<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of April, 2000
-----------
AMVESCAP PLC
-----------------------------------------------
(Translation of registrant's name into English)
11 DEVONSHIRE SQUARE, LONDON EC2M 4YR, 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 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): 82- N/A
------------
Description of document filed: AMVESCAP PLC REPORTS RECORD
---------------------------
RESULTS FOR THREE MONTHS ENDED 31ST MARCH
-----------------------------------------
2000
----
<PAGE> 2
[LOGO]
AMVESCAP PRESS RELEASE
CONTACTS: ROBERT F. MCCULLOUGH ANGUS MAITLAND
Chief Financial Officer The Maitland Consultancy
404-724-4251 44-171-379-5151
AMVESCAP PLC REPORTS RECORD RESULTS FOR THREE MONTHS ENDED 31 MARCH 2000
LONDON, APRIL 19, 2000 - AMVESCAP reported that profit before tax and goodwill
amortisation for the three months ended 31 March 2000 amounted to (pound
sterling)124.7 million ($198.3 million) compared to (pound sterling)69.7
million ($114.3 million) for the first quarter of 1999. Revenues increased to
(pound sterling)369.5 million ($587.5 million) from (pound sterling)241.1
million ($395.4 million) in 1999. Diluted earnings per share before goodwill
amortisation amounted to 12.5p for the 2000 period (1999: 7.1p), an increase of
76%.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
RESULTS FOR THREE MONTHS ENDED
31 MARCH 2000+ 31 March 1999+ 31 MARCH 2000 31 March 1999
---------------- ----------------- ---------------------- ----------------------
<S> <C> <C> <C> <C>
Revenues $587.5M $395.4m (pound sterling)369.5M (pound sterling)241.1m
Profit before tax and goodwill amortisation $198.3M $114.3m (pound sterling)124.7M (pound sterling)69.7m
Earnings per ordinary share before goodwill
amortisation:
--basic $1.04* $0.61* 13.1P 7.4p
--diluted $0.99* $0.58* 12.5P 7.1p
Earnings per ordinary share:
--basic $0.92* $0.49* 11.6P 6.0p
--diluted $0.88* $0.47* 11.1P 5.7p
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Per American Depository Share equivalent to 5 ordinary shares.
+ For the convenience of the reader, pounds sterling for the three months
ended 31 March 2000 have been translated to U.S. dollars using $1.59
per(pound sterling)1.00 (1999: $1.64 per(pound sterling)1.00).
"Record earnings for the first quarter of 2000 reflect the continued strong
momentum of our businesses throughout the world," said Mr. Charles W. Brady,
Chairman and Chief Executive Officer. "New business generation in the quarter
dramatically exceeded our previous record, reflecting the growing strength of
our AIM and INVESCO brands and our superior investment performance across a
broad range of products."
"Global markets are always subject to significant fluctuation and the recent
declines have been forecasted by many for some time," noted Mr. Brady. "We
remain focused on providing excellent investment performance and client
service, the key factors that drive our business, to bring value to our
shareholders. We believe that the underlying economic factors remain strong and
we are very optimistic about the future."
Funds under management totalled $391.6 billion ((pound sterling)246.3 billion)
at 31 March 2000, an increase of $34.2 billion over 31 December 1999. Average
funds under management amounted to $370.6 billion for the first quarter of
2000, compared to $323.6 billion for the fourth quarter of 1999; a 14.5%
increase. Managed Products and INVESCO Global both experienced good net flows
in the quarter due to strong gross sales across all product ranges.
Approximately one-third of the total funds under management remain invested in
fixed interest securities.
Page 1
<PAGE> 3
Earnings before interest, taxes, depreciation and amortisation ("EBITDA")
amounted to (pound sterling)146.5 million ($232.9 million) in the 2000 first
quarter, an increase of (pound sterling)51.0 million ($81.1 million) over the
1999 period. Net debt at 31 March 2000 amounted to (pound sterling)422.2
million, ($671.3 million) a decrease of (pound sterling)88.7 million ($152.0
million) since the end of 1999, excluding amounts held for deposit in the
Company's unit trusts.
AMVESCAP is one of the world's largest independent investment managers,
operating under the AIM and INVESCO brand names. AMVESCAP is a holding company
offering a broad array of investment products and services to institutions and
individuals across all distribution channels. The Company is listed on the
London, New York, Paris and Frankfurt Stock Exchanges with the symbol "AVZ."
