Final Results

Acorn Income Fund Ld 05 March 2003 ACORN INCOME FUND LIMITED PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002 CHAIRMAN'S STATEMENT The fourth Annual Report of the Company for the year ended 31 December 2002 comes at a time of considerable uncertainty in world stockmarkets, characterised by highly volatile movements in market indices and their component securities. Market values of investments typically held by the Company increased each month for the first four months of the year. However, with the exception of November, from May to December inclusive the Company suffered both realised and unrealised losses on its investments, unlike 2001 when the Company achieved gains from the investments comprising the smaller companies portfolio offset by losses suffered on the high income portfolio. Despite the difficulties which were highlighted by the negative returns of both selected benchmarks, the net asset value of the Company increased by 1.0% over the first six months of the year. However, over the second half of the year the net asset value per share fell by 33.1%. The 41.6% fall in the price per share, from 137.00p at 31 December 2001 to 80.00p at 31 December 2002, more than reflected the rapidly deteriorating underlying value of our investments. During the year a number of holdings in split capital investment trusts ceased dividend payments. Despite the difficult conditions the Company continued its practice of paying income to Shareholders as it arises on a quarterly basis, whilst retaining a prudent level of reserves. The Company paid four interim dividends of 3.0p each, totalling 12.00p per share (2001: 12.00p), during the year. Since the year end, market values have deteriorated further, highlighted by the FTSE 100 falling on a record-breaking 11 consecutive days. This has been reflected in the falls in both the net asset value and share price of 12.25% and 9.38% respectively during January 2003. They both continued to fall during February 2003, with the net asset value and the share price being 73.94p and 66.50p respectively at the month end. The material fall in the market value of our investments has adversely impacted the Company's loan-to-value ratio which is a key financial covenant of our bank loan. The Company has initiated discussion with its bankers and is placing £5 million into a loan offset account, effectively increasing the current loan-to-value ratio from 185% to 206% giving increased headroom above the covenanted ratio of 180%. After taking this into account and after reviewing the income forecasts for the coming year, on 5 March 2003 the Directors declared a first interim dividend for 2003 of 1.50p per share. In assessing the level at which dividends should be paid, the Directors have sought to determine a level which they hope to be sustainable in current market conditions. If dividends received from the Company's investments were cut substantially then your Board would be obliged to consider the capital position of the Company when determining at what level to pay any further dividends. In addition, if current market conditions persist or worsen, we may need to amend the level of management fees and interest payable that is charged to the capital reserve in line with any revision in the Board's split of expected returns between income and capital gains arising from the investment portfolios. This in turn would impact upon the sustainable level of distributable profit. Investors remain cautious of any market rallies and therefore it is possible that any significant rally could lead to profit-taking rather than the further commitment of cash to the market. A longer term up trend would require a backdrop of positive US economic data and a resolution of the Iraqi crisis, both of which appear to be unlikely in the short term. D.M. Bralsford 5 March 2003 INVESTMENT ADVISER'S REPORT - SMALLER COMPANIES PORTFOLIO Stock market conditions deteriorated rapidly during the second half of the year and the share price valuations of our portfolio of high yielding smaller companies came under severe pressure. The protracted downturn in the industrial sectors of the economy has resulted in a fall in the number of attractive investment opportunities. During recent years, the United Kingdom consumer has single handidly been responsible for sustaining growth in the United Kingdom economy and personal debt has ballooned to record levels. It is difficult to envisage this situation continuing and we are very cautious towards companies dependent on this area of the economy. Notwithstanding these pressures, a number of our investee companies have performed well. The management teams at Alpha Airports, Halstead (James), Metalrax, Pendragon, Diploma, VP Group and