Final Results - Year Ended 31 December 1999

RJB Mining PLC 5 April 2000 PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 1999 (AUDITED) RJB Mining PLC, the UK's leading coal mining company, today announces its preliminary results for the year ended 31 December 1999. 1999 1998 £'000 £'000 Turnover 699,249 822,543 Profit before exceptional items and 11,041 50,031 taxation Net cash inflow before financing and dividends of £25.2 million (1998: £38.0 million) Final dividend 4.5p per share (1998: 4.0p per share) making 7.5p per share for the full year (1998: 7.0p per share) Exceptional items of £141.1 million comprise: - £131.0 million in respect of impairment in the value of assets (as identified at the interim stage) - £15.8 million of redundancy and closure costs - An exceptional interest credit of £5.7 million Earnings per share before exceptional items 7.4p (1998: 22.8p). Commenting on the results, John Robinson, Chairman of RJB Mining, said: 'The trading climate remains demanding, and as predicted in the half year statement, it proved very difficult to secure new sales orders against a background of low international spot prices, (which are currently improving), and the continuing strength of sterling. 'The publication of the 1999 results was delayed in the anticipation that the Government would be in a position to make a decision on transitional state coal aid support for the UK industry. We believe that we have presented a strong case for such support and that this is currently receiving serious consideration. We are disappointed that this decision has not been made by now. 'The Board's strategy remains to match production to sales, maintaining investment in sustainable operations and to focus on returning cash to shareholders. 'We have in place contracts for coal sales in 2000 with volumes and prices at much the same levels as for 1999, which should enable the Company to continue to generate substantial operating cashflows.' For further information, please contact: RJB Mining PLC Today 0207 457 2345 Richard Budge, Chief Executive Gordon McPhie, Finance Director Thereafter 01302 751751 Gavin Anderson & Company Gerald Gradwell 0207 457 2345 Fiona Grant Duff PRELIMINARY RESULTS STATEMENT RESULTS Profit before tax and exceptional items for 1999 was £11 million on turnover of £699 million (1998: £50 million, on turnover of £823 million). Earnings per share before exceptional items were 7.4 pence per share (1998: 22.8 pence per share, before exceptional items). Current generator contracts are for volumes and prices significantly below those of the previous year. These reductions have impacted on the sales volumes and profitability of our business for 1999. The market remains highly competitive with international coal prices starting to show signs of recovery from the 25 year low experienced in 1999. EXCEPTIONAL ITEMS Following completion in the first half of the year of electricity contract negotiations, the Board reappraised the carrying value of colliery assets, recognising an impairment in value of £131 million. In the second half of the year the closures of Ellington and Clipstone collieries were announced leading to a write down of £5 million in the value of fixed assets at those collieries. Exceptional net redundancy costs of £6 million in the first half of the year and £5 million in the second half were incurred. STRATEGY The level of cash generation by the business remains robust, with net cash inflow before financing and dividends of £25.2 million (1998: £38.0 million). The Board policy is to match production to sales, maintain investment in sustainable operations, and focus on returning cash to shareholders. DIVIDEND The Board is recommending a final dividend of 4.5 pence per share, giving a total dividend of 7.5 pence per share for the year (1998: 7.0 pence per share). TRADING The trading climate remains demanding, and, as predicted in the half year statement, it proved very difficult to secure new sales orders against a background of record low international spot prices, (which are now improving) and the continuing strength of sterling. Principally as a result of the long term generator contracts, coal sales in the year totalled 22.5 million tonnes (1998: 25.9 million tonnes) and we would expect a similar level to be maintained for 2000. With the lower level of sales compared to prior years, coal production was reduced from both deep and surface mines. The lowered production levels have led to sub-optimal working and increased costs for our surface mine activities. In the deep mines operating difficulties have affected Daw Mill colliery at the end of the year, and the Selby complex