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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Carrefour | AQEU:CAP | Aquis Europe | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.105 | -0.71% | 14.655 | 14.66 | 14.68 | 14.855 | 14.585 | 14.81 | 207,158 | 16:50:10 |
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RNS Number:1224L
Capital Radio PLC
15 May 2003
Unaudited Group Profit and Loss Account
-------------------------- ------ -------------- -------------- ----------------
For the Half Year to 31st Unaudited Half Unaudited Half Audited Year
March 2003 Year Year Ended
to 31st March to 31st March 30th September
NOTE 2003 2002 2002
#000 #000 #000
-------------------------- ------ --------- --------- ---------
Turnover 2 56,900 60,027 120,004
--------- --------- ---------
Operating profit
Continuing operations
Before goodwill and 2 11,794 14,401 27,930
exceptional operating
costs
Exceptional operating 2 - - (3,576)
costs
Amortisation of goodwill (4,775) (4,766) (9,372)
--------- --------- ---------
Operating profit 3 7,019 9,635 14,982
Share of operating profit 981 672 1,144
of associated companies --------- --------- ---------
Profit on ordinary 2 8,000 10,307 16,126
activities before
interest
Net interest payable and (770) (889) (1,477)
similar income
-------------------------- ------ --------- --------- ---------
Underlying profit before 12,005 14,184 27,762
taxation
Exceptional items and (4,775) (4,766) (13,113)
goodwill
-------------------------- ------ --------- --------- ---------
Profit on ordinary 7,230 9,418 14,649
activities before
taxation
Taxation on profit on 4 (3,712) (4,255) (7,472)
ordinary activities
--------- --------- ---------
Profit on ordinary 3,518 5,163 7,177
activities after taxation
Dividends 5 (4,927) (4,931) (15,197)
--------- --------- ---------
Retained (loss)/profit for (1,409) 232 (8,020)
the period and its share of
associates
-------------------------- ------ --------- --------- ---------
Earnings per share 6 4.3p 6.3p 8.8p
Loss per share on 5.8p 5.8p 14.7p
exceptional items and
goodwill after taxation
--------- --------- ---------
Underlying earnings per 6 10.1p 12.1p 23.5p
share
-------------------------- ------ --------- --------- ---------
Diluted earnings per 6 4.3p 6.3p 8.8p
share
-------------------------- ------ --------- --------- ---------
The results for all periods relate to continuing operations.
Unaudited Group Balance Sheet
-------------------------- ------ -------- -------- ---------
Unaudited as at Unaudited as at Audited
31st March 31st March as at 30th
2003 2002 September
NOTE #000 #000 2002
#000
-------------------------- ------ -------- -------- ---------
Fixed assets
Intangible assets - 156,845 166,024 161,448
goodwill
Tangible fixed assets 16,770 17,648 16,387
Investments (including 5,317 6,004 5,905
associated undertakings)
-------- -------- ---------
178,932 189,676 183,740
-------- -------- ---------
Current assets
Debtors 7 19,219 18,759 18,478
Creditors: amounts falling 8 (58,515) (51,886) (61,335)
due within one year
-------- -------- ---------
Net current liabilities (39,296) (33,127) (42,857)
-------- -------- ---------
Total assets less current 139,636 156,549 140,883
liabilities -------- -------- ---------
Creditors: amounts falling 9 - (7,000) -
due after more than one
year
-------- -------- ---------
Net assets 139,636 149,549 140,883
-------- -------- ---------
Capital and reserves
Called up share capital 11 2,068 2,055 2,055
Share premium account 11 77,711 75,627 75,516
Merger reserve 11 23,767 23,767 23,767
Profit and loss account 11 36,090 48,100 39,545
-------- -------- ---------
Equity shareholders' 10 139,636 149,549 140,883
funds
-------------------------- ------ -------- -------- ---------
Unaudited Group Cash Flow Statement
-------------------------- ------ --------- --------- ----------
For the Half Year to 31st Unaudited Half Unaudited Audited
March 2003 Year to 31st Half Year to Year Ended 30th
March 31st March September
2003 2002 2002
NOTE #000 #000 #000
-------------------------- ------ --------- --------- ----------
Net cash inflow from 12 9,520 15,300 30,081
operating activities
Dividends from associated 867 550 1,029
undertakings
Returns on investments and
servicing of finance
--------- --------- ----------
Interest received and 19 21 240
similar income
Interest paid (627) (1,118) (1,676)
--------- --------- ----------
Returns on investments and (608) (1,097) (1,436)
servicing of finance
Taxation paid (3,340) (3,658) (6,128)
Capital expenditure
--------- --------- ----------
Proceeds from sale of 14 53 71
tangible fixed assets
Purchase of tangible fixed (1,231) (1,396) (2,198)
assets
--------- --------- ----------
Cash outflow on capital (1,217) (1,343) (2,127)
expenditure
Acquisitions and 13 154 (2,353) (2,644)
disposals
Cash outflow from equity (10,255) (10,232) (15,141)
dividends paid
--------- --------- ----------
Cash (outflow)/inflow (4,879) (2,833) 3,634
before financing
Cash outflow from (12,612) (175) (9,730)
financing
--------- --------- ----------
Decrease in cash in the (17,491) (3,008) (6,096)
period
-------------------------- ------ --------- --------- ----------
Reconciliation of net cash flow to
movement in net debt
-------------------------- ------ --------- --------- ----------
Decrease in cash in the period (17,491) (3,008) (6,096)
Cash flow from decrease in debt 9,000 - 6,000
--------- --------- ----------
Change in net debt arising from cash (8,491) (3,008) (96)
flows
Repayment of finance leases 31 21 227
Repayment of loan notes 3,595 244 3,771
--------- --------- ----------
Movement in net debt in the period (4,865) (2,743) 3,902
Net debt at start of period (28,999) (32,901) (32,901)
--------- --------- ----------
Net debt at end of period 14 (33,864) (35,644) (28,999)
-------------------------- ------ --------- --------- ----------
Notes to the Interim Statement
1. Accounting Policies
The statement has been prepared under the historical cost accounting
rules, modified to include the revaluation of certain fixed assets, and in
accordance with applicable accounting standards, consistent with those used for
the year ended 30th September 2002. Tangible fixed assets are stated at cost
less accumulated depreciation. Fixed asset investments are stated at cost less
provisions.
