Interim Results

Fuller,Smith&Turner PLC 3 December 2001 PRESS RELEASE FULLER SMITH & TURNER P.L.C. Financial results for the six months ended 29 September 2001 Summary + * Normalised profit before tax £6.4 million (2000: £7.2 million) + ** Normalised earnings per share 17.27p (2000: 19.38p) + EBITDA of £11.5 million (2000: £11.9m) + Dividend increased 2.1% to 4.47p (2000 4.38p) + Trading statement issued in September reported a reduction in full year profit expectations following: - poor performance of Broadwalks and late night venues leading to exit from this area - delayed opening of new hotels - uncertain economic outlook and impact of 11 September on City pubs and hotel bookings * Strong underlying performance in core business areas * Excellent performance by the Beer Company with profits up 21% - own beer volumes up 3% and continuing to gain market share * Tenanted pubs profits up 12% with like for like profits up 5% * Managed pubs like for like profits up 1% * New hotels opened in Bristol (August) and City of London (November). Occupancy levels building in spite of very difficult trading conditions for the industry * Profits after interest before exceptional operating and non-operating costs/ profits ** Calculated on the £1 'A' Ordinary Share Comparative earnings figures have been restated for FRS 19 (Deferred Tax) Commenting on the results, Anthony Fuller, Chairman, said: 'Whilst it is pleasing to announce a respectable profit for the first half, it is naturally disappointing to report a reduction as compared with last year. The major contributor to this is the poor performance of our Broadwalks and late night venues which clearly have not met our targets. The later than planned start to trading in our two new hotels, owing to construction delays, has also contributed to the reduction. In addressing these issues, we have acted promptly and decisively to dispose of the majority of the Broadwalks and late night venues with the balance being converted to managed pubs. This has unfortunately resulted in an exceptional write off in our profit and loss account. It is not surprising that our City pubs are experiencing lower levels of trading in the current economic climate. This has been exacerbated by the tragic events of 11 September. However, we are confident that previous levels of sales and profitability will be restored in due course as and when there is a return of confidence amongst our City customers. In terms of Hotels, we are delighted with the high quality of our new properties in Bristol and the City of London and remain confident of the positive long-term outlook for our Hotels division overall. It is most pleasing to see the Beer Company going from strength to strength with uplifts in both own beer volumes and in market share. Our brands, and the high quality of all of our continuing operations, stand us in good stead for the future. Despite the uncertain trading outlook for the time being, our longer term growth prospects remain strong.' - Ends - For further information, please contact: Fuller Smith & Turner P.L.C. Press Office 020 8996 2175 / 2198 / 2048 07958 989 124 / 07748 657 854 (mobile) Website: www.fullers.co.uk Michael Turner - Press 020 8996 2048 Paul Clarke - Analysts 020 8996 2048 Merlin Financial 020 7606 1244 Paul Downes 07900 244 888 (mobile) Vanessa Maydon 07802 961 902 (mobile) Notes to Editors Photographs for the media are available at NewsCast Online - www.newscast.co.uk Tel. 020 7608 1000 Attached: Chairman's Statement Financial Highlights Unaudited Group Profit and Loss Account Unaudited Group Balance Sheet Unaudited Group Cash Flow Statement Other Unaudited Group Primary Statements Notes to the Accounts FULLER SMITH & TURNER P.L.C. INTERIM RESULTS FOR THE SIX MONTHS TO 29 SEPTEMBER 2001 CHAIRMAN'S STATEMENT Whatever You Do, Take Pride On 27 September 2001 we issued a trading update reporting that profits for the full year would be lower than expected. This was due to the poor performance of the Broadwalks and other late night venues, coupled with the delayed openings of two new hotels and difficult market conditions