Final Results

Leeds Group PLC 18 December 2003 Issued on behalf of Leeds Group plc Date: Thursday, 18 December 2003 Embargoed: 10.00am Leeds Group plc Preliminary Results for the year ended 30 September 2003 Group profit before tax and exceptional items for continuing businesses increased to Â£1.1m (2002: Â£0.5m). Exceptional items of Â£13.5m lead to Group pre-tax loss of Â£12.1m (2002: loss Â£6.6m). Disappointing result for Leeds Leasing - profit before tax and exceptional items of Â£0.6m (2002: Â£1.0m). Successful integration of Hemmers-Itex, which contributed Â£0.6m to pre-tax profits. Planned sale of Nemesis successfully completed. Special capital payment of 13p per share paid to shareholders on 8 August 2003 following High Court approval for capital reconstruction. 'The profit before tax and exceptional items from the Group's continuing businesses amounted to Â£1.1m, just over double the level of the previous year.' 'Several strides forward were made during the year to implement the strategies described in previous reports.' Bill Cran, Chairman FULL STATEMENTS ATTACHED Enquiries: Leeds Group plc Citigate Dewe Rogerson Ltd Malcolm Wilson, Group Managing Director Fiona Tooley Today: 07801 224618 Tel: 0121 455 8370 or 07785 703523 Thereafter: 0113 391 9000 Dawn Bowler, Group Finance Director Tel: 0113 391 9000 -2- Leeds Group plc Preliminary Results STATEMENT BY THE CHAIRMAN, BILL CRAN The profit before tax and exceptional items from the Group's continuing businesses amounted to Â£1,088,000, just over double the level of the previous year. Discontinued businesses added Â£314,000 to this figure (2002: loss Â£852,000) to give total profit before tax and exceptional items of Â£1,402,000 (2002: loss Â£313,000). After exceptional costs of Â£13,509,000, of which Â£12,832,000 comprises the loss on disposal of the Italian subsidiary Nemesis, the Group's loss before tax was Â£12,107,000 (2002: Â£6,613,000). Several strides forward were made during the year to implement the strategies described in previous reports. In March 2003 we finally ended our association with textile manufacturing with the sale of Nemesis, following which the Group's shares were reclassified on the Alternative Investment Market (AIM). In August 2003 we obtained the consent of the High Court to our capital reconstruction, and made a special capital payment of 13p per share to all shareholders. During the year, the closure of Itex in Holland was completed, with the business being successfully transferred to our Hemmers subsidiary in Germany. This business rationalisation has lifted pre-tax profits from our textile import and distribution division to Â£608,000 (2002: Â£186,000). Central costs have been significantly reduced. Having achieved success in the areas described above, it is disappointing to record that Leeds Leasing, which we now see as our principal business, did not have a good year. Volumes and yields were below expectation, which was the major cause of the decline in profit before tax and exceptional items to Â£555,000 (2002: Â£1,019,000). An even greater disappointment was the need to make an exceptional provision of Â£600,000 as a consequence of the inability of a long-standing supplier to honour recourse commitments it had made. We have taken steps to mitigate this loss, and are hopeful that the final cost may be less than we have provided for. In view of this setback, it is appropriate now to examine our Leasing business closely, seeking confirmation that we are operating in areas with the most advantageous mix of risk and reward, and identifying potential growth areas. I am delighted that Carol Roberts has agreed to work with us on this project for several months. Carol has held senior positions in GE Capital, and will be helping us to identify the business sectors that offer us the best opportunities for profitable growth and to ensure that our back office processes are improved. The first two months of the current year have seen satisfactory levels of new business in Leeds Leasing, and sales by Hemmers-Itex are in line with last year's level. Our staff in the UK and in Germany worked hard in a testing year of change in 2003, although much hard work remains to be done to complete the turn-round in the fortunes of the Group. Nevertheless we are cautiously optimistic that profitability in the current year will permit a resumption of dividend payments. -3- Leeds Group plc Preliminary Results OPERATING AND FINANCIAL REVIEW Group results Group sales amounted to Â£25,097,000 (2002: Â£33,473,000). This reduction reflects our exit from UK Dyeing, which was divested in January 2002, and the inclusion of only six months' sales from the Italian subsidiary Nemesis, which was sold