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Share Name | Share Symbol | Market | Type |
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Scor SE | EU:SCR | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.50 | -2.07% | 23.66 | 23.50 | 23.90 | 24.10 | 23.28 | 24.04 | 689,387 | 02:01:04 |
4 December 2003 SECURICOR PLC PRELIMINARY RESULTS ANNOUNCEMENT Securicor, the international security solutions group, today announces its preliminary results for the year to 30 September 2003. Highlights * Organic turnover growth of 5.1% * Underlying EBITA of £80.2 million (2002: £80.0 million excluding one-off Euro effect) * Underlying earnings per share up 7% to 7.3p * Full year dividend up 14% per share to 2.4p * Special dividend of £75 million (12p per share) paid in July * Sale of all non-core businesses completed * Strong cashflow and balance sheet Lord Sharman, Chairman of Securicor, commenting on the results, said: "At the half year, we indicated that difficult market conditions would impact some of our businesses in the second half. Despite these market difficulties, our businesses have performed well overall, maintaining the focus on service delivery and customer retention whilst driving out costs. We continue our security focus. With our leading market positions, strong balance sheet and high-quality management, there are good opportunities for turnover and margin growth in the year ahead, through both organic expansion and acquisitions. We are responding robustly to the challenges which we continue to face in some of our markets and we can therefore look forward to 2004 with greater confidence." For further enquiries please contact: Securicor Nick Buckles, CEO +44(0)20 8770 7000 Trevor Dighton, CFO Debbie McGrath Citigate Dewe Rogerson Patrick Toyne Sewell +44(0)7973 672649 (for media enquiries) Sarah Gestetner Notes to Editors Securicor is an international security solutions group, operating in some 50 countries around the world. Securicor's vision is to become a global top three provider of security solutions and expertise through the delivery of world-class outsourcing in cash management, integrated security and justice services. In total, Securicor employs over 100,000 people worldwide, working with over 130,000 customers requiring both ongoing innovation and absolute integrity. For more information on Securicor, visit www.securicor.com. CHAIRMAN'S STATEMENT Results Our results for the year to 30 September 2003 are generally in line with last year, despite the difficult market conditions in the UK and Continental Europe to which I referred at the time of our half-year announcement in May. Profit before interest, taxation, amortisation, exceptional items and discontinued operations was £80.2 million, compared with £80.0 million (as adjusted for a non-recurring profit of approximately £3 million related to introduction of the Euro) for the previous year. The group's EBITA margin was 6.3% compared with 6.9% for the previous year. Turnover for the continuing businesses grew 5.5% to £1,277.1 million. Organic turnover growth for the year, excluding the US and discontinued operations, was 5.1%. The group achieved pre-tax profits of £62.9 million. Normalised earnings per share, being before goodwill, discontinued operations and exceptional items, were 7.3p, compared with 7.1p for the previous year (or 6.8p adjusted for the Euro). The net effect pre-tax of exceptional items was a charge of £0.8 million. An analysis of exceptional items appears later in my statement. The table below sets out the turnover and operating profit for the continuing businesses: Year ended Year ended 30 September 30 September 2003 2002 £m £m Group Turnover United Kingdom 569.8 537.1 Europe, Middle East and Africa 449.0 392.2 Americas 177.5 210.0 Asia 80.8 70.9 1,277.1 1,210.2 Less security joint venture UK (7.2) (7.5) Less security joint venture Asia - (4.8) Total 1,269.9 1,197.9 Operating profit before exceptional items and goodwill amortisation United Kingdom 54.6 54.0 Europe, Middle East and Africa 18.8 24.3 Americas 0.6 0.6 Asia 6.2 4.1 Total as reported 80.2 83.0 Less Euro one-off in 2002 - (3.0) Underlying total 80.2 80.0 Acquisitions and disposals During the year we made a number of acquisitions and disposals which have enabled us to deliver our key objective of becoming a focused security business. The acquisition for £12.5 million of the remaining 75% of Geldnet, the Dutch cash services company, was completed in May and the disposals of Securicor Information Systems and