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RNS Number:6037I Tibbett & Britten Group PLC 12 March 2003 12 March 2003 TIBBETT & BRITTEN GROUP PLC PRELIMINARY RESULTS FOR YEAR ENDED 31 DECEMBER 2002 Tibbett & Britten Group plc is a leading UK based international contract logistics and supply chain management Company. Over 90% of the business is based on long-term contractual relationships with major blue chip manufacturers and retailers. HIGHLIGHTS:- * Good underlying performance despite uncertain trading environments. * #212m of annualised revenue from new business. * Strong levels of contract renewal across the Group. * Continued growth in Americas; strong H2 UK performance; impact of slower Euro zone. * Sustained international momentum, with China outperforming. * Mexican acquisition being successfully integrated in line with plans. * At constant exchange rates, turnover up 11% to #1.52 billion (2001: #1.35 billion); operating profit down 3% to #35.3m (2001: #37.4m). * Strong free cash flow. * Dividend for year up 4% to 25.3p (2001: 24.4p). * Positive start to current year. Commenting on the announcement Chairman, John Harvey, CBE, said: "Generally, this year has started positively. There is evidence that deferred outsourcing projects have been reactivated and we expect continued growth in our major markets, despite economic uncertainties and weak volumes in mainland Europe. New logistics opportunities are inherent in extended supply chains as the accelerating global migration of manufacturing and the development of trans-national retailing gathers pace. As a result of our sector concentration on consumer markets and our strategic geographic presence, we are particularly well placed to exploit these opportunities." Enquiries: John Harvey, CBE, Chairman Mike Arrowsmith, Chief Executive Mark Whiteling, Finance Director Telephone: 020 7796 4133 (on 12 March 2003 only) 020 8327 2000 (thereafter) Andrew Hayes/Jessica Rouleau/James Hill, Hudson Sandler Telephone: 020 7796 4133 CHAIRMAN'S STATEMENT Introduction The Group made good underlying progress in more uncertain trading environments and, despite a poor European summer, saw a welcome improvement in second half year trading. As over 70% of our turnover derives from North American and UK markets we are less exposed to the difficulties of the major Euro zone countries. Furthermore, our strategic focus on consumer related sectors, coupled with long term contractual relationships, has proved more resilient than transactionally based network and industrially related operations. The stability and focus of the Group are providing real competitive advantage. Over 75% of growth was organic, with all regions increasing turnover. We achieved a strong rate of contract renewal and added #212 million of annualised revenue from new contract start-ups. Free cash flow increased by over 70% from the previous year. In addition, a number of legacy issues were successfully resolved and in Mexico, Dimalsa was acquired in March and is being successfully integrated into the Group. Despite the strength of sterling, the North American business contributed 40% of operating profit. The UK achieved a good second half performance despite increased insurance costs. Mainland Europe, whilst growing substantively, was impacted by poor performances, particularly in France and Poland. Outside our core markets of Europe and the Americas, the emergent international operations, including China, delivered a third successive year of improvement in turnover and profit. In March we were proud to receive the Queen's Award for International Trade Initiative in recognition of the Group's success in translating its skills into overseas markets. Financial Results In the year ended 31 December 2002, at constant exchange rates, turnover was up 11% to #1.52 billion (2001 - #1.35 billion) and operating profit down 3% to #35.3 million (2001 - #37.4 million). Adjusted earnings per share of 38.7 pence (2001 - 43.1 pence) were correspondingly lower and also impacted by the increase in the headline tax charge. The Group's operations remain strongly cash generative with operating cash flow of #74.6m (2001 - #73.6m). Free cash flow, after the payment of interest, taxation and dividends, improved by #13.5m to #32.1m. After investments in Dimalsa and David's of Thailand, year end net debt was #67.2m (2001 - #54.1m). The free cash flow, plus existing borrowing facilities, continue to provide a platform for sustainable investment. Dividend The Board is recommending a final dividend of 17.4 pence per Ordinary share (2001 - 16.8 pence) for the