Final Results

RJB Mining PLC 6 March 2001 RJB MINING PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000 (AUDITED) RJB Mining PLC, the UK's leading coal mining company, today announces its preliminary results for the year ended 31 December 2000. 2000 1999 £'000 £'000 Turnover 705,185 699,249 Profit/(loss) before tax after exceptional items 17,761* (130,029) Earnings/(loss) per share 10.1 pence (64.7 pence) * Profit before taxation includes £53.3 million in respect of UK Coal Operating Aid. * Net cash inflow before financing and dividends of £52.8 million (1999:£25.2 million) excluding UK Coal Operating Aid. * Final dividend of 5.0p per share (1999: 4.5p per share) making 10.0p per share for the full year (1999: 7.5p per share). * Open market valuation of UK property assets £44.2 million above book value. Commenting on the results, John Robinson, Chairman of RJB Mining, said: Demand over the next few years is strong and underpinned by the UK coal operating aid. Our focus continues to be on unit cost of production so that we are competitive with international coal and can deliver real value for shareholders. The coal market is in better shape than for some time. We are convinced that UK coal will continue to play a long term strategic and significant role in the generation of power for the nation. We intend to maximise returns on all our assets and are actively managing the land portfolio by developing those sites where value can be added at minimal risk and disposing of land that is surplus to requirements. For further information, please contact: RJB Mining PLC Today 0207 457 2345 John Robinson, Chairman Gordon McPhie, Acting Chief Executive Thereafter 01302 751751 Gavin Anderson & Company Liz Morley 0207 457 2345 Felicity Caton PRELIMINARY RESULTS STATEMENT Results In the year to 31 December 2000 net cash inflow from operations was £82.2 million (1999: £84.8 million), resulting in a cash inflow of £52.8 million (1999: £25.2 million) before financing and dividends. The major factor in this cash generation was the sale of £65.5 million of coal from stocks. The Group has reported a profit before tax for the year of £17.8 million including a £53.3 million credit in respect of UK Coal Operating Aid. The cash generation noted above excludes any cash from UK Coal Operating Aid which was received in full in February 2001. (For 1999 the Group reported a profit before tax and exceptional items of £11.0 million. Exceptional items comprised an asset impairment of £135.6 million, redundancy costs of £11.2 million, Inland Revenue interest of £1.0 million and a release of interest provision for additional consideration of £6.7 million). Dividends The Board is recommending a final dividend of 5.0 pence per share (1999: 4.5 pence per share), giving a total dividend of 10.0 pence per share for the year (1999: 7.5 pence per share). Trading Turnover for the year increased to £705.2 million (1999: £699.2 million) with the trading increase coming from the incorporation of a full years sales from CIM Resources in Australia. Coal sales volumes were 22.2 million tonnes in the UK (1999: 22.5 million tonnes) and 2.0 million tonnes in Australia (1999: 1.7 million tonnes for the full year). The market for UK coal has been stronger than generally expected due to the increase in prices of competitor fuels and the reduction in nuclear power output. Our coal production in the UK was reduced to 19.1 million tonnes in 2000 (1999: 22.5 million tonnes) in the year. Underground mine production was 15.2 million tonnes (1999: 17.5 million tonnes), whilst our surface mining operations produced 3.9 million tonnes, (1999: 5.0 million tonnes). Reductions in production were planned for 2000 because of the historically low price of international traded coal in 1999 (the price has since improved by over 40%), and the forecast reduction in size of the UK coal market. Underground mine production was reduced at Ellington and Clipstone due to the action taken to stop development work in 1999. Development work was restarted in the year, resulting in increased costs of £19.2 million. Clipstone returned to full production in the first quarter of 2001, whilst Ellington is due to be back in full production in April. Harworth and Maltby collieries experienced difficult geological conditions through much of the second half. The Selby complex experienced some difficult geological conditions during the year, and in November flooding of the Yorkshire Electricity sub-station supplying power reduced output. On the positive front Daw Mill colliery improved production in the second half of 2000, increasing production by 0.5 million tonnes compared to 1999. In the second half of the year heavy and prolonged rainfall affected the majority of surface mine sites, reducing production and resulting in increased operating costs at some sites where action needed to be taken to prevent flooding. Fuel costs escalated sharply in the year leading to increased operating and distribution costs. Surface mine results benefited from cost recoveries of £4.9 million from the DTI, under the agreement for the purchase of English Coal in 1994. Monckton Coke and Chemicals sales were £16.7 million (1999: £16.8 million) principally into the very competitive coke market. The business is currently performing at a small loss, but we have seen a recent improvement in market conditions. Sales of coal reduced UK stocks by 2.6 million tonnes in the period to a level of 1.3 million tonnes at 31 December 2000 (1999: 3.9 million tonnes), reducing working capital requirements and generating a strong positive cash flow. The Australian operations experienced difficult trading conditions with the oversupply of both coking and thermal coal continuing in Asia and resulting in price reductions in April 2000. The trading environment improved towards the end of the year with price increases being anticipated for 2001. UK Coal Operating Aid Scheme The receipt of aid under the UK Coal Operating Aid Scheme was delayed into 2001 due to the time taken by the European Commission approval process. It is a condition that aid will only be paid to those undertakings that reduce cost, in line with proposed mine business plans. UK Coal Operating Aid amounts due in respect of 2000 have been accrued for and separately identified within income in the report and accounts. As the income had not been received by the balance sheet date, it is shown as a debtor falling due within one year. Property Valuation The Group commissioned Fuller Peiser to carry out a valuation of land and property assets in the UK in 2000. The valuation resulted in an open market valuation of £95.1 million, in respect of UK land and buildings excluding the colliery land and buildings. Further details of the valuation, which was £44.2 million above net book value, are attached. Directors Richard Budge stepped down as Chief Executive of RJB Mining on 27 February 2001. On behalf of the Board I would like to thank Richard for his outstanding contribution to both the development of the Company and the UK coal industry. Gordon McPhie has been appointed Acting Chief Executive. Outlook The Group has contracts for this year's production at prices similar to those achieved in 2000. The majority of our contracts are medium term in nature and were agreed between 1998 and 2000, at prices reflecting a premium to the prices for internationally traded coal which had been trading at historic lows during that period. Increases in prices in the second half of 2000 have only now brought international spot prices into line with our average price per tonne. In summary, the market is in much better shape for us. We will focus attention on unit cost of production, with our Total Productive Mining initiative helping to energise our drive for better efficiencies and greater effectiveness throughout our production operations. In the longer term we believe that UK coal will continue to play a strategic and significant role in the generation of power for the nation. J H Robinson Chairman UK Land and Buildings Valuation During the year, surveyors Fuller Peiser prepared open market and asset valuations for our UK land and buildings assets, in accordance with the RICS Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors. Open market values are assessed based on existing conditions and planning approvals. A summary of the valuation of UK Land and Buildings excluding colliery land and buildings is shown below. Open market value Costs Open market before deduction of deducted value after costs deduction of costs £ £ £ Disposal points 15,568,697 6,044,271 9,524,426 Surface mines 97,727,023 18,476,664 79,250,359 Other operational properties 10,634,928 4,332,928 6,302,000 ---------- ---------- ---------- Total 123,930,648 28,853,863 95,076,785 =========== ========== =========== The costs deducted from the valuation largely comprise the costs of restoration and closure, remediation