![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allianz AG | TG:ALV | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-4.00 | -1.55% | 253.30 | 252.90 | 253.60 | 257.90 | 251.80 | 257.80 | 70,967 | 22:50:03 |
RNS Number:8921P Alvis PLC 18 September 2003 18 September 2003 ALVIS plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 HIGHLIGHTS 2003 2002 Turnover #163.6m #91.8m Profit before exceptional items and tax #9.3m #7.8m Profit before tax #8.8m #7.9m Earnings per share before exceptional items 6.2p 5.0p Interim dividend per share 2.5p 2.3p Order book #796.3m #560.7m * Turnover up 78% * Profit before tax and exceptional items up 19% * Earnings per share before exceptional items up 24% * Interim dividend up 9% * Order book stable at #800m level Nick Prest, Chairman and Chief Executive of Alvis, commented: "The integration of the Vickers Defence businesses into the Group has gone well, and we continue to make progress. Our product and market positions provide many opportunities." Enquiries: Alvis plc +44 (0)20 7808 8888 Nick Prest, Chairman and Chief Executive Martin Greenslade, Finance Director Smithfield Financial +44 (0)20 7360 4900 Rupert Trefgarne INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003 CHAIRMAN'S STATEMENT RESULTS Group turnover for the six months to 30 June 2003 was #163,629,000 (2002: #91,751,000), profit before tax and exceptional items was #9,253,000 (2002: #7,811,000), profit before tax after exceptional items was #8,790,000 (2002: #7,895,000) and earnings per share after tax and preference dividends were 5.9p (2002: 5.1p). Earnings per share before exceptional items were 6.2p (2002: 5.0p). The growth in sales arose from the addition of the former Vickers Defence companies to the Group and from increased deliveries under major CV90 programmes at Alvis Hagglunds. Operating profit at Alvis Hagglunds increased with turnover, whilst in the UK operating profit was lower than in the equivalent period in 2002 due to the enlarged cost base of the combined Alvis Vickers business and to reorganisation costs. Interest income was lower than in the equivalent period in 2002, partly because of lower interest rates and partly because of a lower net funds position. The Group's cash position remains strong, with net funds at 30 June 2003 standing at #66.8m. OPERATIONS At Alvis Hagglunds serial deliveries of the CV90 to Switzerland built up in the first half, while deliveries of CV90 chassis and upgrades continued to the Swedish MOD. Major work was done on the CV90 Finland and ATV(P) UK programmes on which serial deliveries will begin later this year. Work continues to restructure Alvis Moelv, where performance has remained disappointing. At Alvis Vickers product support and work undertaken to fulfil Urgent Operational Requirements for the British Army deployment in the Middle East constituted a major element of activity. Work has proceeded well on the #250m Engineer Tank Systems project, and the first prototype was rolled out in May. Alvis Bridging made a small operating profit in the period. Work is underway on the #18m Malaysian order which will be delivered in late 2004. Alvis South Africa broke even at the operating level in the period. Alvis OMC has suffered from a delay in expected export orders, but Alvis Gear Ratio performed ahead of plan. ALVIS VICKERS REORGANISATION The main elements of reorganisation following the acquisition of Vickers Defence Systems in October 2002 and the creation of Alvis Vickers have been: a staff reduction to eliminate duplicated functions; the creation of a business headquarters at Newcastle with associated moves of administrative and sales staff from Telford; the move of Leeds-based engineering staff to a new facility which will be the company's centre of excellence for systems and electronics; and the concentration of Telford staff onto the main site, allowing the leased office block to be vacated. The latter is almost complete, and the new Leeds site will be occupied in the near future. The business integration has so far proceeded to plan. OPERATION TELIC Alvis Vickers was called upon at short notice to supply material and manpower to support the deployment of the British Army to the Gulf. The company sent over 50 staff to Kuwait to fit urgently required upgrade kit to Challenger 2 tanks and other armoured vehicles. The Alvis team performed outstandingly well under difficult conditions, and the UK MOD has publicly thanked the company for its crucial contribution to the success of Operation Telic. UK PROGRAMMES On 17 July the UK MOD announced that it would be withdrawing from the tri-national Multi-Role Armoured Vehicle (MRAV) programme. Since the specification of MRAV was laid down in the mid-1990's, the British Army's view of its needs has changed, and MRAV is now considered not to meet future requirements for