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Structured Product Merrill Lynch Strategic Return Notes Linked TO The Select 10 Index | AMEX:RTS | AMEX | Ordinary Share |
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RNS Number:7518J Robotic Technology Systems PLC 08 April 2003 ROBOTIC TECHNOLOGY SYSTEMS PLC ("RTS", "the Company" or "the Group") Preliminary results for year ended 31 December 2002 RTS is a high technology business specialising in providing automation systems and software for a range of sophisticated scientific and industrial processes. 2002 2001 #m #m Turnover on Continuing Operations 66.9 123.4 Continuing Operations operating (loss)/profit before tax, exceptional (6.2) 10.5 items and acquisition goodwill amortisation Exceptional items, goodwill impairment, goodwill amortisation and (28.4) (7.4) termination of business segment (#22.4 million non-cash) (Loss)/profit before tax (34.6) 3.1 (Loss)/earnings per share (p) Basic (59.20)p 2.56p Diluted (59.20)p 2.46p Adjusted (loss)/earnings per share on Continuing (11.47)p 11.11p Operations before exceptional items and acquisition goodwill amortisation Key Points * UK businesses remain buoyant with record profits - Life Sciences increased sales by 13%. - Nuclear Solutions in UK grew sales by 21%. * Extremely difficult trading conditions persisted in the US during the second half. US operations are now structured in line with demand. - Employee numbers reduced by 330 in US - Cost savings of #6 million annualised in US. - Closure of Phoenix US plant. * Order book just under #40m * Disposal and exit from loss-making operations in Finland. * Strong balance sheet with minimal debt maintained. * Net tangible assets per share 58 pence * Collins Stewart Limited appointed today as financial adviser and stockbroker. Chris Brown, Chairman of RTS said: "The Group has operated in an extremely harsh climate in the US that has demanded swift and decisive management action which we have taken. We have demonstrated that we have the ability both to grow businesses and to deal with difficult market conditions. We are confident that the market for automated technology, which is now fundamental to industry, will resume growth when customer confidence returns". 8 April 2003 Enquiries: Robotic Technology Systems Plc Tel: 020 7457 2020 (today) Phil Johnson, Chief Executive Officer Tel: 0161 777 2000 (thereafter) David Timmins, Group Finance Director College Hill Tel: 020 7457 2020 Matthew Smallwood Chairman's Statement In 2002 the Group generated significant organic growth in Life Science and the domestic Nuclear Solutions businesses where conditions remained favourable but, more importantly, where we outperformed the market. The depressed state of the industrial capital equipment market, however, dominated our business in the US. Group Results In the year to 31 December 2002, turnover was #70.6 million compared to #131.3 million for the prior year. Turnover from Continuing Operations for the year ended 31 December 2002 was #66.9 million (2001 : #123.4 million), having successfully disposed of two loss-making businesses in Finland and having closed, in February 2003, the Phoenix plant in the US which had become heavily loss-making. Strong turnover growth in Life Science and the UK division of Nuclear Solutions of 13% and 22% respectively were more than offset by the significantly reduced turnover in Assembly Systems and Build-to-Print in the US. These two business groups were most affected by the severe downturn in the US industrial market place since the second quarter of 2001. The substantial reduction in Group turnover has had a large detrimental impact on the Group's profitability. The loss on Continuing Operations at the EBITDA level before exceptional items was #3.3 million compared to a positive EBITDA of #9.9 m in the prior year. The loss at EBITDA level was contained to that amount by the implementation in our US operations of decisive and severe cost reduction programmes together with the benefits derived from improvements in operational efficiencies. Employee numbers in the US have reduced by 330 since the beginning of 2002, which, together with other measures has realised permanent cost savings of #6.0 million on an annualised basis. Continuing Operations operating loss before exceptional items and acquisition goodwill amortisation amounted to #6.0 million versus an operating profit of #10.1 million on a comparable basis. On the same basis, the loss after tax was #7.0 million (2001 : profit after tax #8.8 million) giving a basic loss per share of 11.5p (2001 : earnings per share 11.1p). An exceptional item of #18.1 million was incurred during the period mainly comprising an impairment charge under FRS 11 relating to the acquisition of RTS Wright Industries, LLC (non-cash). In addition, a provision of #5 million for losses on termination of business segments in the US and Finland was