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Interim Report 2004
Demand has strengthened again in Photographic and the
Broadcast environment is showing patchy recovery. Against this
background, the Group continues to introduce new products, enter
related markets and deliver ongoing operational improvements.
Vitec’s results are traditionally weighted towards the second half
of the year. We expect a similar pattern for 2004 as a result of the
summer season of photographic sales, the phasing of broadcasters’
budgets and contracts won at the Athens Olympics. Trading up to
the end of August is in line with overall expectations.
Awards won in 2003
Digital TV
Magazine’s Editors’
Pick of Show
Award at NAB for
Vinten’s Fibertec
TV Technology
Europe’s Star
Award at IBC for
Anton/Bauer’s
Stasis and for
Chromaflex (a
product distributed
by Bogen)
Broadcast
Engineering
magazine’s Pick
Hit Award for
Drake’s FreeSpeak
The prestigious
Peter Wayne IABM
Award at IBC for
Technical
Excellence for
Drake’s FreeSpeak
NAB Award for
Innovation in Media
for ChromaFlex,
a product distributed
by Bogen
The prestigious
2003 Mario
Award at NAB
for Drake’s
FreeSpeak
The Vidy Award at
NAB for Vinten’s
Fibertec
Government Video
Magazine’s Salute
2003 Award at
NAB for Vinten’s
Fibertec
Awards won in the first half of 2004
The prestigious
2004 Mario Award
at NAB for
Vector 900
TV Technology
Europe's Star
Award at IBC for
Anton/Bauer's
Dionic 160
American Photo
Magazine Editor's
Choice Award 2004
for Kata Rucksack
and Kata Elements
Raincover (products
distributed by
Bogen Imaging)
Hot 1 Professional
Photography Award
2004 for Manfrotto's
322RC2 Grip Action
Ballhead and
Elinchrom Style
600RX (products
distributed by
Bogen Imaging)
Best Product Award
for Clear-Com’s
Eclipse at the
BIRTV2004 show
in Beijing
Audio Award
at PLASA for
Clear-Com’s
CellCom
Chairman’s and Chief Executive’s Statement
Financial Overview We are delighted to report that revenue,
from continuing operations, in the first half of 2004 increased
8.4% from last year, with growth in all divisions. This
performance was achieved despite the Group continuing to
be affected by adverse currency movements, particularly of
the US dollar relative to the euro. In constant currency our
revenue growth was 17%. The additional volume and the first
half year of productivity improvements from the plant
closures, have improved operating profit (before goodwill
amortisation and exceptional items), in constant currency, by
£1.8m from £8.8m to £10.6m. However, adverse FX effects
of £3m left reported operating profit before exceptional items
and goodwill of £7.6m. Interest expense was £0.1m higher
than last year leaving profit before tax, exceptional items and
goodwill amortisation of £6.8m (2003: £8.1m).
Free cash outflow of £2.4m compared with an inflow in H1
2003 of £0.5m, was affected by working capital increases
roughly in line with the sales growth except for longer
payment terms on some recent large projects and capital
spend on rental items for the Olympics, as well as the cash
costs of manufacturing restructuring.
The Board has declared an unchanged interim dividend
of 6.1p per share, in line with the guidance given earlier in
the year.
Photographic Division The Photographic Division continues
to grow very strongly, with sales from continuing operations
up 15% to £34.8m compared with the first half of 2003. In
constant currency, the growth was 22%. Operating profit
(before goodwill amortisation) reduced by £1.1m to £6m
despite the volume gain, due to increased administration and
marketing expenses and the lower effective prices for US
dollar sales. This division is benefiting from the general
growth in photography, driven by the rapid uptake of digital
cameras. Although our products are sold principally to
professional photographers, the advent of digital SLR
cameras that are affordable for the keen amateur, combined
with an exciting range of new products, has produced
impressive volume growth.
The four in-house photographic distribution businesses are
now operating together under the Bogen Imaging name,
helping to improve sales of both our own and third party
products. The distribution business of Multiblitz, acquired
from its founder in January, is now operating alongside the
other distribution companies as Bogen Imaging GmbH.