year ended 31 December 2002 to be paid on 28 May 2002 to shareholders on the register at 2 May 2002. The interim dividend of 7.9 pence per share was paid on 11 November 2002. This brings total dividends for the year to 25.3 pence (2001 - 24.4 pence), up 4%, and marks the seventh successive year of increase. Organisation and People The Board has been restructured, with a smaller Corporate Board addressing strategy and corporate governance, and an enlarged Operating Board under Mike Arrowsmith running the operations. As a consequence of these changes, Martin Graham and David Musgrave have resigned from the Corporate Board to concentrate on their responsibilities within the Operating Board. Mike Evans, after 28 years, retired at the end of the year and, on behalf of all his colleagues, I should like to thank Mike for his long contribution in building today's robust and successful business. I also welcome Saad Hammad, who joined us in February 2003 to lead the European team. These changes will enhance our focus on the strategic development of the business and reinforce the development of customer partnerships. Outlook Generally, this year has started positively. There is evidence that deferred outsourcing projects have been reactivated and we expect continued growth in our major markets, despite economic uncertainties and weak volumes in mainland Europe. New logistics opportunities are inherent in extended supply chains as the accelerating global migration of manufacturing and the development of trans-national retailing gathers pace. As a result of our sector concentration on consumer markets and our strategic geographic presence, we are particularly well placed to exploit these opportunities. Our business strategy, built primarily on organic growth, has enabled the Group to develop successfully in North America and mainland Europe with limited capital commitment. This process is now being replicated in China and other international markets. John Harvey, CBE Chairman 12 March 2003 CHIEF EXECUTIVE'S REVIEW Introduction The Group's emphasis on mass consumer related sectors and our open-book business model (which accounts for 70% of activities) provides resilience against a general economic slowdown. This, together with our clear strategic focus and key market leadership positions, continues to represent a sound basis for sustained growth. During 2002 we further strengthened our management teams and streamlined our organisational structures. The appointment of Saad Hammad to lead the European team will facilitate the integration of our activities across Europe. We continue to invest in information technology and in the development of our people. Macro-economic and geo-political changes drive the development of trans-national manufacturing and retailing. Global sourcing and the complexities of the extended supply chain add further to the potential for outsourcing and change management in both our established core markets and our strategic development markets like China and Latin America. The Americas Operations in the Americas continue to show strong growth. At constant exchange rates, turnover was up by 11% to #605.3m and operating profit before goodwill amortisation increased by 8% to #15.9m. During the year organic growth of #56.0m more than replaced the turnover from the Kmart contract, discontinued in May 2001, and the Oshawa contract which was taken in-house following its acquisition by Sobey's. The Dimalsa business in Mexico, acquired in March 2002, is meeting expectations and before goodwill amortisation contributed #1.9m to operating profit. In North America we continue to reinforce our market leadership position in grocery retail, whilst extending our presence in the non-food retail and fast moving consumer product manufacturing sectors. In the United States we expanded our activities in the grocery sector with a full year of operations for two 7-Eleven regional distribution centres. We have also enhanced our position in the consumer product manufacturing sector with the start-up of four new sites for Procter & Gamble and the operation of three facilities for ConAgra - one of the largest food manufacturers in the United States. During the year we commenced operations at two sites for JC Penney, reinforcing our presence in the clothing sector. Within the Americas we continue to invest in information technologies to increase efficiency across the supply chain. The deployment of sophisticated demand-planning tools have successfully reduced customer inventories and increased service levels, and the implementation of our web-based electronic