Interim Results

Associated British Foods PLC 18 April 2001 18th April 2001 Embargoed until 0700 Interim results (24 weeks ended 3 March 2001) ABF reports strong performance in first half Highlights * Profit before tax up 12% to £191 million ** * Sales by ongoing businesses up 4% to £2,025 million * Operating profit up 3% to £159 million * * Investment income increased from £23million to £33million * Adjusted earnings per share up 14% to 17.1p ** * Dividend maintained at 4.25p per share * Profit of £40 million on disposal of businesses * before amortisation of goodwill ** before profit on disposal of businesses and amortisation of goodwill Peter Jackson, Chief Executive of Associated British Foods, said: 'We are making good progress in growing our businesses in line with the strategy laid out at our last results announcement. We are benefiting from both the diversity and the financial strength of the group. Our restructuring is well under way and our costs remain under tight control. ' For further information please contact: Until 1500 only Peter Jackson, Chief Executive John Bason, Finance Director Geoff Lancaster, Head of External Affairs Tel: 020 7638 9571 After 1500 only Peter Jackson, Chief Executive John Bason, Finance Director Tel: 020 7589 6363 Jonathan Clare, Chris Barrie, Sara Batchelor, Citigate Dewe Rogerson Tel: 020 7638 9571 Notes to editors Associated British Foods (ABF) is an international food, ingredients and retail group with annual sales of over £4.4 billion and 34,000 employees. The group is one of Europe's largest food companies, and has significant businesses in Australia, New Zealand, China, and the United States. CHAIRMAN'S STATEMENT I am pleased to be able to report that despite an adverse economic environment, aggravated in the UK by a series of external disruptions, your company has achieved an operating profit before amortisation of goodwill of £ 159 million for the 24 weeks to 3 March, an increase of 3 per cent on the comparable period last year and in line with our budgets. These results confirm the underlying strength and diversity of the group's operations. Strong profit performances by our overseas sugar operations, ingredients activities and Primark more than offset weaknesses elsewhere in the group. Our grocery businesses maintained profitability in severely competitive market conditions. In the last annual report I advised shareholders that decisions had been taken to dispose of, close or restructure a number of our manufacturing and processing operations and that financial provision had been made as a result. Significant progress has been made in implementing these plans which are on target and within budget. Shareholders will already have read of the disposal of Rowallan creameries, Burtons biscuits and our pig business. The net proceeds of these sales totalled £141 million and resulted in a net profit of £40 million which has been separately disclosed in these results. The closure of three British Sugar factories announced in January this year, together with the closure of Allied Bakeries' Lytham plant and the rationalisation within the UK animal feeds business gave rise to £14 million of redundancy costs which have been absorbed within operating profit. The phased withdrawal from commodity oil refining and bleaching in the US is progressing in line with plan and an outsourcing contract for the supply of commodity oils has been negotiated at rates which will provide further cost savings. In Allied Bakeries, significant overhead reductions are being implemented both in the operating plants and in distribution and Kingsmill is now the brand leader in the UK bread market. We have achieved further growth in our ingredients activities and, in particular, Abitec and Rohm Enzyme in Europe have achieved excellent results. Our US companies maintained profit despite cost and competitive pressures. Towards the end of the half year ACH Food Companies completed the purchase of the branded foodservice oil business from Procter & Gamble and this acquisition is already performing to our expectations. Primark, our retail textile business, continues to deliver excellent growth in sales and achieved profits 15 per cent ahead of the previous year. Profits declined at George Weston Foods in Australia as a result of increased wheat prices, which affected milling margins, increased pigmeat prices and delays in integrating Don's which affected the meat smallgoods business. We continue to invest for further growth and during the half year initiated a major new investment in resin separation technology at British Sugar's Wissington factory which will result in reduced costs and improved product quality. We have stepped up the rate of new store openings in Primark and during the half year we have acquired a further 14 new sites, including stores from C&A, which will result in an additional 380,000 square feet of selling