|
27
Cash flow statement (continued)
(b) Reconciliation of cash flow before use of liquid resources
and financing to movements in net borrowings
|
 |
|
2002
£million |
|
2001
£million |
|
|
| Cash inflow before use of liquid resources
and financing |
9.6 |
|
26.2 |
|
|
| Redemption of B shares (including issue
costs) |
(9.6 |
) |
(23.1 |
) |
|
| Issue of ordinary share capital - share
options |
- |
|
0.1 |
|
|
| Currency translation differences |
2.6 |
|
(1.5 |
) |
|
| Decrease in net borrowings |
2.6 |
|
1.7 |
|
|
Redeemable B shares of nominal value £9.0 million were issued
for nil consideration during the year (2001:£23.3 million). |
(c)
Analysis of changes in net (borrowings)/cash during the year
|
|
|
1 January
2002 |
|
Cash flow |
|
Currency
translation
differences |
|
31 December
2002 |
|
| |
£million |
|
£million
|
|
£million |
|
£million |
|
|
| Net cash repayable
on demand |
20.8 |
|
10.7 |
|
(1.6 |
) |
29.9 |
|
|
| Cash deposits
refundable within one year |
18.7 |
|
(4.1 |
) |
(0.1 |
) |
14.5 |
|
|
| Borrowings repayable
within one year |
(5.8 |
) |
0.8 |
|
- |
|
(5.0 |
) |
|
| Borrowings repayable
after one year |
(73.7 |
) |
(7.4 |
) |
4.3 |
|
(76.8 |
) |
|
| Net (borrowings)/cash |
(40.0 |
) |
- |
|
2.6 |
|
(37.4 |
) |
|
(d)
(Borrowings)/cash repayable on demand
|
|
|
|
|
|
|
Change |
|
| |
2002 |
|
2001 |
|
in year |
|
| |
£million |
|
£million |
|
£million |
|
|
| Cash at bank and in hand |
44.4 |
|
39.5 |
|
4.9 |
|
|
| Bank borrowings repayable within one year |
(0.7 |
) |
(0.2 |
) |
(0.5 |
) |
|
| Other borrowings repayable within one year |
(4.3 |
) |
(5.6 |
) |
1.3 |
|
|
| |
39.4 |
|
33.7 |
|
5.7 |
|
|
| Borrowings and deposits repayable within
one year not repayable on demand: |
|
|
|
|
|
|
|
| Bank deposits |
(14.5 |
) |
(18.7 |
) |
4.2 |
|
|
| Bank borrowings |
0.7 |
|
0.2 |
|
0.5 |
|
|
| Other borrowings |
4.3 |
|
5.6 |
|
(1.3 |
) |
|
| Net cash repayable on demand |
29.9 |
|
20.8 |
|
9.1 |
|
|
| Currency translation differences |
|
|
|
|
1.6 |
|
|
| Increase in cash per cash flow statement |
|
|
|
|
10.7 |
|
|
(e) Disposal
of business
|
|
|
|
|
|
|
2002
£million |
|
2001
restated
£million |
|
|
| Net assets disposed of |
|
|
|
|
|
| Fixed assets |
1.2 |
|
- |
|
|
| Stocks |
0.7 |
|
13.5 |
|
|
| Debtors |
- |
|
20.6 |
|
|
| Creditors |
- |
|
(17.5 |
) |
|
| |
1.9 |
|
16.6 |
|
|
| Accrued costs & related items |
1.4 |
|
2.8 |
|
|
| Goodwill previously charged against reserves |
2.6 |
|
0.7 |
|
|
| (Loss)/gain on disposal |
(1.9 |
) |
1.3 |
|
|
| Gross consideration |
4.0 |
|
21.4 |
|
|
| Costs of disposal |
(0.5 |
) |
(1.7 |
) |
|
| |
3.5 |
|
19.7 |
|
|
| Deferred consideration |
- |
|
(3.1 |
) |
|
| Net proceeds on disposal of business |
3.5 |
|
16.6 |
|
|
The net proceeds from business disposals relate to Teolin, which
was sold for £0.1 million, the anhydrous aluminium chloride
business which was sold for £1.5 million and proceeds of £1.9
million from the sale of H&C Lumber which occurred in 1997.
The subsidiary undertakings disposed of during the year had no significant
contribution to the net cash inflow from operating activities.