in March 2003. Sales from the continuing businesses were Â£16,903,000 (2002: Â£16,368,000). Group profit before tax and exceptional items amounted to Â£1,402,000, which comprised Â£1,088,000 attributable to the continuing businesses (2002: Â£539,000) and Â£314,000 attributable to Nemesis in the six months prior to its disposal (six months to March 2002: Â£145,000 loss). Performance is analysed by sector in the following table: Profit before tax and exceptional items 2003 2002 Â£000 Â£000 Leeds Leasing 555 1,019 Hemmers-Itex 608 186 Head Office costs (75) (666) ----------- ----------- Continuing businesses 1,088 539 Nemesis 314 (1,017) UK Dyeing - 165 ----------- ----------- Group total 1,402 (313) ----------- ----------- Exceptional costs of Â£13,509,000 arose in the year comprising: Â£000 Loss on sale of Nemesis 12,832 Exceptional default provision - Leeds Leasing 600 Costs relating to the special capital payment 77 --------- 13,509 --------- The loss on disposal of Nemesis included acquisition goodwill of Â£7,875,000 previously written off to reserves, so the impact of the disposal on shareholders' funds was limited to Â£4,957,000. As a consequence of this divestment, and after taking account of transaction costs, Group debt was reduced by Â£4,908,000. The exceptional provision in Leeds Leasing is dealt with later in this report. The tax charge in the year of Â£81,000 represents the net of current tax payable in Germany and a UK deferred tax credit. Leeds Leasing has deferred claims for capital allowances for each of the last three years. These capital allowances and the ability to group relieve the continuing Head Office costs means that Leeds Leasing is unlikely to be faced with a current tax charge for a considerable period. -4- Leeds Group plc Preliminary Results Earnings per share, before exceptional items, were 3.1 pence (2002: loss 0.7 pence) representing the highest level achieved since 2000, at which time we had not commenced the withdrawal from textile manufacture. After exceptional costs, the loss per share was 33.3 pence (2002: 16.2 pence). The capital restructure approved by the High Court during the year that made possible the special capital payment to shareholders also had the effect of creating distributable reserves that at 30 September amounted to Â£2,747,000. No dividend is proposed in respect of the year ended 30 September 2003, although the Directors plan to resume dividend payments in respect of the current year providing the Group generates the earnings required to provide dividend cover in the region of 2.5 times. The Board believes strongly that the strategy to sell or close all textile manufacturing operations has been in the best interests of shareholders. The exceptional loss on Nemesis, the last manufacturing business to be sold, has led to a pre-tax loss for the year of Â£12,107,000 (2002: Â£6,613,000) but has made it possible to return capital to shareholders and to focus on business opportunities fundamentally more attractive than textile manufacture in Europe has become. Following the sale of Nemesis, the Group's shares are now listed on AIM and classified under 'Speciality and Other Finance'. Divisional performance Leeds Leasing This division recorded a profit before tax and exceptional items of Â£555,000 (2002: Â£1,019,000). We had anticipated the 2003 profit falling a little short of last year's level since the leasing division now shares elements of cost previously borne exclusively by the Head Office, but after several years of steadily growing profits, it must be said that the results for the year represent a disappointing setback. As we indicated in the interim report, the levels of new business written did indeed increase in the second half, but not by enough to match our internal targets for the year, resulting in a full year total that was 5% down on last year. In particular, it has been difficult to identify sufficient volumes of business of acceptable quality in the core area of our business where yields are higher. We have compensated for this by increasing volumes in newer business areas, most notably in the franchised food sector, albeit at lower yields. Leeds Leasing also experienced an increased default charge in the year that amounted to 3.6% of the closing book (2002: 3.2%). In addition, an exceptional provision of Â£600,000 was charged in September as it became clear that a supplier from which the Company acquires assets to lease was unable to honour recourse commitments it had previously given. This provision resulted in a pre-tax loss for the year of Â£45,000 and relates to recourse claims already made and to arrears cases where a recourse claim appears probable, together with an allowance against