procurement programme has led to significant purchasing savings for a number of clients. Our transport management solution, freightSmart, is using the latest technology to reduce costs and increase service levels. The web-enabled liquorconnect.com initiative has resulted in more than 75% of our Western Canadian licensed liquor business being booked in real-time over the internet with resultant savings throughout the supply chain. In Canada a third, new one million sq.ft distribution centre for Wal-Mart was completed early in the year and already the first two sites are being extended. We delivered the paid consultancy project for the Canadian Department of National Defence (DND) on the benefits of outsourcing their military supply chains, and this work confirmed the savings indicated by the earlier pilot study. Regrettably the Canadian Government has chosen not to proceed with the project. The acquisition of the Dimalsa business in Mexico and Puerto Rico was completed at the end of March. We have successfully translated our customer franchise into Mexico and since the acquisition have opened three Procter and Gamble regional distribution sites. The relationship with Kelloggs has been extended with the opening of a new site in Mexicali and additional new business has been won with Rubbermaid and Hamilton Beach to commence in 2003. During the year we improved operational efficiencies through deployment of management and systems expertise from our North American business. After restructuring early in the year, the business in Argentina is now trading profitably. Europe Our European business outperformed a generally slower market with turnover, at constant exchange rates, increasing by 9% to #837.8m. However operating profit before goodwill amortisation declined by 15% to #18.1m due mainly to the costs associated with closing the shared-user UK Fashion network and increased insurance premiums across Europe. These events masked the good progress being made in developing the underlying businesses. In the UK and Ireland we continued to reinforce our market position, extending our partnerships with major clients and broadening our overall customer base through the application of innovative solutions to their supply chain needs. During the year we strengthened the management team and established a single support infrastructure to serve all our UK activities. The 9% turnover growth in UK and Ireland is supported by the full-year contribution of the new Tesco distribution centre at Thurrock and the B&Q import warehouse at Scunthorpe. In addition, a number of new operations commenced during the year including the Sainsbury's national liquor distribution centre at Corby, the B&Q distribution centre at Radlett and new operations for Ben Sherman, Gap and LVMH. In August, after providing support services to Remington since May 2001, the Group was awarded an exclusive long-term logistics contract. In early 2003 our relationship with the Big Food Group was enhanced by the award of a long-term contract to manage the warehousing and delivery for both Booker Cash & Carry and Iceland supermarkets throughout Scotland, Northern England and Northern Ireland. After the closure of the shared-user network operations, the UK-based Fashion business has been reshaped and is actively developing into mainland Europe where there is an identified pipeline of new business opportunities. We are also working to extend our supply chain offer and consolidate our position in key offshore manufacturing centres in Romania, Morocco, Turkey and China. In April 2002 a full actuarial valuation confirmed that the UK defined benefit scheme was fully funded under the Minimum Funding Requirement regulations (MFR). We have now closed the defined benefit scheme to new entrants and increased employee contributions. Under FRS 17 accounting rules the scheme showed a net deficit of #72.1m at 31 December 2002. In mainland Europe, turnover, at constant exchange rates, increased by 12% to #225.3m as we continued to develop our operations in France, Benelux, Spain and Eastern Europe. Following a strong start, operating profit declined in the second half due to higher insurance costs and the exceptionally poor summer that affected our closed-book drinks and ice-cream operations in France and Spain. During the year we extended our fashion sector expertise and customer franchise across Europe. Major new business included an operation to co-ordinate, plan and manage all primary transport across Europe and the Middle East for Levi Strauss & Co and the start-up of a major textile distribution