Interim Results
Quintain Estates & Development PLC
4 December 2001
4 December 2001
QUINTAIN ESTATES AND DEVELOPMENT PLC
('Quintain' / 'Company' / 'Group')
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001
HIGHLIGHTS
Pre accounting policy changes
2001 Change
Profit before tax £8.6 m + 5.7%
Earnings per share 5.9p + 20.4%
Underlying earnings per share 5.1p + 30.8%
Post accounting policy changes
2001 Change
Profit before tax £8.6m (6.4)%
Earnings per share 5.4p 1.9%
Interim Dividend 2.75p + 10.0%
2001 2000
Gearing 83% 104%
In his statement, Chairman Nigel Ellis commented:
'I am pleased to report that we have again had a satisfactory six months, with
an increase in earnings per share of 20.4% and of 30.8% in underlying earnings
per share on a basis consistent with prior years' reported results. In these
circumstances, the Board is delighted to declare an interim dividend of 2.75p
per ordinary share, an increase of 10%, which again reflects our confidence in
the Company's future.
'We consider that our portfolio displays the resilient characteristics and
potential for value enhancement which should ensure that it continues to
perform strongly relative to the market. This, combined with our experienced
and strengthened management team means that we look forward to the second half
of the year with confidence.'
For further information, please contact:
Quintain
Nigel Ellis, Chairman Tel: 020 7495 8968
Adrian Wyatt, Chief Executive Tel: 020 7478 9440
Rebecca Worthington, Finance Director Tel: 020 7478 9444
Financial Dynamics
Stephanie Highett/Dido Laurimore Tel: 020 7831 3113
Chairman's Statement
I am pleased to report that we have again had a satisfactory six months, with
an increase in earnings per share of 20.4% and of 30.8% in underlying earnings
per share calculated on a basis consistent with prior years' reported results.
In these circumstances, the Board is delighted to declare an interim
dividend of 2.75p per ordinary share, an increase of 10%, which again reflects
our confidence in the Company's future.
There have been two significant accounting policy changes in the period. The
first, UITF 28, requires rent free periods to be averaged over the period to
the first rent review. This has increased profits for the six months to 30
September 2000 by £1m and by £2.1m for the year to 31 March 2001. The change
has also reduced the income for the current period by £0.1m. The second
change, FRS19, requires a full provision for deferred taxation on capital
allowances and this increases the tax charge in the current period by £0.5m.
These result in the earnings per share appearing unchanged on the restated
results for the previous half year.
In anticipation of a weakening economy, we took the decision last year to
reduce gearing giving us significant cash resources to take advantage of
opportunities arising in a softer market. Total property sales during the
period amounted to £45m and, by 30 September 2001, the Company's gearing had
reduced to 83% compared with 92% at 31 March 2001. This brings cash sales in
the last 18 months up to £133m. Further sales are anticipated in the second
half, including the Northpoint shopping centre in Hull for £18.8m for which
contracts have been exchanged, which will reduce gearing still further.
Interest cover has improved to 1.7 times. At the half year, the Company had
un-drawn bank facilities of £162m and cash balances of £15m. As the level of
debt has fallen, hedging arrangements have proportionately increased, so that
at the half year the Company was fully hedged with a mixture of fixed rates
and CAPS. Some of the existing hedging positions have now been unwound to
take advantage of falling interest rates and the average cost of debt over the
period, of 6.7%, was more than 0.5% lower than for the previous full year.
The tax rate of 17.5% reflects, as in previous years, the impact of
unrecognised brought forward losses and of permanent timing differences in
relation to capital allowances.
During the first half of the year, the Company purchased a further 760,000 of
its own shares at an average price of 183p, which had a small positive impact
on net assets per share. We have an ongoing authority to purchase shares and
will keep this under review. However, this needs to be balanced with other
opportunities, such as the Meridian Delta project, where significant
investment may be required in order to extract maximum value potential. As
the media has speculated, Meridian Delta Limited, a consortium comprising
Quintain and Lend Lease Europe Ltd, has submitted a non binding bid for the
Millennium Dome and associated land. The bid includes provision for an arena
and a masterplan for the regeneration of the Greenwich peninsula. We know
that other bids have been submitted and are awaiting further news from English
Partnerships. If our bid for the Millennium Dome is successful, total capital
expenditure on all anticipated projects for the Group over the next two years
would be an estimated £92m.
Administration expenses remain higher than anticipated due primarily to an
offset in the prior year for recoveries on litigation and the recruitment of
additional staff to take advantage of the opportunities now appearing.
We continue to make good progress in shaping our portfolio to deliver strong
returns for our shareholders. Our main focus on non-prime properties where
there are clear opportunities to enhance value will ensure that the portfolio
remains relatively resilient in more challenging market conditions.
During the period, we acquired a 120,000 sq ft former Booker unit at Livesey
Street, Sheffield for £3.9m. A planning application for industrial units will
be submitted for an undeveloped 3.5 acres and in the medium term we will be
advancing a retail warehouse scheme.
We have continued to manage our property at Oxford Street actively and have
secured a lettting of 15,000 sq ft, after gaining planning consent for the
conversion of basement storage to a casino.
Our joint venture with Berkeley Homes, a 33,000 sq ft development of 28 flats
and two penthouses scheme in Park Lane, Croydon, is due to complete in June
2002. Marketing has recently commenced and the response has been excellent
with 95% already reserved.
Our 300,000 sq ft extension of the high street in Scunthorpe is due to
complete in October 2002. We are refurbishing one of the town's existing car
parks, developing another and have built a new bus station, creating
pedestrian flow through the scheme to the town centre.
At the 237,000 sq ft office and retail investment in Smallbrook, Queensway,
Birmingham, we have accepted a £2.1m surrender premium from BET Environmental
Services. The space is being marketed and 25% has been let.
At 36 and 37-41 Gracechurch Street, London EC3, we are in the process of
making a planning application to the City of London for the development of
118,000 sq ft of Grade A space, combining our two existing holdings. This
development is subject to regearing negotiations with the City Corporation who
are the landlords of 37-41 Gracechurch Street, the short leasehold part of our
ownership.
The Quintain structured finance division, Q3P, continues to focus on
health-care and pubs, using these asset classes to enhance income. Quercus,
the nursing home fund with CGNU, now has gross assets of £180m and it is
anticipated that the fund will reach capacity by the second quarter of 2002.
Q3P is also building 42 close care apartments and a 22 bed nursing home at
Woodlands Court, Bristol, which will be completed by February 2002 with an
estimated gross development value of £4.9m.
Despite the Company's continued progress the current share price of 183p
remains disappointing when compared with the last declared net asset value of
276p. Even allowing for potential Capital Gains Tax and marking the debt to
reflect current market rates suggests a net asset basis of 263p which when
compared with 183p is a discount of 31%. This is one of the highest such
discounts in the property sector. In the current economic climate the market
may believe that Quintain's properties, rarely being prime, are higher risk.
However, Quintain's philosophy has always been that secondary properties,
particularly those that are high yielding, are less volatile and we now have
the resources to exploit an uncertain market.
An experienced management team is a key attribute and we are delighted that
your Board has again been strengthened. Adrian Wyatt has now been appointed
Deputy Chairman, and currently continues to act as Chief Executive. Mike
Riley, who joined the Company in August from HVB Real Estate Capital where he
was joint Managing Director, has been appointed as Deputy Chief Executive.
Rebecca Worthington has been promoted to the role of Finance Director. I am
also delighted to report that David Pangbourne was appointed to the Board as a
non-executive director in August this year. He retired from the Deloitte &
Touche partnership in 1997 where he had worked throughout his accountancy
career. David Pangbourne has had extensive experience in working with
companies on taxation, treasury and corporate finance.
We consider that our portfolio displays the resilient characteristics and
potential for value enhancement which should ensure that it continues to
perform strongly relative to the market. This, combined with our experienced
and strengthened management team means that we look forward to the second half
of the year with confidence.
