Final Results
Renold PLC
14 June 2004
14 June 2004
RENOLD plc
2004 PRELIMINARY RESULTS
Renold plc, a leading international supplier of industrial chains and related
power transmission products, automotive cam drive systems and machine tools and
rotors, today announces its preliminary results for the year ended 3 April 2004.
Summary
• Turnover at £192.1 million (2003: £187.4 million).
• Profit before tax improved by £2.2 million to £6.4 million (2003:
£4.2 million), reflecting the benefits of the sale of the former Jones &
Shipman site at Leicester.
• Pre-exceptional profit before tax at £5.4 million (2003: £6.1 million).
• US Dollar weakness impacted returns in UK and European factories in the
second half - Automotive productivity gains offset by adverse currency
movements.
• Machine tool business returned to profit in 2004.
• Adjusted earnings per share increased by 4% to 5.4 pence (2003: 5.2 pence).
• Final dividend maintained at 3.0 pence, giving 4.5 pence for the year
(2003: 4.5 pence).
• Gearing reduced to 24% of shareholders' funds (2003: 25%).
Prospects
Roger Leverton, Chairman of Renold plc, said today:
'The year ended more positively in terms of order intake with North America
particularly strong. Markets in Europe remain patchy and, as yet, have not
matched the improvement in demand seen in the USA. Overall, the Group entered
the new financial year with a healthier order book; however concerns remain over
commodity prices and exchange rates.
The Group will continue to focus on growth markets and growth customers. This
coupled with a continuing tight management of the cost base, should contribute
to a more satisfactory performance during 2005.'
Chairman: Roger Leverton
Preliminary Results
for the Financial Year ended 3 April 2004
FINANCIAL SUMMARY 2004 2003
£m £m
Turnover 192.1 187.4
Operating profit 8.7 6.8
Operating profit before goodwill amortisation and
exceptional items 7.7 9.2
Profit before tax, goodwill amortisation and
exceptional items 5.4 6.1
Profit before tax 6.4 4.2
Adjusted earnings per share 5.4p 5.2p
Basic and diluted earnings per share 7.7p 3.5p
Dividends per ordinary share, paid or proposed 4.5p 4.5p
Capital expenditure 7.2 5.7
Gearing (net borrowings to shareholders' funds) 24% 25%
GROUP RESULTS AND DIVIDEND
Group performance for the financial year 2004 was in line with expectations,
with pre-tax profits of £6.4 million compared to £4.2 million, but nevertheless
the outcome was disappointing. Market conditions continued to be challenging
and, in the second half of the year, the rapid weakening of the US Dollar
against Sterling and the Euro exacerbated the situation, leading to a reduction
in profit before goodwill amortisation and exceptional items. Within the power
transmission segment, the chain based industrial power transmission business
struggled in difficult market conditions; the automotive cam drive business
productivity improvements were offset by adverse currency effects. The machine
tool and rotor business returned a small profit, a considerable improvement on
2003.
During the year the Group established a trading company in Shanghai, China and
was successful in generating increased orders from this rapidly growing market.
This is an area of opportunity for the Group going forward.
Further progress was made in reducing Group borrowings and the year end net debt
was £19.2 million with gearing at 24% (2003: 25%). This was despite higher
capital expenditure and inventory re-build within the automotive business.
During the first half of the year the former Jones & Shipman site at Leicester
was sold and the net cash proceeds of £5.1 million received.
The Board is recommending the payment of a final dividend of 3.0 pence per
share. Together with the interim dividend of 1.5 pence per share paid on 30
January 2004, this gives total dividends for the year of 4.5 pence, the same as
last year.
Subsequent to the year end, Ian Trotter retired as Chief Executive and was
succeeded by Bob Davies. Bob has significant experience having held senior
management roles with Lucas and GE, both in the UK and North America, and I
welcome his appointment and wish him well in his new role.
The Board thanks Ian for his significant contribution to Renold over 13 years
and wishes him a long and happy retirement.
Finally, on behalf of the Board, I would like to thank all Group employees for
their continued support and efforts during 2004.
Prospects
The year ended more positively in terms of order intake with North America
particularly strong. Markets in Europe remain patchy and, as yet, have not
matched the improvement in demand seen in the USA. Overall, the Group entered
the new financial year with a healthier order book; however concerns remain over
commodity prices and exchange rates.
