Preliminary Results - Part 2

Photo-Me International PLC 24 July 2001 PART TWO GROUP PROFIT AND LOSS ACCOUNT for the year ended 30 April 2001 2001 Audited 2000 Notes Before Exceptional After Audited exceptional items exceptional items (note 3) items £000 £000 £000 £000 Turnover - continuing operations 1 208,816 - 208,816 200,074 Cost of sales (158,532) (24,116) (182,648) (156,799) Gross profit/(loss) 50,284 (24,116) 26,168 43,275 Administrative expenses (25,146) - (25,146) (21,072) Other operating income 1,528 - 1,528 413 Operating profit/(loss) - continuing operations 26,666 (24,116) 2,550 22,616 Share of operating profit of associates 120 - 120 97 Total operating profit/(loss) 26,786 (24,116) 2,670 22,713 Profit on disposal of Group undertakings 3 - 44 44 1,799 Profit/(loss) on ordinary activities before interest 26,786 (24,072) 2,714 24,512 Interest receivable 488 - 488 670 Interest payable (3,598) - (3,598) (3,428) Profit/(loss) on ordinary activities before taxation 2 23,676 (24,072) (396) 21,754 Tax on profit/loss on ordinary activities 4 (8,829) 7,720 (1,109) (10,579) Profit/(loss) on ordinary activities after taxation 14,847 (16,352) (1,505) 11,175 Minority interests - equity and non-equity interests (332) 549 217 1,120 Profit/(loss) attributable to members of the holding company 14,515 (15,803) (1,288) 12,295 Dividends - equity interests 5 (6,875) - (6,875) (6,149) Retained profit/(loss) for year 7,640 (15,803) (8,163) 6,146 Basic earnings per share - before exceptionals 6 4.01p - - 2.92p - exceptional items - (4.37p) - 0.50p Basic earnings per share - - (0.36p) 3.42p Diluted earnings per share - before exceptionals 6 3.99p - - 2.89p - exceptional items - (4.37p) - 0.50p Diluted earnings per share - - (0.36p) 3.39p Dividends per share 5 1.90p 1.90 1.70p GROUP BALANCE SHEET as at 30 April 2001 Notes Audited Audited 30 April 2001 30 April 2000 £000 £000 Fixed assets Intangible assets - goodwill 7 9,122 9,117 - development costs 7 6,034 6,181 Tangible assets 7 104,741 117,132 Investments 720 726 120,617 133,156 Current assets Stocks 28,366 25,213 Debtors 40,653 29,323 Investments and short-term deposits 1,643 2,973 Cash at bank and in hand 10,452 8,908 81,114 66,417 Creditors Amounts falling due within one year 77,860 69,336 Net current assets/(liabilities) 3,254 (2,919) Total assets less current liabilities 123,871 130,237 Creditors Amounts falling due after more than one year 38,647 35,058 85,224 95,179 Provision for liabilities and charges Provisions 4,842 3,169 Deferred taxation 8,258 13,612 72,124 78,398 Minority interests - equity interests 1,085 1,398 - non-equity interests 925 824 70,114 76,176 Capital and reserves Called-up share capital 2,010 2,010 Reserves: Share premium account 8 2,443 2,443 Capital reserves 8 8,622 6,919 Profit and loss account 8 57,039 64,804 70,114 76,176 Shareholders' funds are attributable to: Equity interests 69,913 75,975 Non-equity interests 201 201 70,114 76,176 Audited Audited 30 April 2001 30 April 2000 £000 £000 b) Analysis of cash flows for headings netted in the cash flow statement Returns on investments and servicing of finance Interest received 475 670 Interest paid (3,297) (3,046) Interest element of finance lease rentals paid (301) (382) Dividends paid to minorities (72) (40) Net cash outflow from returns on investments and servicing of finance (3,195) (2,798) Taxation UK corporation tax paid (1,040) (1,661) Overseas tax paid (4,561) (2,376) Net cash outflow for taxation (5,601) (4,037) Capital expenditure and financial investment Purchase of intangible assets (4,057) (2,821) Purchase of tangible assets (34,840) (25,596) Sale of tangible assets 2,075 3,293 Net cash outflow for capital expenditure and financial investments (36,822) (25,124) Acquisitions and disposals Purchase of shares from minority interests - (2,380) Sale of subsidiary undertakings (51) - Purchase of associates and other investments (78) (157) Net cash outflow for acquisitions and disposals (129) (2,537) Management of liquid resources Sale of liquid resources 17 56 Purchase of liquid resources (285) (1,321) Net movement in term deposits 1,782 338 Net cash inflow/(outflow) from management of liquid resources 1,514 (927) Financing Issue of Ordinary Shares - 1,391 Debt due within one year - increase in short-term borrowings 48 3,090 - repayment of short-term borrowings (14,602) (13,585) - increase in long-term borrowings Debt due after one year - increase in long-term borrowings 19,367 7,106 - repayment of long-term borrowings (1,990) (2,233) - capital element of finance lease rental payments (1,737) (816) Net cash inflow/(outflow) from financing 1,086 (5,047) GROUP CASH FLOW STATEMENT Notes Audited Audited 30 April 2001 30 April 2000 £000 £000 Net cash inflow from operating activities (a) 44,235 58,530 Dividends from associated undertakings 133 72 Returns on investments and servicing of finance (b) (3,195) (2,798) Taxation (b) (5,601) (4,037) Capital expenditure and financial investment (b) (36,822) (25,124) Acquisitions and disposals (129) (2,537) Dividends