Interim Results

Helical Bar PLC 20 November 2002 20 November 2002 H E L I C A L B A R P L C ('Helical'/ 'Company') I n t e r i m R e s u l t s For the half year to 30 September 2002 HELICAL REMAINS CONFIDENT â€¢ Profits, including exceptionals, up 32% to Â£14.7m (2001: Â£11.1m) â€¢ EPS up 5% to 31.1p (2001: 29.7p) â€¢ Interim dividend increased by 9% to 6.0p (2001: 5.5p) â€¢ NAV up 3% to 817p (31.03.2002: 793p) â€¢ Further reduction in net gearing to 45% (31.03.2002: 64%) â€¢ Major reduction in Central London office portfolio â€¢ Purchase, in joint venture with Morley Fund Management, of the 10.3 acre Dairy Crest Westway site in West London John Southwell, Chairman, Helical Bar commented: 'We remain confident that the quality of our management team, our stock-picking abilities and our investment portfolio will enable us to enhance future shareholder value.' Further information, please contact: Helical Bar plc 020 7629 0113 Michael Slade (Managing Director) Nigel McNair Scott (Finance Director) Financial Dynamics 020 7831 3113 Stephanie Highett/Dido Laurimore C h a i r m a n ' s S t a t e m e n t Summary of Interim Results 30.9.02 30.9.01 30.9.00 30.9.99 30.9.98 Â£000 Â£000 Â£000 Â£000 Â£000 Rental income 15,176 15,162 13,561 12,917 10,336 Development profits 2,724 9,511 16,827 8,698 8,533 FRS3 profits 6,119 10,952 14,979 7,951 8,244 Profit/(loss) on sale of investment properties 2,171 378 157 1,166 (2) Exceptional item - write back of negative goodwill 6,362 - - - - Pre-tax profits 14,652 11,135 15,136 9,117 8,242 Interim dividend 6.0p 5.5p 5.0p 4.4p 4.0p Earnings per share 31.1p 29.7p 38.8p 25.2p 25.2p Results Profits for the half year to 30 September 2002, including exceptional items, increased by 32% to Â£14.7m (2001: Â£11.1m). Rental income for the period remained steady at Â£15.2m (2001: Â£15.2m) despite investment sales but development profits were down from Â£9.5m to Â£2.7m. The profit on sale of investment properties was Â£2.2m (2001: Â£0.4m). The result for the period included the write back of negative goodwill of Â£6.4m as a consequence of the disposal of 60 Sloane Avenue, London, SW3 by a subsidiary, Glenlake Limited. As was explained in last year's annual report and accounts this negative goodwill arose as a result of the restatement of the acquisition of Glenlake following the adoption of FRS19 by the group and the recognition of a deferred tax asset in Glenlake as at the date of its acquisition. The tax losses giving rise to this deferred tax asset have been used during the period (against profits arising on the disposal of investment properties) and the deferred tax asset of Â£5.7m has therefore been written off as part of the tax charge for the period resulting in an increase in the deferred tax provision in the consolidated balance sheet. The net impact of the write back of negative goodwill and the increase in deferred tax is an increase in distributable profits of Â£0.7m. The interim dividend has been increased by 9% to 6.0p (2001: 5.5p). Earnings per share increased by 4.7% to 31.1p (2001: 29.7p) and on a diluted basis by 5.2% to 30.1p (2001: 28.6p). The investment portfolio was not revalued at 30 September 2002. Despite this, and before taking account of any surplus of value in trading stock or the development programme, the Company's net asset value increased by 3.0% to 817p (31.03.2002: 793p) and, on a diluted basis, by 2.9% to 788p (31.03.2002: 766p). Development programme The majority of development profits in the half year came from the office development at 3 Bunhill Row, London EC1. This was forward sold to Matrix Securities in June 2001 and pre-let to solicitors Linklaters. This 95,000 sq ft office development is due to be handed over to Linklaters for their fit out in December 2002. At 40 Berkeley Square, London W1, the office building formerly occupied by J Walter Thompson has been demolished and is to be replaced by a high specification modern office building of 75,000 sq ft overlooking the square. Funded in a joint venture with Morley Fund Management this development is due to be completed in Spring 2004. Work continues at the office campus development at The Heights, Weybridge, Surrey. Comprising five separate buildings totalling 340,000 sq ft this development is forward funded by Prudential Portfolio Managers and will be completed in Spring 2003. At the Waterfront Business Park, Fleet we have completed our development of three buildings totalling 56,000 sq ft funded by Aberdeen Property Investors. One of these buildings of 12,000 sq ft has been sold to owner occupier Conair. The remaining two buildings of 17,000 sq ft and 27,000 sq ft are available to let as is our 140,000 sq ft office development at The Meadows, Camberley completed in March 2002 and funded by Scottish Widows. In partnership with Morley Fund Management we have acquired Dairy Crest's 10.3 acre Westway site, a former milk processing unit and distribution plant on Wood Lane, London W12. The site lies to the south of the A40 (M) and is adjacent to the White City Underground. The area is emerging as one