Interim Results
2002年11月7日 - 4:01PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:4716D
Big Food Group PLC
07 November 2002
7 November 2002
THE BIG FOOD GROUP PLC
INTERIM RESULTS
for the 24 weeks to 13 September 2002
Highlights
* Total net sales were #2,378.1 million (2001: #2,446.2 million)
* Operating profit before goodwill amortisation and exceptional items
was #18.2 million (2001: #33.4 million)
* Profit before goodwill amortisation, exceptional items and tax was
#6.6 million (2001: #16.7 million)
* Earnings per share were 1.5p (2001: 0.2p) and adjusted earnings per
share were 1.6p (2001: 4.6p)
* Dividend 1.0p (2001: 1.0p) per share
* Continued strong performance of four Iceland new format trial
stores with average uplift in like for like sales of 15.1% during the
period
* Satisfactory performance at Booker with non-tobacco sales up 2.3%
Commenting on the statement Chief Executive Bill Grimsey said:
"I am very pleased with the performance at Booker where we have grown sales and
made good progress with strategic initiatives. Meanwhile Iceland is now trading
profitably, and having brought gross margin under control, the emphasis is on
building sales through the important Christmas trading period and rolling out
our proven new format stores."
Enquiries:
The Big Food Group plc Tel: 020 7796 4133 on 7 November 2002
Bill Grimsey, Chief Executive thereafter Tel: 01933 371148
Bill Hoskins, Finance Director
David Sawday, Head of Group PR
Hudson Sandler Tel: 020 7796 4133
Andrew Hayes/Noemie de Andia
7 November 2002
THE BIG FOOD GROUP PLC
INTERIM STATEMENT
for the 24 weeks to 13 September 2002
Introduction
During the first half of the current year much progress has been made in the
implementation of our strategic initiatives including the important new format
trials at Iceland. The excellent performance of these stores demonstrates that
we can deliver a step change in performance with this initiative. There was also
a solid performance at Booker which continues to improve upon its strong
position in the UK wholesale market.
However, this progress was masked by the trading problems at Iceland caused by a
change in promotional strategy. This was swiftly recognised and corrective
action taken with the result that this business unit is now trading profitably.
The re-financing, which was completed in June, gives the Company a much stronger
financial platform from which to carry out its investment plans.
Summary
Total net sales were #2,378.1 million (2001: #2,446.2 million), the reduction
due principally to Iceland's trading performance.
Operating profit before goodwill amortisation and exceptional items was #18.2
million (2001: #33.4 million), the shortfall arising from the volume and gross
margin impacts at Iceland caused by the change in promotional strategy.
Profit before goodwill amortisation, exceptional items and tax was #6.6 million
(2001: #16.7 million) with a reduction in interest expense (before exceptional
costs) of #5.1 million including the effect of the sale and leaseback.
Earnings per share were 1.5p (2001: 0.2p) and adjusted earnings per share were
1.6p (2001 : 4.6p)
An interim dividend of 1.0p per share is proposed (2001: 1.0p per share)
Performance Review
Sales
Booker. The overall growth in Booker's like for like sales of 0.8% was a
satisfactory performance. The growth in the more profitable non-tobacco sales
of 2.3% was particularly pleasing. This was driven by increased promotional
activity, in line with our strategy to deliver better value for our customers,
and the growth in alcohol, soft drinks and snacks. The decline in tobacco sales
had little effect on profitability however it is an important driver of footfall
so is relevant to the performance of Booker's position as the market leader in
the UK wholesale market.
Woodward Foodservice. The 10.8% like for like sales growth at Woodward
continued the strong upward trend. Key drivers were the growth experienced in
the independent catering market in England and Wales and the development of
national accounts.
Iceland Foods. A too aggressive move towards a value driven proposition caused
a decline in like for like sales of 6.7% for the first half. A return to the
more traditional promotional package was increasingly implemented from July. By
contrast, in the new format stores, where there have also been changes in range,
store environment and services, customers like the value based proposition.
Therefore it remains part of the roll-out strategy for the new formats.
The Home Shopping pick centre at Sunbury has been established and we are
evaluating both the commercial progress and the cost effectiveness of this
trial.