performing leases. The assets in question require a degree of maintenance and service by the supplier, and customer default levels were attributable in part to shortcomings in this area. Ironically, Leeds Leasing had decided early in the year that as a matter of principle business would no longer be written where there was a need to rely on recourse agreements from suppliers. Since making the provision, we have had some success in achieving recoveries from the supplier involved and from defaulting lessees. We have made arrangements for the reliable maintenance of equipment still in the field under performing leases, and have recovered equipment that we shall be able to sell or rent in the future. We remain hopeful that the final cost of this default will be less than we have provided, but the long period outstanding on many of the leases involved means that the final cost will not be known with certainty by the end of this financial year. -5- Leeds Group plc Preliminary Results During the year, considerable effort was spent by many of our staff in specifying and testing the new computer systems that were implemented in October 2003 and, following a 'bedding in' period, the system now provides us with the opportunity to achieve greater operational efficiencies, particularly in a more automated approach to the management of arrears cases. Leeds Leasing is now a major funder into several specialist sectors, and we are actively researching other business areas where we can successfully compete to achieve our growth plans. We are pleased that Carol Roberts has agreed to help us in this business review during the first few months of 2004. Carol has held senior positions with S. G. Warburg and was Managing Director of Pallas Industrial Finance Limited when it was acquired in 1995 by GE Capital EF Ltd, for whom she worked until 2000. We expect that her experience and knowledge will be of great value not just in relation to identifying new business opportunities, but also in strengthening our operational controls and processes. The new financial year has begun quite satisfactorily in terms of new business. However, the mix of business, as last year, includes a high proportion of lower yield leases in our newer business sectors while overheads this year will increase with higher depreciation costs associated with the new computer systems and a higher recharge for the contribution of Head Office to the management of the leasing business. These factors will tend to restrict profit. Hemmers-Itex The year 2003 was a most eventful one for Hemmers-Itex, which is the Group's sole remaining textile business, selling throughout Europe fabric mainly imported from the Far East. In 2002 the division operated as two businesses, but the Dutch based Itex was closed in November 2002, since when we have supplied all the division's customers from the Hemmers facility located at Nordhorn, Germany. We had anticipated that closing the Dutch operation would lead to some loss of sales, particularly where the Itex customers were small and local. In the event, we were very pleased that sales in Euro terms declined by less than 5%. Pre-tax profit increased most encouragingly to Â£608,000 (2002: Â£186,000) as a consequence of the much reduced cost base associated with operations now run from one location. Synergistic cost savings from rationalising business operations can be easy to plan for, but are often much harder to realise. The metres of fabric sold from the German facility increased by 62% in the year, while overhead growth was 31%. Divisional stock levels have been reduced by 24%, and the average debtor collection period has been reduced by more than 10 days. Overall, the working capital of the division was reduced by â‚¬1.9m (18%) during the year. None of these significant business improvements could have been achieved without the commitment and sheer hard work of our German colleagues, who deserve enormous credit for their success. Demand for fabric has held up quite well in the European markets we service, and there are some indications of recovery in the German economy, which is our largest single target market. In this new financial year, October and November sales levels have been satisfactory, but fabric wholesaling is a mature business activity and organic growth opportunities are strictly limited. In such a market, it would not be realistic to suppose that further significant increases in profits are likely in the current year. -6- Leeds Group plc Preliminary Results Discontinued business - Nemesis Sales volumes to the date of disposal in March 2003 were 10% higher than the poor levels of the previous year and this, together with modest overhead savings, led to a pre-tax