Final Results

Bodycote International PLC 20 March 2002 EMBARGOED UNTIL 0700 HRS : 20 MARCH 2002 BODYCOTE INTERNATIONAL PLC PRELIMINARY RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2001 H I G H L I G H T S • Sales increase by 29% • Operating profit (pre goodwill) for continuing business down by 4% • Free cash flow £9.8m • Gearing increased to 62% following Lindberg acquisition • Effective tax rate (pre goodwill) on FRS 19 basis 30% SUMMARY OF RESULTS As Restated* 2001 2000 Turnover £479.4m £371.1m Operating profit ** £80.2m £ 87.0m Profit before taxation and exceptional items ** £66.3m £ 80.1m Headline earnings per share (pence) 18.2p 22.6p Dividend per share (pence) 6.1p 6.0p * Earnings per share are restated for the impact of the adoption of FRS 19 for Deferred Taxation ** Expressed before amortisation of goodwill. Commenting on the results, Chief Executive, John D Hubbard said: '2001 was an important milestone in the Group's development, although trading conditions proved to be challenging at a time when we were facing transition. We made our largest single acquisition, Lindberg Corporation, making Bodycote the clear leader in the North American sub contract heat treatment market. The integration has proceeded according to plan and performance has met our expectations. Bolt on acquisitions in all regions have strengthened our market positions. We are now better placed to meet the needs of our customers with expanded geographic coverage and a wider range of processes. We are currently reviewing our under-performing plants and businesses to ensure that we maintain a strong and flexible platform for future growth. I believe that there are great opportunities to grow the business organically as well as by value enhancing acquisitions. I am proud to be leading the Group and fully intend to see the Group deliver superior value to shareholders.' Chairman's Statement Trading I am pleased to report that 2001 has been another year of significant progress for Bodycote. Turnover increased by more than £100m to £480m. We had an encouraging start to the year but we have not been immune from the slow down in North America and Europe generally, and telecoms in particular. The impact of the events of September 11 has been felt by many of our customers and consequently affected our trading in the last quarter. Profit for the year before taxation, amortisation of goodwill and exceptional items was £66.3m (2000: £80.1m), in line with the trading statement that we issued in December. Exceptional items amounted to a £2.7m loss (2000: £9.5m gain) Dividend The directors are recommending a final dividend of 3.85p per share, making a total for the year of 6.1p (2000: 6.0p) an increase of 1.7%. The dividend is covered 3.0 times by headline earnings (2000: 3.8). The dividend will be paid on 1 July 2002 to shareholders on the register at the close of business on 7 June 2002. Acquisitions The acquisition of Lindberg for £83m in January 2001 was strategically significant for the Group and North America now accounts for 42% of the group's business. The integration of the Lindberg business with our North American operation is going well and action has already been taken to merge, close and dispose of certain plants. The Group spent £23m on 12 other acquisitions in the year. All these acquisitions complement the Group's existing businesses and strengthen Bodycote's position geographically, technically and in major markets. Board changes There have been important changes to the Board during the year. John Chesworth retired as Chief Executive and Director on 31 December. John played a major role in making Bodycote the world leading metallurgical services group that it is today. His focus and leadership has put the Group on a sound footing to address the challenges ahead. We thank him for his contribution and wish him a long and happy retirement. John Hubbard joined the Board in September 2001 as Chief Executive Designate and became Chief Executive with effect from 1 January 2002. John is a metallurgist and joined the Group in 1996 when we acquired Hinderliter Heat Treating Inc. Since that time he had been responsible for our North American heat treatment business. He is well equipped to lead the Group forward and is supported by an experienced and capable management team. Dr Bruce Farmer retired as Chairman of the Board and I succeeded him on 1 January 2002. For the last three years Bruce has provided the Board with wise counsel and has successfully steered the group during that time including the important process of finding a new Chief Executive. We thank him for his valuable contribution. Future Board structure A review has been undertaken on the appropriateness of our senior operational structure. In January 2002 we formed a senior operating board chaired by the Chief Executive and consisting of the Finance Director and the chief executives of the strategic business