Final Results Part II
18 Novembro 2003 - 5:01AM
UK Regulatory
RNS Number:1732S
Enodis PLC
18 November 2003
PART II
Group profit and loss account
52 weeks to 27 September 2003
52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Exceptional Before Exceptional
exceptional items Total exceptional items
items (note 4) items (note 4) Total
Notes #m #m #m #m #m #m
Turnover
Food Equipment 663.7 - 663.7 777.1 - 777.1
Property 15.7 - 15.7 16.1 - 16.1
1, 2 679.4 - 679.4 793.2 - 793.2
Operating profit/(loss) before goodwill
amortisation
Food Equipment 64.9 (4.7) 60.2 67.2 (8.9) 58.3
Property 5.4 (3.3) 2.1 8.0 - 8.0
Corporate costs (9.5) (4.5) (14.0) (7.9) (0.5) (8.4)
60.8 (12.5) 48.3 67.3 (9.4) 57.9
Goodwill amortisation and impairment (13.8) - (13.8) (19.0) (48.9) (67.9)
Operating profit/(loss) 3 47.0 (12.5) 34.5 48.3 (58.3) (10.0)
Profit /(loss) on disposal of
business 4 - 3.3 3.3 - (38.1) (38.1)
Profit/(loss) on ordinary
activities before interest and
taxation 47.0 (9.2) 37.8 48.3 (96.4) (48.1)
Net interest payable and
similar charges (21.9) - (21.9) (29.3) (8.4) (37.7)
Profit/(loss) on ordinary
activities before taxation 25.1 (9.2) 15.9 19.0 (104.8) (85.8)
Tax on profit/(loss) on
ordinary activities 5 (8.2) 1.8 (6.4) (1.2) 0.2 (1.0)
Profit/(loss) on ordinary
activities after taxation 16.9 (7.4) 9.5 17.8 (104.6) (86.8)
Equity minority interests (0.1) - (0.1) (0.2) - (0.2)
Retained profit/(loss) 16.8 (7.4) 9.4 17.6 (104.6) (87.0)
Earnings/(loss) per share 6 pence pence
(pence)
Basic earnings/(loss) per 2.4 (24.8)
share
Adjusted basic earnings/(loss) per 7.7 10.4
share
Diluted earnings/(loss) per 2.4 (24.8)
share
Adjusted diluted earnings/(loss) per 7.7 10.4
share
52 weeks to 52 weeks to
27 September 28 September
2003 2002
Group statement of total recognised #m #m
gains and (losses)
Gain/(loss) for the period 9.4 (87.0)
Goodwill written back on disposals, previously written off - 65.1
Currency translation differences on foreign currency net investments (4.6) (5.7)
Total recognised gains and (losses) for the period 4.8 (27.6)
Group profit and loss account
13 weeks to 27 September 2003
13 weeks to 27 September 2003 13 weeks to 28 September 2002
Before Exceptional Before Exceptional
exceptional items Total exceptional items
items (note 4) items (note 4) Total
Notes #m #m #m #m #m #m
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Turnover
Food Equipment 181.1 - 181.1 181.9 - 181.9
Property 15.7 - 15.7 16.1 - 16.1
Total turnover 1, 2 196.8 - 196.8 198.0 - 198.0
Operating profit/(loss) before goodwill
amortisation
Food Equipment 22.7 (2.8) 19.9 17.7 (0.5) 17.2
Property 5.4 (0.8) 4.6 8.0 - 8.0
Corporate costs (3.3) (1.7) (5.0) (1.7) (0.2) (1.9)
24.8 (5.3) 19.5 24.0 (0.7) 23.3
Goodwill amortisation (3.6) - (3.6) (3.8) - (3.8)
Operating profit/(loss) 3 21.2 (5.3) 15.9 20.2 (0.7) 19.5
Profit /(loss) on disposal of
business - 0.8 0.8 - (0.8) (0.8)
Profit/(loss) on ordinary
activities before interest and
taxation 21.2 (4.5) 16.7 20.2 (1.5) 18.7
Net interest payable and
similar charges (5.5) - (5.5) (6.4) - (6.4)
Profit/(loss) on ordinary
activities before taxation 15.7 (4.5) 11.2 13.8 (1.5) 12.3
Tax on profit/(loss) on
