RNS Number:1165D
Punch Graphix PLC
31 August 2007
PRESS RELEASE
31 August 2007
Punch Graphix plc
Results for the six months ended 30 June 2007
Punch Graphix plc ('Punch Graphix' or the 'Company'), the digital and pre-press
printing systems group, today announces its results for the six months ended 30
June 2007.
amounts in 6 months to 6 months to 6 months to 6 months to 6 months to % change
Euro'000 30 Jun 2005 31 Dec 2005 30 Jun 2006 31 Dec 2006 30 Jun 2007
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
H1 '05 H2 '05 H1 '06 H2 '06 H1 '07 H1 '06 -
H1 '07
--------------- -------- -------- -------- -------- -------- --------
Revenues 78.8 79.5 84.0 89.4 86.9 3
--------------- -------- -------- -------- -------- -------- --------
Cost of goods
sold (28.8) (37.3) (32.1) (32.5) (33.9)
Added Value 50.0 42.2 51.9 56.9 53.0
AV margin 63% 53% 62% 64% 61%
Salaries & Other
operating costs (30.8) (26.6) (30.8) (36.2) (31.3)
--------------- -------- -------- -------- -------- -------- --------
EBITDA 19.2 15.6 21.0 20.6 21.6 3
--------------- -------- -------- -------- -------- -------- --------
EBITDA margin 24% 20% 25% 23% 25%
Depreciation,
amortisation
& impairment (5.6) (7.7) (7.7) (11.5) (8.5)
--------------- -------- -------- -------- -------- -------- --------
Operating
profit (EBIT) 13.6 7.9 13.3 9.1 13.2 (1)
--------------- -------- -------- -------- -------- -------- --------
EBIT margin 17% 10% 16% 10% 15%
Financial result (1.8) (1.2) 0 (1.3) (1.3)
--------------- -------- -------- -------- -------- -------- --------
Profit before
taxation 11.8 6.7 13.3 7.9 11.9 (11)
--------------- -------- -------- -------- -------- -------- --------
Tax (3.6) (2.4) (5.1) (0.2) (3.5)
--------------- -------- -------- -------- -------- -------- --------
Net profit 8.2 4.2 8.2 7.7 8.4 2
--------------- -------- -------- -------- -------- -------- --------
Net profit
margin 10% 5% 10% 9% 10%
HIGHLIGHTS
* Year on year (YoY) sales growth of 4 per cent. (YoY revenue growth of 3 per
cent.), margins remain solid
Sales per division
* Digital YoY sales growth 6%
* CtP YoY sales growth 0%
Sales per region
* EMEA YoY sales growth 16%
* Americas YoY sales growth -21%
* Asia-Pacific YoY sales growth -2%
A weakening of the US dollar had a negative effect on sales in 'dollar
countries' (8 per cent. currency translation impact). Sales in the USA also
slowed down due to the restructuring of the USA sales office. As from the second
half of 2007, this restructuring is expected to have a positive effect.
* Cost efficiency improved
Salaries and other operating charges increased by two per cent. compared to the
first half of 2006, but decreased by 14 per cent. compared to the second half of
2006. Taking into account the fact that the other operating charges include
approximately Euro3 million of non-recurring costs related to restructuring
following the takeover by Punch International nv ('Punch International') and
related transaction costs, the decrease is even more substantial, amounting to
approximately 20 per cent.
* Working capital management improved
* Inventories down Euro6.3 million
* Trade receivables down Euro7.9 million
* Trade payables down Euro2.0 million
* Net Other & Tax liabilities down Euro7.1 million
Net improvement Working Capital Euro5.1 million
Improved matching between production and orders allowed a Euro6 million reduction
in inventories. An improved follow-up of trade receivables has lead to an
improvement in working capital of almost Euro8 million.
* Necessary investments completed
Year-on-year investment is down by 35 per cent.All major investments in tangible
assets required to implement the Company's organic growth strategy have now been
made. Investments in R&D remained at the same level in order to maintain the
Company's technological leadership and market position.
* Offer by Punch International- Relation with Punch Graphix nv (formerly Punch
Technix nv)
On 8 January 2007 Punch International launched a mandatory offer of 128p per
share for the shares in Punch Graphix plc that it did not already own. When the
offer closed on 13 February 2007 Punch International had increased its
shareholding in Punch Graphix from 49.0 per cent. to 92.6 per cent. As at 18
July 2007, its holding had risen to 97.29 per cent.