space. It is planned that most of these new stores will be opened in the current calendar year including a major new site in Manchester which we expect to emulate the outstanding performance of our Newcastle store which opened in November last year. Group profit before tax, before profit on disposal of businesses and amortisation of goodwill, was £191 million, an increase of £21 million or 12 per cent over the same period last year. This includes a strong advance in investment income reflecting excellent returns by our fund managers on a higher level of cash balances. We generated £10 million profit from the sale of a number of surplus retail properties. Earnings per share, adjusted for the profit on disposal of businesses and the amortisation of goodwill, increased 14 per cent to 17.1p. Faltering US economic growth and stock market volatility are already affecting the performance and levels of confidence in other leading industrial economies. Additionally, as I write, the foot and mouth epidemic which has affected the UK livestock industry has still to be brought under control. Given the scale and spread of the activities of the company a further significant decline in the general economic climate would almost certainly impact on our business. Subject to this, we remain confident of the outturn for the year and at the present time performance is in line with budget. Your company is renowned for the underlying strength of its operations and the strongly cash generative nature of its activities. In the uncertain environment which we face, these strengths will be increasingly important. We therefore approach the second half of this year in the knowledge that we have successfully completed a major restructuring exercise and that we are strongly placed financially not only to meet the challenges ahead, but also to take advantage of the opportunities that those challenges will create. Board changes As already announced, Garry Weston decided not to seek re-election at the annual general meeting on 15 December 2000. Dividends The directors have declared a first interim dividend of 4.25p per share (2000 - 4.25p), which will be paid on 31 August 2001 to shareholders registered at the close of business on 3 August 2001. Harry Bailey Chairman OPERATING REVIEW Sales by ongoing businesses increased by 4% to £2,025 million and operating profit, before amortisation of goodwill, increased 3% to £159 million. Good progress has been made by the group in difficult market conditions. Primary Food and Agriculture Production efficiencies at British Sugar were excellent but the benefits of this on operating profit were offset by high energy costs and a smaller crop than last year. At 1.325 million tonnes of sugar this was in line with expectations and the five year average. Institutional sugar prices are set in euros and the currency effects arising from this had a minimal impact in the period. At the end of the year we announced a major appraisal by British Sugar of its manufacturing assets. Consistent investment in production efficiency has resulted in the need for fewer factories to process the UK sugar beet crop and in January we announced the intended closure of three factories. Ipswich and Bardney were closed in February and Kidderminster will close after the campaign next year. In addition, research and development activities are being relocated from Norwich to Wissington and Peterborough. The cash costs of this restructuring have been charged in these results and operational savings will be realised in the second half of this year. In addition to this plant rationalisation British Sugar continues its major investment programme. At Wissington £25 million is being spent on new resin separation technology that will reduce the overall cost of removing sugar from the sugar beet and will also improve product quality. Furthermore high value co-products, that were not previously technically or economically available, will be produced from the sugar beet. Price recoveries in Poland and China have resulted in a significant profit improvement in our sugar operations in these markets. Regulatory approval was granted for the acquisition in the period of four further factories in Poland and the Huaiyuan sugar mill in China was also acquired. The UK flour market remained under intense pressure despite a decline in wheat costs. Further cost efficiency improvements were made in the period to ensure the continued competitiveness of Allied Mills. The decision to integrate the animal feeds businesses of ABN and Fishers enabled us to deliver an improved performance in a very troubled market and we gained share in all sectors. A range of cost saving measures has been introduced including the announced closure of the feeds mill at Cranswick. As previously announced, we reduced our exposure to the pig market with the sale of our abattoirs and the phased sale of our pig herd. At