centre supporting over 2,300 retail outlets nationwide for Intermarche. Other additions in the fashion sector included Hugo Boss and Gap in France, Forum and Women's Secret in Spain and a further Cortefiel business which will commence in 2003. In the grocery sector we strengthened our relationships with major trans-national operators such as Auchan, opening new operations in both France and Hungary. We continued development in the fresh produce sector with the extension of the Valencia site in Spain. In Germany a second distribution centre for Wal-Mart became operational in March 2003. In Benelux we successfully reduced our cost base and further improved customer service levels. In Central and Eastern Europe our Hungarian business performed exceptionally well and successfully opened new operations for Delhaize, Auchan and added Best Foods. In the Czech Republic we commenced operations for Interspar, but in Poland, the difficult economic situation depressed customer volumes, resulting in our closed book operation at Raciborz operating below capacity. International Our International operations in Asia, the Middle East and Africa continue to develop rapidly. At constant exchange rates, turnover was up by 42% to #73.8m and operating profit increased by 113% to #1.3m. In China, a key emerging market for the Group, our 50:50 joint venture with Hutchison Whampoa continues to grow rapidly. Operations include the management of an asset light, national distribution network already delivering to over 350 cities across China - mainly on behalf of major international manufacturers, including Procter & Gamble, Warner Lambert and Siemens. Over the past three years we have also established a significant presence in the management of domestic supply chains within the retail sector for customers including B&Q, Park N' Shop, and Wu Mei. During the year we commenced warehouse operations for P&G at Chengdu and Tianjin. Earlier this year we opened a major purpose-built warehouse for retailer HuaPu and in April 2003 we will take over the management of a third P&G warehouse in Shanghai. There is a strong pipeline of new business from both retailers and manufacturers. We have extended our activities into other parts of Asia through the establishment of a joint venture in Thailand with David's Asia and in Malaysia with Kontena Nasional. These joint ventures complement our existing activities in Taiwan, Hong Kong and Singapore. In the Middle East our partnership with the Olayan Group in Saudi Arabia is well established and is providing supply chain management services to a wide range of consumer product companies, including Colgate-Palmolive, Henkel, Kimberly-Clark and Kraft Foods. In Dubai we have taken over the management of the Al Futtaim logistics operations which provide supply chain management support to a range of franchisee operations in the region. The South Africa business continues to develop satisfactorily helped by the full-year contribution from the Kinesis business that specialises in supply chain management services for ethical pharmaceutical and personal healthcare manufacturers. The i2 Technologies transport management software is now fully deployed and is not only reducing costs but is also a major source of new business. Other new business during the year included taking over the management of the Kraft national distribution centre near Johannesburg. Mike Arrowsmith Group Chief Executive 12 March 2003 FINANCIAL HIGHLIGHTS Preliminary results 2002 2002 2001 Change CER** (#m) (#m) Revenue Americas 605.3 584.9 3% 11% UKI 612.5 563.8 9% 9% Mainland Europe 225.3 197.5 14% 12% Rest of the world 73.8 59.4 24% 42% Total 1,516.9 1,405.6 8% 11% Operating profit* Americas 15.9 15.6 2% 8% UKI 14.1 15.0 -6% -6% Mainland Europe 4.0 6.0 -33% -38% Rest of the world 1.3 0.8 63% 113% Total 35.3 37.4 -6% -3% * before goodwill amortisation and exceptional items ** constant exchange rates The Board of Tibbett & Britten Group plc announces the unaudited consolidated final results for the year ended 31 December 2002. The results for year ended 31 December 2001 are shown for comparative purposes. Consolidated profit and loss account Unaudited Restated for FRS17 and FRS19 2002 2001 Before Goodwill Total Before Goodwill Total goodwill amortisation goodwill amortisation and and and and exceptional exceptional exceptional exceptional items items items items #m #m #m #m #m #m Total Turnover Existing operations 1,475.9 - 1,475.9 1,405.6 - 1,405.6 Acquisitions 41.0 - 41.0 - - - Continuing operations 1,516.9 - 1,516.9 1,405.6 - 1,405.6 Discontinued operations - - - 64.2 - 64.2 