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Name | Symbol | Market | Type |
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iShares Core US Aggregate Bond | AMEX:AGG | AMEX | Exchange Traded Fund |
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0.0301 | 0.03% | 100.1501 | 100.3374 | 100.04 | 100.07 | 4,462,968 | 23:05:15 |
RNS Number:1649I Aggregate Industries PLC 03 March 2003 Embargoed until 7:00am, Monday, 3 March 2003 AGGREGATE INDUSTRIES PLC Preliminary results for the year ended 31 December 2002 Aggregate Industries plc, the international quarry and aggregates group, announces its preliminary results and increased dividend for the year ended 31 December 2002. Year ended 2002 2001 Increase #m #m % * Turnover 1,378.2 1,306.9 5 * EBITDA 239.1 230.1 4 * Operating profit 168.2 165.8 1 * Profit before tax 134.5 124.1 8 * Earnings per share 6.7p 6.3p 6 * Interest cover (times) 5.0 4.0 25 * Total ordinary dividend per share 2.55p 2.43p 5 * Net cash inflow from operating activities 226.2 208.9 8 * Gearing (%) 54 54 - * Net assets 887.1 859.6 3 * Total mineral reserves (tonnes) 4.4bn 4.4bn Peter Tom, Aggregate Industries' Group Chief Executive, comments:- "We achieved record profits in 2002, with a strong performance in the UK offsetting a slower year in the US. Looking ahead, there is a backlog of infrastructure and publicly funded works in the UK and we have a strong order book. With low interest rates we expect total housing demand to be maintained. Overall, we anticipate some volume and price improvements to be achieved in the UK in 2003. "In the US, the start of the year has seen continuing very heavy snowfall, particularly on the East Coast, and extremely cold weather elsewhere, which is delaying the start of the trading year. We expect US sales volumes for the year to be flat or to show a modest decline; however, we expect to see further price improvements. "Our balance sheet remains strong and we will remain alert to opportunities to add businesses which make a positive contribution to Group earnings. The developing situation in Iraq will overshadow economic sentiment and could have a bearing on the final outcome for 2003. Nevertheless, based on our assessment of our markets at this time, we anticipate making further progress during the year." Further information about Aggregate Industries can be found at www.aggregate.com Contacts: Peter Tom, Group Chief Executive Chris Bailey, Group Finance Director Tel: 020 7831 3113 (on 3 March 2003) Aggregate Industries plc Tel: 01530 816600 (thereafter) Steve Jacobs/Meg Baker Financial Dynamics Tel: 020 7831 3113 GROUP CHIEF EXECUTIVE'S REVIEW Financial review Turnover increased 5% to #1,378.2m and profit before taxation was up #10.4m to a record #134.5m (2001 #124.1m), an increase of 8%. Acquisitions made during the year contributed #4.9m of operating profit on #75.9m of turnover. A strong performance in the UK offset a slower year in the US. Results from the US were also adversely affected by the decline during the year in the value of the US dollar, which reduced reported turnover by #33m and profit before taxation by #4.0m. Goodwill amortisation increased to #6.8m (2001 #5.7m). EBITDA rose 4% to #239.1m (2001 #230.1m) and net cash flow from operations rose #17.3m to #226.2m (2001 #208.9m). Interest costs benefited from a lower average level of debt throughout the year and from the reduction in interest rates which occurred during the year. The charge fell #8.0m to #33.7m and interest cover improved to 5.0 times (2001 4.0 times). The profit attributable to shareholders rose 8% to #89.2m (2001 #82.5m). Earnings per ordinary share rose 6% to 6.7 pence per share (2001 6.3p). Total Group net assets at 31 December 2002 were #887.1m (2001 #859.6m) and net debt was #481.9m, representing gearing of 54%, in line with the 54% reported at the close of 2001. Dividend A final dividend of 1.52 pence per ordinary share has been proposed and, if approved, will be paid on 4 July 2003 to shareholders on the register at 13 June 2003. Taken together with the interim dividend of 1.03 pence per ordinary share, this represents a 5% increase in the total dividend to 2.55 pence per ordinary share (2001 2.43 pence per ordinary share). Trading performance UK trading in the first 5 months of 2002 was very strong and we were able to increase prices across almost all products in March. During April the aggregates levy was introduced, adding #1.60 per tonne to the price customers pay for virgin aggregates. In June activity was badly affected by