Interim Results
2004年8月5日 - 4:00PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:6391B
Rotork PLC
05 August 2004
5 August 2004
Rotork p.l.c.
Interim Announcement
Rotork p.l.c., the international specialist engineering group, announces
unaudited results for the interim results for the six months ended 30 June 2004.
Financial Highlights
* Turnover up 4% to #66.8m and by 9% at constant currency
* Profit before tax, excluding goodwill and exceptional items, increased
by 7% to #14.2m and by 18% at constant currency
* Net margin up 0.6% despite impact of currency
* EPS pre goodwill and exceptional items up 9%
* Interim dividend of 5.35p added to the special interim dividend paid on 28
May giving a total interim dividend of 11.20p for 2004 (2003: 5.25p)
Operational review
* Record order book up 18% since year-end 2003
* AWT and new IQT ranges exceeded expectations
* Far East region particularly active - especially in power and water markets
* Rebound in US market - encouraging increase in business from water
utilities
Chief Executive Bill Whiteley, commenting on the results said:
"I am pleased to report continued growth in the business during the period. It
is also very encouraging to see that order input has outperformed sales,
resulting in a record order book which gives us confidence of continued
progress. If order input continues to be buoyant and there is no further
strengthening of sterling, output and profit levels will increase in the second
half in line with our expectations."
For further information, please contact:
Rotork p.l.c. Tel: 01225 733 200
Bill Whiteley, Chief Executive
Bob Slater, Finance Director
Financial Dynamics Tel: 020 7269 7121
Peter Otero
REVIEW OF OPERATIONS
Financial Results
We are pleased to report continued growth in the business during the period.
Turnover increased by 4% despite the effect of a strengthening currency. At
constant currency, the business saw turnover increase by 9%. Operating profit
increased by 7%, but again at constant currency this would have been
significantly more, increasing by 18%. Orders into the business outperformed
sales output leading to a record order book level.
The profile of output, oriented towards the second quarter, has led to an
increase in receivables which, coupled with an increase in inventory ahead of a
strong July programme, has resulted in a lowered operational cash flow. Cash
flow has also been impacted by investment into extending our Leeds production
facility, totalling #0.8m, returning #4.9m to our shareholders via an enhanced
interim dividend, a #5m cash contribution into the UK defined benefit pension
scheme, and the acquisition of Deanquip in January for #0.8m.
Operating Review
Order intake in the first half of 2004 was relatively robust, recording an 11%
increase over the comparative period and a 9% increase over the second half of
2003. On a constant currency basis the order intake increased 16%. The order
book at the end of June was 18% ahead of the end of 2003 and 7% ahead of the
same period in 2003, despite erosion of values caused by the decline in the US$
and related currencies in the Far East.
Electric Actuators
Order intake was up 8% on the comparative period which left the order book up
13% over the end of year position. We again experienced quite significant
shifts in the end user and geographic destination markets for our actuators.
The Far Eastern region was particularly active with the majority of products
being sold into the power and water markets. The Americas saw a strong rebound
from the poor first half of 2003 with a welcome resurgence of business from the
US water utilities, this was in spite of quiet markets in Latin America and
Canada. The Middle East was active with the emphasis on oil and gas projects.
Europe suffered from lower levels of Eastern Europe oil and gas input, more than
offsetting a continued improvement in our power markets. The UK as a
destination territory was generally weak, however, we did see an increase in
actuators ordered in this area for destination elsewhere.
The AWT and new IQT ranges sold very well in the period under review and
exceeded our expectations. Both ranges, particularly the AWT, increased our
presence in the power and water markets around the world. AWT production at the
Malaysia plant continued to increase during the period and made a positive
contribution to the results.
The trading results, held back by the severe decline in the US$ and related
currencies, showed a modest increase against the comparative period. On a
constant currency basis we would have recorded an increase in net profits of
15%. Good profit increases were recorded at the Bath, Rochester N.Y., and
Indian plants, coupled with growth at our Hong Kong, Australia and South Africa
sales subsidiaries. These results were partially offset by weaker performances
from our German, Canadian, Singaporean and Japanese subsidiaries.
Rotork Fluid System
Order intake continued to grow rapidly, up 23% on the comparative period due to
a healthy level of upstream oil and gas transmission work, combined with the
recently enhanced product ranges, manufacturing facilities and sales outlets.
Encouragingly most of our sales companies are actively involved in selling our
fluid power product line and are helping widen the customer base around the
world. As a result the order book has grown 37% since the end of 2003.
