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KBC Advanced Technologies plc Annual Results 31 December 2003

KBC Advanced Technologies plc Annual Results 31 December 2003. March 2004. Overview 2003. Difficult trading conditions persisted through most of the year - exacerbated by the uncertainty created by the ownership discussions Core business remains in good shape

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KBC Advanced Technologies plc Annual Results 31 December 2003

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  1. KBC Advanced Technologies plcAnnual Results31 December 2003 March 2004

  2. Overview 2003 • Difficult trading conditions persisted through most of the year - exacerbated by the uncertainty created by the ownership discussions • Core business remains in good shape • Management team refreshed and have stabilised the business • Staff morale improved significantly in final quarter • Business being repositioned to improve the scope and depth of engagement with clients and improve service differentiation • Progress on software development has been made - despite the continuing legal dispute • £ results impacted by continuing weakness of $US • Dividend maintained

  3. Operational highlights 2003 • Began to reap the benefits of the two acquisitions made in 2002 • Combined revenue up 37% • KBC Energy Services was the best performing business in 2003 • PEL enabled KBC to enter the strategic planning market • Significant new licence sales in US, Asia and South America and overall software revenue up 10% • Expansion of RAM services into Upstream sector • Weakness in Europe and China contrasted with better conditions in the Americas and Asia • Latin America continues to be strongest market with further multi-year programmes added • First PIP in South Africa • Middle East, Korea and Japan continue to be strong areas of revenue

  4. Summarised profit and loss account 12 months to 12 months to 31 Dec 2003 31 Dec 2002 £000 £000 Turnover 32,274 38,193 Operating profit 704 1,487 Goodwill amortisation (490) (467) Other operating exceptional items (2,397) (3,011) Amounts written off fixed asset investment -(1,451) Net Interest 200 318 Loss before tax (1,983) (3,124) Taxation 499 673 Profit after tax (1,484) (2,451) Dividends (1,906)(1,938) Retained (loss)/profit (3,390) (4,389) Earnings per share - basic (3.19p) (5.08p) - fully diluted (3.17p) (5.08p) - basic before goodwill and exceptional items 1.37p 3.33p Average number of shares in issue 46.5m 48.2m

  5. Foreign exchange impact At 31Dec At 31 Dec At 31 Dec 2003 2003 2002 £000 £000 £000 at constant exchange rate Turnover 32,274 33,976 38,193 Operating costs 31,570 32,767 36,706 __________ _____ Operating profit before goodwill 704 1,209 1,487 and exceptional items

  6. Exceptional Costs 12 months to 12 months to 31 Dec2003 31 Dec 2002 £000 £000 Software dispute, legal fees, etc 1,325 1,565 Acquisition integration - 399 Reorganisation 878 1,047 Strategic review 194 - ESOP share write down ____-1,451 Total 2,397 4,462

  7. Summarised group cash flow statement 12 months to 12 months to 31 Dec 2003 31 Dec 2002 £000 £000 Net cash from operations 275 1,257 Operating exceptional items (1,846) (2,022) Net interest received 200 318 Tax (paid)/refunded 769 (1,847) Capital expenditure (257) (799) Dividends paid (1,906) (1,994) Purchase of own shares - (683) New shares issued - 36 Translation difference (173) (123) Net cash outflow from acquisitions (410)(4,738) (3,348) (10,595)

  8. Summarised group balance sheet At 31 Dec At 31 Dec 2003 2002 £000 £000 Fixed assets 7,756 9,288 Net current assets (excl cash) 8,032 7,356 Cash 4,275 7,623 Creditors due after 1 year (300) (600) Provisions (1,180) (1,100) Net assets 18,583 22,567 Share capital and reserves 7,466 7,466 Profit and loss 11,11715,101 18,583 22,567

  9. Revenues by region 20% 27% 19% 32% 53% 49% 20% 58% 22%

  10. Revenues by business area

  11. Order book value £35M £40M £28M £29M £24M £20M £22M

  12. Consultant utilisation

  13. Strategy • Stabilise Business during 2004 • Build platform for future sustainable growth • Neutralise impact of software dispute • Retain control on costs • Implement Strategy for Growth for 2005 and beyond • Strategic Planning Studies- Commercial and Technical experience • New software tools for plant optimisation and decision support • Develop technical services based on remote performance monitoring • Worldwide drive into Petrochemical • Expand into Upstream Oil & Gas • Refocus on Client Relationships and Regional Business strategies • Review capital structure & dividend policy:once software dispute settled

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