the World Cup and Jubilee celebrations, which reduced the number of working days in the month and, although the third quarter only recovered slowly thereafter, we ended the year with a strong fourth quarter which, despite very wet weather in November, enabled us to recover much of the previous four months' reduction in sales. Total sales volume of virgin aggregates fell 3%. However, we were able to increase our sales of secondary and recycled materials in substitution for certain of these lower-grade virgin materials, so that overall aggregate sales only fell 1%. Both our asphalt and ready-mixed concrete operations had excellent results, with sales volumes up 12% and 13% respectively. Both increases included contributions from a number of acquisitions completed in the year, but sales also rose on a like-for-like basis. Our Bradstone, Charcon and Masterblock pre-cast concrete operations all had an excellent year. Bradstone increased sales by 8% and continued to improve our market position with major merchants. Charcon prospered, with sales volumes increasing by 1%, and we were pleased that the Masterblock operation, which had suffered margin erosion in recent years, stabilised with increases in both margin and profit. The slowdown in US construction in 2001 continued in 2002. However, there were significant regional variations and some sectors of the market remained relatively buoyant. Mild weather at the beginning of the year enabled most regions to make a good start, but in all regions this was followed by a colder and wetter second quarter which delayed deliveries to some projects. Activity recovered thereafter, but early snowfall on the east coast disrupted operations from late November and this resulted in an early close in both the Northeast and the Mid Atlantic regions. Across our US operations as a whole, the economic slowdown resulted in a fall in total aggregate volumes of 3%. Asphalt volume fell 3% and ready-mixed concrete sales reduced by 6%, caused primarily by the decline in residential sales in Colorado. The Northeast Region (Massachusetts/New Hampshire) had a good year and delivered record results. The Central Artery/Tunnel project in Boston is approaching completion, although activity was extended as work was won on ancillary works. The housing market remained strong throughout the region and we benefited from supplies to the redevelopment of Route 3 North. Operations in the North Central Region (Minnesota/North Dakota) had a much improved year following the previous year's flooding of the Mississippi river. Overall the market was firm, with a good level of infrastructure projects and a strong housing market offsetting a fall in commercial demand as office vacancies rose. The Central Region (Michigan/Indiana) had a mixed year. Aggregate operations performed as expected, but ready-mixed concrete activities in Northern Indiana had a poor year, with increased competition and a weak housing market. The Mid Atlantic Region (Maryland/Northern Virginia) performed broadly as expected, although activity slowed as the year progressed. Unlike other regions, commercial activity remained firm in the Washington area and the housing market performed well. Infrastructure was subdued, although we continued to supply materials to the first phase of the Woodrow Wilson Bridge. West Central Region (Colorado), in contrast, had a poor year as a result of the sharp decline in the telecommunications and technology sectors within the region. Although we experienced a good level of demand from infrastructure projects, and the major expansion of Interstate Highway 25 (known as T-REX) is now underway, this did not offset the significant fall in ready-mixed concrete sales and results were lower. Acquisitions During the year a total of fifteen businesses in the UK and three businesses in the US were acquired. The total cost of businesses purchased was #89.1m. On 10 January the UK business acquired its joint venture partner's interest in Douglas Truck Mixer Services Ltd, a company providing ready-mixed concrete vehicles and maintenance facilities. On 1 February the purchase of Kennedy Asphalt Ltd was announced. Comprising an asphalt plant and a contracting business in Greater Manchester, the operation represented a valuable addition to our network of services in the north west and West Midlands. Later in the same month the UK operation expanded its presence in the south east by purchasing Essex-based Bradwell Aggregates Ltd, which also trades as Karrimix. Activities included three sand and gravel