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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Aga Rangemaster | LSE:AGA | London | Ordinary Share | GB00B2QMX606 | ORD 46 7/8P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 184.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
17th March 2006 AGA FOODSERVICE GROUP PLC 2005 PRELIMINARY RESULTS HIGHLIGHTS Full year to 31st December 2005 2005 2004 Increase £m £m % Revenue 501.8 433.7 15.7 Operating profit 41.7 35.2 18.5 Profit before tax 43.0 36.3 18.5 Basic earnings per share 26.6p 22.9p 16.2 Dividend per share proposed 9.2p 8.3p 10.8 Shareholders' funds 298.7 275.6 8.4 Net cash 20.4 25.1 2005 Highlights: * Strong revenue, profit and earnings growth. * Continued growth in Consumer driven by Aga and Rangemaster, new products (including the electric Aga) and international expansion (USA, Ireland and France). * Improved commercial appliance sales in Europe. * Dividend increased by a further 10.8% to 9.2 pence - an increase of 84% over five years reflecting the strong performance over that period. 2006 Outlook: "This is a strong performance and the excellent earnings growth achieved in 2005 shows the strategy of the last five years has worked well. With new products, strong routes to market and major commercial customers raising investment levels, we believe there is considerable expansion potential available to us." William McGrath Chief Executive Enquiries: William McGrath, Chief Executive 0207 404 5959 (today) Shaun Smith, Finance Director 0121 711 6015 (thereafter) Simon Sporborg, Brunswick 0207 404 5959 Aga Foodservice Group plc 2005 Preliminary Statement CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT In 2005 we have produced another strong set of results and made good progress in our objective of making Aga Foodservice a market leader in the premium consumer and commercial cooker and refrigeration markets. The organic revenue and profit growth was driven by good performances by Aga, Rangemaster, Aga Bakery and Williams, our commercial refrigeration operation. Over the last five years we have doubled sales and increased turnover, profits and dividends each year. As importantly we have created a strong base for the future through developing our existing products and distribution channels, as well as acquiring further premium brands and international routes to market. This product and geographical breadth is providing sound bases for our businesses making them less dependent on economic cycles in particular markets. This trend will continue as we now have firmly established market positions and we expect to see further benefits of our investment programmes in 2006 and beyond. Our plan remains to expand our premium international cooker and appliance operations and to be a world leading equipment supplier into the bakery and foodservice industries given our product leadership positions in energy efficiency and waste reduction. Trading Performance In 2005, revenues rose by 15.7% to £501.8 million and operating profits were up 18.5% to £41.7 million. The organic growth rates achieved for revenue and operating profit were 5.2% and 13.4% respectively. Profit before tax was up 18.5% to £43.0 million. Profit after tax and earnings per share rose 17.8% and 16.2% respectively to £34.4 million and 26.6 pence. These good figures and a balance sheet which showed net cash of £20.4 million at the year end enables us to increase the dividend for the fifth year in a row to 9.2 pence per share - an increase of 10.8% in the year and a cumulative increase of 84% over the last five years. The European consumer markets remain the heartland of the business, generating 42.9% of the total revenue. The UK markets were quiet but the strong new product programmes and marketing campaigns for Aga and Rangemaster enabled us to offset this while implementing our growth plans for international markets. The Fired Earth operations saw sales fall as its core tile business proved challenging in 2005. Fired Earth, particularly through its large inspirational stores format, is now an integral part of our Aga retail formula and we have taken decisive action to improve performance by cutting overhead costs and focusing on new kitchen orientated product introductions. The strong performance from the European foodservice operations, with revenue up 14.1% and operating profits up 37.3%, was a particularly pleasing feature of the year. Aga Bakery continues to increase market share in France and the UK, it is also building a presence in Eastern European markets and for our US operations. We benefited from the greater integration of our operations which reduced operating costs and raised product breadth. We are delighted that in the last year our fryers and fridges have received Government and industry awards, notably for their energy saving characteristics. Aga