Interim Results

Quintain Estates & Development PLC 7 December 2004 QUINTAIN ESTATES AND DEVELOPMENT PLC ('Quintain' / 'Company' / 'Group') INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 Highlights • Group turnover increased by 33% to £37.4m (2003: £28.0m) • Gross profit rose by 5% to £20.2m (2003: £19.3m) • Profit before tax decreased by 31% to £5.0m (2003: £7.3m), largely owing to exceptional costs relating to the re-financing of the Company's debt • Earnings per share fell by 1.3p to 3.3p (2003: 4.6p) • Net asset value per share increased to 406p (30 Sept 2003: 349p; 31 March 2004: 405p) • Interim dividend maintained at 2.75p • Portfolio highlights include the disposal of selected trading and investment assets during the period totalling £149m to take advantage of the strong market, with contracts exchanged for a further £93m of disposals since the period end. £64m reinvested in assets with an average aggregate yield of over 8% • Significant progress made in the Company's key Special Projects: o Greenwich Peninsula deal declared unconditional in June; detailed planning consent achieved for Millennium Square; and responsibility assigned to Anschutz Entertainment Group for liabilities associated with the Dome and the balance of the development rights underneath the structure o At Wembley, resolution to grant planning consent obtained in June for Quintain's Phase 1 plans for 5.3m sq ft of mixed-use development; section 106 agreement signed; and agreement reached, following the period end, with Caesars Entertainment Inc to joint venture a potential gaming and leisure development at Wembley • Directors' interim valuation of Wembley and Greenwich Peninsula assets, not incorporated into the 30 September 2004 figures, reveal approximate uplifts after costs of £42m (34%) and £9m (9%) respectively, signalling Company on track to deliver good NAV growth for the full year • Syndication in July of a new corporate loan, raising £475m, combined with the current low level of gearing and circa £250m of undrawn facilities, ensures Quintain is in a strong financial position to acquire new assets and fund its Special Project activities. Nigel Ellis, Chairman of Quintain, commented: 'The Company's achievements in the first six months across its full range of operations, together with the strength of its financial resources and enhanced management team, leaves it well positioned to continue its strong progress.' For further information, please contact: Quintain Estates and Development 020 7495 8968 Rebecca Worthington Financial Dynamics 020 7831 3113 Stephanie Highett / Dido Laurimore FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2004 Profit and Loss Account 30 Sept 30 Sept Change Year to 31 2004 2003 % March 2004 Group turnover (£000) 37,353 28,037 33 60,484 Profit before tax (£000) 5,026 7,339 (31) 16,037 Earnings per share (pence) 3.3p 4.6p (28) 12.4p Dividend per share (pence) 2.75p 2.75p - 8.75p Balance Sheet 30 Sept 30 Sept 31 March 2004 2003 2004 Net asset value per share (pence) 406p 349p 405p Diluted net asset value per share (pence) 401p 341p 399p Gearing (%) 48% 60% 56% CHAIRMAN'S STATEMENT I am pleased to report that Quintain has made good progress in the six months to 30 September 2004. Operational highlights included winning a resolution to grant planning consent for the 5.3m sq ft Phase 1 of our development at Wembley, completion of all commercial contracts at the Greenwich Peninsula and a successful programme of disposals and purchases within the Main Portfolio. In addition, the syndication in July of a new £475m corporate loan, combined with the ongoing revenue stream from our investment assets, has ensured that the Company is in a strong financial position to acquire new assets and fund its Special Projects activities. Gross profits rose by £0.9m (5%) to £20.2m in the period under review and underlying earnings were in line with the corresponding period in 2003. Owing largely to the exceptional costs relating to the re-financing of the Company's debt, however, reported profit before tax decreased to £5.0m (2003: £7.3m) with a subsequent 1.3p drop in earnings per share to 3.3p (2003: 4.6p). Further detail is provided in the Financial Review below. As in previous years, we have not undertaken a formal valuation of the property portfolio for the half year. However, the Directors have carried out, in conjunction with FPD Savills, an informal review of our assets at Wembley and Greenwich. The review indicates approximate uplifts after costs of £42m (34%) at Wembley and £9m (9%) at Greenwich and