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AggrekoAggreko plcplc2003 Interim Results2003 Interim Results
� Turnover down 5% to £159.3m� Pre-tax profit down 32.6% to £17.2m� Earnings per share down 27.7% at 4.37 pence� Financial position strong� Interim dividend maintained at 2.20 pence� Appointment of new Chief Executive
AggrekoAggreko plcplcFinancial and Operating ReviewFinancial and Operating Review
Angus CockburnAngus CockburnFinance DirectorFinance Director
AggrekoAggreko plcplc2003 Interim Results2003 Interim Results
� Turnover £159.3m - down 1.9% in constant currency
� Operating profit £19.6m - down 29.4% in constant currency
� Operating margin at 12.3% - down 4.8pp
� EBITDA £48.2m - down 14.9%
� Interest cover 8.2 times
AggrekoAggreko plcplc2003 Interim Results2003 Interim Results
2.206.0510.4(5.9)16.3(9.3)25.6(3.1)28.7
167.7
2002
-(27.7%)(43.7%)
-(27.7%)
41.0%(32.6%)
22.5%(31.5%)(5.0%)
Change
2.20Dividend per share (pence)4.37Earnings per share (pence)5.8Retained profit
(5.9)Dividends11.7Profit after tax (5.5)Taxation17.2Profit before tax(2.4)Net interest expense19.6Operating profit
159.3Turnover
20036 MONTH RESULTS (£m)
AggrekoAggreko plcplc2003 Interim Results2003 Interim Results
1.4476
1.6128
US$
5.31681.60642002
5.92351.4564 2003
AED EuroAverage Exchange Rates
(0.8)(5.1)
(0.1)(0.4)International(1.0)(6.8)North America
0.32.1Europe
Operating ProfitImpact
(£m)
TurnoverImpact
(£m)
CURRENCY EFFECT ON RESULTS 2002 v 2003
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
-0.1Capital redemption reserve
169.4
(6.0)
116.1
5.6
53.7
169.4
(134.0)
(29.3)
(5.9)
43.4
3.8
291.4
June 2002
180.4
(9.9)Translation reserve
130.9Profit & loss reserve
5.7Share premium
53.6Share capital
180.4Net assets
(131.8)Net borrowings
(26.4)Provisions for taxes
(5.9)Dividends payable
41.5Working capital
3.3Intangible assets
299.7Tangible fixed assets
June 2003BALANCE SHEET (£m)
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
£26.6m£42.1mCapital expenditure
£40.3m£39.7mCash flow from operating activities
9.3 times8.2 timesInterest cover
79% 73%Gearing
June 2002June 2003FINANCIAL POSITION
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
40.339.7Net cash inflow from operating activities
(2.5)(2.2)Other non-cash movements
(14.0)(6.3)Changes in working capital
28.128.6Depreciation & amortisation
28.719.6Operating profit
20022003CASH FLOW FROM OPERATING ACTIVITIES (£m)
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
(5.0%)
(23.4%)(31.5%)
2.428.7
1.819.6
Gain on SaleOperating Profit
(32.2%)26.317.8167.7159.3
14.3%10.111.58.3%53.457.9International
(92.9%)7.80.6(25.4%)66.249.3North America
(31.7%)8.45.78.5%48.152.1Europe
Change%
20022003Change%
20022003ANALYSIS (£m)TRADING PROFITTURNOVERSEGMENTAL
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
10.7pp behind1.1%Trading Margin
92.0% behind$0.9mTrading Profit
16.8% behind$79.6mTurnover
NORTH AMERICA
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
NORTH AMERICA
� Comparison impacted by $17 million from SLOC in 2002
� Over-supply and pricing pressure in power market continues
� Growth in TC and OFA
� Some early APS success
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
6.5pp behind11.1%Trading Margin
33.5% behind€8.4mTrading Profit
4.0% ahead€75.9mTurnover
EUROPE
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
EUROPE
� Business mix change as major utility projects end
� Robust overall depot performance
� Challenging economic conditions in Continental Europe
� New locations in Madrid and Milan
� New management in Central Europe
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
INTERNATIONALSri Lanka
Fuel AdjustedHeadline
unchanged22.5%1.0pp ahead19.8%Trading Margin
15.5% ahead£11.5m15.5% ahead£11.5mTrading Profit
15.4% ahead£51.0m9.2% ahead£57.9mTurnover
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
INTERNATIONAL
� High level of activity in Middle East
� New depot opened in Kuwait
� Utility projects in Sri Lanka, Saudi Arabia and West Africa
� Continuing growth in end-user projects
Aggreko plcAggreko plcProgress to Date & OutlookProgress to Date & Outlook
Rupert SoamesRupert SoamesChief ExecutiveChief Executive
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
� Rupert Soames - background & experience– Oxford graduate, 44 years old– 15 years in GEC
• GEC Avionics• Managing Director, GEC Computers• P D-G GPTélécom SA• Assistant Commercial Director, GEC• Managing Director Avery Berkel UK, responsible for operations in India,
UK, Asia and Africa– 5 years in Misys
• Chief Executive, MKI• Chief Executive, Misys Banking & Securities Division
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
EIGHT WEEKS INTO THE JOB
Stage One:� Initial tour of business completed
– US, Europe, Middle East, Asia, Australia– Met majority of the senior & middle management, plus a number of
customers� First impressions
� A fundamentally good business, with a business proposition valued by its customers, and differentiated from that of its competitors
� But………opportunities for improvement
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
Stage Two:� Developing a strategy for the next 3-5 years� Market & competitive environment has changed
– Consensus within the management team that the time is right to have an in-depth review of the market, the opportunities, and priorities for investment
� Strategy Review started early August– Led by executive members of the Board, with teams covering each
of our major businesses– Anticipated to be completed by Q1 2004
Stage Three:� Present to analysts & investors
– Spring 2004
Aggreko plcAggreko plc2003 Interim Results2003 Interim Results
OUTLOOK
� No change from the position as stated in Trading Update dated June 18th
� In the middle of our key summer trading period– Demand remains robust in the Middle East depot business– Some modest improvement in activity levels, arising from recent
European heat wave and N. American power outages
� However, in aggregate, trading is in line with our expectations