the time of writing the extent of the outbreak of foot and mouth disease has still to be determined. However there was no impact on the results of our business in the period and we expect that there will be a limited impact on the second half results. In the medium term we believe that the growing trend towards obtaining feeds from assured sources will benefit our business. Parts of our animal feeds business are now trading with larger customers through e-commerce with improved selling efficiency and reduced administration cost. The initial use has been between Trident Feeds and its merchant customer base and this is now being developed to interface with large customers in the pig and poultry sectors. Following the integration of our businesses we have been operating an internal business-to-business hub and this is now being developed for trade with external suppliers. Progress is still slow in our Chinese feeds businesses but there continue to be positive signs with branded safe pork now being promoted in Beijing with Shanghai soon to follow. The arable business increased its profitability and outperformed the market with share growth in all sectors. John K King, our specialist seed and crop contracting business, has again extended its overseas operations. Ingredients & Oils Abitec again recorded a strong growth in profits in the first half with notable contributions from the pharmaceutical and personal care sectors. Rohm Enzyme grew with all areas performing well and notable contributions being made by bakery and beverage enzymes and from the recently established US sales force. Prospects for continuation of this growth are excellent with new products in the pipeline. During the period our diverse bakery ingredient interests were consolidated within Abitec and now provide a platform to take a leading position in the sector. Profitability at SPI was reduced as a result of higher energy costs and increased maintenance and associated costs at the Atlas Point polyols facility. Sales increased, in particular reflecting the increased demand for crystalline sorbitol, and the polyols business acquired from Lonza last year has been successfully integrated. Further capacity will be added over the next two years to meet the growing customer demand. SPI further benefited from the new and fast growing market for crystalline maltitol used primarily in baked goods. ACH Food Companies has made very good progress in its oils business in recovering from the strike at Champaign last year. Factory efficiencies have improved and higher sales volumes of its oils products were achieved. However benefits were offset by lower margins as a result of increased competition in the market and higher energy costs. The closure of the Columbus Ohio plant is on schedule with the majority of production already transferred to Jacksonville and Champaign. The long term supply of finished liquid oils to Champaign from Archer Daniel Midland Company will begin as planned in May and will enable the first stage of the reconfiguration of this plant to begin. In January ACH completed its acquisition of the branded foodservice oil business from Procter & Gamble. The initial results are in line with expectations and integration of this business is currently ahead of plan. A decision has been taken to exit white rice production at the Greenville, Mississippi rice mill due to heavy competitive margin pressure in an already low margin business. Implementation has already begun and will take several months to complete. Food and Nutrition speciality ingredients had a strong first half. Grocery A good first half performance from Ryvita, Silver Spoon and Twinings more than offset the continued pressure on profit at Allied Bakeries, Speedibake and Westmill. The UK bread market remained under severe price pressure. Lower gross margins were offset by cost reduction and efficiency improvements supported by the previously announced bakery closures. The cost reductions are part of a major programme to rationalise overheads in Allied Bakeries over the next two years. Margins were also reduced at Speedibake despite good seasonal trading over the Christmas period. Our investment in the Kingsmill brand has seen further share growth and the brand now features as number seven in Checkout magazine's top 100 grocery brands. Silver Spoon, our market leading sugar brand, has performed well achieving improved prices. Good progress was also made with its new tabletop sweetener, 'Nothing Comes Closer to Sugar', which was supported by TV advertising in the period. Ryvita enjoyed good profits growth driven by significant savings in operating costs and growth in exports. Organic Allinsons crispbread was successfully launched late last year and has captured a number of listings overseas. Twinings achieved strong UK and export sales. The green tea range has now been launched in most markets with brand