Final Results - Year Ended 31 December 1999

BICC PLC 8 March 2000 BICC plc PRELIMINARY RESULTS FOR YEAR ENDING 31 DECEMBER 1999 ---------------------------------------------------- KEY POINTS - Pre-tax, pre-exceptional profits of £51 million and earnings per share of 5.1p in line with market expectations £434 million exceptional costs and goodwill write-offs very largely in respect of disposal of Energy Cable and Telecommunication Cable businesses - On-going businesses improve pre-exceptional operating profits by 15% to £107 million - Brand-Rex sale agreed for £145 million cash - Proceeds to be used for acquisitions and share buy-back - Unexecuted orders at record level of £2.8 billion Building, Building Management and Services ------------------------------------------ - Operating profits improve by £11 million to £26 million - Increasing focus on supply chain management and customer alliances Civil and Specialist Engineering and Services --------------------------------------------- - Operating profits improve in $320 million US engineering business as North American market growth continues - Major project capability sized to meet future projected market demand Rail Engineering and Services ----------------------------- - Over £500 million major rail electrification and development projects work in hand in the UK - Significant investment programme in rail-related technology and systems Investments and Developments ---------------------------- - Operating profits rise sharply as new concessions come on stream - Preferred bidder status achieved for school, hospital and water projects 'The Group is now so changed as to be effectively a new company. We have strong finances, a prudent and determined management team and excellent prospects and opportunities in the four distinct market sectors which we serve. We are confident in the future.' Viscount Weir, Chairman BICC plc -------- PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 1999 ---------------------------------------------------- BICC, the international engineering, construction and services group, today announced pre-tax profits before exceptional items for the 12 months to 31 December 1999 of £51 million (1998: £70 million). Earnings per share before exceptional items were 5.1p (1998: 6.6p). Exceptional items amounted to £434 million and very largely related to provisions and losses on disposal (including a charge for goodwill of £295 million) arising on the sale of the Energy Cable businesses. In addition, the Energy Cable and Telecommunication Cables businesses, now discontinued, incurred operating losses of £17 million between 1 January 1999 and the dates of their sale. As a result, the overall loss before taxation amounted to £383 million (1998: £114 million). In addition to those losses incurred at the time of the Energy Cable disposal, the delay in finalising the sale of our 30% interest in the Dubai Cable Company requires us to account for that business as part of our on-going operations in 1999. The post-exceptional loss per share of 93.8p, reflecting as it does the results of discontinued businesses together with the heavy loss on their disposal, is without relevance in the context of the on-going businesses. Year-end net cash stood at £84 million. As already forecast, the Board recommends that a final dividend of 2.0p per ordinary share be paid on 3 July 2000, making a total for the year of 4.0p. As announced on 6 March, BICC has conditionally agreed to sell its data and speciality cable business to Caradon plc for £145 million in cash. A circular will be posted to shareholders calling an extraordinary general meeting, at which approval will be sought for the sale of Brand-Rex and for changing the name of the company to Balfour Beatty plc and to use not less than £40 million to buy back ordinary and convertible preference shares. 1999 ---- Commenting on the 1999 results, Chairman, Viscount Weir, said: '1999 was a watershed for BICC. The disposal of our main cable activities, which historically were core to the business, completely altered the nature of the company and, at the year end, left it consisting basically of the Balfour Beatty operations. 'This fundamental change has been recognised by our Stock Exchange quotation being reclassified from the Electrical to the Construction and Building Materials sector. It is therefore only logical to propose to shareholders that the Company's name should be changed to Balfour Beatty plc. 'We are now so changed as to be effectively a new company. We have strong finances, a prudent and determined management team and excellent prospects and opportunities in the four distinct market sectors which we serve. We are confident in the future.' 2000 ---- Mike Welton, Chief Executive, commented: 'The on-going businesses for which I became responsible as Chief Executive last August, following the disposal of our Energy Cable and Telecommunication Cable businesses, performed well in 1999, improving their aggregate operating profits by 15% to £107 million. 