Final Results
Weir Group PLC
16 March 2004
16 MARCH 2004
THE WEIR GROUP PLC PRELIMINARY RESULTS 2003
Results for 52 weeks ended 26 December 2003
HIGHLIGHTS
• Operating profit up 10.0% on a like for like basis
• Further margin improvements from Engineering Products and Engineering
Services
• Order input for continuing operations up 10.4%
• Strong balance sheet closing 2003 with zero net debt
• Cash generation remains strong
• Dividend increase of 3.3% to 12.4p (2002: 12.0p)
Group Results Continuing Operations
2003 2002 Change 2003 2002 Change
Order Input2 £727.4m £675.4m +7.7% £727.4m £659.0m +10.4%
Turnover £793.4m £841.7m -5.7% £793.4m £786.7m +0.9%
Operating Profit1 £63.5m £62.2m +2.1% £63.5m £57.7m +10.0%
Pre-tax Profit1 £56.7m £60.0m -5.5% £56.7m £56.7m3 No change
Earnings per share1 21.4p 22.6p -5.3%
Dividend 12.4p 12.0p +3.3%
Net cash £0.5m £1.9m -£1.4m
1Excluding goodwill amortisation and exceptionals
2Excluding joint ventures and associates; calculated at constant 2003 exchange rates
3Including a proforma credit adjustment to the 2002 interest charge of £1,214,000
The Chairman of The Weir Group, Sir Robert Smith, commented: 'In 2003 the
Group's continuing operations delivered increased order input, turnover and
operating profit year on year and maintained a strong level of cash generation.
'The 2003 result was shaped by operational improvements, new product development
and successful geographic expansion. These activities, together with the
economic uplift we are beginning to see in a number of our sectors, are expected
to contribute to an improving performance into 2004, although we remain cautious
about the impact of currency movements on the translation of overseas profits.
As with previous years, our order book indicates that much of this progress will
be delivered in the second half of the year.
'Our solid balance sheet with zero net debt ensures we are well positioned to
take advantage of strategic growth opportunities that may arise.'
Contact details: The Weir Group PLC Available through UBS
Mark Selway, Chief Executive Tel. 020 7567 8000 (switchboard);
Helen Walker, Public Relations Manager (Mobile: 07789 032296)
The Maitland Consultancy Tel. 020 7379 5151
Suzanne Bartch (Mobile: 07769 710 335)
Note to Editors: Print quality images are available to download
at http://www.newscast.co.uk
GENERAL OVERVIEW
In the year to December 2003, turnover from continuing businesses increased to
£793.4m and was 0.9% above the same period in the previous year. On the same
basis, operating profit before interest, taxation, goodwill and exceptionals was
£63.5m compared with £57.7m last year, an increase of 10.0%.
Our Engineering Products operations continued to make solid progress growing
order input, operating profits and margins when compared to 2002. The Minerals
Division continued to perform well, enhancing their already significant
leadership position through extension to their geographic and product offerings.
Our Valves and Clear Liquid businesses are now well positioned for success in a
growing market environment. New product launches, improving operational
performance and more focused product portfolios provide solid foundations to
deliver stronger financial performance in 2004.
Our Engineering Services business performed well, increasing turnover, operating
profits and margins when compared to 2002. The ongoing development of our UK
and Canadian operations together with our strengthened position in North
America, Australia and the Middle East contributed to a robust performance
across all areas of our Services operations.
As predicted our Techna Division continued to experience a tough trading
environment due to continued deferrals of major contract awards in both our
defence and desalination activities. Improved input, coupled to the actions
taken by our management team to manage costs, reversed our reported first half
loss, closing the year with a small full year profit. The good level of 2003
input and strong enquiry levels from all of the divisions' core sectors are
expected to deliver an improved performance in 2004.
Weir's share of turnover from our continuing Joint Ventures and Associates was
£102.7m, in line with 2002. Operating profit at £10.3m reflects the continued
delivery of improving operational performance when compared to last year (2002:
£7.7m).
Order input for our continuing Group subsidiaries for 2003 was £727.4m (2002:
£659.0m), 10.4% above the same period in 2002, with strong performances from our
Services, Minerals and Techna Divisions offsetting a shortfall of £16.2m in our
Clear Liquid Division.
FINANCIAL HIGHLIGHTS
The withdrawal from non-core operations in 2002 complicates comparisons with
prior periods.
