Firstbus PLC - Interim Results - Part 2
17 11월 1997 - 4:32PM
UK Regulatory
RNS No 4793k
FIRSTBUS PLC
17th November 1997
PART 2
Consolidated profit and loss account
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
Notes # m # m # m
Turnover
Continuing operations 361.7 246.8 551.5
Acquisitions 1.7 - -
_______ _______ _______
363.4 246.8 551.5
_______ _______ _______
Operating costs
- General (323.9) (215.3) (477.8)
- Restructuring and other
exceptional costs (2.5) (2.2) (10.0)
- Employees' profit sharing
scheme (1.6) (1.2) (2.7)
_______ _______ _______
Total operating costs (328.0) (218.7) (490.5)
_______ _______ _______
Operating profit:
Continuing operations 35.1 28.1 61.0
Acquisitions 0.3 - -
_______ _______ _______
35.4 28.1 61.0
Profit on disposal of fixed asset
properties - continuing operations - 1.7 1.7
Share of profits of associated
undertakings 2.1 0.5 1.4
_______ _______ _______
Profit on ordinary activities
before interest 37.5 30.3 64.1
Net interest payable and
similar charges (7.5) (6.8) (13.1)
_______ _______ _______
Profit on ordinary activities
before taxation 30.0 23.5 51.0
Tax on profit on ordinary
activities 3 (7.0) 3.1 (3.9)
_______ _______ _______
Profit on ordinary activities after
taxation 23.0 26.6 47.1
Equity minority interests - (0.1) (0.1)
_______ _______ _______
Profit for the financial period 23.0 26.5 47.0
Equity dividends paid and
proposed 4 (6.9) (5.5) (16.8)
_______ _______ _______
Retained profit for the financial
period 13 16.1 21.0 30.2
Basic earnings per share 5 7.3p 9.4p 16.0p
Adjusted basic earnings per share 5 7.9p 6.1p 14.4p
No statement of total recognised gains and losses is given as all gains and
losses for the current and preceding periods passed through the profit and
loss account.
Consolidated balance sheet
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
Notes # m # m # m
Assets employed:
Fixed assets
Tangible assets 6 342.9 270.7 313.4
Investments 13.9 7.8 12.6
_______ _______ _______
356.8 278.5 326.0
_______ _______ _______
Current assets
Stocks 19.7 20.9 22.1
Debtors 7 75.7 56.0 73.6
Investments 8 24.0 43.7 31.2
Cash at bank and in hand 10.8 6.9 11.3
_______ _______ _______
130.2 127.5 138.2
Creditors: amounts falling
due within one year 9 (209.3) (162.7) (235.3)
_______ _______ _______
Net current (liabilities)/assets
Due within one year (99.5) (56.4) (117.0)
Amounts due after more than
one year 7,8 20.4 21.2 19.9
_______ _______ _______
Net current liabilities (79.1) (35.2) (97.1)
_______ _______ _______
Total assets less current liabilities 277.7 243.3 228.9
Creditors: amounts falling
due after more than one year 9 (193.4) (167.0) (157.4)
Provisions for liabilities and
charges (14.0) (10.8) (12.8)
_______ _______ _______
70.3 65.5 58.7
Financed by:
Capital and reserves
Called up share capital 12 15.8 15.2 15.7
Share premium account 13 93.6 93.2 93.3
Revaluation reserve 13 3.7 3.7 3.7
Other reserves 13 (111.5) (90.0) (106.6)
Profit and loss account 13 68.3 43.0 52.2
_______ _______ _______
Equity shareholders' funds 69.9 65.1 58.3
Equity minority interests 0.4 0.4 0.4
_______ _______ _______
70.3 65.5 58.7
Consolidated cash flow statement
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
Notes # m # m # m
Cash flow from operating
activities 10(a) 32.3 39.1 92.2
Returns on investments and
servicing of finance 10(b) (6.9) (6.6) (12.9)
Taxation
Corporation tax paid (1.6) (3.0) (10.1)
Capital expenditure and
financial investment 10(c) (31.1) (5.9) (9.4)
Acquisitions and disposals 10(d) (6.5) (59.5) (80.5)
Equity dividends paid (11.3) (6.9) (12.4)
_______ _______ _______
Cash outflow before financing (25.1) (42.8) (33.1)
Financing 10(e) 20.8 38.9 35.6
_______ _______ _______
(Decrease)/increase in cash in period (4.3) (3.9) 2.5
Reconciliation of net cash flows to movements in net debt
