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Kayser Bondor Ld. (62HF)

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Tuesday 30 March, 2004

Kayser Bondor Ld.

Interim Results

Kayser Bondor Ld
30 March 2004


                             Kayser Bondor Limited
                                 Interim Report

                                31 December 2003

                           Registration number 229735


KAYSER BONDOR LIMITED

Interim Report

Explanatory Statement

The directors present their interim report for the six months ended 31 December
2003.

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 (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
Secretary
30 March 2004


KAYSER BONDOR LIMITED

Interim Report

Profit and Loss Account                      
For the 6 months ended 31 December 2003      Notes      2003      2002
                                                       £'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       (22)      (23)
Profit attributable to ordinary                          105       104
shareholders
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.


KAYSER BONDOR LIMITED

Interim Report

Balance Sheet
As at 31 December 2003                                2003        2002
                                                     £'000       £'000
Current assets
Debtors                                             10,977      10,767
Creditors: amounts falling due within one year        (115)       (115)
Net current assets                                  10,862      10,652
Capital and reserves
Called up share capital                              6,756       6,756
Profit and loss account                              4,106       3,896
Shareholders' funds                                 10,862      10,652

Analysis of Shareholders' funds
Equity                                              10,112       9,902
Non-equity                                             750         750
                                                    10,862      10,652


KAYSER BONDOR LIMITED

Interim Report

Cash Flow Statement
For the 6 months ended 31 December 2003                2002      2002
                                                      £'000     £'000
Net cash outflow from operating activities:
Operating profit                                          -         -
Increase in debtors                                    (105)     (104)
                                                       (105)     (104)
Returns on investments and servicing of finance:
Interest received                                       127       127
Non-equity dividends paid                               (22)      (23)
                                                        105       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.

KAYSER BONDOR LIMITED

Interim Report

Notes to the Accounts
As at 31 December 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 2003.

2. Dividends

No dividends were paid or proposed on the ordinary share capital. The rate of
preference dividend is 6% (2002: 6%).

3. Earnings per share

The calculation of basic and diluted earnings per ordinary share is based on the
profit attributable to ordinary shareholders of £105,000 (2002: £104,000) and on
24,023,440 (2002: 24,023,440) ordinary shares, being the weighted average number
of ordinary shares in issue during the period. There is no dilution of earnings
per ordinary 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 stockholders 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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