Final Results
Balfour Beatty PLC
05 March 2003
5 March 2003
BALFOUR BEATTY PLC
PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2002
ANOTHER YEAR OF PROGRESS IN BUILDING SHAREHOLDER VALUE
Financial Summary
• Pre-tax profits* up by 16% at £118 million (2001: £102 million)
• Earnings per share* up by 14% at 16.1p (2001: 14.1p)
• Strong operating cash performance
• Increase in year-end net cash at £67 million (2001: £63 million)
• Final dividend of 3.05p. Full-year dividend of 5.4p (2001: 5.0p)
* before exceptional items £9 million charge (2001: £13 million credit)
and goodwill amortisation £21 million (2001: £12 million) which
reconciles with profit before tax, but after goodwill amortisation and
exceptional items, of £88 million (2001: £103 million)
Highlights
• Record end-year order book at £5.1 billion
• £600+ million services work secured for Royal Mail
• Metronet concessions to add a further £1.2 billion to order book in
2003
• Preferred bidder for three new major PFI concessions worth £330 million in
aggregate
• Acquisitions strengthen earnings potential
'We were successful in achieving significant growth in our pre-tax profits and
earnings in 2002, before the amortisation of goodwill and exceptional items.
Once again our operating cash flow was strong, fully underpinning operating
profits, and working capital improved despite double-digit growth in our sales.
'While general economic conditions have been mixed, our principal markets in
large-scale public infrastructure creation and care have remained strong and
Balfour Beatty has had a very successful year in securing its future workload.
'With growing income from PFI/PPP investments, established leadership in rail
infrastructure contracting, significant scope for performance improvement in
civil engineering and a strong position in the UK major building market, we
believe that we are able to anticipate further progress in 2003.'
Lord Weir Mike Welton
Chairman Chief Executive
5 March 2003
BALFOUR BEATTY PLC
PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2002
Balfour Beatty plc, the international engineering, construction and services
group, today announced pre-tax profits before exceptional items and prior to the
amortisation of goodwill for the 12 months to 31 December 2002 of £118 million
(2001: £102 million). Earnings per share before exceptional items and goodwill
amortisation were 16.1p (2001: 14.1p).
Operating profits before goodwill amortisation and exceptional items were £149
million (2001: £136 million).
£21 million was charged to the profit and loss account in respect of goodwill
amortisation arising from acquisitions (2001: £12 million). As was announced in
September 2002, £9 million of exceptional costs were incurred as a result of the
potential acquisition of J.A. Jones Inc in the US (2001: £13 million profit on
sale of operations). As a result, profit before interest but after goodwill
amortisation and exceptional items was £119 million (2001: £137 million).
Year-end net cash stood at £67 million (2001: £63 million) after £68 million of
expenditure on acquisitions. The year-end order book stood at the record level
of £5.1 billion (2001: £4.3 billion).
Turnover increased to £3,441 million (2001: £3,071 million).
Against this background, the Board recommends an increased final dividend of
3.05p per ordinary share (2001: 2.8p) which, taken with the interim dividend
already paid, would give a total distribution for the year of 5.4p (2001: 5.0p)
per ordinary share.
THE YEAR IN SUMMARY
Performance
We were successful in achieving significant growth in our pre-tax profits and
earnings in 2002, before the amortisation of goodwill and exceptional items.
Once again our operating cash flow was strong, fully underpinning operating
profits, and working capital improved despite double-digit growth in our sales.
Our year-end order book at £5.1 billion increased by 19% during the course of
the year.
While general economic conditions have been mixed, our principal markets in
large-scale public infrastructure creation and care have remained strong and
Balfour Beatty has had a very successful year in securing its future workload.
Long-term contracts were won for road maintenance, gas and water utility
services and facilities management in the UK; major road construction schemes
also in the UK; rail, road and other large-scale infrastructure work in the US;
rail electrification work in Italy; and large-scale transportation projects in
Hong Kong. Preferred bidder status was achieved for three new PPP projects with
a combined value of some £330 million.
We anticipate converting the £86 million Blackburn Hospital PFI to contract in
the near future and since the year end have secured additional road maintenance
work of up to £175 million in value for the Highways Agency. The Metronet
concessions for the London Underground PPP will reach financial close shortly.
