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Share Name | Share Symbol | Market | Type |
---|---|---|---|
EXASOL AG | TG:EXL | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 1.33% | 2.28 | 2.26 | 2.28 | 2.29 | 2.21 | 2.21 | 3,350 | 15:09:22 |
Group profit and loss account (unaudited) Note Half Half year Year year ended ended ended 30.6.02 30.6.03 31.12.02 (restated) £m (restated) £m £m Turnover Continuing operations 2,382.6 2,230.9 4,679.4 Acquisitions 7.9 - - 2,390.5 2,230.9 4,679.4 Discontinued operations - 30.9 41.2 Group and share of joint ventures' turnover 5 2,390.5 2,261.8 4,720.6 Less: share of joint ventures' turnover (37.6) (13.9) (77.6) Group turnover 2,352.9 2,247.9 4,643.0 Operating profit Continuing operations 58.8 61.2 122.7 Acquisitions (0.5) - - 58.3 61.2 122.7 Discontinued operations - (0.3) (0.2) Continuing operations before goodwill 71.7 73.0 148.3 Discontinued operations before goodwill - (0.3) (0.2) Goodwill amortisation (13.4) (11.8) (25.6) Total operating profit 5 58.3 60.9 122.5 Exceptional items 6 0.9 0.8 0.9 Profit on ordinary activities before 59.2 61.7 123.4 interest Net interest (4.7) (7.2) (12.8) Other finance income - FRS 17 15.2 30.2 60.5 Underlying profit before tax 1 67.0 65.5 135.3 Goodwill amortisation (13.4) (11.8) (25.6) Exceptional items 0.9 0.8 0.9 Other finance income - FRS 17 15.2 30.2 60.5 Profit on ordinary activities before 69.7 84.7 171.1 taxation Tax on profit on ordinary activities 7 (22.9) (27.1) (54.5) Profit on ordinary activities after taxation 46.8 57.6 116.6 Equity minority interests (2.6) (3.2) (6.4) Profit for the financial period 44.2 54.4 110.2 Dividends 8 (23.2) (22.3) (67.5) Transferred to reserves 10 21.0 32.1 42.7 Pence Pence Pence Basic earnings per share On profit for the financial period 9 15.0 18.4 37.3 On underlying profit1 for the period - 9 19.0 21.6 44.9 including other finance income On underlying profit1 for the period 9 15.4 14.4 30.6 Diluted earnings per share On profit for the financial period 9 14.9 18.3 37.1 On underlying profit1 for the period - 9 18.8 21.4 44.7 including other finance income On underlying profit1 for the period 9 15.3 14.3 30.5 1 Underlying profit is reported before goodwill amortisation, exceptional items, other finance income - FRS 17 and related tax, where applicable. Group cash flow statement (unaudited) Half Half year Year year ended ended ended 30.6.02 30.6.03 31.12.02 (restated) £m (restated) £m £m Net cash inflow from operating activities 107.9 132.9 333.7 Dividends received from joint ventures and 0.2 1.2 2.8 associates Net cash outflow for returns on investments (8.5) (12.2) (19.1) and servicing of finance Taxation (25.3) (16.6) (34.2) Capital expenditure and financial investment Purchase of tangible fixed assets (49.4) (53.8) (136.5) Purchase of investments (10.5) (0.3) (0.5) Sale of tangible fixed assets and investments 13.6 9.7 31.6 Net cash outflow for capital expenditure and (46.3) (44.4) (105.4) financial investment Free cash flow 28.0 60.9 177.8 Acquisitions and disposals Acquisitions (14.2) (13.6) (71.4) Disposals 0.1 - - Net cash outflow for acquisitions and (14.1) (13.6) (71.4) disposals Equity dividends paid (45.2) (42.2) (64.5) Net cash (outflow)/inflow before the use of liquid (31.3) 5.1 41.9 resources and financing Net cash inflow/(outflow) from management of 15.4 2.3 (14.0) liquid resources Net cash (outflow)/inflow from financing (0.4) (10.2) 19.0 (Decrease)/increase in cash (16.3) (2.8) 46.9 Reconciliation of operating profit to operating cash flow (unaudited) Operating profit 58.3 60.9 122.5 Share of profit of joint ventures and (1.7) (2.3) (4.2) associates Group operating profit 56.6 