leadership achieved in a number of them. Early indications following the important US launch are encouraging. Sales of the organic variants of our traditional black and herbal teas are growing strongly in the UK. Following the successful introduction of 'ready to drink' chilled teas, growth will be achieved through further listings in UK supermarkets and launches in a number of other European markets. Westmill Foods saw intensified competition and price pressures in the rice sector. However, sales of our brand leading ethnic variety were ahead of last year. Sales of noodles made further progress with growth in the Chinese catering sector and in ready meals. A range of products in the retail sector will be launched in the second half of the year. Flour sales continued to show strong growth with Allinsons well up on last year's record performance, and sales of our new brand of ethnic flour, Asli Atta, are in line with expectations. The Allinsons brand has been extended to include the 'just for bread' range which offers a wider range of flavours and ingredients for home breadmaking machines. The sale was completed in the period of Burtons biscuits and Rowallan creameries. Retail & Packaging Primark, our retail textile business, continued to achieve strong growth. Sales were up 15% to £239 million and operating profit up 15% to £30 million. The re-fit of Northampton and Derby was completed and new stores were opened in Barnsley, Newtownabbey and Newcastle. The Newcastle store has almost 50,000 square feet of retail space and its successful opening has demonstrated that the Primark formula can be introduced into city centres. The acquisition of the former Lewis's department store in the heart of Manchester provides a similar opportunity. We have acquired a further 14 new sites including a number from C&A following their withdrawal from the UK market. Allied Glass Containers felt the pressure of energy price increases and strong competition but nevertheless profit improved with sales ahead of last year and both plants operating efficiently and achieving record productivity. Australia & New Zealand Sales at George Weston Foods declined by 2% to £273 million and profit declined by 15% to £11 million. Increased wheat prices after floods reduced milling margins and biscuit volumes were lower as a result of increased competition. Higher pigmeat prices and additional costs arising from the integration of the recently acquired Don's business affected the profitability in the meat smallgoods business. Sales in baking increased over last year. Following its rollout to national distribution last year, Noble Rise continues to drive the traditional bread category and new varieties have also been introduced. Milling experienced strong sales growth through the development of a new range of flours and flour mixes which are marketed to the food industry and to in store retail bakeries. Exports have been encouraging. Meat and dairy, despite the disruption in Don's, has maintained sales volumes in a highly competitive market and continues to make progress in developing sales overseas. Early indications from the relaunch of the Holsom's bread range in New Zealand are encouraging and our flour operations will see immediate cost benefits and expansion potential from the opening of a new warehouse in Auckland. Summary The benefits of the restructuring across the group and the new organisational groupings in the UK are now being realised. Our businesses have taken advantage of the synergies created and have driven down costs. Noteworthy investments in the half year included a further significant acquisition in the US which has considerably strengthened our foodservice oils business, the acquisition by Primark of another 14 stores and the commencement of a major new investment at British Sugar. These efforts will ensure that we are strongly placed to achieve our twin goals for the future of sustainable profit growth and strong cash flow. Peter Jackson Chief Executive CONSOLIDATED PROFIT AND LOSS ACCOUNT 52 weeks ended 16 September 2000 24 Continuing weeks 24 operations ended weeks before 3 ended March exceptional Exceptional 4 2001 March items items Total 2000 Note £m £m £m £m £m Turnover of the group 2,063 2,072 4,414 - 4,414 including its share of joint ventures Less share of turnover (6) (5) (8) - (8) of joint ventures ------ ------ ------- ---------- ------- Group turnover 1 2,057 2,067 4,406 - 4,406 Operating costs (1,906) (1,918) (4,079) (130) (4,209) ------ ------ ------- ---------- ------- Group operating profit 151 149 327 (130) 197 Share of - joint 1 1 3 - 3 operating ventures results of - 2 2 4 - 4 associates ------ ------ ------- ---------- ------- Total operating profit 1 154 152 334 (130) 204 Operating profit 159 155 340 - 340 before exceptional items and amortisation of goodwill Exceptional items - - - (130) (130) Amortisation of (5) (3) (6) - (6) goodwill