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
Notes # m # m # m
(Decrease)/increase in cash in
period (4.3) (3.9) 2.5
Cash (inflow)/outflow from
(increase)/decrease in debt and
finance lease and hire purchase
contract financing (25.9) 54.3 58.0
Debt issued on acquisition of
subsidiary undertakings - (42.5) (42.5)
Debt and finance leases and
hire purchase contracts acquired
with subsidiary undertakings
and businesses net of current
asset investments (2.9) (36.0) (22.2)
Inception of finance leases and hire
purchase contracts - (17.8) (37.0)
_______ _______ _______
Movement in net debt in period (33.1) (45.9) (41.2)
Net debt at beginning of period 11 (168.1) (126.9) (126.9)
_______ _______ _______
Net debt at end of period 11 (201.2) (172.8) (168.1)
Reconciliation of movements in consolidated shareholders' funds
Unaudited Unaudited Audited
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Profit for the financial period 23.0 26.5 47.0
Dividends (6.9) (5.5) (16.8)
_______ _______ _______
16.1 21.0 30.2
Shares issued:
- in respect of subsidiaries acquired 3.2 55.7 74.7
- in respect of 2 for 7 Rights Issue - 93.0 93.0
- in respect of exercise of savings
related and executive share options 0.3 0.2 0.4
Goodwill arising on acquisitions
written off (8.0) (149.0) (184.2)
_______ _______ _______
Net additions to shareholders' funds 11.6 20.9 14.1
Shareholders' funds at beginning of period 58.3 44.2 44.2
_______ _______ _______
Shareholders' funds at end of period 69.9 65.1 58.3
No note of historical cost profits and losses is given as there are no
material differences between the results as set out in the consolidated profit
and loss account and their historical cost equivalents.
Notes to the accounts
1 Basis of preparation
This interim report does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985.
The figures for the six months to 30 September 1997 includes the results
of the bus businesses for the 26 weeks ended 27 September 1997 and the
results of the rail businesses for the 24 weeks ended 13 September 1997.
These results are unaudited but have been reviewed by the auditors whose
review report is given herein
.
The comparative figures for the six months to 30 September 1996 are
unaudited and are derived from the interim report for the six months
ended 30 September 1996 which was reviewed by the auditors.
The comparative figures for the year to 31 March 1997 are not the
company's statutory accounts for that financial year. Those accounts
have been reported on by the company's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified and
did not contain a statement under section 237(2) or (3) of the Companies
Act 1985.
This interim report will be sent to all shareholders by early December
1997 and will be available to the public at the Corporate Headquarters of
the Group, 32a Weymouth Street, London, W1N 3FA.
This interim report was approved by the board of directors on 14
November 1997.
2 Principal accounting policies
The results for the six months to 30 September 1997 have been prepared
using the same accounting policies as were used in the preparation of the
interim report for the six months ended 30 September 1996 and the annual
report for the year ended 31 March 1997. Details of the principal
accounting policies are set out in the annual report.
3 Tax on profit on ordinary activities
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
# m # m # m
UK corporation tax at 31%
(prior periods: 33%) 5.5 5.5 10.1
Transfer to deferred tax 0.8 1.0 2.9
Release of deferred tax provision - (9.6) (9.6)
Associated undertakings 0.7 - 0.5
_______ _______ _______
7.0 (3.1) 3.9
4 Dividends
The interim dividend of 2.2p per ordinary share of 5p each will be paid
on 18 February 1998 to shareholders on the register of members at the
close of business on 9 January 1998.