and aftercare included within the provisions for liabilities and charges disclosed in the annual Group financial statements. In the Group financial statements, the UK freehold land and buildings (net book value at 31 December 2000, £79.7 million) comprises the disposal points, surface mines and other operational properties. Land and buildings at collieries, which are excluded from the above valuation, are included in the total value of mines and surface works, which also includes the value of underground equipment and development. The valuation assumes a willing buyer and seller, and a reasonable period for the sale to take place. It is based upon current use and planning consents and does not take into account any added value that may arise should this change. However, a large proportion of the assets are in operational use and their value cannot be realised without an impact on the core activities of the business. The valuation excludes any taxation or clawback liability that would be incurred on the sale of these land assets at the estimated market value. Our aim is to maximise returns on all assets under our management and create increased shareholder value. This will best be achieved through a combination of active management of our existing rental and lease portfolio, development of those sites where we see value can be added with minimal risk exposure and disposal of surplus assets. PRODUCTION STATISTICS 2000 1999 Deep Mines Million tonnes Million tonnes Calverton 0.0 0.2 Clipstone 0.3 0.5 Daw Mill 1.9 1.4 Ellington 0.2 0.8 Harworth 0.9 1.6 Kellingley 1.5 1.4 Maltby 0.9 1.3 Prince of Wales 1.3 1.3 Riccall Combine 1.1 1.7 Rossington 0.7 0.9 Stillingfleet 1.9 2.0 Thoresby 1.7 1.7 Welbeck 1.4 1.2 Wistow 1.4 1.5 ------ ------ 15.2 17.5 Surface mines 3.9 5.0 ------ ------ TOTAL 19.1 22.5 ==== ==== CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31 December Group Group Note 2000 1999 £'000 £'000 Turnover 2 705,185 699,249 Cost of sales (720,205) (655,427) Exceptional items - redundancy release/(charge) 2,671 (11,221) Impairment in value of colliery assets - (135,554) --------- --------- Total cost of sales (717,534) (802,202) --------- --------- Gross loss (12,349) (102,953) UK Coal Operating Aid 53,342 - Other operating income & expenses 3 (18,531) (20,022) --------- --------- Operating profit/(loss) 22,462 (122,975) Share of loss of associate - (21) Profit on sale of land and buildings 3,644 - --------- --------- Profit/(loss) on ordinary activities before interest and taxation 26,106 (122,996) Interest receivable and similar income 4 4,366 3,893 Interest payable and similar charges 5 (12,711) (16,631) Exceptional interest 5 - 5,705 --------- --------- Net interest (8,345) (7,033) --------- --------- Profit/(loss) on ordinary activities before taxation 17,761 (130,029) Taxation 7 (3,757) 35,573 --------- --------- Profit/(loss) on ordinary activities after taxation 14,004 (94,456) Equity minority interest 777 152 --------- --------- Profit/(loss) for the financial year 14,781 (94,304) Dividend 8 (14,584) (10,938) --------- --------- Retained profit/ (loss sustained) for the year 197 (105,242) --------- --------- Earnings per ordinary share 10.1p (64.7p) All amounts above relate to continuing operations. There is no material difference between the profit/(loss) on ordinary activities before taxation and the retained profit/(loss) for the year stated above, and their historical cost equivalents Statement of Total Recognised Gains and Losses For the year ended 31 December 2000 1999 £'000 £'000 Profit/(loss) for the financial year 14,781 (94,304) Release of provision for potential additional consideration - 18,919 Exchange adjustments (1,337) 467 --------- --------- Total recognised gains and losses for the financial year 13,444 (74,918) ========= ========= BALANCE SHEETS As at 31 December Note Group Group Company Company 2000 1999 2000 1999 Restated (Note 1) £'000 £'000 £'000 £'000 ----- ----- ----- ----- ASSETS Fixed assets Tangible assets 502,121 556,734 - - Investments - in subsidiaries - - 21,239 20,125 - other 40 79 - - ___________________________________________________________________________ 502,161 556,813 21,239 20,125 Current assets Stocks 77,693 144,446 - - Debtors: amounts falling due after one year 3,183 2,451 594,835 594,835 Debtors: amounts falling due within one year 158,529 94,350 158,479 371,535 Cash at bank and in hand 12 25,412 35,906 13,063 16,918 ------- ------- ------- ------- 264,817 277,153 766,377 983,288 ------- ------- ------- ------- Total assets 766,978 833,966 787,616 1,003,413 ======= ======= ======= ======= LIABILITIES Capital and reserves Called up share capital 1,458 1,458 1,458 1,458 Share premium account 290,872 290,872 290,872 290,872 Special reserve account 18,919 18,919 191,847 191,847 Capital redemption reserve 257 257 257 257 Profit and loss account 41,705 42,845 72,854 81,503 ======= ======= ======= ======= Shareholders' funds, attributable to equity interests 10 353,211 354,351 557,288 565,937 Equity minority interest 1,224 920 - - ======= ======= ======= ======= Capital employed 354,435 355,271 557,288 565,937 Provisions for liabilities and charges 11 271,974 279,765 - - Creditors: amounts falling due after more than one year 14,198 23,139 - - Creditors: amounts falling due within one year 126,371 175,791 230,328 437,476 ------- ------- ------- ------- 412,543 478,695 230,328 437,476 ======= ======= ======= ======= Total funds employed 766,978 833,966 787,616 1,003,413 ======= ======= ======= ======= CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2000 1999 £'000 £'000 Operating activities Net cash inflow from continuing operating activities 82,223 84,751 ------ ------ Returns on investments and servicing of finance Interest paid on bank borrowings (740) (1,779) Interest paid on hire purchase and finance leases (2,150) (4,360) Interest paid on corporation tax (2,644) - Interest paid on discounted receivables - (1,289) Loan issue costs - (2,025) Interest received 4,246 3,959 ------ ------- Net cash outflow from returns on investments and servicing of finance (1,288) (5,494) Taxation (6,166) (20,118) Capital expenditure and financial investment Development expenditure (11,660) (9,289) Purchase of fixed assets (16,011) (23,262) Receipts from sale of investments 32 - Receipts from sale of fixed assets 5,628 1,723 ------ ------ (22,011) (30,828) Acquisitions and disposals Purchase of subsidiary undertakings - (5,469) Net cash acquired with subsidiary undertakings - 2,361 ------- ------- - (3,108) ------- ------- Cash inflow before financing and dividends 52,758 25,203 Equity dividends paid (13,845) (10,176) ------- ------- Cash inflow before use of 38,913 15,027 liquid resources and financing Net cash inflow before financing 38,913 15,027 Financing Repayment of bank borrowings (28,733) (4,080) Hire purchase and finance lease capital repaid (20,419) (26,238) ------- ------- Net cash (outflow) from financing (49,152) (30,318) ======= ======= (Decrease) in cash (10,239) (15,291) RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES for the year ended 31 December 2000 1999 Restated £'000 £'000 Continuing Activities Operating profit/(loss) 22,462 (122,975) Depreciation on tangible fixed assets 62,281 63,519 Net charge for surface mine development and restoration assets 16,581 5,317 Loss on disposal of plant and machinery 426 6,904 Decrease/(increase) in stocks 66,750 (917) (Increase)/decrease in debtors (12,880) 83,037 (Decrease) in creditors (20,055) (85,688) Impairment in colliery values - 135,554 UK Coal Operating Aid Receivable (53,342) - ------- ------- Net cash inflow from continuing operating activities 82,223 84,751 ======= ======= RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT At 1 January Exchange Other non At 31 2000 Cash flow adjustment cash changes December 2000 £'000 £'000 £'000 £'000 £'000 Cash at bank 35,906 (10,239) (255) - 25,412 Bank borrowings (29,074) 28,733 253 (713)* (801) Hire purchase and finance leases (39,591) 20,419 - - (19,172) ------- ------- ------- ------- ------- (32,759) 38,913 (2) (713) 5,439 ======= ======= ======= ======= ======= * FRS4 issue costs 1. Accounting policies The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom, modified to include the true and fair override in accounting for goodwill arising on acquisition where an associate becomes a subsidiary. The accounting policies have been applied consistently, except that, following the introduction of FRS 15 'Tangible fixed assets', assets relating to deferred surface mine expenditure and restoration and closure costs created in previous years and shown as debtors have now been reclassified as fixed assets. The comparative figures for 1999 have therefore been re-stated, resulting in a transfer from debtors to fixed assets at 31 December 1999 of £72.2 million. This change has no impact on the profit and loss account for the year or for the previous year. Basis of accounting The financial statements are prepared in accordance with the historical cost convention. Long-term debtors and long-term provisions have been discounted to reflect their net present value. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2000 2. Segmental and geographical analysis 2000 1999 £'000 £'000 ------ ------ Turnover Continuing operations: Coal sales - Deep Mines 513,405 521,429 Coal sales - Surface Mines 138,460 136,229 Surface mine contract mining and associated activities 9,628 10,922 Manufactured fuel and combined heat and power 16,700 16,818 Australia - coal sales 24,357 11,551 Property activities 2,635 2,300 ------ ------ 705,185 699,249 ======= ======= Geographical analysis by destination United Kingdom 676,480 683,010 European Community Countries 764 285 Rest of Europe 3,584 4,403 Asia-Pacific 24,357 11,551 ------ ------ 705,185 699,249 ======= ======= Profit/(loss) before taxation (see note below) Continuing operations: Coal sales - Deep Mines 15,768 (134,286) Coal sales - Surface Mines 10,309 7,788 Surface mines contract mining and associated activities 142 1,932 Manufactured fuel and combined heat and power (647) (33) Australia - coal sales 138 112 - hedging losses (1,744) - Property activities - rentals and ongoing 1,062 1,525 - profit/(loss) on sales* 1,078 (13) Share of loss of associate - (21) Net interest payable (8,345) (7,033) ======= ======= Profit/(loss) before taxation 17,761 (130,029) ======= ======= Net assets/(liabilities) Continuing operations: Deep Mines 283,884 316,169 Surface Mines (32,931) (32,903) Surface mines contract mining and associated activities 6,756 9,252 Manufactured fuel and combined heat and power 3,878 5,166 Australia 15,024 16,604 Property activities 79,720 80,338 ======= ======= 356,331 394,625 Unallocated net assets/(liabilities): Dividend payable (7,335) (6,596) Net debt and finance leases 5,439 (32,759) ------- -------- 354,435 355,271 Note: Prior year segmentation has been restated to conform with the current year presentation * After allocation of £2.6 million to surface mining in 2000. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2000 3. Other operating income and expenses 2000 1999 £'000 £'000 Administrative expenses 18,869 20,729 Other operating income (338) (707) ------ ------ Other operating income & expenses 18,531 20,022 ====== ====== Due to the nature of the Group's business, distribution expenses are treated as a part of cost of sales. 4. Interest receivable and similar income 2000 1999 £'000 £'000 ------ ------ Interest receivable from short-term deposits 4,246 3,893 Other - discounting of long-term receivables 120 - ------ ------ 4,366 3,893 ====== ====== 5. Interest payable and similar charges 2000 1999 Before exceptional items £'000 £'000 ------ ------ On bank loans, overdrafts and other loans repayable within 5 years 612 1,775 Amortisation of loan issue costs (FRS4) 713 355 On finance leases and hire purchase, repayable within 5 years 1,589 3,118 On finance leases and hire purchase, repayable after 5 years 818 903 Other - discounting of long term receivables - 45 - discounting of other receivables 125 1,289 - unwinding of discount on provisions (note 11) 8,854 9,146 ------ ------ 12,711 16,631 ====== ====== Exceptional items Interest payable to Inland Revenue - 985 Interest provision for potential additional consideration - (6,690) ------ ------ - (5,705) ====== ====== NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2000 6. Profit/(loss) on ordinary activities before taxation 2000 1999 £'000 £'000 ------ ------ Profit/(loss) on ordinary activities before taxation is stated after crediting: Rent receivable 2,635 2,300 And after charging: Loss on disposal of tangible fixed assets - plant and equipment 426 6,891 Depreciation - tangible owned assets 44,036 48,594 Depreciation for assets held under hire purchase and finance leases 18,245 14,925 Net charge for surface mine development and restoration assets 16,581 5,317 Auditors' remuneration (Company £50,000, 1999: £50,000) 307 301 7. Taxation 2000 1999 £'000 £'000 ------ ------ On ordinary activities United Kingdom corporation tax at 30% (1999: 30.25%) Current (16,510) 427 Deferred 3,043 3,151 Overseas taxation 575 61 Under/(over) provision in respect of prior years: Current 411 (3,296) Deferred (1,659) - ------ ------ (14,140) 343 On exceptional items United Kingdom corporation tax at 30% (1999: 30.25%) Current 17,096 (4,445) Deferred 801 (31,471) ------ ------- 17,897 (35,916) ------ ------- 3,757 (35,573) ====== ======= UK corporation tax on exceptional items in 2000 relates to release of redundancy (£801,000), Coal Operating Aid (£16,003,000) and profit on disposal of fixed assets (£1,093,000). The tax charges on exceptional items in 1999 related to the impairment in colliery valuation and redundancy costs (£35,916,000). NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2000 8. Dividends 2000 2000 1999 1999 per share £'000 per share £'000 ------- ------- ------- ------- Interim 5.0p 7,292 3.0p 4,375 Final 5.0p 7,292 4.5p 6,563 ------- ------- ------- ------- 10.0p 14,584 7.5p 10,938 ======= ======= ======= ======= The number of shares in issue at 31 December 2000 was 145,847,273 (1999: 145,847,273). Subject to approval at the AGM, the final dividend of 5.0 pence per share (1999: 4.5 pence per share) will be paid on 23 May 2001 to shareholders on the register at 20 April 2001. The total dividend recommended for the year is 10.0 pence per share (1999: 7.5 pence per share). 9. Earnings per share Earnings per share have been based on the weighted average number of shares in issue and ranking for dividend, being 145,847,273 (1999: 145,847,273) and on the profit/(loss) after taxation and minority interests. There is no difference between basic and diluted earnings per share. 10. Reconciliation of movements in shareholders' funds Group Group Company Company 2000 1999 2000 1999 £'000 £'000 £'000 £'000 Profit/(loss) for the financial year 14,781 (94,304) 5,935 (57,919) Dividends (note 8) (14,584) (10,938) (14,584) (10,938) Exchange differences (1,337) 467 - - Release of provision for potential additional consideration - 18,919 - - ------- ------- ------- ------- Movement in shareholders' funds (1,140) (85,856) (8,649) (68,857) Opening shareholders' funds 354,351 440,207 565,937 634,794 ------- ------- ------- ------- Closing shareholders' funds 353,211 354,351 557,288 565,937 ======= ======= ======= ======= NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2000 11. Provisions for liabilities and charges Group As at Created Released Utilised Unwinding At 1 January in year in year in year of discount 31 December 2000 2000 £'000 £'000 £'000 £'000 £'000 £'000 ------ ------ ------ ------ ------ ------ Employer and public liabilities 26,977 7,647 - (7,824) 1,263 28,063 Surface damage 44,810 7,587 (727) (11,037) 1,344 41,977 Concessionary fuel 29,174 - - (1,127) 1,950 29,997 Claims 8,063 3,188 (290) (5,505) - 5,456 Restoration & closure costs - surface mines 89,525 4,570 (3,428) (5,310) 2,685 88,042 Restoration & closure costs deep mines - shaft treatment and pit top 36,448 168 (157) (1,860) 957 35,556 spoil heaps 11,842 - - (687) 344 11,499 pumping costs 14,855 115 - (264) - 14,706 redundancy 3,882 - (2,671) (1,211) - - Ground/groundwater contamination 10,403 - - - 311 10,714 Gas plant decommissioning 229 - - (6) - 223 ------ ----- ------ ------ ------ ------ 276,208 23,275 (7,273) (34,831) 8,854 266,233 ======= ====== ======= ======= ====== ======= Deferred taxation 3,557 2,184 - - - 5,741 ------ ----- ------ ------ ------ ------ 279,765 25,459 (7,273) (34,831) 8,854 271,974 ======= ====== ======= ======= ====== ======= 12.Cash at bank and in hand 2000 2000 1999 1999 Change Change in year in year £'000 £'000 £'000 £'000 Monies deposited to cover insurance requirements 33,437 637 32,800 (4,900) Other cash balances (8,025) (11,131)* 3,106 (10,391)* ------- ------- ------- ------- 25,412 (10,494) 35,906 (15,291) * Includes £255,000 (1999: £nil) of exchange differences. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2000 13. Report under S240 Companies Act 1985 The figures and financial information for the years ended 31 December 1999 and 2000 do not constitute the statutory financial statements for those years. The financial statements for the year ended 31 December 1999 have been delivered to the Registrar of Companies and included the auditor's report which was unqualified and did not contain a statement under either Section 237(2) or 237(3) of the Companies Act 1985. The financial statements for the year ended 31 December 2000 have not yet been delivered to the Registrar of Companies, although the auditors have reported on them. Their report was unqualified. Their report did not contain a statement under either Section 237(2) or 237(3) of the Companies Act 1985.

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