A number of senior managers left with the sale of ALU in
December 2003, since when the team in Italy has been
strengthened by the addition of a new Sales and Marketing
Director, previously at Nike, and by a new Operations Director
from Fiat. The Campese office building has been refurbished
and extended to accommodate all of the previously dispersed
administrative and finance functions on the one site.
The plant at Nove was closed in the period and its operations
integrated within the remaining facilities, many of which saw
further work on improved manufacturing layouts and
organisation.
Broadcast Systems Division Sales within Broadcast Systems
grew 5% in the first half on the back of increased volume,
much of it in the US, to £41m; in constant currency the
growth was some 13%. Operating profit (before goodwill
amortisation and exceptional items) reduced by £0.5m to
£1.4m. Most of the growth was organic, the result of our own
product development, and a resurgence of demand from
parts of the broadcast market. This recovery has been more
evident however for lower cost items and robotic systems
than for the traditional studio camera pedestals. Volume
through the Costa Rica plant continues to grow in response to
increased market demand and we are shipping the first large
orders of the FreeSpeak digital wireless product.
We continue to be successful in penetrating related markets
where Group products are attractive. Sales of batteries and
tripods for non-broadcast applications have grown
substantially, augmented by further intercoms projects within
the Air Traffic Control sector. Shipments have been made to
China, Korea and Vietnam and a contract has been received
to supply equipment for eight airports in India worth
approximately £1.5m, which forms part of the budgeted
increase in sales in that market.
With most of the manufacturing restructuring within this
division behind us we are working on the other areas where
we can gain leverage by operating in a more integrated
manner. To this end we have initiated a number of projects,
including relocating some engineering resource from the US
back to the UK, re-siting the management of Vinten from the
US back to Bury St Edmunds and the implementation of farreaching changes within the distribution of our intercoms
products. Drake and Clear-Com, our two major intercoms
brands, have for some time been working within a common
management structure and with a common product
development centre, however they had maintained separate
distribution channels. These were sometimes in conflict with
each other. ‘Project XPoint’, announced in July, will resolve
these conflicts - the Clear-Com brand will be used worldwide
for the broadcast and live entertainment markets while the
Drake brand will be used exclusively in Air Traffic Control.
Both brands will now benefit from being able to sell all of the
Group’s products, and workload within the development area
can be further leveraged. For these and other similar projects
within this division a charge of between £4m and £5m will
be taken, of which £0.5m has already been charged in the
first half.
Anton/Bauer’s new ‘Dionic 160’ lithium-ion battery won a
technology award at the NAB show in April, as did Vinten’s
new patented ‘Vector 900’ camera head.
Interim Report 2004
01
Broadcast Services Division This business operates
principally in the US where market conditions have recently
improved. US dollar revenue was up 18% on 2003,
translating into sterling as a 3% growth to £13.3m. Operating
profit (before goodwill amortisation) was up £0.4m to £0.2m
on the back of this increased volume. We have gained
several High Definition sports projects as well as additional
high profile reality shows. Broadcast Services became the
primary video and audio rental equipment supplier to
‘Casino’, the first reality show produced in High Definition, as
well as to two of the best known programmes in this genre,
‘Survivor’ and ‘The Apprentice’. As these shows become
technically more sophisticated, producers appreciate the
skills that we are able to offer.
In March the division acquired the US assets of Charter
Broadcast, one of Bexel’s competitors in the broadcast
market. The business has been fully integrated into Bexel’s
nationwide network and IT system. Of Charter’s four sites,
those in Dallas and Atlanta (where Bexel already had offices)
were closed immediately and those in Chicago
and Orlando have been retained, allowing Bexel to serve local
operations such as Fox Sports Midwest and the
Golf Channel. Assets of £0.9m were acquired for a
nominal sum.
Additional revenue during the period came from contracts
with two German networks, ARD and ZDF, to supply
equipment for their coverage of the Euro 2004 football
championships. Successes in capturing work in support of
the Athens Olympics made these smaller European projects
profitable. The revenue for the Athens Olympics projects
will help drive further improvement in the second half of
this year, along with a full period of benefit from the
Charter acquisition.
Pensions In April 2001 the triennial valuations of the
two UK final salary schemes showed a funding surplus of
£2m on assets of £29m. However, since then the market has
fallen and actuarial assumptions on longevity and future
investment returns have altered significantly, which is
expected to lead to an overall funding deficit. The Group
expects to agree the 2004 revaluation, and to have
determined any actions required, by the end of November.