The Group will continue to focus on growth markets and growth customers. This
coupled with a continuing tight management of the cost base, should contribute
to a more satisfactory performance during 2005.
Chief Executive's Review
I am delighted to join Renold, one of the UK's leading engineering companies,
with a long track record of technology innovation.
Since my appointment in April, I have had the opportunity to visit all the major
manufacturing sites in the UK, Europe, USA and Australasia. I have also spent
time with our larger National Sales Companies meeting with key sales managers
and engineers. I am encouraged by the commitment and knowledge of the management
team at all levels and pleased to see a continuing commitment to innovation and
the introduction of new products.
The feedback I have received from customers I have met, since joining, confirms
the Company's position as a supplier of high quality products.
Looking forward, my initial focus will be on developing a strategy to increase
the rate of sales growth. Although we have good market shares in many countries
there are still major opportunities where there has not been focus, such as
China. A wholly owned subsidiary has been established, in Shanghai, and we will
be rapidly increasing the size of the sales team with a view to ultimately
manufacturing products there to support the growth of sales within the region.
A stronger marketing function will allow better exploitation of the existing
product range within the Group and the identification of new product development
opportunities.
Currently the majority of products are manufactured within the Group. We will
look at where introducing products made outside of the Group will allow us to
provide a wider offering to our customers and exploit the strong channels to
market we have in place.
The Automotive group has experienced good sales growth but must accelerate the
improvement in operational efficiency. Lean manufacturing is being introduced
into all the Group's operations to drive efficiency and customer service but the
rate of introduction, within Automotive, will be accelerated. Capacity has been
increased by establishing a line at our German facility to support customers
within this country. Facilities in the USA will be rapidly established to
further increase capacity and support the customers locally.
There are still excellent growth opportunities within all our markets and we
will continue an aggressive product development programme to allow a further
increase in market share.
The Precision Technologies group has emerged from a period of restructuring with
a sound platform for growth. The business will now be outward looking with an
emphasis on sales growth. The recent announcement of the Queen's Award for
'Enterprise: Innovation 2004' reinforces the technology differentiation within
this group.
There are significant challenges facing the Group with the increases in
commodity prices and pricing pressures from manufacturers based in low cost
regions of the world. However, I believe we are in a position to exploit our
engineering and manufacturing strengths and grow sales particularly in areas
such as China and the USA where we are currently under represented.
Operations Review
The Group had a difficult year with continuing dull markets in Europe and
despite a strengthening of demand in North America in the second half, the
rapidly weakening dollar impacted returns in our UK and European factories which
supply that market.
The chain based industrial power transmission business performed reasonably but
the automotive cam drive business continued to experience production efficiency
issues.
The machine tool and rotor business returned a small profit and improved
substantially on the previous year.
During the year, the Group launched the Renold Fitness programme which aims to
utilise Lean management techniques to improve the operational performance of the
business. This has included training and development programmes and the
establishment of a system of metrics to enable progress to be monitored. The
first projects are already delivering improvements and more will come online
during the coming year.
POWER TRANSMISSION
Industrial chain and power transmission
The industrial chain and power transmission business had a tough year with
economic conditions in Europe remaining weak. North American demand recovered
strongly in the second half, but the decline in the US Dollar reduced margins on
Group products exported from Europe. On a like for like basis, sales were up 1%
with improvements in the United Kingdom and reductions in France and other
European markets.
The UK chain business performed well with sales marginally up on the previous
year despite a continuing poor domestic industrial market and inventory
reductions by some major distributors. Improved demand from the USA through
Jeffrey Chain in the second half boosted demand on the Bredbury chain factory.
Burton had a better year as demand for palm oil processing chain from the Far
East remained strong.
The UK gears and coupling businesses also improved both sales and profits with
increased demand for Milnrow gears products in particular, including significant
new orders from China. The Hi-Tec couplings business based at Halifax improved
sales and profits whilst performance at Cardiff was similar to the previous
year.
In continental Europe, the major economies of France and Germany remained
difficult for power transmission products. Transmission chain sales from the
Einbeck facility were similar to the previous year but profits were lower
reflecting the effect of the US Dollar/Euro exchange rate movement on sales into
the USA.
The French chain business had a reasonable first half but suffered in the second
half as the French economy declined sharply. Sales and profits were
significantly lower than last year.