Acquisitions in utilities contracting, electrical contracting, US rail
maintenance and security systems together with investment in more, high-quality
PFI concessions will further strengthen the business in our established areas of
core expertise. Once again, acquisitions have been funded out of operating cash
flow.
The year was not without its difficulties. We continued to incur substantial
unplanned costs in some civil engineering contracts on the East Coast of the US.
The Eastern division of our US civil engineering business has not bid further
work in 2002 and will not do so until these contracts are successfully completed
and appropriate recoveries secured. In the latter part of the year, TXU Europe,
whose subsidiaries are, respectively, a shareholder and customer of Barking
Power Station, entered administration. This has brought 28% of Barking Power
Station's output out of long-term contract and on to the open market at
significantly lower prices. Barking Power Limited has lodged an appropriate
claim against TXU Europe's administrators and is confident of recovering a very
substantial proportion of the monies due under the contract.
SEGMENTAL PERFORMANCE
(before goodwill amortisation)
In Building, Building Management and Services, profits improved by 5% to £46
million (2001: £44 million). The increase was largely attributable to improving
returns from the increasing proportion of work in the large-scale complex
building and building services markets.
In Civil and Specialist Engineering and Services, profits fell to £17 million
(2001: £22 million). Improving performances in the UK civil and specialist
engineering businesses, including road maintenance, combined with new profits
arising from the acquisition of Kentons in the utility services sector were more
than offset by further unplanned costs on US East Coast civil engineering
projects. No account has yet been taken of future recoveries on these
contracts.
In Rail Engineering and Services, profits improved by more than 50% to £37
million (2001: £24 million). This excellent result reflected significantly
increased profits from Balfour Beatty Rail Power Systems, our European
electrification and power supply business, particularly in Italy, and profit
progress in all our UK businesses. In Infrastructure Services, underlying
profit improvements were augmented by settlements resulting from the resolution
of outstanding issues on a number of long-term contracts.
In Investments and Developments, profits increased by 9% to £49 million (2001:
£45 million). Profits from Barking Power Station were lower due to planned
maintenance outages and the impact of the problems at TXU Europe. Income from
PFI/PPP concessions, however, rose in line with plans. In accordance with UITF
34, bid costs after appointment as preferred bidder have been capitalised.
DEVELOPING OUR STRATEGY
A predominant and growing proportion of our revenues derive from large-scale
public infrastructure creation and care and private sector facility upgrade and
maintenance. The range and depth of our expertise in key markets, augmented
further by fill-in acquisitions, offers customers the advantage of using our
capabilities in appropriate combination. In each of our markets, this
capability increasingly differentiates Balfour Beatty and appeals to the
customer base.
We have continued to make good progress in developing the strategy for each of
our four principal business areas.
In Building, all of our operating companies are amongst the leaders in their
individual market segments. Additionally, we now have established critical mass
and mix to compete very effectively in the important and growing market for
major public buildings requiring multi-disciplinary engineering, construction
and whole-life management expertise.
In Engineering, our broadened range of UK expertise in infrastructure design,
construction, upgrade and maintenance puts us in a very good position to benefit
from increasing infrastructure expenditure and to provide large-scale,
vertically-integrated solutions. In the US we will continue to increase our
specific regional focus on areas where we have a strong market presence. In the
medium term, the Engineering segment offers good opportunities for performance
improvement.
In Rail, we have created a coherent organisation and clear market focus for a
substantially larger business in a series of national growth markets. Once
again, our multi-disciplinary capabilities offer integrated solutions to our
large customers. We are very well placed for increasing spend on rail in the
UK, Europe, US and Asia.
In Investments, we continue to concentrate our efforts in those areas in which
we have formidable competitive strengths and where we can be most selective -
transport, healthcare and education. The application of this policy has given
us a quality portfolio and a high level of confidence in the returns which it
will deliver over a long period. The Metronet concessions will effectively
double our committed equity investment in this area to approximately £135
million.
The full investigation of the opportunity to acquire J.A. Jones Inc in the US
demonstrated the Group's ambition to develop a domestic US business, similar to
our successful UK model. Long-term expenditure patterns and procurement trends
indicate a substantial opportunity for long-term growth through such a policy.