Nigel Ellis
Chairman
4 December 2001
Quintain Estates and Development PLC
Consolidated profit and loss account
For the six months ended 30 September 2001
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
31 March
30 Sept 2001 30 Sept 2000 2001
£000 £000 £000
Notes
Restated Restated
Turnover 29,749 33,456 64,410
Less - share of joint venture (2,374) (4,744) (4,368)
turnover
_______ _______ _______
Group turnover 2 27,375 28,712 60,042
Cost of sales 2 (4,364) (5,948) (14,254)
_______ _______ _______
Gross profit 23,011 22,764 45,788
Administrative expenses 3 (4,564) (3,449) (7,015)
_______ _______ _______
Group operating profit 18,447 19,315 38,773
Share of operating profit in
joint
ventures 1,764 1,617 3,747
(Loss) profit on sale of
investment
properties (519) 705 5,950
Net interest payable (11,113) (12,475) (25,560)
_______ _______ _______
Profit on ordinary activities
before
taxation 8,579 9,162 22,910
Tax on profit on ordinary 4 (1,501) (2,143) (3,583)
activities
_______ _______ _______
Profit on ordinary activities
after
taxation 7,078 7,019 19,327
Minority interests (129) (175) (313)
_______ _______ _______
Profit for the financial period 6,949 6,844 19,014
Dividends 5 (3,497) (3,241) (8,330)
_______ _______ _______
Retained profit for the period 3,452 3,603 10,684
====== ====== ======
Earnings per share 6
Undiluted 5.4p 5.3p 14.6p
====== ====== ======
Diluted 5.4p 5.3p 14.3p
====== ====== ======
Quintain Estates and Development PLC
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
31 March
30 Sept 2001 30 Sept 2000 2001
£000 £000 £000
Notes
Restated Restated
Consolidated statement of total
recognised gains and losses
Profit for the financial period 6,949 6,844 19,014
Unrealised surplus (deficit) on
revaluation 64 (988) 41,034
Tax on realisation of revaluation
surplus (413) (438) (1,361)
Exchange movements 56 405 496
_______ _______ _______
Total recognised gains and losses
relating to the period 6,656 5,823 59,183
Prior year adjustments as set out (3,968) - -
below
_______ _______ _______
Total gains and losses recognised
since
last annual report 2,688 5,823 59,183
====== ====== ======
Consolidated note of historical
cost profits and losses
Profit on ordinary activities
before
taxation 8,579 9,162 22,910
Realisation of property
revaluation
gains of previous periods 804 5,109 11,147
_______ _______ _______
Historical cost profit on ordinary
activities before taxation 9,383 14,271 34,057
====== ====== ======
Historical cost profit for the
period
retained after taxation, minority
interest
and dividends 3,843 8,274 20,470
====== ====== ======
Reconciliation of movements in
equity shareholders' funds
Profit for the financial period 6,949 6,844 19,014
Dividends (3,497) (3,241) (8,330)
_______ _______ _______
3,452 3,603 10,684
Other recognised gains and losses
relating to the period (293) (1,021) 40,169
Issue of shares - 49 49
Purchase of own shares (1,401) (3,382) (6,425)
_______ _______ _______
Net addition (reduction) to equity
shareholders' funds 1,758 (751) 44,477
Opening shareholders' funds 355,207 310,730 310,730
_______ _______ _______
Closing shareholders' funds 356,965 309,979 355,207
====== ====== ======
Opening shareholders' funds
As previously reported 359,175 313,807 313,807
Prior year adjustments
UITF 28 1a (270) - -
FRS 19 1b (3,698) (3,077) (3,077)
_______ _______ _______
As restated 355,207 310,730 310,730
====== ====== ======
Quintain Estates and Development PLC
Consolidated balance sheet
As at 30 September 2001
Unaudited Unaudited Audited
As at As at As at
30 Sept 30 Sept 31 March
2001 2000 2001
£000 £000 £000
Notes
Restated Restated
Fixed assets
Investment properties 7 625,324 622,326 655,649
Other fixed assets 548 1,275 656
Investment in joint ventures
Share of gross assets 59,263 53,414 54,473
Share of gross liabilities (32,270) (26,497) (29,149)
26,993 26,917 25,324
Investment in associates 1,016 475 707
Other fixed asset investments 266 56 343
_______ _______ _______
654,147 651,049 682,679
_______ _______ -_______
Current assets
Stocks 4,466 7,953 5,121
Debtors 37,202 30,861 41,734
Short term investments 18 17 19
Cash at bank and in hand 15,609 21,312 46,513
_______ _______ _______
57,295 60,143 93,387