Total Group turnover fell 5.7% to £793.4m (2002: £841.7m). Continued strong
growth in our Services Division being offset by a £55m decrease related to our
discontinued activities and the effects of continued delays in large contract
placements in Techna. On a continuing basis, turnover increased by 0.9%.
Total operating profit excluding goodwill amortisation at £63.5m (2002: £62.2m)
was 2.1% ahead of 2002 with Group subsidiaries at £53.2m (2002: £52.8m) and our
Joint Ventures and Associates companies contributing £10.3m profit against £9.5m
in 2002. On a continuing basis, operating profit increased by 10.0%.
Group pre-tax profit excluding goodwill amortisation and exceptionals was down
5.5% on the previous year at £56.7m (2002: £60.0m) and reflects the reduction
associated with our discontinuing operations and the increased costs of
pensions. On a continuing basis, pre-tax profit remained constant.
As advised in our previous announcements, the Group's implementation of FRS 17
and the poor performance of equity markets had the effect of adding £4.8m of
pension costs in 2003 when compared to 2002.
Cash generation remained strong with cash flow from operations at £55.9m in
spite of an increase in pension funding of £3.8m and a £6m reduction in
prepayments from our larger contracting activities. The year ended with a net
in funds position of £0.5m reflecting a marginal reduction from the previous
year from £1.9m.
A tax charge of £8.4m (2002: £9.0m) gives an actual tax rate of 16.3%.
The resulting earnings per share excluding goodwill amortisation and
exceptionals was 21.4p (2002: 22.6p).
DIVIDEND
A final dividend of 9.05p (2002: 8.75p) is proposed making a total distribution
for the year of 12.4p (2002: 12.0p). The final dividend proposed will be paid
on 1 June 2004 to shareholders on the register at the close of business on 30
April 2004.
REVIEW OF RESULTS
To assist in meaningful comparisons, the following review of results restates
comparative 2002 figures at constant 2003 exchange rates and excludes the
results of discontinued operations.
Engineering Products
Our Engineering Products businesses include the operations of our Minerals,
Clear Liquid and Valves & Controls Divisions. Turnover from our continuing
businesses was in line with 2002 at £428.9m (2002: £429.2m) and operating profit
increased 7.2% to £34.9m (2002: £32.5m).
At the operating profit level, the margin was 8.1% compared with 7.6% in 2002,
driven by the stronger performance from the Minerals Division and an improved
result from the Clear Liquid Division when compared to 2002.
The Minerals Division had an excellent year growing its order input, margins and
profits through a combination of more competitive product offerings and the
continuing benefits being delivered from our operational improvement activity.
China figured prominently with strong demand from their alumina industry for
high pressure slurry pumps and from the power generation market for flue gas
desulphurisation pumps.
The Clear Liquid Division delivered improvements in operational performance,
margins and profits in 2003. The effects of our product rationalisation
activities announced in 2002 saw input of £146.5m, a reduction of £16.2m when
compared to 2002 (2002: £162.7m). In emerging markets considerable progress was
made with orders from the oil sector in the Former Soviet Union and from the
power generation market in China and Korea.
The results for the Valves & Controls Division were affected by continued
softness in the power and nuclear markets and one-off charges to rationalise the
French operations and make the necessary improvements to our UK business. Order
input responded positively to new product and sales initiatives. The continued
softness in the USA and European power markets was countered by extensive growth
in Asia.
Engineering Services
Excluding discontinued businesses, turnover from Engineering Services increased
23% to £188.9m (2002: £153.4m), resulting in an operating profit of £20.6m
against £15.3m in 2002. At the operating profit level the margin was 10.9%
against 10% in 2002.
The improvements are as a direct result of management actions to grow our
principal UK service operations and exploit the considerable opportunities
available for expanding our position in the key growth markets of North America,
Australia and the Middle East.
The decision in 2002 to transfer our Australian pump engineering business to the
Services Division, when coupled with the acquisition of a small Bass Strait oil
services business in November 2003, produced stronger Australian turnover and
profits which we expect to continue through 2004.
The ongoing development of our geographic position into high growth markets
continued to progress throughout 2003 with the successful launch of four
greenfield service centres in the United States and increased investments into
the Middle East which are expected to deliver further growth in the medium term.
The Canadian business continued to produce impressive results, delivering
growth in market share and profits during the year.
Techna
Our Techna Division includes those businesses involved in design and management
of large scale capital projects.
Turnover from our Techna Division declined 33% to £72.9m (2002: £109.1m)
resulting in a full year profit of £785k against a prior year profit of £5.4m.
