Rotork Plc · LSE:ROR
Rotork — H1 2003 Earnings Presentation
18 slides from Rotork's earnings presentation, 2003
Slide 1: Interim Results Announcement 6 months to June 2003
Interim Results Announcement 6 months to June 2003
Slide 2: Financial Highlights
INTERIM RESULTS - 2003 Financial Highlights • Profit before goodwill and tax up 8.6% to £13.9m • EPS up 13.3% to 10.2p • Order book up 10.7% since year end 2002 • Interim dividend up 5% to 5.25p
Slide 3: Turnover – by Division
INTERIM RESULTS - 2003 Turnover – by Division First Half First Half 2003 2002 £m £m Turnover – continuing operations 64.3 63.1 up 1.9% • Electric up 3.6% year on year • Gears up 9.9% year on year • Fluid System down 13.3%, but order book up 47.6% since year end
Slide 4: Turnover – Geographic by Destination
INTERIM RESULTS - 2003 Turnover – Geographic by Destination First Half First Half 2003 2002 £m £m Turnover – continuing operations 64.3 63.1 up 1.9% • Europe up 11.0% • America down 15.4% • Rest of the World up 14.2%
Slide 5: Operating Profit
INTERIM RESULTS - 2003 Operating Profit First Half First Half 2003 2002 £m £m Operating profit before goodwill 13.0 12.4 - on continuing operations • Overall up 4.8% to £13.0m • Electric margin increased to 21.8% from 20.8% • Gears margin increased to 19.2% from 18.3% • Fluid System turnover and pro
Slide 6: Profit
INTERIM RESULTS - 2003 Profit First Half First Half 2003 2002 £m £m Operating profit before goodwill (continuing operations) 13.0 12.4 Rotork Control & Safety profit (discontinued) - 0.2 Interest 0.3 0.2 Gain on Luton building disposal 0.6 - Net profit before goodwill and taxation 13.9 12.8 • Profit
Slide 7: Turnover & Profit – Currency Effect
INTERIM RESULTS - 2003 Turnover & Profit – Currency Effect Turnover Profit before goodwill £m £m Results as reported 64.3 13.9 Results retranslated at Equivalent 2002 rates: 65.1 13.9 (0.8) - Reduction due to USD (2.3) (0.3) Other (0.2) - Improvement due to EURO 1.7 0.3 (0.8) -
Slide 8: Taxation
INTERIM RESULTS - 2003 Taxation First Half Full year 2003 2002 £m £m Profit before goodwill and tax 13.9 27.5 Tax 4.4 8.9 Effective tax rate 31.7% 32.3% • Luton building profit has no tax charge • Lower US profits • Higher Far East content – particularly China, below 20% tax rate
Slide 9: EPS
INTERIM RESULTS - 2003 EPS First Half First Half 2003 2002 EPS • Basic 10.2p up 13% 9.0p • Basic before goodwill 11.0p up 12% 9.8p • Basic before exceptional items 10.3p up 5% 9.8p and goodwill
Slide 10: EPS & Dividend
INTERIM RESULTS - 2003 EPS & Dividend First Half First Half 2003 2002 EPS • Basic 10.2p 9.0p • Basic before goodwill 11.0p 9.8p • Basic before exceptional items 10.3p 9.8p and goodwill Dividend per share • Interim 5.25p 5.00p • Dividend cover 1.9 times 1.8 times
Slide 11: Balance Sheet
INTERIM RESULTS - 2003 Balance Sheet 30 June 30 June 31 Dec 2003 2002 2002 Fixed assets £m £m Intangibles 20.2 21.3 20.9 Tangible 14.0 14.8 14.8 Investments 0.4 0.3 0.9 34.6 36.4 36.6 Current assets Inventory 18.7 20.0 17.7 Debtors 32.1 36.2 32.8 Cash 23.8 13.2 20.4 74.6 69.4 70.9 Creditors (30.7) (
Slide 12: Inventory
INTERIM RESULTS - 2003 Inventory 30 June 31 Dec 2003 2002 £m £m Inventory Raw material / components 11.7 11.5 WIP and Finished Goods 7.0 6.2 18.7 17.7
Slide 13: Debtors
INTERIM RESULTS - 2003 Debtors 30 June 31 Dec 31 Dec 31 Dec 2003 2002 2001 2000 £m £m £m £m Trade debtors 26.6 28.8 30.3 28.1 Days outstanding 67 70 75 77
Slide 14: Cash flow
INTERIM RESULTS - 2003 Cash flow First Half First Half 2003 2002 £m £m Operating profit 12.3 11.9 Depreciation and amortisation 1.8 1.8 Movement in working capital 1.5 (2.9) Net cash inflow from operating activities 15.6 10.8
Slide 15: Cash flow
INTERIM RESULTS - 2003 Cash flow First Half First Half 2003 2002 £m £m Net cash inflow from operating activities 15.6 10.8 • Taxation and Dividends (11.5) (11.7) • Share buy back (1.2) - • Sale of Luton property 1.6 - • Other net capital expenditure (1.2) (0.9) • Acquisition - (7.7) • Returns on inv
Slide 16: Interim Results Announcement 6 months to June 2003
Interim Results Announcement 6 months to June 2003
Slide 17: Appendix
Appendix
Slide 18: Appendix - Tangible Fixed Assets
INTERIM RESULTS - 2003 Appendix - Tangible Fixed Assets 30 June 2003 £m NBV b/fwd 14.8 Additions 1.3 Disposals (principally Luton) (1.1) Depreciation charge (1.2) Currency 0.2 14.0