On 18 July 2007 Punch Technix nv ('Punch Technix'), a member of the Punch
International group specialising in machine construction for various industries,
acquired 97.29 per cent. of the outstanding shares in the capital of Punch
Graphix plc from parent company Punch International. 36.0 per cent. of the Punch
Graphix plc shares were acquired as contribution in kind in exchange for the
issuance of new Punch Technix shares to Punch International. The balance (i.e.
61.3 per cent. of the Punch Graphix plc shares) was acquired for a cash
consideration of Euro119.6 million (financed by Punch International).
Following completion of the transaction, Punch Technix changed its company name
to Punch Graphix nv with effect from 23 July 2007 to reflect the fact that the
acquired graphics business will dominate the combined group's activities. In
addition it was decided to change the supervisory board and management board to
reflect the change in composition of the group's activities. Certain members of
the Board and management team of Punch Graphix plc have been appointed to the
Board and management team of Punch Graphix nv. Punch Graphix nv is listed on
Euronext Amsterdam under ISIN NL 0006007247 and Mnemo PGX.
In the light of the outcome of the Punch International offer and subsequent
transaction with Punch Technix, the Company intends to apply for the
cancellation of the admission to trading of its shares on AIM. Such cancellation
is expected to be effective before the end of 2007.
BUSINESS REVIEW
Sales & revenues
Digital printing solutions (Xeikon)
In the six months to 30 June 2007 sales of Xeikon were up by 6 per cent. to
Euro59.2 million (H1 2006: Euro55.7million).
Following the successful launch of the Xeikon 6000 in September 2006, Xeikon
introduced two new digital colour printing systems in February 2007; the Xeikon
4000 and the Xeikon 5000plus. The combination of these printing systems,
Xeikon's FA (form adapted) toner range and the updated X-800 digital front-end
continues to set new standards in digital colour printing for speed,
productivity, image quality, substrate range and extended applications. These
features, combined with favourable printing costs, put Punch Graphix ahead of
the competition in its target market segment of high-end full colour digital
printing presses. According to independent studies, this market segment is
growing at approximately 11 per cent. per annum.
Sales growth during the first half of 2007 fell short of market growth rates
mainly due to the reorganisation of the USA sales office which resulted in a
sales drop of 21 per cent. in the USA. The adverse movement of the EUR/USD
exchange rate had a negative impact on sales, causing an 8 per cent. currency
translation difference. Asian sales remained more or less stable while EMEA
sales growth outperformed the market.
Prepress solutions
Overall sales of Euro24.2 million at the Prepress solutions division were
comparable to that of the six months ended 30 June 2006.
basysPrint sales weakened slightly in the Asia Pacific region but this was more
than compensated for by growing sales in South America.
Sales under the terms of the OEM agreement with Agfa for the newspaper segment
remained at a level similar to the first half of 2006.
Other operating income
Other operating income totalled Euro3.5 million and consisted mainly of re-invoiced
costs relating to R&D, rental income and government grants received. The
decrease compared to the first six months of 2006 (Euro3.9 million) is principally
due to a reduction in government grants received.
EBITDA
EBITDA is defined by Punch Graphix as earnings before interest and taxes, plus
depreciation amortisation and provisions booked, minus any potential reductions
of those items. EBITDA over the six months to 30 June 2007 amounted to Euro21.6
million (H1 2006: Euro21.0 million) and has grown in line with revenue. The EBITDA
margin was 25 per cent., on a par with last year's first six months, but
represents a significant improvement compared to the second half of 2006.
Improved margins were primarily due to the implementation of a cost-efficiency
and restructuring program following completion of the takeover offer by Punch
International. Salaries and other operating charges have been reduced by an
annualised Euro4.9 million, resulting in an improvement of the EBITDA margin from
23 per cent. to 25 per cent. Other operating charges include Euro3 million in
non-recurring costs related to the restructuring following the take-over by
Punch International and related transaction costs.
Operating profit (EBIT)
The investments of last year have lead to a 21 per cent. or Euro1.3 million
increase in depreciation charges compared to the first half of 2006. Operating
profit thus amounts to Euro13.2 million, a decrease of 1 per cent. compared to the
first six months of last year (Euro13.3 million).
Profit before taxation
Profit before taxation over the first six months was Euro11.9 million, a decrease
of 11 per cent. compared to the same period last year.
Net profit - earnings per share
Net profit increased by two per cent. from Euro8.2 million to Euro8.4 million. As a
result, earnings per share (basic) increased from 8.04 euro cents for the first
half of 2006 to 8.17 euro cents for the reporting period. The number of shares
in issue used for the calculation of earnings per share was 102.9 million.