Primary Health deserve credit for their companies' performances during the past 12 months. We believe that the severe markdown in many smaller company share prices has been overdone. During the forthcoming year, we expect corporate activity to become a more regular feature in the market. It is imperative that smaller companies seek to achieve economies of scale, to enable them to survive in a low inflationary, low growth economy. We have sought new investment opportunities and recently purchased shares in Laird Group (Electronics & Electricals), Smith (DS) (Forestry & Paper), National Express (Transport) and Robert Walters (Support Services). Disposals included European Motors, Vardy (Reg), Wolverhampton & Dudley and Findel where we believed that profitability was likely to come under pressure in a tougher consumer sector. The existing portfolio continues to deliver a healthy flow of dividends and we believe that it will be possible to achieve capital growth in more stable market conditions. P Webb Unicorn Asset Management Limited 5 March 2003 INVESTMENT ADVISER'S REPORT - HIGH INCOME PORTFOLIO The ongoing weak performance of global equity markets has continued to take its toll on split capital investment trusts. The sector has again performed poorly despite many companies repaying bank loans and thereby reducing gearing. It is also noteworthy that the averaged discount on the Investment Companies Index widened from 10.7% in mid-June to over 15% at the close of the year (source Datastream). The portfolio exposure to split capital trusts had been reduced to just 6.5% at the end of reporting period. Fixed income markets have enjoyed another strong year. The yield on the FTSE Actuaries 20 year Gilt Index had fallen to just 4.35% by the end of December - a 35-year low. The expectation of some form of military conflict with Iraq and concerns regarding the overall health of the UK economy have inspired a 'flight to safety' rush into gilts and investment grade bonds. In consequence this has led to the relative valuation between gilts and equities reaching a remarkable and probably unsustainable level. The yield ratio at the turn of the year stood at just 1.00. An average over the last 30 years shows a figure of 2.2. Indeed, traditionally it has been profitable to switch to equities from gilts once the yield ratio has fallen below 1.8. The current ratio strongly favours equities, they are noticeably oversold so perhaps a rally is imminent. This would, of course, permit split capital trusts to recover. Looking forward, the outlook for fixed income markets is not encouraging. Underlying inflation is now above the 2.5% target and public sector wage inflation is under upward pressure. Militancy has returned to the pay-negotiating table, led by the fire fighters with teachers and hospital consultants close behind. Over the past 12 months Sterling has fallen 8% against the Euro and 4% overall on a trade weighted basis. Whilst this offers some relief to depressed United Kingdom manufacturing it is a potential inflationary time bomb which the authorities may well need to defuse, especially when viewed in conjunction with a booming housing market and rising consumer debt and Chancellor Brown's leaky budgetary arithmetic. In the near term, interest rates are caught between a rock and a hard place. Frankly, the next 0.25% point move could be in either direction. However, as the year wears on, we expect interest rates to rise. J Goodey Collins Stewart Asset Management Limited 5 March 2003 This statement of results is not the Group's statutory accounts. The Auditors have reported on the statutory accounts and have issued an unqualified opinion. STATEMENT OF TOTAL RETURN for the year ended 31 December 2002 Revenue Capital Total Revenue Capital Total 2002 2002 2002 2001 2001 2001 Notes £'000 £'000 £'000 £'000 £'000 £'000 (Losses) / gains on investments 3 - (10,654) (10,654) - 364 364 Income 4 4,185 - 4,185 4,714 - 4,714 Management fee 5 (148) (444) (592) (161) (482) (643) Other expenses 6 (147) - (147) (133) - (133) ----------- ----------- ----------- ----------- ----------- ----------- Net return / (loss) on ordinary activities 3,890 (11,098) (7,208) 4,420 (118) 4,302 before finance costs Interest payable and similar charges 8 (382) (1,138) (1,520) (447) (1,333) (1,780) ----------- ----------- ----------- ----------- ----------- ----------- Net return / (loss) on ordinary activities 3,508 (12,236) (8,728) 3,973 (1,451) 2,522 for the year Dividends in respect of equity shares 9 (3,552) - (3,552) (3,552) - (3,552) ----------- ----------- ----------- ----------- ----------- ----------- Transfer (from) / to reserves (44) (12,236) (12,280) 421 (1,451) (1,030) ======= ======= ======= ======= ======= ======= Total