Interim Results
Weir Group PLC
21 August 2002
The Weir Group PLC
Wednesday, 21st August 2002
Embargo until 7.00 am
Interim Results 2002
Results for 26 weeks ended 28 June 2002 (unaudited)
IMPROVED PERFORMANCE DESPITE UNCERTAIN ECONOMIC CONDITIONS
Highlights Consolidated Group Results
2002 2001 Change
Restated1
Order Input2 £370.6m £378.9m -2.2%
Turnover £426m £460m -7.4%
Operating Profit 3 £26.6m £26.3m +1.2%
Pretax Profit 3 £25.6m £25.4m +1.0%
Earnings per share 3 9.7p 9.0p +7.8%
Dividend 3.25p 3.15p +3.2%
Cashflow from operations £31.9m £17.7m +£14.2m
1 Restated to reflect the application of average exchange rates to 2001 figures
and the implementation of FRS17 (Retirement Benefits) and FRS19 (Deferred Tax)
2 Excludes Joint Ventures and Associates calculated at constant 2002 Exchange
Rates.
3 Excludes goodwill amortisation and exceptionals
HIGHLIGHTS
• Consolidated pretax profit ahead of last year
• Earnings per share growth of 7.8%
• Strong cashflow from operations
• Implementation of strategy is on track
The Chairman, Sir Robert Smith, commented: 'During the first half of 2002 we saw
a further improvement in the Group's pretax profit despite uncertain economic
conditions in most of our markets and the delay or deferral in the placement of
certain large capital projects.
We continue to implement our strategy of concentrating resources on our core
activities, making 2002 a year of transition, addressing the under-performing
businesses and putting in place the foundation stones for delivering future
improved competitiveness, enhanced margins and shareholder value.'
Contact details:
The Weir Group PLC Available through UBS Warburg
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
During 2002 we have embarked upon a strategy to improve significantly our
business performance by focusing on those areas of our business in the most
attractive markets and where we have the ability to develop leadership
positions.
In March 2002 we outlined the restructuring of the Group. At that time we
explained that 2002 would be a year of transition with performance benefits
being delivered in 2003. This still remains the case.
We achieved a 30% order input growth in the Services businesses, led by our
successes in the UK hydro refurbishment programme and through further expansion
in maintenance contracts in the oil, gas and water sectors in the Middle East
and UK. The Clear Liquid Division saw a particularly strong first quarter
resulting primarily from water projects in the Middle East.
The Minerals (formerly Slurry) Division performed well, growing margins under
difficult market conditions due to strong demand in South America which has
offset continued softness in North America.
Group turnover fell 7.4% to £426m with a 4.6% decline from Group subsidiaries
and an 18.8% reduction from Joint Ventures and Associates. As indicated at our
March announcement the completion of the capital works associated with the
Vanguard refit has resulted in a significant reduction in our Associate, DML's,
first half turnover when compared to 2001.
The Group cash generation in the first half of 2002 was almost double the prior
year resulting in a further significant reduction to Group net debt.
Financial Highlights
The combination of the sale or withdrawal from non-core operations in both
years, the one-off costs associated with our restructuring and the deferred
placement of large capital projects in both Defence and Desalination, make
meaningful comparison with the prior year more difficult than usual.
Group pretax profit excluding goodwill amortisation and exceptionals was broadly
similar to the previous year at £25.6m (2001: £25.4m) and fully reflects our
expectation that 2002 was to be a year of transition for Weir.
Total Group turnover fell 7.4% to £426m (2001: £460m) with a 4.6% decline to
£353m (2001: £370m) from Group subsidiaries and an 18.8% reduction to £74m
(2001: £91m) from Joint Ventures and Associates.
Operating profit excluding goodwill amortisation at £26.6m (2001: £26.3m) was
1.2% ahead of 2001 with Group subsidiaries at £22.4m (2001: £21.2m) up 5.7%. Our
Joint Venture and Associate companies contributed £4.2m against £5.0m in 2001.
The tax charge of £5.9m produces an effective tax rate of 23.0% after reflecting
the implementation of FRS19 (2001: 28.5% restated).
The resulting earnings per share, excluding goodwill amortisation and
exceptionals, of 9.7p (2001: 9.0p) produces an increase of 7.8% when compared to
2001.