------------------------- ----------- ----------- ----------
2. Segmental Information Unaudited Half Unaudited Half Audited Year
Year to 31st Year to 31st Ended 30th
March 2003 March 2002 September 2002
#000 (Restated) (Restated)
#000 #000
------------------------- ----------- ----------- ----------
Turnover
Commercial radio, all from UK:
Analogue 56,599 59,849 119,686
Digital 301 178 318
----------- ----------- ----------
Total 56,900 60,027 120,004
----------- ----------- ----------
Profit before interest and
taxation
Commercial radio, all from UK:
Analogue 13,765 15,865 31,225
Digital (1,971) (1,464) (3,295)
----------- ----------- ----------
Total before goodwill and 11,794 14,401 27,930
exceptional operating costs
Exceptional operating costs - - (3,576)
Amortisation of goodwill (4,775) (4,766) (9,372)
----------- ----------- ----------
Operating profit 7,019 9,635 14,982
Share of operating profit of 981 672 1,144
associated undertakings ----------- ----------- ----------
8,000 10,307 16,126
------------------------- ----------- ----------- ----------
The restatement is due solely to the combining of the interactive results within
analogue following the re-organisation in the prior year.
3. Operating Profit Unaudited Half Unaudited Half Audited Year
Year to 31st Year to 31st Ended 30th
March 2003 March 2002 September 2002
#000 #000 #000
Unaudited Half Year to
31st March 2003
Turnover 56,900 60,027 120,004
Direct cost of sales (7,111) (7,345) (14,843)
----------- ----------- -----------
Gross profit 49,789 52,682 105,161
Staff costs (13,254) (13,613) (27,065)
Other operating charges (23,203) (22,835) (46,583)
Exceptional operating - - (3,576)
costs
Depreciation and (6,313) (6,599) (12,955)
amortisation of
goodwill
----------- ----------- -----------
Operating profit 7,019 9,635 14,982
------------------------- ----------- ----------- -----------
4. Taxation
UK corporation tax has been provided at 30% (2002: 30%) on the taxable
profits for the period. After allowing for adjustments related to prior
years the effective rate of corporation tax is 31% (2002: 30%).
Included within debtors is a deferred tax asset of #463,000. (2002: Nil)
5. Dividends
The Directors propose to pay an interim dividend of 6.0p per share
(2002: Interim dividend of 6.0p per share, full year dividend of 18.5p
per share) on 20th June 2003 to all shareholders on the register on
23rd May 2003 (ex-dividend date: 21st May 2003).
6. Earnings Per Share
Earnings per share is based on the profit after tax of #3,518,000
(2002: #5,163,000) divided by the weighted average number of Ordinary
Shares in issue in each of the relevant periods; 2003: 82,052,600
(2002: 81,912,728). The underlying earnings per share is included to
show the effect of adjusting for the impact of goodwill which results
in earnings increasing by #4,775,000 (2002:#4,766,000). Dilution
increases the weighted average number of shares to 82,061,807
(2002: 82,263,486).