made, of which #3.8 million are non-cash items. As a result, the total operating loss for the year was #29.4 million (2001: operating profit #2.7 million) with a loss before tax of #34.6 million (2001: profit before tax #3.1 million) Despite the overall weak trading performance in the year, the Group's balance sheet remains strong and is geared at approximately 10%. At the year end the Group had cash of #3.6 million, undrawn borrowing lines of #6.3 million and immediately convertible cash investments of #1.7 million. Group Structure The disposal of the two businesses in Finland has effectively completed the Group's exit from that country. The closure of the Phoenix plant in the US was completed at the end of February 2003. The Group is now in a much better position to concentrate on the two UK-led profitable and growing businesses and RTS Wright Industries, LLC in Nashville, USA. Move to the Official List The admission of the Company's shares to the Official List was completed in August 2002 which the Board believes will enhance the status of the Company, increase liquidity in its shares and extend its shareholder base. Board Changes During the year Dr Max Honkanen retired from the Board at the last Annual General Meeting and I would like to take this opportunity to thank Max for his service to the Company. John Heller joined the Board as a non-executive director in September 2002 bringing the combination of an astute legal mind and business acumen. Mike Macsek resigned from the Board on 25 February 2003 but continues to serve as President and Chief Operating Officer of RTS Wright Industries, LLC concentrating on technical management and business development. Dividends As in previous years, no dividend is proposed for the year. Brokers I am pleased to announce the appointment today of Collins Stewart Limited as financial adviser and stockbroker to the Company. Outlook US operations have been downsized further than could have been anticipated a year ago and permanent, annualised cost savings related to this of some #6.0 million should be realised in 2003. The two loss-making businesses in Finland have been sold and the Phoenix plant closed, thereby freeing up management time to drive the profitable UK-based businesses forward, and to manage the US operations back to profitability. The order book now stands at just under #40 million. Quotation activity in the US operations remains at an encouraging level but the air of uncertainty we have seen over the last 24 months from our customers in making investment decisions shows little sign of abating. In contrast the outlook for our Life Science business and UK-based nuclear business remains strong. Chris Brown Chairman 8 April 2003 Chief Executive's Report The international markets for automation technology experienced widely varying economic climates throughout 2002. Our ongoing Life Science business generated 13% growth in sales and also achieved a record order input of nearly #20m, a 57 % increase over 2001, with bookings in both Europe and the US, giving us a strong order book of #14 million going into 2003. The Nuclear Solutions business in the UK performed well with sales of #9.5m, which represents growth of 22%. The main focus of management attention throughout the year, however, has been on our operations in Nashville and Phoenix in the US where industrial capital spend on automated manufacturing capacity was at a low level throughout 2002 following rapid market decline during the second quarter of 2001. Our US operations have now been significantly downsized and reorganised to bring costs into line with business volumes and we have appointed a new Chief Executive Officer there to continue the drive to a return to profitability. Organic growth in the UK together with the downsizing in the US has reduced the dominance of the US-based operations in the Group which now has approximately 50% of its business operation in each of these two geographical regions. MAJOR CORPORATE EVENTS Disposal of the business and assets of Cheos Oy As the business of the Group has developed, and our vision technology has become more widely understood in the UK, reliance on technical knowledge in Finland has reduced. The main business of Cheos Oy was the configuration and distribution of machine vision hardware and instrumentation into the Finnish market. This was a small and non-core activity for the Group which was heavily dependent on the level of research and development spend in the Finnish domestic economy. The business and assets of Cheos Oy, which had been loss-making, was sold to management in September 2002 for Euro100,000. Disposal of the business and assets of RTS Robotics Oy RTS Robotics Oy supplied robotic automation systems largely into the Finnish and Scandinavian manufacturing market and was the development authority for RTS Vision Integration PlatformTM (VIP) and FlexMillTM software. Support capability