Interim Results - 6 Months to 31 October 1999

Photo-Me International PLC 18 January 2000 PHOTO-ME INTERNATIONAL plc INTERIM RESULTS - HALF YEAR ENDED 31 OCTOBER 1999 * In the half year ended 31 October 1999, Photo-Me, the world's leading operator of photobooths, substantially increased its underlying profits, significantly improved the efficiency of its businesses by implementing the restructuring programme that commenced following Serge Crasnianski's appointment as Chief Executive in October 1998 and continued its transformation to becoming a communications company based on digital technology and the Internet. * Pre-tax profit increased by 35.1% to £20.5m - more than the pre-exceptional figure achieved in the full year ended 30 April 1999, which had also benefited from a substantial OEM contract in the first half of that year. * Although the effective tax rate increased to 31.6% from 30.6%, basic earnings per share were 33.3% higher at 3.88p (1998: 2.91p). * Photo-Me's Operating business performed well in its three main markets - the UK, France and Japan, where at the period end it had approximately 4,900, 4,700 and 3,300 photobooths, respectively. * In September, Photo-Me engaged Salomon Smith Barney to review a wide range of strategic options. This review, now completed, indicates that in the interest of shareholders the Company should continue independently to focus strategically on deploying digital communications technology to link its global network of around 20,000 machines in high traffic sites to create a unique distribution channel for Internet-based products and services. The Company will enter into strategic partnerships (such as those with BT and Musicmaker.com) where appropriate and will consider acquisitions as opportunities arise to accelerate its strategic development. * Serge Crasnianski, Chief Executive, stated 'Photo-Me's research and development programme is entirely focused on digital technology and the Internet. The Board is confident that Photo-Me will be able to build organically, and where appropriate by partnerships or acquisition, a substantial global business in the broad area of communications.'' An analyst presentation will be held at Greig Middleton, 30 Lombard Street, London EC3 at 9.00am today. Enquiries: Photo-Me International plc 01372-453399 Serge Crasnianski (CEO) 0171-655 4000 (until 3.45pm today) Bankside Consultants Limited 0171-220 7477 Charles Ponsonby 0171-655 4000 (until 3.45 pm today) CHIEF EXECUTIVE'S STATEMENT INTRODUCTION In the half year ended 31 October 1999, Photo-Me substantially increased its underlying profits, significantly improved the efficiency of its businesses by implementing the restructuring programme that commenced following my appointment as Chief Executive in October 1998 and continued its transformation to becoming a communications company based on digital technology and the Internet. In particular, it signed important commercial agreements with British Telecommunications, for photobooths with e-mail and Internet access, and with Musicmaker.com, to introduce kiosks permitting customised downloading of music onto CDs and MP3s over the Internet. FINANCIAL OVERVIEW On turnover 4.7 per cent lower at £108.7 million, pre-tax profit increased by 35.1 per cent to £20.5 million and more than the pre-exceptional figure achieved in the full year ended 30 April 1999, which had also benefited from a substantial OEM contract in the first half of the year. Although the effective tax rate increased to 31.6 per cent from 30.6 per cent, basic earnings per share were 33.3 per cent higher at 3.88p (1998: 2.91p). Operating turnover from photobooths increased by 3.5 per cent to £90.1 million. Manufacturing turnover was 31.0 per cent lower at £18.7 million, wholly due to the absence of a substantial OEM contract this year. Continental Europe was again the principal trading area, with turnover of £50.5 million (1998: £50.3 million), representing 46.5 per cent of Group turnover. Turnover in the UK and the Republic of Ireland was lower at £30.8 million (28.3 per cent of Group turnover) from £38.7 million which also reflected the OEM contract. The increase in Asian turnover to £22.3 million (20.5 per cent of Group turnover) from £17.1 million resulted principally from improved takings in Japan which have been assisted by the strengthening of the Yen. Turnover in the Americas was lower at £5.1 million (1998: £8.0 million) due to rationalisation in the USA and Brazil together with a weakening of the Brazilian currency. As for profit, Continental Europe experienced a small reduction to £10.1 million from £10.7 million, mainly due to the strength of sterling. Profits from the UK and Ireland improved by 48.6 per cent to £6.4 million from £4.3 million. Asia