Creditors: amounts falling due
within
one year (38,396) (146,182) (64,484)
_______ _______ _______
Net current assets (liabilities) 18,899 (86,039) 28,903
________ _______ _______
Total assets less current 673,046 565,010 711,582
liabilities
Creditors: amounts falling due after
more than one year (307,803) (247,471) (348,274)
Provisions for liabilities and (6,051) (5,488) (5,673)
charges
Equity minority interests (2,227) (2,072) (2,428)
_______ _______ _______
Net assets 356,965 309,979 355,207
====== ====== ======
Capital and reserves
Called up share capital 9 31,787 32,415 31,977
Share premium account 38,336 38,336 38,337
Capital redemption reserve 1,150 522 960
Merger reserve 106,062 106,062 106,062
Capital reserve 2,750 2,750 2,750
Revaluation reserve 133,622 96,808 134,338
Profit and loss account 43,258 33,086 40,783
_______ _______ _______
Equity shareholders' funds 356,965 309,979 355,207
======= ======= =======
Net asset value per share 10
Undiluted 281p 239p 278p
======= ======= =======
Diluted 275p 236p 273p
======= ======= =======
Quintain Estates and Development PLC
Consolidated cash flow statement
For the six months ended 30 September 2001
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
31 March
30 Sept 2001 30 Sept 2000 2001
£000 £000 £000
Notes
Net cash inflow from operating
activities 11a 8,088 18,502 70,250
======= ======= =======
Return on investments and
servicing
of finance
Net interest paid (11,832) (12,398) (26,338)
Issue costs of loans (131) (198) (885)
_______ _______ _______
Net cash outflow from returns on
investments and servicing of (11,963) (12,596) (27,223)
finance
======= ======= =======
Corporation tax paid (776) (2,780) (4,593)
======= ======= =======
Capital expenditure and
financial
investment
Purchase of tangible fixed (13,815) (24,771) (78,363)
assets
Proceeds from disposal of
tangible
fixed assets 41,134 55,255 75,124
Loans to join ventures and - (245) -
associates
_______ _______ _______
Net cash inflow (outflow) from
capital
expenditure and financial 27,319 30,239 (3,239)
investment ======= ======= =======
Acquisitions and disposals
Proceeds from disposal of
subsidiary
companies 18,234 - -
Purchase of subsidiary companies - (2,780) (2,788)
_______ _______ _______
Net cash inflow (outflow) from
acquisitions and disposals 18,234 (2,780) (2,788)
======= ====== ======
Equity dividends paid (5,116) (4,663) (7,824)
====== ====== ======
Net cash inflow before
management
of liquid resources and
financing 35,786 25,922 24,583
====== ====== ======
Management of liquid resources 25,838 - (34,963)
====== ====== ======
Financing
Issue of ordinary shares for - 49 49
cash
Loans drawn down 54,116 84,935 173,805
Loan repayments (119,406) (139,231) (199,639)
Purchase of own shares (1,401) (3,382) (6,425)
_______ _______ _______
Net cash outflow from financing (66,691) (57,629) (32,210)
====== ====== ======
Decrease in cash (5,067) (31,707) (42,590)
====== ====== ======
Quintain Estates and Development PLC
Notes to the accounts
For the six months ended 30 September 2001
1. Basis of preparation
The half year figures for 2001 and 2000 are unaudited and have been prepared
on the basis of accounting policies adopted in the accounts to 31 March 2001,
except as noted below. The comparative figures for the financial year ended
31 March 2001 are not the Company's statutory accounts for that financial
year, but are derived from those accounts, adjusted as set out below. These
accounts have been reported on by the Company's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified and did
not contain a statement under section 237(2) or (3) of the Companies Act 1985.
a) Change in accounting policy : Operating Lease Incentives
In accordance with the Urgent Issues Task Force Abstract 28, incentives
in the form of rent free periods have been accounted
for by spreading the rent receivable on a straight line basis over either the
relevant lease period or a shorter period ending on a date from which it is
expected that the prevailing market rental will be payable under the lease.
Previously, rents had been recognised only over the periods for which these
were due. The only impact on cash flow will be an acceleration of tax
payments.
In accordance with the requirements of this abstract, the previous periods'
results have been restated to reflect its impact in relation to those lease
agreements providing for such incentives and commencing on or after 1 April
2000. The effect of adopting the standard on the Group's results for the
current and previous periods is summarised below:
Six months Six months Year ended
ended ended
31 March
30 Sept 2001 30 Sept 2000 2001
£000 £000 £000
(Decrease) increase in group (64) 988 2,085
turnover
Decrease (increase) in tax on
profit on
ordinary activities 11 (198) (270)
______ ______ ______
Decrease (increase) in profit for
the
financial period (53) 790 1,815
Increase (decrease) in unrealised
surplus on revaluation 64 (988) (2,085)
Decrease in opening reserves (270) - -
_______ _______ _______
Decrease in shareholders' funds (259) (198) (270)
====== ====== ======
Decrease in carrying value of
investment properties (2,021) (988) (2,085)
Increase in debtors 2,021 988 2,085
Increase in creditors
: amounts falling due within one (259) (198) (270)
year
_______ _______ _______
Decrease in net assets (259) (198) (270)
====== ====== ======
Quintain Estates and Development PLC
Notes to the accounts
For the six months ended 30 September 2001
b) Change in accounting policy : Deferred Tax
In the current period, the Group has also adopted Financial Reporting Standard
19 which requires full provision in the accounts to be made for deferred tax
on temporary timing differences. Previously, provision was made for timing
differences to the extent that it was probable that a liability would
crystallise in the foreseeable future. With no impact upon cash flow, the
change to full provision will increase the tax rate, though the use of
unrecognised brought forward tax losses will continue to impact and the future
disposal of investment properties could give rise to provision releases. No
discounting has been applied.
In adopting the standard, the Group has restated the previous periods'
results, the outcome of which, together with the impact on the current period,
is summarised below:
Six months Six months Year ended
ended ended
31 March
30 Sept 2001 30 Sept 2000 2001
£000 £000 £000
Increase in tax on profit on
ordinary
activities (507) (310) (621)
_______ _______ _______
Decrease in profit for the (507) (310) (621)
financial
period
Decrease in opening reserves (3,698) (3,077) (3,077)
______ ______ ______
Decrease in shareholders' funds (4,205) (3,387) (3,698)
====== ====== ======
Increase in provisions (4,205) (3,387) (3,698)
_______ _______ _______
Decrease in net assets (4,205) (3,387) (3,698)
====== ====== ======
2 Turnover and cost of sales
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2001 30 Sept 2000 31 March 2001
£000 £000 £000
Restated Restated
Gross rents receivable 23,545 23,261 48,889
Sale of trading properties 1,363 3,392 8,459
Other income 2,467 2,059 2,694
_______ _______ _______
Total turnover 27,375 28,712 60,042
====== ====== ======
Rents payable and other
property
outgoings 3,159 2,836 6,516
Sale of trading properties 1,205 3,112 7,738
_______ _______ _______
Total cost of sales 4,364 5,948 14,254
====== ====== ======
A surrender premium of £2,100,000 was received in the period of which £
1,550,000 (2000 : £nil) is reflected in Other income.
Quintain Estates and Development PLC
Notes to the accounts
For the six months ended 30 September 2001
3 Administrative expenses
Unaudited Unaudited Audited
Six months Six months Year ended
ended ended
31 March 2001
30 Sept 2001 30 Sept 2000
£000
£000 £000
Restated
Restated
Directors' remuneration 1,331 1,191 1,729
Staff costs 1,465 1,363 2,161
Legal and other professional fees 1,064 181 1,549
Office costs 514 599 965
Depreciation 137 115 224
Profit on disposal of fixed (22) - (8)
assets
General expenses 75 - 395
_______ _______ _______
4,564 3,449 7,015
====== ====== ======
Legal and professional fees for the six months ended 30 September 2000
and the year ended 31 March 2001 are shown net of a recovery of £805,000
in respect of costs, some relating to previous
years.
4 Tax on profit on ordinary activities
The effective rate of taxation on ordinary activities of 17.5% (2000 :
23.4%) reflects the benefit of available losses and
permanent timing differences in relation to capital allowances.
5 Dividend
The interim dividend of 2.75p (2000 : 2.5p) per ordinary share is payable on
21 December 2001 to members on the register as at 14 December 2001. A final
dividend of 4.0p in respect of the year to 31 March 2001 was paid during the
period.
6 Earnings per share
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
30 Sept 2001 30 Sept 2000 31 March 2001
Based on Based on
Basic underlying Basic underlying Basic Based on
profits profits underlying
profits
£000 £000
£000
£000 £000 £000
Restated
Restated
Restated Restated
Profit for
the
financial
period 6,949 6,949 6,844 6,844 19,014 19,014
Exceptional
items
after tax - (1,550) - (564) - (700)
Loss
(profit) on
sale - 519 - (671) - (5,182)
of
investment
properties
after tax _______ _______ _______ _______ _______ _______
6,949 5,918 6,844 5,609 19,014 13,132
====== ====== ====== ====== ====== ======
Weighted
average
number of
shares 127,827 130,005 129,963
('000) ====== ====== ======
Earnings per share on a diluted basis have been calculated on an adjusted
profit of £7,117,000 (2000 : £7,012,000) and an adjusted weighted number of
shares of 131,776,000 (2000 : 133,108,000).
Quintain Estates and Development PLC
Notes to the accounts
For the six months ended 30 September 2001
7 Investment properties
Investment properties are valued annually at the end of each financial year
and are shown in the Balance Sheet as at 30 September 2001 at the previous
year end valuations adjusted for subsequent expenditure and disposals.
8 Borrowings
An exercise to calculate the fair values of the Group's financial liabilities
as at 30 September 2001 undertaken by JC Rathbone Associates disclosed a
deficit in relation to carrying value of £5,732,000 (2000 : surplus £
1,669,000). As at 31 March 2001, the deficit was £6,519,000.
9 Called up share capital
The issued share capital of the Group decreased during the period owing to the
buy back of shares in the market for cancellation.
Number of shares Nominal value
'000 £000
Shares in issue as at 1 April 2001 127,907 31,977
Purchase of own shares (760) (190)
_______ _______
Shares in issue as at 30 September 2001 127,147 31,787
====== ======
10 Net asset value per share
Net asset value per share on an undiluted basis as at 30 September 2001 has
been based on net assets of £356,965,000
(2000 : £309,979,000) and 127,147,000 (2000 : 129,657,000) ordinary shares.
Net asset value per share on a diluted basis has been calculated on adjusted
net assets of £359,965,000 (2000 : £312,979,000) and 131,096,000 (2000 :
132,761,000) ordinary shares.
Quintain Estates and Development PLC
Notes to the accounts
For the six months ended 30 September 2001
11 Notes to the consolidated cash flow statement
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 Sept 2001 30 Sept 2000 31 March 2001
£000 £000 £000
a) Reconciliation of
operating profit to net
cash inflow from
operating activities
Operating profit 18,447 19,315 38,773
Depreciation charge 434 441 885
Profit on disposal of
fixed assets (22) - (8)
(Increase) decrease in
debtors (11,664) (4,529) 1,034
Increase in creditors 238 1,959 5,475
Decrease in trading stock 655 1,316 24,091
_______ _______ _______
8,088 18,502 70,250
====== ====== ======
b) Reconciliation of net
cash movement to net
debt
Decrease in cash during
period (5,067) (31,707) (42,590)
Cash outflow from debt
and lease financing 65,062 54,274 25,834
Cash (inflow) outflow from
(decrease) increase in
liquid resources (25,838) (1,123) 34,963
_______ _______ _______
Change in net debt
resulting from cash flows 34,157 21,444 18,207
Costs of issue of non
equity finance (131) 198 885
Amortisation of issue
costs (432) (609) (1,350)
Other non-cash movements 563 (183) (910)
_______ _______ _______
Movement in net debt
during period 34,157 20,850 16,832
Net debt beginning of
period (327,231) (344,063) (344,063)
_______ _______ _______
Net debt end of period (293,074) (323,213) (327,231)
====== ====== ======
c) Analysis of net debt
Liquid resources 10,265 17 36,103
Cash 5,362 21,312 10,429
Debt due after more than
one year (308,701) (248,720) (348,274)
Debt due within one year - (95,822) (25,489)
_______ _______ _______
(293,074) (323,213) (327,231)
====== ====== ======
The auditors have reviewed the financial information set out above and a copy
of their report will be included in the published Interim accounts which will
be sent to shareholders. Copies will also be made available to the public on
request to the Secretary at the registered office, 58 Davies Street, London
W1K 5JF.
This report is also available on the Company's website at
www.quintain-estates.com
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