1,516.9 - 1,516.9 1,469.8 - 1,469.8 Less: share of joint ventures (44.1) - (44.1) (40.6) - (40.6) turnover (continuing operations) Group Turnover 1,472.8 - 1,472.8 1,429.2 - 1,429.2 Operating profit Continuing operations Group Existing operations 29.3 (14.7) 14.6 34.9 (10.5) 24.4 Acquisitions 1.9 (1.3) 0.6 - - - 31.2 (16.0) 15.2 34.9 (10.5) 24.4 Share of joint ventures and 4.1 (0.1) 4.0 2.5 - 2.5 associates 35.3 (16.1) 19.2 37.4 (10.5) 26.9 Discontinued operations Group - - - 1.5 0.1 1.6 Share of joint ventures and - - - 0.1 - 0.1 associates - - - 1.6 0.1 1.7 35.3 (16.1) 19.2 39.0 (10.4) 28.6 Exceptional items - (29.5) Net interest payable Group 6.3 7.3 Share of joint ventures and associates 0.4 0.4 Other finance income (0.8) (1.2) 5.9 6.5 Profit/(Loss) on ordinary activities before taxation 13.3 (7.4) Tax on profit/(loss) on ordinary activities 10.7 9.9 Profit/(Loss) for the financial year 2.6 (17.3) Dividends 12.3 11.8 Transferred from reserves (9.7) (29.1) Earnings/(Loss) per share (pence) Basic 5.4 (36.0) Adjusted - Before goodwill and exceptional 38.7 43.1 items Diluted 5.4 (36.0) Consolidated balance sheet Unaudited As restated 31 Dec 2002 31 Dec 2001 #m #m #m #m Fixed Assets Intangible assets 46.8 25.2 Tangible assets 174.2 173.5 Investments Investment in joint ventures Share of gross assets 22.2 18.7 Share of gross liabilities (18.0) (14.9) 4.2 3.8 Other investments 6.8 2.4 11.0 6.2 232.0 204.9 Current Assets Stocks 4.4 4.6 Debtors Amounts falling due within one year 192.9 192.5 Amounts falling due after more than one year 18.7 18.9 211.6 211.4 Investments 9.0 16.1 Cash 44.8 38.6 269.8 270.7 Creditors Amounts falling due within one year 318.3 274.2 Net current liabilities (48.5) (3.5) Total assets less current liabilities 183.5 201.4 Creditors Amounts falling due after more than one year 73.9 71.0 Provisions for liabilities and charges 4.0 6.1 Net assets excluding pension liability 105.6 124.3 Pension liability (72.1) (33.6) Net assets including pension liability 33.5 90.7 Capital and reserves Called up share capital 2.4 2.4 Share premium account 7.0 5.4 Revaluation reserve 13.4 13.4 Other reserves 6.9 6.9 Profit and loss account 3.8 62.6 Shareholders funds - equity 33.5 90.7 Consolidated statement of total recognised gains and losses Unaudited As restated 31 Dec 2002 31 Dec 2001 #m #m Profit/(loss) for the financial year 2.6 (17.3) Exchange variances (10.5) (1.0) Actuarial loss relating to the pension scheme (55.2) (48.0) UK deferred tax attributable to actuarial loss 16.6 14.4 Total recognised losses relating to year (46.5) (51.9) Prior year adjustments (40.4) - Total gains and losses recognised since last annual report and financial (86.9) (51.9) statements Reconciliation of movements in shareholders funds Unaudited As restated 2002 2001 #m #m At 1 January as previously stated 131.1 120.9 FRS19 adjustment (5.9) (5.7) FRS17 adjustment (34.5) At 1 January as restated 90.7 115.2 Profit/(loss) for the year 2.6 (17.3) Exchange loss (10.5) (1.0) Dividends (12.3) (11.8) New share capital subscribed 1.6 0.9 Goodwill set off - 38.3 Actuarial gains and losses (55.2) (48.0) Deferred tax 16.6 14.4 At 31 December 33.5 90.7 Consolidated cash flow statement Unaudited 31 Dec 2002 31 Dec 2001 #m #m Net cash inflow from operating activities (Note 1) 74.6 73.6 Dividends from joint ventures 2.7 1.3 Returns on investment and servicing of finance (7.1) (7.4) Taxation (6.3) (14.1) Capital expenditure and financial investment (14.6) (20.2) Acquisitions and disposals (42.3) 23.2 Equity dividends paid (12.0) (11.3) Cash (outflow)/inflow before use of liquid resources and (5.0) 45.1 financing Management of liquid resources 0.3 (0.4) Financing - issue of shares 1.6 0.9 - decrease in debt and lease financing 3.7 (16.7) Increase in cash 0.6 28.9 Reconciliation of net cash flow to movement in debt Increase in cash in the period 0.6 28.9 Cash (inflow)/outflow from movement in liquid resources (0.3) 0.4 Cash (inflow)/outflow from movement in debt and lease financing (3.7) 16.7 Change in net debt resulting from cash flows (3.4) 46.0 New finance leases (5.2) (3.3) Loans and finance leases disposed/(acquired) with subsidiary (2.7) (0.3) Translation difference (1.8) (0.3) Movement in net debt in the period (13.1) 42.1 Net debt at beginning of period (54.1) (96.2) Net debt at end of period (67.2) (54.1) Note to the cash flow statement 1. Net Cash inflow from operating activities Group operating profit 15.2 26.0 Exceptional goodwill write down 6.0 - Exceptional write down of current asset investments 7.1 2.3 Depreciation and amortisation 32.2 31.2 (Profit)/Loss