Interim Results

Caldwell Investments PLC 27 September 2002 CHAIRMAN'S STATEMENT RESULTS AND DIVIDEND The first half trading shows a small loss on ordinary activities after tax of Â£107,178 (2001 Â£124,290). The turnover for the half year of Â£2,534,749 (2001 Â£2,575,167) was slightly down on the previous year. No interim dividend will be paid. UNDERWEAR BUSINESS The underwear business continues to be highly competitive. The first half of the year is always slow. Hopefully, we will have seasonal weather in the autumn which should result in better trading. NINA PARASOLS The season turned out to be less buoyant than we had hoped. It was a wet summer throughout Europe, which somewhat dampened our sales. NinaSun As I mentioned in my last year's Chairman's statement, we reinstated our Ninaclip development programme, and have now completed and patented the design of a new and unique sunshade for sunloungers and chairs - NinaSun. The NinaSun was successfully launched at the SPOGA Show in Cologne at the beginning of September. Considerable interest was shown by a large number of potential customers from 26 countries. Subsequent to the interest shown at the show, Caldwell has entered into discussions with manufacturers of outdoor furniture for the hotel and leisure industries. Caldwell has high hopes that these discussions will lead to significant orders. However, production lead times mean that it will not be possible to deliver any prospective orders in the current financial year. I have enclosed a NinaSun flyer with the Accounts to give shareholders more insight into the potential of this new product. PROSPECTS The company is delighted with the interest shown in the NinaSun and continues to believe that the large potential market for this product will provide exciting opportunities for the Group. At the same time, we expect the Group's existing underwear and Nina parasol activities to continue steadily. S.J. Wootliff Chairman 27th September 2002 CALDWELL INVESTMENTS P.L.C. RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002 Consolidated Profit and Loss Account Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 December 2001 30 June 2002 30 June 2001 Â£ Â£ Â£ Turnover Continuing Operations 2,534,749 2,575,167 6,235,894 Operating (loss)/profit Continuing Operations (70,105) (56,048) 51,741 Discontinued Operations 0 (1,940) 0 (70,105) (57,988) 51,741 Share of associates' operating loss 0 (5,907) 0 Net interest payable (28,973) (50,395) (117,307) Loss on ordinary activities before taxation (99,078) (114,290) (65,566) Tax on loss on ordinary activities (8,100) (10,000) (29,871) Loss on ordinary activities after taxation (107,178) (124,290) (95,437) Equity dividends paid and proposed 0 0 0 Retained loss for the period (107,178) (124,290) (95,437) Earnings per share (0.78)p (0.90)p (0.69)p Basic and diluted Dividend per share 0 0 0 CALDWELL INVESTMENTS P.L.C. RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002 Consolidated Balance Sheet Unaudited Unaudited Audited 30 June 30 June 31 December 2002 2001 2001 Â£ Â£ Â£ Fixed assets Intangible fixed assets 293,656 320,844 309,011 Tangible fixed assets 285,529 299,945 306,542 579,185 620,789 615,553 Current assets Stocks 2,188,516 2,169,197 1,513,266 Debtors 981,179 1,055,284 1,375,164 Cash at bank and in hand 238,265 318,113 316,248 3,407,960 3,542,594 3,204,678 Creditors: due within one Year (2,282,035) (2,320,113) (1,920,754) Net current assets 1,125,925 1,222,481 1,283,924 Total assets less current liabilities 1,705,110 1,843,270 1,899,477 Creditors: due after one year 0 (120,000) (120,000) Provisions for Liabilities and charges (9,574) (14,198) (9,574) Net assets 1,695,536 1,709,072 1,769,903 Capital and reserves Called up share capital 1,378,750 1,378,750 1,378,750 Share premium account 1,239,255 1,620,302 1,239,255 Capital redemption reserve 27,000 27,000 27,000 Profit and loss account (949,469) (1,316,980) (875,102) Equity shareholders' funds 1,695,536 1,709,072 1,769,903 CALDWELL INVESTMENTS P.L.C. RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002 Consolidated Cash Flow Statement Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 December 30 June 2002 30 June 2001 2001 Â£ Â£ Â£ Net cash (outflow)/inflow from operating activities (396,285) (248,972) 371,418 Returns on investments and servicing of finance Interest received 2,425 2,589 5,746 Interest paid (31,398) (52,984) (123,053) (28,973) (50,395) (117,307) Taxation Tax paid (8,100) 0 (24,237) Capital expenditure and financial investment Purchase of intangible fixed assets (5,006) 0 (8,542) Purchase of tangible fixed assets (9,712) (4,579) (41,748) Sale of tangible fixed assets 0 0 2 (14,718) (4,579) (50,288) Net cash (outflow)/inflow before (448,076) (303,946) 179,586 financing Financing Repayment of loans (60,000) (120,000) (120,000) Capital element of finance lease payments 0 (3,165) (3,166) (60,000) (123,165) (123,166) (Decrease)/Increase in cash in the period (508,076) (427,111) 56,420 CALDWELL INVESTMENTS P.L.C. RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002 Notes to the Interim Report 1. The accounts for the six months ended 30 June 2002 and 30 June 2001 are unaudited but have been prepared on the basis of accounting policies consistent with those set out in the audited accounts for the year ended 31 December 2001. Those accounts were audited, carried an unqualified Auditors Report and have been filed with the Registrar of Companies. The information set out in this interim report does not constitute statutory accounts within the meaning of the Companies Act. 2. The calculation of basic and diluted earnings per shared is based on the loss for the period of Â£107,178 (2001: Â£124,290) and a weighted average number of ordinary shares of 13,787,500 (2001: 13,787,500). 3. Reconciliation of operating loss to operating cash flows Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 December 30 June 2002 30 June 2001 2001 Â£ Â£ Â£ Operating (loss)/profit (70,105) (57,988) 51,741 Depreciation 30,725 28,462 59,032 Amortisation of goodwill and Intangible fixed assets 20,361 23,798 44,173 (Increase)/decrease in stocks (675,250) (366,521) 289,410 Decrease/(Increase) in debtors 393,985 (109,753) (429,633) (Decrease)/Increase in creditors (96,001) 233,030 361,319 Decrease in provisions 0 0 (4,624) Net cash outflow from operating activities (396,285) (248,972) 371,418 4. No interim dividend will be paid. 5. Copies of these interim results are being despatched to shareholders. Further copies can be obtained from: The Company Secretary. Caldwell Investments P.L.C., 647, Roundhay Road, Leeds. LS8 4BA. This information is provided by RNS The company news service from the London Stock Exchange

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