Bateman Engineering N.V. ("Bateman
Engineering or the “Company")
11 September 2008 (London)
Final results for the year ended 30 June 2008
Bateman Engineering, the technology-driven engineering project house, announces its results for the year ended 30 June 2008.
USD millions |
Year to June 2008 |
Year to June 2007 |
Revenue |
675.4 |
471.1 |
Results from operating activities |
9.0 |
18.3 |
Net finance income |
14.3 |
3.2 |
Profit before tax |
23.3 |
21.2 |
Profit for the year from continuing operations |
16.4 |
20.5 |
Profit for the period attributable to equity holders of the parent |
16.3 |
21.0 |
Clean operating profit |
5.4 |
9.4 |
Net cash generated from operating activities |
65.5 |
10.9 |
Net cash and cash equivalents at end of the period |
130.0 |
93.4 |
Shareholders' equity after minorities |
121.1 |
110.9 |
|
|
|
|
US cents |
US cents |
Earnings per share |
|
|
From continuing operations |
|
|
|
Basic |
38.64 |
57.21 |
|
Diluted |
37.50 |
54.55 |
Commenting on the results, Chairman, Rick Menell, said:
"During the 2008 financial year, Bateman Engineering made important strides towards delivering on its strategic objectives by expanding its range of business lines, geographical presence and technological strength. Near term, some key resources are focused on closing out the legacy contracts within the portfolio. In addition, management is streamlining the organisation into distinct business units. This, together with increased focus on project risk management, positions the Group well to capitalise on its strengths. We continue to operate in a favourable market in the resources sector."
Eddie du Rand, Group Chief Executive, said:
"The year ahead will be one of consolidation. We continue to increase our emphasis on broadening our technology portfolio and adapting our products and services offering to meet our clients' needs. We continue to work towards the completion of the legacy contracts and to reap the benefits from the implementation of the streamlined SBU structure. The resources market we operate in remains buoyant with good opportunities for each of our SBUs to capitalise on.
I am confident that the three SBUs are well positioned for the market opportunities that lie ahead."
11 September 2008
ENQUIRIES:
|
|
Bateman Engineering N.V. |
Tel +31 79 433 9370 |
Eddie du Rand, Group Chief Executive Officer |
|
Pieter du Plessis, Chief Financial Officer |
|
|
|
Dresdner Kleinwort |
Tel. +44 20 7623 8000 |
Chris Treneman |
|
Andrew Hollins |
|
Alex Metherell |
|
|
|
College Hill |
Tel: +44 20 7457 2020 |
Adam Aljewicz |
|
NOTE FOR EDITORS:
Bateman Engineering is a technology-driven engineering-project house serving the minerals and metals industries worldwide. Bateman Engineering's shares (BATE.L) are traded on AIM, a market of the London Stock Exchange.
Chairman's Statement
The 2008 financial year was a demanding one for Bateman Engineering. Execution risks and close-out problems on some major projects impacted on the Group's overall performance, while the past year also saw a change in the executive management team.
During the year two executive directors resigned. Jonathan Ben-Cnaan, previously Chief Financial Officer (CFO), left to take a role as Chief Executive Officer (CEO) of another company, and our previous CEO, Dr Sivi Gounden, moved on to pursue outside interests. On behalf of the Board and shareholders, I thank them both for their contribution to the Company. We welcome to the Board Pieter du Plessis as CFO and Eddie du Rand as Group CEO both of whom are well qualified to deliver on the Company's potential for sustained growth in the medium and longer term.
As a result of the project problems, measures have been implemented to de-risk future projects as far as possible, including both a sharper focus on project execution as well as a restructuring of the organisation for greater alignment between the individual business units. The Board is confident that the combination of these measures will benefit the company for the long term.
