interim2004

Information about interim2004

Published on April 17, 2008

Author: Goldye

Source: authorstream.com

Content

Slide1:  Cookson Group plc Interim Results 2004 27 July 2004 Slide2:  Bob Beeston Slide3:  Steve Howard Highlights:  Highlights Significant increase in pre-tax profit*: £42.0m versus £5.5m Sales and operating profit increases in all three divisions Continued strong rebound in Electronics operating profit more than triples Laminates sector returns to profit Precious Metals division strategic review: retain division Further improvement in working capital ratios Current activity levels and order books remain solid Recovery accelerated by recent actions Improved performance should continue *(Before amortisation of intangible assets and exceptional items) Recovery accelerated by recent actions:  Recovery accelerated by recent actions Loss-making and under-performing businesses addressed Laminates Speedline Precious Metals: USA & France Asia-Pacific capacity increased New products introduced Fixed cost base lowered Interest costs reduced Pricing initiatives implemented Electronics – market environment:  Electronics – market environment Sound economic fundamentals Strong demand in Asia-Pacific; USA recovering; Europe more muted Asia-Pacific continues to be the major growth engine Mobile handset and personal computer markets enjoy strong growth Pricing environment allowing pass-on of raw material cost increases Electronics – H1 overview:  Electronics – H1 overview Note: Excludes Speedline Profit exceeds H1 2001 levels Return on sales rises to 7.8% Growth continued throughout H2 2003 and into H1 2004 Pricing initiatives successfully addressing impact of raw material price increases Turnover (£m) Operating Profit (£m) Electronics – H1 overview:  Electronics – H1 overview Assembly Materials Sound demand in both electronic and industrial sectors Continued investment in new product development (lead free; Indian R&D facility) Laminates Positive momentum accelerated through H1; returned to profit in Q2 Capacity rationalisation nearing completion In-house manufacture of GETEK range due to commence in H2 Chemistry Healthy demand for electronics, industrial and automotive applications Strong growth from semiconductor copper partnership with ATMI Ceramics – H1 overview:  Ceramics – H1 overview Iron & Steel sector continues growth Driven by increased steel production in USA and EU and continued strong growth in emerging markets Issues surrounding steel producers’ raw material shortages receeding Steady performance from Foundry sector but challenging environment in Industrial Processes sector Buoyant performance from Glass sector, in both consumables and relining Turnover (£m) Operating Profit (£m) Precious Metals – H1 overview:  Precious Metals – H1 overview Much improved performance versus H1 2003 Strong demand for silver products Demand for gold products improved despite higher gold price (+14% on prior year) Destocking of Q2 2003 by US retailers has not been repeated Benefits of 2003 cost reduction programmes showing through Turnover (£m) Operating Profit (£m) Precious Metals:  Precious Metals Strategic review determines that the division should be retained Outright disposal would not create value at this point Sale of certain non-core parts of business remains under consideration Rationalisation of French operations to be completed in 2005 Social Plan agreed 4 sites to be closed 132 headcount reduction Realignment of European manufacturing capacity Annual benefits of some £4m (total cash cost c.£10m) Strategic review and restructuring Current priorities:  Current priorities Capitalise fully on Electronics market recovery Maximise benefits from recent initiatives Achieve further improvement in operational performance Continue to take action on under-performing businesses Pursue further opportunities for margin enhancement Focus on cash generation at all levels of the business Slide13:  Dennis Millard Group – continuing operations:  Group – continuing operations Return on Sales 6.5% 2003: +2.5pts *(Before amortisation of intangible assets and exceptional items) H1 2004 Actual Growth versus H1 2003 Reported 2004 rates Electronics:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates % Group turnover 39% Return on Sales* 7.8% 2003 : +5.3pts Electronics *(Before amortisation of intangible assets and exceptional items) Electronics:  Electronics Return on Sales (All data at 2004 exchange rates; operating profit is before amortisation of intangible assets and exceptional items) Electronics – H1 2004:  Electronics – H1 2004 Turnover by location of customer * (At constant exchange rates) Electronics – Assembly