Final Results
Caldwell Investments PLC
30 April 2001
Chairman's Statement
for the year ended 31 December 2000
The positive action taken over the last two years has finally started to show
through. In my interim statement I referred to the ongoing process of
rationalisation and reorganisation within the group. We have continued this
process in the second half of the year and have now completed the disposal of
the assets of the Lawtex business and a final programme of redundancies. The
results for the year show a pre tax loss of £676,373 (1999 - £635,623) The
results in the year included losses on discontinued activities of £326,781
(1999 - £852,863). In 2000 the pre-tax loss on continuing activities,
essentially the underwear and ninaclip(R) businesses, was £349,592 (1999
profit £217,240) after charging exceptional operating costs of £254,743 (1999
£nil) and losses made on foreign currency. We would not expect these items to
recur in the current year. The results for the second half of 2000 have
reduced the loss reported for the half year and are a positive indication of
the steps taken over the last two years. No final dividend is being paid.
Equity shareholders' net assets are 13.5p (1999 18.4p).
Underwear Business
Germany: The business had to deal with harsh trading and currency
conditions. In spite of these it managed another year of positive
contribution to the groups results.
United Kingdom: Following the re-organisation and consolidation of last
year, the business has settled down well and contributed to second half group
profits.
Both businesses have sound and competent management and we look forward to
future growth and profitability.
ninaclip(R)
The sales of ninaclip brand parasols showed a material increase over the
sales of the previous year. Unfortunately, we had production problems with
our Taiwanese manufacturer of plastic components. These proved very costly to
rectify.
In the autumn, at some considerable expense, we moved the production back to
the U.K.
In addition, we had a total review of our ninaclip(R) strategy, decided to
reduce our immediate ambitions for the company, and stopped, for the moment,
ongoing investment in new product development with its attendant costs and
negative cash flow.
Accordingly, the ninaclip(R) establishment overheads, personnel and
development programme have all been drastically cut. Nevertheless, the
international and U.K., ninaclip(R) parasol business has prospered with
orders for the first three months up on the same period last year.
RE-ORGANISATION AND BOARD CHANGES
Through the year action has been taken to extensively cut the level of group
establishment and personnel overheads.
As part of that re-organisation, two main Board Directors resigned on 22
September 2000. Matthew Wootliff, who did a splendid job for establishing
world wide ninaclip(R) sales and Simon Cuffin-Munday, Caldwell Group Finance
Director. We thank them both for their past contributions and wish them well
for the future.
In addition, Roger Henton, who had been a Non Executive Director for fifteen
years, resigned on April 18th 2001. We thank him for his past services and
wish him well for the future.
We are happy to announce that Jack Posner, F.C.A., a local Leeds accountant
with many years of audit corporate finance and tax experience with smaller
Companies joined the Board as a Non-Executive Director on April 18th 2001.
PROSPECTS
We finished the year with strong liquidity and balance sheet, good products,
a quality customer base and a much reduced overhead structure. We believe the
group will trade profitably going forward reverting to its historic pattern
of trade of a small loss in the first half, with a larger profit in the
second.
GENERAL
2000 has been a year of much change and consolidation. It has not been easy,
and I would like to thank my colleagues and all Caldwell employees for their
considerable contribution.
S.J. Wootliff
Chairman
27 April 2001
CALDWELL INVESTMENTS P.L.C.
