Interim Results
CENTRICA PLC
9 September 1999
Centrica plc
Interim Results
for the 6 months ended 30 June 1999
(unaudited)
SUMMARY
6 months ended 6 months Year ended
30 June ended 31 December
1999 30 June 1998
1998 as restated
as restated
Turnover £3,887m £4,125m £7,481m
Operating profit before £279m £114m £214m
exceptionals
Profit before tax and £286m £128m £252m
exceptionals
Earnings before £243m £88m £176m
exceptionals
Operating cash flow £901m £673m £870m
before exceptionals
Earnings per share 4.0p 1.2p 2.1p
Earnings per share 5.5p 2.0p 4.0p
before exceptionals
Special dividend per - - 12.0p
share
Interim dividend per 1.0p - -
share
- Strong first half helped by lower gas costs and higher
production
- Good progress growing domestic electricity base
- Rapid take-up of new products
- First interim dividend
- Recommended offer for the Automobile Association
Commenting on the results, Chairman Sir Michael Perry said:
Our results in the first half of 1999 were satisfactory, with
further earnings improvement and continued strong cash flows. The
strategy we have pursued and developed has delivered considerable
growth in shareholder value. In addition to the increase in share
price we returned £530 million to shareholders by way of a special
dividend of 12p per share in June 1999, and I confirm we will pay
our first interim dividend of 1p per share on 7 December 1999.
CHAIRMAN'S STATEMENT
I am pleased to report the continuing progress of the Group in
implementing our strategy to establish Centrica as the first choice
supplier of energy and services to homes and businesses. As expected,
we have lost domestic gas market share following the introduction of
competition but are satisfied with the proportion of customers we have
retained to date. We are delighted that many of those who had left
are now returning to us. We have also signed up in excess of 1.9
million domestic electricity customers and are continuing to see
substantial growth in our Services business.
Financial Performance
The results of actions we have taken over the last two years are now
coming through in much stronger financial performance, with earnings
before exceptional charges in the first half of £243 million, compared
with £88 million in the corresponding period in 1998. In particular
lower gas costs following renegotiation, which were evident in the
fourth quarter of 1998, also provided further benefit in the first
half of this year. We have continued to generate positive cash flows
which enabled us to pay the special dividend of £530 million in June
1999 from our own cash reserves. As at 30 June 1999 we had net cash
of £498 million which, together with funding arrangements already in
place, will provide the finance for the proposed acquisition of the
Automobile Association (AA).
Customer Service
Excellent customer service continues to be of paramount importance to
us and goes hand in hand with brand development. Our customer
satisfaction tracking shows we are maintaining the considerable
improvements we have made in recent years, to the service we deliver.
However, we recognise there is still more to be done and have wide
ranging improvement plans in place, designed to enhance further our
relationship with customers.
Board
During the period we have been delighted to welcome Sir Sydney
Lipworth to the Board as a non-executive director. Sir Sydney brings
long and wide ranging experience, which will be invaluable to us as we
build on the early success of our company.
Dividend
As announced in February, the Board has forecast a dividend, in the
absence of exceptional circumstances, of 2.5 pence in respect of 1999.
An interim dividend of 1.0 pence per share, payable on 7 December
1999, is declared.
Strategy
The decision to close our British Gas Energy Centre shops was taken
following an in-depth strategic review. The business had faced
problems from depressed trading conditions and intense competition,
and the decision to close was a difficult but necessary one.
We expect to complete our acquisition of the AA over the next month,
subject to the approval of its members. With the AA, British Gas and
Goldfish, we will have three very strong consumer brands. We will
continue to invest in those brands to consolidate the Company's
position as a leading provider of essential products and services.
Sir Michael Perry, CBE
Chairman
9 September 1999
CHIEF EXECUTIVE'S REVIEW
Group Results
Turnover at £3,887 million was £238 million lower in the first half of
1999, compared with the first six months of 1998. Domestic gas sales
volumes were down by 14% due to market share reductions, following the
full opening up of competition in May 1998. We saw turnover increases
in central heating services, gas trades in the wholesale market, and
the gradual build up of electricity sales. Turnover in our Retail
business however declined by £15 million with depressed trading
conditions in the high street.
Operating profit at £279 million, before exceptional charges, was £165
million better than the performance achieved in the first half of
1998.
