Interim Results

Senior PLC 6 September 2001 Thursday 6 September 2001 Senior plc Interim Results for the half-year ended 30 June 2001 HIGHLIGHTS Half-year to 30 June 2001 2000 Turnover from continuing operations £242.6m £240.7m Operating profit from continuing operations - before exceptional items and goodwill £20.8m £27.0m amortisation - after exceptional items and goodwill £17.7m £11.1m amortisation Free cashflow - pre dividends and disposal of £6.5m (£5.8m) businesses Net borrowings £148.3m £162.3m Shareholders' funds £127.9m £120.1m Earnings per share based on profit before goodwill amortisation and disposal of businesses 3.83p 2.01p Interim dividend per share 1.84p 1.84p * Aerospace - Growth in sales and operating profit. Solid prospects for second half. * Automotive - North American de-stocking reduced sales and operating profits significantly. Market now stabilised but short term economic climate uncertain. * Specialised - Achieved disposals of Polenz (Germany), Senior Air Industrial Systems (UK) and the Group's 20% holding in Techno Flex (Japan). Trading slowdown seen in North America. Note to Editors: Senior is an international manufacturing group with annual sales of nearly £500m and with operations in 18 countries. Senior designs, manufactures and markets high technology components and systems for the principal original equipment producers in the worldwide aerospace, automotive and specialised industrial markets. Senior's policy is to enhance shareholder value by improving operating performance and customer service levels and by developing its market position in the global aerospace and automotive industries. For further information please contact: Senior plc Graham Menzies, Group Chief Executive 01923 714702 Mark Rollins, Group Finance Director 01923 714738 Finsbury Group James Murgatroyd/Morgan Bone 020 7251 3801 Internet users will be able to view this announcement, together with other information about Senior plc, on the web site: www.seniorplc.com You may receive future Senior plc News Releases by post, fax or e-mail. If you would like to change from the current method please contact Lisa Johnstone at Finsbury Group, at the telephone number above, or e-mail your request to her at Lisa.Johnstone@finsbury.com. Senior plc Chairman's Statement The Group continues its strategy of focusing on the Aerospace and Automotive markets and reducing net debt through the orderly disposal of operations within the Specialised Industrial Division. The recovery programme put in place by Graham Menzies in May 2000, following his appointment as Chief Executive, is producing positive results, with an important strengthening of management in the individual businesses and a change in management culture throughout the Group. In the six months to 30 June 2001, the Group generated a small improvement in sales, up from £240.7m in the first half of 2000 to £242.6m this year. Operating profits from continuing operations after exceptional items and goodwill amortisation increased by 59% to £17.7m (2000 : £11.1m), largely due to the absence of exceptional costs. Underlying profits, reflecting the difficult trading conditions in the US automotive market, were £20.8m against £27.0m last year. In the Aerospace Division, the Group continues to improve its market position and operating results. The emphasis has been on the further integration of the Division's operations including the formation of a global marketing organisation which will help drive organic growth. The Automotive Division management took early action to control costs ahead of the downturn, in what continues to be a difficult US automotive market, while pressing ahead with the development of the automotive operations elsewhere. At the Annual General Meeting in May, Dr Alan Watkins stood down after five years as Chairman, having served on the Board since 1993. On behalf of the Company, I thank Dr Watkins for his loyal and industrious leadership of the Company through a period of major