Foodservice is expanding from the already well-established platforms it has in the UK. We now have widened packages available to enable this expansion. In North America, performance was mixed. Our bakery operations progressed well but our commercial refrigeration operations saw margins remain weak. Likewise, on the consumer front, the refrigeration appliance business was strong but our home fashions retail operations remained flat as consumer spending on furniture was subdued. Overall, the US contributed 22.7% of total revenue and 11.3% of operating profits. The bridgehead we have established in the USA in recent years reinforced with new products provide the right bases on which to build greater profitability. Corporate Development Over the last five years we have steadily built the overall business from revenue of £200 million to £500 million and operating profit from £20.3 million to £41.7 million by investing in products and by selectively acquiring businesses which are not only strong in themselves, but also have the potential to access product available from within the Group, bringing operational gearing benefits to our manufacturing operations. This systematic approach to development is itself creating new opportunities. In 2005, we made several acquisitions, all of which we had followed for some time; Waterford Stanley the Irish range cooker company; Heartland the Ontario-based premium cooker and refrigeration operation; Divertimenti the London-based high-end kitchenware business; and we acquired control of Grange - all of which have well-established niche market positions, growth ambitions and bring with them impressive market access for other Group products. In Foodservice, the focus we have placed on energy efficiency and healthy cooking is increasingly well understood and we have won a number of major awards, most notably becoming Energy Star Partner of the Year under the US Federal Government's energy conservation programme. We acquired the Stellar Steam product line and since the year end we have acquired the German-based but internationally established, Eloma - both steamer companies, which add to our reputation for technical strength in the market place. Eloma adds appreciably to our hot foodservice package now based on 6-burner ranges, fryers and steamers. With cash resources to invest, we will sustain our development approach while retaining the option to buy-back shares if market conditions provide appropriate opportunities. Current Trading and Outlook The start of 2006 has seen a continuation of the themes well-established in 2005. In consumer the strength of our product offering reduces our vulnerability to consumer market weakness in the UK and internationally we expect to sustain top line momentum. Orders to date for Aga and Rangemaster suggest another sound trading performance. In Foodservice, Aga Bakery continues to gather momentum in traditional European markets and our product range is now better known by the major supermarket groups. With the expansion of our strong foodservice offering now including refrigeration, fryers and steamers, we have the products to meet the needs of commercial customers increasingly ready to look 'back of house' at cost, efficiency, safety and waste reduction. Against this background, we see 2006 as another year where our systematic approach to development will aid progress. Over the last five years we have created a strong business based on premium cookers and refrigeration and we are well positioned to continue the expansion we have already seen. V Cocker CBE W B McGrath Chairman Chief Executive 17th March 2006 OPERATIONAL REVIEW - 2005 PRELIMINARY RESULTS FOR AGA FOODSERVICE GROUP PLC We are pleased to say, revenue passed the £500 million milestone and was more than double that of continuing operations in 2001 when the Group sold its Pipe Systems operations. Profits have also doubled in that same period. Consumer Operations (Revenue £284.8 million and operating profits £25.3 million) 2005 was another good year for our UK and European consumer operations. Operating profits were £23.0 million on revenue of £215.2 million compared with £19.6 million on revenue of £175.4 million in 2004 and £9.6 million on revenue of £107.1 million in 2001, when we first set out our expansion plans. Organic growth in 2005 accounted for 5.2% of revenue and 7.1% of operating profit growth out of total growth of 22.7% and 17.3% respectively. The related US operations progressed more slowly. Revenue was up 6.4% to £69.6 million and operating profits rose 15.0% to £2.3 million with the refrigeration operations performing well. Heartland, the Canadian range cooker and refrigeration business acquired in December, did not significantly affect these numbers. The cornerstones of our plans are: * Product Development - 31% of Aga's revenue and 36% of Rangemaster's revenue are from products introduced since 2001. At present the electric Aga ranges and the 90cm Rangemaster cookers are key sources of growth. * Geographical Expansion - international sales represent 32% of Aga and 12% of Rangemaster sales compared with 26% and 8% in 2004 - and 8% and 6% in 2001. * Retail Strength - with Aga and Fired Earth we have a chain of over 100 stores under Group fascias. The key to progress now is to raise the level of sales per square foot from the 160,000 square feet available to us in the UK where sales per square foot are £330. In the US we have 210,000 square feet available and sales per square foot are £200. 