saw a significant increase in profits of 192 per cent to £5.3 million from £1.8 million and losses coming from the Americas were reduced to £1.2 million from £1.6 million. DIVIDEND An interim dividend of 0.50p per ordinary share is declared, which represents a 13.6 per cent increase. The dividend will be paid on 3 April 2000 to holders of ordinary shares on the register at close of business on 10 March 2000. ACQUISITION OF JAPANESE MINORITY INTEREST On 30 June, Photo-Me acquired the remaining 49.8 per cent of its Japanese subsidiary, Nippon Auto-Photo Kabushiki Kaisha. Nippon has a leading market share in photobooths in Japan and operates other coin-operated equipment in the important entertainment sector, such as photographic sticker and postcard machines, and has been a significant contributor to Group profitability. The consideration payable was £25.2 million, satisfied as to £2.2 million in cash and as to £23.0 million by the transfer to the vendor of 4,625 older generation photobooths, to be deployed in markets where the Group does not operate. The transaction resulted in the increase in intangible assets to £24.4 million from £5.2 million, with goodwill of £18.9 million being amortised through the profit and loss account over a 20 year period. BORROWINGS AND INTEREST During the half year, net debt decreased by £19.5 million to £42.5 million despite £11.5 million of capital expenditure on tangible assets, of which £10.4 million relates to Operating equipment. Due to the acquisition of the minority interest in Nippon, net assets, excluding intangibles and before deducting minority interests, fell in the period to £64.4 million. Consequently, gearing was reduced to 65.9 per cent from 80.3 per cent. Net interest of £1.5 million was covered 14 times by profit before interest and tax. OPERATIONS Operations performed well in Photo-Me's three main markets - the UK, France and Japan, where at the period end it had approximately 4,900, 4,700 and 3,300 photobooths, respectively. A priority is to increase the proportion of digital photobooths operated worldwide, and by the period end 80 per cent of machines in France were using this technology. Vend prices have been increased to £3.00 from £2.50 in the UK in September, where the increase was achieved without any loss of customer numbers. In addition, there is considerable potential to increase the number of booths of various types worldwide, not only in large and hitherto untapped markets, such as South America, China and India, but also in existing substantial markets. In this period, the first 1,000 postcard machines were sited. On the cost side, new contracts with new commission schemes for site owners are being negotiated. Rationalisation of money collection systems has been completed in France and the UK and is being implemented in Germany, Switzerland and Belgium. Generally, operational productivity is being increased. MANUFACTURING The world market for photo-processing equipment is thought to be around 150,000 units, primarily in the Far East, the US and Europe. Photo-Me offers a wide range of optical photo- processing equipment. In addition, the Grenoble research and development and manufacturing plant has recently launched the digital minilab which is based on Photo-Me's patented liquid crystal display booster technology which will eventually replace optical technology. Photo-Me has already proved its ability to sell equipment to leading OEM photographic companies and several companies are interested in selling the Digital KIS system under their brand. COMMERCIAL AGREEMENTS During the period, Photo-Me signed two agreements of significant strategic importance. In May, Photo-Me agreed with British Telecommunications together to offer a range of multimedia services, including e- mail and Internet access, through a nationwide network of revolutionary new multimedia booths, which have been branded 'PhotoPlanet'. In addition, all of Photo-Me's photographic products - including ID photos, photographic fun stickers, customised postcards, photographic reprints and business cards - will be offered. A flat screen on the outside of the PhotoPlanet and the applications screen in the PhotoPlanet will both offer advertising. In due course, it is planned to introduce a range of e-Commerce services in the PhotoPlanets working with third party suppliers, including retailers, travel agents and banks. The first 10 PhotoPlanets will be installed in February at sites in and around London. It is anticipated that roll-out of a further 1,000 PhotoPlanets in the UK will be completed by the end of 2000, evenly split between existing photobooth sites and new sites. Photo-Me is responsible for design, manufacture, installation and maintenance. In October, Photo-Me