signals that the Company is on track to deliver good NAV growth for the year-end results in 2005. In line with past practice, we have decided to maintain the interim dividend at 2.75p per share. Portfolio Review Within Special Projects, there has been significant progress at Wembley since the year-end. In June, a resolution to grant consent for 5.3m sq ft of mixed-use development was obtained from the London Borough of Brent. Since then the S106 agreement has been signed and we have received notification from both the Government Office for London and the Mayor of London that they do not intend to exercise their statutory powers. We are on site with demolition works and construction of the Pavilion, a temporary facility to continue the arena business whilst the £30m refurbishment takes place in 2005. Also during 2005, construction will commence to deliver the significant public realm improvements, providing a fitting setting for the new national stadium when it opens in 2006. This will include building Arena Square, the Stadium Piazza and the northern end of Wembley Park Boulevard. Since the period end, Quintain has reached agreement with Caesars Entertainment Inc. to form a 50/50 joint venture to develop Caesars Wembley. The joint venture, which is subject to planning and to the reform of the UK gaming laws, will operate a 650,000 sq ft facility at Wembley, comprising a world-class casino, a 400 room luxury hotel, a spa and swimming pool, designer shops and a wide variety of restaurants and bars. Good progress has also been made with regard to the Greenwich Peninsula, where the entire transaction with English Partnerships went unconditional in June. Meridian Delta also reached agreement with Anschutz Entertainment Group, the Dome arena leaseholders and developers, that Anschutz will assume responsibility for all maintenance costs and liabilities with respect to the Dome in return for the balance of the leasehold development rights underneath the structure, but outside the arena. In addition, detailed planning consent for the development of Millennium Square was obtained and works are due to commence on site in January 2005. In our joint venture with Countryside Properties PLC at Abbey Mills, Merton, SW19, phase 1 was completed with all 124 residential units and commercial elements sold. Due to the conditions attached to the sale, the profit relating to the commercial element is not reflected in this period. Work commenced in August on phase 2, comprising 164 residential units. In the Company's Main Portfolio, we have taken advantage of the continuing strength of the investment market to sell selected assets where we believe that there is both limited further upside and that the capital released will be put to more productive use within the group. The larger of these disposals were Neathouse Place, SW1 (£67.8m) and The Parishes, Scunthorpe (£43.15m). Since the period end, we have also exchanged contracts to sell our interests in the Mount Royal block on Oxford Street, W1 for £80m. Despite the very competitive market, part of these proceeds have already been used to reinvest over the six months in assets totalling some £64m, providing an average aggregate yield of over 8%. We also have a total 150,000 sq ft of retail and office refurbishment either underway or planned, all of which are progressing well. Progress has also been achieved in Q3P, Quintain's structured finance division. Since expanding the Quercus healthcare fund in June, we are pleased to report that we have purchased an additional £39m of properties. In agreement with the investors in Quart, our licensed premises fund, we have decided to lock-in profits and therefore close the fund. We continue to evaluate opportunities to invest in appropriate specialist areas. Financial Review Turnover was 33% ahead at £37.4m with gross profits up 5% at £20.2m. As a result of the sales programme, net rents fell by £0.8m to £14.8m. This is likely to reduce further next year with the impact of the sales programme, a year which will also be adversely affected by the temporary closure of Wembley Arena. Disposals of trading properties gave rise to a profit of £1.7m (2003: £0.2m). The reported profit before tax for the year was £5.0m (2003: £7.3m). Underlying earnings were in line with the same period last year but, because of the exceptional finance costs of £2.0m relating to the re-financing of the Company's debt as described below, earnings per share fell by 1.3p or 28%. The £3.1m increase in administration expenses to £10.6m reflected higher staff costs and