Final Results
Victoria PLC
23 June 2005
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Thursday, 23 June 2005
Embargoed: 7.00am
Victoria P.L.C.
Manufacturers of carpet and carpet yarns through operations
in the UK, Australia, Ireland and Canada
Preliminary Results for the year ended 2 April 2005
2005 2004
Turnover £53.2m £54.6m
Operating Profit on Continuing activities £3.73m £4.75m
Profit before tax on Continuing activities £3.07m £4.19m
Loss before tax on Discontinued Axminster activities £(1.84)m -
Maintained dividend reflects confidence in underlying business 11.5p 11.5p
UK and Irish business impacted by decline in consumer confidence and spending.
Axminster closure announced in February completed within budget.
Investment and initiatives in Australia result in steady performances from this
region despite market challenges.
New strategy for the Canadian business starting to produce both sales and profit
growth.
Acceleration of new product launches providing interest to retailers and customers
in an otherwise flat market.
On-going investment and new products will enable Victoria to see a profitable
growth in sales despite the forecast market conditions.
'This has been a difficult year, that has seen the demise of several of our
competitors and in which we have experienced tougher conditions in each of our
main markets. We have worked hard to maintain and develop our core business and
have taken the necessary action to deal with the losses we were incurring in
Axminster weaving.'
'With an economic outlook for the UK, Australia and Ireland that is, at best,
flat, we do not foresee the return of more favourable economic conditions during
this financial year. However, even in this climate, we believe we are able to
deliver profitable growth through a continuing concentration on customer service
and an acceleration in the introduction of new product ranges.'
R M Gilbert, Chairman
FULL STATEMENT ATTACHED
Enquiries:
Alan Bullock, Group Managing Director
Mark Lee, Group Finance Director Fiona Tooley/Katie Dale
Victoria P.L.C. Citigate Dewe Rogerson
Today: 01562 749640 Today: 01562 749640 up to 12 noon
Mobile: 07785 325701 (AB) Thereafter: 0121 455 8370
www.victoria.plc.uk Mobile: 07785 703523 (FMT)
-2-
Victoria P.L.C.
Preliminary Results for the year ended 2 April 2005
STATEMENT BY THE CHAIRMAN, R M GILBERT
This has been a difficult year, that has seen the demise of several of our
competitors and in which we have experienced tougher conditions in each of our
main markets. We have worked hard to maintain and develop our core business and
have taken the necessary action to deal with the losses we were incurring in
Axminster weaving.
Results
Turnover of £53.2 million in this 52 week period was 2.6% lower than the
previous 53 week period. Discontinued activities produced a pre-tax loss of
£1.84 million. Operating profit on continuing operations was £3.73 million
(2004: £4.75 million), and profit before tax on continuing operations was £3.07
million (2004: £4.19 million).
Operations
In the UK, we saw a slowdown in consumer demand, particularly in the second half
of the year, as consumers started to rein back their expenditure in the face of
falling house prices, higher fuel costs and the prospect of increasing taxes.
The Irish consumer market was also tough, although the contract market was
steadier.
In the UK and Ireland, we also saw an acceleration in the market penetration of
the low-cost foreign producers of Axminster carpet. As a result of this, we
recognised that we were unlikely to again make acceptable returns from our UK
manufacturing base, and took the difficult decision to discontinue Axminster
weaving which had been part of our business for over 50 years. The Board was
extremely sad that it had to take this decision which affected the livelihoods
of so many loyal and skilled people. The decision was announced in February with
an anticipation that the cost of closure would run to £1.2 million. The
necessary redundancies and arrangements for the plant to be sold were made by
the end of March. These accounts include the full anticipated effect of closure
and show an exceptional charge of £998,000, which is less than we had originally
expected.
Turnover from the UK and Irish operations was £30.99 million, compared to last
year's £32.22 million. Including the discontinued activities and the exceptional
costs of discontinuance, the UK and Ireland operations made a pre-tax loss of
£1.27 million (2004: £1.17 million profit).
More importantly, the continuing operations in the UK and Ireland remained
profitable with a pre-tax profit of £0.58 million.
In Australia, the buoyant economic conditions that had prevailed in recent years
came to an end. Notwithstanding this, in what became a highly competitive
marketplace, we managed to maintain our turnover at 99% of last year's level.
However, this was to some extent at the expense of margin, and we saw pre-tax
profits from our Australian operation slightly lower at £2.43 million (2004:
£2.99 million).