deployability and flexibility. The UK MOD's plans to strengthen its capability in light and medium armour are now based on the Future Command and Liaison Vehicle (FCLV) and the Future Rapid Effects System (FRES). It was announced on 17 July that Alvis Vickers had been selected as preferred bidder for the FCLV programme. A contract is expected to be concluded shortly for 486 FCLV vehicles at a value in excess of #150m, with additional quantities under option. Further opportunities are foreseen in export markets. Sales revenue from the FCLV order will arise mainly in the period 2006-2009. FRES is a project to provide the British Army with a new family of medium-weight, air-portable armoured vehicles. It supersedes MRAV and will replace existing, ageing platforms. FRES will make extensive use of modern high-bandwidth communications and information technology, and will be at the heart of the UK MOD's drive to establish Network Enabled Capability. An Alvis team, working in partnership with BAE Systems and General Dynamics UK, has assisted the MOD with its planning work for the last 12 months. FRES will proceed in a number of stages, and decisions are expected from the MOD shortly as to how the first study phase will be managed. Alvis is well positioned to contribute to this study phase, and to later development and manufacturing phases. CORPORATE DEVELOPMENTS It was announced on 22 August that BAE Systems was buying GKN's 29% stake in Alvis, and the purchase was completed on 2 September. BAE Systems has complementary skills in Land Systems to those of Alvis, as exemplified by the partnership on FRES, and we look forward to working with them to generate value for Alvis shareholders and customers. David Wright originally joined the Alvis Board as GKN's appointee. Now that GKN have sold their shares, the Board has asked David to continue to serve as an independent non-executive Director, and is pleased that he has agreed to do so. ORDERS AND PROSPECTS Order intake in the first half amounted to #152m. Our order book at 30 June 2003 was valued at #796.3m as against #781.1m at 31 December 2002. Major orders in the first half were the Platform - Battlefield Information Systems Application (P-BISA) for Challenger 2 in association with the Bowman radio programme (#23m), and the AMOS mortar system for Finland (#33m). The balance was made up of product support and other small orders. Aside from FCLV we are optimistic about receiving significant All-Terrain Vehicle export orders at Alvis Hagglunds, and other useful business before the end of the year. We continue to work on a number of Piranha and CV90 export opportunities, and these hold promise for 2004. Overall the Board remains confident about the prospects of continued progress, and is declaring an increased interim dividend of 2.5p (2002: 2.3p), payable on 27 October 2003 to shareholders on the register on 26 September 2003. N M Prest Chairman and Chief Executive 18 September 2003 GROUP PROFIT AND LOSS ACCOUNT For the six months ended 30 June 2003 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) Notes #'000 #'000 #'000 Turnover including joint ventures 2 164,612 97,333 233,512 Share of turnover of joint ventures (983) (5,582) (7,798) 163,629 91,751 225,714 Trading profit of subsidiary undertakings 2 8,794 6,235 14,397 before operating exceptional items Operating exceptional items 3 (455) - (2,048) Trading profit 8,339 6,235 12,349 Share of results of joint venture undertakings 33 (6) 15 Operating profit 8,372 6,229 12,364 Non-operating exceptional items 3 (8) 84 71 Profit on ordinary activities before interest 8,364 6,313 12,435 Net interest receivable 426 1,582 2,108 Profit on ordinary activities before taxation 8,790 7,895 14,543 Taxation 4 (2,725) (2,071) (4,515) Profit on ordinary activities after taxation 6,065 5,824 10,028 Equity minority interests 114 - 42 Profit attributable to shareholders 6,179 5,824 10,070 Dividends, including non-equity shares 5 (2,640) (2,939) (6,809) Transfer to reserves 3,539 2,885 3,261 Basic earnings per ordinary share before exceptional items 6 6.2p 5.0p 10.4p Basic earnings per ordinary share 6 5.9p 5.1p 9.1p Diluted earnings per ordinary share before 5.9p 4.7p 9.9p exceptional items Diluted earnings per ordinary share 5.6p 4.8p 8.6p All turnover and operating profit of subsidiary and joint venture undertakings are in respect of continuing operations. GROUP BALANCE SHEET As at 30 June 2003 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) Notes #'000 #'000 #'000 Fixed Assets Intangible assets 248 - 255 Tangible assets 49,539 37,217 49,266 Investments 7 Interest in assets of joint ventures 1,388 909 3,093 Interest in liabilities of joint ventures (1,281) (862) (3,018) 107 47 75 Investment in associates 31 312 30 Other investments 4,843 5,405 5,533 Total investments 4,981 5,764 5,638 54,768 42,981 55,159 