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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mount Logan Capital Inc | NEO:MLC | NEO | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 0.25% | 2.00 | 1.99 | 2.00 | 2.00 | 2.00 | 2.00 | 500 | 20:59:59 |
RNS Number:6877R Millennium & Copthorne Hotels PLC 05 November 2003 5 November 2003 MILLENNIUM & COPTHORNE HOTELS PLC TRADING UPDATE AND RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2003 Millennium & Copthorne Hotels plc today provides a trading update and results for the nine months ended 30 September 2003. Group results Three months Three months Nine months to Nine months to to 30 Sept 2003 to 30 Sept 2002 30 Sept 2003 30 Sept 2002 #m #m #m #m Group turnover 134.6 138.9 377.6 422.7 Group operating profit 14.5 22.7 30.0 66.9 Profit before tax 6.6 10.6 0.3 36.2 Highlights * Return to profit - #6.6m profit in third quarter compared to #6.3m loss in first half of 2003 * Group occupancies increased to 68.7% in the quarter from 61.0% in first half of 2003 * Continued recovery in RevPAR performance - up 12.1% compared to first half of 2003 * Ongoing tight control on costs and capital expenditure Commenting today, Mr Kwek Leng Beng, Chairman said: "We believe that the worst is over and that our industry is recovering, albeit at a gradual pace. We are encouraged by the signs of recovery in Group RevPAR and anticipate this recovery will continue. Volumes are encouraging and historic trends indicate that an improvement in rates should follow. "Looking forward, we remain confident that our ownership of quality assets in key locations makes us uniquely placed to benefit from the ongoing improvement in trading. However, the market remains challenging and the recovery that we have seen is gradual." Enquiries: John Wilson, Chief Executive 020 7872 2444 David Thomas, Finance Director 020 7872 2444 Millennium & Copthorne Hotels plc Nick Claydon/Kate Miller/Chi Lo 020 7404 5959 Brunswick Group Limited MILLENNIUM & COPTHORNE HOTELS PLC TRADING UPDATE AND RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2003 Overview We are pleased to report that the gradual improvement in trading that we had begun to see at the time of our interim results has continued. As a result, we have returned to profitability in this quarter despite the impact of SARS on travel patterns in Asia. For the three months to end of September Group turnover was #134.6m (2002: #138.9m). Group operating profit was #14.5m (2002: #22.7m) and the profit before tax was #6.6m (2002: #10.6m). For the nine months to 30 September Group turnover was #377.6m (2002: #422.7m). Group operating profit was #30.0m (2002: #66.9m) and our profit before tax was #0.3m (2002: #36.2m). This compares with a loss before tax of #6.3m for the first half of 2003. At our interim results we announced that Group RevPAR for the month of July was 8.0% down compared to 2002, a clear improvement on the 14.5% decline reported for the half year. This improvement has continued gradually throughout the third quarter and, for the three months to 30 September 2003, the Group's RevPAR was down 6.7% on the equivalent period in 2002. Comparing the third quarter to the first half, it is encouraging to note that Group occupancies increased from 61.0% to 68.7%, with Group RevPAR increasing by 12.1% to #41.29 (6 months to 30 June 2003: #36.83). Operationally, we have continued to monitor and reduce our cost base and maintain a tight control on capital expenditure. We expect the total capital expenditure for the year, including US$25m on the Millenium Hilton, to be in the region of #30m. Our decision to have a scrip dividend alternative for the 2003 interim dividend was well received by our shareholders, although the actual take-up was relatively small. Going forward, we will continue to keep the allocation of our cash resources under close review. Summary of performance New York City has continued to enjoy high volumes of business and we have