Both schemes were closed to new members in December
2003. The FRS17 deficit at 31 December 2003 was £5m on
assets of £28m.
Board Changes We are delighted that Michael Harper has
been appointed as a non-executive director effective from 14
June. Michael is currently Chief Executive of Kidde plc, the
fire protection group, and he has a number of other nonexecutive positions. His wide-ranging experience will be of
great benefit to the Group. Nigel Moore, who joined the
Board in March, took over chairmanship of the Audit
Committee from John Potter on 31 August.
Strategy Update Much of the consolidation work under the
Group’s strategy of ‘Consolidate – Leverage – Grow’ is now
complete, and tangible opportunities for growth have been
identified, partly through future acquisitions. The Group’s
annual strategic review in June confirmed that the present
strategy remains the most appropriate route to value creation
for shareholders.
Outlook Vitec’s results are traditionally weighted towards the
second half of the year. We expect a similar pattern for 2004
as a result of the summer season of photographic sales, the
phasing of broadcasters’ budgets and contracts won at the
Athens Olympics. Trading up to the end of August is in line
with overall expectations.
6 September 2004
Alison Carnwath
Chairman
02
Gareth Rhys Williams
Chief Executive
The Vitec Group
Half Year Results
to 30 June 2004
Photographic
2004
£34.8m
£6.0m
17.2%
Turnover
Operating profit*
Operating margin*
2003**
£30.3m
£7.1m
23.4%
*before exceptional items and goodwill amortisation.
**This excludes the Retail Display business that was sold on 30 December 2003.
In 2003 its turnover was £9.1m and operating profit was £nil.
Broadcast systems
Turnover
Operating profit*
Operating margin*
2004
£41.0m
£1.4m
3.4 3.4%
2003
£39.0m
£1.9m
4.9%
*before exceptional items and goodwill amortisation.
Broadcast services
Turnover
Operating profit*
Operating margin*
2004
£13.3m
£0.2m
1.5%
2003
£12.9m
£(0.2)m
(1.6)%
*before exceptional items and goodwill amortisation.
Interim Report 2004
03
At a glance The Vitec Group supplies a wide range of
equipment and services to the broadcasting, entertainment
and photographic industries.
With products distributed in nearly 100 countries, in 2003
over 94% of sales were outside of the UK, with 54% in
the Americas.
Activities
Brands
Products
Photographic
Design and manufacture of
photographic and video camera
support, as well as lighting,
support and suspension
equipment, for professional
photography, video, broadcast
and cinematography. Distribution
of photographic, video and
cine related equipment and
accessories.
Photographic, video heads
and tripods. Lighting stands,
grips, clamps and accessories.
Lighting and scenery suspension
equipment. Photographic
accessories. Live entertainment
and exhibition lighting
suspension structures.
Broadcast
systems
Design and manufacture of
high quality equipment used
principally by broadcast and
live entertainment professionals.
Focused on studio broadcast,
outside broadcast, electronic
news gathering and electronic
film production markets with
applications in the air traffic
control and government markets.
Manual pedestals, tripods and
heads for TV, ENG and EFP
applications. Remote-controlled
camera systems. Studio and
portable lighting. Scenery
hoists and pantographs.
Microprocessor-controlled
batteries and chargers for video
cameras. Portable power systems
for life support devices.
Multi locational intercom systems.
Party line intercom systems.
Wireless intercom systems.
Wireless microphones.
Broadcast
services
04
Rental of broadcast video
equipment. Rental of audio
equipment. Rental of high
definition TV production
support. Provision of support
for major event broadcasting
and webcasting. Sales of
communications, audio
equipment and used video
equipment.
Rental services and selected
sales of camera, video, wireless
communication and audio
equipment, including engineering
support for the film and TV
programme production markets.
The Vitec Group
Vitec’s Global Markets
Vitec Group products are
sold worldwide, while
the Broadcast Services
division primarily operates
in the United States.
Locations
France
Germany
Italy
USA
China
Costa Rica
France
Germany
Japan
The Netherlands
Singapore
UK
USA
USA
Interim Report 2004
05
Pictures from Manfrotto’s recent
advertising campaign.
