Final Results

FOR IMMEDIATE RELEASE 18th March 2003 LONDON & ASSOCIATED PROPERTIES PLC: PRELIMINARY RESULTS FOR YEAR TO 31ST DECEMBER 2002 London & Associated Properties is a focused retail property investment company which, together with its joint venture partners, owns and manages some £160 million of shopping centre investments. HIGHLIGHTS * Pre-tax profits rise by 5.3% to £2.45 million * Net asset value per share increases by 6.1% to 67.0p * A final dividend of 1.425p per share, an increase of 10%, is recommended - reflecting a five year compound growth of 9% * Following £45.3m Bank of Scotland joint venture acquisition of Windsor shopping centre £160 million of property now under Group management * Estimated Rental Value of LAP's properties stands at £9.1 million pa * Gearing was reduced to 79% from 87% * Sales of smaller mature properties realised £6.4 million, and a profit of £ 0.76 million : 'Once again LAP has grown progressively through intensive management of the core shopping centres together with well-timed and profitable disposals of certain mature investments. The cash and facilities we have in place, together with our joint venture vehicle, give us tremendous ability to make further suitable acquisitions. At the same time, our existing centres continue to perform well and we are growing our rent roll. In light of this progress I continue to view the future with great confidence,' Chief Executive John Heller stated. Contact: London & Associated Tel: 020 7415 5000 Properties PLC John Heller, Chief Executive Robert Corry, Finance Director Baron Phillips Associates Tel: 020 7397 8932 Baron Phillips - more - LONDON & ASSOCIATED PROPERTIES PLC PRELIMINARY RESULTS FOR 12 MONTHS TO 31 DECEMBER 2002 Chairman's statement I am pleased to say that once more our strategy of acquiring and managing shopping centres for growth has led to an advance in both net assets and profits over the 12 months to 31st December 2002. Pre-tax profits rose by 5.3% to £2.45 million over the period. This was achieved despite a lower rent roll during the year as we successfully continued our strategy of selling smaller, more mature properties. We sold £6.4 million of these properties last year generating a surplus over valuation as at December 2001 of £0.76 million. Again the strength of our portfolio, together with the impact of our ongoing property management programme, has resulted in a further increase in the value of our core shopping centre holdings. LAP has five principal shopping centres which have been valued at £67.3 million, reflecting a like-for-like rise of 2.6%. Its total property portfolio was valued at £95.8 million, a like-for-like rise of 2.5%. Net assets are now £54.2 million including our listed portfolio at market value, against £50.4 million last year, and on a fully diluted basis LAP's net asset value per share has risen by 6.1% to 67.0p compared with 63.2p last year. These figures have been restated following the adoption of FRS 19, which obliges us to recognise within deferred taxation any capital allowances that we have claimed. The Board is recommending a final dividend of 1.425p per share, a rise of 10%. If agreed by shareholders, this dividend will be paid on 11th July 2003 to those shareholders on the register at 28th March 2003. This means the dividend will have grown by a compound 9% per annum over the last 5 years. The year under review has been a highly significant one for LAP as we completed our first joint venture with the Bank of Scotland through a newly created company, Analytical Properties Holdings Ltd. Analytical's strategy is to acquire substantial shopping centres with growth potential. These would ordinarily be disproportionate to the existing size of our assets and consequently the board took the decision to spread the risk through a joint venture. These properties will be managed for a fee by LAP, as we have a successful track record in shopping centre asset management. Analytical acquired its first shopping centre, King Edward Court in Windsor, for £45.3 million at the end of 2002. We have identified at King Edward Court a number of exciting opportunities that are discussed in detail in the chief executive's review. The properties of LAP, Bisichi, Analytical and Dragon now amount to some £160 million, and they are all managed by LAP. It is our intention to seek further similar acquisitions as opportunities arise. LAP's rental income for 2002 was £8.3 million against £8.9 million for the previous year. There are two principal reasons for this reduction. Firstly, we sold property with a rent roll of £550,000 per annum. Secondly, we vacated a number of units to enable our development and improvement programmes at several of our Centres. At the same time, on a like-for-like basis, we have contracted net incremental rents of £620,000 per annum, all of which will flow through to the profit and loss account as building contracts complete and rent free periods expire. Our annualised rental income is now some £8.3 million although our Estimated Rental