Interim Results

Retail Stores PLC 27 March 2002 EMBARGOED FOR RELEASE AT 7AM 27th March 2002 RETAIL STORES PLC: PRELIMINARY RESULTS FOR 6 MONTHS TO 31st DECEMBER 2001 Highlights Retail Stores Plc was formed in April 2000 with the express purpose of acquiring the department store group Liberty Plc. Retail Stores Plc is 68% owned by Marylebone Warwick Balfour Group Plc. - The Â£9m redevelopment of 17,000 sq ft of Regent House opened on 9th March 2002 both on time and on budget. - Post-tax loss before exceptional items of Â£2m in comparison to last year's loss of Â£2.5m. - Management team strengthened. - Business transformation programme is on track. 'Considerable progress has been made during the course of the last six months in laying the foundations necessary to rebuild the business. 'The simplification of the business into the core activities of retailing and fabric wholesaling is already yielding substantial cost savings. Inevitably, the sales turnover was impacted by the temporary closure of the Regent House part of the London store, and in line with many other London-based tourist businesses, there was a substantial reduction in sales in the aftermath of September 11th. 'However, with sales now recovered to pre-September levels and the opening of the refurbished Regent House on March 9th, 2002, the focus is now on taking steps to regenerate the turnover levels of the business.' Richard Balfour-Lynn, Chairman. . Contact: Retail Stores Plc Tel: 020 7734 1234 Fiona Harrison, Chief Executive Nick Mather, Director of Finance Baron Phillips Associates Tel: 020 7397 8932 Baron Phillips CHAIRMAN'S STATEMENT for the six months ended 31st December 2001 Considerable progress has been made during the course of the last six months in laying the foundations necessary to rebuild the business. The simplification of the business into the core activities of retailing and fabric wholesaling is already yielding substantial cost savings. Inevitably, turnover was impacted by the temporary closure of the Regent House part of the London store, and in line with many other London-based tourist businesses, there was a substantial reduction in sales following the aftermath of September 11th. However, with sales now recovered to pre-September levels and the opening of the refurbished Regent House on March 9th, 2002, the focus is now on taking steps to regenerate the turnover levels of the business. Trading Performance Turnover for the six month period was Â£22.6m compared with Â£28.3m last year. This 20% fall was despite the London store trading from 27% less space, primarily as a result of the temporary closure of the Regent House part of the store. In addition, the London store and outlets at Heathrow were substantially affected by the drop in tourists to London after September 11th. Margins were impacted by the decision to relieve the business of substantial old and excess stocks which were acquired with the business the prior year. Much progress has been made in reducing costs with the financial benefits of decisions taken earlier in the calendar year to exit non-core activities reflected in the latest accounts. Overall, costs have reduced from Â£14.8m to Â£10.8m. Operating losses before exceptional items have been reduced to Â£0.7m, which compares favourably to last year's loss of Â£2.2m. Transforming the Business The key activities being undertaken within the business were signalled at the year-end (year to June 2001). All of these initiatives are on track. Flagship Store Refurbishment The priority now is to transform the London flagship into a modern retail environment and establish Liberty as London's leading store for affluent and discerning shoppers with an individual sense of style. Phase 1 of the reinvention programme - a Â£9m investment in 17,000 sq ft of retail space in the Regent Street section of the store - opened on March 9th, on time and on budget. The refurbished store features a new cosmetics and fragrance department on the ground floor, ladies shoes and lingerie on the first floor and menswear plus Arthur's cafe/bar on the lower ground floor. Circulation from Regent Street to the Tudor building has been enhanced with new escalators and improved links. Systems The Â£1.5m investment in a new integrated IT system proceeds to plan with the new finance system installed in February and new retail tills coming on line this month. The installation of the remainder of the system will be completed