Preliminaries

Helical Bar PLC 7 June 2000 HELICAL BAR PLC PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000 HELICAL'S 30% NET ASSET VALUE GROWTH - MORE TO COME HIGHLIGHTS * Net assets per share 620p (1999: 478p) - up 30 per cent * Fully diluted net assets per share after FRS 13 and deferred tax 564p (1999: 422p) - up 34 per cent * Profits before tax of £22.0 million (1999: £20.0 million) - up 10 per cent * Total dividend 11.15p per share (1999: 10.0p plus 100.0p special dividend) - up 11 per cent * Net rental income £23.7 million (1999: £18.5 million) - up 28 per cent * John Southwell, Chairman, commented: * 'Net assets have doubled over the last three years after adding back the 100p special dividend paid last year. We have made an encouraging start to the new financial year. We are maintaining the size of our development programme and continue to increase our investment portfolio, reinvesting the cash flows from completed developments.' Further information: Helical Bar plc Tel: 020 7629 0113 Michael Slade (Managing Director) after 1.00 p.m. Nigel McNair Scott (Finance Director) Issued by: Financial Dynamics Tel: 020 7269 7160 Emma Denne 020 7269 7220 REVIEW OF THE RESULTS The year to 31 March 2000 has seen several challenges to the property industry such as the perceived threats to the old order from new and exciting hi-tech industries, the increasing burden government is laying on property investors via differentiated taxation and increased stamp duty, an additional planning regime in London and investors' growing dissatisfaction with quoted real estate companies. We adjust our strategies accordingly to anticipate changes so as to continue to provide the infrastructure in which new industries can prosper and grow while creating prime investments for our institutional partners. We are pleased that the foresight of our development and investment teams has continued to bear fruit, and sites and investment properties purchased in recent years have contributed to another good year with record pre-tax profits and substantial property revaluations. This performance is particularly pleasing coming after the reduction in net assets of almost 20% by the payment of the 100p special dividend last year. The main driving forces behind the current economic success of the country remain in London and the South East through the growth of the technology, media and telecommunications sector along the West End and Thames Valley corridor and of financial and professional services in the City. Profits before tax for the year to 31 March 2000 were £22.0m, an increase of 10% over the previous year. Gross profits from our development programme contributed £19.3m (1999 £21.6m) to pre-tax profits and were mainly the result of a number of lettings of offices. The investment portfolio contributed £23.7m of net rental income, a substantial increase on the previous year's £18.5m. Profits on sale of investment properties rose to £4.6m (1999 £0.4m) on net sales of £111.0m (1999 £15.0m). Net interest payable rose to £16.3m (1999 £12.5m) reflecting the higher levels of gearing and base rates during the year. Administration costs rose to £9.7m (1999 £6.9m). After a 27% tax charge (1999 19%), profits remained steady at £16.0m (1999 £16.1m). Retained profits, after dividends of £3.2m (1999 £33.6m) were £12.7m (1999 retained loss of £18.7m after payment of a special dividend of £28.9m). Your Board is recommending a final dividend of 6.75p per share (1999 6.00p) which, with the interim dividend of 4.40p (1999 4.00p), makes a total of 11.15p (1999 10.00p). This is an increase of 11% on the previous year. The total dividend of 11.15p per share is covered 5 times by profits after tax. A revaluation surplus of £30.4m (1999 £19.9m) on the investment portfolio helped net asset value per share rise by 30% to 620p (1999 478p) on an undiluted basis and by 27% to 603p (1999 473p) on a diluted basis. This figure takes no credit for any surplus of value in the trading and development stock. The outperformance of the company in contrast to almost all other listed real estate companies has enabled it to reward shareholders through exceptional net asset value growth and substantial increases in dividends, together with special dividends. NEW DIRECTOR We are pleased to welcome Antony Beevor as a non-executive member of the Board. Antony, a Managing Director of S G Hambros, is a Deputy Chairman of the Takeover Panel and a non-executive director of Croda International plc. THE FUTURE We operate in an increasingly volatile world where a stop in the strong growth in the United States economy could impact unfavourably in the UK, particularly in London and the South East. Liquidity in these markets is not helped by ever-increasing transaction costs, particularly in any turn- down. Net assets have doubled over the last three years after adding back the 100p special dividend paid last year. We have made an encouraging start to the new financial year. We are maintaining the size of our development programme and continue to increase our investment portfolio, reinvesting the cash flows from completed developments. John Southwell Chairman 7 June 2000 REVIEW OF OPERATIONS DEVELOPMENTS It is our objective to provide a continuing flow of development profits from pre-let and speculative office, retail and industrial schemes in partnership with funding institutions. Whilst a small number of schemes are financed with bank funding and, therefore, remain on our balance sheet, the majority of our schemes are pre-sold or forward sold. This policy has a significant effect on our return on capital employed and has enabled us to create and sustain one of the largest development programmes in the country. Development programme - anticipated end values Office Retail Industrial Total £m £m £m £m Completed programme Let and sold 1993-2000 291 198 23 512 Current programme 31 March 2001 280 30 - 310 31 March 2002 120 80 10 210 31 March 2003 120+ 90+ - 210+ 520 200 10 730 Offices At the end of the year the company completed its 150,000 sq.ft. development at 100 Wood Street, London EC2 forward funded with Despa, the German investment fund. Designed by Foster and Partners and completed in time to take advantage of the transitional rules on rates relief, the building immediately attracted attention from a number of potential tenants. In April we were able to announce that four floors comprising 56,500 sq.ft. had been let to The Chase Manhattan Bank. We are confident that the remaining space will be let this year and that we shall then be able to take the profits which this development will have generated. Work continued on our 260,000 sq.ft. development at 25 Chiswell Street, London EC1, also funded with Despa. This development, pre-let to City solicitors Slaughter and May, is our largest office development to date and is due for completion by October 2000. Our 35,000 sq.ft. development at 10 Mansion House Place, London EC4, funded with bank finance, was completed and sold during the year to British Arab Commercial Bank for their own occupation. A further 5,500 sq.ft of space at 6 St Andrew Street, London EC4 was let to solicitors Speechly Bircham leaving one floor of 4,800 sq.ft. remaining. This 45,000 sq.ft. development, forward sold to Shell Pension Fund, was completed in September 1999. Our two buildings at Windsor Dials, Windsor (66,000 sq.ft.) were completed during the year. Funded by Strathclyde Pension Fund, the buildings were let to FM Global and The Galileo Company. Also completed during the year was No. 1 Farnham Road, Guildford, a 28,000 sq.ft. development funded with Stargas Nominees, the British Gas Pension Fund, and let on completion to MWB Business Exchange. Blenheim House, Leeds, a 32,000 sq.ft. development completed in 1995, was sold to Britannia Invest Holland IIBV and our site at Welshback, Bristol was sold to Fuller Smith Turner plc for development as a hotel. These two properties were the last remaining from the early part of the current development cycle. Looking forward, we have commenced work at our 60,000 sq.ft. development at One Plough Place, London EC4, funded with Henderson Investors. We have also commenced work on two buildings at the former West London Hospital in Hammersmith. No. 200 Hammersmith Road comprising 65,000 sq.ft. has been forward sold to a limited partnership owned by Mercury Asset Management and HQ Global Offices and will be run as a serviced office facility. The second, The Saunders Building, will utilise the existing facade of the original hospital and comprises some 14,000 sq.ft. Both buildings will be complete by November 2001. We are shortly to start construction at our 140,000 sq.ft. development at The Meadows, Camberley funded with Scottish Widows as a joint venture with Morgan Grenfell Property Unit Trust. We have started a refurbishment of Rex House, 10 Regent Street, London SW1 which will be completed later this year. Future office developments include The Waterfront Business Park, Fleet, where 70,000 sq.ft. of offices are to be built as an extension to the existing park, as well as other deals in the pipeline. At Bunhill Row, London EC1, next to our development at 25 Chiswell Street, we are planning to build 100,000 sq.ft. of offices. Retail Helical Retail, our joint venture with Oswin Developments, continues to be successful. In the six years since Jim Kelly and his team joined us, we have developed over 1m sq.ft. of retail space with an end value of almost £200m. In the year Helical Retail has completed a number of developments whilst taking options, purchasing sites and negotiating positions to enable it to continue its programme. In October it completed its 230,000 sq.ft. in-town redevelopment of Middlesbrough city centre, known as Captain Cook Square. This unique 'New Orleans' style open shopping centre was funded by Norwich Union. At Glasgow, the 80,000 sq.ft. redevelopment of the George Hotel, pre-let to Virgin, Burtons and JD Sports and funded by Hermes was completed. At Horns Road, Ilford, 44,000 sq.ft. of retail space was completed, pre-let to Toys R Us and Currys and pre-sold to Merseyside Superannuation Fund. In Bolton a 5,400 sq.ft. retail unit was completed, sold to Legal and General and let to Sofa Workshop. Currently, the retail team are completing the land assembly of a site in Bolton, next to the Bolton Gate Retail Park completed in 1998, for a 122,000 sq.ft. unit for B&Q pre-funded with HSBC. This retail unit, the largest B&Q in the UK, is due for completion in the summer of 2001. In Solihull, a 12,500 sq.ft. retail unit is to be built for Daewoo. This unit, funded by Nestle Pension Fund, is also due for completion in Summer 2001. Looking forward, a 314,000 sq.ft. redevelopment of the city centre of Ipswich, the 'Mint Quarter', is planned as a joint venture with NCP and plans for a 53,000 sq.ft. redevelopment of Accrington town centre are progressing. A 10,000 sq.ft. second phase is planned alongside Captain Cook Square in Middlesbrough. Negotiations continue with potential tenants for the redevelopment of Dorchester town centre. Options have been obtained on sites in Canterbury, Wigan, Great Yarmouth and Cheltenham. INVESTMENT PORTFOLIO Our investment philosophy is based on four guiding principles. Rather than being single sector specialists, Helical elects to rotate between property types so that the portfolio remains orientated towards growth stock. Gearing is used on a tactical basis, being raised to accentuate performance when property returns are judged to materially outperform the cost of debt. The average number of properties remains small to facilitate fast repositioning of the portfolio and encouraging management focus on key assets. Finally, there is a preference for multi-let stock where value can be added through refurbishment and lease restructuring. Over the last three years the office exposure has been raised from 52% to 70% and is now almost exclusively within the South East with the bias having moved west away from the City. The shopping sector component has been sold in light of increasing competition in the high street with retail exposure down to 7%, principally in two retail parks. All the major assets have been acquired from 1997 onwards with the exception of our main industrial properties at Aycliffe and Peterlee which provide useful cash flow to cross-subsidise sites held prior to institutional funding and refurbishment projects. £236m of investment properties were held throughout the last financial year increasing in value by 9.1%, driven by an office performance showing 15.2% growth. £160m of purchases were made and valued at the year end at 9.5% above headline purchase prices but given the high level of transaction costs due to successive rises in stamp duty this reduced to 4.6% above gross purchase costs. Historically, Helical's purchases have been performance dilutive in their first year but the key driver of investment returns over the following two years. £111m of sales were made of which £38m were developments held as investments (Mansion House Place and St Andrew Street). The remainder were sold at 5.4% above March 1999 valuation with principal transactions: Aldermary House, EC4 (£2.5m surplus); Cannon Shopping Centre, Coventry (£0.7m surplus); Allders Warehouse, Croydon (£0.5m surplus); and The Pavilion, Thames Ditton (£0.5m surplus). The schedule of key assets shows that the underlying performance has been driven principally by high levels of rental growth. Notwithstanding this, average passing rents of the office portfolio at £13 - £32 p.s.f. remain low by central London standards. The portfolio is highly reversionary with the running yield of 7.1% anticipated to rise to 8.1% within a year and ultimately to 9.1% based on current rental values. These yields exclude £33.6m of vacant investment stock currently undergoing refurbishment. In the short term, whilst supply of accommodation remains tight in our favoured markets with demand strong and supply of new space restricted, further rental growth seems likely. However, we remain vigilant to any demand shocks, particularly those that could emanate from high levels of volatility being experienced by the financial markets. PROPERTIES WITH VALUE IN EXCESS OF £10m (83% OF ASSETS) All freehold except Rex House ADDRESS COMMENTS ACQUIRED GROWTH SINCE CURRENT ACQUISITION AVERAGE % p.a. PASSING RENT p.s.f. RENTAL CAPITAL City Offices Cheapside 70,000 sq. ft. of multi- 1997 18.4% 16.0% £28.00 House, let offices refurbished Cheapside in 1998 plus prime retail. West End Offices 60 Sloane 75,000 sq. ft. flagship 1999 13.4% 8.9% £31.50 Avenue, office building built in Brompton 1994 and mainly let to Cross Leo Burnett plus 32,000 sq. ft. of retail and restaurant accommodation. Capital 90,000 sq.ft. of early 1998 14.4% 17.1% £32.00 House, 1990s multi-let offices Maryle- plus 47,000 sq. ft. let bone Road to Marks & Spencer at £0.60 p.s.f. until December 2002. Rex House, 60,000 sq. ft. of vacant 2000 - - - Lower offices in course of Regent refurbishment. Street 141-3 40,000 sq. ft. multi-let 1998 14.1% 18.3% £23.50 Drury office building scheduled Lane, for refurbishment or Covent residential conversion Garden 12/2002. 71 30,000 sq. ft. office 1998 21.7% 21.2% £20.00 Kingsway building subject to rolling refurbishment. Other Central London 61 65,000 sq. ft. of multi- 1998 42.5% 45.6% £13.00 Southwark let offices subject to Street, rolling refurbishment SE1 programme. 4 & 5 45,000 sq. ft. offices 2000 - 16.0% £24.50 Paris acquired vacant and Garden, simultaneously pre-let to SE1 Guardian IT subject to refurbishment. The Inter- 65,000 sq. ft. of loft 1999 25.0% 14.0% £23.00 change, offices let to World Camden Television News. Lock, NW1 The 50,000 sq. ft. loft 1998 33.6% 28.5% £16.00 Rotunda office village. Complex, Oval Road, NW1 Shepherds Vacant 140,000 sq. ft. in 2000 - - - Building, course of refurbishment London W14 to provide loft offices. South East Offices Waterfront 40,000 sq. ft. of 1990s 2000 - 5.7% £19.00 Business offices plus 50,000 sq. Park, ft. of 1960s industrial Fleet capable of office redevelopment. CBXII & Sold after financial year 1998 17.3% 44.9% Midsummer end. Court, Milton Keynes Out of Town Retail Castle 112,000 sq. ft. anchored 1997 4.3% 4.0% £10.00 Retail by Homebase and PC World. Park, Nottingham West 140,000 sq. ft. anchored 1999 37.4% 25. 2% £6.50 Retail by Great Mills, Comet and Park, Carpetright. Weston Super Mare Industrial Aycliffe & 1.9 million sq. ft. of 1987 5.6% 12.2% £2.50 Peterlee industrial assets. * where properties held for less than one year, the growth rate has not been annualised but is the actual growth since purchase. FINANCIAL REVIEW Profits Gross profits for the year were £43.5m. These compare with gross profits for the year to 31 March 1999 of £39.0m and include net rental income after property overheads of £23.7m (1999 £18.5m) and trading profits of £0.4m (1999 £0.1m). Our development programme contributed £19.3m (1999 £21.6m). Administrative expenses include a £0.6m (1999 nil) write off of goodwill following the sale of our investment property in Croydon and a £0.7m (1999 nil) write off of the deficit in the company's Employee Share Option Scheme resulting from the waiver of its right to receive dividends. Interest paid on borrowings, net of interest received on cash balances increased from £12.5m to £16.3m. This was after capitalisation of £2.7m of interest (1999 £2.1m). Pre-tax profits rose by 10% from £20.0m to £22.0m. The higher tax charge of 27% (1999 19%) includes a £1.5m provision for deferred tax on a property sold in the current year. After a decreased minority interest of £0.1m (1999 £1.2m), profits before dividends increased to £15.9m (1999 £15.0m). Earnings per share on a diluted basis rose from 50.7p to 53.7p per share. Net assets The increase in value of investment properties of £30.4m (1999 £19.9m) and retained profits of £12.7m led to a rise in Helical's net assets to £184.9m (1999 £142.1m). Net assets per share of 620p compare with 478p in 1999. Diluted net assets per share rose from 473p to 603p and, after taking account of the value ascribed to financial