Final Results

Great Portland Estates PLC 5 June 2001 PART 1 PRELIMINARY RESULTS The Directors of Great Portland Estates P.L.C. announce the results of the Group for the year ended 31 March 2001. Highlights follow: - Adjusted earnings up 6% to 11.8p per share (2000: 11.1p) - Dividend up 3% to 9.75p (2000: 9.5p) - Net assets per share up 3% to 404p - Diluted net assets per share up 5% to 396p - 80p per share returned to shareholders in accordance with timetable - Over £400 million of property sales in the year - Over £1 billion of properties held in central London Richard Peskin, Chairman said: 'Last November I mentioned that there was no guarantee that the very strong rental and capital growth which we had been experiencing for two to three years could be sustained, and signs of an economic downswing are emerging. However, the markets in which the Group operates appear, on the whole, to be firm and the coming months will see a continuing delivery of our strategy, as the Board believes that shareholder value for the future will best be realised by concentrating on central London.' Enquiries: Great Portland Estates P.L.C. 020 7580 3040 Peter Shaw, Managing Director John Whiteley, Finance Director Citigate Dewe Rogerson 020 7638 9571 Sue Pemberton Freida Davidson KEY STATISTICS At 31st March 2001 - Rent Roll £91.6m - Reversionary potential over the next five years £20.1m - Average length of lease 8.9 years - Over £1bn of assets in central London - Net assets per share 404p - Diluted net assets per share 396p - FRS 13 adjustment per share (net of tax) 32p - Contingent CGT per share 25p - Interest cover (pre-exceptionals) 1.8 times - Dividend cover (pre-exceptionals) 1.2 times - Net gearing 69% - Average length of debt 15.8 years - Average cost of debt 7.8% Since 31st March 2001 - £100m Debenture 2016 repaid - Average cost of debt reduced to 7.5% STATEMENT BY THE CHAIRMAN Two years ago I announced that it was our intention to become 'architects of change' and I believe that, since then, we have gone a fair way towards achieving our goal of transforming the Company into a more focused business. The turnaround has been effected by the rationalisation of the portfolio, including immediate withdrawal from industrials, retail parks and high street shopping, and approaching £600 million of properties, roughly one-third of the total, has been sold, with £325 million being repaid to shareholders, mainly by means of a return of capital and partly by share buy backs. The debt side of the balance sheet has also been addressed with the redemption of the 9.5% Convertible Unsecured Loan Stock 2002 during the year, and, on 16th May 2001, the £100 million 9.5% Debenture 2016, thereby not only cutting the overall cost of debt from 9.5% to 7.5% in four years but also putting us in a stronger, and more flexible, financial position for the future. The total return of 26% - share price increase plus dividend - for the year to 31st March 2001 was an eloquent testimony to the efficacy of our strategy and comfortably outperformed the main indices, and the majority of our peer group. Whilst these radical initiatives have, of course, had an impact on the profit and loss account, adjusted earnings per share, excluding exceptional costs and, in the first half, disappointing losses on the sale of investment properties, advanced to 11.8p and the directors are recommending a final dividend of 6.5p, making a total for the year of 9.75p. Net assets stood at £865 million, representing 404p per share, underpinned by the performance of the central London properties which were valued at over £1 billion; in the last three years this element of the portfolio has produced 13% compound growth, with the West End, which remains our favoured pitch, providing 15%. The increase in central London values was driven by strong rental growth as demand for offices outstripped the available supply and this imbalance is forecast to persist, in no small measure due, ironically, to the rigid stance taken by Westminster City Council with regard to planning. Meanwhile, an open, albeit somewhat protracted, dialogue is continuing with them in an attempt to agree normally resoluble issues on our two large medium-term West End projects, which remain amongst the best able for development within the portfolio. Discussions are also taking place, and a provisional understanding has been reached, with adjoining owners to form a partnership to develop a very large City scheme in line with current Mayoral views. Although rents in some prime Mayfair locations appear to have faded slightly from their recent record highs, the levels in our main spheres of operation in London still leave us with plenty of scope for active management and reversionary potential. There have been a number of Board changes and rearrangements during the year. David Godwin became Deputy Chairman on the retirement of Roger Payton after the Annual General Meeting in July, and Patrick Hall, the director in charge of acquisitions