In 2003 input increased by 77% to £100.5m against £57.0m in the previous year.
The defence and nuclear operations experienced a decline in turnover and
operating profit when compared to 2002. Although there have been much
publicised delays in the UK submarine and carrier programmes, we remain
confident of our future participation in these projects. The significantly
improved 2003 order input of £40.0m (2002: £26.3m) is an indication of some
positive signs in these markets.
The desalination and water treatment businesses experienced a decline in
turnover and operating profit when compared to 2002. Our strategy to concentrate
on smaller project work has been rewarded by an improved order input of £60.5m
against £30.6m in the same period of 2002.
Investment in sulphate removal technologies positioned Techna as a market
leader, and has been rewarded with a contract for the North Sea Encana Buzzard
project.
Joint Ventures and Associates
Weir's share of turnover from continuing Joint Ventures and Associates at
£102.7m was almost identical to 2002 (2002: £101.4m). Operating profit of
£10.3m reflects the continued delivery of improving operational performance when
compared to 2002 (£7.7m). Profit recognition and contract timing milestones
delivered a strong performance at DML, who manage the dockyard at Devonport and
provide support services to the naval base.
STRATEGY
Our operational plans remain on track to deliver sector best performance while
our investment in new products and expansion into strategically important
markets, are now beginning to drive the Group's growth.
In 2003 we committed extensive funds to new product development enabling us to
bring to market a significant number of new products, tailored to our customers
specific requirements. In the Clear Liquid Division new product lines included
the Uniglide range and the new Rotojet VSR 2100 pump which is already regarded
by power sector customers as a major technical innovation due to its reduced
size and energy saving capabilities. A new range of pumps from Minerals
Division introduced specifically to boost market share in the Canadian oil sands
industry has enjoyed encouraging initial results.
Our progressive and increasing investment into higher growth markets such as
China, India, South America and the Former Soviet Union are starting to
contribute to input growth and profit generation.
In our Minerals Division we installed a new management team in our India
operation and relocated the business from Delhi to Bangalore to better support
our customer base. The division has also appointed regional managers
responsible for North America, South America, Europe - Africa and Asia Pacific
whose specific task is to drive growth in each region. In our Valves and
Controls Division we have established three regional sales offices in China,
South Korea and the Middle East to strengthen our ability to support customers
locally.
During 2003, we opened four green field service centres in Houston, Los Angeles,
Philadelphia and Chicago providing our Services Division with key footholds well
positioned to serve local market demand.
We have also benefited from the increasing levels of synergy between the Group's
divisions particularly Services and Techna where opportunities to cross sell the
Group's products are being maximised and, in Services, we continue to see
benefits from our alliances with Siemens, Scottish and Southern Energy and VA
Tech.
Our strengthened corporate development team has had an active year refining our
strategic ambitions and pursuing a number of strategic opportunities. With our
strong market positions and robust balance sheet, we are committed to
identifying suitable opportunities, which are compatible technically,
geographically, structurally and financially. However, we will only acquire
businesses where there is a clear alignment into the Group's stated strategy for
growth, and where there is a clear opportunity to create value for our
shareholders.
THE BOARD
In October 2003 we announced that Chris Rickard had been appointed to the Board
with effect from January 2004 as an executive director and Finance Director
Designate. He will become Finance Director when Ian Boyd reaches his normal
retirement age in September 2004.
In February 2004 Lord Robertson of Port Ellen, former Secretary General of NATO,
joined the Board as a non-executive director. His international experience will
be particularly valued.
OUTLOOK
As anticipated, the Group delivered significant performance gains growing input,
turnover and profit from continuing operations in 2003. The continued strong
performance of the Engineering Products and Services businesses proved
sufficient to offset the increased cost of pensions and negate the effects of
contract delays in Techna.
While the volatility of exchange rates has had little net impact on our 2003
results, the recent trends in currency markets, if sustained throughout the
year, would adversely affect the value of overseas profits translated into
Sterling.
In contrast to last year the sensitivity of the FRS 17 method of accounting for
pension costs to world equity markets and interest rates should reduce costs by
approximately £3m.
Within the Engineering Products businesses, all three divisions are budgeting in
local currency to deliver the benefits of productivity improvements and
increased market penetration with the roll out of new product launches as the
year progresses.
In the Services Division, we have been successful at delivering market share
gains, which we fully anticipate to continue in 2004. Significant margin
improvements were delivered in 2003 and we are not expecting further margin
improvements in 2004 due to the one off set-up costs necessary to establish our
presence in the US market and grow our positions elsewhere.
