Interim Results
Derwent Valley Holdings PLC
19 September 2001
DERWENT VALLEY HOLDINGS PLC
Interim results for the six months ended 30th June 2001
Derwent Valley, a specialist investor and refurbisher of Central London
commercial property, announces an 11.5% increase in net assets per share and a
total return of 11.8% for the half year ended 30th June 2001.
Half year Half year Year to Increase
30.6.01 30.6.00 31.12.00
(restated) (restated) (%)
Net asset value per share (p) 986 795 884 11.5%
Net rental income (£m) 20.5 17.0 35.9 20.6%
Adjusted profit before tax (£m) 7.9 5.5 11.7 43.6%
FRS3 profit before tax (£m) 9.4 5.9 11.7 59.3%
Adjusted earnings per share (p) 12.83 8.34 20.31 53.8%
Dividend per share (p) 2.75 2.50 8.5 10.0%
* Investment portfolio valued at £815 million, an uplift of £53 million.
* Increase in value of 7.7% for properties held throughout the period.
* Lettings of £1.9 million p.a. agreed at 21 Grosvenor Place, SW1.
* Properties acquired in improving locations for £46.1 million.
* Capital expenditure for 18 months to December 2002 projected at £53 million.
* Disposal of Broadwick House in August 2001 brings sale proceeds to £104
million for the year to date.
John Ivey, Chairman, commented:
'The group has a strong balance sheet, skilled management and exciting future
projects. With its focus on Central London, where the supply of new office
space remains limited, and its highly reversionary portfolio, the board
believes that the group is well placed to weather, and take advantage of, any
future downturn.'
19 September 2001
ENQUIRIES
Derwent Valley Holdings plc 020 7659 3000
John Burns, Managing Director
College Hill 020 7457 2020
Gareth David
DERWENT VALLEY HOLDINGS PLC
Interim results for the six months ended 30th June 2001
CHAIRMAN'S STATEMENT
Results
A successful first half for Derwent Valley saw the net asset value per share
increase to 986p at 30th June 2001 from the 884p at the year end, a rise of
11.5% compared with the 11.2% achieved in the second six months of last year.
This increase includes the surplus from Oliver's Yard, EC2 which was revalued
for the first time following completion of its redevelopment.
The group's profit before tax, excluding gains from investment disposals,
increased by approximately 44% to £7.9 million from £5.5 million in the
comparable period last year. Disposals from the investment portfolio produced
a profit of £1.5 million compared to £0.4 million in 2000 and consequently
FRS3 profit rose to £9.4 million from £5.9 million last year, an increase of
59%.
Gross rental income grew by £3.4 million, 18.3%, in the period. Lettings and
rent reviews contributed £3.2 million of this increase after allowing for
development voids, whilst acquisitions net of disposals added a further £0.2
million.
Property sales in the first half realised a net £73.3 million. Since then the
group has sold its interest in Broadwick House, Soho W1, for £31.1 million
which brings total sale proceeds to £104.4 million net of costs for the year
to date. These disposals reflect the board's established policy of recycling
resources when the application of the group's approach to adding value would
bring limited reward.
The group continues to search for acquisitions and two properties were
acquired in the first half for a total cost of £46.1 million. As can be seen
from the property review, both offer good medium to long term prospects. The
returns anticipated from the redevelopment and refurbishment schemes currently
in progress remain good. During the first half £17.4 million was expended on
projects and a further £20 million is budgeted for the second half followed by
£33 million in 2002.
A more detailed review of the group's activities is included in the property
review which follows this statement.
Dividend
The board has declared a dividend of 2.75p per share, an increase of 10% on
the 2.50p paid at this stage last year.
Valuation
The value of the investment portfolio at 30th June 2001 was £815.4 million,
which gave rise to a surplus of £53.3 million. The increase in value of the
properties held throughout the half year, excluding current development
properties, was 7.7%.
The rental growth seen during 2000 continued into the current year and was the
principal driver in producing an increase in value. Yields on the group's
portfolio moved very little over the period. Since the half year, despite a
softening in tenant demand with the consequent levelling off of rents,
activity levels in the group's main investment areas, such as the London
villages of Covent Garden, Soho, Noho, Victoria, Holborn and Clerkenwell,
remain satisfactory.
Financing
At 30th June 2001, group debt stood at £274 million, a decrease from the year
end of £9.4 million. This net cash inflow represents the surplus cash
generated from the group's ongoing operations of £5.9 million and the net
effect of disposals and capital expenditure of £6.8 million. With the
exception of the company's listed debenture, the debt is in the form of medium
term, secured, revolving credit facilities. The company has commenced a
programme of restructuring its bank lines which will extend the term remaining
on these facilities. As part of this process, a new £100 million 5 year
facility was negotiated during the half year. Committed, but unutilised,
facilities currently amount to over £150 million. At the present time,
approximately 60% of debt is either fixed or hedged and the weighted average
cost of borrowing is 7.23%.
With rent starting to come through from the group's refurbishments and
redevelopments, the interest cover has risen to 1.83 for the half year
compared with 1.63 for the year 2000. Balance sheet gearing fell from 60.3%
at December 2000 to 52.3% at the half year and reflects both the rise in
property values and reduced borrowings.
The fair value adjustment arising as a result of FRS13, Financial Instruments,
was a negative £10.2 million (31st December 2000 : negative £16.1 million)
which is equivalent to a reduction in the group's net asset value per share of
19p (31st December 2000 : 30p). After taking account of tax relief, these
figures would be 13p and 21p respectively.
Prospects
The group's first half results were achieved against a background of
increasing economic uncertainty. So far this has not affected the group's
progress. Indeed, the board believes that the group's focus on Central London,
where the supply of new office space remains limited, allied with the
reversionary potential of its portfolio and wide diversity of tenants, means
that it is well placed to weather and take advantage of any future downturn.
With a strong balance sheet, a skilled management team and exciting future
projects, I look forward to reporting on our progress over the remainder of
the year.
J C Ivey
CHAIRMAN
19th September 2001
DERWENT VALLEY HOLDINGS PLC
Interim results for the six months ended 30th June 2001
INTERIM PROPERTY REVIEW
Portfolio performance
At the half year, the investment portfolio was comprised of 48 Central London
properties valued at £815.4 million, of which 71% was in the West End. The
value of properties held throughout the half year, excluding current
development properties, rose by 7.7%. The increase was 4.6% if the surplus of
£22.8 million from Oliver's Yard, EC2 is excluded. The underlying increase of
the West End properties was 4.7%. Within this, the best performing areas were
Soho/Covent Garden at 6.1%, Paddington at 5.7% and Belgravia at 5.6%. The
balance of the portfolio, the City and its borders of Clerkenwell and Holborn,
increased by 16.3%, and 4.1% excluding Oliver's Yard, EC2.
Acquisitions
The group continued the strategy of investing in undervalued and improving
locations in Central London and made two acquisitions in the first half
totalling £43.9 million, plus costs.
In May, 55/65 North Wharf Road, Paddington, W2, a long leasehold office
complex of 7,520m(2) that occupies a site of 0.4 hectares, was purchased for £
22.2 million. The property comprises four multi-tenanted, terraced office
buildings that now produce £1.5 million per annum from leases, which expire
between 2003 and 2014. The building is strategically located in the centre of
the Paddington regeneration area, adjacent to Paddington Station, and has
medium to long term refurbishment or re-development potential. This is the
group's second purchase in this improving area and follows the acquisition
nearby of Telstar House, Eastbourne Terrace, W2 last year.
Centric House, Shoreditch, E1, a freehold warehouse of 31,772m(2) was acquired
in June for £21.7 million and leased back to the vendor Hays Commercial
Services Ltd at £1.45 million per annum until June 2002. The property, which
occupies an entire island site of 0.49 hectares, offers considerable
opportunities for enhancement through re-configuration with innovative design.
Feasibility studies have commenced for change of use and refurbishment to
mainly offices. The location is close to the northern end of the expanding
Broadgate office development, an area with scope for substantial improvement
which will see the City core and new infrastructure spread north towards
Centric House.
Lettings
The principal letting in the first half was at 21 Grosvenor Place, SW1. The
initial refurbishment of 1,980m(2) was pre-let to Enron Power Operations Ltd
at £592 per m(2) on a lease expiring in 2014. This was followed by the
negotiation of a lease surrender with an existing tenant, and Enron taking a
further 1,170m(2) on similar terms. Their rental commitment will be
approximately £1.9 million per annum once the refurbishment is complete and
the rent free period has expired.
There have been a number of other lettings, which have set new rental levels
for buildings in the portfolio. These include Harcourt House, Cavendish
Square, W1, where £527 per m(2) has been agreed, following a refurbishment and
office entrance upgrade and 40 Chancery Lane, WC2, where £376 per m(2) has
been achieved, again following refurbishment.