Operating Profit
Operating profit before goodwill amortisation and exceptional items was as
follows:
2002 2001
#m #m
Booker 26.1 26.1
Woodward (1.0) (0.7)
Iceland (6.9) 8.0
_____ _____
18.2 33.4
_____ _____
At Booker the underlying growth in operating profit of 10% demonstrates its
strength as the market leader in the Cash and Carry business. This profit
growth includes the benefit of higher non-tobacco sales with the associated
increase in gross margins, together with an improvement in stock shrinkage.
However, additional costs of approximately #2.6 million were incurred on flood
damage at the Blackburn branch and additional rents arising from the sale and
leaseback in June.
Losses at Woodward were at similar levels to the previous year in line with our
strategic plan which is designed to take advantage of the growth in the
foodservice sector. The benefit of the gross margin, arising from the increase
in sales, was matched by the additional revenue costs being invested by the
business unit as part of that plan.
At Iceland, the operating loss of #6.9 million was in line with the expectation
outlined in the trading statement of 25 July. The sales decline, noted above,
was the result of a too aggressive move towards a value proposition. This
required an investment in margin to generate sales and the targets for both of
these elements were not met. The margin cost experienced in the first half was
approximately #4.5 million. The overall impact of the reduction in sales
volumes was, however, mitigated by the business unit's ability to manage
variable distribution and branch costs in line with the lower level of activity.
Subsequently gross margins have been restored by the return to the traditional
promotion strategy and Iceland is now trading profitably. The task now is to
improve trading performance running up to Christmas. Other impacts of #1.0
million on operating profit at Iceland included the additional rents from the
sale and leaseback.
Strategic Initiatives
In contrast to the short term profitability, the Group has made important
advances in the development of its longer term outlook.
At Booker, the strategic aim to grow its delivered wholesale business has been
strengthened. Firstly by the start up of the Delivery Hub at Wolverhampton, a
specialised delivery site providing an enhanced service and better use of our
assets. Secondly the Drop Shipment programme, which involves direct delivery to
customers of products like bread and milk that are needed daily. Both
initiatives are supported by the associated e-ordering system. Meanwhile our
Premier fascia customers have increased from 705 to 818.
The Woodward Foodservice business, currently focused on frozen food, aims to
enhance its capability to compete for national accounts by enlarging its product
offering. In September, a new distribution centre for ambient groceries was
opened in Rhyl to service customers in Wales and the North West of England.
At Iceland, where much of the Group's investments are planned, developments
included re-fits in the new format concepts and the opening of a new store. We
have identified four formats: a freezer centre, with a minimal grocery and
chilled offer; a core store, with a product mix close to that of the current
standard Iceland format; a core+ store offering additional ranges, particularly
in chilled and fresh foods, together with improved services; a C-store with a
reduced frozen food offer, providing a full convenience store range. The first
four new format stores, covering each of the concepts traded with an average
uplift in like for like sales of 15.1% over the period with particularly strong
results being achieved from the core and core+ formats. The trial of these
formats will be extended to a further 32 stores by the end of this financial
year in order to establish these propositions prior to the rollout to 100
further stores in 2003/2004. In the first half one new store opened at Leicester
and a further 10 are planned to open by the end of the financial year.
Interest
Net interest payable was #11.8 million before exceptional costs (2001 : #16.7
million), reflecting the lower borrowings during the period including the impact
of the re-financing completed in June.
Exceptional Costs
Operating exceptional costs were # 3.9 million with an additional #5.2 million
charged to interest.
The principal components of operating exceptional costs were:
# m
Closure of Sovereign 1.3
Integration projects 1.7
Investment write down 0.3
Other 0.6
___
3.9
___
Sovereign was a single branch confectionery wholesale business within Booker
with an operating loss of approximately #0.3 million per annum.
Integration projects include financial administration and in particular the
creation of a Group transaction processing centre at Deeside based on SAP
technology.
The #5.2 million charged to interest related to the closure of various interest
rate swap contracts as noted in the 2002 annual report and accounts.
Exceptional profits of #17.6 million arose from the disposal of fixed assets,
principally the 31 properties which were the subject of a sale and leaseback
transaction as part of the re-financing programme.
Cash Flow
Average daily net debt, comprising actual borrowings, and estimated cash and
finance leases was as follows:
# m
30 March to 17 June 377
18 June to 13 September 239
On 18 June the Company received #123.5 million (net of expenses) in respect of
the sale and leaseback of 31 properties.
