Costain Group PLC - Final Results - Part 2
1997年10月11日 - 2:51AM
ＲＮＳを含む英国規制内ニュース （英語）
RNS No 0471e
COSTAIN GROUP PLC
10th October 1997
PART TWO
NOTES TO THE ACCOUNTS
1 Accounting policies
Basis of preparation
The Directors expect that the audited accounts will be
finalised when the subscription monies under the Open Offer
have been received. These will be based on the above
financial information, adjusted to the extent that any events
occur in the period from 8th October, 1997 to the date that
the accounts are finalised which provide additional evidence
relating to conditions existing at the balance sheet date.
Such events would include material changes in the financial
position of contracts which were in progress at the balance
sheet date and in the provisions required for losses on sale
of businesses or assets. There has been no change in
accounting policies from those adopted in the accounts for the
year ended 31st December, 1995.
2 Turnover
1996 1995
#m #m
Group undertakings 774.4 878.1
Inter-company transactions (29.9) (35.7)
_______ ______
744.5 842.4
Associated undertakings
(Group share) 5.5 13.2
_______ ______
750.0 855.6
====== ======
3 Business and geographical segment information
Business segment information
Turnover Operating loss Net assets
1996 1995 1996 1995 1996 1995
(re- (re- (re-
stated) stated) stated)
#m #m #m #m #m #m
Continuing
activities
Engineering
&
Con- 540.5 563.6 (20.3) (29.0) 36.9 40.5
struction
US Mining --- --- --- --- (15.9) (26.7)
Residential
&
26.7 13.2 (2.4) (9.2) 4.3 10.4
Commercial
Property
_____ ______ ______ ______ _____ _____
567.2 576.8 (22.7) (38.2) 25.3 24.2
Inter-
company
interest (2.4) (3.3) (66.4) (60.9)
and
loans*
______ ______ _____ _____
Operating
loss and
net
assets
of Group
under- (25.1) (41.5) (41.1) (36.7)
takings
Discontinued
activities
Engineering
&
Con- 14.2 70.8 (3.5) (1.5) 0.6 15.0
struction
US Mining 163.1 194.8 (11.2) (32.8) 20.4 37.9
Associated
under-
takings
Continuing
operations
Engineering
&
Con- 3.4 11.8 (0.1) (0.8) 2.1 (1.3)
struction
Property 0.7 0.9 (12.3) (39.8) 21.4 30.7
Discontinued
operations
Engineering
&
Con- 1.4 0.5 (0.3) (0.6) --- ---
struction
_____ ______ ______ ______ _____ _____
750.0 855.6 (52.5) (117.0) 3.4 45.6
===== ===== ===== ======
Loss on
sale
of fixed (0.5) (14.2)
assets
Net
interest
payable
and (9.3) (11.4)
similar
charges
______ ______
Loss on
ordinary
activities
before (62.3) (142.6)
taxation
====== ======
Geographical segment information
Turnover Operating Net assets
by origin loss by origin
by origin
1996 1995 1996 1995 1996 1995
(re- (re- (re-
#m stated) #m stated) #m stated)
#m #m #m
Continuing
activities
United Kingdom 349.3 445.5 (11.0) (12.2) 38.2 41.4
United States 25.8 11.4 (1.3) (6.5) (12.7) (21.8)
Rest of the 192.1 119.9 (10.4) (19.5) (0.2) 4.6
world
_____ _____ _____ _____ _____ _____
567.2 576.8 (22.7) (38.2) 25.3 24.2
Inter-company
interest and
loans* (2.4) (3.3) (66.4) (60.9)
_____ _____ _____ _____
Operating loss
and net
assets
of Group (25.1) (41.5) (41.1) (36.7)
undertakings
Discontinued
activities
United Kingdom 7.7 54.9 (3.9) (1.5) --- 13.0
United States 165.8 202.7 (9.5) (31.2) 20.4 39.5
Rest of the 3.8 8.0 (1.3) (1.6) 0.6 0.4
world
Associated
undertakings
Continuing
operations
United Kingdom 0.8 6.7 (10.7) (32.0) 21.5 26.6
Rest of the 3.3 6.0 (1.7) (8.6) 2.0 2.8
world
Discontinued
operations
Rest of the 1.4 0.5 (0.3) (0.6) --- ---
world
_____ _____ _____ _____ _____ _____
750.0 855.6 (52.5) (117.0) 3.4 45.6
===== ===== ===== ===== ===== =====
Turnover by destination is not materially different from
turnover by origin.
* The inter-company interest represents interest earned by
Engineering & Construction on funds lent to the other
divisions.
Net assets are represented by ordinary shareholders' funds,
minority interests and net borrowings.
Discontinued activities comprise the UK pre-cast concrete
business, the Land & Marine engineering business and the US
mining business.
4 Exceptional items
1996 1995
#m #m
Write down of US Mining to reflect
a permanent diminution in its
value:
Fixed assets --- 20.0
Provisions --- 8.0
Other operating provisions against
US Mining --- 6.3
Provisions against US property --- 7.0
Provisions against associated
undertakings:
Alcaidesa --- 6.0
Spitalfields 10.6 32.0
(Profit)/loss on sale of fixed
assets
(including #5.2 million goodwill (1.4) 8.0
written off (1995: #7.0
million))
Provision for future loss on sale
of
businesses (1995: including #6.1 3.1 6.1
million goodwill written off)
_______ _______
12.3 93.4
======= =======
5 Loss per share
The calculation of loss per share is based on losses of #63.6
million (1995: #143.4 million) and 123,093,324 ordinary shares
(1995: 51,784,088) being the weighted average number of
ordinary shares in issue during the year after taking the
capital reduction into account.