operations and five ready-mixed concrete plants. In the same month the purchase of the ready-mixed concrete plant of Littler Readymix, based in Chester, strengthened the operations in the Ellesmere Port, Chester and greater Wirral markets. On 27 June the Group increased to 55% its interest in Paragon Materials Ltd which, through its cement facility at Chatham, will supply Aggregate Industries with an additional secure source of this important raw material for its ready-mixed concrete and pre-cast concrete operations. Finally, during the first half of the year, the asphalt plant and contracting operation, Pallot Tarmac, based in Jersey, was acquired. As part of the UK strategy of developing a market-leading national asphalt contracting business, the Group purchased on 8 July certain assets and subsidiary interests from the Receiver of Stenoak Associated Services plc. These operations provide specialist contracting services in the asphalt, surfacing and associated markets, laying approximately 500,000 tonnes of asphalt per annum throughout south east England. A 51% interest in Paving Developments Limited was acquired on 22 July. This start-up operation focuses upon the supply of quality hard landscaping and pre-cast concrete products and complements the Group's existing pre-cast concrete operations. On 7 November the acquisitions of a further five UK businesses were announced, which similarly complemented existing operations. These comprised: the businesses of GFX Hartigan Ltd, a ready-mixed concrete and sand and gravel operation in the Midlands; Border Stone Ltd, based in Powys, which supplies decorative aggregates; Central Coated Stone, based in east Nottinghamshire, an asphalt supplier; and Francis Flower's bagged aggregate operations. In addition, a 50% interest was purchased in Sewells Reservoir Construction Ltd, based in Essex, which adds to the existing sand and gravel operations of Bradwell Aggregates and Karrimix. Finally, on 12 December, mineral assets and a ready-mixed concrete plant were purchased from Cambridgeshire Aggregates Ltd. Since the end of the year the Group has acquired the whole of the share capital of Three Counties Concrete Ltd. Located at Upton-upon-Severn in Worcestershire, this supplier of ready-mixed concrete will enhance the Group's ability to supply the southern West Midlands market. During January 2002 the US operations added the business and assets of Seven Star Aggregates Inc. Located in southern Maryland, the sand and gravel operations are contiguous to the Group's existing mineral reserves. Producing 1m tons of aggregates a year, the business also owns mineral reserves of 17m tons and holds under lease a further 2m tons. On 1 May the Group acquired property and ready-mixed concrete assets situated in Waltham, Massachusetts. On 10 September the Group announced the purchase of aggregate and ready-mixed concrete assets from Wakefield Materials Inc for a cash consideration of $73m (#47m). Located in northern Massachusetts and southern New Hampshire, the business and assets comprise a large hard rock quarry, three sand and gravel operations, eleven ready-mixed concrete plants and associated trucks. Producing 1.5m tons of aggregate and 850,000 cubic yards of ready-mixed concrete, total consented mineral reserves are in excess of 90m tons. The business has been integrated into the existing Massachusetts operations, expanding its ready-mixed concrete operations into northern Massachusetts and enabling a presence to be established in the fast-growing southern New Hampshire market. UK AND CHANNEL ISLANDS OPERATIONS Aggregates, Asphalt, Ready-Mixed Concrete and Contracting Turnover #559m (2001 #441m) Aggregates and asphalt Demand in 2002 started well, with volumes across all product groups ahead of the same period in 2001. However, June saw reduced activity due to the Jubilee celebrations and the football World Cup. Trading conditions in the third quarter improved slightly, with a reasonable level of activity achieved in the last quarter. Overall, the market demand for aggregates in the UK was below that of 2001. Our aggregate volumes outperformed the market due to a number of acquisitions and developments to the business. The Bardon Hill replant was completed during the year, and the benefits of this investment are already starting to emerge. Edzell Sand and Gravel was opened in Scotland and we also saw the benefits of our Uttoxeter sand and gravel facility in Staffordshire, which was opened in 2001 to support our ready-mixed concrete operations in the