Interim Results
2002年8月7日 - 5:10PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:6358Z
Rotork PLC
07 August 2002
7 August 2002
Rotork p.l.c.
Interim Announcement
Rotork p.l.c., the international specialist engineering group, announces its
results for the six months ended 30 June 2002.
Financial Highlights
Significant increases in revenues, profits and earnings
* Operating profit before goodwill amortisation increased by 14% to
#12.6m (2001: #11.1m)
* Group turnover increased by 13% to #65.0m (2001: #57.5m)
* Headline earnings per share increased by 9% to 9.8p (2001: 9.0p)
* Interim dividend increased by 7.5% to 5.0p (2001: 4.65p)
* Cash generated from operating activities increased by 7% to #10.8m
(2001: #10.1m)
Operational Highlights
* Fluid System businesses making strong progress with increased orders
and profitability
* Integration of Jordan Controls Inc well underway and progressing
smoothly
* Work on two major development projects, IQT and Mayflower, on target
Chief Executive Bill Whiteley, said:
"The trading conditions and project activity levels remain positive. The
healthy level of work in progress and further development of our electric, fluid
power, and gearbox businesses should, subject to no significant changes in the
investment plans of our major customers, more than offset the influence of a
weakening US dollar."
For further information, please contact:
Rotork p.l.c. Tel: 01225 733200
Bill Whiteley, Chief Executive
Bob Slater, Finance Director
Financial Dynamics Tel: 020 7269 7103
Peter Otero
ROTORK p.l.c.
REVIEW OF OPERATIONS
Financial Results
For the six months to 30 June 2002, the group reports growth in sales, profits
and earnings. Group turnover increased by 13% to #65.0 million (2001: #57.5
million), operating profit before goodwill amortisation was 14% higher at #12.6
million (2001: #11.1 million) and headline earnings per share increased by 9% to
9.8p (2001: 9.0p).
Cashflow
The group has continued to generate cash and net cashflow from operating
activities increased 7% to #10.8 million (2001: #10.1 million). After cash
outflows of #7.7 million relating to the acquisition of Jordan Controls Inc, net
cash at the half year end was #13.2 million (2001: #17.3m).
Dividend
The interim dividend has been increased to 5p per ordinary share representing a
7.5% increase year on year. This will be paid on 30 September.
Operating Review
Electric Actuators
All of our end user markets, oil & gas, water and power, were reasonably active,
albeit with a lower proportion of units being ordered by oil and gas companies
where an increase in demand from the Middle East and Latin America was offset by
lower demand in North America and Europe. There was increased demand from the
power market that came mainly from the Far East and demand from water and waste
water markets remained constant with increased business coming from shipboard
applications.
The profile of our destination regions did not alter markedly; there was however
a slight increase in the Far East, Middle East and Europe at the expense of the
Americas. While sales in the UK started well, they have, with the exception of
retrofit sales, reverted to the lower levels experienced last year.
Sales output and profits from our electric operations excluding Jordan were up
5% and 8.5% respectively on the comparative period for 2001. The results of our
main plant in Bath and most of our electric operations are ahead, with the
exceptions of the US, which is slightly down on a very strong comparative period
and Venezuela, which has suffered due to the severe currency devaluation and
economic disruption in the country. Additional losses have arisen due to the
adoption of US dollar accounting for the Venezuelan subsidiary in accordance
with UITF 9.
Work on our two major development projects the IQT and Mayflower is on target.
Key staff have been hired and a manufacturing unit has been leased in Malaysia
for the Mayflower project, where initial production is due to commence, as
planned, at the end of this year.
Rotork Fluid System
Our expectations of further progress for the Rotork Fluid System operations have
been realised. Order intake was well ahead of our target while sales were 30%
above the comparative period. Profits have met our 10% return on sales target
for the current year. All of our fluid power operations have performed well
with the exception of the US which recorded a loss, although smaller than in the
comparative period. New larger production premises have been leased in Italy
and these will remove the current capacity constraint. New product
introductions over the next few months will further enhance this operation.
Rotork Gears
Rotork Gears has faced a difficult trading environment and its sales and profits
are down on the comparative period. Returns on sales, however, have remained
above the group's average level and initiatives have been put in place to help
reduce costs and expand sales.
Acquisitions
Jordan Controls Inc, which was acquired in January to extend our range of
positioning actuators, has met our expectations in what has been a difficult
market. Actions to promote its products through the Rotork network worldwide
are well underway.
Outlook
The trading conditions and project activity levels remain positive. Order intake
in the early part of the year was very strong after a poor December 2001.
However, this was not sustained in March and April when expected orders were
deferred and order levels were below target, as identified at the time of the
AGM. Input levels improved in May and were above target in June with the order
book at the half year standing at 7% above the year end figure on a like for
like basis. The healthy level of work in progress and the further development
of our electric, fluid power, and gearbox businesses should, subject to no
significant changes in the investment plans of our major customers, more than
offset the influence of a weakening US dollar.
