Preliminary Results

Avon Rubber PLC 6 December 2001 PRELIMINARY RESULTS FOR THE YEAR ENDED 29 SEPTEMBER 2001 Avon Rubber p.l.c. announces its preliminary results for the year to 29 September 2001 which the Board approved on 5 December 2001 2001 2000 £MILLION £MILLION TURNOVER 278.0 278.0 TOTAL OPERATING PROFIT - before exceptionals 8.7 15.4 - continuing operations 10.6 15.8 - discontinued operations (1.9) (0.4) PROFIT / (LOSS) BEFORE TAX - before exceptionals 3.4 12.4 - after exceptionals (9.1) 5.7 (LOSS) / EARNINGS PER SHARE Basic (29.4)p 12.4p Before exceptional items 7.5p 31.3p Before exceptional items and goodwill amortisation 9.7p 33.5p Diluted (29.4)p 12.4p DIVIDEND PER SHARE 7.0p 24.2p * Borrowings reduced by £16.4 million in second half * Continuing focus on cash generation *Cost reduction actions starting to show benefits *Successful disposal of three non core loss making businesses For further enquiries, please contact: For further information please contact Avon Rubber p.l.c Steve Willcox, Chief Executive 020 7324 8888 Terry Stead, Finance Director (until 3:30pm) Or Roger Hunt at Avon Rubber p.l.c 01225 861 100 Golin/Harris Ludgate Richard Hews/Trish Featherstone 020 7324 8888 INTRODUCTION At the time of the announcement of our interim results we indicated that we would dispose of some non core activities, resolve issues with some of our providers of finance, see improvement in pre exceptional operating profit compared with the first half year and reduce borrowings. We have achieved all of these. The disposals of our automotive businesses in New York State and our plastic reinforced hose business in Cadillac, Michigan were announced at the year-end. With the support of our major bankers and private placement noteholders we have restructured the financing of the business with little overall impact on interest costs. The second half pre exceptional operating profit showed an improvement over the first half and we successfully reduced net borrowings in the second half year from £69.4 million to £53.0 million, giving a reduction for the full year of £11.9 million. Last year saw a significant reduction in demand in our North American automotive activities. There was a substantial downturn in December 2000 and January 2001 as the major automotive manufacturers rebalanced their inventories. There then followed a period of relatively consistent demand albeit at levels some 10% below the previous year. However, our year ended with a further substantial reduction in demand following the events of 11th September. To cope with these falls in demand we have taken actions to reduce our cost base and breakeven point. However these cost reductions could not be achieved rapidly enough to prevent a significant fall in profitability in the year to September 2001. There is a continuing focus on reducing the fixed cost base of our businesses to make them more resilient to the rapid demand changes that we are experiencing. We now have a Group that is more focused on the core activities of automotive hose and a selected range of niche technical products. There are still a small number of non-core activities that will be sold. We have completed our period of major capital investment and as a result, capital expenditure will be below depreciation for some time. These actions, together with an emphasis on working capital reduction, will continue our focus on cash management. On 26th October, the Directors confirmed that they had received a very preliminary expression of interest that may or may not lead to an offer being made for the company. The Directors will make a further announcement as and when appropriate. RESULTS Total operating profit before exceptional items for the year was £8.7 million (2000: £15.4 million). After a net interest charge of £5.3 million (2000: £3.0 million) Group profit before exceptional items and taxation was £3.4 million (2000: £12.4 million) on a turnover of £278.0 million (2000: £278.0 million). The Group loss after exceptional items and before taxation was £9.1 million (2000: profit £5.7 million). There was an exceptional operating expense of £3.6 million, of which £2.2 million was for the impairment of the assets of Pacer Tool and Plastics Inc., where the future expected performance does not support the carrying values. There was a further charge of £1.0 million relating to the costs incurred in transferring work from our former Croydon facility to France and the Czech Republic. In addition, losses of £8.9 million (including £3.2 million of goodwill previously written off directly to reserves) were incurred in respect of the disposal of certain operations. Of the losses, £7.5 million (of which £3.2 million was in respect of goodwill) was