Midlands. We completed a number of strategic acquisitions, intended to provide aggregate for our value added businesses and contracting operations. In addition to the purchase of Francis Flower's bagging operations, we invested in expanding our existing bagging business, Quarrypak. Operations now extend across south west England and we have new facilities at Cleveland Farm, Wiltshire and Forfar in Scotland. Our secondary aggregate operations increased their export of material to the south east of England by sea, adding to those already made to our businesses in the Channel Islands and Isle of Wight. A number of significant and prestigious contracts were completed using our products and services. Our crushed rock and sand and gravel were supplied to the new meteorological office in Exeter and our drainage and recycled materials were used for the M5 Junction 26-27 reconstruction. Other major schemes included the A6 Great Glen and Clapham bypasses and the supply of material for the largest warehouse in Europe - the Asda distribution centre in Leicestershire. In addition, cost controls and price improvement contributed to improved results across all our products. A new asphalt plant was commissioned at our Haughmond Hill quarry to service the West Midlands and support Bardon Contracting's operations in the region through the acquisition of Kennedy Asphalt. We also continued to invest in improved efficiency and productivity, with a replacement asphalt plant at Moorcroft Quarry in the south west which is capable of delivering the service previously supplied by two old plants. 2002 also saw the launch of our network of 20 urban asphalt plants under the Express Asphalt brand name. These units are specifically designed to service the collect and utilities markets. An additional plant at Newark has been added to the network, through the acquisition of Central Coated Stone, strengthening our service in the East Midlands. Ronez, our business in the Channel Islands, acquired Pallot Tarmac and Trinity Joinery during the year, to broaden our service provided to the islands. Ronez also invested in an on-site ready-mixed concrete plant as part of the material supply contract for the construction of the new terminal building at Guernsey Airport. Having a plant on-site will reduce the impact of vehicle movements on the environment, improve productivity and minimise inconvenience to the islanders. Halsvik, our Norwegian joint venture, had another good year, with sales to Poland, Germany and the UK. Halsvik supplied aggregates to the North Sea offshore oil industry and rail ballast to Holland. It also supplied the aggregates for re-surfacing the NATO airbase in Iceland. Ready-Mixed Concrete During 2002 our ready mixed concrete operations were reorganised under a single national business - Bardon Concrete. We have already seen an expansion of this business through focused management and the acquisition of ten strategically located plants, increasing our penetration of the market. These acquisitions have been successfully integrated into the business and are performing in line with expectations. Bardon Concrete has introduced a range of special and proprietary products and services including Bardon Multicrete, an in-situ foam concrete service for the utility market. Excellent service is the key to Bardon Concrete's successful Elite and Alba mini-mix businesses. London Concrete also performed well in 2002, and commissioned a new plant at Heathrow. This plant, the largest in Europe, will be ideally located to supply contracts associated with the Heathrow Terminal 5 development. Contracting Bardon Contracting, our national surfacing business, saw significant growth during the year due to a number of key acquisitions. The purchase of Kennedy Asphalt Ltd in March and the assets of Associated Asphalt in July, resulted in increased turnover and enabled Bardon Contracting to become a leading national player. The acquisitions have also increased tendering opportunities, helping us to secure work on a number of Highways Agency Framework and Term Maintenance Contracts and improving our capacity to work on a number of major road schemes. The acquisition of the traffic management company Moxon Ltd, as part of the Associated Asphalt purchase, brought an important element of road maintenance in-house. Moxon also assisted us in securing work such as the resurfacing of the M1 in Hertfordshire and the M11 contract to be carried out early this year. Last year, Bardon Contracting completed a #12.5m high profile sub-contract on the