Elsewhere in Europe sales and profits reduced as market conditions deteriorated
over the year, particularly in Benelux and Switzerland.
The North American operations had a mixed year with weak performance in the
first half and substantial improvement in the second half especially at Jeffrey
Chain where OEM demand for engineered chain increased considerably. The US chain
factory finished the year strongly with high output. Renold Ajax, which produces
specialised industrial couplings, had a good year and won a significant new
order for gear boxes and couplings for the New York Mass Transit Authority.
The Australian business had a steady year and secured a large escalator chain
order for the Melbourne underground system.
The Malaysian and Singapore businesses performed well during the year and
continued the good sales of conveyor chain and industrial gearboxes into these
markets with palm oil processing a particularly strong area. In addition, Renold
has established a trading operation in China, Renold Transmission (Shanghai)
Company Limited, and generated good new orders particularly for gearboxes into
the power station construction sector. The manpower in this operation is now
being increased and we would expect further progress in sales in the coming
year.
Towards the end of the year there was a significant improvement in order intake
particularly driven by North America which meant that the business entered the
new financial year with a much stronger order book. The major European economies
still remain patchy and there is considerable effort and emphasis on increasing
orders in these market areas. The business continues to develop its
differentiated product range with Renold Synergy launched last year and new
maintenance free chains being launched during the coming year.
The Group's chain and power transmission manufacturing facilities are moving
forward with Lean manufacturing initiatives, which will drive productivity
improvements and reduce inventory levels. However, there is now severe pressure
on input costs as steel prices have escalated over recent months.
Automotive cam drive systems
The Calais facility continued to experience production inefficiency issues as a
result of the rapid surge in demand for particular engine programmes. Progress
has been made during the year in improving the position and work is under way to
develop the German facility at Einbeck as an automotive supplier.
In addition the Group is looking to establish a similar facility to that in
Einbeck in the USA to supply our customers in North America and it is intended
that this facility will be developed during the 2004/05 financial year. This
will meet the strategic aims defined last year of reducing dependence on the
Calais facility whilst also giving the business a truly global dimension.
Demand for the Renold cam drive system technology remains strong and a number of
new engine contracts were concluded during the year.
Work continues to improve operational efficiency and the Lean process which has
been introduced elsewhere in the Group is also being applied aggressively to
Calais to deliver production improvements.
MACHINE TOOL AND ROTOR
The machine tool business had a good year with a £1.1 million improvement in
operating profit compared with the previous year. Towards the end of the year
order activity began to pick up and a strong order performance in the last
quarter especially for the superabrasive Edgetek machines for aerospace
applications meant the business carries a healthy order book into 2004/05. After
a number of years of weak demand there appears to be real prospect of an up-turn
in investment in machine tools and the Renold business is well positioned to
take advantage following the restructuring of the business.
Work continues to value engineer the products and take advantage of sourcing
manufactured components from low cost economies with the engineering design and
assembly operations based in the UK.
During the year, Holroyd won the Queen's Award for Technology for Innovation.
This recognises the technological achievement in designing and manufacturing the
revolutionary GTG2 gear grinding centre and TG series of thread grinders. This
is the third Queen's Award won by Holroyd and underlines Renold's commitment to
technological innovation and development.
Summary
The year was disappointing overall for Renold but a stronger order intake in the
final quarter gives some positive impetus to the new year. Potential threats are
the continuing weakness of major European economies and substantial material
price increases such as oil and steel. Potential opportunities are the improving
US economy and prospects in the rapidly growing economies of the Far East,
particularly China.
Financial Review
Profit and loss account
Turnover was £192.1 million compared with £187.4 million in the previous year.
The Group operates in two sectors as shown in Note 1 to the accounts which
analyses activities. Power transmission sales were 2% higher at constant
exchange rates with growth in Automotive Systems offset by lower domestic sales
in the major industrial markets of the UK and France. Machine tool and rotor
sales were 3% higher at constant exchange rates as the capital goods market
showed some improvement.
Operating profit, before goodwill amortisation and exceptional items, was £7.7
million, compared with £9.2 million in 2003. The industrial power transmission
businesses showed a reduction in operating results, with Automotive Systems
similar year on year despite a significant adverse exchange effect resulting
from the weakening of the US Dollar in the second half. The machine tool and
rotor businesses recorded an operating profit of £0.3 million, significantly
better than the £0.8 million loss in 2003, reflecting the benefit of a reduced
cost base and some improvement in activity in the machine tool and rotor market.