'Our order book stands at some £2.8 billion, with an increasing proportion in long-term contracts, particularly asset management and services. 'Balfour Beatty's business is to deliver value-added services to customers for whom the quality, efficiency and reliability of infrastructure is critical. 'We operate in four distinct business sectors: Building, Building Management and Services; Civil and Specialist Engineering and Services; Rail Engineering and Services; and Investments and Developments. 'In each of these business sectors, we are able to work right across the supply chain from initial concept to whole-life management. We are specialists in the management of complexity and the project and risk management skills associated with it. We believe that we can secure superior and improving returns from the value which we add in so doing. We place great emphasis on the dedication and motivation of our people and the quality of our engineering and service skills. 'All of our activities are underpinned by a strong focus on customer service with a growing proportion of our work undertaken in partnerships and alliances with our customers. We are dedicated to improve all our business processes, particularly supply chain management, site efficiency and the quality and selectivity of our bidding. We concentrate, properly, on containing our overheads, but see professional business management across all our costs and resources as being of greatest significance to our future performance. 'Our priorities for 2000 are to further refine the business mix, invest in our growth businesses and to continue managing the improvement and development strategies in each of our four business streams. 'We will not hesitate to dispose of or close under-performing companies. Equally, we will continue to actively seek acquisition opportunities that will strengthen our presence in our four principal business streams. We are committed to increasing long-term shareholder returns by improving the quality of our earnings and sustaining earnings growth.' PERFORMANCE, PROSPECTS AND STRATEGY BY SECTOR --------------------------------------------- Telecommunication Cable and Energy Cable businesses --------------------------------------------------- In the course of 1999, and as already reported fully to shareholders, both these operations were sold and became discontinued businesses. It is not considered, in these circumstances, to be useful to comment on their activities during the year. Building, Building Management and Services ------------------------------------------ Our Business ------------ In building, building management and services, Balfour Beatty is an international specialist in the design, construction, equipping, maintaining and management of buildings and selected aspects of their internal environment. We aim to be the most efficient service provider in this sector. Performance ----------- Operating profits in this sector almost doubled from £15 million to £26 million in 1999. Performance improved in almost all of the principal constituent businesses, including building construction, construction management, Haden Young and Balfour Kilpatrick's electrical and mechanical services and Andover Controls' building management control systems. In Haden Building Management, significant restructuring costs were incurred in order to reposition the business for future market needs. Strategy and Prospects ---------------------- The building sector is seen, by some, as being low-margin and low-growth. We take a different view, believing that our focus on business processes, customer relationships and a quite different mix of businesses from others in the sector offer us continuing scope for progress. We bid selectively and seek long-term relationships with first-class customers. We actively manage for radically better supply chain and on-site efficiencies. We can offer comprehensive whole-life solutions because of our range of expertise, which includes construction management, asset and facilities management businesses and Andover's building management control systems. Our margins are already significantly better than most of the industry and we expect to achieve further improvements in productivity and from our business process improvement programmes in 2000, and to make further profit progress. Civil and Specialist Engineering and Services --------------------------------------------- Our Business ------------ In the civil and specialist engineering and services market, Balfour Beatty is a leading provider of civil and other specialist engineering, design and management skills to the international infrastructure market, principally in the transport and energy sectors. We aim to be the supplier of choice for complex projects and for a range of specialist skills. Performance ----------- Operating profits in civil and specialist engineering and services fell in 1999 from £29 million to £22 million. Most of the operations in this sector improved their performance. In particular, substantial progress was made in the US, where sales, order book and profits are