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Name | Symbol | Market | Type |
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Chemetall 9%Pf | LSE:CHM | London | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 100.00 | 0 | 01:00:00 |
RNS Number:0002C Chemetall PLC 16 August 2004 Chemetall PLC Six months ended 30 June 2004 Chairman's statement The first six months of 2004 have seen Chemetall PLC make a strong start against a background of slowly improving market conditions. Half-year sales were 3% greater than for the comparative period in the prior year bolstered by continued growth in our Aerospace and Performance Products Divisions. Sales to our Middle East markets were ahead of plan although there is still the possibility that the general political situation in this area may have an adverse effect during the second half of 2004. Sales to general industrial manufacturers have continued to fall in line with the UK economic trend in the manufacturing sector. Results and dividends During the period the Group generated a profit on ordinary activities before taxation of #1.4 million (30 June 2003: #2.2 million) with a turnover of #7.1 million (30 June 2003: #6.9 million). The result for the comparative period to 30 June 2003 includes exchange gains of #1.0 million on loans held with other Chemetall GmbH group companies denominated in foreign currencies which have been converted into sterling prior to the current period. The Group's loan assets, including exchange movements and interest accrued thereon, totalled #79.2 million at 30 June 2004 (31 December 2003: #80.9 million). Preference dividends continue to be paid on the normal due dates. Operational Review The Aerospace Division sales were 9% above plan for the year to date. Sales to Airbus and Rolls Royce Aerospace Engines, where we act as the preferred supplier of speciality chemicals, continue to reflect growth in new aircraft orders. Following several years of decline in the automotive market, mainly due to significant plant closures, we have re-focused our approach to this area and as a result sales for the Automotive Division were 5% ahead of target. The overall performance of our Advanced Technologies Division was in line with expectations. Automotive components and cold-forming sectors gained some new business but general industrial sales have proved disappointing so far. The Performance Products Division (PPD), serving mainly service-orientated industries, continues to show encouraging growth, especially in sales to surface transport industries such as road freight, bus and rail. In addition, we have developed new environmentally friendly solutions for the rail transport segment. Cash flow and financing The net cash inflow from operating activities was #0.6 million (30 June 2003: #0.6 million). During the period, #1.1 million was received from Chemetall GmbH for payment of part of the interest accrued on loans. At the period end the Group had net cash balances of #1.0 million, #0.5 million of which was necessary to pay the preference dividend in July. Change of ultimate parent undertaking As previously announced, our ultimate holding company, mg technologies ag ('mg') has sold its chemical business, Dynamit Nobel ('DN'), of which Chemetall PLC is a part. The sale of DN to Rockwood Specialties Group Inc., a US-based speciality chemicals company, was approved by annual general meeting of shareholders and anti-trust authorities earlier this year and the change of ownership became effective from 1 August 2004. Outlook After a sustained period of difficult trading conditions, which has affected our results over the past few years, we have found market conditions more stable with signs of recovery. Results have been in line with expectations and we see no reason, given the strength of our operational project list, why a steady growth trend should not continue for the second half of the year and beyond. We are further reviewing our strategic approach, in particular moving towards offering chemical management services and business-to-business options to our customers. We will continue to manage our operating cost position very carefully and as a result increased growth should allow us to improve our trading results. Alec Daly CBE Chairman Chemetall PLC Six months ended 30 June 2004 Consolidated Profit and Loss Account Unaudited Unaudited Audited Six months Six months Fifteen months ended ended ended 30 June 2004 30 June 2003 31 December 2003 Notes #'000 #'000 #'000 Group turnover 1 7,116 6,907 16,820 Operating loss (81) (130) (552) before exceptional operating items Exceptional - - (850) operating items - Litigation costs Operating loss (81) (130) (1,402) after exceptional operating items Profit on sale of - - 6 properties held for resale Loss on ordinary (81) (130) (1,396) activities before interest Net interest 2 1,465 2,356 4,568 receivable and similar income Profit on ordinary 1,384 2,226 3,172 activities before taxation Taxation on profit (220) (428) (628) on ordinary activities Profit on ordinary 1,164 1,798 2,544 activities after taxation Dividends on equity (540) (540) (1,350) and non equity shares Amount transferred 624 1,258 1,194 to reserves Consolidated Balance Sheet Unaudited Unaudited Audited Six months Six months Fifteen months ended ended ended 30 June 2004 30 June 2003 31 December 2003 #'000 #'000 #'000 Fixed assets Intangible 2,778 3,057 2,906 Tangible 1,364 1,543 1,443 4,142 4,600 4,349 Current assets Investments - 40 - Stocks 992 1,030 1,082 Debtors 83,874 86,144 85,500 Cash at bank and in hand 991 4 203 85,857 87,218 86,785 Creditors: amounts falling (4,071) (4,703) (3,838) due within one year Net current assets 81,786 82,515 82,947 Total assets less current 85,928 87,115 