shown as an impairment charge in the interim statement in anticipation of expected disposals and charged against operating profit. However, given the completion of those disposals in the second half of the year, this has been reclassified as part of the loss on disposal. £11.1 million of the total exceptional charges of £12.5 million had no cash impact. The taxation credit of £0.9 million for the year compares to a £3.0 million charge in 2000. The loss after taxation, exceptional items and minority interests was £8.2 million (2000: profit £3.5 million) and basic loss per share was 29.4p (2000: earnings per share 12.4p). Profit after taxation and minority interests but before exceptional items was £2.1 million (2000: £8.7 million) and earnings per share on this basis was 7.5p (2000: 31.3p). Capital expenditure was £5.8 million (2000: £22.1 million). Our major investments in Wiltshire were completed in 2000 and this accounts for £10.6 million of the £16.3 million reduction in the year. We would expect capital expenditure to be below depreciation (2001: £11.9 million) for some time. We have focused strongly on cash management in order to reduce Group borrowings. During the year our net borrowings decreased by £11.9 million to £53.0 million (2000: £64.9 million) and during the second half of the year net borrowings were reduced by £16.4 million. AUTOMOTIVE COMPONENTS At constant exchange rates, sales were down 4.6% at £206.4 million (2000: £216.2 million). Whilst sales in Europe showed a small increase, North American sales were down 10.3% at £92.8 million (2000: £103.4 million). Following the sharp downturn in North America in December 2000 and January 2001 as the major North American automotive companies rebalanced their inventories, volumes remained at generally low levels for the remainder of the year with a further sharp downturn following the events of 11th September. Since the year-end demand is returning to more normal levels. We reported at the time of the announcement of our interim results that we had taken actions to mitigate the effects of the demand downturn in December and January but these did not fully offset the impact of this reduced demand. In Europe we did not see the full benefit of the transfer of work from Croydon to France and the Czech Republic but by the end of the year most of the transfer problems had been overcome and the benefits were apparent. There is increasingly aggressive pricing in Europe for low pressure hose, mainly from facilities in Eastern Europe. We are well placed with low labour cost operations in Portugal and the Czech Republic, but the UK has become increasingly uncompetitive for the manufacture of these products and we have announced to the employees at our Trowbridge, UK hose factory the start of a consultation process to consider the possible closure of that unit. In addition, we plan to restructure our European Automotive activities to provide clearer accountability and lower costs. The costs of any such closure and restructuring would be approximately £7.5 million in 2002, of which £6.0 million would be in cash and realise an estimated £3.0 million in annualised benefits. We took the decision to develop our facility in Orizaba, Mexico to be our coolant hose factory for North America. We have supplied product for the VW Beetle from this site and have now won new business in North America, with major contracts due to start in 2003. This low cost high quality facility, supported by sales and engineering based in USA, will enable us to continue to win business on new North American platforms. At the end of the year we disposed of our two businesses in New York State. These non core businesses had sales of £11.4 million and made losses in the year of £0.8 million. TECHNICAL PRODUCTS Sales at constant exchange rates were marginally ahead at £71.7 million (2000: £71.1million) with operating profit down by £1.5 million at £2.6 million (2000: £4.1 million). Our new facility at Hampton Park West, Wiltshire was fully operational for the whole year. It is a major supplier of rubberware to the European dairy market and was severely disrupted by the effects of the outbreak of foot and mouth disease during the year. We are pleased to see that this appears to be under control and the market is returning to normal. Sales of aerosol sealing gaskets were down and increased efforts were targeted at winning sales of more highly specified products at better margins. Sales of business machine components from the UK were reduced in line with lower demand from the major customer Xerox, while the production unit in our facilities in the Czech Republic has continued to perform well and we anticipate increasing demand in this area