Free Accounting Dissertations - Hays Has Also Reduced Its Massive Debts To Almost Zero. Hays Business Model
Hays has also reduced its massive debts to almost zero. Hays business model doesn’t need large tangible assets and reduction in debts means less chances of bankruptcy pressures.
Appendix 1: Summary consolidated balance sheet of Hays plc
£m
30-Jun-04
30-Jun-03
Fixed Assets
137.9
484.7
Current Assets
392.3
671.5
Creditors amount due within one year
Borrowings
1.9
196.7
Other creditors
321.6
627.7
323.5
824.4
Net Current Assets/(Liabilities)
68.8
-152.9
Total assets less current liabilities
206.7
331.8
Creditors amount due after one year
Borrowings
0.1
203.7
Other creditors
6.7
9.4
6.8
213.1
Provisions for liabilities and charges
125.4
121.3
Equity Shareholders interests
74.5
-2.6
Source: Hays Annual Report 2004, http://www.haysplc.com/investors/annual_reports.asp
Appendix 2: Summary consolidated cash flow statement
£m
2004
Cash inflow from operating activities
104.8
Net cash outflow from return on investments
-22.1
Taxation
-40.7
Net cash outlfow from cap. expenditure
-24.0
Net cash inflow before acquistions and disposals
18.0
Net cash inflow from acquistions and disposals
334.0
Equity dividends paid
-79.3
Net cash inflow before financing
272.7
Financing
Issue of ordinary share capital
0.6
Disposal of own shares
1.4
(Decrease) in long term borrowings
-306.0
Decrease in short term borrowings
-39.9
Capital element of finance lease rentals
-3.3
-347.2
(Decrease) in cash in the year
-74.5
Source: Hays Annual Report 2004, http://www.haysplc.com/investors/annual_reports.asp
Appendix 3: Earnings per share
2000
2001
2002
2003
2004
Basic, p
7.7
5.5
4.82
-28.39
3.87
% change
-28.6%
-12.4%
-689.0%
-
Before goodwill amortisation and exceptional items, p
11.1
11.4
9.4
7.01
7.23
% change
2.7%
-17.5%
-25.4%
3.1%
Source: Hays Annual Report 2004, Annual Report 2003 and Annual Report 2001; http://www.haysplc.com/investors/annual_reports.asp
Appendix 4: Five year dividend history
2000
2001
2002
2003
2004
Dividend, p
3.54
4.07
4.68
5.38
3.00
% change
15.0%
15.0%
15.0%
-44.2%
Source: Hays Annual Report 2004, Annual Report 2003 and Annual Report 2001; http://www.haysplc.com/investors/annual_reports.asp
Bibliography and references
Financial Times; http://mwprices.ft.com/custom/ft-com/quotechartnews.asp?osymb=HAS&ocountrycode=US&pageNum=&company=NEW&industry=®ion=&extelID=&isin=&ftep=&sedol=&FTSite=FTCOM&symb=HAS&countrycode=uk&t=e&s2=uk&q=HAS
Hays [2004]; Annual Report 2004, http://www.haysplc.com/investors/annual_reports.
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