5 Earnings per share
Basic earnings per share is based on the weighted average number of
ordinary shares of 314.4 m (six months to 30 September 1996: 282.1 m and
year to 31 March 1997: 293.7 m) in issue or committed to be issued and on
earnings of #23.0 m (six months to 30 September 1996: #26.5 m and year to
31 March 1997: #47.0 m). The weighted average number of shares for
comparative periods includes an adjustment to reflect the bonus element
of the Rights Issue in June 1996.
Adjusted basic earnings per share are intended to demonstrate recurring
elements of the results of the Group. A reconciliation of the earnings
used in the two bases is set out below:
6 months to
30 September 1997
Earnings per
# m share p
Profit for basic earnings per share calculation 23.0 7.3
Restructuring and other exceptional costs 2.5 0.8
Taxation effects of adjustments (0.8) (0.2)
_______ _______
Profit for adjusted basic earnings per share
calculation 24.7 7.9
6 months to
30 September 1996
Earnings per
# m share p
Profit for basic earnings per share calculation 26.5 9.4
Restructuring and other exceptional costs 2.2 0.8
Profit on disposal of fixed asset properties (1.7) (0.6)
Taxation effects of these adjustments (0.3) (0.1)
Effect of release of deferred tax provision (9.6) (3.4)
_______ _______
Profit for adjusted basic earnings per share
calculation 17.1 6.1
5 Earnings per share (continued)
Year to
31 March 1997
Earnings per
# m share p
Profit for basic earnings per share calculation 47.0 16.0
Restructuring and other exceptional costs 10.0 3.4
Profit on disposal of fixed asset properties (1.7) (0.6)
Taxation effects of these adjustments (3.3) (1.1)
Effect of release of deferred tax provision (9.6) (3.3)
_______ _______
Profit for adjusted basic earnings per share
calculation 42.4 14.4
The impact of fully diluted earnings per share is not material.
Comparative figures have been restated to reflect the bonus element of
the Rights Issue in June 1996.
6 Tangible fixed assets
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Net book value
Land and buildings 77.2 65.2 72.4
Passenger carrying vehicle fleet 253.6 196.5 229.8
Other plant and equipment 12.1 9.0 11.2
_______ _______ _______
342.9 270.7 313.4
7 Debtors
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Amounts due within one year
Trade debtors 28.0 17.4 26.4
Other debtors 12.3 10.7 12.7
Pension funds' prepayments 2.6 2.0 2.2
Other prepayments and accrued income 12.4 5.9 9.4
Advance corporate tax recoverable - - 3.0
_______ _______ _______
55.3 36.0 53.7
_______ _______ _______
Notes to the accounts (continued)
7 Debtors (continued)
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Amounts due after more than one year
Other debtors 0.1 0.2 0.2
Pension funds' prepayments 16.7 16.8 16.7
Other prepayments and accrued income 2.2 0.7 2.6
Advance corporation tax recoverable 1.4 2.3 0.4
_______ _______ _______
20.4 20.0 19.9
_______ _______ _______
75.7 56.0 73.6
8 Current asset investments
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Bank deposits 24.0 42.5 29.2
Prepayment of revolving and term
credit facility costs - - 0.8
Cost of own shares held by trustees
not yet vested unconditionally - 1.2 1.2
_______ _______ _______
24.0 43.7 31.2
The bank deposits at 30 September 1997 and 31 March 1997 support the
Group's commitments (which are guaranteed by one of the Group's bankers)
under Great Eastern Railway Limited's season ticket bond to the Director
of Passenger Rail Franchising. The bank deposits, which are charged to
the bank, can not be reduced to below the amount of the season ticket
bond.