Current assets Stocks 52,008 37,647 38,148 Debtors due within one year 49,192 32,036 59,622 Debtors due after one year 4,399 6,892 5,734 Cash at bank and in hand 90,790 94,921 88,336 196,389 171,496 191,840 Creditors due within one year (153,327) (83,345) (137,377) Net current assets 43,062 88,151 54,463 Total assets less current liabilities 97,830 131,132 109,622 Creditors due after one year (20,744) (67,447) (38,063) Provisions for liabilities and charges (33,723) (26,410) (32,918) Equity minority interests 113 - (3) Net assets employed 43,476 37,275 38,638 Capital and reserves Equity share capital 27,366 27,154 27,265 Share premium account 1,550 730 1,164 Capital redemption reserve 37,014 37,014 37,014 Profit and loss account (22,454) (27,623) (26,805) Shareholders' funds 43,476 37,275 38,638 GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the six months ended 30 June 2003 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Profit attributable to shareholders, excluding share of joint ventures' results 6,151 5,848 10,066 Share of joint ventures' profit/(loss) for the 28 (24) 4 period Profit attributable to shareholders 6,179 5,824 10,070 Other recognised gains and losses relating to the period (exchange) 812 2,082 2,524 Total recognised gains and losses relating to the period 6,991 7,906 12,594 GROUP RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS For the six months ended 30 June 2003 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Profit attributable to shareholders 6,179 5,824 10,070 Dividends (2,640) (2,939) (6,809) 3,539 2,885 3,261 Issue of new shares 487 50 595 Redemption of Convertible Cumulative Non-Voting Redeemable Preference shares ("Convertible Preference shares") - (31,462) (31,462) Other recognised gains and losses relating to the period (exchange) 812 2,082 2,524 Net addition/(reduction) to shareholders' funds 4,838 (26,445) (25,082) Shareholders' funds at beginning of the period 38,638 63,720 63,720 Shareholders' funds at end of the period 43,476 37,275 38,638 All Shareholders' funds are in respect of equity interests. GROUP CASH FLOW STATEMENT For the six months ended 30 June 2003 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) Notes #'000 #'000 #'000 Net cash inflow/(outflow) from operating 8 4,943 (26,346) (16,076) activities Returns on investments and servicing of finance 246 1,156 1,775 Taxation paid (655) (5,025) (5,982) Capital expenditure and financial investment (1,920) (2,407) (5,527) Acquisitions and disposals (209) - (18,955) Dividends paid on ordinary shares (3,873) (3,543) (5,941) Management of liquid resources* (3,703) 65,226 77,817 Net cash flow before financing (5,171) 29,061 27,111 Financing 35 (31,524) (25,594) (Decrease)/increase in cash in the period (5,136) (2,463) 1,517 Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash in the period (5,136) (2,463) 1,517 Repayment /(drawdown) of debt and lease financing 452 112 (5,274) Management of liquid resources 3,703 (65,226) (77,817) Change in net funds resulting from cash flows (981) (67,577) (81,574) Exchange differences 2,423 5,691 5,258 Net funds at beginning of the period 65,335 141,651 141,651 Net funds at end of the period 66,777 79,765 65,335 At 31 Dec. At 30 June Analysis of changes in net funds 2002 Cash flow Exchange 2003 #'000 #'000 #'000 #'000 Cash at bank and in hand 24,954 (4,567) 674 21,061 Overdrafts (1,358) (569) (152) (2,079) 23,596 (5,136) 522 18,982 Time deposits 63,382 3,703 2,644 69,729 86,978 (1,433) 3,166 88,711 Loans (21,482) 480 (733) (21,735) Finance leases (161) (28) (10) (199) Net funds 65,335 (981) 2,423 66,777 * Liquid resources comprise solely term deposits which do not have a maturity exceeding 6 months. NOTES TO THE ACCOUNTS For the six months ended 30 June 2003 1. Basis of preparation of interim financial information The interim financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts for the year ended 31 December 2002. The taxation charge is calculated by applying the Directors' best estimate of the annual tax rate to the profit for the period. Other expenses are accrued in accordance with the same principles used in the preparation of the annual accounts. The interim report has neither been audited nor reviewed. 2. Turnover and operating profit 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Turnover by origin: United Kingdom 75,788 52,401 107,429 Scandinavia 74,202 39,350 111,718 South Africa 13,639 - 6,567 163,629 91,751 225,714 Share of joint venture undertakings 983 5,582 7,798 164,612 97,333 233,512 Operating profit by origin: United Kingdom 3,142 4,018 4,920 Scandinavia 6,673 3,147 11,153 South Africa 23 - 75 9,838 7,165 16,148 Unallocated (1,044) (930) (1,751) 8,794 6,235 14,397 Operating exceptional items (in respect of United (455) - (2,048) Kingdom) Joint venture undertakings 33 (6) 15 Operating profit 8,372 6,229 12,364 All operations are continuing and are in respect of specialist vehicles. Group operating profit for the six months ended 30 June 2003 includes goodwill amortisation of #7,000 (six months ended 30 June 2002: #nil, year ended 31 December 2002: #2,000). 