paid - equity shareholders (6,150) (5,610) Cash (outflow)/inflow before use of liquid resources and financing (7,529) 18,496 Management of liquid resources (b) 1,514 (927) Financing 1,086 (5,047) (Decrease)/increase in cash in the year (4,929) 12,522 Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash for the year (4,929) 12,522 Repayment of capital element of finance leases 1,737 816 Cash flow from (increase)/decrease in debt (2,823) 5,622 Cash flow from (decrease)/increase in liquid resources (1,514) 927 Change in net debt resulting from cash flows (7,529) 19,887 Decrease in debt on disposal of subsidiary undertaking 335 - Finance leases (15) (8,272) Foreign exchange translation differences (2,108) 3,469 Movement in net debt in the year (9,317) 15,084 Net debt at 1 May 2000 (46,868) (61,952) Net debt at 30 April 2001 9 (56,185) (46,868) (a) Reconciliation of operating profit to operating cash flow Operating profit (after exceptional items) 2,550 22,616 Depreciation and amortisation charges 52,641 27,140 Non-cash items relating to exceptional stock provisions 3,912 - (Profit)/loss on sale of assets (230) 516 Other non-cash movements 441 - Gross cash inflow 59,314 50,272 Net movement in working capital (15,079) 8,258 Net cash inflow from operating activities 44,235 58,530 NOTES Year to Year to 30 April 30 April 2001 2000 £000 £000 1 Turnover Area of activity Manufacturing 45,431 34,123 Operating 163,385 165,951 208,816 200,074 Geographical area United Kingdom and Republic of Ireland 62,277 60,755 Overseas - Continental Europe 95,747 82,624 - The Americas 9,454 11,428 - Asia 41,338 45,267 208,816 200,074 2 Profit before tax (2001: before exceptional items) Geographical area United Kingdom and Republic of Ireland 6,981 12,127 Overseas - Continental Europe 13,841 4,919 - The Americas (1,349) (2,885) Asia 4,203 7,593 23,676 21,754 3 Exceptional items The exceptional items in the year to 30 April 2001 mainly relate to the impairment of old technology, fixed assets and related stocks of components. £000 Impairment of old technology Tangible fixed assets (18,357) Intangible fixed assets (1,847) (20,204) Stocks (3,912) (24,116) Profit on disposal of group undertakings 44 (24,072) The exceptional items in the year to 30 April 2000 related to the profit on disposal of subsidiary undertakings amounting to £1,799,000 including the reinstatement of negative goodwill of £1,683,000 on the termination of businesses. Year to Year to 30 April 30 April 2001 2000 £000 £000 4 Taxation United Kingdom 1,022 3,803 Overseas 87 6,776 1,109 10,579 5 Dividends Dividends on equity - Ordinary Shares: Interim dividend paid of: 0.5p per share (2000: 0.5p) 1,809 1,808 Proposed final dividend of 1.4p per share (2000: 1.2p) 5,066 4,341 Total dividend of: 1.9p per share (2000: 1.7p) 6,875 6,149 The proposed final dividend of 1.4p (2000: 1.2p) per Ordinary Share will be paid on 2 January 2002 to shareholders on the register at the close of business on 12 October 2001. 6 Earnings per share Year to Year to 30 April 30 April 2001 2000 The calculation of earnings per share is based on the following: Earnings attributable to shareholders before exceptional items (£000) 14,515 10,496 Earnings attributable to shareholders after exceptional items (£000) (1,288) 12,295 Weighted average number of shares in issue in the period - basic ('000) 361,765 359,679 - including dilutive share options ('000) 364,119 362,996 7 Fixed assets Other Goodwill intangible Tangible £000 £000 £000 Net book value at 1 May 2000 9,117 6,181 117,132 Exchange adjustment - 282 2,603 Additions operating equipment - - 33,261 other - 4,057 2,483 Depreciation provided in the period (261) (4,486) (47,894) Disposals at net book value 266 - (2,844) Net book value at 30 April 2001 9,122 6,034 104,741 8 Reserves Share Capital Revenue premium reserves reserves account £000 £000 £000 Balance at 1 May 2000 2,443 6,919 64,804 Exchange adjustment - 1,687 487 Loss for year - - (8,163) Transfer between reserves - 16 (16) Goodwill written back on business terminations - - (73) Balance at 30 April 2001 2,443 8,622 57,039 9 Net debt 30 April 30 April 2001 2000 £000 £000 Overdrafts 10,284 3,651 Debt due within one year 18,399 19,395 Debt due after one year 33,360 28,223 Finance leases 6,237 7,480 68,280 58,749 Cash at bank and in hand (10,452) (8,908) Current asset investment and short term deposits (1,643) (2,973) 56,185 46,868 10 Publication of non-statutory Accounts The financial information contained in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the preceding year is based on the statutory accounts for the financial year ended 30 April 2000. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies Copies of the Report and Accounts, for the financial year ended 30 April 2001. will be mailed to shareholders by 17 August and will be available from the Company's registered office at Church Road, Bookham, Surrey KT23 3EU (telephone: 01372-453399, fax: 01372 459064) after that date.

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