instruments under FRS 13 and unprovided deferred tax, rose from 422p to 564p, a 34% increase. Borrowings and financial risk During the year Helical increased the levels of bank borrowings to fund the expansion of the investment portfolio. At 31 March 2000 its borrowings amounted to £260.1m (1999 £218.8m). The company seeks to manage financial risk by ensuring that there is sufficient financial liquidity to meet foreseeable needs and to invest surplus cash safely and profitably. At the year end Helical had over £120m of undrawn bank facilities and cash of £17.0m (1999 £44.3m). One key financial risk to Helical is adverse movements in interest rates. It has insured against such interest rate movements through the use of a number of interest rate hedging instruments. Borrowings of £160m are capped until 2004 and £111m until 2006 at interest rates between 6.0% and 7.5%. A further £80m is capped until January 2001 at rates between 9.05% and 9.15%. Of current borrowings £105m is fixed at rates of between 5.22% and 9.05%. Using interest rate floors the company is able to benefit from the reduction of rates down to 4.73% and 4.83% on £160m until January 2006. The success of the company's interest rate hedging can be seen from the valuation of financial assets and liabilities under FRS 13. This values these financial instruments on a fair value basis, and at 31 March 2000 an adjustment would increase net assets by £2.4m (1999 decrease of £4.8m). HELICAL BAR PLC PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2000 GROUP PROFIT AND LOSS ACCOUNT UNAUDITED Notes Year Ended Year Ended 31 March 31 March 2000 1999 £000 £000 Turnover 2 149,922 121,244 Cost of Sales 2 (106,440) (82,240) GROSS PROFIT 2 43,482 39,004 Administrative expenses 3 (9,669) (6,860) OPERATING PROFIT 33,813 32,144 Profit on sale of investment 4 4,555 415 properties Net interest payable 5 (16,348) (12,515) PROFIT BEFORE TAX 22,020 20,044 Taxation 6 (6,032) (3,899) Minority interest (77) (1,175) PROFIT FOR YEAR 15,911 14,970 Preference dividends - (2,293) AVAILABLE FOR ORDINARY SHAREHOLDERS 15,911 12,677 Ordinary dividends Interim (1,272) (700) Final proposed 7 (1,951) (1,734) Special - (28,904) TRANSFER TO RESERVES 12,688 (18,661) EARNINGS PER SHARE - Basic 55.0p 66.7p - 53.7p 50.7p Diluted ORDINARY DIVIDENDS PER SHARE Interim 4.40p 4.00p Final 6.75p 6.00p 11.15p 10.00p Special - 100.00p TOTAL 11.15p 110.00p Net assets per share - Basic 620p 478p - Diluted 603p 473p - Diluted for FRS13 adjustment and deferred tax 564p 422p Year Ended Year Ended 31 March 31 March 2000 1999 £000 £000 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Profit for the year 15,911 14,970 Dividends paid and proposed (3,223) (33,631) RETAINED PROFITS/(LOSSES) 12,688 (18,661) Revaluation of investment property 30,404 19,850 Minority interest in revaluation surplus (1,068) - (Redemption)/issue of shares (20) 1,353 Net addition to shareholders' funds 42,004 2,542 Opening shareholders' funds 141,524 138,982 Closing shareholders' funds 183,528 141,524 STATEMENT OF NET ASSETS UNAUDITED Notes 31 March 31 March 2000 1999 £000 £000 SHAREHOLDERS' FUNDS 183,528 141,524 Represented by: FIXED ASSETS Intangible assets 683 576 Tangible assets 784 915 Investment property 419,570 332,457 Investments 3,656 4,359 424,693 338,307 CURRENT ASSETS Fixed assets for resale 525 525 Stocks 22,020 35,054 Debtors 54,786 40,148 Investments 5,236 - Cash 8 16,991 44,310 Creditors: amounts falling due within one (80,515) (128,662) year TOTAL ASSETS LESS CURRENT 443,736 329,682 LIABILITIES Creditors: amounts falling due after more 9 (257,384) (187,576) than one year Provision for liabilities and (1,500) - charges NET ASSETS 184,852 142,106 Equity minority interests (1,324) (582) 183,528 141,524 CASH FLOW STATEMENT for the year to 31 March 2000 UNAUDITED Year to Year to 31 March 31 March 2000 1999 £000 £000 Net cash inflow from operating activities 45,569 27,969 Returns on investment and servicing of (19,486) (18,161) finance Taxation (4,560) (3,650) Capital expenditure and financial (4,886) (60,398) investment Acquisitions (12,555) - Equity dividends paid (31,910) (1,648) Cash flow before management of liquid resources and financing (27,828) (55,888) Management of liquid resources 30,347 10,110 Financing - (redemption)/issue of shares (20) 1,352 - increase in debt 441 33,324 Increase/(decrease) in cash in the year 2,940 (11,102) Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in the year 2,940 (11,102) Cash inflow from management of liquid (30,347) (10,110) resources