06
The Vitec Group
Independent review report by KPMG Audit Plc
to The Vitec Group plc
Introduction
We have been engaged by the Company to review the
financial information set out on pages 8 to 12 and we
have read the other information contained in the interim
report and considered whether it contains any apparent
misstatements or material inconsistencies with the
financial information.
This report is made solely to the Company in accordance
with the terms of our engagement to assist the Company in
meeting the requirements of the Listing Rules of the
Financial Services Authority. Our review has been
undertaken so that we might state to the Company those
matters we are required to state to it in this report and for
no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than
the Company for our review work, for this report, or for the
conclusions we have reached.
Directors’ responsibilities
The interim report, including the financial information
contained therein, is the responsibility of, and has been
approved by, the Directors. The Directors are responsible
for preparing the interim report in accordance with the
Listing Rules which require that the accounting policies and
presentation applied to the interim figures should be
consistent with those applied in preparing the preceding
annual accounts except where they are to be changed in
the next annual accounts in which case any changes, and
the reasons for them, are to be disclosed.
A review is substantially less in scope than an audit
performed in accordance with Auditing Standards and
therefore provides a lower level of assurance than an audit.
Accordingly we do not express an audit opinion on the
financial information.
Whilst the Company has previously produced an interim
report, that report has not previously been subject to review.
As a consequence, the review procedures set out above
have not been performed in respect of the comparative
period for the six months ended 30 June 2003.
Review conclusion
On the basis of our review we are not aware of any
material modifications that should be made to the financial
information as presented for the six months ended
30 June 2004.
KPMG Audit Plc
Chartered Accountants
London
6 September 2004
Review work performed
We conducted our review in accordance with guidance
contained in Bulletin 1999/4: Review of interim financial
information issued by the Auditing Practices Board for use
in the United Kingdom. A review consists principally of
making enquiries of Group management and applying
analytical procedures to the financial information and
underlying financial data and, based thereon, assessing
whether the accounting policies and presentation have
been consistently applied unless otherwise disclosed.
Interim Report 2004
07
Consolidated profit and loss account
Six months ended 30 June 2004 (unaudited)
Six months
to June
2004
£m
Six months
to June
2003
£m
Audited
year
2003
£m
Turnover
Existing operations
Acquisitions
86.9
2.2
82.2
–
170.4
–
Continuing operations
Discontinued operations
89.1
–
82.2
9.1
170.4
22.4
89.1
91.3
192.8
Operating profit before exceptional items and goodwill amortisation
Existing operations
Acquisitions
7.4
0.2
8.8
–
17.8
–
Continuing operations
Discontinued operations
7.6
–
8.8
–
17.8
–
7.6
(0.5)
(0.8)
8.8
(1.0)
(0.5)
17.8
(1.9)
(3.4)
Operating profit
Loss on disposal of discontiued operations
6.3
–
7.3
–
12.5
(3.0)
Profit on ordinary activities before interest
Net interest payable
6.3
(0.8)
7.3
(0.7)
9.5
(1.7)
Profit on ordinary activities before tax
Tax
5.5
(2.9)
6.6
(3.2)
7.8
(2.3)
Profit on ordinary activities after tax
Dividends
2.6
(2.5)
3.4
(2.5)
5.5
(9.3)
0.1
0.9
(3.8)
6.4p
6.3p
9.6p
8.1p
8.0p
11.8p
13.6p
13.5p
23.9p
1.48
1.82
1.46
1.60
1.45
1.63
Operating profit before exceptional items and goodwill amortisation
Exceptional items
Goodwill amortisation
Retained profit/(loss)
Basic earnings per share
Diluted earnings per share