Technology
Bateman Engineering's position as a leading project house in its sector is underpinned by its capability to offer differentiated, project-specific process technology solutions. The emphasis on achieving sustainable growth through technological differentiation has thus been intensified, and a focused initiative has commenced to broaden the process technology portfolio of the Group and improve the effectiveness of technology commercialisation. An important part of this initiative is the formalisation of global Centres of Excellence, established to develop, nurture and deploy the Company's process technology.
Human Capital
As a technologically-driven engineering project house, Bateman Engineering is reliant on the intellectual capital in the business. A major focus is on ensuring that human capital strategies support sustainable growth and increase shareholder value through effective talent management initiatives. Priority continues to be given to filling skills gaps within the organisation and has resulted in a number of key appointments being made at senior management level over the past financial year.
Corporate Governance
Bateman Engineering and its subsidiaries are committed to high standards of business integrity, ethical values and professionalism in all their activities. As an essential part of this, Bateman Engineering is committed to applying corporate governance best practice, complying substantially with the principles and best practices of the Dutch corporate governance code (the Tabaksblat Code) and with the provisions set out for AIM companies published by the Quoted Companies Alliance.
Safety, Health and the Environment
Once again, Bateman Engineering's safety performance was at the upper end of Industry standards. The Group's safety, health and environment (SHE) programme strives to protect the health and safety of the Group's employees, subcontractors, clients and visitors, and minimise the footprint of Bateman Engineering projects on the environment. These objectives must be achieved often in the face of severe environmental and logistical challenges typical of projects in developing, remote regions.
Outlook
During the 2008 financial year, Bateman Engineering made important strides towards delivering on its strategic objectives by expanding its range of business lines, geographical presence and technological strength. Near term, some key resources are focused on closing out the legacy contracts within the portfolio. In addition, management is streamlining the organisation into distinct business units. This, together with increased focus on project risk management, positions the Group well to capitalise on its strengths. We continue to operate in a favourable market in the resources sector.
It has been nearly three years since the Company was admitted to AIM and I would like to thank my fellow Board Members for their invaluable input. In addition, I would like to thank the Executive Management team of Bateman Engineering as well the staff for their ongoing commitment to the Group.
RICK MENELL
Chairman
11 September 2008
Group Chief Executive Officer's Report
The 2008 financial year has been challenging for the Group. Although a number of the Business Units reported positive results, these were undermined by significant losses in other areas of the business.
The negative impact on the full year's results can largely be attributed to:
The Hindustan Zinc cost over-run was material and the additional costs provided for Moma and Lumwana totalled $18m.
Key resources have been allocated to finalise these contracts during the current financial year. However, we continue to evaluate the final outcomes of these contracts.
The Group's strategy and structure have been reviewed and changes are being implemented to minimise the likelihood of a future recurrence of the problems experienced in terms of project selection, contracting methodology and project execution.
The Group is well positioned to take advantage of the growth in our core markets.
Group Performance
Revenue increased by 43% from the previous financial year's $471 million to $675 million, with the Australian and South East Asian, Sub-Saharan Africa and Bateman Engineered Technologies Business Units all reporting positive growth in line with expectations. The Metal Recovery and CIS Business Units experienced delays in the timing of projects.
Results from operating activities decreased by 51% from the previous year's $18 million to $9 million, largely attributable to the problems already mentioned.
A dividend of 4.79 pence per share will be proposed at the Annual General Meeting to be held on 26 November 2008.
Strategic Overview
During the year, a number of initiatives were undertaken to provide a stable platform to improve the quality of earnings. An essential part of the revised strategy is for Bateman Engineering to be a technology-focused group working together through more aligned Strategic Business Units. This will also enable us to readily implement best practice processes and systems across our global operations.
To capitalise on the existing skills and knowledge within the Group, and better serve our customers, a decision was taken to move away from a geographically biased organisational structure to a product / service focused structure. Individual business units are now aligned to one of three specific product and service groupings, which have been termed Strategic Business Units (SBUs). These are Bateman Engineering Projects (BEP), Bateman Engineered Technologies (BET) and Bateman Metal Recovery (BMR).
