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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chapelthorpe | LSE:CPL | London | Ordinary Share | GB00B23VYS91 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9736U Chapelthorpe PLC 30 November 2000 Interim Results Half-year ended 30 September 2000 Highlights * Turnover increased by 21% to #70m (1999: #58m) * Increased sales from North America * Acquisition of American Fibers and Yarns in July, allows accelerated penetration of strategically important US automotive market * New umbrella frame production capacity to allow for increased penetration of US and European markets and provides considerable organic growth potential * Reorganisation of Specialist Coatings operations in the UK provides base for improved future operational performance * Performance of Asota in line with expectations * Interim dividend maintained at 0.63p per share * Purchase and cancellation of 9.7m ordinary shares which enhanced earnings for the remaining shareholders * No firm proposals yet received re possible offer for the Company, shareholders will be kept informed of developments Charles Godwin, Chairman commented: " Over the past three years we have concluded a number of strategically important moves to reduce our dependence on manufacturing in the UK whilst at the same time building and developing important businesses in North America and Europe. Despite the high level of activity on these fronts, our UK businesses, and in particular, the export led ones, have still suffered from the twin impact of the strength of sterling and increased raw material costs, damaging turnover and margin. "In our trading statement, issued 31 August 2000, we indicated that we expected these negative conditions to improve as the year progressed and looked forward to a much improved second half. Thus far neither of these external factors have moved in our favour. However, we still have grounds for belief that raw material price pressure may well ease in the final quarter, although we expect our operational performance in the second half of the year will still be below our previously expected levels. "Looking ahead to the future, the strengthening of our North American businesses combined with the success of our Austrian operation gives us grounds for cautious optimism. We will continue to optimise the return on the significant strategic investments made in our businesses as well as examining other opportunities to maximise shareholder value." For further information; please contact: Chris Lynch/Josh Royston Square Mile Communications 0207 601 1000 Chairman's Statement The results for the six months to 30 September 2000 reflect the adverse macro economic factors currently affecting operations, namely the strength of sterling against European currencies and the sharp increase in the cost of raw materials - particularly those related to oil prices, both of which remain outside our control. Counter action, where possible, has been taken to mitigate this continuing adverse impact on performance. However, this action has led to the current results being further affected by exceptional items, mainly attributable to the reorganisation of the Specialist Coatings division in the UK and, in particular, the costs relating to mothballing one of the manufacturing units. In addition, we have continued our declared strategy of growing our North American operations by the acquisition of the staple fibre business and assets of the American Fibers and Yarns Company, as described below. Results Turnover in the six months to 30 September 2000 rose to #70.0m (1999: #58.0m), an increase of #12.0m, assisted by a full six-month contribution from Asota, when compared with the same period last year. Increased sales, mainly from North America, compensated for the decline in domestic sales arising from the continuing depressed trading conditions prevailing for our customers in the wallcoverings and carpet markets. Pre-exceptional operating profit, before goodwill amortisation, was #4.0m compared with #6.0m in the same period last year, reflecting the two principal factors which have been referred to above. After taking account of a higher interest charge of #1.2m (1999: #0.7m), arising from the increase in borrowings relating to the acquisition of Asota and American Fibers and Yarns, and the amortisation of goodwill resulting mainly from the Chamberlain and Asota acquisitions, pre-tax profits before exceptional items fell to #2.3m from #5.1m in 1999. A #10.0m exceptional charge has been recorded in relation to costs arising from the cessation of operations at Chamberlain Coatings' facility. This charge includes the full write down of tangible fixed assets and an impairment review of goodwill, in accordance with FRS11, and provisions for ongoing site, lease and other reorganisation costs. The fixed assets will be retained for potential use in the future and negotiations are ongoing to mitigate the outstanding lease costs. After exceptional items the pre-tax loss for the period was #7.9m compared with a pre-tax profit of #4.9m in 1999. Earnings per share, pre-exceptional items, fell to 0.67p (1999: 1.64p), whilst, post exceptional items, losses per share were 3.40p, compared with earnings per share in 1999 of 1.36p. Purchase of own shares Following the authority granted to us by shareholders to purchase up to 15% of the issued share capital of the Company, 9,746,556 ordinary shares were purchased and cancelled between 9 June and 18 July 2000, which represented 4.5% of the issued share capital, at that time. These share buy backs, given that the cost of capital is significantly