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| Share Name | Share Symbol | Market | Type |
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RNS Number:8862P
International Energy Group Ld
18 September 2003
Enquiries:
Paul Fairclough, Chief Executive Mobile: 07781 100356
Mike Richards, Finance Director
International Energy Group Limited Tel: 01481 715634
Peter Otero, Financial Dynamics Tel: 020 7269 7103
Date: Embargoed until 7.00am, Thursday 18 September 2003
INTERNATIONAL ENERGY GROUP LIMITED
Interim Results for the six months to 30th June 2003
HIGHLIGHTS
H1 2003 H1 2002 Change
# million # million
Turnover 31.23 26.79 +17%
Operating profit 7.91 7.32 +8%
Profit before tax 9.03 7.71 +17%
Profit after tax + minorities 6.99 5.64 +24%
Earnings per share 9.50p 7.69p +23%
Interim dividend 3.025p 2.750p +10%
* Record operating profits
* Profit on sale of discontinued operations of #1.1 million
* Continued growth in UK and Portuguese businesses
* 100,000 connected houses reached in UK gas transportation business
* Secure platform for further expansion
* Lower tax rates in the Isle of Man
CHAIRMAN'S STATEMENT
The Group continues to progress with record operating profits of #7.9 million in
the first half year of 2003, in spite of the continued impact of warm weather
and high liquefied petroleum gas (LPG) costs, as instability in the Middle East
oil market continues to affect these costs.
Results
Group turnover increased by 17% to #31.2 million (2002: #26.8 million) as a
result of both considerable growth in business in the United Kingdom and the
effect of gas price surcharges in the offshore islands and Portugal, introduced
to offset the high LPG costs. Turnover increased in the United Kingdom by 31%
reflecting growth in customer connections.
Group operating profit increased by 8% to #7.9 million (2002: #7.3 million) and
in addition there was a profit on discontinued operations of #1.1 million
arising from the final winding up of a former motor division pension scheme.
This resulted in Group pre tax profit for the period being 17% higher at #9.0
million (2002: #7.7 million).
The lower tax rates introduced in the Isle of Man have resulted in a reduction
in the level of deferred tax previously provided of #0.5 million, reducing the
overall effective tax rate to 16% for the period. Both Jersey and Guernsey have
indicated their intention to follow the Isle of Man with a view to all three
Islands having zero corporation tax rates by 2008.
Helped by the lower taxation charge, profit after tax and minority interests was
24% higher at #7.0 million (2002: #5.6 million).
Earnings per share increased by 23% to 9.50 pence per share (2002: 7.69 pence).
The gross interim dividend will be 3.025 pence per share, and this will be paid
on 7th November 2003 to all shareholders on the register at the close of
business on 10th October 2003. This has been increased by 10% from the first
half of last year, giving shareholders a significant increase in real income.
During the period under review the Company purchased 160,000 of its ordinary
shares in the market for an aggregate consideration of #221,000. These shares
have been subsequently cancelled and the number of shares in issue reduced
accordingly.
The successful dividend reinvestment programme, which was introduced in April of
this year, will continue to be offered for the foreseeable future.
Operational Review
The natural gas transportation business in the United Kingdom continued to grow
rapidly with a further 10,500 domestic premises connected during the period,
bringing total houses connected to over 96,000 by the end of June 2003. Profit
increased by 46% to #1.7 million, as the results of the initial investments
start to come to fruition. In order to accommodate continued future growth, the
UK business has been relocated from rented offices to its own purpose built
premises.
Discussions have been held with Ofgem on a regulatory price review, and these
discussions are ongoing. It is anticipated that current Ofgem proposals would
not be expected to have a material impact on growth in the short term. In the
medium term, levels of investment and consequently growth are expected to
moderate, but still produce satisfactory returns on capital employed.
The LPG business in Portugal has continued to expand, and profits increased from
#1.6 million to #1.7 million.
There are still favourable prospects for growth throughout Portugal and the
business has contracted for 14,000 further connections to properties, in
addition to the current 47,500 customers.
The Channel Islands and Isle of Man businesses continue to be affected by high
LPG costs and warm weather, with profits showing a modest 3% increase to #6.0
million (2002: #5.8 million).
During the period considerable work has been carried out in Douglas, Isle of Man
to convert some 22,500 gas appliances for over 13,000 customers to enable them
to use natural gas. The first customers were converted on the 17th August, and
I am pleased to advise that this major undertaking is proceeding satisfactorily
and will lead to increased growth following completion early in 2004.