28 Principal trading
investments
|
| |
|
Country of incorporation and operation |
|
| Subsidiary undertakings |
|
|
|
| Elementis UK Limited trading as: |
|
United Kingdom |
| Elementis Chromium |
Chromium chemicals |
|
| Elementis Pigments |
Synthetic iron oxide pigments, chromic oxide
pigments, carboxylates, zinc products |
|
| Elementis Specialties |
Rheological additives, colourants,waxes,
other specialty additives |
|
|
| Linatex Limited |
Abrasion-resistant rubber: sheet, mouldings, |
United Kingdom |
| (with fellow Linatex subsidiaries trading
in the Netherlands, Malaysia, South Africa, Australia, and Belgium)
|
fabricated products, linings, screens |
|
|
| Elementis Chromium LP |
Chromium chemicals |
United States of America |
|
| Elementis Pigments Inc |
Synthetic iron oxide pigments, chromic oxide
pigments |
United States of America |
|
| Elementis Specialties Inc |
Rheological additives, colourants,waxes,
other specialty additives |
United States of America |
|
| Linatex Corporation of America Inc |
Abrasion-resistant rubber: sheet, mouldings,
fabricated products, linings, screens |
United States of America |
|
|
Notes:
1 None of the undertakings are held directly by the Company.
2 Equity capital is in ordinary shares, wholly-owned and voting rights
equate to equity ownership.
3 All undertakings listed above have accounting periods ending 31
December.
4 Undertakings operating in the United Kingdom are incorporated in
Great Britain and registered in England and Wales. In the case of
corporate undertakings other than in the United Kingdom their country
of operation is also their country of incorporation.
5 All undertakings listed above have been included in the consolidated
financial statements of the Group for the year.
29
Prior year adjustments
The effect of adopting FRS17 and FRS19 on the current and comparative
amounts are as follows:
|
|
| |
Year ended 31 December
2002 |
|
Year ended 31 December
2001 |
| |
Without
changes
in
accounting
policies
£million |
|
Adoption
of
FRS17
£million |
|
Adoption
of
FRS19
£million |
|
As
reported
£million |
|
As
previously
reported
£million |
|
Adoption
of
FRS17
£million |
|
Adoption
of
FRS19
£million |
|
Restated
£million |
|
|
| Profit
and loss account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating loss |
(41.5 |
) |
3.8 |
|
- |
|
(37.7 |
) |
(0.9 |
) |
(3.2 |
) |
- |
|
(4.1 |
) |
|
| Net interest payable |
(0.9 |
) |
0.1 |
|
- |
|
(0.8 |
) |
(4.2 |
) |
3.7 |
|
- |
|
(0.5 |
) |
|
| Loss on ordinary activities before tax |
(38.1 |
) |
3.9 |
|
- |
|
(34.2 |
) |
(3.7 |
) |
0.4 |
|
- |
|
(3.3 |
) |
|
| Tax on loss on ordinary activities |
(0.9 |
) |
0.2 |
|
4.2 |
|
3.5 |
|
8.5 |
|
(0.9 |
) |
0.4 |
|
8.0 |
|
|
| Profit/(loss) for the financial year |
(39.1 |
) |
4.1 |
|
4.2 |
|
(30.8 |
) |
4.7 |
|
(0.5 |
) |
0.4 |
|
4.6 |
|
|
Statement of total recognised gains and losses |
|
| Actuarial loss on pension scheme |
- |
|
(59.4 |
) |
- |
|
(59.4 |
) |
- |
|
(86.2 |
) |
- |
|
(86.2 |
) |
|
| Deferred tax on actuarial loss |
- |
|
18.2 |
|
- |
|
18.2 |
|
- |
|
26.9 |
|
- |
|
26.9 |
|
|
| Currency translation differences |
(29.1 |
) |
3.4 |
|
- |
|
(25.7 |
) |
5.0 |
|
(0.2 |
) |
- |
|
4.8 |
|
|
| Prior year adjustment |
- |
|
(19.0 |
) |
- |
|
(19.0 |
) |
- |
|
- |
|
- |
|
- |
|
|
Balance sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debtors |
77.6 |
|
(1.0 |
) |
- |
|
76.6 |
|
86.6 |
|
(3.0 |
) |
- |
|
83.6 |
|
|
| Provisions for liabilities and charges |
(45.8 |
) |
13.9 |
|
(1.2 |
) |
(33.1 |
) |
(43.8 |
) |
14.5 |
|
(5.2 |
) |
(34.5 |
) |
|
| Pension liability |
- |
|
(63.6 |
) |
- |
|
(63.6 |
) |
- |
|
(25.3 |
) |
- |
|
(25.3 |
) |
|
| Shareholders' funds |
327.2 |
|
(50.7 |
) |
(1.2 |
) |
275.3 |
|
397.5 |
|
(13.8 |
) |
(5.2 |
) |
378.5 |
|
|
(Loss)/earnings per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic and diluted (loss)/earnings |
(9.0 |
) |
0.9 |
|
1.0 |
|
(7.1 |
) |
1.1 |
|
(0.2 |
) |
0.1 |
|
1.0 |
|
|
| Basic and diluted before goodwill amortisation
and exceptionals |
2.3 |
|
0.9 |
|
0.2 |
|
3.4 |
|
4.0 |
|
(0.2 |
) |
(0.9 |
) |
2.9 |
|
|
|