improved occupancies. However, we have experienced ongoing rate pressure in the corporate market. Despite this, the RevPAR shortfall compared to the third quarter 2002 was 5.8% and this shows a much better position than the 11.3% shortfall for the six months to 30 June 2003. The Millenium Hilton continues to trade well and we expect significant benefits from it during the fourth quarter and into 2004. We continue to benefit from the capital investment in the refurbishment of our regional US hotels in 2001. RevPAR in this region was down 3.2% for the quarter compared to 5.6% in the 6 months to 30 June 2003. The London market remains challenging with continued pressure on rate. We saw an improvement in performance in September resulting from a return of corporate business. Third quarter RevPAR was down 10.0% compared to 15.6% in 6 months to 30 June 2003. In respect of the Rest of Europe, our Regional UK operations continue to be resilient but Germany remains difficult. The recovery in Asia has continued following the end of the SARS epidemic. We are pleased with the dramatic recovery of our hotels in Taipei and Hong Kong. There has been a good improvement in Singapore, albeit at a more gradual rate. The performance of our hotel in Seoul was disappointing compared to its very strong performance in 2002 when it benefited from the Asian Games and the football World Cup. For the region as a whole RevPAR for the three months was down 11.9% compared to down 35.4% for the first half of 2003. Our Australasian portfolio continues to perform well and saw RevPAR improve to last year by 2.2%. Again this is a better performance than in the first six months of 2003. Prospects We believe that the worst is over and that our industry is recovering, albeit at a gradual pace. Group RevPAR for the 4 weeks to 28 October 2003 was 3.9% down compared to 2002. We are encouraged by the signs of recovery in Group RevPAR and anticipate this recovery will continue. Volumes remain strong and historic trends would indicate that an improvement in rates should follow. Looking forward, we remain confident that our ownership of quality assets in key locations makes us uniquely placed to benefit from the ongoing improvement in trading. However, the market remains challenging and the recovery that we have seen is gradual. Kwek Leng Beng Chairman 5th November 2003 Consolidated profit and loss account for the quarter ending 30 September 2003 3 months 3 months ended ended 30 September 30 September 2003 2002 #m #m Unaudited Unaudited Turnover Group and share of joint ventures 149.2 153.6 Less share of turnover of joint ventures (14.6) (14.7) ---------- --------- Group turnover 134.6 138.9 Cost of sales (63.7) (60.4) ---------- --------- Gross profit 70.9 78.5 Administrative expenses (55.9) (56.9) Other operating (expense)/income (0.5) 1.1 ---------- --------- Group operating profit 14.5 22.7 Share of operating profits of joint ventures 1.2 0.5 Share of operating profits of associated undertakings - 0.1 ---------- --------- Total operating profit 15.7 23.3 Profit on sale of fixed assets - - ---------- --------- Profit before interest and taxation 15.7 23.3 Interest payable less receivable Group (7.9) (12.2) Joint ventures (1.2) (0.4) Associated undertakings - (0.1) ---------- --------- (9.1) (12.7) ---------- --------- Profit on ordinary activities before taxation 6.6 10.6 Tax on profit on ordinary activities (1.7) (2.2) ---------- --------- Profit on ordinary activities after taxation 4.9 8.4 Minority interests - equity (2.0) (1.7) ---------- --------- Profit for the financial period 2.9 6.7 Dividends paid and proposed - - ---------- --------- Retained profit for the financial period 2.9 6.7 ---------- --------- Key Operating Statistics for the quarter ending 30 September 2003 3 months 3 months 3 months ended ended ended 30 September 30 September 30 September 2003 2002 2002 Excluding Millenium Hilton Like for Like Reported Constant Reported Currency Currency Currency