Manpower numbers have been reduced by close to half in this sector over the last
three years.
Operating profit improved in the UK but was lower in Germany, France and the
rest of Europe. The reduction in France was primarily due to a weaker industrial
performance while Germany was mainly due to the weakness of the dollar. North
America was down although the second half showed a stronger performance.
Redundancy and restructuring costs were £0.5 million in the year.
The return on average operating assets for the Group was 8.7% down from 9.9%
last year; the power transmission businesses achieved 9.6% return on average
operating assets.
Net interest payable reduced to £2.3 million, compared with £3.1 million in
2003. Profit before tax for the year before goodwill amortisation and
exceptional items was £5.4 million compared with £6.1 million last year. The
profit on the disposal of the former Jones & Shipman site in Leicester,
completed in May 2003, produced a profit of £2.8 million which resulted in a
profit before tax for the year of £6.4 million, an increase of 52% over the
previous year.
The taxation charge of £1.0 million compares with a taxation charge of £1.7
million in the previous year. The effective tax rate on profit before goodwill
amortisation, exceptional redundancy and restructuring costs and property sale
was 30% compared with 40% in 2003, reflecting a higher proportion of UK profits.
Reported profit after tax was £5.4 million compared with £2.5 million last year.
Excluding goodwill amortisation and exceptional items, this represented adjusted
earnings per share of 5.4 pence, compared with 5.2 pence earnings per share last
year. Total dividends paid and proposed of 4.5 pence per share is the same as
last year.
Balance sheet
Goodwill stands at £18.8 million after an amortisation charge of £1.3 million in
the year.
Group trading assets at the year end of £88.5 million were similar to last year.
Fixed assets at £47.0 million were £3.0 million lower. Capital additions
totalled £7.2 million compared with £5.7 million last year; the depreciation
charge was £8.8 million compared with £8.9 million last year. New investment was
mainly in the Automotive Systems business in France and Germany and in the UK
and German industrial chain manufacturing businesses.
Shareholders' funds were £81.2 million at the year end (last year £82.1
million).
Cash flow and borrowings
Cash flow from operating activities was £9.2 million which compared with £17.9
million the previous year. Working capital was higher by £7.0 million compared
with a reduction of £1.3 million in 2003; stocks were £2.7 million higher
reflecting inventory re-build in Automotive Systems; debtors increased
£3.5 million reflecting higher sales levels in March and creditors reduced by
£0.8 million. Payments for fixed assets amounted to £6.0 million, whilst tax and
dividends cost £4.8 million. After exchange differences and non-cash movements
there was a net inflow of £1.7 million reducing year end borrowings to £19.2
million. This represented 24% of shareholders' funds or 31% of net tangible
assets.
Treasury and financial instruments
The Group Treasury policy, approved by the directors, is to manage its funding
requirements and treasury risks without undertaking any speculative risks. The
Group does not use financial derivatives to hedge currency translation exposure
on its investments in overseas subsidiaries. Except for the arrangements
referred to below for the management of foreign currency and interest rate
risks, the Group has not made use of financial derivatives.
The Group's net debt of £19.2 million at 3 April 2004 is represented by gross
debt of £28.1 million less cash and short-term deposits of £8.9 million.
At 3 April 2004 the Group had 63% of its gross debt at fixed interest rates. All
borrowings in the UK are secured. The undrawn committed borrowing facilities are
more than adequate to meet the foreseeable requirements of the Group. Cash
deposits are placed short-term with banks where security and liquidity are the
primary objectives.
A major exposure of the Group relates to currency risk on its sales and
purchases made in foreign (non-functional) currencies and to reduce such risks
these transactions are covered, as commitments are made, primarily by forward
foreign exchange contracts. Such commitments generally do not extend more than
six months beyond the balance sheet date, although exceptions can occur where
longer term projects are entered into.
Pension accounting
In accordance with the transitional arrangements for the introduction of FRS 17
- Retirement Benefits, the accounts have been prepared in accordance with SSAP
24 - Accounting for Pension Costs.