agreed with Musicmaker.com together to introduce kiosks permitting customers to compile 'make and take'T CDs on a song-by-song basis to their own specifications and to download music directly to an MP3 player, and for Photo- Me to manufacture stand-alone MP3 stations. Each kiosk will have available 5,000-10,000 specifically chosen digitized tracks, covering a wide range of popular genres and artistes. Photo-Me is responsible for design, manufacture, installation and maintenance. Design and manufacture by Photo-Me are on schedule, but, following management changes at Musicmaker.com, this project is running later than planned. BOARD The Board is pleased to announce the appointment of Jean-Luc Peurois CA, MBA as Group Finance Director, replacing Peter Berridge who is retiring after 29 years with the Group. Mr Peurois, who is aged 41, has been an executive director since 1994 and was previously the Finance Director of the Group's Continental Europe operations. I should like to mention that I have recently relocated to the UK, where I can be closer to the Group headquarters. SHARE SUB-DIVISION At the AGM on 20 October, a resolution was passed, sub- dividing each ordinary share of 2.5p into five ordinary shares of 0.5p with effect from 8 November 1999. SHARE RECLASSIFICATION In September, the shares were reclassified by The Stock Exchange, with the agreement of the Company, into the new 'Media and Photography' sector from the 'Support Services' sector. STRATEGIC REVIEW In September, Photo-Me engaged Salomon Smith Barney to review a wide range of strategic options. This review, now completed, indicates that in the interest of shareholders the Company should continue independently to focus strategically on deploying digital communications technology to link its global network of around 20,000 machines in high traffic sites to create a unique distribution channel for Internet-based products and services. The Company will enter into strategic partnerships (such as those with BT and Musicmaker.com) where appropriate and will consider acquisitions as opportunities arise to accelerate its strategic development. PROSPECTS Photo-Me's development programme is entirely focused on digital technology and the Internet. The Board is confident that Photo-Me will be able to build organically, and where appropriate by partnerships or acquisition, a substantial global business in the broad area of communications. Serge Crasnianski 18 January 2000 Chief Executive Officer GROUP PROFIT AND LOSS ACCOUNT for the six months ended 31 October 1999 Unaud- Unaud- ited ited Audited- 6 mths 6 mths year to 30 Apr 99 to to Before After 31 Oct 31 Oct except Except except -ional -ional -ional 1999 1998 items items items Note £000 £000 £000 £000 £000 -------------------------------------------------------------- Turnover 2 108,733 114,065 197,506 -197,506 -------------------------------------------------------------- Trading profit 37,096 32,486 50,612 - 50,612 Depreciation (14,274) (14,730)(27,652)(21,556)(49,208) Amortisation of goodwill (332) - 9 - 9 Other exceptional provisions - - - (5,591) (5,591) Exchange differences (471) (721) 482 - 482 -------------------------------------------------------------- Group operating profit/(loss) 22,019 17,035 23,451 (27,147) (3,696) Share of operating profit in associates 46 50 68 - 68 -------------------------------------------------------------- Operating profit/(loss) 22,065 17,085 23,519 (27,147) (3,628) Exceptional items: Restructuring costs - - - (2,278) (2,278) Profit/(loss) on disposal of businesses - 128 - (7) (7) -------------------------------------------------------------- Profit/(loss) on ordinary activities before interest 22,065 17,213 23,519 (29,432) (5,913) Net interest (1,528) (2,012) (3,470) - (3,470) -------------------------------------------------------------- Profit/(loss) on ordinary activities before taxation 3 20,537 15,201 20,049 (29,432) (9,383) Taxation on profit on ordinary activities 4(6,491) (4,648) (5,591) 10,917 5,326 -------------------------------------------------------------- Profit/(loss) on ordinary activities after taxation 14,046 10,553 14,458 (18,515) (4,057) Minority interests - equity and non-equity interests (132) (113) (238) 3,546 3,308 -------------------------------------------------------------- Profit/(loss) attributable to members of the holding company 13,914 10,440 14,220 (14,969) (749) Dividends 5(1,801) (1,578) (5,380) - (5,380) -------------------------------------------------------------- Retained profit/(loss) 12,113 8,862 8,840 (14,969) (6,129) ============================================================== Basic earnings per share* 6 3.88p 2.91p 3.96p (4.17p) (0.21p) Diluted earnings per share* 6 3.82p 2.89p 3.94p (4.15p) (0.21p) Dividends per share* 5 0.50p 0.44p 1.50p - 1.50p * To assist comparability, earnings and dividends per share are shown on the assumption that the 5 for 1 share subdivision, which was effected in November 1999, applied for all periods. GROUP BALANCE SHEET as at 31 October 1999 Unaudited Unaudited Audited 31 Oct 31 Oct 30 Apr 1999 1998 1999 Note £000 £000 £000 -------------------------------------------------------------- Fixed assets Intangible assets - goodwill 7 18,837 250 109 - other 7 5,605 8,032 5,095 Tangible assets 7 107,924 146,382 129,500 Investments 688 633 583 -------------------------------------------------------------- 133,054 155,297 135,287 -------------------------------------------------------------- Current assets Stocks 30,265 36,442 30,567 Debtors 31,578 45,591 31,875 Investments and short-term deposits 3,165 4,069 2,249 Cash at bank and in hand 14,039 6,570 6,955 -------------------------------------------------------------- 79,047 92,672 71,646 Creditors Amounts falling due within one year 71,323 86,006 74,562 -------------------------------------------------------------- Net current assets/ (liabilities) 7,724 6,666 (2,916) -------------------------------------------------------------- Total assets less current liabilities 140,778 161,963 132,371 Creditors Amounts falling due after more than one year 36,649 34,885 35,401 -------------------------------------------------------------- 104,129 127,078 96,970 Provisions for liabilities and charges Provisions 2,289 2,044 2,181 Deferred taxation 12,959 22,504 12,416 -------------------------------------------------------------- 88,881 102,530 82,373 Minority interests - equity interests 2,567 11,440 8,765 - non-equity interests 776 740 780 -------------------------------------------------------------- 85,538 90,350 72,828 -------------------------------------------------------------- Capital and reserves Called-up share capital 1,997 1,994 1,994 Reserves: Share premium account 8 1,327 1,039 1,068 Capital reserves 8 10,632 18,513 10,834 Profit and loss account 8 71,582 68,804 58,932 -------------------------------------------------------------- 85,538 90,350 72,828 -------------------------------------------------------------- Shareholders' funds are attributable to: Equity interests 85,337 90,149 72,627 Non-equity interests 201 201 201 -------------------------------------------------------------- 85,538 90,350 72,828 ============================================================== GROUP CASH FLOW STATEMENT for the six months ended 31 October 1999 Unaudited Unaudited Audited 6 months 6 months year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 Note £000 £000 £000 -------------------------------------------------------------- Net cash inflow from operating activities a 35,141 27,760 43,392 Returns on investments and servicing of finance (1,558) (2,023) (3,497) Taxation (799) (223) (2,868) Capital expenditure and financial investment (11,672) (16,630)(33,629) Acquisitions and disposals (2,455) 444 245 Dividends paid - equity shareholders - - (4,805) -------------------------------------------------------------- Cash inflow/(outflow) before use of liquid resources and financing 18,657 9,328 (1,162) Management of liquid resources (957) (956) 737 Financing - increase in debt 2,241 4,410 1,878 - shares issued 262 - 29 -------------------------------------------------------------- Increase in cash in the period 20,203 12,782 1,482 -------------------------------------------------------------- Reconciliation of net cash flow to movement in net debt b Increase in cash for the period 20,203 12,782 1,482 Cash flow from increase in debt and lease financing (2,241) (4,410) (1,878) Cash flow from increase/ (decrease) in liquid resources 957 956 (737) -------------------------------------------------------------- Change in net debt resulting from cash flows 18,919 9,328 (1,133) Net debt acquired with purchase of subsidiary undertakings - (2,302) (1,426) Foreign exchange translation differences 582 (2,896) (727) -------------------------------------------------------------- Movement in net debt in the period 19,501 4,130 (3,286) Net debt at 1 May 1999 (61,952) (58,666)(58,666) -------------------------------------------------------------- Net debt at 31 October 1999 (42,451) (54,536)(61,952) ============================================================== NOTES TO THE CASH FLOW STATEMENT for the six months ended 31 October 1999 (a) Reconciliation of operating profit to operating cash flow Unaudited Unaudited Audited 6 months 6 months year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 £000 £000 £000 -------------------------------------------------------------- Operating profit/(loss) 22,019 17,035 (3,696) Depreciation and