Final Results
Trinity Mirror PLC
28 February 2002
28 February 2002
Trinity Mirror plc
2001 Preliminary Results
Trinity Mirror plc, the UK's largest newspaper publisher, announces the Group's
preliminary results for the 52 weeks ended 30 December 2001.
Financial highlights
• Turnover increased 4.8% to £1,131.1 million (£1,079.1 million)
• Operating profit* increased 1.5% to £204.4 million (£201.4 million)
• Profit before tax* grew by 0.9% to £155.5 million (£154.1 million)
• Earnings per share* 37.4p (38.1p)
• Dividend per share held at 17.6p (17.6p)
* before exceptional items, which comprise £168.0 million exceptional operating
costs, including £150.0 million impairment of the carrying value of the
publishing rights and titles of the former Mirror Group, and £1.2 million
exceptional non-operating credit.
2000 restated to reflect adoption of FRS 19, Deferred Taxation
Operational highlights
• Successful implementation of regional newspaper strategy underway:
realisation of revenue (£1.5 million) and cost (£5.4 million) improvements
in 2001
• Revitalisation of UK national newspapers: strategy announcing today
focusing on encouraging increased loyalty amongst existing readers,
attracting new younger readers and relaunching The Mirror brand
• New marketing strategy for Scottish national newspapers: driving
improved circulation retention amongst loyal readers and improving
advertising management
• Restructuring of digital media: reduced level of annual investment and
integrated into regional newspaper division
• Stepped up Group investment programme: approximately £25.0 million to
be invested in 2002 (above level of investment in 2001) in marketing,
editorial and products (including strategy for the Mirror titles); £90.0
million in replacing four regional press facilities during 2001 to 2004;
£12.0 million in one off exceptional costs of implementation of Group
strategies and plans and significant enhanced investment in staff training
and development
• Delivered £11.1 million savings in 2001 from cost reduction plans and
strategy implementation and £5.0 million from Southnews integration: ahead
of targets set. A further £21.0 million and £1.5 million respectively to be
realised in 2002, being £4.0 million and £2.5 million ahead of original
targets. Excludes £15.0 million per annum merger benefits being delivered
on plan.
• Renegotiated newsprint contracts: £17.5 million price saving in 2002
Sir Victor Blank, Chairman of Trinity Mirror plc, commented:
'In the course of the past year we have strengthened Trinity Mirror, during one
of the toughest trading periods in recent history. We have delivered a cohesive
and wide-ranging review of our regional businesses that is starting to deliver
real operational benefits; our Scottish national titles are beginning to create
more value from their market leading positions and today we are outlining a new
and revitalized strategy for value creation in our Mirror titles. I look
forward to reporting the progress of these new initiatives during the coming
year.
In the first two months of 2002, the advertising market has remained tough. The
directors believe it is prudent to plan on this remaining so throughout most of
the year. However, the strategic initiatives and successful cost reduction
programmes give the Board confidence in the underlying performance this year.'
Enquiries:
Trinity Mirror plc 020 7293 3000
Philip Graf, Chief Executive
Margaret Ewing, Group Finance Director
Nick Fullagar, Director of Corporate Communications
Finsbury 020 7251 3801
Rupert Younger
James Leviton
28 February 2002
Trinity Mirror plc - preliminary results for the 52 week period ended 30
December 2001
Financial highlights
2001 2000 (3)
£m £m % change
Turnover from continuing operations
- actual 1,131.1 1,079.1 4.8%
- like-for-like (1) 1,131.1 1,130.5 0.1%
Group operating profit (2)
- actual 204.4 201.4 1.5%
- like-for- like (1) 204.4 202.5 0.9%
Profit before tax (2) 155.5 154.1 0.9%
Per share Pence pence
Earnings (2) 37.4p 38.1p (1.8)%
Dividend 17.6p 17.6p -
(1) adjusted to exclude Belfast Telegraph Newspapers (sold July 2000) and
include Southnews (acquired November 2000) for the full year in 2000
(2) before exceptional items, which comprise £168.0 million exceptional
operating costs, including £150.0 million impairment of the carrying value of
publishing rights and titles of the former Mirror Group, and £1.2 million
exceptional non-operating credit
(3) restated to reflect the adoption of FRS 19, Deferred Taxation
Review of operations
2001 was a very tough trading period with a difficult and declining advertising
market throughout most of the year. However, during the year, a thorough review
of all businesses within the Group determined the strategies that would more
effectively exploit maximum value from the Group's existing assets and position
Trinity Mirror for future growth.
The successful implementation of the regional newspaper strategy is well
underway. The Group's Scottish national titles are currently implementing a new
marketing strategy aimed at enhancing circulation retention amongst loyal
readers and improving advertising management. The two Mirror titles are to be
revitalised and the brand relaunched. The strategic focus of these two titles
is to encourage the loyalty of existing readers and to attract new younger
readers. The Sunday People remains an important profit contributor to the
Group, despite operating in a very competitive and difficult market.
The changes necessary throughout the Group, in order to deliver the strategic
objectives, require a step-up in the investment programme. Approximately £25.0
million incremental (i.e. above the level of investment in 2001) is to be
invested in 2002 in marketing, editorial and products, including the additional
investment required for delivery of the Mirror titles strategy. £90.0 million
will be invested during 2001 to 2004 in replacing four regional press facilities
and a further £12.0 million exceptional one off costs will be incurred during
2002 in the implementation of the Group's strategies and plans. This is in
addition to the significantly enhanced investment in staff training and
development.
In 2001 £11.1 million of cost savings were realised from the implementation of
the reduction plans and strategies. This is anticipated to rise to at least
£32.0 million in 2002 and £42.0 million by 2003. This level of saving is £7.0
million ahead of the 2003 target set last July. The Southnews integration with
the existing South East regional operation (Trinity Newspapers Southern - 'TNS
') also delivered savings of £5.0 million in 2001 (compared to the £4.0 million
target announced at the time of the acquisition), which are expected to increase
to at least £6.5 million in 2002. In addition to these initiatives, the Group
is making good progress in delivering the £15.0 million per annum of merger
integration savings. Newsprint supply contracts have also been renegotiated,
realising a £17.5 million price saving in 2002.
Regional newspapers and digital media
Performance
There have been a series of major initiatives implemented within the regional
division during 2001. These include the commencement of the 'from Biggest to
Best' initiative, the implementation of significant cost reduction plans, the
integration of Southnews with TNS to form the division's largest regional
business, Trinity Mirror Southern ('TMS'), and the complete integration of
digital media activities (ongoing since September). The strong financial
performance of the division reflects the impact of this activity, despite
volatile and worsening trading conditions throughout the year.