58.6 118.3 Depreciation and amortisation 64.4 58.8 125.8 Loss on sale of tangible fixed assets 0.4 - 2.3 Pension service costs - non cash 20.0 16.7 33.7 Movements in provisions 3.0 6.3 6.2 Movements in working capital (36.3) (1.0) 55.6 108.1 139.4 341.9 Costs of reorganisation in continuing (0.2) (6.5) (8.2) operations Net cash inflow from operating activities 107.9 132.9 333.7 Reconciliation of net cash flow to movement in net debt (unaudited) (Decrease)/increase in cash (16.3) (2.8) 46.9 Cash outflow from change in debt 5.6 11.5 19.6 Cash (inflow)/outflow from change in liquid (15.4) (2.3) 14.0 resources Change in net debt resulting from cash flows (26.1) 6.4 80.5 Arising on acquisitions - - (1.6) Non-cash movements 2.1 5.1 (12.8) Movement in net debt (24.0) 11.5 66.1 Net debt at 1 January (153.7) (219.8) (219.8) Net debt at end of period (177.7) (208.3) (153.7) Analysis of net debt 30.06.03 30.06.02 31.12.02 £m £m £m Cash at bank and in hand 127.3 113.1 149.7 Overdrafts (15.6) (10.7) (24.5) Loans (275.7) (296.0) (280.1) Finance leases (19.1) (19.9) (19.6) Current asset investments 5.4 5.2 20.8 (177.7) (208.3) (153.7) Group balance sheet (unaudited) Note 30.6.03 30.6.02 31.12.02 £m (restated) (restated) £m £m Fixed assets Intangible assets - goodwill 399.3 378.7 415.8 Tangible assets 572.5 566.3 576.2 Investments 57.7 51.5 49.2 1,029.5 996.5 1,041.2 Current assets Stocks 8.2 9.0 9.2 Debtors Amounts falling due within one year 896.9 883.1 874.8 Amounts falling due after more than one 24.1 17.8 17.6 year Current asset investments 5.4 5.2 20.8 Cash at bank and in hand 127.3 113.1 149.7 1,061.9 1,028.2 1,072.1 Creditors: amounts falling due within one year Short-term borrowings (35.4) (37.0) (50.4) Other creditors (973.3) (884.5) (1,008.5) Net current assets 53.2 106.7 13.2 Total assets less current liabilities 1,082.7 1,103.2 1,054.4 Creditors: amounts falling due after more than one year Long-term borrowings (275.0) (289.6) (273.8) Other creditors (4.5) (30.4) (7.9) Provisions for liabilities and charges (116.7) (112.9) (110.0) Total net assets excluding pension assets 686.5 670.3 662.7 and liabilities Net pension assets and liabilities 38.0 353.1 41.3 724.5 1,023.4 704.0 Equity shareholders' funds 10 704.8 1,003.2 687.2 Equity minority interests 19.7 20.2 16.8 724.5 1,023.4 704.0 Net debt (177.7) (208.3) (153.7) Gearing 25.2% 20.8% 22.4% Gearing - excluding net pension assets and 26.6% 32.0% 23.8% liabilities Group statement of total recognised gains and losses (unaudited) Half year Half year Half year ended ended ended 30.6.03 30.6.02 31.12.02 £m (restated) (restated) £m £m Profit for the financial period 44.2 54.4 110.2 Actuarial loss recognised on the pension - - (459.1) schemes Deferred tax relating to actuarial loss on the pension schemes UK - - 135.5 Overseas - - 2.2 Exchange differences (3.6) (7.1) (12.6) Total recognised gains and losses relating 40.6 47.3 (223.8) to the period Prior year adjustment - FRS 17 (211.4) Total gains and losses recognised since last (170.8) annual report Notes to the interim report (unaudited) 1 The interim report The interim report was approved by the Board on 25 July 2003. The financial information set out in the interim report is unaudited but has been reviewed by the Auditors and their report to the Company is set out on page *. 