Prospects
There is likely to be continued volatility in LPG costs in the future, but the
Group has again demonstrated its ability to manage these costs and maintain
margins.
There are further opportunities for good long term organic growth with recurring
income, in the businesses in the United Kingdom, Portugal, and the Isle of Man,
which can be supported by the strong cash generation of the Group.
The milestone of 100,000 connections was achieved at the end of August, out of
the total of 159,000 contracts secured for natural gas transportation to
domestic premises in the UK.
The Group continues to strengthen its position with continued expansion of its
existing businesses and has a secure platform with negligible debt from which to
expand further by both organic growth and by actively seeking acquisitions. I
am most happy with the Group's first half results, particularly in the light of
adverse trading conditions and remain confident of further growth.
Tom Scott
Chairman
17th September 2003
INDEPENDENT REVIEW REPORT TO INTERNATIONAL ENERGY GROUP LIMITED
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30th June 2003 which comprises the consolidated profit and
loss account, consolidated balance sheet, consolidated cash flow statement and
related notes 1 to 6. We have read the other information contained in the
interim report which comprises only the Chairman's statement and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information. Our responsibilities do not extend to any other
information.
This report is made solely to the Company, in accordance with guidance contained
in APB Bulletin 1999/4 "Review of Interim Financial Information". Our review
work has been undertaken so that we might state to the Company those matters we
are required to state to it in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company, for our review work, for this report, or for the
conclusion we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority and the Channel Islands Stock
Exchange, which require that the accounting policies and presentation applied to
the interim figures should be consistent with those applied in preparing the
preceding annual accounts except where any changes, and the reasons for them,
are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
"Review of Interim Financial Information" issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making enquiries
of management and applying analytical procedures to the financial information
and underlying financial data and based thereon, assessing whether the
accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with United
Kingdom Auditing Standards and therefore provides a lower level of assurance
than an audit. Accordingly we do not express an audit opinion on the financial
information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th June 2003.
HLB AV Audit plc GRANT THORNTON
Chartered Accountants Chartered Accountants
Southampton Southampton
17th September 2003
INTERNATIONAL ENERGY GROUP LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ending 30th June 2003
Six months to Six months to Year to
30th June 2003 30th June 2002 31st December 2002
Restated
#000 #000 #000
Turnover 31,233 26,794 47,870
Cost of sales (18,648) (15,217) (30,324)
Gross profit 12,585 11,577 17,546
Operating expenses (net) (4,671) (4,254) (8,046)
Operating profit 7,914 7,323 9,500
Profit on sale of properties - - 599
Profit on sale of continuing operations 33 219 326
Profit/ (loss) on sale of discontinued operations 1,138 - (20)
Profit on ordinary activities before interest 9,085 7,542 10,405
Interest (net) (56) 172 289
Profit on ordinary activities before taxation 9,029 7,714 10,694
Taxation (1,406) (1,519) (2,396)
Profit on ordinary activities after taxation 7,623 6,195 8,298
Minority interests (630) (559) (585)
Profit for period 6,993 5,636 7,713
Dividends (net) (1,780) (1,630) (3,984)
Retained profit for period 5,213 4,006 3,729
Earnings per share 9.50p 7.69p 10.50p
Diluted earnings per share 9.48p 7.65p 10.46p
Dividend per share (gross) 3.025p 2.750p 6.750p
Dividend per share (net) 2.420p 2.200p 5.400p
The Group has no material recognised gains or losses other than the profit shown
above, except for #2,620,000 surplus on revaluation of properties as at 31st
December 2002.