Balance sheet & cash flow
As at 30 June 2007, shareholders' equity totalled Euro117.8 million. The increase
of Euro10 million compared to 31 December 2006 is driven mainly by retained
earnings and translation differences. Minority interests were Euro0.5 million.
Total equity as at 30 June 2007 therefore amounted to Euro118.4 million.
Considering a balance sheet total of Euro223 million, solvency improved from 49 per
cent. (31 December 2006) to 53 per cent. (30 June 2007).
Over the first six months of 2007 the level of net financial debt increased from
Euro14.2 million to Euro32.7 million.
Improved matching between production and orders allowed a Euro6m reduction in
inventories. An improved follow-up of trade receivables has lead to an
improvement in working capital of almost Euro8 million.
Net cash used in operating activities for the first half of 2007 was Euro14.0
million (2006: Euro0.8 million). Punch Graphix International nv has granted a loan
to Punch International for a maximum amount of Euro40.0 million. On 30 June 2007,
Euro34.6 million of this loan had been drawn down (current account receivable). The
directors believe that this loan provides Punch Graphix with a better return on
its excess cash than other current market offerings.
Offer by Punch International - Relation with Punch Graphix nv (formerly Punch
Technix nv)
On 8 January 2007 Punch International launched a mandatory offer of 128p per
share for the shares in Punch Graphix that it did not already own. When the
offer closed on 13 February 2007 Punch International had increased its
shareholding in Punch Graphix from 49 per cent. to 92.6 per cent.
On 18 July 2007 Punch Technix nv, a member of the Punch group specialising in
machine construction for various industries, acquired 97.29 per cent. of the
outstanding shares in the capital of Punch Graphix plc from parent company Punch
International. 36.0 per cent. of the Punch Graphix plc shares were acquired as
contribution in kind in exchange for the issuance of new Punch Technix nv shares
to Punch International. The balance (i.e. 61.3 per cent. of the Punch Graphix
plc shares) was acquired for a cash consideration of Euro119.6 million (financed by
Punch International).
Following completion of the transaction, Punch Technix nv changed its company
name to Punch Graphix nv with effect from 23 July 2007 to reflect the fact that
the acquired activities in the graphics industry will dominate the combined
group's activities. In addition it was decided to change the supervisory board
and management board to reflect the change in composition of the group's
activities. Certain members of the Board and management team of Punch Graphix
plc have been appointed to the Board and management team of Punch Graphix nv.
Strategy and prospects
Following the Punch International offer and subsequent transactions with Punch
Technix nv, the Company intends to apply for the cancellation of the admission
of its shares to trading on AIM. The cancellation of admission is expected to
become effective before the end of 2007. Accordingly, it is expected that this
will be the last results statement issued by Punch Graphix plc. For guidance on
the strategy of the newly formed Punch Graphix nv group going forward, we refer
to the preliminary results statement published by Punch Graphix nv, listed on
Euronext Amsterdam.
-Ends-
For further information, please contact:
Punch Graphix plc + 32 3 443 1911
Ben van Assche, Chief Executive Officer
Peter Tytgadt, Chief Financial Officer
CONSOLIDATED BALANCE SHEET (HALF YEAR NUMBERS UNAUDITED)
amounts in Euro '000 30 Jun 2007 30 Jun 2006 31 Dec 2006
---------------------------------- ----------- ----------- -----------
Non-current assets 122,895 92,195 89,495
---------------------------------- ----------- ----------- -----------
Intangible assets 26,515 29,480 27,274
PPE: Property, Plant & Equipment 51,370 54,674 53,619
Investments in associates 347 227 221
Receivables 39,323 6,370 4,788
Deferred tax assets 5,341 1,444 3,593
---------------------------------- ----------- ----------- -----------
Current assets 100,132 114,830 130,653
---------------------------------- ----------- ----------- -----------
Inventories 37,854 38,265 44,122
Trade debtors 31,920 44,961 39,817
Other amounts receivable 7,754 10,106 6,189
Cash and cash equivalents 21,798 20,685 39,798
Financial instruments 807 813 727
---------------------------------- ----------- ----------- -----------
Total assets 223,027 207,025 220,148
---------------------------------- ----------- ----------- -----------
Shareholders' equity 117,844 99,732 107,859
---------------------------------- ----------- ----------- -----------
Ordinary shares 15,038 15,027 15,029
Share premium account 50,378 50,378 50,378
Retained earnings 50,910 36,741 43,150
Other reserves 3,300 3,300 3,300
Translation differences (1,782) (5,714) (3,998)
---------------------------------- ----------- ----------- -----------
Minority interests 531 586 527
---------------------------------- ----------- ----------- -----------
---------------------------------- ----------- ----------- -----------
Total equity 118,375 100,318 108,386
---------------------------------- ----------- ----------- -----------
---------------------------------- ----------- ----------- -----------
Non-current liabilities 46,720 49,128 47,604
---------------------------------- ----------- ----------- -----------
Interest bearing loans & borrowings 43,173 40,836 43,191
Deferred tax liabilities 3,548 5,748 3,198
Other liabilities 0 2,544 1,215
---------------------------------- ----------- ----------- -----------
Current liabilities 57,932 57,579 64,158
---------------------------------- ----------- ----------- -----------
Trade payables 18,479 19,371 20,464
Other current payables 14,630 22,049 23,831
Current tax liabilities 10,664 4,829 7,020
Borrowings 11,292 8,454 10,810
Provisions 2,866 2,785 1,920
Financial instruments 1 92 113
---------------------------------- ----------- ----------- -----------
Total liabilities and equity 223,027 207,025 220,148
---------------------------------- ----------- ----------- -----------
CONSOLIDATED INCOME STATEMENT (HALF YEAR NUMBERS UNAUDITED)
amounts in Euro '000 30 Jun 2007 30 Jun 2006 31 Dec 2006
---------------------------------- ----------- ----------- -----------
Total sales 83,391 80,071 164,439
Other operating income 3,497 3,907 8,901
---------------------------------- ----------- ----------- -----------
Total revenues 86,888 83,977 173,340
---------------------------------- ----------- ----------- -----------
Change in inventories (3,728) 5,406 13,798
Purchases (30,182) (37,511) (78,403)
Salaries & employee benefits (16,480) (16,611) (35,855)
Depreciation & amortisation (7,789) (6,412) (15,906)
Impairment losses on current assets (675) (1,311) (3,307)
Other operating charges (14,849) (14,208) (31,185)
---------------------------------- ----------- ----------- -----------
Total operating expenses 73,703 70,646 150,858
---------------------------------- ----------- ----------- -----------
Operating result 13,185 13,331 22,482
---------------------------------- ----------- ----------- -----------
Finance income 1,865 1,992 3,009
Finance cost (3,133) (1,936) (4,161)
Share of results of associates (15) (57) (118)
---------------------------------- ----------- ----------- -----------
Result before tax 11,902 13,331 21,212
---------------------------------- ----------- ----------- -----------
Taxes (3,493) (5,091) (5,210)
---------------------------------- ----------- ----------- -----------
Net result 8,409 8,240 16,002
---------------------------------- ----------- ----------- -----------
Net result - Equity interest 8,407 8,222 15,901
Net result - Minorities 3 16 101
---------------------------------- ----------- ----------- -----------
Earnings per share - basic
(eurocents per share) 8.17 8.04 15.55
Earnings per share - diluted
(eurocents per share) 8.17 8.01 15.46
Note: The earnings per share are calculated on the basis of a number of ordinary
shares in issue of 102.901.040
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
amounts in Euro '000 30 Jun 2007 30 Jun 2006
------------------------------------------------- -------- --------
Cash flows from operating activities
Profit before taxation 11,902 13,331
Adjustments for:
------------------
Depreciation 7,789 6,412
Provisions 946 594
Net finance charges (P&L) 1,857 -56
Profit on sale of fixed assets 287
Share of results of associates 15 57
Interest paid (cash) (2,163) (1,936)
Tax paid (4,287)
Subtotal 20,346 14,402
Inventories 6,268 (5,775)
Trade and other receivables 6,458 (8,539)
Trade and other payables (12,401) 717
Loan granted to Punch International nv (34,661)
------------------------------------------------- -------- --------
Net cash from (used in) operating activities (13,989) 805
------------------------------------------------- -------- --------
Cash flows from investing activities
Cash to acquire subsidiary (1,992)
Cash acquired of the sale of associates 30
Purchase of property, plant & equipment (2,616) (4,656)
Proceeds from sale of property, plant & equipment 1,283
Own work capitalised of intangible assets (3,245) (4,356)
Purchase of intangible assets (62) (140)
Interest received (cash) 429 979
------------------------------------------------- -------- --------