units (SBUs). It will be responsible to the PLC Board for implementing PLC Board strategy and the day-to-day management of the Group. The PLC Board will comprise the Chairman and at least three non-executive directors, the Chief Executive, the Finance Director and a Corporate Development Director. We intend to move to this structure when we have recruited another non-executive director and once the senior operating board has been fully established. As a result of these changes, the PLC Board will be able to devote more time and focus on the key areas of delivering shareholder value, exploring strategy and appropriate governance of the Group. Health, Safety and the Environment There are, quite rightly, increasing demands on companies to explain their policies on health, safety and the environment and to provide details of performance and actions taken in these areas. We are conscious of our responsibilities and are currently collating additional information to enable us to provide fuller disclosure in line with current best practice. We have already achieved ISO 14001 on environmental management at some of our plants and the programme is continuing. Our health, safety and environmental record is better than the industry average. However we have new initiatives using internal benchmarking and training to enhance further our performance in these key areas. Employees The group now has over 7,400 employees in 246 plants in Europe and North America. With a highly skilled and motivated workforce we anticipate a successful future. We thank them for their efforts and continued support. Current trading and prospects Trading in 2002 has got off to a slower start than expected, particularly compared to the strong performance in the same period last year. There are however a number of positive, albeit tentative, signals emerging and we envisage that as the year progresses there will be an improvement from the levels that we experienced in the latter part of 2001. However, the timing of the recovery is impossible to predict and is crucial for the outcome for the year. The Board is evaluating a number of further cost saving initiatives and anticipate that measures taken and to be taken will improve underlying profitability though these benefits will be offset by associated rationalisation costs. The Directors consider that the key focus for the year will be on the improvement in cash flow and a better return on invested capital. Looking further ahead, we are already seeing evidence of increased levels of enquiries for substantial outsourcing contracts. The Group is well placed to benefit from any upturn in our markets and we look to the future with confidence. James Wallace Chairman 20 March 2002 GROUP CHIEF EXECUTIVE'S STATEMENT I am delighted to have been appointed Chief Executive with effect from 1 January 2002. The last year was an important milestone in the Group's development, although trading conditions proved to be challenging at a time when we were facing transition. We made our largest single acquisition, Lindberg Corporation, making Bodycote the clear leader in the North American sub contract heat treatment market. The integration has proceeded according to plan and performance has met our expectations. Bolt on acquisitions in all regions have strengthened our market positions. We are now better placed to meet the needs of our customers with expanded geographic coverage and a wider range of processes. Mid-year demand softened and suffered further following the impact of the events of September 11 on our customers. None of our markets were immune from these effects. Review of Strategic Business Units (SBUs) Heat Treatment The heat treatment businesses represented 73% of Bodycote's activities, achieved sales growth of 45% and profit growth of 14%, as a result of the acquisition of Lindberg in North America and by increasing market share in other regions. The UK experienced strong growth in the land based turbine market. Our Central European operations expanded further into the Czech Republic, Hungary, Germany and Switzerland, whilst in France, Belgium and Italy sales improved though margins were reduced. We made selective investment and rationalisation in our Nordic group. Hot Isostatic Pressing Our Andover facility in North America was back on line after over three years of rebuild. Densal IIa started to achieve market acceptance in both North America and Europe, which, if adopted by the automobile industry will create a huge market for us. We produced our largest HIPped powder metallurgy component at 15 tons, this creates new opportunities for design engineers. A titanium diffusion-bonding furnace was installed for aerospace applications at Chesterfield. Materials Testing Outsourcing, oil and gas, aerospace and power generation demand boosted European organic growth. We expanded our radiographic activities into power generation and our engineering