during 2002. In North America, Hi Life continues to perform well. Zatec established blade assembly in our automotive facility in Juarez, Mexico for a new contract with Lexmark. In September we disposed of our Nylaflow industrial hose business to members of its management team. This business had sales for the year of £4.6 million and made an operating loss of £1.1 million. The development programme for the Joint Services General Purpose Mask has continued to progress to plan. Since the year-end we have delivered over a thousand prototype masks for assessment and we remain confident that we will be awarded the next phase of the programme in early 2002. Since 11th September interest in this area of our business has increased and we are working with the emerging Homeland Security infrastructure in the USA to make our respirator expertise available. We are continuing to rationalise our portfolio of technical product businesses by seeking to dispose of activities which are outside our core business areas. FINANCING Net debt at the year end stood at £53.0 million compared with the opening net debt of £64.9 million, resulting in year end gearing of 63.6% (2000: 72.4%). During the second half of the year we repaid $30 million of the $60 million private placement and increased our other term loans by $29.5 million. These new term loans will be coterminous with the rescheduled private placement. We are planning for capital expenditure to be below depreciation again this year. We shall also continue our drive to reduce working capital and plan further disposals of non core businesses. DIVIDEND The Board is recommending a final dividend of 3.5p per share (2000: 17.2p per share) which will be paid on 12 February 2002 to ordinary shareholders on the register on 18 January 2002. When added to the interim dividend of 3.5p per share (2000: 7.0p per share) the total dividend is 7.0p per share (2000: 24.2p per share). OUTLOOK We expect all markets to remain challenging with volatility of schedules continuing to feature in our major original equipment contracts. However, inventories of vehicles at the Big Three US domestic automotive manufacturers are substantially below those of a year ago, which will feed through into higher production volumes if sales are maintained. We will continue to focus on improving the performance of core businesses and the restructuring of European activities with emphasis on UK operations and support services. We will divest non core units when satisfactory arrangements can be achieved. There is great uncertainty in all areas of business activity and so our priority will remain cash management with a focus on working capital reduction. This will be supported by the company wide launch of our 'Six Sigma Breakthrough' programme which is being led by Main Board Director, Lee Richards. By reducing costs and increasing efficiency within the company, we will create greater certainty in those areas which we can influence, as a counter to the uncertainties of the external environment. Consolidated Profit and Loss Account for the year ended 29 September 2001 2001 Before Exceptional Exceptional Items Items (notes 3&4) Total Note £'000 £'000 £'000 ------------------------------------------ Turnover 2 Continuing operations 262,031 - 262,031 Discontinued operations 16,010 - 16,010 -------- -------- -------- Total turnover 278,041 - 278,041 Cost of sales (243,781) (952) (244,733) -------- -------- -------- Gross profit 34,260 (952) 33,308 Net operating expenses (including £617,000 (2000: £623,000) goodwill amortisation) (25,645) (2,604) (28,249) -------- -------- -------- Operating profit Continuing operations 10,496 (3,556) 6,940 Discontinued operations (1,881) - (1,881) -------- -------- -------- Group total operating profit 8,615 (3,556) 5,059 Share of profits of joint venture and associate 119 - 119 Total operating profit including joint venture and associate 2 8,734 (3,556) 5,178 Profit on disposal of fixed assets - - - Loss on disposal of operations 4 - (8,916) (8,916) (Loss)/profit on ordinary a ctivities before interest 8,734 (12,472) (3,738) Interest receivable 2,516 - 2,516 Interest payable (7,837) - (7,837) -------- -------- -------- (Loss)/profit on ordinary activities before taxation 3,413 (12,472) (9,059) Taxation 5 (1,266) 2,184 918 -------- -------- -------- (Loss)/profit on ordinary activities after taxation 2,147 (10,288) (8,141) Minority interests (30) - (30) -------- -------- -------- (Loss)/profit for the year 2,117 (10,288) (8,171) Dividends (including non-equity interest) 7 (1,961) - (1,961) -------- -------- -------- Loss for the year 156 (10,288) (10,132) ======== ======== ======== Rate of dividend Cumulative Preference 7% Ordinary 