On the basis required by FRS 17 the Group's funded defined benefit schemes have
a net deficit, after tax, of £15.5 million at 3 April 2004 (£23.5 million at 29
March 2003). The deficit has reduced from last year due to the recovery of
equity markets in the year. FRS17 calculations are very susceptible to
short-term changes in equity values and interest rates.
________________________________________________________________________________
Annual Report to be published 22 June 2004
Annual General Meeting 22 July 2004
Dividend
- to be paid 12 August 2004
- record date for shareholders 16 July 2004
Annual Report: This preliminary announcement does not form the Group's statutory
accounts. The figures shown in this release have been extracted from the Group's
full financial statements which, for the year ended 29 March 2003 have been
delivered, and for the year ended 3 April 2004, will be delivered to the
Registrar of Companies. Both carry an unqualified audit report.
The financial statements for the year ended 3 April 2004 have been prepared in
accordance with applicable accounting standards, using the same accounting
policies as set out in the Annual Report for the year ended 29 March 2003.
The preliminary announcement was approved by the Board on 14 June 2004.
For further information, please contact:
Bob Davies, Chief Executive 14 June 2004 Telephone: 020 7067 0700
Steve Mole, Finance Director
Renold plc Thereafter Telephone: 0161 498 4500
Terry Garrett/Rachel Taylor
Weber Shandwick Square Mile Telephone: 020 7067 0700
RENOLD PLC
PRELIMINARY RESULTS
Group Profit and Loss Account
for the financial year ended 3 April 2004
2004 2003
£m £m
Turnover 192.1 187.4
Operating costs
- normal operating costs (184.4) (178.2)
- goodwill amortisation (1.3) (1.4)
- exceptional redundancy and restructuring costs (0.5) (1.0)
- exceptional gain on disposal of property held for sale 2.8
------- --------
(183.4) (180.6)
Operating profit 8.7 6.8
Exceptional gain on disposal of fixed asset 0.5
------- --------
8.7 7.3
Net interest payable (2.3) (3.1)
------- --------
Profit on ordinary activities before tax 6.4 4.2
Taxation (1.0) (1.7)
------- --------
Profit for the financial year 5.4 2.5
Dividends (including non-equity) (3.2) (3.2)
------- --------
Retained profit/(loss) for the year 2.2 (0.7)
======= ========
Adjusted earnings per share 5.4p 5.2p
Basic and diluted earnings per share 7.7p 3.5p
All amounts relate to continuing operations.
RENOLD PLC
PRELIMINARY RESULTS
Group Balance Sheet
as at 3 April 2004
2004 2003
£m £m
Fixed assets
Intangible asset - goodwill 18.8 22.6
Tangible assets 47.0 50.0
------- --------
65.8 72.6
Current assets
Stocks 47.0 46.1
Debtors 47.2 46.7
Cash and short-term deposits 8.9 9.3
------- --------
103.1 102.1
Creditors
- amounts falling due within one year
Loans and overdrafts (12.1) (10.2)
Other creditors (44.4) (48.0)
------- --------
Net current assets 46.6 43.9
Total assets less current liabilities 112.4 116.5
Creditors
- amounts falling due after more than one year
Loans (15.5) (20.0)
Other creditors (1.4) (0.6)
Provisions for liabilities and charges (14.3) (13.8)
------- --------
Net assets 81.2 82.1
======= ========
Capital and reserves
(including non-equity interests)
Called up share capital 17.9 17.9
Share premium 6.0 6.0
Profit and loss account 57.3 58.2
------- --------
Shareholders' funds 81.2 82.1
======= ========
RENOLD PLC
PRELIMINARY RESULTS
Extracts from the Group Cash Flow Statement
for the financial year ended 3 April 2004
2004 2003
£m £m £m £m
Net cash inflow from operating activities 9.2 17.9
Servicing of finance (3.3) (2.8)
Taxation (1.6) (1.3)
Capital expenditure and financial investment
- Purchase of tangible fixed assets (6.0) (5.6)
- Proceeds from disposal of fixed assets 0.6
- Proceeds from disposal of property held for
sale 5.1
------- --------
(0.9) (5.0)
Equity dividends paid (3.2) (3.2)
------ -------
Net cash inflow before use of liquid
resources and financing 0.2 5.6
Management of liquid resources