during the year. Management The strengthening of the management team has continued. Following the appointment of John Ball as Retail Managing Director, the retail team is now well placed to drive retail turnover and margins through improved product mix and service levels. Nick Mather joined in December as Finance and Administration Director so completing an experienced team to drive performance improvement. Balance Sheet We commissioned an independent valuation of our global brand, which resulted in a reduction in its carrying value from Â£29.6m to Â£18.2m reflecting the generally tougher retailing climate. The net asset value of Retail Stores is Â£54.3m against Â£71.7m at 30th June 2001. Outlook Sales in the flagship store have recovered to pre-September 11th levels and the performance of the refurbished Regent House is on plan. Our wholesale fabric business also trades in line with internal expectations. The outcome for the year will be determined by the continued success of Regent House and further recovery of the London tourist trade. Richard Balfour-Lynn EXECUTIVE CHAIRMAN London 27th March 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months ended 31st December 2001 Six months ended 31st December 2001 Six months Year ended ended Before Exceptional 31st December 2000 30th June exceptional items (Restated) 2001 items (Note 6) Total Notes Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Turnover 1 22,564 - 22,564 28,350 52,488 Cost of sales (14,359) (11,377) (25,736) (17,527) (31,652) ------------ ------------ ---------- ------------ ----------- Gross profit 8,205 (11,377) (3,172) 10,823 20,836 Distribution costs (10,101) - (10,101) (12,973) (26,081) Administrative expenses (685) - (685) (1,786) (3,138) Other operating income 1,865 - 1,865 1,775 3,442 ------------ ----------- ----------- ------------ ----------- Operating loss (716) (11,377) (12,093) (2,161) (4,941) Profit on disposal of - - - 1,990 1,990 fixed asset Interest payable 2 (1,035) - (1,035) (152) (1,378) ------------ ----------- ----------- ----------- ----------- Loss on ordinary activities before taxation (1,751) (11,377) (13,128) (323) (4,329) Tax on loss on ordinary 3 (266) - (266) (223) (626) activities ------------ ----------- ---------- ----------- ----------- Loss on ordinary activities after taxation (2,017) (11,377) (13,394) (546) (4,955) Equity minority 13 (73) - (73) (114) (526) interests ------------ ----------- ----------- ----------- ---------- Retained loss for the 4 (2,090) (11,377) (13,467) (660) (5,481) period ====== ====== ====== ====== ====== Loss per share 5 (9.3p) (50.3p) (59.6p) (4.3p) (24.4p) ====== ====== ====== ====== ====== All operations are continuing. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the six months ended 31st December 2001 Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 Loss for the financial period - before exceptional items (2,090) (660) (5,481) - exceptional items (11,377) - - Unrealised (deficit)/surplus on revaluation of fixtures, fittings and properties (3,855) - 7,445 Currency translation differences on foreign currency net investments (116) (84) (168) Other movements 42 - - ------------- ------------- ------------- Total recognised gains and losses for the period (17,396) (744) 1,796 ======== ======== ======== All recognised gains and losses are attributable to equity shareholders' interests. NOTE OF CONSOLIDATED HISTORICAL COST PROFITS AND LOSSES for the six months ended 31st December 2001 Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 Reported loss on ordinary activities before taxation (13,128) (323) (4,329) Reduction in depreciation during the period based on historical cost of properties held at valuation 8 - - ------------ ------------ ------------ Historical cost loss on ordinary activities before taxation (13,120) (323) (4,329) ======== ======== ======== Historical cost loss retained after taxation, minority interests and dividends (13,459) (660) (5,481) ======== ======== ======== RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS for the six months ended 31st December 2001 Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2001 2000 Â£'000 Â£'000 Â£'000 Opening equity shareholders' funds 68,950 - - Loss for the financial period - before exceptional items (2,090) (660) (5,481) - exceptional items (11,377) - - Net (deficit)/surplus on revaluation of fixtures, fittings and properties (3,855) - 7,445 Shares issued during the