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| Share Name | Share Symbol | Market | Type |
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| Ab Science | AQEU:ABP | Aquis Europe | Ordinary Share |
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RNS Number:6685H
Associated British Ports Hldgs PLC
19 February 2003
EMBARGO: NOT FOR PUBLICATION OR BROADCAST
BEFORE 7.00 a.m. ON WEDNESDAY, 19 FEBRUARY 2003
ASSOCIATED BRITISH PORTS HOLDINGS PLC
Annual Results for the year ended 31 December 2002
Financial highlights
* Group turnover from continuing operations up 7% to #401.9 million
(2001: #375.8 million)
* Underlying operating profit from continuing ports and transport
operations up 4% to #142.9 million (2001: #137.6 million)
3% growth in the UK
* Underlying pre-tax profit up 6% to #138.1 million (2001: #130.4 million)
* Underlying earnings per share up 8% to 30.4 pence (2001*: 28.1 pence)
* Dividend up 7% to 14.75 pence (2001: 13.75 pence)
* Strong operating cash flow
Cash inflow up 19% to #201.5 million (2001: #168.8 million)
Operational highlights
* Strategy implementation continues to produce growth in UK ports
Growth in throughput of containers, roll-on/roll-off traffic, import/export
of vehicles, imports of forest products, agribulk volumes and cruise-ship
calls
Over 50% of the group's UK ports' business over the next 12 months
continues to be underpinned by contracts
No single type of cargo accounts for more than 10% of the group's UK ports'
turnover
* Continuing pipeline of new business
Over 50 new term contracts won over the last three years
* Disposal of non-core assets on track
AMPORTS USA's Aviation division sold for #32.0 million (US$50.0 million)
#31.0 million of non-core property and land sales during 2002 taking
total non-core asset sales to #272.0 million over the last three years
*Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12)
Bo Lerenius, Group Chief Executive, commented on the results and prospects:
"The full year performance is particularly pleasing given the current uncertain
economic climate and continues to demonstrate the advantage of pursuing a
strategy of developing new business with long-term contracts and quality
customers. The group's strong cash flow and diverse spread of geographical and
cargo risk leads the group to remain confident of making further progress in
2003."
Attached is a copy of the preliminary statement. This comprises a shortened
version of the text that will be included in the annual report and accounts, to
be published in March, together with the group's profit and loss account,
balance sheet and cash flow statement as at 31 December 2002.
Enquiries:
Associated British Ports Holdings PLC
Bo Lerenius, Group Chief Executive tel: +44 (0) 20 7430 1177
Richard Adam, Group Finance Director
Margie Collins, Corporate Communications Manager
Finsbury
James Murgatroyd/James Leviton tel: +44 (0) 20 7251 3801
19 February 2003
Notes to Editors:
Associated British Ports Holdings PLC is a leading provider to shippers and
cargo owners of innovative and high quality port facilities and services.
The group's principal subsidiary, Associated British Ports (ABP), is the UK's
largest and leading ports group, handling almost a quarter of the country's
seaborne trade.
The group owns and operates AMPORTS in the USA, which handles car imports and
exports and provides auto-processing services.
The group's property investment and property development activities are focused
on opportunities within its ports.
The group employs over 3,000 people, mainly at port locations in the UK and USA.
This, and other news releases relating to the group, can be found on the group's
website: www.abports.co.uk
Photographs:
Print resolution images of Bo Lerenius, Associated British Ports Holdings PLC's
Group Chief Executive, operational management and general port scenes to
accompany this press release, can be viewed and downloaded free of charge from
www.vismedia.co.uk.
Key financial figures
2002 2001** Change
Profit and loss account
Group turnover - continuing operations #m 401.9 375.8 +7%
Underlying operating profit - UK and USA
continuing ports and transport * #m 142.9 137.6 +4%
Underlying operating profit - UK continuing
ports and transport operations * #m 141.4 137.2 +3%
Total underlying operating profit -
continuing operations * #m 172.2 167.1 +3%
Underlying interest cover * Times 4.7 4.3 n/a
Underlying profit before taxation * #m 138.1 130.4 +6%
Profit before taxation #m 139.1 129.5 +7%
Underlying earnings per share * Pence 30.4 28.1 +8%
Basic earnings per share Pence 30.9 27.8 +11%
Dividends
Dividend per share Pence 14.75 13.75 +7%
Underlying dividend cover * Times 2.0 2.1 n/a
Cash flow statement
Net cash inflow from operating activities
including dividends received from
associated undertakings #m 201.5 168.8 +19%
Underlying operating profit cash conversion * Percentage 114.6 99.2 n/a
Gross capital expenditure #m 76.7 62.4 +23%
Repurchase of shares #m - 68.3 n/a
Balance sheet
Net borrowings #m 450.1 508.9 -12%
Gearing Percentage 44.6 53.1 n/a
Net assets #m 1,009.3 958.4 +5%
Net assets per share Pence 308 294 +5%
*Before goodwill amortisation and exceptional items
** Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12)
RESULTS
The group's performance in 2002 was once again strong. A 6.9 per cent increase
in group turnover from continuing operations to #401.9 million (2001: #375.8
million) represented solid growth. Underlying pre-tax profit rose by 5.9 per
cent to #138.1 million (2001: #130.4 million) and underlying earnings per share
grew by 8.2 per cent to 30.4 pence (2001: 28.1 pence). A total proposed
dividend of 14.75 pence per share (2001: 13.75 pence) represents an increase of
7.3 per cent on last year.
The group's total underlying operating profit from continuing operations grew by
3.1 per cent to #172.2 million (2001: #167.1 million), which is consistent with
the growth achieved by the core UK ports and transport business.
Ports & transport - UK
Turnover in the core UK ports and transport business - which accounted for more
than 80 per cent of the group's continuing turnover and continuing underlying
operating profit - increased by 7.1 per cent to #325.7 million (2001: #304.2
million) and underlying operating profit grew by 3.1 per cent to #141.4 million
(2001: #137.2 million), building on the increased growth generated over the
previous two years. This growth, which is a key indicator used in managing the
group, was achieved against a challenging economic background and despite #3.1
million of additional insurance costs in the year that the group, in common with
other transport companies, has had to meet as a result of the terrorist attacks
in the USA on 11 September 2001. This performance reflects the robustness of
the group's strategy of growing its core business through rigorously-targeted
investment in conjunction with securing new long-term customer contracts.
