1/5: HSBC Holdings 2002 (1/3)
HSBC Holdings PLC
03 March 2003
HSBC Holdings PLC
2002 FINAL RESULTS - HIGHLIGHTS
* Operating income up 2.7 per cent to US$26,595 million (US$25,888 million in
2001).
On a cash basis (excluding goodwill amortisation):
* Operating profit before provisions up 3.2 per cent to US$11,641 million
(US$11,283 million in 2001).
* Group pre-tax profit up 19.4 per cent to US$10,513 million (US$8,807 million
in 2001).
* Attributable profit up 22.5 per cent to US$7,102 million (US$5,799 million in
2001).
* Return on invested capital of 12.8 per cent (11.2 per cent in 2001).
* Cash earnings per share US$0.76 (US$0.63 in 2001).
On a reported basis (after goodwill amortisation):
* Operating profit before provisions up 2.9 per cent to US$10,787 million
(US$10,484 million in 2001).
* Group pre-tax profit up 20.6 per cent to US$9,650 million (US$8,000 million in
2001).
* Attributable profit up 25.0 per cent to US$6,239 million (US$4,992 million in
2001).
* Return on average shareholders' funds of 12.3 per cent (10.4 per cent in
2001).
* Basic earnings per share US$0.67 (US$0.54 in 2001).
Dividend and capital position:
* Second interim dividend of US$0.325 per share; total dividend for 2002 of
US$0.53 per share, an increase of 10.4 per cent over 2001.
* Tier 1 capital ratio of 9.0 per cent; total capital ratio of 13.3 per cent
(2001: tier 1 capital ratio of 9.0 per cent and total capital ratio of 13.0 per
cent).
The figures for 2001 have been restated to reflect the adoption of UK Financial
Reporting Standard 19 'Deferred Tax', details of which are set out in Note 1 on
page 15.
HSBC HOLDINGS REPORTS PRE-TAX PROFIT OF US$9,650 MILLION
HSBC made a profit on ordinary activities before tax of US$9,650 million in
2002, an increase of US$1,650 million, or 21 per cent, compared with 2001. On a
cash basis, profit before tax increased by US$1,706 million, or 19 per cent,
compared with 2001.
The Directors have declared a second interim dividend for 2002 of US$0.325 per
ordinary share (in lieu of a final dividend) which, together with the first
interim dividend of US$0.205 already paid, will make a total distribution for
the year of US$0.53 per share (US$0.48 per share in 2001), an increase of 10.4
per cent. The dividend will be payable on 6 May 2003.
Net interest income of US$15,460 million in 2002 was US$735 million, or 5 per
cent, higher than 2001. Net interest income in Europe and North America was
higher than in 2001 mainly reflecting the growth in average interest-earning
assets and the benefits of lower funding costs. In addition, GF Bital
contributed US$85 million of net interest income to the North American region.
Net interest income in South America was lower than in 2001 as HSBC reduced the
level of local debt securities in Brazil and in Argentina narrower spreads and
the costs associated with the funding of the non-performing loan portfolio
resulted in a net interest cost in 2002.
Other operating income of US$11,135 million was in line with 2001 as growth in
wealth management income was offset by falls in securities-related fee and
commission income.
Operating expenses, excluding goodwill amortisation, were US$349 million, or 2
per cent, higher than 2001 reflecting the cost structures of new acquisitions,
investment in the expanding wealth management business and costs associated with
the enhancement of business processes. HSBC's cost : income ratio, excluding
goodwill amortisation, improved to 56.2 per cent compared with 56.4 per cent in
2001.
The charge for bad and doubtful debts was US$1,321 million in 2002, which was
US$716 million lower than in 2001. Last year's charge included a US$600 million
provision for Argentine exposure.
Other charges of US$107 million in 2002 were US$1,062 million, 91 per cent lower
than in 2001. The 2001 charges included the loss of US$520 million arising from
the foreign currency redenomination in Argentina and a charge of US$575 million
in respect of the Princeton Note Matter. The 2002 charge includes a US$68
million charge in respect of losses in Argentina arising from judicial orders or
'amparos' allowing certain depositors to circumvent the mandatory pesification
rules and recover their historical US dollar deposits at current exchange rates.
