Interim Results

Johnson Service Group PLC 7 September 2000 JOHNSON SERVICE GROUP PLC INTERIM RESULTS FOR THE 26 WEEKS TO 24 JUNE 2000 Johnson Service Group PLC is one of the largest textile rental operators and the leading drycleaning company in Britain. Our textile rental services division is a major provider of workwear rental services under the Johnsons Apparelmaster brand, and a market leader in customer service. The acquisition of Semara Holdings Plc (formerly Sketchley Plc), in February 2000, for a total consideration of £103 million in cash has significantly enlarged our textile rental business. Connacht Court Group is the largest textile rental business in Ireland. Johnsons Cleaners is Britain's largest retail drycleaner, with 544 shops nationwide. We intend to achieve growth by focusing on our specialist skill areas and constantly raising our standards of quality, convenience, service and efficiency. SUMMARY * Pre-tax profit * increased by 3.0% to £13.2 million (1999: £12.8 million) * Operating profit * increased by 12.0% to £15.0 million (1999: £13.4 million) * Adjusted, fully diluted earnings per share * increased by 3.1% to 16.4p (1999: 15.9p) * Interim dividend per Ordinary share increased by 6.8% to 3.9p (1999: 3.65p) * Integration of Semara is proceeding according to plan * excluding goodwill amortisation, reorganisation costs and exceptional items. Commenting on the results, Richard Zerny, Chief Executive, said: 'The integration of Semara is progressing very well with significant benefits already achieved; for example in sales and marketing which we expect to drive top line growth in 2001. Once we have fully completed the integration of Semara further substantial efficiencies and cost savings will be realised. Since the end of June our British textile rental businesses have continued to face tough trading conditions but we remain confident of achieving a satisfactory overall result for the full year.' Enquiries: Richard Zerny, Chief Executive Mike Sutton, Finance Director Johnson Service Group PLC Tel: 020 7796 4133 on Thursday 7 September 2000 only thereafter on 0151 933 6161 Michael Sandler / Wendy Baker Hudson Sandler Tel: 020 7796 4133 JOHNSON SERVICE GROUP PLC INTERIM RESULTS FOR THE 26 WEEKS TO 24 JUNE 2000 Group Results and Dividend We are pleased to present the first set of results since the acquisition (in February) of Semara Holdings which made us the leading operator in the UK workwear rental market. The integration is proceeding according to plan and we remain very enthusiastic about the prospects for the combined businesses. The Group results for the 26 weeks to 24 June 2000, which show a further improvement in adjusted earnings per share, albeit at a rather slower rate than in the last two years, were as follows: Turnover from continuing businesses increased by 1.4% to £80.7 million (1999: £79.6 million) whilst operating profit, excluding goodwill amortisation, reorganisation costs and exceptional items, fell by 3.6% to £12.4 million (1999: £12.9 million). Allowing for the absence of any contribution to operating profit (1999: £0.5 million) from our U.S. operation sold in April 1999, and after a four month first time contribution to operating profit of £2.6 million from the businesses of Semara which are to be retained, total Group operating profit excluding goodwill amortisation, reorganisation costs and exceptional items, increased by 12.0% to £15.0 million (1999: £13.4 million). The interest charge increased by £1.2 million to £1.8 million reflecting the increased borrowing incurred to finance the acquisition of Semara in February. Owing to the phasing of the payments for Semara, the interest charged on this borrowing was less than would be expected for the four month period since completion, but there will be a full charge in the second half. The Group's pre-tax profit, excluding goodwill amortisation, reorganisation costs and exceptional items, increased by 3.0% to £13.2 million (1999: £12.8 million) and adjusted earnings per share on a fully diluted basis increased by 3.1% to 16.4p (1999: 15.9p). Goodwill amortisation amounted to £1.5 million (1999: £0.4 million). Reorganisation costs in respect of the integration and restructuring of Semara amounted to £1.7 million (1999: £nil) including £0.5 million on a factory closure. Exceptional items contributed £0.6 million (1999: £2.5 million) mainly relating to the disposal of the Group's former US business. As a result of the acquisition of Semara for £103.5 million in cash completed on 22 February 2000, net borrowings at 24 June 2000 increased to £107.7 million (December 1999: £2.9 million). The Board is satisfied that the interest charge on these borrowings will be well covered by profits. The Board has decided to pay an interim dividend of 3.9p per Ordinary share (1999: 3.65p), an increase of 6.8%. Divisional Trading Results Our British textile rental businesses, excluding Semara, increased their turnover by 4.4% to £32.7 million, but their profit was little changed at £7.7 million. The profit margin fell from 24.7% to 23.5% reflecting increased competition in Apparelmaster's marketplace. Although Stalbridge Linen Services once again achieved strong growth in profit this increase was largely offset by expected initial trading losses from our new and expanding washroom services business. Semara faced similar trading conditions to those of Apparelmaster. Its turnover and operating profit for the four month period, at £22.1 million and £2.6 million respectively, were in line with our expectations at the time of acquisition. Our Irish textile rental business, CCG, increased its turnover by 4.0% to £12.2 million, but its profit fell to £0.6 million (1999: £1.1 million). This was due to very poor results from CCG's Dublin linen division, as foreshadowed in our AGM statement last May. Management has taken action to address the situation. This is likely to result in a reorganisation cost of some £3.0 million in the second half of the year, in respect of the forthcoming closure of the Rathfarnham plant. We expect this to contribute significantly to a major improvement in CCG's results in 2001. Our workwear and cleanroom businesses are performing well and have considerable potential for future growth and margin improvement. The integration of the Semara businesses is progressing well. The cost of the reorganisation is expected to be approximately £7.0 million. £1.7 million of this was incurred in the first half of this year, and the balance is expected to be incurred over the next 18 months. When complete this action should result in annual savings of some £4.0 million. We have shown Semara's operating profit separately in these results, but we have concluded that, because of the extent of the integration of Semara into Apparelmaster achieved so far, to continue to do so will be impossible in the future. The enlarged operation is now being managed as one business and will be reported on accordingly. We have decided to retain CCM, the workwear manufacturing and sourcing business which we acquired as part of Semara and which has traded strongly in its first four months in the Group. We have decided to dispose of the two non-core businesses, Dimensions Corporatewear and Airline Services, and negotiations are at an advanced stage on both of these disposals. We are on target to achieve our expectation that the acquisition of Semara will be earnings enhancing before amortisation of goodwill and reorganisation costs in the current year, and we continue to expect it to be significantly earnings enhancing on the same basis next year. Like-for-like turnover of our British drycleaning business increased by 3.2%, although overall turnover fell by 2.1% to £35.7 million due largely to the elimination of the low margin photographic franchise operation. Operating profit increased by 1.3% to £4.1 million. The profit margin improved from 11.1% to 11.5%. Outlook Since the end of June our British textile rental businesses have continued to face tough trading conditions but the integration of Semara has enabled us to improve greatly the efficiency of our sales and marketing functions. We expect this to drive top line growth in 2001. Our Irish business is making progress apart from the Dublin linen operation which we are addressing. Drycleaning is trading in line with management expectations and continues to be highly cash generative. We remain confident of achieving a satisfactory overall result for the full year. Copies of the interim report are to be sent to shareholders and will be available to the public at the Company's registered office at Mildmay Road, Bootle, Merseyside L20 5EW. The report can also be accessed on the Internet at: www.johnsonplc.com John Hancox Richard Zerny Chairman Chief Executive JOHNSON SERVICE GROUP PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT Note 26 26 52 WEEKS WEEKS WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 TURNOVER - Continuing operations 2 80,700 79,624 159,426 - Acquisition 22,118 - - - Discontinued operations - USA - 13,107 13,107 ====== ====== ====== - Total 102,818 92,731 172,533 ====== ====== ====== OPERATING PROFIT - Continuing operations 2 12,446 12,913 25,663 - Acquisition 2,551 - - - Discontinued operations - USA - 481 481 ====== ====== ====== OPERATING PROFIT BEFORE REORGANISATION COSTS AND GOODWILL AMORTISATION 14,997 13,394 26,144 Reorganisation costs - Continuing operations 3 (458) - - - Acquisition (1,235) - - Amortisation of goodwill - Continuing operations (618) (419) (872) - Acquisition (903) - - ====== ====== ====== OPERATING PROFIT - Continuing operations 11,370 12,494 24,791 - Acquisition 413 - - - Discontinued operations - USA - 481 481 ====== ====== ====== OPERATING PROFIT - Total 11,783 12,975 25,272 ====== ====== ====== EXCEPTIONAL ITEMS 4 Exceptional items - Continuing operations (55) 1,427 1,407 Disposal of US business - Discontinued operations 622 1,093 1,093 ----- ------ ------ PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 12,350 15,495 27,772 Net interest (1,789) (568) (497) ----- ------ ------ PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 10,561 14,927 27,275 Tax on profit on ordinary activities 5 3,509 3,996 7,895 ----- ------ ------ PROFIT FOR THE PERIOD 7,052 10,931 19,380 Dividends 6 2,479 2,209 8,689 ====== ====== ====== RETAINED PROFIT FOR THE PERIOD 4,573 8,722 10,691 ====== ====== ====== RATES OF DIVIDEND PER SHARE Ordinary shares of 10p each:- 1st interim - paid - 3.65p 1st interim - proposed 3.90p 3.65p - Final - paid - - 12.25p Preference shares of 10p each - paid 3.75p 3.75p 7.50p BASIC EARNINGS PER SHARE 7 12.9p 20.8p 36.8p Adjustment for goodwill amortisation 2.9p 0.8p 1.7p Adjustment for reorganisation costs 2.2p - - Adjustment for exceptional items (1.1)p (4.9)p (4.9)p ====== ====== ====== ADJUSTED BASIC EARNINGS PER SHARE 16.9p 16.7p 33.6p ====== ====== ====== FULLY DILUTED EARNINGS PER SHARE 7 12.6p 19.7p 34.8p Adjustment for goodwill amortisation 2.7p 0.8p 1.6p Adjustment for reorganisation costs 2.1p - - Adjustment for exceptional items (1.0)p (4.6)p (4.5)p ====== ====== ====== ADJUSTED FULLY DILUTED EARNINGS PER SHARE 16.4p 15.9p 31.9p ====== ====== ====== STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES There are no material gains or losses other than the profit for the period. JOHNSON SERVICE GROUP PLC CONSOLIDATED BALANCE SHEET Note JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 FIXED ASSETS Goodwill 71,780 15,201 18,795 Tangible assets 87,365 79,517 78,201 Textile rental items 33,117 21,829 21,215 Investments 9 881 749 749 ====== ====== ====== 193,143 117,296 118,960 ====== ====== ====== CURRENT ASSETS Investments 9 19,500 - - Stocks 8,043 3,538 3,571 Debtors: Amounts falling due within one year 33,889 20,026 19,726 : Amounts falling due after more than one year 18,643 - - Cash at bank and in hand - 19,799 17,324 ====== ====== ====== 80,075 43,363 40,621 ====== ====== ====== CURRENT LIABILITIES Creditors: Amounts falling due within one year (47,214)(34,050) (32,495) ----- ------ ------ NET CURRENT ASSETS 32,861 9,313 8,126 ----- ------ ------ TOTAL ASSETS LESS CURRENT LIABILITIES 226,004 126,609 127,086 Creditors: Amounts falling due after more than one year (104,780)(20,533) (19,654) PROVISIONS FOR LIABILITIES AND CHARGES (15,224) (8,460) (7,976) ====== ====== ====== NET ASSETS 106,000 97,616 99,456 ====== ====== ====== CAPITAL AND RESERVES Called-up share capital 5,941 6,045 6,052 Share premium account 10 5,706 3,953 4,133 Revaluation reserve 10 12,398 13,694 12,594 Other reserves 10 107 1,880 1,564 Profit and loss account 10 81,848 72,044 75,113 ====== ====== ====== SHAREHOLDERS' FUNDS 11 106,000 97,616 99,456 ====== ====== ====== Non equity Shareholders' funds 5,906 9,191 9,191 Equity Shareholders' funds 100,094 88,425 90,265 ====== ====== ====== 106,000 97,616 99,456 ====== ====== ====== The Interim Statement was approved by the Board of Directors on 7 September 2000. JOHNSON SERVICE GROUP PLC CONSOLIDATED CASH FLOW STATEMENT Note 26 26 52 WEEKS WEEKS WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 Operating profit 11,783 12,975 25,272 Depreciation 16,759 12,614 24,714 Loss on sale of tangible fixed assets 169 202 401 Working capital and other items (net) 1,043 (2,203) (4,797) ----- ------ ------ NET CASH INFLOW FROM OPERATING ACTIVITIES 29,754 23,588 45,590 ----- ------ ------ RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Net interest paid (2,284) (640) (410) Preference dividends paid (345) (404) (783) ----- ------ ------- NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINANCE (2,629) (1,044) (1,193) ====== ====== ====== TAXATION Tax paid (net) (2,023) (651) (8,661) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire tangible fixed assets (4,356) (5,764) (10,511) Payments to acquire textile rental items (10,067) (8,525) (15,945) Receipts from sales of tangible fixed assets 529 5,115 6,854 Proceeds from textile rental items withdrawn from circulation 2,243 1,504 3,018 Movement in investment (132) 1,693 1,693 ----- ------ ------- NET CASH OUTFLOW FOR CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT (11,783) (5,977) (14,891) ====== ====== ====== ACQUISITIONS AND DISPOSALS Payment to acquire businesses 12 (104,582) (240) (5,060) Investment held for resale 2,314 - - Net overdrafts acquired with subsidiary undertakings - - 73 Receipt from disposal of US businesses 622 20,500 20,500 Cash disposed of with US business - (464) (464) ----- ------ ------ NET CASH OUTFLOW FROM ACQUISITIONS AND DISPOSALS (101,646) 19,796 15,049 ====== ====== ====== EQUITY DIVIDENDS PAID (6,134) (5,519) (7,347) ----- ------ ------ CASH OUTFLOW BEFORE FINANCING (94,461) 30,193 28,547 ----- ------ ------ *FINANCING Issue of Ordinary share capital 165 237 424 Debt due within 1 year: Loan notes redeemed (107) (658) (668) Debt due beyond 1 year: Movement in unsecured loans 75,784 (11,164) (11,152) Finance lease movement (686) (512) (1,394) ----- ------ ------- NET CASH INFLOW FROM FINANCING 75,156 (12,097) (12,790) ====== ====== ====== DECREASE IN CASH IN THE PERIOD 13 (19,305) 18,096 15,757 ====== ====== ====== JOHNSON SERVICE GROUP PLC NOTES 1. Acquisition On 22 February 2000 the Group completed the acquisition of Semara Holdings Plc and its results, excluding those of the businesses held for resale (see note 9), are disclosed separately in accordance with the provisions of FRS3. 2. Segmental information 26 WEEKS 26 WEEKS 52 WEEKS JUNE 2000 JUNE 1999 DEC 1999 £000 £000 £000 Continuing Operations GB Rental Continuing - Turnover 32,705 31,332 63,437 - Profit 7,693 7,727 15,757 Acquisition - Turnover 22,118 - - - Profit 2,551 - - IR Rental Turnover 12,248 11,773 23,821 Profit 629 1,116 1,927 GB Drycleaning Turnover 35,747 36,519 72,168 Profit 4,124 4,070 7,979 -------- -------- -------- Total Continuing Turnover 102,818 79,624 159,426 Operating profit before reorganisation costs and amortisation of goodwill1 4,997 12,913 25,663 -------- -------- -------- There is no material difference between turnover by origin and by destination. From 25 June GB Rental has operated as one integrated business and therefore separate reporting of results will not be possible for the full year. 3. Reorganisation costs The reorganisation costs on continuing operations are in respect of a closure of a rental factory in June. The reorganisation costs arising on acquisitions are the costs incurred to date in implementing the integration and restructuring plan following the acquisition of Semara Holdings Plc. JOHNSON SERVICE GROUP PLC NOTES cont.d 4. Exceptional items 26 WEEKS 26 WEEKS 52 WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 Continuing Operations Gain on disposal of fixed asset investment - 1,078 1,078 Loss on sales of property fixed assets (55) 349 329 -------- -------- -------- Total continuing operations (55) 1,427 1,407 Discontinued Operations Disposal of US operations 622 1,093 1,093 -------- -------- -------- 567 2,520 2,500 -------- -------- -------- 5. Tax on profit on ordinary activities 26 WEEKS 26 WEEKS 52 WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 Taxation has been estimated at: Continuing Operations: UK corporation tax 3,442 4,018 7,851 Irish corporation tax 41 1,275 1,292 -------- -------- -------- 3,483 5,293 9,143 UK deferred tax 26 (172) (195) Irish deferred tax - (1,145) (1,073) -------- -------- -------- Total Continuing Operations 3,509 3,976 7,875 ===== ===== ===== Discontinued Operations: US State and Federal taxation - 20 20 -------- -------- -------- TOTAL 3,509 3,996 7,895 ===== ===== ===== The 2000 UK corporation tax charge has been reduced by £495,000 in respect of reorganisation costs. JOHNSON SERVICE GROUP PLC NOTES cont.d 6. Dividends 26 WEEKS 26 WEEKS 52 WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 Dividend on Ordinary shares 2,258 1,864 8,000 Dividend on 10p Preference shares 221 345 689 -------- -------- -------- 2,479 2,209 8,689 ====== ====== ====== The first interim dividend, of 3.9p, on the Ordinary shares will be paid on 20 October 2000 to those Shareholders registered in the books of the Company at 22 September 2000. The dividend on the 10p Convertible preference shares was paid on 3 July 2000. 7. Earnings per share 26 WEEKS 26 WEEKS 52 WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 Profit for the period 7,052 10,931 19,380 Less dividend on Preference shares (221) (345) (689) -------- -------- -------- Profit attributable to Ordinary Shareholders 6,831 10,586 18,691 Less gain on exceptional items (567) (2,520) (2,500) Add reorganisation costs 1,198 - - Add goodwill amortisation 1,521 419 872 ===== ===== ===== Adjusted profit attributable to Ordinary Shareholders 8,983 8,485 17,063 ===== ===== ===== Weighted average number of Ordinary shares 53,049,336 50,835,468 50,857,226 Fully diluted number of Ordinary shares 56,063,166 55,455,884 55,603,942 Earnings per share is calculated in accordance with the requirements of FRS14. Adjusted earnings per share figures are given to exclude the effects of goodwill amortisation, exceptional items and significant non- trading items, net of taxation. 8. Land and buildings Land and buildings are included within tangible fixed assets at the valuation adopted in the financial statements for the year to 25 December 1999 or where acquired since that date at cost or market value at the date of acquisition. The provisions of FRS15 have been adopted for the first time resulting in an additional depreciation charge of £151,000 in the period. 9. Investments JUNE JUNE DECEMBER 2000 1999 1999 FIXED ASSETS £000 £000 £000 Investment in 304,651 (1999: 256,940) Ordinary shares of the company at cost (Nominal value £30,465 (1999: £25,694) in respect of the Long Term Incentive Plan 881 749 749 ----- ----- ----- CURRENT ASSETS Businesses held for resale 19,500 - - ====== ===== ===== The Group intends to dispose of certain non-core businesses of the Semara Holdings Plc Group which was acquired in February 2000. The investment represents the discounted value of the estimated proceeds from the disposals. In accordance with FRS7 these businesses have not been consolidated. 