutions which have significant functional and
financial benefits for customers. It is anticipated that the new products will
be viewed in exactly the same light as the current products, which have driven
growth to date. We have always worked on the principal that brands that are
successful are those that deliver strong benefits and are synonymous with
original thinking. We believe that we can double the marketplace available to
the Group by developing new products which provide broader access to the markets
we are already focused on. During the year, the Group increased investment in
new product development to over €5million. Ten new products will have been
launched by mid year with more to follow.
In composite panels, new products have been launched or are being developed
which will double the available market.
Our new composite panel for flat roofs - Topdeck (R)- has been successfully
launched. This is a newly innovated composite panel for the flat roof market and
is the first one to be successfully launched in this segment. Topdeck(R) gives
the architect the benefits of factory assured quality, build speed and excellent
thermal efficiency. It is anticipated that Topdeck(R) will achieve over 25%
market share by the end of 2003. A new composite rooflight was also successfully
launched.
There is a significant market for non-domestic roof tiles. A composite panel
solution has been launched to offer specifiers the benefits of a composite panel
with integrated tile support. A new composite steel tile has also been developed
and will be launched during 2002. These products are specifically targeted at
the sizeable non-domestic tile market.
Another new market segment for Kingspan is the coldstore market. Recently, there
have been a number of serious fires associated with coldstore products having
poor fire characteristics. In addition, these products often have unacceptable
thermal efficiency. We are about to launch a range of coldstore composite panels
with excellent fire and thermal performance with the goal of becoming the market
leader by the end of 2003.
Architects and designers are continually seeking ways of increasing the
aesthetic appeal of their building concepts. Already in 2002, Kingspan has
launched three new composite panels with advanced design features to meet this
market need. A further range of aesthetic products are currently going through
rigorous testing and certification procedures In NorthWest Europe, a significant
number of industrial buildings are built with wide spanning built-up flat roof
systems. This potential market is being targeted for product launches in 2003.
In raised access floors, a new raised floor system for the European market has
been successfully developed and launched. Spain and Benelux have been selected
as the markets to focus on initially with anticipated sales of over
€13million by the end of 2003.
More stringent environmental legislation has been introduced in Britain. The
Group led the industry by successfully launching a new range of products with
advanced level sensing telemetry to meet the requirements of the new
legislation. We are also leading the conversion in the domestic off-mains
effluent market away from less effective septic tanks to more added value mini
waste treatment plants.
A new structural insulated panel solution - Tek Haus (R) - was developed and
launched in Britain and Ireland targeted at schemes of residential houses and
the commercial modular market. The new solution is a combined structural and
insulated panel which provides excellent thermal efficiency and structural
properties allied to very fast construction. Tek Haus(R) surpasses the
requirements of the new building regulations, it allows use of the attic space
as a warm living or storage space with no need for rafters and the need for
highly skilled trades for erection of the building is reduced. Typical completed
developments include a range of premium properties for Centerparcs in Britain.
Capital Investment and Market Developments
The Group had capital investment of €33.7million in the year to support sales
growth, industrialise new products and improve efficiencies. Among the
investments made were new profiling and handling equipment at our main composite
panel facilities to produce a range of new products and a new insulation board
manufacturing line at Castleblaney.
During the year, world class operations and procurement initiatives were
introduced across the Group. The focus is to reduce unit costs while increasing
the expertise and flexibility to manage the successful industrialisation of a
wider range of products.
Sales of composite panels increased despite an overall slowdown in the
construction of industrial buildings, especially in Europe. In Britain,
composite panels have increased penetration of the total cladding market from
41% in 2000 to 43% in 2001. Sales in Central Europe increased by 25% and we have
just completed an extension to our composite panel line in the Czech Republic
In raised access floors in North America, the downturn in the market,
particularly during quarter 2 required the implementation of a comprehensive
cost reduction initiative. This was implemented quickly and satisfactorily.
Additional sales and marketing programmes are now in place. The objectives are
to increase the penetration of raised access floors into the 28 million square
meter office market from the current 10% level and introduce the benefits of
raised access floors with underfloor air-conditioning to important new segments
like education and refurbishment. Initial indications are encouraging.
Kingspan Capitalising On More Stringent Regulations
The new Building Regulations in Britain for increased thermal efficiency and
reduced air leakage will come into force from April 2002. Broadly, the new
regulations will require double the thickness of insulation on new buildings.
This will provide a distinct advantage for the types of composite panel
solutions offered by the Group as the traditional 'built-up' approach will have
difficulty meeting the new regulations and will be very cumbersome on site. The
Group has successfully led the industry in marketing the implications and
solutions for the new regulations to specifiers.
Fire regulation and certification requirements are becoming more stringent both
to ensure building safety and to minimise insurance costs. We have recognised
that a specific fire safety engineering approach must be taken in the design of
large and complex buildings. Kingspan has led the industry with the
establishment of our own fire engineering technology group and with the
development of 'Firesafe' insurer approved roof and wall systems.