ordinary activities (4.9) 1.8 (3.1) 1.3 0.2 1.5
Profit/(loss) on ordinary
activities after taxation 10.8 (2.7) 8.1 15.1 (1.3) 13.8
Equity minority interests (0.1) - (0.1) - - -
Retained profit/(loss) 10.7 (2.7) 8.0 15.1 (1.3) 13.8
Earnings/(loss) per share 6 pence pence
(pence)
(unaudited) (unaudited)
Basic earnings/(loss) per share 2.0 3.5
Adjusted basic earnings/(loss) per share 3.6 4.7
Diluted earnings/(loss) per share 2.0 3.5
Adjusted diluted earnings/(loss) per share 3.6 4.7
Group statement of total recognised 13 weeks to 13 weeks to
gains and (losses) 27 September 28 September
2003 2002
#m #m
(unaudited) (unaudited)
Gain/(loss) for the period 8.0 13.8
Goodwill written back on disposals, previously - -
written off
Currency translation differences on foreign currency net (0.7) (3.0)
investments
Total recognised gains and (losses) for the period 7.3 10.8
Group balance sheet
27 September 28 September
2003 2002
#m #m
Fixed assets
Intangible assets: Goodwill 208.8 235.4
Tangible assets 81.6 88.0
Investments 5.0 5.9
295.4 329.3
Current assets
Stocks 75.2 77.7
Debtors 118.3 127.4
Deferred tax asset 23.8 25.3
Cash at bank and in hand 77.7 72.7
295.0 303.1
Creditors falling due within one year
Borrowings (49.3) (33.4)
Other creditors (174.6) (183.8)
(223.9) (217.2)
Net current assets 71.1 85.9
Total assets less current liabilities 366.5 415.2
Financed by:
Creditors falling due after more than one year
Borrowings 160.2 214.1
Provisions for liabilities and charges 44.6 44.3
204.8 258.4
Capital and reserves
Called up equity share capital 200.2 200.2
Share premium account 234.2 234.2
Profit and loss account (272.8) (277.6)
Equity shareholders' funds 161.6 156.8
Equity minority interests 0.1 -
366.5 415.2
Group cash flow statement
52 weeks to 52 weeks to
27 September 28 September
2003 2002
Notes #m #m
Net cash flow from operations before exceptional
items 80.0 100.0
Net cash flow effect of exceptional items (6.5) (27.4)
Net cash inflow/(outflow) from operating
activities (a) 73.5 72.6
Return on investments and servicing of finance
Interest paid (18.9) (23.3)
Financing fees paid - (18.9)
(18.9) (42.2)
Taxation
Overseas and UK tax paid (7.1) (3.3)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (10.0) (9.9)
Receipts from sale of tangible fixed assets 0.6 0.9
(9.4) (9.0)
Acquisitions and disposals
Disposal of subsidiary undertakings (1.3) 88.6
(1.3) 88.6
Cash inflow/(outflow) before financing 36.8 106.7
Financing
Issue of shares - 70.3
Net increase/(decrease) in term loans and other (32.3) (242.5)
borrowings
Issue of 10-3/8% senior subordinated notes - 100.0
Capital element of finance lease payments (0.2) (0.5)
(32.5) (72.7)
Increase/(decrease) in cash in the period 4.3 34.0
Notes to the group cash flow statement
(a) Reconciliation of operating profit/(loss) to net cash inflow/(outflow)
from operating activities
52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Effect of Before Effect of
exceptional exceptional Total exceptional exceptional
items items items items Total
#m #m #m #m #m #m
Operating profit/(loss) 47.0 (12.5) 34.5 48.3 (58.3) (10.0)
Depreciation 12.4 - 12.4 15.7 - 15.7
Amortisation /impairment of goodwill 13.8 - 13.8 19.0 48.9 67.9