Order input for Group subsidiaries in the first half of 2002 was 2.2% below the
same period in 2001 with a strong first quarter offset by a softer second
quarter, particularly in our Contracting Division. Order input for the balance
of the Group, excluding the Contracting Division, was up 3.6% on the same period
last year.
As advised at our March announcement the Group took the decision to implement
FRS17 in full, effective from 1 January 2002 which had a resultant effect of
adding a net £1.2m of cost in the first half of 2002 over that incurred in 2001
as restated. Shareholders' funds at 28 June 2002 have been reduced by £32m to
recognise the increase in the aggregate deficit net of tax in the Group's
defined benefit plans at that date.
Incremental restructuring costs totalling £1.2m were taken by a number of
companies. These costs, whilst one-off, were included in the first half
operational results and have not been treated as exceptional.
Cashflow and Debt
Cash generation was particularly strong, being almost double that of 2001,
reflecting management focus on working capital. This result was net of a £7.7m
special cash contribution to a pension fund and payment of the final dividend of
£17m.
The Group's net debt at the half year was £58m, substantially down from £105m at
June 2001 and considerably improved on the December 2001 level of £66m.
Dividend
An interim dividend of 3.25p (2001: 3.15p) is declared. The interim dividend
will be paid on 8 November 2002 to shareholders on the register at close of
business on 4 October 2002.
Review of Operations
The adoption of FRS17 makes comparison with previously published figures
misleading. In accordance with standard accounting practice, 2001 comparative
figures have been restated to include a £6.1m higher allocation of pension costs
against operating profit, offset by an income credit of £5.8m being reflected
through the interest and other income line.
Engineering Products
Excluding discontinued businesses, turnover from Engineering Products was
£267.3m (2001: £276.5m) resulting in an operating profit of £14.6m (2001:
£19.9m).
Pumps and Valves accounted for over 80% of the continuing operations turnover.
At the operating profit level, the margin was 5.4% compared with a restated 7.2%
in 2001. There are a number of reasons for this reduction:
• Profit realisation in the Contracting businesses was stronger in 2001 due
to the timing of contract conclusions.
• Significant incremental one-off charges (£1.2m) were taken to improve the
competitiveness and correct under-performing activities in our Clear Liquid
and Valves businesses.
• Turnover in the Clear Liquid, Valves, and Contracting Divisions were all
down on the same period in 2001 reflecting the global economic down-turn
post September 2001.
In line with our strategy of developing new markets we have made early progress
in a number of areas. The Minerals, Clear Liquid and Valves Divisions have won a
number of orders in China, Korea, and the Former Soviet Union, while our defence
business is working closely on future aircraft carrier systems design.
Engineering Services
Turnover from our Services operations was 13% above 2001 at £81.9m (2001:
£72.5m) and operating profits almost doubled to £9.4m (2001: £4.7m). This
produced an operating margin of 11.4% against 6.6% in 2001. We saw a strong
performance from our operations in the Middle East and Canada with our Services
and distribution businesses growing operating margins.
We managed a significantly improved margin from our oil drilling business
against a backdrop of marginal performance last year. The strategic work carried
out at the end of 2001 identified that this business was not core to Weir's
future strategy and a substantial portion of this business has been sold.
The Division is currently working on upgrading hydroelectric power stations in
the UK which is part of the UK government's renewable energy initiative and our
global operation continues to grow, particularly in the Middle East, where the
Dubai Service Centre has more than doubled in floor space to meet demand.
Joint Ventures and Associates
The turnover from Joint Ventures and Associates at £73.5m for the half year
(2001: £90.6m) was 19% below the same period in 2001 with operating profit at
£4.2m (2001: £5.0m) producing an operating margin of 5.7% (2001: 5.6%).
Most of the reduced turnover came from Devonport Dockyard where contract timing
generated lower billing and profit realisation for the period.
The Board
Sir Ron Garrick retired as Chairman at the end of June having made a significant
contribution in his nearly 40 years with the Group and Sir Robert Smith became
Non-Executive Chairman from 1 July.
Strategy
The strategy being followed by the Group is to concentrate our financial
resources on those areas of our business which operate in attractive markets
where we can establish leadership positions.
Disposals
In June we sold Molded Products, our small specialist injection moulding
business, and in July disposed of the turbo-drilling operation of Neyrfor, our
drilling business, headquartered in Aberdeen. These companies would not have
grown and had little prospects for achieving leadership potential under our
ownership.
The cash proceeds from both transactions total some £19m all being received
since 30 June 2002. Our full year results will include a small exceptional gain
in respect to these disposals although, in the short term, the sale of the
turbo-drilling operation is likely to be earnings dilutive.
Performance Enhancements
In the year to date, we have taken action to address the performance shortfalls
at a number of the Clear Liquid and Valves businesses. These actions are
progressing well and quality, delivery and operational indicators are already
moving in a positive direction. The Group-wide initiatives in terms of the
application of lean and supply chain improvements are also building momentum
with the earliest benefits being evident in our significantly improved working
capital results.
We will continue to seek suitable acquisitions and our reduction in net debt is
an important part of this process, but our short term priority is to inject the
necessary skills to achieve sector best practice returns from each of our
existing businesses.
Outlook
Our Minerals, Clear Liquid and Valves businesses will continue to endure market
and competitive pressures. This will be balanced in part by progressive
operational performance improvements resulting from our specific restructuring
in both Clear Liquid and Valves and the broader productivity initiatives being
applied across the Group.
The Contracting Division expects to experience ongoing deferrals of major
capital projects through the balance of 2002 and profits will be lower than 2001
due to the timing of contract completions.
The outlook for our Services Division remains positive but it is unrealistic to
expect the same level of margin and profit growth achieved in the first half,
due to the strength of the second half of 2001 and the disposal of the
turbo-drilling business in July.
The markets remain difficult to call but by continuing to focus on improving
operational efficiency we will ensure that Weir is well positioned to maximise
returns when economic conditions improve.
On balance and given the uncertain economic climate, we are of the view that in
2002 we are likely to see results broadly in line with those achieved in 2001.
* * * * * * * * * *
Consolidated Profit and Loss Account
52 weeks 26 weeks to 28 June 2002 26 weeks to 29 June 2001
to 28 Dec 2001
Before Amortisation Total Before Amortisation Total
amortisation of goodwill amortisation of goodwill
of goodwill and of goodwill and
and exceptional and exceptional
exceptional items exceptional items
items items
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Turnover
718,420 Group - Continuing 349,190 - 349,190 354,988 - 354,988
22,024 - Discontinued 3,563 - 3,563 14,892 - 14,892
740,444 352,753 - 352,753 369,880 - 369,880
10,091 Share of - Joint Ventures 4,950 - 4,950 5,090 - 5,090
176,214 - Associates 68,589 - 68,589 85,503 - 85,503
926,749 426,292 - 426,292 460,473 - 460,473
Operating Profit
53,696 Group - Continuing, 22,283 - 22,283 24,327 - 24,327
excluding exceptionals
(4,110) - Exceptional items - - - - - -
(3,111) - Discontinued 123 - 123 (3,110) - (3,110)
(6,558) - Goodwill - (3,493) (3,493) - (3,322) (3,322)
amortisation
39,917 22,406 (3,493) 18,913 21,217 (3,322) 17,895
2,470 Share of - Joint Ventures 984 - 984 1,112 - 1,112
9,227 - Associates 3,171 - 3,171 3,923 - 3,923
51,614 26,561 (3,493) 23,068 26,252 (3,322) 22,930
(14,850) Exceptional Items - (103) (103) - (6,082) (6,082)
Interest and Other Income
(7,278) Group - Net interest (2,149) - (2,149) (3,832) - (3,832)
5,841 - Other finance income 1,305 - 1,305 2,920 - 2,920
22 Joint Ventures 16 - 16 (5) - (5)
54 Associates (121) - (121) 33 - 33
(1,361) (949) - (949) (884) - (884)
35,403 Profit on ordinary activities 25,612 (3,596) 22,016 25,368 (9,404) 15,964
before tax
8,167 Estimated tax on profit on 5,891 - 5,891 7,243 (542) 6,701
ordinary activities
27,236 Profit on ordinary activities 19,721 (3,596) 16,125 18,125 (8,862) 9,263
after tax
16 Minority interest 65 - 65 23 - 23
27,220 Profit attributable to The Weir 19,656 (3,596) 16,060 18,102 (8,862) 9,240
Group PLC
13.5p Earnings per share 7.9p 4.6p
Earnings per share excluding
goodwill
22.8p amortisation and exceptional 9.7p 9.0p
items
13.4p Diluted earnings per share 7.9p 4.6p
Segmental Analysis
