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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Amvescap | NYSE:AVZ | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
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Amvescap PLC
AMVESCAP PLC Reports Results for Three Months Ended September 30, 2003
AMVESCAP (NYSE:AVZ) (LSE:AVZ) (TSX:AVZ) reported that profit before tax and
goodwill amortization for the three months ended September 30, 2003 increased
24% to GBP77.2 million ($128.2 million) compared to GBP62.4 million ($103.0
million) in the second quarter of the current year. Profit before tax and
goodwill amortization amounted to GBP70.7 million ($111.0 million) in the third
quarter of 2002. Diluted earnings per share before goodwill amortization
amounted to 6.6p for the 2003 period, an increase of 22% from last quarter's
5.4p per share. Diluted earnings per share totalled 6.0p per share in the third
quarter of 2002. Revenues for the third quarter amounted to GBP304.3 million
($505.1 million) compared to GBP307.5 million ($482.8 million) for the same
period of 2002 and GBP281.8 million ($465.0 million) in 2003's second quarter.
Results for Three Months Ended
Sept 30, Sept 30, Sept 30, Sept 30,
2003 2002 2003(b) 2002(b)
--------- --------- -------- --------
Revenues GBP304.3m GBP307.5m $505.1m $482.8m
Profit before tax and goodwill
amortization GBP77.2m GBP70.7m $128.2m $111.0m
Earnings per share before
goodwill amortization:
--basic 6.7p 6.1p $.22(a) $.19(a)
--diluted 6.6p 6.0p $.22(a) $.19(a)
----------------------------------------------------------------------
(a) Per American Depositary Share equivalent to 2 ordinary shares.
(b) For the convenience of the reader, pounds sterling for the
period ended September 30, 2003 have been translated to US dollars
using $1.66 per GBP1.00 (2002: $1.57 per GBP1.00).
"The economic climate is generally positive and the major capital markets are
reflecting improved investor confidence," said Mr. Charles W. Brady, Executive
Chairman. "Interest rates remain at historically low levels and many companies
are once again reporting growth in earnings. The continuation of these factors,
coupled with our continued emphasis on expense controls and improving investment
performances, should lead to improved results for the remainder of 2003 and into
2004."
Profit before tax, goodwill amortization and exceptional items amounted to
GBP188.1 million ($312.2 million) for the nine month period of 2003 compared to
GBP263.2 million ($413.2 million) in 2002. Diluted earnings per share before
goodwill amortization and exceptional items amounted to 16.2p (2002: 22.2p) for
the nine months ended September 30, 2003, a decrease of 27%. Revenues for the
nine months ended September 30, 2003 amounted to GBP856.9 million ($1,422.5
million) compared to GBP1,054.2 million ($1,655.1 million) for the corresponding
period of 2002.
Earnings before interest, taxes, depreciation, amortization and exceptional
items reached GBP106.8 million ($177.3 million) and GBP279.2 million ($463.5
million) for the third quarter and nine months ended September 30, 2003.
Funds under management totaled $345.2 billion (GBP208.0 billion) at September
30, 2003, an increase of $12.6 billion from December 31, 2002. Institutional
money market funds, included above, amounted to $50.7 billion at September 30,
2003 compared to $57.0 billion at December 31, 2002. Approximately 53% of the
total funds under management were invested in equity securities with the
remaining 47% invested in fixed income and other securities at September 30,
2003. Equity securities were invested in the following disciplines at September
30, 2003: 33% in growth, 42% in core and 25% in value styles (June 30, 2003: 39%
in growth, 40% in core and 21% in value styles).
Average funds under management for the nine months ended September 30, 2003 were
$335.6 billion, a decrease of $39.9 billion over the same period of 2002.
Average funds under management during the third quarter were $346.9 billion
compared to $335.8 billion for the preceding quarter, an increase of $11.1
billion. Average institutional money market fund levels were $53.4 billion and
$52.5 billion for the third quarter and the nine months of 2003.