Securicor Cash Machine were completed in May and June respectively. The disposal of the remaining 50% interest in the Distribution joint venture to Deutsche Post was completed in July for £167 million, with £75 million of the sale proceeds being returned to shareholders by way of a special dividend of 12p per share which was accompanied by a 17 for 20 consolidation of the then existing Securicor shares. Dividend The directors recommend a final dividend of 1.62p per share, payable on 5 April 2004, and which, taken with the interim dividend of 0.78p per share paid on 30 September 2003, makes a total dividend of 2.40p per share for the year ended 30 September 2003. This represents an increase of 13.7% per share over the previous year's dividend. Trading United Kingdom EBITA increased to £54.6 million (2002: £54.0 million) on turnover of £569.8 million (2002: £537.1 million) representing organic growth of 6.9% and an EBITA margin of 9.6% (2002: 10.1%). Securicor Cash Services experienced challenging market conditions and significant cost pressures in the year, including a pay award of 5% increasing to 6% in 2003/4, and rising attack losses. The business responded with various cost-reduction programmes for branch and head office overheads and will be seeking above-inflation price increases at contract renewal negotiations. Sales revenue from cash transportation was marginally ahead of last year, whilst growth in ATM sales slowed from the 20% rate experienced in recent years to 6%. A four-year outsourcing agreement, secured in association with the sale of the 1,200 ATM Securicor Cash Machine estate, has now established Securicor as a leading provider of complete end-to-end ATM back-office solutions. Following the successful start-up of major cash processing contracts with Alliance & Leicester, Clydesdale and Lloyds TSB, Securicor Cash Centres has been integrated within Cash Services to facilitate the provision of a total cash solution to customers. The integration will also lead to operational improvements and reduced administrative costs. Price and volume pressures in the manned guarding sector resulted in a slight reduction in sales revenue at Securicor Security with price pressure being particularly acute in localised markets such as the City of London. However, good cost discipline throughout the company enabled gross margins to be maintained at the previous year's level. New work awarded included the three-year covert security services contract at Marks & Spencer which has now been largely rolled out across the country and which, together with similar work undertaken for Boots and Safeway, has established the company as a leading provider of covert security services to the retail sector. Securicor Aviation enjoyed a good year, with a double digit sales uplift, the retention of the major accounts with British Airways, United Airlines and Highlands and Islands Airport and the winning of new contracts with Virgin Atlantic and Cardiff Airport. Securicor Justice Services had an excellent year, enjoying significantly improved sales and profits. There was a strong performance from the electronic monitoring business, whilst the court and escorting services side of the business achieved its best service delivery performance, despite a record number of prisoner movements. HMP & YOI Parc at Bridgend, with a population of more than 1,000, is now one of the country's largest and most complex prisons and was named in a June 2003 National Audit Office report as being one of the best performing prisons in England and Wales. A 25-year PFI contract was signed earlier in the year under which a Securicor-led consortium will design, construct, manage and finance an 80-bed secure training centre in Milton Keynes. This facility, due to open in June 2004, will house young people aged 12-17. In July, a pilot contract commenced with British Transport Police, enabling the company to enter the police support services market. Securicor International Valuables Transport delivered another strong performance despite the uncertain global trading environment and increased insurance costs. EBITA was up almost 10%, with the Johannesburg office generating a strong first full-year contribution and the new Frankfurt office trading profitably following its opening in May. Further office openings are expected soon. Europe, Middle East and Africa EBITA decreased to £18.8 million (2002: £21.3 million* ) on turnover of £449.0 million (2002: £392.2million) representing 1.8%* organic growth and an EBITA margin