Total annual throughput at the group's 21 UK ports reduced to 120 million tonnes
(2001: 125 million tonnes). However, excluding low-margin oil and a decrease in
iron ore imports driven by Corus's restructuring in South Wales, both of which
had limited impact on the group's results, the group experienced an underlying
growth in throughput of 1.6 per cent at its UK ports. This growth was achieved
against a decrease in coal imports at the group's South Wales ports.
Importantly, key trades continued to show growth, including roll-on/roll-off
traffic, containers, vehicle imports and exports, imports of forest products and
cruise-ship calls. Agribulk volumes also recovered in the second half of 2002,
having been impacted by the foot-and-mouth outbreak in 2001.
Developments within the individual UK ports business units are discussed below.
Highlights for the year included a new #5.6 million rail siding for Humber
International Terminal at Immingham, the new #4.0 million Southampton
International Vehicle Terminal and a new #3.1 million Hyundai vehicle-processing
facility at Baltimore in Maryland, USA. The group is also investing #2.0
million in passenger-terminal improvements at Southampton and developing a #1.5
million third cruise terminal there. The group also reached agreement in
principle for a new #4.6 million timber terminal for Saint-Gobain Building
Distribution at Newport and the Port of Teignmouth will benefit from a #4.0
million redevelopment.
Hull & Goole
Turnover increased by 2.5 per cent, with forest products, in particular, showing
good growth. Roll-on/roll-off traffic and the number of ferry passengers
passing through the Port of Hull also grew. This growth more than compensated
for a reduction in container traffic at the Port of Goole.
During the year, the group invested some #1.2 million in additional storage
facilities at the Port of Hull - the UK's top timber port - to support the
continued growth in its timber trade.
At the Port of Goole, ABP reached a long-term agreement with existing customer
RMS Europe to develop new storage and distribution facilities, creating 13,000
square metres of undercover storage for weather-sensitive cargoes including
paper products and aluminium coils.
Grimsby & Immingham
Re-confirmed as the UK's number one port in the port tonnage figures published
by the Department for Transport towards the end of 2002, the Port of Grimsby &
Immingham increased turnover by 5.9 per cent. Humber International Terminal
continued to perform well, leading to further growth in Immingham's coal trade.
Forest products, container traffic, roll-on/roll-off traffic and vehicle imports
also performed well.
Revenue-earning projects that became operational during the year included: the
provision of additional car-storage facilities for the Volkswagen Group at
Grimsby; a #5.6 million investment in a rail siding to accommodate increased
traffic created by the growing demand for Humber International Terminal; and the
addition of a new #1.5 million mobile harbour crane to service Hydro Agri's
agribulk imports. A #1.1 million warehouse complex for IAWS, built under a
15-year contract and a #1.0 million investment in a forest products terminal
under a 20-year contract, both at Immingham, are scheduled for completion this
year.
Southampton
Turnover increased by 3.5 per cent, boosted by strong vehicle imports and
exports, the continued growth in cruise traffic and a strong deep-sea container
market. These trades more than compensated for the loss of banana imports.
During the year, a #4.0 million multi-deck car terminal - one of the first of
its kind in the UK - became operational. Built under a ten-year agreement with
Wallenius Wilhelmsen Lines, the Southampton International Vehicle Terminal
provides almost five hectares of storage on a footprint of approximately one
hectare. The port also opened a dedicated Honda Terminal and won additional
vehicle-handling business to export Toyota Avensis and Corolla models to
Portugal.
Work is already underway on a #6.5 million major reconstruction of the Mayflower
Cruise Terminal used to service P&O Cruises, under a ten-year agreement. In
addition, ABP and Cunard Line reached an agreement confirming Southampton as
Cunard's UK base through to 2009, underpinning ABP's #2.0 million refurbishment
of the Queen Elizabeth II Terminal. ABP is also investing #1.5 million to
develop a third cruise terminal on the site of a former banana terminal.
Other developments included a #1.5 million investment in the port's bulk trade,
with a refurbishment of facilities at its multi-user bulk-handling terminal, and
a #0.8 million investment in an environmentally-friendly scheme to construct the
UK's first port-located glass-recycling plant. This scheme received a Freight
Facilities Grant from the UK government as the recycled glass is transported
from the port by sea, taking over 640,000 lorry miles off the roads each year.
The public inquiry into the group's application to develop Dibden Terminal was
completed on schedule in December 2002. The government's decision is now
expected either in late 2003 or 2004. Costs capitalised in respect of this
development totalled #35.4 million (2001: #24.0 million) as at the end of 2002.
The group remains confident about the need for additional deep-sea container
capacity in the UK and the prospects for this project; however, if the
government's decision results in the project not proceeding, costs of this
project will be written-off to the profit and loss account in the year in which
the decision not to proceed is taken.
South Wales Ports
Our South Wales Ports experienced a challenging year in 2002, and turnover was
marginally down by 0.4 per cent. This was driven by a major reduction in coal
imports and, to a lesser extent, iron ore imports, but was offset by some
significant business wins and increased throughput in forest products, steel and
agribulks.
During the year, ABP completed a #0.8 million extension to ABP Dowds Terminal at
the Port of Newport on the back of a long-term agreement with steel customer W E
Dowds (Shipping). Furthermore, ABP agreed in principle with Saint-Gobain
Building Distribution to develop a #4.6 million terminal to receive and store
forest products at that port. This is expected to become operational during the
first half of this year.
Shortsea Ports
Turnover grew significantly, up by 10.0 per cent, mainly as a result of strong
growth in roll-on/roll-off and agribulk traffic. Container throughput and ferry
passenger traffic also grew.
At the Port of Troon, ABP acquired the former Ailsa-Troon shipyard under a
50-year lease. This 5.5-hectare site contains two dry docks, a pier, two
warehouses and 14,600 square metres of land available for development.
Investments in agribulk facilities were made at the Port of Ayr, with the
opening of the #1.0 million Carrick Terminal which was constructed following a
15-year agreement with IAWS, and at the Port of Ipswich, where a #2.2 million
grain storage and distribution complex was completed for The Grain Terminal.