Gains on disposal of investments of US$532 million included profit on the sales
of CCF's stake in Lixxbail to its joint venture partner and HSBC's 6.99 per cent
stake in Banco Santiago S.A. In addition, disposal gains of US$170 million were
realised from sales of investment debt securities to adjust to changes in
interest rate conditions.
The tier 1 capital and total capital ratios for the Group remained strong at 9.0
per cent and 13.3 per cent, respectively, at 31 December 2002.
The Group's total assets at 31 December 2002 were US$759 billion, an increase of
US$63 billion, or 9 per cent, since 31 December 2001.
Geographical distribution of results
Year ended Year ended^
Figures in US$m 31Dec02 31Dec01
Profit/(loss) before tax - cash basis
% %
Europe 4,160 39.5 4,182 47.5
Hong Kong 3,710 35.3 3,883 44.1
Rest of Asia-Pacific 1,293 12.3 1,096 12.4
North America^^ 1,384 13.2 648 7.4
South America^^ (34 ) (0.3 ) (1,002 ) (11.4 )
10,513 100.0 8,807 100.0
Goodwill amortisation (863 ) (807 )
Group profit before tax 9,650 8,000
Tax on profit on ordinary activities (2,534 ) (1,988 )
Profit on ordinary activities after tax 7,116 6,012
Minority interests (877 ) (1,020 )
Profit attributable 6,239 4,992
Profit attributable - cash basis 7,102 5,799
Distribution of results by line of business
Year ended Year ended^^^
Figures in US$m 31Dec02 31Dec01
Profit/(loss) before tax - cash basis
% %
Personal Financial Services 3,543 33.7 3,457 39.3
Commercial Banking 3,034 28.8 2,385 27.1
Corporate, Investment Banking
and Markets 3,717 35.4 4,033 45.8
Private Banking 420 4.0 456 5.2
Other (201 ) (1.9 ) (1,524 ) (17.4 )
Group profit before tax - cash basis 10,513 100.0 8,807 100.0
Goodwill amortisation (863 ) (807 )
Group profit before tax 9,650 8,000
^ Figures for 2001 have been restated to reflect the adoption of UK Financial
Reporting Standard 19 'Deferred Tax', details of which are in Note 1 on page 15.
^^ Figures for 2001 have been restated to reflect a reclassification of
Panama and Mexico to North America, from South America (formerly Latin America).
^^^ The figures for 2001 have been restated to reflect a reclassification
of US domestic private banking business previously included within the Personal
Financial Services segment and HSBC Select previously included within other.
Comment by Sir John Bond, Group Chairman
Against a background of difficult conditions in most of the world's economies,
HSBC achieved a solid set of results in 2002. Our performance reflected the
resilience of our local businesses and our ability to generate reasonable
returns in them. In spite of the global economic downturn the strength of HSBC
enabled us to grow our operating income and to take opportunities to lay the
foundations for our future. I thank my talented colleagues whose hard work and
dedication have made this superior performance possible.
In a testing year for the financial services industry we added revenues in
excess of US$700 million, more than twice our incremental costs. Our credit
experience was better than last year, even adjusting for the exceptional events
in Argentina in 2001. Credit costs absorbed 12 per cent of our operating profit
before provisions, an improvement compared to 14 per cent last year.
Profit attributable to shareholders of US$6,239 million was 25 per cent higher
than that achieved in 2001 which bore the exceptional costs of the Argentine
situation and the Princeton Note matter.
The improvement in our operating profit before provisions, a key measure of
underlying performance, was partly driven by strong growth in our commercial
banking business. It also reflected encouraging progress in personal financial
services and the success we have had in broadening our relationships with our
customers despite the difficult market for investment products. Customer
satisfaction with, and trust in, HSBC's services continued to grow. In the UK,
for example, First Direct was the most recommended bank and has the country's
most satisfied customers for the 11th year running.
We now have 36 million personal customers around the world with more than 4.3
million registered for e-banking services. HSBC Premier, our service for our
most valuable clients, was launched in a further six countries bringing the
total to 29, the number of Premier centres to over 200 and the number of Premier
customers to 632,000.
Responding to personal customer needs, we generated record sales of capital
protected investment products, particularly in Hong Kong and in the rest of
Asia. We also achieved record volumes of activity in mortgage banking, notably
in the UK and the US. We grew insurance sales by 16 per cent. We continued to
attract increasing volumes of lower cost retail balances as customers preferred
liquid cash deposits to longer term savings products. This was a particular
strength of our retail networks in France.
