RNS Number:8265H
BWA Group PLC
31 July 2001
Interim Report
for the six months to 30 April 2001
Contents
Page
Chairman's Statement 1
Group Profit and Loss Account 2
Statement of Group Total Recognised Gains and Losses 2
Group Balance Sheet 3
Pro forma Group Balance Sheet 4
Group Cash flow Statement 5
Notes to the Financial Statements 6 - 7
Review
The Board has today announced the results for the half year ended 30 April 2001.
The reported loss for the half-year to 30 April 2001 is #3,475,000. When
comparing this figure to the half year to 30 June 2000 (a loss of #3,709,000),
shareholders should note that in changing our year end to 31 October to reflect
the seasonal split of the business more closely, the current half year includes
the worst performing months whilst previously each half year contained a
combination of high and low months.
My statement dated 27 April 2001 in the Report and Accounts covering the period
to 31 October 2000 together with the Rights Issue Circular dated 27 April 2001
set out in some detail the course of events which led to the successful Rights
Issue. Dealings commenced in the new shares on 18 June 2001. The Rights Issue
raised #4,362,000 before costs of #400,000 substantially improving our balance
sheet. An indication of the effects of the Rights Issue (together with the
purchase by the company of the #2,100,000 cumulative redeemable preference
shares in British World Aviation Limited and the waiver of #237,000 of accrued
and unpaid dividends on these preference shares) is shown in the pro forma
balance sheet on page 6.
I am further pleased to report that #3,350,000 of indebtedness has been
rescheduled into two equal payments on 30 June 2002 and 30 June 2003. This
provides the Group with a further twelve months in which to effect repayment and
significantly reducing cash outflow in the period to 30 June 2002.
Results
The results show a loss attributable to ordinary shareholders of #3,475,000
(2000: loss of #3,709,000).
Group sales increased to #16.3 million (2000: #15.4 million)
The basic loss per share was 3.07p, (2000: 3.28p).
Dividend
No dividend will be paid for the period.
Fleet
I am pleased to announce that in order to support increased demand in the
Inclusive Tour and Airline Support markets in July 2001 British World Airlines
took delivery of its first B757-200 on a short term lease expiring on 31 October
2002. It is our intention to build on our Boeing 737, of which we operate
three, and 757 fleets to form the basis of expansion.
We are holding for sale the remaining three BAC 1-11 aircraft and associated
spare parts. These aircraft were withdrawn from service last year.
Future
Following the change in fleet composition over the past 18 months from low
capital cost aircraft to more efficient higher capital cost aircraft, it is
necessary to reduce our reliance on late sales to provide capacity to European
airlines. British World Airlines has a strong and reliable reputation within
the Inclusive Tour and Oil Support Markets and we intend to focus in these areas
to establish long-term profitable growth.
David H.M.J. Steavenson
Chairman
31 July 2001
Page 1
Financial Statements
Group Profit and Loss Account
Six months to 30 April 2001
Unaudited Unaudited Audited
Six months Six months Ten months
ended ended ended
30.04.01 30.06.00 31.10.00
Notes #000 #000 #000
Group sales 16,271 15,437 33,088
Cost of sales
- before exceptional items (15,454) (12,818) (28,589)
- exceptional items - (2,075) (2,850)
(15,454) (14,893) (31,439)
Gross profit 817 544 1,649
Net operating expenses
- before goodwill (3,136) (2,927) (5,113)
- amortisation of goodwill (100) (210) (350)
- impairment of goodwill (exceptional) - - (4,408)
(3,236) (3,137) (9,871)
Operating loss (2,419) (2,593) (8,222)
Net interest payable and similar charges
- before exceptional items (967) (1,027) (1,600)
- exceptional items - - (513)
(967) (1,027) (2,113)
Loss on ordinary activities before taxation (3,386) (3,620) (10,335)
Taxation 2 - - -
Loss on ordinary activities after taxation (3,386) (3,620) (10,335)
Minority interest (non equity) (89) (89) (148)
Loss attributable to ordinary shareholders (3,475) (3,709) (10,483)
Loss per share
Basic 3 (3.07)p (3.28)p (9.27)p
Adjusted for goodwill amortisation 3 (2.98)p (3.09)p (5.06)p
The results for the six months ended 30 June 2000 have been restated to reflect
the group's current accounting practice.