amortisation charges 14,606 14,730 49,199 Non-cash charge relating to exceptional stock provisions - - 5,591 Loss/(profit) on exchange 471 721 (482) -------------------------------------------------------------- Trading profit 37,096 32,486 50,612 Profit on sale of assets (including liquid resources) (4,519) (377) (467) Exceptional items - - (2,285) -------------------------------------------------------------- Group cash inflow 32,577 32,109 47,860 Net movement in working capital 2,564 (4,349) (4,468) -------------------------------------------------------------- Net cash inflow from operating activities 35,141 27,760 43,392 ============================================================== (b) Analysis of net debt At Other At At 1 May Cash non-cash Exchange 31 Oct 31 Oct 1999 flow changes movement 1999 1998 £000 £000 £000 £000 £000 £000 -------------------------------------------------------------- Cash at bank and in hand 6,955 6,909 - 175 14,039 6,570 Overdrafts (15,578) 13,294 - 313 (1,971) (4,358) -------- 20,203 -------- Debt due after one year (35,343) (3,019) 2,147 175 (36,040) (34,723) Debt due within one year (20,211) 762 (2,147) (40)(21,636) (26,058) Finance leases (24) 16 - - (8) (36) -------- (2,241) -------- Current asset investments and short-term deposits 2,249 957 - (41) 3,165 4,069 -------------------------------------------------------------- Total (61,952) 18,919 - 582 (42,451) (54,536) ============================================================== (c)Major non-cash transactions As already announced the purchase consideration before expenses for the acquisition of the 49.8 per cent minority interest in Nippon Auto Photo K.K. was £25.2 million, comprising £2.2 million in cash and £23.0 million in sale of operating equipment. The proceeds from the sale of operating equipment of £23.0 million and the purchase consideration of £23.0 million have been treated as non-cash transactions and are thus not included in the cash flow statement under the headings of capital expenditure and financial investment and acquisitions and disposals. GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 31 October 1999 Unaudited Unaudited Audited 6 months 6 months year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 £000 £000 £000 -------------------------------------------------------------- Profit/(loss) attributable to shareholders 13,914 10,440 (749) Exchange adjustments 335 3,173 613 -------------------------------------------------------------- Total recognised gains and losses for the period 14,249 13,613 (136) ============================================================== NOTE OF HISTORICAL COST PROFITS AND LOSSES for the six months ended 31 October 1999 The Group prepares its accounts on the historical cost basis and has not revalued its properties. Consequently, no note of historical cost profits and losses is required. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the six months ended 31 October 1999 Unaudited Unaudited Audited 6 months 6 months year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 £000 £000 £000 -------------------------------------------------------------- Profit/(loss) for the period before dividends 13,914 10,440 (749) Dividends (1,801) (1,578) (5,380) Exchange adjustments 335 3,173 613 Shares issued including share premium 262 - 29 Goodwill written-back on disposal of subsidiary undertakings - 519 519 -------------------------------------------------------------- Net movement in shareholders' funds 12,710 12,554 (4,968) Shareholders' funds at 1 May 1999 72,828 77,796 77,796 -------------------------------------------------------------- Shareholders' funds at 31 October 1999 85,538 90,350 72,828 ============================================================== NOTES ON THE ACCOUNTS 1. Basis of preparation of the interim accounts The interim accounts, which are unaudited, have been prepared on the basis of accounting policies set out in the Group's 1999 Report and Accounts. For the preparation of the interim accounts the results of overseas undertakings have been translated at exchange rates ruling on 31 October 1999. Turnover and operating profit are derived from continuing operations. There have been no acquisitions nor discontinued operations in the six months to 31 October 1999 (the acquisition of the minority interests in Nippon Auto Photo K.K. during the period has had no impact on operating profit). The figures for the financial year ended 30 April 1999 have been extracted from the Report and Accounts which have been filed with the Registrar of Companies, in which the auditor's report was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. 