Turnover and profit on ordinary activities before tax were contributed as
follows:
26 weeks to 26 weeks to 52 weeks to 26 weeks to 26 weeks to 52 weeks to
28 June '02 29 June'01 28 Dec '01 28 June '02 29 June '01 28 Dec '01
Turnover Turnover Turnover Profit Profit Profit
£'000 £'000 £'000 £'000 £'000 £'000
Engineering Products
Group Continuing - excluding 267,264 276,484 561,264 14,554 19,892 43,066
exceptionals
- operating exceptional - - - - - (4,110)
item
Discontinued 3,563 11,574 18,681 123 (2,518) (2,520)
270,827 288,058 579,945 14,677 17,374 36,436
Share of Joint Venture 291 600 1,126 (8) (48) 2
Share of Associate 2 - 13 - - 28
271,120 288,658 581,084 14,669 17,326 36,466
Engineering Services
Group Continuing 81,926 72,504 151,279 9,367 4,753 12,580
Discontinued - 3,303 3,303 - (588) (588)
81,926 75,807 154,582 9,367 4,165 11,992
Share of Joint Ventures 4,659 4,490 8,965 992 1,160 2,468
Share of Associates 68,587 85,503 176,201 3,171 3,923 9,199
155,172 165,800 339,748 13,530 9,248 23,659
Segmental Totals
Group 352,753 363,865 734,527 24,044 21,539 48,428
Joint Ventures and Associates 73,539 90,593 186,305 4,155 5,035 11,697
Goodwill amortisation - Engineering - - - (3,493) (3,341) (6,651)
Products
Unallocated costs - - - (1,638) (954) (2,670)
Exchange adjustment - Group - 6,015 5,917 - 651 810
426,292 460,473 926,749 23,068 22,930 51,614
Exceptional items - Engineering Products - - - (103) (4,962) (13,881)
- Engineering Services - - - - (1,120) (969)
Interest and other income - - - (949) (884) (1,361)
426,292 460,473 926,749 22,016 15,964 35,403
For comparative purposes 2001 figures have been restated at the 28 June 2002
average exchange rates.
Dividends
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
Ordinary Shares
11.6p pence per share 3.25p 3.15p
23,478 costing - £'000 6,634 6,364
An interim dividend of 3.25p (net) per ordinary share
(2001: 3.15p per ordinary share) will be paid on 8 November
2002 to shareholders on the register at close of business on
4 October 2002.
Exceptional Items
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
Loss on disposal / closure of discontinued operations
(9,040) Pre-goodwill (103) (2,106)
(5,810) Goodwill - (3,976)
(14,850) (103) (6,082)
The loss for the 26 weeks to 28 June 2002 relates to the
disposal of Molded Products which was completed on 28 June
2002. The results of Molded Products for the six months to
date of disposal have been shown in the profit and loss
account as 'discontinued' and prior year figures have been
restated accordingly. The comparative figures for the 26 weeks
to 29 June 2001 and for the 52 weeks to 28 December 2001
reflect the loss on disposal of Weir Systems Ltd and the loss
on closure of Tooling Products Ltd, G Perry & Sons Ltd and the
Manchester operation of Strachan & Henshaw Ltd which were
announced on 5 July 2001. The results of these businesses for
the prior year to date of disposal / closure are shown in the
profit and loss account as 'discontinued'.
Tax
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
3,182 Group - United Kingdom 745 1,023
8,672 Group - Overseas 4,001 4,912
307 Joint Ventures 152 112
2,781 Associates 993 1,196
(6,117) UK tax on exceptional item - (542)
(658) Overseas tax on exceptional item - -
8,167 Tax on Profit on Ordinary Activities 5,891 6,701
Basis of Preparation
The interim financial statements are unaudited and 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 2001 Annual Report and Accounts, except as noted below, and were
approved by the Board of Directors on 21 August 2002. Financial statements for
the 52 weeks to 28 December 2001 are abridged statements; full accounts with an
unqualified audit report have been lodged with the Registrar.
In preparing the financial statements for the 26 weeks ended 28 June 2002, The
Weir Group PLC has adopted FRS 17 'Retirement Benefits' in full, FRS 19
'Deferred Tax' and applied average rates of exchange instead of closing rates
for the translation of the profit and loss account and cash flow statements of
overseas subsidiaries, joint ventures and associates. The adoption of average
rates of exchange is more appropriate because this reflects more fairly the
Group's profits and losses and cash flow movements as they arise throughout the
accounting period.