In Canada, our associated company, Colin Campbell & Sons, enjoyed a good year
with solid growth in both turnover and contribution to our Group profits.
Dividend
Despite the reduction in headline profits and earnings, we remain confident
about our underlying business. Therefore, your Board is pleased to recommend a
maintained year-end dividend of 11.5p per share.
The proposed dividend is 2.7 times covered by earnings from continuing
activities. Subject to approval at the AGM, the dividend will be paid on 1
August 2005 to members on the register at 1 July 2005.
continued...
-3-
Employees
I would like to thank everyone who has worked in our Group during the year for
their contribution to the award-winning products and service levels we have
continued to provide to our customers.
Outlook
With an economic outlook for the UK, Australia and Ireland that is, at best,
flat, we do not foresee the return of more favourable economic conditions during
this financial year.
However, even in this climate, we believe we are able to deliver profitable
growth through a continuing concentration on customer service and an
acceleration in the introduction of new product ranges.
-4-
Victoria P.L.C.
Preliminary Results for the year ended 2 April 2005
OPERATING REVIEW BY THE GROUP MANAGING DIRECTOR, ALAN BULLOCK
Following on from the previous year's record results, the Group has had to face
difficult market conditions in all areas in which it operates. Indeed, market
conditions have perhaps been worse than we have experienced over the past
decade.
United Kingdom
Victoria Carpets in the UK had a difficult year, impacted by a decline in
consumer confidence and reduced levels of consumer spending.
During the course of the year there has been a steady and constant stream of
casualties from within both the manufacturing and distribution sector of the
carpet industry. All of this has resulted in an over supply of carpet at reduced
prices into an already depressed market.
At the same time as facing the downturn in our domestic market, we have also had
to contend with an increase in import penetration from low cost manufacturers.
Our strategy to develop a competitive advantage with our own national delivery
fleet was launched early in 2004. This was timely in the face of the demise of
Carpet Express at the end of 2004 and has allowed us to maintain and continue to
improve our high service levels to customers and to guarantee a secure delivery
system.
With effect from August 2004, we expanded our fleet to cover the whole of the UK
mainland and this also enabled us to enter a five year service agreement to
carry and distribute carpets for Greendale Carpets, the UK's foremost
Independent Retail Buying Group.
Coincidentally, I am pleased to advise you that Victoria Carpets received the
accolade for the third year in succession as Service Provider of the Year to the
Greendale Group. We are grateful for this recognition and it reflects well on
our business.
Home sales in the United Kingdom were down from £24.6m to £21.7m, with most of
that decline coming from a fall-off in trade within the wholesale distribution
channel, particularly to other carpet manufacturers who have been buying in
product from us for resale.
Export Sales increased well during the year from £5.12m to £6.31m, with sales
more than doubling to the USA and significantly up to our own subsidiary company
in Ireland.
Operationally, at Victoria Carpets, March 2005 saw the closure of Axminster
weaving at the company after over 50 years of production. The company could no
longer see the department making a profit or indeed a reasonable contribution to
overheads and took the decision to concentrate fully on the modern Tufted and
specialist Wilton sides of our business.
The costs of closure at £998,000 were below the £1.2 million estimate in our
February 2005 announcement, with slightly fewer redundancies being made than
envisaged and reasonable values being achieved for disposal of plant, equipment
and stock.
Westwood Yarns, in Yorkshire, was kept fully utilised throughout the year, with
94% of the capacity being used by Victoria Carpets in the UK.
During the year several smaller projects have been successfully completed at
Westwood's all aimed at maximising capacity and the quality of the dry woollen
spun yarns produced.
continued...
-5-
Ireland
The Group's progress in Ireland during the past twelve months has been good,
although at this stage, the full benefits of the Navan acquisition we made in
July 2003 have still to feed through to the bottom line.
Munster Carpets, which we acquired in 2002, specialising predominantly in the
contract carpet market, enjoyed a good year. Sales and profits were up strongly
on the previous year as the investment we have been making on product and
marketing initiatives bore fruit.
Navan Carpets had a more difficult time, having to contend with a depressed
market for residential carpet, somewhat similar to that we experienced in the
UK.
The year was spent repositioning the product portfolio with the launch or
repatterning of 20 carpet ranges since acquisition. The abnormally high cost of
patterning, which we always write off in the year of launch, impacted Navan's
bottom line result.