Net debt at September 30, 2003 amounted to GBP528.7 million (excluding client
cash) compared to GBP625.7 million at June 30, 2003 and GBP652.4 million at
December 31, 2002.
Robert F. McCullough, chief financial officer, has announced his intention to
retire as chief financial officer at our Annual General Meeting in April 2004.
James I. Robertson, executive vice president, will assume the position of chief
financial officer at that time. Bob will remain with the Company through the end
of 2004 to ensure a smooth transition of responsibilities.
AMVESCAP is a leading independent global investment manager, dedicated to
helping people worldwide build their financial security. Operating under the
AIM, INVESCO and Atlantic Trust brands, AMVESCAP strives to deliver outstanding
investment performance and service through a comprehensive array of retail and
institutional products for clients in over 100 countries. The Company is listed
on the London, New York, Paris and Toronto stock exchanges with the symbol
"AVZ."
Members of the investment community and general public are invited to listen to
the conference call today, Thursday, October 23, 2003 at 8:30 a.m. EDT (1:30
p.m. BST), by dialing one of the following numbers: 1-888-201-4990 for US
callers or 610-769-9391 for international callers. An audio stream replay of the
conference call will be available at www.amvescap.com following the call. The
presentation slides that will be reviewed during the conference call are
available on AMVESCAP's Web site at www.amvescap.com.
AMVESCAP PLC
Group Profit and Loss Account
(in thousands)
Three Months Ended
Sept 30,
---------------------
2003 2002
---------- ----------
Revenues GBP304,257 GBP307,479
Expenses:
Operating (216,848) (224,343)
Goodwill amortization (37,095) (36,800)
---------- ----------
Operating profit 50,314 46,336
Investment income 1,203 654
Interest expense (11,418) (13,128)
---------- ----------
Profit before taxation 40,099 33,862
Taxation (23,549) (21,622)
---------- ----------
Profit after taxation GBP16,550 GBP12,240
========== ==========
Earnings per share before
goodwill amortization:
--basic 6.7p 6.1p
--diluted 6.6p 6.0p
---------- ----------
Earnings per share:
--basic 2.1p 1.5p
--diluted 2.0p 1.5p
---------- ----------
Average shares outstanding:
--basic 802,943 809,578
--diluted 813,128 812,724
---------- ----------
AMVESCAP PLC
Group Profit and Loss Account
(in thousands)
Nine Months Ended Sept 30,
--------------------------------
2003 2002
-------------- ----------------
Revenues GBP856,851 GBP1,054,164
Expenses:
Operating (635,571) (758,065)
Exceptional (62,094) (20,067)
Goodwill amortization (111,933) (110,488)
-------------- ----------------
Operating profit 47,253 165,544
Investment income 4,702 7,466
Interest expense (37,853) (40,369)
-------------- ----------------
Profit before taxation 14,102 132,641
Taxation (35,141) (74,688)
-------------- ----------------
Profit after taxation (21,039) 57,953
Dividends (40,835) (40,788)
-------------- ----------------
Retained profit for the period GBP(61,874) GBP17,165
============== ================
Earnings per share before
goodwill amortization and
exceptional items:
--basic 16.3p 22.5p
--diluted 16.2p 22.2p
-------------- ----------------
Earnings per share:
--basic (2.6)p 7.1p
--diluted (2.6)p 7.1p
-------------- ----------------
Average shares outstanding:
--basic 803,541 811,322
--diluted 806,528 822,583
-------------- ----------------
AMVESCAP PLC
Group Balance Sheet
(in thousands)
Sept 30, 2003 Dec 31, 2002
------------- ------------
Fixed assets
Goodwill GBP2,427,988 GBP2,542,306
Investments 242,429 248,408
Tangible assets 178,341 197,060
------------- ------------
2,848,758 2,987,774
Currents assets
Debtors 1,000,318 725,547
Investments 71,240 69,195
Cash 289,885 355,111