Occupancy (%) New York 84.9 82.8 82.8 Rest of USA 64.9 61.0 61.4 USA 68.6 65.0 65.6 London 89.9 87.6 87.6 Rest of Europe 72.3 70.3 70.3 Europe 80.1 78.0 78.0 Asia 61.4 67.4 67.4 Australasia 61.4 62.7 63.9 Group 68.7 68.7 69.0 --------- ---------- --------- Average room rate (#) New York 99.51 108.26 113.13 Rest of USA 59.26 65.14 69.16 USA 68.41 75.23 79.99 London 70.00 79.86 79.86 Rest of Europe 63.57 69.05 66.73 Europe 66.77 74.44 73.27 Asia 52.35 54.14 55.77 Australasia 36.94 35.41 30.26 Group 60.10 64.41 64.20 --------- ---------- --------- RevPAR (#) New York 84.48 89.64 93.67 Rest of USA 38.46 39.74 42.46 USA 46.93 48.90 52.47 London 62.93 69.96 69.96 Rest of Europe 45.96 48.54 46.91 Europe 53.48 58.06 57.15 Asia 32.14 36.49 37.59 Australasia 22.68 22.20 19.34 Group 41.29 44.25 44.30 --------- ---------- --------- Like for like statistics include - Four points Sunnyvale for the three months July 1 to 30 September 2002 and 2003. The Millenium Hilton is excluded from both 2002 and 2003 statistics. Including the Millenium Hilton in 2003 would produce the following statistics. OCCUPANCY (%) New York 81.2 USA 68.9 Group 68.8 AVERAGE ROOM RATE (#) New York 103.43 USA 72.05 Group 61.62 REVPAR (#) New York 83.99 USA 49.64 Group 42.39 Consolidated profit and loss account for the nine months ended 30 September 2003 9 months 9 months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Unaudited Unaudited Audited Turnover Group and share of joint ventures 417.9 473.8 641.1 Less share of turnover of joint ventures (40.3) (51.1) (73.6) --------- --------- ---------- Group turnover 377.6 422.7 567.5 Cost of sales (177.4) (187.0) (252.1) --------- --------- ---------- Gross profit 200.2 235.7 315.4 Administrative expenses (162.7) (173.0) (225.6) Other operating (expense)/income (7.5) 4.2 6.5 --------- --------- ---------- Group operating profit 30.0 66.9 96.3 Share of operating profits of joint ventures 1.8 5.7 12.2 Share of operating profits of associated undertakings - 0.3 0.4 --------- --------- ---------- Total operating profit 31.8 72.9 108.9 Profit on sale of fixed assets 0.4 - - --------- --------- ---------- Profit before interest and taxation 32.2 72.9 108.9 Interest payable less receivable Group (28.1) (32.7) (41.8) Joint ventures (3.8) (3.7) (6.5) Associated undertakings - (0.3) (0.4) --------- --------- ---------- (31.9) (36.7) (48.7) --------- --------- ---------- Profit on ordinary activities before taxation 0.3 36.2 60.2 Tax on profit on ordinary activities (0.1) (9.5) (14.4) --------- --------- ---------- Profit on ordinary activities after taxation 0.2 26.7 45.8 Minority interests - equity (3.6) (7.0) (7.8) --------- --------- ---------- (Loss)/profit for the financial period (3.4) 19.7 38.0 Dividends paid and proposed (11.9) (11.9) (35.3) --------- --------- ---------- Retained (loss)/profit for the financial period (15.3) 7.8 2.7 --------- --------- ---------- Basic (loss) /earnings per share (1.2p) 7.0p 13.4p Diluted (loss) /earnings per share (1.2p) 7.0p 13.4p Dividends per share 4.2p 4.2p 12.5p Key Operating Statistics for the nine months ending 30 September 2003 9 months 9 months 9 months Year ended ended ended ended 30 September 30 September 30 September 31 December 2003 2002 2002 2002 Excluding Millenium Hilton Like for Like Reported Constant Reported Reported Currency Currency Currency Currency Occupancy (%) New York 83.4 82.6 82.6 83.3 Rest of USA 58.1 54.5 54.9 54.0 USA 62.8 59.7 60.3 59.7 London 79.7 83.8 83.8 83.1 Rest of Europe 69.7 68.6 68.6 68.6 Europe 74.1 75.3 75.3 75.0 Asia 52.5 66.6 66.6 66.4 Australasia 66.2 68.2 68.5 70.4 Group 63.6 66.8 67.2 67.2 --------- --------- ---------- ---------- Average room rate (#) New York 97.33 108.37 118.10 120.28 Rest of USA 59.10 66.07 72.22 70.83 USA 68.43 76.83 84.50 84.29 London 72.25 79.62 79.62 79.86 Rest of Europe 66.65 71.40 68.91 68.94 Europe 69.32 75.45 74.19 74.30 Asia 52.61 57.49 60.57 59.26 Australasia 36.48 34.91 30.70 31.46 Group 60.28 65.03 66.20 