RNS Number:8830Z
Moorfield Group PLC
5 March 2001
Moorfield Group PLC ("Moorfield")
Preliminary Results for the 12 months to
31 December 2000
Highlights
* Pre-tax profit #6.306 million (1999: #13.06 million)
* Earnings per share 2.40p (1999: 5.24p)
* Full year dividend per share 0.73205p (1999: 0.6655p)
* Sale of Arundel Great Court in December for #138.5
million
* Over 17 million shares bought back at an average of 30p
per share
* Domain acquires 2 new sites in Cardiff and Liverpool
* Innovative investments in Pythagoras International Ltd
and First Property Online
* The Executive Management and Bank of Scotland today
announce, an Offer of 40p per share for The Company
Sir Brian Corby, Chairman of Moorfield, commented:
"Following our exceptionally good results for 1999, the
results for 2000 continue to show the benefits of the
Company's strategy, although profits will inevitably be
volatile as we follow the three to five year business plans
for the management of our assets.
"The current interest rate environment together with the
continued demand and supply imbalance for quality
accommodation allows for interesting, if selective,
opportunities. As always, Moorfield will be directed to
situations by the returns on equity that it can achieve.
"We announced today that Moorfield, has received an Offer
from Stessa Limited for the entire issued and to be issued
share capital of the Company. The Independent Directors
believe that the Offer being made by Stessa Limited provides
Shareholders an immediate and certain opportunity to realise
their investment in Moorfield at a fair price and are
recommending Shareholders accept the Offer."
Enquiries:
Marc Gilbard/Graham Stanley
Moorfield Group PLC
Tel: 020 7399 1900
David Beck/Charlotte Lambkin
Bell Pottinger Financial
Tel: 020 7353 9203
CHAIRMAN'S STATEMENT 2000
Moorfield announced today that it had received an Offer from
Stessa Limited ("Stessa") for the entire issued and to be
issued share capital of the Company. Stessa is a company
specifically established for the purpose of making the
Offer. Immediately following the Offer becoming or being
declared unconditional in all respects, Stessa will be owned
by or on behalf of Uberior Investments, a subsidiary of Bank
of Scotland, Marc Gilbard, Graham Stanley and the Employee
Benefit Trusts. The board of Stessa and the Independent
Directors, advised by Hoare Govett, have reached agreement
on the terms of the recommended cash offer, which will be
made by Deloitte and Touche Corporate Finance on behalf of
Stessa.
The terms of the Offer are set out in the announcement by
Deloitte and Touche Corporate Finance made simultaneously
with the results announcement. The Offer values the entire
issued and to be issued share capital of Moorfield at
approximately #68.7 million, or 40 pence per ordinary share.
The Independent Directors believe that the Offer being made
by Stessa provides Moorfield Shareholders an immediate and
certain opportunity to realise their investment in Moorfield
at a fair price and are recommending Moorfield Shareholders
accept the Offer.
Following our exceptionally good results for 1999, the
results for 2000 continue to show the benefits of the
Company's strategy, although profits will inevitably be
volatile as we follow the three to five year business plans
for the management of our assets. Pre-tax profit for the
year was #6.306 million (1999: #13.056 million) and earnings
per share for the year were 2.40 pence (1999: 5.24 pence).
In the event of non-completion of the Offer from Stessa, the
Board will recommend an increased final dividend per share
of 0.39925 pence, (1999: 0.363 pence) up 10 per cent.,
taking the full year figure to 0.73205 pence (1999: 0.6655
pence), also up 10 per cent. This dividend will not be paid
if the Offer succeeds.
Moorfield continued to take advantage of the robust
investment market throughout the year 2000 with the sale of
8 wholly-owned properties at a total value of #19.23 million
showing a profit of #2.07 million. The Company had a
notable success in completing a lease extension with the
Secretary of State for the Environment at Eastgate House in
Leeds, and subsequently disposed of this asset at a figure
20 per cent. in excess of the previous year end valuation.
The ongoing sales programme reflects both our active
management with subsequent realisation strategy and the aim
of disposing of the smaller, under-performing and
disproportionately management intensive 'inherited' assets.
This strategy enables the Company to focus its resources on
the high value asset management of properties such as 66/69
New Street, Birmingham, which is a major refurbishment
project and has attracted successful lettings to occupiers
with Grade A covenants. The asset value of this property
increased by more than 15 per cent., or #1 million, in 2000.