of 4.2% (2002: 6.2%). (* = adjusted for one-off Euro effect) Against a background of difficult trading conditions in Continental Europe, underlying profits decreased by 12%. The region was affected by over-capacity in the cash services market following the introduction of the Euro in 2002, increased insurance charges, and a relatively fixed overhead base within the Cash Services sector, particularly in Germany and Ireland. However, good progress was made in the second half of the period in realigning the cost base and in passing on some of the insurance increases to the market. The integrated security business in Germany remained fairly sluggish overall, but with encouraging signs that a newly-acquired consulting and electronic installation capability, using sub-contractors, will produce growth in Europe's most challenging market. Our German Cash Services business made a loss in the year but should return to profitability in the first half of 2004 following senior management changes and a price increase programme. The integrated security business in the Netherlands performed strongly in a tightening market, supported by growth in outsourcing with local government, including a contract with the City of Rotterdam for the provision of security guards on its fleet of trams. Geldnet, the Dutch cash services business in which Securicor had for many years held a 25% stake and the full acquisition of which was completed in May, produced an excellent performance, with significant productivity and operational improvements. After the previous year's strong result, the performance in Ireland was disappointing, a reflection of increased competition and slowing economic growth. There were good results from the Channel Islands and Isle of Man. Luxembourg produced a satisfactory result and opened a high security centre for handling new cash outsourcing business, much of which was secured in the final quarter of the year. Hungary had a year of consolidation and investment, with the cash services network being expanded nationally. Our operations in the Middle East had an excellent year, benefiting from the increase in demand for security solutions following the Iraq war. A number of large new contracts were won in Kuwait. The overall performance in Africa was satisfactory. There were a number of senior management changes in the year, including the appointment of a new regional managing director. The company is now concentrating on those markets which it believes are key to development within the continent and, consistent with this strategy, withdrew from Angola and Equatorial Guinea towards the end of the year. Americas EBITA was £0.6 million (2002: £0.6 million) on turnover of £177.5 million (2002: £210.0 million) with 8.3% organic growth (excluding USA) and an EBITA margin of 0.3% (2002: 0.3%). In the USA, the exit from the aviation services sector was completed earlier in the year, the passenger screening work at US airports having already been federalised in 2002. The remaining security and transportation businesses, branded Cognisa, gained some major national account contracts and are well placed to return to modest profitability in the current year, following completion of an overhead reduction programme. Our position in relation to the US terrorist attacks of 11 September 2001 is set out at Note 10 in the section after my statement. The two justice services businesses, Securicor EMS and Securicor New Century, increased their profit contribution, with the latter company increasing from three to six the number of youth custody and treatment facilities it provides in Florida, where it has almost 900 young people in care. Canada continued to make good progress following the price increase strategy of the previous year and improvements in overhead and operational efficiencies. The two largest customers, Toronto Dominion Bank and Royal Bank of Canada, re-tendered their work during the year, with Securicor retaining all the former's business and remaining as primary provider to the latter, albeit with a reduced allocation of work. Against a background of consolidation amongst the Canadian financial institutions, the company is exploring cash centre outsourcing opportunities and seeking to increase its share of commercial sector work. In the Central America and Caribbean region there were strong performances from our businesses in Barbados, Trinidad and the Dominican Republic, but weaker results in Costa Rica, Jamaica and Guyana. Renewed focus has been given to operational efficiency