service group benefited from Airbus growth. Our Canadian operations expanded into railway and aerospace testing services. Metallurgical Coatings We acquired a ceramic coatings operation K-Tech, in the USA, and broadened our existing geographic coverage in Europe for ceramic coatings. Our decorative PVD capability was expanded by the opening of a second facility in Mexico. Outsourcing agreements We signed eight outsourcing agreements during the year which will secure and add future sales. Enquiries for additional outsourcing opportunities have increased as a result of the downturn in our markets and we are confident further agreements will be signed in 2002. Work certification Each and every Bodycote facility has successfully achieved third party registration of its quality systems. The most common are ISO, QS and NADCAP. In addition we hold more industry specific approvals than any other service provider, thus giving us a unique advantage in the marketplace. Our Strategy Bodycote has a clear vision for the future; we aim to be the supplier of choice, focusing on high value added services. Our success will be based on our cost competitiveness, technical competence, convenient locations and quality performance. These strengths, coupled with our global resources, are compelling reasons for all potential customers, regardless of their size, to benefit from our wide range of services. We will continue research and development initiatives to keep us at the leading edge of solutions to manufacturing industry's processing problems with a range of proprietary processes. We are currently conducting strategic evaluations of each SBU. Our initial conclusions are: - Heat Treatment is the largest and most respected contract service provider in the world. In general, the business is in excellent condition, with considerable organic and acquisition growth opportunity. - Hot Isostatic Pressing maintains its number one position and is capable of delivering excellent returns across the business cycle. Lower cost processing developments will open opportunities for significant growth. - Materials Testing group has the potential to develop a market leadership position through continued outsourcing, acquisitions, and organic growth. - Metallurgical Coatings is in its formative stages with significant opportunity in a yet unconsolidated industry. However, to deliver on its potential, the strategy needs to be more fully developed and rigorously implemented. Each of these businesses is capable of delivering superior returns to shareholders. This will require a re-emphasis on Bodycote's core values of efficiency and cost competitiveness underlined by strong operational controls. We will continue to value our talented and dedicated team of entrepreneurial leaders, engineers, and support staff; they are the driving force in continuing to move the Group forward. Outlook 2002 The coming months will be characterised by an increased focus on both efficiency and competitiveness. Capacity utilisation remains too low. We have cut back operating costs and implemented rigorous capital spending criteria, though 2002 will see prior capital commitments being completed. We are continuing to rationalise our facilities in overlapping markets and are well positioned for growth. We are currently reviewing our under-performing plants and businesses to ensure that we maintain a strong and flexible platform for future growth. Our newly developed 'Extranet' will allow us to share our knowledge, available assets and sales leads across the Group. Using internet web technology we are working to bring our customers inside our system for order placement, on-line order tracking and certifications. I believe that there are great opportunities to grow the business organically as well as by value enhancing acquisitions. I am proud to be leading the Group and fully intend to see the Group deliver superior value to shareholders. John D. Hubbard Chief Executive 20 March 2002 GROUP FINANCE DIRECTOR'S STATEMENT Sales and Operating Profit The Group achieved record sales for the continuing business in the year of £479.4m, compared to £359.4m in 2000. Existing operations contributed an additional £12.5m, an increase of 3.5%, whilst acquisitions added £107.5m. Sales Operating Profit Margin 2001 2000 2001 2000 2001 2000 Continuing Business £m £m £m £m % % Heat Treatment 350.2 240.8 61.2 53.9 17.5 22.4 Hot Isostatic Pressing 32.0 36.5 7.3 14.3 22.8 39.2 Materials Testing 52.3 43.7 9.9 8.7 18.9 19.9 Metallurgical Coatings 44.9 38.4 3.4 7.2 7.6 18.8 Head Office - - (1.6) (0.9) - - 479.4 359.4 80.2 83.2 16.7 23.1 Discontinued - 11.7 - 3.8 - 32.4 479.4 371.1 80.2 87.0 16.7 23.4 The year began on a high with the successful acquisition of Lindberg Corporation Inc. and a solid sales performance throughout the Group. In contrast, the second half began slowly and the traditionally strong September - November period was