Page 2
<PAGE> 4
AMVESCAP PLC
UNAUDITED
GROUP PROFIT AND LOSS ACCOUNT
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED 31 MARCH
---------------------------------------------------
2000 1999
----------------------- ------------------------
<S> <C> <C>
REVENUES (pound sterling)369,516 (pound sterling)241,052
Operating expenses (237,641) (162,265)
----------------------- ------------------------
131,875 78,787
Goodwill amortisation (9,299) (9,140)
----------------------- ------------------------
OPERATING PROFIT 122,576 69,647
Investment income 3,478 2,784
Interest payable (10,702) (11,913)
----------------------- ------------------------
PROFIT BEFORE TAXATION 115,352 60,518
Taxation (39,888) (22,638)
----------------------- ------------------------
PROFIT AFTER TAXATION (pound sterling)75,464 (pound sterling)37,880
======================= ========================
EARNINGS PER ORDINARY SHARE:
---basic 11.6P 6.0p
---diluted 11.1P 5.7p
----------------------- ------------------------
EARNINGS PER ORDINARY SHARE BEFORE
GOODWILL AMORTISATION:
---basic 13.1P 7.4p
---diluted 12.5P 7.1p
----------------------- ------------------------
</TABLE>
Page 3
<PAGE> 5
AMVESCAP PLC
UNAUDITED
GROUP BALANCE SHEET
(IN THOUSANDS)
<TABLE>
<CAPTION>
31 MARCH 31 Dec
2000 1999
----------------------- -----------------------
<S> <C> <C>
FIXED ASSETS
Goodwill (pound sterling)655,103 (pound sterling)664,135
Investments 137,808 128,921
Tangible assets 107,246 108,021
----------------------- -----------------------
900,157 901,077
----------------------- -----------------------
CURRENT ASSETS
Debtors 982,923 675,856
Investments 75,715 60,135
Cash at bank and in hand 205,195 189,732
----------------------- -----------------------
1,263,833 925,723
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (1,080,787) (706,289)
----------------------- -----------------------
NET CURRENT ASSETS 183,046 219,434
----------------------- -----------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 1,083,203 1,120,511
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
LONG-TERM DEBT (556,845) (659,120)
PROVISIONS FOR LIABILITIES AND CHARGES (24,555) (24,730)
----------------------- -----------------------
NET ASSETS (pound sterling)501,803 (pound sterling)436,661
======================= =======================
CAPITAL AND RESERVES
Called up share capital (pound sterling)169,069 (pound sterling)168,617
Share premium account 482,717 478,860
Profit and loss account 456,181 380,717
----------------------- -----------------------
1,107,967 1,028,194
Other reserves (606,164) (591,533)
----------------------- -----------------------
SHAREHOLDERS' FUNDS, EQUITY INTERESTS (pound sterling)501,803 (pound sterling)436,661
======================= =======================
</TABLE>
Page 4
<PAGE> 6
AMVESCAP
UNAUDITED
GROUP CASH FLOW STATEMENT
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED 31 MARCH
----------------------------------------------------
2000 1999
------------------------ -----------------------
<S> <C> <C>
OPERATING PROFIT (pound sterling)122,576 (pound sterling)69,647
Amortisation and depreciation 20,486 23,078
Change in debtors, creditors and other 10,917 11,780
------------------------ -----------------------
NET CASH INFLOW FROM OPERATING ACTIVITIES 153,979 104,505
------------------------ -----------------------
Interest paid, net of investment income (423) (953)
Taxation (7,093) (10,358)
Capital expenditures, net of sales (8,761) (9,847)
Net (purchases) / disposals of fixed asset investments (13,210) 11,251
Net repayment of debt (109,312) (33,303)
Foreign exchange on cash on bank and in hand 283 1,430
------------------------ -----------------------
INCREASE IN CASH AT BANK AND IN HAND (pound sterling)15,463 (pound sterling)62,725
======================== =======================
</TABLE>
Page 5
<PAGE> 7
AMVESCAP PLC
SEGMENTAL INFORMATION
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED 31 MARCH 2000
----------------------------------------------------------------------------
REVENUES EXPENSES OPER. PROFIT
------------------------ ------------------------- ------------------------
<S> <C> <C> <C>
Managed Products (pound sterling)227,963 (pound sterling)(119,863) (pound sterling)108,100
U.S. Institutional 45,513 (33,211) 12,302
INVESCO Global 86,140 (58,157) 27,983
Retirement and Benefit Services 9,859 (9,853) 6
New Business Expense 41 (3,035) (2,994)
Corporate - (13,522) (13,522)
------------------------ ------------------------- ------------------------
369,516 (237,641) 131,875
Goodwill amortisation - (9,299) (9,299)
------------------------ ------------------------- ------------------------
(pound sterling)369,516 (pound sterling)(246,940) (pound sterling)122,576
======================== ========================= ========================
Three Months Ended 31 March 1999
----------------------------------------------------------------------------
Revenues Expenses Oper. Profit
------------------------ ------------------------- ------------------------
Managed Products (pound sterling)141,599 (pound sterling)(80,677) (pound sterling)60,922
U.S. Institutional 42,670 (26,783) 15,887
INVESCO Global 50,401 (39,042) 11,359
Retirement and Benefit Services 6,382 (7,604) (1,222)
New Business Expense (1,887) (1,887)
Corporate - (6,272) (6,272)
------------------------ ------------------------- ------------------------
241,052 (162,265) 78,787
Goodwill amortisation (9,140) (9,140)
-
------------------------ ------------------------- ------------------------
(pound sterling)241,052 (pound sterling)(171,405) (pound sterling)69,647
======================== ========================= ========================
</TABLE>
Page 6
<PAGE> 8
NOTES
1. The taxation charge for the three months to 31 March 2000 is estimated
based on the total expected tax charge for the year. A significant
proportion of the charge is expected to arise from US operations.