return / (loss) per Ordinary Share 10 11.85p (41.34)p (29.49)p 13.42p (4.90)p 8.52p Dividend per Ordinary Share (distributed) 9 12.00p - 12.00p 12.00p - 12.00p The revenue columns of this statement represent the revenue account of the Company. All revenue and capital items in the above statement derive from continuing operations. BALANCE SHEET as at 31 December 2002 2002 2001 Notes £'000 £'000 Fixed assets Listed investments 11 50,175 62,045 Current assets Debtors 12 419 555 Cash at bank 1,052 1,346 ----------- ----------- 1,471 1,901 Creditors - amounts falling due within one year Creditors 13 (465) (485) ----------- ----------- Net current assets 1,006 1,416 ----------- ----------- Total assets less current liabilities 51,181 63,461 Creditors - amounts falling due after more than one year Long term bank loan 14 (25,616) (25,616) ----------- ----------- Net asset value 25,565 37,845 ======= ======= Share capital and reserves Called-up share capital 15 7,400 7,400 Share premium 16 27,079 27,079 Revenue reserve 16 1,333 1,377 Capital reserve 16 (10,247) 1,989 ----------- ----------- Total shareholders' funds attributable to equity interests 17 25,565 37,845 ======= ======= Net asset value per Ordinary Share 18 86.37p 127.85p CASH FLOW STATEMENT for the year ended 31 December 2002 2002 2001 Notes £'000 £'000 Net cash inflow from operating activities 19 3,646 3,830 Servicing of finance Interest paid (1,543) (1,774) ----------- ----------- Net cash outflow from servicing of finance (1,543) (1,774) Investing activities Purchase of investments (22,093) (29,327) Sale of investments 23,248 27,033 ----------- ----------- Net cash inflow / (outflow) from investing activities 1,155 (2,294) Equity dividends paid (3,552) (3,552) ----------- ----------- Cash outflow before financing (294) (3,790) Net cash flow from financing - - ----------- ----------- Decrease in cash in the year 20 (294) (3,790) ======= ======= NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2002 1. Accounting policies The accounting policies, all of which have been applied consistently throughout the year, in the preparation of the Company's financial statements, are set out below: a. Accounting convention The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with applicable United Kingdom accounting standards and with the Statement of Recommended Practice for Financial Statements of Investment Trust Companies. b. Investments held as fixed assets Quoted investments are valued at the mid-market price on the relevant Stock Exchange at the balance sheet date. However, the Board, after discussion with the High Income Investment Adviser, has valued certain investments downwards to take account of the high volatility and poor liquidity in the split capital investment trust market. Realised surpluses or deficits on the disposal of investments, permanent impairments in the value of investments and unrealised surpluses and deficits on the revaluation of investments are taken to the statement of total return as capital. c. Income Dividends receivable on equity shares are taken into account on the ex-dividend date. Income on debt and fixed interest securities is recognised on an accruals basis. United Kingdom dividend income is shown excluding tax credits. Bank interest is accounted for on an accruals basis. d. Expenses All expenses are accounted for on an accruals basis. Expenses are charged through the revenue account except as follows: (i) expenses which are incidental to the acquisition or disposal of an investment are treated as part of the cost or proceeds of the investment; (ii) 75% of the Company's management fee and financing costs are charged to the capital reserve in line with the Board's expected long term split of returns between income and capital gains from the investment portfolio; and (iii) 100% of any performance fee is charged to the capital account. e. Capital reserve The following are accounted for in the capital reserve: (i) realised gains and losses on the realisation of investments; (ii) unrealised gains and losses on investments; and (iii) expenses charged to the capital reserve in accordance with the above accounting policies. 2. Taxation The Company has been granted exemption from Guernsey taxation under the Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual exemption fee of £600 (2001: £600). 