Final Results
March 13 2001 - 2:00AM
UK Regulatory
RNS Number:3376A
Taylor Woodrow PLC
13 March 2001
Embargoed: 07:00 hrs 13 March 2001
TAYLOR WOODROW plc PRELIMINARY RESULTS STATEMENT
(for the year ended 31 December 2000)
Taylor Woodrow announces record profits
Highlights
* Operating profits from continuing operations up to #163.5 million
(1999: #132.4 million)
* Profit before tax up 64 per cent to a record #201.5 million (1999: #
122.6 million)
* International housing operating profits up 32 per cent to #113.6 million
(1999: #86.2 million)
* UK housing operating profits up by 35 per cent to #43.6 million (1999: #
32.4 million)
* Return on average capital employed increased to 18 per cent (1999: 15
per cent)
* Earnings per share adjusted for the sale of businesses up 17 per cent to
24.3 pence
* Full year dividend up 12.3 per cent to 6.12 pence per share
* Acquisition of Bryant Group plc
Housing and property group Taylor Woodrow, which earlier this month acquired
Bryant Group plc, today (13 March 2001) announced a 64 per cent increase in
pre-tax profits to a record #201.5 million (1999: #122.6 million) for the year
ending 31 December 2000.
This figure included profits of #47.9 million from the disposals of the
Greenham businesses.
Operating profits from continuing businesses rose 23 per cent to #163.5
million (1999: #132.4 million) on Group turnover of #1,457.1 million from
continuing operations, an increase of seven per cent.
The board is recommending a final dividend of 4.3 pence per share, making a
total dividend for the year of 6.12 pence, an increase of 12.3 per cent on
1999.
The Group's international housing businesses, predominantly focused in the UK
and North America, recorded a 32 per cent increase in operating profit to #
113.6 million (1999: #86.2 million), fuelled by strong sales on both sides of
the Atlantic. World-wide, Taylor Woodrow sold 5,864 homes and lots (1999:
5,531) and its housing operations now account for 69 per cent of Group
operating profit.
The UK housing operation posted operating profits of #43.6 million (1999: #
32.4 million) on housing and lot completions of 2,252, up 12 per cent (1999:
2,013). Its average UK selling price rose during the year to #162,800 (1999: #
134,200).
The Group's American housing operations earned #46.7 million of operating
profit (1999: #35.7 million) on home completions up 14 per cent to 1,008
(1999: 882) with an average selling price of #418,200 (1999: #330,600). Taylor
Woodrow's Monarch housing subsidiary in Canada returned a #13.9 million
contribution, up 29 per cent on 1999.
Despite the reduction of rental income as it sold off investment properties -
part of a commitment to reduce significantly its portfolio - Taylor Woodrow's
property business achieved a 12 per cent increase in operating profits to #
48.8 million (1999: #43.4 million) on turnover of #141.9 million. The year-end
valuation of the investment property portfolio was #346.7 million and the
Group confirmed it is "on track" with its property disposals programme and
expects that the value of retained properties will be below #200 million by
the end of 2001. Property development contributed #28 million of operating
profits, up 65 per cent.
Taylor Woodrow said it had scaled back its construction and engineering
business in 2000 as part of a plan to refocus it on higher margin and less
risk-oriented projects. As a result, turnover fell by 27 per cent to #390
million. Operating profit was depressed by the cost of the restructuring and
fell to #1.1 million (1999: #2.8 million). Operating profit excludes the share
of joint ventures and interest. If these were included, profit before tax
would have been #6.6 million (1999: #4.2 million).
Commenting on the Group's results, Keith Egerton, Group Chief Executive, said:
"2000 has been a year of delivery for Taylor Woodrow. Against all of our main
strategic goals, we have produced an excellent financial and business
performance for the year. With the acquisition of Bryant, Taylor Woodrow now
has a balanced international housing business. We will be a powerful new force
in UK home building with the aim of delivering excellence in product quality
and customer service.
"Taylor Woodrow is an energised business with a leadership team committed to
the exciting challenges and market opportunities ahead of us"
Taylor Woodrow confirmed that the integration of Bryant Homes, which will make
it the country's fourth largest housebuilder, is progressing with speed and
efficiency.
The Bryant senior management structure has been confirmed and the business is
now under the formal management control of the Taylor Woodrow Group. Mr
Egerton also stated that the Bryant acquisition would be earnings enhancing in
the first full year of operation and would achieve synergies approaching #15
million a year.
On current trading, Mr Egerton said that Taylor Woodrow's operations have got
off to a solid start in 2001 with particular strength in the UK.
"With stable consumer confidence and a balanced economic environment, we are
well placed for continued growth in the year ahead," he said.
SHAREHOLDER INFORMATION
Subject to approval of the shareholders at the annual general meeting, which
will be held on Thursday 31 May 2001, the final dividend will be paid on
Monday 2 July 2001 to shareholders whose names appear on the register of
members at the close of business on Friday 1 June 2001.
The Company will again be offering a Dividend Re-investment Plan, which
provides shareholders with a facility to use their cash dividends to purchase
Taylor Woodrow plc shares in the market. Full details of the facility will be
sent to shareholders with the annual report, which is expected to be mailed on
20 April 2001.
Copies of the annual report will be available from the company's registered
office, Venture House, 42-54 London Road, Staines, Middlesex, TW18 4HF from 20
April 2001.
Notes to Editors
Attached is:
* An extract from the Operating and Financial Review.
* Consolidated Profit & Loss Account for year ending 31 December 2000
* Consolidated Balance Sheet for year ending 31 December 2000
* Consolidated Cash Flow Statement for year ending 31 December 2000
* Notes on the Accounts
For further information, please contact:
Tony McGarahan, Group Director of Corporate Relations,
Tel: 07796 276 342 on 13 March and 01784 428 769 thereafter
Miranda Bellord, Group Public Relations Manager,
Tel 07946 722 381 on 13 March and 0208 575 4033 thereafter
Neil Garnett/Jo Forrest
Gavin Anderson & Company
Tel: 020 7457 2345
Operating and financial review
* Group operating profit from continuing operations up 23 per cent to #
163.5 million
* 18 per cent return on average capital employed - up from 15 per cent in
1999
* Profit before tax excluding sale of Greenham businesses up 25 per cent
to #153.6 million (1999: #122.6 million)
* The business restructured and refocused: proceeds of #152.2 million from
the sale of non-core assets and investment properties
* Land assets increased to #393.3 million and investment property assets
reduced
* Earnings per share adjusted for the sale of businesses is 24.3 pence -
up17 per cent
A very good year
In a year of change and refocus, Taylor Woodrow delivered a strong set of
results. Group operating profit from continuing operations grew by 23 per cent
to #163.5 million. Profit before tax increased by 64 per cent to #201.5
million including #31.7 million from the sale of Greenham Trading and #16.2
million from the disposal of investments.
This growth was achieved on turnover from continuing operations that increased
by seven per cent to #1,457.1 million. Strong sales growth in housing and
property was offset by a planned lower turnover in construction as we reduced
the scale of this business to a more appropriate level.
Our successful redeployment of capital into housing has helped raise the
Group's return on average capital to 18 per cent from 15 per cent in 1999.
These strong results, combined with, and in spite of a radical restructuring,
have strongly positioned Taylor Woodrow as a major force in housing.
Housing
Our world-wide housing business continued the strength of recent years. We
increased operating profit by 32 per cent to #113.6 million on a turnover of #
925.4 million. The business generated a return on capital of 21 per cent - up
from 18 per cent in 1999.
Sales remained buoyant in North America and the UK housing business maintained
its track record of delivering strong profit growth. Housing now accounts for
69 per cent of Group operating profit.
Our world-wide land bank comprised 21,745 lots with planning permission at
year-end representing 3.7 years' supply, up from 20,444 lots the year before.
We also held 2,131 acres of raw land at the end of 2000. The Group sold 3,810
houses and 2,054 lots in 2000, up from 3,594 and 1,937 respectively in 1999.
UK
UK housing and lot completions were up 12 per cent to 2,252 including 333 lots
(1999: 2,013 including 234 lots), despite a slight drop in completions in the
second half of the year compared to the particularly strong equivalent period
in 1999. Our UK average sales price increased from #134,200 to #162,800
reflecting our continued focus on product improvement and locations with
strong demand.
Brownfield and mixed use developments have become increasingly important
elements of the business. The housing element of such developments accounted
for 985 (44%) of UK completions in 2000.
North America
There was a 14 per cent increase in US home completions to 1,008 (1999:882)
and the average house price increased from #330,600 to #418,200. Our
geographical and market positioning, coupled with a balanced approach to land
development and house building, provides our US operations with a strong
resilience and agility to be able to take advantage of, and react to, changes
in market conditions.
In Canada return on capital increased from 11 per cent to 13 per cent as we
focused on selling property investments and increasing our housing activities.
Property
Despite the loss of rental income as we sold investment properties, our
property division increased operating profits by 12 per cent to #48.8 million
on turnover of #141.9 million. Development profits were up 65 per cent to #28
million. Return on capital employed for UK development properties was
particularly strong at 27 per cent.
We continued to sell investment properties. At the end of the year our
portfolio was valued at #346.7 million (UK #288.4 million: Canada #58.3
million), including an upward revaluation of #16.3 million, compared to #378.5
million a year earlier.
Construction
We scaled down our construction business in 2000 and as a consequence,
turnover fell by 27 per cent to #389.8 million. We re-engineered and refocused
the business, reducing headcount, cutting central costs and closing
unprofitable operations. Operating profit was depressed by the cost of this
restructuring and fell to #1.1 million from #2.8 million in 1999. Operating
profit excludes the share of construction joint ventures and interest. If
these were included, profit before tax would be #6.6 million (1999: #4.2
million). Our order book has grown as a proportion of turnover, with #569
million worth of orders at the end of 2000.
Using capital efficiently
As we re-shape our business we are also transforming Taylor Woodrow's capital
efficiency. We have embraced return on capital as a key measure of the success
of the business, alongside profit and sales growth. Capital is being
re-deployed from property investments into our more profitable businesses.
In 2000 we sold non-core assets, notably Greenham Trading Limited, raising a
total of #152.2 million. We bought out the minority interest in Monarch for #
94.4 million, allowing us to create an integrated North American business
focused on housing.
Managing cash flows effectively
Net gearing at the end of 2000 stood at five per cent. Our year-end gearing
ratio was lower than would normally be expected as we preserved cash resources
ahead of the acquisition of Bryant. Debt will increase with the purchase of
Bryant. However, we have retained sufficient capital capacity to fund future
earnings growth.
Improved shareholder returns
Basic earnings per share grew 79 per cent to 37 pence, inclusive of the
profits on disposals (17 per cent increase to 24.3 pence excluding the sale of
Greenham businesses). The proposed final dividend for 2000 is 4.3 pence,
bringing the full-year dividend to 6.12 pence - up 12.3 per cent on 1999.
Shareholders' funds rose by #143.8 million during the year from 195.1 pence to
231.8 pence per share.
Taxation
Our effective tax rate in 2000 of 27 per cent is well below the standard UK
corporation tax rate and was achieved because exceptional profits from
disposals will be covered by existing UK capital losses. The tax rate on
ordinary profits has continued to rise as tax trading losses have been
utilised and increased profits have been generated in countries with tax rates
higher than those in the UK. We are expecting the tax rate to be at the
standard UK rate in 2001.
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2000
1999
as
2000 restated
#m #m #m notes
Turnover: Group and share of joint ventures 1,557.9 1,522.0
Less: share of joint ventures' turnover (18.2) (18.0)
Continuing operations 1,457.1 1,362.4
Discontinued operations 82.6 141.6 8
Group turnover 1,539.7 1,504.0 1
Cost of sales (1,226.7) (1,210.1)
Gross profit 313.0 293.9
Distribution costs (46.1) (50.4)
Administrative expenses (101.2) (104.2)
Continuing operations 163.5 132.4
Discontinued operations 2.2 6.9 8
Group operating profit 165.7 139.3 1
Share of operating profit in joint ventures 5.5 2.0
Profit on disposal of discontinued 31.7 - 8
operations
Profit on disposal of investments and 18.6 3.6 2
properties
Profit on ordinary activities before 221.5 144.9
interest
Interest receivable 8.7 5.2
Interest payable: Group (1999 : #23.1m) (24.3)
Joint ventures (1999 as restated : #4.4m) (4.4) 9
(28.7) (27.5)
Profit on ordinary activities before 201.5 122.6 1
taxation
Tax on profit on ordinary activities (54.4) (34.4) 3
Profit on ordinary activities after taxation 147.1 88.2
Minority equity interests (7.3) (6.0)
Profit for the financial year 139.8 82.2
Dividends paid and proposed (31.7) (20.9) 4
Profit retained 108.1 61.3
Basic earnings per share 37.0p 20.7p 5
Diluted earnings per share 36.8p 20.5p 5
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year ended 31 December 2000
#m #m
Profit for the financial year 139.8 82.2
Unrealised surplus on revaluation of properties 18.6 25.9
Tax on realised revaluation surplus - (0.9)
158.4 107.2
Currency translation differences on foreign currency net 13.4 11.7
investments
Total recognised gains and losses relating to the year 171.8 118.9
Prior year adjustment (6.4) 9
Total gains and losses recognised since last annual report 165.4
------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET
at 31 December 2000
1999
as
2000 restated
#m #m #m notes
Fixed assets
Tangible assets
Investment properties 346.7 378.5
Other 75.7 101.6
Investments
Joint ventures
Share of gross assets (1999 as restated: # 58.3
58.7m)
Share of gross liabilities (1999 as restated : (57.1)
#56.4m)
1.2 2.3 9
423.6 482.4
Current assets
Stocks 880.1 781.3
Debtors 131.6 153.2
Current asset investments 7.2 5.7
Cash at bank and in hand 204.4 138.6
1,223.3 1,078.8
Creditors: amounts falling due within one year (498.2) (487.8) 9
Net current assets 725.1 591.0
Total assets less current liabilities 1,148.7 1,073.4
Creditors: amounts falling due after one year (237.1) (235.6)
Provisions for liabilities and charges (20.8) (14.4)
890.8 823.4
Represented by:
Capital and reserves - equity
Called up ordinary share capital 95.8 95.3
Capital redemption reserve 14.2 14.2
Share premium account 233.7 232.2
Revaluation reserve 142.5 125.0
Profit and loss account 401.5 277.2
Shareholders' funds 887.7 743.9
Minority interests in equity of subsidiary 3.1 79.5
undertakings
890.8 823.4
Net debt #43.9m #112.6m 6
Net gearing 4.9% 15.1%
Shareholders' funds per share 231.8p 195.1p
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2000
2000 1999
#m #m #m #m notes
Operating activities
Cash flow from operating 113.6 92.5 6
activities
Dividends from joint ventures 1.2 0.6
Returns on investments and
servicing of finance
Interest received 8.5 5.2
Interest paid (24.2) (22.5)
Dividends paid by subsidiary
undertakings to
minority shareholders (0.2) (0.9)
Net cash outflow from returns
on investments
and servicing of finance (15.9) (18.2)
Taxation
UK Corporation tax paid (13.9) (4.6)
Overseas tax paid (34.9) (22.2)
Tax paid (48.8) (26.8)
Capital expenditure and
financial investment
Purchase of fixed assets and (20.5) (20.7)
properties
Sale of fixed assets and 92.1 62.5
properties
Net cash inflow from capital
expenditure and financial
investment 71.6 41.8
Acquisitions and disposals
Purchase of minority interest (94.4) - 7
in subsidiary undertakings
Sale of subsidiary undertakings 67.3 - 8
Net cash sold with subsidiary (3.1) - 8
undertakings
Net cash outflow from (30.2) -
acquisitions and disposals
Equity dividends paid (21.2) (21.1)
Net cash inflow before use of 70.3 68.8
liquid resources and financing
Management of liquid resources
Cash placed on short-term (10.9) (47.8)
deposit
Purchase of current asset (1.5) (1.3)
investments
Net cash outflow from (12.4) (49.1) 6
management of liquid resources
Financing
Issue of ordinary share capital
by Taylor Woodrow plc less
contributions to team member 2.3 (0.4)
share trust
Repurchase of ordinary share - (33.4)
capital
Debt due within one year:
new loans 7.2 42.7
repayment of loans (23.8) (52.1)
Debt due after one year:
new loans 82.0 105.2
repayment of loans (79.3) (63.3)
Net cash outflow from financing (11.6) (1.3)
Increase in cash in the year 46.3 18.4 6
NOTES ON THE ACCOUNTS
1 SEGMENTAL ANALYSIS
Group Operating Capital Employed
Turnover by origin Profit
2000 1999 2000 1999 2000 1999
#m #m #m #m #m #m
By activity
Housing 925.4 706.9 113.6 86.2 573.9 508.1
Property 141.9 122.4 48.8 43.4 428.0 474.0
development
and
investment
Construction 389.8 533.1 1.1 2.8 (67.2) (74.2)
Continuing 1,457.1 1,362.4 163.5 132.4 934.7 907.9
operations
Discontinued
operations
Greenham 82.6 141.6 2.2 6.9 - 28.1
Trading
1,539.7 1,504.0 165.7 139.3 934.7 936.0
By market
United States 453.5 327.1 47.1 38.3 234.7 221.9
of America
Canada 130.7 95.1 23.0 16.1 176.3 165.1
Rest of the 149.4 169.0 15.6 11.7 35.0 24.5
world
Total 733.6 591.2 85.7 66.1 446.0 411.5
overseas
United 806.1 912.8 80.0 73.2 488.7 524.5
Kingdom
1,539.7 1,504.0 165.7 139.3 934.7 936.0
Net debt (43.9) (112.6)
Minority (3.1) (79.5)
interests
Shareholders' funds 887.7 743.9
(1999 as restated -
note 9)
Turnover by origin represents sales to third parties and is not materially
different from turnover to third parties by destination.
The focus of the Group has been repositioned to an international housing and
property development business with construction being less significant and the
Greenham Trading business being sold on 28 July 2000. Consequently it was
decided at the half year to present the segmental analysis on a Group
operating profit and capital employed basis rather than the profit before tax
and net assets basis previously presented. Comparative figures for the year to
and at 31 December 1999 have been stated accordingly. In addition Group
turnover in 1999 included #21.6m analysed as Other in respect of Greenham
Construction Materials Limited which was sold early in 2000; this is now
analysed as Construction.
Operating profit for construction excludes its share of the construction joint
ventures and interest. Profit before taxation for construction would be #6.6m
including these items.
Analysis of profit and loss account items:
2000 1999
Continuing Discontinued Total Continuing Discontinued Total
operations Operations #m operations operations #m
#m #m #m #m
Cost of (1,168.2) (58.5) (1,226.7) (1,110.5) (99.6) (1,210.1)
sales
Gross 288.9 24.1 313.0 251.9 42.0 293.9
profit
Distribution (30.8) (15.3) (46.1) (26.3) (24.1) (50.4)
costs
Administrative (94.6) (6.6) (101.2) (93.2) (11.0) (104.2)
expenses
2. PROFIT ON DISPOSAL OF INVESTMENTS AND PROPERTIES
2000 1999
#m #m
Profit on disposal of Greenham Construction Materials 16.2 -
Limited and other investments
Profit on disposal of investment and fixed asset 2.4 3.6
properties
18.6 3.6
3 TAX ON PROFIT ON ORDINARY ACTIVITIES
2000 1999
#m #m
United Kingdom tax
Corporation tax 21.0 11.6
Relief for overseas tax (4.5) (0.7)
Deferred tax 2.7 -
Overseas tax
Current 33.1 24.3
Deferred 2.0 (0.9)
Joint ventures 0.1 0.1
54.4 34.4
The tax charges are below standard rates mainly due to the utilisation of tax
losses.
4 ORDINARY DIVIDENDS ON EQUITY SHARES
#m #m
Interim of 1.82p per share (1999 : 1.65p) 6.9 6.6
Proposed final of 4.3p per share (1999 : 3.8p) 24.8 14.3
31.7 20.9
5 EARNINGS PER SHARE
1999
as restated
2000
#m #m
Earnings per share has been calculated by dividing:
Profit for the financial year 139.8 82.2
by the weighted average number of shares
for basic earnings per share 377.6m 396.7m
weighted average of dilutive options 1.0m 3.0m
weighted average of dilutive
awards under the Group Executive Bonus Plan 1.2m 1.1m
for diluted earnings per share 379.8m 400.8m
6 CONSOLIDATED CASH FLOW STATEMENT
2000 1999
#m #m
Reconciliation of operating profit to net cash flow
from operating activities
Operating profit 165.7 139.3
Depreciation 9.5 13.8
Increase in stocks (84.3) (93.9)
(Increase) / decrease in debtors (8.6) 32.3
Increase / (decrease) in creditors 32.3 (0.3)
Exchange adjustments (1.0) 1.3
Continuing operating activities 108.1 81.6
Discontinued operating activities 5.5 10.9
Net cash inflow from operating activities 113.6 92.5
6 CONSOLIDATED CASH FLOW STATEMENT continued
2000 1999
#m #m
Reconciliation of net cash flow to movement in net debt
Increase in cash in the year 46.3 18.4
Cash outflow / (inflow) from decrease / (increase) in debt 13.9 (32.5)
Cash outflow from increase in liquid resources 12.4 49.1
Change in net debt resulting from cash flows 72.6 35.0
Amortisation of discount on issue of 9.5% first mortgage debenture (0.3) (0.3)
stock 2014 and expenses of issue for the year
Exchange movement (3.6) (5.6)
Movement in net debt in the year 68.7 29.1
Net debt at 1 January (112.6)(141.7)
Net debt at 31 December (43.9)(112.6)
Analysis of
net debt
At 1 Cash Non-cash Exchange At 31
January flow changes movement December
2000 2000
#m #m #m #m #m
Cash at bank 138.6 61.6 - 4.2 204.4
and in hand
less
Deposits due (88.0) (10.9) - (1.5) (100.4)
after one day
Overdrafts on (6.7) (4.4) - (0.2) (11.3)
demand
46.3
Debt due
after one
year
Debenture (180.2) 1.0 8.4 (4.3) (175.1)
loans
Bank loans (48.6) (3.7) 0.3 (2.4) (54.4)
Debt due
within one
year
Debenture (12.6) 7.2 (8.7) (0.6) (14.7)
loans
Bank loans (15.5) 5.0 (0.3) (0.5) (11.3)
and
overdrafts
add back
Overdrafts on 6.7 4.4 - 0.2 11.3
demand
13.9
Liquid
resources
Deposits due 88.0 10.9 - 1.5 100.4
after one day
Current asset 5.7 1.5 - - 7.2
investments
12.4
Total (112.6) 72.6 (0.3) (3.6) (43.9)
7 ACQUISITION OF MINORITY INTEREST IN SUBSIDIARY UNDERTAKINGS
On 22 May 2000, the Group acquired the 45% of the Monarch Development
Corporation Group held by other shareholders for #94.4m (C$213.3m) in
cash which was equivalent to the fair value of the minority interest
acquired.
#m
Book value of minority interest acquired 85.2
Fair value adjustment to stocks of residential land 9.2
Acquisition cost 94.4
8 DISPOSAL OF GREENHAM TRADING
Following the disposal of Greenham Trading on 28 July 2000, this business
segment has been shown as discontinued.
Net assets disposed of and the related sale proceeds were as follows:
#m
Fixed assets 15.4
Current assets 48.6
Creditors (29.8)
Net assets 34.2
Related goodwill previously written off to retained profit and loss 1.4
account
Profit on sale 31.7
Sale proceeds (satisfied by cash) 67.3
The profit on sale of Greenham Trading had no effect on the amounts
charged to the profit and loss account for taxation and minority
interests.
Net cash inflows in respect of the sale comprised:
Cash consideration net of sale expenses 67.3
Cash at bank and in hand sold (4.1)
Bank overdrafts sold 1.0
64.2
9 PRIOR YEAR ADJUSTMENT
Following the promulgation of Financial Reporting Standard No. 15,
Tangible Fixed Assets, all interest payable is now fully expensed
immediately it accrues. Previously interest payable by joint ventures
was capitalised during the construction phase of Private Finance
Initiative projects where these were financed by specific borrowings.
Accordingly prior years' interest payable capitalised by joint
ventures of #6.5m (including 1999 : #2.5m) less #0.1m which had
already been depreciated in 1999 has been fully expensed as a prior
year adjustment. The Group's share of gross assets of joint ventures
at 31 December 1999 has been reduced by #6.4m and the Group's share of
gross liabilities of joint ventures deducted from this figure has been
reduced by #5.0m with a compensating increase of #5.0m in creditors
falling due within one year in respect of joint ventures.
10 POST BALANCE SHEET EVENT
On 2 March 2001, the Group declared its offer for Bryant Group plc
unconditional. The company offered 0.72 shares and 80 pence in cash
for each issued and to be issued share in Bryant Group plc. As at 8
March 2001 Bryant Group plc had 270,838,473 shares in issue and
options outstanding over 1,724,500 shares.
11 GENERAL
The preliminary accounts have been prepared on a basis which is
consistent with the accounting policies adopted for the year to 31
December 1999 except as noted in
note 9.
The preliminary accounts were approved by the board of directors on 13
March 2001.
These accounts do not constitute the company's statutory accounts for
the years ended 31 December 2000 or 1999 but are derived from those
accounts. Statutory accounts for 1999 have been delivered to the
Registrar of Companies and those for 2000 will be delivered following
the company's annual general meeting. The auditors have reported on
these accounts; their reports were unqualified and did not contain a
statement under section 237 (2) or (3) of the Companies Act 1985.
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