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Railhub Archive 2000-06-01 RTK-002 Railtrack plc0
Final results - year ended 31 March 2000, part 2
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         Final results - year ended 31 March 2000, part 2 _______________________________________________________________

 related documents
type Press release
Preliminary Announcement of Results for the year ended 31 March 2000
GROUP PROFIT AND LOSS ACCOUNT YEAR ENDED 31 MARCH 2000
2000 2000 2000 2000 Note BEFORE EXCEPTIONAL TOTAL TOTAL EXCEPTIONAL ITEM ITEM (NOTE 4) £M £M £M £M
TURNOVER 2 2,547 - 2,547 2,573 Operating costs 4 (2,123) (61) (2,184) (2,102) ------- ----- ------- ------- OPERATING PROFIT 424 (61) 363 471 Profit on sale of properties 56 - 56 28 Net interest payable (59) - (59) (71) ------ ----- ------- ------ PROFIT ON ORDINARY ACTIVITIES 421 (61) 360 428 BEFORE TAXATION Tax credit/(charge) on profit 5 13 - 13 (3) on ordinary activities ----- ------ -------- ------
PROFIT ON ORDINARY ACTIVITIES 434 (61) 373 425 AFTER TAXATION Equity dividends 6 (137) - (137) (133) RETAINED PROFIT FOR THE 297 (61) 236 292 FINANCIAL YEAR ------ ------ -------- ----
EARNINGS/(LOSS) PER SHARE 7 85.3p (12.0p) 73.3p 84.0p ----- ---------- ------ ------ DILUTED EARNINGS PER SHARE 7 71.7p 83.5p ------ ------
All amounts derive from continuing operations.
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Year ended 31 March 2000 2000 1999
£m £m
PROFIT FOR THE FINANCIAL YEAR 373 425 Revaluation of investment properties 9 19 (net of deferred tax) Clawback on disposal of investment (11) (10) properties (net of tax relief) ----- ----- TOTAL RECOGNISED GAINS AND LOSSES FOR 371 434 THE YEAR ----- -----
GROUP BALANCE SHEET YEAR ENDED 31 MARCH 2000 Note 2000 1999 £m £m
FIXED ASSETS Tangible assets 7,234 6,186 ----- ----- CURRENT ASSETS Stocks 49 25 ----- ----- Debtors - amounts falling due 506 434 within one year Debtors - amounts falling due after 54 70 more than one year ---- ----- 560 504 Investments 568 365 Cash at bank and in hand - 15 ------ ------ 1,177 909 CREDITORS:amounts falling due within (1,314) (1,128) one year ------ ------ NET CURRENT LIABILITIES (137) (219) ----- ------ TOTAL ASSETS LESS CURRENT 7,097 5,967 LIABILITIES
CREDITORS: amounts falling due after more than one year Convertible debt (391) (390) Other creditors (2,942) (1,994) ------- ------ (3,333) (2,384) PROVISIONS FOR LIABILITIES AND (251) (370) CHARGES ------- ------
NET ASSETS 3,513 3,213 ----- ------ CAPITAL AND RESERVES Called up share capital 128 127 Revaluation reserve 65 98 Other reserves 1,083 1,084 Profit and loss account 2,237 1,904 ----- ------ EQUITY SHAREHOLDERS' FUNDS 8 3,513 3,213 ---- -----
GROUP CASH FLOW STATEMENT Year ended 31 March 2000 Note 2000 1999 £m £m
NET CASH INFLOW FROM OPERATING 9 1,123 988 ACTIVITIES ----- ---
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 49 16 Interest paid (132) (81) ----- --- NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (83) (65) --- --- TAXATION PAID - (89) CAPITAL EXPENDITURE --- --- Purchase of tangible fixed assets (1,546) (1,388) Sale of tangible fixed assets 132 113 ------ ----- NET CASH OUTFLOW FROM CAPITAL (1,414) (1,275) EXPENDITURE ------ -----
EQUITY DIVIDENDS PAID (114) (42) ----- ----- MANAGEMENT OF LIQUID RESOURCES Purchase of short-term investments (203) (342) ---- ---- FINANCING New loans 658 931 Payment of discounts and fees on new (2) (18) loans Repayment of loans (31) (126) Capital element of finance lease 14 12 receipts Capital grants received 37 38 ---- ----- NET CASH INFLOW FROM FINANCING 676 837 ---- ----- (DECREASE)/INCREASE IN CASH 10 (15) 12
NOTES TO THE PRELIMINARY ANNOUNCEMENT
1. BASIS OF PRESENTATION The financial information set out in the preliminary announcement has been prepared in accordance with applicable Accounting Standards. The accounting policies adopted are described in the Group's 2000 statutory accounts and have been consistently applied in both 1999 and 2000 with the exception of the change from non-capitalisation of interest (with the exception of a few clearly defined projects) to capitalisation. The change in policy has increased the amount of interest capitalised by £19m to £29m. If the policy had been applied to the results for the year ended 31 March 1999, the amount of interest capitalised would have been £9m higher. This is considered to be immaterial and the results for the year ended 31 March 1999 have not been restated.