The Port of Teignmouth is to receive a #4.0 million investment associated with a
long-term agribulks contract. Also at the Port of Ayr, an investment in a #1.0
million warehousing facility was announced following a long-term agreement with
Peacock Salt. At the Port of Silloth, a #0.2 million storage and distribution
centre was completed for Prime Molasses. During 2003, work will commence on a
#1.0 million marina development at the Port of Lowestoft.
ABP Connect
Launched in 2001, ABP's value-added services division, ABP Connect, had some
significant business wins in 2002, which resulted in turnover increasing by 31.9
per cent.
ABP Connect was selected to operate a railfreight terminal within the
strategically-located 400-hectare Hams Hall distribution site east of
Birmingham. Since acquiring the site for a cash consideration of #0.3 million,
ABP Connect has already attracted new customers, securing railfreight services
with Medite Shipping, leading railfreight operator GB Railfreight and Combined
Transport. ABP Connect also won a medium-term contract with HM Customs & Excise
to provide high-security storage for illegal imports at locations throughout the
UK. A #2.5 million extension to the Cardiff Cold Store was also completed
during the year.
Ports & transport - USA
Turnover from AMPORTS USA's Seaport division's activities, which comprise the
group's continuing ports and transport operations in the USA, increased by 20.7
per cent to #36.1 million (2001: #29.9 million). Continuing underlying
operating profit increased to #1.5 million (2001: #0.4 million).
The significant improvement in this business is due to vehicle-volume growth of
47.7 per cent as a result of new accounts coming on stream. Some 582,000
vehicles were handled during the year (2001: 394,000). This volume increase was
partially offset by some vehicle-customisation reductions and competitive price
pressures as a result of the general economic slowdown in the USA.
AMPORTS invested #3.1 million to accommodate vehicle-volume growth associated
with the group's new Hyundai account. This included a new 27.5-hectare
vehicle-processing facility at the Chesapeake Marine Terminal in Baltimore,
Maryland, which became operational in April 2002.
The sale of AMPORTS USA's Aviation division to subsidiaries of Macquarie Global
Infrastructure Funds was completed in December 2002 for a total cash
consideration of US$50.0 million (#32.0 million). Prior to completion of the
sale, the division contributed turnover of #26.5 million and an underlying
operating profit of #3.7 million. The group achieved an exceptional pre-tax
profit of #7.8 million from the sale.
Property investment
As a result of the group's ongoing disposal of non-operational property,
turnover from property investment rentals reduced to #9.3 million (2001: #10.8
million) and operating profit to #6.8 million (2001: #8.0 million).
Property development
Towards the end of 2002, the group completed the sale of ten hectares of land at
the Port of Plymouth jointly to South-West of England Regional Development
Agency and English Partnerships for a cash consideration of #9.0 million. As a
result of this and other sales made during the course of the year, turnover from
property development was #30.8 million (2001: #30.9 million). Operating profit
was #12.0 million (2001: #13.0 million).
Disposal of non-core assets
In total, the group has sold a further #31.0 million of non-core property and
land since 1 January 2002. This brings the total amount of non-core property
and land sold since 1 January 2000 to #169.0 million. The group remains well on
track to achieve its target of #200.0 million of non-core property and land
sales.
The group also received #71.0 million in respect of the sale of Red Funnel Group
in 2000 and #32.0 million in respect of the sale of AMPORTS USA's Aviation
division in 2002, bringing total non-core asset sales since 1 January 2000 to
#272.0 million.
Associates
The group's share in the turnover of associates increased by 9.7 per cent to
#44.1 million (2001: #40.2 million). Its share of operating profit rose 23.5
per cent to #10.5 million (2001: #8.5 million).
Both Southampton Container Terminals (SCT) - 49 per cent owned - and Tilbury
Container Services (TCS) - 33 per cent owned - experienced increased container
throughput in 2002. SCT handled 1,275,000 container units, an increase of 9.5
per cent, and TCS handled 277,000 container units, an increase of 21.0 per cent.
The Cardiff Bay Partnership, in which the group has a 45 per cent interest,
produced a result similar to the previous year.
Interest
Net interest payable of #37.7 million was #2.0 million below the previous year
(2001: #39.7 million), with lower interest rates more than compensating for an
increase in average net borrowings of #23.9 million. The latter resulted from
increased borrowings towards the end of 2001 as the share repurchase programme
was completed. These were not significantly reduced until the sale of AMPORTS
USA's Aviation division towards the end of 2002.
The group's underlying average rate of interest reduced to 7.4 per cent (2001:
8.3 per cent) and underlying interest cover improved to 4.7 times (2001: 4.3
times).
Taxation
The underlying tax charge for the year of #38.7 million (2001: #36.5 million)
represents an underlying effective tax rate of 28.0 per cent, in line with the
effective tax rate for the previous year as restated for the effects of
Financial Reporting Standard 19 - Deferred Tax (see note 12). This rate
compares favourably with the weighted standard rate of tax of 30.3 per cent for
the UK and the USA, the two main countries in which the group operates, mainly
because the group benefits from the utilisation of brought forward capital
losses against its UK property sales.
Goodwill amortisation and exceptional items
At #1.6 million, goodwill amortisation was similar to the previous year's charge
of #1.5 million. This is expected to reduce in 2003 as a result of the sale of
AMPORTS USA's Aviation division.
Exceptional items included a profit of #7.8 million on the sale of AMPORTS USA's
Aviation division, a loss of #0.4 million on the closure of Southern Emergency
Vehicles, a small vehicle-modification business in the USA, and a profit of #0.7
million (2001: #0.6 million) from the sale of fixed assets.
In addition, as indicated in the group's December 2002 trading statement, the
group's review of its cost base resulted in a restructuring charge of #5.5
million. It is estimated that this review will result in cost savings of at
least #3.0 million per year once the cost savings programme is fully
implemented.
Earnings per share
Underlying earnings per share, before goodwill amortisation and exceptional
items, increased by 8.2 per cent to 30.4 pence per share (2001: 28.1 pence per
share).
Basic earnings per share increased to 30.9 pence per share (2001: 27.8 pence per
share). The earnings per share calculations benefited from a reduction in the
weighted average number of shares to 327.0 million (2001: 334.2 million)
following the completion of the share repurchase programme in 2001.