Increase/(decrease) in provisions (2.8) 4.5 1.7 (2.2) (5.6) (7.8)
(Increase)/decrease in stock 2.6 - 2.6 5.5 5.9 11.4
(Increase)/decrease in debtors 7.5 - 7.5 19.7 - 19.7
Increase/(decrease) in creditors (0.5) 1.5 1.0 (6.0) (18.3) (24.3)
Net cash inflow/(outflow) from
operating activities 80.0 (6.5) 73.5 100.0 (27.4) 72.6
(b) Reconciliation of net cash flow to movement in net debt
27 September 28 September
2003 2002
#m #m
Net debt at the start of period (186.1) (365.9)
Increase/(decrease) in net cash in the period 4.3 34.0
Issue of 10-3/8% senior subordinated notes - (100.0)
Net (increase)/decrease in other loans 32.5 241.5
Translation differences 9.6 4.3
Net debt at the end of the period (139.7) (186.1)
Notes to the group cash flow statement
(c) Reconciliation of net debt to balance sheet
27 September 28 September
2003 2002
#m #m
Cash at bank and in hand 77.7 72.7
Short term borrowing (49.3) (33.4)
Long term borrowing (160.2) (214.1)
(131.8) (174.8)
Exclude deferred financing costs (7.9) (11.3)
(139.7) (186.1)
Notes to the financial statements
1. Basis of Preparation
The accounts in this statement do not comprise full accounts within the meaning
of section 240 of the Companies Act 1985. The figures for the 52 weeks to 28
September 2002 are based upon the 2002 Annual Report but do not comprise
statutory accounts for that period. The audited financial statements for the 52
weeks to 28 September 2002 have been delivered to the Registrar of Companies.
The Auditors made an unqualified report on those accounts and their report did
not contain any statement under section 237 (2) or (3) of the Companies Act
1985.
The figures for the 13 week period to 27 September 2003 and 28 September 2002
have been extracted from underlying accounting records and have been prepared in
accordance with accounting principles generally accepted in the United Kingdom
("U.K. GAAP"). The quarterly financial statements are unaudited but include all
adjustments (consisting of normal recurring adjustments) which the Group's
management considers necessary for a fair presentation of the financial position
of the Group as of such dates and the operating results and cash flows for those
periods. Certain information and footnote disclosures normally included in
statutory financial statements prepared in accordance with U.K. GAAP have been
condensed or omitted.
U.K. GAAP differs in certain significant respects from accounting principles
generally accepted in the United States of America ("U.S. GAAP"). The
application of U.S. GAAP on the retained profit/(loss) is summarised in Note 9.
Freight and shipping revenues have previously either been booked against the
original freight costs or reflected as part of turnover. As of 29 September
2002, we have chosen to adopt a consistent treatment of these revenues as part
of turnover. All comparative disclosures have been reclassified in this
respect. The impact on turnover is:
Period As previously reported Reclassified
#m #m
13 weeks ended 28 September 2002 195.9 198.0
52 weeks ended 28 September 2002 783.2 793.2
The reclassification did not have any impact on gross profit or operating profit
for any period.