Most of the profit improvement occurred in Energy Supply due to lower
third party gas, transportation and storage costs and higher gas
production from our own gas fields. In the first half of 1999, the
average unit cost of gas purchased externally was 16.2 pence compared
with 19.3 pence in the corresponding period in 1998. Much of this
reduction came about as a result of the long-term take or pay gas
contract renegotiations we concluded over the last three years, which
took effect from October 1998. Gas production volumes from our own
field interests were up by approximately 50% compared with the first
half of 1998. This displaced more expensive externally purchased gas
and improved the Group's profit by approximately £55 million.
Due to the seasonality of domestic energy consumption, first half year
profits will normally exceed those in the second half. Whilst we
estimate around 60% of our domestic Energy Supply revenues arise in
the first half, our operating costs before reduction initiatives are
flat across the year.
Progress continues to be made in our Services business, which made a
profit before exceptional charges of £8 million compared with £3
million in the first half of 1998. In Retail we incurred a loss
before exceptionals of £25 million, a disappointing deterioration
compared with the loss of £16 million in the corresponding period in
1998. Following a strategic review, in July the closure of our Energy
Centre shops was announced at an exceptional cost of approximately £60
million, of which £42 million has been recognised in these results.
Group operating costs of £586 million before exceptional charges were
up by 14% on the first half of 1998 due primarily to expenditure on
electricity customer acquisitions and systems, growth in Services and
investment in other new businesses.
First half exceptional charges were £66 million (1998; £35
million). The main component was £60 million (1998; £nil) on
restructuring, of which £18 million was in Energy Supply and £42
million was associated with asset impairments on the closure of our
Retail operations. In addition £6 million (1998; £8 million) was
incurred on Year 2000 computer system compliance preparations. In the
first half of 1998, exceptional charges also included £27 million in
relation to gas contract renegotiations.
Net interest receivable was £7 million (1998; £17 million), after
taking account of notional charges of £12 million (1998; £12 million)
in connection with discounted long-term liabilities. The reduction
compared with 1998 reflected lower interest rates and the take-on of
debt with the sale and leaseback of certain gas platform assets in
Morecambe Bay.
The tax charge of £43 million (1998; £40 million) primarily related to
ring-fenced offshore gas production activities.
Operating cash flow before exceptionals amounted to £901 million, an
increase of £228 million on the first half of 1998, mainly due to
lower payments for gas and transportation. In June 1999 a special
dividend of £530 million was paid to shareholders. Net cash at the
end of June 1999 was £498 million, a level £275 million higher than
the level at the beginning of the current year.
Customer Service
We place the highest priority on the quality of service we provide to
our customers who continue to confirm high levels of customer
satisfaction.
In the first half of the year, complaints, excluding those relating to
the switching of supplier in our gas supply business, fell by 17%
compared with the same period last year. In the change of supplier
category the impact of domestic gas competition has been to increase
complaints to the Gas Consumers' Council (GCC). Including these, the
overall levels of gas supply complaints rose in the first half by 6%
compared with the first six months of 1998, and for the Group as a
whole, the increase was 2%.
In our Services business the downward trend in complaints to the GCC
has continued, with a further fall of 6% for the first half of this
year.
Prices
We continue to reduce prices to our energy supply customers. Our Gas
Choices package allows customers to select a payment method which best
suits their needs, with payment outlets that include more than 19,000
Post Offices. Our pricing reflects the relative costs of
administration, with direct debit being the least costly and, due to
the need for special meters, prepayment as the most expensive. We
have nevertheless cut prepayment prices three times over the past 15
months, totalling a 10% reduction in real terms. An Advance Payment
Tariff has also been introduced, offering customers 15% savings from
standard prices. With the opening up of the electricity market,
British Gas has guaranteed to offer cheaper electricity prices than
local suppliers until 2001. On average British Gas' direct debit
electricity prices for its gas customers are currently 11% lower than
the electricity prices offered by local suppliers. By supplying both
fuels British Gas is passing administrative cost savings through to
customers.
Regulation
Reform of the electricity pool price setting mechanism, the separation
of the supply and distribution activities and the distribution price
control reviews of the regional electricity companies are key
regulatory issues. In this regard we are encouraged by the progress
which the Regulator is making in pursuing these changes. Current
supply price controls in gas (which apply to British Gas) and in
electricity (which apply to regional electricity companies) run until
March 2000. From the Regulator's initial consultation there appears
to be scope for some relaxation of supply price controls as the gas
and electricity markets become more competitive. We believe it is
important that the nature of any remaining controls from April 2000
does not lead to any distortions in the converging energy market.