INTERNATIONAL ENERGY GROUP LIMITED
CONSOLIDATED BALANCE SHEET
as at 30th June 2003
30th June 30th June 31st December
2003 2002 2002
#000 #000 #000
Fixed assets
Intangible assets 429 456 443
Tangible assets 95,685 81,557 89,673
Investments 1 1 1
96,115 82,014 90,117
Current assets
Stock and work in progress 2,701 2,322 2,639
Debtors 10,864 13,056 11,081
Cash at bank and in hand 4,953 9,970 8,540
18,518 25,348 22,260
Current liabilities
Amounts falling due within one year
Creditors 12,014 12,382 13,675
Taxation 1,651 1,536 1,184
Bank overdrafts and loans 1,781 2,890 3,861
Dividends 1,780 1,619 2,355
17,226 18,427 21,075
Net current assets 1,292 6,921 1,185
Total assets less current liabilities 97,407 88,935 91,302
Amounts falling due after more than one year
Creditors 6,333 6,197 6,042
Provision for liabilities and charges 5,136 5,435 5,383
11,469 11,632 11,425
Net assets 85,938 77,303 79,877
Capital and reserves
Called up share capital 7,354 7,358 7,358
Capital redemption reserve 16 - -
Share premium account 14,270 14,203 14,203
Revaluation reserve 6,625 4,337 6,949
Profit and loss account 53,696 48,223 48,020
Reserves 74,607 66,763 69,172
Equity shareholders' funds 81,961 74,121 76,530
Minority interest 3,977 3,182 3,347
85,938 77,303 79,877
INTERNATIONAL ENERGY GROUP LIMITED
CONSOLIDATED CASH FLOW STATEMENT
for the six months ending 30th June 2003
Six months to Six months to Year to
30th June 2003 30th June 2002 31st December 2002
#000 #000 #000
Net cash inflow from operating activities 7,402 9,571 15,862
Returns on investments and servicing of finance
Interest received 102 200 949
Interest paid (139) (133) (294)
Dividends paid to minority interest in subsidiary
undertaking - (139) (138)
Net cash (outflow)/ inflow from returns on
investments and servicing of finance (37) (72) 517
Taxation
Channel Islands and Isle of Man tax paid (457) (499) (828)
Foreign tax paid (185) (710) (1,670)
Tax paid (642) (1,209) (2,498)
Capital expenditure and financial investment
Purchase of tangible fixed assets (7,887) (8,066) (17,049)
Sale of tangible fixed assets 922 40 2,782
Net cash outflow from capital expenditure and
financial investment (6,965) (8,026) (14,267)
Acquisitions and disposals
Sale of subsidiary companies (70) (359) (666)
Sale of trades of subsidiary companies 1,171 219 326
Sale of properties - (46) -
Net cash inflow/ (outflow) from acquisitions and
disposals 1,101 (186) (340)
Equity dividends paid (2,355) (2,207) (3,825)
Net cash outflow before financing (1,496) (2,129) (4,551)
Management of liquid resources
Cash withdrawn from deposit 1,009 4,678 1,378
Cash placed on deposit - (3,001) -
1,009 1,677 1,378
Financing
Purchase of own shares (221) - -
Issue of shares 79 304 304
Net cash (outflow)/ inflow from financing (142) 304 304
Decrease in cash (629) (148) (2,869)
Note 5 forms part of this statement.
INTERNATIONAL ENERGY GROUP LIMITED
NOTES TO THE ACCOUNTS
1. BASIS OF PREPARATION
The interim financial statements for the half year have been prepared in
accordance with the accounting policies detailed in the audited financial
statements for the year ended 31st December 2002.
The results for the year ended 31st December 2002 have been extracted from the
audited financial statements for that year, in respect of which the auditors
issued an unqualified report.
2. EARNINGS PER SHARE
Six months to Six months to Year to
30th June 2003 30th June 2002 31st December 2002
#000 #000 #000
Basic
Profit for financial period attributable to 6,993 5,636 7,713
shareholders
Weighted average number of shares in issue 73,563,159 73,332,137 73,455,728
Earnings per share 9.50p 7.69p 10.50p
Fully diluted
Weighted average number of shares in issue 73,563,159 73,332,137 73,455,728
Dilutive potential ordinary shares under option 171,498 325,400 306,243
73,734,657 73,657,537 73,761,971
Fully diluted earnings per share 9.48p 7.65p 10.46p
3. OPERATING EXPENSES
Six months to Six months to Year to
30th June 2003 30th June 2002 31st December 2002
Restated
#000 #000 #000
Net operating expenses
Continuing operations 4,941 4,501 8,343
Other operating income - continuing operations (270) (247) (297)
4,671 4,254 8,046
Certain inconsistencies in allocation of costs between cost of sales and
operating expenses have existed between the companies historically. The
treatment of these costs was conformed at the end of 2002 and the figures for
the six months to 30th June 2002 have therefore been adjusted. The impact of the
change is to increase cost of sales by #1,085,000 and reduce operating expenses
by the same amount. Turnover has been reduced by #275,000 for the six months to
30th June 2002 due to net rental income being reclassified as other operating
income for the year to 31st December 2002. Reported profits are unaffected.