65.73 --------- --------- ---------- ---------- RevPAR (#) New York 81.17 89.51 97.55 100.19 Rest of USA 34.34 36.01 39.65 38.25 USA 42.97 45.87 50.95 50.32 London 57.58 66.72 66.72 66.36 Rest of Europe 46.46 48.98 47.27 47.29 Europe 51.37 56.81 55.87 55.73 Asia 27.62 38.29 40.34 39.35 Australasia 24.15 23.81 21.03 22.15 Group 38.34 43.44 44.49 44.17 --------- --------- ---------- ---------- Gross operating profit margin (%) New York 25.3 31.3 32.5 Rest of USA 21.3 25.1 23.7 USA 22.7 27.3 27.0 London 48.7 51.3 51.4 Rest of Europe 27.8 30.5 30.5 Europe 36.8 40.1 40.1 Asia 30.3 37.2 38.8 Australasia 38.8 35.5 37.3 Group 30.5 34.6 35.1 --------- --------- ---------- ---------- Like for like statistics include - Four points Sunnyvale for the nine months to 30 September 2002 and 2003 - Millennium Hotel Sydney for the three months ended 31 March 2002 and 2003 - Quality Hotel Willis Street Wellington for the three months ended 31 March 2002 and 2003 The Millenium Hilton is excluded from both 2002 and 2003 statistics. Including the Millenium Hilton, after deduction of preopening expenses, in 2003 would produce the following statistics. OCCUPANCY (%) New York 81.9 USA 63.2 Group 63.7 AVERAGE ROOM RATE (#) New York 99.71 USA 70.38 Group 61.06 REVPAR (#) New York 81.66 USA 44.48 Group 38.90 GROSS OPERATING PROFIT MARGIN (%) New York 27.4 USA 23.6 Group 30.7 Segmental information for the nine months ending 30 September 2003 New York Rest of USA London Rest of Europe Asia Australasia Group 2003 2003 2003 2003 2003 2003 2003 #'m #'m #'m #'m #'m #'m #'m Turnover Hotel 47.0 79.3 49.1 65.0 89.1 30.4 359.9 Non-hotel - 2.7 - - 1.3 13.7 17.7 --------------------- ------ ------ ------ ------ ------ ------- ------ Total 47.0 82.0 49.1 65.0 90.4 44.1 377.6 --------------------- ------ ------ ------ ------ ------ ------- ------ Hotel gross operating profit 12.9 16.9 23.9 18.1 27.0 11.8 110.6 Hotel fixed charges (11.3) (15.1) (8.8) (13.4) (16.0) (6.9) (71.5) --------------------- ------ ------ ------ ------ ------ ------- ------ Hotel operating profit 1.6 1.8 15.1 4.7 11.0 4.9 39.1 Non-Hotel operating profit - 1.0 - - 0.6 5.5 7.1 --------------------- ------ ------ ------ ------ ------ ------- ------ Profit before central costs 1.6 2.8 15.1 4.7 11.6 10.4 46.2 Other operating expenses (7.5) (7.5) Central costs (8.7) --------------------- ------ ------ ------ ------ ------ ------- ------ Group operating profit 30.0 Share of operating profits of joint ventures 0.5 1.3 1.8 Share of operating profits of associated undertakings - Profit on sale of fixed assets 0.4 Net interest payable (31.9) --------------------- ------ ------ ------ ------ ------ ------- ------ Profit on ordinary activities before taxation 0.3 --------------------- ------ ------ ------ ------ ------ ------- ------ Segmental information for the nine months ending 30 September 2002 Reported Currency New York Rest of USA London Rest of Europe Asia Australasia Group 2002 2002 2002 2002 2002 2002 2002 #'m #'m #'m #'m #'m #'m #'m Turnover Hotel 49.9 88.0 55.7 64.3 117.4 29.0 404.3 Non-hotel - 2.9 - - 1.3 14.2 18.4 --------------------- ------ ------ ------ ------ ------ ------- ------ Total 49.9 90.9 55.7 64.3 118.7 43.2 422.7 --------------------- ------ ------ ------ ------ ------ ------- ------ Hotel gross operating profit 15.6 22.1 28.6 19.6 43.7 10.3 139.9 Hotel fixed charges (8.9) (16.2) (10.9) (13.2) (20.6) (6.1) (75.9) --------------------- ------ ------ ------ ------ ------ ------- ------ Hotel operating profit 6.7 5.9 17.7 6.4 23.1 4.2 64.0 Non-Hotel operating profit - 1.1 - - 1.2 5.9 8.2 --------------------- ------ ------ ------ ------ ------ ------- ------ Profit before central costs 6.7 7.0 17.7 6.4 24.3 10.1 72.2 Other operating income 4.2 4.2 Central costs (9.5) --------------------- ------ ------ ------ ------ ------ ------- ------ Group operating profit 66.9 Share of operating profits of joint ventures 1.5 4.2 5.7 Share of operating profits of associated undertakings 0.3 0.3 