In December, we announced the appointment of a senior US manager to take
responsibility for our US businesses, which now yield approximately $1 billion
of annual sales.
Our focus remains firmly on a small number of simple but critical management
priorities. We aim to sustain earnings growth. We will manage our working
capital closely. We will account prudently and conservatively. We will
continue to develop the depth and breadth of our expertise in areas where we
have existing knowledge and competitive strength. We will take contracts and
make investments only when the long-term interests of our shareholders are
demonstrably served.
ACQUISITIONS
In March 2002, we paid £28 million for Kentons, the Yorkshire-based utility
services contractor. The company, which provides a complete asset maintenance
and replacement service for the gas, water and wastewater sectors, has annual
sales of approximately £75 million. At the beginning of 2003, the process of
integrating Kentons and John Kennedy, a similar company acquired by Balfour
Beatty in 2001, was initiated. The combined company now trades as Balfour
Beatty Utilities and Balfour Beatty has become a market leader in utility asset
management.
In March, we purchased Knox Kershaw, a US market leader in providing specialist
rail maintenance services to class one railroads in the US, for approximately $6
million.
In September, a 49% share in Romec, the company responsible for the maintenance
and management of the Royal Mail's nationwide estate of over 3,000 buildings,
was acquired for £9.6 million. This acquisition brought with it a facilities
services and maintenance contract worth over £600 million to Balfour Beatty over
seven years.
In October, in separate transactions, we acquired Walgrave, a UK distribution
cable service provider, which has become part of Balfour Beatty Power Networks,
and Security International, a US electronic access control systems business,
which is now part of Andover Controls. £8 million consideration has been paid
as a result of these acquisitions.
In each case, these acquisitions have extended our existing core capabilities
into new geographic and/or customer market environments and are performing to
expectation.
J.A. JONES INC
During the summer, we undertook substantive discussions and extensive due
diligence with regard to the potential acquisition of J.A. Jones Inc, a leading
US engineering, construction and services group. The Board believed that the
acquisition of Jones would have created significant strategic and financial
benefits to the Group. In order to maintain an appropriate capital structure, a
rights issue would have been necessary to finance the acquisition. However, in
the light of the prevailing stock market conditions, a rights issue became
inappropriate and the acquisition was not pursued further.
SAFETY AND THE ENVIRONMENT
As last year, we will report under separate cover and in full on our safety,
environmental and other aspects of our corporate social performance. We have
continued to make good progress in safety management and performance in the UK
and the US, but have performed less well elsewhere, which is the subject of
urgent management attention.
During the year, we conducted an extensive environmental benchmarking exercise
across our UK operations. This revealed further good progress over the last 12
months and reflected increasing strategic and operational focus on the
management of environmental issues.
OUTLOOK
In UK infrastructure, spending plans for transport, education, health, water and
gas markets are ambitious and we believe that these markets will continue to
offer us good opportunities. PFI, prime contracting and design and construct,
all Balfour Beatty strengths, remain the UK Government's preferred procurement
methods. The trend in the UK to outsourcing of building and infrastructure
management and maintenance will also continue to the benefit of our services
companies.
In the US, federal and state spending on road transportation projects seems
likely to remain strong and other publicly funded markets should continue to
offer substantial opportunity.
With the majority of the Group's work being financed by public sector
organisations, much of it in major capital or long-term service contracts,
Balfour Beatty is not as exposed to the commercial sector as others in its peer
group. Business opportunities from private sector clients in most of our areas
of relevant activity remain satisfactory.
With growing income from PFI/PPP investments, established leadership in rail
infrastructure contracting, significant scope for performance improvement in
civil engineering and a strong position in the UK major building market, we
believe that we are able to anticipate further progress in 2003.
ENDS
Enquiries to:-
Mike Welton, Chief Executive
Anthony Rabin, Finance Director
Tim Sharp, Head of Corporate Communications
Tel: 020 7216 6800
www.balfourbeatty.com
* * * * * * * *
High resolution photographs are available to the media free of charge at
www.newscast.co.uk (+44 (0)20 7608 1000).