The Company generated cash of # 123.5 million during the period, the components
of which were:
# m
Operating profit before goodwill amortisation and
exceptional costs 18.2
Depreciation and amortisation 34.9
______
53.1
Interest, tax and dividends (15.6)
______
37.5
Working capital (0.5)
Capital expenditure (27.7)
Fixed asset disposals 126.5
Provisions (2.3)
Exceptional costs (7.7)
Purchase of investments (2.3)
______
Net cash flow 123.5
Net debt at 30 March 2002 (404.2)
______
Net debt at 13 September 2002 (280.7)
______
Excluding the impact of exceptional items and the disposal of fixed assets, the
Company generated #4.7 million of cash, in line with its own expectations.
Working capital continued to be managed effectively within the overall reduction
in trading activity. Both stocks and creditors increased as a result of tactical
purchases.
Capital expenditure at #27.7 million was lower than depreciation for the period.
However, significant investments are planned for the second half particularly
in respect of re-fits and new stores at Iceland.
Dividend
The Board have considered profitability and cash flow earned to date as well as
the Company's expectations for the remainder of the year. These indicate an
improving trend, based on seasonality and the recovery of the Iceland gross
margins.
Accordingly, an interim dividend of 1.0p per share is proposed. The dividend is
payable on 10 January 2003 to shareholders on the register at 6 December 2002.
Re-financing
The Company completed its re-financing on 18 June providing longer term
borrowing facilities. The elements were a sale and leaseback of 31 properties
raising #123.5 million (net of expenses), a subordinated 10 year High Yield bond
for #150 million and a bank facility for #300 million expiring 30 March 2007.
This re-financing programme puts in place the necessary funding to enable the
Company to execute its investment plans.
The average net debt reported above indicates strong liquidity and the Company
expects to meet its financial compliance obligations.
The Company may from time to time choose to repurchase outstanding bonds, in
open market purchases or privately negotiated transactions. Such purchases will
depend on prevailing market conditions and will not exceed 10% of the bonds in
issue.
Pension Scheme
On 1 August the Company completed its new pension arrangements for employees
under which accrual of benefits under the final salary scheme ceased and with
over 95% of members entering a new defined contribution scheme. Also from 1
August the Company is paying contributions of approximately #7 million per annum
in respect of the actuarial deficit until the next triennial valuation in 2004.
Management and Employees
The Company will shortly be launching a further issue under its existing SAYE
scheme in respect of approximately twelve million shares, subject to employee
take-up, to all qualifying employees with service of at least one year. This
reflects the Company's aim of increasing employee share ownership still further
to enable our colleagues to participate in the longer term growth prospects.
During the period we have made several key appointments that will further
strengthen our management team.
Ted Smith, has joined as Stores Director, Iceland. He was previously Operations
Director with WH Smith and held senior retail positions at Boots.
Nick Canning is to join as Marketing Director, Iceland. Nick was formerly
Marketing Director with News International responsible for The Sun and The News
of the World. Prior to that he was Marketing Director for KP Foods, following a
successful early career in marketing.
Peter Fuller has joined Woodward Foodservices as Operations Director and
previously held senior positions in logistics at B&Q and Asda.
Outlook
The successful completion of the re-financing has enabled the Group to embark on
implementation of the strategic plan. Teams across the Group are engaged on
initiatives designed to restore shareholder value. The main issue facing the
Group today is the like for like sales performance of Iceland. Therefore the
focus is on the Christmas trading period to restore sales whilst margins are
maintained.
Presentation to Analysts
A presentation to analysts will be made today at 9.15am for 9.30am at The
Smeaton Vaults, The Brewery, Chiswell Street, London, EC1.