period - 67,070 67,154 Currency translation differences on foreign currency net investments (116) (84) (168) Other movements 42 - - ------------ ------------ ------------ Closing equity shareholders' funds 51,554 66,326 68,950 ======= ======= ======= CONSOLIDATED BALANCE SHEET for the six months ended 31st December 2001 31st December 31st December 30th June 2001 2000 2001 Notes Â£'000 Â£'000 Â£'000 Fixed assets Intangible asset 6 18,200 29,700 29,577 Tangible assets 7 70,665 59,099 70,931 ------------ ------------ ----------- 88,865 88,799 100,508 ------------ ------------ ------------ Current assets Stocks 7,830 9,487 8,881 Debtors: amounts falling due within one year 8 7,302 31,857 6,957 amounts falling due after more than one year 8 548 354 581 Cash 2,311 50 4,794 ------------ ------------ ------------ 17,991 41,748 21,213 Creditors: amounts falling due within one year 9 (37,044) (44,661) (34,501) ------------ ------------ ------------ Net current liabilities (19,053) (2,913) (13,288) ------------ ------------ ------------ Total assets less current liabilities 69,812 85,886 87,220 Creditors: amounts falling due after more than one year 10 (15,376) (16,701) (15,292) Provisions for liabilities and charges 11 (121) (146) (182) ------------ ------------ ------------ Net assets 54,315 69,039 71,746 ======= ======= ======= Capital and reserves Called up share capital 6,036 6,036 6,036 Merger reserve 61,503 61,419 61,503 Revaluation reserve 3,582 - 7,445 Profit and loss account (19,182) (744) (5,649) ----------- ----------- ----------- Shareholders' funds 51,939 66,711 69,335 Equity minority interests 13 1,798 1,750 1,833 Non-equity minority interests 578 578 578 ----------- ----------- ----------- 54,315 69,039 71,746 ====== ====== ====== Shareholders' funds Equity 51,554 66,326 68,950 Non-equity 385 385 385 ----------- ----------- ----------- 51,939 66,711 69,335 ====== ====== ====== CONSOLIDATED CASH FLOW STATEMENT for the six months ended 31st December 2001 Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 (Restated) Notes Â£'000 Â£'000 Â£'000 Net cash inflow/(outflow) from operating activities 14 3,422 674 (3,655) Returns on investments and servicing of finance 15 (1,013) (913) (2,249) Tax (paid)/received (619) 664 (292) Capital expenditure and financial investment 16 (4,206) 1,991 (170) Acquisitions 17 - (7,176) (7,176) ------------- ------------- ------------- Net cash outflow before financing (2,416) (4,760) (13,542) Financing 18 - 50 50 ------------ ------------ ------------ Decrease in cash during the period (2,416) (4,710) (13,492) ======= ======= ======= RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT for the six months ended 31st December 2001 Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 (Restated) Notes Â£'000 Â£'000 Â£'000 Decrease in cash during the period (2,416) (4,710) (13,492) Bank loan acquired with subsidiary undertakings 19 - (16,000) (16,000) Exchange differences (126) - - -------------- -------------- -------------- Increase in net debt during the period 19 (2,542) (20,710) (29,492) Opening net debt (29,492) - - ------------ ------------ -------------- Closing net debt 19 (32,034) (20,710) (29,492) ======== ======== ======== ACCOUNTING POLICIES The interim results of the Group for the six months ended 31st December 2001 incorporate the results of the Company and its subsidiary undertakings for the period then ended. The results have been prepared on the basis of the accounting policies adopted in the accounts of the Group for the year ended 30th June 2001, consistently applied in all material respects, save for the adoption of Financial Reporting Standard 19 'Deferred Tax' (FRS19) and Urgent Issues Task Force Abstract 28 'Operating Lease Incentives' (UITF 28), which came into force for the accounting periods ending on or after 23rd January 2002 and 22nd September 2001 respectively. The adoption of FRS19 Deferred Tax and UITF 28 Operating Lease Incentives, has had no material effect on the results or financial position of the Group for the six months ended 31st December 2001, or earlier periods. NOTES TO THE ACCOUNTS 1. DIVISIONAL ANALYSIS Six months Six months Year ended ended ended Turnover 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 By class of business: Retail 17,676 22,663 37,694 Wholesale 4,888 5,687 14,794 ---------- ------------ ---------- 22,564 28,350 52,488 ====== ======= ====== By geographical origin: United Kingdom 19,989 