2005 consumer caution saw the overall UK market demand fall for free-standing cookers. Against this background, Aga was able to increase unit sales of branded cookers again, to over 12,000 - up 4.9% and Rangemaster saw cooker sales rise by 6.4% to over 65,000. Raising volumes, given the operational gearing of our manufacturing units is central to our success. At the same time, growing sales of our related brands and products is now of considerable importance. For example, cookware now represents over £6 million in sales, up 14% in the year. Similarly sinks and refrigerators are useful contributors and are receiving further attention as we seek to drive sales through our own retail and dealer outlets. During the year, we benefited from key acquisitions for our consumer operations. Waterford Stanley operates in the rapidly growing Irish market and transforms our position in a market so well attuned to our product offerings of cast iron cookers and stoves. Similarly, in France, La Cornue, a 2004 acquisition, provides an anchor and credibility for all our ranges being the long established leader in premium cooking in France. La Cornue - now with new designs made at Rangemaster - had a good year. Divertimenti, also part of Rangemaster, epitomises quality in UK cookware and is the base for our ambitions to be a multi-channel retailer in cookware for all our cookery brands based on the expertise collectively available to us. Our international development plans are now underpinned by real strength on the ground. The potential derived from the acquisitions of La Cornue and Grange is seen in our anchor 7,000 square foot store on Boulevard Haussmann in central Paris where our key consumer brands are all on show. Likewise, with the acquisition of Heartland, we now have a market leading position in Canada through 200 dealers and also have excellent retail stores able to showcase Aga, Heartland and Grange products in Montreal and Toronto. In range cooking, we believe our expertise in cookery sets us apart. Whether with radiated heat or with conventional cookers - our focus is on the premium end of the market and the development of product features which is second to none. As we are progressively moving into refrigeration, we have further opportunities to educate the market on the virtues of wine cooler units, ice makers and the European sector-changing drawer unit refrigerators. We are now tying our overall kitchen offering more directly together through ranges of free-standing kitchen furniture - led by our French country and Shaker ranges, the latter based on the original American designs we acquired last year. These quite outstanding pieces are made at Europe's premier furniture factory at Grange in Lyon. They have real potential to set new standards at mainstream prices through our Aga, Fired Earth and Domain outlets as well as through Grange's 300 worldwide dealers. In 2006 a considerable opportunity is to raise returns, using our own products, from both Domain and Fired Earth's retail space. In 2005 these operations saw overall sales fall by 1% and 5% respectively in tough home fashions markets. We have the products and the onus on our higher margin, larger ticket items to enable us to drive up the returns per square foot which remain among the best in the respective sectors. In so doing, we have new Aga and Rangemaster products and more Marvel refrigeration products to take to the market - hence the optimism for 2006. In 2006, we expect the electric Aga, the new Rangemaster and Falcon products with their strong product features first shown to the industry at the major trade show, "KBB" in Birmingham, and the Marvel drawer refrigerators as well as the new free-standing Shaker furniture to have a considerable impact in consumer markets. Foodservice Operations (Revenue £217.0 million and operating profits £16.4 million) Foodservice markets are recovering some of the growth rates last seen in the mid 90's when quick service restaurant expansion was at its height. Foodservice markets have been through cyclical lows and have become more price and commodity driven. Now as commercial imperatives change and health, energy efficiency and waste reduction