INTERNATIONAL ENERGY GROUP LIMITED
NOTES TO THE ACCOUNTS
4. SEGMENTAL ANALYSIS
Six months to Six months to Year to
30th June 2003 30th June 2002 31st December 2002
Turnover Profit Turnover Profit Turnover Profit
before tax before tax before tax
Restated Restated
#000 #000 #000 #000 #000 #000
Geographical origin
Continuing operations
Channel Islands and Isle of Man 21,651 5,995 19,222 5,842 33,391 6,849
United Kingdom 4,360 1,685 3,335 1,153 6,443 2,408
Rest of Europe 5,222 1,719 4,237 1,596 8,036 2,784
31,233 9,399 26,794 8,591 47,870 12,041
Surplus on disposals in United Kingdom 33 219 326
31,233 9,432 26,794 8,810 47,870 12,367
Discontinued operations
Surplus on disposals in
Channel Islands and Isle of Man 1,138 - 579
Total 31,233 10,570 26,794 8,810 47,870 12,946
Common costs (1,485) (1,268) (2,541)
Profit before interest 9,085 7,542 10,405
Common interest net (56) 172 289
9,029 7,714 10,694
The profit on sale of continuing operations in the United Kingdom was
reclassified for the year to 31st December 2002 and the 30th June 2002 numbers
have been restated accordingly.
5. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
a) Reconciliation of operating profit to net cash inflow from operating
activities
Six months to Six months to Year to
30th June 30th June 31st December
2003 2002 2002
#000 #000 #000
Operating profit 7,914 7,323 9,500
Depreciation and amortisation charges 2,670 2,284 4,754
Loss on sale of tangible fixed assets 28 15 67
Increase in stocks (29) (88) (400)
(Increase)/ decrease in debtors (325) 937 568
(Decrease)/ increase in creditors (2,856) (900) 1,373
Net cash inflow from operating activities 7,402 9,571 15,862
INTERNATIONAL ENERGY GROUP LIMITED
NOTES TO THE ACCOUNTS
b) Reconciliation of net cash flow to movement in net (debt)/ funds
Six months to Six months to Year to
30th June 30th June 31st December
2003 2002 2002
#000 #000 #000
Decrease in cash (629) (148) (2,869)
Cash inflow from decrease in liquid resources (1,009) (1,677) (1,378)
Changes in net debt resulting from cash flows (1,638) (1,825) (4,247)
Exchange differences (199) (46) (62)
Movement in net funds/ debt (1,837) (1,871) (4,309)
Opening net (debt)/ funds (194) 4,115 4,115
Closing net (debt)/ funds (2,031) 2,244 (194)
c) Analysis of changes in net debt
At 31st December Cash Exchange At 30th June
2002 flow difference 2003
#000 #000 #000 #000
Cash at bank and in hand 5,240 (2,709) 24 2,555
Bank overdrafts (3,861) 2,080 - (1,781)
1,379 (629) 24 774
Loans (4,873) - (330) (5,203)
Bank deposit 3,300 (1,009) 107 2,398
(194) (1,638) (199) (2,031)
6. RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Six months to Six months to Year to
30th June 30th June 31st December
2003 2002 2002
#000 #000 #000
Profit for the financial period 6,993 5,636 7,713
Dividends (1,780) (1,630) (3,984)
5,213 4,006 3,729
Other net recognised gains relating to the period 360 232 2,918
Purchase of own shares (221) - -
Issue of share capital 79 304 304
Net addition to shareholders' funds 5,431 4,542 6,951
Opening shareholders' funds 76,530 69,579 69,579
Closing shareholders' funds 81,961 74,121 76,530
ENQUIRIES AND INFORMATION
Distribution of report
This report is being sent to all shareholders. Copies can also be obtained on
request from the registered office.
Enquiries should be directed to:
The Company Secretary
International Energy Group Limited
P.O. Box 310
St. Peter Port
Guernsey
Channel Islands GY1 3TB
Telephone: +44 (0) 1481 715634
Fax: +44 (0) 1481 723834
Email: group@i-e-g.com
The interim dividend will be paid on the 7th November 2003 to members on the
register at close of business on 10th October 2003.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QDLFFXKBEBBK
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