Value is approaching £9.1 million per annum, which illustrates the room in the portfolio for further growth. As a result of the above sales, our gearing fell to 79% at the year end from 87% in 2001. We continue our policy of investing exclusively in shopping centres which form part of the prime retail pitch in their respective town or city. Following acquisition, we seek to improve the centre through an intensive property management programme that includes extension or amalgamation of units, improving the tenant mix, refurbishment and re-branding if required. During 2002 we approved £4.5 million of investment to upgrade our existing, directly-owned centres. These projects include the construction of a new 35,000 sq ft unit at Bletchley as well as numerous projects to extend or reconfigure units to enhance rental values. We do not undertake speculative schemes and each of these projects is fully or substantially pre-let. This £4.5 million of investment will lead to a minimum annual return of £550,000. Both Dragon Retail Properties and Bisichi Mining Plc traded successfully. Dragon increased its net assets by 28% to £2.2 million, following a series of profitable sales and strong lettings at some of its core properties. Bisichi Mining plc had an excellent year as pre-tax profits rose to £628,000 from £220,000. This increase primarily came from its subsidiary mining company which implemented a programme to improve production at its mine in South Africa. At the same time this company also acquired considerable reserves to extend the life of the mine to over 15 years. Finally, I would like to take this opportunity to thank my colleagues on the Board and all the staff at London & Associated Properties plc for their input over the last 12 months. I look forward with confidence to the year ahead. Michael Heller Chairman 18th March 2003 Chief Executive's Report I am pleased to report another year of sound progress in our property portfolio where we have contracted a net £620,000 of incremental rent. Rental income dipped, however, to £8.3 million compared to £8.9 million for 2001. This dip follows an aggressive programme of disposing of mature properties, which previously generated about £550,000 per annum, and the effect of vacating units to begin our refurbishment programmes at several of our Centres. Despite these sales, for which we received £6.4 million in cash, the property portfolio was valued at £95.8 million, a like for like increase of 2.5%. This growth shows that our property management initiatives continue to yield excellent results. As well as making progress with our property portfolio, a significant event this year was the formation of Analytical Properties Holdings Ltd, a joint venture with the Bank of Scotland. We had sought a suitable joint venture partner for some time and are delighted to have established this vehicle with Bank of Scotland who have a similar approach to property investment as us. This joint venture will acquire substantial retail assets which will be managed exclusively by LAP. In December, the joint venture completed its first acquisition, King Edward Court, Windsor, for £45.3 million. This represents an initial yield of 7.0%, although we believe that the Centre is reversionary. We also expect substantial growth in the rent roll there following implementation of our asset management initiatives over the coming years. King Edward Court is located in Windsor's prime retail core, and is the largest single retail ownership in the town. The Centre was developed in 1979 and is anchored by a Fenwick's department store and a Waitrose supermarket, while other occupiers include Next, Boots, Game, Dixons, Clintons Cards, Clarks and Ernest Jones. The Centre also has the town's principal car park with approximately 1,000 spaces. 85% of the rental income is from major multiple tenants. We have already identified a number of property management opportunities to amalgamate, extend and reconfigure existing units to create larger shops and meet modern retailers' requirements. The centre presents us with these opportunities because a number of the original 25 year leases expire in 2004. As a result we can gain greater control over the tenant mix, and we anticipate achieving good rental growth as our initiatives progress. One of the reasons for our confidence is that our research shows that Windsor has low rents relative to its peer locations. As the only substantial landholding in the prime retail core of the town we are in a unique position to build a number of larger units which we are confident will attract new prime tenants. This will drive rents forward, as well as creating an increase in lettable space. Although plans are at an early stage, our design team is scheduled to make a planning application during 2003 to redevelop part of the centre, and I look forward to keeping shareholders updated on this exciting project. At Orchard Square, Sheffield, we are now constructing the large unit for Clarks Shoes that I reported at the half-year at a total cost, including