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2002
Before Exceptional Before Exceptional
exceptional items exceptional items
items (Note 3) Total items (Note 3) Total
2002 2002 2002 2001 2001 2001
£m as restated as restated
Notes £m £m £m £m £m
TURNOVER INCLUDING SHARE OF
JOINT VENTURES AND ASSOCIATES 2 3,441 - 3,441 3,071 - 3,071
Share of turnover of joint ventures (191) - (191) (130) - (130)
Share of turnover of associates (150) - (150) (207) - (207)
GROUP TURNOVER 3,100 - 3,100 2,734 - 2,734
Continuing operations 3,032 - 3,032 2,731 - 2,731
Acquisitions 68 - 68 - - -
Discontinued operations - - - 3 - 3
GROUP OPERATING PROFIT 67 (9) 58 61 - 61
Share of operating profit of joint 42 - 42 40 - 40
ventures
Share of operating profit of associates 19 - 19 23 - 23
OPERATING PROFIT INCLUDING
SHARE OF JOINT VENTURES AND
ASSOCIATES 2 128 (9) 119 124 - 124
Operating profit before goodwill 149 (9) 140 136 - 136
amortisation
Goodwill amortisation (21) - (21) (12) - (12)
Continuing operations 125 (9) 116 123 - 123
Acquisitions 3 - 3 - - -
Discontinued operations - - - 1 - 1
Net profit on sale of operations - - - - 13 13
PROFIT BEFORE INTEREST 128 (9) 119 124 13 137
Net interest payable and similar
charges:
Group - (1)
Share of joint ventures' interest (24) (25)
Share of associates' interest (7) (8)
PROFIT ON ORDINARY ACTIVITIES BEFORE
TAXATION 88 103
Tax on profit on ordinary activities 4 (35) (27)
PROFIT FOR THE FINANCIAL YEAR 53 76
Dividends:
Preference 8 (16) (16)
Ordinary 8 (22) (21)
TRANSFER TO RESERVES 15 39
ADJUSTED EARNINGS PER ORDINARY SHARE 16.1 p 14.1
Goodwill amortisation (4.9) p (2.9) p
Exceptional items after attributable (2.2) p 3.0 p
taxation
BASIC EARNINGS PER ORDINARY SHARE 5 9.0 p 14.2 p
DILUTED EARNINGS PER ORDINARY SHARE 5 8.9 p 14.0 p
DIVIDENDS PER ORDINARY SHARE 8 5.4 p 5.0 p
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the year ended 31 December 2002 2002 2001
as restated
£m £m
Profit for the financial year:
Group 33 57
Share of joint ventures 12 10
Share of associates 8 9
Exchange adjustments (1) (3)
TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR 52 73
Prior year adjustment (3)
TOTAL GAINS AND LOSSES RECOGNISED SINCE THE LAST ANNUAL REPORT 49
GROUP BALANCE SHEET 2002 2001
At 31 December 2002 as restated
£m £m
FIXED ASSETS
Intangible assets - goodwill 266 250
Tangible assets 140 138
Investments 30 26
Investments in joint ventures:
Share of gross assets 662 560
Share of gross liabilities (584) (502)
78 58
Investments in associates 35 28
549 500
CURRENT ASSETS
Stocks 98 86
Debtors - due within one year 703 663
- due after one year 72 79
Cash and deposits 175 177
1,048 1,005
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Borrowings (29) (20)
Other creditors (1,129) (1,073)
NET CURRENT LIABILITIES (110) (88)
TOTAL ASSETS LESS CURRENT LIABILITIES 439 412
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Borrowings (79) (94)
Other creditors (57) (34)
PROVISIONS FOR LIABILITIES AND CHARGES (110) (99)
193 185
SHAREHOLDERS' FUNDS 193 185
Shareholders' funds include non-equity shareholders' funds of £161m (2001: £166m)
GROUP CASH FLOW STATEMENT 2002 2001
For the year ended 31 December 2002 Notes £m £m
Net cash inflow from operating activities 7 142 117
Dividends from joint ventures and associates 20 14
Returns on investments and servicing of finance (20) (12)
Taxation (17) (9)
Capital expenditure and financial investment (35) (55)
Acquisitions and disposals of businesses (67) (64)
Ordinary dividends paid (21) (19)
Net cash inflow/(outflow) before use of liquid resources and financing 2 (28)
Management of liquid resources 7 12
Financing - issue of ordinary shares 1 -
- buy-back of ordinary and preference shares (7) (5)
- repayment of minority interests - (1)
- new loans 5 84
- repayment of loans (8) (67)
Increase/(Decrease) in cash in the period - (5)
NOTES
1. BASIS OF PRESENTATION
The accounts have been prepared under the historical cost convention, modified
for the revaluation of certain land and buildings, and comply with all
applicable accounting standards and the Companies Act 1985. The Group has
adopted FRS 19 'Deferred Tax'. This has had no impact on 2002 or 2001.