-------------------------- ---------- ----------- ----------
7. Debtors Unaudited as at Unaudited as at Audited as at
31st March 2003 31st March 30th September
2002 2002
#000 #000 #000
-------------------------- ---------- ----------- ----------
Amounts falling due within one
year:
Trade debtors 12,276 13,027 11,604
Deferred tax 463 - 518
Other debtors 1,218 1,424 761
Prepayments and accrued income 4,310 3,438 4,643
---------- ----------- ----------
18,267 17,889 17,526
Amounts falling after more than
one year:
Prepayments and accrued income 952 870 952
---------- ----------- ----------
19,219 18,759 18,478
-------------------------- ---------- ----------- ----------
-------------------------- ---------- ----------- ----------
8. Creditors - amounts falling Unaudited as at Unaudited as at Audited as at
due within one year 31st March 31st March 30th September
2003 2002 2002
#000 #000 #000
-------------------------- ---------- ----------- ----------
Bank loans and overdrafts 31,479 18,900 22,988
Loan notes 2,385 9,507 5,980
Finance leases - 237 31
Trade creditors 4,076 3,741 5,724
Other creditors 3,327 4,536 4,148
Corporation tax payable 5,159 4,495 5,136
Proposed dividend 4,927 4,931 10,276
Other taxation and social 2,224 2,910 2,340
security
Accruals and deferred income 4,938 2,629 4,712
---------- ----------- ----------
58,515 51,886 61,335
-------------------------- ---------- ----------- ----------
-------------------------- ---------- ----------- ----------
9. Creditors - amounts falling Unaudited as at Unaudited as at Audited as at
due after more than one year 31st March 31st March 30th September
2003 2002 2002
#000 #000 #000
-------------------------- ---------- ----------- ----------
Bank loans and overdrafts - 7,000 -
---------- ----------- ----------
- 7,000 -
-------------------------- ---------- ----------- ----------
10. Reconciliation of Movement in Shareholders' Funds
-------------------------- ---------- ----------- ------------
Unaudited Half Unaudited Half Audited
Year to 31st Year to 31st Year Ended
March 2003 March 30th September
#000 2002 2002
#000 #000
-------------------------- ---------- ----------- ------------
Profit for the financial period 3,518 5,163 7,177
Dividends (4,927) (4,931) (15,197)
---------- ----------- ------------
Retained (loss)/profit for the (1,409) 232 (8,020)
period
New share capital issued 14 3,049 2,938
Movement on Quest 148 - (303)
---------- ----------- ------------
Net movement in shareholders' (1,247) 3,281 (5,385)
funds
Equity shareholders' funds at 140,883 146,268 146,268
beginning of period ---------- ----------- ------------
Equity shareholders' funds at end 139,636 149,549 140,883
of period
-------------------------- ---------- ----------- ------------
11. Reserves
The movement on reserves during the period was as follows:
Share Share Merger Profit and Loss
Capital Premium Reserve Account
#000 #000 #000 #000
------------------------- -------- -------- -------- -----------
Beginning of period 2,055 75,516 23,767 39,545
Retained loss for the period - - - (1,409)
Movement on Quest - - - 148
Issue of shares to LTIP 13 2,181 - (2,194)
New share capital issued - 14 - -
-------- -------- -------- -----------
End of period 2,068 77,711 23,767 36,090
------------------------- -------- -------- -------- -----------
12. Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
----------- ---------- ----------
Unaudited Unaudited Audited Year
Half Year to Half Year Ended 30th
31st March to 31st March September
2003 2002 2002
#000 #000 #000
--------------------------- ----------- ---------- ----------
Operating profit 7,019 9,635 14,982
Depreciation 1,538 1,833 4,256
Amortisation and impairment of 4,775 4,766 9,372
goodwill
Profit on disposal of fixed tangible (3) (29) (30)
assets
Increase in debtors (593) (2,212) (1,412)
(Decrease)/increase in creditors (3,196) 1,307 2,713
Profit on disposal of investment (20) - -
Change in provisions against - - 200
investments in own shares ----------- ---------- ----------
Net cash inflow from operating 9,520 15,300 30,081
activities
--------------------------- ----------- ---------- ----------
13. Cash Flows from Acquisitions and Disposals
Unaudited Half Unaudited Audited Year
Year to 31st Half Year to Ended 30th
March 2003 31st March September
#000 2002 2002
#000 #000
--------------------------- --------- ----------- -----------
Net proceeds from sale of 50 (297) (397)
investment
Repayment of associate set-up 111 - -
costs
Purchase of fixed asset (7) (2,056) (2,247)
investments
--------- ----------- -----------
154 (2,353) (2,644)
--------------------------- --------- ----------- -----------
Current period net proceeds relate to the sale of South West Sound Limited.
Net Debt at Cash Net Debt at
14. Analysis of Net Debt 30th September Flow 31st March
2002 2003
#000 #000 #000
Bank overdrafts (4,488) (17,491) (21,979)
----------- ----------- -----------
Bank loans falling due in less than (18,500) 9,000 (9,500)
one year
Loan notes (5,980) 3,595 (2,385)
Finance leases (31) 31 -
----------- ----------- -----------
(24,511) 12,626 (11,885)
----------- ----------- -----------
(28,999) (4,865) (33,864)
----------------------- ----------- ----------- -----------
15. Contingent Liabilities
On the 25th October 2001 Capital Radio plc acquired 19% of Tainside Limited
(trading as Choice FM) for #3,565,000. The net assets on acquisition amounted to
#261,000. The Group has applied associate accounting for this purchase. On the
same date the Group also signed a "Put and Call Option" to acquire the remaining
81% of Tainside Limited. The options can potentially be exercised between 30th
September 2004 and 29th September 2006. The current best estimate of the
possible additional consideration is approximately #15,000,000 which will be
settled predominantly in Capital Radio shares at a valuation of #6.355 per
share.
16. Full Accounts
The comparative figures for the financial year ended 30th September
2002 are not the Company's statutory accounts for that financial year. Those
accounts have been reported on by the Company's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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