A43 Silverstone bypass, as well as a #6.2m contract in Scotland on the M8. Building Materials Turnover #158m (2001 #146m) The building materials businesses delivered an excellent performance in 2002, with volume improvements in most product groups. We continued to focus on new and premium products, enabling us to improve both turnover and sales margins. Bradstone generated strong growth, driven by firm demand for our innovative premium products and a wider customer base. The acquisition of Border Stone strengthened Bradstone's position in the decorative aggregates market and provided further outlets for its existing product range. Bradstone now has a strong presence in all sectors of the market. Internationally, Bradstone continues to expand its export sales and licensing revenue. A new licensing agreement was signed for Portugal and production of Bradstone products commenced under licence in Slovakia. Products are now distributed to, or manufactured under licence in twelve countries. Charcon launched three new products in 2002. Its environmentally friendly flag and kerb range uses recycled and secondary materials and the latest energy saving manufacturing methods. The products are targeted at local authorities, many of which specify the use of environmentally sound products. The Highway Splay range of products was developed specifically for AMEC for use on the Bingley bypass and the products were so successful that they are now being used on other road contracts. Focus on the London market resulted in the launch of a reinforced paving product that provides greater strength when heavily trafficked. A number of major term contractors in London have expressed an interest in the product, with the first significant supplies to begin shortly. 2002 saw the launch by our Masterblock business of the Fyfestone architectural masonry range in England. Positive responses have been received from many architects, a number of contracts have been specified and deliveries are expected to start later this year. Masterblock also launched two new products, a common brick in June and a multi-cell block in December. Our blocks were used in the construction of the Falmouth Maritime museum, Port Pendennis, Falmouth. US OPERATIONS Mid Atlantic Region (Maryland/Northern Virginia) Turnover $164m (2001 $169m) The Mid Atlantic Region started the year strongly and benefited from an open winter, which allowed increased construction activity during the first quarter. This buoyant start was followed by a reduction in demand that persisted throughout the remainder of the year, brought on by sluggish economic conditions that discouraged investors. During the year price improvements were achieved in aggregates, ready-mixed concrete and asphalt. Sand and gravel volumes bettered last year by 10% and this volume improvement was underpinned by the purchase in January of Seven Star Aggregates Inc located in southern Maryland. The acquisition included a sand and gravel wash plant capable of producing 1m tons per year, along with 19m tons of high quality consented reserves. Ready-mixed concrete and asphalt volumes were the most affected by the sluggish economy as road and office build programmes were put on hold. In contrast, Washington DC is poised to strengthen its employment base with the implementation of the "Homeland Security Agency" and, as a result, infrastructure activity is expected to increase. The region was involved in the supply of aggregates, ready-mixed concrete and asphalt products for the Woodrow Wilson Bridge structure and the Maryland highway approaches. Other major contracts completed in 2002, or still in progress, include the National Institute of Standards and Testing building located in Rockville, Gallery Place, the American Indian Museum in Washington DC, Largo's mass-transit extension and Highway 450 widening in central Maryland. Northeast Region (Massachusetts/New Hampshire) Turnover $312m (2001 $316m) The region had a good year, producing solid earnings as a result of a number of infrastructure projects and residential work, together with continuing demand from the Central Artery/Tunnel project. The Wakefield acquisition in September was a significant expansion into the New Hampshire market and further strengthened our reserves and concrete operations in the region. Asphalt had a healthy year. The private sector remained strong, accounting for approximately half the region's overall tonnage. The region started the year with a significant backlog and continued with the Route 3 North reconstruction