Transfers (to)/from short-term deposits (1.0) 3.0
Financing
Decrease in debt and lease financing (6.4)
------ -------
(Decrease)/increase in cash in the year (7.2) 8.6
====== =======
Reconciliation of net cash flow to movement
in net debt
(Decrease)/increase in cash in the year (7.2) 8.6
Cash flow from decrease in debt and
lease financing 6.4
Cash flow from increase/(decrease) in liquid
resources 1.0 (3.0)
------- --------
Change in net debt resulting from cash flows 0.2 5.6
New finance leases (0.5)
Other non-cash changes (0.1)
Exchange translation difference 2.1 2.6
------ -------
Movement in net debt in the year 1.7 8.2
Net debt at beginning of year (20.9) (29.1)
------ -------
Net debt at end of year (19.2) (20.9)
====== =======
RENOLD PLC
PRELIMINARY RESULTS
Notes on the Accounts
for the financial year ended 3 April 2004
1. Analysis of activities
(a) Activities classified by business segment:
2004 2003
Turnover Operating Operating Turnover Operating Operating
profit assets profit assets
£m £m £m £m £m £m
Power
transmission 174.2 7.4 76.9 168.3 10.0 75.2
Machine tool
and rotor 20.7 0.3 11.6 20.0 (0.8) 13.6
------- -------- -------- ------- -------- -------
194.9 7.7 88.5 188.3 9.2 88.8
Less:
Inter
activity sales (2.8) (0.9)
Goodwill
amortisation (1.3) (1.4)
Exceptional
redundancy
and
restructuring
costs (0.5) (1.0)
Add:
Exceptional
gain on
disposal of
property
held for sale 2.8
------- -------- -------- ------- -------- --------
192.1 8.7 88.5 187.4 6.8 88.8
------- -------- -------- ------- -------- --------
The exceptional redundancy and restructuring cost of £0.5 million is attributed
£0.3 million to the power transmission segment (2003 - £0.3 million) and £0.2
million to the machine tool and rotor segment (2003 - £0.7 million). Of the
total goodwill charge of £1.3 million, £1.1 million (2003 - £1.2 million)
relates to the power transmission businesses and £0.2 million (2003 - £0.2
million) to the machine tool and rotor businesses. The exceptional gain of £2.8
million relates to the disposal of a non-trading property held for sale. This
property was part of the machine tool and rotor segment.
(b) Activities classified by geographical region of operation:
2004 2003
Turnover Operating Operating Turnover Operating Operating
profit assets profit assets
£m £m £m £m £m £m
United Kingdom 70.8 2.8 37.8 69.2 1.6 38.1
Germany 31.9 2.4 12.3 30.4 3.0 12.5
France 49.1 (0.6) 14.8 43.0 0.2 10.9
Rest of Europe 16.0 0.4 3.9 16.3 0.9 4.2
North America 49.2 2.2 13.2 51.2 2.6 16.9
Other countries 18.4 0.5 6.5 17.4 0.9 6.2
------- -------- -------- ------- -------- --------
235.4 7.7 88.5 227.5 9.2 88.8
Less:
Intra Group
sales (43.3) (40.1)
Goodwill
amortisation (1.3) (1.4)
Exceptional
redundancy
and
restructuring
costs (0.5) (1.0)
Add:
Exceptional
gain on
disposal of
property
held for
sale 2.8
------- -------- -------- ------- -------- --------
192.1 8.7 88.5 187.4 6.8 88.8
------- -------- -------- ------- -------- --------
The exceptional cost of £0.5 million arises £0.2 million in the UK (2003 - £0.9
million) and £0.3 million in North America (2003 - £0.1 million). The goodwill
amortisation is attributed to business acquisitions in North America.
Turnover by geographical region includes intra group sales as follows: United
Kingdom £29.1 million (2003 - £26.5 million), Germany £11.4 million (2003 -
£10.8 million) and France £2.1 million (2003 - £1.9 million).
Operating assets comprise fixed assets, current assets less creditors but
exclude goodwill, cash, borrowings, dividends, current and deferred corporate
tax, finance lease obligations, property held for sale, pension prepayments and
other provisions for liabilities and charges.
(c) Geographical analysis of external turnover by market area:
2004 2003
£m £m
United Kingdom 24.4 27.2
Germany 25.4 25.4
France 9.2 9.4
Rest of Europe 36.8 33.2
North and South America 70.1 66.9
Other countries 26.2 25.3
------- -------
192.1 187.4
======= =======
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