all on an improving trend. The business there is now focused exclusively on the Group's civil and specialist engineering skills. The Group also expanded its already substantial interest in maintenance of UK roads, winning a number of new contracts. The overall result was affected by the continuing shortage of major project work in the UK and Asia and the costs associated with the resulting overhead restructuring. Also relevant was the transfer of the profitable supertension cables installation business to General Cable as part of the Energy Cables sale. Strategy and Prospects ---------------------- Our strategy has several elements. In North America, our heavy civil engineering business will continue to grow, underpinned by very significant federal and state spending programmes. We already have a strong and increasingly profitable position in the US and we will further expand our presence in this market which has excellent prospects and in which we have a substantial long-term order book. In developing countries, we will continue to bid selectively for those large projects carried out by international contractors, supported by export or other external finance. However, we will continue to develop permanent indigenous businesses such as those we already operate with strong local partners in Indonesia, the Philippines, the Arabian Gulf and Hong Kong. We have a top quality capability and resource for major project management and execution. This resource has been reorganised to reflect current and anticipated major project availability. This sector is likely to achieve modest progress in 2000. Rail Engineering and Services ----------------------------- Our Business ------------ In the rail engineering and services market, Balfour Beatty is an international leader in the design, construction, equipping, maintenance and management of rail assets and systems. We aim to be the world's best provider of rail infrastructure. Performance ----------- Operating profits in the Rail Engineering and Services sector at £18 million were some £7 million down on 1998. These results reflect some further anticipated decline in operating margins in the UK maintenance business, including the effect of expenditure to improve our technology base and asset management systems. This will enable us to offer our customers in rail, particularly Railtrack, a more comprehensive service in improving track quality and reliability. The growing rail projects business was very successful in securing a number of major contracts on the West Coast Main Line and the Channel Tunnel Rail Link and in bringing the major Amtrak electrification project in the USA close to completion. Strategy and Prospects ---------------------- We are distinctly different from those UK companies who largely concentrate on domestic maintenance and track renewal work. While we are strong in these activities, our skills are much more broadly based, covering electrification, major rail development and construction projects, signalling and manufacturing, all on an international basis. We are progressing potential acquisitions both in North America and continental Europe to expand our rail business into markets and technologies where we can grow profitably. The rail industry is growing around the world, as is the demand for our services. In the near term, downward pressure on UK maintenance profits will continue. Profits from our growing list of major rail development projects, many of them long term in nature, will begin to make a significant contribution after 2000. The addition of new operations in this sector should contribute to operating profits this year. Investments and Developments ---------------------------- Our Business ------------ In the market for infrastructure investments and developments, Balfour Beatty promotes and invests in privately-funded infrastructure projects and developments in selected sectors. We aim to achieve high quality returns from a balanced and growing portfolio of interests. Performance ----------- Operating profits from the Group's Investments and Developments sector, which comprises Barking Power, our Private Finance Initiative concession interests and the residue of our property portfolio, grew strongly from £14 million to £30 million in 1999 as more Private Finance Initiative concessions began to earn income. The associated interest costs increased accordingly. The Group achieved preferred bidder status for the University College London Hospital, Stoke Schools and Aberdeen Waste Water schemes during the year. Strategy and Prospects ---------------------- We were one of the first and are amongst the most successful entrants to this market. In addition to our profitable investment in Barking Power, our main focus, through Balfour Beatty Capital Projects, is on the UK Government's Private Finance Initiative, particularly roads, hospitals, schools, power and water projects. We have a different position from many of our competitors. In addition to the profits recorded in this sector generated through returns on equity investment