of Central London's most significant regeneration opportunities, with Chelsfield's 1.3 million sq ft retail and leisure scheme to the south of the Dairy Crest site and the BBC proposing a further 1.45 million sq ft of broadcasting and production space opposite. At Amen Corner, Bracknell the company is continuing pre-planning application work for a major office and mixed use scheme. During the six months to 30 September 2002 our retail subsidiary, Helical Retail, renewed its joint venture with Oswin Developments, run by Jonathan Cox, David Egan and Adrian Russell, and entered into a new joint venture with Overton Developments, run by Jim Kelly. In conjunction with Oswin, Helical Retail is redeveloping Accrington town centre in a 52,700 sq ft retail scheme due for completion in May 2003. At Wigan various interests have been acquired and are to be sold on to B&Q for a 135,000 sq ft superstore. A site in Stafford has been acquired for a 38,500 sq ft retail park, a retail scheme pre-let to PC World and Comet is shortly to commence in Carmarthen and schemes are being pursued in Hanley, Ipswich, Luton and Wigston. A number of major opportunities are being pursued with the newly formed Overton. Investment portfolio During the half year Helical sold its two largest Central London properties 60 Sloane Avenue, SW3 for Â£65.6m to Deka and Cheapside House, EC4 for Â£47.8m to Hermes. A further property at 141-143 Drury Lane, WC2, where all the leases expire at Christmas was sold for Â£13.3m. The combined initial yield on these sales was 6.7% falling to 5.9% within 6 months, if no leases are renewed. The prices achieved on the sale of Cheapside House and Drury Lane were 5.5% above valuation. 60 Sloane Avenue had been subject to a 8.5% valuation increase at the March 2002 year end reflecting the terms for sale that had already been agreed. Helical's exposure to Central London offices has fallen from 71% to 58% of its investment portfolio and in particular its City exposure has fallen from 15% to 7%. A small number of acquisitions have been made in the industrial and retail warehouse sector and the expectation is that the Central London weighting will decline further over the next year. Financing Helical continued its disposal programme during the six months to 30 September 2002 thereby reducing net debt from Â£152m to Â£111m and net gearing from 64% to 45%, despite the payment of a special dividend of Â£28.4m. During the period the Company cancelled Â£94m of swaps and bought out Â£80m of floors at 4.83% until January 2004. Despite this, the continuing fall in interest rates has increased the Company's FRS13 liability and net assets at 30 September 2002 would be reduced by Â£3.9m, net of tax, or 12 pence per share, if they were adjusted to reflect financial instruments on a fair value basis. Summary Despite recent sales of investment property the Company still has a rent roll of over Â£27m with an estimated rental value exceeding Â£33m. With its current low level of gearing the Company has an enduring cash surplus which will allow it to take advantage of any investment or trading opportunities in the market. Our ongoing development programme is forward funded and with other major schemes currently in the pipeline the potential for profits outweighs the likelihood of any downside. In the short term there remain opportunities for profit in specialised areas in the retail, industrial and residential markets. In summary, we remain confident that the quality of our management team, our stock-picking abilities and our investment portfolio will enable us to enhance future shareholder value. John Southwell Chairman 20 November 2002 Independent Review Report to Helical Bar plc Introduction We have been instructed by the Company to review the financial information set out below and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 'Review of Interim Financial Information' issued by the Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2002. Grant Thornton Registered Auditors Chartered Accountants 20 November 2002 Consolidated Profit and Loss Account For the half year to 30 September 2002 Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Notes Â£000 Â£000 Â£000 Â£000 Turnover 1 66,391 70,975 136,632 Cost of sales (49,937) (47,961) (91,646) ______________________________ _____ ______ ____________ ____________ _________ Gross profit 1 16,454 23,014 44,986 Administrative expenses - Administration (4,349) (4,929) (10,888) - Negative goodwill 2 6,362 - - 2,013 ______________________________ _____ ______ ____________ ____________ _________ Operating profit 18,467 18,085 34,098 Share of associated company profits 680 - 986 Profit on sale of investment Properties 3 2,171 378 2,463 Loss on sale of subsidiary - (195) (195) ______________________________ _____ ______ ____________ ____________ _________ Profit on ordinary activities before Interest 21,318 18,268 37,352 Net interest payable and similar Charges 4 (6,666) (7,133) (14,779) ______________________________ _____ ______ ____________ ____________ _________ Profit on ordinary