Group Profit and Loss Account
For the 24 weeks ended 13 September 2002
24 weeks ended 24 weeks ended 52 weeks ended
13 September 15 September 29 March
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
Note #m #m #m
Turnover 2 2,378.1 2,446.2 5,220.4
-------- -------- --------
--------------------------------------------------------------------------
Operating profit before goodwill amortisation
and operating exceptional items 18.2 33.4 76.1
Goodwill amortisation (10.2) (10.2) (22.2)
Operating exceptional items 3 (3.9) (5.7) (10.4)
--------------------------------------------------------------------------
Operating profit 2 4.1 17.5 43.5
Profit on disposal of fixed assets 17.6 2.8 4.2
-------- -------- --------
Profit on ordinary activities before interest and
taxation 21.7 20.3 47.7
Interest payable (net) 4 (16.8) (18.4) (34.9)
-------- -------- --------
Profit on ordinary activities before taxation 4.9 1.9 12.8
Tax on profit on ordinary activities - (1.3) (3.5)
-------- -------- --------
Profit for the financial period 4.9 0.6 9.3
Dividends 5 (3.3) (3.4) (8.4)
-------- -------- --------
Retained profit/(deficit) for the period 1.6 (2.8) 0.9
======== ======== ========
Pence Pence Pence
Earnings per ordinary share - basic 6 1.5 0.2 2.8
- adjusted 6 1.6 4.6 11.4
- diluted 6 1.4 0.2 2.8
Group Statement of Total Recognised Gains and Losses
For the 24 weeks ended 13 September 2002
24 weeks ended 24 weeks ended 52 weeks ended
13 September 15 September 29 March
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
#m #m #m
Profit for the financial period 4.9 0.6 9.3
Exchange movements 0.5 - -
----------- ----------- ----------
Total recognised gains for the period 5.4 0.6 9.3
=========== =========== ==========
Reconciliation of Movement in Shareholders' Funds
For the 24 weeks ended 13 September 2002
24 weeks ended 24 weeks ended 52 weeks ended
13 September 15 September 29 March
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
#m #m #m
Total recognised gains and losses 5.4 0.6 9.3
Dividends paid and proposed (3.3) (3.4) (8.4)
New share capital allotted, including premium 0.1 0.4 1.5
----------- ----------- -----------
Net increase/(decrease) in shareholders' funds 2.2 (2.4) 2.4
Shareholders' funds at the beginning of the period 402.5 400.1 400.1
----------- ----------- -----------
Shareholders' funds at the end of the period 404.7 397.7 402.5
=========== ========= ===========
Group Balance Sheet
At 13 September 2002
13 September 15 September 29 March
2002 2001 2002
(Unaudited) (Unaudited) (Audited)
#m #m #m
Fixed assets
Intangible assets 395.4 417.6 405.6
Tangible assets 498.9 635.2 614.6
Investments 11.4 13.8 11.2
--------------- --------------- ---------------
905.7 1,066.6 1,031.4
--------------- --------------- ---------------
Current assets
Stocks 346.3 366.4 296.6
Debtors due within one year 116.1 135.6 142.3
Short-term deposits 10.5 15.2 4.6
Cash at bank and in hand 50.9 74.9 36.8
--------------- --------------- ---------------
523.8 592.1 480.3
Creditors due within one year (653.6) (777.8) (1,049.6)
--------------- --------------- ---------------
Net current liabilities (129.8) (185.7) (569.3)
--------------- --------------- ---------------
Total assets less current liabilities 775.9 880.9 462.1
Creditors due after one year (321.5) (428.0) (9.1)
Provisions for liabilities and charges (49.7) (55.2) (50.5)
--------------- --------------- ---------------
404.7 397.7 402.5
=============== =============== ===============
Capital and reserves
Called up share capital 34.3 34.2 34.3
Share premium account 17.7 16.7 17.7
Merger reserve 344.5 344.5 344.5
Profit and loss account 8.2 2.3 6.0
--------------- --------------- ---------------
Equity shareholders' funds 404.7 397.7 402.5
=============== =============== ===============
Group Cash Flow Statement
For the 24 weeks ended 13 September 2002
24 weeks 24 weeks ended 52 weeks ended
ended 15 September 2001 29 March 2002
13 September 2002
(Unaudited) (Unaudited) (Audited)
Note #m #m #m
Cash flow from operating activities 7 47.8 100.4 161.8
Servicing of finance 8 (16.2) (20.7) (40.3)
Tax refunded/(paid) 0.4 (1.4) 8.0
Capital expenditure and financial investment 8 96.4 (4.7) (27.4)
Equity dividends paid (5.0) - (3.4)
---------------- ---------------- ----------------
Cash inflow before use of liquid resources and
financing 123.4 73.6 98.7
Management of liquid resources:
Net (outflow)/inflow from short-term deposits (5.9) (9.9) 0.7
Financing 8 (112.8) (38.7) (81.0)
---------------- ---------------- ----------------
Increase in cash for the period 4.7 25.0 18.4
================ ================ ================
Reconciliation of net cash flow to movement in net
debt: 9
Increase in cash for the period 4.7 25.0 18.4
Cash outflow from debt and lease financing 112.9 39.1 82.5
Cash outflow/(inflow) from liquid resources 5.9 9.9 (0.7)
---------------- ---------------- ----------------
Movement in net debt in the period 123.5 74.0 100.2
Net debt at start of period (404.2) (504.4) (504.4)
---------------- ---------------- ----------------
Net debt at end of period (280.7) (430.4) (404.2)
================ ================ ================
Notes to the Accounts
At 13 September 2002
1. basis of preparation and accounting policies
The interim accounts have been prepared on the basis of the accounting policies
set out in the Group's statutory accounts for the period ended 29 March 2002.