Last year's active letting market established good evidence for the current
rent reviews. At 4 Grosvenor Place, SW1, one of our principal holdings,
reviews have been concluded at close to £592 per m(2), on 1,120m(2). In
addition, £365 per m(2) has been achieved at Exmouth House, Clerkenwell, EC1
and £420 per m(2) at Middlesex House, Noho, W1. There are further
reversionary prospects in these three multi-tenanted buildings over the next
few years.
At the half year, 18,500m(2) of space was vacant, compared to 20,600m(2) at
the year end. The development properties of Tower House and Panton House
account for 11,700m(2) of this space in each period. Only 1,940m(2) of the
balance was available for letting, in a number of small suites, with the
remaining 4,860m(2) undergoing refurbishment. This limited amount of
available space reflects the overall West End market where vacancies have
increased from 2.1% to 3.2% over the first half, but remain at a historically
low level.
Sales
In a strong Central London investment market, six properties were sold in the
first half for £73.3 million net of costs. These included Hythe House,
Hammersmith, W6 and Steel House, Victoria, SW1. The sales reflected a yield
of 6.3% and produced a surplus over book value of £1.5 million.
Since the half year, the group has announced the sale of its interest in the
recently completed, award winning office development Broadwick House, Soho, W1
for a net £31.1 million. With the building pre-let to the Ford Motor Company
at £1.75 million per annum, the sale reflected a yield of 5.6%. The property
produced a valuation increase in the first half of 13.4%. With an historic
book cost of £14.5 million this was a highly successful scheme.
Current projects
Within the portfolio there are a number of innovative projects in progress.
Developments
* Panton House, 25-27 Haymarket, SW1 - Completion is scheduled for
October 2001 on this extensive refurbishment. The scheme provides 2,600m(2)
of space, with restaurants and retail on the ground and offices above. The
project includes a new atrium entrance and rationalisation of the original
office floors. The main restaurant has been pre-let to Pizza Express on a 25
year term at £0.18 million per annum.
* Tower House & 3-11 Southampton Street, WC2 - Demolition is now
complete on this complicated new build and refurbishment project, which
includes the retention of a facade. The 9,100m(2) scheme is due to be
finished in Autumn 2002 and will deliver exciting office and retail space in
the heart of Covent Garden, where there is a lack of new development.
* 20 Leonard Street, EC2 - Planning permission has been received for a
4,500m(2) office building on this site, at the rear of Oliver's Yard. It is
anticipated that this scheme will commence at the end of the year.
Refurbishments
* 135-155 Charing Cross Road, WC2 - Vacant possession has now been
obtained to enable the 3,200m(2) first phase of refurbishment in this 5,600m
(2) building, which is located close to the junction of Oxford Street and
Tottenham Court Road, to commence later this year. The retail units are to be
re-configured, offices refurbished and the entrance improved. This is an
under-valued retail location with a shortage of large retail units and strong
interest is already being shown in the scheme.
* 21 Grosvenor Place, SW1 - This 3,150m(2) refurbishment will provide
high specification, air conditioned offices and includes the provision of a
new entrance and remodelled lift core. The accommodation has been pre-let and
the scheme is scheduled for completion early next year.
* Sun Court House, 18-26 Essex Road, N1 - Work is well underway on the
2,400m(2) office and restaurant refurbishment, which includes the construction
of a new penthouse floor. Sun Court House, which is the group's only trading
property, is located adjacent to Islington Green and offers panoramic views
over Central London. The 615m(2) restaurant has been pre-let for 25 years at
£0.17 million per annum to The Living Room, a bar/cafe concept, which
currently operate units in Liverpool and Manchester. Completion of the
refurbishment is scheduled for the end of the year.
DERWENT VALLEY HOLDINGS PLC
Interim results for the six months ended 30th June 2001
GROUP PROFIT AND LOSS ACCOUNT
Half year Year
Half to 30.6.00 to
year 31.12.00
to (restated) (restated)
30.6.01
Notes £m £m £m
Gross rental income:
Group and share of joint ventures 22.2 18.7 39.8
Less: Share of joint ventures (0.2) (0.1) (0.3)
Group gross rental income 22.0 18.6 39.5
Property outgoings net of 2 (1.5) (1.6) (3.6)
recoveries
Net revenue from properties 20.5 17.0 35.9
Administrative costs (2.9) (2.9) (5.5)
Operating profit 17.6 14.1 30.4
Share of operating results of joint 0.1 0.1 0.3
ventures
Profit on disposal of investment 3 1.5 0.4 -
properties
19.2 14.6 30.7
Interest receivable 0.1 - -
Interest payable 4 (9.9) (8.7) (19.0)
Profit on ordinary activities 9.4 5.9 11.7
before taxation
Taxation on profit on ordinary 5 (1.3) (1.2) (1.0)
activities
Profit on ordinary activities after 8.1 4.7 10.7
taxation
Dividend 6 (1.4) (1.3) (4.5)
Retained profit 9 6.7 3.4 6.2
Adjusted earnings per share 7 12.83p 8.34p 20.31p
Adjustment for disposal of
investment
Properties 2.42p 0.56p (0.19p)
Basic earnings per share 7 15.25p 8.90p 20.12p
Adjustment for dilutive share (0.04p) (0.01p) (0.02p)
options
Diluted earnings per share 7 15.21p 8.89p 20.10p
Dividend per share 2.75p 2.50p 8.50p
Total return 14 11.8% 10.8% 24.0%
GROUP BALANCE SHEET
31.12.00
30.6.01 (restated)
Notes £m £m
Fixed assets:
Tangible assets 8 816.0 771.0
Investments in joint ventures:
Share of gross assets 3.1 3.1
Share of gross liabilities (2.9) (3.0)
0.2 0.1
816.2 771.1
Current assets:
Properties held for resale 3.3 2.6
Debtors 12.6 9.8
15.9 12.4
Creditors: Amounts falling due within one year
Bank loans and overdrafts (64.1) (50.1)
Other current liabilities (33.3) (29.3)
Net current liabilities (81.5) (67.0)
Total assets less current liabilities 734.7 704.1
Creditors:
Amounts falling due after more than one year
Bank loans (175.5) (199.0)
10 1/8% First Mortgage Debenture
Stock 2019 (34.4) (34.3)
Provision for liabilities and charges (0.6) (0.8)
524.2 470.0
Capital and reserves - equity 10
Called up share capital 2.6 2.6
Share premium account 153.7 153.8
Revaluation reserve 291.6 260.3
Other reserves - 0.7
Profit and loss account 76.3 52.6
524.2 470.0
Net asset value per share 11 986p 884p
Balance sheet gearing 52.3% 60.3%
GROUP CASH FLOW STATEMENT
Half year Half year Year
to to 0.6.00 to
30.6.01 31.12.00
Notes £m £m £m
Net cash inflow from operating 12 16.5 15.6 32.1
activities
Net cash outflow from return on
investments and servicing of finance (10.1) (9.2) (17.3)
Tax paid (0.5) (0.9) (2.9)
Net cash inflow/(outflow) from
capital
expenditure and financial investment 6.8 (39.0) (82.1)
Equity dividends paid (3.2) (2.8) (4.1)
Cash inflow/(outflow) before
management
of liquid resources and financing 9.5 (36.3) (74.3)
Financing
Net proceeds of share issue - 0.1 0.2
Movement in bank loans 13 (13.5) 36.5 76.0
Net cash (outflow)/inflow from (13.5) 36.6 76.2
financing
(Decrease)/increase in cash in the 13 (4.0) 0.3 1.9
period
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Half year Year
Half year to 30.6.00 to 1.12.00
to (restated) (restated)
30.6.01
£m £m £m
Profit for financial year 8.1 4.7 10.7
Unrealised surplus on revaluation of
investment Properties 53.3 37.6 82.5
Unrealised surplus on revaluation of joint
venture's investment property - 0.3 0.3
Tax on realisation of property revaluation
gains of previous years (5.8) (1.3) (1.4)
55.6 41.3 92.1
Notes
1. The results for the six months ended 30th June 2001 include those of
the holding company and all of its subsidiary undertakings, together with the
group's share of the results of its joint ventures. During the period, the
group has adopted Urgent Issues Task Force Abstract 28 (UITF28), 'Operating
lease incentives'. The impact of UITF28 is to spread the effect of lease
incentives given on new or renewed leases on a straight line basis up to the
time when the prevailing market rent will be payable. The previous accounting
policy was to recognise rental income when received under the terms of the
lease. The new accounting policy has been applied to all lease agreements
commencing on or after 1st January 2000. The effect of UITF28 is shown below.
