Rotork Plc · LSE:ROR
Rotork — H1 2004 Earnings Presentation
13 slides from Rotork's earnings presentation, Aug 5, 2004
Slide 1: Interim Results Announcement 6 months to June 2004
Interim Results Announcement 6 months to June 2004
Slide 2: Financial highlights
Financial highlights • Turnover increased by 4% to £66.8m (up 9% at constant currency) • Profit before tax, goodwill and exceptionals up 7% to £14.2m (up 18% at constant currency) • Net margin up 0.6% to 21.2% • EPS pre goodwill/exceptionals up 9% • Order book up 18% since year end
Slide 3: Turnover by Business
Interim Results 5th August 2004 Turnover by Business H1 H1 2004 2003 Turnover £m £m Electrics 50.6 51.3 Fluid system 10.0 7.2 Gears 8.3 7.8 Intersegmental Eliminations (2.1) (2.0) _____ _____ 66.8 64.3 + 3.9%
Slide 4: Movement of US Dollar & Euro
Movement of US Dollar & Euro USD EUR 1.90 1.80 1.70 1.60 1.50 1.40 1.30 Jun-03 Jun-04 Oct-03 Dec-02 Feb-03 Apr-03 Aug-03 Dec-03 Feb-04 Apr-04
Slide 5: Turnover by Business at Constant Currency
Turnover by Business at Constant Currency H1 H1 H1 2004 2004 2003 £m £m £m Restated Electrics 50.6 53.2 51.3 Fluid system 10.0 10.3 7.2 Gears 8.3 8.4 7.8 Elimination (2.1) (2.1) (2.0) ____ ____ ____ 66.8 69.8 64.3 • Electrics shows output growth of 4%, input growth of 13% • Fluid system shows output
Slide 6: Income Statement
Income Statement H1 H1 2004 2003 £m £m Operating profit before goodwill 13.8 13.0 +6.5% Net interest received 0.4 0.3 ________ ________ 14.2 13.3 +7.0% Fixed assets gain - 0.6 Goodwill (0.7) (0.7) ____ ____ Profit before tax 13.5 13.2
Slide 7: Income Statement – Currency Effect
Income Statement – Currency Effect H1 H1 2004 2003 £m £m Operating Profit 14.2 13.3 Translation impact 0.5 - Transaction impact 0.9 - _____ _____ Operating profit at 2003 rates 15.6 13.3 Effective profit increase at constant currency +17% •
Slide 8: Income Statement
Income Statement • EPS before exceptionals and goodwill was up 9% • EPS as reported up 3% • Effective tax rate on pre goodwill profit 32.2% (2003 H1 32.0%) • Dividends – 2004 28th May 5.85p 27th Sept 5.35p 11.20p - 2003 5.25p Increase of 113%
Slide 9: Cash Flow
Cash Flow H1 H1 2004 2003 £m £m Operating Profit 13.1 12.3 Depreciation & Amortisation 1.8 1.8 Working Capital Movement (4.4) 1.5 Additional Pension Contribution (5.0) - ____ ____ Net Cash flow from operating activities 5.5 15.6
Slide 10: Working Capital Movement
Working Capital Movement H1 H1 2004 2003 £m £m Increase in Stock (2.6) (0.6) (Increase) / decrease in Debtors (0.8) 0.9 (Decrease) / increase in Creditors (1.0) 1.2 ____ ____ (4.4) 1.5
Slide 11: Cash Flow
Cash Flow H1 H1 2004 2003 £m £m Operating Profit 13.1 12.3 Depreciation & Amortisation 1.8 1.8 Working Capital Movement (4.4) 1.5 Additional Pension Contribution (5.0) - ____ ____ Net Cash flow from operating activities 5.5 15.6
Slide 12: Cash Flow
Cash Flow H1 H1 2004 2003 £m £m Net cash flow from operating activities 5.5 15.6 Interest received 0.7 0.3 Tax paid (3.6) (3.9) Capital expenditure (1.9) (1.2) Sale of Luton Building - 1.6 Acquisition (0.8) - Dividends paid (13.2) (7.6) Sale / purchase of own shares 0.3 (1.4) Net Cash flow from oper
Slide 13: Interim Results Announcement 6 months to June 2004
Interim Results Announcement 6 months to June 2004