and disposals since joining in 1991, resigned from the Board in October, at which time Peter Shaw took over as Managing Director. The restructuring of the Company has put extra pressure on everyone, both the executive directors and the professional and dedicated members of our team at B & H S Management. During this period, not only have they always pulled their weight, but they have assumed all new responsibilities willingly and cheerfully. My thanks go to them for their hard work and unflagging enthusiasm. Last November in the Interim Report I mentioned that there was no guarantee that the very strong rental and capital growth which we had been experiencing for two to three years could be sustained, and signs of an economic downswing are emerging. However, the markets in which the Group operates appear, on the whole, to be firm and the coming months will see a continuing delivery of our strategy, as the Board believes that shareholder value for the future will best be realised by concentrating on central London. OPERATING REVIEW OVERVIEW In the year ended 31st March 2001 we have addressed the focus, size and financing of the Company, with the disposal of £400 million of properties, the return of £285 million to shareholders, and the redemption of expensive debt. These measures, together with movements in the portfolio valuation, have increased the exposure to our chosen core areas of central London and offices in the South East from 59% last year to 77% at 31st March 2001, and, following disposals since the year end, to 81%. At 31st March 2001, the portfolio was valued by CB Hillier Parker at £1.5 billion, representing an annual uplift of 1.9% on a like-for-like basis. Offices north of Oxford Street increased by 12.6% and in the rest of the West End by 6.1%, whilst in the City they rose by 10.0%. However, West End retail gained only 1.6% in value, shopping centres, which formed 20% of the portfolio at the year end, fell by 12.8%, and South East offices were virtually unchanged. The revaluation surplus together with the effect of sales and net rental income produced a total annual return of 14.4% for central London, although this was reduced to 6.8% for the entire portfolio, primarily due to the performance of the shopping centres and the disposal of non-core assets. The valuation reflected a gross running yield of 6.1%, and a reversionary yield of 7.8%, representing the reversionary potential of the portfolio over the next five years of £20.1 million, of which £17.6 million is attributable to central London. Tenant demand remained strong in all of our areas of activity; voids were less than 1% of the rent roll at 31st March 2001, as they had been throughout the year. Rental growth has been particularly strong in central London, with 21% in West End offices, and 31% in the City and Holborn. WEST END AND COVENT GARDEN Demand for offices in the West End has been exceptionally robust this year, and it is pleasing to be able to report that, at the year end, there was full occupancy of our available properties. Rental values for office space in our traditional area north of Oxford Street are approaching £40 per sq.ft., against an average rent passing of £23 per sq.ft., and remain highly competitive with other areas in the West End. Whilst the initial yield on the West End and Covent Garden portfolio is currently 5.3%, this reversionary potential provides a reversionary yield of 7.2%. These days our tenant base in the West End centres on Professional Services, Advertising and PR, and Government. Much has been made of the risk to West End investors of 'dot com' and Internet start up companies, but we have no such direct exposure. The average length of lease in the West End portfolio is 7.7 years, and we continue to offer tenants a variety of terms and buildings to accommodate customer demand, serviced by our flexible, rolling refurbishment programme, which has been a cornerstone of our activities for many years. Our two proposed medium-term West End redevelopment schemes, at Mortimer Street/Great Titchfield Street, W1 and 190 Great Portland Street, W1 which should provide 400,000 sq.ft. gross with an end value of some £200 million, have made slow progress during the year on planning. I am not alone in believing that, if the West End is to retain its vibrancy, Westminster Council will need to adopt a more constructive approach. Planning permission was achieved for the redevelopment of 22/25 Northumberland Avenue, WC2, close to Trafalgar Square, increasing the floor space of the existing building by 50% to 19,500 sq.ft. The current end value is in the region of £11 million and we expect construction to begin in September for completion in summer 2003. During the year we completed and let our major 14,400 sq.ft. refurbishment of 28 Savile Row, W1, at rents of £55 per sq.ft., some £20 per sq.ft. above that anticipated when the refurbishment began. North of Oxford Street, our Market Place, W1 urban regeneration initiative with