activities before Taxation 14,652 11,135 22,573 Taxation 5 (5,703) (2,609) (5,353) ______________________________ _____ ______ ____________ ____________ _________ Profit on ordinary activities after Taxation 8,949 8,526 17,220 Minority interest (100) (75) (164) ______________________________ _____ ______ ____________ ____________ _________ Profit for the period 8,849 8,451 17,056 Ordinary dividends - 6.0p (5.5p) 6 (1,705) (1,563) (32,328) ______________________________ _____ ______ ____________ ____________ _________ Retained profit for the period 7,144 6,888 (15,272) ______________________________ _____ ______ ____________ ____________ _________ Earnings per 5p share 7 - basic 31.1p 29.7p 60.0p - fully diluted 30.1p 28.6p 57.8p Summary Consolidated Balance Sheet At 30 September 2002 Notes Unaudited Unaudited Audited At At At 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 Fixed assets 8 344,699 443,434 445,981 Other assets for resale - 500 - Stock 9 40,522 23,279 29,585 Investments 10 5,001 1 1 Debtors 25,171 30,965 21,289 Cash 11 32,484 44,337 75,514 Creditors falling due within one year (56,703) (102,756) (107,936) Creditors falling due after one year (140,406) (190,730) (224,597) Provisions for liabilities and charges 13 (4,416) - (728) ___________________________________ _____ _____________ _____________ __________ Net assets 246,352 249,030 239,109 ___________________________________ _____ _____________ _____________ __________ Capital & reserves Called up share capital 14 1,496 1,496 1,496 Share premium account 35,271 35,264 35,271 Revaluation reserve 108,474 127,084 142,100 Capital redemption and other reserves 7,392 7,392 7,392 Profit and loss account 91,761 76,040 50,993 ___________________________________ _____ _____________ _____________ __________ Shareholders' funds 244,394 247,276 237,252 Minority interests 1,958 1,754 1,857 ___________________________________ _____ _____________ _____________ __________ 246,352 249,030 239,109 ___________________________________ _____ _____________ _____________ __________ ___________________________________ _____ _____________ _____________ __________ Shareholders' funds Attributable to equity interests 244,394 247,276 237,252 ___________________________________ _____ _____________ _____________ __________ Net assets per share Basic 15 817p 827p* 793p Diluted 15 788p 797p* 766p adjusted diluted 15 802p 799p* 769p triple net 15 708p 696p* 663p * before 100p special dividend paid 26 April 2002 Summary Cash Flow Statement For the half year to 30 September 2002 Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Notes Â£000 Â£000 Â£000 Net cash (outflow)/inflow from operating activities 16 (23,802) 53,511 65,634 Returns on investment and servicing of finance (6,087) (8,041) (16,062) Taxation (1,504) (270) (4,967) Capital expenditure and financial Investment 17 105,518 26,621 40,068 Acquisitions and disposals (822) (348) (178) Equity dividends paid (30,765) (2,132) (3,694) ___________________________________ _____ _____________ _____________ __________ Cash flow before management of liquid resources and financing 42,538 69,341 80,801 Management of liquid resources 13,051 (18,282) (20,285) Financing - decrease in debt (85,539) (57,055) (37,046) - issue of shares - - 8 - refinancing costs (13) - (96) ___________________________________ _____ _____________ _____________ __________ (Decrease)/increase in cash (29,963) (5,996) 23,382 ___________________________________ _____ _____________ _____________ __________ Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash in the period (29,963) (5,996) 23,382 Cash flow from management of liquid resources (13,051) 18,282 20,285 Cash flow from change in net debt 85,552 57,055 37,142 Debt arrangement expenses (679) (194) (408) ___________________________________ _____ _____________ _____________ __________ Movement in net debt in the period 41,859 69,147 80,401 Net debt at beginning of the period (152,399) (232,800) (232,800) ___________________________________ _____ _____________ _____________ __________ Net debt at end of the period (110,540) (163,653) (152,399) ___________________________________ _____ _____________ _____________ __________ Gearing 45% 66% 64% Statement of Total Recognised Gains and Losses For the half year to 30 September 2002 Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 Profit for the period after taxation 8,949 8,526 17,220 Minority interest (100) (75) (164) Revaluation of investment properties - subsidiaries - - 18,792 - associates - - 1,477 Surplus on revaluation of investment properties sold during the period - 144 - Deficit realised on sale of subsidiary - (317) - Minority interest in revaluation Surplus - - (905) ___________________________________________ _____________ _____________ __________ Total recognised gains and losses relating to the period 8,849 8,278 36,420 Prior year adjustment - - (7,079) ___________________________________________ _____________ _____________ __________ Total recognised gains and losses 8,849 8,278 29,341 ___________________________________________ _____________ _____________ __________ Notes to the Interim Statement 1. Turnover and gross profit on ordinary activities before taxation Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 ______________________________________ ____________ ____________ _________ Turnover Trading property sales 230 2,282 2,282 Rental income 15,176 15,162 31,384 Developments 50,928 53,417 102,803 Other income 57 114 163 ______________________________________ ____________ ____________ _________ 66,391 70,975 136,632 ______________________________________ ____________ ____________ _________ ______________________________________ ____________ ____________ _________ Gross profit Trading property sales 109 153 154 Net rental income 13,564 13,481 27,827 Developments 2,724 9,511 17,072 Other net income 57 (131) (67) ______________________________________ ____________ ____________ _________ Gross profit 16,454 23,014 44,986 Central overheads (4,349) (4,929) (10,888) Interest payable less receivable (6,666) (7,133) (14,779) Share of associated company profits 680 - 986 ______________________________________ ____________ ____________ _________ Profit before taxation, profit on sale of investment properties, loss on sale of subsidiary and negative goodwill 6,119 10,952 20,305 _____________________________________ ____________ ____________ _________ 2. Negative goodwill Negative goodwill arose, at 31 March 2002, as a consequence of the adoption of FRS19 and represented the excess of the value of the restated assets of Glenlake Limited over the consideration paid for those assets in June 1999. The restated assets included a sum of Â£6,362,000 (net of acquisition costs) representing the fair value of tax losses acquired with Glenlake Limited. 3. Sale of investment properties Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 ______________________________________ ____________ ____________ _________ Net proceeds from the sale of 125,719 15,279 67,525 investment properties Book value (123,548) (14,901) (65,062) ______________________________________ ____________ ____________ _________ Profit on sale of investment properties 2,171 378 2,463 ______________________________________ ____________ ____________ _________ 4. Net interest payable and similar charges Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 ______________________________________ ____________ ____________ _________ Interest payable on bank loans and 6,906 9,174 14,804 overdrafts Finance arrangement costs 679 194 408 Other interest payable and similar - - 3,215 charges Interest capitalised - (798) (1,006) Interest receivable and similar income (919) (1,437) (2,642) ______________________________________ ____________ ____________ _________ 6,666 7,133 14,779 __________________________________ ____________ ____________ _________ 5. Taxation on profit on ordinary activities Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 ______________________________________ ____________ ____________ _________ The tax charge is based on the profit for the year and represents: - United Kingdom corporation tax at 30% (2001:30%) 2,015 2,600 4,811 - Adjustments in respect of prior periods - 9 1 ______________________________________ ____________ ____________ _________ Current tax charge 2,015 2,609 4,812 Deferred tax - origination of timing differences (1,996) - 541 - reversal of timing differences 5,684 - - ______________________________________ ____________ ____________ _________ Tax on profit on ordinary activities 5,703 2,609 5,353 ______________________________________ ____________ ____________ _________ 6. Dividends Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 ______________________________________ ____________ ____________ _________ Attributable to equity share capital Ordinary - interim payable 6.00p (2001: 5.50p) per share 1,705 1,563 1,563 - final paid 8.25p per share - - 2,345 _____________________________________ ____________ ____________ _________ 1,705 1,563 3,908 - special paid 100.0p per share - - 28,420 ______________________________________ ____________ ____________ _________ 1,705 1,563 32,328 ______________________________________ ____________ ____________ _________ The interim dividend of 6.00p is payable on 19 December 2002 to shareholders on the register on 29 November 2002. The special dividend of 100.00p was paid on 26 April 2002 to shareholders on the register on 2 April 2002. 7. Earnings per share The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. Shares held by the ESOP, which has waived its entitlement to receive dividends, are treated as cancelled for the purposes of this calculation. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends on the assumed exercise of all dilutive options. Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. Unaudited Unaudited Half Year To Half Year To 30 30 September September 2001 Weighted average 2002 no. of shares Weighted average Restated no. of shares per share Earnings Per share Earnings amount amount pence Â£ pence Â£ _______________________ __________ _____________ _______ __________ ____________ _______ Basic earnings per share 8,848,557 28,421,537 31.1 8,450,871 28,419,758 29.7 Dilutive effect of share options 1,022,383 1,113,036 _______________________ __________ _____________ _______ __________ ____________ _______ Dilutive earnings per share 8,848,557 29,443,920 30.1 8,450,871 29,532,794 28.6 _______________________ __________ _____________ _______ __________ ____________ _______ 8. Fixed assets Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 ____________________________ ___________ ________________ __________ Intangible Assets Goodwill 926 652 Negative goodwill - (6,892) Tangible assets 721 774 Investments 9,599 9,599 Investment property 331,461 439,911 Investment in associates 1,992 1,937 _____________________________ ___________ ________________ __________ 344,699 445,981 _____________________________ ___________ ________________ __________ 9. Stock Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 _____________________________ ___________ ________________ __________ Development sites 18,785 15,464 Properties held as trading stock 21,737 14,121 _____________________________ ___________ ________________ __________ 40,522 29,585 _____________________________ ___________ ________________ __________ Interest capitalised in respect of the development of sites is included in stock to the extent of Â£345,000 (31.03.2002: Â£633,000). Interest capitalised during the period in respect of development sites amounted to nil (2001: Â£798,000). 10. Current asset investments Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 _____________________________ ___________ ________________ __________ UK listed investments at cost 5,001 1 _____________________________ ___________ ________________ __________ 5,001 1 _____________________________ ___________ ________________ __________ The market value of listed investments at 30.09.2002 was Â£5,105,000 (2001: Â£1,000). 11. Cash at bank and in hand Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 _________________________________________ ____ _______________ __________ Rent deposits and cash secured against debt repayable within one year 3,017 3,247 Cash held to fund future development costs 15,887 28,300 Free cash 13,580 43,967 _________________________________________ ____ _______________ __________ 32,484 75,514 _________________________________________ ____ _______________ __________ On 26 April 2002 the special dividend of Â£28,420,000 was paid, reducing the free cash balances at 31 March 2002. 12. Financing and financial instruments Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 ____________________________ ___________ ________________ __________ Bank overdraft and loans - maturity Due after more than one year 140,406 224,597 Due within one year 2,618 3,316 _____________________________ ___________ ________________ __________ 143,024 227,913 _____________________________ ___________ ________________ __________ Gearing Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 _____________________________________________ ________________ __________ Total borrowings 143,024 227,913 Cash (32,484) (75,514) ______________________________________________ ________________ __________ Net borrowings 110,540 152,399 ______________________________________________ ________________ __________ Net assets 246,352 239,109 Gearing 45% 64% If the payment of the special dividend on 26 April 2002 were to be taken into account, the Group's gearing level at 31 March 2002 would have been 76%. Fair value of financial assets and financial liabilities Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 Â£000 Â£000 ____________________________________________ _________________ ________________ Book Value Fair Value Book Value Fair Value Borrowings 143,843 145,204 229,383 230,256 Interest rate swaps - 219 - 1,242 Other financial instruments (223) 3,833 (223) 565 ____________________________________________ ________ _______ _______ _______ 143,620 149,256 229,160 232,063 ____________________________________________ ________ _______ _______ _______ The fair value of financial assets and financial liabilities represents the mark to market valuations at 30 September 2002 and 31 March 2002. The adjustment to net assets from a recognition of these values, net of tax relief, would be to reduce diluted net asset value per share by 12p (31.03.02: 6p). 