9 Creditors
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Amounts falling due within one year
Bank overdrafts 3.8 2.0 -
Obligations under finance leases
and hire purchase contracts (3) 31.7 28.9 34.0
Floating rate loan notes (2) 7.1 24.3 18.0
Trade creditors 35.1 19.2 40.9
Corporation tax 12.0 9.9 9.4
Other tax and social security 8.0 8.3 9.6
Other creditors 6.5 6.2 6.2
Pension funds' creditors 4.5 3.6 4.3
Accruals and deferred income 68.1 54.8 71.8
Season ticket deferred income 25.6 - 29.8
Proposed dividends 6.9 5.5 11.3
_______ _______ _______
209.3 162.7 235.3
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Amounts falling due after more
than one year
Bank loans (1)
Due between two and five years 68.4 21.1 -
Obligations under finance leases and
hire purchase contracts (3)
Due between one and two years 31.4 28.9 33.5
Due between two and five years 53.8 61.1 74.6
Due after five years 5.3 13.9 9.2
Floating rate loan notes (2)
Due between one and two years 34.5 42.0 40.1
_______ _______ _______
193.4 167.0 157.4
(1) Bank loans are unsecured and bear interest at 0.45% above LIBOR.
They are drawn under revolving and term credit facilities totalling
#175 m under which the company has committed facilities until 7
October 2001. Whilst the majority of these loans were repayable
within two months of the balance sheet date, they have been
classified by reference to the maturity date of the longest
refinancing permitted under these facilities.
Bank loans at 30 September 1997 and 30 September 1996 are stated net
of fees and other costs incurred in arranging these facilities. The
gross amount payable on the debt as at 30 September 1997 was #69.0 m
(30 September 1996: #21.5 m).
9 Creditors (continued)
(2) Loan notes bear interest at between 0.75% below and 1% above various
LIBOR term or bank base rates with #8.8 m at a minimum of 11%.
#0.2 m of the loan notes may not be redeemed before 12 November
1997 (three months' notice). #40.7 m (one year and one day's
notice) and #0.7 m (one month's notice) may now be redeemed.
Notice for redemption has been received on loan notes totalling #6.2
m for payment during the period 31 October 1997 to 31 July 1998.
The latest dates for redemption are 1 January 1999 (#0.7 m), 31
December 2007 (#20.6 m), 1 September 2009 (#0.2 m), 12 April 2020
(#8.8 m) and 1 March 2024 (#11.3 m).
Guarantees are provided for all but #0.2 m of loan notes: #34.8 m by
the bank facilities and #6.6 m by FirstBus plc.
(3) Finance lease and hire purchase contract liabilities are secured on
the assets to which they relate. The contracts vary in length
between four and ten years and are on normal commercial terms at
negotiated rates.
10 Notes to the consolidated cash flow statement
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
# m # m # m
(a) Reconciliation of operating
profit to net cash inflow
from operating activities
Operating profit 35.4 28.1 61.0
Depreciation charges 17.1 13.1 28.0
Profit on sale of non property fixed
assets (0.2) (1.8) (0.5)
(Increase)/decrease in stocks (0.6) 1.8 0.2
(Increase)/decrease in debtors (3.2) 0.2 (0.1)
(Decrease)/increase in creditors
and provisions (16.2) (2.3) 3.6
_______ _______ _______
Net cash inflow from operating
activities 32.3 39.1 92.2
10 Notes to the consolidated cash flow statement (continued)
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
# m # m # m
(b) Returns on investments and
servicing of finance
Interest received 1.6 0.6 2.7
Interest paid (3.0) (2.5) (5.4)
Interest element of finance lease
and hire purchase contract payments (5.6) (4.7) (9.8)
Dividends received from associated
undertakings 0.1 - -
Fees on issue of bank loans - - (0.4)
_______ _______ _______
Net cash outflow from returns on
investments and servicing of finance (6.9) (6.6) (12.9)
(c) Capital expenditure and financial
investment
Purchase of tangible fixed assets (41.6) (5.8) (16.0)
Sale of tangible fixed assets 3.8 1.1 7.6
Purchase of current asset investments - (1.2) (1.2)
Sale of current asset investments 1.5 - -
Cash withdrawn from current asset
investments 5.2 - 0.2
_______ _______ _______
Net cash outflow from capital
expenditure and financial investment (31.1) (5.9) (9.4)