Overall, Munster and Navan are re-establishing their presence in the Irish
marketplace and, as we expand more and more of Victoria's UK product portfolio
through our Irish brands, greater benefits can reasonably be expected for the
Group.
Australia
As predicted in last year's Operating Review, the Australian economy became less
buoyant and, as the economy slowed, the housing and property market cooled, with
consumers cutting back on retail expenditure.
Despite this, I am pleased to report that our Australian business completed
another successful year's trading, very much in line with our expectations.
In a market which was significantly quieter, sales for the year were maintained
at almost the level achieved in the previous record year. Margins, however,
during the year were adversely affected by the predatory pricing of our
competitors and by the rise in the level of imported synthetic carpets.
Under a new Free Trade Agreement between Australia and the United States of
America, imports from the USA since January 2005 attract a duty rate of only 8%,
down from a previous 15% level. Imports of carpet into Australia are growing and
now account for around 20% of the market. However, this growth is mainly in the
synthetic end of the market and as we operate primarily in the wool and wool
rich segment, we believe that this and other strategies we have should help
protect us from import penetration.
External carpet yarn sales were up in the year, which helped offset the slight
reduction in carpet sales. Overall sales for the year were A$54.2 million
compared to A$54.0 million last year.
Net Profit before tax was 17% lower at A$5.95 million.
We believe that this is an excellent achievement given the extent of the market
downturn and the news coming out of competitors over recent months.
During the year we have continued to invest in new tufting and finishing
equipment at our Dandenong carpet manufacturing plant. A further two high speed
Tufters featuring the very latest technology have been added, along with
sophisticated finishing equipment. We continue to invest in the latest high
productivity machinery to enable us to remain competitive and to offer our
customers products of differentiation, keeping us at the forefront of carpet
manufacturing in Australia.
Both of the spinning mills at Castlemaine and Bendigo have performed well during
the past year, producing quality yarn for both our own usage and for some
existing external customers.
continued...
-6-
Victoria's principal sales market remains Australia; however, the Company has
made good progress in its export activities, particularly to New Zealand, where
we have opened stocking warehousing facilities during the past year, which have
enabled us to increase our sales by 27% on the back of higher levels of service
to our customers.
Canada
Colin Campbell & Sons, our associate company in Canada has enjoyed a good year,
with the new strategy now starting to deliver good top line sales growth and
bottom line profits.
Sales in the year were increased by 27% to C$7.1 million, with almost C$1
million of rug sales being added to our existing broadloom business. During the
year Campbell's also launched a new initiative called 'Urban Line' which is a
programme of Wool products, aimed at expanding its distribution business to the
carpet retailers in Western Canada.
Campbell's have also recently significantly expanded their showroom in Calgary,
with the additional square footage allowing us greater scope to develop still
further our profitable rug sales in Alberta.
The Western Canadian economy in the high-end residential and contract markets is
so far proving resilient to the economic downturn we are experiencing in other
parts of the world, which may well be as a result of a strong Oil Industry as
well as expansion plans for the Winter Olympics scheduled to be held in
Vancouver in 2010.
Outlook
In the United Kingdom we feel that the slow-down in the housing market, worries
about pensions and possible tax increases are all likely to see consumers
spending less and reducing borrowings. We are certainly assuming that the market
will continue to be difficult for the rest of 2005 and possibly well into 2006.
There are, however, we believe, some positive features that are likely to
influence and affect our success in the forthcoming year:
• The shake-out of weaker players that has occurred over the last two
years, leaving retailers looking to dependable, quality manufacturers.
• The reliable service to customers provided by our national delivery
fleet.
• The acceleration of our new product launch programme, providing interest
for retailers and their customers in an otherwise flat marketplace
We believe that the strength of the investment and of these new products will
enable us to see growth in sales in this year irrespective of the overall market
conditions.
In Ireland, we expect to benefit from the recently expanded product offering
from Munster Carpets, whilst at Navan Carpets, who are more dependent on the
residential market, the market conditions are likely to remain similar to those
to be faced in the UK. Most of the new products being launched in the UK will
also be channelled through Navan into the Irish market and as we rebuild sales
Navan should start to make the kind of returns to which we aspire.
We envisage Westwood Yarns being kept busy on the back of both existing and new
products. We are currently installing additional plant, which will provide
additional capacity and increased productivity.
The economic picture in Australia at the moment is still of a difficult market.