2 Accounting policies The interim financial statements have been prepared on the basis of the accounting policies set out in the 2002 financial statements of Exel plc, except for the adoption of FRS 17 `Retirement benefits'. The taxation charge is based on the estimated effective rate for the full year. The adoption of FRS 17 has resulted in the following restatements to prior period results: a. an increase in the pension charge, within operating profit, of £34.8m in the half year ended 30 June 2002 (year ended 31 December 2002: £70.0m), b. the inclusion of other finance income of £30.2m in the half year to 30 June 2002 (year ended 31 December 2002: £60.5m), c. a decrease in the tax charge of £1.3m in the half year to 30 June 2002 (year ended 31 December 2002: £2.9m), d. a decrease in the profit for the period of £3.3m in the half year to 30 June 2002 (year ended 31 December 2002: £6.6m), e. a decrease in the recognised gains and losses of £3.2m in the half year to 30 June 2002, being primarily the decrease in the profit for the period, (year ended 31 December 2002: £328.0m), and f. an increase in reserves of £113.4m at 30 June 2002 (31 December 2002: a decrease of £211.4m). 3 Statutory group financial statements The accounts for the year ended 31 December 2002 set out within this report are not the Group's statutory financial statements. Statutory group financial statements for Exel plc for the year ended 31 December 2002, on which the Auditors gave an unqualified report (which made no statement under sections 237 (2) or (3) of the Companies Act 1985), have been filed with the Registrar of Companies. 4 Exchange rates The significant exchange rates relative to £ sterling used in the preparation of these financial statements are as follows: Average Period end Half Half Year 30.6.03 30.6.02 31.12.02 year year ended ended ended 31.12.02 30.6.03 30.6.02 US dollar 1.61 1.45 1.50 1.66 1.52 1.60 Euro 1.47 1.61 1.59 1.45 1.55 1.54 Singapore dollar 2.82 2.64 2.69 2.91 2.69 2.78 Notes to the interim report (unaudited) continued 5 Segmental information Analysis of change in turnover Restatements and Half New Increment movement in Half year year ended acquisitions on 2002 discontinued ended 30.6.02 Exchange 2003 acquisitions operations Organic 30.06.03 change £m £m £m £m £m £m % £m Europe, Middle East & Africa Contract logistics UK & Ireland 579.6 2.6 - - - 49.8 8.6 % 632.0 Continental Europe & 162.6 15.4 - - - 14.4 8.1 % 192.4 Africa 742.2 18.0 - - - 64.2 8.4 % 824.4 Freight management UK & Ireland 121.0 1.2 - - - (12.4) (10.1) % 109.8 Continental Europe & 236.2 20.2 7.9 - - 10.9 4.3 % 275.2 Africa 357.2 21.4 7.9 - - (1.5) (0.4) % 385.0 Europe, Middle East & 1,099.4 39.4 7.9 - - 62.7 5.5 % 1,209.4 Africa Americas Contract logistics 341.4 (37.1) - 43.9 - 54.1 17.8 % 402.3 Freight management 439.4 (45.0) - 0.1 - (7.4) (1.9) % 387.1 780.8 (82.1) - 44.0 - 46.7 6.7 % 789.4 Asia Pacific Contract logistics 41.0 (0.9) - - 0.7 8.1 20.2 % 48.9 Freight management 259.2 (20.4) - 3.5 18.3 24.2 10.1 % 284.8 300.2 (21.3) - 3.5 19.0 32.3 11.6 % 333.7 Total Logistics Contract logistics 1,124.6 (20.0) - 43.9 0.7 126.4 11.4 % 1,275.6 Freight management 1,055.8 (44.0) 7.9 3.6 18.3 15.3 1.5 % 1,056.9 2,180.4 (64.0) 7.9 47.5 19.0 141.7 6.7 % 2,332.5 Environmental 50.5 - - - - 7.5 14.9 % 58.0 Continuing operations 2,230.9 (64.0) 7.9 47.5 19.0 149.2 6.9 % 2,390.5 Discontinued 30.9 2.6 - - (33.5) - - - operations Total 2,261.8 (61.4) 7.9 47.5 (14.5) 149.2 6.8 % 2,390.5 Description of Exel's segmental analysis Exel's segmental analysis splits logistics activities between contract logistics and freight management. Contract logistics includes ground-based supply chain management services, such as integrated warehousing and transportation, just in time services, sub-assembly and other value added activities. Freight management includes airfreight and seafreight forwarding, customs broking, transportation management (including US road and rail) and specialist mail and express services. Due to the comprehensive