7.0p (Loss)/earnings per ordinary share 8 Basic (29.4)p Before exceptional items 7.5p Before goodwill amortisation and exceptional items 9.7p Diluted (29.4)p 2000 Before Exceptional Exceptional Items Items Total Note £'000 £'000 £'000 ------------------------------------------ Turnover 2 Continuing operations 258,707 - 258,707 Discontinued operations 19,290 - 19,290 -------- -------- -------- Total turnover 277,997 - 277,997 Cost of sales (231,842) (1,984) (233,826) -------- -------- -------- Gross profit 46,155 (1,984) 44,171 Net operating expenses (including £617,000 (2000: £623,000) goodwill amortisation) (30,891) (4,688) (35,579) -------- -------- -------- Operating profit Continuing operations 15,648 (6,672) 8,976 Discontinued operations (384) - (384) -------- -------- -------- Group total operating profit 15,264 (6,672) 8,592 Share of profits of joint venture and associate 161 - 161 -------- -------- -------- Total operating profit including joint venture and associate 2 15,425 (6,672) 8,753 Profit on disposal of fixed assets - 25 25 Loss on disposal of operations 4 - - - -------- -------- -------- (Loss)/profit on ordinary activities before interest 15,425 (6,647) 8,778 Interest receivable 2,871 - 2,871 Interest payable (5,911) - (5,911) -------- -------- -------- (Loss)/profit on ordinary activities before taxation 12,385 (6,647) 5,738 Taxation 5 (4,360) 1,400 (2,960) -------- -------- -------- (Loss)/profit on ordinary activities after taxation 8,025 (5,247) 2,778 Minority interests 717 - 717 -------- -------- -------- (Loss)/profit for the year 8,742 (5,247) 3,495 Dividends (including non-equity interest) 7 (6,735) - (6,735) -------- -------- -------- Loss for the year 2,007 (5,247) (3,240) ======== ======== ======== Rate of dividend Cumulative Preference 7% Ordinary 24.2p (Loss)/earnings per ordinary share 8 Basic 12.4p Before exceptional items 31.3p Before goodwill amortisation and exceptional items 33.5p Diluted 12.4p There is no material difference between the profit as stated above and that calculated on an historical cost basis. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 29 September 2001 2001 2000 £'000 £'000 (Loss)/profit for the year (8,171) 3,495 Premium paid on redemption of preference shares (84) - Net exchange differences on overseas investments 1,143 309 -------- -------- Total (losses) and gains for the year (7,112) 3,804 ======== ======== RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the year ended 29 September 2001 2001 2000 £'000 £'000 Opening shareholders' funds 87,963 89,557 (Loss)/profit for the year (8,171) 3,495 Dividends (1,961) (6,735) Net exchange difference on overseas investments 1,143 309 Redemption of preference shares (584) - Goodwill resurrected on disposal of operations 3,215 1,337 -------- -------- 81,605 87,963 ======== ======== Equity shareholders' funds 81,605 87,463 Non-equity shareholders' funds - 500 -------- -------- 81,605 87,963 ======== ======== CONSOLIDATED BALANCE SHEET At 29 September 2001 2001 2000 £'000 £'000 Fixed Assets Intangible assets 13,553 13,154 Tangible assets 100,865 112,687 Investments 647 1,051 -------- -------- 115,065 126,892 Current Assets Stocks 22,534 26,836 Debtors - Amounts falling due within one year 47,246 56,528 Debtors - Amounts falling due after more than one year 6,802 8,146 Cash at bank and in hand 13,586 7,585 -------- -------- 90,168 99,095 Creditors Amounts falling due within one year 66,189 71,782 -------- -------- Net current assets 23,979 27,313 Total assets less current liabilities 139,044 154,205 Creditors Amounts falling due after more than one year 51,029 56,116 Provisions for liabilities and charges 4,689 8,385 -------- -------- Net assets 83,326 89,704 ======== ======== Capital and reserves Ordinary share capital 27,824 27,824 Preference share capital - 500 Share premium account 34,070 34,070 Revaluation reserve 2,578 2,575 Capital redemption reserve 500 - Profit and loss account 16,633 22,994 -------- -------- Shareholders' funds (inc. non-equity interests) 81,605 87,963 Minority interests (equity interests) 1,721 1,741 -------- -------- Total capital employed 83,326 89,704 ======== ======== SUMMARISED CONSOLIDATED CASH FLOW STATEMENT For the year ended 29 September 2001 2001 2000 Note £'000 £'000 Operating activities Total operating profit 5,178 8,753 Goodwill amortisation 617 623 Depreciation & impairment 14,146 11,911 Movement on working capital and provisions 7,132 (3,048) Other movements 1,141 1,472 -------- -------- Net cash inflow from operating activities 28,214 19,711 Returns on investments and servicing of finance (4,682) (4,250) Corporation tax received / (paid) 1,281 (4,112) Net capital expenditure (6,170) (21,961) Capitalised