Aggressive price discounting by our competitors and growing imports are likely
to persist for a time yet, but we again have a good track record of managing
well in difficult conditions and have the team, the products and the
infrastructure to make the best out of whatever conditions the market throws at
us.
In our associate company in Canada we are looking at a continuing growth in
sales and profitability.
-7-
Victoria P.L.C.
Preliminary Results for the year ended 2 April 2005
FINANCIAL REVIEW BY THE GROUP FINANCE DIRECTOR, MARK LEE
Summary of Results
The Group results for the current year show a 2.6% fall in turnover to £53.2
million (2004: £54.6 million) and a fall in pre-tax profits from £4.19 million
last year to £1.23 million this year. However, these results contain the pre-tax
loss of £1.84 million from the discontinued Axminster manufacturing activity.
Stripped of this amount, the pre-tax profit from continuing activities was £3.07
million.
Turnover and Operating Profits
Discontinued operations - Axminster weaving
Following the closure of our Axminster weaving department, Axminster
manufacturing is shown in the Group profit and loss account as a discontinued
activity, which highlights the significant pre-tax loss of £1.84 million from
this activity in the year, including the exceptional closure cost of £998,000.
The closure cost represents redundancy payments and write-down of stock and
plant. The sale of plant and release of working capital will more than cover the
cash costs of closure and will release funds that will be redeployed in our
profitable activities.
UK & Ireland - Continuing activities
The UK and Irish domestic markets became markedly slower in the second half of
the financial year, as both consumer spending and activity in the housing market
were affected by lower consumer confidence. We warned in September 2004 that the
market was showing reduced activity, and explained in the interim statement in
late November that sales were not up to the levels of the previous year. This
remained the picture up to the end of the financial year in March.
Turnover from the continuing activities in the UK and Ireland was down 3.85% at
£30.99 million (2004: £32.23 million).
Transport and distribution costs rose following the demise of Carpet Express
during the year, as we increased the size of our own transport fleet to cover
over 90% of our sales to the UK mainland. This cost increase is offset to an
extent by the increasing transport and logistics revenues we are receiving from
third parties.
Operating profits from the continuing activities in the UK and Ireland were
£1.04 million (2004: £1.48 million).
Australia
The Australian economy cooled considerably during the year, in comparison to the
boom the year before, which reduced consumer demand for carpet, leading to
heightened price competition between suppliers. We worked hard to maintain sales
and, as a result, our turnover was virtually level at A$54.2 million (2004:
A$54.0 million), but our operating profit margin fell from 14.6% to 12.1% and
operating profit dropped from A$7.89 million to A$6.57 million.
Grants under the Australian Government's Strategic Investment Programme
accounted for A$1.06 million of operating profit, compared to A$1.37 million the
previous year when we benefited considerably from grants arising from our
investment in the Bendigo Spinning Mill.
Interest
Interest costs increased from £0.59 million to £0.75 million due to a slightly
higher average level of debt during the year, and the effects of increased
interest rates in each of the Group's main currencies.
continued...
-8-
Share of Profits and Associated Company
The implementation of the new strategy started to show positive results at Colin
Campbell and Sons, our 50% Associate in Canada. Turnover increased by 27% and
the Group's share of pre-tax profit increased to £61,000 (2004: £19,000).
Exceptional Closure Costs
As described above, £998,000 has been charged in the profit and loss account as
an exceptional cost of closing our Axminster weaving operations.
Profit before taxation
Profit before tax for the year was £1.23 million (2004: £4.19 million). Of this,
the loss before taxation on the discontinued activity was £1.84 million. After
separating this out, the profit before tax on continuing operations was £3.07
million.
Tax
The overall tax charge for the year was an effective rate of 31.7%, slightly
higher than recent years. The effective tax charge on continuing activities was
30.0%.
Earnings per Share
Earnings attributable to shareholders were 12.08 pence per share. The
discontinued activities generated a loss of 18.88p per share, but adjusted
earnings (i.e. earnings from continuing activities) were a positive 30.96p per
share.
Dividend
A final dividend of 11.5p per share is proposed in respect of the year. The
dividend is 2.7 times covered by the earnings from continuing operations.
Financing
The Group balance sheet remains strong with net assets of £25.26 million
representing 364 pence per share (2004: £25.33 million and 365 pence per share).
Net borrowings at the year end were £11.92 million, and net gearing was 47.2%
(2004: £11.16 million and 44%). Borrowings are expected to reduce as the capital
that had been tied up in the discontinued Axminster manufacturing activity is
returned in cash.