for our software products has strengthened as strategic technology transfer has progressed and the UK technology skills base has developed following the acquisition of UK Robotics Ltd in 2000 and its subsequent integration into the Flexible Systems International business. It was appropriate therefore to move responsibility for the ongoing development of VIP and FlexMillTM to the UK where international support and effective programme management could be provided more cost effectively. The robotic systems business and assets of RTS Robotics Oy was loss-making, especially following the downturn in capital spending in European manufacturing, and was sold to management for Euro25,000. The Group has entered into a one year agreement to licence to the MBO company the use and resale of RTS Robotics Oy's software technology for a fee of Euro100,000. OPERATIONAL REVIEW Our Life Science business in drug discovery in the pharmaceuticals industry has continued its strong expansion path generating underlying organic growth of 13% with sales of #15.6 million and record order input of approximately #20 million, a 57% increase over the prior year. With orders being placed for both Europe and the US we have outperformed the market in this sector and the investments we made to expand our Manchester base have been fully justified. The additional factory and office space provided in 2002 is being used to excellent effect and recruitment has continued throughout the year for both sales and technical staff. The Nuclear Solutions business in the UK has continued to be successful with sales growing 21% to #9.5 million and the relationship with British Nuclear Fuels, our major customer, has continued to prosper. This year has seen our role expand to provide Design Integrator services, starting to manage the design activities of multiple technical specialist suppliers to provide an integrated design approach to activities ranging from continued operation safety assessments to large capital projects. In the fast-evolving market place our Fibers Technology International business group has found that its process skills are opening up new business opportunities that offer clear differentiation from many of its traditional competitors. Its name has therefore been changed to 'Process Systems International' which better reflects its wider capability. It is now targeting new and exciting opportunities such as the potential market for specialised equipment to manufacture biodegradable, disposable food packaging for the fast food industry which could replace those made from polystyrene and paper. Demand for automated manufacturing systems in the technology and general industrial sectors of the US market remained depressed throughout 2002. Order input recovered from the very lowest levels at the end of 2001 to the summer of 2002 after which it again declined as buying decisions were postponed in the light of market uncertainty, probably exacerbated by the threat of war in the Middle East. Managing this situation has been the focus of our management attention throughout the year. In the light of the depressed market we have continued to cut costs in our US operations particularly during the second half of the year. It was for this reason that we took the decision to close the smaller RTS Wright facility in Phoenix, Arizona, which housed our US Flexible Systems business, choosing to concentrate our efforts on Nashville, our largest site. Robotic systems, based on the Company's products, for the US market place will be designed and manufactured in Nashville supported by the Flexible Systems business group which is now based in Manchester following the disposal of the business of RTS Robotics OY during the year. We have maintained a strong core capability within RTS Wright and taken the opportunity to initiate changes which should permanently improve our performance. The sales function in Nashville has been re-organised to ensure that it works closely at all times with operational management and that we have maximum focus on key accounts in the right market sectors as business recovers. Management in Assembly Systems has been strengthened under a new business group manager and its organisation is being developed to ensure that we can profitably handle the smaller projects which are now a feature of the market place. We have also initiated the development of a new supply chain management organisation with a mission to drive down the costs of both purchased and manufactured parts and ensure that we take full advantage of relationships with our suppliers. This is an area where there is an excellent opportunity to improve gross margins. MANAGEMENT A number of significant management changes have been made in the US during the last year. We have accelerated the programme of change which was already underway within RTS Wright to develop the business by reducing costs, increasing productivity and