2. Turnover Turnover was contributed as follows: 6 months 6 months Year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 Area of activity £000 £000 £000 ---------------------------------------------------------- Manufacturing Total sales 25,401 39,492 62,059 Sales to Group undertakings (6,731) (12,451)(22,835) ---------------------------------------------------------- Sales to third parties 18,670 27,041 39,224 Operating 90,063 87,024 158,282 ---------------------------------------------------------- Total sales to third parties 108,733 114,065 197,506 ========================================================== 6 months 6 months Year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 Geographical area £000 £000 £000 ---------------------------------------------------------- United Kingdom and Republic of Ireland 30,792 38,703 62,941 Overseas Continental Europe 50,508 50,253 85,138 The Americas 5,140 7,994 14,081 Asia 22,293 17,115 35,346 ---------------------------------------------------------- 108,733 114,065 197,506 ========================================================== 3. Profit on ordinary activities before taxation 6 mths 6 mths Yr to 30 Apr 99 to to Before After 31 Oct 31 Oct except except -ional -ional 1999 1998 items items Geographical area £000 £000 £000 £000 ---------------------------------------------------------- United Kingdom and Republic of Ireland 6,368 4,285 7,317 (300) Overseas Continental Europe 10,067 10,659 11,867 3,534 The Americas (1,202) (1,557) (1,980) (4,429) Asia 5,304 1,814 2,845 (8,188) ---------------------------------------------------------- 20,537 15,201 20,049 (9,383) ========================================================== 4. Taxation 6 months 6 months Year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 £000 £000 £000 ---------------------------------------------------------- United Kingdom 1,777 1,273 90 Overseas 4,714 3,375 (5,416) ---------------------------------------------------------- 6,491 4,648 (5,326) ========================================================== 5. Dividends 6 months 6 months Year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 £000 £000 £000 ---------------------------------------------------------- Interim - 0.50p per share (1998: 0.44p) 1,801 1,578 1,578 Final - 1.06p per share - - 3,802 ---------------------------------------------------------- 1,801 1,578 5,380 ========================================================== The directors have declared an interim dividend of 0.50p (1998: 0.44p) per Ordinary share. The interim dividend will be paid on 3 April 2000 to shareholders on the register at the close of business on 10 March 2000. To assist comparability, dividends per share are shown on the assumption that the 5 for 1 subdivision, which was effected in November 1999, applied for all periods. 6. Earnings per share The calculation of earnings per share is based on the following: 6 months 6 months Year to to to 31 Oct 31 Oct 30 Apr 1999 1998 1999 ---------------------------------------------------------- Profit attributable to shareholders before exceptional items (£000) 13,914 10,440 14,220 exceptional items (£000) (14,969) after exceptional items (£000) (749) Weighted average number of shares in issue in the period basic ('000) 358,707 358,532 358,556 including dilutive share options ('000) 363,986 360,783 361,008 ---------------------------------------------------------- To assist comparability, earnings per share are shown on the assumption that the 5 for 1 subdivision, which was effected in November 1999, applied for all periods. 7. Fixed assets Other Goodwill intangible Tangible £000 £000 £000 ---------------------------------------------------------- Net book value at 1 May 1999 109 5,095 129,500 Exchange adjustment - (129) 145 Additions operating equipment - - 10,431 other - 1,120 1,068 goodwill on acquisition of subsidiary undertakings 19,060 - - Depreciation provided in the period (332) (481) (13,793) Disposals at net book value - - (19,427) ---------------------------------------------------------- Net book value at 31 October 1999 18,837 5,605 107,924 ========================================================== 8. Reserves Share Capital Profit Premium Reserves and loss £000 £000 £000 ---------------------------------------------------------- Balance at 1 May 1999 1,068 10,834 58,932 Exchange adjustment - (202) 537 Arising on issue of shares 259 - - Retained profit for the period - - 12,113 ---------------------------------------------------------- Balance at 31 October 1999 1,327 10,632 71,582 ========================================================== 9. Copies of this statement will be mailed to shareholders on 28 January 2000 and from that date will be available from the Company's registered office at Church Road, Bookham, Surrey KT23 3EU.

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