BILL WHITELEY 7 August 2002
Chief Executive
Rotork Group Interim Results 2002
Unaudited
First half
First half Full year
2002
2001 2001
#m
#m #m
Turnover
Continuing operations 61.2
57.5 123.7
Acquisitions 3.8
- -
65.0
57.5 123.7
Operating profit
Continuing operations 11.6
10.6 24.3
Acquisitions 0.3
- -
11.9
10.6 24.3
Operating profit before amortisation of goodwill 12.6
11.1 25.3
Amortisation of goodwill (0.7)
(0.5) (1.0)
Operating profit 11.9
10.6 24.3
Net interest and similar income 0.2
0.4 0.5
Profit before taxation 12.1
11.0 24.8
Taxation
UK (1.5)
(1.4) (4.0)
Overseas (2.9)
(2.3) (4.5)
Profit after taxation 7.7
7.3 16.3
Dividend (4.3)
(4.0) (11.1)
Retained profit 3.4
3.3 5.2
pence
pence pence
Earnings per share 9.0
8.4 18.9
Earnings per share before goodwill amortisation 9.8
9.0 20.1
Diluted earnings per share 9.0
8.4 18.9
Rotork Group Interim Results 2002
Balance Sheet
Unaudited
30 June
30 June 31 Dec
2002
2001 2001
#m
#m #m
Fixed assets
Intangibles 21.3
17.1 16.6
Tangibles 14.8
15.6 14.1
Investments 0.3
- 0.6
36.4
32.7 31.3
Current assets
Stock 20.0
17.3 18.0
Debtors 36.2
33.8 33.7
Cash 13.2
17.3 22.2
69.4
68.4 73.9
Creditors and provisions (35.6)
(34.1) (37.3)
33.8
34.3 36.6
Net assets 70.2
67.0 67.9
Share capital 4.4
4.4 4.4
Reserves 65.8
62.6 63.5
Shareholders' funds 70.2
67.0 67.9
Rotork Group Interim Results 2002
Cash Flow
Unaudited
First half
First half Full year
2002
2001 2001
#m
#m #m
Operating profit 11.9
10.6 24.3
Depreciation and amortisation 1.8
1.6 3.0
Loss on sale of fixed assets -
- 0.1
Increase in stock (0.5)
(2.5) (3.7)
Decrease/(increase) in debtors 0.5
0.9 (1.2)
(Decrease)/increase in creditors (2.9)
(0.5) 3.0
Net cash flow from operating activities 10.8
10.1 25.5
Returns on investments and servicing of finance 0.2
0.4 0.7
Taxation (4.6)
(3.4) (8.8)
Net capital expenditure and financial investments (0.9)
(0.8) (0.8)
Acquisitions and disposals (7.7)
0.1 (0.1)
Dividends paid (7.1)
(6.7) (10.7)
Financing 0.3
0.8 0.6
(Decrease)/increase in cash and term deposits (9.0)
0.5 6.4
Rotork Group Interim Results 2002
Notes to the Interim Report
1. Basis of preparation
The financial information for the six months to 30 June 2002 and the comparative
figures for the six months to 30 June 2001 are unaudited and have been prepared
on the basis of the accounting policies set out in the group's statutory
accounts for the year ended 31 December 2001. In addition UITF 9: 'Accounting
for operations in hyper-inflationary economies' has been adopted for the six
months to 30 June 2002 for the group's operations in Venezuela.
The financial information for the year ended 31 December 2001 is an abridged
version of the full accounts for that year, which received an unqualified report
from the auditors and which have been filed with the Registrar of Companies.
2. Geographical analysis
Turnover, operating profit before goodwill amortisation and net operating assets
can be analysed by geographical origin as follows:
Turnover
First half First half Full
year
2002 2001
2001
#m #m
#m
Europe 33.3 30.2
66.2
Americas 22.2 17.9
38.2
Rest of the world 9.5 9.4
19.3
65.0 57.5
123.7
Operating profit before goodwill amortisation
First half First half Full
year
2002 2001
2001
#m #m
#m
Europe 7.7 6.4
15.0
Americas 2.7 3.0
6.6
Rest of the world 2.2 1.7
3.7
12.6 11.1
25.3
Net assets
First half First half Full
year
2002 2001
2001
#m #m
#m
Europe 21.4 23.3
22.1
Americas 14.5 10.4
10.7
Rest of the world 4.1 3.7
3.5
Net unallocated assets 30.2 29.6
31.6
70.2 67.0
67.9
Net unallocated assets comprise goodwill, net cash and dividends.
3. Dividends
An interim dividend of 5.0p per ordinary share (2001: 4.65p) will be paid on 30
September to shareholders on the register at the close of business on 16 August
2002.
4. Earnings per share
Earnings per share is calculated using the profit attributable to the ordinary
shareholders for the period and 86.0 million shares (six months to 30 June 2001:
86.0 million; year to 31 December 2001: 86.0 million) being the weighted average
ordinary shares in issue.
The adjusted earnings per share is based on the profit for the period
attributable to the ordinary shareholders before the amortisation of goodwill.
The adjusted numbers provide a more consistent measure of operating performance.
Diluted earnings per share is calculated using the profit attributable to the
ordinary shareholders for the period and the weighted average ordinary shares in
issue adjusted to assume conversion of all dilutive potential ordinary shares
under the group's option schemes.
5. Acquisition
On 7 January 2002 the entire share capital of Jordan Controls Inc. of Milwaukee,
Wisconsin, USA was acquired. The cash consideration was #7.2 million. A
maximum sum of #0.7 million will be added to or deducted from the initial
consideration dependent on the confirmed orders received in the calendar year
2002.
6. Shareholder information
This interim report is being sent to all shareholders and copies are available
to the public from the Registered Office at the address below. The interim
report is also available on the company's website at www.rotork.com.
We offer shareholders a dividend reinvestment plan (DRIP) under which
shareholders can reinvest their cash dividends in the company, by buying shares
in the market at competitive dealing rates. If you have already elected to join
the DRIP, there is no further action for you to take.
If you would like to join for the first time, please contact our registrars
below.
Lloyds TSB Registrars
The Causeway
Worthing
West Sussex
BN99 6DA
Share dividend helpline number - 0870 241 3018
7. Group information
Secretary and registered office:
Stephen Rhys Jones
Rotork House
Brassmill Lane
Bath BA1 3JQ
Company website:
www.rotork.com
This information is provided by RNS
The company news service from the London Stock Exchange
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