targeting market sectors which would produce better margins. The management team in RTS Wright, in particular, has been strengthened as we have downsized and reorganised and senior personnel have been recruited where new skills and wider experience have become necessary. Mark Taylor was recruited as Chief Executive Officer of RTS Wright Industries, LLC in February 2003 to drive business innovation and change in our largest subsidiary. Following 8 years as President of David Brown North America, a successful manufacturer of customised industrial gear boxes, Mark became Vice President and General Manager of Cone Drive Textron following Textron's acquisition of David Brown plc in 1998. He then became Vice President Global Sales and Marketing for the Textron Power Transmission Division. Mike Macsek, the President and Chief Operating Officer of RTS Wright, is now dedicated to operational and technical management and specific areas of business development where his contribution is most valuable to the company. Joel Pepper, one of our strongest and most experienced managers, is now leading Assembly Systems International. Al Vaughan has begun the development of the supply chain management organisation within RTS Wright. He has a proven track record in this specialised area and has been recruited to lead this. PRODUCT DEVELOPMENT Product development continued throughout 2002 in areas where enhanced technology will improve our competitive advantage or a new product is required for entry into a new market. Our Life Science business group has completed the development of 'Sample Store', a new high density compound store which is aimed at smaller biotechnology and pharmaceutical companies therefore widening our potential market. They have also invested in significant enhancements to 'Sprint', our robotic cell management and scheduling software product, enhancing its user appeal. The development of 'acCellerator TM', our automated cell culture system, has progressed throughout the year. We have continued to invest in the design of industrial scale automation for Ultra High Throughput Screening of samples for drug discovery, allowing extended unattended testing to reduce timescales. The Flexible Systems group has continued to develop new product inspection and detection algorithms for Vision Integration Platform (VIP), our machine vision software product, expanding its capability and its market potential. The Process Systems International Business Group which operates within RTS Wright has entered into an agreement with Earthshell Corporation of California to develop and manufacture equipment enabling the unique Earthshell process to be used to manufacture biodegradable single use food containers for the food service industry, with the aim of replacing polystyrene and paper products with an environmentally friendly and cost effective alternative. Equipment is being developed by RTS which could enable Earthshell's licensed business partners to exploit this process efficiently and cost effectively. The market for single use food containers is estimated to be $10 billion in the US and $25 billion worldwide. OUTLOOK Our international Life Science and domestic Nuclear Solutions businesses continue to be active and buoyant. We came into this year with a strong order book in these areas and we are currently confident that they should exceed their business plans for 2003. We have significantly reduced the cost base of our US business, refocused our sales force there and introduced major changes to ensure that it is competitive going forward and returns to profitability. From our perspective, however, the US industrial market for capital equipment is still full of uncertainty, customers are still hesitant in proceeding with their own major initiatives and the business available to us is significantly below the levels of previous years. The long period of political uncertainty surrounding the Middle East and the onset of war with Iraq have all added to the unease in the market place and at present it is difficult to predict when there will be a shift in sentiment. We are confident however that automation technology is now fundamental to industry and that demand will increase as our customers' confidence in their own business situation begins to return. Phil Johnson Chief Executive Officer 8 April 2003 Group Finance Director's Review Turnover and gross margin Turnover for the year ended 31 December 2002 decreased to #70.6 million from #131.3 million for the prior year, which represented a decrease of 46.2%. On a Continuing Operations basis, turnover for the year ended 31 December 2002 decreased by 45.8% to #66.9 million from #123.4 million on a like-for-like basis. On a Continuing Operations basis, Life Science turnover increased by over 13% to #15.4 million (2001 : #13.6 million) and the UK division of Nuclear Solutions increased by nearly 22% to #9.5 million (2001 : #7.8 million). The rest of the Group's businesses, however, was severely impacted by the very difficult trading conditions in the US industrial capital spend market place. The reduction in turnover in Assembly Systems and Build-to-Print, compared to the prior year, of #35.2 million and #14.8 million respectively contributed substantially to the overall decrease in Group turnover. Discontinuation of operations primarily affected the Flexible Systems results and reflected the sale of the Finnish businesses to local management in the second half of the year as well as the closure of the Phoenix operation in February 2003, for which anticipated closure costs were provided in the financial statements for the year ended 31 December 2002. The combination of significant cost-saving measures, improvements in operational efficiencies and a strong performance in Life Science, the Group's highest margin business, offset, in part, the effects on gross margin of adverse and highly competitive market conditions in the US and contained its decrease to 25.8% from 28.5% in the prior year. On a Continuing Operations basis, gross margin for the year was 26.6% (2001 : 28.1% on a comparable basis) with the second half at 27.1%, a point higher than the first half. Distribution and administrative costs Ongoing distribution and administration expenses for the year ended 31 December 2002 decreased by more than #2 million compared to the prior year which resulted from a substantial cost reduction programme in the US commencing in May 2002 and continuing through to March 2003. The full annualised benefit of these cost reductions will be reaped in 2003 together with cost savings to be realised from the closure of the Phoenix plant at the end of February 2003. Exceptional items In accordance with the provisions of FRS 11, an acquisition goodwill impairment of #16.4 million has been charged to the profit and loss account in the current year which relates mainly to the acquisition of RTS Wright Industries, LLC in May 2000. This is a non-cash charge. Further exceptional costs incurred in the current year amounted to #1.8 million mainly comprising #0.7 million restructuring costs at RTS Wright and #0.8 million legal and professional fees in connection with two aborted acquisitions, the move to the Official List in August 2002 and an accelerated write-off of advisory costs in connection with tax planning measures. In the prior year, as a consequence of the appointment of administrative receivers to RTS NetWorks Group PLC on 31 January 2002, an amount of #2.1 million was written off to the profit and loss account to reflect a permanent diminution of a current asset investment. A loss on termination of business segments of #5.0 million was charged to the profit and loss account in the year ended 31 December 2002 of which #3.8 million is non-cash and relates primarily to that proportion of the original acquisition goodwill of RTS Wright Industries, LLC attributable to the Phoenix plant. The balance of the charge relates to a provision for the carrying values of tangible fixed assets in Phoenix and recognises the liability under its property and asset leases. Loss before tax The loss before tax for Continuing Operations, before exceptional items and acquisition goodwill amortisation, for the year ended 31 December 2002 amounted to #6.2 million compared to a profit before tax in the prior year on a comparable basis of #10.5 million. Taxation There is no current tax charge in respect of the profitable UK businesses due to research and development credits and short asset life election claims. The Group tax charge in the current year primarily relates to the reversal of a prior year deferred tax credit. In the US tax group, significant tax loss carry forwards together with some #7 million of US tax allowances will be available to offset against future taxable profits in the US. Earnings per share The adjusted loss per share on Continuing Operations before exceptional items and acquisition goodwill amortisation was 11.5p compared to earnings per share in the prior year of 11.1p on a comparable basis. The basic loss per share for the year was 59.2p (2001: earnings per share 2.56p) based on the overall loss after tax of #35.5 million (2001: profit after tax #1.4 million). Cash flow and borrowing facilities The net cash outflow from operating activities for the year amounted to #6.0 million which approximates to the operating loss on Continuing Operations before exceptional items and acquisition goodwill amortisation. There was a reduction in the working capital requirement of #1.4 million in the year. The Group finished the year with #3.6 million in cash and net debt of #5.9 million. As at 31 December 2002, the Group had undrawn bank operating lines of credit amounting to #6.3 million and investments of #1.7 million in life insurance policies held beneficially by the Group which can be realised