2. Turnover
52 weeks to 52 weeks to 13 weeks to 13 weeks to
27 September 28 September 27 September 28 September
2003 2002 2003 2002
#m #m #m #m
(unaudited) (unaudited)
Food Service Equipment - North America 408.4 474.1 109.0 117.8
Food Service Equipment - Europe/Asia 144.5 145.0 39.8 35.1
Global Food Service Equipment 552.9 619.1 148.8 152.9
Food Retail Equipment 110.8 158.0 32.3 29.0
Food Equipment 663.7 777.1 181.1 181.9
Property 15.7 16.1 15.7 16.1
679.4 793.2 196.8 198.0
3. Operating profit/(loss)
52 weeks to 27 September 2003 52 weeks to 28 September 2002
Before Before
exceptional Exceptional exceptional Exceptional
items Items Total items items Total
#m #m #m #m #m #m
Food Service Equipment -
North America 50.7 (3.0) 47.7 60.8 0.2 61.0
Food Service Equipment -
Europe/Asia 10.2 (1.7) 8.5 9.7 (2.5) 7.2
Global Food Service
Equipment 60.9 (4.7) 56.2 70.5 (2.3) 68.2
Food Retail Equipment 4.0 - 4.0 (3.3) (6.6) (9.9)
64.9 (4.7) 60.2 67.2 (8.9) 58.3
Food Equipment
goodwill amortisation (13.8) - (13.8) (19.0) (48.9) (67.9)
Food Equipment 51.1 (4.7) 46.4 48.2 (57.8) (9.6)
Property 5.4 (3.3) 2.1 8.0 - 8.0
Corporate costs (9.5) (4.5) (14.0) (7.9) (0.5) (8.4)
47.0 (12.5) 34.5 48.3 (58.3) (10.0)
13 weeks to 27 September 2003 13 weeks to 28 September 2002
Before Before
exceptional Exceptional exceptional Exceptional
items items Total items items Total
#m #m #m #m #m #m
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Food Service Equipment
- North America 17.3 (1.3) 16.0 18.6 0.2 18.8
Food Service Equipment
- Europe/Asia 3.3 (1.5) 1.8 2.7 - 2.7
Global Food Service
Equipment 20.6 (2.8) 17.8 21.3 0.2 21.5
Food Retail Equipment 2.1 - 2.1 (3.6) (0.7) (4.3)
22.7 (2.8) 19.9 17.7 (0.5) 17.2
Food Equipment
goodwill amortisation (3.6) - (3.6) (3.8) - (3.8)
Food Equipment 19.1 (2.8) 16.3 13.9 (0.5) 13.4
Property 5.4 (0.8) 4.6 8.0 - 8.0
Corporate costs (3.3) (1.7) (5.0) (1.7) (0.2) (1.9)
21.2 (5.3) (15.9) 20.2 (0.7) 19.5
4. Exceptional items
(a) Operating exceptional items 52 weeks to 52 weeks to
27 September 28 September
2003 2002
#m #m
Restructuring costs, cost reduction measures and
inventory write downs
6.1 9.4
Vacant leasehold provisions 3.3 -
Litigation costs 3.1 -
12.5 9.4
Goodwill impairment - 48.9
Operating exceptional items 12.5 58.3
2003
On 8 April 2003, the Group announced a restructuring and cost reduction
programme including salaried headcount reduction and the relocation of the CEO's
office to Tampa, Florida. Subsequently, further restructuring programmes were
announced in Europe.
In addition, as a result of a slowdown in the property market, #3.3m has been
recognised in respect of vacant leasehold properties.
The Group has reassessed its accruals for legal costs for defending the claims
in the Consolidated Industries litigation following an adverse summary judgement
on certain of the claims totalling $8.6m. The Group believes that the adverse
decision is incorrect, and intends to appeal the decision. The Group's view of
the outcome of the Consolidated Industries litigation remains unchanged.
2002
Restructuring costs in the 52 weeks to 28 September 2002 principally represented
costs associated with the closure of excess operating capacity in our Food
Retail Equipment Group. This included the write down of inventory at Kysor
Warren which reflected the decline in the business and employee termination
costs that resulted from a headcount reduction of 30. There was also further
rationalisation of administration functions and simplification of management
structures in the European businesses within the Global Food Service Equipment
Group.
