Interim Results
Grafton Group PLC
08 September 2003
Grafton Group plc
Interim Results
For the Six Months Ended 30 June 2003
• Pretax profits up 32 per cent to €41.7m (€31.6m)
• Adjusted EPS increased 25 per cent to 19.63c (15.68c)
• Operating profit before goodwill up 40 per cent to €53.4m (€38.2m)
• Increase of 27 per cent in redemption of Redeemable Shares
• Operating cash flow 45 per cent higher at €45.8m
• Acquisition spend of €148m in first half
• EBITA interest cover 6.3 times and debt equity ratio 75 per cent
• UK contributes 67 per cent of operating profit and 74 per cent of turnover
• Jacksons acquisition performs ahead of expectations
• Five additional UK acquisitions completed since 1st January
• 7 New merchanting stores takes UK network to 254
• Irish operating profit up 19 per cent
• Woodie's DIY to increase network to twenty stores
Commenting on the interim results, Michael Chadwick, Chairman said:
'We are confident of continued profitable growth through organic development and
acquisition and expect profitability and earnings in the second half to be ahead
of last year. The Group is well funded to continue its acquisition programme
and has a healthy pipeline of attractive acquisition and development
opportunities going forward. The major Jackson acquisition has already proved
successful and has performed ahead of expectations since acquisition.'
Grafton Group plc
Interim Results
For the Six Months Ended 30 June 2003
Grafton Group plc is pleased to report on a period of significant progress for
the Group and the achievement of record sales, profits and earnings for the six
months to 30 June 2003.
Sales for the six months were up 32 per cent to €706.5 million (2002: €534.8
million).
Profit before tax increased by 32 per cent to €41.7 million (2002: €31.6
million).
Earnings per share before goodwill amortisation (adjusted earnings per share)
increased by 25 per cent to 19.63c (2002: 15.68c).
Operating profit before goodwill amortisation was up 40 per cent to €53.4
million (2002: €38.2 million) at an improved margin of 7.6 per cent (2002: 7.1
per cent).
The Board has decided to redeem one redeemable share per Grafton Unit for a cash
consideration of 4.50 cent. This represents an increase of 27 per cent on the
equivalent share redemption paid in September 2002.
Following the one for five rights issue in March 2003, the weighted average
number of shares in issue increased by 14 per cent to 201.0 million (2002: 175.6
million). The comparative interim and full year earnings per share and
redemption per share amounts for 2002 have been adjusted for the bonus element
of the rights issue (see note 3).
In the UK, the Group's most important market, turnover grew by 41 per cent to
€523 million and represented 74 per cent of Group turnover (2002: 69 per cent).
UK operating profit, before goodwill amortisation, increased by 54 per cent to
€35.6 million contributing 67 per cent of Group operating profit (2002: 61 per
cent). The strategy of growing the Group's earnings base by developing a
profitable business of scale in the UK is proving successful. The acquisition
of Jacksons in March 2003 was a significant milestone for the Group and
strengthened its position as the UK's fourth largest merchant with a market
share of circa 8 per cent.
In addition to Jacksons, the Group acquired three single branch merchanting
businesses during the half year and opened seven greenfield merchanting branches
in the UK. Since June, the acquisition of a further two merchanting businesses
was completed increasing the number of UK builders merchanting branches to 137.
EuroMix, the Group's dry mortar business, had an excellent half year and opened
its sixth plant at Harlow, Essex in May.
A continuation of the strong trading performance of the Group's Irish businesses
experienced in the second half of 2002 is reflected in a 12 per cent increase in
Irish turnover to €184 million with operating profit increasing by 19 per cent
to €17.8 million.
While the macro economic environment in Ireland continued to weaken, strong
residential housing and RMI activity continued for the first half of 2003.
Irish merchanting sales were up 10 per cent on a like for like business base
when compared to a slower first half experienced last year. The Irish retail
environment showed only modest volume growth in the half year however Woodie's
DIY increased sales by 16 per cent including strong like for like growth of 6
per cent.
Turnover and Operating Profit - UK & Ireland
Six months to Six months to Increase
30 June 2003 30 June 2002
(unaudited) (unaudited)
€'000 €'000
Turnover
Great Britain and Northern Ireland 522.5 370.6 41%
Republic of Ireland 184.0 164.2 12%
_____ _____ _____
Total 706.5 534.8 32%
_____ _____ _____
Operating profit
Great Britain and Northern Ireland 35.6 23.2 54%
Republic of Ireland 17.8 15.0 19%
_____ _____ _____
Total 53.4 38.2 40%
_____ _____ _____
The UK results are converted at the average Euro / Sterling rate of exchange for
the half year. Sterling was on average 9 per cent weaker in the first half of
2003 compared to the first half of 2002 and accordingly the underlying increase
in Grafton's UK activities was better when expressed in Sterling.
OPERATIONS REVIEW
United Kingdom
UK sales increased by 41 per cent to €522.5 million (2002: €370.6 million) and
operating profit increased by 54 per cent to €35.6 million (2002: €23.2
million). The operating margin increased to 6.81 per cent from 6.25 per cent.
All divisions reported good sales and profit growth. Excluding acquisitions,
merchanting sales grew by 6 per cent.
The repair, maintenance and improvement market, to which the Group's merchanting
business is primarily exposed, was strong in the half year against a positive
background of low interest rates and high employment. The results benefited
from like for like sales growth and a strong performance by the Jacksons
business in the four months since acquisition. The profitable integration and
ongoing development of prior year acquisitions boosted the effect of an active
acquisition programme in 2002, which involved the completion of fifteen
transactions and added forty one branches to the UK network.
The acquisition of Jacksons and the completion of a further five acquisitions,
including two since the end of June, increased the UK merchanting network by
twenty four branches. Greenfield developments added a further seven branches
and the Group now trades from two hundred and fifty four merchanting locations
in the UK. These developments further underline the Group's ability to
successfully integrate acquisition opportunities and enhance its regional
presence in the UK merchanting market.
UK Builders Merchanting: The Group's UK builders merchanting division, trading
principally under the Buildbase and Jackson brands had a very good half year
substantially increasing sales and operating profit, both in total and like for
like businesses.
The acquisition of Jacksons, the UK's largest regional independent merchanting
business previously ranked seventh in the BMF's league table of merchants, was
completed on 3 March 2003. Jacksons has materially increased the size of the UK
Builders Merchanting division, enabling the Group to widen its geographic
coverage and gain a valuable presence in the East Midlands market. The business
trades from eighteen branches and turnover was £133.8 million in 2002 (€212.8
million). The trading performance since acquisition has been ahead of
expectations. It is anticipated that the annual synergies and cost saving for
the enlarged Group will be comfortably ahead of the acquisition announcement
time frame. Jacksons is a well managed and reputable merchanting business with
high visibility branding and a quality branch network which enjoys a leading
market position in the East Midlands. It is an ideal geographic fit with the
Group's strong builders merchanting presence in the South East, Midlands and
North of England.
Buildbase, now an established brand and leading business in the UK merchanting
market, increased sales and profits strongly in the half year. The results
benefited from like for like sales growth, integration benefits from prior year
acquisitions and the incremental effect of acquisitions made during 2002.
In Northern Ireland, Macnaughton Blair, the Group's ten branch merchanting
business, had a successful half year. Increased profitability was derived from
good like for like sales growth, the re-development of two branches carried out
during 2002 and the first half contribution from the acquisition in October 2002
of Peter Woods, a significant single branch business in Belfast.
UK Plumbers Merchanting: Plumbase, one of the UK's largest plumbers merchanting
chains with a strong presence in the South and Midlands, continued to perform
strongly increasing both sales and operating profit. Good like for like branch
sales growth was achieved and the overall growth of the division was enhanced by
the incremental effect of the JKS and B J White acquisitions made at the end of
2002. Both businesses were integrated into the Plumbase network and traded
successfully in the half year. Plumbase continued to expand its branch network
with the opening of four branches.
UK Mortar: EuroMix, a provider of a range of factory produced mortars for use
in blocklaying and bricklaying, traded successfully in the half year increasing
sales and operating profits strongly. The division, which has developed a
quality product offering of dry mortar based products in the UK, has gained a
strong market position and continues to grow volumes and consolidate its market
leadership. In May, a new plant was opened in Harlow, Essex bringing the number
of dry mortar plants operated by EuroMix in the UK to six.