2. The Directors consider that profit before amortisation of goodwill is a
more appropriate basis for the calculation of earnings per ordinary share
since this represents a more consistent measure of operating performance.
<TABLE>
<CAPTION>
2000
----
PROFIT BEFORE
GOODWILL NUMBER OF
AMORTISATION SHARES PER SHARE
(pound sterling)'000 '000 AMOUNT
--------------------- ---------------------- -------------------
<S> <C> <C> <C>
Basic earnings per share 84,763 648,678 13.1P
===================
Issuance of options - 29,170
--------------------- ----------------------
Diluted earnings per share 84,763 677,848 12.5P
===================== ====================== ===================
1999
----
Profit before
Goodwill Number of
Amortisation Shares Per Share
(pound sterling)'000 '000 Amount
--------------------- ---------------------- -------------------
Basic earnings per share 47,020 635,934 7.4p
===================
Issuance of options - 29,808
--------------------- ----------------------
Diluted earnings per share 47,020 665,742 7.1p
===================== ====================== ===================
</TABLE>
Page 7
<PAGE> 9
AMVESCAP PLC
FUNDS UNDER MANAGEMENT
(IN BILLIONS)
<TABLE>
<CAPTION>
MANAGED PRODUCTS
---------------- U.S. INVESCO RBS &
TOTAL AIM INVESCO INSTIT. GLOBAL NEW BUS.
-------------- -------------- --------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
31 DEC 1999 $ 357.4 $165.3 $34.4 $92.5 $57.2 $8.0
Market gains 20.4 13.0 3.7 0.7 3.1 (0.1)
Net new (lost) business 15.2 6.6 5.9 (1.5) 4.6 (0.4)
Change in US Money
Market Funds (0.5) (1.6) 0.6 - 0.5 -
Foreign currency (0.9) - - - (0.9) -
-------------- -------------- --------------- ------------- --------------- ----------------
31 MARCH 2000 $391.6 $ 183.3 $ 44.6 $ 91.7 $ 64.5 $ 7.5
-------------- ------------------------------- ------------- --------------- ----------------
31 MARCH 2000 + (ps)246.3 (ps)115.2 (ps) 28.1 (ps) 57.7 (ps) 40.6 (ps) 4.7
-------------- -------------- --------------- ------------- --------------- ----------------
</TABLE>
+ Translated @ $1.59 per (pound sterling)1.00.
(ps) pound sterling
AMVESCAP PLC
RECONCILIATION TO US ACCOUNTING PRINCIPLES
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED 31 MARCH
---------------------------------------------------
2000 1999
------------------------ -------------------------
<S> <C> <C>
NET PROFIT UNDER UK GAAP (pound sterling)75,464 (pound sterling)37,880
US GAAP ADJUSTMENTS:
Acquisition accounting (15,406) (20,456)
Taxation (17,046) (1,324)
Other (61) (2,876)
------------------------ -------------------------
NET INCOME UNDER US GAAP (pound sterling)42,951 (pound sterling)13,224
======================== =========================
EARNINGS PER ORDINARY SHARE:
-- basic 6.6p 2.1p
-- diluted 6.3p 2.0p
EARNINGS PER ORDINARY SHARE BEFORE GOODWILL AMORTISATION
-- basic 9.0p 4.5p
-- diluted 8.6p 4.3p
------------------------ -------------------------
31 MARCH 2000 31 Dec 1999
------------------------ -------------------------
SHAREHOLDERS' FUNDS UNDER UK GAAP (pound sterling)501,803 (pound sterling)436,661
US GAAP ADJUSTMENTS:
Acquisition accounting 992,174 993,765
Treasury stock (143,175) (132,615)
Dividends - 35,544
Other 4,384 3,957
------------------------ -------------------------
SHAREHOLDERS' EQUITY UNDER US GAAP (pound sterling)1,355,186 (pound sterling)1,337,312
======================== =========================
</TABLE>
Page 8
<PAGE> 10
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.
AMVESCAP PLC
-------------------------
(Registrant)
Date 27 March, 2000 By /s/ MICHAEL S. PERMAN
-------------- -----------------------
(Signature)
Michael S. Perman
Company Secretary