Operational Review
BEP, the largest SBU, continued to increase its revenue but had mixed results as regards operating profits, again largely attributable to the HZL, Moma and Lumwana problems already mentioned.
Problems encountered in the Indian operation start-up have been addressed and, with the new management and a changed structure, we believe that this market will prove to be beneficial for the Group.
BET continues to perform well with growth in revenue and profits for the financial year. It has been successful in securing contracts for coal stockyard equipment supply on the Douglas Middelburg Optimisation project for BHP Billiton. The strategic initiative to supply mills is bearing fruit and the opportunity to expand into the large mill market is being pursued. Enhanced by Delkor, BET will continue to focus on expanding its range of technology-backed equipment and improve its offering across all of its regional offices.
BMR's financial year results have been impacted mainly due to lower production levels at some of its plants and a change in accounting treatment. Various actions have been taken to rectify operational problems and improved production rates at these plants are already evident. The Riders project in Pennsylvania, USA, which will extract ferromanganese from slag, is nearing completion and will start production during the 2009 financial year. A number of other opportunities are being considered as part of our strategic intent to expand this part of our business into different waste streams and recovery methods.
Management and Board Changes
The previous CEO Committee and Executive Committee was replaced by a single Executive Committee (Excom) whose main responsibility is to provide strategic direction, create an enabling environment and monitor performance of each unit of the Group.
I thank all the members of the previous committees for their input and leadership during the period they served and I am confident that they will continue to provide expertise to the organisation in their revised roles.
The Group has commenced a search for the BEP Chief Executive Officer, an appointment that will further strengthen the executive committee.
Human Capital
With our increased focus on Human Capital, the Excom position of Human Capital Officer has been created. This position has been filled by Ben Geldenhuys and I welcome him to the role.
There has been a significant step change in the Group's focus on human capital, with the restructuring allowing for a more appropriate deployment of skills that enables people to operate in roles that more appropriately leverage their strengths.
A number of key appointments were made during the year resulting in additional depth in the senior leadership within the organisation. Increased effort in training and development, including a leadership development initiative, will create opportunity for higher capability within the Group.
Contracting Strategy
High demand in the engineering industry has placed not only contractors, but also equipment suppliers, under significant pressure to meet demand. This has resulted in significant demand inflation and increased lead times on material and equipment supply. Together these have negatively affected many of the current projects, more specifically impacting the Group's results on its LSTK projects.
This has resulted in the Group moving away from contracts of a traditional lump-sum nature as the uncertainty has increased the difficulty in making accurate estimation in terms of both schedule and cost. As a result, the opening order book for the 2009 financial year shows a reduction in LSTK orders by 40%, when compared to that for the 2008 financial year. While this will have an impact on revenue, it is expected to reduce the Group's risk exposure and have a positive impact on profit margins in the years to come.
Risk Management
In order to manage its risk exposure more carefully, the Group will enter into contracts that allow for appropriate sharing of risk and reward between Bateman Engineering as project manager, its subcontractors and its clients.
To further ensure that the risks within the Group are given appropriate attention, a Group Risk Committee has been created as a sub-committee of the Executive Committee to review the Group's risk exposures at all levels within the Group. The Group Risk Committee has the responsibility of reviewing all opportunities that, when measured against a set of pre-defined criteria, are deemed to be of high risk, and to monitor all projects that are deemed to have high risk or are showing signs of stress.
Acquisitions
The Group completed three acquisitions in the financial year, enlarging both our product and geographic footprint.
Metplant is performing in line with management's expectations and has been fully integrated with the Australian operations. The growth and performance of Intertech in the CIS has been hampered by delays experienced on the timing of project awards which are now expected to occur in the 2009 financial year. Delkor was acquired in April 2008 and will form the platform for the globalisation of the equipment supply business unit. Delkor is also performing in line with management's expectations.