------------- ------------
1,361,443 1,149,853
Current liabilities
Current maturities of long-term debt (6,803) (222,089)
Creditors (1,157,651) (917,216)
------------- ------------
(1,164,454) (1,139,305)
Net current assets 196,989 10,548
------------- ------------
Total assets less current liabilities 3,045,747 2,998,322
Long-term debt (701,834) (595,600)
Provisions for liabilities and charges (93,749) (119,234)
------------- ------------
Net assets GBP2,250,164 GBP2,283,488
============= ============
Capital and reserves
Called up share capital GBP198,885 GBP198,614
Share premium account 622,071 619,250
Exchangeable shares 383,105 383,105
Profit and loss account 547,424 609,298
Other reserves 498,679 473,221
------------- ------------
Shareholders' funds, equity interests GBP2,250,164 GBP2,283,488
============= ============
AMVESCAP PLC
Group Cash Flow Statement
(in thousands)
Nine Months Ended
----------------------
Sept 30, Sept 30,
2003 2002
----------- ----------
Operating profit GBP47,253 GBP165,544
Amortization and depreciation 165,167 157,030
Change in debtors, creditors, and other 24,125 169,482
----------- ----------
Net cash inflow from operating activities 236,545 492,056
----------- ----------
Interest paid, net of investment income (35,301) (24,431)
Taxation (94,480) (89,855)
Capital expenditures, net of sales (21,886) (34,592)
Net disposal/(purchase) of fixed asset
investments 1,521 (35,922)
Acquisitions (10,635) --
Dividends paid (52,978) (53,076)
Net repayment of debt (84,901) (105,136)
Change in bank overdraft (5,177) (9,946)
Foreign exchange in cash and cash equivalents 2,066 (21,698)
----------- ----------
(Decrease)/increase in cash at bank and in hand GBP(65,226) GBP117,400
=========== ==========
AMVESCAP PLC
Segmental Information
(in thousands)
Nine Months Ended September 30, 2003
Oper.
Revenues Expenses Profit(a)
---------- ------------ ----------
AIM
US GBP361,886 GBP(224,705) GBP137,181
Canada 111,780 (56,085) 55,695
---------- ------------ ----------
473,666 (280,790) 192,876
---------- ------------ ----------
INVESCO
US 137,210 (104,111) 33,099
UK 127,656 (108,883) 18,773
Europe/Asia 55,827 (56,150) (323)
---------- ------------ ----------
320,693 (269,144) 51,549
---------- ------------ ----------
Private Wealth/Retirement 62,492 (65,349) (2,857)
Corporate -- (20,288) (20,288)
---------- ------------ ----------
GBP856,851 GBP(635,571) GBP221,280
========== ============ ==========
Nine Months Ended September 30, 2002
Oper.
Revenues Expenses Profit(a)
------------ ------------ ----------
AIM
US GBP491,436 GBP(294,073) GBP197,363
Canada 117,126 (57,021) 60,105
------------ ------------ ----------
608,562 (351,094) 257,468
------------ ------------ ----------
INVESCO
US 156,510 (115,620) 40,890
UK 153,913 (127,524) 26,389
Europe/Asia 64,849 (63,358) 1,491
------------ ------------ ----------
375,272 (306,502) 68,770
------------ ------------ ----------
Private Wealth/Retirement 70,330 (75,185) (4,855)
Corporate -- (25,284) (25,284)
------------ ------------ ----------
GBP1,054,164 GBP(758,065) GBP296,099
============ ============ ==========
(a) before goodwill amortization and exceptional items
Note: INVESCO Funds Group is reflected with AIM US in this
analysis. Previous presentations included these amounts with the
INVESCO US business.
Notes
1. The taxation charge is estimated based on the total expected tax charge for
the year. A significant proportion of the charge is expected to arise from US
operations.
2. Basic earnings per share is based on the weighted average number of ordinary
and exchangeable shares outstanding during the respective periods. Diluted
earnings per share takes into account the effect of dilutive potential ordinary
and exchangeable shares outstanding during the period.