Year 2000
We have completed our year 2000 readiness programme for all of our key
systems. If they had not been addressed, year 2000 issues could have
potentially disrupted many of our key business processes including gas
production, customer billing and collection, customer liaison, and
servicing and installation of appliances. From now on we are
concentrating our efforts on ensuring our contingency and operating
plans are adequate for the critical period. Centrica is making every
effort to ensure that the risk of disruption to customers, employees,
shareholders and other stakeholders is minimised.
Centrica is an active member of the year 2000 cross utility interest
group and is working closely with the Government body 'Action 2000',
and its regulatory bodies. In keeping with Centrica's commitment to
its programme, we have signed 'Pledge 2000' along with other members
of the utility interest group.
Since commencement of the programme in 1997, Centrica has spent £31
million on year 2000 preparations. It is estimated that up to a
further £9 million will be expended in completing the necessary work.
PERFORMANCE BY BUSINESS
Energy Supply
Operating profit for the six month period, before exceptional
charges, was £303 million (1998; £133 million). This improvement was
largely achieved through lower unit gas and storage costs.
In the domestic gas sector, the operating profit was £196 million
(1998; £87 million). The weather has been warmer than normal in the
first six months, as it was in the first half of 1998, and had the
effect of reducing the demand for gas. But for this, we would have
expected our profits to be almost £80 million higher in the first half
of 1999, and almost £60 million higher in 1998. Our market share in
the domestic gas market at the end of August 1999 was 76% (15 million
homes), compared with 85% (16.6 million homes) on 6 September 1998.
The domestic electricity market was fully opened to competition on 24
May 1999 and we have now signed up approaching 2 million customers.
The operating loss sustained in the first half of £59 million (1998;
£38 million) reflects our policy of expensing the costs of building up
our customer base.
In the combined domestic gas and electricity market we estimate our
market share to be approximately 36% at the end of August.
Business Gas losses were £7 million compared with £98 million in the
first six months of 1998, again reflecting the benefit of lower unit
gas and transportation costs. European trades continued to grow
during the first half of 1999. Accord made a profit of £9
million from wholesale energy trades, £5 million lower than in
the first half of 1998, due to lower available margins.
Our own gas production contributed £164 million (1998; £168 million)
to operating profits. Production volumes from our South Morecambe
field were up substantially, resulting in total own gas production
being almost 50% higher than in the first half of 1998. The average
unit price at which these volumes were charged to our gas supply
business was materially lower than in the corresponding period. Whilst
this has had a downward effect on operating profits from gas
production, there have been corresponding benefits in terms of
increased profitability in gas supply and lower taxation on ring-
fenced gas production. We have continued to enhance our portfolio of
equity gas by the purchase of further field interests at a cost of £10
million. In January 1999 £113 million of finance was raised from the
sale and leaseback of platform assets. This was in addition to £92
million raised at the end of 1998.
Services
The improvement in Services' financial performance, continued into
1999, evidenced by turnover of £282 million for the first six months
of the year. This represented a 15% increase compared with the same
period in 1998. Operating profit of £8 million before exceptionals
achieved during the first half of 1999 was £5 million higher than that
recorded in the equivalent prior year period. This increase was
realised despite significant levels of revenue investment in our new
business ventures, including home security, electrical appliance
maintenance and plumbing cover activities.
Retail
The hoped-for improvement in our Retail business did not materialise.
Trading was very depressed, in line with market conditions,
leading to sales 19% lower than the same period in 1998 and
losses £9 million worse at £25 million. On 19 July 1999, the closure
of the Energy Centre shops was announced. An exceptional impairment
charge of £42 million has been recognised in the first half and a
further exceptional charge of approximately £18 million is expected to
arise in the second half of the year as the closure is completed.
Future retailing will be undertaken through the Services business
direct to the home.
Other activities, including results of associates and joint ventures
Our primary joint venture is the Goldfish credit card, in partnership
with HFC Bank. The card has a very loyal base of customers, who are
attracted by the discounts offered against home-related products and
services. At the end of August just under one million cards were in
issue. Other Financial Services' activities include our home
insurance product, marketed under both the British Gas and Goldfish
brands.