As equity markets slumped the demand from personal customers for equity products
diminished significantly. However, interest rates were held low to stimulate
consumption and we achieved strong growth in personal lending across all our
major markets. We continued to increase the number of credit cards in issue
bringing the total to almost 14 million worldwide and added 1.3 million store
cards through the acquisition of Benkar in Turkey. Credit charges on personal
lending remained in line with both history and expectations, as affordability
and employment levels remained stable.
In contrast, lending to the corporate sector remained subdued in difficult
market conditions. In aggregate, outstanding balances were held in line with
last year. Although credit costs grew significantly in Corporate Banking to
US$184 million, the conservative and conventional positioning of our portfolio
has protected HSBC from the marked deterioration seen in certain industries.
The Group's debt capital markets business had a record year, achieving its
highest ever ranking in European league tables to complement its leadership
position in Hong Kong and in much of the rest of Asia. Revenues in this business
grew by US$40 million or 30 per cent and reflected continuing benefits from
close co-operation between different parts of HSBC. The strong links between our
teams in London, Paris and Dusseldorf for European distribution continue to
provide a competitive advantage. International teamwork was also evident in our
corporate finance business which had a strong year including leading Europe's
largest IPO 'Autoroutes du Sud de la France' and winning 10 mandates in mainland
China as adviser or manager. This business has also made an encouraging start to
2003.
Our treasury operations continued to perform well. In 2002 we retained our
leading position for Treasury and Capital Markets services in Asia and Europe.
For the fifth consecutive year, we achieved the "Best at Treasury and Risk
Management in Asia" Euromoney award for excellence.
The institutional equities business had a disappointing year as market revenues
declined. However, the actions taken since the end of 2001 to keep costs more in
line with revenue opportunities, resulted in a lower attributable loss.
Trading in debt securities across all major regions suffered as concerns about a
slowdown in global economic growth and the impact of corporate scandals in the
US widened credit spreads on corporate debt securities.
Argentina
The impact of the end of convertibility of the Argentine currency on a one for
one basis with the US dollar, and the asymmetrical conversion of banks' balance
sheets to pesos, has had a dramatic effect on the economic and social
environment in Argentina. During 2002 the economy contracted over 11 per cent
and consumer price inflation reached 41 per cent. The official rate of
unemployment rose to almost 18 per cent.
Liquidity conditions in the banking sector were troubled during most of the
year. Through the mechanism of "amparos", many depositors were able to obtain
court orders for repayment of historically US dollar denominated deposits at
current exchange rates, rather than the rate at which these deposits had been
"pesified" by the Argentine Government. This further asymmetry cost HSBC
Argentina US$68 million in 2002. Together with the burden of funding a largely
non performing asset book, this contributed to our operations in Argentina
suffering a loss of US$245 million in 2002. Of our Argentine bank's assets, 71
per cent are government obligations.
The HSBC Group's total assets in Argentina have shrunk to the equivalent of
US$1.6 billion, partly through actions taken to minimise risk exposure and also
through the impact of exchange translation; this represents 0.2 per cent of
total Group assets. Improvement in the situation in Argentina depends heavily on
the government's ability to restore stability internally and credibility
externally.
Acquisitions
Our experience in the current subdued economic environment has reinforced the
importance of growing the number of customers we reach geographically and
extending the product coverage of HSBC. During the course of 2002 we were able
to take advantage of some important new opportunities as well as to complement a
number of our existing businesses through acquisition.
We believe that China is on course to become one of the world's leading
economies. Our ambition is to be the leading international financial services
organisation in China. Recognising the huge reach of domestic organisations, we
see strong potential in partnership relationships. We were delighted to conclude
an agreement to take a 10 per cent equity interest in Ping An Insurance at a
cost of US$600 million. Ping An is China's second largest life assurer reaching
over 27 million policy holders through more than 210,000 sales agents.
Also, we completed the acquisition of Keppel Insurance Pte Limited in February
this year for a consideration of approximately US$88 million. Keppel is a
leading insurance business in Singapore specialising in general life and Islamic
insurance and through its acquisition HSBC will be able to expand an existing
business in a country where we have a long history.