2. TURNOVER 2000 1999 £m £m
Passenger franchise revenue 2,175 2,169 Freight revenue 158 169 Property rental income 135 131 Other income 59 63 Commercial and development property 20 41 sales ----- ----- 2,547 2,573 ----- -----
All turnover relates to the UK. All profits arose from the Group's principal activity, the management of the national rail infrastructure.
3. PERFORMANCE REGIMES The net effect of the performance regimes on the results of Railtrack for the year was as follows:
2000 1999 £m £m
Included in turnover Access charge supplements 35 57 Net bonus from customers 17 16 -- -- 52 73 -- -- Included in operating costs Contract premium paid to suppliers (21) (20) Net bonus to suppliers (25) (26) Performance fine (10) - ---- ----
(56) (46) ---- ---- Net effect of the performance regimes (4) 27 --- ----
4. OPERATING COSTS
2000 1999 £m £m Operating profit is stated after charging: Signalling operations (excluding 189 179 maintenance costs and depreciation) Rentals under operating leases Plant and machinery 3 - Other 61 64 Research and development expenditure 1 2 Other production and management expenses 321 302 --- --- Total production and management expenses 575 547 Property rates 113 110 Electric current for traction 114 117 Infrastructure maintenance 663 694 Depreciation - owned assets Normal activities 658 634 Exceptional item 61 - --- 719 ------ ------ 2,184 2,102 ------ ------
The depreciation charge for track, based on the Group's asset maintenance plan, has been revised after discussions with WS Atkins. This reflects the higher level of annual renewals expenditure that has been required to maintain the improved operating capability of the track and a revision of the renewals strategy. The Group intends to undertake an exercise to recalculate the level of ongoing AMP depreciation required to maintain the network across all asset categories during the year ending 31 March 2001. In view of the size of the increase in the depreciation charge it has been disclosed separately as an exceptional item.
Infrastructure maintenance comprises day to day work, mainly on track, and includes inspections and safety checks. The 1999/2000 infrastructure maintenance charge contains a credit of £21m following the settlement of contractor claims at lower than anticipated levels (1998/99 - charge £11m).
One off charges of £8m (1998/99 - £15m) for Year 2000 compliance, £9m (1998/99 - £11m) for business restructuring and review, the performance fine of £10m and £21m (1998/99 - £11m) of other costs were incurred for 1999/2000. These charges did not have any material effect on the tax charge for the year.
