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Kayser Bondor Ld. (62HF)

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Friday 21 March, 2003

Kayser Bondor Ld.

Interim Results

Kayser Bondor Ld
21 March 2003



KAYSER BONDOR LIMITED

Company number 229735



Interim Report

Explanatory Statement


The directors present their interim report for the six months ended 31 December
2002.



Review of the Business



The results for the period are shown in the profit and loss account.  The
Company did not trade during the period and results are consistent with the
corresponding prior year period.  This trend is anticipated to continue for the
remainder of the year, subject to any unforeseen circumstances.



Dividends



The directors do not recommend the payment of an ordinary dividend (2001: £nil).




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


By order of the Board

Signed

HJ Rubenstein

Secretary

21 March 2003





Profit and Loss Account


Profit and Loss Account
For the 6 months ended 31 December 2002                                      Notes             2002             2001
                                                                                              £'000            £'000




Interest receivable from group undertakings                                                     127              127
                                                                                   ---------------- ----------------

Profit before taxation                                                                          127              127


Taxation                                                                                          -                -
                                                                                   ---------------- ----------------
Profit after taxation                                                                           127              127

Preference dividend paid - non-equity                                            2             (23)             (23)
                                                                                   ---------------- ----------------
Profit attributable to ordinary shareholders                                                    104              104
                                                                                   ---------------- ----------------
Basic and diluted earnings per share                                             3           0.43 p           0.43 p





Continuing operations


The company did not trade during the period





Statement of total recognized gains and losses


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





Balance Sheet


Balance Sheet
As at 31 December 2002                                                                        2002             2001
                                                                                             £'000            £'000




Current assets
Debtors                                                                                     10,767           10,558

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

Net current assets                                                                          10,652           10,443
                                                                                  ---------------- ----------------


Capital and reserves
Called up share capital                                                                      6,756            6,756
Profit and loss account                                                                      3,896            3,687


Shareholders' funds
Equity                                                                                       9,902            9,693
Non-equity                                                                                     750              750
                                                                                  ---------------- ----------------

                                                                                            10,652           10,443
                                                                                  ---------------- ----------------




Cash Flow Statement


Cash Flow Statement
For the 6 months ended 31 December 2002                                                       2002             2001
                                                                                             £'000            £'000


Net cash outflow from operating activities:
Operating profit                                                                                 -                -
Increase in debtors                                                                          (104)            (104)
                                                                                  ---------------- ----------------

                                                                                             (104)            (104)


Returns on investments and servicing of finance:
Interest received                                                                              127              127
Non-equity dividends paid                                                                     (23)             (23)
                                                                                  ---------------- ----------------

                                                                                               104              104
                                                                                  ---------------- ----------------

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.





Notes to the Accounts

As at 31 December 2002


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% (2001: 6%).



3. Earnings per share

The calculation of basic and diluted earnings per share is based on the profit
attributable to ordinary shareholders of £104,000 (2001: £104,000) and on
24,023,440 (2001: 24,023,440) shares, being the weighted average number of
shares in issue during the period.  There is no dilution of earnings per share.



4. Audit and review

The interim figures for both periods are neither audited nor reviewed.



5. Publication

The interim report will be posted to stock holders and will not be published in
newspapers.  Copies of the interim reports are available for issue to the public
on application to the Company Secretary at the registered office:



225 Bath Road
Slough
Berkshire
SL1 4AU


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