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Share Name | Share Symbol | Market | Type |
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Oaktree Capital Group LLC | NYSE:OAK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 51.52 | 0 | 01:00:00 |
RNS Number:4702I Oakhill Group PLC 07 March 2003 OAKHILL GROUP PLC Announcement of the Unaudited Preliminary Results of Oakhill Group plc for the year ended 31 December, 2002 Copies of the Preliminary Results Announcement are available from the Company at its office: 2A Sandymount Green, Sandymount, Dublin 4 Telephone 240 1400 PRELIMINARY STATEMENT Oakhill Group plc announces its preliminary results for the year ended 31 December 2002. Financial summary 2002 2001 Change Euro'000 Euro'000 % Sales Continuing operations Managed services 25,299 21,142 +20 Specialty print 22,684 23,733 -4 ---------- ---------- 47,983 44,875 +7 Discontinued operations 17,132 29,391 ---------- ---------- 65,115 74,266 ---------- ---------- Operating profit * Continuing operations Managed services 2,666 1,933 +38 Specialty print 1,529 1,827 -16 ---------- ---------- 4,195 3,760 Centre costs (1,336) (1,499) ---------- ---------- 2,859 2,261 +26 Discontinued operations 1,374 1,488 ---------- ---------- 4,233 3,749 +13 ---------- ---------- Loss after tax (16,853) (13,063) Adjusted earnings per share (cent)* 4.46 2.11 +111 Net debt 8,748 16,225 Pro forma net debt ** 4,630 - Shareholders' funds 14,325 33,151 Debt / equity ratio 61% 49% Pro forma debt/equity ratio ** 32% - * before exceptional operating costs, impairment provision, goodwill amortisation and disposal of business units ** net debt after the disposal of Meridian Printing Chairman's Statement Summary Oakhill Group plc is a leading provider of managed services and customer contact solutions in cards and marketing materials ("Managed Services Division") and a market leader in other specialty print products ("Specialty Print Division"), with business units in Ireland and the United Kingdom. The preliminary results of the Group for 2002 show sales from continuing operations up 7% on 2001 and operating profit from continuing operations (before exceptional operating costs, impairment provision, goodwill amortisation and disposal of business units) up 26%. Adjusted earnings per share of 4.46 cent are 111% higher than the 2.11 cent reported in 2001. In light of the difficult market conditions in 2001 the Board conducted a fundamental review of strategy and during 2002 worked to improve the structure of the Group's businesses, assets and balance sheet as well as the liquidity position and the financial flexibility of the Group. This has involved, inter alia, a refocusing on manufacturing strengths and a more cohesive alignment of these to existing sales and marketing services, implementation of a cost reduction programme and divestiture of peripheral assets or businesses. Operating review The Group is organised into two business divisions, Managed Services and Specialty Print. Managed Services Card production, card services, printing of marketing materials and related fulfilment services have been reorganised into one division with a greater emphasis on providing a managed service offering to customers. This division is evolving into a card services and document management business increasing the proportion of sales derived from contract based revenue streams and significantly reducing the Group's dependence on commercial print. Investment has been made in equipment and management resources to support this strategy. In the year under review, sales increased by 20% and operating profit by 38%. This reflects a strong performance by the card services part of the division. Trading in the commercial print side was more difficult although progress was made in developing the services element of this business. Specialty Print This division, following the sale of Meridian Printing, includes book and journal printing in the United Kingdom and self-adhesive label printing in Ireland and the United Kingdom. The division is focusing on higher margin opportunities within the respective business units and on improvements in productivity and a reduced cost base. In the year under review sales decreased by 4% and operating profit by 16%. The books and journals business performed well with sales and operating profit in line with last year. The labels business suffered from declining sales and depressed margins resulting in a substantial drop in operating profit. Meridian The sale of Meridian Printing for a consideration of $6.25 million, of which $0.25 million is a subordinated loan note, was approved by shareholders at an EGM on 17 February 2003 and the transaction was completed on 19 February 2003. The net cash consideration, after expenses, of $5.7 million was used to repay bank debt. Dividends The Directors are unable to recommend a dividend in view of the deficit on revenue reserves. Exceptional costs and provisions Exceptional items in total amount to Euro15.7 million net of taxation as follows: Euro m Impairment provisions (18.6) Exceptional operating costs (0.3) Closure costs (0.2) Exceptional taxation 3.4 ---------- (15.7) ---------- The exceptional item of Euro15.7 million includes an impairment provision of Euro1.9 million, net of taxation, in respect of Meridian, based on the selling price of $6.25 million. A review of the carrying values of the remaining businesses has been carried out by the Directors in light of current market conditions and the trading performances of some of the individual businesses. Arising from this review an impairment provision of Euro14.2 million, net of taxation, is included in respect of the Group's continuing businesses. In spite of the overall increase in Sales and Operating Profit in 2002 the Directors consider these provisions to be necessary and prudent. Our competitors and industry commentators are forecasting very difficult trading conditions for the commercial print and label sectors for the foreseeable future and although our strategy is to reduce dependence on general commercial print a provision of Euro8.8 million is included in respect of the remaining general commercial print businesses and Euro5.4 million, net of taxation, is included in respect of the Specialty Print division. Cash flow and net debt Net debt at 31 December 2002 was Euro8.7 million a reduction of Euro25.3 million over the past two years from Euro34.3 million at 31 December 2000. Operating cash flow in 2002 was Euro7.6 million, in line with last year. Following the completion of the sale of Meridian Printing the Group net debt is reduced to Euro4.63 million, giving a debt/equity ratio of 32%. The repayment date of the Group's existing facilities with a syndicate of banks has been extended from 31 March 2003 to 31 March 2004. The Group has initiated discussions with a number of banks to effect a refinancing of these facilities, which will significantly lengthen the maturity profile of Group debt and release financial resources to underpin the Group's strategic initiatives. Trading Outlook While the overall economic and competitive environment is expected to remain difficult for the foreseeable future, the effect of the refocused product offering, targeted investment in equipment and technical capability and the continued implementation of the cost reduction programme are expected to positively impact on the results going forward. Martin Delany Chairman 7 March 2003 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 Notes Euro'000 Euro'000 Sales Continuing operations Managed services 25,299400 21,142 Specialty print 22,684 23,733 ---------- ---------- 47,983 44,875 Discontinued operations 17,132 29,391 ---------- ---------- 65,115 74,266 ---------- ---------- Operating profit before exceptional operating costs, impairment provision and goodwill amortisation Continuing operations Managed services 2,666 1,933 Specialty print 1,529 1,827 ---------- ---------- 4,195 3,760 Centre costs (1,336) (1,499) ---------- ---------- 2,859 2,261 Discontinued operations 1,374 1,488 ---------- ---------- Operating profit before exceptional operating costs, impairment 4,233 3,749 provision and goodwill amortisation ---------- ---------- Exceptional operating costs 2 (255) (2,316) Impairment provision 3 (18,620) (7,191) Goodwill amortisation 4 (3,702) (3,574) ---------- ---------- Operating loss after exceptional operating costs, impairment provision and goodwill amortisation Continuing operations (15,969) (3,698) Discontinued operations (2,375) (5,634) (18,344) (9,332) Disposal/closure of business units 5 (227) (2,355) ---------- ---------- Loss on ordinary activities before interest (18,571) (11,687) Interest (1,054) (2,119) ---------- ---------- Loss on ordinary activities before taxation (19,625) (13,806) Taxation 2,772 743 ---------- ---------- Loss on ordinary activities after taxation (16,853) (13,063) ---------- ---------- Earnings/(loss) per share - Basic and diluted (cent) 6 (29.86) (23.15) Adjusted earnings per share - Basic and diluted (cent) 6 4.46 2.11 UNAUDITED CONSOLIDATED BALANCE SHEET 31 Dec 31 Dec 2002 2001 Euro'000 Euro'000 Fixed assets Tangible fixed assets 13,063 21,186 Intangible assets 9,260 28,072 ---------- ---------- 22,323 49,258 ---------- ---------- Current assets Stocks 1,740 3,106 Debtors and other current assets 11,178 15,943 Cash and bank balances 4,868 5,117 ---------- ---------- 17,786 24,166 ---------- ---------- Creditors (amounts falling due within one year) Trade and other creditors 10,667 13,266 Bank and other loans 6,267 8,535 Taxation 804 1,210 ---------- ---------- 17,738 23,011 ---------- ---------- Net current assets 48 1,155 Total assets less current liabilities 22,371 50,413 Creditors (amounts falling due after one year) Bank and other loans 7,349 12,807 Provision for liabilities and charges 697 4,455 ---------- ---------- 14,325 33,151 ---------- ---------- Shareholders' funds Share capital 5,644 5,644 Share premium 41,346 41,346 Other reserves 2,731 4,704 Profit and loss account (35,396) (18,543) ---------- ---------- 14,325 33,151 ---------- ---------- UNAUDITED SUMMARY CASH FLOW FOR THE YEAR ENDED 31 DECEMBER 2002 2002 2001 Euro'000 Euro'000 Operating profit before goodwill amortisation and exceptional operating 4,233 3,749 costs Depreciation 3,555 4,882 Net working assets 126 588 Exceptional operating costs (271) (1,580) ---------- ---------- Operating cash flow 7,643 7,639 Net interest (1,026) (1,780) Taxation 219 (280) Capital expenditure (1,800) (2,472) Disposal/closure of business units 1,141 15,414 ---------- ---------- 6,177 18,521 Opening net debt (16,225) (34,021) Currency 1,300 (725) ---------- ---------- Closing net debt (8,748) (16,225) ---------- ---------- NOTES TO THE PRELIMINARY RESULTS 1. Basis of Preparation The preliminary financial statements for the year ended 31 December 2002 have been prepared in accordance with the accounting policies set out in the financial statements for the year ended 31 December 2001, except for the adoption of FRS 19, Deferred Taxation. This has not had any material effect on the amounts presented. Comparative amounts have been regrouped and restated, where necessary, on the same basis as the amounts for the current period. 2. Exceptional Operating Costs 2002 2001 Euro'000 Euro'000 Continuing operations Reorganisation costs (see (a) below) (255) (1,417) Development costs (see (b) below) - (899) ---------- ---------- (255) (2,316) ---------- ---------- a. These costs were incurred in respect of the ongoing reorganisation of the Group's activities. b. These relate to costs in respect of the Group's development strategy to move its activities into higher value added areas and include costs in respect of systems development, market research and discontinued acquisition activities. 1. Impairment provision 2002 2001 Euro'000 Euro'000 Provision in respect of impairment of goodwill and fixed assets in: Continuing operations Specialty print (6,095) (1,608) Commercial print (9,361) - Discontinued operations Meridian Printing (3,164) (5,583) ---------- ---------- (18,620) (7,191) ---------- ---------- 2. Goodwill amortisation 2002 2001 Euro'000 Euro'000 Continuing operations (3,117) (2,035) Discontinued operations (585) (1,539) ---------- ---------- (3,702) (3,574) ---------- ---------- 3. Disposal/closure of business units 2002 2001 Euro'000 Euro'000 Speedprint (227) (3,559) Packaging - 1,396 Keytech and Stinehour - (192) ---------- ---------- (227) (2,355) ---------- ---------- 4. Earnings Per Share 2002 2001 Euro'000 Euro'000 Loss after taxation (16,853) (13,063) Exceptional operating costs - net of tax 199 1,857 Impairment provision - net of tax 16,218 6,710 Goodwill amortisation 3,702 3,574 Disposal of business unit - net of tax 126 2,111 Exceptional tax credits (873) - ---------- ---------- Adjusted profit after tax 2,519 1,189 ---------- ---------- Basic and diluted earnings per share Loss per share (cent) (29.86) (23.15) Exceptional operating costs - net of tax 0.35 3.29 Impairment provision - net of tax 28.73 11.90 Goodwill amortisation 6.56 6.33 Disposal of business unit - net of tax 0.22 3.74 Exceptional tax credits (1.54) - ---------- ---------- Adjusted earnings per share (cent) 4.46 2.11 ---------- ---------- Weighted average number of shares ('000) 56,439 56,439 ---------- ---------- 5. Exchange Rates 2002 2001 Average rate for the period (profit and loss and cash flow) US$ 0.9449 0.8956 Stg# 0.6288 0.6219 Period-end rate (balance sheet) US$ 1.0487 0.8813 Stg# 0.6505 0.6085 6. Preliminary statement The financial information set out in the announcement does not constitute full accounts and is unaudited. Full accounts for the year ended 31 December 2001, which received an unqualified audit report, have been filed with the Irish Registrar of Companies. Contacts : Oakhill Group plc 353 1 240 1400 Martin Delany 353 1 240 1400 Alan Jordan Ends : 7 March, 2003 This information is provided by RNS The company news service from the London Stock Exchange END FR BUGDXUSGGGXR
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