Our other associate and joint ventures all contributed positively to
Group earnings.
Outlook
The second half of 1998 was materially affected by the benefit of gas
contract renegotiations. The profile of earnings in 1998, having
removed this effect, would have been very much skewed towards the
first half. We expect that 1999 earnings will follow a similar
pattern. Although the second half of 1999 should benefit from some
reduction in operating costs and a further small reduction in gas
costs, the seasonal nature of the business means that the Group's
second half profits are likely to be significantly lower than those of
the first six months.
Leaving aside the impact of absorbing the AA into the Group, assuming
the proposed acquisition is completed, we expect a satisfactory
performance for the full year.
Roy Gardner
Chief Executive
9 September 1999
Independent review report to Centrica plc
Introduction
We have been instructed by the Company to review the financial
information set out on pages 8 to 14 and we have read the other
information contained in the interim report for any apparent
misstatements or material inconsistencies with the financial
information.
Directors' responsibilities
The interim report, including the financial information contained
herein, is the responsibility of, and has been approved by the
Directors. The Listing Rules of the London Stock Exchange require
that the accounting policies and presentation applied to the interim
figures should be consistent with those applied in preparing the
preceding annual accounts except where any changes, and the reasons
for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in
Bulletin 1999/4 issued by the Auditing Practices Board. A review
consists principally of making enquiries of group management and
applying analytical procedures to the financial information and
underlying financial data and based thereon, assessing whether the
accounting policies and presentation have been consistently applied
unless otherwise disclosed. A review excludes audit procedures such
as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides
a lower level of assurance than an audit. Accordingly we do not
express an audit opinion on the information.
Review conclusion
On the basis of our review we are not aware of any material
modifications that should be made to the financial information as
presented for the six months ended 30 June 1999.
PricewaterhouseCoopers
Chartered Accountants
1 Embankment Place
London WC2N 6NN
9 September 1999
Summary Group Profit and Loss Account
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
Notes 1999 1998 1998
£m £m £m
as as
restated restated
Turnover:
- Continuing operations 3,822 4,045 7,312
- Discontinued operations 4 65 80 169
2 3,887 4,125 7,481
Cost of sales:
- underlying 3 (3,022) (3,497) (6,212)
- exceptional 5 - (27) (63)
(3,022) (3,524) (6,275)
Gross profit 865 601 1,206
Operating costs:
- underlying 3 (586) (514) (1,055)
- exceptional 5 (24) (8) (22)
(610) (522) (1,077)
Operating profit / (loss):
- Continuing operations 280 95 162
- Discontinued operations 4 (25) (16) (33)
2 255 79 129
Share of profits less losses of
associates and joint ventures - (3) (1)
255 76 128
Exceptional provision for loss on
operations to be discontinued 4,5 (42) - -
Profit / (loss) on ordinary
activities
before interest:
- Continuing operations 280 92 159
- Discontinued operations (67) (16) (31)
213 76 128
Net interest receivable 7 17 39
Profit on ordinary activities 6 220 93 167
before taxation
Taxation 7 (43) (40) (76)
Profit on ordinary activities 6 177 53 91
Dividends (40) - (530)
Retained profit / (loss) for the 137 53 (439)
financial period
Special dividend per ordinary 8 - - 12.0p
share
Interim dividend per ordinary 8 1.0p - -
share
Earnings per ordinary share:
- Basic 9 4.0p 1.2p 2.1p
- Diluted 9 4.0p 1.2p 2.0p
- Adjusted Basic 9 5.5p 2.0p 4.0p
There were no recognised gains or losses other than those shown above.
