2000 Interim Rslts-Replacemnt

Singapore Para Rubber Estates PLC 13 September 2000 The issuer has made the following amendment to the '2000 Interim Results' announcement released today at 09:06 under RNS No 8562Q. Details of the balance sheet and cash flow statement were omitted from the original announcement. The full corrected version is shown below. ------------------------------------------------------------------- Interim unaudited statement for the half year ended 30 June 2000 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2000 1999 1999 £ £ £ Turnover 263,173 362,159 667,539 Cost of sales (207,662) (209,905) (432,798) ------- ------- ------- Estate profit 55,511 152,254 234,741 Income from fixed-asset investments and other income 63,248 61,238 338,484 Administrative expenses (65,071) (58,770) (108,222) ------- ------- ------- Operating profit 53,688 154,722 465,003 Interest receivable 10,588 21,430 39,417 ------- ------- ------- Profit on ordinary activities before taxation 64,276 176,152 504,420 Tax on profit on ordinary activities (11,500) (35,000) (68,790) ------- ------- ------- Profit on ordinary activities after taxation 52,776 141,152 435,630 Equity dividend proposed - - (339,279) ------- ------- ------- Profit retained £52,776 £141,152 £96,351 ------- ------- ------- Earnings per 5p share - pence 0.51 1.35 4.17 ------- ------- ------- Exchange rate £1 = Malaysian Ringgits Average rate 5.96 6.12 6.14 Period-end rate 5.76 5.96 6.14 ------- ------- ------- All operations are classed as continuing Balance sheet AT 30 JUNE 2000 30 June 30 June 31 December 2000 1999 1999 £ £ £ FIXED ASSETS Tangible assets 4,475,103 4,327,022 4,203,112 Investments 1,955,357 1,608,855 1,606,596 --------- --------- --------- 6,430,460 5,935,877 5,809,708 --------- --------- --------- CURRENT ASSETS Stocks 15,555 19,806 10,954 Debtors 117,409 78,021 95,631 Cash at bank and in hand 329,669 687,208 931,082 --------- --------- --------- 462,633 785,035 1,037,667 --------- --------- --------- CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors including Taxation 144,062 135,446 107,317 Equity dividend proposed - - 339,279 --------- --------- --------- 144,062 135,446 446,596 --------- --------- --------- NET CURRENT ASSETS 318,571 649,589 591,071 --------- --------- --------- TOTAL ASSETS LESS CURRENT LIABILITIES £6,749,031 £6,585,466 £6,400,779 --------- --------- --------- CAPITAL AND RESERVES Called-up share capital 521,967 521,967 521,967 Revaluation reserve 4,077,899 3,906,205 3,804,985 Profit and loss account 2,149,165 2,157,294 2,073,827 --------- --------- --------- EQUITY SHAREHOLDERS' FUNDS £6,749,031 £6,585,466 £6,400,779 --------- --------- --------- RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Profit for the period 52,776 141,152 435,630 Equity dividend - - (339,279) --------- --------- --------- 52,776 141,152 96,351 Other recognised gains and losses (net) 295,476 255,852 115,966 Opening equity shareholders' funds 6,400,779 6,188,462 6,188,462 --------- --------- --------- Closing equity shareholders' funds £6,749,031 £6,585,466 £6,400,779 --------- --------- --------- Cash-flow statement FOR THE SIX MONTHS ENDED 30 JUNE 2000 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2000 1999 1999 £ £ £ RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Operating profit 53,688 154,722 465,003 Income from fixed-asset investments (30,502) (61,238) (281,779) Depreciation charges 6,141 5,520 12,188 Increase in stocks (4,601) (11,203) (2,351) Increase in debtors (4,414) (12,195) (15,533) Increase/(decrease) in creditors 10,326 19,197 (7,334) --------- --------- --------- Net cash inflow from operating activities £30,638 £94,803 £170,194 --------- --------- --------- CASH-FLOW STATEMENT Net cash inflow from operating activities 30,638 94,803 170,194 --------- --------- --------- Returns on investments and servicing of finance Income from fixed-asset Investments 29,894 61,163 252,999 Interest receivable 12,937 21,430 38,052 --------- --------- --------- 42,831 82,593 291,051 --------- --------- --------- Taxation UK corporation tax repaid including ACT 13 33,956 39,128 Overseas tax paid (17,627) (49,044) (79,345) --------- --------- --------- (17,614) (15,088) (40,217) --------- --------- --------- Capital expenditure and financial investment Purchase of tangible fixed assets (844) (14,117) (23,329) Purchase of fixed-asset