below the cost of dividends, are earnings enhancing and as long as these circumstances prevail, subject to regulatory constraints, we will consider additional share purchases up to our authorised level when appropriate. Following the above cancellation of ordinary shares, the number of shares now in issue stands at 204,040,900. Dividends The Board is declaring an unchanged interim dividend of 0.63p per share, which will be payable on 12 February 2001 to shareholders on the register as at 15 December 2000. Following the introduction of the Dividend Reinvestment Plan (the "Plan") in July 2000, shareholders will once again have the opportunity to reinvest the whole of their cash dividends in the purchase of additional shares in the Company in the open market at competitive dealing rates. The last date for election to participate in the Plan is 22 January 2001. Balance Sheet The recent share buy backs referred to above and the exceptional reorganisation and impairment provisions have been the main contributory factors in the reduction of shareholders' funds to #54.9m (1999: #61.2m). This reduction when coupled with the increase in borrowings necessary to complete the acquisition in the USA has resulted in gearing of 76.9%. This level of borrowings was well within our agreed facilities. On 14 November 2000 revised banking facilities were put in place, which provide longer term funding, resulting in a debt profile maturing over a period of years and which is more appropriate to the Group's requirement. Acquisition On 31 July 2000 our US subsidiary, Drake Extrusion, Inc., completed the strategically important acquisition of the staple fibre business and assets of the American Fibers and Yarns Company ("AFY") for a cash consideration of US $8.7m (excluding costs). AFY is the preferred supplier of coloured polypropylene fibre to the US automotive industry, in particular to General Motors and Chrysler, and is an excellent fit for our existing business. We are currently a supplier to Ford of coloured polypropylene fibre, which is used in the kick panels, parcel shelves and boot linings of motor vehicles and this acquisition will accelerate our penetration into this important market segment. The business, which is currently based at Spartanburg, South Carolina, has been integrated into our US fibres division. Half-year review As shareholders will be well aware, the economic climate over the past two to three years has resulted in increasingly challenging trading conditions for ourselves and our UK customers. The strength of sterling over this period against European currencies has had a major negative impact on our UK export led manufacturing businesses and our export volumes have been maintained only at the expense of margin. In addition to this impact on our export business, our UK customers' businesses have become increasingly affected by import penetration. Shareholders will also be aware that since 1995, when we first developed a manufacturing base on a greenfield site in the USA, we have taken a number of strategic steps to develop stronger businesses outside the UK. The timeliness of those steps is becoming more apparent day by day. The duration of the problems in the UK is extremely difficult to gauge and largely outside our control. Consequently, our UK businesses have been streamlined but, being largely capital intensive operations, they still retain the capability to exploit rapidly any significant increase in demand. Specialist Coatings This division is principally involved in the manufacture of vinyl coated base paper and plastisols, mainly for the wallcoverings industry worldwide. Turnover in the period was #24.2m (1999: #25.3m) and operating profit before exceptional items and goodwill amortisation was #1.3m (1999: #2.6m). UK and Europe In the last Annual Report we commented that the domestic retail wallpaper market was the worst in living memory and sadly there has been no sign of any improvement, if anything, the market has worsened. In addition, the strength of sterling has provided a number of opportunities for our European competitors, particularly from France, to supply the UK market. Despite these factors the division managed a good sales performance in direct exports to European manufacturers, albeit at lower margins than we would have liked. We do not anticipate that the second half of the year will bring about any recovery in the domestic market as volumes are expected to remain flat. However, we do believe that better operational performance will arise following the recent reorganisation of our UK manufacturing facilities. North America Our business in Canada continues to perform satisfactorily as a consequence of our ability to respond to changing demand directed to heavier vinyl and more specialised products. The US market has been less buoyant than anticipated and currency has been the major determinant. The relative strength of the US dollar has allowed some import penetration. Consequently, we have taken the opportunity to change the specification on our second coating line, prior to its commissioning, in order to optimise the opportunities in the commercial market for more value added specialist products, not readily available through imports. This line is now expected to be fully operational by early 2001. Fibres This division is involved in the manufacture of coloured polypropylene fibres and filament yarns which are supplied to the floorcoverings, automotive, technical textiles, geotextiles and home furnishings markets worldwide. Turnover was #40.3m (1999: #25.5m) and operating profit pre- exceptional items and goodwill amortisation was #1.7m (1999: #2.1m). UK and Europe Raw material cost increases and the rise in the value of sterling made for extremely tough conditions in most of our markets. In particular, the weakness in the UK carpet sector, subjected to increased penetration of imported products, impacted on profitability. Despite the reorganisation of our UK businesses and the concentration of the majority of production at one site, the continued squeezing of export margins has seen operating profits fall. Conversely, the acquisition of Asota has been very beneficial with the major factors impacting on our UK businesses working to our advantage in Continental Europe. This business performed in line with expectations and, although having only been part of the Group for just over 12 months, it now makes a significant contribution to the division's profitability. North America Overall, the fibres business in the US continues to perform satisfactorily although increases in the cost of raw materials are having a negative effect. As the build up phase in our Martinsville facility will be completed in the second half of the year, we will be in a better position to maximise the return on our strategic investment. The acquisition of AFY represents a great opportunity for us in the US automotive markets and will enable us to develop our business still further. We will continue to work closely with our customers and suppliers to ensure that we are in the best possible position to reap the full benefit of this acquisition. Umbrella Frames This division is involved in the manufacture of specialist frames for sun and sporting umbrellas. Turnover in the period was #5.6m (1999: #5.4m) and operating profit pre- exceptional items was #1.0m (1999: #1.3m). Comparative figures exclude Shaw Export Services, which was sold in July 1999. Despite the strength of sterling, our position as market leader in Europe remains unchallenged and new markets have been opened up in Eastern Europe and South America. Profitability, however, has suffered in order to prevent business being lost to major competitors, predominantly based in Europe. With additional capacity coming on stream, the constraints restricting further penetration of the US and European markets will be removed and the potential for continued organic growth is substantial. Update on possible offer for the Company On 21 November 2000, it was announced that Brian Leckie, the Chief Executive, had been given permission to approach funders with a view to making an offer for the Company. As previously announced, a committee of independent Directors has been formed to consider any proposal when received and shareholders will be kept informed of developments. Outlook Over the past three years we have concluded a number of strategically important moves to reduce our dependence on manufacturing in the UK whilst at the same time building and developing important businesses in North America and Europe. Despite the high level of activity on these fronts, our UK businesses, and in particular, the export led ones, have still suffered from the twin impact of the strength of sterling and increased raw material costs, damaging turnover and margin. In our trading statement, issued 31 August 2000, we indicated that we expected these negative conditions to improve as the year progressed and looked forward to a much improved second half. Thus far neither of these external factors have moved in our favour. However, we still have grounds for belief that raw material price pressure may well ease in the final quarter, although we expect our operational performance in the second half of the year will still be below our previously expected levels. Looking to the future, the strengthening of our North American businesses combined with the success of our Austrian operation gives us grounds for cautious optimism. We will continue to optimise the return on the significant strategic investments made in our businesses as well as examining other opportunities to maximise shareholder value. Charles Godwin Chairman Consolidated Profit and Loss Account Half-year ended 30 September 2000 Operating Exceptional Half-year activities items 30 September 2000 2000 2000 Notes #000 #000 #000 ________________________________________________________________________ Turnover 2 70,044 - 70,044 ________________________________________________________________________ Operating profit continuing operations 4,013 - 4,013 exceptional items - (7,504) (7,504) goodwill amortised (437) (3,002) (3,439) _________________________________________________________________________ Total operating profit 2,6 3,576 (10,506) (6,930) Exceptional items relating to disposals of businesses 6 - 297 297 Profit on sale of property - - - Interest 1,228 - 1,228 _________________________________________________________________________ (Loss) profit on ordinary activities before taxation Profit before taxation and exceptional items 2,348 - 2,348 Exceptional items - (10,209) (10,209) Total (loss) profit on ordinary activities before taxation 2,348 (10,209) (7,861) _________________________________________________________________________ Taxation on (loss) profit on ordinary activities Taxation on profit before exceptional items 930 - 930 Taxation relating to exceptional items - (1,788) (1,788) Total taxation on (loss) profit on ordinary activities 930 (1,788) (858) _________________________________________________________________________ (Loss) profit for the period 1,418 (8,421) (7,003) Dividends: Preference 23 Ordinary 1,184 1,207 _________________________________________________________________________ Retained (deficit) profit (8,210) _________________________________________________________________________ Consolidated Profit and Loss Account (Continued) Half-year ended 30 September 2000 Half-year Year 30 September 31 March 1999 2000 Notes #000 #000 ________________________________________________________________________ Turnover 2 58,010 125,545 ________________________________________________________________________ Operating profit continuing operations 6,025 12,528 exceptional items - (1,742) goodwill amortised (281) (725) _________________________________________________________________________ Total operating profit 2,6 5,744 10,061 Exceptional items relating to disposals of businesses 6 (221) (386) Profit on sale of property - 1,740 Interest 660 1,698 _________________________________________________________________________ (Loss) profit on ordinary activities before taxation Profit before taxation and exceptional items 5,084 10,105 Exceptional items (221) (388) Total (loss) profit on ordinary activities before taxation 4,863 9,717 _________________________________________________________________________ Taxation on (loss) profit on ordinary activities Taxation on profit before exceptional items 1,660 2,091 Taxation relating to exceptional items 354 - Total taxation on (loss) profit on ordinary activities 2,014 2,091 _________________________________________________________________________ (Loss) profit for the period 2,849 7,626 Dividends: Preference 23 46 Ordinary 1,346 5,465 1,369 5,511 _________________________________________________________________________ Retained (deficit) profit 1,480 2,115 _________________________________________________________________________ Operating Exceptional Notes activities items Total _________________________________________________________________________ (Loss) earnings per ordinary share Half-year ended 30 September 2000 - basic (pence) 8 0.67 (4.07) (3.40) - diluted (pence) 8 0.67 (4.07) (3.40) _________________________________________________________________________ Half-year ended 30 September 1999 - basic (pence) 8 1.64 (0.28) 1.36 - diluted (pence) 8 1.64 (0.28) 1.36 _________________________________________________________________________ Year ended 31 March 2000 - basic (pence) 8 3.80 (0.18) 3.62 - diluted (pence) 8 3.80 (0.19) 3.61 _________________________________________________________________________ Consolidated Balance Sheet 30 September 2000 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 Fixed assets Intangible assets 14,381 17,455 16,384 Tangible assets 64,919 61,439 64,304 ___________________________________________________________________________ 79,300 78,894 80,688 ___________________________________________________________________________ Current assets Stocks 17,257 12,703 12,634 Debtors 36,355 37,547 40,080 Cash at bank and short-term deposits 6,685 6,828 8,637 ___________________________________________________________________________ 60,297 57,078 61,351 Creditors Amounts falling due within one year 70,916 63,244 69,531 ___________________________________________________________________________ Net current (liabilities) (10,619) (6,166) (8,180) ___________________________________________________________________________ Total assets less current liabilities 68,681 72,728 72,508 Creditors Amounts falling due after more than one year 3,191 6,159 3,503 Provisions for liabilities and charges 10,565 5,299 5,949 Deferred income - 38 35 __________________________________________________________________________ Net assets 54,925 61,232 63,021 __________________________________________________________________________ Capital and reserves Called up share capital 11,002 11,471 11,489 Reserves 43,923 49,761 51,532 __________________________________________________________________________ Total shareholders' funds 54,925 61,232 63,021 __________________________________________________________________________ Attributable to: Equity interests 54,125 60,432 62,221 Non-equity interests 800 800 800 __________________________________________________________________________ 54,925 61,232 63,021 __________________________________________________________________________ Consolidated Cash Flow Statement Half-year ended 30 September 2000 Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 Notes #000 #000 #000 ____________________________________________________________________________ Net cash inflow from operating activities 3 1,782 4,400 10,664 ____________________________________________________________________________ Returns on investments and servicing of finance Interest received 102 207 345 Interest paid (1,316) (913) (2,124) Interest element of finance lease rental payments (2) (3) (9) Dividends paid on non-equity shares (23) (23) (46) ____________________________________________________________________________ Net cash (outflow) from returns on investments and servicing of finance (1,239) (732) (1,834) _____________________________________________________________________________ Taxation (1,178) (5,554) (4,086) _____________________________________________________________________________ Capital expenditure Purchases of tangible fixed assets (1,816) (7,771) (13,816) Sales of tangible fixed assets 4 64 76 Sales of properties held for resale 6,357 - - _____________________________________________________________________________ 4,545 (7,707) (13,740) _____________________________________________________________________________ Acquisitions and disposals Disposals of businesses - 3,856 3,939 Purchases of businesses 7 (6,303) (10,291) (10,370) _____________________________________________________________________________ (6,303) (6,435) (6,431) _____________________________________________________________________________ Equity dividends paid (4,066) (2,237) (3,414) _____________________________________________________________________________ Financing Purchase of own shares (2,956) - - Issue of ordinary share capital - 4 7 Costs of share issues (5) (3) (15) Increase in short-term deposits - (3,955) - Loans advanced 3,973 - - Repayment of amounts borrowed (5,296) (5,000) (12,744) Capital element of finance lease rental payments (5) (54) (129) _____________________________________________________________________________ Net cash (outflow) from financing (4,289) (9,008) (12,881) _____________________________________________________________________________ (Decrease) in cash 4 (10,748) (27,273) (31,722) _____________________________________________________________________________ Total Recognised Gains and Losses Half-year ended September 2000 Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 _____________________________________________________________________________ (Loss) profit for the period (7,003) 2,849 7,626 Exchange translation adjustments on foreign currency net investments 3,075 (706) 338 _____________________________________________________________________________ Total recognised gains and losses for the period (3,928) 2,143 7,964 _____________________________________________________________________________ Movement in Shareholders' Funds Half-year ended 30 September 2000 Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 ____________________________________________________________________________ (Loss) profit for the period (7,003) 2,849 7,626 Dividends (1,207) (1,369) (5,511) Scrip dividend adjustments - 1,822 1,941 ____________________________________________________________________________ (8,210) 3,302 4,056 Purchase of own shares (2,956) - - Issue of ordinary share capital - 4 7 Costs of share issues (5) (3) (15) Goodwill reinstated on disposal of business - 1,428 1,428 Exchange translation adjustments on foreign currency net investments 3,075 (706) 338 ___________________________________________________________________________ (Decrease) increase in shareholders' funds (8,096) 4,025 5,814 Shareholders' funds at 1 April 2000 63,021 57,207 57,207 ___________________________________________________________________________ Shareholders' funds at 30 September 2000 54,925 61,232 63,021 ___________________________________________________________________________ Notes to the Interim Accounts 1. Basis of preparation The interim accounts for the half-year ended 30 September 2000 have been prepared using accounting policies consistent with those set out in the 2000 Report & Accounts and are unaudited. The consolidated profit and loss account, cash flow statement and statement of total recognised gains and losses for the year ended 31 March 2000 and the consolidated balance sheet as at that date are an abridged version of the full historical cost accounts which received an unqualified report by the auditors and have been filed with the Registrar of Companies. 2. Turnover and operating profit Area of activity Turnover __________________________________________ Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 _____________________________________________________________________________ Continuing operations Specialist Coatings 24,160 25,347 49,153 Fibres 40,260 25,481 61,359 Umbrella Frames 5,624 7,182 15,033 _____________________________________________________________________________ 70,044 58,010 125,545 Goodwill amortised _____________________________________________________________________________ 70,044 58,010 125,545 _____________________________________________________________________________ Geographical area Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 Region of origin #000 #000 #000 _____________________________________________________________________________ Continuing operations United Kingdom 33,805 37,860 76,107 North America 25,911 19,572 38,848 Europe 10,328 578 10,590 _____________________________________________________________________________ 70,044 58,010 125,545 Goodwill amortised ____________________________________________________________________________ 70,044 58,010 125,545 ____________________________________________________________________________ 2. Turnover and operating profit (continued) Area of activity Pre-exceptional operating profit __________________________________________ Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 _____________________________________________________________________________ Continuing operations Specialist Coatings 1,330 2,622 5,034 Fibres 1,723 2,095 4,395 Umbrella Frames 960 1,308 3,099 _____________________________________________________________________________ 4,013 6,025 12,528 Goodwill amortised (437) (281) (725) _____________________________________________________________________________ 3,576 5,744 11,803 _____________________________________________________________________________ Geographical area Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 Region of origin #000 #000 #000 _____________________________________________________________________________ Continuing operations United Kingdom 1,597 3,973 7,892 North America 1,755 2,036 3,915 Europe 661 16 721 _____________________________________________________________________________ 4,013 6,025 12,528 Goodwill amortised (437) (281) (725) ____________________________________________________________________________ 3,576 5,744 11,803 ____________________________________________________________________________ Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 Region of destination #000 #000 #000 ________________________________________________________________________ United Kingdom 19,989 22,500 43,005 Europe 21,081 14,623 40,580 North America 26,938 19,907 39,576 Africa and Middle East 491 355 562 Australia and Far East 1,545 625 1,822 ________________________________________________________________________ 70,044 58,010 125,545 ________________________________________________________________________ Following the acquisition of the staple fibre business of American Fibers and Yarns Company, the business, operational and management systems of this facility were totally integrated within an existing operation. Therefore, it has not been possible to separately identify the results of the acquired business. These results are combined within the continuing operations of the Fibres division. 3. Reconciliation of operating profit to net cash inflow from operating activities Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 ______________________________________________________________________________ Operating profit before exceptional items 3,576 5,744 11,803 Depreciation 3,478 2,914 6,064 Amortisation of goodwill 437 281 725 Net cash (outflow) in respect of operating exceptional items (480) - - Net cash (outflow) in respect of prior year aborted acquisition bid (1,409) - (540) Net cash (outflow) in respect of previous fundamental reorganisation (3) (773) (743) Capital grants transfer (5) (6) (9) (Increase) in stocks (2,502) (1,550) (1,405) Decrease (increase) in debtors 596 805 (662) (Decrease) in creditors (1,906) (3,015) (4,569) _____________________________________________________________________________ Net cash inflow from operating activities 1,782 4,400 10,664 _____________________________________________________________________________ 4. Reconciliation to net debt Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 ____________________________________________________________________________ (Decrease) in cash in the period (10,748) (27,273) (31,722) Decrease in debt and finance leasing 1,328 9,009 12,873 ____________________________________________________________________________ Change in net debt from cash flows (9,420) (18,264) (18,849) Loans relating to business acquired - (4,713) (4,713) Exchange adjustments 207 (302) 469 ____________________________________________________________________________ Movement in net debt in the period (9,213) (23,279) (23,093) Net debt at 1 April 2000 (33,044) (9,951) (9,951) ____________________________________________________________________________ Net debt at 30 September 2000 (42,257) (33,230) (33,044) ____________________________________________________________________________ 5. Analysis of net debt 1 April Cash Other Exchange 30 September 2000 flow non-cash movement 2000 #000 #000 #000 #000 #000 ______________________________________________________________________________ Cash at bank and in hand 8,637 (2,205) 253 6,685 Overdrafts and short-term facilities (30,515)(8,543) 21 (39,037) _____________________________________________________________________________ (10,748) _____________________________________________________________________________ Debt due after more than one year (3,496) - 291 16 (3,189) Debt due within one year (7,584) 1,323 (291) (83) (6,635) Finance leases (86) 5 (81) ______________________________________________________________________________ 1,328 ______________________________________________________________________________ (33,044)(9,420) 207 (42,257) ______________________________________________________________________________ 6. Exceptional items As part of a Group reorganisation during the period, the business of Chamberlain Coatings Limited was transferred to Speciality Coatings (Darwen) Limited and production ceased at Chamberlain's premises in Bishop Auckland. An analysis of the exceptional costs in relation to the closure of the Bishop Auckland operation and other reorganisation costs for the period ended 30 September 2000 is as follows: Costs Costs relating to prior Chamberlain relating to year aborted 2000 Coatings reorganisation acquisition bid Total #000 #000 #000 #000 ______________________________________________________________________________ Impairment provisions provided: Intangible fixed assets (3,002) - - (3,002) Tangible fixed assets (2,359) - - (2,359) Debtors (128) - - (128) Provisions for liabilities (4,321) - - (4,321) Capital grants 30 - - 30 ______________________________________________________________________________ (9,780) - - (9,780) Other costs (paid) relating to operating exceptional items (220) (82) (209) (511) Other costs (accrued) relating to operating exceptional items - (215) - (215) ______________________________________________________________________________ Costs relating to operating exceptional items (10,000) (297) (209)(10,506) ______________________________________________________________________________ Release of provision against deferred consideration from prior year disposal - 300 - 300 (Loss) relating to previous fundamental reorganisation - (3) - (3) ______________________________________________________________________________ Costs relating to non-operating exceptional items - 297 - 297 ______________________________________________________________________________ Total exceptional items (10,000) - (209)(10,209) ______________________________________________________________________________ Reconciliation to cash flow statement Costs Costs relating to prior Chamberlain relating to year aborted 2000 Coatings reorganisation acquisition bid Total #000 #000 #000 #000 ______________________________________________________________________________ Costs (paid) above (220) (82) (209) (511) Net cash (outflow) relating to costs provided in previous years - (178) (1,200) (1,378) ______________________________________________________________________________ Net cash (outflow) relating to operating exceptional items (220) (260) (1,409) (1,889) Net cash (outflow) relating to previous fundamental reorganisation - (3) - (3) ______________________________________________________________________________ (220) (263) (1,409) (1,892) ______________________________________________________________________________ 7. Acquisition of business On 31 July 2000 the Group acquired the staple fibre business and assets of American Fibers and Yarns Company, a producer of coloured polypropylene fibre for supply primarily to the automotive industry. Goodwill arising during the period, the majority of which relates to the acquisition of the staple fibre business of American Fibers and Yarns Company, has been capitalised as an intangible asset in the balance sheet and is being amortised over a period of 20 years. Analysis of the provisional fair values of the net assets acquired Provisional fair value to the Group #000 ______________________________________________________________________________ Tangible fixed assets 1,930 Stocks 1,767 Debtors 2,441 Creditors due within one year (24) ______________________________________________________________________________ Net assets 6,114 ______________________________________________________________________________ Consideration: Cash (including costs) 7,564 ______________________________________________________________________________ Goodwill arising on acquisition 1,450 ______________________________________________________________________________ Cash flows relating to the acquisition #000 ______________________________________________________________________________ Cash outflow on acquisition of business: Consideration 7,564 Less costs accrued (1,264) Cash outflow relating to prior year acquisition 3 ______________________________________________________________________________ Consideration per cash flow statement 6,303 ______________________________________________________________________________ 8. (Loss) earnings per ordinary share Basic earnings per share _____________________________________________ Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 _____________________________________________________________________________ (Loss) profit for the period (7,003) 2,849 7,626 Dividends on preference shares (23) (23) (46) Exceptional items - - - _____________________________________________________________________________ (Loss) earnings attributable to ordinary shareholders (7,026) 2,826 7,580 _____________________________________________________________________________ Weighted average number of ordinary shares in issue during the period (000's) 206,867 207,716 209,463 ______________________________________________________________________________ (Loss) earnings per ordinary share (pence) (3.40) 1.36 3.62 ______________________________________________________________________________ 8. (Loss) earnings per ordinary share (continued) Earnings per share before exceptional items _____________________________________________ Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 _____________________________________________________________________________ (Loss) profit for the period (7,003) 2,849 7,626 Dividends on preference shares (23) (23) (46) Exceptional items 8,421 575 388 _____________________________________________________________________________ (Loss) earnings attributable to ordinary shareholders 1,395 3,401 7,968 _____________________________________________________________________________ Weighted average number of ordinary shares in issue during the period (000's) 206,867 207,716 209,463 ______________________________________________________________________________ (Loss) earnings per ordinary share (pence) 0.67 1.64 3.80 ______________________________________________________________________________ Diluted earnings per share __________________________________________________ Half-year Half-year Year 30 September 30 September 31 March 2000 1999 2000 #000 #000 #000 ______________________________________________________________________________ (Loss) profit for the period (7,003) 2,849 7,626 Dividends on preference shares (23) (23) (46) ______________________________________________________________________________ (Loss) earnings attributable to ordinary shareholders (7,026) 2,826 7,580 ______________________________________________________________________________ Weighted average number of ordinary shares in issue during the period (000's) 206,867 207,716 209,463 Dilutive effect of share options (000's) - 290 224 ______________________________________________________________________________ Adjusted weighted average number of ordinary shares in issue during the period (000's) 206,867 208,006 209,687 ______________________________________________________________________________ (Loss) earnings per ordinary share (pence) (3.40) 1.36 3.61 ______________________________________________________________________________ The effect of the exceptional items on the earnings per share for the current period is (4.07)p (1999: (0.28)p). Distribution to shareholders The Interim report will be despatched to shareholders on 6 December 2000. Copies may be obtained from the Company's registered office: Chapelthorpe Hall, Church Lane, Chapelthorpe, Wakefield, West Yorkshire, WF4 3JB.
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