6 Provisions for liabilities and charges
At Movement At end of
beginning in year year
of year #m #m
#m
TML 15.0 --- 15.0
US mining -
reclamation 27.6 (11.1) 16.5
and other
provisions
Deferred taxation 6.6 (0.7) 5.9
Engineering &
Construction 12.8 0.5 13.3
provisions
Other provisions 8.5 (2.8) 5.7
______ ______ ______
70.5 (14.1) 56.4
====== ====== ======
The elements of deferred taxation are as follows:
1996 1995
#m #m
Pension fund prepayment 16.7 18.3
Accelerated capital allowances 0.4 0.4
Other timing differences (4.1) (3.1)
Advance corporation tax
recoverable (7.1) (9.0)
______ ______
5.9 6.6
====== ======
The full potential deferred taxation liability is not
significantly different from the amount provided in the
balance sheet.
7 Reconciliation of movements in shareholders' funds
1996 1995
#m #m
Loss for the financial year (63.6) (143.4)
Other recognised gains and (1.0) 0.2
losses in the year
Goodwill written back 5.2 13.1
Issue of share capital 73.0 ---
______ ______
Net increase/(deduction) from
shareholders' funds 13.6 (130.1)
Opening shareholders' funds (29.9) 100.2
______ ______
Closing shareholders' funds (16.3) (29.9)
====== ======
8 Contingent liabilities
1996 1995
#m #m
Under guarantees of bank
overdrafts, mortgages and
loans to associated
undertakings 6.7 7.8
Certain subsidiary undertakings have entered into cross
guarantees for loans and overdraft facilities made available
to the Group and certain associated undertakings. These
liabilities amount to #72.8 million (1995: #26.2 million) and
$70.0 million (1995: $169.8 million) and are included or
disclosed in the Group accounts.
There are also contingent liabilities in respect of:
-- Creditors of joint ventures which are less than the book
value of their assets.
-- Performance bonds and other undertakings entered into in
the ordinary course of business.
No security has been given in respect of any guarantee given
by the Group.
The Group has a 10 per cent. interest in Transmanche-Link
("TML"), the joint venture which was contracted for the
construction of the Channel Tunnel. In late 1995, TML's
client, The Channel Tunnel Group Limited and France Manche
S.A. ("Eurotunnel") made claims of approximately #1 billion
against TML in relation to the procurement of rolling stock.
TML, having obtained external legal advice, considers that the
amounts claimed include substantial consequential losses which
management believes are specifically excluded under the terms
of the contract and that it has no liability in respect of the
matters raised. The contracts in respect of which these claims
were made referred disputes in the first instance to a panel
of three experts. The decision of this panel in relation to
these claims was delivered on 30th April, 1997. This decision
confirmed that TML has no liability for consequential losses
and did not require any payment to be made by TML even taking
account of certain limited issues where the Panel did
recognise that Eurotunnel had a right to recover damages.
Eurotunnel has a continuing right to refer to arbitration the
dispute which was submitted to the Panel. TML continues to
believe, taking into account the legal advice it has received,
that it has no liability in respect of the matters raised.
9 Other financial commitments
1996 1995
Land Other Land Other
and operat- and operat-
build- ing build- ing
ings leases ings leases
#m #m #m #m
Annual commitments under
non-cancellable
operating
leases comprise:
-- within one year 0.2 0.8 --- 0.8
-- between one and two 0.2 1.3 --- 2.0
years
-- between two and five 0.1 7.6 0.3 8.2
years
-- after five years 3.5 1.0 2.9 0.8
_____ _____ _____ _____
4.0 10.7 3.2 11.8
===== ===== ===== =====
The Group is also committed to a further #3.2 million (1995:
#5.5 million) being the Group's share of the lease premium
payable to the City of London on the Spitalfields development.
10 Notes to the cash flow statement
Reconciliation of operating profit to net cash outflow from
operating activities
1996 1995
#m #m
Operating loss (52.5) (117.0)
Depreciation 15.8 56.7
Amounts written off investments 13.9 42.0
Associated undertakings 1.3 3.2
Decrease in stocks 15.6 6.5
Decrease in debtors 21.5 31.1
Decrease in creditors (9.8) (43.3)
(Decrease)/increase in provisions (14.8) 19.5
_____ _____
Net cash outflow from
operating activities (9.0) (1.3)
===== =====
Analysis of changes in cash and cash equivalents
Cash Overdraft Net
#m #m #m
At 1st January, 1995 63.0 (9.0) 54.0
Net cash outflow (3.7) (12.5) (16.2)
Effect of exchange
rate fluctuations (0.6) --- (0.6)
_______ _______ _______
At 1st January, 1996 58.7 (21.5) 37.2
Net cash
inflow/(outflow) (10.6) 16.5 5.9
Effect of exchange
rate fluctuations (1.7) --- (1.7)
_______ _______ _______
At 31st December, 46.4 (5.0) 41.4
1996
======= ======= =======
Analysis of changes in financing during the year
Share Loans and
capital finance
(including lease
premium) obligations
#m #m
At 1st January, 1995 270.5 150.9
Capital reduction (238.0) ---
Effect of exchange rate --- 0.1
fluctuations
Sale of subsidiary undertakings --- (11.1)
Cash outflows from financing --- (26.3)
______ ______
At 1st January, 1996 32.5 113.6
Issue of ordinary shares 73.0 ---
Effect of exchange rate --- (2.8)
fluctuations
Cash outflow from financing --- (50.0)
______ ______
At 31st December, 1996 105.5 60.8
===== =====
Sales of businesses
Net assets disposed of #m
Fixed assets 1.9
Stocks 0.2
Debtors 13.2
Creditors (0.8)
Provisions (0.2)
_____
14.3
Profit on disposals 1.4
Goodwill written back 5.2
_____
Cash received (net of expenses) 20.9
=====
END
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