We believe that there are further market opportunities for the product solutions
we offer as we work with customers to create innovative buildings that meet more
stringent building, fire or environmental regulations.
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER 2001
Continuing
Operations Acquisitions Total Total
2001 2001 2001 2000
€'000 €'000 €'000 €'000
Turnover 703,977 124,970 828,947 662,553
Cost of sales (484,622) (104,802) (589,424) (455,916)
Gross profit 219,355 20,168 239,523 206,637
Distribution costs (39,405) (155) (39,560) (37,736)
Administrative expenses (90,664) (12,102) (102,766) (88,280)
Goodwill amortisation (4,031) (4,532) (8,563) (3,827)
Operating profit 85,255 3,379 88,634 76,794
Interest payable and similar charges (16,746) (10,398)
Interest receivable and other income 1,474 1,111
Profit on ordinary activities before taxation 73,362 67,507
Tax on profit on ordinary activities (17,947) (16,098)
Profit on ordinary activities after taxation 55,415 51,409
Minority interest (20) (176)
Profit attributable to ordinary shareholders 55,395 51,233
Ordinary dividends (7,960) (6,105)
Profit retained for the year 47,435 45,128
Basic earnings per share 32.9 c 30.4 c
Basic earnings per share (before goodwill amortisation) 37.9 c 32.7 c
Diluted earnings per share 32.3 c 30.0 c
GROUP BALANCE SHEET 2001 2000
AS AT 31ST DECEMBER 2001 €'000 €'000
FIXED ASSETS
Tangible assets 167,427 130,588
Intangible assets 161,953 73,110
Financial assets 38 12,714
329,418 216,412
CURRENT ASSETS
Stocks 61,503 66,777
Trade and other debtors 170,133 157,622
Cash and term deposits 91,466 44,817
323,102 269,216
CREDITORS
Amounts falling due within one year
Trade and other creditors 139,537 125,678
Bank and other borrowings 35,275 82,799
Deferred consideration 0 1,797
Dividends 4,996 3,835
179,808 214,109
NET CURRENT ASSETS 143,294 55,107
TOTAL ASSETS LESS CURRENT LIABILITIES 472,712 271,519
CREDITORS
Amounts falling due after more than one year
Bank and other borrowings 220,215 63,435
Deferred consideration 5,663 6,713
225,878 70,148
PROVISIONS FOR LIABILITIES AND CHARGES 12,757 12,168
CAPITAL GRANTS 1,343 1,496
232,734 187,707
CAPITAL AND RESERVES
Called-up share capital 22,019 21,939
Share premium account 17,248 16,866
Revaluation reserve 891 891
Profit and loss account 187,471 140,036
Other reserves 3,355 4,695
Shareholders' funds 230,984 184,427
MINORITY INTERESTS
Including non-equity interests 1,750 3,280
232,734 187,707
GROUP CASH FLOW STATEMENT 2001 2000
FOR THE YEAR ENDED 31ST DECEMBER 2001 €'000 €'000
Net cash inflow from operating activities 146,658 77,511
Returns on investments and servicing of finance
Interest received 1,483 1,128
Interest paid (15,560) (9,719)
Interest element of finance lease rental payments (28) (53)
Net cash outflow from returns on investments
and servicing of finance (14,105) (8,644)
Taxation
Corporation tax paid (16,308) (12,986)
Capital expenditure and financial investment
Purchase of tangible fixed assets (35,830) (31,808)
Less new finance leases 2 12
Purchase of financial fixed assets 0 (12,158)
Proceeds on sale of tangible fixed assets 2,133 733
Net cash outflow for capital expenditure and financial investment (33,695) (43,221)
Acquisitions and disposals
Purchase of subsidiary undertakings (100,280) (14,727)
Net cash acquired with acquisitions 701 0
Payment of deferred consideration in respect of (2,275) (3,543)
acquisitions
Net cash outflow for acquisitions and disposals (101,854) (18,270)
Equity dividends paid (6,799) (4,906)
Cash outflow before use of liquid resources and financing (26,103) (10,516)
Management of liquid resources
(Increase) / decrease in bank deposits (23,401) 2,526
Financing
Issue of shares 462 1,094
Increase in term debt 69,000 35,796
Capital element of finance lease repayments (290) (514)
Acquisition of own shares (3,979) 0
Acquisition of shares held by minorities (1,372) (1,594)
Dividends paid to minorities (210) (284)
Net cash inflow from financing 63,611 34,498
Increase in cash for the year 14,107 26,508
GROUP CASH FLOW STATEMENT 2001 2000
FOR THE YEAR ENDED 31ST DECEMBER 2001 €'000 €'000
Reconciliation of net cash flow to movement in net debt
Increase in cash for the year 14,107 26,508
Increase / (decrease) in liquid resources 23,401 (2,526)
Cash flow from movement in debt, lease finance & deferred (66,435) (31,739)
consideration
Change in net debt resulting from cash flows (28,927) (7,757)
Loans and finance leases acquired with subsidiaries (21,586) (396)
Deferred consideration arising on acquisitions during 783 363
the year
New finance leases (2) (12)
Translation adjustment (10,028) (1,494)
Movement in net debt in the year (59,760) (9,296)
Net debt at start of year (109,926) (100,630)
Net debt at end of year (169,686) (109,926)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2001 2000
FOR THE YEAR ENDED 31ST DECEMBER 2001 €'000 €'000
Profit for financial year attributable to Group 55,395 51,233
shareholders
Exchange adjustments 3,158 (1,296)
Total gains and losses recognised since last annual 58,553 49,937
report
SUPPLEMENTARY INFORMATION
REPORTING CURRENCY
The financial statements are presented in Euro. Results and cash flows of
foreign subsidiary undertakings have been translated into Euro at the average
exchange rates, and the related balance sheets have been translated at the
rates of exchange ruling at the balance sheet date.
