FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
April 22, 2004
TM GROUP HOLDINGS PLC
(Registrant’s name)
TM House
Ashwells Road, Brentwood,
Essex, CM15 9ST
England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| Date: April 22, 2004 | | TM GROUP HOLDINGS PLC |
| | |
| | | By: | | /s/ Russell Cox
|
| | | | | Russell Cox |
| | | | | Finance Director |
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Exhibit Index
The following documents (bearing the exhibit number listed below) are furnished herewith and are made a part of this Report pursuant to the General Instructions for Form 6-K:
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PRESS ANNOUNCEMENT
TM GROUP HOLDINGS PLC
RESULTS (UNAUDITED) OF THE FIRST QUARTER
ENDED 28 FEBRUARY 2004
TM Group Holdings PLC today announced results for the first quarter ended 28 February 2004.
Financial highlights (UK GAAP):
| | | | |
| | | 13 weeks ended
|
| | | 28.02.04
| | 01.03.03
|
| | | £ millions |
Turnover | | 157.6 | | 158.4 |
Operating Profit | | 4.4 | | 4.3 |
PBIT | | 5.3 | | 5.4 |
EBITDA | | 8.0 | | 8.0 |
Turnover at £157.6m for the quarter was similar to the prior year. Same store takings before lottery, incorporating good trading over the Christmas season, continued to be positive. Turnover in total continues to be affected by a lower store base and further migration of phone top-up transactions to the electronic form.
Operating profit was ahead of the same quarter last year by £0.2m.
Lower profits on asset disposals gave rise to PBIT slightly reduced at £5.3m and EBITDA was the same as last year at £8.0m.
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TM Retail
Turnover at £157.6m for the 13 weeks to 28 February 2004 was £0.8m lower than prior year.
Operating profit for the quarter before group central overheads and profit on asset disposals was £0.2m higher than prior year at £5.1m.
Same store takings before lottery were 1.2% ahead of last year. This measure was stronger in convenience stores at 4.1% ahead and at a similar level to the fourth quarter. The weighted average store base for the quarter was 1.7% lower than last year.
The underlying sales performance remained positive with news and grocery in particular contributing. Trading results over Christmas were good with seasonal product overall performing well. Trading over the less significant Valentine’s season was below expectations.
Trading margins continued ahead of prior year influenced in particular by news, tobacco and grocery.
Branch operating costs were higher than prior year with wages the main factor following the October 2003 rise in the National Minimum Wage. Overheads were lower than prior year.
The number of trading stores at the end of the quarter was 1,189 after a net reduction of 7 during the quarter. Of the closing base, 311 were classified Convenience stores, 123 Variety stores and 755 Newsagents.
Group overheads and financing costs
Central costs at £0.6m were slightly lower than prior year.
Net interest payable at £4.2m for the quarter was slightly lower than prior year.
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Sterling further strengthened to £1 = $1.8611 at the quarter end, giving an unrealised exchange gain for the quarter of £6.7m, net of the revaluation of the Company’s currency hedges.
Cash flow
Cash outflow from operating activities in the quarter was £12.1m and compared to an outflow of £10.1m in the same quarter last year.
Net CAPEX for the quarter was £1.3m, inclusive of business purchases.
At the quarter end, cash and bank balances stood at £12.8m. There were no drawings under the company’s working capital facilities at the end of the quarter
The matters discussed in this news release include forward-looking statements that are subject to risks and uncertainties including, but not limited to, economic conditions, product demand, competitive products and services, government regulation, financial resources, certain litigation and other risks indicated in filings with the US Securities and Exchange Commission.
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TM GROUP HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(unaudited)
| | | | | | |
| | | 13 weeks ended
| |
| | | 28.02.04
| | | 01.03.03
| |
| | | (£ thousands) | |
Sales: | | | | | | |
TM Retail | | 157,628 | | | 158,422 | |
Operating costs: | | | | | | |
TM Retail | | (152,549 | ) | | (153,496 | ) |
Central | | (644 | ) | | (668 | ) |
| | |
|
| |
|
|
| | | (153,193 | ) | | (154,164 | ) |
| | |
|
| |
|
|
Operating profit: | | | | | | |
TM Retail | | 5,079 | | | 4,926 | |
Central | | (644 | ) | | (668 | ) |
| | |
|
| |
|
|
| | | 4,435 | | | 4,258 | |
| | |
|
| |
|
|
Profit on asset disposals: | | | | | | |
TM Retail | | 855 | | | 1,132 | |
| | |
|
| |
|
|
Profit before interest and taxation: | | | | | | |
TM Retail | | 5,934 | | | 6,058 | |
Central | | (644 | ) | | (668 | ) |
| | |
|
| |
|
|
| | | 5,290 | | | 5,390 | |
| | |
|
| |
|
|
Net interest payable | | (4,235 | ) | | (4,283 | ) |
Exchange movement on re-translation of senior notes And currency hedge | | 6,717 | | | (317 | ) |
| | |
|
| |
|
|
Net interest payable and similar charges | | 2,482 | | | (4,600 | ) |
| | |
|
| |
|
|
Profit before taxation | | 7,772 | | | 790 | |
Taxation | | (2,539 | ) | | (439 | ) |
| | |
|
| |
|
|
Profit for the period | | 5,233 | | | 351 | |
| | |
|
| |
|
|
All figures are presented under UK GAAP.