In November we completed the acquisition of GF Bital in Mexico for US$1.1
billion. In December, as planned, we injected US$800 million to recapitalise GF
Bital. The importance of Mexico as a manufacturing base for US companies, the
substantial remittance business flowing between the US and Mexico and the
growing demographic importance of the Hispanic community in the US all supported
the business case to grow our business in Mexico. GF Bital brings to the Group 6
million customers, 1,400 branches and a prominent position in the savings
industry in Mexico.
In August we expanded our operations in Turkey through the acquisition of
Benkar, a leading store card issuer, for up to US$75 million. The business is
being integrated into HSBC's banking operations in Turkey which were
significantly enlarged in 2001 through the acquisition of Demirbank.
Later in 2002 we had talks with the management of Household International, Inc.
in the US about a possible combination of our two businesses. This led to a
joint announcement on 14 November last year of an agreement for HSBC to acquire
Household, issuing HSBC shares in exchange for Household common stock. Based on
our share price at the time this valued Household at US$ 14.2 billion.
Shareholders of both companies will be asked to approve the transaction in late
March. It is also subject to various regulatory approvals and, subject to
obtaining these, we expect to complete the transaction at the end of March. This
will bring together one of the world's most successful deposit gatherers and one
of the world's largest consumer asset generators. It is an extremely good match.
We see a growing number of areas where the technology and marketing skills of
Household, combined with the customer and geographic profile of HSBC, will
generate valuable business opportunities. It is expected that the acquisition
will be accretive in the first year. The successful integration of Household
into HSBC will be our primary objective this year.
Pensions
During the last 12 months there has been a growing understanding in the UK and
elsewhere about the financial risks inherent in the provision of company
pensions. In part this has been prompted by the fall in the equity markets but,
more profoundly, by recognition of the effects of greater longevity. We welcome
the enhanced accounting disclosures in FRS 17, which shed more light on the
financial position of company pension schemes.
HSBC attaches the greatest importance to providing appropriate and secure
pension arrangements for its staff but also to balancing the burdens which
successive generations will have to bear for those who preceded them. In this
regard in 1996 we closed our largest defined benefit pension scheme to new
members with all new employees being offered membership of a defined
contribution scheme. In making our decision we took into account a number of
factors including changing demographics which underline the fact that the cost
to shareholders of defined benefit schemes are unquantifiable but increasing.
Although this issue is critical there is time to address the problem. Even
before employer's contributions, the investment income generated by our largest
scheme in the UK covered more than 90 per cent of the pensions payable from it.
Nevertheless, in 2003 we have made a substantial incremental contribution of
£500 million to that scheme in order to recognise the changing demographics and
investment returns. This is a clear recognition of our responsibilities. HSBC
has the financial strength and the resolve to fulfil all its obligations.
Outlook
In common with the last two years, prospects for 2003 are hard to predict. The
beginning of the year has been characterised by a high degree of economic
uncertainty. This has been compounded by political uncertainty about
developments in the Middle East. So far during the economic and stock market
downturn consumers and small business customers have proved surprisingly
resilient. Policy initiatives to maintain economic activity through low interest
rates and fiscal stimulus have been effective. Although equity markets have
fallen, property markets have supported consumer confidence and have attracted
savings and investment flows.
However, this cannot be a long term solution for repairing world economic growth
prospects. Overcapacity still burdens many of the world's industries, leading to
corporate activity focused on rationalisation rather than expansion. It is a
period of cost reduction rather than revenue growth. Demand for investment
funding remains very modest. Pension provision and, in the US, retirement health
benefits obligations entered into by companies during a more benign economic
climate, are likely to place a severe strain on future corporate profits.
Employment levels remain a key factor in economic recovery.
During the current uncertainties, HSBC's policy of financial strength and its
earning power are competitive advantages. The acquisitions announced last year
will improve our geographical balance. They should also reduce risks within our
financial framework by increasing the proportion of earnings from the personal
sector which, long term, has more predictable revenue and cost characteristics.
We remain well positioned to seek growth opportunities worldwide with few
geographic or product constraints. The benefits derived from the breadth and
capital generating strength of the HSBC Group's core domestic franchises
continue to support resilient operating performance, including into the current
year to date.