at any time. Treasury policy The Group's treasury policy aims to ensure that adequate financial resources are available to develop the Group's business whilst managing its currency and interest rate risks. The Group's policy is not to engage in speculative transactions. Disposals During the year the Group disposed of the business and assets of two subsidiary companies both based in Finland. On 29 September 2002, the business and assets of Cheos Oy, which had become a non-core part of the Group, were disposed of to local management for a consideration of Euro100,000. On 29 November 2002, the Group disposed of the trade and assets of RTS Robotics Oy for Euro25,000 but retained the rights to the existing intellectual property and technology. The Group has granted the MBO company a licence to use its software technology for 12 months at a fee of Euro100,000. The businesses sold during the year did not have a material impact on Group cash flow. David Timmins Group Finance Director 8 April 2003 Robotic Technology Systems PLC Group profit and loss account for the year ended 31 December 2002 Note Year ended 31 December 2002 Continuing Discontinued Year ended operations operations 31 December Total 2001 #'000 #'000 #'000 #'000 Turnover 2 66,893 3,666 70,559 131,345 Cost of sales (49,104) (3,259) (52,363) (93,922) Gross profit 17,789 407 18,196 37,423 Distribution costs (3,738) (599) (4,337) (5,691) Administrative expenses before exceptional items (21,997) (3,168) (25,165) (27,195) Exceptional items Acquisition goodwill impairment (16,400) - (16,400) - Impairment of intangible fixed assets (308) - (308) (64) Legal and professional fees (816) - (816) - Restructuring costs (648) - (648) - Provision against current asset investments - - - (2,075) Total administration expenses (40,169) (3,168) (43,337) (29,334) Operating (loss)/profit before exceptional items and (7,946) (3,360) (11,306) 4,537 other operating income Other operating income 39 15 54 279 Operating (loss)/profit (26,079) (3,345) (29,424) 2,677 Loss on termination of business segments - (4,972) (4,972) (26) (Loss)/profit on ordinary activities (26,079) (8,317) (34,396) 2,651 before interest and taxation Interest receivable 212 546 Interest payable (427) (122) (215) 424 (Loss)/profit on ordinary (34,611) 3,075 activities before taxation Taxation on (loss)/profit on ordinary activities (839) (1,646) (Loss)/profit on ordinary (35,450) 1,429 activities after taxation Equity minority interests (7) (14) Retained (loss)/profit for year (35,457) 1,415 transferred (from)/to reserves (Loss)/earnings per share 3 Basic (59.20)p 2.56p Diluted (59.20)p 2.46p Adjusted basic on continuing operations before exceptional items and acquisition goodwill amortisation (11.47)p 11.11p Robotic Technology Systems PLC Group balance sheet at 31 December 2002 31 December 31 December Note 2002 2001 #'000 #'000 #'000 #'000 Fixed assets Intangible assets 21,245 44,693 Tangible assets 28,522 29,560 Investments 35 35 49,802 74,288 Current assets Stocks 15,107 17,203 Debtors 12,036 16,624 Investments 2,184 3,059 Cash at bank and in hand 3,645 8,148 32,972 45,034 Creditors: amounts falling due within one (18,473) (22,748) year Net current assets 14,499 22,286 Total assets less current liabilities 64,301 96,574 Creditors: amounts falling due after more (6,267) (631) than one year Provisions for liabilities and (1,357) (53) charges Net assets 56,677 95,890 Capital and reserves Called up share capital 611 577 Share premium account 4 74,490 74,424 Shares to be issued 4 120 3,640 Merger reserve 4 - 9,834 Other reserve 4 571 382 Profit and loss account 4 (19,155) 7,000 Equity shareholders' funds 56,637 95,857 Equity minority interests 40 33 56,677 95,890 Robotic Technology Systems PLC Group cash flow statement for the year ended 31 December 2002 Year ended Year ended 31 December 31 December 2002 2001 #'000 #'000 Note Net cash (outflow)/inflow from operating activities 5 (6,023) 2,001 Returns on investments and servicing of finance (232) 364 Corporation tax paid (880) (1,405) Capital expenditure and financial investment (5,752) (4,603) Acquisitions and disposals (1,142) (1,263) Cash outflow before management of liquid resources and (14,029) (4,906) financing Management of liquid resources 3,100 5,808 Financing 9,496 87 (Decrease)/increase in cash (1,433) 989 Reconciliation of net cash flow to movement in net (debt)/funds Year ended Year ended 31 December 31 December 2002 2001 #'000 #'000 (Decrease)/increase in cash in the year (1,433) 989 Cash inflow from increase in debt (9,426) (5) Cash inflow relating to liquid resources (3,100) (5,808) Change in net funds resulting from cash flows (13,959) (4,824) Debt disposed of with subsidiary undertaking - 954 Finance leases acquired with subsidiary undertaking - (42) Movements in net funds in the year (13,959) (3,912) Net funds at 1 January 8,069 11,981 Net (debt)/funds at 31 December (5,890) 8,069 1. Basis of preparation The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2002 or for the year ended 31 December 2001. The financial information for 2001 is derived from the statutory accounts for the year ended 31 December 2001 which have been delivered to the registrar of companies. The auditors have reported on the 2001 accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2002 will be delivered to the registrar of companies following the Company's Annual General Meeting. 