change. I should also like to thank John Hudson who retired at the same time after ten years of robust and valuable service as a non-executive director. I became Chairman on Dr Watkins' retirement, and welcome to the Board Martin Clark who joined the Group as a non-executive director on 1 February 2001. The Board has declared an unchanged interim dividend of 1.84p per share which will be paid on 30 November 2001 to shareholders on the register on 2 November 2001. Outlook With the tougher economic conditions, the short term market outlook is expected to be challenging, but the Board believes that with the vigorous business improvement and cost reduction programmes Senior is carrying out, it is well placed to benefit in the near term from its expanding presence in the Aerospace industry and in the medium term from its market position in the Automotive industry. James Kerr-Muir Chairman 6 September 2001 Senior plc Chief Executive's Review Overview In the six months to 30 June, 2001 management emphasis has been on further integrating the Group's aerospace operations, by forming a global customer focused marketing organisation to drive organic growth, and on managing the North American Automotive operation through a worsening economic climate. The Group continues to focus on its Aerospace and Automotive businesses and on reducing its debt with the successful disposal of three Specialised Industrial operations in the period demonstrating continued progress towards the Group's strategic objectives. Financial Results Sales from continuing operations were up 0.8% to £242.6m (2000 : £240.7m) reflecting an improved performance from Aerospace offset by a reduction in Automotive, largely due to customer de-stocking in North America. As a result of this mix change, operating profits from continuing operations, before exceptional costs and goodwill amortisation, decreased by 23.0% to £20.8m (2000 : £27.0m). The results include favourable currency benefits of £11.5m on sales and £1.4m at operating profit level. The Group's operating margin on continuing operations decreased to 8.6% (2000 : 11.2%). However, in the absence of exceptional items (2000 : £12.9m), operating profits from continuing operations after exceptional items and goodwill amortisation increased by 59% to £17.7m (2000 : £11.1m). The Group disposed of three Specialised Industrial operations in the period, incurring a loss on disposal of discontinued operations of £1.1m (including £ 3.5m of goodwill previously written off to reserves) and a £1.7m loss on disposal of its associated undertaking. The operations disposed of were Polenz (Germany) in March for a total consideration of £6.1m, Senior Air Systems (UK) in June for £1.5m and the Group's 20% holding in its associate company, Techno Flex (Japan), in June for £5.8m. The consideration for Techno Flex was received on 13 July. Other than Techno Flex, which was accounted for as an associate company, the results of the disposed operations, as well as those of Nordklima/KesslerTech, which was sold in July 2000, have been reported as discontinued operations: sales £7.5m (2000 : £19.6m); operating loss after exceptional items of £0.1m (2000 : £2.0m loss). After the losses on disposal, the Group reported a profit before tax of £9.7m against the £10.6m loss before tax in the first half of 2000. With an underlying tax charge of 25% of taxable profits (2000 : 26%), underlying earnings per share (excluding goodwill amortisation and losses on disposal of businesses but including exceptional costs) is 3.83p, an increase of 91% over the same period last year (2000 : 2.01p). Free cash flow (cash flow from operations after net capital expenditure, interest and tax but before acquisitions, disposals and dividend payments) was a £6.5m inflow (2000 : £5.8m outflow). Improved operating profits and a £5.6m reduction in tax paid were responsible for most of the improvement. Net capital expenditure was £7.1m (2000 : £8.7m). Cash flow benefited from a net inflow