relocation expenses and fees, of £500,000. Clarks will pay an annual rent of £105,000, £ 55,000 a year more than the previous tenants of these units, which reflects the much improved configuration and an increase in the size of the unit. The Clarks letting equates to £71 Zone A which is a record rent for Orchard Square. This will assist the rent review programme which is currently underway, and should add more than £200,000 per annum to the rent roll. The first rent review in this current programme was settled during the year at £39,850 per annum, against a passing rent of £26,550. This was in line with our Estimated Rental Value. Our agents continue to negotiate on those units that are being reviewed, and we remain confident that we will meet rental growth expectations. We have also obtained a planning consent to extend additional units on the other side of the Square and negotiations with existing tenants are well underway. These extended units will enable us to introduce a new café/ restaurant to the scheme, as well as increasing the rental values of the shops involved. Orchard Square is effectively fully let except for those units which we are redeveloping, and tenant demand for both the centre and Sheffield as a city remains strong. We continue our negotiations with the local authority at Christchurch for the redevelopment of a number of kiosks at Saxon Square. Our plans are to create a retail unit of around 5,000 sq ft at ground floor level with approximately 10 flats above. We have considerable interest in the ground floor unit already, although we will not be marketing it formally until our plans are at a more advanced stage. Elsewhere in Saxon Square, tenant demand remains strong and our units are fully let. Zone A rents have been confirmed in rent reviews as approaching £50 during 2002 compared to the low £30's at the time of acquisition in 1997. Shareholders will recall that we acquired two adjacent units on the High Street to allow us to increase the size of certain smaller units within Saxon Square. We have now completed the works to separate the space that we wanted, and let the remaining space in the High Street shop to Specsavers for 15 years at an annual rent of £37,500. As this High Street unit is no longer part of our core holding, it is earmarked for sale during 2003. At Brunel Centre, Bletchley, we are now constructing the new 35,000 sq ft unit on the former Wetherburn Court site which is immediately adjacent to the main concourse. 23,000 sq ft of this is pre-let to Wilkinson at £162,500 per annum. In addition there will be approximately 8,000 sq ft of further lettable space. The total cost of building this project, including fees, is £1.8 million. The concourse remains fully let, although we are exploring a number of options to reconfigure some of the units to accommodate potential tenants with larger unit requirements. At the Mall, Dagenham, work has started to sub-divide one of the larger units into two better configured and hence more valuable ones, as reported at the half-year stage. One of these units is pre-let to national fashion retailer Ethel Austin at £37,500 per annum and there is strong interest in the remaining space which has an ERV of £37,500 per annum. The contract sum is £250,000 and the incremental rent will be some £30,000 per annum. The Mall continues to benefit from a doubling of the footfall compared to the previous year following the opening of the Wilkinson store last March, and this has created new interest from potential occupiers. At Kings Square, West Bromwich, the centre has seen a major increase in footfall due to the relocation of the town's bus station which is now at the rear of the Centre. King's Square remains fully let, although we have received consent to construct a new unit at the bus station entrance to the scheme. This has been pre-let to Corals at £30,000 per annum. Construction will commence shortly and is expected to cost around £220,000. We continue to experience strong demand across all of our centres. Our voids are currently just over 2%, excluding those units held for redevelopment. 2002 saw us continue our programme of disposing of mature assets. We sold properties for a total of £6.4 million against a valuation of £5.6 million. This programme has continued in the first part of 2003 and we have completed or exchanged contracts to sell a further £1.7 million of property. The cash generated from these sales provides us with a significant ability to acquire further substantial assets as and when they are identified, and follows our stated strategy of recycling our capital into fewer, larger assets with better opportunities for growth and active management. Dragon Retail Properties, our 50:50 JV with Bisichi had another successful year as net assets grew by 28%. This growth was driven both by a number of lettings to national retailers at higher rents than those passing, and by selling individual shops into a very aggressive private investor market at high prices. Once again, LAP has grown progressively through