profit of Â£314,000 that compared with a pre-tax loss of Â£145,000 in the first half of 2002. However, pre-tax losses in Nemesis exceeded Â£900,000 in the second half of each of the previous two years, and the prospects for both Nemesis and the Group have been improved by its sale to a company controlled by the Italian management team. Head Office Costs Unallocated central costs amounted to Â£444,000 (2002: Â£925,000), with the reduction attributable to a number of factors. Staff numbers have been reduced to a minimum, and a greater proportion of the costs of the offices shared with Leeds Leasing are now borne by that subsidiary. Currency gains of Â£112,000 arose as the realisation of the net assets of Itex allowed the Dutch subsidiary to repay loans to Head Office. Exceptional costs of Â£77,000 arose in connection with the special capital payment of Â£4,758,000 to shareholders made in August 2003, chiefly in connection with obtaining the necessary consent of the High Court. Head Office costs were mitigated by interest income, which, including interest paid by subsidiaries, amounted to Â£369,000 (2002: Â£259,000), although the special capital payment to shareholders has reduced interest earning capacity for the current year. Textile manufacturing Following the various transactions by which we withdrew from textile manufacturing there remains a number of outstanding matters with potential significance for future results. Deferred consideration of Â£1,550,000 remains outstanding in connection with the sale of the UK Dyeing Division, payable in eight quarterly sums from February 2005 once senior bank debt has been repaid in full. Although trading conditions in the yarn dyeing business have remained tough, to date all repayments of senior bank debt have been made when due. The agreement relating to the sale of the Strines business in June 2001 provided for further consideration to become payable subject to certain future performance criteria which, in the event, have not been met. Finally, the agreement covering the sale in June 2002 of the Strines site provides for overage payments to a maximum of Â£1,450,000 depending on the extent to which the purchaser achieves planning consents in the fifteen years following completion. An initial planning application has been unsuccessful, but an appeal is to be heard at a public enquiry due to take place in February 2004. Fixed assets Capital additions in the year amounted to Â£443,000 of which Â£110,000 related to additions at Nemesis prior to disposal and Â£200,000 to the new computer systems installed at Leeds Leasing. Tangible fixed assets in the balance sheet amount to Â£582,000, and although there will be a need to replace some commercial vehicles in Germany, no material capital expenditure projects are contemplated for the current year. -7- Leeds Group plc Preliminary Results Working capital The working capital of Leeds Leasing consists predominantly of the lease book, which, at the year-end, stood at Â£18,014,000. It is our aim to increase the book during the course of the current year, although such growth will only be permitted if new business matches our underwriting criteria. As noted above, working capital in Hemmers-Itex fell by 18% in Euro terms, and working capital turnover improved from 2.0 to 2.25 times. The year 2003 was the second successive year in which significant working capital reductions were achieved and although we remain committed to further efficiencies where they can be made without adversely impacting customer service levels, future improvement will of necessity be slower. Debt Profile The borrowings policy of the Group continues to be to match its funding requirement in a cost effective fashion with an appropriate combination of short and medium term debt. The Group's net debt at 30 September 2003 may be analysed as follows: Head Leeds Hemmers- Total Office Leasing Itex Group Â£000 Â£000 Â£000 Â£000 Cash (265) - (264) (529) Overdrafts - 630 222 852 --------- --------- --------- ---------- Total on demand (265) 630 (42) 323 Fixed rate loans due: within one year - 6,794 1,331 8,125 after more than one year - 5,613 - 5,613 --------- --------- --------- ---------- Net external debt (265) 13,037 1,289 14,061 --------- --------- --------- ---------- Bank debt in the subsidiaries is without recourse to the parent company, and in the case of Hemmers-Itex is unsecured. At 30 September 2003, agreed bank facilities available to Hemmers-Itex amounted to Â£3,500,000, against which are marked both balance sheet debt and letters of credit accepted in respect of imports of fabric. Leeds Leasing's loans consist of block discounting lines under which fixed interest debt is raised with an amortising