Exchange rates used were as follows:
Average Average Closing Closing
Euro = 2001 2000 2001 2000
Irish Pound 0.787564 0.787564 0.787560 0.787564
Pound Sterling 0.621900 0.609500 0.608500 0.624100
Dutch Guilder 2.203710 2.203683 2.203710 2.203683
Belgian Franc 40.339900 40.339894 40.339900 40.339894
Deutschemark 1.955830 1.955836 1.955830 1.955836
Hong Kong Dollar 6.985500 7.197300 6.872300 7.257800
Czech Koruna 34.068500 35.599500 31.962000 35.047000
US Dollar 0.895600 0.923600 0.881300 0.930500
TURNOVER
2001 2000
The analysis by class of activity is as follows: €'000 €'000
Composite panels 248,011 244,745
Raised access flooring 252,455 104,098
Insulation boards 98,306 87,989
Environmental containers 116,147 111,037
Building components 114,028 114,684
828,947 662,553
2001 2000
The analysis by geographical area is as follows: €'000 €'000
Republic of Ireland 108,919 97,694
Britain and Northern Ireland 493,764 455,809
Mainland Europe 94,126 89,471
United States of America 109,221 2,564
Other 22,917 17,015
828,947 662,553
DIVIDENDS 2001 2000
€'000 €'000
Ordinary dividends
Paid: Interim dividend 1.75c per share (2000: 1.35c per
share) on 169,348,115 shares 2,964 2,270
Payable: Final dividend 2.95c per share (2000: 2.27c per
share) on 169,373,115 shares 4,996 3,835
7,960 6,105
The Board is recommending the payment of a final dividend of 2.95c per share
to be paid, subject to shareholder approval, on 23 May 2002 to shareholders
registered at close of business on 2 April 2002.
RECONCILIATION OF MOVEMENTS IN 2001 2000
SHAREHOLDERS' FUNDS €'000 €'000
Profit for the financial year attributable to Group 55,395 51,233
shareholders
Dividends (7,960) (6,105)
47,435 45,128
Exchange adjustments 3,159 (1,296)
Purchase of treasury shares (4,499) 0
New share capital subscribed 462 1,094
Net addition to shareholders' funds 46,557 44,926
Opening shareholders' funds 184,427 139,501
Closing shareholders' funds 230,984 184,427
RECONCILIATION OF OPERATING PROFIT TO 2001 2000
NET CASH FLOW FROM OPERATING ACTIVITIES €'000 €'000
Operating profit 88,634 76,794
Depreciation charges 22,235 15,713
Amortisation of intangible assets 9,046 4,311
(Profit) / loss on sale of tangible assets 38 (79)
Capital grants amortised (174) (242)
Decrease / (Increase) in stocks 19,126 (15,110)
Decrease / (Increase) in debtors 26,512 (19,200)
(Decrease) / Increase in creditors (18,759) 15,324
146,658 77,511
EARNINGS PER SHARE 2001 2000
€'000 €'000
The calculations of earnings per share are based on the following:
Profit attributable to ordinary shareholders 55,395 51,233
Number of Number of
shares ('000) shares ('000)
2001 2000
Weighted average number of ordinary shares for the calculation of basic earnings 168,543 168,286
per share
Dilutive effect of share options 3,055 2,264
Weighted average number of ordinary shares for the calculation of diluted earnings 171,598 170,550
per share
2001 2000
Cent Cent
Basic earnings per share 32.9 30.4
Diluted earnings per share 32.3 30.0
Basic earnings per share before goodwill amortisation 37.9 32.7
ABBREVIATED ACCOUNTS
The 2001 financial information is an abridged version of the Group's financial
statements which have not yet been filed with the Registrar of Companies but
upon which the auditors have given an unqualified audit report. The 2000 figures
are an extract from the Group's statutory accounts for the year ended 31
December 2000 which have been filed with the Registrar of Companies and audited
and reported upon without qualification.
DISTRIBUTION OF THIS PRELIMINARY ANNOUNCEMENT
These results are available on the Group's website at www.kingspan.com. A
printed copy is available to the public from Thursday 21st March at the
Company's registered office or from the Company's Registrars: Computershare
Services (Ireland) Limited, Heron House, Corrig Road, Sandyford Industrial
Estate, Dublin 18.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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