25,551 44,879 Japan 2,463 2,757 7,464 North America 112 42 145 ----------- ------------ ---------- 22,564 28,350 52,488 ======= ======= ====== Six months Six months Year Loss before interest ended ended ended and exceptional items 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 By class of business: Retail (1,267) (63) (3,664) Wholesale 551 (108) 713 ---------- ------------ ---------- (716) (171) (2,951) ======= ======= ====== By geographical origin: United Kingdom (1,088) 428 (3,710) Japan 410 (555) 685 North America (38) (44) 74 ------------ ------------ ------------ (716) (171) (2,951) ======= ======= ======= Net operating assets 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 By class of business: Retail 68,583 50,606 70,156 Wholesale (434) 9,443 1,506 ------------ ------------ -------------- 68,149 60,049 71,662 ======= ======= ======== By geographical origin: United Kingdom 67,151 58,063 69,595 Japan 1,035 2,092 2,078 North America (37) (106) (11) ------------ ------------ ------------- 68,149 60,049 71,662 ======= ======= ======== The segmental analysis of operations reflects the structure of the Group. Retail includes the UK retail operations at Regent Street, Heathrow and Windsor. Wholesale includes the results of Fabric and Japanese businesses. Net operating assets exclude intangible fixed assets, short term deposits, cash, bank balances and loans. 2. INTEREST PAYABLE Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 Bank loans and overdrafts 1,057 152 1,904 Other loans 50 - 100 ---------- ----------- ---------- 1,107 152 2,004 Less interest capitalised (72) - (626) ---------- ----------- ---------- 1,035 152 1,378 ====== ======= ====== 3. TAX ON LOSS ON ORDINARY ACTIVITIES Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 Non United Kingdom tax: Japanese tax on Japanese profits - current period 204 223 626 - adjustment in respect of prior periods 62 - - ----------- ---------- ---------- 266 223 626 ======= ======= ====== 4. RETAINED LOSS FOR THE PERIOD Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 The transfer from reserves for the period is as follows: The Company (8) (7) (16) Subsidiary undertakings (13,459) (653) (5,465) ----------- ----------- ----------- Transfer from reserves (13,467) (660) (5,481) ======= ======= ======= 5. LOSS PER SHARE The calculation of the basic loss per share is based on the loss on ordinary activities after taxation and minority interests of Â£13,467,000, (six months to December 2000: Â£660,000, year ended 30th June 2001: Â£5,481,000) divided by the weighted average number of ordinary shares of 25p in issue during the period of 22,602,808, (six months to December 2000: 15,313,042, year ended 30th June 2001: 22,418,675). 6. INTANGIBLE FIXED ASSET - BRAND Â£'000 At 1st July 2001 29,577 Write down (11,377) ----------- At 31st December 2001 18,200 ======= A review of the carrying value of the brand was undertaken by the Directors at 31st December 2001 based on a valuation prepared by FutureBrand. This valued the Liberty brand at Â£18.2m and the balance of Â£11.4m was written off as an exceptional item in the accounts for the six months ended 31st December 2001. 7. TANGIBLE FIXED ASSETS Land and Buildings Long Short leasehold Fixtures & equipment Freehold leasehold Â£'000 Total Â£'000 Â£'000 Â£'000 Â£'000 Cost or valuation At 1st July 2001 36,000 28,500 297 7,962 72,759 Additions 183 3,981 10 348 4,522 Disposals - - - (23) (23) Revaluation (333) (831) - (3,098) (4,262) ---------- ---------- --------- --------- --------- At 31st December 2001 35,850 31,650 307 5,189 72,996 ---------- --------- --------- --------- --------- Depreciation At 1st July 2001 - - (28) (1,800) (1,828) Charge for the year (321) (86) (25) (478) (910) Revaluation 321 86 - - 407 ---------- --------- --------- --------- --------- At 31st December 2001 - - (53) (2,278) (2,331) ---------- --------- --------- --------- --------- Net book value At 31st December 2001 35,850 31,650 254 2,911 70,665 ====== ====== ====== ====== ====== At 31st December 2000 21,806 26,460 291 10,542 59,099 ====== ====== ====== ====== ====== At 30th June 2001 36,000 28,500 269 6,162 70,931 ====== ====== ====== ====== ====== Review All of the Group's properties were valued as at 31st December 2001 by qualified professional valuers working for the company of DTZ Debenham Tie Leung, Chartered Surveyors, ('DTZ') acting in the capacity of External Valuers. All such valuers are Chartered