generally. The results for the half-year reflect this reduced expectation and I have to report that our normalised profits are down 11% to £6.4 million (2000: £7.2 million) in spite of an increase in turnover of 4% to £65.3 million. Normalised earnings per share are down 11% to 17.27p (2000 restated: 19.38p). The post-exceptional profit before tax was £1.3 million (2000: £10.4 million) following an exceptional operating charge of £1.4 million for property impairments and £3.8 million exceptional losses on the disposal of properties. This compares with exceptional profits on the disposal of properties of £3.1 million last year. Although it has been necessary to take charges in respect of certain properties this half-year, the Board can assure you that the market value of the remaining estate is significantly greater than its carrying value. This has been supported by a recently commissioned external professional valuation undertaken on a sample of the estate. We have implemented FRS 19 Deferred Tax for the first time this year which has resulted in an expected increase to the current period tax charge on pre-exceptional profits of £0.2 million (2000 increase: £0.1 million) and an effective tax rate of 31.8% (2000 as previously reported: 30.0%, restated to 31.9%). Prior years' tax charges and net assets have been restated to show the post-FRS 19 position and as a result net assets at September 2000 and March 2001 have been reduced by £3.0 million and £3.2 million respectively. Cash generation continues to be significant with EBITDA at £11.5 million (2000: £11.9 million). The Company's capital investment programme has increased gearing to 14% from 5% last year. Capital expenditure charged for the half year was £15.0 million. Under the circumstances, the Directors consider it appropriate to increase the interim dividend by 2% to 4.47p per 'A' and 'C' £1 Ordinary Share, and 0.447p per 'B' 10p Ordinary Share, which will be paid on Friday 11 January 2002 to shareholders on the Share Register at 14 December 2001. Fuller's Inns The turnover of our combined retail operations increased by 3%, with normalised profits at £7.2 million, down 11%. In addition, following a review of the carrying values of properties, the Board has considered it appropriate to make a provision for impairments as mentioned above. This is treated as an exceptional operating charge. Managed Pubs and Bars Managed Pubs and Bars turnover has increased by 2%, with like for like sales increasing by 1%. Like for like profits have also increased by 1% in spite of continuing cost pressures. There were 116 outlets at the end of September. This is six fewer than at the year end with the sale of two Broadwalks and the transfer of six pubs to the Tenanted estate, offset by two new openings. Since the period end we have agreed the sale of a further four Broadwalks and late night venues. The remaining three Broadwalks and late night venues will be converted to traditional high street pubs. The Broadwalks and late night venues started satisfactorily (albeit with the expected initial trading losses) and turnover grew. However, we were unable to convert this rising turnover into an acceptable level of return as the concept matured. Accordingly, the decision was made to concentrate on other areas of the Retail estate. Around £0.7 million of our first half shortfall is attributable to the failure to reach budgeted profit levels in these outlets, in addition to £3.8 million of exceptional losses on disposal. The remainder of the Bars division has been refocused to concentrate on three proven concepts; the Fine Lines, the One of 2's and the Gastro pubs. Inevitably, difficult market conditions have had an impact across the range, especially since a large number of the bars are in the City of London. However, Fuller's remains committed to the long-term prospects for the brands and we continue to look for suitable opportunities for expansion, as demonstrated by the opening of the third One of 2 in October. Hotels Division The period since March 2001 has been one of considerable change for the Hotels division. The