project, other secured work at Gillette Stadium, the Route 44 reconstruction and the resurfacing of Routes 495 and 128. The aggregates division experienced its best overall performance in recent years, with sales boosted by the continuing Norumbega Water Containment System project in Weston, Logan International Airport, and expansion into the New Hampshire market. Aggregate production increased by 20% with the Raymond, New Hampshire quarry acquisition, along with the addition of two sand and gravel production plants. Ready-mixed concrete volumes for 2002 remained strong, but were slightly down on the prior year due to lower demand from Central Artery/Tunnel work and declining commercial office construction. West Central Region (Colorado) Turnover $252m (2001 $277m) After eleven years of steady growth, the Colorado economy contracted in 2002. Construction spending was down on 2001 levels, with sizeable decreases in residential housing and commercial construction projects. Real price increases were achieved in our aggregate products, but prices in our external coated stone sales decreased due to lower liquid asphalt pricing from suppliers. Bidding levels in our contracting business became more competitive as the year progressed. Ready-mixed concrete pricing came under increasing pressure and ended the year below the average for 2001. The region supplied a number of major new construction projects. The $1.2bn expansion of Interstate Highway 25 ("T-REX") will require 4m tons of aggregates and over 600,000 cubic yards of concrete; significant volumes were supplied in the year and these are expected to continue in 2003. We were the principal supplier of aggregates to the final $480m construction phase of the new E-470 beltway around the east side of metropolitan Denver, which was completed in December, and to the $30m renovation of the Horsetooth Reservoir west of Ft. Collins. Central Region (Michigan/Indiana) Turnover $87m (2001 $94m) Public sector spending in 2002 was a key factor in the continued success of the region. State funding for transportation construction projects exceeded $2.5bn. Additionally, strength in the residential markets in both Indiana and Michigan provided the region with a consistent backlog of work throughout the year. The concrete division had a difficult year, with the overall economic downturn more pronounced in the northern Indiana market. The region continued to expand its mineral reserve base by acquiring three parcels of land with reserves located close to three existing aggregate production facilities. These strategic acquisitions have increased the region's permitted mineral reserves to over 100m tons and total mineral reserves to above 110m tons. The asphalt division had a mixed year. The region successfully completed its first "Superpave" job in Michigan and the expertise gained from this will be an asset to the business in the coming year. However, a long, wet spring delayed the start of the operating season. North Central Region (Minnesota/North Dakota) Turnover $184m (2001 $181m) The North Central Region had a very good year, marking a significant improvement over the previous year. The improvement in profitability was primarily attributable to cost and efficiency improvements, an exceptionally good performance in the North Dakota market and the timely sale of excess assets. Market conditions in the Twin Cities remained mixed. The residential market achieved some stability but the commercial market continued to decline and is forecast to move down again in 2003. The North Dakota market remained fairly stable, with an excellent year in the concrete paving sector. Aggregate reserves totalling 15m tons, located in the South Metro area, were added in the year. These reserves are proven, but as yet not permitted. With proven and permitted reserves of more than 210m tons, the region is well positioned to ensure a continued profit stream for many years to come. Economic review Our planning for 2003 and beyond is based on the assumption that we will see a continuation of slow global economic growth, declining inflation, further falls in interest rates and a moderate rise in unemployment. In reaching this conclusion, we have not attempted to factor in the effect of a war nor any resulting impact on oil prices which, as a consequence of military action, could rise beyond current levels and further slow economic activity. In the UK, although a recession was avoided in 2001, the weak growth of 2002 is expected to continue in 2003, improving only marginally