intensive management of the core shopping centres together with well-timed and profitable disposals of certain mature investments. The cash and facilities that we have in place, together with our joint venture vehicle, give us tremendous ability to make further suitable acquisitions. At the same time, our existing centres continue to perform well and we are growing our rent roll. In light of this progress I continue to view the future with great confidence. John Heller Chief Executive 18th March 2003 Finance Director' report The year under review was, once more, an extremely active one for the Group during which we established a joint venture with the Bank of Scotland to purchase larger shopping centres. The joint venture made its first acquisition, King Edward Court in Windsor, for £45.3 million. We also generated £6.4 million of cash from the sales of smaller, mature properties, and invested £1.5 million in our ongoing property management programmes. Cash Flow To purchase King Edward Court, LAP invested £3.7 million into the joint venture. This investment was made from the cash proceeds of the successful sales programme referred to above. Since the end of the year we have made additional sales of £1.7 million, and these proceeds, added to our existing cash and facilities, mean that we have the ability to make further substantial acquisitions when opportunities arise. LAP now has £46.9 million of term debt, with the shortest element repayable in 2009. £21.7 million (46%) of this debt is at fixed rates and the balance is linked to LIBOR. Currently our average interest rate payable is 7.0% (2001: 7.1%), as we continue to benefit from the low interest rate environment. At the year-end, cash increased by 75% to £6.72 million, from £3.84 million. This is after our £3.7 million investment in Analytical Properties, £1.5 million of capital expenditure on our existing portfolio, and the cash received from the property sales. Profit & Loss Although the disposal programme had an impact on net rental income, interest payable was reduced by £364,000 compared to 2001, and interest receivable rose by £244,000, as a result of cash generated. Taxation This year we have adopted the new accounting standard, FRS19, which requires that full provision is made on all timing differences between accounting and tax treatments that are not permanent. The one exception is that tax arising on the revaluation surplus is not recognised in the balance sheet but is a contingent liability. The impact of FRS19 is that LAP's net assets for the current year have been reduced by £1.5 million and by £1.4 million in the previous period. This is purely a book adjustment and is unlikely to crystallise in future years. No property sales, to date, have resulted in this tax becoming payable. The adoption of FRS 19 has resulted in a higher current year tax charge than would have previously been the case. This amounts to £70,000, equivalent to an additional 3% on the tax rate charged to the company. The tax charged for the current year has increased to £605,000, an effective rate of 24.7% compared to 0.8% last year, although tax actually payable will amount to £390,000. This substantial change is due to a large prior year adjustment in 2001. Earnings per Share for the year has reduced as a result of this higher tax charge, to 2.3p per share on a fully diluted basis compared to 2.9p for 2001. Balance sheet Group net assets, including listed investments at market value, increased by 7.5% to £54.2 million, against £50.4 million (restated for FRS 19) for the previous year. Fully diluted net assets per share rose by 6.0% to 67.0p, up from 63.2p (restated) last year. Gearing, as a result of the disposal programme, fell to 79% from 87% (restated), net of listed investments. A notional adjustment for 'fair value' of our long-term debt is currently 5.69p (2001:4.97p restated). This would equate to a reduction in our net assets of £ 4.6 million compared to £3.9 million (restated) in 2001. In common with many other property companies, it continues to be our policy not to repay long-term debt early. Our listed investments have fallen in value, in line with the general market, although at the year-end they continued to show a surplus of £192,000 over cost. Dividend A dividend of 1.425p is recommended, an increase of 10% on last year. The dividend is covered over 1.6 times by profits after tax. Our associate company Bisichi Mining PLC, in which we hold a 42% stake, produced pre-tax profits of £628,000, a 185% increase over the previous year's £220,000. This reflects improvements made to operations at its coal mining subsidiary during the year. Dragon Retail Properties, our joint venture with Bisichi also had a strong year with net assets growing by 28%. LAP continues its cautious approach to managing the company's finances. This will enable us to move quickly when suitable buying opportunities present themselves, and ensures that we can face the future with confidence. Robert Corry Finance Director 18th March 2003 London & Associated