year started with the opening of a 37 bedroom hotel, the White Hart at Kingston Bridge, in April. Following this, in August we opened the 117 bedroom Brigstow Hotel in Bristol. In September, we completed a 19 bedroom extension to the Fox & Goose Hotel in Ealing and, finally, in November opened a 64 bedroom hotel in the City of London, The Chamberlain. This represents a total investment of £25 million and brings the total number of rooms to just under 500 from 257 last September. With the sale of the Master Robert in July 2000 and the opening of the new hotels during this half-year (with related pre-opening costs of £0.25 million), the two periods are not strictly comparable. Turnover from the Hotels division actually fell by 5%, but on a like for like basis RevPar (revenue per available room) has increased 1%. Inevitably the tragic events of 11 September 2001 and general economic conditions since then have taken their toll on the hotels business. Some hotels have been affected more than others and the short-term outlook remains extremely difficult to forecast. In addition, the two new hotels were two months late in opening owing to construction delays. As a result, the hotels will take longer than originally planned to reach maturity. However, the hotels have been built to high standards, are in excellent positions and have been well received. We remain extremely confident about the long-term prospects for the division. Tenanted Pubs The Tenanted division has performed well with profits up 12% and like for like profits up 5%. The Tenanted estate continues to expand with five acquisitions and six transfers from the Managed division, off set by the sale of three lower volume pubs. With three further acquisitions since the period end the estate now stands at 119 pubs. The new 10-year lease has proved very popular with 18 tenants signed up and a further 10 under offer. The Fuller's Beer Company The Beer Company continues to progress very well with turnover up 3%, profit up 21% to £2.3m and own beer barrelage up 3%. Free on-trade volumes, the largest segment in the Beer Company, were up 5% to 53,000 barrels representing 62% of our own beer business. Off-trade ale volumes continue to show exceptional growth of 7% in a market down 4%. This growth has been led by our flagship brand, London Pride. Organic Honeydew, launched in March 2000, is also continuing to grow with volumes up 36% on last year. Innovative and high profile advertising and promotional activities to support London Pride were a feature of the first half. This included cinema advertising, perimeter advertising at key England football and cricket fixtures and a sampling campaign at eight major railway stations in London, Brighton and Leeds. The major investment programme at the brewery is also well underway, with the completion of the £2.1 million bottling line in September and good progress on the first phase of significant expansion to fermentation and maturation tank capacity. In addition, the new cask ale dispensing system has been installed into 70 Managed pubs. Initial feedback is encouraging with pubs achieving improved quality and consistency. It is anticipated that the system will be installed across the rest of the Managed estate by this time next year. Prospects We remain cautious about the outlook for the rest of the year. The new hotels have opened later than expected with attendant lost revenue and, after the tragic events of 11 September, will take longer to reach peak occupancy. Our other hotels are being affected to a lesser degree. The Bars division has been refocused after its poor first half trading. The decline in City trade has also reduced our expectations for the year. Furthermore, general economic uncertainties mean there are challenging times ahead. However, there are positive signs. The core Managed and Tenanted estates have performed well in the first half and trade in the last two months was in line with revised expectations. The prospects for the Beer Company are also encouraging. It is has had an excellent six months in an increasingly tough and competitive