Final Results

Macfarlane Group PLC 8 March 2001 MACFARLANE GROUP'S PROFITS AHEAD OF EXPECTATIONS Underlying profit from continuing operations increases by 11% from £14.1m to £ 15.6m Final dividend increased by 5% to 3.15p per share Earnings per share from continuing operations up 21% from 7.48p to 9.03p Annual benefits of £1.5m expected from 2002 in restructured Packaging Division Costs of attempted acquisition confirmed at £1.9m Provision of £2.5m against valuation of BPI shareholding at the year-end Strong balance sheet and good interest cover Proposed increase of at least 10% in interim dividend for 2001 ============== John Ward, Chairman of Macfarlane Group PLC today said: 'The underlying results achieved by Macfarlane Group in 2000 are in line with the Board's stated objective to achieve double-digit earnings growth from our existing operations. The benefits from last year's restructuring, together with further initiatives outlined in this announcement, underpin our aspirations to achieve growth in future years in competitive trading markets. The aims of the consolidation of the Labels, Packaging and Merchanting businesses into a new stronger Packaging Division are to provide opportunities by focusing our offering on a wider range of packaging-related solutions to our customers. Whilst restructuring charges and benefits from this consolidation will be broadly neutral in 2001, the move will increase operating efficiencies still further and reduce costs by an estimated £1.5m from 2002 enabling Macfarlane Group to be a competitive player in its key markets and an attractive profit generator. Our executive team has already delivered on a number of tough commitments set by the Board and demonstrated its ability to meet new challenges and achieve improved earnings growth. We continue to investigate innovative ways to serve our customers better and our e-business initiative is progressing well. Macfarlane Group is currently demonstrating top-line growth in competitive markets, which continues to be supported by carefully targeted value creating incremental acquisitions to enhance our capability and reduce capital expenditure requirements. A number of initiatives, targeted to develop new business for the Group, are already under way, supported by a new business initiative team. We have made a solid start to 2001. During 2000, the company took a number of actions to realign the asset base, utilising any gains realised in the process to accelerate actions designed to stimulate future growth. At our AGM in 2000, the Board obtained shareholder approval to buy back up to 10% of the shares in the company. The Board intends to use this facility to make tactical share buy-backs. Your Board constantly reviews activities and is considering a range of strategic options to determine the most appropriate directions for growth and shareholder return. Your Board expects to make further progress in 2001 and shall not shirk from tough decisions to deliver additional shareholder value' Further information: John M. Ward Chairman 0141 333 9666 Iain D. Duffin Chief Executive 0141 333 9666 John Love Finance Director 0141 333 9666 Press and Media: Gordon Beattie Beattie Media 01698 787878 Ann-marie Wilkinson Beattie Media 020 7398 3301 Financial Headlines The underlying profit before tax for the year ended 31 December 2000, prior to the gain of £0.5 million recorded on the disposal of Flo-pak (UK) Ltd and charges and provisions in connection with the attempted acquisition of BPI of £4.5 million, increased by 11% to £15.6 million, from £14.1 million in 1999 (before exceptional restructuring charges and the loss on disposal of business). Earnings per share, before disposals and exceptional charges and provisions, amounted to 9.03p compared with 7.48p for 1999 an increase of nearly 21%. Despite the sale of businesses, which generated £11.3m sales in 1999, turnover from recurring operations increased by 7% to £197.7m, with encouraging increases achieved across all activities. The Directors have declared a final dividend of 3.15p, a 5% increase on the 3.00p paid in 1999, reflecting the Group's positive cash flow from operating activities. The dividend will be paid on Thursday 24 May 2001 to those shareholders on the register at the close of business on Tuesday 17 April 2001. In 2001, the company will increase the proportion of the interim dividend as a percentage of the total dividend for the year. As a result it is proposed that the interim dividend in 2001 will be increased by not less than 10%. Trading performance Year ended Year ended 31 December 2000 31 December 1999 Sales Profit Sales Profit/(loss) Profit before interest £000 £000 £000 £000 Merchanting 56,425 3,717 51,653 3,664 Packaging 63,801 4,192 57,587 3,301 Labels 16,312 2,696 17,084 3,622 Packaging 136,538 10,605 126,324 10,587 Plastics 61,198 5,988 58,681 5,163 197,736 16,593 185,005 15,750 Under strategic review 191 17 11,336 (814) Profit