Recognising the underlying strengths of HSBC the Board has approved a second
interim dividend of US$0.325 taking the dividends for the year to US$0.53, an
increase of 10.4 per cent over last year. Additionally, acknowledging the
increasing importance of dividend flows to our shareholders the Board has
determined to move to a programme of quarterly dividends beginning with
dividends in respect of the second half of 2003. It is envisaged that the first
such quarterly dividend will be paid in January 2004. Further details of these
proposals will be announced in due course.
Financial overview
2001^^^^ Year ended 31 December 2002
US$m US$m £m HK$m
For the year
Cash basis^
8,807 Profit before tax 10,513 7,002 81,991
5,799 Profit attributable 7,102 4,730 55,388
Reported basis
8,000 Profit before tax 9,650 6,427 75,261
4,992 Profit attributable 6,239 4,155 48,658
4,467 Dividends 5,001 3,331 39,003
At year-end
46,388 Shareholders' funds 52,406 32,492 408,662
50,854 Capital resources 57,430 35,607 447,839
503,631 Customer accounts and deposits by banks 548,371 339,991 4,276,196
696,245 Total assets 759,246 470,733 5,920,600
391,478 Risk-weighted assets 430,551 266,942 3,357,437
US$ Per share US$ £ HK$
0.63 Cash earnings 0.76 0.51 5.93
0.54 Basic earnings 0.67 0.45 5.23
0.53 Diluted earnings 0.66 0.44 5.15
0.48 Dividends^^ 0.53 0.33 4.13
4.96 Net asset value 5.53 3.43 43.12
Share information
9,355 m US$0.50 ordinary shares in issue 9,481m
US$109 bn Market capitalisation US$105bn
£8.06 Closing market price per share £6.87
Total shareholder return against HSBC Benchmark
peer index^^^
- over 1 year 89 76
- since 1 January 1999 155 95
^ Cash based measurements are after excluding the impact of goodwill
amortisation.
^^ The second interim dividend of US$0.325 per share is translated at the
closing rate on 31 December 2002 (see note 15 on page 29). Where required, this
dividend will be converted into sterling or Hong Kong dollars at the exchange
rates on 28 April 2003 (see note 2 on page 16).
^^^ Total shareholder return (TSR) is as defined in the Annual Report and
Accounts 2002. HSBC's governing objective is to beat the TSR of its defined
benchmark, with a minimum objective to achieve double TSR over five years from 1
January 1999.
^^^^The figures for 2001, excluding risk-weighted assets have been
restated to reflect the adoption of UK Financial Reporting Standard 19 'Deferred
Tax', details of which are set out in Note 1 on page 15.
2001^^^^ Year ended 31Dec 2002
Performance ratios (%)
On a cash basis^
11.2 Return on invested capital^^ 12.8
17.4 Return on net tangible equity^^^ 19.8
1.00 Post-tax return on average tangible assets 1.11
1.76 Post-tax return on average risk-weighted assets 1.95
On a reported basis
10.4 Return on average shareholders' funds 12.3
0.86 Post-tax return on average assets 0.97
1.55 Post-tax return on average risk-weighted assets 1.74
Efficiency and revenue mix ratios
56.4 Cost:income ratio (excluding goodwill amortisation) 56.2
As a percentage of total operating income:
56.9 - net interest income 58.1
43.1 - other operating income 41.9
28.9 - net fees and commissions 29.4
6.5 - dealing profits 4.9
Capital ratios
9.0 - tier 1 capital 9.0
13.0 - total capital 13.3
^ Cash based measurements are after excluding the impact of goodwill
amortisation.
^^ Return on invested capital is based on cash-based attributable profit
adjusted for depreciation attributable to revaluation surpluses. Average
invested capital is measured as shareholders' funds after adding back goodwill
amortised and goodwill previously written-off directly to reserves and deducting
property revaluation reserves. This measure broadly reflects invested capital.
^^^Cash basis attributable profit divided by average shareholders' funds
after deduction of average purchased goodwill.
^^^^The figures for 2001 have been restated to reflect the adoption of
UK Financial Reporting Standard 19 'Deferred Tax', details of which are set out
in Note 1 on page 15.
Within this document, the Hong Kong Special Administrative Region of the
People's Republic of China has been referred to as 'Hong Kong'.