Profits less losses on 10 3 8 - 8 sale of properties Profit on disposal of 40 - - - - businesses Investment income 33 23 61 - 61 ------ ------ ------- ---------- ------- Profit on ordinary 237 178 403 (130) 273 activities before interest Interest payable (11) (11) (26) - (26) ------ ------ ------- ---------- ------- Profit on ordinary 226 167 377 (130) 247 activities before taxation Tax on profit on 2 (53) (50) (111) - (111) ordinary activities ------ ------ ------- ---------- ------- Profit on ordinary 173 117 266 (130) 136 activities after taxation Minority interests - (3) (1) (3) 5 2 equity ------ ------ ------- ---------- ------- Profit for the 170 116 263 (125) 138 financial period Dividends - first (34) (34) (34) - (34) interim - second - - (55) - (55) interim ------ ------ ------- ---------- ------- Transfer to/(from) 136 82 174 (125) 49 reserves ===== ===== ======== ======= ===== Basic and diluted 3 21.5p 14.7p 33.3p (15.8)p 17.5p earnings per ordinary share Adjusted earnings per 3 17.1p 15.0p 34.1p (15.8)p 18.3p ordinary share The group has made no material acquisitions nor discontinued any operations within the meaning of the Financial Reporting Standards during either 2001 or 2000. CONSOLIDATED BALANCE SHEET At At At 3 March 4 16 March September 2001 2000 2000 £m £m £m Fixed assets Intangible assets - goodwill 239 119 151 Tangible assets 1,360 1,547 1,459 ---------- ------- ------ 1,599 1,666 1,610 ---------- ------- ------ Interest in net assets - joint 11 12 12 of ventures - associates 12 9 11 Other investments 14 14 14 ---------- ------- ------ Total fixed asset investments 37 35 37 ---------- ------- ------ 1,636 1,701 1,647 ---------- ------- ------ Current assets Stocks 684 725 496 Debtors 543 534 526 Investments 1,021 909 1,133 Cash at bank and in hand 37 30 65 ---------- ------- ------ 2,285 2,198 2,220 ---------- ------- ------ Creditors amounts falling due within one year Short term borrowings (90) (124) (57) Other creditors (672) (727) (735) ---------- ------- ------ (762) (851) (792) ---------- ------- ------ Net current assets 1,523 1,347 1,428 ---------- ------- ------ Total assets less current liabilities 3,159 3,048 3,075 Creditors amounts falling due after one year Loans (168) (159) (160) Other creditors (11) (4) (11) ---------- ------- ------ (179) (163) (171) Provisions for liabilities and charges (36) (52) (63) ---------- ------- ------ 2,944 2,833 2,841 ======== ======== ======== Capital and reserves Called up share capital 47 47 47 Revaluation reserve 3 3 3 Other reserves 173 173 173 Profit and loss account 2,644 2,531 2,540 ---------- --------- ------ Equity shareholders' funds 2,867 2,754 2,763 Minority interests in subsidiary 77 79 78 undertakings - equity ---------- --------- ------ 2,944 2,833 2,841 ======== ======== ======== CONSOLIDATED CASH FLOW STATEMENT 24 weeks 52 weeks 24 weeks ended ended Ended 3 4 March 16 September March 2000 2000 2001 Note £m £m £m Cash flow from operating activities 4 (53) (1) 445 -------- -------- ------ Dividends from joint ventures 2 1 2 Dividends from associates - - 1 -------- -------- ------ Return on investments and servicing of finance Dividends and other investment 37 26 51 income Interest paid (11) (11) (26) Dividends paid to minorities (1) (1) (2) -------- -------- ------ 25 14 23 -------- -------- ------ Taxation (50) (39) (106) -------- -------- ------ Capital expenditure and financial investments Purchase of tangible fixed assets (70) (95) (182) Sale of tangible fixed assets 15 7 32 Purchase of equity investments - - (7) Sale of equity investments 7 11 17 -------- -------- ------ (48) (77) (140) -------- -------- ------ Acquisitions and disposals Purchase of new subsidiary (116) (43) (73) undertakings Purchase of joint ventures and - (5) (5) associates Sale of subsidiary undertakings 141 - 54 -------- -------- ------ 25 (48) (24) -------- -------- ------ Equity dividends paid (55) (51) (85) -------- -------- ------ Net cash (outflow)/inflow before (154) (201) 116 use of liquid funds and financing ======= ======= ======= Management of liquid funds (104) (96) 104 Financing 5 (23) (35) (1) (Decrease)/increase in cash (27) (70) 13 -------- -------- ------ (154) (201) 116 ======= ======= ======= CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 24 weeks 52 weeks 24 weeks ended ended ended 3 4 March 16 March September 2001 2000 2000 £m £m £m Profit for the financial period 170 116 138 Currency translation differences on (37) (2) 50 foreign currency net assets Tax on currency translation differences 2 - (12) --------- -------- --------- Total recognised gains and losses 135 114 176 ======== ======== ======== RECONCILIATION OF MOVEMENTS IN CONSOLIDATED SHAREHOLDERS' FUNDS 24 weeks 52 weeks 24 weeks ended ended ended 3 4 March 16 September March 2000 2000 2001 £m £m £m Profit for the financial period 170 116 138 Dividends - first interim (34) (34) (34) - second interim - - (55) -------- ------- -------- Retained profit for the financial 136 82 49 period Goodwill written back 3 - 2 Other recognised gains and losses (35) (2) 38 relating to the period -------- ------- -------- Net increase in shareholders' funds 104 80 89 Opening shareholders' funds 2,763 2,674 2,674 ------- -------- --------- Closing shareholders' funds 2,867 2,754 2,763 ======= ======= ======= NOTES TO THE INTERIM REPORT 24 weeks 52 weeks 24 weeks ended ended ended 3 March 4 March 16 September 2001 2000 2000 £m £m £m 1. Turnover Geographical analysis (by origin and destination): European Union, mainly UK and Ireland 1,361 1,322 2,796 Australia and New Zealand 273 278 608 North America 312 288 627 Elsewhere 79 60 134 ----- ------ ------- 2,025 1,948 4,165 Businesses disposed (EU) 32 119 241 ----- ------ ------- Group turnover 2,057 2,067 4,406 ===== ====== ====== Business sector: Manufacturing 1,786 1,741 3,736 Retail 239 207 429 ----- ------ ------- 2,025 1,948 4,165 Businesses disposed (manufacturing) 32 119 241 ----- ------ ------- Group turnover 2,057 2,067 4,406 ===== ====== ======= Profits Geographical analysis (by origin): European Union, mainly UK and Ireland 131 131 271 Australia and New Zealand 11 13 27 North America 9 9 27 Elsewhere 7 - 6 ----- ------ ------- 158 153 331 Businesses disposed (EU) 1 2 9 ----- ------ ------- Total operating profit before exceptional 159 155 340 items and amortisation of goodwill Exceptional items - European - - (72) Union - North - - (45) America - Elsewhere - - (13) Amortisation of goodwill - European (1) - (1) Union - North (4) (3) (5) America ----- ------ ------- Total operating profit 154 152 204 ===== ====== ======= Business sector: Manufacturing 128 127 280 Retail 30 26 51 ----- ------ ------- 158 153 331 Businesses disposed (manufacturing) 1 2 9 ----- ------ ------- Total operating profit before exceptional 159 155 340 items and amortisation of goodwill Exceptional items - - - (130) manufacturing Amortisation of goodwill - (5) (3) (6) manufacturing ----- ----- -------- Total operating profit 154 152 204 ===== ====== ====== 24 weeks 24 weeks 52 weeks ended ended ended 3 March 4 March 16 September 2001 2000 2000 £m £m £m 2. Tax on profit on ordinary activities UK 35 37 80 Overseas 17 12 29 Joint ventures and associates 1 1 2 ----- ---- ----- 53 50 111 ===== ===== ===== Pence Pence Pence 3. Earnings per share Basic 21.5 14.7 17.5 Profit on disposal of businesses (5.0) - - Amortisation of goodwill 0.6 0.3 0.8 Exceptional items - - 15.8 ------ ------ ----- Adjusted 17.1 15.0 34.1 ===== ===== ===== £m £m £m 4. Cash flow from operating activities Operating profit 151 149 197 Impairment of fixed assets - - 32 Amortisation of goodwill 5 3 6 Depreciation 76 81 206 (Increase)/decrease in working capital - Stocks (191) (252) (28) - Debtors (58) (42) (25) - Creditors (8) 58 44 Provisions (28) 2 13 ----- ----- ------ (53) (1) 445 ===== ===== ===== The depreciation charge of £206 million for the year ended 16 September 2000 included £53 million which related to the exceptional charge in that year. 5. Analysis of changes in financing Issue of short term (34) (44) (50) loans Repayment of short term 15 10 54 loans Issue of loans over one (7) (1) (1) year Repayment of loans over 3 - - one year Increase in bank - - (4) borrowings ---------- ---------- ---------- (23) (35) (1) ======== ======== ======== 24 weeks 24 52 weeks weeks ended ended ended 3 March 4 March 16 September 2001 2000 2000 £m £m £m 6. Changes in net funds (Decrease)/increase in cash before (154) (201) 116 management of liquid funds and financing Purchase of equity investments - - 7 Sale of equity investments (1) (8) (9) Changes in market value (8) (2) (2) Arising on acquisition of subsidiary (14) - - undertakings Effect of currency changes (4) (4) (2) -------- ------- --------- Movement in net funds for the period (181) (215) 110 Opening net funds 981 871 871 --------- -------- --------- Closing net funds 800 656 981 ======== ======= ======== Analysis of net funds Current asset investments 1,021 909 1,133 Cash at bank and in hand 37 30 65 Short term borrowings (90) (124) (57) Loans falling due after one year (168) (159) (160) --------- -------- -------- 800 656 981 ======== ======= ======== 7. Basis of preparation The figures shown for the financial year ended 16 September 2000, which have been abridged from the group's 2000 financial statements, are not the group's statutory accounts. Those accounts have been reported on by the auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not contain a statement under section 237 (2) or (4) of the Companies Act 1985. The figures for the 24 weeks ended 3 March 2001 and 4 March 2000 are unaudited. The interim financial information has been prepared on the basis of the accounting policies set out in the group's 2000 statutory accounts.

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