range of services provided to customers within individual contracts there are some cross-overs between these two segments but these are relatively small. The restatements of Asia Pacific contract logistics and freight management represent the incremental results of Exel-Sinotrans, following the reclassification of the Group's investment in the company as a joint venture; previously Exel-Sinotrans was included in the Group's results as an associated undertaking. The impact of the restatements on the Group's results is an increase in turnover of £20.7m compared to the half year ended 30 June 2002. There was no change to the Group's profit for the financial period due to this reclassification. Discontinued operations are BRS Taskforce which was sold in 2003, and the German chilled food logistics business which was closed in 2002. Notes to the interim report (unaudited) continued 5 Segmental information continued Analysis of change in operating profit before goodwill Half year ended New Increment Movement in Half year 30.6.02 acquisitions on 2002 discontinued ended (restated) Exchange 2003 acquisitions operations Organic change 30.6.03 £m £m £m £m £m £m % £m Europe, Middle East & Africa Contract logistics UK & Ireland 15.2 0.2 - - - 0.8 5.2 % 16.2 Continental Europe - 0.4 - - - 1.2 300.0 % 1.6 & Africa 15.2 0.6 - - - 2.0 12.7 % 17.8 Freight management UK & Ireland 1.1 0.1 - - - 0.2 16.7 % 1.4 Continental Europe 5.8 1.1 0.2 - - (4.2) (60.9) % 2.9 & Africa 6.9 1.2 0.2 - - (4.0) (49.4) % 4.3 Europe, Middle East 22.1 1.8 0.2 - - (2.0) (8.4) % 22.1 & Africa Americas Contract logistics 17.2 (2.0) - 2.8 - 4.2 27.6 % 22.2 Freight management 7.0 (0.8) - - - (4.0) (64.5) % 2.2 24.2 (2.8) - 2.8 - 0.2 0.9 % 24.4 Asia Pacific Contract logistics 1.7 - - - - - - % 1.7 Freight management 17.6 (1.5) - - - 0.7 4.3 % 16.8 19.3 (1.5) - - - 0.7 3.9 % 18.5 Total Logistics Contract logistics 34.1 (1.4) - 2.8 - 6.2 19.0 % 41.7 Freight management 31.5 (1.1) 0.2 - - (7.3) (24.0) % 23.3 65.6 (2.5) 0.2 2.8 - (1.1) (1.7) % 65.0 Environmental 7.4 - - - - (0.7) (9.5) % 6.7 Continuing 73.0 (2.5) 0.2 2.8 - (1.8) (2.6) % 71.7 operations Discontinued (0.3) - - - 0.3 - - - operations Goodwill (11.8) 0.7 (0.7) (1.6) - - - (13.4) amortisation Total 60.9 (1.8) (0.5) 1.2 0.3 (1.8) (3.0) % 58.3 The FRS 17 defined benefit pension service costs included within the segmental analysis in the half year ended 30 June 2003 are £20.2m (half year ended 30 June 2002 £16.7m). Notes to the interim report (unaudited) continued 5 Segmental information continued By business sector Turnover Operating profit before goodwill Half year Year Half Half Year Half ended ended year year year ended ended ended ended 30.6.02 31.12.02 30.6.03 30.6.02 31.12.02 30.6.03 (restated) (restated) £m £m £m £m £m £m Europe, Middle East & Africa Contract logistics UK & Ireland 632.0 579.6 1,211.3 16.2 15.2 31.1 Continental Europe & 192.4 162.6 341.9 1.6 - 0.6 Africa 824.4 742.2 1,553.2 17.8 15.2 31.7 Freight management UK & Ireland 109.8 121.0 223.6 1.4 1.1 2.6 Continental Europe & 275.2 236.2 472.2 2.9 5.8 11.7 Africa 385.0 357.2 695.8 4.3 6.9 14.3 Europe, Middle East & 1,209.4 1,099.4 2,249.0 22.1 22.1 46.0 Africa Americas Contract logistics 402.3 341.4 707.4 22.2 17.2 34.5 Freight management 387.1 439.4 903.9 2.2 7.0 17.6 789.4 780.8 1,611.3 24.4 24.2 52.1 Asia Pacific Contract logistics 48.9 41.0 89.2 1.7 1.7 2.7 Freight management 284.8 259.2 625.6 16.8 17.6 33.3 333.7 300.2 714.8 18.5 19.3 36.0 Total Logistics Contract logistics 1,275.6 1,124.6 2,349.8 41.7 34.1 68.9 Freight management 1,056.9 1,055.8 2,225.3 23.3 31.5 65.2 2,332.5 2,180.4 4,575.1 65.0 65.6 134.1 Environmental 58.0 50.5 104.3 