3. Exceptional items Operating exceptional items During the six months ended 30 June 2003, #455,000 (six months ended 30 June 2002: #nil; year ended 31 December 2002: #2,048,000) was charged in respect of reorganisation at Alvis Vickers Limited following the acquisition of Vickers Defence on 30 September 2002. These charges were all in respect of continuing operations. Non-operating exceptional items During the six months ended 30 June 2003, a loss of #8,000 was recognised (six months ended 30 June 2002: profit of #84,000; year ended 31 December 2002: profit of #71,000) in respect of fixed asset disposals. These amounts were all in respect of continuing operations. 4. Taxation The tax charge for the period reflects the rate anticipated for the year to 31 December 2003. 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 United Kingdom 633 1,166 1,001 Joint venture undertakings 9 20 15 Overseas 2,083 885 3,499 2,725 2,071 4,515 The tax credit on operating exceptional items for the six months ended 30 June 2003 amounted to #141,000 (six months ended 30 June 2002: #nil; year ended 31 December 2002: #614,000). The tax credit on non-operating exceptional items for the six months ended 30 June 2003 amounted to #2,000 (six months ended 30 June 2002: charge of #25,000; year ended 31 December 2002: charge of #22,000). 5. Dividends 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) Ordinary shares Interim dividend 2.5p 2.3p 2.3p Final dividend - - 3.7p Total 2.5p 2.3p 6.0p Preference shares 5.5% Convertible preference dividend - 1.71p 1.71p The interim ordinary dividend is to be paid on 27 October 2003 to shareholders on the register at close of business on 26 September 2003. 6. Earnings per Ordinary Share The basic earnings per ordinary share for the six months ended 30 June 2003 has been calculated on the profit on ordinary activities after taxation. The basic earnings per ordinary share for the six months ended 30 June 2002 and twelve months ended 31 December 2002 has been calculated on the profit on ordinary activities after taxation and preference dividends. The basic earnings per ordinary share is based on the average number of ordinary shares in issue for the six months to 30 June 2003 of 104.9m (six months to 30 June 2002: 104.2m shares; year to 31 December 2002: 104.2m shares). The earnings per ordinary share before all exceptional items has been calculated in addition to the earnings per share required by Financial Reporting Standard No. 14 as, in the opinion of the Directors, this will allow shareholders to consider the results of the Group on a comparable basis. 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) Basic earnings per ordinary share 5.9p 5.1p 9.1p Operating exceptional items (net of tax) 0.3p - 1.3p Non-operating exceptional items (net of tax) - (0.1)p - Basic earnings per ordinary share before exceptional items 6.2p 5.0p 10.4p In calculating the basic earnings per ordinary share, the weighted average number of ordinary shares in issue excludes the ordinary shares held by the Alvis Employee Benefit Trust at 30 June 2003 of 3,859,120 (30 June 2002: 4,406,458 shares; 31 December 2002: 4,444,463 shares). 7. Fixed Asset Investments Included in other investments is #4.8m in respect of Own Shares purchased by the Alvis Employee Benefit Trust. These have been classified within fixed asset investments as the shares are held for the continuing benefit of the Company through the reward of its employees. The market value of the shares in Alvis plc held by the Alvis Employee Benefit Trust at 30 June 2003 was #7.3m. 8. Reconciliation of operating profit to net cash inflow/(outflow) from operating activities 6 months ended 6 months ended Year ended 30 June 2003 30 June 2002 31 December 2002 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Operating profit of subsidiary undertakings 8,339 6,235 12,349 Depreciation and amortisation 3,656 2,257 5,557 Increase in working capital (7,052) (34,838) (33,982) Net cash inflow/(outflow) from operating activities 4,943 (26,346) (16,076) 9. General The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the preceding full year is based on the statutory accounts for the year ended 31 December 2002. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The interim statement will be sent to shareholders and further copies are available upon request from the Company's registered office at 34 Grosvenor Gardens, London, SW1W 0AL. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFETAVIDLIV
1 Year Allianz Chart |
1 Month Allianz Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions