Maiden Interim Result
Dignity PLC
06 August 2004
For Immediate Release 6 August 2004
Dignity plc
Maiden Interim Results
Unaudited interim results for the 26 week period to 25 June 2004
Dignity plc, Britain's largest single provider of funeral-related services,
namely funeral services, cremations and pre-arranged funeral plans, announces
maiden interim results for the period to 25 June 2004.
Financial highlights
Underlying profit before tax up 30.9% to £12.3 million
Operating profit* up 19.8% to £20.0 million
Turnover up 3.6% to £69.1 million
Dividend per share interim dividend of 1.875p per share
*Before exceptional items and goodwill amortisation
Operating highlights
• Three successful acquisitions, creating an additional four funeral homes
• Opening of two new funeral homes
• North Lanarkshire crematorium to open in August 2004
• Client satisfaction is at record levels
Peter Hindley, Chief Executive of Dignity plc;
'We have achieved an excellent set of results, despite the death rate for the
period being down 3.6% on the same period last year.
'This has been achieved through continuing to provide consistently high levels
of client service and concentrating on achieving operating efficiencies. The
outlook remains positive for the rest of the year.'
For more information
Peter Hindley, Chief Executive
Mike McCollum, Finance Director
Dignity plc +44 (0) 20 7466 5000
Richard Oldworth
Mark Edwards
Suzanne Brocks
Buchanan Communications +44 (0) 20 7466 5000
The interim results are available at www.dignityfuneralsplc.co.uk
Chairman's statement
Introduction
Dignity plc was successfully admitted to the Official List of the London Stock
Exchange in April 2004. The Group is the largest single provider of funeral
related services, namely funeral services, cremations and funeral plans in
Britain. It is also the only UK listed company in this area.
The listing raised £123.0 million before expenses, which was used by the Group
to repay expensive debt, secure a more diversified ownership and provide more
stable financing.
Results
I am pleased to report a strong trading performance in the first half of our
first financial year as a listed company. Operating profit before goodwill
amortisation and exceptional items has increased by 19.8 per cent. to £20.0
million. Operating profit has increased by 39.4 per cent. to £19.1 million.
The Group performed 35,100 funerals from our network of 511 branches around the
country; 19,800 cremations at our 21 crematoria and sold 7,900 pre-arranged
funeral plans. This was against a background of lower recorded deaths in the
period. Total recorded deaths were 295,800, some 3.6 per cent. lower than last
year. Historically, fluctuations in recorded deaths tend to be self-correcting
and the Board's view on medium-term death rates remains unchanged.
Lower than expected revenues in the period were more than offset by continued
strong cost control in all areas of the business. The details of the trading
results are included in the financial and operating highlights over the page.
Underlying profit and dividend
Underlying profit before tax in the first half of the financial year was £12.3
million compared to £9.4 million for the same period last year, an increase of
30.9 per cent. This is stated after adjusting for exceptional items,
amortisation of goodwill and non-recurring finance charges. Including these
items, the reported loss before taxation is £3.9 million (26 week period ended
27 June 2003: £1.3 million).
The Board has declared an interim dividend of 1.875p per share payable on 29
October 2004 to all shareholders on the register at 20 August 2004. This is
consistent with the Group's dividend policy set out in the Listing Particulars
published at the time of listing.
Developments
During June and July, the Group acquired three funeral businesses, trading from
four locations, to add to the existing branch network, for a total cash
consideration of £2.9 million. The Group expects to complete further
acquisitions in the second half of the year. In addition the Group opened two
new funeral homes that will share the resources of nearby existing Dignity
funeral homes.
The development of the new crematorium at Holytown in North Lanarkshire is
nearing completion and the facility is expected to open during August 2004.
The Group operates within a traditional market which requires a personal service
to customers and so a continued commitment to service excellence is central to
the Group's strategy. This is achieved through the experienced and committed
staff at our many locations. The Board continues to monitor customer
satisfaction through client surveys and the results continue to be excellent. I
would like to thank all our staff for their hard work and continued dedication
to client service.
Outlook
The successful listing of the company has created a strong base for the future
development of the business. Margins have continued to be ahead of last year and
the Group continues to trade well. Our expectations for the year remain
positive.