Dividends
In determining the level of dividend in any one period the directors pay
particular attention to the group's underlying earnings per share and the
group's underlying dividend cover. Accordingly, based on the financial
performance of the group in the first six months and the outlook for the year,
the directors declared an increased interim dividend of 6.5 pence per share
(2001: 6.0 pence per share). Given the progress made by the group over the year
as a whole, the directors recommend a final dividend of 8.25 pence per share
(2001: 7.75 pence per share). This would give a total dividend for the year of
14.75 pence per share, an increase of 7.3 per cent on 2001.
Underlying dividend cover of 2.0 times is close to the previous year's level of
2.1 times.
Cash flow
Cash flow remains strong, with underlying operating cash conversion from total
underlying operating profit being 114.6 per cent. Cash flow from operations,
including dividends from associated undertakings, totalled #201.5 million for
the year, 19.4 per cent above the previous year's level of #168.8 million. This
benefited from a positive #15.2 million working capital contribution which more
than reversed the previous year's negative movement which was partly related to
the timing of receipt of cash from property sales made close to the 2001 year
end. Free cash flow at #66.7 million represented a 45.0 per cent improvement on
2001.
Gross capital expenditure totalled #76.7 million (2001: #62.4 million), which
included a further #9.5 million of capital expenditure on Dibden Terminal at the
Port of Southampton, #4.4 million on a rail siding at Humber International
Terminal at the Port of Immingham, and #2.4 million on the Mayflower Cruise
Terminal, Southampton. There are two elements to capital expenditure. First,
maintenance or infrastructure expenditure and second, revenue-earning capital
projects. During 2002, maintenance expenditure was just below the level of
depreciation and it is the group's aim that this will also be the case in 2003.
In contrast, the only restriction the group places on revenue earning capital
projects is that it targets at least a 15.0 per cent internal rate of return on
these projects and the group does not enter into major speculative investments.
In total, growth capital expenditure increased by 11.3 per cent to #52.0 million
(2001: #46.7 million). However, as previously stated, many of these new
projects will become operational in the future and therefore have had only a
modest impact on the results for 2002.
Looking forward, the group has substantial capital expenditure plans on the
Humber and at Dibden Terminal, Southampton, which may lead to investments in
excess of #700 million over the medium term.
Borrowings and gearing
The group received a net #29.1 million in respect of acquisitions and disposals
during the year, primarily as a result of the #32.0 million sale of AMPORTS
USA's Aviation division. As a result of this and strong underlying operating
cash flow, net borrowings decreased by #58.8 million to #450.1 million (2001:
#508.9 million). Consequently, gearing reduced to 44.6 per cent (2001: 53.1 per
cent), leaving the group well placed to fund its planned capital expenditure
programme for its core UK ports business.
Shareholders' funds and return on capital employed
Shareholders' funds rose by #50.9 million to #1,009.3 million and represent 308
pence per share (2001: 294 pence per share).
The group's 10.8 per cent underlying return on capital employed was similar to
the previous year, both of which compare favourably with the 1999 level of 9.5
per cent when the group's current strategy was put in place.
Adoption of new accounting standards
The group adopted Financial Reporting Standard (FRS) 17 - Retirement Benefits
under its transitional arrangements in 2001 and has continued to report on this
basis during 2002.
During 2002, the group adopted FRS 19 - Deferred Tax. As a result, the group's
reported underlying effective tax rate increased from 24.8 per cent to 28.0 per
cent, underlying earnings per share reduced by 1.4 pence from 31.8 pence to 30.4
pence and net assets by #59.0 million to #1,009.3 million without any impact on
cash flows. Comparative figures for 2001 have been restated throughout to
reflect the effects of FRS 19 (see note 12).
Pensions
An actuarial valuation of the group's main defined benefit pension scheme was
carried out as at 31 December 2000. This confirmed that the pension scheme
remained in surplus at that date. The group is therefore maintaining its
contribution holiday. With effect from 1 April 2002, the scheme was closed to
new entrants and replaced with a new defined contribution arrangement. At the
end of 2002, under FRS 17, the scheme's assets of #385.8 million exceeded the
scheme's liabilities by #33.8 million.
STRATEGY
Ports & transport - UK
Developments announced during 2002 are consistent with the group's strategy of
growing existing business and developing new business through
rigorously-targeted investment.
The group continues to focus on its core ports and transport activities. The
group's main business of operating its UK ports grew by 3.1 per cent in 2002,
maintaining the positive momentum generated over the previous two years.
The group intends to continue to concentrate its capital investment programme on
commercially-attractive projects generating internal rates of return of at least
15.0 per cent, supported by long-term contracts with quality customers. This
strategy has ensured that over 50.0 per cent of the UK ports' business over the
next year is underpinned by customer contracts. This stable revenue profile has
helped the group withstand the effects of the current economic slowdown on trade
volumes. Non-revenue-earning or maintenance capital expenditure continues to be
monitored closely and contained below the group's annual rate of depreciation.
The locations of the group's UK ports constitute a good geographical spread of
risk. In addition, no single type of cargo accounts for more than 10.0 per cent
of the group's UK ports' turnover.
This carefully-focused strategy has delivered strong growth in underlying
earnings per share and an increase in the group's return on capital employed
over the last three years.
Dibden Terminal, the group's proposed deep-sea container port development at
Southampton, supported by the substantial growth projected in deep-sea container
traffic, offers further opportunities for growth. Container volumes through the
Southampton container terminal grew by 9.5 per cent in 2002. The public inquiry
into the group's application to develop Dibden Terminal commenced in November
2001 and was completed on schedule in December 2002. The government's decision
is now expected either late this year or next year.
To accommodate increasing volumes of roll-on/roll-off traffic, imports of coal
and shortsea container traffic, the group is looking to construct further
riverside terminals on the Humber Estuary, where ABP owns and operates four
ports - Grimsby, Immingham, Hull and Goole. These planned facilities will
remove the need for vessels to lock in and out of ports, enabling quicker
turnaround and the accommodation of larger ships.
The major growth projects at Dibden Terminal and on the Humber will only be
developed once the group has secured customer contracts that meet its investment
criteria.