Republic of Ireland
The strong performance reported by the Group's Irish businesses for the second
half of 2002 continued during the half year despite a slowing economy. Solid
growth in sales and operating profit was achieved in the half year. Sales
increased by 12 per cent to €184 million (2002: €164.2 million) and operating
profit rose by 19 per cent to €17.8 million (2002: €15 million) resulting in an
increase in Irish margins to 9.7 per cent from 9.1 per cent in 2002.
Irish Merchanting: Following a continuation of high levels of new build
activity in the residential housing market and a strong RMI market, the Group's
Irish merchanting business increased sales by 10 per cent to €114.1 million
(2002: €103.5 million). The division achieved good operating profit growth in
the half year, benefiting from volume growth, cost control and tight credit
management. During the half year, Chadwicks opened a new Plumb Centre in Galway
and work commenced on the construction of a new branch premises in Wexford to
provide for the re-location from the existing town centre branch to a high
profile purpose built out of town site in early 2004.
Irish Retailing: Woodie's enhanced its market leadership in the Irish DIY
market with turnover growth of 16 per cent to €53.1 million (2002: €45.8
million). Like for like sales increased 6 per cent. Woodie's turnover during
the period benefited from the contribution of new stores opened in Tralee and
Newbridge during 2002. Both stores traded successfully. Underlying profit
levels continued to improve on the back of better buying terms and tight cost
control.
In August 2003, Woodie's opened its fifteenth store in Cavan and has announced
plans to open a further five stores over the next two years in Carlow, Clonmel,
Limerick, Kilkenny and the Naas Road, Dublin to take its network of DIY stores
in Ireland to twenty.
Irish Manufacturing: Manufacturing turnover increased by 12 per cent to €16.8
million (2002: €15 million) benefiting in particular from strong growth in
EuroMix silo mortar turnover in the Greater Dublin area.
Finance
The Group produced strong cashflows in the half year generating €45.8 million
(2002: €31.6 million) from operating activities. Cash outflow on acquisitions
including acquired debt was €148 million (2002: €19.9 million). Capital
expenditure amounted to €37.9 million (2002: €35.6 million) including a spend of
€22.0 million on development initiatives. The total cash outflow in the half
year on acquisitions and capital expenditure was €185.9 million (2002: €55.5
million).
The Group raised €68.4 million net of expenses in a one for five Rights Issue
completed in March 2003 to part fund the acquisition of Jacksons and to enable
the Group to continue to finance its acquisition and development programme.
EBITA interest cover was 6.3 times (2002: 6.8 times). Earlier this year, the
Group took advantage of historically low long term Sterling interest rates to
increase its fixed interest rate debt to half of total debt.
Shareholders' funds were €410.8 million (30 June 2002: €288.5 million) and net
debt amounted to €307.3 million (30 June 2002: €212 million) giving a debt to
equity ratio of 75 per cent (30 June 2002: 73 per cent).
The Rights Issue and strong operating cash flow has enabled Grafton to fund a
major capital programme in the half year and leaves the Group with the balance
sheet strength and high levels of interest cover to pursue a healthy pipeline of
attractive acquisition and development opportunities going forward.
Outlook
The Board expects that the Group's strategy of diversifying its earnings base
across the UK and Ireland by building strong brands and market positions through
organic development and acquisitions will continue to provide a sound basis for
profitable growth.
In the UK, the Group anticipates benefits from the integration of prior year
acquisitions, further bolt-on acquisitions in a consolidating market and like
for like sales growth.
Although in Ireland current trading continues to show like for like sales
growth, the Group expects the weakening macro economic background to be
reflected in an eventual slowdown in the level of new house building. The
effects of this slow down should be offset to some extent by stronger
performance from the more resilient RMI sector and the continuation of sales
growth in the Woodie's DIY business.
Overall, the Group remains optimistic about its trading prospects and expects
profitability and earnings in the second half to be ahead of last year.
Ends 8th September 2003
For reference:
Michael Chadwick Joe Murray
Executive Chairman Murray Consultants
Grafton Group plc Telephone: (++353) (01) 498 0300
Telephone: (++353) (01) 216 0600
Colm O Nuallain Ginny Pulbrook
Finance Director Citigate
Grafton Group plc (++44) (0207) 282 2945
Telephone: (++353) (01) 216 0600
A copy of this statement is also available on our website www.graftonplc.com
Grafton Group Plc
Group Profit & Loss Account
For the Six Months Ended 30 June 2003
Twelve Months Six Months Six Months
To 31 Dec 02 To 30 June 03 To 30 June 02
(audited) (unaudited) (unaudited)
€'000 €'000 €'000
Turnover
1,087,375 Continuing operations 633,224 534,754
64,983 Acquisitions 73,319 -
--------- --------- ---------
1,152,358 Total turnover 706,543 534,754
========= ========= =========
Operating profit before goodwill amortisation
91,387 Continuing operations 48,450 38,175
924 Acquisitions 4,938 -
--------- --------- ---------
92,311 53,388 38,175
4,195 Goodwill amortisation 3,997 1,774
--------- --------- ---------
88,116 Operating profit 49,391 36,401
3,711 Profit on disposal of property - -
--------- --------- ---------
91,827 Trading profit 49,391 36,401
1,611 Income from financial assets 964 882
13,219 Interest payable (net) 8,636 5,730
--------- --------- ---------
80,219 Profit on ordinary activities before taxation 41,719 31,553
12,048 Taxation 6,258 4,102
--------- --------- ---------
68,171 Profit on ordinary activities after taxation 35,461 27,451
9 Dividend - 9
--------- --------- ---------
68,162 Profit retained 35,461 27,442
========= ========= =========
36.51c Earnings per share 17.64c 14.73c
36.99c Adjusted earnings per share 19.63c 15.68c
35.71c Diluted earnings per share 17.33c 14.36c
36.18c Adjusted diluted earnings per share 19.29c 15.29c
8.48c Share redemption 4.50c 3.53c
Grafton Group Plc
Consolidated Balance Sheet
As at 30 June 2003
31 Dec 02 30 June 03 30 June 02
(audited) (unaudited) (unaudited)
€'000 €'000 €'000
Fixed assets
100,443 Intangible assets - goodwill 172,415 63,072
302,336 Tangible assets 342,806 271,155
33,579 Financial assets 33,646 33,559
--------- --------- ---------
436,358 548,867 367,786
--------- --------- ---------
Current assets
159,345 Stock 183,785 148,701
209,276 Debtors 267,912 191,872
103,108 Cash and short term bank deposits 170,128 75,109
--------- --------- ---------
471,729 621,825 415,682
282,015 Creditors (amounts falling due within one year) 428,084 233,017
--------- --------- ---------
189,714 Net current assets 193,741 182,665
--------- --------- ---------
626,072 Total assets less current liabilities 742,608 550,451
--------- --------- ---------
288,083 Creditors (amounts falling due after 318,912 245,394
more than one year)
16,016 Provision for liabilities and charges 12,919 16,592
--------- --------- ---------
304,099 331,831 261,986
--------- --------- ---------
321,973 410,777 288,465
========= ========= =========
Capital and reserves
9,023 Share capital 10,764 8,852
35,465 Share premium account 101,598 35,435
18 Capital redemption reserve 35 -
40,533 Revaluation reserve 40,396 41,397
236,934 Profit and loss account 257,984 202,781
--------- --------- ---------
321,973 Shareholders' funds - equity 410,777 288,465
========= ========= =========
Grafton Group Plc
Group Cash Flow Statement
For the Six Months Ended 30 June 2003
Twelve Months Six Months Six Months
To 31 Dec 02 To 30 June 03 To 30 June 02
(audited) (unaudited) (unaudited)
€'000 €'000 €'000
109,259 Net cash inflow from operating activities 45,763 31,582
(9,424) Returns on investments and servicing of finance (8,367) (4,042)
(5,213) Taxation (3,089) (2,191)
--------- --------- ---------
94,622 34,307 25,349
--------- --------- ---------
Capital expenditure and financial investment
(68,007) Purchase of tangible fixed assets (37,901) (35,607)
14,656 Disposal of tangible fixed assets 5,209 3,703
--------- --------- ---------
(53,351) (32,692) (31,904)
--------- --------- ---------
Acquisitions
(76,379) Acquisition of subsidiary undertakings and businesses (118,510) (17,417)
5,250 Net (debt) / cash acquired with subsidiary undertakings (7,006) (1,600)
(3,728) Deferred acquisition consideration (962) (313)
--------- --------- ---------
(74,857) (126,478) (19,330)
--------- --------- ---------
Redemption of shares / dividends
(8,330) Equity dividends paid - (8,330)
(6,610) Redemption of redeemable shares (9,260) -
--------- --------- ---------
(14,940) (9,260) (8,330)
--------- --------- ---------
(48,526) Cash outflow before use of liquid resources and financing (134,123) (34,215)
--------- --------- ---------
7,272 Cash (outflow) / inflow from movement in liquid resources (78,451) 12,379
--------- --------- ---------
Financing
866 Issue of ordinary share capital 68,377 647
95,329 Increase in term debt 100,260 43,090
(1,723) Capital element of finance leases repaid (187) (920)
(18,627) Redemption of loan notes payable (747) (17,905)
--------- --------- ---------
75,845 167,703 24,912
--------- --------- ---------
34,591 (Decrease) / increase in cash in the period (44,871) 3,076
========= ========= =========
Reconciliation of net cash flow to movement in net debt
34,591 (Decrease) / increase in cash in the period (44,871) 3,076
(74,979) Cash inflow from increase in debt and lease financing (99,326) (24,265)
(7,272) Cash flow from management of liquid resources 78,451 (12,379)
--------- --------- ---------
(47,660) Change in net debt resulting from cash flows (65,746) (33,568)
(14,473) Loan notes issued on acquisition of subsidiary undertakings (21,475) -
(744) Finance leases acquired with subsidiary undertakings (87) (567)
17,138 Translation adjustment 20,610 17,053
--------- --------- ---------
(45,739) Movement in net debt in the period (66,698) (17,082)
(194,905) Net debt at 1 January (240,644) (194,905)
--------- --------- ---------
(240,644) Net debt at 30 June (307,342) (211,987)
--------- --------- ---------
Notes
1. Movements in Group Shareholders' Funds
Twelve Months Six Months Six Months
To 31 Dec 02 To 30 June 03 To 30 June 02
(audited) (unaudited) (unaudited)
€'000 €'000 €'000
68,171 Profit on ordinary activities after taxation 35,461 27,451
(9) Dividends - (9)
(6,610) Redemption of redeemable shares (9,260) -
--------- --------- ---------
61,552 26,201 27,442
866 Issue of ordinary share capital 68,377 647
Currency translation adjustment
(8,415) - on foreign currency net investments (8,899) (7,540)
3,503 - on foreign currency borrowings 3,125 3,449
--------- --------- ---------
57,506 Net addition to shareholders' funds 88,804 23,998
264,467 Opening shareholders' funds 321,973 264,467
--------- --------- ---------
321,973 Closing shareholders' funds 410,777 288,465
========= ========= =========
2. Redeemable Shares
The Board has decided to redeem one redeemable share per Grafton Unit for a cash
consideration of 4.50 cent per share. Accordingly, no interim dividend has been
declared. Redemption will take effect in respect of Grafton Units on the
register at the close of business on 3 October 2003 and the cash consideration
of 4.50 cent per share will be paid on 10 October 2003.
Following redemption of one redeemable share per Grafton Unit on 3 October 2003,
a Grafton Unit will comprise one ordinary share of €0.05 cent each in Grafton
Group plc, seven redeemable shares of €0.01 cent each in Grafton Group plc and
one C Ordinary share of Stg0.0001p in Grafton Group (UK) plc.
3. Rights Issue and Earnings Per Share
In March 2003 the Group raised €68.4 million, net of expenses, by the issue of
35,276,228 New Grafton Units at a price of €2.00 per New Grafton Unit by way of
a 1 for 5 rights issue. This is reflected in a 14 per cent increase in the
weighted average number of shares in issue to 201.0 million compared to the
weighted average number of shares in issue of 175.6 million in the first half of
2002.
The actual cum rights issue price on 28 February 2003, the last day of quotation
cum rights, was €3.06 and the theoretical ex-rights price for a Grafton Unit was
therefore €2.8833 per Grafton Unit. The 2002 per share amounts are adjusted for
the bonus element of the rights issue by applying the factor 1.06128 (3.06 /
2.8833).
Earnings per share is based on the profit on ordinary activities after taxation
and adjusted earnings per share is calculated on the same basis but excluding
goodwill amortisation and property profit.
4. Exchange Rates
The results and cash flows of the Group's United Kingdom subsidiaries have been
translated into Euro using the average exchange rate. The related balance
sheets of the Group's United Kingdom subsidiaries at 30 June 2003 and 30 June
2002 have been translated at the rate of exchange ruling at the balance sheet
date.
The average Euro / Sterling rate of exchange for the six months ended 30 June
2003 was Stg68.55p (six months to 30 June 2002: Stg62.17p and twelve months to
31 December 2002: Stg62.88p). The Euro / Sterling exchange rate at 30 June 2003
was Stg69.32p (30 June 2002: Stg64.98p and 31 December 2002: Stg65.05p).
5. Turnover
The amount of turnover by class of activity is as follows:
Twelve Months Six Months Six Months
To 31 Dec 02 To 30 June 03 To 30 June 02
(audited) (unaudited) (unaudited)
€'000 €'000 €'000
215,037 Irish merchanting and wholesaling 114,143 103,477
98,117 DIY retailing 53,102 45,751
30,665 Irish manufacturing and related activities 16,760 14,989
--------- --------- ---------
343,819 Total turnover from Irish activities 184,005 164,217
808,539 UK merchanting and other activities 522,538 370,537
--------- --------- ---------
1,152,358 706,543 534,754
========= ========= =========
6. Operating Profit
Twelve Months Six Months Six Months
To 31 Dec 02 To 30 June 03 To 30 June 02
(audited) (unaudited) (unaudited)
€'000 €'000 €'000
38,596 Republic of Ireland 17,808 15,001
53,715 Great Britain and Northern Ireland 35,580 23,174
--------- --------- ---------
92,311 Operating profit before goodwill amortisation 53,388 38,175
(4,195) Goodwill amortised (3,997) (1,774)
3,711 Profit on disposal of property - -
--------- --------- ---------
91,827 Trading profit 49,391 36,401
1,611 Income from financial assets 964 882
--------- --------- ---------
93,438 50,355 37,283
========= ========= =========
7. Reconciliation of Operating Profit to Net Cash Inflow from Operating
Activities
Twelve Months Six Months Six Months
To 31 Dec 02 To 30 June 03 To 30 June 02
(audited) (unaudited) (unaudited)
€'000 €'000 €'000
88,116 Operating profit 49,391 36,401
22,439 Depreciation 13,105 10,405
4,195 Goodwill amortisation 3,997 1,774
(1,839) Profit on disposal of plant and motor vehicles (1,083) (873)
(3,652) Increase in working capital (19,647) (16,125)
--------- --------- ---------
109,259 Net cash inflow from operating activities 45,763 31,582
========= ========= =========
8. Interim Statement
The interim figures for the half-year to 30 June 2003 and the comparative
figures for the half-year to 30 June 2002 are unaudited. The figures shown for
the year ended 31 December 2002 have been extracted from the Financial
Statements for the year. A copy of these Financial Statements, on which the
Auditors have issued an unqualified report, has been delivered to the Registrar
of Companies.
This statement will be sent by post to all registered shareholders. Non
shareholders may obtain copies from the company's registered office at Heron
House, Corrig Road, Sandyford Industrial Estate, Dublin 18.
Independent Review Report to Grafton Group plc
Introduction
We have been instructed by the company to review the financial information set
out on pages 7 to 12 and we have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the Irish and London Stock Exchanges 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 financial 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 2003.
KPMG
Chartered Accountants
Dublin
5 September 2003
This information is provided by RNS
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