13. Provision for liabilities and charges - deferred taxation Deferred taxation provided for in the financial statements is set out below: Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 _____________________________________________ ________________ ________________ Accelerated capital allowances 4,950 5,822 Other timing differences 355 754 _____________________________________________ ________________ ________________ 5,305 6,576 Less: - tax losses carried forward - (5,684) - discount (889) (164) _____________________________________________ ________________ ________________ Discounted provision for deferred tax 4,416 728 _____________________________________________ ________________ ________________ The Group has applied the provisions of FRS19 Deferred Tax, which requires that deferred tax be recognised as a liability or asset if the transactions or events that give the Group an obligation to pay more or less tax in the future have occurred by the balance sheet date. In accordance with FRS19, the Group makes full provision for timing differences other than revaluation gains and losses, which are primarily in respect of capital allowances on plant and machinery, industrial buildings allowances and tax losses. Amounts unprovided are: Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 _____________________________________________ ________________ ________________ Unrealised capital gains 26,480 32,102 _____________________________________________ ________________ ________________ 26,480 32,102 _____________________________________________ ________________ ________________ No provision has been made for taxation which would accrue if the investment properties were sold at their revalued amounts. The adjustment to net assets resulting from a recognition of these amounts would be to reduce diluted net asset value per share by 82p (31.03.02: 99p). 14. Share capital Unaudited At Audited At 30 September 31 March 2002 2002 Â£000 Â£000 _____________________________________________ ____________ __________ Authorised - 688,954,752 ordinary shares of 5p each 34,448 34,448 _____________________________________________ ____________ __________ 34,448 34,448 _____________________________________________ ____________ __________ Allotted, called up and fully paid Attributable to equity interests: - 29,913,476 ordinary shares of 5p each 1,496 1,496 _____________________________________________ ____________ __________ 1,496 1,496 _____________________________________________ ____________ __________ Share options At 30 September 2002 and 31 March 2002 options over 2,489,221 new ordinary shares in the Company and 1,491,939 purchased shares held by the ESOP had been granted to directors and employees under the Company's share option schemes. 15. Net assets per share Number of Shares p.p.s. Change since 31.03.2002 Â£000 000's + % _________________________________ ________ _________ _______ ____________ Net asset value ('NAV') 244,394 29,913 817 3.0 Add: potential exercise of options 11,071 2,489 _________________________________ ________ _________ _______ ____________ Diluted NAV 255,465 32,402 788 2.9 Adjustment for: - capital allowances provided for but unlikely to be clawed back 4,416 - 14 _________________________________ ________ _________ _______ ____________ Adjusted diluted NAV 259,881 32,402 802 4.4 Adjustment for: - potential capital gains unprovided for (26,480) - (82) - mark to market value of interest rate hedging agreements (3,945) - (12) _________________________________ ________ _________ _______ ____________ Triple net NAV 229,456 32,420 708 6.8 _________________________________ ________ _________ _______ ____________ 16. Reconciliation of operating profit to net cash flow from operating activities Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 Operating profit 18,467 18,085 34,098 Depreciation of fixed assets 117 134 267 Release of provision - - (53) Loss on sale of fixed assets 39 7 7 Amortisation of goodwill 18 26 52 Negative goodwill (6,362) - - Dividend from associates 150 67 179 (Increase)/decrease in debtors (3,882) 852 10,429 (Decrease)/increase in creditors (21,413) 29,325 22,212 (Increase)/decrease in stocks (10,936) 5,015 (1,557) _____________________________________ ____________ ____________ _________ Net cash (outflow)/inflow from operating activities (23,802) 53,511 65,634 _____________________________________ ____________ ____________ _________ 17. Capital expenditure and financial investment Unaudited Unaudited Audited Half Year To Half Year To Year To 30 September 30 September 31 March 2002 2001 2002 Â£000 Â£000 Â£000 Purchase of property (15,098) (13,782) (30,816) Sale of property 125,719 40,517 70,535 Purchase of fixed assets (148) (75) (76) Sale of fixed assets 45 8 525 Purchase of investments (5,000) (47) (100) ______________________________________ ____________ ____________ _________ 105,518 26,621 40,068 ______________________________________ ____________ ____________ _________ 18. Notes to the Interim Statement The interim statement was approved by the Board of Directors on 19 November 2002. The foregoing financial information does not represent full accounts within the meaning of S.240 of the Companies Act 1985, and has been reviewed but not audited by the auditors, nor filed with the Registrar of Companies. The results for the 12 months to 31 March 2002 are an abridged version of the full accounts which received an unqualified auditor's report and have been filed with the Registrar of Companies. This statement is being sent to shareholders and will be available from the Company's Registered Office at 11-15 Farm Street, London, W1J 5RS. This information is provided by RNS The company news service from the London Stock Exchange

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