before interest 197,927 16,610 196,341 14,936 Interest payable - (981) - (821) Profit from ongoing operations 197,927 15,629 196,341 14,115 From 2001 onwards, to reflect the creation of our new Packaging Division we shall no longer disclose separate results in respect of our Merchanting, Packaging and Labels businesses. Trading Activities The performances achieved in Merchanting and Packaging were particularly encouraging whilst the Plastics Division responded well to tough trading conditions and successfully integrated two acquisitions made in the first half of 2000. Following the renegotiation of a number of long-term contracts at reduced margins in the final quarter of 1999, our Labels business took advantage of two opportunities to conclude acquisitions at the start of the third quarter, which secured new technology with the potential to stimulate top-line growth with major new customers. Our management teams responded well to the pressure on margins evident in a competitive market and have maintained strict control of overheads to achieve our target of double-digit earnings growth in 2000. Packaging Division (New) Trading in our Merchanting business remained strong in 2000 with a clear focus on sales growth. The business continues to outperform its competitors and provides a secure distribution channel for products manufactured in the Group. During 2000 a number of sites were consolidated, with surplus or unsuitable sites being sold and this process will continue in our new Packaging Division. During the second half of 2000 the regular liaison between the management teams in the Merchanting and Packaging businesses identified a number of opportunities to share sites and reduce costs still further. The opportunities identified through this close association advanced the rationale to bring the divisions closer together. During 2001 the new management team for the combined division will consolidate a number of operations into fewer, larger sites where improved telesales operations and other Group-wide support operations will be introduced. The Merchanting business has agreements with a number of premium brand partners to distribute their products on an exclusive or preferred basis. A number of other potential partners have proposed similar arrangements and these are being considered as a means of extending the product offering to customers. E-business initiatives are being pursued to develop a customer-focused solution to provide the range of products required, whilst at the same time ensuring that more general e-commerce solutions are also made available for customers with less specialist requirements. Packaging Division (continued) Our aim is to build on a long-standing reputation for customer service in the nation-wide distribution of packaging materials, whilst maximising profitability from our branch network. The high levels of service in this business and the clear expertise in distribution and supply chain logistics are considered vital to the Group's future development. Our Packaging business produced excellent results in 2000 with the benefits of restructuring and efficiency improvements combined with continued strong demand from new and existing customers in the electronics sector. Despite continuing raw material price pressures, margins were maintained. The restructuring programme resulted in the closure of the premises at Brackley and the transfer of selected business to other locations in the Division. The closure of Brackley enabled the business to withdraw from the manufacture of commodity products and concentrate on more value-added applications. Our American subsidiary Macfarlane Western Foam continues to trade well. The strategy and focus has now changed from primarily selling what the business traditionally manufactured to serving customers' total packaging needs, manufacturing and assembling only what is determined to be a key customer requirement. Therefore we shall only make further investments in manufacturing capacity where we determine a specific customer requirement. Our business has become more focused on the need to be a full-service packaging provider for businesses, with the opportunity to liaise closely with customers' supply chains to manage their requirements more efficiently and effectively. Recent developments included opening a unit in Hungary, working closely with a range of top-name local suppliers, to service one of our major customers. This is an effective, low-risk method of expanding alongside major customers overseas. Initial results from this operation are encouraging and this business model is likely to be used in other countries to support major customers, whilst broadening our customer base in each country where we establish a new presence. In the UK, two significant new customers appointed our Packaging business to manage all their packaging requirements on specific sites. As previously indicated, our Labels business traded below 1999 levels of profitability, but at levels still representing an excellent performance for the UK labels industry. This reflected the renegotiation of long-term contracts with major customers at reduced margins in the final quarter of 1999. During the second half of 2000 we acquired Reseal-It Sweden AB, a Swedish company owning intellectual property for resealable labels and related machinery and Abbot Labels Limited, a top quality label printer based in Ireland specialising in the manufacture of Reseal-It's resealable labels for the food industry. The combined consideration was nearly £5.0m and will maintain the Labels business's position at the forefront of technology in labels-based solutions for major customers with branded products, thereby providing a solid base for future growth. Both businesses have performed to our expectations since being acquired. Our Labels business will develop by a mixture of organic growth and acquisitions to build on the strengths of its excellent operations. The business continues to provide highest quality self-adhesive labels to major customers throughout the UK particularly in the beauty-care, healthcare and pharmaceutical industries. The opportunity to develop sales of other products in the new Packaging Division will be actively pursued. New market sectors are also being targeted to broaden the sales base in the business. Consolidation of activities In January 2001, we combined our Merchanting, Packaging and Labels businesses into one new Division. The newly formed Packaging Division will focus primarily on offering complete packaging solutions to its customers, aiming to achieve pre-eminent levels of customer service. The main operational objectives for the new Division will be to meet the differing buying habits of our existing and target customers and to dramatically improve our capability by streamlining delivery systems by building an integrated procurement, manufacturing and logistics function. New marketing and sales channels will be developed, supported by customer initiatives and investments in information systems and e-business capability. Our new management team has reviewed all sites and operations in the newly created Division. Costs to vacate properties and reduce the headcount by over 120 staff are expected to total £2.0m, of which £1.0m will be the cash cost to be incurred in 2001, the balance relating to asset write-downs in 2001 and cash costs in 2002. Resultant benefits will reach £1.5m on an annualised basis, from the middle of 2002, however as previously indicated restructuring charges and benefits from consolidation will be broadly neutral in 2001. Plastics Division Throughout 2000 there remained strong competition for business, reflecting a trading environment with high material costs and overcapacity in the UK market. Whilst this had an impact on profitability, the Division performed creditably and remains well placed to reap further benefits when raw material prices move in our favour. The hardening of raw material prices in the first half of 2000 continued to be a feature and despite particularly tough trading conditions, the Division responded well and achieved the excellent levels of profitability that we would expect from its strong and experienced management team. Macfarlane Plastics is now recognised as one of the market leaders in the UK plastics industry. All six of the previously self-standing subsidiaries have been fully integrated under the Macfarlane Plastics brand. Following our strategy of incremental acquisitions in place of capital expenditure, the Division acquired Marpak Polythene Supplies Limited, a profitable extruder and converter based in Leeds, and Monospec Limited an extruder and printer based in Wrexham, for an aggregate consideration of £2.3m in the second quarter of 2000. Both companies have traded well and above our expectations since acquisition. Similar incremental acquisitions continue to be targeted as an alternative to capital expenditure driven organic growth. Our management team has consistently bought good quality capacity and integrated it quickly, achieving overhead savings and leveraging benefits through scale. Further opportunities are being sought to increase the product and service offering to customers. A key focus in 2001 will be to press forward with the integration of existing businesses to fewer sites of significant scale, enabling the Division to realise the benefits of even more efficient production and a continuing reduction in its overhead base. New business initiatives A new business team has been established, reporting directly to our Chief Executive, Iain Duffin. This team will be responsible for a number of initiatives to create and develop new business across the range of the Group's existing activities as well as in new markets, with a particular emphasis on delivering a successful e-business capability and replicating our success in Hungary with other customers in different locations. Proposed acquisition of British Polythene Industries plc During 2000, the Board of Macfarlane Group sought to combine its interests with British Polythene Industries plc ('BPI') to create a business of significant scale and capability in European terms. We believed strongly that this would be to the benefit of shareholders and customers. Macfarlane Group shareholders gave significant support to our Board throughout the offer period and we acknowledge that support with gratitude. Shareholders recognised our commitment that we would not overpay and therefore not consider raising our offer beyond 310p. Whilst we were disappointed not to receive sufficient support from BPI shareholders at this level, we are grateful to 35% who did support us, either by accepting our offer or selling us shares. As the largest shareholder in BPI, our interest is now aligned with the interests of all other shareholders and we look to the Board of BPI to demonstrate that they will deliver value to all their shareholders. The costs in relation to the proposed acquisition are now confirmed at £1.95 million, below the £2 million highlighted in our December statement, and are included within administrative expenses. A provision of £2.52 million has been made to reduce the carrying value of our investment in BPI, purchased in the later stages of the offer period, which is held within current asset investments, to the directors' valuation of the investment at the end of the year. The Directors have considered a full range of values and have determined a valuation, which reflects the Directors' assessment of the net realisable value, whilst taking into account the benefits of the tender offer undertaken by BPI in January 2001. Macfarlane Group tendered its full entitlement in respect of BPI's tender offer and received £6.32m in respect of the shares tendered. Completion of initial strategic review Flo-pak (UK) Limited was sold on 11 February 2000 for a consideration of £3.6m net of expenses of sale, with the purchaser assuming debt of £0.5m on acquisition. A profit on disposal of £0.5m has been recorded in the results for 2000. Finance We have continued to invest where there are key needs to meet future growth plans. Capital expenditure in 2000 was restricted to £4.1m, reflecting our objectives to generate returns from the significant capital expenditure incurred in previous years. Our Plastics Division continues to pursue incremental acquisitions as a means of combining new capacity to the Group, with a ready-made customer base, as an alternative to capital expenditure driven growth. The Group acquired two Plastics' companies, Marpak Limited and Monospec Limited in the second quarter of 2000 and two Labels' companies Reseal-It Sweden AB and Abbot Labels Limited in the third quarter of 2000, at a cash cost of £6.6m with inherited borrowings of £0.6m. In addition the Group's investment in BPI during the later stages of the offer period cost £14.8m in December 2000 of which £6.3m was received in January 2001 from the tender offer. Despite these significant investments, net debt remains modest at £ 23.3m at December 2000 reflecting Macfarlane Group's traditionally strong cash generation. The effect on profits is a net interest charge just under £1.0m compared to £0.8 million in 1999 and interest cover at over fifteen times remains strong. Whilst the strength of sterling currently disadvantages many UK manufacturing companies, there is no doubt that proximity to customers who relocate overseas will be a requirement in the medium term. Macfarlane Group will seek to service our customers on a global basis if it creates shareholder value. Any such expansion will be financed from our existing borrowing facilities. At our Annual General Meeting on 22 May 2000, the Board obtained shareholder approval to buy back up to 10% of the shares in the company. The Board intends to use this facility to make tactical share buy-backs. It is the Directors' intention to seek shareholder approval to renew this authority at the AGM in May 2001 to continue to have the flexibility to buy back shares. Macfarlane Group currently faces a number of significant investments to establish an appropriate base for future growth. Our Executive is currently examining a number of options to finance these investments and is confident that, by a significant realignment of the asset base from manufacturing capacity to intellectual property based assets, the necessary investments can be funded in a cash neutral manner. Management and employees During the year the Board set a number of important objectives for the Executive team and the employees of the company. All our management teams and employees deserve our gratitude for their commitment in meeting the considerable challenges we faced during 2000, another challenging year for the Group. Future prospects John Ward concluded: - 'It continues to be an exciting