and improved security procedures across the region. Asia EBITA increased to £6.2 million (2002: £4.1 million) on turnover of £80.8 million (2002: £70.9 million) representing 6.8% organic growth and an EBITA margin of 7.7% (2002: 5.8%). Asia's performance improved over the previous year despite a difficult deflationary environment and the impact of SARS earlier in the year. Gross profit levels were maintained through a focus on productivity and cost of service delivery. In Hong Kong, the existing cash centre is being renovated and upgraded, with the work due to be completed shortly. The new facilities, equipped with extensive automation and IT systems, will enable the company to provide outsourcing solutions in addition to expanding existing services. New long-term guarding contracts were gained with DHL, FedEx and PCCW Cyberport, a cash services contract with MTRC and an ATM managed services contract with Standard Chartered Bank. There was good profit growth from our associate business in Malaysia, where integration with Safeguards Corporation progressed well following the merger last December. Cash outsourcing work is being rolled out countrywide for major banking customers. Significant inroads into the ATM managed services market in China have been achieved following the acquisition of Donar, the largest independent ATM maintenance service provider in China, which operates in 24 cities and has customer relationships with all the major banks. Thailand performed well in spite of intense competition, with an alarm monitoring acquisition enabling the company to increase its presence in the electronic security solutions market. Taiwan grew its ATM business and developed a second-tier guarding business which is well placed to capture further market share. In Macau, the merger with Great Wall has provided the company with a wider product mix and greater potential for growth. Good progress has also been achieved in Indonesia, against a background of economic and political turmoil. Exceptional items There were several exceptional items in the year. The sale of the remaining 50% of Distribution gave rise to a profit of £65.7 million. There was a loss of £ 30.5 million on the sale of Securicor Information Systems and a £28.6 million charge for intangible asset impairment to reflect the final exit from the US aviation sector. There was also a £7.4 million write-off in respect of other disposals, primarily related to various Communications businesses. Pensions The full triennial actuarial assessment of the group's main UK final salary pension scheme (which since 1996 has been progressively closed to most new entrants) was carried out as at 5 April 2003 and updated to 30 September 2003. The assessment revealed the scheme's funding levels in respect of past service under the different regulatory measures to be as follows: Minimum Funding Requirement The funding level was approximately 110%. SSAP24 There was a shortfall of £21 million (£15 million after tax) at 30 September 2003. The improved performance of the equity markets since then has resulted in this shortfall being completely eradicated. FRS17 This valuation indicated a shortfall of £135 million (£94 million after tax). The value of the fund assets has increased since 30 September 2003 by approximately £25 million. There was a degree of recovery in equity values in the year to 30 September 2003, but the funding valuations must also take account of increasing longevity expectations. We continue to believe that, over the long term, improved investment returns should eliminate the deficit in the scheme in respect of past service liabilities. However, in recognition of the current position, an additional net cash contribution of £3.5 million is being made to the scheme in the year commencing 1 October 2003. This will not affect the profit and loss account. Financing £75 million was returned to shareholders by way of a special dividend in July, representing just under 50% of the net proceeds of our Distribution joint venture. The remainder of the proceeds were used to reduce net debt to £114.5 million (2002: £198.5 million), representing gearing of 42%. The group had borrowing facilities at 30 September 2003 totalling £364 million, of which £321 million was committed for periods of up to 27 months. Outlook At the half year, we indicated that difficult market conditions would impact some of our businesses in the second half. Despite these difficulties, our businesses have performed well overall, maintaining the focus on