3. (Losses)/gains on investments 2002 2001 £'000 £'000 Realised (losses)/gains on sales (1,640) 1,050 Movement in unrealised depreciation (9,014) (686) ----------- ----------- (10,654) 364 ======= ======= 4. Income 2002 2001 £'000 £'000 Dividend income 3,436 3,806 Bond interest 685 836 Bank interest 64 72 ----------- ----------- 4,185 4,714 ======= ======= 5. Management fees The Manager of the Company is entitled under the Management Agreement with the Company to receive a management fee from the Company at the annual rate of 1.0% of the total assets of the Company, payable quarterly in arrears. Where any investments comprised in the assets of the Company are in funds managed by or advised by the Manager or Investment Adviser or an affiliate of either of them, the value of such investments is deducted from total assets for the purposes of calculating the management fee. In addition, the Manager is entitled to receive a performance fee, payable at the end of each financial period of the Company, at the rate of 15% of any excess of the net asset value per share over the benchmark net asset value per share as at the last calculation day in the relevant financial period, multiplied by the time weighted number of shares in issue within such period. The benchmark net asset value per share is the higher of 104.8p, compounded at 10% per annum since 31 December 1999, and the highest net asset value per share as of the last calculation day in any preceding financial period. When calculating the performance fee, the net asset value per share is reduced by the amount that the dividend per share paid during that year is less than 8.5 pence. As at 31 December 2002 the benchmark net asset value per share was 139.48p. No performance fee has been paid in respect of the year ended 31 December 2002 (2001: nil). The Manager has delegated the obligations for the performance of the investment management services to Unicorn Asset Management Limited ('the Smaller Companies Investment Adviser') and Collins Stewart Asset Managers ('the High Income Investment Adviser'). The agreements are between the Investment Advisers and the Manager, not the Company. All Investment Advisory fees are paid out of the management fees and performance fees received by the Manager from the Company. Both Investment Advisers are entitled to receive an annual fee at the rate of 0.5% of the total assets attributable to the investments in relation to which the Investment Adviser acts. The Smaller Companies Investment Adviser is entitled to 5/8ths of the Manager's performance fee, while the Manager may, at its discretion, pay the High Income Investment Adviser a proportion of the remaining performance fee. In addition, the Smaller Companies Investment Adviser is entitled to receive, from the Manager, a fixed annual fee of £7,500 in relation to marketing services provided to investors. The Investment Advisory Agreements may be terminated by the Manager or the Investment Advisers, giving not less than 12 months' notice in writing, or otherwise in circumstances where one of the parties has a receiver appointed over its assets or if an order is made or an effective resolution passed for the winding up of one of the parties. On termination the Investment Adviser shall be entitled to receive all fees accrued up to the date of the termination (or thereafter if the Investment Adviser necessarily incurs expenses arising out of the termination of the agreement) but shall not be entitled to compensation, except in the case of a wrongful termination by the Manager. 6. Other expenses Revenue Capital Total Revenue Capital Total 2002 2002 2002 2001 2001 2001 £'000 £'000 £'000 £'000 £'000 £'000 Custody and settlement fees 36 - 36 40 - 40 Auditors' remuneration 8 - 8 8 - 8 Directors' remuneration 30 - 30 30 - 30 Other expenses 73 - 73 55 - 55 ----------- ----------- ----------- ----------- ----------- ----------- 147 - 147 133 - 133 ======= ======= ======= ======= ======= ======= 7. Directors' remuneration 2002 2001 £'000 £'000 David Martin Bralsford 12 12 John Michael McKean 9 9 John Claude Tibbo 9 9 ----------- ----------- 30 30 ======= ======= No bonus or pension contributions were paid or payable on behalf of the Directors. 8. Interest payable and similar charges The interest payable relates to interest due on the bank loan, details of which are disclosed in note 14. 9. Dividends in respect of equity shares 2002 2001 £'000 £'000 Dividends on Ordinary Shares: First interim paid of 3.00p (2001: 2.75p) 888 814 Second interim paid of 3.00p (2001: 2.75p) 888 814 Third interim paid of 3.00p (2001: 3.25p) 888 962 Fourth interim paid of 3.00p (2001: 3.25p) 888 962 ----------- ----------- 3,552 3,552 ======= ======= 10. Return per Ordinary Share The revenue return per Ordinary Share is based on net revenue of £3,508,519 (2001: £3,973,048) and on a weighted average number of 29,600,002 (2001: 29,600,002) Ordinary Shares in issue throughout the year. The capital loss per Ordinary Share is based on the net capital deficit of £12,236,432 (2001: deficit of £1,450,734) and on a weighted average number of 29,600,002 (2001: 29,600,002) Ordinary Shares in issue throughout