There was a net cash outflow of £731,000 during the year before financing (2004:
£2,686,000).
Accounting Standards and Policies
The Group's accounting policies are unchanged from last year.
This is the last set of Victoria P.L.C. accounts that will be prepared under UK
GAAP, and starting with the interim accounts for the six months to September
2005, we will be reporting under International GAAP, following the International
Accounting Standards and International Financial Reporting Standards approved by
the EU.
Our work on preparing for the changeover is well advanced and we expect to
publish an opening balance sheet (as at 3 April 2004) and comparative Profit and
Loss statements in advance of our interim results announcement which will be in
late November.
-9-
Victoria P.L.C.
Preliminary Results for the year ended 2 April 2005
GROUP PROFIT AND LOSS ACCOUNT
Notes 52 weeks ended 2 April 53 weeks ended
Discontinued Continuing 3 April 2004
Operations Operations
2005 2005 2005
£'000 £'000 £'000 £'000
---------------------------------------------------------------------------------------
Turnover 1 3,302 49,880 53,182 54,622
Cost of sales (3,516) (34,669) (38,185) (38,808)
---------------------------------------------------------------------------------------
Gross profit (214) 15,211 14,997 15,814
Distribution costs (516) (9,708) (10,224) (8,948)
Administrative expenses (87) (2,815) (2,902) (3,199)
Other operating income - 1,040 1,040 1,085
---------------------------------------------------------------------------------------
Operating profit (817) 3,728 2,911 4,752
Exceptional cost of
discontinuance (998) - (998) -
Interest payable and
similar charges (27) (718) (745) (586)
Share of profits of
associated undertaking - 61 61 19
---------------------------------------------------------------------------------------
Profit on ordinary
activities before
taxation (1,842) 3,071 1,229 4,185
Taxation 531 (921) (390) (1,180)
---------------------------------------------------------------------------------------
Profit after taxation (1,311) 2,150 839 3,005
Dividends paid and
proposed - (799) (799) (799)
---------------------------------------------------------------------------------------
Retained profit (1,311) 1,351 40 2,206
---------------------------------------------------------------------------------------
Earnings per share -
basic and diluted (18.88)p 30.96p 12.08p 43.28p
---------------------------------------------------------------------------------------
Statement of Total Recognised Gains and Losses
2005 2004
£'000 £'000
---------------------------------------------------------------------------------------
Profit after taxation 839 3,005
Currency translation differences on foreign currency net
investments (113) 673
---------------------------------------------------------------------------------------
Total gains relating to the year 726 3,678
---------------------------------------------------------------------------------------
Total gains recognised since last annual report 726 3,678
---------------------------------------------------------------------------------------
Note of Historical Cost Profits and Losses
2005 2004
£'000 £'000
---------------------------------------------------------------------------------------
Reported profit on ordinary activities before taxation 1,229 4,185
---------------------------------------------------------------------------------------
Historical cost profit on ordinary activities before 1,229 4,185
taxation
---------------------------------------------------------------------------------------
Historical cost profit for the year retained after
taxation 40 2,206
and dividends
---------------------------------------------------------------------------------------
-10-
Victoria P.L.C.
Preliminary Results for the year ended 2 April 2005
CONSOLIDATED BALANCE SHEET
2 April 2005 3 April 2004
£'000 £'000
-------------------------------------------------------------------------------
Fixed assets
Intangible assets 545 563
Tangible assets 22,925 23,592
Investments 354 306
-------------------------------------------------------------------------------
23,824 24,461
-------------------------------------------------------------------------------
Current assets
Stock 14,686 14,908
Debtors 9,648 9,795
Cash at bank and in hand 369 308
--------------------------------------------------------------------------------
24,703 25,011
--------------------------------------------------------------------------------
Less: current liabilities
Creditors - amounts falling due within one year 16,268 16,052
--------------------------------------------------------------------------------
Net current assets 8,435 8,959
--------------------------------------------------------------------------------
Total assets less current liabilities 32,259 33,420
Less: creditors - amounts falling due after more
than one year 6,104 7,033
Provisions for liabilities - deferred taxation 897 1,056
--------------------------------------------------------------------------------
Net assets 25,258 25,331
--------------------------------------------------------------------------------
Capital and reserves (equity)
Share capital 1,736 1,736
Share premium 829 829
Revaluation reserve 2,132 2,144
Profit and loss account 20,561 20,622
--------------------------------------------------------------------------------
Total shareholders' funds 25,258 25,331
--------------------------------------------------------------------------------
-11-
Victoria P.L.C.