service delivery and customer retention whilst driving out costs. We continue our security focus. With our leading market positions, strong balance sheet and high-quality management, there are good opportunities for turnover and margin growth in the year ahead, through both organic expansion and acquisitions. We are responding robustly to the challenges which we continue to face in some of our markets and we can therefore look forward to 2004 with greater confidence. Lord Sharman Chairman 4 December 2003 Securicor plc Preliminary results announcement for the year ended 30 September 2003 Consolidated profit and loss account Year ended 30 September 2003 Year ended 30 September 2002 (restated) Before Exceptional Total Before Exceptional Total exceptional items and exceptional items and items and goodwill items and goodwill goodwill amortisation goodwill amortisation amortisation (note 4) amortisation (note 4) Note £m £m £m £m £m £m Turnover Total turnover 1,644.8 - 1,644.8 1,759.9 - 1,759.9 Less share of (321.0) - (321.0) (359.8) - (359.8) joint ventures Group turnover 2 1,323.8 - 1,323.8 1,400.1 - 1,400.1 Continuing 1,269.9 - 1,269.9 1,197.9 - 1,197.9 operations Discontinued 3 53.9 - 53.9 202.2 - 202.2 operations Group turnover 2 1,323.8 - 1,323.8 1,400.1 - 1,400.1 Operating profit (loss) Continuing 73.7 (12.5) 61.2 76.7 (11.3) 65.4 operations Discontinued 3 (7.0) - (7.0) (4.6) (76.0) (80.6) operations Group operating 66.7 (12.5) 54.2 72.1 (87.3) (15.2) profit (loss) Share of joint ventures and associates Continuing 6.5 - 6.5 6.3 - 6.3 operations Discontinued 3 7.0 (0.1) 6.9 7.1 (0.1) 7.0 operations Total operating 2 80.2 (12.6) 67.6 85.5 (87.4) (1.9) profit (loss) Non operating 4 - (0.8) (0.8) - (5.0) (5.0) exceptional items Profit (loss) on 80.2 (13.4) 66.8 85.5 (92.4) (6.9) ordinary activities before interest and taxation Net interest 5 (17.3) - (17.3) (17.7) - (17.7) Profit (loss) on 62.9 (13.4) 49.5 67.8 (92.4) (24.6) ordinary activities before taxation Taxation 6 (18.3) 14.4 (3.9) (21.0) 4.2 (16.8) Profit (loss) on 44.6 1.0 45.6 46.8 (88.2) (41.4) ordinary activities after taxation Attributable to (1.1) - (1.1) (1.4) - (1.4) minorities Profit (loss) 43.5 1.0 44.5 45.4 (88.2) (42.8) for the year Ordinary 9 (12.8) - (12.8) (13.2) - (13.2) Dividends Special Dividend 9 - (75.0) (75.0) - - - Retained 30.7 (74.0) (43.3) 32.2 (88.2) (56.0) earnings (deficit) Per share data Basic earnings 7 7.4p (6.8)p (loss) Diluted earnings 7 7.4p (6.8)p (loss) Normalised 7 7.3p 7.1p earnings Average number 605.1m 625.0m of shares Ordinary 9 2.40p 2.11p Dividends Consolidated balance sheet 30 30 September September 2003 2002 (restated) £m £m Intangible fixed assets Goodwill 219.2 221.2 Development expenditure - 26.4 Tangible fixed assets 177.1 166.2 Investments 2.4 - Joint ventures 6.8 55.8 Associates 8.6 3.5 Total fixed assets 414.1 473.1 Stocks 6.3 13.5 Debtors 218.6 232.5 Creditors (250.8) (239.9) Net current (liabilities) assets excluding cash and (25.9) 6.1 borrowings Bank and deposit balances 73.5 67.2 Bank overdrafts (6.8) (4.0) Short term loans and finance leases (66.1) (29.5) Long term loans and finance leases (115.1) (232.2) Net borrowings (114.5) (198.5) Provisions (4.0) (8.4) Net assets 269.7 272.3 Capital and reserves Called up share capital 31.3 31.3 Reserves 232.0 235.6 Equity shareholders' funds (note 8) 263.3 266.9 Equity minority interests 6.4 5.4 Capital employed 269.7 272.3 Consolidated statement of total recognised gains and losses Year ended Year ended 30 30 September September 2003 2002 £m £m Profit (loss) on ordinary activities after taxation 44.5 (42.8) and minority interests Translation differences on foreign currency net (5.1) (9.4) investments Total recognised gains (losses) since last annual 39.4 (52.2) report Consolidated cash flow Year ended Year ended 30 30 September September 2003 2002 £m £m Cash flow from operating activities Operating profit (loss) after exceptional items 54.2 (15.2) Depreciation 35.2 31.2 (Profit) loss on sale of fixed assets (0.3) 0.1 Amortisation of goodwill 12.5 11.3 Exceptional impairment of intangible fixed assets - 38.5 Exceptional impairment of goodwill - 33.0 (Increase) decrease in working capital and provisions (4.7) 28.5 Net cash flow from operating activities 96.9 127.4 Dividends from associates and joint ventures 1.3 2.2 Net cash flow from returns on investments and (13.8) (13.5) servicing of finance Taxation (5.9) (13.1) Net cash flow from capital expenditure (39.7) (56.9) Net cash flow from acquisitions and disposals 