environment. The strength of the Fuller's brands and the unwavering commitment to quality are distinct advantages and will stand the Company in good stead. The fundamentals of the Company are unchanged. Gearing remains low, the balance sheet is strong and the long-term prospects are sound. A.G.F. Fuller CBE Chairman 3 December 2001 FULLER SMITH & TURNER P.L.C. FINANCIAL HIGHLIGHTS FOR THE 26 WEEKS ENDED 29 SEPTEMBER 2001 26 weeks to 26 weeks to 53 weeks to 29 23 Change 31 March September September 2001 2000 2001/2000 2001 £000 £000 £000 ________________________________ ___________ ___________ ___________ ___________ Turnover 65,300 63,005 3.6% 128,054 Operating profit before exceptional 7,271 7,868 (7.6)% 16,821 items Normalised profits* 6,447 7,228 (10.8)% 15,624 EBITDA** 11,514 11,931 (3.5)% 24,961 Normalised earnings per share*** 17.27p 19.38p (10.9)% 42.69p Dividend per share*** 4.47p 4.38p 2.1% 14.38p Assets per share*** £5.91 £5.84 1.2% £5.97 Gearing ratio 14.3% 5.1% N/A 6.9% ________________________________ ___________ ___________ ___________ ___________ * Profits after interest before exceptional operating and non-operating costs/ profits. ** Earnings before interest, tax, depreciation and amortisation. *** Calculated on the £1 'A' Ordinary Share. Comparative earnings, assets and gearing figures have been restated for FRS 19 Deferred Tax. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP PROFIT AND LOSS ACCOUNT FOR THE 26 WEEKS ENDED 29 SEPTEMBER 2001 26 weeks to 26 weeks to 53 weeks to 29 September 23 September 31 March 2001 2000 2001 £000 £000 £000 Restated Restated TURNOVER - continuing operations 65,300 63,005 128,054 Operating costs (59,379) (55,137) (111,202) ------------- ------------- ------------- OPERATING PROFIT - continuing operations Before operating exceptional 7,271 7,868 16,821 (costs)/profits Operating exceptional (costs) (1,350) - 31 /profits ------------- ------------- ------------- TOTAL OPERATING PROFIT 5,921 7,868 16,852 Non-operating exceptional (losses)/ (3,821) 3,142 3,676 profits Interest payable (net) (824) (640) (1,197) ------------- ------------- ------------- PROFIT ON ORDINARY ACTIVITIES BEFORE 1,276 10,370 19,331 TAXATION Taxation (1,577) (1,996) (4,966) ------------- ------------- ------------- (LOSS)/PROFIT ON ORDINARY ACTIVITIES (301) 8,374 14,365 AFTER TAXATION Preference dividends (60) (60) (120) ------------- ------------- ------------- ATTRIBUTABLE TO EQUITY SHAREHOLDERS (361) 8,314 14,245 Ordinary dividends (1,124) (1,099) (3,610) ------------- ------------- ------------- RETAINED (LOSS)/PROFIT FOR THE (1,485) 7,215 10,635 FINANCIAL PERIOD ------------- ------------- ------------- (LOSS)/EARNINGS PER SHARE* Basic (1.44)p 33.16p 56.82p Diluted (1.44)p 33.09p 56.72p Normalised basis 17.27p 19.38p 42.69p *Calculated on the £1 'A' Ordinary Share. The tax charges for the 26 weeks to 23 September 2000 and 53 weeks to 31 March 2001 have been restated in accordance with FRS 19 Deferred Tax. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP BALANCE SHEET 29 SEPTEMBER 2001 At At At 29 September 23 September 31 March 2001 2000 2001 £000 £000 £000 Restated Restated FIXED ASSETS 184,476 169,982 179,493 CURRENT ASSETS Stocks 3,744 3,934 4,029 Debtors 12,046 11,377 10,633 Current asset investments 3,577 15,771 13,441 Cash, at bank and in hand 1,795 3,598 3,071 ------------- ------------- ------------- 21,162 34,680 31,174 CREDITORS: amounts falling due within 23,994 24,265 27,566 one year ------------- ------------- ------------- NET CURRENT (LIABILITIES)/ASSETS (2,832) 10,415 3,608 ------------- ------------- ------------- TOTAL ASSETS LESS CURRENT LIABILITIES 181,644 180,397 183,101 CREDITORS: amounts falling due after more than one year Debenture stock 26,968 26,957 26,963 PROVISIONS FOR LIABILITIES AND 3,480 4,598 3,772 CHARGES ------------- ------------- ------------- NET ASSETS 151,196 148,842 152,366 ------------- ------------- ------------- CAPITAL AND RESERVES Called up share capital Equity 25,323 25,206 25,239 Non equity 1,600 1,600 1,600 Share premium account 2,840 2,538 2,609 Revaluation reserve 28,683 28,304 28,613 Profit and loss account 92,750 91,194 94,305 ------------- ------------- ------------- TOTAL SHAREHOLDERS' FUNDS 151,196 148,842 152,366 ------------- ------------- ------------- The balance sheets as at 23 September 2000 and 31 March 2001 have been restated in accordance with FRS 19 Deferred Tax. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP CASH FLOW STATEMENT FOR THE 26 WEEKS ENDED 29 SEPTEMBER 2001 26 weeks to 26 weeks to 53 weeks to 29 September 23 September 31 March 2001 2000 2001 £000 £000 £000 NET CASH INFLOW FROM OPERATING 9,236 11,761 25,988 ACTIVITIES ------------- ------------- ------------- RETURNS ON INVESTMENT AND SERVICING OF FINANCE Preference dividends paid (60) (60) (120) Interest received 329 526 983 Interest paid (1,081) (1,098) (2,181) ------------- ------------- ------------- (812) (632) (1,318) TAXATION Corporation tax paid (1,699) (1,250) (4,699) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire tangible fixed (16,374) (13,950) (28,773) assets Payments to acquire fixed asset (327) (1,680) (344) investments Receipts from sales of tangible fixed 1,034 10,805 11,638 assets Receipts from sale of retail wine - 3,160 3,860 shops ------------- ------------- ------------- (15,667) (1,665) (13,619) EQUITY DIVIDENDS PAID (2,513) (2,348) (3,447) ------------- ------------- ------------- TOTAL NET CASH (OUTFLOW)/ INFLOW (11,455) 5,866 2,905 BEFORE THE USE OF LIQUID RESOURCES AND FINANCING MANAGEMENT OF LIQUID RESOURCES* 9,864 (6,794) (4,464) FINANCING Issue of equity shares 315 289 393 ------------- ------------- ------------- MOVEMENT IN CASH IN THE PERIOD (1,276) (639) (1,166) ------------- ------------- ------------- * Management of liquid resources is the movement in cash on short-term deposit at financial institutions. RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Operating profit 5,921 7,868 16,852 Depreciation 4,160 4,047 8,121 Loss on disposal of tangible fixed 83 16 19 assets Impairment of fixed assets 1,350 - 877 Provision for onerous leases - - (908) ------------- ------------- ------------- EARNINGS BEFORE INTEREST, TAX, 11,514 11,931 24,961 DEPRECIATION AND AMORTISATION (INCREASE)/DECREASE IN WORKING CAPITAL Stocks 285 395 300 Debtors (1,478) (1,620) (1,518) Creditors (1,085) 1,055 2,245 ------------- ------------- ------------- NET CASH INFLOW FROM OPERATING 9,236 11,761 25,988 ACTIVITIES ------------- ------------- ------------- FULLER SMITH & TURNER P.L.C. OTHER UNAUDITED GROUP PRIMARY STATEMENTS FOR THE 26 WEEKS ENDED 29 SEPTEMBER 2001 GROUP STATEMENT OF RECOGNISED GAINS 26 weeks to 26 weeks to 53 weeks to AND LOSSES 29 September 23 September 31 March 2001 2000 2001 £000 £000 £000 Restated Restated (Loss)/profit on ordinary activities (301) 8,374 14,365 after taxation Prior period adjustment (see note 3) (3,176) - - ------------- ------------- ------------- Total recognised gains and losses for (3,477) 8,374 14,365 the period ------------- ------------- ------------- GROUP HISTORICAL COST PROFITS AND LOSSES Reported profit on ordinary 1,276 10,370 19,331 activities before taxation Realisation of property revaluation (70) 3,621 3,312 (losses)/gains of previous years ------------- ------------- ------------- Historical cost profit on ordinary 1,206 13,991 22,643 activities before taxation ------------- ------------- ------------- Historical cost (loss)/profit for the (1,555) 10,836 13,947 period retained after taxation ------------- ------------- ------------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Movement in cash in the period (1,276) (639) (1,166) Cash (inflow)/outflow from movement (9,864) 6,794 4,464 in liquid resources Amortisation of issue costs (5) (5) (11) ------------- ------------- ------------- Movement in net debt in the period (11,145) 6,150 3,287 Net debt at the beginning of the (10,451) (13,738) (13,738) period ------------- ------------- ------------- Net debt at the end of the period (21,596) (7,588) (10,451) ------------- ------------- ------------- RECONCILIATION OF MOVEMENTS IN 26 weeks to 26 weeks to 53 weeks to SHAREHOLDERS' FUNDS 29 September 23 September 