and concession operations, we execute the construction and provide long-term management and maintenance services. The prospects in this sector are excellent. We will bid further road, hospital, school and other schemes as they become available and are involved, through the Metronet consortium, in bidding for concessions under the Public Private Partnership for the London Underground. The embedded value of our equity investments, secure long-term profit streams from services and the enhanced skills and capabilities that flow through from this business to the rest of the Group will be of great benefit to us in the future. CASH ---- At year end net cash amounted to £84 million, compared to net debt of £129 million at the end of 1998. This reflected both the cash receipts from the disposal of the Energy Cable and Telecommunication Cable businesses and a strong operating cash performance from the on-going businesses. As previously stated in the 'End of Year Statement' dated 13 December 1999, two residual issues arising from the disposal of Energy Cable businesses still remain to be finally completed. These comprise final settlement of the agreed value of total net assets transferred in the sale of the Energy Cable interests to General Cable, and the still outstanding question of the position of our partners in the Dubai Cable Company. The cash position will be further improved by the receipts arising from the proposed disposal of Brand-Rex. MANAGEMENT AND COST STRUCTURE ----------------------------- In August, Alan Jones retired as Chief Executive to be succeeded by Mike Welton, who had been Chief Executive of Balfour Beatty Limited since 1996. In October, Ron Henderson was succeeded as Finance Director by Ian Tyler, who has held that position in Balfour Beatty Limited since 1996. Edward Astle and Mike Downie also left the Board during the year when the businesses for which they were responsible were sold. Since the year end Paul Lester, Managing Director for UK construction, and Jim Cohen, Managing Director with responsibility for both our rail and our private finance business, have joined the Board. Considerable progress was made last year in rationalising the company into a shape appropriate to its new size and form. Corporate overheads have already been significantly reduced and further cost savings will be made when the two locations from which the corporate functions now operate are vacated in favour of a single, smaller and lower-cost facility during 2000. Similar action has been taken, and is continuing in the different operating companies. Enquiries to:- Mike Welton, Chief Executive Ian Tyler, Finance Director Tim Sharp, Head of Corporate Communications Tel: 020 7629 6622 www.bicc.com A presentation to analysts will take place this morning at 10.00 am at The City Presentation Centre, 4 Chiswell Street, London, EC1. BICC PLC GROUP PROFIT AND LOSS ACCOUNT For the year ended 31 December Before Except- Total Before Except- Total except- ional except- ional ional items ional items items (Note 3) items (Note 3) as re- as as stated restated restated 1999 1999 1999 1998 1998 1998 Notes £m £m £m £m £m £m TURNOVER INCLUDING SHARE OF JOINT VENTURES AND ASSOCIATES 2 2,904 - 2,904 3,975 - 3,975 Share of turnover of joint ventures (97) - (97) (156) - (156) Share of turnover of associates (172) - (172) (149) - (149) ----- ----- ----- ----- ----- ----- GROUP TURNOVER 2,635 - 2,635 3,670 - 3,670 ===== ===== ===== ===== ===== ===== __________________________________________________ Continuing operations 2,200 - 2,200 2,204 - 2,204 Discontinued operations 435 - 435 1,466 - 1,466 __________________________________________________ GROUP OPERATING PROFIT/(LOSS) 41 (12) 29 79 (124) (45) Share of operating profit of joint ventures 23 - 23 - - - Share of operating profit of associates 26 - 26 29 - 29 ----- ----- ----- ----- ----- ----- OPERATING PROFIT/ (LOSS) 2 90 (12) 78 108 (124) (16) __________________________________________________ Continuing operations 107 (5) 102 93 - 93 Discontinued operations (17) (7) (24) 15 (124) (109) __________________________________________________ Fundamental restructuring costs - (2) (2) - (27) (27) Net loss on sale of operations - (446) (446) - (7) (7) Provision for loss on sale of Telecommunication Cable businesses - 26 26 - (26) (26) ----- ----- ----- ----- ----- ----- PROFIT/(LOSS) BEFORE INTEREST 90 (434) (344) 108 (184) (76) Net interest payable and similar charges: Group (12) (25) Share of joint ventures' interest (17) (2) Share of associates' interest (10) (11) ----- ----- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (383) (114) Taxation 4 4 (20) ----- ----- LOSS AFTER TAXATION (379) (134) Minority interests (including non-equity interests) 1 (5) ----- ----- LOSS FOR THE FINANCIAL YEAR (378) (139) Dividends: Preference (17) (15) Ordinary (17) (25) ----- ----- TRANSFER FROM RESERVES (412) (179) ===== ===== p p ADJUSTED EARNINGS PER ORDINARY SHARE 5.1 6.6 Exceptional items after attributable taxation and minority interests 3 (98.9) (43.4) ----- ----- LOSS PER