impacted by the events of September 11 and the economic slowdown continued to affect us to the end of the year. Heat Treatment The UK heat treatment business once again showed its resilience despite the soft market conditions, based on its strong customer partnership arrangements and high added value processes. Although weaker in the final quarter, the Central European business produced solid growth, with sales ahead year on year by 15%, split as to one third organic and two thirds acquired growth. Margins, however, were reduced due to higher energy and distribution costs. The Nordic area had a difficult second half with reduced demand across its customer base. In France sales held up well until November and December but margins came under pressure due to a relatively high cost base. After a good first half, US demand softened in July and August and then worsened following September 11. Nevertheless, Lindberg produced an excellent result in its first year in the Group contributing sales of £93.0m and operating profit of £12.6m. Margins, taking into account both the original business and Lindberg, averaged 14%. HIP The UK and European HIP business produced a 3% increase in operating profit with margins better at 25%, reflecting the disposal of the division's small, low value added powder atomising business. As with heat treatment, US HIP saw demand levels weaken in the second half. In January 2001 the Andover plant reconstruction was completed and insurance coverage ceased. We expect it to take some time to return to full capacity utilisation and previous levels of profitability. Materials Testing The Materials Testing division recorded a satisfactory performance, with sales up 20% and profits better by 14%. The UK and European laboratories had an excellent performance with a return on sales of 24.5%. The USA showed a notable improvement in margins despite difficult trading conditions. However, much reduced automotive demand, particularly from US based customers, hit the Canadian business hard. Metallurgical Coatings Metallurgical Coatings had a very difficult year. In the UK, a general downturn in demand on top of significantly reduced volumes from the telecoms and electronics sectors resulted in a substantial reduction in profit. In Sweden, where we built a group of 14 plants during 1999 and 2000, trading was significantly below expectations. In 2000 over 50% of the volume for these plants came from the telecoms sector and in 2001 this demand almost ceased. Two plants have been closed and further restructuring is likely. One bright spot, however, has been the Mexican PVD decorative business where sales increased by 40%. Profit Before Tax Profit before tax, goodwill amortisation and exceptional items was £66.3m compared to £80.1m last year. In 2000, the Group recorded an exceptional profit of £9.5m on the sale of Hauzer Techno Coating. In 2001 there have been exceptional losses of £2.7m, of which £1.9m arose from unanticipated costs related to the Hauzer disposal. Pre-goodwill operating profit from the continuing businesses declined by £3.0m and the Group's interest charge increased from £6.9m to £13.9m reflecting the debt financing of recent acquisitions, notably Lindberg. Goodwill amortisation has increased by £3.9m to £8.1m. Taxation The effective tax rate was 32% (30% excluding goodwill and exceptional items) an increase from 25% in 2000. Last year the Group benefited from a very low rate of tax on the disposal of the Hauzer business without which the effective rate would have been 29%. The underlying increase reflects the greater share of the Group's profits coming from the USA. Earnings per share Headline earnings per share were 18.2p (2000: 22.5p), with basic diluted earnings being 14.6p (2000: 24.9p). The Board is recommending a full year dividend of 6.1p (2000: 6.0p) per share. Dividend was covered 3 times by headline earnings. Interest was covered 5 times. Capital Expenditure Capital expenditure for the year was £62.7m compared to £61.1m in 2000. However, the multiple of depreciation has continued to fall, being 1.6 times in 2001 compared to 1.9 times in 2000. Major projects undertaken during the year included a new facility for electroplating in Gothenberg, expansion of PVD coating capacity in Mexico and the Netherlands, installation of Densal IIa furnaces in Hereford and Munich, upgrading the heat treatment facilities in Esslingen, Remschied and Sprockhovel (Germany), Venlo (Netherlands), Schaan (Liechtenstein), Anderstorp (Sweden), Vaasa (Finland), Beaugency (France), Maple Heights (USA) and Newmarket (Canada), and the expansion of materials testing facilities in Los Angeles. Cash Flow and Borrowings Cash flow from operations increased from £108m to £111m. The Group's working capital requirements increased by £8m. There has been an increased focus on cash collection, which has seen average debtor days reduce from 80 to 73. After