The Group has grown into key markets through acquisition, and management's focus will now be on the successful integration of these acquisitions into the Group. As a result, acquisition activity in the foreseeable future will be limited to acquiring technologies that enhance the Group's existing products or services.
Safety, Health and Environment
Bateman Engineering's ongoing commitment to safety has again yielded good results for the 2008 year. No fatalities, significant occupational diseases or major environmental incidents occurred during the period and we achieved a lost-time injury-frequency rate of 0.25. It is disappointing that this is down from last year's lost-time injury-frequency rate of 0.17, but it was largely in one part of the business and remedial action has been taken. During the year, three projects achieved significant safety milestones of man hours worked without a lost time injury. These were: 7 million man hours on the Moma Sands project in Mozambique, 4 million man hours on the Lumwana project in Zambia and 2 million man hours on the Uranium One project in South Africa.
Environmental concerns are a key factor for an organisation which develops new resource-based process plants and we work closely with all of our clients to protect the environment in which we work and live.
Outlook
The year ahead will be one of consolidation. We continue to increase our emphasis on broadening our technology portfolio and adapting our products and services offering to meet our clients' needs. We continue to work towards the completion of the legacy contracts and to reap the benefits from the implementation of the streamlined SBU structure. The resources market we operate in remains buoyant with good opportunities for each of our SBUs to capitalise on.
I am confident that the three SBUs are well positioned for the market opportunities that lie ahead.
Appreciation
To the people who have joined our Group during the past year, I welcome you all and wish you an exciting and rewarding career at Bateman Engineering. To all the management and staff, I extend my appreciation for your efforts during the past year and for the determination shown to resolve the many challenges that the Group faced.
EDDIE DU RAND
Group Chief Executive Officer
11 September 2008
Chief Financial Officer's Report
Execution issues impacted negatively on the Group's results for the financial year ended 30 June 2008 making this a difficult year for Bateman Engineering. Specifically, issues have been encountered on closing out the Moma and Hindustan Zinc Limited (HZL) projects and the incident of the fire at the Lumwana project. The business continues to vigilantly monitor its LSTK projects in order to ensure that any issues are identified, reported and corrected as soon as possible.
Highlights
|
30 June 2008 - $m |
30 June 2007 - $m |
% change |
Revenue |
675 |
471 |
43.4 |
Gross profit |
64 |
50 |
28.3 |
Clean operating profit |
5 |
9 |
(44.0) |
Profit before tax |
23 |
21 |
9.4 |
Net asset value |
121 |
111 |
9.2 |
Cash generated from operations |
65 |
11 |
499 |
Financial report
There will always be a spread of projects with some outperforming and others underperforming expectations. The cumulative negative impact of the HZL, Moma and Lumwana projects (all the subjects of announcements) during the financial year was unusual and significant. The focus of the Group's risk management strategies going forward is to reduce the variability of the Company's financial results.
Segmental analysis
Revenue |
30 June 2008 - $m |
30 June 2007 - $m |
% increase |
Bateman Engineering Projects |
517 |
350 |
47.6 |
Bateman Engineered Technologies |
156 |
103 |
51.1 |
Bateman Metal Recovery |
21 |
28 |
(25.2) |
Corporate, Other & Eliminations |
(19) |
(10) |
79.9 |
Total |
675 |
471 |
43.4 |
Order book
New orders booked in the financial year totalled $537m, 22% lower than the exceptionally strong outturn in 2007. This begins to reflect the new approach of taking on more reimbursable projects. The order book of $360m as at 30 June 2008 and the quality of new project prospects gives the Group a sound entry point to the new financial year and demonstrates the changing risk profile in terms of contracts that the Group is willing to pursue.
Acquisitions
Through the Group's acquisition strategy during the year, the Group acquired businesses that strategically enhanced the position of the Group in Russia and Australia and provided a global footprint for the BET SBU. All of these acquisitions made a positive contribution to the Group in the year ended 30 June 2008 and bring with them new business prospects.