profile matching that of the block of lease agreements on which the debt is secured. This debt structure provides an effective hedge against interest rate risk. At 30 September 2003 agreed bank facilities available to Leeds Leasing were in excess of Â£20,000,000. -8- Leeds Group plc Preliminary Results Capital gearing The Group's capital gearing may be presented as follows: Total Leeds Group Group Leasing Excl Leasing Â£000 Â£000 Â£000 Net assets 13,403 4,881 8,522 ----------- ----------- ------------ Net external debt 14,061 13,037 1,024 Net internal debt - 850 (850) ----------- ----------- ------------ Total debt 14,061 13,887 174 ----------- ----------- ------------ Capital gearing Net external debt : net assets 105% 267% 12% Total debt : Net assets 105% 285% 2% The Board considers the gearing in Leeds Leasing to be modest in comparison with the norm in the sector, and is comfortably within the limits imposed by banking covenants. Exchange exposure It is the Group's policy not to hedge the translation of profits or losses of its German subsidiary, nor to hedge its balance sheet except to the extent it is possible to match net assets with debt denominated in Euros. Transactional exposures arise in Hemmers-Itex where printed cloth purchased mainly in US Dollars is subsequently sold at prices denominated in Euros. The impact of exchange rate changes is minimised by the Group's policy that requires forward exchange contracts to be used where a product is purchased in a currency other than in Euros. Malcolm Wilson Dawn Bowler Managing Director Finance Director -9- Leeds Group plc Preliminary Results Consolidated Profit And Loss Account for the year ended 30 September 2003 2003 2002 Continuing Discontinued Continuing Discontinued operations operations Total operations operations Total Â£000 Â£000 Â£000 Â£000 Â£000 Â£000 Turnover 16,903 8,194 25,097 16,368 17,105 33,473 Cost of (10,422) (6,697) (17,119) (10,204) (14,734) (24,938) sales -------- --------- ------- -------- --------- ------- Gross profit 6,481 1,497 7,978 6,164 2,371 8,535 Distribution costs (670) (309) (979) (597) (561) (1,158) Administrative expenses (4,693) (744) (5,437) (5,154) (2,538) (7,692) ------------------------------------------------------------------------ Operating profit/(loss) before 1,795 444 2,239 1,536 (531) 1,005 exceptional items Exceptional items (note 2) (677) - (677) (1,123) (197) (1,320) ----------------------------------------------------------------------- Operating profit/(loss) 1,118 444 1,562 413 (728) (315) Profit on sale of land and buildings - - - - 295 295 Loss on sale or termination of a business operation - (12,832) (12,832) - (5,275) (5,275) -------- --------- ------- -------- --------- ------- Profit/(loss) before interest 1,118 (12,388) (11,270) 413 (5,708) (5,295) -------- --------- ------- -------- --------- ------- Interest receivable and similar income 281 198 Interest payable and similar charges (1,118) (1,516) ------- ------- Net interest payable (837) (1,318) ------- ------- Loss on ordinary activities before taxation (12,107) (6,613) Tax (charge)/credit on loss on ordinary activities (81) 710 ------- ------- Unrecovered loss for the financial year (12,188) (5,903) ------- ------- Earnings/(loss) per share before exceptional items 3.1 p (0.7)p exceptional items (36.4)p (15.5)p ------- ------- after exceptional items (33.3)p (16.2)p ------- ------- Consolidated Statement of Total Recognised Gains and Losses 2003 2002 Â£000 Â£000 Loss for the financial year (12,188) (5,903) Foreign currency translation differences 536 91 ------- ------- Total recognised losses relating to the financial year (11,652) (5,812) ------- ------- -10- Leeds Group plc Preliminary Results Balance Sheets at 30 September 2003 Group Company 2003 2002 2003 2002 Â£000 Â£000 Â£000 Â£000 Fixed assets Intangible assets 1,067 1,053 - - Tangible assets 582 5,894 42 42 Investments - - 3,731 4,342 -------- -------- -------- -------- 1,649 6,947 3,773 4,384 -------- -------- -------- -------- Current assets Stocks 3,820 7,235 - - ---------------------------------------- Debtors 6,350 11,169 4,368 14,694 Deferred taxation 1,245 1,050 75 75 Finance lease debtors 18,014 18,335 - - ---------------------------------------- Total debtors 25,609 30,554 4,443 14,769 Cash at bank and in hand 529 8,535 159 1 -------- -------- -------- -------- 29,958 46,324 4,602 14,770 -------- -------- -------- -------- Creditors: amounts falling due (12,591) (24,844) (1,236) (641) within one year -------- -------- -------- -------- Net current assets 17,367 21,480 3,366 14,129 -------- -------- -------- -------- Of which: due within one year 4,691 8,820 3,291 14,054 due after more than one year 12,676 12,660 75 75 -------- -------- -------- -------- Total assets less current liabilities 19,016 28,427 7,139 18,513 -------- -------- -------- -------- Creditors: amounts falling due (5,613) (6,489) - - after more than one year -------- -------- -------- -------- Net assets 13,403 21,938 7,139 18,513 -------- -------- -------- -------- Capital and reserves Called up equity share capital 4,392 9,150 4,392 9,150 Share premium account - 15,832 - 15,832 Profit and loss account 9,011 (3,044) 2,747 (6,469) -------- -------- -------- -------- Equity shareholders' funds 13,403 21,938 7,139 18,513 -------- -------- -------- -------- Reconciliation of movements in shareholders' funds Unrecovered loss for the financial year (12,188) (5,903) (6,127) (4,560) Special capital payment (4,758) - (4,758) - Goodwill written back 7,875 3,888 - - Foreign currency translation differences 536 91 (489) - -------- -------- -------- -------- Net transfer from shareholders' funds (8,535) (1,924) (11,374) (4,560) Opening shareholders' funds 21,938 23,862 18,513 23,073 -------- -------- -------- -------- Closing shareholders' funds 13,403 21,938 7,139 18,513 -------- -------- -------- -------- -11- Leeds Group plc Preliminary Results Consolidated Cash Flow Statement for the year ended 30 September 2003 2003 2002 Â£000 Â£000 Cash inflow from operating activities 1,505 3,148 Return on investments and servicing of finance (837) (1,318) Taxation 708 (385) Capital expenditure and financial investment 293 4,604 Acquisitions and disposals (500) 4,625 --------- --------- Cash inflow before financing 1,169 10,674 Special capital payment (4,758) - Financing (1,643) (2,635) --------- --------- (Decrease)/increase in cash in the year (5,232) 8,039 --------- --------- Reconciliation of Net Cash Flow to Movement in Net Debt 2003 2002 Â£000 Â£000 (Decrease)/increase in cash in the year (5,232) 8,039 Net cash inflow from debt and lease financing 1,643 2,635 --------- --------- Change in net debt resulting from cash flows (3,589) 10,674 Net debt disposed of with subsidiary 5,408 - Translation difference (685) (173) --------- --------- Movement in net debt 1,134 10,501 Net debt at beginning of the year (15,195) (25,696) --------- --------- Net debt at end of the year (14,061) (15,195) --------- --------- Reconciliation of operating profit to operating cash flows 2003 2002 Â£000 Â£000 Operating profit/(loss) 1,562 (315) Depreciation and amortisation of fixed assets 312 856 Impairment of tangible fixed assets - 294 Amortisation of goodwill 106 86 Loss on sale of tangible fixed assets 4 86 Decrease in stocks 1,427 1,822 (Increase)/decrease in debtors (1,315) 3,062 (Decrease) in creditors (912) (1,110) Decrease/(increase) in finance lease debtors 321 (1,633) --------- --------- Net cash inflow from operating activities 1,505 3,148 --------- --------- -12- Leeds Group plc Preliminary Results Notes 1. The Directors do not recommend the payment of a dividend. 2. Exceptional items of Â£13,509,000 are as follows: Â£000 Loss on sale of Nemesis 12,832 Exceptional default provision - Leeds Leasing 600 Costs relating to the special capital payment 77 --------- 13,509 --------- Nemesis SpA was sold to a company controlled by its management on 12 March 2003. The loss on disposal included acquisition goodwill of Â£7,875,000 previously written off to reserves. The exceptional default provision has been made against a long-standing supplier from which Leeds Leasing has acquired assets to rent. Leeds Leasing has recourse arrangements with the supplier in the event of default by lessees, and provision against the lease debts has been made as the present financial position of the supplier makes it unlikely that recourse debts, either current or future, will be collectible. 3. The financial information set out on pages 9 to 11 does not constitute the Company's statutory accounts for the year ended 30 September 2003 or the year ended 30 September 2002 but is derived from those accounts. 4. Statutory accounts for the year ended 30 September 2002 have been delivered to the Registrar of Companies, and those for the year ended 30 September 2003 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. 5. Full accounts will be sent to shareholders in January 2004. Further copies will then be available from the Company's Registered Office, Schofield House, Gateway Drive, Yeadon, Leeds, LS19 7XY, or from the Group's website, www.leedsgroup.plc.uk. 6. The Annual General Meeting will be held at the offices of KPMG Audit Plc, 1 The Embankment, Neville Street, Leeds, LS1 4DW on 25 February 2004 at 9.30am. This information is provided by RNS The company news service from the London Stock Exchange

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