HAWTIN PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 June 2003
 
 
 Unaudited for the six months Unaudited for the six months
 ended 30 June 2003  ended 30 June 2002
 Continuing Discontinued Continuing Discontinued
 operations operations operations operations
  Total Total
 £'000 £'000 £'000 £'000 £'000 £'000
 
Turnover 7,443 18,396 25,839 8,548 19,206 27,754
Cost of sales (5,183) (13,305) (18,488) (6,587) (14,579) (21,166)
 
Gross profit 2,260 5,091 7,351 1,961  4,627 6,588
 
Distribution costs (371) (1,171) (1,542) (321) (537) (858)
Administration expenses (2,130) (3,673) (5,803) (2,376) (4,067) (6,443)
Other operating income 21 23 44 515 135 650
 
Operating (loss)/profit (220) 270 50 (221) 158 (63)
 
Exceptional items (see note 2)  (3,386) -
 
Interest receivable 9 25
Interest payable (521) (559)
 
Loss on ordinary activities before
taxation (3,848) (597)
Taxation  250 224
 
Loss on ordinary activities after
taxation (3,598) (373)
 
Minority interests  (16) -
 
Loss for the financial period (3,614) (373)
 
Dividends  (18) (18)
 
Retained loss (3,632)  (391)
 
Earnings per ordinary share (5.06p) (0.55p)
 
 
 
 
 
 
 
 
CONSOLIDATED BALANCE SHEET
As at 30 June 2003
 Unaudited Proforma Unaudited
 30 June 2003 30 June 2003 30 June 2002
 £'000 £'000 £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 13,733 12,146 23,138
Intangible assets 609 6 1,039
 
 14,342 12,152 24,177
 
CURRENT ASSETS
Stocks 5,806 1,805 10,807
Debtors 11,488 4,559 15,119
Cash at bank and in hand 5,941 11,573 8,324
 
 23,235 17,937 34,250
 
CREDITORS: amounts falling due
within one year (24,480) (15,171) (30,199)
 
NET CURRENT (LIABILITIES)/ASSETS (1,245) 2,766 4,051
 
TOTAL ASSETS LESS CURRENT
LIABILITIES 13,097  14,918 28,228
 
CREDITORS: amounts falling due
after more than one year (5,627) (4,960) (11,681)
 
PROVISIONS FOR LIABILITIES AND
CHARGES  (305) (345) (709)
 
 7,165 9,613 15,838
 
CAPITAL AND RESERVES
Called up share capital 4,135  4,135 4,135
 
RESERVES
Share premium 2,586 2,586 2,586
Revaluation reserve 1,655 1,655 5,237
Capital redemption reserve 150 150 150
Profit and loss account (1,394) 1,087 3,730
 
 2,997 5,478  11,703
 
Shareholders' funds 7,132 9,613 15,838
 
Minority interests 33 - -
 
  7,165 9,613 15,838
 
 
Attributable to Equity Shareholders 6,616 9,064 15,289
Attributable to Non-Equity Shareholders 549 549 549
 
 7,165 9,613 15,838
 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 June 2003
  Six months ended Six months ended
 30 June 2003 30 June 2002
 £'000 £'000 £'000  £'000
 
Net cash outflow from operating activities (4,233) (1,547)
 
Returns from investments and servicing of finance
Interest received 9  25
Interest paid (515) (311)
Preference dividends paid (18) (18)
 
Net cash outflow from returns on investments and
servicing of finance (524) (304)
 
Taxation paid (116) (16)
 
Capital expenditure and financial investment
Receipts from sale of businesses 972 -
Payments to acquire tangible fixed assets (320) (481)
Payments to acquire intangible fixed assets -  (17)
Receipts from sale of tangible fixed assets 7,240 26
 
Net cash inflow/(outflow) from capital expenditure and
financial investment 7,892 (472)
 
Net cash inflow/(outflow) before financing 3,019 (2,339)
 
 
Financing
Capital element of finance lease rentals (183) (180)
Loans repaid  (5,453) (948)
 
Net cash outflow from financing (5,636) (1,128)
 
Decrease in cash in the period (2,617)  (3,467)
 
 
 
STATEMENT OF RECOGNISED GAINS AND LOSSES
For the six months ended 30 June 2003
 Six months Six months
  ended ended
 30 June 2003 30 June 2002 
 £'000 £'000
 
Loss for the financial period (3,614) (373)
 
Exchange movements (150) 68
 
Total recognised gains and losses for the period  (3,764) (305)
 
 
NOTE OF HISTORICAL COST PROFITS /(LOSSES)
 
Reported loss on ordinary activities before taxation (3,848) (597)
Realisation of property revaluation gains 4,348 461
Goodwill on disposal of subsidiaries 1,602 -
Additional depreciation on the revaluation surplus 7 7
 
Historical cost profit/(loss) on ordinary activities
before taxation 2,109 (129)
 
Historical cost profit on ordinary activities after
taxation and dividends 2,325 77
 
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
 
Loss attributable to members of the company (3,614) (373)
Dividends (18) (18)
 
 (3,632) (391)
Goodwill on disposal of subsidiaries 1,602 -
Exchange movements  (150) 68
 
Net change to shareholders' funds (2,180) (323)
 
Opening shareholders' funds 9,312 16,161
 
Closing shareholders' funds 7,132 15,838
 
 
Notes:
 
 1. The interim statement was approved by the Board of Directors on 19 September
 2003 and is neither audited nor reviewed.
 2. Exceptional items
 
 Six months
 ended
 
 30 June 2003
 £'000
Loss on sale of businesses (720)
Loss on cessation of manufacturing  (145)
Loss on closure of businesses (919)
Goodwill on disposal of subsidiaries (1,602)
 
 (3,386)
 
 
 
 
 
 
 
 3. Dividends
 
The directors do not propose an interim dividend on the Ordinary shares of 5p.
 
The half-year dividend on the 6.5% Cumulative Preference Shares was paid on 30
June 2003 to those members registered on the books of the Company at the close
of business on 6 June 2003.
 
 4. The Earnings per Ordinary share of 5p is based on a loss of £3,632,000 (2002
 £391,000) being the loss after taxation and after deducting the Preference
 Dividend and on an average number of shares in issue of 71,728,687 (2002 -
  71,728,687). Fully diluted Earnings per Ordinary share is the same value as
 basic Earnings per Ordinary share.
 5. Copies of this statement will be circulated to shareholders and will be
 available at the Registered Office of the Company, Beechwood House,
 Greenwood Close, Cardiff Gate Business Park, Cardiff CF23 8RD from 19
 September 2003.