the year. 11. Listed investments Smaller High Income Smaller High Income Companies Portfolio Companies Portfolio Portfolio Portfolio Total Total 2002 2002 2002 2001 2001 2001 £'000 £'000 £'000 £'000 £'000 £'000 Opening valuation 47,217 14,828 62,045 45,590 14,090 59,680 Purchases at cost 15,285 6,808 22,093 14,378 13,262 27,640 Sales - proceeds (17,324) (5,985) (23,309) (16,865) (8,774) (25,639) - realised gains/(losses) 701 (2,341) (1,640) 1,445 (395) 1,050 Movement in unrealised appreciation/depreciation (4,788) (4,226) (9,014) 2,669 (3,355) (686) ----------- ----------- ----------- ----------- ----------- ----------- Closing valuation 41,091 9,084 50,175 47,217 14,828 62,045 ======= ======= ====== ======= ======= ======= Closing book cost 44,037 18,119 62,156 45,375 19,637 65,012 Closing unrealised (depreciation) /appreciation (2,946) (9,035) (11,981) 1,842 (4,809) (2,967) ----------- ----------- ----------- ----------- ----------- ----------- Closing valuation 41,091 9,084 50,175 47,217 14,828 62,045 ======= ======= ====== ======= ======= ======= 12. Debtors 2002 2001 £'000 £'000 Accrued income 342 548 Amounts due from brokers 61 - Other debtors 16 7 ----------- ----------- 419 555 ======= ======= 13. Creditors - amounts falling due within one year 2002 2001 £'000 £'000 Management fee 127 132 Bank interest 301 324 Other creditors 37 29 ----------- ----------- 465 485 ======= ======= 14. Long term bank loan 2002 2001 £'000 £'000 Bank of Scotland Offshore facility 25,616 25,616 ======= ======= Under loan agreements dated 28 September 1999 and 21 December 2000 between the Company and Bank of Scotland Offshore, a term loan of £25,616,000 has been made available. The interest rates payable on the loan are based on LIBOR plus a margin of 1% plus MLA costs and are fixed as follows: 2002 2001 £'000 £'000 Fixed for less than 3 months at 5.165% (2001: 5.645%) 5,000 5,000 Fixed for less than 3 months (2001: 6.065%) - 5,000 Fixed for 3 months at 5.075% (2001: 5.335%) 5,616 5,616 Fixed for 4 months at 5.075% (2001: 5.135%) 5,000 5,000 Fixed for 5 months at 5.225% 5,000 - Fixed for 2 years at 8.285% 5,000 - Fixed for 3 years (2001: 8.285%) - 5,000 ----------- ----------- 25,616 25,616 ======= ======= The average cost of borrowings at the year end was 5.75% (2001: 6.07%). 15. Share capital 2002 2001 £'000 £'000 Authorised: 40,000,000 Ordinary Shares of 25p 10,000 10,000 ======= ======= Allotted, called up and fully paid: 29,600,002 Ordinary Shares of 25p 7,400 7,400 ======= ======= 16. Reserves Share premium account Capital reserve Revenue reserve Total £'000 £'000 £'000 £'000 At 1 January 2002 27,079 1,989 1,377 30,445 Deficit for the year - (12,236) (44) (12,280) ----------- ----------- ----------- ----------- At 31 December 2002 27,079 (10,247) 1,333 18,165 ======= ======= ======= ======= 17. Reconciliation of movements in Shareholders' funds 2002 2001 £'000 £'000 Balance as at 1 January 2002 37,845 38,875 Capital deficit for the year (12,236) (1,451) Revenue return for the year 3,508 3,973 Dividends paid (3,552) (3,552) ----------- ----------- Balance as at 31 December 2002 25,565 37,845 ======= ======= 18. Net asset value per Ordinary Share 2002 2001 pence pence Net asset value per Ordinary Share 86.37p 127.85 ======= ======= The net asset value per Ordinary Share is based on the net assets attributable to equity Shareholders of £25,564,878 (2001: £37,844,891) and on 29,600,002 (2001: 29,600,002) Ordinary Shares in issue at the end of the year. 19. Reconciliation of net revenue before finance costs and taxation to net cash inflow from operating activities 2002 2001 £'000 £'000 Net revenue before finance costs and taxation 3,890 4,420 Management fee charged to the capital reserve (444) (482) Decrease in accrued income 206 119 Increase in other debtors (9) - Increase / (decrease) in other creditors and accruals 3 (227) ----------- ----------- Net cash inflow from operating activities 3,646 3,830 ======= ======= 20. Reconciliation of net cash flow to net debt At 31 December At 1 January 2002 2002 Cash flows £'000 £'000 £'000 Cash at bank and in hand 1,346 (294) 1,052 Debt due after more than one year (25,616) - (25,616) ----------- ----------- ----------- Total (24,270) (294) (24,564) ======= ======= ======= 21. Capital commitments All contracted capital commitments have been provided for. 22. Related parties Details of the relationship between the Company, Collins Stewart Fund Management Limited, Collins Stewart Asset Management Limited and Collins Stewart (CI) Limited are disclosed in the Report of the Directors. The Directors are not aware of any ultimate controlling party. 