time within Macfarlane Group. The Board draws considerable encouragement from the depth of capability in the Group. The combination of key quality manufacturing processes and a significant distribution and fulfilment capability is a key strength, which should enable the company to continue to produce good top-line and earnings growth. Our key objective in reshaping Macfarlane Group is to produce a Company, which will continue to provide shareholder value by meeting targets to achieve double-digit earnings growth. Our Executive Team has demonstrated its ability to effectively absorb incremental acquisitions into our existing activities, as a means of supplementing organic growth and as an alternative to capital expenditure. The balance sheet and cash flow position of the Group remains strong, allowing further investment to support plans for organic growth and take advantage of acquisition opportunities. The reshaped Macfarlane Group will provide leadership in selected markets through the innovative delivery of cost effective products and services to our customers. Macfarlane Group intends to be a competitive player and an attractive profit generator capable of delivering superior shareholder returns. Your Board expects to make further progress in 2001 in meeting its objectives and shall not shirk from tough decisions to deliver shareholder value.' Macfarlane Group PLC Year ended 31 December 2000 Consolidated profit and loss account Year ended 31 December Year ended 2000 31 December 1999 £000 £000 £000 £000 Turnover Continuing operations 190,814 196,341 Acquisitions 7,113 - 197,927 196,341 Cost of sales 130,026 127,058 Gross profit 67,901 69,283 Net overheads Recurring 52,682 54,347 Exceptional 4,471 4,917 57,153 59,264 Operating profit 10,748 10,019 Operating profit Continuing opeartions 9,637 10,019 Acquisitions 1,111 - 10,748 10,019 Gain on disposal of fixed assets 1,391 - 12,139 10,019 Gain/(loss) on disposal of business 500 (6,580) Profit before interest 12,639 3,439 Interest receivable 46 62 Interest payable (1,027) (883) Profit before taxation 11,658 2,618 Tax on profit on ordinary activities 3,926 3,016 Profit/(loss) for the financial year 7,732 (398) Dividends on equity shares 6,024 5,809 Retained profit/(loss) for the year 1,708 (6,207) Earnings/(loss) per ordinary share of 6.10p (0.31p) 25p Diluted earnings/(loss) per ordinary 6.09p (0.31p) share of 25p Earnings per ordinary share 9.03p 7.48p before exceptional expenses and gain/(loss) on disposal of business Diluted earnings per ordinary 9.02p 7.48p share before exceptional expenses and gain/(loss) on disposal of business Dividends per share 4.75p 4.58p Corporation tax rate excluding 26.7% 29.6% exceptional items Notes: 1. Earnings per share are calculated on the basis of the weighted average of 126,828,240 shares in issue (31 December 1999 - 126,828,240). Diluted earnings per share are calculated on the weighted average on a diluted basis in accordance with FRS 14 'Earnings Per Share' of 126,907,178 shares. (31 December 1999 - 126,828,240). 2. The figures for 2000 are extracted from those shown in the statutory accounts on which the auditors will issue an unqualified report today and which will not contain a statement under s237(2) or (3) of the Companies Act 1985. The figures for 1999 are taken from the published accounts. A copy of the full accounts for that year on which the auditors have also issued an unqualified report, has been filed with the Registrar of Companies. Macfarlane Group PLC 31 December 2000 Consolidated balance sheet As at 31 As at 31 December December 2000 1999 £000 £000 Fixed assets Intangible assets 10,316 5,542 Tangible assets 55,404 61,615 65,720 67,157 Current assets Current asset investments 12,279 - Stocks 13,277 11,670 Debtors 47,287 45,094 Cash at bank and in hand 2,230 1,674 75,073 58,438 Creditors: amounts falling due within one year 68,936 55,518 Net current assets 6,137 2,920 Total assets less current liabilities 71,857 70,077 Creditors: amounts falling due after more than one year 880 95 Provisions for liabilities and charges 2,140 2,295 Total net assets 68,837 67,687 Operating assets by division Merchanting business 15,912 19,036 Packaging business 29,356 30,403 Labels business 8,839 3,580 Packaging 54,107 53,019 Plastics 38,010 20,951 Under strategic review - 3,383 Operating assets 92,117 77,353 Net debt (23,280) (9,666) Net assets 68,837 67,687 Notes: 1. Audited accounts will be sent to shareholders on or about 5 April 2001 and will be available to members of the public at the Company's Registered Office, 21 Newton Place, Glasgow, G3 7PY from 9 April 2001. 2. The Annual General Meeting will be held on Wednesday 9 May 2001 and the final dividend payable to shareholders on the register at close of business on 17 April 2001 will be paid on 24 May 2001. 