development expenditure (990) (1,391) Purchase of fixed asset investments (98) - Sale of operations 2,002 2,399 Equity dividends paid (5,731) (6,700) -------- -------- Net cash inflow / (outflow) before financing 13,826 (16,304) Financing Purchase of own preference shares (584) - Movement in loans and finance leases (3,745) (1,805) -------- -------- Increase / (decrease) in cash in the period 9,497 (18,109) ======== ======== Reconciliation of net cash flow to movement in net debt Increase / (decrease) in cash in the period 9,497 (18,109) Movements in loans and finance leases 3,745 1,805 Amortisation of loan costs (279) (59) Finance lease transferred on sale of subsidiary - 5 Exchange differences (985) (2,221) -------- -------- Movement in net debt in the year 11,978 (18,579) Net debt at the beginning of the year (64,945) (46,366) -------- -------- Net Debt at the end of the year 9 (52,967) (64,945) ======== ======== NOTES TO THE PRELIMINARY ANNOUNCEMENT 1. The figures and financial information for the year ended 29 September 2001 do not constitute the statutory financial statements for that year. Those financial statements have not yet been delivered to the Registrar, nor have the auditors yet reported on them. The company's accounting period ends on the Saturday nearest to 30 September each year. The period ended 29 September 2001 consisted of 52 weeks (2000: 52 weeks). This preliminary announcement has been prepared using accounting policies that are consistent with the policies detailed in the financial statements for the year ended 30 September 2000 except for the introduction of the following: * During the year Financial Reporting Standards (FRS) 17 (Retirement Benefits) and 18 (Accounting Policies) became effective. These standards have been reflected in these financial statements to the extent considered appropriate. In accordance with the transitional arrangements contained in FRS 17, disclosure in respect of the closing balance sheet only (without comparatives for the previous period) has been made. The adoption of FRS 18 has not resulted in the change of any accounting policy. 2. Segmental Information for the year ended 29 September 2001 2001 2000 £'000 £'000 a)External sales by destination: United Kingdom 46,207 46,621 Other European 95,506 93,167 North America 132,443 133,933 Rest of World 3,885 4,276 -------- -------- 278,041 277,997 -------- -------- 2001 2000 Total Total External operating External operating Sales Profit/ Sales Profit/ (loss) (loss) £'000 £'000 £'000 £'000 b) By business sector: Before exceptional operating items Automotive components Continuing operations 195,017 6,932 196,771 10,942 Discontinued operations 11,350 (769) 12,708 663 -------- -------- -------- -------- 206,367 6,163 209,479 11,605 -------- -------- -------- -------- Technical Products Continuing operations 67,014 3,683 61,936 4,867 Discontinued operations 4,660 (1,112) 6,582 (1,047) -------- -------- -------- -------- 71,674 2,571 68,518 3,820 -------- -------- -------- -------- 278,041 8,734 277,997 15,425 -------- -------- -------- -------- c) After exceptional operating items 2001 2000 Total Total External operating Externaloperating Sales Profit/ Sales Profit/ (loss) (loss) £'000 £'000 £'000 £'000 Automotive components Continuing operations 195,017 5,577 196,771 6,510 Discontinued operations 11,350 (769) 12,708 663 -------- -------- -------- -------- 206,367 4,808 209,479 7,173 -------- -------- -------- -------- Technical Products Continuing operations 67,014 1,482 61,936 2,627 Discontinued operations 4,660 (1,112) 6,582 (1,047) -------- -------- -------- -------- 71,674 370 68,518 1,580 -------- -------- -------- -------- 278,041 5,178 277,997 8,753 -------- -------- -------- -------- 2001 2000 Total Total External operating Externaloperating Sales Profit/ Sales Profit/ (loss) (loss) £'000 £'000 £'000 £'000 d)By origin: Before exceptional operating items: United Kingdom 77,253 (769) 84,054 (2,656) Other European 70,508 3,610 59,591 6,023 North-America - Continuing operations 114,270 7,774 115,062 12,442 - Discontinued operations 16,010 (1,881) 19,290 (384) -------- -------- -------- -------- 278,041 8,734 277,997 15,425 ======== ======== ======== ======== Total Total External operating Externaloperating Sales Profit/ Sales Profit/ (loss) (loss) £'000 £'000 £'000 £'000 e)After exceptional operating items: United Kingdom 77,253 (919) 84,054 (8,558) Other European 70,508 2,808 59,591 5,253 North-America - Continuing operations 114,270 5,170 115,062 12,442 - Discontinued operations 16,010 (1,881) 19,290 (384) -------- -------- -------- -------- 278,041 5,178 277,997 8,753 ======== ======== ======== ======== 2001 2000 £'000 £'000 f)Analysis of external sales