31 March 2001 2000 2001 £000 £000 £000 Restated Restated Shareholders' funds at the beginning 155,542 144,521 144,521 of the period (as previously reported) Prior period adjustment (3,176) (3,183) (3,183) ------------- ------------- ------------- Restated shareholders' funds brought 152,366 141,338 141,338 forward (Loss)/profit on ordinary activities (301) 8,374 14,365 after taxation Dividends - preference (60) (60) (120) - ordinary (1,124) (1,099) (3,610) New share capital subscribed 315 289 393 ------------- ------------- ------------- Net movement in shareholders' funds (1,170) 7,504 11,028 ------------- ------------- ------------- Shareholders' funds at the end of the 151,196 148,842 152,366 period ------------- ------------- ------------- Shareholders' funds comprise: Equity interests 149,596 147,242 150,766 Non-equity interests 1,600 1,600 1,600 ------------- ------------- ------------- 151,196 148,842 152,366 ------------- ------------- ------------- Non-equity interests reflect the cost of non-redeemable cumulative preference shares. FULLER SMITH & TURNER P.L.C. NOTES TO THE ACCOUNTS FOR THE 26 WEEKS ENDED 29 SEPTEMBER 2001 1. INTERIM STATEMENT The interim statement does not constitute full accounts as defined by S.240 of the Companies Act 1985. Full accounts for the year ended 31 March 2001, including an unqualified auditors' report, have been delivered to the Registrar of Companies. The interim accounts, which are unaudited, have been prepared on the basis of accounting policies set out in the Company's March 2001 Annual Report and Accounts, apart from the adoption of FRS 18 Accounting Policies and FRS 19 Deferred Tax this financial year. FRS 18 has had no effect on the published numbers. The impact of FRS 19 is discussed in note 3. 2. SEGMENTAL ANALYSIS 26 weeks to 29 September 2001 Fuller's Beer Total Inns Company £000 £000 £000 TOTAL SALES 47,279 29,399 76,678 Inter-segment sales - (11,378) (11,378) ----------- ----------- ----------- Sales to third parties 47,279 18,021 65,300 ----------- ----------- ----------- Segmental profit before FRS 11 7,157 2,257 9,414 Impairment of properties (FRS 11) (1,350) - (1,350) ----------- ----------- ----------- SEGMENTAL PROFIT 5,807 2,257 8,064 ----------- ----------- Net central costs (2,143) ----------- Operating profit 5,921 Interest payable (net) (824) ----------- Profit on ordinary activities before exceptional items 5,097 Non-operating exceptional losses (3,821) ----------- Profit on ordinary activities before 1,276 taxation ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 159,262 16,783 176,045 ----------- ----------- Unallocated net liabilities (24,849) ----------- Total net assets 151,196 ----------- Fuller's Beer Total Inns Company 26 weeks to 23 September 2000 Restated £000 £000 £000 TOTAL SALES 46,035 28,413 74,448 Inter-segment sales - (11,443) (11,443) ----------- ----------- ----------- Sales to third parties 46,035 16,970 63,005 ----------- ----------- ----------- SEGMENTAL PROFIT 8,000 1,867 9,867 ----------- ----------- Net central costs (1,999) ----------- Operating profit 7,868 Interest payable (net) (640) ----------- Profit on ordinary activities before 7,228 exceptional items Non-operating exceptional profits 3,142 ----------- Profit on ordinary activities before 10,370 taxation ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 144,013 16,087 160,100 ----------- ----------- Unallocated net liabilities (11,258) ----------- Total net assets 148,842 ----------- 53 weeks to 31 March 2001 Fuller's Beer Total Inns Company Restated £000 £000 £000 TOTAL SALES 92,552 59,113 151,665 Inter-segment sales - (23,611) (23,611) ----------- ----------- ----------- Sales to third parties 92,552 35,502 128,054 ----------- ----------- ----------- Segmental profit before FRS 11/12 16,143 4,758 20,901 FRS11/12 31 - 31 ----------- ----------- ----------- SEGMENTAL PROFIT 16,174 4,758 20,932 ----------- ----------- Net central costs (4,080) ----------- Operating profit 16,852 Interest payable net (1,197) ----------- Profit on ordinary activities before exceptional profits 15,655 Non-operating