Investments (346,517) (8,923) (12,037) --------- --------- --------- Net cash outflow for capital expenditure and financial investment (347,361) (23,040) (35,366) --------- --------- --------- Equity dividends paid (339,279) (375,817) (375,817) --------- --------- --------- Management of liquid resources Decrease/(increase) in short-term deposits 656,641 453,800 (10,825) --------- --------- --------- Increase/(decrease) in cash in the period £25,856 £217,251 (£980) --------- --------- --------- Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash in the period 25,856 217,251 (980) (Decrease)/increase in liquid resources (656,641) (453,800) 10,825 Exchange differences 29,372 10,322 7,802 --------- --------- --------- Movement in net funds during the period (601,413) (226,227) 17,647 Net funds at 1 January 931,082 913,435 913,435 --------- --------- --------- Net funds at 30 June/31 December £329,669 £687,208 £931,082 --------- --------- --------- Chairman's statement A profit before tax of £64,276 was recorded for the first half of 2000, compared with £176,152 for the same period last year. Whilst the oil palm f.f.b. crop was similar to last year, there was a decline of 30% in the average sale price which chiefly accounts for the lower result. Crops and sales details are set out in the table below:- 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2000 1999 1999 Crop - tonnes Oil palm fresh fruit bunches ('f.f.b.') 7,087 7,018 14,568 Rubber 44 43 108 Average selling prices Oil palm f.f.b. - RM per tonne 206 294 261 Malaysian spot palm oil - RM per tonne 1,030 1,709 1,184 Rubber - RM per kg 2.40 2.15 2.20 The f.f.b. crop was pleasingly in line with the same period last year and with the budget, and compared favourably with much of the Malaysian oil palm sector as a whole which experienced a crop downturn. It is hoped that the original estimate for the full year of 14,300 tonnes will be achieved. The Malaysian palm oil market fluctuated in a range of between approximately RM950 and RM1,200 per tonne during the period but prices are currently trading at the lower end of that range. The market has been affected by lower-than-usual demand from both China and India. The relatively high stock levels in Malaysia are, however, being gradually eroded which may help to provide the market with some support. With regard to the estate's small area of rubber, the market slightly recovered but remains lacklustre. Interest receivable was lower as a result partly of lower interest rates available in Malaysia and partly of the purchase of shares in Bertam Holdings PLC and Sungkai Holdings Limited, as announced on 28 February 2000. The dividends from these investments, and, indeed, dividends from the majority of the Group's other investments, are received in the second half of the year. Amalgamation plans The review of the Group's corporate structure with a view to an amalgamation with Bertam Holdings PLC, Beradin Holdings PLC and Padang Senang Holdings PLC is under way, with Strand Partners Limited being appointed as financial advisers to the Company. Whilst this is likely to take a little time to complete, the board continues to believe in the merits of the transaction, providing appropriate terms are agreed. NOTES 1) Statutory information The financial information for the six-month periods ended 30 June 2000 and 1999 has been neither audited nor reviewed by the Group's auditors and does not constitute accounts within the meaning of section 240 of the Companies Act 1985. The financial information for the year ended 31 December 1999 is abridged from the statutory accounts which have been reported on by the Group's auditors, Macnair Mason, and which have been filed with the Registrar of Companies. The report of the auditors thereon was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. 2) Accounting policies These interim accounts have been prepared on the basis of accounting policies as set out in the annual financial statements at 31 December 1999. 3) Distribution The Company will be circulating its interim report to shareholders forthwith and copies may be obtained from M.P.Evans (UK) Limited, 3 Clanricarde Gardens, Tunbridge Wells, Kent TN1 1HQ. By order of the board M.P.Evans (UK) Limited Secretaries 13 September 2000 Enquiries: Mr P A Fletcher Telephone: 01892 516333 Fax: 01892 518639

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