thereafter. Construction supported what modest growth there was in 2002, with increases in public spending offsetting the slowdown in the manufacturing and commercial sectors and we expect this trend to continue. Indeed, while the commercial sectors may weaken further, there will be further increases in public sector spending on hospitals, schools and, importantly, road and infrastructure construction and repair. Housing is also expected to remain firm, although some weakness may emerge in areas which have experienced the fastest price rises in recent years. Forecasts for growth in total construction output in 2003, while lower than the previous year, suggest that an increase of approximately 4% could be achieved. We anticipate that US economic growth will once again be muted in 2003. Consumer spending and a strong housing market, boosted by low interest rates, offset a decline in the industrial and commercial sectors in 2002. Overall, this resulted in GDP growth of approximately 2.5%. Currently, forecasters predict similar growth in 2003, but there is a risk that consumer spending and the strong housing market will slow before industrial activity improves, corporate profits grow and equity markets recover. With the political uncertainties caused by mid-term elections in 2002 now past, Federal and State legislatures are likely to focus more sharply on economic issues, which should contribute to more stable conditions. Federal highway spending is funded through six year programmes. The current TEA-21 programme will end in September 2003 and we are confident that discussions already underway to establish a replacement will be successful. However, the timing is uncertain and there may be some delays to the commencement of the new programme. Meanwhile, 2003 expenditure of #31.6bn under the existing programme was approved by the US House of Representatives and the Senate on 12 February 2003. This followed a long period of uncertainty and the expectation that a reduced level of spending might apply. Outlook Weak economies and the political and economic uncertainties created by the events taking place in Iraq make it unusually difficult to predict the outlook for 2003. In these circumstances, Aggregate Industries will continue to adopt a cautious approach, controlling costs, strengthening our core assets where possible, and seeking to supply products with superior quality and service in order to maximise our share of the available market. Throughout 2003 we expect the US construction markets to remain subdued after years of significant growth. Weaker performance in the mid-western states will continue. However, in other regions some improvements can be expected, aided by the full effect of 2002 acquisitions. President Bush's programmes connected with home security and defence, together with the recently-announced budget stimulus, should counter the impact of weak State finances. Low interest rates are expected to maintain the buoyancy of the housing market and we anticipate that a further six year programme to replace TEA-21 when it ends in the autumn, will be enacted at broadly the expenditure levels of the current programme. The start of the year has seen continuing very heavy snowfall, particularly on the US East Coast, and extremely cold weather elsewhere, which is delaying the start of the trading year. We expect US sales volumes for the year to be flat or to show a modest decline; however, we expect to see further price improvements. Increases in Government spending on infrastructure and public services benefited our UK operations during 2002. We anticipate that this trend will continue in 2003, although as the economy slows, increasing pressure will be placed on the Government's ability to fund already announced spending programmes without increased borrowing and this could impact the rate at which programmes are implemented. However, there is a backlog of infrastructure and publicly funded works in the UK and we have a strong order book. With low interest rates we expect total housing demand to be maintained. Overall we anticipate some volume and price improvements to be achieved in 2003. Our balance sheet remains strong and we will remain alert to opportunities to add businesses which make a positive contribution to Group earnings. The developing situation in Iraq will overshadow economic sentiment and could have a bearing on the final outcome for 2003. Nevertheless, based on our assessment of our markets at this time, we anticipate making further progress during the year. AGGREGATE