Comparative figures have been restated to comply with UITF Abstract 34 'Pre-
Contract costs' (UITF 34). The Group previously charged pre-contract costs
against operating profit when incurred and recognised pre-contract cost
recoveries in operating profit when received. In accordance with UTIF 34, pre-
contract costs continue to be expensed as incurred until it is virtually certain
that a contract will be awarded, from which time further pre-contract costs are
recognised as an asset and charged as an expense over the period of the
contract. Amounts recovered in respect of costs that have been written off are
deferred and amortised over the life of the contract. This restatement reduced
operating profits in 2001 by £1m. Shareholders' funds at 31 December 2001 were
reduced by £3m net of tax of £1m. The effect on 2002 results is to increase
operating profit by £7m and to increase profit after taxation by £5m.
2. SEGMENT ANALYSIS
Operating profit
before
Turnover exceptional items Capital employed
2002 2001 2002 2001 2002 2001
as restated as restated
£m £m £m £m £m £m
TOTAL GROUP, INCLUDING SHARE OF
JOINT VENTURES AND ASSOCIATES
Building, building management and services 1,123 1,074 46 44 (89) (93)
Civil and specialist engineering and 1,347 1,150 17 22 (41) (52)
services 838 698 37 24 (18) 6
Rail engineering and services 133 135 49 45 53 52
Investments and developments 3,441 3,057 149 135 (95) (87)
Discontinued operations - 14 - 1 - -
3,441 3,071 149 136 (95) (87)
Goodwill amortisation (21) (12)
Operating profit 128 124
Net interest payable (31) (34)
Profit before tax and exceptional items 97 90
Net cash 67 63
Goodwill (including share of joint
ventures and associates) 280 255
Tax and dividends (59) (46)
193 185
2. SEGMENT ANALYSIS (continued)
The Group's interest in Dubai Cable Company (Pte) Ltd sold in July 2001 and
Emform Ltd sold in November 2001 have been classified as discontinued. Goodwill
amortisation includes £5m (2001: £2m) impairment charge in respect of Balfour
Beatty Rail Systems Inc £4m and Garanti Balfour Beatty £1m. Goodwill
amortisation arises in Building, building management and services £1.8m (2001:
£1.5m), Civil and specialist engineering and services £5.8m (2001: £3.3m) and
Rail engineering and services £12.9m (2001: £7.4m). Goodwill arises in
Building, building management and services £35m (2001: £28m), Civil and
specialist engineering and services £88m (2001: £66m), Rail engineering and
services £156m (2001: £160m) and Investments and developments £1m (2001: £ 1m).
3. EXCEPTIONAL ITEMS
Exceptional items charged against operating profit comprise costs arising from
the aborted acquisition of J A Jones Inc. In 2001, a net profit on sale of
operations of £15m arose on the disposal of the Group's remaining interests in
the cable businesses, including the Dubai Cable Company (Pte) Ltd, and related
costs. Additionally, a £2m loss was recorded on the sale of the trade and
assets of Emform Ltd. Exceptional items had no effect on the Group's tax
charge in 2002 or 2001.
4. TAX ON PROFIT ON ORDINARY ACTIVITIES
2002 2001
£m £m
UK current tax
Corporation tax on profits of the period at 30% (2001: 30%) 31 14
Double tax relief (2) (1)
Adjustments in respect of previous periods (3) 1
26 14
Share of joint ventures' taxation 6 4
Share of associates' taxation 4 6
36 24
Foreign current tax
Foreign tax on profits of the period 5 1
Adjustments in respect of previous periods 1 2
6 3
Share of joint ventures' taxation - 1
6 4
Total current tax 42 28
Deferred tax
UK (3) 2
Foreign (1) -
Adjustments in respect of previous periods (3) (3)
Total deferred tax (7) (1)
Taxation charge 35 27
5. EARNINGS PER ORDINARY SHARE
The calculation of earnings per ordinary share is based on the profit for the
financial year, after charging preference dividends, divided by the weighted
average number of ordinary shares in issue during the year of 414.1m (2001:
414.2m).