ABP Connect, which focuses on developing the value-added services that the group
can offer customers, has now been operating for approximately 18 months. This
division is an extension of the ports and transport-related activities in which
the group already has considerable expertise. ABP Connect has firmly
established itself in the market by operating and managing Hams Hall Railfreight
Terminal, Birmingham, and by securing a major contract with HM Customs & Excise
for the storage of seized goods. The group's strategy is to consolidate the
value-added services that are provided in order to give them greater focus and
to realise their full potential. ABP Connect has performed well, in line with
expectations.
The group continues to take a cautious view in respect of strategic
acquisitions. Activities closely aligned with the group's core business will be
considered, provided they meet the prescribed hurdle rate of return of 15.0 per
cent for new capital investment.
ABP is continuing to work with the UK government with regard to anti-terrorism
measures in the wake of 11 September 2001. For security legislation to be
successful in the ports industry, it needs to be well focused on the immediate
ship and port interface and pay particular attention to cargoes and facilities
of strategic importance to national security.
As part of the group's ongoing programme of managing its cost base, a further
cost review was undertaken towards the end of the year with the intention of
reducing future operating expenditure. This resulted in a pre-tax exceptional
restructuring charge to the profit and loss account of #5.5 million in 2002. It
is estimated that the review will realise savings of at least #3.0 million per
year once the programme of cost savings is fully implemented.
Ports & transport - USA
In September 2001, the group announced the result of a review which it undertook
in order to determine whether the group's USA operations were in line with its
core business objectives.
As a result of this review, the group decided to retain AMPORTS USA's Seaport
division, which is more closely aligned with the group's UK port operations, and
to sell AMPORTS USA's Aviation division, subject to receipt of a satisfactory
offer. Following the terrorist attacks in the USA on 11 September 2001, the
group deferred this process until 2002. In July 2002, the group announced that
it had reached agreement for the sale of this operation to subsidiaries of
Macquarie Global Infrastructure Funds for a cash consideration of US$50.0
million. AMPORTS USA's Aviation division comprised 11 airport operations and
the sale of each was conditional upon obtaining consents from the relevant
airport and regulatory authorities. The sale was fully completed in December
2002.
Developing AMPORTS USA's Seaport division is part of the group's growth
strategy. New vehicle-processing accounts won in 2002, combined with new
accounts won in the previous year, contributed to vehicle-volume growth of 47.7
per cent year-on-year.
Disposal of non-core assets
The group will continue to sell non-operational property and exploit the
potential of its property portfolio. However, those assets essential to support
the growth strategy in the main ports and transport business will be retained.
As a result of property sales both income and profit from investment property
rentals fell. However, the growth generated by the strategic reinvestment of
proceeds from non-core property and land sales into the core ports and transport
business should compensate for this.
MANAGEMENT AND BOARD OF DIRECTORS
Main board
Sir Keith Stuart retired from the board on 16 April 2002, having been Chairman
since 1982 and Managing Director of the British Transport Docks Board,
Associated British Ports' predecessor, from 1976. Sir Keith made a very
significant contribution to the group over many years. He led the company's
successful privatisation - one of the most successful in the UK - in 1983 and
played a major role in the reform of industrial relations at the ports. The
board wish him well.
George Duncan, non-executive Deputy Chairman, will retire from the board at the
Annual General Meeting on 15 April 2003. He has served the company as a
non-executive director for 17 years, during which time the group has benefited
greatly from his considerable boardroom experience.
Stuart Chambers, group chief executive of Pilkington plc, one of the world's
leading glass manufacturers, became a non-executive director on 15 October 2002.
The group is confident that Stuart's wealth of industrial experience will enable
him to make an excellent contribution to the board.
Operational management
In April 2002, ABP's operational-management team was strengthened by the
appointment of Stephen Walsh as General Counsel. Stephen was formerly Legal
Director of British Airways plc.
Following the sale of the Aviation division, Doug Tipton, Chief Executive
Officer of AMPORTS USA, agreed to step down from his post having spent three
successful years improving the performance of the group's US operations. He was
succeeded at the beginning of 2003 by Jim Davis, who has been at AMPORTS for
three years in senior sales and marketing and operating roles. Jim has
considerable experience in transport-related businesses through his previous
work for Sealand, Mitsui OSK American Inc. and Contship.
Mike Fell, OBE, ABP's Port Director for Hull & Goole, will be retiring at the
end of March 2003 after 32 years' service in a distinguished career that has
seen the fortunes of the Port of Hull improve to become one of the UK's major
ports. Douglas Morrison, currently Hull & Goole's Deputy Port Manager, will
succeed Mike Fell, effective 1 April 2003.
PROSPECTS
While the general economic climate remains uncertain, group performance so far
in 2003 has been satisfactory. The group's UK ports business has the advantage
of many long-term contracts with quality customers. These agreements, together
with the group's strong cash flow and diverse spread of geographical and cargo
risk, lead the group to remain confident of making further progress in 2003.
Group profit and loss account for the year ended 31 December
Goodwill Exceptional
Underlying* amortisation items Total Total
2002 2002 2002 2002 2001**
Note #m #m #m #m #m
Turnover including share of
associates
Existing operations 445.4 - - 445.4 416.0
Acquisitions 0.6 - - 0.6 -
Continuing operations 446.0 - - 446.0 416.0
Discontinued operations 27.9 - - 27.9 29.6
473.9 - - 473.9 445.6
Less: share of turnover in associates (44.1) - - (44.1) (40.2)
Group turnover 2 429.8 - - 429.8 405.4
Cost of sales (211.8) - - (211.8) (196.9)
Gross profit 218.0 - - 218.0 208.5
Administrative expenses (52.7) (1.6) (5.5) (59.8) (48.4)
Existing operations 161.9 (1.6) (5.5) 154.8 157.1
Acquisitions (0.2) - - (0.2) -
Continuing operations 161.7 (1.6) (5.5) 154.6 157.1
Discontinued operations 3.6 - - 3.6 3.0
Group operating profit 165.3 (1.6) (5.5) 158.2 160.1
Share of operating profit in 10.5 - - 10.5 8.5
associates
Total operating profit 175.8 (1.6) (5.5) 168.7 168.6
Profit on disposal of discontinued
operations 3 - - 7.4 7.4 -
Profit on sale of fixed assets 3 - - 0.7 0.7 0.6
Profit on ordinary activities before
interest 2 175.8 (1.6) 2.6 176.8 169.2
Net interest payable 4 (37.7) - - (37.7) (39.7)
Profit on ordinary activities before
taxation 138.1 (1.6) 2.6 139.1 129.5
Taxation on profit on ordinary
activities (38.7) - 0.7 (38.0) (36.5)
Profit on ordinary activities after
taxation attributable to shareholders 99.4 (1.6) 3.3 101.1 93.0
Dividends 5 (48.5) - - (48.5) (45.4)
Retained profit for the group and its
share of associates 50.9 (1.6) 3.3 52.6 47.6
Earnings per share - basic 6 30.4p (0.5p) 1.0p 30.9p 27.8p
Earnings per share - diluted 6 30.6p 27.5p
Earnings per share - underlying * 6 30.4p 28.1p
Dividend per share - interim 5 6.50p 6.00p
Dividend per share - final 5 8.25p 7.75p
14.75p 13.75p
* Underlying represents results before goodwill amortisation and exceptional
items.
** Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12).
Group balance sheet as at 31 December
2002 2001*
Note #m #m
Fixed assets
Intangible assets 15.4 23.9
Tangible operating assets 834.0 798.0
Tangible property assets 568.8 588.5
Investments 50.2 48.0
1,468.4 1,458.4
Current assets
Property developments and land held for sale 38.3 44.2
Debtors - due within one year 93.4 97.3
Debtors - due after one year 82.9 76.8
Cash and short-term deposits 6.4 6.0
221.0 224.3
Creditors - amounts falling due within one year (129.9) (131.0)
Net current assets 91.1 93.3
Total assets less current liabilities 1,559.5 1,551.7
Creditors - amounts falling due after more than one year (449.5) (505.4)
Provisions for liabilities and charges (92.0) (79.0)
Deferred income (8.7) (8.9)
Net assets 2 1,009.3 958.4
Capital and reserves
Called-up share capital 82.0 81.6
Share premium account 77.4 70.9
Revaluation reserve 627.9 641.7
Other reserves 37.0 37.0
Profit and loss account 185.0 127.2
Equity shareholders' funds 9 1,009.3 958.4
Net assets per share 308p 294p
Net borrowings #450.1m #508.9m
Net borrowings as a percentage of equity shareholders' funds 44.6% 53.1%
* Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12).
Group cash flow statement for the year ended 31 December
2002 2001
Note #m #m
Net cash inflow from operating activities 10 199.1 165.2
Dividends received from associated undertakings 2.4 3.6
Returns on investments and servicing of finance
Interest received 0.8 0.4
Interest paid (36.9) (39.1)
Interest element of finance lease rental payments (1.0) (1.2)
Net cash outflow from returns on investments and servicing
of finance (37.1) (39.9)
Taxation (25.7) (28.2)
Capital expenditure and financial investment
Tangible operating assets (70.0) (53.3)
Tangible property assets (6.7) (9.1)
Sale of fixed assets 3.4 2.1
Movement on investment in own shares 1.3 5.6
Net cash outflow from capital expenditure and financial investment (72.0) (54.7)
Free cash flow 66.7 46.0
Acquisitions and disposals
Purchase of business and subsidiary undertakings (0.3) (4.6)
Sale of subsidiary undertakings 29.4 (0.9)
Net cash inflow/(outflow) from acquisitions and disposals 29.1 (5.5)
Equity dividends paid (46.6) (44.5)
Cash inflow/(outflow) before use of liquid resources and financing 49.2 (4.0)
Management of liquid resources (2.0) 0.9
Financing
Issue of shares 4.8 5.6
Repurchase of shares - (68.3)
(Decrease)/increase in borrowings (48.8) 67.0
Capital element of finance lease rental payments (3.3) (2.9)
Net cash (outflow)/inflow from financing (47.3) 1.4
Decrease in cash in the year (0.1) (1.7)
Reconciliation of net cash flow to movement in net borrowings for the year ended
31 December
2002 2001
Note #m #m
Decrease in cash in the year (0.1) (1.7)
Cash outflow/(inflow) from decrease/(increase) in borrowings
and lease finance 52.1 (64.1)
Cash outflow/(inflow) from movement in liquid resources 2.0 (0.9)
Currency translation differences 4.8 (1.5)
Change in net borrowings resulting from cash flows 58.8 (68.2)
Net borrowings at 1 January (508.9) (440.7)
Net borrowings at 31 December 11 (450.1) (508.9)
Notes to the preliminary financial statements
1.Basis of preparation
The preliminary results have been prepared in accordance with the accounting
policies set out in the group's financial statements for the year ended 31
December 2001, except that Financial Reporting Standard 19 - Deferred Tax (FRS
19) has been adopted during the year. The effects of adopting FRS 19 are set
out in note 12 and comparative results have been restated throughout the
preliminary results to reflect the adoption of FRS 19. Financial Reporting
Standard 17 - Retirement Benefits continues to be adopted under the transitional
rules.
The preliminary results, which do not comprise statutory accounts within the
meaning of section 240 of the Companies Act 1985, represent an abridged version
of the group's full financial statements for the year ended 31 December 2002
which were approved by the board on 19 February 2003 and upon which the group's
auditors have given an unqualified report.
2.Segmental analysis
Analysis of group turnover, profit on ordinary activities before interest and
net assets by class of business and geographical segment are given below.
Turnover is disclosed by origin. There is no material difference between
turnover by origin and turnover by destination.
UK USA Total UK USA Total
2002 2002 2002 2001 2001 2001
#m #m #m #m #m #m
Group turnover
Ports and transport
Existing operations 325.1 36.1 361.2 304.2 29.9 334.1
Acquisitions 0.6 - 0.6 - - -
Continuing operations 325.7 36.1 361.8 304.2 29.9 334.1
Discontinued operations - 27.9 27.9 - 29.6 29.6
325.7 64.0 389.7 304.2 59.5 363.7
Property investment 7.3 2.0 9.3 8.8 2.0 10.8
Property development 30.8 - 30.8 30.9 - 30.9
Group turnover 363.8 66.0 429.8 343.9 61.5 405.4
Profit on ordinary activities before
interest
Ports and transport
Existing operations 141.6 1.5 143.1 137.2 0.4 137.6
Acquisitions (0.2) - (0.2) - - -
Continuing operations 141.4 1.5 142.9 137.2 0.4 137.6
Discontinued operations - 3.6 3.6 - 3.0 3.0
141.4 5.1 146.5 137.2 3.4 140.6
Property investment 5.0 1.8 6.8 6.2 1.8 8.0
Property development 12.0 - 12.0 13.0 - 13.0
Share of operating profit in associates 10.5 - 10.5 8.5 - 8.5
Total underlying operating profit 168.9 6.9 175.8 164.9 5.2 170.1
Goodwill amortisation (1.6) (1.5)
Exceptional items
- administrative expenses (note 3) (5.5) -
Total operating profit 168.7 168.6
Profit on disposal of discontinued
operations (note 3) 7.4 -
Profit on sale of fixed assets (note 3) 0.7 0.6
Profit on ordinary activities before
interest 176.8 169.2
UK USA Total UK USA Total
2002 2002 2002 2001* 2001* 2001*
#m #m #m #m #m #m
Net assets
Net operating assets
Ports and transport 1,355.2 42.5 1,397.7 1,308.0 46.5 1,354.5
Property investment 73.2 9.4 82.6 83.0 10.3 93.3
Property development 39.2 - 39.2 47.2 - 47.2
Share of associated undertakings 49.3 - 49.3 45.8 - 45.8
Continuing operations 1,516.9 51.9 1,568.8 1,484.0 56.8 1,540.8
Discontinued operations - - - - 14.4 14.4
1,516.9 51.9 1,568.8 1,484.0 71.2 1,555.2
Less: group items
Goodwill 15.4 23.9
Net borrowings (450.1) (508.9)
Net liabilities (124.8) (111.8)
Net assets 1,009.3 958.4
The group's share of associated undertakings is stated after deducting the
group's share of net borrowings of #22.1 million (2001: #19.2 million).
* Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12).
3.Exceptional items
Towards the end of 2002, the group undertook a review of its cost base which
resulted in a #5.5 million restructuring charge. This has been recorded as an
exceptional item within administrative expenses.
Profit on disposal of discontinued operations includes a #7.8 million profit on
the sale of AMPORTS USA's Aviation division. The group entered into a
conditional sale agreement on 29 July 2002 with subsidiaries of Macquarie Global
Infrastructure Funds, the sale being conditional upon obtaining consents from
the relevant airport and regulatory authorities. All of these consents,
together with the cash proceeds of #32.0 million (US$50.0 million), were
received by 13 December 2002.
In addition, an exceptional charge of #0.4 million arose on the closure of
Southern Emergency Vehicles, a small vehicle modification business located in
the USA.
Profit arising on the sale of fixed assets totalled #0.7 million (2001: #0.6
million), which includes #0.5 million (2001: nil) relating to an insurance claim
resulting from a damaged pier in the USA.
The exceptional tax credit arising from the above items totalled #0.7 million
(2001: nil), comprising a #1.7 million credit for a restructuring charge in
respect of the group's review of its cost base and a #1.0 million charge
relating to the sale of AMPORTS USA's Aviation division.
4.Net interest payable
Fixed Variable
rate rate Total Total
2002 2002 2002 2001
#m #m #m #m
Interest payable and similar charges
Eurobonds 28.0 - 28.0 28.0
Bank loans 0.4 7.4 7.8 9.1
Bank overdraft and other borrowings - 0.2 0.2 0.3
Finance leases 1.0 - 1.0 1.2
Amounts payable in respect of loans from associated undertakings - - - 0.2
Liabilities for retirement benefits - 0.3 0.3 0.3
Other 0.4 0.3 0.7 1.2
Less: finance costs capitalised on payments for fixed assets - (1.1) (1.1) (1.2)
29.8 7.1 36.9 39.1
Interest receivable and similar income - (0.7) (0.7) (0.4)
Total group 29.8 6.4 36.2 38.7
Share of interest in associates 1.2 0.3 1.5 1.0
31.0 6.7 37.7 39.7
5.Dividends
2002 2001
#m #m
Interim dividend paid of 6.5p (2001: 6.0p) per ordinary 25p share 21.4 20.2
Proposed final dividend of 8.25p (2001: 7.75p) per ordinary 25p share 27.1 25.2
48.5 45.4
If approved, the final dividend would be payable on 1 May 2003 to shareholders
on the register at the close of business on 4 April 2003.
6.Earnings per share
The calculation of the earnings per share is based on 327.0 million (2001: 334.2
million) ordinary shares being the weighted average number of shares in issue
and ranking for dividend during the year.
The directors consider that underlying earnings per share is a more appropriate
basis for comparing performance between periods than basic earnings per share.
Figures calculated on this basis have been provided to show the effect of
excluding goodwill amortisation, exceptional administrative expenses, profit on
disposal of discontinued operations and profit on sale of fixed assets.
Reconciliation of the profit used for calculating the basic and underlying
earnings per share:
Profit Earnings per share
2002 2001* 2002 2001*
#m #m p p
Profit on ordinary activities after taxation attributable
to shareholders - basic earnings per share 101.1 93.0 30.9 27.8
Goodwill amortisation 1.6 1.5 0.5 0.5
Exceptional items - administrative expenses (note 3) 5.5 - 1.7 -
Profit on disposal of discontinued operations (note 3) (7.4) - (2.3) -
Profit on sale of fixed assets (note 3) (0.7) (0.6) (0.2) (0.2)
Attributable tax (0.7) - (0.2) -
Profit on ordinary activities after taxation
attributable to shareholders -
underlying earnings per share 99.4 93.9 30.4 28.1
Reconciliation of weighted average number of shares used for calculating basic
and diluted earnings per share:
Number of shares Earnings per share
2002 2001 2002 2001*
m m p p
Weighted average number of shares -
basic earnings per share 327.0 334.2 30.9 27.8
Dilution arising from share option schemes 3.0 3.7 (0.3) (0.3)
Weighted average number of shares -
diluted earnings per share 330.0 337.9 30.6 27.5
* Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12).
7.Statement of group total recognised gains and losses for the year ended
31 December
2002 2001*
#m #m
Profit on ordinary activities after taxation attributable to shareholders 101.1 93.0
(Deficit)/surplus arising on revaluation of tangible property assets (5.5) 0.3
Currency translation differences on foreign currency net investments (0.9) 0.2
Total recognised gains for the year 94.7 93.5
Prior year adjustment (note 12) (54.5) -
Total recognised gains since last annual report 40.2 93.5
* Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12).
8.Note of group historical cost profits and losses for the year ended
31 December
2002 2001*
#m #m
Profit on ordinary activities before taxation 139.1 129.5
Realisation of property revaluation surpluses of previous years 8.3 0.7
Historical cost profit on ordinary activities before taxation 147.4 130.2
Taxation on profit on ordinary activities (38.0) (36.5)
Dividends (48.5) (45.4)
Historical cost profit for the year retained for the group and its share of
associates 60.9 48.3
* Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12).
9.Reconciliation of movements in equity shareholders' funds for the year ended
31 December
2002 2001*
#m #m
Profit on ordinary activities after taxation attributable to shareholders 101.1 93.0
Dividends (48.5) (45.4)
52.6 47.6
New share capital subscribed 4.7 6.4
Repurchase of shares - (68.3)
(Deficit)/surplus arising on revaluation of tangible property assets (5.5) 0.3
Currency translation differences on foreign currency net investments (0.9) 0.2
Net increase/(decrease) in equity shareholders' funds 50.9 (13.8)
Equity shareholders' funds at 1 January 958.4 972.2
Equity shareholders' funds at 31 December 1,009.3 958.4
* Restated for the effects of Financial Reporting Standard 19 - Deferred Tax
(note 12).
10.Reconciliation of operating profit to net cash inflow from operating
activities
2002 2001
#m #m
Group operating profit 158.2 160.1
Non-cash items:
Depreciation and grant amortisation 24.5 23.0
Amortisation of goodwill 1.6 1.5
Pension prepayment movement (6.7) (7.9)
Cash inflow/(outflow) from movements in working capital:
Property developments and land held for sale 11.9 (0.3)
Debtors (3.4) (17.7)
Creditors 6.7 7.1
Increase/(decrease) in provisions 6.3 (0.6)
Net cash inflow from operating activities 199.1 165.2
11.Analysis of changes in net borrowings during the year
Effect of
foreign
At exchange At
1 January Cash flow rates 31 December
2002 2002 2002 2002
#m #m #m #m
Cash at bank and in hand 3.1 (1.4) (0.2) 1.5
Bank overdraft (3.2) 1.3 - (1.9)
(0.1) (0.1) (0.2) (0.4)
Borrowings - amounts falling due within one year
(excluding overdrafts) (6.8) 1.2 - (5.6)
Borrowings - amounts falling due after more than
one year (504.9) 50.9 5.0 (449.0)
(511.8) 52.0 4.8 (455.0)
Liquid resources 2.9 2.0 - 4.9
Net borrowings (508.9) 54.0 4.8 (450.1)
Liquid resources comprise short-term deposits with banks with maturity dates
between seven days and 12 months.
12.Financial Reporting Standard 19 - Deferred Tax (FRS 19) restatement
The group adopted FRS 19, which sets out the revised accounting guidance on
deferred tax, in its 2002 interim financial statements. Prior to FRS 19, the
group had complied with Statement of Standard Accounting Practice 15 - Deferred
Tax (SSAP 15) which required provision for deferred tax to be made using the
liability method to the extent that the net deferred tax assets or liabilities
recognised were likely to crystallise in the foreseeable future. Given the
group's ongoing capital expenditure programme, under SSAP 15 the group was not
required to recognise any deferred tax liability in respect of the timing
differences between the group's industrial building and capital allowances and
the group's depreciation expense as the group's industrial building and capital
allowances are expected to continue at levels in excess of the group's
depreciation expense for the foreseeable future.
Under FRS 19, except for brought-forward capital losses and property revaluation
gains, the group has made a full provision for deferred tax in respect of timing
differences and recognised in full the future tax impact of past transactions
without taking into account the beneficial tax impact of the group's planned
future capital expenditure programme as permitted under SSAP 15. The group has
not recorded a deferred tax asset with respect to unrelieved capital losses as
the recoverability of these cannot be assessed with reasonable certainty. The
adoption of FRS 19 has increased the group's reported underlying effective tax
rate from 24.8 per cent to 28.0 per cent and reduced the group's underlying
earnings per share by 1.4 pence from 31.8 pence to 30.4 pence. In addition, net
assets as at 31 December 2002 have been reduced by #59.0 million from #1,068.3
million to #1,009.3 million. None of this has had any impact on cash flows.
Comparative figures for 2001 have been restated to reflect the effects of FRS 19
as follows:
Reported Adjustment Restated
Year ended 31 December 2001 #m #m #m
Group profit and loss account
Profit on ordinary activities before taxation 129.5 - 129.5
Taxation on profit on ordinary activities (32.3) (4.2) (36.5)
Profit on ordinary activities after taxation attributable to 97.2 (4.2) 93.0
shareholders
Dividends (45.4) - (45.4)
Retained profit for the group and its share of associates 51.8 (4.2) 47.6
Earnings per share - underlying 29.4p (1.3p) 28.1p
Group balance sheet
Investments - interest in associated undertakings 52.4 (4.4) 48.0
Provisions for liabilities and charges - deferred taxation (28.9) (50.1) (79.0)
Equity shareholders' funds - profit and loss account 181.7 (54.5) 127.2
13.Company information
This preliminary statement was approved by the board of directors on 19 February
2003. The 2002 Annual Report and Accounts will be posted to all shareholders by
11 March 2003 and both this statement and the Annual Report and Accounts will be
available via the Internet at www.abports.co.uk or on request from the Company
Secretary, Associated British Ports Holdings PLC, 150 Holborn, London, EC1N 2LR.
The Annual General Meeting will be held at the Queen Elizabeth II Conference
Centre, Broad Sanctuary, Westminster, London SW1P 3EE on Tuesday, 15 April 2003
at 12 noon. A webcast of the group's 2002 results presentation will also be
available via the Internet at www.abports.co.uk/investor/index.asp.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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