Half year Half year Year
to 30.6.01 to 30.6.00 to 31.12.00
£m £m £m
Increase in rental income 0.9 0.3 1.0
Increase in corporation tax charge (0.3) (0.1) (0.3)
Increase in profit on ordinary
activities after taxation 0.6 0.2 0.7
Increase in prepayments and accrued 1.9 0.3 1.0
income
Increase in corporation tax payable (0.6) (0.1) (0.3)
Increase in net assets 1.3 0.2 0.7
2. Property outgoings net of recoveries
Half year Half year Year
to 30.6.01 to 30.6.00 to 31.12.00
£m £m £m
Ground rents 0.5 0.4 0.8
Other property outgoings net of 1.0 1.2 2.8
recoveries
1.5 1.6 3.6
3. Profit on disposal of investment properties
Half year Half year Year
to 30.6.01 to 30.6.00 to 31.12.00
£m £m £m
Disposals 73.3 43.5 46.6
Cost/valuation (71.8) (43.0) (46.0)
Profit on disposal of investment
properties 1.5 0.5 0.6
Permanent diminution in value
of investment properties - (0.1) (0.6)
1.5 0.4 -
4. Interest payable
Half year Half year Year
to 30.6.01 to 30.6.00 to 31.12.00
£m £m £m
Group 9.7 8.5 18.7
Share of joint ventures 0.2 0.2 0.3
9.9 8.7 19.0
5. Tax reconciliation
Half Half year Year
year
to to 30.6.00 to
30.6.01 31.12.00
(restated) (restated)
£m £m £m
Profit adjusted for the surplus on disposal
of investment properties taxed at 30% (2000-30%) 2.6 1.7 3.5
Capital allowances (1.3) (0.6) (2.3)
Other differences (0.2) - 0.5
1.1 1.1 1.7
Tax on profit on disposal of investment
properties 0.2 0.1 0.1
Tax charge in respect of current year
profit 1.3 1.2 1.8
Adjustments in respect of prior years - - (0.8)
1.3 1.2 1.0
Tax on realised gains and losses 5.8 1.3 1.4
5. Tax reconciliation (cont'd)
A taxation liability of approximately £73.8m (December 2000 - £65.6m) would
arise on the disposal of land and buildings at the valuation shown in the
balance sheet. This is equivalent to 139p per share (December 2000 - 123p).
No provision has been made in the accounts for this as the directors do not
intend to reduce the investment in land and buildings in the near future.
6. Dividend
The interim dividend will be paid on 5th November 2001 to those shareholders
on the register at the close of business on 19th October 2001.
7. Earnings per share
Earnings per ordinary share have been computed on the basis of profit after
tax of £8,108,000 (2000 interim - £4,726,000 as restated; 2000 full year - £
10,687,000 as restated) and the weighted average number of ordinary shares in
issue during the period of 53,157,000 (2000 interim - 53,081,000; 2000 full
year - 53,101,000).
The adjusted earnings per share have been calculated using a profit after tax
of £6,818,000 (2000 interim - £4,427,000 as restated, 2000 full year - £
10,785,000 as restated). This figure excludes the profit after tax arising
from the disposal of investment properties in order to show the recurring
element of the group's profit.
The diluted earnings per share have been calculated based on a weighted
average number of shares of 53,301,000 (2000 interim - 53,154,000; 2000 full
year - 53,181,000) which includes the number of dilutive share options
outstanding at the end of the period.
8. Tangible assets
Freehold Other
land and Leasehold fixed
buildings property assets Total
£m £m £m £m
Cost or valuation:
At 1st January 2001 538.0 232.4 1.6 772.0
Additions 38.3 25.2 0.1 63.6
Disposals (71.8) - (0.8) (72.6)
Revaluation 41.4 11.9 - 53.3
At 30th June 2001 545.9 269.5 0.9 816.3
Amortisation and depreciation:
At 1st January 2001 - - 1.0 1.0
Provision for year - - 0.1 0.1
Disposals - - (0.8) (0.8)
At 30th June 2001 - - 0.3 0.3
Net book value:
At 30th June 2001 545.9 269.5 0.6 816.0
At 31st December 2000 538.0 232.4 0.6 771.0
Assets stated at cost or valuation:
30th June 2001 valuation 507.9 269.5 - 777.4
Prior year valuation plus subsequent 28.9 - - 28.9
costs
Cost 9.1 - 0.6 9.7
At 30th June 2001 545.9 269.5 0.6 816.0
8. Tangible assets (cont'd)
Short leasehold property with a value of £15.8m (December 2000 - £14.9m) is
included in leasehold property above. Investment property in the course of
development with a carrying value of £38.0m (December 2000 - £59.3m) is
included in freehold land and buildings above.