The calculation of diluted earnings per ordinary share is based on the profit
for the financial year, after charging preference dividends, divided by the
weighted average number of ordinary shares in issue, adjusted for the potential
conversion of share options by 5m (2001: 5m). As in 2001, no adjustment has
been made in respect of the potential conversion of the cumulative convertible
redeemable preference shares, the effect of which would have been antidilutive
throughout the year.
Adjusted earnings per ordinary share before goodwill amortisation and
exceptional items have been disclosed to give a clearer understanding of the
Group's underlying trading performance.
6. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 2002 2001
as restated
£m £m
Profit for the financial year 53 76
Dividends (38) (37)
15 39
Other recognised gains and losses (net) (1) (3)
Ordinary shares issued 1 -
Buy-back of ordinary and preference shares (7) (5)
8 31
Opening shareholders' funds - as previously reported 188 156
Prior year adjustment (3) (2)
Closing shareholders' funds 193 185
The prior year adjustment is explained in Note 1 Basis of Presentation.
7. NOTES TO THE CASH FLOW STATEMENT
2002 2001
as restated
£m £m
(a) Net cash inflow from operating activities comprises:
Group operating profit before exceptional items 67 61
Depreciation 40 35
Goodwill amortisation 19 10
Profit on disposal of fixed assets (1) (1)
Provision against own shares held 1 1
Exceptional items - cash expenditure (9) (4)
Working capital decrease 25 15
Net cash inflow from operating activities 142 117
Cash and Borrowings
deposits (including
and Term finance Tota1 Total
overdrafts deposits leases) 2002 2001
£m £m £m £m £m
(b) Analysis of movement in net cash
At 1 January 2002 139 26 (102) 63 104
Cash flow - (7) 3 (4) (34)
Acquisitions of businesses - debt at date of - - (1) (1) (4)
acquisition 1 - 8 9 (3)
Exchange adjustments
At 31 December 2002 140 19 (92) 67 63
2002 2001
£m £m
(c) Reconciliation of cash flow to movement in net cash
Increase/(decrease) in cash in the period - (5)
Cash outflow/(inflow) from decrease/increase in borrowings 3 (17)
Cash inflow from decrease in term deposits (7) (12)
Change in net cash resulting from cash flows (4) (34)
Acquisitions of businesses - debt at date of acquisition (1) (4)
Exchange adjustments 9 (3)
Movement in net cash 4 (41)
8. DIVIDENDS
Per share Amount Per share Amount
2002 2002 2001 2001
pence £m pence £m
On preference shares:
Paid 4.8375 8 4.8375 8
Payable 4.8375 8 4.8375 8
9.6750 16 9.6750 16
On ordinary shares:
Interim payable 2.35 10 2.20 9
Final proposed 3.05 12 2.80 12
5.40 22 5.00 21
An interim dividend of 2.35p (2001:2.20p) per ordinary share was paid on 2
January 2003. Subject to approval at the Annual General Meeting on 15 May 2003,
the final dividend of 3.05p (2001: 2.8p) per ordinary share will be paid on 1
July 2003 to ordinary shareholders on the register on 2 May 2003 by direct
credit or, where no mandate, by warrants posted on 27 June 2003.
A preference dividend of 5.375p gross (4.8375p net) per preference share will be
paid in respect of the six months ending 30 June 2003 on 1 July 2003 to
preference shareholders on the register on 30 May 2003 by direct credit or,
where no mandate, by warrants posted on 27 June 2003.
*************************************
The financial information set out above (which was approved by the Board on 4
March 2003) does not constitute the Company's statutory accounts. The statutory
accounts for the year ended 31 December 2002 (from which this financial
information has been extracted) will be filed with the Registrar of Companies
following the Annual General Meeting. The auditors' report on these accounts was
unqualified and did not contain any statement under section 237(2) or (3) of the
Companies Act 1985.
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