InterimResults2005 010410073539

The Roxboro Group PLC
Interim Results
6 Months to 30th June 2005
12 September 2005
the roxboro group plc
headlines
y Solartron sold through two transactions
y Aggregate consideration of over £70m (with adjustments)
y Plan to return £46.6m to shareholders (over £110m returned since
2000)
y Name of company to be changed to Dialight plc
y Focussed strategy on applied LED technology
y First half result very satisfactory (given the distractions)
y Dialight order book up 28% from start of year
y Board to be restructured
interim results
2005
Financial Review
interim results
2005
the roxboro group plc
UK GAAP profit and loss account
6 months ended 30 June 2005
30 June 2005
£m
sales profit
30 June 2004
sales profit
Dialight
25.8
2.4
28.2
2.3
Solartron
32.7
2.9
31.0
3.3
58.5
5.3
59.2
5.6
Central
(1.1)
(1.2)
4.2
4.4
● Dialight
9%
8%
● Solartron
9%
11%
Profit before goodwill and taxation
Operating Margins:
interim results
2005
the roxboro group plc
U K G A A P p r o f i t a n d l o s s a c c o u n t (c o n t d.)
6 months ended 30 June 2005
£m
30 June 2005
Profit before goodwill and taxation
Goodwill
Taxation
Underlying taxation rate
UK GAAP EPS
● Basic
● Adjusted
Dividends
Dividend Cover (excluding goodwill)
30 June 2004
4.2
(0.5)
3.7
(1.6)
2.1
4.4
(0.5)
3.9
(1.6)
2.3
37.7%
36.1%
6.6p
8.5p
3.4p
2.5x
7.4p
9.3p
3.4p
2.7x
interim results
2005
the roxboro group plc
summarised cashflows
£m
2005
2004
4.2
4.4
1.2
1.4
– Working capital
(2.3)
1.8
– Provisions
(0.1)
0.4
3.0
8.0
– Capital Expenditure
(1.4)
(0.7)
– Taxation
(1.3)
(1.4)
y Free Cash Flow
0.3
5.9
y Operating Profit
– Depreciation
y Operating Cash Flow
interim results
2005
the roxboro group plc
movement in cash
£m
2005
2004
y Free Cash Flow
– Dividends
– B Share redemptions
– Ordinary share issues
0.3
(2.3)
(0.1)
-
5.9
(2.1)
(0.1)
0.1
y Net Cash (Outflow)/Inflow
– Opening Net Cash
– Translation
(2.1)
6.8
0.5
3.8
2.0
-
5.2
5.8
y Closing Net Cash
interim results
2005
the roxboro group plc
p r o f o r m a p r o f i t o n d i s p o s a l s (U K G A A P)
£m
Gross
Proceeds
Net
Pro forma
Proceeds
Net
Assets
Pro forma
Profit
Historic
P/E
EBITDA
Sales
Mobrey
26.0
20.5
18.1
2.4
-
-
-
Solartron
42.1
33.1
9.8
23.3
-
-
-
68.1
53.6
27.9
25.7
15.5x
8.6x
1.1x
Notes:
1.
Additional sums to be received under cash, working capital and for adjustments for tax.
2.
Pro forma net assets include goodwill
interim results
2005
the roxboro group plc
Utilisation of disposal proceeds
£m
Gross proceeds*
68.1
Expenses
(5.5)
Tax
(9.0)
(14.5)
53.6
Pension funding
(7.0)
46.6
‘C’ Share
86p
(26.7)**
Special dividend 64p
(19.9)**
(46.6)
-
*
Excludes adjustments
** Fully diluted basis
interim results
2005
the roxboro group plc
y IFRS implemented as at 01 January 2005
– One year’s comparative date
y Overall impact limited to a few key areas:
– Pensions
– Development costs
– Discontinued operations
– Goodwill
– Employee share options (future periods)
interim results
2005
the roxboro group plc
y Balance sheet as at 30 June 2005
– reduction in net assets of £4.6m
y 2004 IFRS operating profit before goodwill
– increased by £2.7m
interim results
2005
the roxboro group plc
profit for 6 months ended 30 June 2005
£m
Operating profit – continuing operations
UK GAAP
IFRS adjustments - pensions
- development costs
Central
Rounding
IFRS reported
2.4
0.2
0.1
(1.1)
(0.1)
1.5
Net finance cost – continuing operations
UK GAAP
IFRS adjustments - pensions
(0.2)
IFRS reported
(0.2)
interim results
2005
The Roxboro Group PLC
Interim Results
6 Months to 30th June 2005
12 September 2005
interim results
2005