2 Turnover and profits Turnover analysis Year ended 31 December 2002 Continuing Discontinued Total operations operations By activity #'000 #'000 #'000 Assembly Systems 19,143 - 19,143 Build-to-Print 3,213 - 3,213 Flexible Systems 983 3,401 4,384 Life Science 15,352 265 15,617 Nuclear Solutions 12,755 - 12,755 Process Technology 6,869 - 6,869 Support Services 1,696 - 1,696 Tooling Systems 6,882 - 6,882 66,893 3,666 70,559 Year ended 31 December 2001 Continuing Discontinued Total operations operations By activity #'000 #'000 #'000 Assembly Systems 54,371 - 54,371 Build-to-Print 17,982 - 17,982 Flexible Systems 621 7,167 7,788 Life Science 13,577 771 14,348 Nuclear Solutions 16,411 - 16,411 Process Technology 10,408 - 10,408 Support Services 2,288 - 2,288 Tooling Systems 7,749 - 7,749 123,407 7,938 131,345 Year ended 31 December 2002 2001 By geographical destination #'000 #'000 United Kingdom 19,389 16,868 Other European Countries 5,594 6,239 United States of America 42,054 84,739 Rest of World 3,522 23,499 70,559 131,345 3 Loss)/earnings per share (Loss)/earnings per ordinary share have been calculated using the weighted average number of shares in issue during the relevant financial years. For basic (loss)/earnings for share, the weighted average number of equity shares in issue is 59,892,138 (2001 - 55,395,764) and the (loss)/earnings, being (loss)/ profits after tax and minority interests are (#35,457,000) (2001 - #1,415,000). 2002 2001 pence pence Basic (loss)/earnings per share (59.20) 2.56 The number of shares used for the diluted (loss)/earnings per share is calculated as follows: 2002 2001 Number Number Basic number of shares 59,884,638 55,395,764 Exercise of options 80,628 1,176,075 Deferred consideration in respect of - 933,478 the acquisition of Wright Industries, Inc. 59,965,266 57,505,317 The adjustment to the basic number of shares in respect of the exercise of options has been calculated based on the assumption of a share price of #0.78, the average in the year. The (loss)/earnings figures have not been adjusted, being (#35,457,000) (2000 - #1,415,000) for the purposes of the diluted (loss)/earnings per share calculation. 2002 2001 Pence pence Diluted (loss)/earnings per share (59.20) 2.46 Adjusted basic (loss)/earnings per share (11.47) 11.11 Adjusted basic (loss)/earnings per share has been calculated to reflect the underlying trading performance of the Group as follows: Year ended 31 Year ended 31 December 2002 December 2001 #'000 #'000 (Loss)/profit for the year (35,457) 1,415 Acquisition goodwill impairment 16,400 - Acquisition goodwill amortisation 2,096 2,654 Loss on current asset investments - 2,075 Exceptional administrative expenses 1,772 - Operating loss on discontinued activities 8,317 218 Adjusted basic (loss)/earnings (6,872) 6,362 4 Reserves Profit and Share Shares to Other Merger loss premium be issued reserve reserve Total account account #'000 #'000 #'000 #'000 #'000 #'000 Group At 1 January 2002 7,000 4,424 3,640 382 9,834 95,280 Loss for the year (35,457) - - - - (35,457) Shares issued in the year - 66 - - - 66 UITF 17 share scheme charge - - - 289 - 289 Share schemes options exercised 100 - - (100) - - Deferred consideration - - (1,683) - 3,396 1,713 Exchange differences (4,028) - - - - (4,028) Share options waived - - (181) - - (181) Deferred consideration not - - (1,656) - - (1,656) payable Impairment of goodwill 13,230 - - - (13,230) - At 31 December 2002 (19,155) 74,490 120 571 - 56,026 5 Reconciliation of operating (loss)/profit to net cash (outflow)/inflow from operating activities Year Year ended 31 ended 31 December December 2002 2001 #'000 #'000 Operating (loss)/profit (34,396) 2,651 Depreciation and amortisation 25,321 5,095 Restructuring provision 1,327 - Provision against current asset investments and related receivables 17 2,075 (Gain)/loss on disposal of subsidiaries (22) 26 Decrease/(increase) in stocks 1,024 (7,906) Loss on disposal of intangible fixed assets 7 - Loss on disposal of tangible fixed assets 80 26 Profit on disposal of current asset investments (84) (199) Decrease in debtors 2,826 11,956 Decrease in creditors (2,413) (11,174) Provisions in respect of share scheme 290 (549) Net cash (outflow)/inflow from operating activities (6,023) 2,001 This information is provided by RNS The company news service from the London Stock Exchange END FR EAELXELKDEAE
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