Profit on sale of - fixed assets Net interest payable (36.7) --------------------- ------ ------ ------ ------ ------ ------- ------ Profit on ordinary activities before taxation 36.2 --------------------- ------ ------ ------ ------ ------ ------- ------ For 2003 the New York hotel operating profit excludes pre-opening and legal fees with respect to the Millenium Hilton, these are disclosed in other operating expense For 2002 the New York hotel operating profit excludes business interruption income with respect to the Millenium Hilton, this is disclosed in other operating income Consolidated statement of total recognised gains and losses 9 months 9 months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Unaudited Unaudited Audited (Loss)/profit for the financial period (3.4) 19.7 38.0 Loss on foreign currency translation (15.1) (46.0) (62.6) Deficit on revaluation of fixed assets - (2.0) (0.3) --------- --------- --------- Total gains and losses relating to the period (18.5) (28.3) (24.9) Prior year adjustment - (62.5) (62.5) --------- --------- --------- Total gains and losses recognised since last annual report (18.5) (90.8) (87.4) --------- --------- --------- Note of historical costs profits and losses 9 months 9 months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m unaudited unaudited audited Reported profit on ordinary activities before taxation 0.3 36.2 60.2 Difference between a historical cost depreciation charge and the actual depreciation charge for the period calculated on the revalued amount 0.3 0.3 0.5 --------- --------- --------- Historical profit on ordinary activities before taxation 0.6 36.5 60.7 --------- --------- --------- Historical cost (loss)/profit for the period retained after taxation, minority interests and dividends (15.0) 8.1 3.2 --------- --------- --------- Consolidated balance sheet 30 September 30 September 31 December 2003 2002 2002 #m #m #m Unaudited Unaudited Audited Fixed assets Tangible assets 2,177.2 2,204.6 2,185.4 Investments in joint ventures Share of gross assets 273.0 292.5 288.1 Share of gross liabilities (189.5) (212.6) (205.1) Share of minority interests (20.6) (21.2) (21.2) Loans to joint ventures 35.7 38.3 36.1 --------- --------- --------- 98.6 97.0 97.9 Investments in associated undertakings 1.4 5.2 6.2 Investments 0.4 0.4 0.3 --------- --------- --------- 100.4 102.6 104.4 2,277.6 2,307.2 2,289.8 Current assets Stocks 14.5 15.6 15.7 Debtors falling due within one year 74.7 73.5 75.6 Debtors falling due after more than one year 2.0 7.3 2.0 --------- --------- --------- 76.7 80.8 77.6 Cash and short term deposits 35.4 58.5 59.1 --------- --------- --------- 126.6 154.9 152.4 Creditors: amounts falling due within one year Bank loans, overdrafts and finance lease obligations (96.5) (185.1) (115.8) Other liabilities (120.7) (167.5) (176.4) --------- --------- --------- (217.2) (352.6) (292.2) Net current liabilities (90.6) (197.7) (139.8) --------- --------- --------- Total assets less current liabilities 2,187.0 2,109.5 2,150.0 Creditors: amounts falling due after more than one year Bank loans, overdrafts and finance lease obligations (674.2) (569.8) (618.8) Other liabilities (16.6) (17.0) (15.2) --------- --------- --------- (690.8) (586.8) (634.0) Provisions for liabilities and charges (52.8) (47.9) (49.7) --------- --------- --------- Net assets 1,443.4 1,474.8 1,466.3 ========= ========= ========= Share capital 84.8 84.8 84.8 Share premium 845.7 845.6 845.6 Revaluation reserve 306.2 307.3 308.4 Profit and loss account 83.9 133.2 112.1 --------- --------- --------- Shareholders' funds - equity 1,320.6 1,370.9 1,350.9 Minority interests - equity 122.8 103.9 115.4 --------- --------- --------- Total Capital Employed 1,443.4 1,474.8 1,466.3 ========= ========= ========= Consolidated Cash Flow Statement 9 months 9 months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m CASH FLOW STATEMENT Unaudited Unaudited Audited Net cash inflow from operating activities 51.6 