ORDINARY SHARE 5 (93.8) (36.8) ===== ===== DILUTED LOSS PER ORDINARY SHARE 5 (93.8) (36.8) ===== ===== DIVIDENDS PER ORDINARY SHARE 8 4.0 6.0 ===== ===== STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 31 December 1999 1998 as re- stated £m £m LOSS FOR THE FINANCIAL YEAR (378) (139) Exchange adjustments 2 (4) Reduction in fixed asset revaluation surplus (2) (27) ----- ----- TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR (378) (170) ===== Prior year adjustment (8) ----- TOTAL GAINS AND LOSSES RECOGNISED SINCE THE LAST ANNUAL REPORT (386) ===== BICC PLC GROUP BALANCE SHEET AT 31 DECEMBER 1999 1998 as re- stated £m £m FIXED ASSETS Intangible assets 3 3 Tangible assets 161 362 Investments - 1 Investments in joint ventures _______________ Share of gross assets 352 323 Share of gross liabilities (316) (275) _______________ 36 48 Investments in associates 37 30 ----- ----- 237 444 ----- ----- CURRENT ASSETS Stocks 81 244 Debtors - due within one year 555 814 - due after one year 88 111 Cash and deposits 158 184 ----- ----- 882 1,353 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Borrowings (51) (182) Minority redeemable capital - (32) Other (834) (1,131) ----- ----- NET CURRENT (LIABILITIES)/ASSETS (3) 8 ----- ----- TOTAL ASSETS LESS CURRENT LIABILITIES 234 452 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Borrowings (23) (99) Other (44) (37) PROVISIONS FOR LIABILITIES AND CHARGES (84) (108) ----- ----- 83 208 ===== ===== SHAREHOLDERS' FUNDS 82 199 MINORITY EQUITY INTERESTS 1 9 ----- ----- 83 208 ===== ===== Shareholders' funds include non-equity shareholders' funds of £177m (1998: £177m). GROUP CASH FLOW STATEMENT 1999 1998 For the year ended 31 December Notes £m £m Net cash (outflow)/inflow from operating activities 6 (14) 170 Dividends from joint ventures and associates 13 6 Returns on investments and servicing of finance (30) (46) Taxation (4) (24) Capital expenditure and financial investment (net) (43) (115) Acquisitions and disposals of businesses 310 (20) Ordinary dividends paid (25) (31) ----- ----- Cash inflow/(outflow) before use of liquid resources and financing 207 (60) ===== ===== 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 accounts have been restated to comply with FRS12 'Provisions, Contingent Liabilities and Contingent Assets' and as a consequence adjustments have been made to the balance sheets at 31 December 1998 and prior years. The effects of these restatements are to increase provisions charged in 1998 by a net £20m before tax of which £27m is treated as part of exceptional items as fundamental restructuring costs and £7m as a reduction in exceptional items charged against operating profit and to adjust related deferred taxation by £3m. The effect on 1999 results is to increase the amount charged to exceptional items as fundamental restructuring costs and against operating profit by £2m and £7m respectively with an associated tax credit of £3m. 2. SEGMENT ANALYSIS ---------------- Operating profit before exceptional Turnover items Capital employed 1999 1998 1999 1998 1999 1998 as re- as re- stated stated £m £m £m £m £m £m TOTAL GROUP, INCLUDING SHARE OF JOINT VENTURES AND ASSOCIATES Building, building management and services 923 961 26 15 (94) (77) Civil and specialist engineering and services 905 851 22 29 (18) (28) Rail engineering and services 351 372 18 25 14 ( 1) ----- ----- -- -- -- -- Engineering, construction and maintenance 2,179 2,184 66 69 (98) (106) Investments and developments 114 92 30 14 60 72 Cables 147 139 11 10 64 55 ----- ----- ----- ----- ----- ----- 2,440 2,415 107 93 26 21 Discontinued operations 464 1,560 (17) 15 - 368 ----- ----- ----- ----- ----- ---- 2,904 3,975 90 108 26 389 ===== ===== Net interest payable (39) (38) ----- ----- Profit before tax and exceptional items 51 70 ===== ===== Net cash/(borrowings) 84 (97) Minority redeemable capital - (32) Tax and dividends (27) (52) ----- ----- 83 208 ===== ===== Following the disposal of the Energy Cable and Telecommunication Cable businesses in 1999 the Group has adopted a new reporting structure which is reflected in the table above. The Engineering, construction and maintenance segment reported in 1998 has been sub-divided into Building, building management and services, Civil and specialist engineering and services and Rail engineering and services. The Capital projects and developments segment reported in 1998 has been re- named Investments and developments. The Cables segment comprises the Brand-Rex and Dubai Cable businesses which were previously reported as part of Cable manufacturing, related systems and services. The remainder of the Cable manufacturing, related systems and services segment reported in 1998 comprising the Energy Cable and Telecommunication Cable businesses sold in 1999 and Optical Fibres have been classified as discontinued together with the businesses sold in 1998 under the reorganisation of the Group's interest in Metal Manufactures Ltd. The effect of exceptional items on performance by activity is set out in Note 3. 