Finance income
The net finance income of $14.3m is significantly higher than the prior year and is largely due to three factors namely:
The Metal Recovery business
A number of metal recovery plants are now treated as finance leases. As a result, the income derived from these plants is now presented as finance income. These are ongoing contracts and thus the Company will continue to benefit from the income thereof.
Foreign exchange gains
The Company adopts a conservative policy of immediately hedging any foreign exchange rate risks arising at the project level. In the year ended 30 June 2008, this resulted in favourable gains.
LSTK projects
As anticipated, the Group had considerable up front receipts on certain LSTK projects. This resulted in high levels of cash on hand on which the Group earned interest income.
As the Group progressively adopts its revised contracting model, taking on less LSTK type risk, cash on hand, bonding requirements and construction contract liabilities will decline. Consequently overall finance income is anticipated to decline.
Taxation
The effective tax rate for the year is 29.5% (up from the prior year's exceptional 3.4%), higher than anticipated, largely as a result of provisions and additional costs incurred in relation to legacy LSTK contracts.
Cash
Free cash remained at acceptable levels throughout the year (up from prior years). As at 30 June 2008, it was $40.6 million. Free cash is defined as all cash excluding advance payments from clients.
Conclusion
In the past year the Company has reported disappointing financial results. The benefits arising from aligning the Business Units' product and service offerings globally, the changes to the contracting model and improved risk management on project execution, together should ensure that the Group is well positioned to deliver to its potential in the current extended commodities cycle.
PIETER DU PLESSIS
Chief Financial Officer
11 September 2008
Consolidated Income Statement
USD '000s |
|
2008 |
2007 |
|
|
|
|
Revenue |
|
675,399 |
471,088 |
Cost of revenue |
|
(611,739) |
(421,457) |
|
|
|
|
Gross profit |
|
63,660 |
49,631 |
|
|
|
|
Other income |
|
5,557 |
9,836 |
Selling, general and administrative expenses |
|
(58,280) |
(40,194) |
Other expenses |
|
(1,941) |
(981) |
|
|
|
|
Result from operating activities |
|
8,996 |
18,292 |
Net finance income |
|
14,256 |
3,160 |
Income from equity accounted investees |
|
- |
(205) |
|
|
|
|
Profit before tax |
|
23,252 |
21,247 |
Income tax expense |
|
(6,857) |
(717) |
|
|
|
|
Profit for the year from continuing operations |
|
16,395 |
20,530 |
Discontinued operations |
|
- |
(10) |
|
|
|
|
Profit for the year |
|
16,395 |
20,520 |
|
|
|
|
Attributable to: |
|
|
|
Equity holders of the parent |
|
16,251 |
20,978 |
Minority interests |
|
144 |
(458) |
|
|
|
|
|
|
16,395 |
20,520 |
Earnings per share |
US cents |
US cents |
From continuing operations |
|
|
|
Basic |
38.64 |
57.21 |
|
Diluted |
37.5 |
54.55 |
Consolidated Balance Sheet
USD '000s |
2008 |
|
2007 |
ASSETS |
|
|
|
|
|
|
|
Intangible assets |
53,780 |
|
1,733 |
Property, plant and equipment |
18,046 |
|
15,162 |
Investment in equity accounted investees |
62 |
|
62 |
Loans to equity accounted investees |