allowing for capital expenditure, interest and tax there was free cash flow of £10m compared to £26m in 2000. Acquisitions resulted in cash payments of £106m, of which Lindberg accounted for £83m. Net borrowings ended the year at £242m an increase in the year of £149m, including £39m of debt assumed with acquisitions. As a result gearing increased from 27% to 62%. Accounting standards The Group has elected to adopt the transitional provisions of FRS 17 (Retirement Benefits) and consequently there is no impact on the 2001 figures. If FRS17 had been fully adopted in 2001, the Group would have recorded an additional liability in its balance sheet of approximately £6m relating to defined benefit schemes in the UK and France. The Group also inherited plans in the USA with the acquisition of Lindberg which are in surplus. Bodycote has adopted the new accounting standard on deferred tax (FRS 19) and has elected to assess the present value of the deferred liability. The resulting prior year adjustment was £11.6m and the increase in the 2001 charge to profit and loss was £0.1m. As a consequence comparative figures for 2000 have been restated throughout this report. David Landless Finance Director 20 March 2002 Consolidated profit and loss account For the year ended 31 December 2001 As restated 2001 2000 £m £m Turnover Existing operations 371.9 359.4 Acquisitions 107.5 - Continuing operations 479.4 359.4 Discontinued operations - 11.7 479.4 371.1 Operating profit Existing operations 59.1 79.0 Acquisitions 13.0 - Continuing operations 72.1 79.0 Discontinued operations - 3.8 Total operations - Trading 80.2 87.0 - Goodwill (8.1) (4.2) Operating profit 72.1 82.8 Exceptional items (Loss)/profit on disposal of discontinued operations (1.9) 9.5 Loss on disposal of fixed assets, continuing operations (0.8) - Profit on ordinary activities before interest and taxation 69.4 92.3 Net interest payable (13.9) (6.9) Profit on ordinary activities before taxation 55.5 85.4 Tax on profit on ordinary activities (18.0) (21.0) Profit on ordinary activities after taxation 37.5 64.4 Minority interests - equity (0.1) - Profit for the financial year 37.4 64.4 Dividends - paid and proposed (15.6) (15.4) Retained profit for the financial year 21.8 49.0 Earnings per share Headline 18.2p 22.6p Headline - diluted 18.1p 22.5p Basic 14.6p 24.9p Basic - diluted 14.6p 24.9p Consolidated balance sheet As at 31 December 2001 As restated 2001 2000 £m £m Fixed assets Intangible assets 154.4 81.6 Tangible assets 496.6 410.5 Investments 2.3 1.9 653.3 494.0 Current assets Stocks 17.7 13.2 Debtors 118.2 110.2 Cash at bank and in hand 52.3 96.4 188.2 219.8 Creditors Amounts falling due within one year (197.2) (177.3) Net current (liabilities)/assets (9.0) 42.5 Total assets less current liabilities 644.3 536.5 Creditors Amounts falling due after more than one year (212.4) (136.1) Provisions for liabilities and charges (41.0) (32.5) Net assets 390.9 367.9 Capital and reserves Called-up share capital 25.6 25.6 Share premium account 244.2 243.9 Revaluation reserve 2.7 2.7 Currency and other reserve (10.1) (10.5) Profit and loss account 127.8 106.0 Shareholders' funds - equity 390.2 367.7 Minority interests - equity 0.7 0.2 390.9 367.9 Consolidated cash flow statement For the year ended 31 December 2001 As restated As restated 2001 2001 2000 2000 £m £m £m £m Operating profit 72.1 82.8 Depreciation charges 39.5 32.8 Amortisation of goodwill 8.1 4.2 Profit on sale of tangible fixed assets (1.4) (0.5) Increase in stocks (4.3) (6.4) Decrease/(increase) in debtors 10.3 (9.8) (Decrease)/increase in creditors (13.8) 4.8 Net cash inflow from operating activities 110.5 107.9 Returns on investment and servicing of finance (13.9) (6.4) Taxation (24.1) (14.0) Capital expenditure and financial investment (62.7) (61.1) Acquisitions and disposals (105.5) (5.7) Equity dividends paid (9.9) (14.7) Cash (outflow)/inflow before management of liquid resources and financing (105.6) 6.0 Management of liquid resources 37.6 18.0 Financing 58.8 (10.9) (Decrease)/increase in cash in the year (9.2) 13.1 Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash in the year (9.2) 13.1 Cash (inflow)/outflow from (increase)/ decrease in debt (58.6) 6.1 Cash inflow from movement in liquid resources (37.6) (18.0) Change in net debt resulting from cash flows (105.4) 1.2 Debt acquired with subsidiaries (38.9) (8.0) Currency adjustments (4.2) (8.3) Movement in net debt position in the year (148.5) (15.1) Net debt position at 1 January (93.5) (78.4) Net debt position at 31 December (242.0) (93.5) Consolidated statement of total recognised gains and losses For the year ended 31 December 2001 As restated 2001 2000 £m £m Profit for the financial year 37.4 64.4 Currency adjustments 0.4 (1.5) Total recognised gains and losses relating to the year 37.8 62.9 Prior year adjustment (11.6) Total gains and losses recognised since last annual report and