INDUSTRIES PLC PRELIMINARY RESULTS 2002 Abridged Consolidated Profit and Loss Account for the year ended 31 December 2002 2002 2001 Restated* #m #m Turnover - continuing operations 1,302.3 1,306.9 - acquisitions 75.9 - 1,378.2 1,306.9 Group operating profit - continuing operations 161.6 163.8 - acquisitions 4.9 - 166.5 163.8 Share of profits of joint ventures 1.7 2.0 Total operating profit 168.2 165.8 Net interest payable (33.7) (41.7) Profit before taxation 134.5 124.1 Taxation (43.0) (39.5) Profit after taxation 91.5 84.6 Minority interests (2.3) (2.1) Profit for the year attributable to shareholders 89.2 82.5 Dividends (36.7) (34.9) Retained profit for the year 52.5 47.6 Earnings per ordinary share 6.7p 6.3p Dividend per ordinary share 2.55p 2.43p *Prior year figures have been restated to reflect the effect of FRS 19 - Deferred Taxation. AGGREGATE INDUSTRIES PLC PRELIMINARY RESULTS 2002 Turnover and total operating profit Geographical analysis of turnover: Continuing operations Acquisitions Total Total 2002 2002 2002 2001 #m #m #m #m UK 663.4 53.7 717.1 587.1 USA 638.9 22.2 661.1 719.8 1,302.3 75.9 1,378.2 1,306.9 Geographical analysis of total operating profit: Continuing operations Acquisitions Total Total 2002 2002 2002 2001 #m #m #m #m UK 83.9 2.4 86.3 70.3 USA 79.4 2.5 81.9 95.5 163.3 4.9 168.2 165.8 AGGREGATE INDUSTRIES PLC PRELIMINARY RESULTS 2002 Abridged Consolidated Balance Sheet 31 December 31 December 2002 2001 Restated #m #m Fixed assets Intangible assets 121.9 110.3 Tangible assets 1,267.5 1,250.5 Investments 23.0 18.9 1,412.4 1,379.7 Current assets Stocks and work in progress 109.2 99.7 Debtors 290.0 248.8 Cash 52.8 73.0 452.0 421.5 Creditors Amounts falling due within one year: Loans and overdrafts (34.2) (8.3) Trade and other creditors (281.1) (256.2) Taxation (15.7) (19.4) Dividends payable (32.4) (30.6) (363.4) (314.5) Net current assets 88.6 107.0 Total assets less current liabilities 1,501.0 1,486.7 Creditors Amounts falling due after more than one year (515.2) (541.0) Provisions for liabilities and charges (98.7) (86.1) Net assets 887.1 859.6 Capital and reserves 880.1 853.7 Minority interests 7.0 5.9 887.1 859.6 AGGREGATE INDUSTRIES PLC PRELIMINARY RESULTS 2002 Abridged Consolidated Cash Flow Statement for the year ended 31 December 2002 2002 2001 #m #m Net cash inflow from operating activities Group operating profit 166.5 163.8 Depreciation and amortisation 72.6 66.3 Changes in working capital and provisions (12.9) (21.2) Net cash inflow from operating activities 226.2 208.9 Dividends from joint ventures - 0.1 Returns on investments and servicing of finance Interest paid, net (34.4) (42.0) Dividends paid (36.1) (35.3) (70.5) (77.3) Taxation (30.5) (21.3) Capital expenditure and financial investment Purchase of tangible fixed assets (80.9) (73.6) Sale of tangible fixed assets 6.2 8.0 Purchase of other investments (3.6) (1.8) Joint ventures (0.3) 0.1 (78.6) (67.3) Acquisitions and disposals (88.8) (36.6) Net cash inflow/(outflow) before financing (42.2) 6.5 Net cash inflow from financing 5.9 80.9 Increase/(decrease) in cash and overdrafts in the year (36.3) 87.4 Earnings per ordinary share Earnings per ordinary share have been calculated by dividing the profit attributable to ordinary shareholders of #84.9m (2001 #78.2m) by 1,263.1m (2001 1,246.0m) ordinary shares, being the weighted average number of shares in issue during the year. Dividends Subject to shareholder approval, a final dividend of 1.52p per ordinary share will be paid on 4 July 2003 to shareholders on the register at 13 June 2003. Accounting policies The Group's accounting policies reflect a change following the adoption in 2002 of FRS 19 - Deferred Taxation. FRS 19 requires deferred tax to be recognised on a full provision basis on all timing differences that have originated but not reversed at the balance sheet date. In adopting FRS 19 the Group has chosen to discount the deferred tax provision to present value. The effect of FRS 19 has been to decrease profit after taxation by #2.2m (2001 #4.9m), decrease net assets by #0.6m (2001 #0.2m) and to decrease EPS by 0.2 pence (2001 0.4 pence). Basis of preparation of accounts The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2002 or 2001. Statutory accounts for 2001 have been delivered to the registrar of companies and those for 2002 will be delivered following the Company's annual general meeting on 24 April 2003. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END FR SEUFWASDSESE
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