of £6.2m from disposals (2000 : £nil) such that after paying the prior year's final dividend of £9.3m (2000 : £ 9.3m), the overall cash flow was a £3.0m inflow, an improvement of £18.7m over the same period in 2000 (2000 : £15.7m outflow). With the majority of the Group's borrowings being denominated in US$, as a match to its US$ assets, the strengthening US$ resulted in an adverse currency impact of £4.8m (2000 : £ 5.8m). The Group's net debt at the period end was £148.3m (June 2000 : £ 162.3m; December 2000 : £146.5m). Interest cover on operating profits after exceptional costs but before goodwill amortisation and losses on disposal of businesses was 3.9 times (2000 : 2.9 times). Aerospace Sales in the Aerospace Division, now representing 42% of the Group's sales from continuing businesses, increased by 12.9% to £101.6m (2000 : £90.0m). The Division benefited from the healthy regional jet market and increased volumes from GE and Rolls-Royce, as well as the translation effect of the strengthening US$. The Division's operating profit, before exceptional costs and goodwill amortisation, increased by 6.3% to £10.2m (2000 : £9.6m) after incurring £0.7m of start up costs associated with the new Mexican Aerospace facility. This facility is now ramping up to full production levels and its high quality but low cost manufacturing base offers excellent future potential. In addition to commissioning the Mexican facility, the Group announced that it is to invest in new production facilities at BWT to increase capacity to meet growing customer demand, and at Ermeto to consolidate its facilities to improve efficiency and provide capacity for future growth. The majority of the operations within the Aerospace Division were brought into the Group by way of acquisition over the past few years and, until recently, operated on a largely autonomous basis. The individual operations were put under the single global marketing identity of Senior Aerospace during the first half of the year with the launch of the new organisation taking place at the Paris Air Show during June. The new organisation has been well received by our customers and is expected to contribute significantly to realising the organic growth potential of the Division. Automotive Sales in the Automotive Division declined by 14.0% to £72.9m (2000 : £84.8m). This was principally due to the performance in North America, where sales were down 22.7% (£13.3m) as a result of customers reducing inventories of finished vehicles, and the volume reduction caused by a major US customer's decision, effective in the second half of 2000, to temporarily remove the AIR tube from a number of its platforms. Outside North America, sales were up, with the operation in France producing an increase of 28.2% (£2.4m) as a result of increasing demand for diesel tube sets for 'common rail' applications. Operating profits for the Division, before exceptional costs and goodwill amortisation, declined by 46.9% to £7.7m (2000 : £14.5m), primarily as a result of the significant sales shortfall in the North American operation. In addition, the sales increase in the French operation did not result in improved profitability as the business continued to bear the costs of the introduction of new programmes. This position is expected to improve once the new Czech facility is in full production in early 2002, when it will increasingly accommodate the higher labour content programmes currently being manufactured elsewhere. The Division's existing low cost operations in Brazil, India and South Africa all improved their operating performances. Specialised Industrial Following disposals, sales of the Specialised Industrial Division now represent 28% of the Group's sales from continuing businesses. On a comparative basis sales from continuing businesses marginally increased by 3.3% to £68.9m (2000 : £66.7m). Divisional operating profits on continuing operations, before exceptional costs and goodwill amortisation, were unchanged at £2.9m as modest improvements in the European operations offset a decline in North America where the semi-conductor and steel industries are very weak. Pathway, however, benefited from the strong power generation market and recorded a much improved result. Major efforts to improve the performances of these businesses continue, both to benefit the Group's short-term earnings performance and to enhance their disposal values. The disposal programme continues, on a company by company basis. Future Prospects Volumes of civil aircraft being manufactured continue at healthy levels, although there are signs that the rate of growth will ease through 2002, particularly if the North American economy fails to improve in the near term. Against this background, Senior's Aerospace operations, with their new global market approach, are anticipated to gain market share and to improve overall operating performance. Ketema, representing a quarter of the Division's sales, is attracting keen customer interest with its new manufacturing operation in Mexico. The resultant increased sales activity is now translating into an improving profit performance. Prospects for the Aerospace Division remain good. North American automotive production, which suffered significantly from de-stocking in the first half, now appears to have stabilised at levels modestly below the prior year although, with the economic outlook remaining unclear and our business being impacted by two programmes coming to an end, the outlook for the second half of the year remains challenging. In Europe, the second half results will be impacted by £0.5m of start up costs in the Czech Republic. This plant is expected to make a profit contribution next year. It will also allow the French operation to focus on the higher value added, and rapidly expanding, 'common rail' applications for diesel engines. Looking further ahead, pressures to enhance the emission, noise and vibration performance of vehicles will continue to increase and legislation has recently been introduced to tighten the emission laws in North America from 2004 onwards. Senior's automotive products and technical problem solving capabilities will enable the Group to take advantage of a number of significant longer term opportunities in this area. The performance of the Specialised Industrial Division is expected to continue to be difficult with any significant future improvement principally dependant on the timing of the upswing in the semi-conductor and steel markets as well as the return of better global economic conditions. The future results of the Division will also be affected by the ongoing disposal activity. Throughout the Group, efforts continue to improve operational efficiencies and to enhance the effectiveness of management in the subsidiary operations. Irrespective of market conditions, management endeavour is focused on finding ways to grow the business and to improve the quality, performance and value of the Group. Graham Menzies Chief Executive 6 September 2001 Senior plc Group Profit and Loss Account for the half-year ended 30 June 2001 (unaudited) Notes Half-year Half-year Year June June 2000 2001 2000 £m £m £m Turnover Total continuing operations 242.6 240.7 471.7 Discontinued operations 2 7.5 19.6 33.7 1 250.1 260.3 505.4 Operating profit before exceptional items Continuing operations 20.8 27.0 46.8 Amortisation of goodwill (3.1) (3.0) (6.1) Total continuing operations 17.7 24.0 40.7 Discontinued operations 2 (0.1) (1.1) (1.0) 17.6 22.9 39.7 Exceptional items Reorganisation - continuing - (7.4) (8.0) and rationalisation operations charges - discontinued - (0.9) (1.2) operations Other exceptional items - (5.5) (5.5) 1 - (13.8) (14.7) Total operating profit Continuing operations 17.7 11.1 27.2 Discontinued operations 2 (0.1) (2.0) (2.2) 1 17.6 9.1 25.0 Share of operating profit in 0.3 0.6 1.3 associated undertaking Amortisation of goodwill arising on (0.1) (0.1) (0.3) associated undertaking Profit on sale of fixed assets - 0.1 0.1 - continuing operations Loss on disposal of discontinued operations (including goodwill of £3.5m 3 (1.1) (15.9) (15.9) previously written off to reserves) Loss on disposal of associated 4 (1.7) - - undertaking - discontinued Profit/(loss) on ordinary activities before 15.1 (6.2) 10.1 interest and taxation Other interest receivable and 0.2 1.1 2.0 similar income Interest payable and similar charges (5.6) (5.5) (11.3) Profit/(loss) on ordinary activities 9.7 (10.6) 0.8 before taxation Tax on profit on ordinary activities 5 (3.9) (2.2) (0.5) Profit/(loss) for the financial 5.8 (12.8) 0.3 period Dividends (5.6) (5.6) (15.0) Profit/(loss) for the period 0.2 (18.4) (14.7) Earnings/(loss) per share 6 Basic 1.90p (4.17p) 0.07p Diluted 1.89p (4.17p) 0.07p Underlying 3.83p 2.01p 6.02p Dividends per share 1.84p 1.84p 4.88p Senior plc Group Balance Sheet as at 30 June 2001 (unaudited) 30 30 31 Dec June June 2001 2000 2000 £m £m £m Fixed assets Intangible assets - goodwill 111.2 114.6 112.2 Tangible assets 106.1 108.1 106.9 Investments 0.2 8.6 8.0 217.5 231.3 227.1 Current assets Stocks 58.7 64.3 60.7 Debtors: amounts falling due after more than 3.5 3.7 3.4 one year Debtors: amounts falling due within one 105.6 101.3 105.2 year Cash at bank and in hand 10.8 6.7 16.4 178.6 176.0 185.7 Creditors: amounts falling due within (116.4) (121.5) (125.5) one year Net current assets 62.2 54.5 60.2 Total assets less current liabilities 279.7 285.8 287.3 Creditors: amounts falling due after more (150.3) (163.0) (162.1) than one year Provisions for liabilities and charges (1.5) (2.6) (1.5) Net assets 127.9 120.2 123.7 Capital and reserves Called-up share capital 30.7 30.7 30.7 Share premium 3.5 3.5 3.5 Other reserves 17.7 17.7 17.7 Profit and loss account 76.0 68.2 71.7 Equity shareholders' funds 127.9 120.1 123.6 Minority interests - equity - 0.1 0.1 Total capital employed 127.9 120.2 123.7 Reconciliation of Movements in Shareholders' Funds for the half-year ended 30 June 2001 (unaudited) Half-year Half-year Year June 2001 June 2000 2000 £m £m £m At beginning of period 123.6 135.6 135.6 Profit/(loss) for the financial period 5.8 (12.8) 0.3 Dividends (5.6) (5.6) (15.0) Arising on share issues - 0.1 0.1 Goodwill previously written off 3.5 - - Currency variations 0.6 2.8 2.6 At end of period 127.9 120.1 123.6 Senior plc Group Cash Flow Statement for the half-year ended 30 June 2001 (unaudited) Notes Half-year Half-year Year June 2001 June 2000 2000 £m £m £m Net cash 7 a) 16.2 10.6 50.1 inflow from operating activities Dividend 0.1 0.1 0.2 income from associated undertaking Returns on investments and servicing of finance Interest 0.4 1.2 2.7 received Interest (5.3) (5.6) (11.4) paid Net cash outflow (4.9) (4.4) (8.7) from returns on investments and servicing of finance Taxation UK (0.3) - - corporation tax paid Overseas tax 2.6 (3.3) (4.9) recovered/ (paid) 2.3 (3.3) (4.9) Capital expenditure and financial investments Purchase of (8.0) (9.5) (17.4) tangible fixed assets Sale of 0.9 0.8 0.6 property, plant and equipment Net cash outflow (7.1) (8.7) (16.8) from capital expenditure and financial investments Acquisitions and disposals Purchase of (0.5) (0.8) (1.0) subsidiary undertakings Sale of 6.3 - (2.2) businesses Net cash (0.1) - (0.6) disposed on sale of businesses Net cash 5.7 (0.8) (3.8) inflow/ (outflow) from acquisitions and disposals Dividends (9.3) (9.3) (15.0) paid on ordinary shares Net cash 3.0 (15.8) 1.1 inflow/ (outflow) before financing Financing Share issues - 0.1 0.1 New loans 7 b) 33.8 27.8 38.9 initiated by Group Repayments 7 b) (41.6) (14.7) (34.7) of existing loans (7.8) 13.1 4.2 (Decrease)/ 7 c) (4.8) (2.6) 5.4 increase in cash in the period Group Statement of Total Recognised Gains and Losses for the half-year ended 30 June 2001 (unaudited) Half-year Half-year Year June June 2001 2000 2000 £m £m £m Profit/(loss) for the financial period 5.8 (12.8) 0.3 Currency translation differences on 0.6 2.8 2.6 overseas assets and goodwill