23. Risk profile of financial assets and liabilities Financial Summary The principal investment objectives of the Company are to provide Shareholders with a high income and also the opportunity for income and capital growth by investing primarily in smaller capitalised United Kingdom companies admitted to the Official List of the United Kingdom Listing Authority and traded on the London Stock Exchange or traded on AIM. The Company's portfolio is invested in equities and high income and fixed interest securities in order to achieve its investment objectives. It is the aim of the Company to provide both income and capital growth predominantly through investment of approximately 75% of the portfolio in smaller capitalised United Kingdom companies. The Company also aims to further enhance income for Shareholders by investing in a high income portfolio constituting about 25% of its assets comprising ordinary shares and income shares of split capital investment trusts and fixed interest, sterling denominated debt and convertibles. Due mainly to the fall in value of the investments held in the high income portfolio, at 31 December 2002 80% of the portfolio (including cash) related to the smaller companies portfolio. In addition, the Company holds cash and liquid resources as well as having debtors and creditors that arise directly from its operations. The main risks arising from the Company's financial instruments are market price risk, interest rate risk and liquidity risk. As all the assets and liabilities of the Company are denominated in Sterling, there is no currency risk. Market price risk The Company's exposure to market price risk comprises mainly of movements in the value of the Company's investments. The Company's investment portfolio complies with the investment parameters. A 10% increase / decrease in the market prices of investments would result in a 19.63% (2001: 16.39%) increase / decrease in the net asset value per Ordinary Share as at the balance sheet date. Interest rate risk The Company finances its operations through a mixture of bank borrowings and retained profits. Bank of Scotland Offshore has made available a term loan of up to £25,616,000. The interest payable under the facility is fixed at regular intervals based on the aggregate rate of LIBOR plus certain additional regulatory costs charged by the bank and a margin of 1.0% per annum (see note 14). Liquidity risk The Company entered into a loan agreement with Bank of Scotland Offshore, under which Bank of Scotland made available a loan of £25,616,000 (see note 14). The terms of the Company's bank borrowings entitle the lender to require early repayment should the Company breach any of the covenants placed upon it by Bank of Scotland. The Company's liquidity is monitored regularly to ensure that the covenants are not breached. Interest rate risk - profile The Company's financial fixed assets comprise a fixed interest portfolio of £5,283,240 (2001: £8,717,507) which bears a weighted average interest rate of 10.21% (2001: 11.50%) fixed for a weighted average period of 1.10 years (2001: 1.71 years). The balance of the investment portfolio consists of non-interest bearing investments of £44,891,784 (2001: £53,327,863). The Company's other exposure to interest rate risk arises through its long term loan, details of which are given in note 14. Financial assets Non-interest Fixed rate Floating Total Non-interest Fixed Floating rate Total bearing rate bearing rate 2002 2002 2002 2002 2001 2001 2001 2001 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Equity shares 44,892 - - 44,892 53,328 - - 53,328 Debt investments - 5,283 - 5,283 - 8,441 - 8,441 ZDP shares - - - - - 277 - 277 Cash at bank - - 1,052 1,052 - - 1,346 1,346 ----------- ----------- -------- ----------- ---------- --------- ----------- ----------- 44,892 5,283 1,052 51,227 53,328 8,718 1,346 63,392 ======= ======= ======= ======= ======= ======= ======= ======= The above analysis excludes short-term debtors as all the material amounts are non-interest bearing. Fixed rate financial assets Weighted Weighted average period Weighted average Weighted average average rate period rate 2002 2002 2001 2001 % Years % years Zero dividend preference shares - - 9.08 4.43 Medium term debt investments 10.25 1.08 11.64 1.59 Financial liabilities Floating rate Floating rate financial financial liabilities liabilities 2002 2001 £'000 £'000 Long term bank loan 25,616 25,616 ======= ======= The above analysis excludes short-term creditors as all the material amounts are non-interest bearing. If you have any queries please contact: Andrew Duquemin 2nd Floor TSB House Le Truchot St Peter Port Guernsey GY1 4AE Tel: 01481 731 987 Fax: 01481 720 018 This information is provided by RNS The company news service from the London Stock Exchange

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