on sale of fixed assets (2.8) 0.2 Decrease in stocks 0.1 0.4 Decrease in debtors 13.4 10.4 Increase/(decrease) in creditors 5.5 (2.0) Adjustment for pension funding 0.5 1.3 Exchange adjustments (2.6) 3.8 Net cash inflow from operating activities 74.6 73.6 Notes to the accounts 1. Accounting policies The Group has adopted FRS 17 (accounting for retirement benefits) and FRS 19 (deferred tax) in full. No other changes have been made to the Group's accounting policies in the period. Under FRS 17, for defined benefit schemes, the amounts charged to operating profit are the current service costs and gains and losses on settlements and curtailments. The interest cost from unwinding the liability and the expected return on assets are shown as a net amount within other finance costs. Actuarial gains and losses are recognised in the statement of total recognised gains and losses. 2. Prior year comparatives The figures for the year ended 31 December 2001, other than the restatements for FRS 17 and FRS 19, have been extracted from the accounts which have been filed with the Registrar of Companies. The auditors' report on those accounts was unqualified. The adoption of FRS 17 resulted in a reduction of 2001 restated operating profit by #2.5 million and a credit to other finance costs of #1.2 million. A pension deficit (net of deferred tax) of #33.6 million was recorded at 31 December 2001. The adoption of FRS 19 resulted in an increase in the restated 2001 tax charge of #0.2 million and an increase in the provision for deferred tax of #5.9 million at 31 December 2001. 3. Acquisitions On 12 March 2002 the Group acquired 100% of the share capital of the Dimalsa Group of Companies, the largest third-party logistics service provider in Mexico. Consideration was #37.9 million cash plus assumed net debt of #3.6 million. Goodwill arising was #33.1 million after exchange variances. 4. Exceptional items Exceptional operating costs of #13.1 million include a charge of #6.0 million for goodwill impairment in Argentina and a charge of #7.1 million which reflects the diminution in value of the ordinary shares in AutoLogic Holdings plc received in 2001 as part of the consideration for the sale of the Axial business. 5. Earnings per share Earnings per ordinary share in 2002 have been calculated by reference to the weighted average of 48,342,850 ordinary shares in issue during the year ended 31 December 2001 (2001 - 48,010,254). Diluted earnings in 2002 have been calculated by reference to 48,824,943 shares. 6. Annual report and accounts The above abridged results for the year ended 31 December 2002 and the financial statements on pages 12 to 17 are subject to final audit. However, the directors do not anticipate any material alteration will be made before the Annual Report and Accounts are posted to the shareholders by 31 March 2003. 7. Segmental information Americas Mainland UK and ROW Total Europe Ireland #m #m #m #m #m 2002 Continuing operations Turnover (including share of joint 605.3 225.3 612.5 73.8 1,516.9 ventures) Operating profit before goodwill amortisation and 15.9 4.0 14.1 1.3 35.3 exceptional items Goodwill amortisation (1.6) (1.0) (0.3) (0.1) (3.0) Exceptional items (6.0) - (7.1) - (13.1) Operating profit 8.3 3.0 6.7 1.2 19.2 Share of joint ventures' and associates' profit - (0.1) (3.8) (0.1) (4.0) Group operating profit 8.3 2.9 2.9 1.1 15.2 Net operating assets 24.7 77.9 63.0 13.7 179.3 Americas Continental UK and ROW Total Europe Ireland #m #m #m #m #m 2001 Continuing operations Turnover (including share of joint 584.9 197.5 563.8 59.4 1,405.6 ventures) Operating profit before goodwill amortisation and 15.6 6.0 15.0 0.8 37.4 exceptional items Goodwill amortisation (0.5) (1.0) (0.3) - (1.8) Exceptional items - (0.6) (8.1) - (8.7) Operating profit 15.1 4.4 6.6 0.8 26.9 Share of joint ventures' and associates' profit - - (2.5) - (2.5) Group operating profit 15.1 4.4 4.1 0.8 24.4 Net operating assets 16.0 72.0 82.9 9.8 180.7 Discontinued operations Turnover - 53.1 11.1 - 64.2 Operating profit before goodwill amortisation and - 1.4 0.2 - 1.6 exceptional items Goodwill amortisation - 0.1 0.1 Exceptional items - - - - Operating profit - 1.5 0.2 - 1.7 Share of joint ventures' and associates' profit - (0.1) - (0.1) Group operating profit - 1.4 0.2 - 1.6 Finance and other net non-operating liabilities, together totalling #73.7 million (2001 #56.4 million) are excluded from net operating assets. This information is provided by RNS The company news service from the London Stock Exchange END FR JBMLTMMTBBPJ
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