Adjusted basic earnings per share
Average exchange rates:
Euro
US$
08
The Vitec Group
Consolidated balance sheet
As at 30 June 2004 (unaudited)
As at
30 June
2004
£m
As at
30 June
2003
Restated(1)
£m
Audited
31 December
2003
Restated(1)
£m
9.2
35.7
13.6
42.0
10.1
34.5
44.9
55.6
44.6
34.1
42.3
6.8
41.2
36.8
13.9
33.2
42.2
15.6
83.2
(31.8)
91.9
(39.0)
91.0
(37.3)
Net current assets
51.4
52.9
53.7
Total assets less current liabilities
96.3
108.5
98.3
(28.6)
(10.7)
(29.1)
(14.7)
(26.1)
(12.4)
Net assets
57.0
64.7
59.8
Capital and reserves
Share capital including share premium
Reserves
10.4
46.6
10.3
54.4
10.3
49.5
Shareholders funds - equity
57.0
64.7
59.8
1.49
1.81
1.44
1.65
1.42
1.79
Fixed assets
Intangible assets
Tangible assets
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors - due within one year
Creditors - due after more than one year
Provisions for liabilities and charges
Closing exchange rates:
Euro
US$
(1)
Shareholders funds have been restated to show the investment held in respect of grants under share option schemes as a deduction
(see Note 1 to the Interim Accounts)
Interim Report 2004
09
Group statement of total recognised gains and losses
Six months ended 30 June 2004 (unaudited)
Six months
to June
2004
£m
Six months
to June
2003
£m
Audited
year
2003
£m
Profit for the period
Exchange differences on foreign net investments
2.6
(3.0)
3.4
1.4
5.5
(0.9)
Total recognised gains and losses relating to the period
Prior year adjustment for ESOP accounting (see note 1)
(0.4)
(0.5)
4.8
4.6
Total recognised gains and losses since last annual report
(0.9)
Group reconciliation of movements in shareholders funds
Six months ended 30 June 2004 (unaudited)
Six months
to June
2004
£m
Six months
to June
2003
Restated
£m
Audited
year
2003
Restated
£m
Profit for the period
Dividends
2.6
(2.5)
3.4
(2.5)
5.5
(9.3)
Retained profit/(loss) for the period
Exchange differences on foreign net investments
Goodwill previously written off included in profit for the financial year
New share capital subscribed
0.1
(3.0)
–
0.1
0.9
1.4
–
–
(3.8)
(0.9)
2.1
–
(Decrease)/increase in shareholders funds
Opening shareholders funds - restated for ESOP accounting (see note 1)
(2.8)
59.8
2.3
62.4
(2.6)
62.4
Closing shareholders funds
57.0
64.7
59.8
10
The Vitec Group
Consolidated cash flow statement
Six months ended 30 June 2004 (unaudited)
Six months
to June
2004
£m
Six months
to June
2003
£m
Audited
year
2003
£m
Operating profit
Research and development - amortisation of deferred expenditure
Goodwill amortisation
Depreciation
Working capital and other items
6.3
0.2
0.8
5.1
(7.4)
7.3
0.2
0.5
5.8
(2.2)
12.5
0.2
3.4
11.3
1.3
Net cash inflow from operating activities
Returns on investments and servicing of finance
Tax paid
Net capital expenditure
Acquisitions
Disposals
Equity dividends paid
5.0
(0.7)
(0.8)
(5.8)
(1.5)
–
(6.8)
11.6
(0.8)
(1.9)
(3.7)
(6.5)
–
(6.8)
28.7
(1.8)
(10.8)
(7.8)
(6.4)
2.6
(9.3)
Net cash outflow before financing
(10.6)
(8.1)
(4.8)
Financing
Issue of shares
Net receipt/(repayment) of loans
New unsecured loan
0.1
2.4
–
–
4.9
–
–
(1.9)
5.4
Net cash inflow from financing
2.5
4.9
3.5
Decrease in cash in the period
(8.1)
(3.2)
(1.3)
Reconciliation of net cash flow to movement in net debt
Six months ended 30 June 2004 (unaudited)
Six months
to June
2004
£m
Reconciliation of net cash flow to movement in net debt
Decrease in cash in the period
Net receipt of loans
Six months
to June
2003
£m
Audited
year
2003
£m
(8.1)
(2.4)
(3.2)
(4.9)
(1.3)
(3.5)
Decrease in net debt resulting from cash flows
Loans transferred on disposal of business
Exchange rate movements
(10.5)
–
(0.7)
(8.1)
–
1.1
(4.8)
5.4
0.9
Movements in net debt in the period
Net debt at 1 January
(11.2)
(10.4)
(7.0)
(11.9)
1.5
(11.9)
Closing net debt
(21.6)
(18.9)
(10.4)
Analysis of net debt
Cash
Debt due after one year
Debt due within one year
6.8
(28.4)
–
13.9
(28.9)
(3.9)
15.6
(26.0)
–
Total
(21.6)
(18.9)
