Interim Results
Safeland PLC
20 December 2004
SAFELAND PLC
Interim Results
CHAIRMAN'S STATEMENT
SIX MONTHS TO 30 SEPTEMBER 2004
The sentiments I have expressed in my recent chairman's statements remain the
same for the period under review and are likely to persist for the foreseeable
future.
The loss for the six months under review, before taxation, is £18,000 compared
to a profit of £115,000 as at September 2003. Turnover for the period is £15.8m
(2003: £14.7m).
The loss for the period includes £374,000 (2003: £131,000) of losses in respect
of Espazio, the Company's Italian self storage business. The UK trading
activities have produced a profit of £356,000 (2003: £246,000). As a result of
the loss the Company will not be declaring a dividend (2003: £nil).
Net asset value per share at September 2004 is 94p compared with 91p as at
September 2003 and earnings per share are 53p loss (2003 - 38p).
Shareholders may be aware that post this period end there were two significant
transactions. Continuing its buy-back policy, the Company bought 1,260,000
shares from two shareholders at 60p which will increase the relevant net asset
value for shareholders as was explained in the circular that was distributed at
the time. In addition, Hercules Property Services Plc, in which your Company
had a significant investment was acquired by Erinaceous Plc. Shortly
thereafter, the Company took the decision to dispose of its shares that were
received as part of this transaction which resulted in a profit to the group of
in excess of £1.2m. This will be reflected in the accounts for the year ended
31 March 2005.
We continue to monitor the market carefully and are extremely well poised to act
as soon as there is any significant shift in conditions.
Raymond Lipman
Chairman
20 December 2004
SAFELAND PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
Neither Neither audited
audited nor nor reviewed
reviewed Six months
Six months ended Audited
ended 30 September Year ended
30 September 2003 31 March 2004
2004 £'000 £'000
£'000
TURNOVER
Group and share of joint venture 15,865 15,881 20,764
Less: share of joint venture (98) (1,182) (1,316)
Group turnover 15,767 14,699 19,448
Cost of sales (14,057) (13,407) (16,893)
Gross profit 1,710 1,292 2,555
Sales and distribution costs (455) (360) (546)
Administrative expenses (1,416) (1,511) (3,821)
Other operating income 91 136 209
(Group operating loss) (70) (443) (1,603)
Share of operating profit of joint ventures 14 738 771
Share of operating loss of associate (2) (15) (98)
Group operating (loss)/ profit (58) 280 (930)
Profit on disposal of fixed assets - investment properties 299 31 171
Profit on disposal of investments - - 109
Profit on disposals of subsidiaries and investment in joint
venture - - 255
Profit /(loss) on ordinary activities before interest and 241 311 (395)
taxation
Interest receivable and similar income - group 105 80 160
- joint venture 1 5 11
- associate 13 6 39
- dividends 49 18 94
Share of amounts written off investments of associate - - (261)
Interest payable and similar charges (427) (305) (685)
(Loss)/ profit on ordinary activities before taxation (18) 115 (1,037)
Tax charge on (loss)/ profit on ordinary activities (86) (36) (77)
(Loss)/ profit on ordinary activities after taxation and
(loss)/ profit for the financial period/year (104) 79 (1,114)
Equity dividends paid and proposed 3 - - -
Retained/ (loss) profit for the financial period/year (104) 79 (1,114)
Basic (loss)/ earnings per share (pence) 2 (0.53p) 0.38p (5.37p)
Diluted (loss)/ earnings per share (pence) 2 (0.53p) 0.38p (5.37p)
All results derive from continuing operations.
