Grafton Group PLC - Interim Results - PART 2
03 Settembre 1998 - 9:37AM
UK Regulatory
RNS No 4092k
GRAFTON GROUP PLC
3rd September 1998
PART 2
Grafton Group Plc
Group Cash Flow Statement
For the Half Year Ended 30 June 1998
31 Dec 97 30 June 30 June 97
98
(audited) unaudited) (unaudited)
IR#000 IR#000 IR#000
Net cash inflow from
20,898 operating activities 8,561 3,491
(1,550) Servicing of finance (960) (591)
(1,388) Taxation (999) (976)
Capital expenditure and
financial investment
Purchase of tangible
(11,511) fixed assets (7,823) (4,437)
399 New finance leases - 226
_______ ______ _______
(11,112) (7,823) (4,211)
Sale of tangible
2,508 fixed assets 1,212 1,253
Purchase of financial
(9,775) fixed assets (53) (7,331)
_______ ______ _______
(18,379) (6,664) (10,289)
Acquisition of subsidiary
(13,122) undertakings (22,568) (12,082)
(3,098) Equity dividends paid (2,240) (1,745)
_______ ______ _______
Cash (outflow)/inflow before
use of liquid resources
(16,639) and financing (24,870) (22,192)
Management of liquid resources
(7,586) Increase in short term deposits (11,156) 2,098
Redemption of loan
- notes receivable 2,090 -
_______ _______ _______
(7,586) (9,066) 2,098
Financing
Issue of ordinary
766 share capital 26 411
22,307 Increase in term debt 33,483 18,627
Capital element of
(287) finance leases repaid (230) (125)
(149) Loan notes redeemed (144) (76)
_______ _______ _______
(Decrease) in cash and
(1,588) demand debt in the period. (801) (1,257)
_______ _______ _______
Reconciliation of Net Cash
Flow to Movement in Net Debt
31 Dec 97 30 June 30 June 97
98
(audited) (unaudited) (unaudited)
IR#000 IR#000 IR#000
(Decrease) in cash and
(1,588) demand debt in the period (801) (1,257)
Cash inflow from increase
in net debt and lease
(21,871) financing (33,109) (18,426)
Cash flow from increase
(decrease) in short term
7,586 deposits 11,156 (2,098)
______ _______ _______
Change in net debt resulting
(15,873) from cash flows (22,754) (21,781)
Loan notes issued on
acquisition of subsidiary
(488) undertakings (816) (495)
Finance leases acquired
with subsidiary
(101) undertakings (146) (101)
(399) New finance leases (226)
(3,359) Translation difference (2,503) (2,125)
________ ________ ________
Movement in net debt
(20,220) in the period (26,219) (24,728)
Net (debt)/cash at
1,370 1 January (18,850) 1,370
________ ________ _______
(18,850) Net (debt) at 30 June (45,069) (23,358)
======== ======== ========
Grafton Group Plc
Notes
1. Movements in Group Shareholders' Funds
Twelve Six Six
Months to Months to Months to
31 Dec 97 30 June 98 30 June 97
(audited) (unaudited) (unaudited)
IR#000 IR#000 IR#000
Profit on ordinary
activities after 7,753 6,043
15,540 taxation
(3,595) Dividends (1,709) (1,354)
______ _______ _______
11,945 6,044 4,689
766 Shares issued 4,776 411
Currency translation
gain (loss) on foreign
(228) currency net investments 24 (241)
(6,197) Goodwill on acquisition - (5,622)
______ _______ _______
Net movement on
6,286 shareholders' funds 10,844 (763)
Opening shareholders'
55,602 funds 61,888 55,602
______ _______ _______
Closing shareholders'
61,888 funds 72,732 54,839
===== ======= =======
2. Dividends
An interim dividend at the rate of IR10.5p per ordinary
share (1997: 8.5p) is payable on 25 September 1998 to
shareholders on the register at the close of business on
18 September 1998. In view of the provisions contained
in 1998 Finance Act, concerning the taxation treatment of
shares received in lieu of cash dividends, a scrip
dividend alternative is not being offered in respect of
the interim dividend. The interim dividend carried a
full tax credit of 11/89 (1997: 21/79).
3. Earnings per share
The calculation of earnings per ordinary share is based
on the profit on ordinary activities after taxation. The
weighted average number of ordinary shares in issue
during the period amounted to 16,288,724 (1997:
16,016,563). The number of shares in issue at 30th June
1998 was 16,393,130.
4. Exchange Rates
Financial statements of the Group's United Kingdom
subsidiaries are translated at the rate of exchange
prevailing at the balance sheet date. The Irish pound /
sterling exchange rate at 30 June 1998 was Stg#0.84 (30
June 1997: Stg #0.91 and 31 December 1997: Stg #0.87).
5. Turnover
The amount of turnover by class of activity is as
follows:
Twelve Six Six
Months to Months to Months to
31 Dec 97 30 June 98 30 June 97
(audited) (unaudited) (unaudited)
IR#000 IR#000 IR#000
109,495 Merchanting and
wholesaling 63,130 51,770
Manufacturing and
19,508 related activities 9,215 9,570
32,460 DIY retailing 18,432 15,291
_______ _______ _______
161,463 Republic of Ireland 90,777 76,631
UK merchanting and
96,555 other activities 63,493 40,216
_______ _______ _______
258,018 154,270 116,847
_______ _______ _______
6. Operating Profit
The amount of operating profit by geographic area is as
follows:
Twelve Six Six
Months to Months to Months to
31 Dec 97 30 June 98 30 June 97
(audited) (unaudited) (unaudited)
IR#000 IR#000 IR#000
16,060 Republic of Ireland 8,707 6,258
4,106 United Kingdom 1,920 1,488
_______ _______ _______
20,166 10,627 7,746
====== ====== ======
7. Year 2000
A project was initiated by the Board last year to ensure
that any necessary systems modifications are planned and
completed to achieve year 2000 compliance. This project
is at an advanced stage and it is not now anticipated
that the cost of any identified changes will be material
to the Group.
8. Interim Statement
The interim figures for the half year to 30 June 1998 and
the comparative figures for the half year to 30 June 1997
are unaudited. The figures shown for the year ended 31
December 1997 have been extracted from the full accounts
for the year. A copy of these accounts, on which the
Auditors have issued an unqualified report, has been
delivered to the Registrar of Companies.
This statement will be sent by post to all
registered shareholders. Non-shareholders may obtain
copies from the company's registered office at Birch
Avenue, Stillorgan Industrial Park, Blackrock, Co.
Dublin.
END
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