Following downturns in the US economy, in particular in the retail markets, it
was necessary to reassess the carrying value of goodwill in respect of the
Scotsman acquisition during 2001 and 2002. In accordance with the methodology
presented in FRS11 "Impairment of Fixed Assets and Goodwill", which requires
consideration of the net present value of estimated future cash flows, the fair
value was reassessed and compared to the carrying value of net assets, including
the carrying value of the goodwill. In 2001, an impairment of #100m was booked.
In 2002, due to the poor performance of Kysor Warren, the carrying value of
goodwill was written down by a further #48.9m.
(b) Disposal of businesses 52 weeks to 52 weeks to
27 September 28 September
2003 2002
#m #m
Profit/(loss) on disposals 3.3 (38.1)
2003
In February 2003, the Group paid #1.3m to release it from the majority of the
warranties and indemnities that were given at the time of the disposal of one of
its subsidiaries. As a result, associated accruals of #2.5m, along with #0.8m of
excess provisions from other disposals have been credited to the profit and loss
account in the 52 weeks ended 27 September 2003.
2002
During the 52 weeks to 28 September 2002, the Group disposed of Sammic SA,
Belshaw Bros Inc, Austral Refrigeration Pty Ltd, Aladdin Temp-Rite and Prolon
LLC. The Group realised a loss on these disposals of #41.4m after writing off
goodwill of #65.1m previously charged against reserves.
In December 2001, #2.1m was paid to Nobia AB in respect of the value of net
assets transferred following the sale of the Building and Consumer Products
business in June 2001. As part of the disposal proceeds the Group had received
a #20.0m vendor loan note and share warrants. In June 2002, Nobia AB's shares
were listed on the Stockholm Stock Exchange and the Group received #24.4m being
#20.0m for the vendor loan note, #0.4m compensation for early repayment of the
note and #4.0m for the sale of the shares arising from the exercise of the
warrants. After writing off deferred finance fees arising from the early
repayment of debt and other associated costs, the net profit on disposal was
#3.3m.
The net cash consideration, after expenses, of all the above disposals was used
to repay debt.
(c) Net interest payable and similar charges 52 weeks to 52 weeks to
27 Setpember 28 September
2003 2002
#m #m
Deferred financing fees written off - 4.2
Refinancing fees - 4.2
- 8.4
Deferred finance fees written off of #4.2m in the 52 weeks to 28 September 2002
related to amounts previously capitalised in respect of the multi-currency
revolving credit facility that was replaced by the refinancing announced on 20
February 2002.
Refinancing fees represent amounts paid to banks in relation to the termination
of our previous multi-currency revolving credit facility and costs associated
with the bridging facility under the Group's new arrangements.
5. Taxation
(a) Analysis of charge in period 52 weeks to 52 weeks to
27 September 28 September
2003 2002
#m #m
The tax charge for the current period comprised:
UK taxation at 30% (2002:30%) - -
Foreign taxation - current year 7.4 5.8
- prior year (0.7) (3.8)
6.7 2.0
Deferred taxation 1.5 (0.8)
8.2 1.2
Tax relief on exceptional items (1.8) (0.2)
6.4 1.0
(b) The Group tax rate benefits from the effect of tax losses brought forward.
A current tax charge arises principally because of profits arising in overseas
countries where there are no available losses.
6. Earnings/(loss) per share
52 Weeks to 52 weeks to 13 weeks to 13 weeks to
27 September 28 September 27 September 28 September
2003 2002 2003 2002
#m #m #m #m
(unaudited) (unaudited)
Basic and diluted earning/(loss) attributable to 9.4 (87.0) 8.0 13.8
shareholders
m m m m
Basic and diluted weighted average number of 399.2 351.0 399.2 399.2
shares
52 weeks to 52 weeks to 13 weeks to 13 weeks to
27 September 28 September 27 September 28 September
2003 2002 2003 2002
Pence pence pence pence
(unaudited) (unaudited)
Basic and diluted earnings/(loss) per share 2.4 (24.8) 2.0 3.5
Effect per share of exceptional items 1.8 15.9 0.7 0.3
Effect per share of goodwill amortisation and
impairment 3.5 19.3 0.9 0.9
Adjusted basic and diluted earnings per share 7.7 10.4 3.6 4.7
Adjusted earnings per share before exceptional items (note 4) and goodwill
amortisation are disclosed to reflect the underlying performance of the Group.
7. Contingencies
In February 2003, a Group company received a letter from a former customer
alleging a breach of contract.
On 19 September 2003, the former customer commenced legal proceedings claiming
#6.1m in damages. The Company is still investigating the basis of the claim
which has yet to be substantiated. We intend to vigorously defend our position.
8. Foreign currency translation
The results of subsidiary companies reporting in currencies other than Pounds
Sterling, principally US dollars, have been translated at the following rates:
52 weeks to 52 weeks to 13 weeks to 13 weeks to
27 September 28 September 27 September 28 September
2003 2002 2003 2002
(unaudited) (unaudited)
Average exchange Rate #1= US$ 1.60 1.47 1.61 1.55
Closing exchange Rate #1 =US$ 1.66 1.55 1.66 1.55
9. Supplementary information for US Investors
Reconciliation to generally accepted accounting principles in the United States
of America
The consolidated financial statements have been prepared in accordance with UK
GAAP, which differs in certain significant respects from US GAAP. The following
is a summary of the adjustments to operating profit/(loss) and net profit/(loss)
for the period required when reconciling such amounts recorded in the
consolidated financial statements to the corresponding amounts in accordance
with US GAAP.
52 weeks to 52 weeks to
27 September 28 September
2003 2002
#m #m
Retained profit/(loss) in accordance with UK GAAP 9.4 (87.0)
Items increasing/(decreasing) UK GAAP operating profit/(loss)(*):
- Goodwill amortisation 13.5 (13.5)
- Pension costs 2.2 (2.5)
- Leasing transactions (0.1) 0.1
- Share option plans 0.1 1.1
- Restructuring charges 0.8 (0.4)
- Derivative instruments 0.1 (4.0)
- Other (0.5) (0.7)
- Loss contingencies 1.8 2.4
Items increasing/(decreasing) UK GAAP non-operating profit/(loss):
- Deferred taxation (36.9) (16.5)
- Capitalised interest 0.4 -
- Gain on sale of businesses - 18.0
Net profit/(loss) in accordance with US GAAP before cumulative effect of
change in accounting principle (9.2) (103.0)
Cumulative effect of change in accounting principle (84.9) -
Net profit/(loss) in accordance with US GAAP (94.1) (103.0)
(*) All adjustments exclude the effect of taxes, with all tax related
adjustments included within the deferred taxation line item.
Description of differences
A discussion of the material variations in the accounting principles, practices
and methods used in preparing the audited consolidated financial statements in
accordance with UK GAAP from the principles, practices and methods generally
accepted in the US is provided in the annual report as of 28 September 2002.
There are no new material variations between UK GAAP and US GAAP accounting
principles, practices and methods used in preparing these consolidated financial
statements other than those discussed below.
9. Supplementary information for US investors (continued)
Adoption of new accounting standards
Effective from 29 September 2002, under US GAAP, the Group adopted the
provisions of Statement of Financial Accounting Standards No. 142, "Goodwill and
Other Intangible Assets" ("SFAS 142"). In accordance with SFAS 142, goodwill is
no longer amortised but instead is subject to a transitional impairment test in
the year of adoption as well as annual impairment tests. Using discounted cash
flow valuation methods and also considering the Group's market capitalisation,
the Group reviewed the fair values of each of its reporting units. As a result
of the transitional impairment test, the Group recorded a goodwill impairment
charge of #84.9 million in its Global Food Service Equipment segment. This
amount was recorded as a cumulative effect of a change in accounting principle
as at 29 September 2002. The Group's annual impairment test during the year
resulted in no additional goodwill impairment.