SAFELAND PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2004
Neither audited Neither audited
nor reviewed nor reviewed
30 September 30 September Audited
2004 2003 31 March 2004
£'000 £'000 £'000
Fixed assets
Tangible assets 5,927 5,566 5,748
Investment properties 3,048 3,348 3,981
Investment in joint venture
Share of gross assets 4,554 5,191 4,649
Share of gross liabilities (557) (1,088) (627)
3,997 4,103 4,022
Investment in associated undertaking 672 972 661
Investments 3,926 4,281 3,926
17,570 18,270 18,338
Current assets
Stocks 15,811 12,077 13,409
Debtors: Amounts falling due within one year 1,349 2,391 2,649
Cash at bank and in hand 2,062 3,020 2,212
19,222 17,488 18,270
Creditors: amounts falling due within one year (5,040) (5,153) (4,385)
Net current assets 14,182 12,335 13,885
Total assets less current liabilities 31,752 30,605 32,223
Creditors: amounts falling due after one year (13,277) (11,495) (13,624)
Net assets 18,475 19,110 18,599
Capital and reserves
Called-up share capital 4 985 1,045 985
Share premium account 5,304 5,304 5,304
Capital redemption reserve 702 642 702
Investment property revaluation reserve 1,410 547 1,497
Profit and loss account 10,074 11,572 10,111
Equity shareholders' funds 5 18,475 19,110 18,599
SAFELAND PLC
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
Neither audited Neither audited
nor reviewed nor reviewed
Six months Six months
ended ended
30 September 30 September Audited
2004 2003 Year ended
£'000 £'000 31 March 2004
£'000
Note
Net cash outflow from operating activities 6 (418) (4,427) (8,452)
Returns on investment and servicing of finance
Interest received 105 80 160
Interest paid (387) (245) (572)
Dividend received 49 18 94
Net cash outflow from returns on investments and
servicing of finance (233) (147) (318)
Taxation
Tax received /(paid) 317 (301) (843)
Capital expenditure and financial investment
Purchase of tangible fixed assets (444) (810) (1,463)
Purchase of investment properties (323) (720) (742)
Disposal of tangible fixed assets 115 176 344
Disposal of investment properties 1,555 211 1,004
Disposal of investments - - 464
Net cash inflow /(outflow) from capital
expenditure and financial investment 903 (1,143) (393)
Acquisitions and disposals
Purchase of subsidiary undertaking (net of £12,000
cash acquired) - - (88)
Purchase of investment in associate - (981) (981)
Sale of subsidiary undertaking - - 1,700
Net cash (outflow)/ inflow from acquisitions and
disposals - (981) 631
Equity dividends paid
Dividends paid - - -
Cash inflow /(outflow) before financing 569 (6,999) (9,375)
Financing
Purchase of own shares - (18) (675)
Net loans (repaid)/ taken out (249) 5,254 6,915
Net cash (outflow)/ inflow from financing (249) 5,236 6,240
Increase/ (decrease) in cash 7 320 (1,763) (3,135)
SAFELAND PLC
Statement of Total Recognised Gains and Losses
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004
Neither Neither audited
audited nor nor reviewed
reviewed Six months ended
Six months 30 September Audited
ended 2003 Year ended
30 September £'000 31 March
2004 2004
£'000 £'000
(Loss)/ profit for the financial period/year (104) 79 (1,114)
Unrealised surplus on revaluation of investment properties - - 1,323
Taxation on valuation surplus realised on sale of investment
properties - - (110)
Currency translation differences of foreign currency net
investments (20) - 31
Total recognised losses and gains relating to the period/year (124) 79 130
SAFELAND PLC
NOTES TO THE ACCOUNTS (UNAUDITED)
1. Basis of preparation and accounting policies
This interim financial information was approved by the Board of Directors on
(XX) December 2004.
The interim financial information for the six months ended 30 September 2003 and
the six months ended 30 September 2004 are neither audited nor reviewed by the
auditors.
The unaudited interim financial information has been prepared in accordance with
accounting policies set out in the audited statutory accounts for the year ended
31 March 2004. The financial information in this report for the six months
ended 30 September 2004 does not constitute statutory accounts as defined in
section 240 of the Companies Act 1985 and should be read in conjunction with the
31 March 2004 audited financial statements. The figures for the year ended 31
March 2004 are an abridged statement from the group's statutory financial
statements at that date, which have been delivered to the Registrar of
Companies. The auditors' report on those accounts was unqualified and did not
contain a statement under section 237(2) or 237(3) of the Companies Act 1985.