Properties PLC Consolidated profit and loss account for the year ended 31 December 2002 2002 2001 Notes £000 £000 Gross rental income Restated Group and share of joint ventures 8,336 8,922 Less: joint ventures- share of (318) (230) rental income 1 8,018 8,692 Less: property overheads- Ground rents (455) (458) Direct property expenses (899) (937) Attributable overheads (1,742) (1,610) (3,096) (3,005) Less: joint ventures- share of 70 44 overheads (3,026) (2,961) Net rental income 4,992 5,731 Listed investments- net income (355) 181 Operating profit 4,637 5,912 Share of operating profit of joint ventures 1 249 186 Share of operating profit of associate 407 231 5,293 6,329 Interest receivable 334 90 Interest payable (3,947) (4,311) Cost of redemption of debentures - (718) Exceptional items- Company- Profit on sale of investment 757 47 properties Compensation for early surrender of lease - 885 Associate and joint venture 11 2 2 768 934 Profit on ordinary activities before 2,448 2,324 taxation Taxation on profit on ordinary activities 3 605 18 Profit on ordinary activities after taxation 1,843 2,306 Dividend 4 1,141 1,025 Retained profit for the year 5 702 1,281 Earnings per share -basic 6 2.32p 2.95p -fully 6 2.30p 2.91p diluted Dividend per share 4 1.425p 1.30p The revenue and operating profit for the year is derived from continuing operations in the United Kingdom. Consolidated statement of total recognised gains and losses for the year ended 31 December 2002 2002 2001 £000 £000 Restated Profit for the financial year 1,843 2,306 Currency translation difference on foreign 90 (120) currency net investments of associate Increase on revaluation of investment properties Company 2,408 663 Associate and joint ventures 528 254 Total gains and losses recognised in 4,869 3,103 the year Prior year adjustment (Note 8) (1,434) Total gains recognised since the last 3,435 report Consolidated Balance sheet at 31 December 2002 Notes 2002 2001 £000 £000 Fixed Assets Restated Tangible assets 7 96,143 98,132 Investments in joint ventures - Share of gross assets 27,452 3,310 Share of gross liabilities (24,524) (2,437) Share of net assets 2,928 873 Other investments 5,219 2,851 8,147 3,724 104,290 101,856 Current assets Debtors 1,375 1,819 Investments at cost 2,193 2,505 (Market value £2,385,000 (2001:£2,965,000)) Bank balances 6,718 3,840 10,286 8,164 Creditors Amounts falling due within one year (12,923) (11,990) Net current liabilities (2,637) (3,826) Total assets less current liabilities 101,653 98,030 Creditors Amounts falling due after more than one year (45,971) (46,555) Provisions for liabilities and charges (1,657) (1,549) Net assets 54,025 49,926 Capital and reserves Share capital 8,009 7,883 Share premium account 4,509 4,264 Capital redemption reserve 15 15 Revaluation reserve 25,781 25,927 Other reserves 429 429 Retained earnings 15,282 11,408 Shareholders' funds 54,025 49,926 Net assets per share* Basic 67.69p 63.92p Diluted 66.98p 63.15p *Including current asset investments at market value. Reconciliation of movement in shareholders' funds for the year ended 31 December 2002 2002 2001 £000 £000 Restated Profit for the financial year 1,843 2,306 Dividend (1,141) (1,025) Retained profit for the year 702 1,281 Associate's currency translation 90 (120) difference on foreign currency net investments Unrealised changes on revaluation of 2,936 917 investment properties Shares issued 126 122 Share premium account movements 245 196 4,099 2,396 Shareholders' funds at 1 January 2002 49,926 47,530 Shareholders' funds at 31 December 54,025 49,926 2002 Consolidated cash flow statement for the year ended 31 December 2002 2002 2001 £000 £000 £000 £000 Net cash inflow from operating 4,259 7,912 activities Returns on investments and servicing of finance Interest received 307 42 Interest paid (3,650) (4,022) Net cash outflow from returns on investments and servicing of finance (3,343) (3,980) Taxation Corporation tax 152 (145) Capital expenditure and financial investment Purchase of fixed asset investment (3,658) 2 Sale of properties 6,405 4,132 Sale of office equipment and motor - 31 cars Property acquisitions and improvements (1,513) (1,243) Purchase of office equipment and motor (12) (140) cars Net cash inflow for capital expenditure and 1,222 2,782 financial investment Equity dividends paid (700) (609) Net cash inflow before use of liquid resources 1,590 5,960 and financing Net cash outflow from management of liquid resources Repayment of short term loan from (163) (3) joint ventures Financing Shares issued for cash 55 Issue expenses (9) (5) Repayment of debenture loan - (1,000) Debenture repayment premium - (718) Repayment of medium term bank (300) (300) loan Net cash outflow from financing (254) (2,023) Increase in cash in the 1,173 3,934 period Reconciliation of net cash flow to movement in net debt for the year ended 31 December 2002 2002 2001 £000 £000 Increase in cash in the period 1,173 3,934 Net cash inflow from increase in 300 1,300 debt 1,473 5,234 Other movements on current asset (312) 100 investments Movement in net debt in the period 1,161 5,334 Net debt at 1 January 2002 (44,403) (49,737) Net debt at 31 December 2002 (43,242) (44,403) Reconciliation of operating profit to net cash inflow from operating activities: 2002 2001 £000 £000 Operating profit 4,637 5,912 Depreciation charges 92 100 Loss (Profit) on disposal of fixed 3 (10) assets Inflow from compensation from early - 1,329 surrender of lease Dividend from associated company 44 44 Dividend from joint ventures 40 40 Decrease in debtors 270 225 (Decrease) Increase in creditors (1,139) 372 Decrease (Increase) in current asset 312 (100) investments Net cash inflow from operating 4,259 7,912 activities Analysis of net debt At 1 Cash Other At 31 January flow movements December 2002 2002 £000 £000 £000 £000 Bank balances in hand 3,840 2,878 - 6,718 Bank overdrafts (3,548) (1,705) - (5,253) Debt due within one year (300) 300 (600) (600) Debt due after one year (46,900) - 600 (46,300) Current asset 2,505 - (312) 2,193 investments Net debt (44,403) 1,473 (312) (43,242) Notes 31 December 2002 1 Joint venture - Analytical Properties Limited Analytical Properties Limited is a new joint venture with Bank of Scotland which acquired its first shopping centre on 2 December 2002. These accounts include the group's share of income from the date of acquisition. 2 Exceptional items 2002 2001 £000 £000 Profit on sale of:- Freehold property 757 47 Compensation for early surrender of - 885 lease 757 932 Joint venture - profit on sale of 8 - freehold property Associate-fixed asset 3 2 investment-profit on disposal 768 934 3 Taxation 2002 2001 £000 £000 Based on the results of the year: Restated Corporation Tax at 30 per cent (2001: 390 45 30 per cent) Deferred taxation 108 111 Adjustment in respect of previous (2) (188) years 496 (32) Joint ventures 23 16 Associate 86 34 605 18 The tax charge for both 2002 and 2001 was reduced due to the effect of accelerated capital allowances. The adjustment in respect of previous years arises principally through agreement of capital allowance claims. 4 Dividend 2002 2001 Per £000 Per £000 share share Proposed final dividend 1.425p 1,141 1.3p 1,025 The proposed final dividend will be payable on 11 July 2003 to shareholders registered at the close of business on 28 March 2003. 5 Profit attributable to London & Associated 2002 2001 Properties PLC £000 £000 Dealt with in the financial statements of: Restated London & Associated 555 1,246 Properties PLC Joint ventures (2) 14 Associate 149 21 702 1,281 6Earnings per share Earnings per share have been calculated as follows:- Earnings Shares in Earnings per issue share 2002 2001 2002 2001 2002 2001 £000 £000 '000 '000 Pence Pence Restated Restated Group profit on ordinary 1,843 2,306 activities after tax Weighted average share capital 79,474 78,185 for the year Basic earnings per share 1,843 2,306 79,474 78,185 2.32p 2.95p Adjustments: Issue of outstanding share 18 17 1,537 1,767 options Fully diluted earnings per share 1,861 2,323 81,011 79,952 2.30p 2.91p 7Revaluation of investment properties Ninety five per cent of freehold and long leasehold properties were valued as at 31 December 2002 by external professional firms of chartered surveyors, the balance being valued by the directors. The valuations were made at open market value on the basis of existing use. The increase in book value amounting to £2,408,000 (2001-£663,000) was transferred to revaluation reserve. 8Prior year adjustment - FRS 19 The adoption of FRS 19 requires a change in accounting policy so as recognise in full deferred tax liabilities that had not previously been recognised as they were not expected to crystallise in the foreseeable future. As a result the financial statements have been restated to reflect this change in accounting policy. The change in accounting policy has resulted in an increase in the tax charge in 2002 of £72,000 (2001: £94,000). The increase in the net deferred tax of £1,422,000 at 31 December 2001. The net decrease in the net assets and reserves of £1,434,000 has been stated as a prior year adjustment in calculating total gains recognised since the last Annual Report in the Statement of Total Recognised Gains andLosses. 9The figures for the year ended 31 December 2001 are based on the audited accounts for that year, as adjusted for FRS19 (Note 8), which have been delivered to the Registrar of Companies and on which the Auditors gave an unqualified report. The statutory accounts for the year ended 31 December 2002 have been completed and an unqualified opinion has been issued. Save for the adoption of FRS 19 in 2002, the preliminary announcement has been prepared on the basis of the accounting policies set out in the company's published accounts for the year ended 31 December 2001. The figures in the preliminary announcement are an extract and do not constitute statutory accounts within the meaning of the Companies Act 1985. This preliminary statement was approved by the board on 18 March 2003.

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