156.0 (47.7) Ordinary dividends paid (12.9) (10.7) Special dividend paid (75.0) - Cash flow before use of liquid resources and financing 106.9 (12.3) Financing: Issue of new share capital - 3.6 (Decrease) increase in loans (101.1) 42.6 Capital element of finance lease rental payments (1.3) (0.7) Cash flow from financing (102.4) 45.5 Increase in cash in period 4.5 33.2 Reconciliation of net cash flow to movement in net debt Increase in cash in period 4.5 33.2 Cash flow from decrease (increase) in debt and lease 102.4 (41.9) financing Borrowings acquired on acquisition of subsidiaries (1.8) (6.8) New finance leases (5.2) (6.3) Movement in net debt in period 99.9 (21.8) Exchange movements (15.9) 6.4 Net debt at start of period (198.5) (183.1) Net debt at end of period (114.5) (198.5) Notes to the preliminary announcement 1. Basis of preparation and prior year adjustment The financial information set out in this announcement does not constitute the company's statutory accounts. The financial information for the year ended 30 September 2002 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors have reported on those accounts and their report was unqualified and did not contain a statement under s237 Companies Act 1985. The audit opinion on the accounts for the year ended 30 September 2003 has not yet been signed. The preliminary accounts have been prepared in accordance with the same accounting policies as the statutory accounts for the year ended 30 September 2002. The company's investment in Bridgend Custodial Services which has previously been accounted for as an associate has in these accounts been reclassified as a joint venture. The carrying value of £7.0m at 30 September 2002 has been restated accordingly, and the total turnover for 2002 restated, increasing by £7.5m. Transactions denominated in foreign currencies are translated at the average rates applicable to the accounting period. Assets and liabilities of foreign subsidiaries, associate undertakings and joint ventures, denominated in foreign currencies, are translated into sterling at rates of exchange ruling at balance sheet dates. Differences arising thereon are taken directly to reserves, together with exchange adjustments on borrowings used to fund investments. Other exchange differences are taken to the profit and loss account. The group has continued to account for pensions and other post employment benefits in accordance with SSAP24, whilst complying with the transitional disclosure requirements of FRS17. 2. Business sector and geographical analysis Year ended Year ended 30 30 September September 2003 2002 (restated) £m £m Group turnover United Kingdom 569.8 537.1 Europe, Middle East and Africa 449.0 392.2 Americas 177.5 210.0 Asia 80.8 70.9 1,277.1 1,210.2 Less security joint venture UK (7.2) (7.5) Less security joint venture Asia - (4.8) Continuing Operations (including acquisitions) 1,269.9 1,197.9 Discontinued operations 53.9 202.2 Total 1,323.8 1,400.1 Operating profit before exceptional items and goodwill amortisation United Kingdom 54.6 54.0 Europe, Middle East and Africa 18.8 24.3 Americas 0.6 0.6 Asia 6.2 4.1 Continuing Operations (including acquisitions) 80.2 83.0 Discontinued operations (7.0) (4.6) Discontinued joint venture operations 7.0 7.1 Total 80.2 85.5 3. Discontinued operations Discontinued group operations for 2003 represent the aviation security activities of Argenbright Security (exited February 2003), the operations of Securicor Wireless Technology (sold December 2002), the operations of Securicor Information Systems (sold May 2003), the operations of Securicor Cash Machine (sold June 2003), operations in Angola, Equatorial Guinea and Qatar (exited during the year) and the group's share of the operations of the Securicor Distribution joint venture (sold July 2003). For 2002, discontinued group operations also include SafeDoor (closed May 2002). Notes to the preliminary announcement (continued) 4. Exceptional items Year ended Year ended 30 30 September September 2003 2002 £m £m Within group operating profit (loss) Impairment of goodwill arising on acquisition of - (33.0) Argenbright Security Restructuring costs of Argenbright Security - (4.1) Impairment of intangible fixed asset at Securicor - (36.3) Information Systems Impairment of intangible fixed asset and associated - (2.6) costs at Securicor Wireless Technology - (76.0) Non operating items Profit (loss) on sale or closure of operations Securicor Distribution 65.7 - Securicor Information Systems (30.5) - SafeDoor - (5.7) Other (7.4) 1.4 Impairment of goodwill arising on acquisition of (28.6) - Argenbright Security associated with exit from Aviation Security activities Loss on sale of fixed assets - (0.7) (0.8) (5.0) The reported profit (loss) on the sale of Securicor Distribution and Securicor Information Systems takes account of, respectively, £31.8m and £13.0m of goodwill arising on acquisition and previously written off to reserves. Goodwill amortisation (including share of joint ventures and associates) was £ 12.6m in the year to 30 September 2003 and £11.4m in the year to 30 September 2002. 