Operating profit The regional newspaper operations achieved revenue and
operating profit growth in 2001 of 14.1% (to £530.7 million) and 4.7% (to £120.2
million) respectively. A slowly improving circulation trend towards the end of
the year, early implementation of aspects of the division's strategy and tight
cost control, including £5.4 million of cost reductions, meant that the division
was able to mitigate the 12.0% increase in the price of newsprint and the
slowing advertising market. On an adjusted basis(1) the regional newspapers
division achieved a 3.7% improvement in operating profit (including a £4.5
million net cost of the three Metro titles, £4.0 million in 2000) and an
increase in operating margin from 22.4% to 22.6%. Excluding the three Metro
titles, the operating margin increased from 23.3% to 23.9%.
Revenue The regional newspaper division's revenue increased from £516.7 million
(1) to £530.7 million (2.7% growth). Advertising revenue grew by 4.0% to
£408.5 million, whilst circulation revenue was held firm at £83.8 million.
Advertising Despite the clear slowdown towards the end of the year, particularly
in the South and Midlands, the division still achieved recruitment advertising
revenue growth (on a like for like basis) of 10.3%, with certain businesses
achieving growth in excess of 20.0% (Liverpool 24.1%, Teesside 22.9% and Cardiff
23.9%). Property classified advertising was reasonably strong throughout the
year, achieving growth of 4.4% (certain regions achieved growth in excess of
10.0%). Motors advertising remained weak throughout the year, with a decline of
4.0%, although there were signs of gradual improvement towards the end of the
year. Growth of 2.6% was achieved in display advertising, despite adverse
national display markets being impacted throughout the year by limited
visibility and difficult retail advertising.
Circulation The Group's regional titles remain amongst the highest 'actively
purchased' in the industry. The division's paid-for weekly titles performed
well with overall growth across the portfolio. Three of the division's morning
daily paid for titles achieved year on year growth, however, the other three
experienced a decline in circulation leading to an overall estimated decline of
2.6% in the last six months of the year. The evening titles' circulation
performance was in line with the overall regional evening newspaper market. The
Sunday regional newspapers faced highly competitive and weaker markets, similar
to the experience of the national Sunday tabloid titles.
Digital media The 13 regional ic sites were launched during 2001 and fully
integrated with the regional newspaper operations, further strengthening the
Group's regional franchises and allowing participation in digital and other new
media platforms. The level of ongoing annual investment has been capped for
2002 at approximately £10.0 million.
Strategic direction
The strategic intent of the Group's regional newspaper and digital media
businesses is that 'in 2005 Trinity Mirror will be the clear leader of the
regional information industry, with a disproportionate share of top talent,
offering unique and high quality publications and services to readers and
advertisers, and delivering top quartile profit growth relative to peers, while
relentlessly pursuing successful new businesses.'
Realisation of this vision requires:
- growth in market share, organically and, where appropriate, by
acquisition;
- offering unique and high quality publications and services which
give great value and response;
- achieving top quartile revenue, profit and margin growth relative to
the Group's peers;
- an increase in share of the top talent in the industry; and
- growing new businesses out of the existing ones.
The achievement of these targets and industry leadership is to be attained
through a strategic framework that is based around four cornerstones of
performance, excellence, scale and ambition. These four drivers exploit a new
way of thinking and, more importantly, a new way of focussing the delivery of
the division's ambition for industry leadership. They are regarded as a new way
of working, leading to a relentless pursuit of continuous improvement. The aim
of the performance cornerstone activity is to focus on issues that drive
revenue, improve efficiency and, therefore, ultimately grow profitability. By
measuring performance consistently across all regional businesses and
identifying and applying best practice, the division will significantly enhance
its financial performance. These performance indicators are now in place and
benefits are already being realised.
Excellence is to be attained by gaining an understanding of the division's
consumer needs better than its competitors and delivering what they value most.
This will be achieved by meeting readers' and advertisers' requirements through
creative solutions and by ensuring that the business's staff are trained to be
the best in the media sector. During 2002, the division is to commission the
most comprehensive reader survey ever undertaken by the regional newspaper
industry, aimed at providing greater insight into reader requirements.
Extending the current regional clusters, sharing support functions and
purchasing leverage and taking advantage of the wider customer base will ensure
that the division's scale is used to the Group's advantage.
The effective integration of digital media with the regional newspaper
operations provides a key platform to support the division's ambition to be the
regional information industry leader by 2005. The integration provides the
regional businesses with the ability to increase organic growth through brand
extensions, distributing the division's unique assets through new channels and
entering synergistic high growth areas. It will also lead to a greater share of
the regional information business.
During 2001, early implementation of elements of the strategy and the
introduction of the Group wide cost reduction plans resulted in revenue
enhancement of almost £1.5 million and cost savings of £5.4 million within the
regional newspapers division. The division expects to realise a further £4.0
million in incremental revenue enhancement and £13.0 million incremental cost
savings in 2002 (excluding the reduction in the Group's investment in digital
media). Improved processes, best practice and bench marking will lead to more
efficient use of the division's resources and reduction in its cost base as well
as new opportunities for revenue growth.
The delivery of the Group's strategy for its regional information division
requires, not only changes to ensure best business practices, but also a
commitment to significant investment. This includes £90.0 million on new and
improved press facilities, approximately £10.0 million gross investment per
annum in the provision of digital media services within the regions, £4.0
million in the continued implementation of a common financial and management
reporting system, approximately £6.0 million over three years on new marketing
initiatives and £3.0 million during this year in direct support of the strategy
implementation, plus a range of people development strategies.
National newspapers
Performance
Circulation The circulation performance of four of the Group's national titles
remained robust in what was another intensely competitive year.
The Mirror launched its major product and marketing activity in February and
circulation performance saw a sustained improvement from that time. Over the
full 12 months circulation fell by 2.7% (the same rate of decline as 2000). From
February onwards, however, the fall was 2.5%. New initiatives included moving
the award winning M Magazine to create the biggest value Saturday package in the
popular sector. This not only helped to drive circulation retention but also
provided a value proposition to support a 5p Saturday cover price increase. A
further 5p increase was introduced in January this year with no impact on sale.