become paramount the technology-led groups will be clear winners. We are the international market leader in providing specialist equipment to bakers at a time when our core values - 'choice, taste, health, pleasure, bread' resonate so clearly with consumers. Similarly, in prime cooking and refrigeration the technological edge we have developed brings greater opportunities. Our UK and European foodservice operations had an excellent year in 2005 with sales up 14.1% and operating profits rising to £14.0 million from £10.2 million. In the USA our markets were more patchy. Sales were up 6.8% and operating profits were down 7.7% (excluding an exceptional property sale in 2004), as increased costs caused margins to decline. Internationally, the cornerstones of our strategy are: * Product Development - with our premium bakery ranges, our high efficiency refrigerators, our innovation in fryers and with the addition of steamers and combi-steamers, we aim to be at the forefront in our chosen areas of expertise. * Geographical Expansion - the shift from producing for national to international markets was a tough process but a critical phase for our manufacturing operations. We have shown we can achieve it and expect now further expansion. * Major Account links - whether it is with UK based groups like Sainsbury's and Tesco; the French-based artisan bakers; the US group Panera Bread or the Ukranian chain Fozzy, we are well placed to address their need for in-store bakeries. There has been a growing recognition in the foodservice industry that it has lagged behind in providing customers with efficient, innovative energy saving products. The Infinity Fryer launched in 2004 brings energy and quality benefits and the product is steadily gaining recognition. In 2005 it received the Europe Award for Distinguished Development from the Foodservice Consultants Society International 'FCSI'. Similarly, we were delighted to be recognised as the US Government's energy saving scheme's 'Manufacturing Partner of the Year' - a tremendous achievement for our Victory team as they were chosen from entries across the spectrum of US manufacturing companies. We will press the case that customers should specify products that are Energy Star listed. We calculate that in the UK alone our new generation of equipment would cut energy bills of commercial kitchens by £2.2 billion and would consequently cut carbon emissions by 15 million tonnes, equivalent to 4.25% of the Government's target for carbon emission reduction by 2050. Quality, as well as eco-friendliness, is an important growth driver. The Infinity Fryer helps maintain oil quality and keeps process contamination to a minimum because of its built in filtration system. Our best bakery ovens cook based on radiated heat like the Aga and provide best quality breads that have made French bread world renowned. Further, we now have a world leading range of combi-ovens (which combine convection cooking and steaming) and, like our Stellar Steam ovens acquired in the US last year, are boilerless. This dramatically cuts water usage at a time when 'thirsty' products are becoming a real 'eco' concern. Our initiatives are making more efficient, healthy means of cooking more readily available to a wider market. In 2005, the particular factors which helped provide the stronger performance were bakery expansion into Eastern Europe, where the number of new supermarket openings is increasing rapidly and into the US where we have a complete range of products now available to chains like café bakeries, supermarkets and to the wider public sector market. Greater investment was made by major supermarket accounts in the UK and there were larger contracts for the bakery market. These trends should continue in 2006 and with our cohesive range of products we are well placed to benefit internationally. We expect then that this widened product range will enable us to address the weak performance of our low margin commodity refrigeration operation, Victory in the USA, by adding more premium products to leaven its overall product mix. Financials In 2005 we were once more able to combine organic growth with a programme of acquisitions adding strength and depth to our core cookery-led operations. Revenue of £501.8 million was up 15.7% from £433.7 million in 2004 and operating profits were up 18.5% to £41.7 million and profit before tax was up 18.5% to £43.0 million from £36.3 million. Of the growth in revenue and operating profits, organic growth rates were 5.2% and 13.4% respectively. These figures are now on an IAS basis. Of our revenue 56.8% was generated from consumer and 43.2% from foodservice and 53.3% was in the UK; 22.6% was in Europe and 24.1% in North America and the rest of the world. This balance of business is in line with the strategic objectives set in recent years to replicate the