6.7 7.4 14.2 Continuing operations 2,390.5 2,230.9 4,679.4 71.7 73.0 148.3 before goodwill Discontinued operations - 30.9 41.2 - (0.3) (0.2) Goodwill amortisation - - - (13.4) (11.8) (25.6) Total 2,390.5 2,261.8 4,720.6 58.3 60.9 122.5 Notes to the interim report (unaudited) continued 6 Exceptional items Half year Half year Year ended 30.6.03 ended ended 31.12.02 £m 30.6.02 £m £m Profit on disposals of fixed assets 1.5 0.8 0.9 Loss on termination and disposals of discontinued operations Loss on termination of German chilled food - (7.2) (9.0) logistics business Less 2001 provision - 7.2 9.0 Other disposals (0.6) - - (0.6) - - Total exceptional items 0.9 0.8 0.9 7 Tax on profit on ordinary activities Half Half year Year year ended ended ended 30.6.03 30.6.02 31.12.02 £m (restated) (restated) £m £m UK tax 9.9 14.9 31.0 Foreign tax 13.0 12.2 23.5 Tax on profit on ordinary activities 22.9 27.1 54.5 The tax charge is analysed as follows: On ordinary activities before exceptional 23.6 28.8 56.6 items On exceptional items (0.7) (1.7) (2.1) 22.9 27.1 54.5 8 Dividends Half year Half year Year ended ended 30.6.03 ended 30.6.02 31.12.02 pence pence pence Dividend per share Interim 7.9 7.5 7.5 Final - - 15.3 7.9 7.5 22.8 Notes to the interim report (unaudited) continued 9 Earnings per share Half Half year Year year ended ended 30.6.02 ended 30.6.03 31.12.02 (restated) £m (restated) £m £m Profit for the financial period 44.2 54.4 110.2 Add back Amortisation of goodwill 13.4 11.8 25.6 Exceptional items (0.9) (0.8) (0.9) Tax on exceptional items (0.7) (1.7) (2.1) Other finance income - FRS 17 (15.2) (30.2) (60.5) Tax on other finance income - FRS 17 4.6 9.1 18.2 Underlying profit for the period 45.4 42.6 90.5 Weighted average number of shares (millions) Basic average number of shares 295.3 295.3 295.5 Dilutive potential ordinary shares 1.8 2.6 1.7 Diluted average number of shares 297.1 297.9 297.2 10 Movements in shareholders' funds Half Half year Year year ended ended 30.6.02 ended 30.6.03 31.12.02 (restated) £m (restated) £m £m Profit for the financial period 44.2 54.4 110.2 Dividends (23.2) (22.3) (67.5) 21.0 32.1 42.7 Shares allotted 0.2 1.3 1.6 Actuarial loss recognised on the pension - - (459.1) schemes Deferred tax relating to actuarial loss on - - 137.7 the pension schemes Exchange differences (3.6) (7.1) (12.6) Movements in shareholders' funds 17.6 26.3 (289.7) At 1 January (originally £898.6m before 687.2 976.9 976.9 deducting prior year adjustment of £211.4m) Shareholders' funds at end of period 704.8 1,003.2 687.2 Independent review report to Exel plc Introduction We have been instructed by the Company to review the financial information for the six months ended 30 June 2003 which comprises the group profit and loss account, group cash flow statement, reconciliation of operating profit to operating cash flow, reconciliation of net cash flow to movement in net debt, group balance sheet, group statement of total recognised gains and losses, and the related notes 1 to 10. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 'Review of interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by the law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4 'Review of interim financial information' issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of Group management and applying analytical procedures to the financial information and underlying financial data, and based thereon, assessing whether the accounting policies and presentation have been consistently applied, unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2003. Ernst & Young LLP London 25 July 2003 END
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