(10.4)
Interim Report 2004
11
Segmental analysis of turnover and operating profit
Six months ended 30 June 2004 (unaudited)
Class of business
Broadcast systems
Photographic
Broadcast services
2004
£m
2003
£m
2004
£m
2003
£m
41.0
34.8
13.3
Turnover
39.0
30.3
12.9
1.4
6.0
0.2
Operating profit
1.9
7.1
(0.2)
89.1
82.2
7.6
(0.5)
(0.8)
8.8
(1.0)
(0.5)
89.1
82.2
9.1
6.3
7.3
–
89.1
91.3
6.3
7.3
4.9
25.1
45.3
11.7
2.1
By destination
4.6
20.6
44.3
10.9
1.8
10.9
28.8
46.6
2.8
–
By origin
11.0
24.4
46.6
0.2
–
Exceptional items
Goodwill amortisation
Discontinued operations(1)
Geographical turnover
United Kingdom
The rest of Europe
The Americas
Asia and Australasia
Africa and the Middle East
89.1
82.2
9.1
89.1
82.2
9.1
89.1
91.3
89.1
91.3
Discontinued operations(1)
(1)
The Retail Display business was sold on 30 December 2003. In 2003 its turnover was £9.1m and operating profit was £nil.
Notes
1
Basis of preparation The financial information set out above does not constitute statutory accounts for the Group. The interim financial statements
have been prepared in accordance with accounting policies set out in the Group's audited accounts except as set out below. The figures for the year
ended 31 December 2003 have been derived from the statutory accounts and restated for UITF38. The report of the auditors was unqualified and
did not contain a statement under section 237(2) or (3) of the Companies Act.
The Urgent Issues Task Force (UITF) Abstract 38 changes the presentation of an entity's own shares held in an Employee Share Ownership Plan
(ESOP) Trust by requiring them to be deducted in arriving at the shareholders funds instead of showing them as an asset. Accordingly, the prior
periods' balance sheets have been restated to show shares held in respect of grants under share option schemes of £0.5 million as at 30 June 2003
and as at 31 December 2003 as a deduction from shareholders funds instead of as a fixed asset investment.
2
Operating exceptional items of £0.5 million (2003: £1.0 million) relates to the restructuring in the Broadcast Systems division. Goodwill
amortisation relates to Broadcast Systems £0.5 million (2003: £0.2 million); Photographic £0.1 million (2003: £0.1 million) and Broadcast Services
£0.2 million (2003: £0.2 million).
3
The tax rate on profits before exceptional items and goodwill amortisation for the half year is estimated at 42% on the basis of the anticipated tax
rates which will apply for the full year and the charge comprises current tax £2.5 million (2003: £2.4 million) and deferred tax £0.4 million (2003:
£0.8 million). The tax credit on goodwill amortisation was £nil (2003: £nil) and on exceptional items £nil (2003: £nil).
4
Earnings per share The calculation of basic earnings per share is based on profit on ordinary activities after tax of £2.9 million (2003: £3.4 million)
and the weighted average number of shares of 41,045,922 (2003: 41,031,522). Adjusted basic earnings per share is calculated on profit on ordinary
activities after tax but before exceptional items and amortisation of goodwill, using the same number of shares. Diluted earnings per share is based
upon profit on ordinary activities after tax and the weighted average number of shares as adjusted for the weighted number of shares under option of
41,260,547 (2003: 41,127,885).
5
Interim dividend The directors have declared an interim dividend of 6.1p per share, which will absorb £2.5 million (2003: 6.1p absorbing £2.5
million). The dividend will be paid on 3 November 2004 to shareholders on the register at the close of business on 1 October 2004.
6
Acquisitions On 8 January 2004 the Group acquired the domestic distribution activity of Multiblitz (Dr. Ing. D.A. Mannesmann GmbH & Co), a
distributor of the Group's Manfrotto products in Germany, for €2.0 million cash (£1.3 million). Based on a provisional assessment of fair values,
goodwill of £0.9 million arose on acquisition.