5. TAX (CREDIT)/CHARGE ON PROFIT ON ORDINARY ACTIVITIES
2000 1999 £m £m
Corporation tax at 30% (1998/99 - 31%) (13) 31 Over provision in respect of prior years - (28)
(13) 3 ---- ---
The effective tax rate on the profit for the period is less than 30% principally as a result of the following timing differences for which deferred taxation has not been provided:
2000 1999 £m £m
Accelerated capital allowances 102 62 Other timing differences 35 76 --- --- 137 138 --- ---
6. EQUITY DIVIDENDS
2000 1999 £m £m
Interim of 9.3p per ordinary share paid (1998/99 - 8.7P) 47 44 Final of 17.6p per ordinary share proposed 90 89 (1998/99 - 17.6p) ---- ---- Ordinary equity dividends paid and proposed of 26.9p per share 137 133 (1998/99 - 26.3p) ---- ----
7. EARNINGS/(LOSS) PER SHARE 2000 1999 £m £m
Net profit for the financial year before 434 425 exceptional items Exceptional item (61) - ----- ---- Profit attributable to shareholders 373 425 Interest net of corporation tax saved if the 3.5% exchangeable bonds 2009 were converted 10 1 ---- ----- Earnings taking into account applicable dilutive 383 426 instruments --- -----
2000 1999
Weighted average number of ordinary shares 509 506 (millions) Dilutive effect of share save scheme (millions) 3 3 Dilutive effect of the 3.5% exchangeable bonds 22 1 2009 (millions) ---- ---- Weighted average number of ordinary shares taking into account applicable dilutive instruments 534 510 (millions) ---- -----
Earnings per share before exceptional item 85.3p 84.0p Loss per share on exceptional item (12.0p) - ----- ----- Earnings per share 73.3p 84.0p ----- ------ Diluted earnings per share 71.7p 83.5p ----- ----- The calculation of the dilutive effect of the share save scheme uses the average share price for 1999/2000 of £10.87 per share (1998/99 - £14.39).
8. RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS
2000 1999 £m £m
Profit for the year 373 425 Dividends (137) (133) ---- ---- 236 292
Share dividends 66 40 Revaluation of investment properties (net of 9 19 deferred tax) Clawback on disposal of properties (net of tax (11) (10) relief) ---- ----
Net addition to equity shareholders' funds 300 341
Opening equity shareholders' funds 3,213 2,872 ----- ----- Closing equity shareholders' funds 3,513 3,213 ----- ----- 9. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2000 1999 £m £m
Operating profit 363 471 Depreciation and amortisation (net of capital 710 626 grants amortised)
Increase in stocks (24) (15) Increase in debtors (67) (31) Increase in creditors 239 32 Decrease in provisions (98) (95)
----- -----
Net cash inflow from operating activities 1,123 988 ----- ----
10.RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2000 1999 £m £m
(Decrease)/increase in cash in the (15) 12 year Cash inflow from increase in debt lease financing (625) (787) Cash outflow from increase in liquid 203 342 resources ----- ----
Change in net debt resulting from (437) (433) New finance leases (22) - Amortisation of discount (1) - ---- ----- Movement in net debt in the year (460) (433) Net debt at 1 April (1,271) (838) ------ -----
Net debt at 31 March (1,731) (1,271) ------ ------
11.ABRIDGED ACCOUNTS The balance sheet at 31 March 2000 and the results and cash flow and associated notes for the year then ended have been abridged from the Group's 2000 statutory accounts upon which the auditors' opinion is unqualified and does not include a statement under Section 237(2) or (3) of the Companies Act 1985. The statutory accounts will be filed with the Registrar of Companies in due course.
The figures for the year ended 31 March 1999 have been extracted from the annual report and accounts which have been filed with the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain any statements under section 237(2) or (3) of the Companies Act 1985.
12.ISSUE OF THE ANNUAL REPORT AND ACCOUNTS The 2000 annual report and accounts will be posted to shareholders on 12 June 2000. Copies may be obtained after that date by either telephoning the Railtrack Helpline on 0845 7114141 or by contacting Computershare Services PLC, PO Box 84, Caxton House, Redcliffe Way, Bristol, BS99 7AZ.
13.ANNUAL GENERAL MEETING The Annual General Meeting of Railtrack Group PLC will be held at the Barbican Centre on 13 July 2000 at 11.15 a.m.
SHAREHOLDER INFORMATION FINANCIAL CALENDAR Ex dividend date for final dividend 7 August 2000 Record date for final dividend 11 August 2000 Annual General Meeting 13 July 2000 Last date for share dividend election 4 September 2000 Final dividend paid 4 October 2000
For more information please call the Railtrack press office on 020 7557 8292/3 All recent press releases can be found on the Railtrack web site at the following address: http://www.railtrack.co.uk/corporate/notice an interview with the Chief Executive, Gerald Corbett can be viewed on the site.
Railhub Archive ::: 2000-06-01 RTK-002
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