This success on Saturday contributed to the significantly improved performance
of The Mirror against its main competitor. Other key features included strong
circulation gains in Ireland and, of course, the significant sales uplift
following the events of 11 September. The Mirror's tabloid market share for the
six months to December was 21.0% (compared to 21.3% in the same period in 2000).
The Sunday Mirror and Sunday People continued to operate in a competitive and
difficult market. A change in editorship of the Sunday Mirror helped stabilise
sale for most of the second half of the year. Circulation market share,
however, declined slightly in the second half. The Sunday Mirror's share of the
tabloid market in that period was 16.1% (compared to 16.4% in 2000) and the
Sunday People's share was 12.1% (2000: 12.9%).
The Daily Record and Sunday Mail saw an improved circulation performance during
the second half of the year. The full year circulation decline of 3.0% and 3.9%
respectively compared favourably to the 3.3% and 4.6% seen in the first six
months.
Circulation revenue for the UK national titles grew by 0.6% (to £222.9 million)
as a result of the cover price increase of 5p on the Saturday Mirror and 5p on
both the Sunday Mirror and Sunday People.
In Scotland, the Daily Record and Sunday Mail held cover prices and thereby
reduced their price premium to their major competitors. As a consequence, the
circulation revenue of these two titles fell by 1.7% to £57.3 million.
Advertising revenue For the first eight months of 2001, the three UK national
titles performed strongly to deliver advertising revenue growth of 2.6%, despite
this being the most difficult and volatile trading period seen for many years.
At the same time, the Scottish national newspapers business saw advertising
revenues starting to improve in July and August after a tough first half of the
year.
All that changed from 11 September. The immediate cancellation by a number of
clients of planned advertising campaigns was to be expected in the short term.
The longer-term impact of a period of uncertainty was more profound. In the run
up to Christmas, retail, telecoms and computing remained particularly depressed.
As a consequence, full year advertising revenues of the national newspapers
division declined by 4.2% to £200.9 million.
In the UK titles classified, magazine and supplement advertising continued to
grow despite the fall in display revenues. In Scotland, although impacted since
September, the severity of the decline was not as great due to the strength of
the local market.
Operating profit The improved circulation revenues for the UK titles, combined
with effective management of the national operations' cost base (with total
gross reductions of £4.5 million in the second half), was not sufficient to
offset the decline in advertising revenue and other adverse movements in the
year. Major factors included a substantial increase in newsprint costs (£13.3
million being due to the 12.0% price increase) and the loss of £4.1 million of
revenue contribution from services previously provided to Independent News &
Media. These factors resulted in the operating profit of the division falling
by 19.9% (£22.1 million) to £88.9 million and the operating margin declining
from 20.8% to 17.1%.
Development
Despite the difficult advertising environment in the final quarter, 2001 was a
year of operational change and achievement for the Group's national titles -
ensuring that the businesses are now well placed to deliver on their strategic
objectives. In particular, the year saw a reshaping and strengthening of the
senior management teams of both the UK and the Scottish national newspaper
businesses.
The Mirror's outstanding coverage of the events of 11 September and the War on
Terror gained new readers and many plaudits. In December, The Mirror won the
highly coveted 'Newspaper of the Year' award - the first time in 20 years that a
popular tabloid newspaper has won this prestigious award.
There is no doubt that the events of 2001 have helped to refine the editorial
positioning of The Mirror. Its editorial stance as a more campaigning, more
questioning and ultimately more serious tabloid has helped to strengthen The
Mirror brand. The move of M magazine to the Saturday edition of the paper also
contributed positively to the brand positioning. The change in editorship of
the Sunday Mirror presented the chance to more closely align the two Mirror
titles. The opportunity to share marketing activity and to achieve greater
consistency in tone and presentation across the week has been particularly
beneficial.
Whilst the key focus has been on building the brand, culture and infrastructure
of the Group's national titles, a thorough review of the businesses' cost base
has also been undertaken. Not only has this review driven efficiencies, it has
also provided funds for reinvestment into marketing activity and product
enhancements - a pre-requisite for ensuring that the titles operate from a
platform of robust circulation and readership performance.
Strategic direction
Detailed strategies have been developed in the past 12 months to enable the
Mirror titles and Scottish Nationals to establish a firm foundation for improved
business performance. Against the background of a difficult advertising
environment, careful and considered implementation is now underway.
The Mirror titles - strategy for delivering value
The first strategic concern for any national newspaper is to get the editorial
proposition consistent and right. Considerable progress has been achieved on
this front over the last year. This progress has laid the foundation to provide
the support that the two Mirror titles will need to tackle the challenge of
maintaining sale in a difficult market.
Analysis of the strategic challenge of the Mirror titles over the past year
reveals that they are well placed to make progress:
- The Mirror remains one of the UK's most powerful media franchises. In depth
consumer research completed over the last few months has served to
strengthen confidence in this fact;
- further research amongst readers of popular titles has demonstrated clearly
the deep bonds that Mirror readers feel with the paper and how unlikely they
are to switch allegiance. The issue with existing readers is not that they
are being lost to competitors but that they are not reading and buying as
often as they used to;
- by any product content comparison The Mirror is a truly competitive daily
title; and
- detailed analysis has also shown that the Mirror titles are highly
competitive with other national titles on costs and have become more so
during the last year.
Within this context it is clear that there are four possible ways that the
Mirror management team could choose to tackle the circulation challenge:
- attract readers from competitors;
- encourage non-newspaper readers to buy The Mirror;
- encourage the loyalty of our current readers; and
- recruit new younger readers who are entering the market.
Analysis has shown that encouraging existing readers to read more, rather than
chasing after loyal readers of competitive titles, generates significantly more
shareholder value. Equally for long-term value growth, it is important that the
Mirror titles are meeting the needs of today's younger consumers as they start
buying papers. Research has demonstrated that progress can be achieved in both
of these areas.
The starting point for this is to clarify to consumers The Mirror's brand
proposition. A brand relaunch will take place later this year and will include a
range of bold and innovative activities designed to achieve the business's
consumer objectives. This will be backed with significant above and below the
line support and a refocusing of marketing and editorial resources.
At the same time a plan has been developed to communicate the benefits of a
revitalised Mirror brand to the titles' advertisers. The plans for the
development of advertising within the Nationals are wide-ranging. Included in
these plans is a proposed initiative with Telegraph Group Ltd to form a sales
house to sell advertising space on behalf of both companies.
The investment required for this strategy is to be funded by reallocation of a
considerable portion of the existing marketing spend of the Mirror titles and a
continuing process of cost reduction within the business, with the balance from
Group resources. This investment is expected to be fully recovered by early
2005. The successful execution of this strategy is targeted to increase the
combined operating margin of the two Mirror titles considerably and provide an
investment return significantly in excess of the Group's weighted average cost
of capital.
For competitive reasons it is not appropriate to describe in detail the wide
range of activities that underpin the delivery of the strategy for the Mirror
titles. However, clear evidence of the strategic objectives of the plan will be
evident in the actions scheduled to be implemented. Achievement of the
objectives will be easily measurable in terms of circulation, advertising and
financial performance in the longer term.
Sunday People - increasing focus
The current priority of the Group is to focus its investment and resource into
achieving an enhanced performance for the Mirror titles and Scottish national
papers. In these circumstances, the immediate task for the Sunday People is to
maintain its profit contribution to the Group. It achieved this in 2001 and is
budgeted to do so again in 2002. In addition to this, a significant
restructuring of the editorial team in January this year has meant that the
title now has the resources to invest in its marketing and promotion. As the
results of the strategy for the Mirror titles start to flow through, the
management of the UK national titles will be in a position to turn its attention
increasingly to the Sunday People.
Scotland - asserting leadership
The strategic objective for the business is to offer 'the essential daily read,
faithfully serving the people of Scotland, constantly striving for excellence
and increasing value by capturing the benefits and exploiting the opportunities
of market leadership.' The two clear priorities are a sustained effort to
retain readers and a significant improvement in advertising performance.
A detailed strategic plan (including an increase and refocus in marketing spend,
strengthening the product content to deepen the appeal to target segments of
readership, and improving distribution channels) is currently being implemented
to improve retention amongst readers.
A new management team has been appointed to drive the advertising improvement
strategy by enhancing the sales force and by adopting a more strategic approach
to understanding and meeting customer needs. Greater discipline in operational
performance and improved collaboration between functions has been adopted by the
entire organisation to ensure delivery of the vision.
A successful implementation of this strategy, focused on revenue development and
growth, despite a predicted tough economic period, will allow the business to
outperform the overall Scottish media market by accelerating when everyone else
is slowing down. Delivery of this strategy will lead to a 10% increase in
operating margins by 2005.
Other businesses
Sports newspapers and websites
The strategy for the sports betting newspaper business is to focus on exploiting
its strong position in the UK horseracing market and sports betting industry.
This strategy includes the continuous development and refinement of printed
publications and the establishment of a leading position in the burgeoning
online betting market.
2001 was a year of many hurdles but significant progress for the Group's sports
betting publications and sites. Despite the loss of nearly £0.8 million of
profit contribution as a result of the foot and mouth crisis, and the investment
of £0.6 million (2000: £0.3 million) in the continued development of its betting
websites, the business achieved operating profit growth of 6.3% to £8.4 million.
Revenue from the six newspapers and two websites increased by 9.7% to £34.9
million. The newspapers increased circulation revenue by 0.4%, to £23.5
million, and advertising revenue by 17.1% to £8.9 million. The revenue from the
two websites increased from £0.2 million to £0.7 million.
The virtual betting ring, smartbet (now with seven participating bookmakers and
approximately 250,000 visitors and 3 million page impressions per month), was
launched in June, linked to the racingpost.co.uk site.
2001 was also a year of significant progress for the racing and betting
industry. Betting duty was finally abolished on 6 October. This will provide
the racing and betting industries with a substantial fiscal boost, which
combined with increased media exposure, should help stimulate interest in
horseracing and betting. Together with the steady growth in the demand for
other sports betting, particularly football, this is the start of an exciting
period of expansion and opportunity for the Group's betting related publications
and sites.
Magazines and exhibitions
The economic and trading environment for the magazines and exhibitions
industries was unfavourable throughout 2001, and the Group's portfolio was not
immune to this. Many of the Group's titles and events were adversely affected
during the first half of the year by the foot and mouth epidemic. The NEC
imposed restrictions on the number of events that the Group was able to hold at
that venue, thereby causing disruption and cancellation. The downturn in the IT
and technology industries also negatively impacted a number of titles throughout
the year. And, finally, the decline in travel and related businesses post 11
September meant that a number of the events due to be held in the last quarter
of the year were either cancelled or affected by low attendance rates.
Given these conditions, the division performed robustly. With revenue of £32.5
million (a decline of 7.9% on 2000), the operating margin improved, increasing
to 19.7% compared to 19.3% in 2000.
New management of the division was appointed at the end of 2001 to create a
strong, well-structured and profitable business. Considerable progress has
already been made in the first two months of this year in reshaping the
business.
Voice Media
Voice Media is an audiotext company servicing internal newspaper promotions and
teledating services and additionally selling its services to third party
customers (primarily TV programme producers or operators). Despite the loss of
a major contract in July, Voice Media achieved revenues of £12.4 million (an
increase on 2000 of 3.3%) and operating profit growth of 37.9% to £4.0 million.
Other operating factors
People
After a year such as 2001, the Board has more than the usual pleasure in paying
tribute to the people who work for Trinity Mirror. Throughout the business the
passion, dedication and commitment of people has been outstanding.
Investment
Whilst it is vital that the Group manages its costs prudently, it is essential
that it seeks opportunities to improve its revenue growth and continues to
invest in those areas crucial to the business's future success. Digital media
is still regarded by the directors as a critical enabler for the Group's future
growth and it is important that investment continues in this area. The Group is
also committed to spending £90.0 million in total between 2001 and 2004 to
replace 15 to 20 year old presses in Cardiff, the Midlands and the North East.
This not only gives opportunities to further improve services to advertisers and
readers, by providing better colour and higher quality printing, but will also
facilitate the progress towards 'regional clustering' of the Midlands based
businesses (a fundamental objective of the regional strategy).
It is also intended that approximately £25.0 million in excess of the level of
investment in 2001 will be invested during 2002 in the Group's marketing,
editorial and products (including the investment required for the delivery of
the Mirror titles strategy). In addition, nearly £12.0 million of exceptional
one off costs will be incurred during 2002 in the implementation of the Group's
various business strategies and plans. However, offsetting this gross
investment will be the £32.0 million of cost savings to be realised from the
Group-wide cost reduction programme and the additional savings from the
integration of Southnews and the merger benefits.
Organic and external development
As made clear in March, as a result of the strategic review, the Group's focus
over the next two years will be on improving the quality and growth potential of
its existing businesses. Whilst focusing on its existing businesses, the Group
will also investigate potential external developments that will, in the medium
term, complement its core operations.
Media ownership and regulation
Whilst in the short term the Group's focus has been internal, the directors
remain disappointed at the lack of progress on the Government's Communications
Review. Trinity Mirror will continue to lobby vigorously for more freedom to
enable quality UK media companies, such as itself, to grow in the interests of
its employees, readers, advertisers and shareholders.
The company is currently in the process of seeking clearance from the Secretary
to the Department of Trade and Industry to dispose of a number of free
newspapers in the East Midlands for £16.1 million to Johnston Press.
Outlook
In the first two months of 2002, the advertising market has remained tough. The
directors believe it is prudent to plan on this remaining so throughout most of
the year. However, the strategic initiatives and successful cost reduction
programmes give the Board confidence in the underlying performance this year.
Financial summary
Accounting policies used in the preparation of the financial information for the
52 weeks ending 30 December 2001 are consistent with those set out in the
Group's financial statements for 2000, as amended by the adoption, in 2001, of
two new financial reporting standards, FRS 18, Accounting Policies, and FRS 19,
Deferred Taxation. The adoption of FRS 19 has required the restatement of the
2000 profit and loss account, balance sheet, reconciliation of movements in
shareholders' funds and associated notes. Notes 1 and 8 to the summarised
financial information attached to this preliminary results statement detail the
effects of the restatement. The commentary below reflects the 2000 restated
financial information. The adoption of FRS 18 has not had an impact on the 2000
or 2001 profit and loss account or balance sheet.
In 2001 the Group made the necessary disclosures under the transitional
arrangements in respect of FRS 17, Retirement Benefits. FRS 17 will be fully
adopted in 2002, one year ahead of the required timetable. The Group's charge
to the profit and loss account in 2002 under FRS 17 will be £18.5 million (and
would have been £11.4 million in 2001). The Group's regular cost in 2001 was
£13.6 million, less £5.1 million SSAP 24 net credit adjustment.
Revenue of the Group, from continuing activities, increased by 4.8% to £1,131.1
million (2000: £1,079.1 million). Adjusted Group revenue(1) increased by 0.1%
from £1,130.5 million in 2000 with advertising revenue growth of 0.6% to £634.1
million and revenue from newspaper and magazine sales level with 2000 at £393.7
million. Contract print and other revenues declined by 3.3% (£3.5 million) to
£103.3 million, due to the loss of the Independent News & Media services
contract at the beginning of 2001, resulting in a revenue loss of £4.1 million.
Group operating profit, from continuing operations and before exceptional items,
increased by £3.0 million (1.5%) to £204.4 million. In 2001, Group operating
profit was adversely impacted by a 12% increase in the price of newsprint from
January 2001 (giving rise to an additional cost in excess of £20.0 million) and
the £4.1 million lost revenue contribution from the Independent News & Media
services contract. Despite these two factors, adjusted Group operating profit
(1) grew by £1.9 million (0.9%). The adjusted operating margin (including the
net cost of digital media activities) increased from 17.9% to 18.1%.
Contribution from associates was £0.3 million (2000: £nil), reflecting the
Group's share of profits from its associates, The Press Association and Reed
Aviation (until its disposal in August 2001), offset by the share of losses from
PA Sporting Life prior to its sale in October 2001.
Net interest cost increased by £1.9 million, to £49.2 million. Group operating
profit before exceptional items covers the net interest cost 4.2 times.
Exceptional items, before tax, of £166.8 million (2000: exceptional profit
£147.7 million) were incurred during the period. Note 4 to the summary
financial information attached to this preliminary results statement details the
nature of the exceptional items.
These items include an impairment charge of £150.0 million in relation to the
carrying value of the publishing rights and titles created on the acquisition of
Mirror Group; £3.1 million finance function restructuring costs; £4.6 million of
digital media restructuring costs (arising from the revised strategy announced
in March and further refined in October); and £12.3 million of costs associated
with the implementation of the Group's strategic and cost reduction plans,
including £7.0 million of severance costs. The ongoing implementation of the
strategic and cost saving plans are anticipated to result in a further £12.0
million of related one off exceptional costs during this current year.
During 2001, the Group undertook a detailed analysis of the strategic options in
respect of all of its businesses. The results of this strategic analysis were
incorporated into the annual impairment review of the carrying value of the
Group's acquired publishing rights and titles. This impairment review assessed
whether the carrying value of the intangible assets was supported by the net
present value of future cash flows to be derived from the relevant assets. The
review indicated that an impairment charge of £150.0 million was required in
respect of the carrying value of the former Mirror Group publishing rights and
titles. There was no impairment to any other asset.
Profit before tax, and exceptional items, was £155.5 million (2000: £154.1
million).
Tax charge for 2001 of £46.6 million, before exceptional items, represents 30.0%
of profit before tax (and exceptional items) of £155.5 million.
Earnings per share, before exceptional items, were 37.4p (2000: 38.1p).
Dividend - subject to the approval of the shareholders at the Annual General
Meeting, the directors propose a final dividend of 12.3p per share to be paid on
5 June 2002 to shareholders on the register at 3 May 2002. This will bring the
full year dividend to 17.6p per share, retaining the dividend at the 2000 level.
The dividend is covered 2.1 times by pre exceptional earnings and will be
fully funded from operating cash flow. The Group's dividend strategy takes into
account the Group's operating results, the investment required for delivering
its corporate strategy, its financing requirements and the policy to retain the
dividend at a level where it is covered more than twice by earnings.
Net assets of the Group at 30 December 2001 were £1,362.1 million. This
reflects the total carrying value of the Group's acquired publishing and
newspaper titles of £1,855.3 million (after the impairment charge of £150.0
million; 2000: £nil), goodwill of £11.6 million, tangible fixed assets of £389.7
million and net debt of £735.0 million.
Cash flow generated by operations during 2001 (after the investment in digital
media activities and exceptional items) decreased by £15.0 million to £204.9
million. This primarily reflects the adverse working capital movement of £28.0
million, due to the timing of the period end in 2001 and payments against
provisions. Other principal cash outflows in 2001 related to £49.9 million
interest (2000: £40.7 million, lower than 2001 due to the interest receipt from
holding the Belfast Telegraph Newspapers disposal proceeds for three months),
tax paid of £40.1 million (2000: £41.6 million), net capital expenditure
payments of £28.0 million (2000: £37.5 million) and the £51.4 million payment of
dividends (2000: £48.3 million). There were no material cash inflows, other
than from operations, in 2001.
Net debt at 30 December 2001, as a consequence of the cash flow movements, was
£735.0 million (net of £43.5 million of cash and £9.2 million of bank
overdrafts) compared to £768.2 million at 31 December 2000.
Capital expenditure in 2001 was £30.4 million, net, (2000: £37.5 million)
against a depreciation charge of £43.4 million (2000: £39.8 million, excluding
the exceptional depreciation charge of £7.5 million in respect of the impairment
of value of certain press plant). The capital expenditure included £10.4
million in respect of the regional press replacement project (total expenditure
between 2001 and 2004 is estimated to be approximately £90.0 million). Planned
capital expenditure for 2002 is approximately £75.0 million, including £43.0
million in respect of the press replacement project. All capital expenditure is
expected to be financed from operating cash flow.
Funding and liquidity - at 30 December 2001 committed facilities of £964.3
million were available to the Group (of which £173.6 million were undrawn). The
committed facilities included £580.0 million of a £1,050.0 million syndicated
bank facility (of which £60.0 million is due to be repaid in 2002), US$350.0
million and £22.0 million unsecured loan notes (representing the total
obligations under a series of fixed rate, differing maturity private placement
US dollar and sterling loan notes respectively and £6.0 million floating rate
sterling Libor private placement loan notes issued in October 2001), US$68.6
million unsecured loan notes (representing the outstanding obligations under a
US$160.0 million 8.16% fixed rate private placement), £2.0 million of fixed rate
bank loan (to be repaid in 2002), obligations under finance leases of £45.5
million and £33.2 million of acquisition loan notes.
(1) adjusted to exclude Belfast Telegraph Newspapers (sold July 2000) and
include Southnews (acquired November 2000) for the full year in 2000. This
superscript also applies to the commentary in respect of 'review of operations'
above
Consolidated profit and loss account
for the 52 weeks ended 30 December 2001 (52 weeks ended 31 December 2000)
Total
Before Total Before Exceptional
exceptional exceptional 2000
items Exceptional 2001 items items
items (restated)
£m £m £m £m £m £m
Turnover
Continuing operations 1,131.1 - 1,131.1 1,079.1 - 1,079.1
Discontinued operations - - - 1.2 - 1.2
Total turnover 1,131.1 - 1,131.1 1,080.3 - 1,080.3
Group operating profit
Continuing operations 204.4 (168.0) 36.4 201.4 (35.0) 166.4
Discontinued operations - - - - 0.7 0.7
Group operating profit 204.4 (168.0) 36.4 201.4 (34.3) 167.1
Share of results of associated undertakings 0.3 - 0.3 - - -
Total operating profit 204.7 (168.0) 36.7 201.4 (34.3) 167.1
Share of exceptional items of associated
undertaking
(2000: continuing) - - - - 17.5 17.5
Profit on sale of operations (2000: - - - - 164.5 164.5
continuing)
Profit on disposal of associated undertakings - 1.2 1.2 - - -
(continuing)
Profit on ordinary activities before interest 204.7 (166.8) 37.9 201.4 147.7 349.1
Net interest payable (49.2) - (49.2) (47.3) - (47.3)
(Loss)/profit on ordinary activities before 155.5 (166.8) (11.3) 154.1 147.7 301.8
taxation
Tax on (loss)/profit on ordinary activities (46.6) 5.2 (41.4) (43.8) (3.0) (46.8)
(Loss)/profit on ordinary activities after 108.9 (161.6) (52.7) 110.3 144.7 255.0
taxation
Non-equity minority interest (0.3) - (0.3) - - -
(Loss)/profit for the financial year 108.6 (161.6) (53.0) 110.3 144.7 255.0
Ordinary dividends on equity shares (51.2) (51.2)
Retained (loss)/profit for the financial year (104.2) 203.8
Earnings per share (pence)
Before digital media activities 43.0 48.5
Digital media activities (5.6) (10.4)
Underlying earnings per share 37.4 38.1
Exceptional items (55.6) 49.9
(Loss)/earnings per share - basic (18.2) 88.0
(Loss)/earnings per share - diluted (18.2) 87.4
Consolidated balance sheet
at 30 December 2001 (31 December 2000)
2001 2000
£m (restated)
£m
Fixed assets
Intangible assets 1,866.9 2,018.4
Tangible assets 389.7 404.3
Investments 17.9 16.0
2,274.5 2,438.7
Current assets
Stocks 8.7 7.7
Debtors 172.9 179.3
Cash at bank and in hand 43.5 57.7
225.1 244.7
Creditors: amounts falling due within one year
Bank loans, loan notes and overdrafts (119.3) (259.4)
Obligations under finance leases (6.3) (5.8)
Other creditors (257.8) (294.4)
(383.4) (559.6)
Net current liabilities (158.3) (314.9)
Total assets less current liabilities 2,116.2 2,123.8
Creditors: amounts falling due after more than one year
Bank loans and loan notes (613.7) (518.8)
Obligations under finance leases (39.2) (41.9)
(652.9) (560.7)
Provisions for liabilities and charges (97.5) (97.0)
Non-equity minority interest (3.7) (3.7)
Net assets 1,362.1 1,462.4
Equity capital and reserves
Called up share capital 29.1 29.1
Share premium account 1,078.7 1,074.3
Revaluation reserve 5.0 5.0
Profit and loss account 249.3 354.0
Equity shareholders' funds 1,362.1 1,462.4
Consolidated cash flow statement
for the 52 weeks ended 30 December 2001 (52 weeks ended 31 December 2000)
2001 2000
£m £m
Net cash inflow from operating activities 204.9 219.9
Dividends received from associated undertakings 2.6 8.7
Interest received from associated undertakings 0.4 -
Net cash outflow from returns on investments and servicing of finance (49.9) (40.7)
Taxation paid (40.1) (41.6)
Net cash outflow from capital expenditure and financial investment (28.0) (37.5)
Net cash outflow from acquisitions and disposals (6.8) (105.8)
Dividends paid (51.4) (48.3)
Net cash inflow/(outflow) before financing 31.7 (45.3)
Net cash (outflow)/inflow from financing (30.6) 62.2
Increase in cash 1.1 16.9
Reconciliation of net cash flow to movement in net debt
2001 2000
£m £m
Increase in cash in the period 1.1 16.9
Cash outflow/(inflow) from movement in debt and leasing finance 34.5 (59.8)
Change in net debt resulting from cash flows 35.6 (42.9)
Debt acquired with Southnews - (40.1)
Debt disposed with Belfast Telegraph Newspapers - 120.4
New finance leases (2.4) -
New loan notes issued on acquisition of subsidiary - (27.1)
Movement in net debt in the period 33.2 10.3
Net debt at 1 January 2001 (768.2) (778.5)
Net debt at 30 December 2001 (735.0) (768.2)
Analysis of net debt
At 1 Loan Other At 30
January Cash Loans notes non-cash December
2001 flow repaid issued changes 2001
£m £m £m £m £m £m
Cash at bank and in hand 57.7 (14.2) - - - 43.5
Bank overdrafts (24.5) 15.3 - - - (9.2)
Net cash balances 33.2 1.1 - - - 34.3
Debt due within one year (234.9) 29.9 258.8 - (163.9) (110.1)
Debt due after one year (518.8) - - (258.8) 163.9 (613.7)
Finance leases (47.7) 4.6 - - (2.4) (45.5)
Bank loans, loan notes and finance leases (801.4) 34.5 258.8 (258.8) (2.4) (769.3)
Net debt (768.2) 35.6 258.8 (258.8) (2.4) (735.0)
Non cash movements
During the year, the Group entered into finance lease arrangements with a total
capital value at the inception of the lease of £2.4 million (2000: £nil).
Notes to the 2001 preliminary statement
1. Change in accounting policies
The only changes to the Group's accounting policies during the financial year to
30 December 2001 were in respect of the adoption of financial reporting
standards FRS 18, Accounting Policies and FRS 19, Deferred Taxation.
The profit and loss account, balance sheet, reconciliation of movements in
consolidated shareholders' funds and associated notes have been amended to
reflect the adoption of FRS 19. The prior period figures have been restated to
reflect the full provision for deferred tax on timing differences and no
provision for deferred tax on investment revaluations. Adjustments amounting to
£36.7 million have been made to goodwill to reflect the effect of the
implementation of FRS 19 for acquisitions in prior periods. Due to impairment
at the date of acquisition, this goodwill has been written off - £23.2 million
was written off in 1999 and the balance remaining of £13.5 million was written
off during 2000. The Group has elected not to discount the deferred tax assets
and liabilities.
The adoption of FRS 18 has not had an impact on the profit and loss account or
balance sheet.
The Group has also made the necessary disclosures in respect of FRS 17,
Retirement Benefits, under the transitional arrangements. There has been no
impact on the profit and loss account or balance sheet in 2001. The FRS will be
fully implemented in 2002. The Group's retirement benefits charge to the profit
and loss account in 2002 under FRS 17 will be £18.5 million (and would have been
£11.4 million in 2001). Under SSAP 24 the Group's regular cost in 2001 was
£13.6 million less a £5.1 million SSAP 24 net credit adjustment.
2. Turnover
2001 2000
(restated)
£m £m
Regional newspapers 530.7 (1)465.3
National newspapers 519.7 532.4
Sports newspapers 34.9 (2)31.8
Magazines and exhibitions 32.5 35.3
Digital media 0.9 (2)2.3
Other 12.4 13.2
Group turnover by division 1,131.1 1,080.3
(1) Includes turnover relating to Belfast Telegraph Newspapers of £31.4 million
(sold 30 July 2000) and Southnews of £6.6 million (acquired 28 November 2000)
(2) The comparative for the 52 weeks to 31 December 2000 has been restated to
incorporate the revenue of Racing Post Online (£0.2 million) within sports
newspapers. This was previously reported within digital media
3. Group operating profit
The analysis of the Group's operating profit (before exceptional items) is
as follows:
2001 2000
(restated)
£m £m
Regional newspapers 120.2 (1)114.8
National newspapers 88.9 111.0
Sports newspapers 8.4 (2)7.9
Magazines and exhibitions 6.4 6.8
Digital media (23.5) (2) (42.0)
Other 4.0 2.9
Group operating profit by division 204.4 201.4
(1) Includes operating profit relating to Belfast Telegraph Newspapers of £13.2
million and Southnews of £0.1 million
(2) The comparative for the 52 weeks to 31 December 2000 has been restated to
more appropriately incorporate the net costs of Racing Post Online
(£0.3 million) within sports newspapers. These were previously reported
within digital media
4. Exceptional items
2000
2001 (restated)
£m £m
Operating exceptional items
Impairment of carrying value of publishing rights and titles (a) 150.0 -
Restructuring costs (b) 20.0 13.3
Impairment of goodwill arising from the implementation of FRS 19 (c) - 13.5
Accelerated depreciation in respect of press impairment (d) - 7.5
Recovery from Maxwell Works Pensions Scheme (e) (2.0) -
Total exceptional items charged against operating profit 168.0 34.3
Profit on sale of operations (f) - (164.5)
Share of exceptional items of associated undertaking (g) - (17.5)
Profit on sale of investment in associated undertakings (h) (1.2) -
Net exceptional items before taxation 166.8 (147.7)
(a) An annual impairment review of the carrying value of the Group's publishing
rights and titles, undertaken in accordance with FRS 10, has indicated that
an impairment charge of £150.0 million was required. The impairment reduces
the carrying value of the former Mirror Group's publishing rights and titles
to the net present value of future cashflows to be derived from these
assets, discounted at 7.3%.
(b) Restructuring costs of £20.0 million (2000: £13.3 million) relate primarily
to the closure of the central digital media sites and integration of the
regional sites with the regional newspaper businesses (£4.6 million),
ongoing restructuring of the Group's finance systems (£3.1 million) and
costs incurred in the formulation and implementation of strategic and profit
improvement plans, including cost reduction measures (£12.3 million).
(c) Goodwill of £36.7 million arising on the implementation of FRS 19 has been
written off due to an impairment in its value. £23.2 million was written
off in 1999 and the remaining balance of £13.5 million was written off
during 2000.
(d) Following an assessment of the Group's future press policy undertaken during
2000, accelerated depreciation of £7.5 million was applied to certain press
facilities reflecting their impairment.