On 30 March 2004 the Group acquired the operating assets and certain liabilities of Charter Broadcast North America Inc., a provider of broadcast
rental equipment in the United States and Canada, for US$0.3 million cash (£0.2 million). Based on a provisional assessment of fair values, negative
goodwill of £0.6m arose on acquisition.
The results of Multiblitz have been included in the Photographic division and those of Charter Broadcast North America Inc. have been included in
the Broadcast Services division.
7
Copies of this statement will be sent to all shareholders on the share register as at 6 September 2004. Copies are available on application to the
Company Secretary.
12
The Vitec Group
Group directory
Main offices
Photographic
Bogen Imaging
565 East Crescent Avenue
PO Box 506
Ramsey
NJ 07446-0506
USA
Tel: +1 (201) 818 9500
Fax: +1 (201) 818 9177
Gitzo
Créteil Parc
8/10 rue Sejourné
94044 Créteil Cedex
France
IFF
Via Sasso Rosso n19
PO Box 216
I-36061 Bassano del Grappa
Italy
Tel: +33 (1) 4 513 1860
Fax: +33 (1) 4 377 1505
Tel: +39 (0424) 555855
Fax: +39 (0424) 808999
www.gitzo.com
www.iff.it
Vitec Group Communications Clear-Com
4065 Hollis Street
Emeryville
CA 94608
USA
Vitec Group Communications Drake Electronics
7400 Beach Drive
Cambridge Research Park
Waterbeach
Cambridge
CB5 9TP
UK
Litec
Via Venier 52
30020 Marcon (Ve)
Italy
Tel: +39 (041) 596 0000
Fax: +39 (041) 595 1082
www.litectruss.com
www.bogenimaging.us
Manfrotto
Via Sasso Rosso n19
PO Box 216
I-36061 Bassano del Grappa
Italy
Tel: +39 (0424) 555855
Fax: +39 (0424) 808999
www.manfrotto.com
Broadcast Systems
Anton/Bauer
14 Progress Drive
Shelton
CT 06484
USA
Tel: +1 (203) 929 1100
Fax: +1 (203) 925 4988
www.antonbauer.com
Tel: +1 (510) 496 6666
Fax: +1 (510) 496 6699
www.clear-com.com
Tel: +44 (0)1223 815000
Fax: +44 (0)1223 815001
www.drake-uk.com
Radamec Broadcast Systems
Brooklands Close
Sunbury on Thames
Middlesex
TW16 7AP
UK
Vinten Broadcast
Western Way
Bury St Edmunds
Suffolk
IP33 3TB
UK
Tel: +44 (0)1932 766300
Fax: +44 (0)1932 766301
Tel: +44 (0)1284 752121
Fax: +44 (0)1284 750560
www.radamecbroadcast.co.uk
www.vinten.com
Broadcast Services
Audio Specialties Group / Bexel
Bexel Broadcast Services (BBS), Broadcast Video Gear (BVG), Digital Cinema Rentals (DCR),
Intercom Specialties (ICS), Systems Wireless (SWL)
801 South Main Street
Burbank
CA 91506
USA
Tel: +1 (818) 841 5051
Fax: +1 (818) 841 1572
www.a-s-group.com
www.bexel.com
Sachtler
Gutenbergstrasse 5
D-85716 Unterschleissheim
bei Munchen
Germany
Tel: +49 (89) 3215 8200
Fax: +49 (89) 3215 8227
www.sachtler.com
The Vitec Group plc
Directors
Alison Carnwath BA ACA Chairman *
Gareth Rhys Williams BSc MBA Chief Executive
Alastair Hewgill BSc ACMA Finance Director
Sir David Bell MA *
Michael Harper BSc MSc *
Nigel Moore FCA *
John Potter CEng MIEE AMBIM *
Will Wyatt CBE BA *
* Non-executive
Secretary
Roland Peate FCIS ACMA
Group head office
One Wheatfield Way
Kingston Upon Thames
Surrey KT1 2TU
United Kingdom
tel +44 (0)20 8939 4650
fax +44 (0)20 8939 4680
email info@vitecgroup.com
web www.vitecgroup.com
Designed by Millini.
Registered office
Western Way
Bury St Edmunds
Suffolk IP33 3TB
United Kingdom
Registered in England
No 227691