accounts 26.2 Reconciliation of movements in Group shareholders' As restated funds 2001 2000 For the year ended 31 December 2001 £m £m Profit for the financial year 37.4 64.4 Dividends (15.6) (15.4) Retained profit for the financial year 21.8 49.0 Currency adjustments 0.4 (1.5) New shares issued 0.3 4.4 Redemption of shares - (5.7) Net movement in shareholders' funds 22.5 46.2 Opening shareholders' funds as previously stated 379.3 332.1 Prior year adjustment (11.6) (10.6) Opening shareholders' funds as restated 367.7 321.5 Closing shareholders' funds 390.2 367.7 Notes to the financial statements As at 31 December 2001 1. Divisional turnover and profit before taxation As restated 2001 % 2000 % £m £m Turnover Heat treatment 350.2 73.0 240.8 64.9 Hot isostatic pressing 32.0 6.7 36.5 9.8 Materials testing 52.3 10.9 43.7 11.8 Metallurgical coatings 44.9 9.4 38.4 10.3 479.4 100.0 359.4 96.8 Discontinued equipment manufacture - - 11.7 3.2 479.4 100.0 371.1 100 Profit before tax Heat treatment 61.2 74.8 53.9 61.3 Hot isostatic pressing 7.3 8.9 14.3 16.3 Materials testing 9.9 12.1 8.7 9.9 Metallurgical coatings 3.4 4.2 7.2 8.2 81.8 100.0 84.1 95.7 Discontinued equipment manufacture - - 3.8 4.3 81.8 100.0 87.9 100.0 Head office expenses (1.6) (0.9) Operating profit before amortisation of goodwill 80.2 87.0 Net interest payable (13.9) (6.9) Profit on ordinary activities before amortisation of goodwill and exceptional items 66.3 80.1 Amortisation of goodwill (8.1) (4.2) Profit on ordinary activities before exceptional items 58.2 75.9 Exceptional items (2.7) 9.5 Profit on ordinary activities before taxation 55.5 85.4 2. Geographical analysis of turnover and profit before taxation by origin Turnover Profit As restated As restated 2001 2000 2001 2000 £m £m £m £m United Kingdom 68.9 65.4 12.2 15.4 Mainland Europe 208.8 203.1 31.8 51.6 North America 199.5 100.1 24.8 24.4 Rest of World 2.2 2.5 0.6 0.9 479.4 371.1 69.4 92.3 Net interest payable (13.9) (6.9) 55.5 85.4 Notes to the financial statements (continued) 3. Tax on profit on ordinary activities As restated 2001 2000 £m £m The charge for taxation comprises: Current tax UK corporation tax 6.7 6.3 Overseas tax 9.2 12.1 Adjustments in respect of previous years (2.0) (0.9) Total current tax 13.9 17.5 Deferred tax Origination and reversal of timing differences 5.8 4.8 Increase in discount (1.7) (1.3) 4.1 3.5 Total tax charge on profit on ordinary 18.0 21.0 activities 4. Earnings per share As restated 2001 2000 £m £m Profit for the financial year 37.5 64.4 Goodwill amortisation charge 8.1 4.2 Exceptional items after tax 1.0 (10.3) Headline earnings 46.6 58.3 2001 2000 Number Number Weighted average number of shares in issue - basic 256,194,136 258,578,817 Adjustment in respect of share options 344,923 289,707 Weighted average number of ordinary shares in issue - diluted 256,539,059 258,868,524 5. Prior year adjustment The group policy for calculating deferred taxation assets and liabilities was changed during the year in order to implement FRS 19, 'Deferred Tax'. The comparative figures in the primary statements and notes have been restated to reflect the new policy. The effects of the change in policy are summarised below. 2001 2000 £m £m Profit and loss account Taxation (0.1) (0.1) Decrease in profit for the financial year (0.1) (0.1) Balance sheet Provisions for liabilities and charges (10.0) (11.6) Decrease in net assets (10.0) (11.6) All other accounting policies have been applied consistently in the current and preceding years. Notes to the financial statements (continued) 6. Analysis of net debt position 1 Jan Cash flow Acquisitions Non cash Currency 31 Dec - loans changes adjustments 2001 acquired 2001 Cash at bank and in hand 43.6 (6.0) - - (0.5) 37.1 Short term deposits 52.8 (37.6) - - - 15.2 Bank overdrafts (11.1) (3.2) - - (0.2) (14.5) Bank loans due within one year (48.3) (19.5) (1.7) (4.4) (0.1) (74.0) Bank loans due after one year (124.0) (40.1) (37.0) 4.4 (3.6) (200.3) Finance leases due within one year (1.1) 0.8 (0.1) (0.6) 0.0 (1.0) Finance leases due after one year (5.4) 0.2 (0.1) 0.6 0.2 (4.5) (93.5) (105.4) (38.9) 0.0 (4.2) (242.0) 7. Non-statutory financial statements The financial information set out above does not comprise the Group's statutory financial statements. Statutory financial statements for the previous financial year ended 31 December 2000 have been delivered to the Registrar of Companies. The auditors' report on those financial statements was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. The auditors have not reported on financial statements for the year ended 31 December 2001, nor have any such financial statements been delivered to the Registrar of Companies. This report was approved by the Board of Directors on 20 March 2002 This information is provided by RNS The company news service from the London Stock Exchange

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