These statements, which are unaudited, do not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985. The accounts for
the 52 weeks ended 29 March 2002 have been extracted from the full accounts,
which have been filed with the Registrar of Companies. The Auditors' Report on
these accounts was unqualified and did not contain any statement under section
237 of the Companies Act 1985.
2. Segmental analysis
24 weeks 24 weeks 52 weeks ended
ended ended 29 March 2002
13 September 15 September
2002 2001
#m #m #m
a) Turnover
Wholesale 1,656.9 1,677.2 3,544.4
Foodservice 46.0 41.5 87.0
Retail 675.2 727.5 1,589.0
------------- ------------- -------------
2,378.1 2,446.2 5,220.4
============= ============= =============
b) Profit before tax
Wholesale 26.1 26.1 54.6
Foodservice (1.0) (0.7) (1.6)
Retail (6.9) 8.0 23.1
------------- ------------- -------------
18.2 33.4 76.1
Goodwill amortisation (10.2) (10.2) (22.2)
Operating exceptional items:
Wholesale (2.1) (2.8) (3.8)
Foodservice - - (0.2)
Retail (1.8) (2.9) (6.4)
------------- ------------- -------------
Operating profit 4.1 17.5 43.5
Profit on disposal of fixed assets 17.6 2.8 4.2
Interest payable (net) (16.8) (18.4) (34.9)
------------- ------------- -------------
Profit before tax 4.9 1.9 12.8
============= ============= =============
All operations are continuing and carried out in the United Kingdom and the
Republic of Ireland.
Notes to the Accounts
At 13 September 2002 (continued)
3. Exceptional items before interest 24 weeks 24 weeks 52 weeks
ended ended ended
13 September 15 September 29 March
2002 2001 2002
#m #m #m
Integration and strategic review costs 1.7 3.7 7.9
Refinancing costs - 2.0 2.0
Business closure 1.3 - -
Write down of investment 0.3 - 1.3
Other 0.6 - (0.8)
------------ ------------ ------------
Total operating exceptional items 3.9 5.7 10.4
Profit on disposal of fixed assets (17.6) (2.8) (4.2)
------------ ------------ ------------
(13.7) 2.9 6.2
============ ============ ============
4. Interest payable (net) 24 weeks 24 weeks 52 weeks
ended ended ended
13 September 15 September 29 March
2002 2001 2002
#m #m #m
Interest receivable and similar income (0.4) (0.1) (2.8)
Interest payable:
Interest on bank loans and overdrafts 7.5 15.4 33.2
Loan note interest 3.6 0.2 0.2
Finance charges payable under finance leases 0.4 0.8 1.4
Unwinding of discount on provisions 0.5 0.4 0.6
Other interest payable - - 0.6
--------------- --------------- ---------------
11.6 16.7 33.2
Exceptional costs:
Bank fees related to the syndicated facility - 1.7 1.7
Interest rate swap closure costs 5.2 - -
--------------- --------------- ---------------
16.8 18.4 34.9
=============== =============== ===============
Notes to the Accounts
At 13 September 2002 (continued)
5. Dividends 24 weeks 24 weeks 52 weeks
ended ended ended
13 September 15 September 29 March
2002 2001 2002
#m #m #m
Interim dividend 1.0p per share (2001/2:1.0p) 3.3 3.4 3.4
Final dividend (2001/2: 1.5p) - - 5.0
------------ ------------ ------------
3.3 3.4 8.4
============ ============ ============
6. Earnings per ordinary share
Basic and diluted
The basic and diluted earnings per share are calculated based on the following
data:
24 weeks ended 24 weeks ended 52 weeks
ended
13 September 15 September 29 March
2002 2001 2002
#m #m #m
Profit for the financial period 4.9 0.6 9.3
======== ======== ========
No. (m) No. (m) No. (m)
Basic weighted average number of shares 332.3 331.8 332.1
Dilutive potential ordinary shares:
Employee share awards and options 5.6 1.4 4.0
------------ ------------ ------------
Diluted weighted average number of shares 337.9 333.2 336.1
============ ============ ============
The basic weighted average excludes shares held in the employee share trust, as
required by FRS14.
The effect of this is to reduce the average by 10,701,000 (15 September 2001:
9,840,000, 29 March 2002: 9,874,861).
Adjusted
Adjusted earnings per share of 1.6p (15 September 2001: 4.6p,
29 March 2002: 11.4p) are presented in addition to the basic EPS of
1.5p (15 September 2001: 0.2p, 29 March 2002: 2.8p) required by FRS 14
since, in the opinion of the directors, this represents a clearer year
on year comparison of the earnings of the Group. The adjusting items
are: exclusion of goodwill amortisation 3.1p (15 September 2001: 3.1p,
29 March 2002: 6.7p); exceptional items (2.6)p (15 September 2001:
1.7p, 29 March 2002: 2.4p); and associated tax credit of (0.4)p
(15 September 2001: (0.4)p, 29 March 2002: (0.5)p).
Notes to the Accounts
At 13 September 2002 (continued)
7. Reconciliation of operating profit to operating cash 24 weeks ended 24 weeks ended 52 weeks ended
flows 13 September 15 September 29 March
2002 2001 2002
#m #m #m
Operating profit 4.1 17.5 43.5
Operating exceptional items 3.9 5.7 10.4
---------------- ---------------- ----------------
Operating profit before operating exceptional items 8.0 23.2 53.9
Depreciation 33.0 36.9 79.0
Amortisation of goodwill 10.2 10.2 22.2
Amortisation of investments 1.9 1.3 2.6
Exceptional costs cash flow (2.5) (12.9) (19.5)
(Increase)/decrease in stocks (49.7) (6.4) 63.4
Decrease/(increase) in debtors 25.7 3.5 (10.4)
Increase/(decrease) in creditors 23.5 48.5 (20.7)
Cash flow relating to provisions (2.3) (3.9) (8.7)
---------------- ---------------- ----------------
Net cash inflow from operating activities 47.8 100.4 161.8
================ ================ ================
8. Analysis of cash flows 24 weeks ended 24 weeks ended 52 weeks ended
13 September 15 September 29 March
2002 2001 2002
#m #m #m
Servicing of finance
Interest paid (10.6) (19.9) (36.7)
Interest element of finance lease rental payments (0.4) (0.8) (1.4)
Interest rate swap closure costs (5.2) - -
Bank fees related to the syndicated facility - - (2.2)
---------------- ---------------- ---------------
Net cash outflow for servicing of finance (16.2) (20.7) (40.3)
================ ================ ===============
Capital expenditure and financial investment
Purchase of tangible fixed assets (27.7) (19.0) (45.8)
Sale of tangible fixed assets 126.5 14.3 18.4
Purchase of shares for ESOP (2.4) - -
---------------- ---------------- ---------------
Net cash outflow for capital expenditure and financial
investment 96.4 (4.7) (27.4)
================ ================ ===============
Financing
Issue of share capital 0.1 0.4 1.5
Proceeds from new borrowings 260.4 - -
Repayment of borrowings (369.3) (32.4) (69.7)
Capital element of finance lease repayments (4.0) (6.7) (12.8)
---------------- ---------------- ---------------
Net cash outflow from financing (112.8) (38.7) (81.0)
================ ================ ===============
Notes to the Accounts
At 13 September 2002 (continued)
9. Analysis of net debt At At
29 March 13 September
2002 Cash flow 2002
#m #m #m
Cash at bank and in hand 36.8 14.1 50.9
Overdrafts (2.0) (9.4) (11.4)
--------------- -------------- ---------------
34.8 4.7 39.5
Debt due within 1 year (427.0) 425.4 (1.6)
Debt due after 1 year (2.1) (316.5) (318.6)
Finance leases (14.5) 4.0 (10.5)
--------------- -------------- ---------------
(408.8) 117.6 (291.2)
Liquid resources
- short-term deposits 4.6 5.9 10.5
--------------- -------------- ---------------
(404.2) 123.5 (280.7)
=============== ============== ===============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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