The freehold land and buildings and leasehold property, other than those in
the course of development, were revalued by Keith Cardale Groves (Commercial)
Limited and CB Hillier Parker Limited, chartered surveyors, at open market
value on 30th June 2001. At 30th June 2001, the historical cost of the
freehold land and buildings and leasehold property owned by the group was £
524.1m (December 2000 - £510.5m).
9. Borrowings
The group's fixed rate debt and interest rate hedging instruments were
revalued at 30th June 2001. The fair value adjustment, arising as a result of
this revaluation, which is not reflected in the financial statements, was a
negative £10.2 million (December 2000 - negative £16.1 million). This would
reduce the group's net asset value per share by 19.1p (December 2000 - 30.3p).
10. Capital and reserves
Share Profit
Share premium Revaluation Other and loss
capital account reserve reserves account
£m £m £m £m £m
At 1st January 2001 2.6 153.8 260.3 0.7 51.9
Prior year adjustment
- UITF28 restatement- - - - 0.7
At 1st January 2001 as 2.6 153.8 260.3 0.7 52.6
restated
Surplus on property - - 53.3 - -
revaluation
Profit realised on
disposal of
Investment - - (22.0) - 22.0
properties
Tax attributable to
revaluation
surplus realised
on disposal
of investment - - - - (5.8)
properties
Amortisation of discount
and costs
on issue of - (0.1) - - 0.1
debenture
Reserve reclassification - - - (0.7) 0.7
Retained profit for the - - - - 6.7
six months
At 30th June 2001 2.6 153.7 291.6 - 76.3
11. Net asset value per share
Net asset value per share has been calculated on the basis of net assets at
30th June 2001 of £524,214,000 (December 2000 - £470,048,000 as restated) and
the number of shares in issue at 30th June 2001 of 53,157,000 (December 2000 -
53,157,000).
12. Reconciliation of operating profit to net cash inflow from
operating activities
Half year Half year Year
to to 30.6.00 to
30.6.01 31.12.00
(restated) (restated)
£m £m £m
Operating profit 17.6 14.1 30.4
Depreciation charge 0.1 0.1 0.2
(Increase)/decrease in debtors (2.8) 0.4 (1.4)
(Decrease)/increase in creditors (1.0) 1.2 7.0
(Increase)/decrease in properties held (0.7) 0.1 (0.4)
for resale
Effect of other deferrals and accruals
on operating activity cash flow 3.3 (0.3) (3.7)
Net cash inflow from operating activities 16.5 15.6 32.1
13. Reconciliation of net cash flow to movement in net debt
Half year Half year Year
to 30.6.01 to 30.6.00 to 31.12.00
£m £m £m
Decrease/(increase) in cash in the 4.0 (0.3) (1.9)
period
Cash (outflow)/inflow from movement
in debt financing (13.5) 36.5 76.0
Amortisation of discount and costs
on issue of debenture 0.1 - -
Movement in net debt in the period (9.4) 36.2 74.1
Net debt as 1st January 2001 283.4 209.3 209.3
Net debt at 30th June 2001 274.0 245.5 283.4
14. Total return
Total return is the increase in net asset value per share plus dividend per
share expressed as a percentage of the net asset value per share at the
beginning of the year.
15. Post balance sheet event
On 6th August 2001, the group sold the subsidiary undertaking which owned
Broadwick House, Soho for £31.9 million. A tax liability of £4.9 million,
equivalent to 9p per share, has arisen as a result of this transaction. This
will be provided for in the second half year.
16. This statement does not comprise statutory accounts as defined in
Section 240 of the Companies Act 1985. The financial information for the year
ended 31st December 2000 is an extract from the latest group accounts. The
accounts received an unqualified auditor's report and have been filed with the
Registrar of Companies. The results for the half years ended 30th June 2000
and 2001 are unaudited.
17. Copies of this announcement are being posted to shareholders on 27th
September 2001 and are available from the Company Secretary, Derwent Valley
Holdings plc, 25 Savile Row, London, W1S 2ER.
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