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TM GROUP HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
(unaudited)
| | | | | | |
| | | 28.02.04
| | | 29.11.03
| |
| | | (£ thousands) | |
Fixed assets | | | | | | |
Tangible fixed assets | | 47,057 | | | 47,728 | |
Intangible fixed assets | | 7,656 | | | 7,533 | |
| | |
|
| |
|
|
| | | 54,713 | | | 55,261 | |
| | |
|
| |
|
|
Current assets | | | | | | |
Inventories | | 33,343 | | | 34,115 | |
Debtors | | 24,433 | | | 27,844 | |
Other current asset | | — | | | 177 | |
Cash at bank and in hand | | 12,815 | | | 25,625 | |
| | |
|
| |
|
|
| | | 70,951 | | | 87,761 | |
| | |
|
| |
|
|
Creditors: amounts falling due within one year | | | | | | |
Trade creditors | | (47,924 | ) | | (68,091 | ) |
Other liabilities | | (20,894 | ) | | (17,026 | ) |
| | |
|
| |
|
|
| | | (68,818 | ) | | (85,117 | ) |
| | |
|
| |
|
|
Net current assets | | 1,773 | | | 2,644 | |
| | |
|
| |
|
|
Total assets less current liabilities | | 56,486 | | | 57,905 | |
Creditors: amounts falling due after more than one year | | | | | | |
Senior and senior subordinated notes | | (129,460 | ) | | (136,240 | ) |
Other | | (680 | ) | | (697 | ) |
| | |
|
| |
|
|
| | | (130,140 | ) | | (136,937 | ) |
| | |
|
| |
|
|
Provisions for liabilities and charges | | (2,304 | ) | | (2,159 | ) |
| | |
|
| |
|
|
Net liabilities | | (75,958 | ) | | (81,191 | ) |
| | |
|
| |
|
|
Capital and reserves | | | | | | |
Called up share capital | | 212 | | | 212 | |
Share premium account | | 20,527 | | | 20,527 | |
Profit and loss account | | (36,805 | ) | | (42,038 | ) |
Other reserve | | (59,892 | ) | | (59,892 | ) |
| | |
|
| |
|
|
| | | (75,958 | ) | | (81,191 | ) |
| | |
|
| |
|
|
The dollar liability under the Senior Notes has been translated at $1.8611 being a representative US dollar/UK sterling exchange rate on 28 February 2004.
All figures are presented under UK GAAP.
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TM GROUP HOLDINGS PLC
CONSOLIDATED CASH FLOW STATEMENT
(unaudited)
| | | | | | |
| | | 13 weeks ended
| |
| | | 28.02.04
| | | 01.03.03
| |
| | | (£ thousands) | |
Net cash outflow from operating activities | | (12,059 | ) | | (10,116 | ) |
Returns on investments and servicing of finance | | | | | | |
Net interest paid | | (8 | ) | | (23 | ) |
| | |
|
| |
|
|
Tax paid | | (680 | ) | | — | |
| | |
|
| |
|
|
Capital expenditure and financial investment | | | | | | |
Payments to acquire tangible fixed assets | | (2,418 | ) | | (2,307 | ) |
Receipts from sale of tangible fixed assets | | 1,607 | | | 1,975 | |
| | |
|
| |
|
|
| | | (811 | ) | | (332 | ) |
| | |
|
| |
|
|
Acquisitions and disposals | | | | | | |
Purchase of businesses | | (502 | ) | | (314 | ) |
Sale of businesses | | 1,250 | | | 1,250 | |
| | |
|
| |
|
|
| | | 748 | | | 936 | |
| | |
|
| |
|
|
Management of liquid resources | | | | | | |
Decrease in short-term deposits | | 4,884 | | | 5,618 | |
| | |
|
| |
|
|
Decrease in cash (excluding short-term deposits) | | (7,926 | ) | | (3,917 | ) |
| | |
|
| |
|
|
The reconciliation of operating profit to net cash flow from operating activities is as follows:
| | | | | | |
Operating profit | | 4,435 | | | 4,258 | |
Depreciation and amortisation charges | | 2,666 | | | 2,597 | |
Movement in provisions | | (115 | ) | | (198 | ) |
Decrease in inventories | | 822 | | | 2,433 | |
Decrease/(Increase) in debtors | | 2,101 | | | (873 | ) |
Decrease in creditors | | (21,968 | ) | | (18,333 | ) |
| | |
|
| |
|
|
Net cash outflow from operating activities | | (12,059 | ) | | (10,116 | ) |
| | |
|
| |
|
|
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| | |
| Contact: | | Russell Cox |
| | | TM Group Holdings PLC |
| | | TM House |
| | | Ashwells Road |
| | | Brentwood |
| | | Essex CM15 9ST |
| |
| | | Tel: 01277 372916 |
| |
| | | e-mail: tmgh@tmgh.com |
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