Braime (T.F.& J.H.) (Hldgs) PLC 04 March 2005 At a meeting of the directors held here today, the accounts for the year ended 31st December 2004 were submitted and approved by the directors. The preliminary profits statement is as follows: Consolidated Profit and Loss Account for the year ended 31st December 2004 2004 2003 £ £ Group turnover 9,330,733 9,418,422 Operating profit/(loss) 41,788 (57,393) Interest receivable and similar income 50,363 50,953 92,151 (6,440) Interest payable 23,238 26,589 Profit/(loss) on ordinary 68,913 (33,029) activities before taxation Taxation 14,971 15,009 Profit/(loss) attributable 53,942 (48,038) to shareholders The directors recommend the following appropriations: Preference shares Dividend already paid of 9,000 9,000 5.00p per share (2003 5.00p) Ordinary shares Interim dividend already paid of nil p per share - 8,640 (2003 1.80p) Proposed final dividend of 14,400 19,200 3.00p per share (2003 4.00p) 'A' Ordinary shares Interim dividend already paid of nil p per share - 17,280 (2003 1.80p) Proposed final dividend of 28,800 52,200 38,400 92,520 3.00p per share (2003 4.00p) Retained profit/(loss) 1,742 (140,558) Earnings/(losses) per share 3.12p (3.96p) Consolidated Balance Sheet as at 31st December 2004 2004 2003 £ £ Fixed assets Intangible assets 11,035 11,644 Tangible assets 557,301 554,479 568,336 566,123 Current assets Stocks 2,115,681 1,890,199 Debtors 2,450,028 1,899,444 Cash at bank and in 1,415,832 1,614,131 hand 5,981,541 5,403,774 Creditors Amounts falling due 2,368,418 1,832,366 within one year Net current assets 3,613,123 3,571,408 Total assets less 4,181,459 4,137,531 current liabilities Creditors Amounts falling due 52,979 - after more than one year Deferred income 24,784 26,440 Net assets 4,103,696 4,111,091 Capital and reserves Called up share capital 540,000 540,000 Capital reserve 77,319 77,319 Profit and loss reserve 3,486,377 3,493,772 Shareholders' funds 4,103,696 4,111,091 Comprising: Non-equity 180,000 180,000 shareholders' funds Equity shareholders' 3,923,696 3,931,091 funds Consolidated Cash Flow Statement for the year ended 31st December 2004 2004 2003 Notes £ £ Net cash outflow from operating activities 1 (549,079) (17,501) Returns on investments and servicing of finance Interest received 50,363 50,953 Interest paid (23,238) (26,589) Non-equity dividends paid (9,000) (9,000) 18,125 15,364 Taxation UK Corporation tax repaid/(paid) 21,185 (20,701) Overseas tax paid (27,059) (26,653) (5,874) (47,354) Capital expenditure Purchase of tangible fixed assets (37,841) (35,410) Disposal of tangible fixed assets 8,626 17,286 (29,215) (18,124) (566,043) (67,615) Equity dividends paid (57,600) (141,120) Management of liquid resources Decrease in treasury deposits 2 102,019 245,354 (Decrease)/increase in cash 3 (521,624) 36,619 Notes to Consolidated Cash Flow Statement 1. Reconciliation of 2004 2003 operating £ £ profit/(loss) to net cash outflow from operating activities Operating 41,788 (57,393) profit/(loss) Depreciation of 90,536 96,046 tangible and intangible assets Loss/(profit) on 346 (2,148) disposal of fixed assets Government grants (1,656) (1,656) amortised (Increase)/decrease (225,482) 23,234 in stocks Increase in (549,681) (53,350) debtors Increase/(decrease) 94,690 (15,481) in creditors Movement in value of assets caused 380 (6,753) by foreign exchange movements (549,079) (17,501) Effect of Foreign Cash Exchange Other 2003 Flow Rate non-cash 2004 2. Analysis of Changes Movements changes in net £ £ £ £ £ funds Cash at bank and 447,112 (96,280) - - 350,832 in hand Bank overdrafts (646,781) (425,344) (8,475) - (1,080,600) (199,669) (521,624) (8,475) - (729,768) Hire purchase - - - (64,260) (64,260) agreements Bank loans (139,645) - (662) - (140,307) Treasury deposits 1,167,019 (102,019) - - 1,065,000 827,705 (623,643) (9,137) (64,260) 130,665 3. Reconciliation of net cash flow to £ movement in net funds Decrease in cash (521,624) Effect of foreign (9,137) exchange rate changes (530,761) Decrease in (102,019) treasury deposits New hire purchase (64,260) agreements Movement in net (697,040) funds in the year Net funds at 31st 827,705 December 2003 Net funds at 31st 130,665 December 2004 The results incorporated in the preliminary announcement have been prepared in accordance with accounting policies consistent with previous years. The financial information set out above does not constitute the company's statutory accounts within the meaning of section 240 of the Companies Act 1985. The 2004 figures are based on unaudited accounts for the year ended 31st December 2004. The auditors do not expect to issue a qualified report on the statutory accounts which will be finalized on the basis of the financial information presented by the directors in the preliminary announcement and which will be delivered to the Registrar of Companies following the company's annual general meeting. The 2003 comparatives are derived from the statutory accounts for 2003 which have been delivered to the Registrar of Companies and received an unqualified audit report and did not contain a statement under the Companies Act 1985, S 237(2) or (3). The annual general meeting will be held on Friday 29th April 2005 and it is proposed to pay the final dividend on 3rd May 2005 to shareholders registered with the company on 18th March 2005. The company's auditors have agreed to this statement being notified to a regulatory information service. D. H. Brown Company Secretary T.F. & J.H. Braime (Holdings) P.L.C. 4th March 2005 END This information is provided by RNS The company news service from the London Stock Exchange