There has also been further progress within Moorfield
Capital Partners. The business plan of maximising value to
the partnership through its financial structure together
with the active asset value enhancement and subsequent
disposal of the properties, when appropriate, is continuing
to result in high equity returns. A further 10 properties
were disposed of during this period at a total value of
#52.365 million, showing a profit of #4.43 million.
Confidence in the major provincial cities in the UK is
demonstrated by the commencement of a substantial office
refurbishment project in Liverpool City centre of 3,716 sq.
m. (40,000 sq. ft.) and also in Newcastle-upon-Tyne of 4,180
sq. m. (45,000 sq. ft.). The initial response to the
occupational marketing of these properties is very
encouraging. The letting of 172/176 High Road Streatham to
Sainsburys, together with the asset management of the
remaining adjoining assets, has had a substantial impact on
the value of the holding and shows growth in value of some
45 per cent. in the 2000 year end valuations.
In December, Moorstone Arundel Partners L.P., the
partnership between Moorfield and Blackstone Real Estate
Advisers (BREA) that owned the Arundel Great Court property,
was sold. The partnership sale price reflected an
underlying property valuation of #138.5 million, together
with an additional #5.2 million recovered in respect of the
construction costs of the new courtyard building. This
partnership had originally acquired the property for #92.5
million in October 1997. Moorfield provided 25 per cent. of
the equity and BREA 75 per cent. Moorfield's entitlement
reflects not only the level of equity contribution, but also
the additional fee due to Moorfield as a result of it acting
as property manager and achieving equity returns above a
base internal rate of return.
Domain, the business that has been formed in joint venture
with Bank of Scotland to develop key worker accommodation,
has continued to evolve in its first year. The Company's
first project at Atlantic Point in Liverpool, providing 962
beds, is now in operation and a focused marketing campaign
is currently underway to ensure a strong take up of beds for
the next academic year. Elsewhere, two further sites have
been acquired in Cardiff and Liverpool, which will see the
development of up to a further 1,000 beds by the end of
2002. Whilst the marketplace in which the joint venture
operates has become increasingly competitive and viable
opportunities have not been widely available, carefully
targeted research and site identification, both directly and
through local alliances, has resulted in a number of offers
being accepted on sites across the UK. Principal focus for
new opportunities is currently on London, Birmingham,
Manchester, Bristol, Newcastle and Leeds.
Over the course of last year, Moorfield has been working on
creating a business that will focus on the provision of
'networked' offices across the UK. The majority of current
workspace does not meet the fast changing needs of those
companies that require short term flexible space, access to
networks of people, services and technologies that enable
them to focus on their core business. The niche market that
the Company intends to develop is an alternative to the
established market of serviced offices and has multiple
revenue streams as well as an asset base. This concept will
begin to emerge as capital is made available for the
business model to become a reality.
Moorfield has remained active over the last year in
investigating internet, e-commerce and technology
opportunities where there is an immediate benefit to an
existing property related business. There has been detailed
due diligence undertaken on a number of proposals, some of
which were not pursued and costs incurred have been written
off. However, as well as monitoring existing investments,
such as Digital Brain, the Company has acquired further
stakes in two companies. In August, a 25 per cent. interest
was purchased in Pythagoras International Ltd, a company
that offers a revolutionary property management information
system on-line to property occupiers, owners, agents and
facilities managers. The technology comprises integrated
object oriented software (known as Facility) for space and
facility management, accounting and other management issues
in a property context. Facility is a web-enabled product,
and Pythagoras is currently investigating ways of further
expanding and integrating other related products to present
through a single point offering. In November, Moorfield
took a 2 per cent. interest in First Property Online (known
as fprop) which is an AIM quoted company at the leading edge
of the market providing a property transaction system on-
line. fprop has a number of chartered surveying practices
and commercial property companies as shareholders and each
has agreed to assist in supporting and promoting fprop's
business.
Despite the long gestation period, Moorfield has continued
to pursue its interest in the land known as the 'Southside'
at Teesside International Airport. Detailed negotiations
over the last six months and a signed Heads of Terms have
led to the creation of a Draft Development Agreement
covering the relevant 250 acres of land, and this is
substantially determined and agreed. However, as a result
of recent changes to the personnel structure at the airport,
the Company has been involved in discussions with the newly
appointed Managing Director, who has asked for time to
consider the current proposals. This will result in further
delay to what is already a long-term project.