Our Techna business returned to profits in the second half of 2003 following
successive periods of project delays in many of their core markets. Important
contract wins for sulphate removal, desalination, liquid gas storage and nuclear
activities provide a more stable foundation for 2004 with a number of contracts
reaching profit recognition milestones in the second half. Desalination and
defence contract awards are expected to deliver further input growth in 2004.
Our Joint Venture and Associates businesses performed well in 2003 with
favourable profit taking milestones when compared to 2002. We expect continued
good performance in 2004.
The Group is in good financial condition with a sound order book and reasonable
forward visibility in many of our markets. The early signs of recovery across a
number of our major sectors and our continued strengthening of our market
position in 2003 should provide the foundations for delivery of improving
results in 2004. As with previous years, our order book indicates that much of
this progress will be delivered in the second half of the year.
* * * * * * * * * *
THE WEIR GROUP RESULTS
Summary of results
AUDITED RESULTS
Consolidated Profit & Loss Account
for the 52 weeks ended 26 December 2003
Before Before
amortisation Amortisation amortisation Amortisation
of goodwill of goodwill of goodwill of goodwill
& & & &
exceptional exceptional exceptional exceptional
items items Total items items Total
2003 2003 2003 2002 2002 2002
Notes £'000 £'000 £'000 £'000 £'000 £'000
Turnover 1
Group - continuing operations 690,718 - 690,718 685,246 - 685,246
- discontinued operations - - - 15,964 - 15,964
690,718 - 690,718 701,210 - 701,210
Share of - joint ventures 9,211 - 9,211 9,814 - 9,814
- associates 93,488 - 93,488 91,631 - 91,631
- discontinued associate - - - 39,051 - 39,051
793,417 - 793,417 841,706 - 841,706
Operating profit 2
Group - continuing operations 53,234 - 53,234 50,056 (4,289) 45,767
- discontinued operations - - - 2,699 - 2,699
- goodwill amortisation - (6,927) (6,927) - (6,671) (6,671)
53,234 (6,927) 46,307 52,755 (10,960) 41,795
Share of - joint ventures 1,662 - 1,662 1,813 - 1,813
- associates 8,628 (183) 8,445 5,870 (182) 5,688
- discontinued associate - - - 1,797 - 1,797
63,524 (7,110) 56,414 62,235 (11,142) 51,093
Exceptional items 2
Profit on disposal of land - 1,663 1,663 - - -
Profit on disposal of discontinued operations - - - - 10,539 10,539
Interest & other income
Group net interest & other income (3,534) - (3,534) (3,765) - (3,765)
Share of joint ventures' interest 43 - 43 34 - 34
Share of associates' interest (364) - (364) (253) - (253)
Other finance (costs) / income (2,969) - (2,969) 1,779 - 1,779
Profit on ordinary activities before tax 1 56,700 (5,447) 51,253 60,030 (603) 59,427
Tax on profit on ordinary activities 3 13,051 (4,696) 8,355 13,822 (4,796) 9,026
Profit on ordinary activities after tax 43,649 (751) 42,898 46,208 4,193 50,401
Minority interest 14 - 14 245 - 245
Profit attributable to The Weir Group PLC 43,635 (751) 42,884 45,963 4,193 50,156
Dividends 4 25,378 - 25,378 24,500 - 24,500
Transfer to reserves 18,257 (751) 17,506 21,463 4,193 25,656
Earnings per share 21.4p (0.4p) 21.0p 22.6p 2.1p 24.7p
Diluted earnings per share 21.0p 24.6p
Notes to the Preliminary Results
1. Turnover & profit on ordinary activities before tax
Turnover represents the amount invoiced to third parties in respect of goods sold and services provided excluding value
added tax. In the case of long term contracts, it represents the value of work done during the year. Turnover and
profit on ordinary activities before tax were contributed as shown in the table below. For comparative purposes 2002
figures for this note have been restated at the 2003 average exchange rates with the aggregate adjustment being made on
the 'Exchange adjustment - Group' line.