2003
--------------------------
Profit Number
after of Per
taxation shares share
GBP'000 '000 Amount
--------- -------- -------
Basic earnings per share (21,039) 803,541 (2.6)p
=======
Dilutive effect of options 2,987
--------- --------
Diluted earnings per share (21,039) 806,528 (2.6)p
========= ======== =======
2002
-------------------------
Profit Number
after of Per
taxation shares share
GBP'000 '000 Amount
--------- -------- ------
Basic earnings per share 57,953 811,322 7.1p
======
Dilutive effect of options 11,261
--------- --------
Diluted earnings per share 57,953 822,583 7.1p
========= ======== ======
Profit before goodwill amortization and exceptional items is a more appropriate
basis for the calculation of earnings per share since this represents a more
consistent measure of the year-by-year performance of the business; therefore,
the calculation below is presented on that basis.
2003
------------------------------------
Profit before
goodwill
amortization and Number of Per
exceptional items shares share
GBP'000 '000 Amount
------------------ --------- -------
Basic earnings per share 130,634 803,541 16.3p
=======
Dilutive effect of options 2,987
------------------ ---------
Diluted earnings per share 130,634 806,528 16.2p
================== ========= =======
2002
---------------------------------
Profit before
goodwill
amortization
and
exceptional Number of Per
items shares share
GBP'000 '000 Amount
--------------- --------- -------
Basic earnings per share 182,659 811,322 22.5p
=======
Dilutive effect of options -- 11,261
--------------- ---------
Diluted earnings per share 182,659 822,583 22.2p
=============== ========= =======
3. The consolidated profit and loss includes exceptional charges
in 2003 and 2002 as follows:
GBP'000 2003 2002
----------------------------------------------------------------------
Redundancy 31,054 14,381
US Retail reorganization 12,183 --
Lease costs 9,620 1,803
Acquisitions 2,326 --
Project costs & other 6,911 3,883
---------------
Total exceptional items 62,094 20,067
---------------
Total exceptional items net of tax 39,740 14,218
===============
Diluted per share impact 4.9p 1.7p
===============
4. Whitehall Asset Management was acquired for GBP13.5 million in
February, 2003. The transaction was accounted for as an acquisition
and results have been included from the date of purchase.
AMVESCAP PLC
Funds Under Management
(in billions)
AIM INVESCO
--------------- -----------------------
Europe/
Total US Canada US UK Asia PWM
-------- ------- ------- ------- ------- ------- ------
December 31,
2002 $332.6 $144.1 $22.0 $103.5 $34.0 $21.1 $7.9
Market gains 24.8 11.2 1.2 6.7 3.8 1.3 0.6
Net new/(lost)
business (8.8) (4.1) 0.1 (2.0) (0.2) (2.1) (0.5)
Change in money
market funds (10.7) (10.3) -- -- (0.5) 0.1 --
Transfers -- 1.4 -- 1.7 (3.0) -- (0.1)
Acquisitions 1.1 -- -- -- -- -- 1.1
Foreign
currency 6.2 -- 3.1 -- 0.9 2.1 0.1
-------- ------- ------- ------- ------- ------- ------
September 30,
2003 $345.2 $142.3 $26.4 $109.9 $35.0 $22.5 $9.1
======== ======= ======= ======= ======= ======= ======
September 30,
2003 (a) GBP208.0 GBP85.7 GBP15.9 GBP66.2 GBP21.1 GBP13.6 GBP5.5
======== ======= ======= ======= ======= ======= ======
(a) Translated at $1.66 per GBP1.00.
Note 1: AMVESCAP Retirement has $25.5 billion in assets under administration as
of September 30, 2003, compared to $22.7 billion as of December 31, 2002.
Note 2: The INVESCO Funds Group funds under management are reflected with AIM US
in this analysis. Previous presentations included these amounts with the INVESCO
US business.
Note 3: Institutional money market funds amounted to $50.7 billion at September
30, 2003 compared to $57.0 billion at December 31, 2002.
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