(d) Acquisitions and disposals
Purchase of subsidiary undertakings (4.0) (56.3) (55.9)
Net bank overdrafts acquired with
subsidiary undertakings (2.5) (3.1) (19.2)
Purchase of businesses - - (1.9)
Loan to associate undertaking - - (3.5)
Purchase of minority interest in
subsidiary undertakings - (0.1) -
_______ _______ _______
Net cash outflow from acquisitions
and disposals (6.5) (59.5) (80.5)
10 Notes to the consolidated cash flow statement (continued)
6 months to 6 months to Year to
30 September 30 September 31 March
1997 1996 1997
# m # m # m
(e) Financing
Issue of share capital 0.3 93.2 93.4
New bank loans 69.0 10.0 -
Repayment of amounts borrowed
- bank loans (0.3) (8.3) (19.8)
- other loans (16.5) (0.2) (8.4)
Capital element of finance lease and
hire purchase contract payments (31.7) (13.3) (29.6)
Cash placed on current asset
investments - (42.5) -
_______ _______ _______
Net cash inflow from financing 20.8 38.9 35.6
11 Analysis of net debt
At Other
beginning Cash Acqui- non-cash At end
of period flow sitions changes of period
#m #m #m #m #m
Current asset investments 30.0 (5.2) - (0.8) 24.0
______ ________ _______ _______ _______
Cash at bank and in hand 11.3 (0.5) - - 10.8
Bank overdrafts - (3.8) - - (3.8)
________ ______ _______ ______ _______
11.3 (4.3) - - 7.0
_______ _______ ______ ________ _______
Bank loans - (68.7) (0.3) 0.6 (68.4)
Obligations under finance
leases and hire purchase
contracts (151.3) 31.7 (2.6) - (122.2)
Floating rate loan notes (58.1) 16.5 - - (41.6)
______ ________ ________ ______ _______
(209.4) (20.5) (2.9) 0.6 (232.2)
________ ______ _________ _____ _______
(168.1) (30.0) (2.9) (0.2) (201.2)
12 Called up share capital
30 September 30 September 31 March
1997 1996 1997
# m # m # m
Authorised
Ordinary shares of 5p each 21.3 17.5 17.5
Allotted, called up and fully paid
Ordinary shares of 5p each 15.8 15.2 15.7
The number of ordinary shares of 5p each in issue at the end of the
period was 315.7 m (30 September 1996: 304.9 m and 31 March 1997: 313.3m).
The changes in the number and amount of issued share capital during the
period are set out below:
Number
(m) # m
At beginning of period 313.3 15.7
Shares issued in relation to acquisitions 1.7 0.1
Exercise of savings related and executive share options 0.7 -
_______ _______
At end of period 315.7 15.8
13 Reserves
Share Revalu- Other Profit
premium ation reserves and loss
account reserve account
# m # m # m # m
At beginning of period 93.3 3.7 (106.6) 52.2
Shares issued in relation to
acquisitions - - 3.1 -
Exercise of savings related and
executive share options 0.3 - - -
Goodwill arising on acquisitions
written off - - (8.0) -
Retained profit for the period - - - 16.1
_______ ______ ________ _______
At end of period 93.6 3.7 (111.5) 68.3
Review report by KPMG Audit Plc to FirstBus plc
We have reviewed the interim financial information, excluding the Chairman's
statement and Financial review, for the six months ended 30 September 1997
which is the responsibility of, and has been approved by, the directors. Our
responsibility is to report on the results of our review.
Our review was carried out having regard to the Bulletin, Review of Interim
Financial Information, issued by the Auditing Practices Board. This review
consisted principally of applying analytical procedures to the underlying
financial data, assessing whether accounting policies have been consistently
applied, and making enquiries of Group management responsible for financial
and accounting matters. The review was substantially less in scope than an
audit performed in accordance with Auditing Standards and accordingly we do
not express an audit opinion on the interim financial information.
On the basis of our review:
- in our opinion the interim financial information has been prepared
using accounting policies consistent with those adopted by FirstBus plc
in its financial statements for the year ended 31 March 1997; and
- we are not aware of any material modifications that should be made to
the interim financial information as presented.
KPMG Audit Plc 15 Pembroke Road
Chartered Accountants Bristol
BS8 3BG
14 November 1997
END
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