Richard Connell
Chairman
Financial and operating highlights
Introduction
The Group's operations are managed across three main areas, namely funeral
services, crematoria and pre-arranged funeral plans. Funeral services account
for 80 per cent. of the Group's revenues and relate primarily to the provision
of funerals and ancillary items such as memorials and floral tributes.
Crematoria account for 16.1 per cent. of the Group's revenues which principally
arise from cremation services and memorialisation. Income to cover the costs of
administering the sale of pre-arranged funeral plans, in advance of the time of
need, account for 3.9 per cent. of the Group's revenues.
Financial highlights
• Underlying profit before tax1 up 30.9 per cent. to £12.3 million.
• Operating profit before goodwill amortisation and exceptional items up
19.8 per cent. to £20.0 million.
• Turnover increased 3.6 per cent. to £69.1 million.
• Interim dividend of 1.875p per share.
Further statutory disclosures
• Operating profit increased by 39.4 per cent. from £13.7 million to
£19.1 million.
• Loss before tax of £3.9 million compared to £1.3 million in the previous
comparative period.
Trading overview
Funeral volumes were 35,100 in the period compared to 36,300 in 2003. This can
be compared to a 3.6 per cent. fall in recorded deaths in the period against
prior year. Revenues rose by 3.9 per cent. to £55.3 million whilst operating
costs were reduced by 1.0 per cent. to £37.2 million.
Cremation volumes were 19,800 in the period compared to 20,600 in 2003. Revenues
rose by 6.7 per cent. to £11.1 million, whilst operating costs fell by 7.0 per
cent. to £5.3 million, in part due to a re-organisation in the division during
Q2 2003.
Pre-arranged funeral plan sales were 7,900 in the period compared to 13,800 in
2003. This is primarily due to the timing of marketing campaigns conducted by
the Group's affinity partners. In particular in 2003, AXA conducted two
marketing campaigns, one in each half of the year, whereas in 2004, both
campaigns are anticipated in the second half of the year. Royal London have
recently closed their direct sales force operation to focus on other sales
channels. This will have an adverse effect on pre-need sales in the second half
of the year whilst we work with them to develop sales through their preferred
routes to market. The Group continues to explore other routes to market via
affinity partners.
During the period the Group received £1.2 million (26 weeks to 27 June 2003:
£nil; 52 weeks to 26 December 2003: £1.0 million) from the release of trust
surpluses by the fund trustees. The directors do not anticipate any further
recoveries of trust surpluses this year.
1 see page 5
Trading overview
26 week period ended
25 June 27 June
2004 2003
£m £m
Turnover
Funeral services 55.3 53.2
Crematoria 11.1 10.4
Pre-arranged funeral plans 2.7 3.1
69.1 66.7
Operating profit before goodwill amortisation and exceptional items
Funeral services 18.1 15.7
Crematoria 5.8 4.7
Pre-arranged funeral plans 1.0 0.5
Central overheads (4.9) (4.2)
20.0 16.7
Exceptional items
Funeral services - profit on sale of fixed assets 0.5 0.3
Crematoria - profit/(loss) on sale of fixed assets 0.3 (0.1)
Pre-arranged funeral plans - recovery of trust surpluses 1.2 -
Central overheads - whole business securitisation costs - (0.5)
2.0 (0.3)
Operating profit before goodwill amortisation
Funeral services 18.6 16.0
Crematoria 6.1 4.6
Pre-arranged funeral plans 2.2 0.5
Central overheads (4.9) (4.7)
22.0 16.4
Underlying profit before tax
The past two years have witnessed significant re-organisations of the Group's
capital structure, including the venture capital backed management-buy-out in
2002, whole business securitisation in 2003 followed by flotation and redemption
of expensive debt in 2004, rendering comparison with prior periods or assessment
of the underlying earnings difficult. The Directors are of the opinion that the
following provides additional indicative information regarding the underlying
profits of the Group:
26 week period ended
25 June 27 June
2004 2003
£m £m
Loss before tax for the period as reported (3.9) (1.3)
Add/(deduct) the effects of:
Goodwill amortisation 2.9 2.7
Exceptional operating items (2.0) 0.3
Exceptional interest expense (see below) 10.1 -
Interest expense of mezzanine loan and loan notes
2013 (see below) 4.7 7.4
Amortisation of debt issue costs of mezzanine loan
and loan notes 2013 (see below) 0.5 0.3
Underlying profit before tax 12.3 9.4
The estimated effective tax rate on earnings before goodwill and exceptional
items is considered to be approximately 33 per cent. in 2004 and is not expected
to vary significantly in future years. As noted above, significant changes to
the capital structure have rendered comparison of the taxation charges
difficult.
Financing
Following flotation, the Group redeemed the £40 million mezzanine loan and £57
million of the £63 million principal of the loan notes 2013, incurring an early
redemption penalty of £4.0 million and writing-off £6.1 million of deferred
issue costs. The remaining £6.0 million principal of the loan notes 2013 was
redeemed on 30 July 2004.
Therefore, prospectively the Group's finance expense will substantially consist
of the Class A & B secured notes and related ancillary instruments that were
issued in April 2003. The finance charge in the period relating to these
instruments was £8.5 million (including amortisation of debt issue costs of £0.5
million).
Outlook
Although volumes in the first half of the year have been lower than expected,
the Group continues to benefit from cost savings. Consequently, our expectations
for the year remain positive.
Consolidated profit and loss account (unaudited)
52 week
period
26 week period ended ended
25 June 27 June 26 December
2004 2003 2003
Note £m £m £m
Turnover 2 69.1 66.7 129.0
Gross profit 35.7 33.3 62.9
Other operating expenses (17.8) (19.6) (36.7)
Other operating income 1.2 - 1.0
Operating profit before goodwill amortisation
and exceptional items 20.0 16.7 32.0
Goodwill amortisation (2.9) (2.7) (5.6)
Exceptional operating items 2.0 (0.3) 0.8
Operating profit and profit on ordinary
activities
before interest and tax 2 19.1 13.7 27.2
Net interest payable and similar
charges before exceptional charges 3 (12.9) (15.0) (30.7)
Exceptional interest payable and
similar charges on redemption of debt 3 (10.1) - -
Net interest payable and similar charges 3 (23.0) (15.0) (30.7)
Loss on ordinary activities before tax 2 (3.9) (1.3) (3.5)
Taxation 4 0.2 0.1 0.3
Loss on ordinary activities after tax (3.7) (1.2) (3.2)
Equity minority interest - - (0.3)
Loss for the financial period (3.7) (1.2) (3.5)
Dividends declared 5 (1.5) - -
Retained loss for the financial period (5.2) (1.2) (3.5)
Basic loss per share 6 (7.2p) (4.5p) (13.2p)
Interim dividend per share 1.875p - -
The results have been derived wholly from continuing activities throughout the
period.
Statement of total recognised gains and losses (unaudited)
There were no other gains or losses other than those included with the losses
for the period, as shown above.
Consolidated balance sheet (unaudited)
25 June 27 June 26 December
2004 2003 2003
Note £m £m £m
Fixed assets
Intangible assets 105.2 104.8 106.5
Tangible assets 84.3 83.7 86.2
Investments 1.0 1.0 1.0
190.5 189.5 193.7
Current assets
Stocks 3.1 3.2 3.1
Debtors - amounts falling due within one year 20.0 18.5 20.8
- amounts falling due after more than one year 11.4 12.5 11.1
Cash at bank and in hand (See (a) 42.5 39.7 41.9
below)
Total current assets 77.0 73.9 76.9
Creditors: amounts falling due within one year (37.5) (43.7) (47.1)
Net current assets 39.5 30.2 29.8
Total assets less current liabilities 230.0 219.7 223.5
Creditors: amounts falling due after more than one year (189.0) (287.7) (293.1)
Provisions for liabilities and charges (10.5) (9.6) (10.0)
Net assets/(liabilities) 30.5 (77.6) (79.6)
Capital and reserves
Called up share capital 5.6 2.0 2.0
Share premium account 111.6 - -
Other reserves (12.2) (12.3) (12.3)
Profit and loss account (73.3) (65.8) (68.1)
Equity shareholders' funds 8 31.7 (76.1) (78.4)
Equity minority interest (1.2) (1.5) (1.2)
Capital employed 30.5 (77.6) (79.6)
(a) Certain cash balances are subject to restrictions. See note 7.
Consolidated cash flow statement (unaudited)
52 week
period
26 week period ended ended
25 June 27 June 26 December
2004 2003 2003
Note £m £m £m
Net cash inflow from operating activities 9 26.1 23.3 41.9
Returns on investments and servicing of finance (22.7) (11.7) (16.3)
Taxation (0.1) - -
Capital expenditure and financial investments 7, 10 15.1 (3.8) (15.1)
Acquisitions and disposals (1.5) (1.3) (7.7)
Cash inflow before use of liquid
resources and financing 16.9 6.5 2.8
Management of liquid resources 7 (9.2) - -
Financing - issue of shares 115.2 - -
- (repayment of)/increase in debt (115.6) 0.2 (0.9)
Increase in cash in the period 7.3 6.7 1.9
Reconciliation of cash flow statement to movements in net debt
52 week
period
26 week period ended ended
25 June 27 June 26 December
2004 2003 2003
£m £m £m
Increase in cash in the period 7.3 6.7 1.9
Cash outflows from decrease in debt 115.6 4.3 7.2
Management of liquid resources 9.2 - -
Change in net debt resulting from cash flows 132.1 11.0 9.1
Other non-cash changes (6.3) 2.6 (5.8)
Movement in net debt in the period 125.8 13.6 3.3
Net debt at beginning of period (284.4) (287.7) (287.7)
Net debt at end of period (158.6) (274.1) (284.4)
Notes to the interim report 2004
1. Basis of preparation
The interim financial statements have been prepared on the basis of the
accounting policies set out in the Group's 2003 financial statements.
The statements were approved by the Board of Directors on 5 August 2004 and are
unaudited. The Group's auditors have carried out a review of the statements.
The figures for the 52 week period ended 26 December 2003 have been extracted
from the statutory financial statements which have been filed with the Registrar
of Companies. The auditors' report on those financial statements was
unqualified.
The figures for the 26 week period ended 27 June 2003 have been extracted from
the underlying accounting records and are unaudited.
2. Turnover and segmental analysis
The turnover and operating profit before goodwill amortisation and exceptional
items, by division, were as follows:
26 week period ended 25 June 2004
Operating
profit/(loss)
before
goodwill Goodwill
amortisation amortisation
and and Operating
Turnover exceptionals exceptionals profit/(loss)
£m £m £m £m
Funeral services 55.3 18.1 (1.5) 16.6
Crematoria 11.1 5.8 (0.5) 5.3
Pre-arranged funeral plans 2.7 1.0 1.1 2.1
Central overheads - (4.9) - (4.9)
69.1 20.0 (0.9) 19.1
Interest expense (23.0)
Loss before tax (3.9)
26 week period ended 27 June 2003
Operating
profit/(loss)
before
goodwill Goodwill
amortisation amortisation
and and Operating
Turnover exceptionals exceptionals profit/(loss)
£m £m £m £m
Funeral services 53.2 15.7 (1.5) 14.2
Crematoria 10.4 4.7 (0.9) 3.8
Pre-arranged funeral plans 3.1 0.5 (0.1) 0.4
Central overheads - (4.2) (0.5) (4.7)
66.7 16.7 (3.0) 13.7
Interest expense (15.0)
Loss before tax (1.3)
52 week period ended 26 December 2003
Operating
profit/(loss)
before
goodwill Goodwill
amortisation amortisation
and and Operating
Turnover exceptionals exceptionals profit/(loss)
£m £m £m £m
Funeral services 103.1 30.0 (3.3) 26.7
Crematoria 20.1 9.1 (1.9) 7.2
Pre-arranged funeral plans 5.8 1.1 0.8 1.9
Central overheads - (8.2) (0.4) (8.6)
129.0 32.0 (4.8) 27.2
Interest expense (30.7)
Loss before tax (3.5)
Operating profit is stated after goodwill amortisation and exceptional items,
which comprise the following:
• Goodwill amortisation of £2.9 million (2003: £2.7 million; 52 weeks to
26 December 2003: £5.6 million);
• Recoveries2 of £1.2 million (2003: £nil; 52 weeks to 26 December 2003:
£1.0 million);
• Profit from sale of fixed assets of £0.8 million (2003: £0.2 million; 52
weeks to 26 December 2003: £0.3 million), principally arising from the sale of
properties; and
• Costs in connection with the whole business securitisation of £nil
(2003: £0.5 million; 52 weeks to 26 December 2003: £0.5 million).
2 From time to time, the Group receives monies from certain of the pre-arranged
funeral plan trusts ('the Trusts'), in line with the relevant Trust's deed,
which have been assessed by the trustees as not required to ensure the Trust has
sufficient assets to meet its future liabilities in respect of current members
('Recoveries'). All Recoveries are recognised as other operating income in the
period in which the trustees approve their payment.