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2000
Continuing Discontinued Total Continuing Discontinued Total
2000 2000 2000 1999 1999 1999
£ £ £ £ £ £
Turnover 6,959,989 15,141 6,975,130 7,210,786 2,659,430 9,870,216
Cost of (5,898,396) (68,557)(5,966,953)(5,729,899)(2,335,097) (8,064,996)
sales
Gross 1,061,593 (53,416) 1,008,177 1,480,887 324,333 1,805,220
Profit/(loss)
Distributi (154,979) 0 (154,979) (171,792) (76,110) (247,902)
on costs
Other
Administration
expenses (936,111) (391,504) (1,327,615) (979,568) (324,853) (1,304,421)
Exceptional (254,743) 389,143 134,400 0 (630,763) (630,763)
items
Total
Administration
expenses (1,190,854) (2,361) (1,193,215) (979,568) (955,616) (1,935,184)
Other 67,000 0 67,000 60,150 0 60,150
operating
income
Operating (217,240) (55,777) (273,017) 389,677 (707,393) (317,716)
(loss)/
profit
Share of
associates' (2,859) 0 (2,859) (1,765) 0 (1,766)
operating
loss
Loss on
disposal - (181,599) (181,599) (79,086) (34,339) (113,425)
of fixed
assets
Net (129,493) (89,405) (218,898) (91,586) (111,131) (202,717)
interest
payable
(Loss)/profit
on
ordinary (349,592) (326,781) (676,373) 217,240 (852,863) (635,623)
activities
before
taxation
Tax on
loss on (12,365) (40,133)
ordinary
activities
Loss on
ordinary (688,738) (675,756)
activities
after
taxation
Equity (3,279) 4.877
minority
interest
Loss for
the (692,017) (670,879)
financial
year
Equity
dividends 0 (46,878)
paid and
proposed
Retained
loss for (692,017) (717,757)
the
financial
year
Earnings
per share
- Basic (5.02)p (5.53p)
and
diluted
CALDWELL INVESTMENTS P.L.C.
GROUP AND COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2000
GROUP COMPANY
2000 1999 2000 1999
£ £ £ £
Fixed assets
Intangible assets 344,642 344,327 0 216,369
Tangible assets 323,828 1,286,407 974,340
Investments 0 0 2,445,407 1,786,152
668,470 1,630,734 2,445,407 2,976,861
Current assets
Stocks 1,802,676 2,137,232 0 0
Debtors falling due 945,531 1,425,675 425,432 87,824
within one year
Debtors falling due
after more than one 0 0 460,834
year
Cash at bank and in 425,556 1,169,128 12,052 573,090
hand
3,173,763 4,732,035 437,484 1,121,748
Creditors: amounts
falling due within (1,720,861) (2,921,405) (103,475) (156,899)
one year
Net current assets 1,452,902 1,810,630 334,009 964,849
Total assets less 2,121,372 3,441,364 2,779,416 3,941,710
current liabilities
Creditors: amounts
falling due after (240,000) (843,402) 0 (479,379)
more than one year
Provisions for (14,198) (7,765) 0 0
liabilities and
charges
Net assets 1,867,174 2,590,197 2,779,416 3,462,331
Capital and
reserves
Called up share 1,378,750 1,378,750 1,378,750 1,378,750
capital
Share premium 1,620,302 1,620,302 1,620,302 1,620,302
account
Revaluation reserve 0 191,734 0 191,734
Capital redemption 27,000 27,000 27,000 27,000
reserve
Profit and loss (1,158,878) (675,881) (246,636) 244,545
account
Equity 1,867,174 2,541,905 2,779,416 3,462,331
shareholders' funds
Equity minority 0 48,292 0 0
interest
Total capital and 1,867,174 2,590,197 2,779,416 3,462,331
reserves
CALDWELL INVESTMENTS P.L.C.
CONSOLIDATED CASH FLOW STATEMENT
AS AT 31 DECEMBER 2000
2000 1999
£ £
Net cash (outflow)/inflow from operating (345,639) 526,074
activities
Returns on investments and servicing of finance
Interest received 27,609 15,386
Interest paid (246,507) (218,102)
Net cash outflow (218,898) (202,716)
Taxation
Tax paid (51,420) (39,775)
Net cash outflow (51,420) (39,775)
Capital expenditure and financial investment
Purchase of intangible fixed assets (37,518) (86,042)
Purchase of tangible fixed assets (92,185) (127,363)
Purchase of minority interest (37,500) 0
Receipt from sale of fixed assets 775,180 0
Net cash inflow/(outflow) 607,977 (213,405)
Equity dividends paid 0 (135,118)
Net cash outflow before financing (7,980) (69,940)
Financing
Issue of shares 0 623,181
Repayment of loans (657,744) (172,564)
Capital element of finance lease payments (28,157) (12,803)
Net cash (outflow)/inflow (685,901) 437,814
(Decrease)/Increase in cash in the year (693,881) 372,874
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