Statement of Total Recognised Gains and Losses
Six months to 30 April 2001
Unaudited Unaudited Audited
Six months Six months Ten months
ended ended ended
30.04.01 30.06.00 31.10.00
#000 #000 #000
Loss for the six month period (3,475) (3,709) (10,335)
Unrealised surplus on net currency translation 76 216 543
Total recognised gains and losses for the period (3,399) (3,493) (9,792)
Page 2
Financial Statements
Group Balance Sheet
At 30 April 2001
Unaudited Unaudited Audited
30.04.01 30.06.00 31.10.00
#000 #000 #000
Fixed assets
Intangible assets 3,500 8,148 3,600
Tangible assets 22,337 22,795 22,874
Investments 3 92 3
25,840 31,035 26,477
Current assets
Stocks 3,165 2,320 3,208
Debtors 3,356 4,705 3,548
Investments 644 340 530
Cash at bank and in hand - 715 -
7,165 8,080 7,286
Creditors: amounts falling due within one year
- Loans from underwriters (3,700) - (500)
- Other (12,433) (12,660) (12,994)
(16,133) (12,660) (13,494)
Net current liabilities (8,968) (4,580) (6,208)
Total assets less current liabilities 16,872 26,455 20,269
Creditors: amounts falling due after
more than one year (15,872) (16,601) (16,144)
Provision for liabilities and charges (1,202) (447) (1,017)
Net assets (202) 9,407 3,108
Capital and reserves
Called up share capital 5,653 5,653 5,653
Share premium account 6,553 6,553 6,553
Profit and loss account (14,745) (4,899) (11,346)
Equity shareholders' funds (2,539) 7,307 860
Minority interest 2,337 2,100 2,248
Capital employed (202) 9,407 3,108
Page 3
Financial Statements
Pro forma Group Balance Sheet
At 30 April 2001
Unaudited Adjustments Pro forma
#000 #000 #000
Fixed assets
Intangible assets 3,500 - 3,500
Tangible assets 22,337 - 22,337
Investments 3 - 3
25,840 - 25,840
Current assets
Stocks 3,165 - 3,165
Debtors 3,356 - 3,356
Investments 644 - 644
Cash at bank and in hand - 57 57
7,165 57 7,222
Creditors: amounts falling due within one year
- Loans from underwriters (3,700) 3,700 -
- Other (12,433) 695 (11,738)
(16,133) 4,395 (11,738)
Net current liabilities (8,968) 4,452 (4,516)
Total assets less current liabilities 16,872 4,452 21,324
Creditors: Amounts falling due
after more than one year (15,872) - (15,872)
Provision for liabilities and charges (1,202) - (1,202)
Net assets (202) 4,452 4,250
Capital and reserves
Called up share capital 5,653 3,491 9,144
Share premium account 6,553 2,474 9,027
Capital reserve - 266 266
Profit and loss account (14,745) 558 (14,187)
Equity shareholders' funds (2,539) 6,789 4,250
Minority interest 2,337 (2,337) -
Capital employed (202) 4,452 4,250
Page 4
Financial Statements
Group Cash Flow Statement
Six months to 30 April 2001
Six months Six months Ten months
ended ended ended
30.04.01 30.06.00 31.10.00
Notes #000 #000 #000
Net cash (outflow)/inflow from
operating activities 4 (897) 1,704 4,578
Returns on servicing of finance
Interest received - 1 25
Interest paid (398) (288) (1,060)
Interest element of finance lease payments (573) (572) (956)
Net cash outflow from returns on servicing
of finance (971) (859) (1,991)
Taxation - - -
Capital expenditure
Purchase of tangible fixed assets (331) (175) (1,360)
Sale of tangible fixed assets 272 616 634
Sale of fixed asset investments - - 117
Net cash (outflow)/inflow from capital expenditure (59) 441 (609)
Cash (outflow)/inflow before management
of liquid resources and financing 5 (1,927) 1,286 1,978
Management of liquid resources
Investment in short term cash deposits 5/6 (114) 10 (180)
Financing
Loans from underwriters 5/6 3,200 - 500
Loan repayments 5/6 (250) (150) (650)
Capital element of finance lease payments 5/6 (470) (1,093) (1,962)
Net cash inflow/(outflow) from financing 2,480 (1,243) (2,112)
Increase/(decrease) in cash 5/6 439 53 (314)
Page 5
Notes to the Financial Statements
1 Principal accounting policies
The interim financial statements have been prepared on the basis of the
accounting policies set out on pages 14 and 15 of the 2000 Annual Report and
Accounts, and are unaudited.