Total recognised gains and losses 6.4 (10.0) 2.9 relating to the period There is no material difference between the profits/(losses) as reported and those profits/(losses) restated on an historical cost basis. Senior plc Notes to the Interim Financial Statements for the half-year ended 30 June 2001 (unaudited) 1. Segmental information in respect of turnover and operating profit: a) By class of business Turnover Operating profit Half-year Half-year Year Half-year Half-year Year June 2001 June 2000 2000 June 2001 June 2000 2000 £m £m £m £m £m £m Aerospace 101.6 90.0 180.5 8.4 0.5 6.8 Automotive 72.9 84.8 157.5 7.1 10.6 19.6 Specialised industrial 68.9 66.7 134.6 2.2 - 0.8 Total 243.4 241.5 472.6 17.7 11.1 27.2 Inter-segment (0.8) (0.8) (0.9) - - - sales Total continuing operations 242.6 240.7 471.7 17.7 11.1 27.2 Discontinued operations 7.5 19.6 33.7 (0.1) (2.0) (2.2) 250.1 260.3 505.4 17.6 9.1 25.0 Operating profits shown above are stated after charging £nil (2000 half-year - £13.8m; 2000 year - £14.7m) of exceptional items and £3.1m (2000 half-year - £ 3.0m; 2000 year - £6.1m) of goodwill amortisation. These are attributed to the segments as follows: Exceptional items Goodwill amortisation Half-year Half-year Year Half-year Half-year Year June 2001 June 2000 2000 June 2001 June 2000 2000 £m £m £m £m £m £m Aerospace - 7.4 7.2 1.8 1.7 3.5 Automotive - 3.3 3.1 0.6 0.6 1.2 Specialised - 2.2 3.2 0.7 0.7 1.4 industrial Total continuing operations - 12.9 13.5 3.1 3.0 6.1 Discontinued - 0.9 1.2 - - - operations - 13.8 14.7 3.1 3.0 6.1 b) By geographical market Turnover by origin Operating profit by origin Half-year Half-year Year Half-year Half-year Year June 2001 June 2000 2000 June 2001 June 2000 2000 £m £m £m £m £m £m North 158.0 161.1 313.1 13.2 10.1 24.7 America United 40.3 40.4 79.0 3.1 1.4 3.3 Kingdom Rest of 38.1 32.4 65.7 0.3 (0.7) (2.2) Europe Rest of 11.4 9.7 21.2 1.1 0.3 1.4 World Total 247.8 243.6 479.0 17.7 11.1 27.2 Inter-segment (5.2) (2.9) (7.3) - - - sales Total continuing operations 242.6 240.7 471.7 17.7 11.1 27.2 Discontinued 7.5 19.6 33.7 (0.1) (2.0) (2.2) operations 250.1 260.3 505.4 17.6 9.1 25.0 Operating profits shown above are stated after charging £nil (2000 half-year - £13.8m; 2000 year - £14.7m) of exceptional items and £3.1m (2000 half-year - £3.0m; 2000 year - £6.1m) of goodwill amortisation. These are attributed to the segments as follows: Exceptional items Goodwill amortisation Half-year Half-year Year Half-year Half-year Year June 2001 June 2000 2000 June 2001 June 2000 2000 £m £m £m £m £m £m North - 9.7 9.1 1.6 1.5 3.0 America United - 2.0 2.4 1.2 1.2 2.4 Kingdom Rest of - 0.9 1.7 0.1 0.1 0.2 Europe Rest of - 0.3 0.3 0.2 0.2 0.5 World Total continuing operations - 12.9 13.5 3.1 3.0 6.1 Discontinued operations - 0.9 1.2 - - - - 13.8 14.7 3.1 3.0 6.1 c) Total exceptional items Half-year Half-year Year June 2001 June 2000 2000 £m £m £m Reorganisation and - continuing - 7.4 8.0 rationalisation operations charges - discontinued - 0.9 1.2 operations Write-off of non contractually guaranteed - 4.0 4.0 development engineering cost Strategic review cost - 1.5 1.5 - 13.8 14.7 2. Discontinued operations reflect the turnover and operating results of Polenz GmbH, sold in March 2001, of the Senior Air Systems business, sold in June 2001 and of Nordklima Luft-und-Warmetechnik GmbH, sold in July 2000. 3. The loss on disposal of discontinued operations of £1.1m relates to the disposal of Polenz GmbH in March 2001 and of the Senior Air Systems business in June 2001. The 2000 loss on disposal of discontinued operations of £15.9m relates to the disposal of Nordklima Luft-und-Warmetechnik GmbH in July 2000 and to adjustments to the losses previously reported on the disposal of the Precision Tube companies and Thermal Engineering Division in 1999 and 1997, respectively. 4. The loss on disposal of associated undertaking of £1.7m relates to the disposal of the Group's total investment in associated undertaking, a 20% shareholding in Techno Flex Company Limited, in June 2001. 