93.4 122.2 Dividends received from associated undertakings - 0.2 0.2 Dividends received from joint ventures 0.1 - 0.1 Returns on investment and servicing of finance (36.2) (40.1) (50.0) Taxation paid (5.1) (9.7) (11.6) Capital expenditure and financial investment (19.9) (17.5) (12.2) Acquisitions and disposals (28.0) - - Equity dividends paid (23.5) (23.5) (35.3) --------- --------- --------- Cash (outflow)/inflow before use of liquid resources and financing (61.0) 2.8 13.4 --------- --------- --------- Management of liquid resources (5.4) 39.9 30.6 --------- --------- --------- Financing Net cash from the issue of shares and purchase of minority interests 0.1 (37.2) (37.2) Increase in debt and lease financing 40.4 21.2 8.1 --------- --------- --------- 40.5 (16.0) (29.1) --------- --------- --------- (Decrease)/increase in cash in the period (25.9) 26.7 14.9 ========= ========= ========= RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT (Decrease)/increase in cash in the period (25.9) 26.7 14.9 Cash outflow/(inflow) from increase/ (decrease) in liquid funds 5.4 (39.9) (30.6) Cash inflow from the increase in debt and lease financing (40.4) (21.2) (8.1) --------- --------- --------- Change in net debt resulting from cash flows (60.9) (34.4) (23.8) Acquisitions (12.6) - - Deferred finance costs 0.4 0.2 0.2 Translation differences and other non-cash movements 13.3 23.2 33.5 --------- --------- --------- Movement in net debt in the period (59.8) (11.0) 9.9 Net debt at the beginning of the period (675.5) (685.4) (685.4) --------- --------- --------- Net debt at the end of the period (735.3) (696.4) (675.5) ========= ========= ========= RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES 9 months 9 months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Unaudited Unaudited Audited Operating profit 30.0 66.9 96.3 Depreciation 30.0 29.2 39.8 Loss on disposal of fixed assets - 0.2 0.4 Decrease in stocks 1.1 0.2 0.1 Decrease/(increase) in debtors 0.9 (0.5) (4.3) Decrease in creditors (10.0) (2.3) (9.7) Decrease in provisions (0.4) (0.3) (0.4) --------- --------- --------- Net cash inflow from operating activities 51.6 93.4 122.2 ========= ========= ========= ANALYSIS OF NET DEBT Translation Acquisitions differences As at 1 Deferred excluding and other As at 30 January finance cash and non cash September 2003 Cashflow costs overdrafts movements 2003 #m #m #m #m #m #m Cash 46.2 (26.8) - - (1.9) 17.5 Overdrafts (1.8) 0.9 - - - (0.9) ------ (25.9) Short term deposits 12.9 5.4 - - (0.4) 17.9 Debt due after one year (465.0) (71.2) 0.4 - 11.3 (524.5) Debt due within one year (86.5) 51.1 - (12.6) (0.2) (48.2) Finance Leases (18.3) 11.1 - - (0.3) (7.5) Bonds due after one year (147.4) - - - 3.6 (143.8) Bonds due within one year (15.6) (31.4) - - 1.2 (45.8) ------ (40.4) ------ ------ ------ -------- ------- -------- (675.5) (60.9) 0.4 (12.6) 13.3 (735.3) ====== ====== ====== ======== ======= ======== ANALYSIS OF CASH FLOW FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT 9 months 9 months Year ended ended ended 30 September 30 September 31 December 2003 2002 2002 #m #m #m Returns on investment and servicing of finance Interest received 2.6 3.1 4.6 Interest paid (30.8) (36.4) (46.5) Payment of interest on deferred consideration (4.8) - - Loan arrangement fees paid (0.4) (1.9) (2.9) Interest element of finance lease rental payments (0.9) (0.9) (1.2) Dividends paid to minorities (1.9) (4.0) (4.0) --------- --------- -------- Net cash outflow for returns on investments and servicing of finance (36.2) (40.1) (50.0) ========= ========= ======== Capital expenditure and financial investment Purchase of tangible fixed assets (13.9) (21.2) (28.6) Millennium Hilton New York capital expenditure (14.3) (2.4) (5.1) Insurance capital claims receipts - 3.3 18.9 Purchase of development properties - (1.6) (2.1) Proceeds from the sale of development properties 1.6 0.2 0.3 Proceeds from the sale of investments 2.5 - - Sale of properties held