2,668 |
|
285 |
Other investments |
261 |
|
257 |
Non current receivables |
2,847 |
|
493 |
Finance lease asset - non current portion |
11,470 |
|
5,198 |
Receivable from controlling shareholder |
5,190 |
|
4,840 |
Deferred taxation |
5,506 |
|
8,569 |
|
|
|
|
Non current assets |
99,830 |
|
36,599 |
|
|
|
|
Construction and engineering contracts in progress |
34,008 |
|
64,613 |
Inventories |
5,323 |
|
4,107 |
Trade and other receivables |
141,617 |
|
104,628 |
Finance lease asset - current term portion |
3,042 |
|
1,000 |
Interest receivable |
287 |
|
1 |
Income tax receivable |
2,971 |
|
1,224 |
Cash and cash equivalents |
132,430 |
|
97,804 |
|
|
|
|
Current assets |
319,678 |
|
273,377 |
|
|
|
|
Total assets |
419,508 |
|
309,976 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
Issued capital |
671 |
|
563 |
Share premium |
95,071 |
|
94,861 |
Foreign currency translation reserve |
(6,804) |
|
(2,375) |
Accumulated profits (losses) |
31,997 |
|
17,869 |
|
|
|
|
Equity attributable to equity holders of the parent |
120,935 |
|
110,918 |
Minority interests |
137 |
|
- |
|
|
|
|
Total equity |
121,072 |
|
110,918 |
|
|
|
|
Non-current liabilities |
20,501 |
|
4,998 |
Deferred taxation |
838 |
|
- |
|
|
|
|
Non-current liabilities |
21,339 |
|
4,998 |
|
|
|
|
Construction and engineering contract liabilities |
106,608 |
|
84,083 |
Trade payables, other payables and accruals |
164,021 |
|
104,010 |
Income tax payable |
3,968 |
|
1,533 |
Bank overdrafts |
2,420 |
|
4,434 |
|
|
|
|
Current liabilities |
277,097 |
|
194,060 |
|
|
|
|
Total liabilities |
298,436 |
|
199,058 |
|
|
|
|
Total equity and liabilities |
419,508 |
|
309,976 |
Consolidated Statement of Changes in Equity
USD '000s |
Attributable to equity holders of the parent |
|
Minority |
Total |
|
|
|
Foreign |
|
|
Interest |
Equity |
|
|
|
Currency |
Accumulated |
|
|
|
|
Issued |
Share |
Translation |
Profits |
|
|
|
|
Capital |
Premium |
Reserve |
(Losses) |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 30 June 2006 |
451 |
55,321 |
(2,388) |
(1,408) |
51,976 |
455 |
52,431 |
|
|
|
|
|
|
|
|
Revaluation of issued capital |
36 |
- |
- |
- |
36 |
- |
36 |
Foreign exchange translation |
- |
- |
13 |
- |
13 |
3 |
16 |
|
|
|
|
|
|
|
|
Total income and expense recognised directly in equity |
36 |
- |
13 |
- |
49 |
3 |
52 |
Result for the year |
- |
- |
- |
20,978 |
20,978 |
(458) |
20,520 |
Total recognised income and expense |
36 |
- |
13 |
20,978 |
21,027 |
(455) |
20,572 |
Share capital issued |
56 |
40,353 |
- |
- |
40,409 |
- |
40,409 |
Share issue expenses |
- |
(1,634) |
- |
- |
(1,634) |
- |
(1,634) |
Share capital issued to |
46 |
1,758 |
- |
- |
1,804 |
- |
1,804 |
Employee Share Ownership Plan |
Shares held in |
(26) |
(937) |
- |
- |
(963) |
- |
(963) |
Employee Share Ownership Plan |
Share Based Payment |
- |
- |
- |
596 |
596 |
- |
596 |
Dividends Paid |
- |
- |
- |
(2,297) |
(2,297) |
- |
(2,297) |
|
|
|
|
|
|
|
|
Balance at 30 June 2007 |
563 |
94,861 |
(2,375) |
17,869 |
110,918 |
- |
110,918 |
|
|
|
|
|
|
|
|
Revaluation of issued capital |
101 |
- |
- |
- |
101 |
- |
101 |
Foreign exchange translation |
- |
- |
(4,429) |
- |
(4,429) |
(7) |
(4,436) |
|
|
|
|
|
|
|
|