5. Tax on profit on ordinary activities for the half-year to 30 June 2001 has been charged at 25.0% on profit before amortisation of goodwill and losses on disposal of discontinued operations, being the estimated rate applicable for the year ended 31 December 2001 (2000 half-year - 26.0%; 2000 year - 20.0%), and includes £3.9m in respect of overseas taxation (2000 half-year - £ 2.2m; 2000 year - £0.2m, net of a £4.1m credit arising in respect of exceptional items). 6. The calculations of basic earnings per share and underlying earnings per share are shown below and have been based on the weighted average number of ordinary shares in issue and ranking for dividend during the period. Diluted 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 has only one category of dilutive potential ordinary shares, being those share options granted where the exercise price is less than the average price of the Company's ordinary shares during the period. The provision of an underlying earnings per share has been included to identify the performance of operations before amortisation of goodwill, profit on sale of fixed assets and losses on disposal of discontinued operations and associated undertaking. Earnings per share Earnings Half-year Half-year Year Half-year Half-year Year June 2001 June 2000 2000 June 2001 June 2000 2000 p p p £m £m £m Basic profit/(loss) on ordinary activities after taxation 1.90 (4.17) 0.07 5.8 (12.8) 0.3 Adjust: Amortisation of 1.01 0.98 1.99 3.1 3.0 6.1 goodwill Amortisation of goodwill arising on associated 0.04 0.04 0.09 0.1 0.1 0.3 undertaking Profit on sale of (0.05) (0.02) - (0.1) (0.1) - fixed assets Loss on disposal of discontinued operations 0.38 5.18 5.19 1.1 15.9 15.9 Loss on disposal of associated undertaking 0.55 - - 1.7 - - Taxation attributable to above - - (1.32) - - (4.1) adjustments Underlying 3.83 2.01 6.02 11.7 6.1 18.5 earnings Weighted average number of shares - basic 306.5m 306.4m 306.4m - diluted 307.6m 306.4m 306.8m - underlying 306.5m 306.4m 306.4m Earnings/(loss) per share - basic 1.90p (4.17p) 0.07p - diluted 1.89p (4.17p) 0.07p - underlying 3.83p 2.01p 6.02p 7. Group Cash Flow Statement a) Reconciliation of operating profit to net cash inflow from operating activities Half-year Half-year Year June June 2000 2001 2000 £m £m £m Group operating profit 17.6 9.1 25.0 Depreciation of tangible 9.5 8.9 18.3 fixed assets Amortisation of goodwill 3.1 3.0 6.1 (Increase)/decrease in (14.0) (10.4) 0.7 working capital Net cash inflow from 16.2 10.6 50.1 operating activities b) New loans initiated by Group include new draw downs under the existing revolving credit facility. Likewise, repayments of existing loans include the repayment of amounts previously drawn down under the same facility. c) Analysis of net debt At 31 Cashflow Exchange At 30 Dec June 2000 movement 2001 £m £m £m £m Cash 16.4 (5.5) (0.1) 10.8 Overdrafts (2.8) 0.7 - (2.1) 13.6 (4.8) (0.1) 8.7 Debt due within one (3.5) (8.7) - (12.2) year Debt due after one (156.2) 16.4 (4.7) (144.5) year Finance leases (0.4) 0.1 - (0.3) Total (146.5) 3.0 (4.8) (148.3) 8. These Interim Financial Statements, which were approved by the Board of Directors on 6 September 2001, have been prepared in accordance with the accounting policies set out in the Group's 2000 Annual Accounts and, in addition, reflect the adoption of Financial Reporting Standard No 18 ' Accounting Policies', the effect of which has been immaterial on the results of both the current and prior periods. These Interim Financial Statements have neither been audited nor reviewed by the Auditors. 9. The financial information for the year ended 31 December 2000 has been extracted from the statutory accounts which have been filed with the Registrar of Companies. The Auditor's report on these accounts was unqualified and did not contain any statement under Section 237 (2) or (3) of the Companies Act 1985.

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