Summary Group Balance Sheet
As at As at As at
30 June 30 June 31
1999 1998 December
1998
£m £m £m
as as
restated restated
Fixed assets 1,844 1,715 1,947
Stock 87 117 127
Debtors due within one year 889 1,278 1,410
Debtors due after more than one 172 220 173
year
Cash and investments 743 694 374
Creditors due within one year (1,092) (1,261) (1,663)
Net current assets 799 1,048 421
Total assets less current 2,643 2,763 2,368
liabilities
Creditors due after more than one (250) (98) (169)
year
Provision for liabilities and (1,371) (1,289) (1,314)
charges
Total assets less liabilities 1,022 1,376 885
Capital and reserves:
Share capital 222 222 222
Share premium 2 1 2
Merger reserve 467 467 467
Profit and loss account 331 686 194
Shareholders' funds 1,022 1,376 885
Movements in Shareholders' Funds
6 months 6 months Year
ended 30 ended 30 ended
June June 31
1999 1998 December
1998
£m £m £m
as as
restated restated
Shareholders' funds at 1 January 885 1,322 1,322
Profit on ordinary activities 177 53 91
Dividends (40) - (530)
Shares issued - 1 2
Shareholders' funds at period end 1,022 1,376 885
Summary Group Cash Flow Statement
6 months 6 months Year
ended ended ended
Note 30 June 30 June 31
1999 1998 December
£m £m 1998
as £m
restated as
restated
Operating profit after exceptional 255 79 129
charges
Add back:
Exceptional charges 24 35 85
Depreciation and amortisation 134 92 207
Decrease in working capital 466 438 408
Other non cash flow items 22 29 41
Operating cash flow before
exceptionals:
- Continuing operations 920 713 918
- Discontinued operations (19) (40) (48)
901 673 870
Expenditure relating to exceptional (46) (51) (211)
charges
Net cash inflow from operating 855 622 659
activities
Dividends received from associates - - 1
and joint ventures
Returns on investments and servicing 15 22 58
of finance
Taxation (9) (2) (215)
Capital expenditure and financial (57) (19) (70)
investment
Acquisitions - (7) (101)
Equity dividends paid 8 (530) - -
Cash inflow before financing 274 616 332
Management of liquid resources (375) (624) (285)
Financing 75 (2) (42)
Net (decrease) / increase in cash (26) (10) 5
Opening cash 19 14 14
Closing cash (7) 4 19
Reconciliation of cash and
investments, net of debt
£m £m £m
Net cash and investments, net of 223 41 41
debt at 1 January
Net increase in money market 375 624 285
investments
Net (decrease) / increase in cash (26) (10) 5
for the period
Debt on acquisitions - (6) (139)
New finance lease obligations (113) (1) (99)
Net reduction in short-term debt 39 3 130
Net cash and investments, net of 498 651 223
debt at period end (i)
(i) Net cash and investments, net of debt as at 30 June 1999 comprised
cash and money market investments of £743 million (30 June 1998; £694
million, 31 December 1998; £374 million), less bank overdrafts and loans
of £46 million (30 June 1998; £10 million, 31 December 1998; £44
million) and finance lease obligations of £199 million (30 June 1998;
£33 million, 31 December 1998; £107 million).
Notes
1 Basis of preparation and accounting policy change
The unaudited financial information contained in this report
does not comprise statutory accounts within the meaning of
Section 240 of the Companies Act 1985.
These results have been prepared using accounting policies
consistent with those used in preparing the Group's 1998 Annual
Report and Accounts, except that Financial Reporting Standard
12 'Provisions, Contingent Liabilities and Contingent Assets'
has resulted in full provision being made for the net present
value of the de-commissioning of gas production facilities. A
corresponding asset has been recognised in respect of the de-
commissioning costs, which is subject to amortisation charges
on a unit of production basis. Notional interest charges arise
on a time basis, based upon the discounted provision created.
Previously the cost of de-commissioning was being built up over
the life of the fields concerned on a unit of production basis.