3. EXCEPTIONAL ITEMS ----------------- 1999 1998 as re- stated £m £m Charged against operating profit: Rationalisation of cable businesses 7 18 Reorganisation of head offices 3 - Bid defence costs 2 - Asset impairment provisions - 106 ----- ----- 12 124 ----- ----- Fundamental restructuring costs 2 27 ----- ----- Net loss on sale of operations 446 7 ----- ----- Provision for loss on sale of Telecommunication Cable businesses (26) 26 ----- ----- 434 184 ===== ===== Exceptional items charged against operating profit comprise the costs of rationalising the discontinued cable businesses (£7m as restated), the reorganisation of head offices (£3m) and the costs arising from approaches made to the BICC plc Board by Wassall plc (£2m), each of which arose in Europe. Exceptional items charged against operating profit in 1998 related to cable manufacturing, related systems and services businesses and arose in Europe £68m as restated, North America £29m, Australasia £24m and Other £3m. In accordance with FRS11 'Impairment of Fixed Assets and Goodwill', a write-down of £106m was charged against operating profit in 1998 as an exceptional item in respect of the Energy Cable businesses. The fundamental restructuring costs in 1999 and 1998 (£2m and £27m respectively as restated) related to the Cable manufacturing, related systems and services businesses. The loss on sale of operations in 1999 arose on the disposal of the Energy Cable and Telecommunication Cable businesses. Goodwill of £295m was charged in respect of the Energy Cable businesses and £26m (previously provided in 1998) in respect of the Telecommunication Cable businesses. In 1998, the net loss on sale of operations arose on the disposal of the Group's interest in Metal Manufactures Ltd (£11m, loss after charging goodwill of £17m) and Optical Fibres (£4m profit). Exceptional items have reduced the Group's tax charge by £18m (1998:£1m as restated) and have had no effect on minority interests (1998:£1m reduction). 4. TAXATION -------- 1999 1998 as re- stated £m £m United Kingdom (9) 18 Overseas 5 2 ----- ----- Taxation(credit)/charge (4) 20 ===== ===== 5. LOSS PER ORDINARY SHARE ----------------------- The calculation of the loss per ordinary share is based on the loss for the financial year, after charging preference dividends, divided by the weighted average number of ordinary shares in issue during the year of 421.4m (1998: 420.7m). There were no dilutive potential ordinary shares at 31 December 1999 and 31 December 1998. Adjusted earnings per ordinary share before exceptional items have been disclosed to give a clearer understanding of the Group's underlying trading performance. 6. NOTES TO THE CASH FLOW STATEMENT -------------------------------- 1999 1998 £m £m (a) Net cash inflow from operating activities comprises: Group operating profit before exceptional items 41 79 Depreciation 39 78 (Profit)/loss on disposal of fixed assets (1) 1 Exceptional items - cash expenditure (46) (34) Working capital (increase)/decrease (47) 46 ----- ----- Net cash (outflow)/inflow from operating activities (14) 170 ===== ===== 1999 1998 £m £m (b) Reconciliation of net cash flow to movement in net borrowings and minority redeemable capital: Opening net borrowings and minority redeemable capital (129) (180) Cash inflow/(outflow) before use of liquid resources and financing 207 (60) Disposal of businesses - debt at date of disposal 6 108 Exchange adjustments - 3 ----- ----- Closing net cash/(borrowings and minority redeemable capital) 84 (129) ===== ===== 7. POST BALANCE SHEET EVENTS ------------------------- On 6 March 2000 the Group announced that it had conditionally agreed to sell its datacommunication and speciality cable businesses, Brand- Rex, to Caradon plc for £145m in cash. The book value of assets to be sold on a debt and cash free basis was £64m at 31 December 1999. The transaction is subject to shareholder approval and would result in an exceptional profit of approximately £20m after transaction costs and other costs associated with the disposal and after charging goodwill of £53m previously written off to reserves. 8. DIVIDEND PAYMENT ---------------- Subject to approval at the Annual General Meeting on 9 May 2000, the final dividend of 2.0p (1998:2.0p) per ordinary share will be paid on 3 July 2000 to ordinary shareholders on the register on 8 May 2000 by direct credit or, where no mandate, by warrant posted on 30 June 2000. A preference dividend of 5.375p gross (4.8375p net) per preference share will be paid in respect of the 6 months ending 30 June 2000 on 1 July 2000 to preference shareholders on the register on 19 May 2000 by direct credit or, where no mandate, by warrants posted on 29 June 2000. ************************************************ These accounts do not constitute statutory accounts. The Preliminary Profits Statement for 1999 has been extracted from the statutory accounts of BICC plc for 1999, which have not yet been filed with the Registrar of Companies, on which the auditors gave an unqualified report.

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