3. Financial Reporting Standard 15 has been adopted in these accounts, with no effect on the current or preceding financial year. 4. There have been no changes of accounting policies during the year. Macfarlane Group PLC Year ended 31 December 2000 Consolidated cash flow statement Year Year ended 31 ended 31 December December 2000 1999 £000 £000 Net cash flow from operating activities (see 16,431 19,147 note 1 below) Cash outflow from returns on investments and (963) (819) servicing finance Tax paid (4,593) (4,469) Net cash outflow from capital expenditure & (14,083) (980) financial investment Net cash outflow from acquisitions and disposals (3,183) (4,564) Equity dividends paid (5,834) (5,745) Net cash (outflow)/inflow before liquid resources (12,225) 2,570 and financing Management of liquid resources - - Net cash outflow from financing (1,128) (930) (Decrease)/increase in cash in the period (see (13,353) 1,640 note 2 below) Notes: 2000 1999 1. Reconciliation of operating profit to net cash flow from operating activities £000 £000 Operating profit before exceptional charges 16,610 14,936 Exceptional costs (4,471)(4,917) Operating profit 12,139 10,019 Depreciation 6,590 8,336 Amortisation of intangible assets 468 145 Provision against value of investment 2,526 - Gain on disposal of tangible assets (1,391) (146) (Increase)/decrease in stocks (1,062) 447 (Increase)/decrease in debtors (527)(2,578) (Decrease)/increase in creditors (2,312) 2,924 Net cash inflow from operating activities 16,431 19,147 2. Reconciliation of movement in net debt (Decrease)/increase in cash in the period (13,353) 1,640 Cash inflow from decrease in debt and lease financing 1,128 930 Cash inflow from decrease in liquid resources - - (12,225) 2,570 Borrowings acquired with subsidiaries (1,389) (199) New finance leases and loan notes - (621) Movement in net debt in the period (13,614) 1,750 Opening net debt (9,666)(11,416) Closing net debt (23,280) (9,666) Macfarlane Group PLC Year ended 31 December 2000 Analysis of turnover and profits by division Year ended 31 December 2000 Strategic Merchanting Packaging Labels Plastics review 2000 £000 £000 £000 £000 £000 £000 Turnover 56,425 63,801 14,123 56,274 191 190,814 acquisitions - - 2,189 4,924 - 7,113 56,425 63,801 16,312 61,198 191 197,927 Cost of sales 38,810 43,000 9,598 38,605 13 130,026 Gross profit 17,615 20,801 6,714 22,593 178 67,901 Net overheads 13,898 16,609 4,018 16,605 161 51,291 3,717 4,192 2,696 5,988 17 16,610 Exceptional - - - (4,471) - (4,471) costs Gain on disposal - - - - 500 500 Profit before 3,717 4,192 2,696 1,517 517 12,639 interest Continuing 3,717 4,192 2,325 777 517 11,528 Acquisitions - - 371 740 - 1,111 Profit before 3,717 4,192 2,696 1,517 517 12,639 interest Net interest 209 (448) 25 (767) - (981) Profit before 3,926 3,744 2,721 750 517 11,658 tax Year ended 31 December 1999 Strategic Merchanting Packaging Labels Plastics review 1999 £000 £000 £000 £000 £000 £000 Turnover 51,653 57,587 17,084 58,681 11,336 196,341 Cost of sales 34,970 38,967 9,258 38,908 4,955 127,058 Gross profit 16,683 18,620 7,826 19,773 6,381 69,283 Net overheads 13,019 15,319 4,204 14,610 7,195 54,347 3,664 3,301 3,622 5,163 (814) 14,936 Restructuring (718) (3,799) - (400) - (4,917) costs Loss on disposal - - - - (6,580) (6,580) Profit/(loss) 2,946 (498) 3,622 4,763 (7,394) 3,439 before interest Net interest 25 (382) 119 (428) (155) (821) Profit/(loss) 2,971 (880) 3,741 4,335 (7,549) 2,618 before tax Macfarlane Group PLC Year ended 31 December 2000 Segmental information on operating assets by division 31 December 2000 Merchanting Packaging Labels Sub Plastics 2000 total £000 £000 £000 £000 £000 £000 Fixed assets 11,222 24,580 8,885 44,687 21,033 65,720 Stocks 3,512 3,907 1,174 8,593 4,684 13,277 Debtors 12,617 14,645 4,158 31,420 15,867 47,287 Current asset - - - - 12,279 12,279 investments Current assets 16,129 18,552 5,332 40,013 32,830 72,843 Creditors 11,421 13,253 4,968 29,642 14,664 44,306 Net current assets 4,708 5,299 364 10,371 18,166 28,537 Total assets less current liabilities 15,930 29,879 9,249 55,058 39,199 94,257 Deferred taxation 18 523 410 951 1,189 2,140 Operating assets 15,912 29,356 8,839 54,107 38,010 92,117 Net (debt)/funds 5,502 (3,027) (2,485) (10) (23,270) (23,280) Total net assets 21,414 26,329 6,354 54,097 14,740 68,837 31 December 1999 Strategic Merchanting Packaging Labels Plastics review 1999 £000 £000 £000 £000 £000 £000 Fixed assets 12,417 27,402 4,098 20,033 3,207 67,157 Stocks 3,506 2,994 1,120 3,750 300 11,670 Debtors 12,798 13,203 3,523 14,865 705 45,094 Current assets 16,304 16,197 4,643 18,615 1,005 56,764 Creditors 9,625 12,401 4,734 16,708 805 44,273 Net current assets 6,679 3,796 (91) 1,907 200 12,491 Total assets less current liabilities 19,096 31,198 4,007 21,940 3,407 79,648 Deferred taxation 60 795 427 989 24 2,295 Operating assets 19,036 30,403 3,580 20,951 3,383 77,353 Net (debt)/funds 1,327 (7,178) 2,036 (6,107) 256 (9,666) Total net assets 20,363 23,225 5,616 14,844 3,639 67,687

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