headcount as additional resources were taken on to deliver the major projects at Wembley and Greenwich. The tax rate of 15% is based on current forecasts for the full year. The reduction from the standard rate of 30% arises mainly from the crystallisation of capital allowances, capitalised interest and brought forward tax losses. Gearing has fallen from 56% at the year-end to 48% at 30 September 2004. Trading and investment sales in the period of £149m were partially offset by purchases of £64m and £21m of capital expenditure. In addition the final £14m instalment was paid for Wembley. In July, we completed the syndication of our new corporate loan, raising £475m. With the current low level of gearing and circa £250m of undrawn facilities, Quintain is in a strong position to take advantage of new opportunities arising as well as those inherent in the Company's portfolio. Quintain's accounts will be prepared under International Accounting Standards (IAS) for the financial year ended 31 March 2006. We have been working towards the implementation of IAS for some time and are well advanced in our plans to ensure smooth implementation. This has included training of staff and updating of systems as well as the ongoing assessment of the impact of IAS. In the months following the announcement of our annual results we will be releasing restated accounts that demonstrate the impact of IAS on our primary statements and key performance indicators. Outlook The Company's achievements in the first six months across its full range of operations, together with the strength of its financial resources and enhanced management team, leaves it well positioned to continue its strong progress. Nigel Ellis Chairman 7 December 2004 Quintain Estates and Development PLC Consolidated Profit and Loss Account For the six months ended 30 September 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 Sept 2004 30 Sept 2003 31 March 2004 Notes £000 £000 £000 _______ _______ _______ Turnover 39,627 30,717 65,200 Less - share of joint ventures' turnover (2,274) (2,680) (4,716) _______ _______ _______ Group turnover 2 37,353 28,037 60,484 Cost of sales 2 (17,135) (8,742) (20,079) _______ _______ _______ Gross profit 20,218 19,295 40,405 Administrative expenses 3 (10,581) (7,528) (15,959) _______ _______ _______ Group operating profit 9,637 11,767 24,446 Share of operating profit in joint ventures 1,861 1,977 3,601 Share of operating profit in associates 185 105 274 Profit on sale of investment properties 2,638 2,699 5,898 _______ _______ _______ Profit on ordinary activities before 14,321 16,548 34,219 interest and tax Net interest payable 4 (9,295) (9,209) (18,182) _______ _______ _______ Profit on ordinary activities before 5,026 7,339 16,037 taxation Tax on profit on ordinary activities 5 (754) (1,468) - _______ _______ _______ Profit on ordinary activities after taxation 4,272 5,871 16,037 Equity minority interests (69) (60) (150) _______ _______ _______ Profit for the financial period 4,203 5,811 15,887 Dividends 6 (3,561) (3,540) (11,338) _______ _______ _______ Retained profit for the financial period 642 2,271 4,549 ====== ====== ====== Earnings per share 7 Basic 3.3p 4.6p 12.4p ====== ====== ====== Diluted 3.3p 4.5p 12.3p ====== ====== ====== Quintain Estates and Development PLC Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 Sept 2004 30 Sept 2003 31 March 2004 £000 £000 £000 _______ _______ _______ Consolidated Statement of Total Recognised Gains and Losses for the six months ended 30 September 2004 Profit for the financial period 4,203 5,811 15,887 Unrealised surplus (deficit) on revaluation 1,352 (429) 74,435 Tax on realisation of revaluation surplus - - (471) Foreign exchange movements 341 (135) (798) _______ _______ _______ 5,896 5,247 89,053 ====== ====== ====== Consolidated Note of Historical Cost Profits and Losses for the six months ended 30 September 2004 Profit on ordinary activities before taxation 5,026 7,339 16,037 Revaluation element of short leasehold amortisation 116 63 159 Realisation of property revaluation gains of 21,708 493 8,349 previous periods _______ _______ _______ Historical cost profit on ordinary activities before 26,850 7,895 24,545 taxation ====== ====== ====== Historical cost profit for the period retained after taxation, minority interests and dividends 22,466 2,827 12,586 ====== ====== ====== Reconciliation of Movements in Equity Shareholders' Funds for the six months ended 30 September 2004 Profit for the financial period 4,203 5,811 15,887 Dividends (3,561) (3,540) (11,338) _______ _______ _______ 642 2,271 4,549 Other recognised gains and losses relating to the 1,693 (564) 73,166 period Issue of shares less costs 350 641 2,287 Investment in own shares (443) - - Cost relating to Employees' Share Plans 203 - 195 _______ _______ _______ Net addition to equity shareholders' funds 2,445 2,348 80,197 Opening shareholders' funds 523,513 443,316 443,316 _______ _______ _______ Closing shareholders' funds 525,958 445,664 523,513 ====== ====== ====== Quintain Estates and Development PLC Consolidated Balance Sheet As at 30 September 2004 Unaudited Unaudited Audited As at As at As at 30 Sept 2004 30 Sept 2003 31 March 2004 Notes £000 £000 £000 _______ _______ _______ Fixed assets Investment properties 8 741,073 714,529 797,696 Other fixed assets 554 454 649 Investment in joint ventures Share of gross assets 64,319 69,803 56,999 Share of gross liabilities (25,812) (31,610) (25,708) ________ ________ ________ 38,507 38,193 31,291 Investment in associates 8,258 4,501 5,467 Other fixed asset investments 188 188 188 ________ ________ ________ 788,580 757,865 835,291 ________ ________ ________ Current assets Trading properties 20,439 559 21,707 Debtors 36,149 31,688 28,843 Short term investments 19 19 19 Cash at bank and in hand 21,168 12,883 44,168 ________ ________ ________ 77,775 45,149 94,737 Creditors: amounts falling due within (56,397) (56,225) (61,587) one year ________ ________ ________ Net current assets (liabilities) 21,378 (11,076) 33,150 ________ ________ ________ Total assets less current liabilities 809,958 746,789 868,441 Creditors: amounts falling due after more than one year (277,760) (290,772) (338,811) Provisions for liabilities and charges (4,687) (8,993) (4,671) Equity minority interests (1,553) (1,360) (1,446) ________ ________ ________ Net assets 525,958 445,664 523,513 ======= ======= ======= Capital and reserves Called up share capital 10 32,377 31,948 32,323 Share premium account 46,000 43,805 45,076 Revaluation reserve 247,221 202,156 267,604 Other capital reserves 112,330 112,330 112,330 Profit and loss account 88,473 55,425 66,180 Investment in own shares (443) - - ________ ________ ________ Equity shareholders' funds 525,958 445,664 523,513 ======= ======= ======= Net asset value per share 11 Basic 406p 349p 405p ======= ======= ======= Diluted 401p 341p 399p ======= ======= ======= Quintain Estates and Development PLC Consolidated Cash Flow Statement For the six months ended 30 September 2004 Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 Sept 2004 30 Sept 2003 31 March 2004 Notes £000 £000 £000 _______ _______ _______ Net cash inflow from operating 12a 7,701 6,722 6,656 activities ====== ====== ====== Dividends from joint ventures and 614 894 7,871 associates ====== ====== ====== Returns on investments and servicing of finance Net interest paid (8,986) (9,175) (18,328) Issue costs of loans (2,751) (41) (389) _______ _______ _______ Net cash outflow from returns on investments and servicing of finance (11,737) (9,216) (18,717) ====== ====== ====== Corporation tax paid (101) (61) (66) ====== ====== ====== Capital expenditure and financial investment Purchase of tangible fixed assets (65,499) (17,091) (63,760) Proceeds from disposal of tangible 135,628 40,173 82,639 fixed assets Loans to joint ventures and associates (7,411) (5,032) - _______ _______ _______ Net cash inflow from capital expenditure and financial investment 62,718 18,050 18,879 ====== ====== ====== Acquisitions and disposals Purchase of subsidiary companies (13,875) - (24,786) Settlement of debt due from vendor - - 2,978 Net cash acquired with subsidiary - - 4 companies _______ _______ _______ Net cash outflow from acquisitions and disposals (13,875) - (21,804) ====== ====== ====== Equity dividends paid (7,763) (6,709) (10,264) ====== ====== ====== Net cash inflow (outflow) before management of liquid resources and financing 37,557 9,680 (17,445) ====== ====== ====== Management of liquid resources 12b 25,773 2,905 (22,703) ====== ====== ====== Financing Issue of ordinary shares for cash 352 641 2,287 Loans drawn down 268,321 7,499 105,588 Loan repayments (328,787) (27,051) (68,376) Purchase of own shares (443) - - _______ _______ _______ Net cash (outflow) inflow from (60,557) (18,911) 39,499 financing ====== ====== ====== Increase (decrease) in cash 12b 2,773 (6,326) (649) ====== ====== ====== Note: The figure for the purchase of shares in subsidiaries represents the final instalment of the deferred consideration for the acquisition of Wembley (London) Limited, which occurred in August 2002. Quintain Estates and Development PLC Notes to the accounts For the six months ended 30 September 2004 1 Basis of preparation The half year figures for 2004 and 2003 are unaudited and have been prepared on the basis of accounting policies adopted in the accounts to 31 March 2004, except as explained below. The comparative figures for the financial year ended 31 March 2004 are not the Company's statutory accounts for that financial year. 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 sections 237(2) or (3) of the Companies Act 1985. In accordance with the Urgent Issues Task Force Abstract 38, Accounting for ESOP Trusts, which became effective for accounting periods ending on or after 22 June 2004, consideration paid by the Employee Share Ownership Plan Trust for the purchase of the Company's own shares is deducted in arriving at shareholders' funds. Such shares were purchased by the Trust for the first time in the current financial year. The shares held by the Trust are treated as if they were cancelled for the purposes of calculating earnings and net assets per share. 2 Turnover and cost of sales Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Audited Audited Audited Six Six Six Six Six Six Year Year Year months months months months months months ended ended ended ended ended ended ended ended ended 31 31 31 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept March March March 2004 2004 2004 2003 2003 2003 2004 2004 2004 Turnover Cost Gross Turnover Cost Gross Turnover Cost Gross of sales profit of sales profit of sales profit £000 £000 £000 £000 £000 £000 £000 £000 £000 ______ ______ ______ ______ ______ ______ ______ ______ ______ Gross rents 18,246 (3,470) 14,776 19,825 (4,208) 15,617 41,993 (12,133) 29,860 receivable Proceeds from the sale of trading properties 12,070 (10,354) 1,716 1,439 (1,254) 185 1,863 (1,565) 298 Income from leisure operations 5,687 (2,562) 3,125 5,485 (3,121) 2,364 12,154 (5,562) 6,592 Other income 1,350 (749) 601 1,288 (159) 1,129 4,474 (819) 3,655 _______ _______ _______ _______ _______ _______ _______ _______ _______ 37,353 (17,135) 20,218 28,037 (8,742) 19,295 60,484 (20,079) 40,405 ====== ====== ====== ====== ====== ====== ====== ====== ====== 3 Administrative expenses Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 Sept 2004 30 Sept 2003 31 March 2004 £000 £000 £000 _______ _______ _______ Directors' remuneration 2,138 1,475 2,095 Cost relating to Employees' Share Plans 203 - 195 Staff costs 5,186 3,675 8,000 Legal and professional fees 1,333 895 2,225 Office costs 847 843 2,642 Depreciation of tangible fixed assets 171 167 333 Profit on disposal of fixed assets (5) (9) (18) General expenses 708 482 487 _______ _______ _______ 10,581 7,528 15,959 ====== ====== ====== 4 Net interest payable The interest charge includes an amount written off on re-financing of £1,969,000 (2003 : £nil) in respect of borrowing costs previously capitalised and a profit of £630,000 (2003 : £nil) which arose on the termination of certain swap arrangements. 5 Tax on profit on ordinary activities The effective rate of taxation on profit on ordinary activities of 15% (2003 : 20%) reflects the benefit of available losses, capitalised interest and permanent timing differences in relation to capital allowances. 6 Dividends The interim dividend of 2.75p (2003 : 2.75p) per ordinary share is payable on 19 January 2005 to members on the register as at 17 December 2004. A final dividend of 6p in respect of the year to 31 March 2004 was paid during the period. 7 Earnings per share Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Audited Audited Audited Six Six Six Six Six Six Year Year Year months months months months months months ended ended ended ended ended ended ended ended ended 31 31 31 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept March March March 2004 2004 2004 2003 2003 2003 2004 2004 2004 Profit for Average Earnings Profit for Average Earnings Profit for Average Earnings the weighted per the weighted per the weighted per financial number share financial number share financial number share period of shares period of shares period of shares £000 000 pence £000 000 pence £000 000 pence _______ _______ _______ _______ _______ _______ _______ _______ _______ Basic 4,203 129,332 3.3 5,811 127,597 4.6 15,887 128,182 12.4 ====== ====== ====== Adjustment in respect of 8% Convertible 84 2,000 84 2,000 168 2,000 unsecured loan stock _______ _______ _______ _______ _______ _______ Diluted 4,287 131,332 3.3 5,895 129,597 4.5 16,055 130,182 12.3 ====== ====== ====== ====== ====== ====== ====== ====== ====== 8 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 2004 at the previous year end valuations adjusted for subsequent expenditure and disposals. 9 Borrowings As at 30 September 2004, J C Rathbone Associates estimated that the fair value of the Group's financial liabilities exceeded their carrying value by £7,645,000 (2003 : £13,476,000). As at 31 March 2004, the excess was £8,375,000. 10 Called up share capital Number Nominal of shares value 000 £000 _______ _______ Shares in issue as at 1 April 2004 129,291 32,323 Issue of shares under Staff Share Option Schemes 216 54 _______ _______ Shares in issue as at 30 September 2004 129,507 32,377 ====== ====== During the period, 100,000 of the Company's own shares were purchased and held through an Employee Share Ownership Plan Trust. 11 Net asset value per share Unaudited Unaudite Unaudite Unaudited Unaudited Unaudited Audited Audited Audited As at As at As at As at As at As at As at As at As at 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 30 Sept 31 March 31 March 31 March 2004 2004 2004 2003 2003 2003 2004 2004 2004 Net Number Net asset Net Number Net asset Net Number Net asset assets of shares value assets of shares value assets of shares value per share per share per share £000 000 pence £000 000 pence £000 000 pence ______ ______ _______ _______ _______ _______ _______ _______ _______ Basic 525,958 129,507 406 445,664 127,792 349 523,513 129,291 405 ====== ====== ====== Adjustment in respect of 8% Convertible 3,000 2,000 3,000 2,000 3,000 2,000 unsecured loan stock Adjustment in respect of employee share option 8,777 2,799 9,095 4,376 8,458 2,915 arrangements Adjustment in respect of shares held in Employee Share - (100) - - - - Ownership Plan _______ _______ _______ _______ _______ _______ Diluted 537,735 134,206 401 457,759 134,168 341 534,971 134,206 399 ====== ====== ====== ====== ====== ====== ====== ====== ====== 12 Notes to the consolidated cash flow statement Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 Sept 2004 30 Sept 2003 31 March 2004 £000 £000 £000 _______ _______ _______ a) Reconciliation of operating profit to net cash inflow from operating activities Operating profit 9,637 11,767 24,446 Depreciation charge 702 762 1,470 Profit on disposal of fixed assets (5) (9) (18) Cost relating to Employees' Share Plans 203 - 195 Increase in debtors (4,610) (6,813) (734) Increase (decrease) in creditors 1,874 (176) (1,746) (Increase) decrease in trading stock (100) 1,191 (16,957) _______ _______ _______ Net cash inflow from operating 7,701 6,722 6,656 activities ====== ====== ====== 12 Notes to the consolidated cash flow statement (continued) Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 Sept 2004 30 Sept 2003 31 March 2004 £000 £000 £000 _______ _______ _______ b) Reconciliation of net cash movement to net debt Increase (decrease) in cash during 2,773 (6,326) (649) period Cash outflow (inflow) from debt and lease financing 60,559 19,923 (37,212) Cash (inflow) outflow from movement in liquid resources (25,773) (2,905) 22,703 _______ _______ _______ Change in net debt resulting from cash 37,559 10,692 (15,158) flows Costs of issue of non-equity finance 2,750 41 389 Amortisation of issue costs (382) (315) (647) Other non-cash movements (1,694) (57) 1,023 _______ _______ _______ Movement in net debt in the period 38,233 10,361 (14,393) Net debt, beginning of period (290,267) (275,874) (275,874) _______ _______ _______ Net debt, end of period (252,034) (265,513) (290,267) ====== ====== ====== c) Analysis of net debt Liquid resources 301 466 26,074 Cash 20,886 12,436 18,113 Debt due after more than one year (273,172) (278,364) (334,394) Debt due within one year (49) (51) (60) _______ _______ _______ (252,034) (265,513) (290,267) ====== ====== ====== Independent review report to Quintain Estates and Development PLC Introduction We have been engaged by the company to review the attached financial information and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with best practice which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where they are to be changed in the next annual accounts in which case any changes, and the reasons for them, are to be disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4: Review of interim financial information issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2004. KPMG Audit Plc Chartered Accountants London 7 December 2004 This information is provided by RNS The company news service from the London Stock Exchange

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