Sales recorded a 38% increase and profits a 280% increase over the modest
results recorded in the first half of 2003. Profit increases were recorded at
our Italian plant and most of the sales subsidiaries. Additionally the US
operation recorded a useful profit against a loss at this time last year.
Deanquip Valve Automation, the Australian fluid power actuator distributor
acquired in January, made a positive profit contribution.
Rotork Gears
The market for valve gearboxes and related products was quite healthy and the
division recorded an 11% increase in order intake in the period. The order book
grew by 24% from the end of 2003.
Although sales increased by 7%, profits were constant due in the main to the
impact of US$ sales from sterling and euro based plants. The purchase of the
portion of the plant in Leeds which we did not own has allowed the Gears, Fluid
System and other Rotork businesses that operate from that location to make their
operations more efficient and allow for expansion.
Dividend
The core interim dividend is to be increased by 2% to 5.35p, and will be payable
on 27 September to all shareholders on the register at 3 September 2004.
Together with the special 2004 dividend paid on 28 May this makes a total
interim dividend of 11.20p, an increase of over 100% year on year.
Outlook
The order book gives us confidence of continued progress. The main production
plants have enhanced capacity. If order input continues to be buoyant and there
is no further strengthening of sterling, output and profit levels will increase
in the second half of the year in line with our expectations.
BILL WHITELEY
Chief Executive
5 August 2004
Consolidated Profit and Loss Account
Unaudited
First half First half Full year
2004 2003 2003
#m #m #m
Turnover 66.8 64.3 136.0
Operating profit 13.1 12.3 26.7
Operating profit before amortisation of goodwill 13.8 13.0 28.0
Amortisation of goodwill (all continuing operations) (0.7) (0.7) (1.3)
Operating profit 13.1 12.3 26.7
Profit on disposal of fixed asset (discontinued - 0.6 0.6
operations)
Net interest and similar income 0.4 0.3 0.8
Profit on ordinary activities before taxation 13.5 13.2 28.1
Profit before tax, excluding goodwill and exceptional 14.2 13.3 28.8
items
Taxation
UK (1.7) (1.6) (3.9)
Overseas (2.8) (2.8) (5.6)
Profit on ordinary activities after taxation 9.0 8.8 18.6
Dividend (9.5) (4.5) (12.6)
Retained profit (0.5) 4.3 6.0
pence pence pence
Earnings per share 10.5 10.2 21.7
Earnings per share before goodwill amortisation 11.2 11.0 23.3
Diluted earnings per share 10.4 10.2 21.6
Statement of the Group's Total Recognised Gains and Losses
First half First half Full year
2004 2003 2003
#m #m #m
Profit for the period 9.0 8.8 18.6
Exchange differences (1.8) 1.3 (0.5)
Total recognised gains and losses for the period 7.2 10.1 18.1
Balance Sheet
Unaudited
30 June 30 June 31 Dec
2004 2003 2003
#m #m #m
Fixed assets
Intangibles 18.5 20.2 19.0
Tangibles 14.1 14.0 13.6
32.6 34.2 32.6
Current assets
Stock 20.9 18.7 18.6
Debtors 37.5 32.1 33.4
Cash 18.8 23.8 32.3
77.2 74.6 84.3
Creditors: amounts falling due within one year (32.9) (30.7) (37.8)
Net current assets 44.3 43.9 46.5
Total assets less current liabilities 76.9 78.1 79.1
Creditors: amounts falling due after more than one year (0.1) (0.2) (0.1)
Provisions for liabilities and charges (2.6) (2.3) (2.9)
Net assets 74.2 75.6 76.1
Share capital 4.3 4.3 4.3
Reserves 69.9 71.3 71.8
Shareholders' funds 74.2 75.6 76.1
Cash Flow
First half First half Full year
2004 2003 2003
#m #m #m
Net cash flow from operating activities 5.5 15.6 33.8
Returns on investments and servicing of finance 0.7 0.3 0.6
Taxation (3.6) (3.9) (9.2)
Net capital expenditure and financial investments
Sale of Luton property - 1.6 1.6
Other (1.9) (1.2) (2.1)
(1.9) 0.4 (0.5)
Acquisitions and disposals (0.8) - -
Dividends paid (13.2) (7.6) (12.1)
Financing
Purchase of own equity ordinary shares - (1.2) (1.2)
Issue of own equity ordinary shares 0.3 - 0.5
Other - (0.2) (0.1)
0.3 (1.4) (0.8)
(Decrease) / increase in cash and term deposits (13.0) 3.4 11.8
Notes to the Interim Report
1. Status of Interim Report
The interim report was approved by the Directors on 5 August 2004. It
should be read in conjunction with the 2003 Annual Report, which contains
the most recent audited financial statements.