strengths we have in niche UK operations and shows we are now much more than a UK business. Indeed, of our 6,000 employees, 2,400 work outside the UK. The tax charge of £8.6 million was 20% of pre-tax profits - a rate we expect to see increase only moderately this year, if at all. Earnings per share were 26.6 pence (2004: 22.9 pence). These figures are calculated on the basis of the 127.6 million average shares in issue during the year. The board is pleased that, given the progress being made, it is able to raise the full year dividends once again from 8.3 pence per share to 9.2 pence per share, a 10.8% increase. This brings the overall dividend increase since it was reset in 2001 to 84%. Cash flow performance in the year was good and was particularly strong in the second half with high investment in working capital in the first half reversing. Working capital was £61.5 million at the year end, compared to £44.9 million at December 2004, primarily because of acquisitions, which accounted for £8.1 million, exchange rates and overall business expansion. We continued to invest in the business spending £10.6 million on capital equipment, compared with £14.6 million in 2004. Depreciation was £9.8 million. We also capitalised £2.7 million of development expenditure. Amortisation of previously capitalised development expenditure was £1.5 million in the year. We made a number of important acquisitions in the year and we were delighted to acquire Waterford Stanley in June for £10.6 million. A long respected competitor to Rayburn in cast iron cookers, it is a market leader in the buoyant Irish market and brings an expertise in the stove market which will help reignite our presence in the UK as we launch a stove range under the Aga brand later this year. We acquired control of Grange which is now providing products for our move into free-standing kitchen furniture. We acquired Heartland in Canada for C$3 million which brings its own niche range and can provide local market opportunities for our wider consumer offering in Canada and the USA where Domain is to become a retail outlet for Heartland. We have managed the move to IFRS well. The most noteworthy area that had to be addressed was pensions. The deficit of £18.2 million, on assets of £750.6 million and appraised liabilities of £768.8 million, is now shown on the balance sheet under IAS 19. Our scheme is large but we have been cautious for some years in asset allocation and in managing the escalating costs of pensions and we have a reasonably well-funded position based on mainstream assumptions for a continuing scheme. Further, we expect a negligible charge to the income statement in 2006 when full details of the actuarial valuation as at 31st December 2005 are concluded. The Group continued to make a cash contribution to the scheme of £4.9 million. We still have a strong financial position with net cash at the year end of £20.4 million (2004: £25.1 million). We expect to continue to make the type of selective investments made in recent years whilst remaining alert to the possibilities of share buy-backs to which market conditions can give rise. We made good progress against our stated financial parameters in 2005. We target a 10% return on sales from our manufacturing operations; we target a 15% return on capital employed from the existing assets now combined with related acquired operations. In proceeding with our strategy we continue to expect to move to a geared balance sheet. We have plans in place to drive top line growth and have the products available and production capacity to support it. We will continue our investment programmes which are designed to reduce vulnerability to market specific cycles. Our priorities are to: * Drive up retail returns per square foot. * See our energy saving story translated into commercial sales. * Ensure the efficiencies are delivered from our streamlined management structures. CONSOLIDATED INCOME STATEMENT Year to 31st December 2005 2004 £m £m Revenue 501.8 433.7 __________________________________________________________________________________ Group operating profit 41.7 35.2 Share of post tax result from associate 0.1 0.5 __________________________________________________________________________________ Profit before finance income and income tax 41.8 35.7 Finance income 2.3 1.4 Finance costs (1.1) (0.8) __________________________________________________________________________________ Profit before income tax 43.0 36.3 Income tax expense (8.6) (7.1) __________________________________________________________________________________ Profit for year 34.4 29.2 __________________________________________________________________________________ Profit attributable to equity shareholders 34.0 29.1 Profit attributable to minority shareholders 0.4 0.1 __________________________________________________________________________________ Profit for year 34.4 29.2 __________________________________________________________________________________ Earnings per share p p Basic 26.6 22.9 Diluted 26.5 22.8 __________________________________________________________________________________ p p Dividend per share paid 8.8 7.5 __________________________________________________________________________________ p p Dividend per share proposed 9.2 8.3 __________________________________________________________________________________ The above results relate to continuing operations. CONSOLIDATED BALANCE SHEET As at 31st December 2005 2004 £m £m Non-current assets Goodwill 154.2 137.4 Intangible assets 19.1 8.8 Property, plant and equipment 85.3 77.2 Investments 0.3 6.5 Retirement benefit asset - 1.2 Deferred tax asset 11.3 5.6 __________________________________________________________________________________ 270.2 236.7 __________________________________________________________________________________ Current assets Inventories 89.4 70.2 Trade and other receivables 90.5 78.6 Cash and cash equivalents 55.4 49.8 __________________________________________________________________________________ 235.3 198.6 __________________________________________________________________________________ Total assets 505.5 435.3 Current liabilities Borrowings (2.1) (23.1) Trade and other payables (117.5) (102.6) Current tax liabilities (8.6) (2.1) Current provisions (5.1) (4.3) __________________________________________________________________________________ (133.3) (132.1) __________________________________________________________________________________ Net current assets 102.0 66.5 __________________________________________________________________________________ Non-current liabilities Borrowings (32.9) (1.6) Other payables (0.8) (0.1) Retirement benefit obligation (18.2) (7.8) Deferred tax liabilities (7.6) (5.0) Provisions (11.7) (12.9) __________________________________________________________________________________ (71.2) (27.4) __________________________________________________________________________________ Total liabilities (204.5) (159.5) __________________________________________________________________________________ Net assets 301.0 275.8 __________________________________________________________________________________ Shareholders' equity Share capital 32.1 31.5 Share premium account 65.8 60.9 Other reserves 38.3 31.5 Retained earnings 162.5 151.7 __________________________________________________________________________________ Total shareholders' funds 298.7 275.6 Minority interest in equity 2.3 0.2 __________________________________________________________________________________ Total equity 301.0 275.8 __________________________________________________________________________________ CONSOLIDATED CASH FLOW STATEMENT Year to 31st December 2005 2004 £m £m Cash flows from operating activities Cash generated from operations 37.8 32.9 Finance income 2.3 1.4 Finance costs (1.0) (0.8) Tax repayment / (payment) 1.2 (5.5) ___________________________________________________________________________________ Net cash generated from operating activities 40.3 28.0 Cash flows from investing activities Acquisition of subsidiaries, net of cash acquired (13.8) (4.6) Purchase of property, plant and equipment (10.6) (14.2) Expenditure on intangibles (3.2) (3.2) Proceeds from disposal of property, plant and equipment 0.7 7.8 ___________________________________________________________________________________ Net cash used in investing activities (26.9) (14.2) ___________________________________________________________________________________ Cash flows from financing activities Dividends paid to shareholders (11.3) (9.6) Net proceeds from issue of ordinary share capital 2.7 1.1 Repayment of / (loan) to associated undertaking 0.3 (0.3) Purchase of own shares - (9.4) Repayment of borrowings acquired with acquisitions (4.8) - Finance lease (repayment) / inception (0.4) 0.1 Repayment of borrowings (3.8) (2.5) New bank loans raised 9.1 4.8 ___________________________________________________________________________________ Net cash used in financing activities (8.2) (15.8) ___________________________________________________________________________________ Effects of exchange rate changes 0.4 (0.2) ___________________________________________________________________________________ Net increase / (decrease) in cash and cash equivalents 5.6 (2.2) Cash and cash equivalents at beginning of year 49.8 52.0 ___________________________________________________________________________________ Cash and cash equivalents at end of year 55.4 49.8 ___________________________________________________________________________________ CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE Year to 31st December 2005 2004 £m £m Profit for year 34.4 