Materials:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates % divisional turnover 41% *(Before amortisation of intangible assets and exceptional items) Electronics – Assembly Materials Electronics – Assembly Materials:  Return on Sales 2003 2004 % Electronics – Assembly Materials (All data at 2004 exchange rates; operating profit is before amortisation of intangible assets and exceptional items) Electronics – Laminates:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates Electronics – Laminates % divisional turnover 20% *(Before amortisation of intangible assets and exceptional items) Excluding Cookson Fukuda Electronics - Laminates:  Electronics - Laminates (All data at 2004 exchange rates; operating profit is before amortisation of intangible assets and exceptional items) Electronics - Chemistry:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates Return on Sales* 11.6% 2003 : +3.2pts Electronics - Chemistry % divisional turnover 39% *(Before amortisation of intangible assets and exceptional items) Electronics - Chemistry:  Electronics - Chemistry Operating Profit 2003 2004 £m Turnover £m 2003 2004 Return on Sales 2003 2004 % (All data at 2004 exchange rates; operating profit is before amortisation of intangible assets and exceptional items) Electronics: operating profit by sector:  H1 2004 Actual (£m) Variance vs H1 2003* (£m) *(2003 at 2004 exchange rates) Electronics: operating profit by sector Ceramics:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates Return on Sales* 7.2% 2003 : +0.4pts % Group turnover 43% *(Before amortisation of intangible assets and exceptional items) Ceramics Ceramics: turnover by sector:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates Ceramics: turnover by sector Ceramics: H1 2004:  Asia-Pacific sales up 33%* increased share: 13% to 17% 29% 18% 8% 28% 17% Turnover by location of customer Ceramics: H1 2004 *(At constant exchange rates) Ceramics:  Ceramics Operating Profit 2003 2004 £m Turnover £m 2003 2004 Return on Sales 2003 2004 % (All data at constant 2004 exchange rates; operating profit is before amortisation of intangible assets and exceptional items) Precious Metals:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates *Net Sales Value excludes precious metal content % Group turnover 18% Precious Metals Precious Metals: net sales value by region:  H1 2004 Actual Growth versus H1 2003 Reported 2004 rates Note: Excludes precious metal content Precious Metals: net sales value by region Precious Metals:  Precious Metals H1 2004 Actual Growth versus H1 2003 Reported 2004 rates Turnover £151m +2% +9% Operating Profit* £3.3m +383% +691% Return on Sales* 2.2% 2003 : 1.9% % Group turnover 18% *(Before amortisation of intangible assets and exceptional items) Group Operating Profit*:  Group Operating Profit* £ million (Before amortisation of intangible assets and exceptional items) Group profit before and after tax*:  £ million Group profit before and after tax* *(Before amortisation of intangible assets and exceptional items) Operating exceptionals:  Operating exceptionals * (£2.3m costs, mainly asset write-offs booked in H2 2003) Non-operating exceptionals:  Non-operating exceptionals Earnings:  Earnings (1) Before amortisation of intangible assets and exceptional items (2) After amortisation of intangible assets and exceptional items Net cash flow - operating activities:  Net cash flow - operating activities * Operating profit of subcos plus depreciation and amortisation of intangibles £million Trade working capital and activity levels:  Trade working capital and activity levels *(At 30 June 2004 exchange rates) 31 December 2003 & 30 June 2004* Trade working capital 2001- H1 2004:  Trade working capital 2001- H1 2004 Continuing operations Operating cash flow:  Operating cash flow £million Free cash flow:  Free cash flow £million (2003: £9m) Net cash flow and increase in net debt:  Net cash flow and increase in net debt Borrowings and ratios:  Borrowings and ratios *12 months ended 30 June 2004 Committed facilities and borrowings :  30 June 2004 Committed facilities and borrowings Group financial highlights: H1 2004:  Sales & operating profit* up 13% and 86% Electronics operating profit up £19m Ceramics and Precious Metals profits rise PBT* rises £36.5m to £42.0m Free cash outflow of £21.1m Increased working capital on higher activity levels Working capital ratios improve Borrowings at £386m Well within committed facilities Refinancing of convertible bond in place *(Before amortisation of intangible assets and exceptional items) Group financial highlights: H1 2004 Slide46:  Nick Salmon Slide47:  Cookson Group plc Interim Results 2004 27 July 2004

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