The adoption of FRS 17 has resulted in a change in accounting policy for
pensions. Defined benefit pension scheme assets and liabilities measured under
FRS 17 now replace the SSAP 24 pension prepayments and provisions in the balance
sheet. Similarly in the performance statements FRS 17 accounting for pension
costs replaces SSAP 24 accounting. In the profit and loss account two new items,
expected return on assets and interest on pension scheme liabilities, are now
included under the heading 'other finance income'. Actuarial gains and losses
are reflected in the Statement of Total Recognised Gains and Losses.
The adoption of FRS 19 has resulted in a change in accounting policy for
deferred tax. Under FRS 19 deferred tax is recognised in respect of all timing
differences that have originated but not reversed at the balance sheet date.
Previously under SSAP 15 deferred tax was recognised on all timing differences
which were expected to reverse in the future. Deferred tax assets are now
recognised if recoverable. Previously deferred tax assets were only recognised
if recovery without replacement by equivalent debit balances was reasonably
certain.
The above changes in policy have resulted in prior year adjustments. The tables
below show the impact of the prior year adjustments on the financial statements
of prior periods and the effect of the changes in accounting policy on the
results of the current period.
Increase (Decrease) in Profit After Tax
26 weeks to 26 weeks to 52 weeks to
28 Jun 2002 29 Jun 2001 28 Dec 2001
£'000 £'000 £'000
FRS 17 - Operating profit 1,087 (3,198) (6,102)
- Other finance income 1,305 2,920 5,841
- Profit before tax 2,392 (278) (261)
- Tax 596 54 227
FRS 19 - Tax (436) (894) (3,384)
2,552 (1,118) (3,418)
Decrease in Shareholders' Funds
28 Jun 2002 29 Jun 2001 28 Dec 2001
£'000 £'000 £'000
FRS 17 - pension balances (58,674) 5,720 (28,756)
FRS 19 - deferred tax (14,114) (11,890) (14,161)
(72,788) (6,170) (42,917)
The adoption of average exchange rates for translation purposes increased the
operating profit for the 52 weeks to 28 December 2001 by £1.1m. The impact on
the 26 weeks to 28 June 2002 and the 26 weeks to 29 June 2001 was not material.
There is no impact on shareholders' funds.
Consolidated Balance Sheet
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
Fixed assets
115,150 Goodwill 113,397 117,092
116,029 Tangible assets 109,687 121,990
Investments
9,629 Joint - share of gross assets 9,773 9,453
ventures
3,683 - share of gross liabilities 3,447 3,080
5,946 6,326 6,373
20,895 Associates 17,567 20,976
567 Other 548 431
27,408 24,441 27,780
258,587 Total fixed assets 247,525 266,862
Current assets
114,624 Stocks 99,832 125,286
197,395 Debtors 195,903 222,058
99,209 Cash at bank and in hand 105,945 76,983
411,228 401,680 424,327
Creditors falling due within one year:
5,708 Bank overdrafts and short term debt 6,354 8,472
9,873 Other borrowings 10,006 16,207
194,759 Other creditors 172,956 182,319
210,340 189,316 206,998
200,888 Net current assets 212,364 217,329
459,475 Total assets less current liabilities 459,889 484,191
Less:
Creditors falling due after more than one year:
147,338 Loan capital 145,721 155,433
1,968 Obligations under finance leases 1,845 1,323
35,701 Provisions for liabilities and charges 33,426 48,298
Deferred income
276 Grants not yet credited to profit 241 308
422 Minority interest 449 428
273,770 Net assets excluding retirement benefits 278,207 278,401
484 Retirement benefits - asset - 19,321
24,134 - liability 49,289 9,786
250,120 Net assets including retirement benefits 228,918 287,936
Capital and reserves
25,300 Called up share capital 25,416 25,230
224,820 Reserves 203,502 262,706
250,120 228,918 287,936
Consolidated Cash Flow Statement
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
Cash inflow from operating activities
71,201 Funds generated by operations 22,481 33,000
3,669 Decrease (increase) in working capital 9,533 (14,610)
(2,610) Cash spent on exceptional closure costs - -
(1,056) Cash spent on exceptional reorganisation costs (162) (649)
71,204 31,852 17,741
1,156 Dividends received from joint ventures 400 -
4,361 Dividends received from associates 217 248
(8,550) Returns on investments and servicing of finance (2,324) (5,156)
(5,294) Taxation (3,531) (2,660)
(10,670) Net capital expenditure (5,077) (6,645)
212 Sale (purchase) of investments 5,445 (18)
(3,838) Acquisitions (927) -
(1,047) Disposals (112) 146
(22,442) Equity dividends paid (17,131) (16,083)
25,092 Cash inflow (outflow) before liquid resources and financing 8,812 (12,427)
(12,946) Management of liquid resources 11,767 12,876
3,933 Financing - issue of shares 2,253 2,680
9,586 - new loans 587 -
(22,376) - debt repaid (5,280) (8,171)
(1,344) - foreign exchange hedging 304 (1,625)
(10,201) (2,136) (7,116)
1,945 Increase (decrease) in cash 18,443 (6,667)
Reconciliation of Net Cash Flow to Movement in Net Debt
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
1,945 Increase (decrease) in cash 18,443 (6,667)
22,376 Cash flow from debt repaid 5,280 8,171
(9,586) Cash flow from new loans (587) -
12,946 Cash flow from management of liquid resources (11,767) (12,876)
27,681 Change in net debt resulting from cash flows 11,369 (11,372)
(11) Loans - acquired - -
(876) Leases - inceptions (190) -
2,253 Exchange (3,619) 1,599
29,047 Movement in net debt during the period 7,560 (9,773)
(95,018) Net debt at 29 December 2001 (65,971) (95,018)
(65,971) Net debt at 28 June 2002 (58,411) (104,791)
Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
39,917 Operating Profit 18,913 17,895
25,999 Depreciation, goodwill amortisation and grant credits 12,686 13,394
(1,378) Surplus on disposal of tangible assets and investments (627) (451)
2,708 Funding of pension costs (6,929) 2,424
3,955 (Decrease) increase in provisions (1,562) (262)
71,201 Funds generated by operations 22,481 33,000
(5,639) Decrease (increase) in stocks 12,889 (11,481)
26,049 Decrease in debtors 4,955 8,883
(16,741) Decrease in creditors (8,311) (12,012)
3,669 Decrease (increase) in working capital 9,533 (14,610)
(2,610) Cash spent on exceptional closure costs - -
(1,056) Cash spent on exceptional reorganisation costs (162) (649)
71,204 Net Cash Inflow from Operating Activities 31,852 17,741
Statement of Total Recognised Gains and Losses
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
18,535 Profit excluding share of profits of joint ventures and associates 13,155 5,485
2,185 Share of joint ventures' profit 848 995
6,500 Share of associates' profit 2057 2,760
27,220 Profit attributable to The Weir Group PLC 16,060 9,240
(85,334) Actuarial loss (45,558) (35,633)
25,994 Tax thereon 13,813 10,690
(7,416) Exchange differences on foreign currency net investments (1,371) 236
(1,142) Tax thereon 235 (1,422)
(40,678) Total recognised losses relating to the period (16,821) (16,889)
- Prior year adjustment (42,917) -
(40,678) Total recognised losses since last annual report (59,738) (16,889)
Reconciliation of Movements in Shareholders' Funds
52 weeks to 26 weeks to 26 weeks to
28 Dec 2001 28 Jun 2002 29 Jun 2001
£'000 £'000 £'000
(40,678) Total recognised losses (16,821) (16,889)
(23,478) Dividends (6,634) (6,364)
3,354 Goodwill released - 1,520
Other movements
4,581 New share capital subscribed 2,322 3,121
(648) Cost of issuing shares (69) (441)
(56,869) Net reduction to shareholders' funds (21,202) (19,053)
306,989 Opening shareholders' funds * 250,120 306,989
250,120 Closing Shareholders' Funds 228,918 287,936
* The opening shareholders' funds at 29 December 2001 as
previously reported amounted to £293,037,000 before the
prior year adjustment of £42,917,000.
Shareholders' funds are entirely attributable to equity interests.
Interim Results
The Interim Results will be sent to shareholders and copies will be available
from The Weir Group PLC, 149 Newlands Road, Cathcart, Glasgow G44 4EX.
Interim Dividend Paid
8 November 2002
Interim Dividend will be paid to shareholders on the register at close of
business on 4 October 2002. Details contained in the interim report can be
downloaded from The Weir Group website at: www.weir.co.uk
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