(e) In 1992 Mirror Group loaned the Trustees of the Maxwell Works Pension Scheme
sufficient money to pay the benefits due under that scheme. Mirror Group
was the principal company under the scheme's trust. The terms of the loan
specified that it would only be repaid when the scheme had settled all of
its other debts, including monies owed to the Government. Mirror Group
wrote off the loan in 1992. In December 2001 a repayment of £2.0 million
was made by the scheme.
(f) The sale of Belfast Telegraph Newspapers in July 2000 resulted in a net
profit on disposal of £164.5 million.
(g) The share of associated undertaking's exceptional items relates to the net
profit on disposal of businesses during 2000 by The Press Association.
(h) In August 2001, the Group sold its investment in Reed Aviation, realising a
profit on disposal of £0.5 million. The Press Association and Trinity
Mirror disposed of PA Sporting Life in October, thereby realising a profit
on disposal for the Group of £0.7 million. No material tax liability arose
on these disposals.
5. Tax on profit on ordinary activities
2001 2000
(restated)
£m £m
Profit before tax on ordinary activities before exceptional items 155.5 154.1
Corporation Tax
Corporation tax charge for the year 40.5 46.8
Prior year adjustment (1.8) (3.6)
Total current tax charge 38.7 43.2
Deferred Tax
Deferred tax charge for the year 3.6 0.6
Prior year adjustment 4.3 -
Total deferred tax 7.9 0.6
Total tax on profit on ordinary activities before exceptional items 46.6 43.8
Exceptional
UK corporation tax on exceptional items (5.2) 3.8
Deferred taxation on exceptional items - (0.8)
Tax on (loss)/profit on ordinary activities 41.4 46.8
Reconciliation of current tax charge
The standard rate of current tax for the year, based on the UK standard rate of
corporation tax, is 30% (2000: 30%). The current tax rate for the year is less
than 30% (2000 was also less than 30%) for the reasons set out in the
following reconciliation.
2001 2000
% %
Standard rate of corporation tax 30.0 30.0
Permanent items (2.0) 1.0
Depreciation in excess of capital allowances for the period 1.0 (0.3)
Deferred tax on short term and other timing differences (3.0) (0.4)
Prior year adjustment corporation tax (1.1) (2.3)
Total current tax charge rate 24.9 28.0
The prior period figures have been restated to reflect the adoption of FRS 19.
6. Earnings per share
Loss or earnings per share are based on the loss or profit on ordinary
activities after taxation. They are calculated using the weighted average
number of shares in issue (basic) increased by the number of share options in
issue (diluted) as shown below.
2001 2000
No. of shares No. of shares
Basic (millions) 290.6 289.8
Diluted (millions) 291.0 291.9
7. Acquisitions
Acquisition of Southnews
On 28 November 2000 the Group acquired the entire issued ordinary share capital
of Southnews plc and provisional fair value adjustments were made in the 2000
accounts. No further revisions to the provisional fair value adjustments have
been made in 2001.
Acquisitions of investments and associated undertakings
Cash outflows in respect of acquisitions comprise £7.4 million (2000: £6.8
million) of deferred consideration in respect of prior period acquisitions of
subsidiary companies and associated undertakings (2001: £5.0 million deferred
consideration for Thomson Regional Newspapers and £2.4 million further costs in
respect of the acquisition of Southnews).
On 21 December 2000 the Company acquired a 25% stake in All4U Limited for a cash
consideration of £2.5 million. The book and fair value of net assets acquired
being £nil, £2.5 million was capitalised as goodwill.
8. Restatement of comparatives
The adoption of FRS 19, Deferred Taxation, has required full provision to be
made for deferred tax on timing differences and no provision to be made for
deferred tax on investment revaluations. In addition, a reclassification from
deferred tax to property provisions has reduced the deferred tax balance by
£3.1 million.
As a result of these changes, the comparatives have been restated as follows:
Intangible Deferred tax Profit and Shareholders'
assets provision loss funds
reserves
a) Consolidated balance sheet £m £m £m £m
2000 as previously reported 2,018.4 1.2 394.8 1,503.2
Adoption of FRS 19 at 3 January 2000 (a) (b) 36.7 41.0 (4.3) (4.3)
Goodwill written off in 1999 (23.2) - (23.2) (23.2)
Goodwill written off in 2000 (13.5) - (13.5) (13.5)
Tax charge for 2000 (c) - (0.2) 0.2 0.2
Reclassification (d) - (3.1) - -
2000 restated 2,018.4 38.9 354.0 1,462.4
(a) Goodwill totalling £36.7 million resulted from the implementation of FRS 19.
Due to the impairment of this goodwill at the date of acquisition and
following revisions to the provisional fair value adjustments on
acquisition, £23.2 million was written off to the profit and loss account in
1999 and a further £13.5 million was written off in 2000.
(b) The fall in opening shareholders' funds for the 52 weeks to 31 December 2000
of £4.3 million arises as a result of the implementation of FRS 19, which
requires a prior year adjustment to make full provision for deferred tax.
(c) The increase in profit attributable to shareholders for the 52 weeks to 31
December 2000 of £0.2 million arises as a result of the implementation of
FRS 19, which requires deferred tax to be provided on a full provision basis.
(d) The £3.1 million reclassification from deferred tax to property provisions
relates to deferred tax in respect of property provisions previously
allocated against property provisions.
Taxation
b) Consolidated profit and loss account £m
Year to 31 December 2000 reported 47.0
Adoption of FRS 19 (0.2)
2000 restated 46.8
The impact of the adoption of FRS 19 on the 2001 results amounted to a credit of
£2.1 million (2000: £0.2 million credit).
9. Issue of Annual Report and Accounts and Annual Review and Summary Financial
Statement
The 2001 Annual Review and Summary Financial Statement will be posted to
shareholders on 8 March 2002. Copies may be obtained after 15 March 2002
from the Company Secretary, Trinity Mirror plc at One Canada Square, Canary
Wharf, London, E14 5AP. The Annual Report and Accounts will also be posted
on 8 March 2002 to those shareholders that have requested a copy. Copies
of the 2001 Annual Report and Accounts may also be obtained from the Company
Secretary after 15 March 2002
10. The financial information set out above does not constitute the Company's
statutory accounts for the periods ended 31 December 2000 or 30 December
2001, but is derived from those accounts. Statutory accounts for 2000 have
been delivered to the Registrar of Companies and those for the period ended
30 December 2001 will be delivered following the Company's Annual General
Meeting. The auditors have reported on those accounts; their reports were
unqualified and did not contain statements under section 237(2) or (3) of
the Companies Act 1985.
This information is provided by RNS
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