3. Net interest payable
52 week period
26 week period ended ended
25 June 27 June 26 December
2004 2003 2003
£m £m £m
Interest payable and similar charges:
£210 million class A and B secured notes 7.5 3.2 10.6
£210 million senior bridge finance - 4.2 4.2
Mezzanine bank loan redeemed 08 April 2004 2.1 3.7 7.2
Loan notes 2013 (see below) 2.6 3.7 7.7
Amortisation of deferred debt issue costs 1.0 0.6 1.4
Other loans 0.1 - 0.1
Unwinding of discounts 0.4 0.1 0.5
Interest payable and similar charges before
exceptional items 13.7 15.5 31.7
Premium on early redemption of
Mezzanine loan - exceptional 4.0 - -
Amortisation of deferred debt issue costs
- exceptional 6.1 - -
Interest payable and similar charges 23.8 15.5 31.7
Interest receivable and similar income:
Bank deposits (0.7) (0.4) (0.9)
Debenture loan (0.1) (0.1) (0.1)
Interest receivable and similar income (0.8) (0.5) (1.0)
Net interest payable and similar charges 23.0 15.0 30.7
Following flotation, the Group redeemed the £40 million mezzanine loan and £57
million of the £63 million principal of the loan notes 2013, incurring an early
redemption penalty of £4.0 million and writing-off £6.1 million of deferred
issue costs. The remaining £6.0 million principal of the loan notes 2013 was
redeemed on 30 July 2004. Further details are set out in the financial and
operating highlights on page 3.
4. Taxation
The taxation charge in the period is based on an estimated effective tax rate on
profit before non tax deductible goodwill amortisation and exceptional items for
the 53 week period ended 31 December 2004, less the associated net tax credit
accruing to exceptional items.
5. Dividends
On 5 August 2004, the directors approved an interim dividend of £1.5 million
(2003: £nil), which equates to 1.875 pence per share, and will be paid on 29
October 2004 to those shareholders on the register at the close of business on
20 August 2004.
6. Earnings per share
The calculation of basic loss per ordinary share has been based on the loss for
the relevant period. There were no potentially dilutive shares in the period and
hence fully diluted earnings per share are equivalent to basic earnings per
share.
On 31 March 2004, prior to admission to the Official List of the London Stock
Exchange, the Company undertook a restructuring of its existing share capital:
The 1,300,000 'A' ordinary £1 shares, the 400,000 'B' ordinary £1 shares and the
300,000 'C' ordinary £1 shares were converted to a single class of ordinary £1
shares and then subdivided into 26,521,740 ordinary shares of 7 pence each.
The weighted average number of shares used for the current period is based on
26,521,740 shares prior to admission and 80,000,000 shares in issue after
admission. The weighted average number of shares used for the comparative
periods is 26,521,740.
Loss attributable to shareholders - Basic EPS
Weighted
average no. of Per share
Earnings shares amount
£m millions pence
26 week period ended 25 June 2004 (3.7) 51.5 (7.2)
26 week period ended 27 June 2003 (1.2) 26.5 (4.5)
52 week period ended 26 December 2003 (3.5) 26.5 (13.2)
The directors consider the information on page 5 to be a useful indication of
underlying performance.
7. Cash at bank and in hand
The cash at bank and in hand held by the Group includes the following balances:
• an amount of £1.4 million (2003: £12.5 million; 52 weeks to 26 December
2003: £12.7 million) that is subject to a charge in favour of the holders of the
loan notes 2012. This amount does not meet the definition of cash in FRS 1 'Cash
Flow Statements'.
• an amount of £9.0 million (2003: £4.6 million; 52 weeks to 26 December
2003: £8.7 million) which was required under the terms of the Group's secured
borrowings to be used to pay interest and principal on the secured borrowings
and related facilities.
• an amount of £nil (2003: £nil; 52 weeks to 26 December 2003: £5.8
million) which (save for circumstance where the directors believed there may
have been a risk of defaulting on the secured notes) could only be used in
paying the interest and principal due on the Mezzanine loan. This amount did not
meet the definition of cash in FRS 1.