Cash inflow from change in net debt (441) (33,324) Debt arrangement expenses (365) (256) Liability acquired with subsidiary (40,383) - Movement in net debt in the year (68,596) (54,792) Net debt at beginning of the year (174,489) (119,697) Net debt at end of the year (243,085) (174,489) Notes to the Preliminary Announcement 1. Reconciliation of operating profit to net cash inflow from operating activities Year to Year to 31 March 31 March 2000 1999 £000 £000 Operating profit 33,813 32,144 Depreciation of fixed assets 226 221 Write down of fixed assets 703 500 (Profit)/loss on sale of fixed assets (7) 10 Amortisation of goodwill 612 41 (Increase)/decrease in debtors (12,819) 599 Increase in creditors 7,346 2,708 Decrease/(increase) in stocks 15,695 (8,254) Net cash inflow from operating activities 45,569 27,969 2. Turnover and gross profit on ordinary activities before taxation The analysis of turnover and gross profit by function is as follows: Turnover Year to Year to 31 March 31 March 2000 1999 £000 £000 Trading property sales 3,890 95 Rental income 26,656 21,482 Developments 116,243 96,622 Other income and provisions 3,133 3,045 149,922 121,244 Gross Profit Year to Year to 31 March 31 March 2000 1999 £000 £000 Trading property sales 372 72 Rental income 23,652 18,475 Developments 19,345 21,601 Other income and provisions 113 (1,144) Gross profit 43,482 39,004 Central overheads (9,669) (6,860) Interest payable less receivable (16,348) (12,515) Profit before taxation and profit on sale of investment properties 17,465 19,629 3. Administrative expenses 31 March 31 March 2000 1999 £000 £000 Operating profit on ordinary activities is stated after: Staff costs 6,280 5,008 Depreciation and amortisation 591 477 Auditors remuneration 76 61 Deficit in ESOP 703 - Goodwill 612 41 Included in staff costs are directors' salaries, benefits in kind and bonuses totalling £4.7m (1999 £3.5m). 4. Profit on sale of investment properties 31 March 31 March 2000 1999 £000 £000 Net proceeds from sale of investment 110,875 15,446 properties Book costs (106,320) (14,357) Provision for diminution in value - (674) Profit on disposal 4,555 415 5. Net interest payable 31 March 31 March 2000 1999 £000 £000 On bank loans and overdrafts 17,893 14,097 Finance arrangement costs 365 256 Other interest and similar charges 2,350 1,760 Interest capitalised (2,661) (2,088) Loan termination costs (36) - Interest receivable and similar income (1,563) (1,510) 16,348 12,515 6. Taxation on profit on ordinary activities 31 March 31 March 2000 1999 £000 £000 UK corporation tax at 30% (1999 31%) 4,532 3,899 Deferred taxation 1,500 - 6,032 3,899 Unprovided deferred taxation amounts to £15,109,000 (1999 £11,625,000) which, if provided for, would reduce net assets per share by 46p (1999 36p). 7. Final ordinary dividend The final ordinary dividend is payable on 21 July 2000 to shareholders on the share register on 23 June 2000 subject to the approval of shareholders at the Annual General Meeting to be held on 19 July 2000. 8. Cash 31 March 31 March 2000 1999 £000 £000 Cash secured against debt repayable within 4,761 4,503 one year Free cash 12,230 39,807 16,991 44,310 9. Gearing 31 March 31 March 2000 1999 £000 £000 Bank overdrafts and loans - due within one year 2,692 31,223 - due after more than one year 257,384 187,576 260,076 218,799 Cash balances (16,991) (44,310) Net bank borrowings 243,085 174,489 Net assets 184,852 142,106 Gearing 131% 123% 10. Fair value of financial assets and financial liabilities 31 March 2000 31 March 1999 Book Fair Book Fair value value value value £000 £000 £000 £000 Borrowings 262,444 263,668 220,279 222,527 Interest rate swaps - (1,551) - 1,305 Other financial instruments (223) (2,299) (203) 995 262,221 259,818 220,076 224,827 The fair value of financial assets is the book value. The fair value of financial liabilities represents the mark to market valuations at 31 March 1999 and 31 March 2000. The adjustment to net assets from a recognition of these values would be to increase net asset value per share by 7p (1999 decrease of 15p). 11. Basis of preparation of the preliminary announcement The preliminary announcement includes extracts from the draft statutory accounts for the year to 31 March 2000. The figures relating to the year to 31 March 2000 are unaudited. The comparative figures relating to the year to 31 March 1999 are taken from the audited statutory accounts for that year filed at Companies House.

Companies

Helical (HLCL)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today