2. (Loss)/ earnings per share
Basic (loss)/ earnings per share is calculated on loss on ordinary activities of
£104,000 (30 September 2003 - profit of £79,000; 31 March 2004 - loss of
£1,114,000) and on 19,689,102 ordinary shares (30 September 2003 - 20,889,770;
31 March 2004 - 20,754,333), being the weighted average number of shares in
issue throughout the period. Diluted/ (loss) earnings per share is calculated
by adjusting the weighted average number of ordinary shares in issue on the
assumption of conversion of all dilutive potential ordinary shares. The group
does not have any dilutive potential ordinary shares because the exercise price
of all share options granted is above the average price of the company's
ordinary shares during the periods.
For a loss-making company with outstanding share options, net loss per share
would only be increased by the exercise of out-of-the-money options, therefore
no adjustment has been made to diluted EPS for out-of-the-money share options.
3. Dividend per share
No interim dividend has been declared (six months ended 30 September 2003 - no
interim dividend declared; year ended 31 March 2004 - no interim or final
dividend declared).
4. Repurchased shares
Safeland plc purchased none of its own shares during the period.
5. Reconciliation of movements in shareholders' funds
Neither audited Neither audited
nor reviewed nor reviewed
Six months Six months
ended ended
30 September 30 September Audited
2004 2003 Year ended
£'000 £'000 31 March 2004
£'000
(Loss)/ profit for the financial period/year (104) 79 (1,114)
Dividends - - -
(104) 79 (1,114)
Other recognised losses and gains (20) - 1,244
Goodwill previously written off to reserves - - 95
Repurchase of shares - (18) (675)
Net reduction/ addition to equity shareholders' funds (124) 61 (450)
Opening equity shareholders' funds 18,599 19,049 19,049
Closing equity shareholders' funds 18,475 19,110 18,599
6. Reconciliation of operating loss to net cash outflow from operating
activities
Neither audited Neither audited
nor reviewed nor reviewed
Six months Six months
ended ended
30 September 30 September Audited
2004 2003 Year ended
£'000 £'000 31 March 2004
£'000
Operating loss (70) (443) (1,603)
Amortisation of goodwill - - 100
Depreciation 157 90 322
Amounts written off investment properties - - 59
Profit/ loss on sale of fixed assets (7) (29) 42
Increase in stocks (2,402) (6,112) (8,850)
Decrease in debtors 983 1,436 1,451
Increase in creditors 921 631 27
Net cash outflow from operating activities (418) (4,427) (8,452)
7. Reconciliation of net cash flow to movement in net debt
Neither audited Neither audited
nor reviewed nor reviewed
Six months Six months
ended ended
30 September 30 September Audited
2004 2003 Year ended
£'000 £'000 31 March 2004
£'000
Increase/(decrease) in cash in the period/year 320 (1,763) (3,135)
Cash outflow/(inflow) from decrease/(increase) in debt 249 (5,254) (6,915)
Change in net debt resulting from cash flows 569 (7,017) (10,050)
Net debt brought forward (11,834) (1,784) (1,784)
Net debt carried forward (11,265) (8,801) (11,834)
8. Analysis of net debt
At
At 1 April Cash 30 September
2004 flows 2004
£'000 £'000 £'000
Cash 2,212 (150) 2,062
Bank overdrafts (564) 470 (94)
1,648 320 1,968
Debt due within one year (660) (120) (780)
Debt due after one year (12,822) 369 (12,453)
Total (11,834) 569 (11,265)
9. Copies of this statement are being sent to all shareholders and
are available to the public for collection at the company's Registered Office at
94-96 Great North Road, London N2 0NL.
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