the City of Westminster bore further fruit with the opening of a Reiss flagship fashion store and Soup Opera, adjoining Carluccio's restaurant. Our efforts in this piazza have acted as a catalyst for the area, with further new lively and vibrant occupiers opening in the vicinity. Last summer, we sold our 12.2% share in the Pollen Estate at a profit of £4.5 million on an investment of £10.4 million, and simultaneously acquired more valuable leasehold interests in our four properties on the Estate through a property exchange. Our residential development of 11 units at Ranelagh House, Chelsea SW3 was completed recently and already two apartments have been sold and four are under offer. The high quality of the finished product has enabled us to increase our expectation of total sale proceeds to over £8 million, and we anticipate a trading profit of approaching £1 million over the scheme as a whole. CITY AND HOLBORN Our City and Holborn properties represent 17% of the total portfolio, but have significantly different characteristics to the West End, being less management intensive and typically having longer leases - the average lease length is currently 8.9 years. Here, too, voids are negligible, and the properties provide a bedrock contribution of solid income from strong covenants. During the year progress has been made with a consortium of landowners over the appraisal of a site for large-scale redevelopment to incorporate our holdings in Bishopsgate, St. Mary Axe and Camomile Street, EC2. We are encouraged that both the Mayor and the City of London recognise that the City needs to provide very large buildings to maintain London's pre-eminent position as the world's leading financial centre. SHOPPING CENTRES Generally these are difficult times for retailers, but the combination of active management and the strength of our centres and the towns in which they are situated, has limited voids to a mere 2% at the year end. Reflecting the nervousness in the retail property investment market, CB Hillier Parker's valuation has recorded a fall of 12.8% in the capital value of the centres, notwithstanding an uplift in rental values of 2.7%. At Harlow we are advancing our discussions with the Local Authority over our master plan for regenerating the centre of the town; we believe that with our dominant ownership and an M11/M25 catchment population of some 725,000 there are excellent medium-term opportunities. In High Wycombe our development partners and the local authority continue to face serious delays in fulfilling the conditions of our funding arrangement. The retail landscape at Burnley was transformed with the opening of 127,000 sq.ft. of new stores including New Look, T J Hughes, Wilkinsons and Poundland, and the centre has been enlivened with an additional 550 ft. of new retail frontage. OTHER DEVELOPMENTS Having secured planning permission for an 81,000 sq.ft. office redevelopment on the site of a 72,000 sq.ft. warehouse adjacent to junction 4 on the M3 at Frimley, currently let to Toshiba at £405,000 p.a. until 2003, we sold the building shortly after the year end for £9.25 million, well in excess of last year's valuation. At Sol Central, Northampton, the 200,000 sq.ft. in-town leisure development is scheduled for completion in the autumn. Further lettings of a health and fitness club, a night club and a cafe/bar have been achieved in a difficult year for the UK leisure industry, and complement the ten screen cinema and 150 bed hotel already pre-let within the scheme. RETURN OF CAPITAL AND PORTFOLIO RATIONALISATION Around 18 months ago, our share price, in common with many companies in the property sector, had fallen whilst property values had risen, thereby widening to an historically high level the discount of the share price to the value of our underlying assets. The Board took the initiative to take advantage of the strong property market and, at the same time, to refocus our portfolio, and announced a disposal programme, the proceeds of which would be used to return cash to shareholders. The disposal programme was at its most intense in the summer, and during the same period we gained the approval of the holders of our 9.5% Convertible Unsecured Loan Stock 2002 to redeem their stock early, without which the return of capital could not have been effected. In early September, with the CULS redeemed and most of the disposal programme completed, we applied to the Court for, and received, the approval of the reduction in our share capital, in order to pay 80p per share to shareholders, and on 20th September 2000, earlier than our published timetable, the payment, amounting to £285 million in aggregate, was duly made. Clearly, the disposal process has been pivotal to the Group's transformation this year. Some 57 properties were sold in 18 separate transactions, raising £400 million of proceeds. We have completely withdrawn from the high street shopping, retail warehousing, and industrial/distribution warehousing markets