for resale - 3.2 3.2 Sale of other fixed assets 4.2 0.1 0.3 Repayment from loans to associates and joint ventures - 0.9 0.9 --------- --------- -------- Net cash outflow for capital expenditure and financial investment (19.9) (17.5) (12.2) ========= ========= ======== Acquisitions and disposals Acquisitions of subsidiary undertakings (2.6) - - Payment of deferred consideration (25.4) - - --------- --------- -------- Net cash outflow for acquisitions and disposals (28.0) - - ========= ========= ======== Management of liquid resources Cash (placed on)/withdrawn from short term deposit (5.4) 39.9 30.6 --------- --------- -------- Net cash (outflow)/ inflow from management of liquid resources (5.4) 39.9 30.6 ========= ========= ======== Financing Issue of shares from the exercise of options 0.1 0.2 0.2 Purchase of shares in minorities - (37.4) (37.4) --------- --------- -------- 0.1 (37.2) (37.2) --------- --------- -------- Drawdown of third party loans 261.8 121.6 165.2 Repayment of third party loans (210.3) (99.1) (155.0) Capital element of finance lease repayment (11.1) (1.3) (2.1) --------- --------- -------- 40.4 21.2 8.1 --------- --------- -------- --------- --------- -------- Net cash inflow/(outflow) from financing 40.5 (16.0) (29.1) ========= ========= ======== Notes 1. Basis of preparation These statements have been prepared under the historical cost convention, modified to include the revaluation of certain hotels. Preparation is in accordance with the Group's accounting policies as set out in the financial statements for the year ended 31 December 2002. The comparative figures for the financial year ended 31 December 2002 are not the Group's statutory accounts for that financial year but are abridged from them. Those accounts have been reported on by the Group'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) and (3) of the Companies Act 1985. 2. Basis of consolidation The financial statements consolidate the accounts of Millennium & Copthorne Hotels plc and its subsidiary undertakings together with the Group's share of the net assets and results of its joint ventures and associated undertakings The results of the subsidiary undertakings acquired are included in the profit and loss account from the effective date of acquisition. The Group's share of the results and the net assets of its associated undertakings and joint ventures are included in the consolidated profit and loss account and balance sheet under the equity method of accounting. 3. Taxation A tax charge has been accrued to reflect the estimated effective tax rate for the full year of 20.0% (2002 full year: 23.9%). 4. (Loss)/earnings per share The basic loss per share of 1.2p (2002: earnings per share of 7.0p) are based on a loss of #3.4 million (2002: profit of #19.7 million) and a weighted average number of shares in issue of 282.6 million (2002: 282.6 million) being the average number of shares in issue in the period. The fully diluted loss per share of 1.2p (2002: earnings per share of 7.0p) are based on a weighted average number of shares in issue of 282.6 million (2002: 282.7 million) being the average number of shares in issue in the period adjusted for the exercise of dilutive share options. 5. Deferred Consideration. In December 1999 the Group acquired a number of hotels in the USA and, under the terms of the acquisition, US$45.0m (plus interest) of the consideration for these hotels was deferred for a period of two years. This consideration was not paid when it originally fell due in December 2001 pending adequate financial assurances that the vendor could honour its indemnity obligations under the terms of the agreement. The parties have now reached agreement and a total of US$48.8m was paid in September 2003. The full amount had already been fully provided for by the Group. This information is provided by RNS The company news service from the London Stock Exchange END QRTEANFLEESDFFE
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