throughout the year, leading to reduced productivity and increased unit costs. During the year progress has been made in the development and utilisation of property assets, with income from property rentals of £2.3 million (1998: £2.2 million). The value of electricity generated from CHP plants at Harworth and Monckton was £5.0 million (1998: £3.9 million). THE COAL MARKET IN 1999 Total thermal coal use in the UK fell by 17% compared to 1998, to 45 million tonnes. The majority of the reduction in usage was a result of new gas-fired generation facilities coming on stream during the year. Gas fired electricity generation increased market share to 33% at the expense of coal fired generation, whilst nuclear stayed largely unchanged at 30%. Coal fired electricity generation produced 33% of electricity generated in the UK, consuming 40 million tonnes of coal. SALES Total coal sales in 1999 were 22.5 million tonnes (1998: 25.9 million) of which 86% was sold to ESI customers and the electricity supply industry. ELECTRICITY SUPPLY INDUSTRY SALES (ESI) In the second half of 1999 we continued to supply coal under the medium term contracts with our generator customers. No new contracts for spot sales were agreed in the period. Our competitive position for marginal sales continued to be difficult as the international coal price sank to new lows before showing some welcome signs of recovery late in the year. INDUSTRIAL AND DOMESTIC The industrial market for coal showed levels of decline similar to those in the electricity generation market. Pricing levels in the industrial sector were reduced, forced down by low international prices and strong sterling. Against this background RJB conceded market share, mainly to imports, with an overall decline of 21% in sales volumes. The UK domestic coal market was unchanged at 2 million tonnes, but competitive pressures from subsidised Polish producers and low world prices combined, resulting in an 8% reduction to 0.7 million tonnes in our domestic sales. UNDERGROUND MINING In what proved to be a difficult year for our underground mining operations, a total of 17.5 million tonnes was produced (1998: 19.8 million tonnes). The geological problems at the Selby Complex which affected the first half of the year persisted through the second half whilst action to rationalise the operations continued. At Stillingfleet the number of working areas has been reduced to lessen geological risk and improve efficiency. At Wistow and Daw Mill Collieries, difficult geology hampered operations in the last quarter of the year and will affect production into the first quarter of 2000. The benefits of maintaining a portfolio of underground operations were demonstrated by good performances from other collieries, mitigating in part the effects of these lower production levels. Major investment to improve underground transport systems continued at Daw Mill and Kellingley Collieries. At Daw Mill the circular tunnel drivage was completed, providing a more efficient manriding and materials transport route into the new area of reserves south of the M6 motorway. Capital investment of £32 million was approved to access and develop new areas of coal at the Prince of Wales and Riccall mines. During the year Calverton Colliery was closed and returned to the Coal Authority. The intention to close two further collieries, Clipstone and Ellington was announced during the second half of the year, and will take effect during 2000. The closure of these collieries is in response to current market forces, and the company's commitment to continue to match production to sales. SURFACE MINING Surface mining production was 5.0 million tonnes, (1998: 5.8 million tonnes) from a total of 14 surface mines and 2 coal recovery schemes. Production of surface coal continues to maintain the blending quality requirements with deep mined coal, and reduces average costs of the blended product. Surface mine production costs, which have remained at a consistent low level up to 1998, increased by 10% in the year. The increase in costs arises from the substantial increases in fuel oil costs, surface contractor inflation index increases well above general inflation and a change in the mix of operational sites. Reclamation spend increased during the year associated with growth in brown field developments and alternative after uses. Planning approvals were resolved to be granted by Mineral Planning Authorities for 3.1 million tonnes from one new mine and extensions to two existing mines. Planning Approvals were refused by the Secretary of State following Public Inquiries for three new mines totalling 4.6 million tonnes. Planning applications for a