A reconciliation of the previously reported net profit/(loss) and earnings/
(loss) per share to the amounts adjusted to exclude the amortisation of goodwill
under US GAAP is as follows:
52 weeks to 52 weeks to
27 September 28 September
2003 2002
#m #m
Reported net profit/(loss) in accordance with US GAAP (94.1) (103.0)
Add: Goodwill amortisation - 32.5
Adjusted net profit/(loss) in accordance with US GAAP (94.1) (70.5)
Basic and diluted profit/(loss) per share in accordance with
US GAAP (23.6)p (29.3)p
Add: Goodwill amortisation - 9.2p
Adjusted basic and diluted profit/(loss) per share in
accordance with US GAAP (23.6)p (20.1)p
Other unaudited financial information
(i) Reconciliation of like-for-like information in the 52 weeks to 27
September 2003
52 Weeks 52 weeks Effect ffect of Like-for-like Like-for-like
to to of Foreign 28 September
27 September 28 September Disposals Exchange 2002
2003 2002
a) Turnover #m #m #m #m %
Food Service Equipment
- North America 408.4 474.1 (25.0) (33.4) 415.7 (2%)
Food Service Equipment
- Europe/Asia 144.5 145.0 (8.0) 6.7 143.7 1%
Global Food Service
Equipment 552.9 619.1 (33.0) (26.7) 559.4 (1%)
Food Retail Equipment 110.8 158.0 (27.0) (10.9) 120.1 (8%)
Food Equipment 663.7 777.1 (60.0) (37.6) 679.5 (2%)
b) Operating profit before exceptional items, goodwill amortisation, property and corporate costs
Food Service Equipment
- North America 50.7 60.8 (1.7) (4.1) 55.0 (8%)
Food Service Equipment
- Europe/Asia 10.2 9.7 (0.5) 0.7 9.9 3%
Global Food Service
Equipment 60.9 70.5 (2.2) (3.4) 64.9 (6%)
Food Retail Equipment 4.0 (3.3) (2.2) 0.4 (5.1) n/m
Food Equipment 64.9 67.2 (4.4) (3.0) 59.8 9%
(ii) Reconciliation of like-for-like information for the 13 weeks to 27
September 2003
13 weeks 13 weeks Effect Effect Like-for-like Like-for-like
to to of of Foreign 28 September
27 September 28 September Disposals Exchange 2002
2003 2002
a) Turnover #m #m #m #m %
Food Service Equipment
- North America 109.0 117.8 - (3.6) 114.2 (5%)
Food Service Equipment
- Europe/Asia 39.8 35.1 - 2.0 37.1 7%
Global Food Service
Equipment 148.8 152.9 - (1.6) 151.3 (2%)
Food Retail Equipment 32.3 29.0 - (0.9) 28.1 15%
Food Equipment 181.1 181.9 - (2.5) 179.4 1%
b) Operating profit before exceptional items, goodwill amortisation, property
and corporate costs
Food Service Equipment
- North America 17.3 18.6 - (0.5) 18.1 (4%)
Food Service Equipment
- Europe/Asia 3.3 2.7 - 0.1 2.8 18%
Global Food Service
Equipment 20.6 21.3 - (0.4) 20.9 (1%)
Food Retail Equipment 2.1 (3.6) - 0.1 (3.5) n/m
Food Equipment 22.7 17.7 - (0.3) 17.4 30%
(iii) Reconciliation of non-UK GAAP measures
Adjusted Group profit/(loss) before tax
52 weeks to 52 weeks to 13 weeks to 13 weeks to
27 September 28 September 27 September 28 September
2003 2002 2003 2002
#m #m #m #m
Profit/(loss) before tax 15.9 (85.8) 11.2 12.3
Add back:
Goodwill amortisation and impairment 13.8 67.9 3.6 3.8
Exceptional items excluding goodwill impairment 9.2 55.9 4.5 1.5
Adjusted Group profit/(loss) before tax 38.9 38.0 19.3 17.6
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBRURONRAAUA
