Final Results

Norish PLC 27 February 2003 Norish plc Preliminary Announcement of the Audited Results For the year ended 31 December 2002 • Loss after tax of €4.4m after goodwill and fixed asset impairment charges of €5.0m. • Basic loss per share €51.9c compared with €0.9c in 2001 • The adjusted profit before tax eliminating goodwill amortisation and exceptional items increased by 60% to €1.2m. • Adjusted earnings per share increased from €4.8c to €9.0c • Borrowings reduced by €2.3m to €5.5m • Final Dividend maintained at €4.0c Commenting on the results the Chairman of Norish, John Paterson, said: - 'Although the company has announced a loss after tax the adjusted profits confirm the recovery envisaged 12 months ago. This has been achieved despite a continuing difficult trading environment. In particular turnover from our commodity business has continued to decline although partly compensated by a growth in our other ambient warehousing activities. The slow-down in UK economic activity combined with the continuing dramatic rise in insurance costs present further challenges in the year ahead. However the company has some interesting business opportunities and has identified further operational improvements.' John M Paterson Chairman 27 February 2003 For reference: Murray Consultants: Joe Murray / Grainne O'Brien Tel: +353 1 498 0300 Preliminary Statement The company has declared a loss after tax of €4.4m, mainly due to a goodwill and fixed asset impairment write-off of €5.0m. Loss per share is €51.9c. After excluding the effect of goodwill amortisation and exceptional items, the adjusted pre-tax profits of €1.2 million showed a substantial improvement on the previous year primarily through operating cost reductions and lower interest charges. Adjusted earnings per share is €9.0c compared with €4.8c in 2001. An impairment review relating to the carrying value of the commodity business and cold storage operation at East Kent has resulted in a €5.0m write-off of which €4.9m relates to goodwill. Borrowings were reduced by €2.3m to €5.5m as a result of improved operating cash flow, the sale of surplus land and an exceptional rates rebate. The debt equity ratio, after eliminating goodwill, was 67% compared with 99% last year. Lower interest rates and improved cash management contributed to reducing net interest costs by €0.2m to €0.3m The directors are recommending a maintained final dividend of €4.0c making a total of €5.27c for the year. It is proposed to pay the final dividend subject to shareholder approval on 23 May 2003. The cold storage division improved on last year but market conditions essentially remained the same with over-capacity and rising insurance costs continuing to hamper growth. Nevertheless, four stores produced better results than in 2001 but East Kent continued to suffer from local factory closures and struggled to replace lost business. Wrexham in particular traded substantially better in the latter part of the year. The ambient warehousing operation, BWA, experienced mixed fortunes. York continued to exceed expectations, with full occupancy including the extension completed in July. The traditional commodity business continued to decline and is not expected to recover because of supply chain changes. Although other ambient traffic continued to grow, the pace of growth was not sufficient to combat the decline in commodities. The company is competitively well placed to capitalise on business opportunities arising in the current year. Business wins in the cold storage market are helping to mitigate the effects of substantial insurance cost increases. Good growth in business volumes has justified the building of a further extension at York. A lease on the last of the group's overspill commodity warehouses in Felixstowe has been terminated with effect from April. These improvements will help to combat the current slow down in UK economic activity. The audited profit and loss account, balance sheet and cash flow statement in sterling currency, with comparatives, are attached. For information purposes these are also expressed in Euro (€) at the rate of €1 = £0.65, the conversion rate applicable on 31 December 2002. The Euro (€) figures are not audited. Copies of the Preliminary Announcement can be obtained from Grainne O'Brien, Murray Consultants, Dartmouth House, 1 Grand Parade. Dublin 6. ENDS NORISH plc Consolidated Profit and Loss Account For the year ended 31 December 2002 2002 2001 2002 2001 €'000 €'000 £'000 £'000 (Audited) (Audited) Group turnover - continuing operations 20,126 20,477 13,082 13,310 Cost of sales (17,440) (17,938) (11,336) (11,660) _______ _______ _______ _______ Gross profit 2,686 2,539 1,746 1,650 Administrative expenses (1,151) (1,248) (748) (811) Goodwill amortisation - normal (314) (314) (204) (204) Exceptional items - impairment of goodwill and tangible fixed assets (5,034) - (3,272) - - rates rebates 438 75 285 49 - reorganisation costs - (318) - (207) ________ ______ ________ _______ Group operating (loss) / profit - continuing operations (3,375) 734 (2,193) 477 Loss on sale of land - continuing operations (114) - (74) - _______ _______ _______ _______ (Loss)/profit on ordinary activities before interest (3,489) 734 (2,267) 477 Interest receivable and other income 5 5 3 3 Interest payable and similar charges (342) (547) (222) (355) _______ _______ _______ _______ (Loss)/profit on ordinary activities before taxation (3,826) 192 (2,486) 125 Tax on (loss)/profit on ordinary activities (567) (271) (369) (176) _______ _______ _______ _______ Loss for the financial year (4,393) (79) (2,855) (51) Equity dividends - paid (103) (102) (67) (66) - proposed (338) (317) (220) (206) _______ _______ _______ _______ Retained loss for the financial year (4,834) (498) (3,142) (323) Profit and loss account at beginning of year 6,250 6,748 4,063 4,386 _______ _______ _______ _______ Profit and loss account at end of year 1,416 6,250 921 4,063 ====== ======= ====== ====== Basic loss per ordinary share €(51.9)c €(0.9)c (33.7)p (0.6)p Adjusted earnings per share (see note below) €9.0c €4.8c 5.9p 3.1p NORISH plc Consolidated Balance Sheet At 31 December 2002 2002 2001 2002 2001 €'000 €'000 £'000 £'000 (Audited) (Audited) Fixed assets Intangible assets - goodwill 401 5,626 261 3,657 Tangible assets 13,571 15,518 8,821 10,087 _______ _______ _______ _______ 13,972 21,144 9,082 13,744 Current assets Debtors 4,785 4,857 3,110 3,157 Cash at bank and in hand 92 62 60 40 _______ _______ _______ _______ 4,877 4,919 3,170 3,197 Creditors: amounts falling due within one year (5,243) (7,871) (3,408) (5,116) _______ _______ _______ _______ Net current liabilities (366) (2,952) (238) (1,919) _______ _______ _______ _______ Total assets less current liabilities 13,606 18,192 8,844 11,825 Creditors: amounts falling due after more than one year (3,711) (3,320) (2,412) (2,158) Provisions for liabilities and charges (1,291) (1,434) (839) (932) _______ _______ _______ _______ Net assets 8,604 13,438 5,593 8,735 ======= ======= ======= ======= Capital and reserves Called up share capital 2,298 2,298 1,493 1,493 Share premium account 4,855 4,855 3,156 3,156 Capital conversion reserve fund 35 35 23 23 Profit and loss account 1,416 6,250 921 4,063 _______ _______ _______ _______ Shareholders' funds - equity 8,604 13,438 5,593 8,735 ======= ======= ======= ======= NORISH plc Consolidated Statement of Cash Flows For the year ended 31 December 2002 2002 2001 2002 2001 €'000 €'000 £'000 £'000 (Audited) (Audited) Net cash inflow from operating activities 3,345 2,574 2,174 1,673 Returns on investments and servicing of finance (306) (414) (199) (269) Taxation (435) (568) (283) (369) Capital expenditure and financial investment 127 (1,117) 83 (726) Equity dividends paid (420) (426) (273) (277) _______ _______ _______ _______ Cash inflow before financing activities 2,311 49 1,502 32 Financing activities (2,135) (374) (1,388) (243) _______ _______ _______ _______ Increase/(Decrease) in cash in the year 176 (325) 114 (211) ======= ======= ======= ======= Reconciliation of net cash flow to movement in net debt 2002 2001 2002 2001 €'000 €'000 £'000 £'000 (Audited) (Audited) Increase/(decrease) in cash in the year 176 (325) 114 (211) Decrease in debt 2,054 292 1,335 190 Decrease in finance leases 81 82 53 53 _______ _______ _______ _______ Change in net debt resulting from cash flows 2,311 49 1,502 32 Interest (non-cash) on zero coupon loan notes (31) (128) (20) (83) _______ _______ _______ _______ Decrease/(increase) in net debt in the year 2,280 (79) 1,482 (51) Net debt at 1 January (7,757) (7,678) (5,042) (4,991) _______ _______ _______ _______ Net debt at 31 December (5,477) (7,757) (3,560) (5,042) ======= ======= ======= ======= NORISH plc Adjusted Earnings Per Share Statement For the year ended 31 December 2002 2002 2001 2002 2001 €'000 €'000 £'000 £'000 Loss attributable to shareholders (4,393) (79) (2,855) (51) Goodwill amortisation - normal 314 314 204 204 Exceptional items - impairment of goodwill and tangible fixed assets 5,034 3,272 - - loss on sale of land 114 - 74 - - reorganisation costs (after tax at 30%) - 223 - 145 - rates rebates (after tax at 30%) (306) (52) (199) (34) --------- --------- --------- --------- Adjusted Earnings 763 406 496 264 ====== ====== ===== ===== Weighted average number of ordinary shares 8,466,230 8,466,230 8,466,230 8,466,230 Adjusted earnings per share €9.0c €4.8c 5.9p 3.1p Note: The adjusted profit before tax is calculated as follows: 2002 2001 2002 2001 €'000 €'000 £'000 £'000 Gross profit 2,686 2,539 1,746 1,650 Administrative expenses (1,151) (1,248) (748) (811) --------- ---------- --------- ---------- Adjusted profit before interest 1,535 1,291 998 839 Interest (337) (542) (219) (352) ---------- ---------- ---------- ---------- Adjusted profit before tax 1,198 749 779 487 ====== ====== ====== ====== This information is provided by RNS The company news service from the London Stock Exchange

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