exceptional profits 3,676 ----------- Profit on ordinary activities before 19,331 taxation ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 152,491 16,044 168,535 ----------- ----------- Unallocated net liabilities (16,169) ----------- Total net assets 152,366 ----------- 3. TAXATION Corporation tax and deferred tax (arising from the adoption of FRS 19) has been provided as follows: 29 September 23 September 31 March 2001 2000 2001 TAX ON NORMALISED PROFITS £000 £000 £000 Corporation tax (as previously 1,869 2,169 4,495 reported) Deferred tax charge arising from FRS 183 140 306 19 ------------ ------------ ------------ Total tax on normalised profits 2,052 2,309 4,801 TAX ON EXCEPTIONAL ITEMS Corporation tax (as previously - - 478 reported) Deferred tax credit arising from FRS (475) (313) (313) 19 ------------ ------------ ------------ Total tax charge 1,577 1,996 4,966 ------------ ------------ ------------ Effective rate on normalised profits 31.8% 31.9% 30.7% post-FRS 19 Effective rate on normalised profits 29.0% 30.0% 28.8% pre-FRS 19 Normalised profits are profits after interest before exceptional operating and non-operating costs/profits. The adoption of FRS 19 has also resulted in an increase in the deferred tax liability as stated in the balance sheet of £2.9 million, the majority of which relates to prior periods and this has been accounted for as a prior period adjustment. The deferred tax provision has not been discounted to its present value. 4. ORDINARY DIVIDENDS 29 September 23 September 31 March 2001 2000 2001 pence pence pence Interim 4.47 4.38 4.38 Final - - 10.00 ------------ ------------ ------------ 4.47 4.38 14.38 ------------ ------------ ------------ The figures above are for the listed £1 'A' ordinary shares and unquoted £1 'C' ordinary shares. The unquoted 10p 'B' shares carry dividend rights of 1/ 10 of those applicable to the £1 'A' ordinary shares. 5. (LOSS)/EARNINGS PER 29 September 23 September 31 March SHARE 2001 2000 2001 £000 £000 £000 Restated Restated (Loss)/profit attributable (361) 8,314 14,245 to equity shareholders Non-operating exceptional 3,346 (3,455) (3,801) items net of tax FRS 11 impairment of fixed 1,350 - 877 assets FRS 12 provision for onerous - - (618) leases net of tax ------------ ------------ ------------ Normalised earnings 4,335 4,859 10,703 attributable to equity shareholders ------------ ------------ ------------ Weighted average share 25,100,000 25,069,000 25,069,000 capital Dilutive outstanding options - 54,000 46,000 ---------------- ---------------- ---------------- Adjusted weighted average 25,100,000 25,123,000 25,115,000 share capital ---------------- ---------------- ---------------- Basic (loss)/earnings per (1.44)p 33.16p 56.82p share* Diluted (loss)/earnings per (1.44)p 33.09p 56.72p share* Normalised earnings per 17.27p 19.38p 42.69p share* *Calculated on the listed £1 'A' ordinary share or unquoted £1 'C ' ordinary share. Earnings on the unquoted 'B' 10p ordinary shares are 1/10 of the figures for the £1 'A' ordinary shares. The calculation is based on earnings (after deducting preference dividends) and on the average weighted ordinary share capital. Normalised earnings exclude all exceptional non-operating costs/profits, FRS 11 impairment of fixed assets and FRS 12 provision for onerous leases. In accordance with FRS 14 the diluted loss per share for the six months ended 29 September 2001 is equivalent to the basic loss per share as any conversion of options would decrease the net loss per share. 6. SHAREHOLDERS' INFORMATION Shareholders who converted their £1 'A' ordinary shares to £1 'C' ordinary shares are reminded that they have 30 days from 3 December 2001 should they wish to reconvert those 'C' shares back to 'A' shares. Appropriate forms are available from the Company Secretary. The next available opportunity after that will be June 2002. 7. INTERIM REPORT Copies of the interim report are being sent to shareholders and will be available from the Company's registered office: Griffin Brewery, Chiswick, London W4 2QB.

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