Consolidated Profit and Loss Account
31Dec01 ^ Year ended 31Dec02
US$m US$m £m HK$m
35,261 Interest receivable 28,595 19,044 223,012
(20,536 ) Interest payable (13,135 ) (8,748 ) (102,440 )
14,725 Net interest income 15,460 10,296 120,572
11,163 Other operating income 11,135 7,416 86,842
25,888 Operating income 26,595 17,712 207,414
(14,605 ) Operating expenses excluding goodwill (14,954 ) (9,959 ) (116,626 )
(799 ) Goodwill amortisation (854 ) (569 ) (6,660 )
Operating profit before
10,484 provisions 10,787 7,184 84,128
(2,037 ) Provisions for bad and doubtful debts (1,321 ) (880 ) (10,303 )
Provisions for contingent
(649 ) liabilities and commitments (39 ) (26 ) (304 )
Loss from foreign currency
(520 ) redenomination in Argentina (68 ) (45 ) (530 )
Amounts written off fixed
(125 ) asset investments (324 ) (216 ) (2,527 )
7,153 Operating profit 9,035 6,017 70,464
(91 ) Share of operating loss in joint (28 ) (18 ) (218 )
ventures
164 Share of operating profit in 135 90 1,053
associates
Gains/(losses) on disposal of:
754 - investments 532 354 4,149
20 - tangible fixed assets (24 ) (16 ) (187 )
Profit on ordinary activities before
8,000 tax 9,650 6,427 75,261
(1,988 ) Tax on profit on ordinary activities (2,534 ) (1,688 ) (19,763 )
6,012 Profit on ordinary activities after 7,116 4,739 55,498
tax
Minority interests:
(579 ) - equity (505 ) (336 ) (3,939 )
(441 ) - non-equity (372 ) (248 ) (2,901 )
4,992 Profit attributable to shareholders 6,239 4,155 48,658
(4,467 ) Dividends (5,001 ) (3,331 ) (39,003 )
525 Retained profit for the year 1,238 824 9,655
^ The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1 on page 15.
Consolidated Balance Sheet
At
31Dec01 ^ At 31Dec02
US$m US$m £m HK$m
ASSETS
6,185 Cash and balances at central banks 7,659 4,749 59,725
Items in the course of collection
5,775 from other banks 5,651 3,504 44,066
17,971 Treasury bills and other eligible bills 18,141 11,247 141,463
Hong Kong SAR Government
8,637 certificates of indebtedness 9,445 5,856 73,654
104,641 Loans and advances to banks 95,496 59,207 744,678
308,649 Loans and advances to customers 352,344 218,453 2,747,578
160,579 Debt securities 175,730 108,953 1,370,343
8,057 Equity shares 8,213 5,092 64,045
292 Interests in joint ventures 190 118 1,482
1,056 Interests in associates 1,116 692 8,703
120 Other participating interests 651 404 5,076
14,564 Intangible fixed assets 17,163 10,641 133,837
13,521 Tangible fixed assets 14,181 8,792 110,583
38,632 Other assets 45,884 28,448 357,802
7,566 Prepayments and accrued income 7,382 4,577 57,565
696,245 Total assets 759,246 470,733 5,920,600
LIABILITIES
Hong Kong SAR currency
8,637 notes in circulation 9,445 5,856 73,654
53,640 Deposits by banks 52,933 32,819 412,771
449,991 Customer accounts 495,438 307,172 3,863,425
Items in the course of transmission to
3,798 other banks 4,634 2,873 36,136
27,098 Debt securities in issue 34,965 21,678 272,657
72,623 Other liabilities 72,090 44,696 562,157
7,149 Accruals and deferred income 7,574 4,696 59,062
Provisions for liabilities and charges
1,057 - deferred taxation 1,154 715 8,991
3,883 - other provisions 3,683 2,284 28,728
Subordinated liabilities
3,479 - undated loan capital 3,540 2,195 27,605
12,001 - dated loan capital 14,831 9,195 115,652
Minority interests
2,210 - equity 2,122 1,315 16,547
4,291 - non-equity 4,431 2,747 34,553
4,678 Called up share capital 4,741 2,940 36,970
41,710 Reserves 47,665 29,552 371,692
46,388 Shareholders' funds 52,406 32,492 408,662
696,245 Total liabilities 759,246 470,733 5,920,600
^ The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1 on page 15.
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