Surveyors, being members of the Royal Institution of Chartered Surveyors. All properties were valued on the basis of Open Market Value. Whilst it is not Group's policy to obtain external valuations of the property portfolio at the interim stage, as a result of the exceptional events of the last six month period, including the material deterioration in the UK economy which has significantly worsened as a result of the terrorist attacks on 11th September 2001, the Directors have commissioned a valuation of all properties in the portfolio at 31st December 2001. As a result of this review the carrying value of the properties was reduced by Â£3.9m, which is reflected in the table above. The reconciliation of the values at which the properties are included in the above table with the original cost less accumulated depreciation is as follows:- Original cost less Valuation Net book accumulated depreciation surplus value Â£'000 Â£'000 Â£'000 Freehold properties 30,998 4,852 35,850 Long leasehold properties 29,822 1,828 31,650 Short leasehold properties 254 - 254 ----------- ----------- ------------ 61,074 6,680 67,754 Fixtures and equipment 6,009 (3,098) 2,911 ----------- ----------- ------------ At 31st December 2001 67,083 3,582 70,665 ======= ======= ======= The Group's properties are located within the United Kingdom. The historic cost of the Group's properties in the table above includes capitalised interest at 31st December 2001 of Â£698,000. Taxation on properties held at valuation The following tax liabilities are included in note 12 to the accounts and may arise if the Group's properties were sold at the values at which they are included in fixed assets:- 2001 Â£'000 Provided in full - Not expected to crystallise in the foreseeable future and therefore not provided 9,107 --------- 9,107 ====== 8. DEBTORS 31st December 31st December 30th June 2001 2001 2000 Amounts falling due within one year Â£'000 Â£'000 Â£'000 Trade debtors 4,363 3,810 4,489 Amounts due from fellow subsidiary undertakings 734 21,988 348 Other debtors 1,291 5,874 1,035 Prepayments and accrued income 914 185 1,085 ----------- ------------ ----------- 7,302 31,857 6,957 ======= ======= ======= Amounts falling due after more than one year Other debtors 548 354 581 ======= ======= ======= 9. CREDITORS : amounts falling due within one year 31st December 31st December 30th June 2001 2001 2000 Â£'000 Â£'000 Â£'000 Bank loans and overdrafts 19,286 4,760 19,227 Trade creditors 5,883 6,575 5,042 Amounts owed to fellow subsidiary undertakings 4,791 27,367 4,788 Corporation tax 200 11 553 Other taxes and social security 1,163 683 516 Other creditors 904 2,382 460 Accruals and deferred income 4,817 2,883 3,915 ------------ ------------ ----------- 37,044 44,661 34,501 ======= ======== ======= 10. CREDITORS: amounts falling due after more than one year 31st December 31st December 30th June 2001 2001 2000 Â£'000 Â£'000 Â£'000 Bank loans 15,059 16,000 15,059 Other creditors 317 701 233 ------------- ----------- ------------ 15,376 16,701 15,292 ======== ======= ======= 10. CREDITORS: amounts falling due after more than one year (continued) 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 Repayable in one year: Current portion of bank loans 941 - 941 ------------ ------------ ------------ Repayable: Between one and two years 1,255 1,255 1,255 Between two and five years 3,765 3,765 3,765 After more than five years 10,039 10,980 10,039 ------------ ------------ ------------ Total loans due after more than one year 15,059 16,000 15,059 ------------ ------------ ------------ Total loans 16,000 16,000 16,000 ======= ======= ======= The loans of the Group are denominated in Sterling and are secured on certain of the Group's properties, with a floating charge over the business. 11. PROVISIONS FOR LIABILITIES AND CHARGES Six months ended Six months Year 31st December ended ended 2001 31st December 30th June 2000 2001 Â£'000 Â£'000 Â£'000 Onerous property leases Opening balance 182 - - Acquired with subsidiary - 202 202 Utilised in period (61) (56) (20) ------------ ----------- ----------- Closing balance 121 146 182 ======= ======= ======= 12. DEFERRED TAXATION The Group has adopted Financial Reporting Standard 19 'Deferred Tax' (FRS 19) which came into force for accounting periods ending on or after 23rd January 2002. Deferred tax assets and liabilities arise from timing differences between the recognition of gains and losses in the financial statements and their recognition for tax purposes. Previously, the Group's accounting policy was to provide for deferred tax only to the extent that liabilities or assets were expected to be payable or receivable in the foreseeable future. In accordance with FRS 19, deferred tax is now provided in respect of all timing differences that have originated, but not reversed, at the balance sheet date that may give rise to an obligation to pay more or less tax in the future. Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued assets and the gain or loss expected to arise on sale has been recognised in the financial statements. Deferred tax is measured on a non-discounted basis. The balances at 31st December 2001 arose as follows:- Amount provided at Amount not Amount provided at Amount provided provided at at 31st December 31st December 31st December 30th June 2001 2001 2000 2001 (Restated) (Restated) Â£'000 Â£'000 Â£'000 Â£'000 Short term timing differences 210 - - 188 Accelerated capital allowances (210) (3,009) 487 (188) Taxation losses - (2,799) (487) - Potential tax on property valuation surplus - 9,107 - - ------------ ------------ -------------- ------------ Deferred tax liability - 3,299 - - ======= ======= ======== ======= The deferred tax not provided on the property valuation surplus would be eligible for roll-over relief. 13. EQUITY MINORITY INTERESTS Six months ended Six months Year 31st December ended ended 2001 31st December 30th June 2000 2001 Â£'000 Â£'000 Â£'000 Opening balance 1,833 - - Arising on acquisition of subsidiary - 1,716 1,716 Share of result for period 73 114 526 Share of foreign exchange differences (108) (80) (182) Payment to minority - - (227) ----------- ------------ ------------ Closing balance 1,798 1,750 1,833 ======= ======= ======= 14. NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 (Restated) Â£'000 Â£'000 Â£'000 Operating loss (12,093) (2,161) (4,941) Write down of brand 11,377 - - Depreciation 910 999 2,595 Loss on disposal of tangible fixed assets 23 - 862 Decrease in provisions (61) (56) (20) Decrease/(increase) in stock 981 (1,634) (1,028) Increase in debtors (430) (25,255) (609) Increase/(decrease) in creditors 2,715 28,781 (514) ------------ ------------ ------------ 3,422 674 (3,655) ======= ======= ======= 15. RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 Dividend paid to minorities - - (227) Interest paid (1,013) (913) (2,022) ----------- ----------- ------------ (1,013) (913) (2,249) ======= ======= ======= 16. CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Six months Six months Year ended ended ended 31st December 31st December 30th June 2001 2000 2001 Â£'000 Â£'000 Â£'000 Purchase of tangible fixed assets (4,206) (4,797) (9,952) Sale of tangible fixed assets - 6,788 9,782 ------------ ------------ ------------ (4,206) 1,991 (170) ======== ======== ======== 17. ACQUISITIONS Six months Six months Year ended ended ended 30th June 31st December 31st December 2001 2001 2000 Â£'000 Â£'000 Â£'000 Net overdraft acquired with subsidiary undertakings - (7,176) (7,176) ======== ======== ======= 18. FINANCING Six months Six months Year ended ended ended 30th June 31st December 31st December 2001 2001 2000 Â£'000 Â£'000 Â£'000 Issue of ordinary shares - 50 50 ======== ======== ======= 19. ANALYSIS OF NET DEBT 31st December Movement during 30th June Movement during 31st December 2001 period 2001 period 2000 (Restated) (Restated) Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Available cash 2,311 (2,483) 4,794 4,744 50 Bank overdrafts (18,345) (59) (18,286) (13,526) (4,760) ------------- ------------ ------------ ------------- ------------- Net cash (16,034) (2,542) (13,492) (8,782) (4,710) Bank loan (16,000) - (16,000) - (16,000) ------------- ------------ ------------ ------------- ------------ Net debt (32,034) (2,542) (29,492) (8,782) (20,710) ======== ======== ======== ======== ======== ACCOUNTS AND INTERIM ANNOUNCEMENT The interim accounts of the Company are expected to be sent to shareholders during April 2002. Further copies of this interim statement and the interim accounts for the six months ended 31st December 2001, when they are published, will be available from the Company Secretary, Filex Services Limited, 179 Great Portland Street, London W1W 5LS. ENDS This information is provided by RNS The company news service from the London Stock Exchange

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