Preliminary Results for the year ended 2 April 2005
GROUP CASH FLOW STATEMENT
Note 52 weeks ended 53 weeks ended
2 April 2005 3 April 2004
£'000 £'000 £'000 £'000
--------------------------------------------------------------------------------
Net cash inflow from operating
activities 2 3,622 4,460
Returns on investment and servicing
of finance
Interest paid (519) (357)
Interest element of finance lease and
hire purchase payments (226) (229)
------ -------
(745) (586)
Taxation
UK Corporation Tax paid 191 (271)
Overseas tax paid (1,196) (985)
------ -------
(1,005) (1,256)
Capital expenditure and financial
investment
Payments to acquire tangible fixed
assets (1,962) (3,303)
Receipts from sales of tangible fixed
assets 158 70
------- -------
(1,804) (3,233)
Acquisitions
Payments to acquire the assets of a
trade or business - (1,446)
--------------------------------------------------------------------------------
68 (2,061)
Equity dividends paid (799) (625)
--------------------------------------------------------------------------------
(731) (2,686)
Financing
Increase/(decrease) in long-term
loans 340 (457)
Capital element of finance lease and
hire purchase payments (1,093) (923)
Receipts from financing of assets 124 1,375
------- -------
(629) (5)
--------------------------------------------------------------------------------
Decrease in cash (1,360) (2,691)
--------------------------------------------------------------------------------
-12-
Victoria P.L.C.
Preliminary Results for the year ended 2 April 2005
NOTES
1. ANALYSIS OF GROUP TURNOVER AND PROFIT
The turnover, contribution to profit and net assets are geographically spread as
follows:
52 weeks ended 53 weeks ended
2 April 2005 3 April 2004
Profit on Profit on
ordinary ordinary
Turnover activities Net assets Turnover activities Net assets
£'000 £'000 £'000 £'000 £'000 £'000
---------------------------------------------------------------------------------------
United Kingdom
& Ireland 30,993 (1,266) 13,008 32,225 1,173 14,066
Australia &
New Zealand 22,189 2,434 11,896 22,397 2,993 10,959
Canada - 61 354 - 19 306
---------------------------------------------------------------------------------------
53,182 1,229 25,258 54,622 4,185 25,331
---------------------------------------------------------------------------------------
The above results include the Axminster activities discontinued in the year
ended 2 April 2005. Apart from this all results are derived from continuing
operations.
2. EXCEPTIONAL ITEMS
The exceptional item relates to the discontinuance of Axminster weaving within
the Group. The results of the Axminster weaving department of Victoria Carpets
Limited are shown in the 'Discontinued Activities' column on the face of the
consolidated profit and loss account.
The exceptional item is made up as follows:
£'000
--------------------------------------------------------------------------------
Redundancy costs 438
Write-down of plant and machinery 127
Write-down of stocks 433
--------------------------------------------------------------------------------
998
--------------------------------------------------------------------------------
The exceptional item reduced the amount charged to the profit and loss account
for taxation by £278,000.
3. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
2005 2004
£'000 £'000
--------------------------------------------------------------------------------
Operating profit 2,911 4,752
Exceptional cost of Axminster weaving discontinuation (998) -
Depreciation and amortisation 2,427 2,094
(Profit)/loss on sale of fixed assets (57) 13
Decrease/(increase) in stocks 222 (3,111)
Decrease/(increase) in debtors 292 (443)
(Decrease)/increase in creditors (1,209) 897
Exchange rate difference on consolidation 34 258
--------------------------------------------------------------------------------
Net cash inflow from operating activities 3,622 4,460
--------------------------------------------------------------------------------
continued...
-13-
4. RATES OF EXCHANGE
The following year-end exchange rates have been used:
Australia: A$2.4441 to one pound sterling (2004: A$2.4099)
Euro: €1.4573 to one pound sterling (2004: €1.5074)
Canada: C$2.2940 to one pound sterling (2004: C$2.4101
5. The Report & Accounts will be posted to shareholders on 28 June 2005. Further
copies will be available from the Company's Registered Office: Worcester Road,
Kidderminster, Worcestershire, DY10 1HL or via the website www.victoria.plc.uk.
6. The Annual General Meeting is being held at the Registered Office of the
Company, as above, at 2.30pm on Tuesday, 26 July 2005.
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