29.2 ___________________________________________________________________________________ Exchange adjustments on net investments 5.4 (3.4) Realisation of property revaluation gains - 0.3 Cash flow hedges (0.1) - Actuarial (losses) / gains on defined benefit pension schemes (17.5) 18.2 Deferred tax on items taken direct to reserves 5.3 (4.5) ___________________________________________________________________________________ Net (losses) / gains not recognised in income statement (6.9) 10.6 ___________________________________________________________________________________ Total recognised income for year 27.5 39.8 ___________________________________________________________________________________ Attributable to: Equity shareholders 27.1 39.7 Minority interests 0.4 0.1 ___________________________________________________________________________________ Total recognised income for the year 27.5 39.8 ___________________________________________________________________________________ CONSOLIDATED CASHFLOW STATEMENT - RECONCILIATIONS Reconciliation of operating profit to net cash inflow from operating activities £m £m Operating profit 41.7 35.2 Amortisation of intangibles 1.9 1.0 Depreciation 9.8 7.7 Profit on disposal of property, plant and equipment (0.2) (1.3) (Increase) / decrease in inventories (4.9) (8.0) (Increase) / decrease in receivables (4.1) (5.2) Increase / (decrease) in payables (3.0) 6.8 Increase / (decrease) in provisions (3.4) (3.3) ____________________________________________________________________________________ Net cash inflow from operating activities 37.8 32.9 ____________________________________________________________________________________ SEGMENTAL ANALYSIS 2005 2004 By primary segment - Operating Segment Segment Operating Segment Segment business group Revenue profit assets liabilities Revenue profit assets liabilities £m £m £m £m £m £m £m £m UK & European Consumer 215.2 23.0 167.5 63.4 175.4 19.6 118.1 45.6 US Consumer 69.6 2.3 45.6 16.1 65.4 2.0 36.0 13.9 UK & European Foodservice 172.8 14.0 182.4 56.9 151.5 10.2 181.3 50.8 US Foodservice 44.2 2.4 42.9 9.4 41.4 3.4 36.8 7.7 _________________________________________________________________________________________________________ Total operations 501.8 41.7 438.4 145.8 433.7 35.2 372.2 118.0 Share of result of associate - 0.1 - - - 0.5 - - Net finance income - 1.2 - - - 0.6 - - _________________________________________________________________________________________________________ Total 501.8 43.0 438.4 145.8 433.7 36.3 372.2 118.0 Provision for businesses sold - - - 7.5 - - - 9.7 Tax - (8.6) 11.4 16.2 - (7.1) 6.8 7.1 Investments - - 0.3 - - - 6.5 - Cash / borrowings - - 55.4 35.0 - - 49.8 24.7 _________________________________________________________________________________________________________ Total 501.8 34.4 505.5 204.5 433.7 29.2 435.3 159.5 _________________________________________________________________________________________________________ There are four main segments, as shown above: UK & European Consumer includes the Aga, Rangemaster, Fired Earth and Grange brands operating mainly in the UK and Europe. The US Consumer segment includes the Domain, Northland and Marvel brands and operates mainly in North America. The UK & European Foodservice segment includes the Falcon, Mono, Millers Vanguard and Williams brands operating mainly in the UK and Bongard and Pavailler operating in Europe. US Foodservice includes Adamatic, Belshaw and Victory brands operating mainly in North America. All segments have similar customer bases, bringing together operations selling into particular markets and working together to optimise sales in those markets. Revenue between UK & European and US Consumer was £2.7m (2004: £1.8m), revenue between other business groups whilst growing is not material. Segment assets include property, plant and equipment, intangibles, inventories and receivables. Segment liabilities comprise operating payables, retirement obligations and provisions. Cash, borrowings and taxation are not included in the segments. Other external charges and income relating to corporate companies are apportioned to the UK segments based on revenue. 