and operating profit: External sales - First half of year 141,476 139,948 - Second half of year 136,565 138,049 -------- -------- 278,041 277,997 ======== ======== Total operating profit before exceptional items - First half of year 3,833 7,106 - Second half of year 4,901 8,319 -------- -------- 8,734 15,425 ======== ======== 3.Exceptional operating items Continuing Operations Cost of sales Relocating manufacturing from the United Kingdom to Continental Europe 952 -------- Operating costs Reduction of work force in North America 190 Legal and professional fees in respect of debt restructuring 213 Impairment of tangible fixed assets at Pacer Tool and Plastics Inc. 2,201 -------- 2,604 -------- 3,556 ======== 4. Loss on disposal of operations 2001 £'000 Nylaflow Industrial Hose business 1,175 Avon Injected Rubber & Plastics Inc. 4,526 -------- 5,701 Goodwill previously written off directly to reserves in respect of Nylaflow 3,215 -------- 8,916 ======== Of the losses, £7.5 million (of which £3.2 million was in respect of goodwill) was shown as an impairment charge in the interim statement in anticipation of expected disposals and charged against operating profit. However, given the completion of these disposals in the second half of the year, this has been reclassified as part of the losses on disposal. The business and assets of Nylaflow (a division of Cadillac Rubber and Plastics Inc.) were sold on 14 September 2001 for a net consideration of £341,000. The loss attributable to this operation before exceptional items for 2001 was £1,112,000 (2000: £1,047,000). On 28 September 2001, the business and assets of Avon Injected Rubber and Plastics Inc. were sold for a net consideration of £2,688,000. £1,661,000 was paid in cash on completion with the balance payable by 1 April 2002. The loss attributable to this operation before exceptional items for 2001 was £769,000 (2000: £663,000 profit). The losses are before attributable tax credits of £410,000 in respect of Nylaflow and £1,371,000 for Avon Injected. 5. The taxation credit/(charge) based on the results for the year comprises: 2001 2000 £'000 £'000 Current taxation United Kingdom corporation tax at 30% 87 375 Overseas Taxes (21) (3,719) Associated company (42) (52) -------- -------- 24 (3,396) Deferred tax 894 436 -------- -------- 918 (2,960) ======== ======== 6. Profit and loss accounts of foreign group undertakings are translated at average rates of exchange and balance sheets are translated at year-end rates. 7.If approved, payment of the final dividend on the ordinary shares will be made on 12 February 2002 to shareholders on the register at the close of business on 18 January 2002. The total proposed final dividend will be £969,000 (2000: £4,762,000). 8.Basic loss per share amounts to 29.4p (2000: earnings per share 12.4p) and is based on loss after taxation and deduction of minority interests and non-equity dividends, of £8,194,000 (2000: profit £3,460,000) and 27,824,000 ordinary shares (2000: 27,824,000) being the weighted average of the shares in issue during the year. Earnings per share before exceptional items amounts to 7.5p (2000: 31.3p) and is based on profit after taxation and deduction of minority interests and non-equity dividends, of £2,094,000 (2000: £8,707,000). Earnings per share before goodwill amortisation and exceptional items amounts to 9.7p (2000: 33.5p) and is based on profit after taxation and deduction of minority interests and non- equity dividends of £2,711,000 (2000: £9,330,000). There is no difference between the weighted average number of shares in issue and the diluted weighted average number of shares in issue. Adjusted earnings per share figures have been calculated in addition to basic and diluted figures since, in the opinion of the directors, these provide a better understanding of the Group's performance. 9. Analysis of net debt As at Cash Amortisation Exchange As At 30-Sep-00 Flow of loan Movements 29-Sep-01 issue costs £'000 £'000 £'000 £'000 £'000 Cash at bank and in hand 7,585 5,852 - 149 13,586 Overdrafts (10,109) 3,645 - (149) (6,613) Debt due after 1 year(54,172) 7,400 (279) (756) (47,807) Debt due within 1 year(7,423) (4,120) - (225) (11,768) Finance leases (826) 465 - (4) (365) ------ ------ ------ ------ ------ (64,945) 13,242 (279) (985) (52,967) ====== ====== ====== ====== ====== 10. Copies of the directors' report and the audited financial statements for the year ended 29 September 2001 will be posted to shareholders by 19 December 2001 and may be obtained thereafter from the company's registered office at Manvers House, Kingston Road, Bradford on Avon, Wiltshire, BA15 1AA (Telephone: 01225 861100).

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