The financial information for the six months to 30 June 2004 and the
comparative figures for the six months to 30 June 2003 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 2003.
The financial information for the year ended 31 December 2003 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.
The 31 December and 30 June 2003 financial information has been restated to
reflect the adoption of UITF Abstract 38, Accounting for ESOPs. As a
result the former fixed asset investment in own shares is now shown within
shareholders' funds. Earnings per share have been recalculated to exclude
these shares from the weighted average ordinary shares in issue.
2. Geographical analysis
Turnover Profit before interest, Profit before interest
tax and goodwill and tax
amortisation
First First Full First First Full First First Full
half half year half half year half half year
2004 2003 2003 2004 2003 2003 2004 2003 2003
#m #m #m #m #m #m #m #m #m
Analysis by operation
Electrics 50.6 51.3 105.6 12.1 11.8 24.4 11.8 11.6 24.0
Fluid system 10.0 7.2 18.8 1.0 0.3 2.0 0.8 0.0 1.6
Gears 8.3 7.8 16.3 1.5 1.5 2.9 1.3 1.3 2.4
Unallocated costs - - - (0.8) (0.6) (1.3) (0.8) (0.6) (1.3)
Inter-segmental elimination (2.1) (2.0) (4.7) - - - - - -
Continuing operations 66.8 64.3 136.0 13.8 13.0 28.0 13.1 12.3 26.7
Discontinued operations - - - - 0.6 0.6 - 0.6 0.6
66.8 64.3 136.0 13.8 13.6 28.6 13.1 12.9 27.3
Analysis by geographical
origin
Europe 33.8 33.2 70.1 8.7 8.4 19.9 8.3 7.9 19.0
Americas 18.8 19.1 40.0 2.8 2.4 4.0 2.6 2.2 3.7
Rest of world 14.2 12.0 25.9 3.1 2.8 5.4 3.0 2.8 5.3
Unallocated costs - - - (0.8) (0.6) (1.3) (0.8) (0.6) (1.3)
Continuing operations 66.8 64.3 136.0 13.8 13.0 28.0 13.1 12.3 26.7
Discontinued operations - - - - 0.6 0.6 - 0.6 0.6
66.8 64.3 136.0 13.8 13.6 28.6 13.1 12.9 27.3
Turnover - analysis by destination
First First Full
half half year
2004 2003 2003
#m #m #m
Europe 29.6 29.2 62.4
Americas 19.9 19.8 41.6
Rest of world 17.3 15.3 32.0
66.8 64.3 136.0
Net assets by operation
First First Full
half half year
2004 2003 2003
#m #m #m
Electric 38.6 31.6 29.7
Fluid system 10.7 9.5 12.0
Gears 10.7 10.9 10.7
Unallocated 14.2 23.6 23.7
74.2 75.6 76.1
Net assets by geographical origin
First First Full
half half year
2004 2003 2003
#m #m #m
Europe 36.8 25.9 23.8
Americas 17.2 19.6 16.7
Rest of world 6.0 6.5 11.9
Unallocated 14.2 23.6 23.7
74.2 75.6 76.1
The 2003 interim net assets have been restated to reflect the
re-designation of certain assets as unallocated.
3. Earnings per share
Earnings per share is calculated using the profit attributable to the
ordinary shareholders for the period and 85.7 million shares (six months to
30 June 2003: 85.9 million; year to 31 December 2003: 85.7 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 and Long-Term Incentive
Plan.
The 31 December and 30 June 2003 weighted average ordinary shares in issue
have been restated to reflect the number of own shares held which are now
shown as a reduction in shareholders' funds.
4. Reconciliation of operating profit to operating cash flow
First First Full
half half year
2004 2003 2003
#m #m #m
Operating profit 13.1 12.3 26.7
Depreciation and amortisation 1.8 1.8 3.6
Increase in stock (2.6) (0.6) (1.0)
(Increase) / decrease in debtors (0.8) 0.9 0.3
Increase in pension prepayment (5.0) - -
(Decrease) / increase in creditors (1.0) 1.2 4.2
Net cash flow from operating activities 5.5 15.6 33.8
5. 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
6. Group information
Secretary and registered office:
Stephen Rhys Jones
Rotork plc
Rotork House
Brassmill Lane
Bath BA1 3JQ
Company website:
http://www.rotork.com/
This information is provided by RNS
The company news service from the London Stock Exchange
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