further eight mines totalling 6.3 million tonnes await determination by the Mineral Planning Authorities and the Secretary of State. At December 1999 the future tonnage with full planning approvals totalled 11.8 million tonnes. The Company continues to be a leader in the reclamation of derelict and contaminated sites to sustainable and bio diverse end uses, with significant progress being maintained at Herrington Colliery, Orgreave, Arkwright and Houghton Main where bio remediation has been successfully used to treat contaminated soils. The quality of our restoration work was further demonstrated with the reclamation of Rainton Meadows at the Rye Hill site in County Durham which won Environmental awards for 'an impressive transformation of a largely derelict site into one that managed to strike the right balance between the needs of wildlife and recreational use.' MANUFACTURED FUEL Prices in the manufactured fuel market have continued to come under pressure, principally due to the availability of cheap, often subsidised imported coals and the continued strength of sterling. Monckton Coke & Chemicals' sales for the year were £16.8 million (1998: £17.7 million) and the company operated at near break even in the year (1998: profit before tax of £0.7 million). Contracts are now in place for 2000 which will cover production and allow for a modest reduction in stocks. A 5 year contract has been agreed to supply around one third of Monckton's annual output to Brunner Mond. The coke-oven gas fired CHP unit is now performing well providing steam and power for the site as well as external sales. CIM RESOURCES In 1999, CIM produced 1.7 million tonnes of coal (1998: 1.7 million) from its Stratford opencast site in New South Wales. The RJB Group's share of post acquisition operating profits was £0.1 million. Towards the end of 1999 CIM was successful in obtaining sales contracts with domestic Australian power producers for 1.0 million tonnes per annum for a period of 3 years. The contracts will absorb CIM's thermal coal production over the 3 year period from July 2000, reducing its dependence on the international market. DIRECTORS At the interim stage it was announced that Brian Staples had replaced Sir Ross Buckland as a non-Executive Director of the Company and that George Jarrett had retired as a Director of the Group. In addition to these Board changes, Alan Binder has advised the Company of his intention to retire from the Board at the AGM. Mr Binder, aged 68, has decided to reduce his business commitments and will not be replaced on the RJB Board. OUTLOOK The publication of the 1999 results was delayed in the anticipation that the Government would be in a position to make a decision on transitional state coal aid support for the UK industry. We believe that we have presented a strong case for such support and that this is currently receiving serious consideration. We are disappointed that this decision has not been made by now. The year ahead is likely to see the introduction of the new electricity trading arrangements in the Autumn and a continuation of the reduction in UK generator coal burn as new gas-fired power stations are commissioned. For 2000 we have in place contracts for coal sales with volumes and prices at much the same levels as for 1999, which should enable the Group to continue to generate substantial operating cashflows. Sales levels in future years will be affected by the take up of optional contract tonnages, international coal prices and the relative strength of sterling. The new electricity trading arrangements, environmental compliance of coal fired generation, and the UK transport infrastructure, will also have an impact on future sales. As the results of these issues become clear we will act to maintain the balance of production and demand over the medium term, and manage the business with a focus on cash. John Robinson Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31 December Before Group Exceptional Exceptional 1999 Group Total 1998 Notes Items Items £'000 £'000 £'000 £'000 Turnover 2 Continuing operations - existing 687,698 - 687,698 822,543 - acquisitions 11,551 11,551 - ---- ---- ---- ---- 699,249 - 699,249 822,543 Cost of sales (655,427) - (655,427) (744,134) Exceptional items Redundancy costs - (11,221) (11,221) - Impairment in value of colliery assets - (135,554) (135,554) - ---- ---- ---- ---- Total cost of sales (655,427) (146,775) (802,202) (744,134) ---- ---- ---- ---- Gross profit/(loss) 43,822 (146,775) (102,953) 78,409 Other operating income & expenses 3 (20,022) - (20,022) (19,714) ---- ---- ---- ---- Operating profit/(loss) Continuing operations - existing 23,688 (146,775) (123,087) 58,695 - acquisitions 112 - 112 - ---- ---- ----- ---- 23,800 146,775 (122,975) 58,695 Share of loss of Associate (21) - (21) (4,163) Interest receivable and similar income 4 3,893 - 3,893 5,772 ---- ---- ---- ---- Profit/(loss) on ordinary activities before interest Payable 27,672 (146,775) (119,103) 60,304 Interest payable and similar charges 5 (16,631) - (16,631) (10,273) ---- ---- ---- ---- 11,041 (146,775) (135,734) 50,031 Exceptional interest payable and similar 5 - 5,705 5,705 (9,972) charges ---- ---- ---- ---- Profit/(loss) on ordinary activities before taxation 11,041 (141,070) (130,029) 40,059 Tax on ordinary activities (343) 35,916 35,573 17,733 ---- ----- ---- ---- Profit/(loss) on ordinary activities after taxation 10,698 (105,154) (94,456) 57,792 Equity minority interest 152 - 152 - ---- ---- ---- ---- Profit/(loss) for the financial year 10,850 (105,154) (94,304) 57,792 Dividend 7 (10,938) - (10,938) (10,209) ---- ---- ---- ---- Loss/(1998 retained profit) (88) (105,154) (105,242) 47,583 for the period ====== ====== ====== ====== Earnings per ordinary 8 7.4p (72.1p) (64.7p) 39.6p share All amounts above relate to continuing operations. There is no material difference between the profit/(loss) on ordinary activities before taxation and the retained profit/(loss) for the year stated above, and their historical cost equivalents. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES For the year ended 31 December 1999 1998 £'000 £'000 Profit/(loss) for the financial year after taxation (94,304) 57,792 Release of provision for potential additional consideration 18,919 - Exchange adjustments 467 253 ---- ---- Total recognised gains and losses for the financial year (74,918) 58,045 Prior year adjustment - (44,831) ---- ---- Total gains and losses recognised since last annual report (74,918) 13,214 ===== ===== BALANCE SHEETS As at 31 December Group Group Company Company 1999 1998 1999 1998 Notes £'000 £'000 £'000 £'000 Fixed assets Tangible assets 484,567 647,663 - - Investments - in associates - 1,041 - - - in subsidiaries - - 20,125 23,643 - other 79 - - - ---- ---- ---- ---- 484,646 648,704 20,125 23,643 Current assets Stocks 144,446 142,388 - - Debtors: amounts falling due 59,047 61,465 594,835 681,380 after one year Debtors: amounts falling due 109,921 170,157 371,535 301,660 within one year Cash at bank and in hand 10 35,906 51,197 16,918 37,696 ---- ---- ---- ---- 349,320 425,207 983,288 1,020,736 ---- ---- ---- ---- Total assets 833,966 1,073,911 1,003,413 1,044,379 ====== ====== ====== ====== Liabilities Capital and reserves Called up share capital 1,458 1,458 1,458 1,458 Share premium account 290,872 436,731 290,872 436,731 Special reserve account 18,919 - 191,847 45,988 Capital redemption reserve 257 257 257 257 Profit and loss account 42,845 1,761 81,503 150,360 ---- ---- ---- ---- Shareholders' funds, attributable to equity interests 9 354,351 440,207 565,937 634,794 Equity minority interest 920 - - - ---- ---- ---- ---- Capital employed 355,271 440,207 565,937 634,794 Provisions for liabilities and charges 10 279,765 345,544 - 23,602 Creditors: amounts falling due after More than one 23,139 45,191 - - year Creditors: amounts falling due within one year 175,791 242,969 437,476 385,983 ---- ---- ---- ---- 478,695 633,704 437,476 409,585 ---- ---- ---- ---- Total funds employed 833,966 1,073,911 1,003,413 1,044,379 ====== ====== ====== ====== CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 1999 1998 £'000 £'000 Operating activities Net cash inflow from continuing operating activities 84,751 96,087 Returns from investments and servicing of finance Interest paid (1,779) (691) Interest paid on hire purchase and finance leases (4,360) (6,516) Interest paid on discounted receivables (1,289) - Financing costs (2,025) - Interest received 3,959 5,821 ---- ---- Net cash outflow from returns on investments and servicing of finance (5,494) (1,386) Taxation (20,118) (17,549) Capital expenditure and financial investment Development expenditure capitalised (9,289) (6,638) Purchase of fixed assets (23,262) (33,249) Receipts from sale of fixed assets 1,723 1,802 ---- ---- (30,828) (38,085) Acquisitions and disposals Purchase of subsidiary undertakings (5,469) - Net cash acquired with subsidiary undertakings 2,361 - Purchase of shares in associate - (368) Overdraft disposed with sale of Blenkinsopp - 183 Collieries Sale of Blenkinsopp Collieries - (925) ---- ---- (3,108) (1,110) Equity dividends paid Dividends paid (10,176) (18,932) ---- ---- Cash inflow before use of liquid resources and 15,027 19,025 financing Management of liquid resources Decrease in short term deposits - - Net cash inflow before financing 15,027 19,025 Financing Net repayment on revolving credit facility (4,080) 35,000 Hire purchase and finance lease capital repaid (26,238) (26,517) ---- ---- Net cash inflow/(outflow) from financing (30,318) 8,483 ---- ---- Increase/(decrease) in cash (15,291) 27,508 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES For the year ended 31 December 1999 1998 £'000 £'000 Continuing Activities Operating profit/(loss) (122,975) 58,695 Depreciation on tangible fixed assets 63,519 83,349 Loss/(gain) on disposal of tangible fixed assets 6,904 (607) Loss on sale of Blenkinsopp collieries - 1,109 (Increase) in stocks (917) (9,202) Decrease/(increase) in debtors 88,354 (2,902) (Decrease)/increase in creditors (85,688) (34,355) Impairment in colliery values 135,554 - ---- ---- Net cash inflow from continuing operating 84,751 96,087 activities ===== ===== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT At 31 At 1 Other non December January Cash flow cash changes 1999 1999 £'000 £'000 £'000 £'000 Cash at bank 51,197 (15,291) - 35,906 Revolving credit facility (34,824) 4,080 1,670* (29,074) Hire purchase and finance leases (65,829) 26,238 - (39,591) ---- ---- ---- ---- (49,456) 15,027 1,670 (32,759) ===== ===== ===== ===== * FRS4 issue costs NOTES TO THE FINANCIAL STATEMENT For the year ended 31 December 1999 1. Accounting policies The financial statements have been prepared in accordance with applicable Accounting Standards in the United Kingdom. Basis of accounting The financial statements are prepared in accordance with the historical cost convention. Tangible fixed assets are stated at recoverable amounts. Long- term debtors and long-term provisions have been discounted to reflect their net present value. 2. Segmental and geographical analysis 1999 1998 £'000 £'000 Turnover Continuing operations: Coal sales - Deep Mines 521,429 650,297 Coal sales - Surface Mines 138,529 145,310 Opencast contract mining and associated activities 10,922 9,234 Manufactured fuel and combined heat and power 16,818 17,702 Acquisitions: Coal sales - Australia 11,551 - ---- ---- 699,249 822,543 ====== ====== Geographical Analysis by destination United Kingdom 683,010 814,712 European Community Countries 285 841 Rest of Europe 4,403 6,990 South East Asia 11,551 - ---- ---- 699,249 822,543 ====== ====== (Loss)/Profit before taxation Continuing operations: Coal sales - Deep Mines 12,489 25,690 Coal sales - Surface Mines 9,300 30,210 Surface Mines contract mining and associated activities 1,932 2,129 Manufactured fuel and combined heat and power (33) 666 Acquisitions: Coal sales - Australia 112 - ---- ---- Operating profit before exceptional items 23,800 58,695 Loss on dilution of interest on deemed disposal of investment - (644) Share of loss of associate (21) (115) Impairment in value of investment - (3,404) Net Interest payable (12,738) (4,501) Exceptional items (141,070) (9,972) ---- ---- (Loss)/profit before taxation (130,029) 40,059 ====== ====== Net assets Continuing operations: Deep Mines 313,794 408,160 Surface Mines 64,753 75,609 Surface Mines contract mining and associated activities 25,452 48,974 Manfuactued fuel and Combined Heat and Power 6,935 12,552 Australia 19,598 1,399 ---- ---- 430,532 546,694 Unallocated net liabilities: Dividend payable (6,596) (5,834) Debt and finance leases (68,665) (100,653) ---- ---- 355,271 440,207 ===== ===== Continuing Acquisitions 1999 1998 £'000 £'000 £'000 £'000 Turnover 687,698 11,551 699,249 822,543 Cost of sales (644,121) (11,306) (655,427) (744,134) ---- ---- ---- ---- 43,577 245 43,822 78,409 Other operating income and expenses (19,889) (133) (20,022) (19,714) ---- ---- ---- ---- 23,688 112 23,800 58,695 All net assets, other than £16.242 million invested in Australia (1998: £1.399 million) were located in the UK. 3. Other operating income and expenses 1999 1998 £'000 £'000 Administrative expenses 20,729 22,653 Other operating income (707) (2,939) ---- ---- Other operating income and expenses 20,022 19,714 ===== ===== Due to the nature of the Group's business, distribution expenses are treated as a part of cost of sales. 4. Interest receivable and similar income 1999 1998 £'000 £'000 Interest receivable from short-term deposits 3,893 5,686 Other - discounting of long-term receivables - 86 ---- ---- 3,893 5,772 ===== ===== 5. Interest payable and similar charges 1999 1998 Before exceptional items £'000 £'000 On bank loans, overdrafts and other loans: Repayable within 5 years 1,775 689 Amortisation of loan issue costs (FRS4) 355 88 On finance leases and hire purchase, repayable within 5 years 3,118 5,335 On finance leases and hire purchase, repayable after 5 years 903 988 Other - discounting of long term 45 - receivables - discounting of other 1,289 - receivables - unwinding of discount on 9,146 3,173 provisions ---- ---- 16,631 10,273 ====== ====== Exceptional items Interest payable to Inland Revenue 985 3,282 Interest provision for potential (6,690) 6,690 additional consideration ---- ---- (5,705) 9,972 ====== ====== Interest payable to Inland Revenue has been estimated on the basis of progress towards agreement of tax liabilities for earlier years. 