2005 2004 Amortisation Impairment Impairment By primary segment- Capital of of trade Capital Amortisation of trade business group expenditure Depreciation intangibles receivables expenditure Depreciation of intangibles receivables £m £m £m £m £m £m £m £m UK & European Consumer 5.7 5.7 1.0 0.9 8.2 4.3 0.6 0.6 US Consumer 2.2 1.2 0.1 - 1.2 1.1 - 0.1 UK & European Foodservice 2.3 2.3 0.7 2.5 3.6 1.8 0.4 2.2 US Foodservice 0.4 0.6 0.1 0.1 1.2 0.5 - 0.3 ______________________________________________________________________________________________________________________ Total 10.6 9.8 1.9 3.5 14.2 7.7 1.0 3.2 ______________________________________________________________________________________________________________________ Impairment of goodwill was £nil. SEGMENTAL ANALYSIS - CONTINUED 2005 2004 By secondary segment- Segment Capital Segment Capital geographical origin Revenue assets expenditure Revenue assets expenditure £m £m £m £m £m £m United Kingdom 267.5 255.8 6.9 258.5 219.9 10.8 North America 113.4 88.5 2.6 106.8 73.7 2.4 Europe 113.4 86.8 1.1 63.3 75.0 1.0 Rest of World 7.5 7.3 - 5.1 3.6 - ____________________________________________________________________________________ Total operations 501.8 438.4 10.6 433.7 372.2 14.2 Tax - 11.4 - - 6.8 - Investments - 0.3 - - 6.5 - Cash - 55.4 - - 49.8 - ____________________________________________________________________________________ Total 501.8 505.5 10.6 433.7 435.3 14.2 ____________________________________________________________________________________ Revenue by geographical destination 2005 2004 £m % £m % United Kingdom 254.1 50.7 246.3 56.8 North America 118.1 23.5 107.9 24.9 Europe 106.4 21.2 63.6 14.6 Rest of World 23.2 4.6 15.9 3.7 __________________________________________________________________________________ Total 501.8 100.0 433.7 100.0 __________________________________________________________________________________ NOTES 1. Dividends The Board are proposing a final dividend amounting to 6.2p per share (2004: 5.8p). An interim dividend of 3.0p per share (2004: 2.5p) has already been paid, making the total dividend for the year 9.2p per share (2004: 8.3p). The final dividend will be paid on 2nd June 2006 to shareholders registered on 28th April 2006. 2. Exchange rates The income statements of overseas subsidiaries are translated into sterling using average exchange rates and balance sheets are translated at year end rates. The main currencies and exchange rates are: Year to 31st December 2005 2004 Average EUR 1.46 1.47 USD 1.83 1.83 Year end EUR 1.46 1.41 USD 1.72 1.92 NOTES - CONTINUED 3. Income tax 2005 2004 £m £m United Kingdom corporation tax based on a rate of 30% (2004: 30%): Current tax on income for year 4.2 4.6 Adjustments in respect of prior years (1.6) (2.1) __________________________________________________________________________________ United Kingdom corporation tax 2.6 2.5 Overseas current tax on income for year 3.9 2.6 __________________________________________________________________________________ Total current tax 6.5 5.1 __________________________________________________________________________________ United Kingdom deferred tax charge in year 2.9 2.1 Overseas deferred tax credit in year (0.8) (0.1) __________________________________________________________________________________ Total deferred tax 2.1 2.0 __________________________________________________________________________________ Total United Kingdom tax 5.5 4.6 Total overseas tax 3.1 2.5 __________________________________________________________________________________ Total income tax 8.6 7.1 __________________________________________________________________________________ 4. Earnings per share 2005 2004 £m £m Earnings Profit on ordinary activities after tax 34.4 29.2 Minority interests (0.4) (0.1) __________________________________________________________________________________ Earnings - for basic and diluted EPS 34.0 29.1 __________________________________________________________________________________ Weighted average number of shares in issue million million For basic EPS calculation 127.6 127.0 Dilutive effect of share options 0.8 0.6 __________________________________________________________________________________ For diluted EPS calculation 128.4 127.6 __________________________________________________________________________________ Earnings per share p p Basic 26.6 22.9 Diluted 26.5 22.8 5. Events after Balance Sheet date On 2nd February 2006 Eloma, the German based combi-oven maker, was acquired for Euros 10.5m (£7.1m) in cash from the Gustatus Group. Eloma's revenue in 2005 was Euros 21m (£14.3m) and profit before interest and tax was Euros 0.7m (£0.5m) on a proforma basis. 2006 financial calendar Report and accounts posted 30th March 2006 Record date for final ordinary dividend 28th April 2006 Annual General Meeting 4th May 2006 Final ordinary dividend payable 2nd June 2006 2006 half year end 30th June 2006 The financial information set out in this announcement does not constitute the Company's statutory accounts for the years ended 31st December 2005 and 2004 but is derived from those accounts. Statutory accounts for 2004 have been delivered to the Registrar of Companies and those for 2005 will be delivered following the Company's Annual General Meeting. The Company's auditor has reported on these accounts; its reports were unqualified and did not contain statements under section 237(2) or (3) of the Companies Act 1985. END
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