and now have relatively few holdings outside London and the South East. Since the year end, in addition to Frimley mentioned above, we have contracted to sell our three smaller shopping centres, at Bridgend, Torquay and Yeovil, for £66 million, increasing our central London and South East offices representation to 81% of the remaining portfolio. SUMMARY Whilst the rate of growth which we have experienced during the last couple of years is unlikely to be sustained, particularly at the top end of the market, I expect our chosen areas of focus to continue to outperform. Great Portland has proved its ability to provide shareholder value in the year, and the focus on central London will remain a fundamental part of our strategy. FINANCIAL REVIEW The results for the year ended 31st March 2001 and the financial position of the Group have been significantly influenced by two major features this year: the disposal of over 20% of the Group's property portfolio for £400 million, and the capital reduction and share consolidation, which resulted in a return of capital of 80p per share to shareholders, and reduced the number of shares in issue by 40%. RESULTS Profit on ordinary activities after tax, excluding exceptional items and the loss on sale of investment properties, fell from £41.4 million to £32.8 million in the year to 31st March 2001, but, following the reduction in the number of shares in issue, corresponding earnings per share rose from 11.1p to 11.8p. A final dividend of 6.5p has been proposed, making a total for the year of 9.75p (2000: 9.5p). Rent receivable of £106.8 million was £13.0 million, or 11%, lower than last year. Property disposals reduced rents by £22.3 million and expires by £2.6 million, against which acquisitions contributed an increase of £6.0 million, £4.4 million was provided by new lettings and renewals and £1.5 million by rent reviews. Property costs and administration expenses were £1.9 million higher than in 2000, due to exceptional costs incurred in the capital reduction process. The loss on sale of investment properties of £12.8 million, primarily in the first half of the year, partly comprised selling costs of £4.9 million, excluding which the loss on the sale of the properties represented less than 2% of their values at 31st March 2000. Net interest payable of £57.8 million was distorted by an exceptional premium on the early redemption of the 9.5% Convertible Unsecured Loan Stock 2002 of £5.0 million. The redemption of the loan stock had the dual effect of ensuring the implementation of the capital reduction, and increasing diluted net assets by 8p per share. The £5.0 million loss before tax is offset by £3.2 million of future interest savings, and, therefore, enhances future earnings. Before this exceptional item, net interest payable fell by £2.2 million against the previous year. The effective rate of tax of 37.7% was heavily distorted by the exceptional items, which attracted tax relief at 30%, and by the loss on the disposal of investment properties, on which no relief was immediately available; on an adjusted basis it was 25.6% (2000: 25.7%) which was less than the standard rate of corporation tax, primarily due to the benefit of capital allowances available on plant and equipment within the investment property portfolio. The final dividend will be paid, subject to shareholders' approval, on 20th July 2001 to shareholders on the register at 15th June; the total dividend for the year of 9.75p (2000: 9.5p) was covered 1.2 times by adjusted earnings (2000: 1.2 times). FINANCING In early March 2001, new interest rate swaps on borrowings of £150 million superseded more expensive ones and, together with the redemption on the Convertible Unsecured Loan Stock mentioned above, resulted in a reduction in the weighted average cost of borrowing to 7.8%, from 8.3% twelve months earlier. Gearing at 31st March 2001 was 69% (2000: 60%), net of cash balances of £96 million, and the Group had in place undrawn bank facilities of £60 million. Under FRS 13, the market value of the Group's financial instruments at 31st March 2001 exceeded the amount at which they were shown in the consolidated balance sheet by £98.7 million, representing a potential reduction in net assets per share of 46p, before tax relief. In September 2000, 150,000 shares were bought by the Company and cancelled. At the Annual General Meeting on 17th July 2001, the Board will seek to renew shareholders' authority to buy 15% of the Company's issued share capital. Following consultation with the Association of British Insurers, who approved the Company's proposal, the Company repaid in full its £100 million 9.5% First Mortgage Debenture Stock 2016 at a premium of £28.2 million on 16th May 2001. This debenture accounted for £27.8 million of the £98.7 million potential excess liability calculated in accordance with FRS 13. The premium paid of £28.2 million will be charged as an exceptional item in the profit and loss account for the year ending 31st March 2002 and is likely to attract tax relief in full in that year. In addition to reducing the potential FRS 13 liability of the Group, the repayment of this debenture reduced the weighted average cost of borrowing from 7.8% to 7.5% - it was 9.5% four years ago - and will have the effect of enhancing future earnings. CASH FLOW Net cash from operating activities, after the payment of interest and tax, was £22.4 million, out of which an interim dividend of £7.0 million was paid on the reduced share capital, together with a final dividend of £22.7 million for 2000 on the original number of shares. Proceeds from the sales of investments and investment properties of £400.8 million financed the return of capital of £285.4 million and the redemption of the Convertible Unsecured Loan Stock of £57.9 million, and capital expenditure of £23.3 million; most of the remaining £24.6 million was used to repay bank loans or was placed on deposit, leaving an increase in the net cash position at 31st March 2001 of £2.3 million. NET ASSETS Shareholders' funds fell by £262.7 million to £865.1 million in the year to 31st March 2001. This fall was primarily due to the 80p per share returned to shareholders, comprising £285.4 million in aggregate and resulting in adjusted net assets of £842.4 million, against which to compare the position at 31st March 2001. The resulting growth in net assets comprised increases in the revaluation of the West End portfolio by £58.3 million and in the City by £23.6 million, together with retained profits before exceptional items of £11.9 million and a net increase in the proceeds from exercised share options over share buy-backs of £0.2 million. Against these increases, shopping centres fell in value by £44.4 million and the portfolio in the rest of the UK fell by £9.3 million, the loss on the sale of investment properties reduced net assets by £12.8 million and exceptional items lost £4.8 million. Net assets per share at 31st March 2000 of 316p, when adjusted to take account of the capital reduction and share consolidation, are restated to 393p. At 31st March 2001, net assets per share were 404p, representing growth of 2.8% on a like-for-like basis; diluted net assets per share increased by 4.8% to 396p. In previous years, the contingent liability for taxation on capital gains has been calculated by reference to the portfolio as a whole. However, following the significant number of disposals in the year and the increase in the value of central London properties against the fall in the value of others, coupled with the reduction in the size of the balance sheet, the Board believes it is more prudent to use a method which takes cognisance of the fact that properties are likely to be sold individually. Under this method, the contingent liability to taxation on capital gains if the investment properties were to be sold at their valuation at 31st March 2001, would be approximately £53 million, or 25p per share. FINANCIAL INSTRUMENTS The Group raises finance through equity and borrowings, and places surplus cash on short-term deposit. The primary sources of borrowing are debenture loans, convertible loans, and bank and other loans. The Group also enters into interest rate swaps, collars and caps, but solely as a way of managing the interest rate risks arising from some of the Group's sources of finance, primarily bank loans. The main risks arising from the Group's Financial Instruments are interest rate risk, liquidity risk and credit risk. The policies for managing these are reviewed by the Board, and have been in place throughout the year ended 31st March 2001. Interest Rate Borrowings are made either at fixed rates of interest, or at floating rates, which can be fixed simultaneously, and co-terminously, by means of interest rate swaps. The Group's policy has been to ensure that most of its borrowings were at fixed rates; at 31st March 2001, 99% of borrowings were at fixed rates after taking account of interest rate swaps. Liquidity The Group operates a long-term business, and its policy is to finance it primarily with equity, and medium-term and long-term borrowings. Accordingly, at the year end 62% of the Group's borrowings were due to mature in more than 15 years. Short-term flexibility is achieved by cash balances and overdraft facilities. Credit At 31st March 2001, the Group had £95.2 million on short-term deposit with financial institutions. It is the Board's policy that deposits and derivative contracts are placed only after consideration of the current credit worthiness of the counter-party. GROUP PROFIT AND LOSS ACCOUNT For the year ended 31st March 2001 2001 2000 Notes £m £m ------------ ------------ Rent receivable 2 106.8 119.8 Ground rents (1.9) (2.0) ------------ ------------ Net rental income 104.9 117.8 Property and refurbishment costs (2.8) (3.5) Administration expenses 3 (7.1) (4.5) ------------- ------------ 95.0 109.8 Trading profits - 1.0 ------------- ------------ Operating profit 95.0 110.8 (Loss)/profit on sale of investment (12.8) 4.7 properties ------------- ------------ Profit on ordinary activities before 82.2 115.5 interest Interest receivable 5 2.8 3.0 Interest payable 6 (60.6) (58.0) -------------- ------------ Profit on ordinary activities before 24.4 60.5 taxation Tax on profit on ordinary activities 7 (9.2) (14.4) -------------- ------------ Profit on ordinary activities after 15.2 46.1 taxation Dividends 8 (20.9) (34.5) -------------- ------------ Retained (loss)/profit for the year (5.7) 11.6 -------------- ------------ Earnings per share - basic 9 5.5p 12.3p -------------- ------------ Earnings per share - adjusted 9 11.8p 11.1p -------------- ------------ A statement of the movement on reserves is given in note 20 GROUP BALANCE SHEET As at 31st March 2001 Notes 2001 2000 £m £m ------------ ------------- Tangible fixed assets Investment properties 10 1,502.6 1,845.0 Investments 11 - 14.9 -------------- ------------- 1,502.6 1,859.9 -------------- ------------- Current assets Stock of trading properties 6.9 1.4 Debtors 12 24.9 30.8 Cash at bank and short-term 96.0 85.4 deposits ------------- ------------- 127.8 117.6 Creditors: amounts falling due 13 72.2 88.3 within one year ------------- -------------- Net current assets 55.6 29.3 ------------- -------------- Total assets less current 1,558.2 1,889.2 liabilities ------------- -------------- Creditors: amounts falling due after more than one year Debenture loans 14 454.0 454.1 Convertible loans 15 56.8 109.6 Bank and other loans 16 182.3 197.7 ------------- ------------- 693.1 761.4 ------------- ------------- 865.1 1,127.8 ------------- ------------- Capital and reserves Called up share capital 18 107.1 178.4 Share premium account 19 24.8 238.4 Revaluation reserve 20 570.9 607.3 Other reserves 20 19.4 19.3 Profit and loss account 20 142.9 84.4 ------------- ------------- Equity shareholders' funds 865.1 1,127.8 ======== ------------- GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 31st March 2001 2001 2000 £m £m ------------- ------------- Profit for the year 15.2 46.1 Unrealised surplus on revaluation of fixed 28.2 85.7 assets ------------- ------------- Total recognised gains and losses for the 43.4 131.8 year ------------- ------------- GROUP STATEMENT OF CASH FLOWS For the year ended 31st March 2001 2001 2001 2000 2000 £m £m £m £m ---------- ---------- ---------- ---------- Net cash inflow from 81.6 112.7 operating activities Returns on investments and servicing of finance Interest received 3.0 3.5 Interest paid (48.7) (57.8) ---------- ---------- Net cash outflow from (45.7) (54.3) returns on investments and servicing of finance Corporation tax paid (13.5) (13.0) Capital expenditure Payments to acquire (23.3) (144.7) investment properties Receipts from sales of 385.9 86.4 investment properties Payments to acquire - (0.5) investments Receipts from sale of 14.9 - investments ---------- ---------- Net cash 377.5 (58.8) inflow/(outflow) from capital expenditure Equity dividends paid (29.7) (35.4) ---------- ---------- Net cash 370.2 (48.8) inflow/(outflow) before use of liquid resources and financing Management of liquid (9.8) 87.4 resources Cash (placed on) / withdrawn from short-term deposit Financing Issue of share capital 0.6 - Return of capital (285.4) - Redemption of loans (57.9) (3.5) Repayment of bank loans (15.0) - Purchase of shares (0.4) (38.4) ---------- ---------- Net cash outflow from (358.1) (41.9) financing ---------- ---------- Increase/(decrease) in 2.3 (3.3) cash ---------- ---------- RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2001 2000 £m £m Operating profit 95.0 110.8 (Increase)/decrease in stock of trading (5.5) 2.0 properties Decrease/(increase) in debtors 1.1 (1.3) (Decrease)/increase in creditors (9.0) 1.2 ------------- ------------ Net cash inflow from operating activities 81.6 112.7 ------------- ----------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT 2001 2000 £m £m -------------- ------------ Increase/(decrease) in cash in the year 2.3 (3.3) Cash placed on/(withdrawn from) short-term 9.8 (87.4) deposit Cash outflow from redemption of loans 72.9 3.5 -------------- ------------- Change in net debt arising from cash flows 85.0 (87.2) Other non-cash movements (5.0) 0.2 ------------- ------------- Movement in net debt in the year 80.0 (87.0) Net debt at 1st April 2000 (677.5) (590.5) ------------- ------------ Net debt at 31st March 2001 (597.5) (677.5) ------------ ------------ ANALYSIS OF NET DEBT At 1st April Cash Flow Non-cash At 31st March 2000 Changes 2001 £m £m £m £m -------------- -------------- -------------- ------------ Cash (1.5) 2.3 - 0.8 Short-term 85.4 9.8 - 95.2 deposits Debt due - - (0.4) (0.4) within one year Debt due (761.4) 72.9 (4.6) (693.1) after one year -------------- -------------- -------------- ------------ (677.5) 85.0 (5.0) (597.5) -------------- ------------- -------------- ------------ MORE TO FOLLOW

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