Turnover Turnover Profit Profit
2003 2002 2003 2002
£'000 £'000 £'000 £'000
Engineering Products:
Group - continuing - excluding exceptionals 428,879 429,204 34,852 32,505
- operating exceptional items - - - (4,163)
- discontinued - 3,316 - 183
428,879 432,520 34,852 28,525
Share of associate 8 15 2 (1)
428,887 432,535 34,854 28,524
Techna:
Group 72,930 109,090 785 5,420
Share of joint venture 361 549 5 5
73,291 109,639 790 5,425
Engineering Services:
Group - continuing 188,909 153,401 20,597 15,338
- discontinued - 12,505 - 2,525
188,909 165,906 20,597 17,863
Share of joint ventures 8,850 9,265 1,657 1,808
Share of associate 93,480 91,616 8,626 5,871
Share of associate - discontinued - 39,051 - 1,797
291,239 305,838 30,880 27,339
Segmental totals
Group 690,718 707,516 56,234 51,808
Joint ventures & associates 102,699 140,496 10,290 9,480
Goodwill amortisation
- Engineering Products - - (6,713) (6,757)
- Engineering Services - - (214) (255)
- Associate - - (183) (182)
Unallocated costs - - (3,000) (2,900)
Exchange adjustment - Group - (6,306) - (101)
793,417 841,706 56,414 51,093
Exceptional items
- Engineering Products - - 1,663 (48)
- Engineering Services - - - 10,587
Interest & other income - - (6,824) (2,205)
793,417 841,706 51,253 59,427
2. Exceptional items
2003 2002
£'000 £'000
Operating exceptional - (4,289)
items
In 2002 provision was made to cover the net costs of closure (including tangible asset impairment losses) of
the foundry activities at Hazleton Pumps Inc and the operations of Weir Pumps Limited at Girdlestone.
Profit on disposal of land 1,663 -
Profit on disposal of discontinued operations - 2,066
Profit on disposal of associate company - 8,473
Non operating exceptional items 1,663 10,539
The profit on disposal of land relates to the disposal of surplus land at the Manchester site of Weir Pumps
Limited which was completed on 4 December 2003.
The comparative figures for the 52 weeks to 27 December 2002 relate to the disposals of the businesses of Molded
Products, Actuators and the turbo-drilling operation of Neyrfor-Weir Limited which were completed on 28 June
2002, 1 July 2002 and 31 July 2002 respectively and the disposal of an associate company, First Engineering
Limited, which was completed on 7 October 2002. The results of these businesses for the prior year to the dates
of disposal have been shown in the profit and loss account as 'discontinued'.
3. Tax
2003 2002
£'000 £'000
Group - UK (437) 2,594
Group - overseas 10,709 8,896
Joint ventures 114 166
Associates 2,603 2,166
UK tax - exceptional (4,634) (4,007)
Overseas tax - exceptional - (789)
Tax on profit on ordinary activities 8,355 9,026
4. Dividends
2003 2002
£'000 £'000
On ordinary shares:
Interim 3.35p per 12.5p share (2002: 6,853 6,635
3.25p)
Proposed final 9.05p per 12.5p share (2002: 8.75p) 18,525 17,865
25,378 24,500
The directors recommend payment of a final dividend of 9.05p per ordinary share for 2003 (2002: 8.75p) which,
with the interim dividend of 3.35p per ordinary share (2002: 3.25p) will make a total distribution for the
year of 12.4p per ordinary share (2002: 12p). Subject to the approval of shareholders at the annual general
meeting, payment will be made on 1 June 2004 to ordinary shareholders on the register at close of business
on 30 April 2004.
5. Basis of preparation
The preliminary results for the 52 weeks ended 26 December 2003 do not constitute statutory accounts as defined
in Section 240 of the Companies Act 1985. These statements have been prepared on the basis of the accounting
policies set out in the Group's Annual Report & Accounts and were approved by the Board of directors on 16 March
2004. Full accounts with an unqualified audit report will be lodged with the Registrar in due course. Financial
statements for the 52 weeks to 27 December 2002 are abridged statements; full accounts with an unqualified audit
report have been lodged with the Registrar.