Moorfield remains in a strong financial position with no net
gearing, despite having employed #5.1 million of cash in a
share buy-back of over 17 million shares at an average of 30
pence per share. This share buy-back enhanced net asset
value per share by 1.69 pence. At the year end the Company
had some #268 million of assets under management and will
continue to dispose of these assets as and when the business
plan and market circumstances prove timely. However,
although for the majority of the year ending December 2000
the Company made no material acquisitions, due to the
cyclical maturity of property values in general, property
opportunities of interest began to emerge toward the end of
the year. The current interest rate environment together
with the continued demand and supply imbalance for quality
accommodation allows for interesting, if selective,
opportunities. As always, Moorfield will be directed to
situations by the returns on equity that it can achieve.
Sir Brian Corby
Chairman
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2000
2000 1999
Notes #'000 #'000
Turnover - group and share of
joint venture and associates 38,834 76,947
Less - share of joint venture
turnover (258) -
Less - share of associates
turnover (23,264) (55,939)
---------- ----------
Group turnover - continuing
operations 1 15,312 21,008
========== ==========
Gross rental income 5,449 6,603
Rents payable and other
outgoings (441) (595)
---------- ----------
Net rental income 5,008 6,008
Administration expenses (3,377) (4,353)
Profit/(loss) on trading
properties 1,382 (429)
Profit on investment
properties 336 122
Profit on sale of investment
in associated undertaking 3 22 -
Other operating income 4 4,833 1,524
Other operating expenses (304) -
---------- ----------
Operating profit - continuing
operations 7,900 2,872
Group share of operating
profit of joint venture 181 -
Group share of operating
profit of associated
undertakings 2 7,159 19,687
---------- ---------
Profit on ordinary activities
before interest and taxation 15,240 22,559
Net interest payable - group (1,808) (2,925)
Net interest payable - share
of joint venture (220) -
Net interest payable - share of 2
associated undertakings (6,906) (6,578)
---------- ---------
Profit on ordinary activities
before taxation 6,306 13,056
Taxation on profit on ordinary
activities 5 (2,290) (4,569)
---------- ---------
Profit on ordinary activities
after taxation 4,016 8,487
Equity dividends 6 (530) (1,173)
---------- ---------
Retained profit for the year 3,486 7,314
========== =========
Basic earnings per ordinary
share 7 2.40p 5.24p
========== =========
Diluted earnings per ordinary
share 7 2.38p 5.24p
========== =========
CONSOLIDATED BALANCE SHEET
As at 31 December 2000
2000 1999
Notes #'000 #'000 #'000 #'000
Fixed assets
Investment properties 8 48,100 64,060
Other tangible assets 174 260
-------- ------
48,274 64,320
Investments
Investment in joint
venture 9
Share of gross assets 10,180 -
Share of gross
liabilities (8,143) -
-------- ------
Share of net assets 2,037 -
-------- ------
Investment in associated
undertakings 10 8,136 29,541
Fixed asset investments 503 -
-------- 10,676 ------ 29,541
------- -------
58,950 93,861
Current assets
Trading properties 11 13,482 17,258
Debtors 5,474 6,766
Current asset investment 62 62
Short term deposits 32,469 -
Cash at bank and in hand 3,742 11,750
-------- ------
55,229 35,836
Creditors
Amounts falling due
within one year (11,668) (17,751)
-------- --------
Net current assets 43,561 18,085
-------- --------
Total assets less
current liabilities 102,511 111,946
Creditors
Amounts falling due
after more than one
year (29,750) (39,830)
Provisions for
liabilities and charges (582) (643)
-------- --------
Net assets 72,179 71,473
======== ========
Capital and reserves
Called up share capital 1,593 17,623
Share premium account - 36,744
Investment revaluation
reserve 8,105 11,318
Capital reserve 151 648
Capital redemption
reserve 2,848 1,148
Profit and loss account 59,482 3,992
-------- --------
Shareholders' funds
- equity interests 72,179 71,473
======== ========
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2000
2000 1999
Notes #'000 #'000 #'000 #'000
Net cash inflow from
operating activities 13 11,998 15,518
Distributions from
Associated undertakings
Distributions received
from MCP associates 12,762 -
Returns on investment
and servicing of
finance
Interest received 1,148 492
Interest and finance
fees paid (2,999) (3,248)
-------- -------
Net cash outflow from
returns on investment
and servicing of
finance (1,851) (2,756)
Taxation - UK
Corporation tax paid (2,653) (1,171)
Capital expenditure and
financial investment
Additions to investment
properties (3,405) (9,707)
Additions to tangible
fixed assets (32) (109)
Fixed asset investments (503) -
Sale of investment
properties 8,726 2,074
Sale of tangible fixed
assets - 41
-------- -------
4,786 (7,701)
Acquisitions and
disposals
Investment in MCP
associated undertakings - (5,280)
Investment in Moorstone
associated undertakings (1,416) (355)
Sale of investment in
Moorstone associated
undertaking 11,190 -
Repayment of loan to
Moorfield (Atlantic
Point) 11,622 -
Investment in Moorfield -
(Atlantic Point) joint
venture (1,871)
Investment in Pythagoras -
associated undertaking (281)
Loan to Pythagoras
associated undertaking (275) -
Acquisition of
subsidiary (Firmwalk
Ltd) - (633)
-------- -------
18,969 (6,268)
Equity dividends paid (1,170) (969)
-------- -------
Cash inflow/(outflow)
before use of liquid
resources
and financing 42,841 (3,347)
Management of liquid
resources
Short term deposits (32,469) -
Financing
Share issue proceeds - 12,336
Share issue expenses - (979)
Consideration for
acquisition of own
shares (5,097) -
Decrease in debt:
Capital element of
finance lease payments (24) (7)
Loan repayments in the
year (13,187) (4,598)
-------- -------
Net cash
(outflow)/inflow from
financing (18,308) 6,752
-------- -------
(Decrease)/increase in
cash in the period (7,936) 3,405
======== =======
NOTES TO THE ACCOUNTS
for the year ended 31 December 2000
1. Group Turnover
2000 1999
Turnover Cost of Property Turnover Cost of Property
sales income sales income
#'000 #'000 #'000 #'000 #'000 #'000
Rental income 5,449 - 5,449 6,603 - 6,603
Trading income
(commercial
property) 9,800 (8,091) 1,709 13,046 (11,579) 1,467
Trading income
(residential
property) 63 (65) (2) 1,359 (1,426) (67)
-------- ------- --------- -------- -------- --------
15,312 (8,156) 7,156 21,008 (13,005) 8,003
======== ======= ========= ======== ======== ========
2. Profit and loss account of associated undertakings
MCP Moorstone Pythagoras Total Total
Associates Associate Associate Associ- Associ-
ates ates
2000 2000 2000 2000 1999
#'000 #'000 #'000 #'000 #'000
(i)Operating profit
for the year
Gross rental income 18,744 9,251 - 27,995 35,208
Property
maintenance/
software income - - 203 203 -
Property
outgoings/administ-
ration (2,927) (89) (406) (3,422) (2,590)
Promote fee payable - (3,662) - (3,662) -
Profit on property
sales 4,425 - - 4,425 31,560
Property write down
provisions (1,419) - - (1,419) (892)
Other income - - - - 1,982
---------- --------- --------- ------- --------
18,823 5,500 (203) 24,120 65,268
========== ========= ========= ======= ========
Group share 5,835 1,375 (51) 7,159 19,687
========== ========= ========= ======= ======
(ii) Net interest
payable (15,367) (8,572) - (23,939) (22,894)
---------- --------- -------- -------- --------
Group share (4,763) (2,143) - (6,906) (6,578)
========== ========= ========= ======== ========
3. Profit on sale of investment in associated undertaking
2000 1999
#'000 #'000
Proceeds on disposal of investment in
Moorstone associate 11,367 -
Group share of net assets in Moorstone
associate (11,345) -
-------- -----
22 -
======== =====
On 14 December 2000, the Group disposed of its 25 per cent.
interest in Moorstone Arundel Partners LP, the partnership
that held the property at Arundel Great Court, London, WC1.
In addition to the above profit, #6,663,000 of prior year
revaluation surplus became realised on sale.
4. Other operating income
2000 1999
#'000 #'000
Performance related fee 3,662 -
MCP finance fees 1,070 -
Founders fee receivable - 1,500
Sundry income 101 24
------- -----
4,833 1,524
======= =====
The performance related fee was received from Moorstone
Arundel Partners LP, following the conclusion of the joint
operation that was set up between Blackstone Real Estate
Advisors and the Group in 1997.
The fee is calculated based on the cash flows and the
internal rate of return that are generated from the Group's
management of the Arundel Great Court property.
5. Taxation on profit on ordinary activities
2000 1999
#'000 #'000
Current year charge:
Group - UK corporation tax on profit on
ordinary activities 1,978 -
- Deferred tax (61) 643
------- -----
1,917 643
Share of associated undertakings tax charge 373 3,926
------- -----
2,290 4,569
======= =====
6. Dividends
2000 1999
#'000 #'000
Interim dividend of 0.3328p per share
(1999 - 0.3025p) paid 530 533
Final 1999 dividend of 0.363p per share
paid - 640
-------- -------
Total dividends on equity shares 530 1,173
======== =======
7. Earnings per ordinary share
The calculation of basic earnings per share is calculated
using profit after tax of #4,016,000 (1999 - #8,487,000) and
the weighted average number of shares in issue during the
year of 167,403,875 (1999 - 161,861,794).
As required by Financial Reporting Standard 14 "Earnings per
Share", the component figures used in calculating the fully
diluted earnings per share are disclosed below.
The weighted average number of dilutive shares is arrived at
by comparing the difference between the weighted exercise
price of the share options with the daily average mid-market
share price over the period.
2000 1999
Weighted average exercise price of
share options in the period 28.39p 28.97p
Average daily share price in the
period 31.46p 27.33p
----------- -----------
Weighted average number of shares
in issue in the period 167,403,875 161,861,794
Weighted average number of dilutive
share options 1,121,674 19,618
Total number of shares used in
calculation of diluted earnings
per share 168,525,549 161,881,412
=========== ===========
8. Investment properties
Investment Development
Long
Freehold leasehold Freehold Total
#'000 #'000 #'000 #'000
Cost or valuation
At 1 January 2000 51,315 3,025 9,720 64,060
Additions 718 - 1,379 2,097
Disposals (7,930) (1,000) (11,099) (20,029)
Revaluation
surplus/(deficit) 2,127 (125) - 2,002
Write down provision (30) - - (30)
--------- --------- -------- --------
At 31 December 2000 46,200 1,900 - 48,100
========= ========= ======== ========
The year end book
values are analysed
as follows:
Historical cost 39,838 2,028 - 41,866
Revaluation
surplus/(deficit) 6,362 (128) - 6,234
===== ===== ===== =====
Freehold and leasehold investment properties held by the
subsidiaries were valued at #48,100,000 by DTZ Debenham Tie
Leung Limited, acting as external valuers. The properties
were valued as at 31 December 2000 on the basis of Open
Market Value, in accordance with the Appraisal and Valuation
Manual of the Royal Institution of Chartered Surveyors.
9. Investment in joint venture
2000
#'000
Share of net assets at 1 January -
Investment in joint venture 1,871
Share of joint venture result (39)
Share of revaluation 205
--------
Share of net assets at 31 December 2,037
========
On 7 March 2000, the Company announced that it had completed
agreement to form a branded accommodation joint venture with
Bank of Scotland. Bank of Scotland subscribed for a 50 per
cent. stake in Moorfield (Atlantic Point) Ltd, previously a
100 per cent. subsidiary of Moorfield Group PLC, which has
constructed the Atlantic Point student accommodation
development in Liverpool.
Moorfield Group subscribed for further shares in the company
at a cost of #1,871,000 and, subsequent to the share
subscription, the funding of #11,622,000 from Moorfield
Group was repaid.
The share of revaluation noted above, arises on the increase
in the value of the original 100 per cent. investment in the
company by Moorfield Group up to the date that Bank of
Scotland subscribed for a 50 per cent. stake in the company,
the subscription price being based on the increased value of
the company at that time.
The development was completed in August 2000 and became
income-producing in September.
10. Investments in associated undertakings
2000 1999
#'000 #'000
Share of net assets at 1 January 29,541 6,093
Original investment in MCP
associates - 11,400
Repayment of investment in MCP
associates - (6,120)
Investment in Moorstone
associate 1,416 355
Investment in Pythagoras
associate 281 -
Share of Moorstone retained
(loss)/profit (768) 111
Share of MCP retained profit 1,072 12,998
Share of Pythagoras retained
loss (51) -
Distribution received from MCP
associates (12,762) -
Share of MCP taxation (284) -
Share of MCP deferred taxation (348) -
Share of Moorstone unrealised
revaluation surplus - 4,138
Share of MCP unrealised
revaluation surplus 1,176 986
Share of MCP revaluation surplus
on property sales 208 -
Share of deferred tax on MCP
revaluation surplus - (420)
Disposal of investment in
Moorstone associate (11,345) -
-------- --------
Share of net assets at 31
December 8,136 29,541
======== ========
On 14 December 2000, the Group disposed of its 25 per cent.
interest in Moorstone Arundel Partners LP, which was held
through its wholly-owned subsidiary, Moorstone Investments
(1) Ltd.
In August 2000, the Group acquired a 25.22 per cent.
interest in Pythagoras International Ltd. The stake held
would reduce to 22.50 per cent. if all third party options
over shares were to be exercised.
This unlisted company provides property and facility
information services for property occupiers, owners, agents
and facilities managers. Further details regarding these
services can be found on the company website www.pythagoras-
int.com.
11. Trading properties
Freehold Freehold
commer- Development resident-
cial expenditure ial
properties properties Total
#'000 #'000 #'000 #'000
At 1 January
2000 16,491 716 51 17,258
Additions 232 4,345 - 4,577
Disposals (7,977) - (51) (8,028)
Write down
provisions (325) - - (325)
---------- ---------- ---------- ---------
At 31 December
2000 8,421 5,061 - 13,482
========= ========== ========= ========
The freehold commercial trading properties held by the
subsidiaries were valued at #9,575,000 by DTZ Debenham Tie
Leung Limited, acting as external valuers. The properties
were valued as at 31 December 2000 on the basis of Open
Market Value, in accordance with the Appraisal and Valuation
Manual of the Royal Institution of Chartered Surveyors. The
development expenditure comprises costs incurred in relation
to the land held in Liverpool and Teesside, as well as the
project costs at Darlington and Teesside.
12. Borrowings
2000 1999
#'000 #'000
The aggregate amount repayable falls
due
over the following time periods:
Within one year 2,358 5,537
Between one and two years 1,938 4,832
Between two and five years 27,337 30,998
Over five years 475 4,000
------- -------
32,108 45,367
======= ======
2000 1999
#'000 #'000
Comprising:
Variable rate bank loans and
overdrafts 18,724 31,983
Fixed rate bank loans (8.65 per cent.
until February 2004) 11,000 11,000
Fixed rate bank loans (6.54 per cent.
until February 2004) 2,384 2,384
--------- -------
32,108 45,367
========= ======
The fair value of the Group's financial hedging arrangements
as at 31 December 2000, together with the Group's share of
the Moorfield (Atlantic Point) joint venture, are as
follows:
Book Notional Fair Fair Value
Value Value Value Difference
#'000 #'000 #'000 #'000
Group
Fixed rate loans 13,384 - 13,986 (602)
Interest rate swap - 3,500 30 (30)
------ ------ ------ -------
Joint Venture - 11,200 614 (614)
Group share - 5,600 307 (307)
------ ------ ------ -------
The fair value difference, which has not been provided for
in the financial statements, reflects the net present value
of the amount that would be payable to reduce the contracted
fixed rate to the market value at 31 December 2000. The
difference above is before any attributable tax relief.
13. Reconciliation of operating profit to cash inflow from
operating activities
2000 1999
#'000 #'000 #'000 #'000
Operating profit 7,900 2,872
Depreciation of
tangible
assets 118 103
Profit on sale of
investment
properties (366) (123)
Profit on sale of
investment in
associate (22) -
Profit on sale of
other
fixed assets - 7
------ ------
(270) (13)
Working capital
movements
Stocks 3,776 14,240
Debtors 1,787 (3,062)
Creditors (1,195) 1,481
----------- -------
4,368 12,659
------- ------
Net cash inflow from
operating
activities 11,998 15,518
======= ======
The preliminary statement, which has been agreed with the
auditors, was approved by the Board on 4 March 2001. It is
not the Company's statutory accounts. The statutory
accounts for the year ended 31 December 1999 have been
delivered to the Registrar of Companies and received an
audit report which was unqualified and did not contain a
statement under Section 237 (2) or (3) of the Companies Act
1985. The statutory accounts for the year ended 31 December
2000 have not yet been approved, audited or filed.
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