Kayser Bondor Ld.

Preliminary Results

Kayser Bondor Ld
13 October 2003



                              Kayser Bondor Limited

                            Preliminary Announcement

                                  30 June 2003



                           Registration number 229735





KAYSER BONDOR LIMITED

Preliminary Announcement

Explanatory Statement


The directors present their preliminary announcement for the year ended 30 June
2003.



These accounts are not the Company's statutory accounts.  The auditors have not
yet reported on the accounts for the year ended 30 June 2003, nor have any such
accounts been delivered to the Registrar of Companies.  However, the audit work
is complete and no qualification is expected.



The comparative figures contained in this report are for the year ended 30 June
2002.  These figures (with the exception of the cash flow statement from which
the Company was exempt under FRS 1) have been extracted from the statutory
accounts, which have been filed with the Registrar of Companies.  The auditors'
report on those accounts was unqualified and did not contain any statement under
section 237(2) or (3) of the Companies Act 1985.


Review of the Business



The results for the year are shown in the profit and loss account.  The Company
did not trade during the year and the results are consistent with the
corresponding prior year period.


Dividends



The directors do not recommend the payment of an ordinary dividend (2002: £nil).




The contents of this report have been reviewed and approved by the Board of
Directors.



By order of the Board



Signed

A Jagun
Company Secretary
13 October 2003


KAYSER BONDOR LIMITED


Preliminary Announcement

Profit and Loss Account
For the year ended 30 June 2003                                    Notes          2003          2002
                                                                                 £'000         £'000


Interest receivable from group undertakings                                        254           254
                                                                         ------------- -------------

Profit before taxation                                                             254           254



Taxation                                                                             -             -
                                                                         ------------- -------------

Profit after taxation                                                              254           254


Preference dividend paid - non-equity                                  2          (45)          (45)
                                                                         ------------- -------------

Profit attributable to ordinary shareholders                                       209           209
                                                                         ------------- -------------

Basic and diluted earnings per share                                   3         0.9 p         0.9 p




Continuing operations



The company did not trade during the period.



Statement of total recognised gains and losses



There are no movements in total recognised gains and losses or shareholders'
funds other than those reported in the profit and loss account above.




KAYSER BONDOR LIMITED



Preliminary Announcement


Balance Sheet
As at 30 June 2003                                                              2003          2002

                                                                               £'000         £'000


Current assets
Debtors                                                                       10,872        10,663


Creditors: amounts falling due within one year                                 (115)         (115)
                                                                       ------------- -------------

Net current assets                                                            10,757        10,548
                                                                       ------------- -------------



Capital and reserves
Called up share capital                                                        6,756         6,756
Profit and loss account                                                        4,001         3,792
                                                                       ------------- -------------

Total capital employed                                                        10,757        10,548
                                                                       ------------- -------------



Analysis of shareholders' funds
Equity                                                                        10,007         9,798
Non-equity                                                                       750           750
                                                                       ------------- -------------

                                                                              10,757        10,548
                                                                       ------------- -------------



KAYSER BONDOR LIMITED



Preliminary Announcement


Cash Flow Statement
For the year ended 30 June 2003                                                 2003          2002
                                                                               £'000         £'000

Net cash outflow from operating activities:
Operating profit                                                                   -             -
Increase in debtors                                                            (209)         (209)
                                                                       ------------- -------------

                                                                               (209)         (209)

Returns on investments and servicing of finance:
Interest received                                                                254           254
Non-equity dividends paid                                                       (45)          (45)
                                                                       ------------- -------------

                                                                                 209           209
                                                                       ------------- -------------

Movement in cash                                                                   -             -
                                                                       ------------- -------------




The above balances are settled through a parent company bank account, which is
part of the Sara Lee UK Holdings PLC group banking scheme.  In the Company
accounts the transactions are accounted for via movements in inter-company
balances.



KAYSER BONDOR LIMITED



Preliminary Announcement



Notes to the Accounts

As at 30 June 2003





1. Basis of preparation

The unaudited results have been prepared in accordance with the accounting
policies set out in the Annual Report for the year ended 30 June 2002.



2. Dividends

No dividends were paid or proposed on the ordinary share capital.  The rate of
preference dividend is 6% (2002: 6%), paid half yearly on 30 June and 31
December.



3. Earnings per share

The calculation of basic and diluted earnings per share is based on the profit
attributable to ordinary shareholders of £209,000 (2002: £209,000) and on
24,023,440 (2002: 24,023,440) shares, being the weighted average number of
shares in issue during the period.  There is no dilution of earnings per share.




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