87,296 liabilities Provisions for liabilities (708) (733) (667) and charges 85,220 86,382 86,629 Capital and reserves Called-up share capital 18,889 18,889 18,889 Share premium account 29,757 29,757 29,757 Profit and loss account 36,574 37,736 37,983 Shareholders' funds 85,220 86,382 86,629 Equity interest 73,220 74,382 74,629 Non-equity interest 12,000 12,000 12,000 Shareholders' funds 85,220 86,382 86,629 Consolidated Cash Flow Statement Unaudited Unaudited Audited Six months Six months Fifteen months ended ended ended 30 June 2004 30 June 2003 31 December 2003 Notes #'000 #'000 #'000 Net cash inflow/ 4 646 559 (22) (outflow) from operating activities Returns on investments and servicing of finance Interest received 1,050 - 2,056 Interest paid (2) (6) (73) Dividends paid on (540) (540) (1,080) non-equity shares Net cash inflow/ 508 (546) 903 (outflow) Taxation (287) (163) (434) Capital expenditure and investments Purchase of tangible (79) (71) (118) fixed assets Purchase of intangible - (6) (6) fixed assets Sale of properties - - 46 for resale Net cash outflow (79) (77) (78) Increase/(decrease) 6 788 (227) 369 Statement of total group recognised gains and losses Unaudited Unaudited Audited Six months Six months Fifteen months ended ended ended 30 June 2004 30 June 2003 31 December 2003 #'000 #'000 #'000 Profit for the period 1,164 1,798 2,544 Currency translation (2,033) 1,416 4,623 differences on foreign currency net investments Total recognised gains (869) 3,214 7,167 relating to the period Notes to the unaudited results 1. Turnover All activities are derived from the development, manufacture and marketing of specialised industrial chemicals. 2. Net interest receivable and similar income Unaudited Unaudited Audited Six months Six months Fifteen months ended ended ended 30 June 2004 30 June 2003 31 December 2003 Net interest on bank loans, #'000 #'000 #'000 overdrafts and other loans: Wholly receivable within 1,467 1,336 3,335 five years - loans to parent group undertakings Interest receivable on cash - - 74 balances Exchange gain/(loss) on - 1,026 1,232 loans to parent group undertakings Total interest receivable 1,467 2,362 4,641 Wholly repayable within (2) (6) (73) five years - bank overdrafts Net interest receivable 1,465 2,356 4,568 3. Movement in shareholders' funds Unaudited Unaudited Audited Six months Six months Fifteen months ended ended ended 30 June 2004 30 June 2003 31 December 2003 #'000 #'000 #'000 Profit for the period 1,164 1,798 2,544 Dividends paid and (540) (540) (1,350) proposed Transfer to reserves 624 1,258 1,194 Other recognised gains (2,033) 1,416 4,623 and losses relating to the period Net (decrease)/increase (1,409) 2,674 5,817 in shareholders' funds Opening shareholders' 86,629 83,708 80,812 funds Closing shareholders' 85,220 86,382 86,629 funds 4. Reconciliaton of operating loss to net cash inflow from operating activities Unaudited Unaudited Audited Six months Six months Fifteen months ended ended ended 30 June 2004 30 June 2003 31 December 2003 #'000 #'000 #'000 Operating loss before (81) (130) (552) exceptional operating items Exceptional operating - - (850) items - Litigation costs paid Operating loss (81) (130) (1,402) Depreciation, amortisation 286 285 672 and impairment charges Decrease in stocks 90 221 95 Decrease in debtors - 181 1,243 Increase/(decrease) in 351 2 (630) creditors and other provisions Net cash inflow/(outflow) from 646 559 (22) operating activities 5. Analysis of net funds Exchange 1 January 2004 Cashflow movement Other 30 June 2004 #'000 #'000 #'000 #'000 #'000 Cash at bank 203 788 - - 991 Loans to group 80,866 (1,050) (2,042) 1,467 79,241 undertakings Total 81,069 (262) (2,042) 1,467 80,232 6. Reconciliation of net cash flow to movement in net funds 30 June 2004 #'000 Increase in cash in the period 788 Cash flow from movement in funds in the period (1,050) Change in net funds resulting from cash flows (262) Non-cash movements on loans* 1,467 Translation differences (2,042) Movement in net funds in the period (837) Net funds at 1 January 2004 81,069 Net funds at 30 June 2004 80,232 * Non-cash movements on loans consist of interest being rolled up into the principal on existing loans to group undertakings 7 Post balance sheet events The company's ultimate holding company, mg technologies AG sold it's chemical business, Dynamit Nobel of which Chemetall is a part, to Rockwood Specialties Group Inc. The change of ownership became effective from 1 August 2004. Due to the change in ownership it will become necessary to transfer the pension arrangments for certain employees from the Metallgesellschaft group pension scheme to the Chemetall UK pension scheme. This will require an additional payment of approximately #800,000 to fund the liability. 8. The results for the fifteen months ended 31 December 2003 are an extract from the latest published accounts which have been delivered to the Registrar of Companies; the report of the auditors on those accounts was unqualified and did not contain any statement under section 237 of the Companies Act 1985 9. The results for the six months to 30 June 2004 have been prepared on a basis consistent with the previous year end in accordance with the accounting policies disclosed in the published accounts 10. The financial information in this statement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 11. The results were approved by the Board of Directors on 12 August 2004 12. The announcement is being posted to all Shareholders on 17 August 2004 and copies are available at the Company's Registered Office This information is provided by RNS The company news service from the London Stock Exchange END IR GUUBGRUPCGCQ
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