Net cash from (used in) investing activities (5,494) (8,852)
------------------------------------------------- -------- --------
Cash flows from financing activities
Proceeds from the issue of share capital 9
Capital element of finance leases paid (710) (592)
Capital element of finance leases received 660 556
Proceeds from new loans & borrowings 6,471 3,318
Reimbursement of loans & borrowings (4,964) (2,573)
Dividends paid to shareholders (2,399)
------------------------------------------------- -------- --------
Net cash from (used in) financing activities 1,466 (1,690)
------------------------------------------------- -------- --------
Foreign exchange 18 393
------------------------------------------------- -------- --------
Net increase (decrease) in cash and cash
equivalents (18,000) (9,344)
------------------------------------------------- -------- --------
Cash and cash equivalents at the beginning of the
period 39,798 30,029
Cash and cash equivalents at the end of the period 21,798 20,685
RECONCILIATION OF EQUITY (UNAUDITED)
Share
amounts in Ordinary premium Consolidated Translation Other Shareholders'
Euro'000 shares account reserves differences reserves equity
------------------------ -------- -------- -------- -------- -------- --------
As at 31
December 2006 15,029 50,378 43,150 (3,998) 3,300 107,859
------------------------ -------- -------- -------- -------- -------- --------
LTIP (647) (647)
Translation differences 2,216 2,216
Total expense recognised
directly in equity (647) 2,216 1,569
Profit of the year 8,407 8,407
Dividends
New share capital
issued 9 9
------------------------ -------- -------- -------- -------- -------- --------
As at 30 June 2007 15,038 50,378 50,910 (1,782) 3,300 117,844
------------------------ -------- -------- -------- -------- -------- --------
LTIP: Under the LTIP (Long Term Incentive Plan), a share scheme established to
incentivise Punch Graphix senior management and key employees, the Board may
grant awards over ordinary shares to eligible persons. 5 per cent. of share
capital has been reserved to be awarded under the LTIP. Upon Admission 0.71 per
cent. had been granted to members of Punch Graphix plc management (including
executive directors). Further to the increase by Punch International NV of its
stake in Punch Graphix plc from 49 per cent. to 92.58 per cent. in February 2007
the existing LTIP shares vested and no new awards have been granted
SEGMENT ANALYSIS PROFIT & LOSS STATEMENT (UNAUDITED)
amounts in Euro '000 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun
2007 2006 2007 2006 2007 2006 2007 2006
Consolidated Digital CtP Other
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total sales 83,391 80,071 59,155 55,738 24,237 24,229 0 103
Other operating
income 3,497 3,907 (458) (2,988) 3,208 5,694 747 1,202
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total revenues 86,888 83,977 58,696 52,750 27,445 29,923 747 1,305
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Change in inventories (3,728) 5,406 (5,165) 4,356 1,437 1,050 0 0
Purchases (30,182) (37,511) (15,606) (22,145) (14,579) (15,366) 3 0
Salaries & employee
benefits (16,480) (16,611) (11,550) (10,846) (5,549) (5,496) 619 (269)
Depreciation &
amortisation (7,789) (6,412) (6,103) (5,239) (1,687) (1,173) 0 0
Impairment losses on
current assets (675) (1,311) (1,377) (1,116) 702 (195) 0 0
Other operating
charges (14,849) (14,208) (10,619) (11,043) (2,260) (2,532) (1,969) (633)
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total operating
expenses 73,703 70,646 50,420 46,033 21,936 23,712 1,347 902
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Operating
result 13,185 13,331 8,277 6,715 5,509 6,211 (600) 403
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Finance income 1,865 1,992 1,460 1,549 192 59 212 385
Finance cost (3,133) (1,936) (2,405) (1,731) (485) (191) (243) (14)
Share of results
of associates (15) (57) (15) (57) 0 0 0 0
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Result before tax 11,902 13,331 7,317 6,388 5,216 6,250 (631) 692
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Taxes (3,493) (5,091) (1,832) (3,329) (1,661) (1,498) 0 (263)
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Net result 8,409 8,240 5,485 3,059 3,555 4,752 (631) 429
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Net result -
Equity interest 8,407 8,223 5,482 3,041 3,555 4,752 (631) 429
Net result - Minority
interest 3 16 3 16 0 0 0 0
Earnings per share -
basic (eurocents per
share) 8.17 8.04
Earnings per share -
diluted (eurocents
per share) 8.17 8.01
SEGMENT ANALYSIS BALANCE SHEET (UNAUDITED)
amounts in Euro '000 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun
2007 2006 2007 2006 2007 2006 2007 2006
Consolidated Digital CtP Other
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Non-current
assets 122,895 89,495 97,567 65,238 24,519 23,447 809 809
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Intangible assets 26,515 27,274 16,305 17,589 9,407 8,883 802 802
PPE: Property,
Plant & Equipment 51,370 53,619 38,620 40,476 12,750 13,143 0 0
Investments in
associates 347 221 347 221 0 0 0 0
Receivables 39,323 4,788 39,184 4,586 132 196 7 7
Deferred tax assets 5,341 3,593 3,111 2,368 2,230 1,226 0 0
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Current assets 100,132 130,653 54,367 102,093 41,609 26,217 4,156 2,343
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Inventories 37,854 44,122 29,899 33,156 7,955 10,965 0 0
Contracts in progress 0 0 0 0 0 0 0 0
Trade debtors 31,920 39,817 28,552 35,603 4,643 3,994 (1,275) 220
Other amounts
receivable 7,754 6,189 (19,056) 10,816 23,691 (992) 3,119 (3,634)
Cash and cash
equivalents 21,798 39,798 14,166 21,791 5,320 12,250 2,312 5,757
Financial
instruments 807 727 807 727 0 0 0 0
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total assets 223,027 220,148 151,934 167,332 66,128 49,664 4,965 3,152
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Shareholders' equity 117,844 107,859 70,249 63,177 45,047 42,958 2,548 1,725
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Ordinary shares 15,038 15,029 0 0 0 0 15,038 15,029
Share premium
account 50,378 50,378 0 0 0 0 50,378 50,378
Retained
earnings 50,910 43,150 69,961 65,141 44,940 42,922 (63,991) (64,913)
Other reserves 3,300 3,300 3,300 3,300 0 0 0 0
Translation
differences (1,782) (3,998) (3,012) (5,264) 107 36 1,123 1,230
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Minority interests 531 527 531 527 0 0 0 0
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total equity 118,375 108,386 70,780 63,703 45,047 42,959 2,548 1,725
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Non-current
liabilities 46,720 47,604 42,000 42,936 4,720 4,668 0 0
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Interest bearing
loans & borrowings 43,173 43,191 38,519 38,538 4,653 4,653 0 0
Deferred tax
liabilities 3,548 3,198 3,481 3,183 67 15 0 0
Other
liabilities 0 1,215 0 1,215 0 0 0 0
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Current liabilities 57,932 64,158 39,153 62,069 16,362 659 2,417 1,427
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Trade payables 18,479 20,464 11,513 14,918 6,771 4,794 195 749
Other current
payables 14,630 23,831 11,582 31,541 2,858 (8,383) 190 673
Current tax
liabilities 10,664 7,020 6,047 5,108 4,605 1,907 12 5
Borrowings 11,292 10,810 8,276 9,540 995 1,271 2,020 0
Provisions 2,866 1,920 1,733 849 1,132 1,070 0 0
Financial
instruments 1 113 1 113 0 0 0 0
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total liabilities
and equity 223,027 220,148 151,934 167,332 66,128 49,661 4,965 3,151
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
SECONDARY SEGMENT ANALYSIS (UNAUDITED)
amounts in Euro '000 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun
2007 2006 2007 2006 2007 2006 2007 2006
Consolidated Europe Americas Asia
-------------------- ------- ------- ------- ------- ------- ------- ------- -------
Total sales 83,391 80,071 61,168 52,530 19,329 24,599 2,894 2,941
Total capex 5,923 9,152 5,778 8,073 106 900 39 179
Segment assets 223,027 220,148 193,122 187,362 12,901 14,846 17,004 17,940
NOTES TO THE FINANCIAL STATEMENTS
Basis of accounting
The unaudited interim financial information has been prepared on the basis of
the accounting policies that will be applied in the 2007 annual report.
The interim financial information for both six months ended 30 June 2007 and 30
June 2006 is unaudited.
In the opinion of the directors, the interim financial information for these
periods fairly presents the financial position, results of operations and cash
flows for these periods and conforms with the accounting policies that will be
applied in the 2007 annual report.
The interim financial information included in this announcement does not
comprise statutory accounts within the meaning of S240 of the Companies Act
1985.
The figures for the year ended 31 December 2006 have been extracted from the
statutory accounts which have been filed with the Registrar of Companies.'The
auditors' report on those accounts was unqualified, did not include reference to
any matters to which the auditor drew attention by way of a matter of emphasis
without qualifying their report and did not contain any statement under S237 of
the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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