Consolidated Balance Sheet
at 26 December 2003
2003 2002
£'000 £'000
Fixed assets
Intangible assets- goodwill 113,933 105,509
Tangible assets 102,557 97,676
Investments
Joint ventures - share of gross assets 9,029 9,343
- share of gross liabilities 2,724 3,199
6,305 6,144
Associates 16,337 13,468
Other 445 539
23,087 20,151
Total fixed assets 239,577 223,336
Current assets
Stocks 99,671 95,034
Debtors 179,888 186,090
Cash at bank & in hand 117,898 153,056
397,457 434,180
Creditors falling due within one year
Borrowings 115,238 11,898
Other creditors 178,198 186,331
293,436 198,229
Net current assets 104,021 235,951
Total assets less current liabilities 343,598 459,287
Less
Creditors falling due after more than one year
Loans 428 137,237
Obligations under finance leases 1,211 1,542
Provisions for liabilities & charges 34,490 33,114
Deferred income
Grants not yet credited to profit 26 147
Minority interest 567 560
Net assets excluding retirement benefits 306,876 286,687
Retirement - liability 72,691 106,594
benefits
Net assets including retirement benefits 234,185 180,093
Capital & reserves
Called up share capital 25,587 25,522
Share premium account 21,258 20,219
Capital redemption reserve 531 531
Profit & loss account 186,809 133,821
234,185 180,093
Consolidated Cash Flow Statement
for the 52 weeks ended 26 December 2003
2003 2003 2002 2002
£'000 £'000 £'000 £'000
Cash inflow from operating activities
- funds generated by operations 56,796 59,739
- decrease in working capital 569 9,658
- cash spent on exceptional items (1,480) (1,325)
55,885 68,072
Dividends received from joint ventures 1,248 1,329
Dividends received from associates 2,626 1,811
Returns on investments & servicing of finance (4,172) (3,510)
Taxation (7,584) (7,116)
Capital expenditure & financial investment
- purchases (18,565) (15,770)
- sales 5,856 5,573
(12,709) (10,197)
Acquisitions & disposals
- acquisitions (4,563) (927)
- disposals of businesses 61 17,423
- disposal of associate - 19,517
(4,502) 36,013
Equity dividends paid (24,718) (23,766)
Cash inflow before liquid resources & financing 6,074 62,636
Management of liquid resources 62,694 (35,516)
Financing - issue of shares 1,104 4,054
- new loans - 96
- debt repaid (51,169) (15,069)
- foreign exchange hedging 2,113 3,246
(47,952) (7,673)
Increase in cash 20,816 19,447
Reconciliation of Net Cash Flow to Movement in Net Funds
for the 52 weeks ended 26 December 2003
2003 2002
£'000 £'000
Increase in cash 20,816 19,447
Cash flow from debt repaid 51,169 15,069
Cash flow from new loans - (96)
Cash flow from management of liquid resources (62,694) 35,516
Change in net funds / (debt) resulting from cash flows 9,291 69,936
Leases - inceptions (91) (182)
Exchange (10,620) (1,859)
Movement in net funds / (debt) during the year (1,420) 67,895
Net funds / (debt) at 28 December 2002 1,924 (65,971)
Net funds at 26 December 2003 504 1,924
Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities:
2003 2002
£'000 £'000
Operating profit 46,307 41,795
Depreciation, goodwill amortisation & grant credits 22,174 23,510
Loss / (gain) on disposal of tangible assets & investments 49 (1,612)
Funding of pension & post retirement costs (11,497) (7,726)
(Decrease) / increase in provisions (237) 3,772
Funds generated by operations 56,796 59,739
(Increase) / decrease in stocks (2,104) 6,749
Decrease in debtors 9,551 2,131
(Decrease) / increase in creditors (6,878) 778
Decrease in working capital 569 9,658
Cash spent on exceptional environmental provision (421) (1,029)
Cash (spent) / realised on exceptional closure costs (864) 52
Cash spent on exceptional Warman reorganisation costs (195) (348)
Cash spent on exceptional items (1,480) (1,325)
Net cash inflow from operating activities 55,885 68,072
Statement of Total Recognised Gains & Losses
2003 2002
£'000 £'000
Profit excluding share of profit for joint ventures & associates 35,815 43,409
Share of joint ventures' profit 1,591 1,681
Share of associates' profit 5,478 5,066
Profit attributable to The Weir Group PLC 42,884 50,156
Actuarial gain / (loss) 39,045 (129,832)
Tax thereon (11,569) 39,523
Exchange differences on foreign currency net investments 8,370 (8,703)
Tax thereon (364) -
Total recognised gains / (losses ) 78,366 (48,856)
Reconciliation of Movements in Shareholders' Funds
2003 2002
£'000 £'000
Total recognised gains / (losses) 78,366 (48,856)
Dividends (25,378) (24,500)
Other movements
- new share capital subscribed 1,104 4,650
- cost of issuing shares - (596)
- goodwill reinstated on disposal - (725)
Net addition / (reduction) to shareholders' funds 54,092 (70,027)
Opening shareholders' funds 180,093 250,120
Closing shareholders' funds 234,185 180,093
Shareholders' funds are entirely attributable to equity interests.
This information is provided by RNS
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