5. Net interest Year ended Year ended 30 30 September September 2003 2002 £m £m Group 13.2 13.0 Share of joint ventures and associates - continuing 3.4 3.3 Share of joint venture - discontinued 0.7 1.4 Net interest 17.3 17.7 6. Taxation Year ended Year ended 30 30 September September 2003 2002 £m £m Corporation tax 22.3 17.6 Deferred tax (6.9) 1.9 Associates and joint ventures Corporation tax 2.9 1.3 Deferred tax - 0.2 Exceptional items and goodwill Corporation tax (12.6) (2.5) Deferred tax (1.8) (1.7) Total taxation charge 3.9 16.8 Notes to the preliminary announcement (continued) 7. Earnings per share Year ended Year ended 30 30 September September 2003 2002 £m £m Basic Profit (loss) after taxation 45.6 (41.4) Minority interests (1.1) (1.4) Profit (loss) attributable to shareholders 44.5 (42.8) Weighted average number of shares outstanding 605.1m 625.0m Basic earnings (loss) per share 7.4p (6.8)p Diluted Diluted earnings (loss) per share 7.4p (6.8)p Normalised earnings (before exceptional items, goodwill amortisation and discontinued operations) Profit (loss) attributable to shareholders 44.5 (42.8) Exceptional items, goodwill amortisation and (0.4) 87.4 discontinued operations (net of tax and including discontinued joint venture interest charges) Adjusted attributable profit 44.1 44.6 Weighted average number of shares outstanding 605.1m 625.0m Normalised earnings per share 7.3p 7.1p 8. Reconciliation of movement in equity shareholders' funds Year ended Year ended 30 30 September September 2003 2002 £m £m Profit (loss) on ordinary activities after taxation 44.5 (42.8) and minority interests Dividends (87.8) (13.2) Retained deficit (43.3) (56.0) Translation differences on foreign currency net (5.1) (9.4) investments Proceeds of share capital issued - 3.6 Write-back of goodwill on disposals previously written 44.8 - off (3.6) (61.8) Equity shareholders' funds at start of period 266.9 328.7 Equity shareholders' funds at end of period 263.3 266.9 9. Dividends Year ended Year ended 30 30 September September 2003 2002 £m £m Ordinary dividend Interim 0.78p (2002 : 0.72p) 4.2 4.5 Final 1.62p (2002 : 1.39p) 8.6 8.7 Total 2.40p (2002 : 2.11p) 12.8 13.2 Special dividend 12.0p 75.0 - The final dividend will be paid on 5 April 2004 to shareholders on the register on 5 March 2004. The special dividend was paid following the completion of the sale of Securicor Distribution. Notes to the preliminary announcement (continued) 10. Contingent liability The company's wholly-owned US subsidiary, Argenbright Security, Inc ('Argenbright'), was responsible for passenger checkpoint security screening for two of the flights involved in the terrorist atrocities of 11 September 2001, being the United Airlines flight from Newark to San Francisco and the American Airlines flight from Washington to Los Angeles. The hijacked planes performing these flights crashed respectively in rural Pennsylvania and into the Pentagon, Washington. The directors believe that, in respect of those two flights, Argenbright carried out its security screening services properly and in accordance with its contractual and regulatory duties and that it should have no liability for the losses that occurred subsequently. However, the events of 11 September were so extraordinary that it is impossible at this stage to state with certainty that no findings against Argenbright will be made. Argenbright, which is a stand-alone limited liability corporation, is being sued and a number of lawsuits have been served upon it. Securicor plc itself has been named in some of the lawsuits. At 11 September 2001, Argenbright and the company had in place joint aviation liability insurance which included cover for acts of terrorism. The directors believe that, subject to claims under the policy by Argenbright, the company has insurance cover of US$1billion for each of the two flights referred to above. END
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