10. Reserves Other Reserves ----------------------------- Share Revaluation Exchange Capital Merger Profit & Premium Reserve Reserve Redemption Reserve Loss Account Reserve Account £000 £000 £000 £000 £000 £000 At 25 December 1999 4,133 12,594 (578) 591 1,551 75,113 Premium on issue of shares 1,573 - - - - - Retained profit - - - - - 4,573 Transfer of realised profits - (196) (1,966) - - 2,162 Arising on conversion - - - 169 - - Exchange movement - - 340 - - - ====== ====== ====== ====== ====== ====== At 24 June 2000 5,706 12,398 (2,204) 760 1,551 81,848 ====== ====== ====== ====== ====== ====== 11. Reconciliation of movements in Shareholders' funds 26 WEEKS 26 WEEKS 52 WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 Profit for period 7,052 10,931 19,380 Dividends (2,479) (2,209) (8,689) -------- -------- -------- 4,573 8,722 10,691 Other recognised gains and losses relating to the period 340 (637) (953) Movement in share capital (111) (72) (65) Share premium 1,573 227 407 Capital redemption 169 82 82 Goodwill on disposals - 248 248 -------- -------- -------- Net addition to Shareholders' funds 6,544 8,570 10,410 Opening Shareholders' funds 99,456 89,046 89,046 ====== ====== ====== Closing Shareholders' funds 106,000 97,616 99,456 ====== ====== ====== 12. Acquisitions Purchase of Businesses 26 WEEKS 26 WEEKS 52 WEEKS JUNE JUNE DECEMBER 1999 1999 2000 £000 £000 £000 Net assets acquired (at fair value) Tangible fixed assets 11,206 17 714 Stocks of textile rental items 13,076 33 723 Stocks 4,862 3 40 Debtors 10,705 - 399 Pension scheme debtor 16,000 - - Net overdraft - - 73 Tax creditor (844) - - Creditors (8,357) (42) (670) Deferred tax 2,581 - (20) Loans and finance agreements (11,257) - (85) Provisions (7,990) - - -------- -------- -------- 29,982 11 1,174 Investment held for resale 21,330 - - Goodwill 54,735 229 4,886 ====== ====== ====== Total consideration 106,047 240 6,060 ====== ====== ====== Discharged by cash on completion 104,582 240 5,060 Issue of shares 1,465 - - Deferred consideration - - 1,000 ====== ====== ====== 106,047 240 6,060 ====== ====== ====== The purchase of businesses includes £103.5 million in respect of the acquisition of the whole of the issued share capital of Semara Holdings Plc which was completed on 22 February 2000. The acquisition comprised textile rental and certain other ancillary businesses. The Group is intending to dispose of two of these businesses and, in accordance with FRS7, they have been treated as current asset investments on the balance sheet. 13. Reconciliation of net cash flow to movement in net debt 26 WEEKS 26 WEEKS 52 WEEKS JUNE JUNE DECEMBER 2000 1999 1999 £000 £000 £000 Decrease in cash in the period (19,305) 18,096 15,757 Cash inflow on increase in debt and lease financing (74,991) 12,334 13,214 -------- -------- -------- Change in net debt resulting from cash flows (94,296) 30,430 28,971 Finance leases - new - (1,603) (1,829) Loans and leases acquired with subsidiary (11,257) - (85) Exchange differences 737 1,179 1,941 -------- -------- -------- Movement in net debt in period (104,816) 30,006 28,998 Opening net debt (2,866) (31,864) (31,864) ====== ====== ====== Closing net debt (107,682) (1,858) (2,866) ====== ====== ====== 14. Analysis of net debt At 25 At 24 December Cash Acquisitions Exchange June 1999 Flow (Excl. cash) Movement 2000 £000 £000 £000 £000 £000 Cash in hand and at bank 17,324 (17,320) - (4) - Overdraft - (1,985) - - (1,985) Debt due after one year (16,800)(75,784) (11,149) 733 (103,000) Debt due within one year (198) 107 - - (91) Finance leases (3,192) 686 (108) 8 (2,606) ====== ====== ====== ====== ====== (2,866)(94,296) (11,257) 737 (107,682) ====== ====== ====== ====== ====== 15. The interim results have been prepared on the basis of accounting policies set out in the Group's 1999 statutory accounts. In addition the new requirements of FRS15 have been complied with for the first time. The profit and loss accounts, balance sheets and cash flow statements as at June 2000 and June 1999, are unaudited and have not been reviewed by the auditors. The financial information does not amount to full accounts within the meaning of Section 240 of the Companies Act 1985 (as amended). The profit and loss account, balance sheet and cash flow statement for December 1999, are abridged from the Group's full accounts for that year. Those accounts received an unqualified audit report and have been filed with the Registrar of Companies. The auditors' report did not contain a statement under Section 237(2) or (3) of the Companies Act 1985 (as amended).

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