Total income and expense recognised directly in equity |
101 |
- |
(4,429) |
- |
(4,328) |
(7) |
(4,335) |
Result for the year |
- |
- |
- |
16,251 |
16,251 |
144 |
16,395 |
Total recognised income and expense |
101 |
- |
(4,429) |
16,251 |
11,923 |
137 |
12,060 |
Shares taken up in Employee Share Ownership Plan |
7 |
210 |
- |
- |
217 |
- |
217 |
Share based payment |
- |
- |
- |
2,053 |
2,053 |
- |
2,053 |
Foreign exchange translation |
- |
- |
- |
(4,176) |
(4,176) |
- |
(4,176) |
|
|
|
|
|
|
|
|
Balance at 30 June 2008 |
671 |
95,071 |
(6,804) |
31,997 |
120,935 |
137 |
121,072 |
|
|
|
|
|
|
|
|
Consolidated Cash Flow Statement
USD '000s |
2008 |
|
2007 |
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Result from operating activities - continuing operations
(excluding dividends received) |
8,996 |
|
17,631 |
Profit before tax attributable to discontinued operations |
- |
|
(10) |
Non-cash adjustments |
5,392 |
|
(105) |
Changes in operating assets |
36,702 |
|
91,647 |
Changes in operating liabilities |
5,614 |
|
85,795 |
Net finance income |
13,009 |
|
1,724 |
Income tax paid |
(4,230) |
|
(2,453) |
|
|
|
|
Net cash generated from operating activities |
65,483 |
|
10,935 |
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Property, plant and equipment purchased |
(8,297) |
|
(6,409) |
Property, plant and equipment proceeds on disposal |
484 |
|
1,307 |
Dividend received from equity accounted investees |
- |
|
969 |
Proceeds on disposal of listed investment |
47 |
|
608 |
Subsidiary (acquired) disposed |
(22,316) |
|
607 |
Equity accounted investees acquired |
- |
|
(51) |
Increase in loans to equity accounted investees |
(2,416) |
|
(398) |
|
|
|
|
Net cash utilised in investing activities |
(32,498) |
|
(3,367) |
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
Increase in long-term liabilities |
3,480 |
|
2,867 |
Share capital issued |
|
|
41,250 |
Shares taken up in Employee Share Ownership Plan |
217 |
|
- |
Share issue expenses |
- |
|
(1,634) |
Increase in long term receivable |
(631) |
|
(493) |
Finance lease receivable repayments |
700 |
|
4 |
Dividends paid |
(4,176) |
|
(2,297) |
|
|
|
|
Net cash (utilised in) generated from financing activities |
(410) |
|
39,697 |
|
|
|
|
Increase in cash and cash equivalents |
32,575 |
|
47,265 |
|
|
|
|
Cash and cash equivalents at beginning of year |
93,370 |
|
47,008 |
|
|
|
|
Exchange gains on cash and bank overdrafts |
(1,738) |
|
(893) |
|
|
|
|
Net cash acquired (disposed of) in subsidiaries |
5,803 |
|
(10) |
|
|
|
|
Net cash and cash equivalents at end of the year |
130,010 |
|
93,370 |
ENQUIRIES:
| Bateman Engineering |
|
|
Eddie Du Rand,CEO
Pieter Du Plessis, CFO |
|
+31 20 502 2370
+41 55 451 9010 |
Dresdner Kleinwort |
|
|
Chris Treneman |
|
+44 20 7623 8000 |
Alex Metherell |
|
+44 20 7623 8000 |
Andrew Hollins |
|
+44 20 7623 8000 |
College Hill |
|
|
Nicholas Potter (Analysts) |
|
+44 20 7457 2037 |
Adam Aljewicz |
|
+44 20 7457 2029 |
NOTE FOR EDITORS:
Bateman Engineering is a technology-driven engineering-project house serving the minerals and metals industries worldwide. Bateman Engineering’s shares (Reuters: BATE.L / Bloomberg: BATE LN) are traded on AIM, a market of the London Stock Exchange.