The effect upon current and prior periods is shown below:
6 months 6 months Year ended
ended ended 30 31 December
30 June June 1998
1999 1998
£m £m £m
Cost of sales 5 4 6
Net interest receivable (2) (1) (3)
Profit before taxation 3 3 3
Taxation (1) (1) (1)
Profit for the financial 2 2 2
period
Operating profit after 5 4 6
exceptionals
Depreciation and 2 2 4
amortisation
Other non-cash flow items (7) (6) (10)
Cash inflow from - - -
operating activities
As at As at As at
30 June 30 June 31 December
1999 1998 1998
£m £m £m
Fixed assets 40 36 43
Provisions (25) (23) (30)
Reserves 15 13 13
2 Segmental analysis
for the 6 months ended 30 June
Operating Operating
profit / profit /
(loss) (loss)
Turnover before after
exceptional exceptional
charges charges
1999 1998 1999 1998 1999 1998
£m £m £m £m £m £m
as as
restated restated
Energy Supply 3,539 3,800 303 133 280 100
Services 282 245 8 3 7 1
Other 1 - (7) (6) (7) (6)
Continuing 3,822 4,045 304 130 280 95
operations
Discontinued 65 80 (25) (16) (25) (16)
operations
Total from 3,887 4,125 279 114 255 79
operations
for the year ended 31 December 1998
Operating Operating
profit / profit /
(loss) (loss)
Turnover before after
exceptional exceptional
charges charges
£m £m £m
as restated as restated
Energy Supply 6,784 248 171
Services 526 9 3
Other 2 (12) (12)
Continuing 7,312 245 162
operations
Discontinued 169 (31) (33)
operations
Total from 7,481 214 129
operations
3 Underlying costs
6 months 6 months Year ended
ended ended 31 December
30 June 30 June 1998
1999 1998
£m £m £m
as restated as restated
Cost of sales:
Continuing operations 2,973 3,447 6,107
Discontinued operations 49 50 105
3,022 3,497 6,212
Operating costs:
Continuing operations 545 468 960
Discontinued operations 41 46 95
586 514 1,055
3,608 4,011 7,267
4 Discontinued operations
On 19 July 1999, Centrica announced the closure of its British
Gas Energy Centre shops. Consequently, the segment reported
previously as 'Retail', has been treated as 'Discontinued
operations' and a £42 million impairment exceptional charge has
been recognised in the six months ended 30 June 1999. A further
exceptional charge of approximately £18 million, relating to
closure costs and post cessation trading activities is expected
to arise in the second half of the year. As at 9 September
1999 the closure is largely complete.
5 Exceptional charges
6 months 6 months Year
ended ended ended
30 June 30 June 31
1999 1998 December
£m £m 1998
£m
Cost of sales:
Gas contract renegotiations - 27 63
- continuing operations
Operating costs:
Year 2000 costs - 6 8 18
continuing operations - - 1
- discontinued operations
6 8 19
Restructuring - 18 - 2
continuing operations - - 1
- discontinued operations
18 - 3
Provision for loss on 42 - -
operations to be discontinued
66 35 85
Year 2000 costs represent bought-in services.
6 Earnings before exceptionals
6 months 6 months Year
ended ended ended
30 June 30 June 31
1999 1998 December
£m £m 1998
as £m
restated as
restated
Profit on ordinary
activities before 220 93 167
taxation
Exceptional charges 66 35 85
Profit before tax and 286 128 252
exceptionals
Taxation (43) (40) (76)
Earnings before 243 88 176
exceptionals
7 Taxation
The charge comprises mainly corporation tax on 'ring-fenced'
offshore gas production.
8 Dividends
An interim dividend of 1.0p per share (1998 nil) will be
paid to shareholders on 7 December 1999. A special dividend
of 12.0p per share was paid to shareholders on 23 June 1999.
9 Earnings per share
Basic and adjusted earnings per share (EPS) are calculated as
follows:
6 months 6 months Year ended
ended ended 31
30 June 30 June December
1999 1998 1998
as as
restated restated
Earnings EPS Earnings EPS Earnings EPS
£m pence £m pence £m pence
Profit after taxation 177 4.0 53 1.2 91 2.1
Add back exceptional 66 1.5 35 0.8 85 1.9
charges
Earnings before 243 5.5 88 2.0 176 4.0
exceptionalcharges
Average number of shares
(million)
used in the calculation of 4,403 4,420 4,419
basic and adjusted basic
earnings per share
Average number of shares
(million)
used in the calculation of 4,454 4,466 4,464
diluted earnings per share
Enquiries
For further information please contact:
Charles Naylor, Director of Corporate Affairs
Chris Milburn, Head of Investor Relations
Telephone:
01753 758 442/3/4/5 (Press)
01753 758 112/3/4 (Shareholders and Analysts)
Facsimile:
01753 758 440 (Press)
01753 758 472 (Shareholders and Analysts)
Internet:
www.centrica.co.uk
www.gas.co.uk
www.goldfish.com
Financial Calendar
Ex-dividend date for 1999 interim dividend 20 September 1999
Record date for 1999 interim dividend 24 September 1999
Payment of 1999 interim dividend 7 December 1999
1999 Preliminary results announcement 24 February 2000
1999 Annual Report and Accounts published End of March 2000
Annual General Meeting 8 May 2000
Registered Office
Charter Court
50 Windsor Road
Slough
Berkshire
SL1 2HA
Company Number: 3033654
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