The interim financial statements do not constitute statutory financial
statements within the meaning of section 240 of the Companies Act 1985.
2 Taxation on profit on ordinary activities
No charge to corporation tax arises as a result of the availability of Group
losses in the period.
3 Loss per share
Basic
The calculation of basic loss per share is based on a loss for the six month
period of #3,475,000 (30 June 2000 #3,709,000 loss) divided by the weighted
average number of shares in issue during the period to 30 April 2001 of
113,051,573 (six months to June 2000: 113,051,573).
Diluted
The Group has only one category of dilutive potential ordinary shares. A diluted
loss per share has not been calculated as the average market share price for the
period was below the subscription price.
Adjusted for goodwill amortisation
Adjusted loss per share in the period has been calculated in the same manner as
for basic loss per share, except that, in order to reflect the operating
activities of the Group, the loss per share has been calculated as set out
below:
Six months Six months Ten months
ended ended ended
30.04.01 30.06.00 31.10.00
Basic loss per share (3.07)p (3.28)p (9.27)p
Goodwill amortisation and impairment 0.09 p 0.19 p 4.21 p
Adjusted loss per share (2.98)p (3.09)p (5.06)p
4 Cash flow from operating activities
Reconciliation of operating loss to net cash inflow from operating activities
Six months Six months Ten months
ended ended ended
30.04.01 30.06.00 31.10.00
#000 #000 #000
Operating loss (2,419) (1,293) (8,222)
Depreciation and amortisation 960 1,204 7,887
Profit on sale of tangible fixed assets - - (30)
(Increase)/decrease in provisions
and maintenance reserves 185 (410) 392
Decrease in stocks 43 271 1,862
Decrease/(increase) in debtors 207 134 (174)
Increase in creditors 764 1,798 2,863
Net cash (outflow)/inflow from operating activities (260) 1,704 4,578
Page 6
Notes to the Financial Statements
5 Analysis and reconciliation of net debt
Cash Exchange
1.11.00 flow movement 30.04.01
#000 #000 #000 #000
Bank overdraft (634) 439 - (195)
(634) 439 - (195)
Liquid resources 530 114 - 644
Loans from underwriters (500) (3,200) - (3,700)
Other Loans (3,600) 250 - (3,350)
Finance leases (15,871) 470 (202) (15,603)
Total (20,075) (1,927) (202) (22,204)
6 Reconciliation of net cash flow to movement in net debt
Six months Six months Ten months
ended ended ended
30.04.01 30.06.00 31.10.00
#000 #000 #000
Increase/(decrease) in cash in the period 439 53 (314)
Cash movement from increase/(decrease) in
liquid funds 114 (10) 180
Change in net debt resulting from cash flows 553 43 (134)
Finance leases 470 1,093 1,962
Loans from underwriters (3,200) - (500)
Other loans 250 150 650
Exchange movement (202) (1,013) (1,622)
Movement in net debt in period (2,129) 273 356
Net debt at beginning of period (20,075) (20,431) (20,431)
Net debt at end of period (22,204) (20,158) (20,075)
7 Copies of this announcement are being forwarded to all shareholders, and
copies may be obtained from the Company's Registered Office at Viscount House,
Southend Airport, Southend on Sea, Essex SS2 6YL.
Page 7
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