• an amount of £11.3 million (2003: £14.9 million; 52 weeks to 26
December 2003: £10.4 million) which is required to be retained in a separate
account. This account may, in normal circumstances, only be used for acquiring
tangible fixed assets and businesses (either trade and assets or share
purchases). Included in this amount is £2.2 million (2003: £nil; 52 weeks to 26
December 2003: £1.0 million) relating to Recoveries, which may not be used for
12 months following receipt and hence does not meet the definition of cash in
FRS 1.
The amounts above that do not meet the definition of cash in FRS 1 have been
treated as 'transfers from/(to) restricted bank accounts' in the cash flow
statement and are reported within 'Capital expenditure and financial
investment'. See note 10 for further information.
Cash at bank and in hand also includes an amount of £9.2 million (2003: £nil; 52
weeks to 26 December 2003: £nil) which (save for circumstance where the
directors believe there may be a risk of defaulting on the secured notes) may
only be used in paying the interest and principal due on a loan between Dignity
(2002) Limited and Dignity Mezzco Limited, both of whom are wholly owned
subsidiaries of Dignity plc. This amount does not meet the definition of cash in
FRS 1 and has been reported within 'management of liquid resources'.
8. Reconciliation of movement in shareholders' funds
Profit
Share and
Share premium Other loss
capital account reserves account Total
£m £m £m £m £m
Shareholders' funds as at
27 December 2002 2.0 - (12.3) (64.6) (74.9)
Loss for the 26 weeks ended
27 June 2003 - - - (1.2) (1.2)
Shareholders' funds as at
27 June 2003 2.0 - (12.3) (65.8) (76.1)
Loss for the 26 weeks ended
26 December 2003 - - - (2.3) (2.3)
Shareholders' funds as at
26 December 2003 2.0 - (12.3) (68.1) (78.4)
Share issue 3.6 111.6 - - 115.2
Loss for the 26 weeks ended
25 June 2004 - - - (3.7) (3.7)
Dividends (1.5) (1.5)
Effects of Long Term Incentive
Plan - - 0.1 - 0.1
Shareholders' funds as at
25 June 2004 5.6 111.6 (12.2) (73.3) 31.7
Total expenses of £7.8 million were charged to the share premium account in
connection with the flotation.
9. Reconciliation of operating profit to net cash inflow from operating
activities
52 week period
26 week period ended ended
25 27 June 26 December
June
2004 2003 2003
£m £m £m
Operating profit 19.1 13.7 27.2
Goodwill amortisation charges 2.9 2.7 5.6
Depreciation charges 3.7 4.1 7.8
Profit on disposal of fixed assets (0.8) (0.2) (0.3)
Changes in working capital 1.5 3.3 1.8
Movement in provisions (0.3) (0.3) (0.2)
Net cash inflow from operating
activities 26.1 23.3 41.9
Included within the operating cash flows shown above are exceptional items
charged and/or credited to operating profit. The cash effect of these items is
as follows:
• Cash outflows as a result of costs arising from the whole business
securitisation of £nil (2003: £0.5 million; 52 weeks to 26 December
2003: £0.5 million); and
• Cash inflows arising from Recoveries of £1.2 million (2003: £nil; 52 weeks
to 26 December 2003: £1.0 million).
10. Capital expenditure and financial investment
52 week period
26 week period ended ended
25 June 27 June 26 December
2004 2003 2003
£m £m £m
Purchase of tangible fixed assets (1.9) (2.4) (7.3)
Transfers from/(to) restricted bank
accounts (see note 7) 15.9 (0.2) (7.3)
Construction bond - (2.0) (2.0)
Sale of tangible fixed assets 1.1 0.8 1.5
Net cash inflow/(outflow) from capital
expenditure and financial investment 15.1 (3.8) (15.1)
11. Interim statement
Copies of the interim statement are available from the registered office,
Plantsbrook House, 94 The Parade, Sutton Coldfield, West Midlands, B72 1PH, and
at the Group's website www.dignityfuneralsplc.co.uk.
12. Securitisation
In accordance with the terms of the securitisation carried out in April 2003,
Dignity (2002) Limited (the holding company of those companies subject to the
securitisation) has today issued reports to the Rating Agencies (Fitch and
Standard & Poor's), the Security Trustee and the holders of the notes issued in
connection with the securitisation confirming compliance with the covenants
established under the securitisation.
Copies of these reports are available at www.dignityfuneralsplc.co.uk.
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