6. Profit/(loss) on ordinary activities before taxation 1999 1998 £'000 £'000 Profit/(loss) on ordinary activities before taxation is stated after crediting: Rent receivable 2,300 2,200 (Loss)/profit on disposal of tangible fixed assets - plant and equipment (6,891) 462 - land, building and mineral rights (13) 145 And after charging: Depreciation 48,594 63,098 Depreciation for assets held under hire purchase and finance leases 14,925 20,251 Auditors' remuneration (Company £50,000, 301 345 1998: £50,000) 7. Dividends 1999 1999 1998 1998 per share £'000 per share £'000 Interim 3.0p 4,375 3.0p 4,375 Final 4.5p 6,563 4.0p 5,834 ---- ---- ---- ---- 7.5p 10,938 7.0p 10,209 ====== ====== ====== ====== The number of shares in issue at 31 December 1999 was 145,847,273 Subject to approval at the AGM, the final dividend of 4.5p pre share will be paid on 23rd May 2000 to shareholders on the register at 25th April 2000. The total dividend for the year is 7.5p per share. The total cost of dividends is £10.9 million (1998: £10.2 million). 8. Earnings per share Earnings per share have been based on the weighted average number of shares in issue and ranking for dividend, being 145,847,273 (1998: 145,847,273) and on the profit/(loss) after taxation. There is no difference between basic and diluted earnings per share. 9. Reconciliation of movements in shareholders' funds Group Group Company Company 1999 1998 1999 1998 £'000 £'000 £'000 £'000 (Loss)/profit for the financial year (94,304) 57,792 (57,919) (137,428) Dividends (10,938) (10,209) (10,938) (10,209) Goodwill written off - (18,453) - - Exchange differences 467 253 - - Release of provision for potential additional consideration 18,919 - - - ---- ---- ---- ---- Movement in shareholders' (85,856) 29,383 (68,857) (147,637) funds Opening shareholders' funds 440,207 410,824 634,794 782,431 ---- ---- ---- ---- Closing shareholders' funds 354,351 440,207 565,937 634,794 ====== ====== ====== ====== 10. Provisions for liabilities and charges As at 1 At 31 January Created Released Utilised Unwinding December 1999 in year In year in year of 1999 Group £'000 £'000 £'000 £'000 discount £'000 £'000 Employer and public liabilities 23,720 8,458 - (6,415) 1,214 26,977 Surface damage 53,654 5,285 (6,900) (8,838) 1,609 44,810 Concessionary fuel 29,057 62 (833) (985) 1,873 29,174 Claims 12,808 3,446 - (8,191) - 8,063 Restoration & closure costs - surface mines 96,767 1,931 (818) (11,265) 2,910 89,525 Restoration & closure costs deep mines - 37,723 2,019 (2,954) (1,232) 892 36,448 Shaft treatment and pit top Spoil heaps 11,497 - - - 345 11,842 Pumping costs 12,464 2,391 - - - 14,855 Redundancy - 3,882 - - - 3,882 Ground/ groundwater contamination 10,100 - - - 303 10,403 Gas plant decommissioning 269 - - (40) - 229 Provision for potential additional consideration 25,609 - (25,609) - - - ----- ---- ---- ---- ---- ---- 313,668 27,474 (37,114) (36,966) 9,146 276,208 ---- ---- ---- ---- ---- ---- Deferred 31,876 3,152 (31,471) 0 - 3,557 taxation ---- ---- ---- ---- ---- ---- 345,544 30,626 (68,585) (36,966) 9,146 279,765 ===== ===== ===== ====== ===== ===== 11. Cash at bank and in hand Of the Group's cash holdings at 31st December 1999, £32.8 million (1998: £27.9 million) was deposited in bank accounts designated to be used specifically in relation to the Group's insurance arrangements. 12. Report under S240 Companies Act 1985 The figures and financial information for the years ended 31 December 1998 and 1999 do not constitute the statutory financial statements for those years. The financial statements for the year ended 31 December 1998 have been delivered to the Registrar of Companies and included the auditor's report which was unqualified and did not contain a statement under either Section 237(2) or 237(3) of the Companies Act 1985. The financial statements for the year ended 31 December 1999 have not yet been delivered to the Registrar of Companies, although the auditors have reported on them. Their report was unqualified. Their report did not contain a statement under either Section 237(2) or 237(3) of the Companies Act 1985.

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