Preliminary Results
Electra Investment Trust PLC
16 November 2004
EMBARGOED UNTIL 07:00 AM, 16 NOVEMBER 2004
ELECTRA INVESTMENT TRUST PLC
Preliminary Results for Year ended 30 September 2004
• Net asset value of 913p per share at 30 September 2004 (30 September
2003: 760p per share + 20% over year)
• Share price outperformance relative to FTSE All-Share Index (Electra +
25.3% versus Index + 12% over year to 30 September 2004)
• Realisation proceeds of £415 million, including accrued income (average
of last two years, £95 million)
• £148 million of capital returned to shareholders in year through Tender
Offer and on market buy-backs (£1,093 million returned to shareholders since
March 1999)
• £18 million net cash surplus at 30 September 2004 (30 September 2003:
net debt position of £187 million)
• Unaudited net asset value per share at 31 October 2004 of 914.50p
Commenting on the results, Sir Brian Williamson, Chairman of Electra Investment
Trust, said:
'Electra made very significant progress during the year, achieving strong net
asset value growth, share price performance, substantial realisations of
investments and further returns of capital to shareholders.
Electra is well positioned both to successfully realise and selectively make
profitable new investments within the constraints of its current investment
strategy. The Board is confident that this policy will continue to create
shareholder value.'
For further information:
Sir Brian Williamson, Chairman, Electra Investment Trust PLC 020 7831 6464
Hugh Mumford, Chief Executive, Electra Partners Limited 020 7831 6464
Nick Miles, M: Communications Limited 020 7153 1535
Net Asset Value 30 September 2004 30 September 2003 31 October 2004
Per Share
---------------------- ----------- ----------- -----------
Net asset value per
share 912.86p 759.60p 914.50p
Increase since 30
September 2003 20.2%
Increase since 31
March 2004 8.3%
Increase in FTSE
All-Share Index
since 30 September 2003 12.0%
The unaudited net asset value per share at 31 October 2004 was calculated on the
basis of the net asset value at 30 September 2004 adjusted to reflect the
purchases and sales of investments, currency movements and mid market values on
that day in respect of listed investments and unlisted investments where these
are valued by reference to quoted prices.
A copy of the Chairman's Statement, Investment Manager's Review and the
Preliminary Announcement are attached.
Note to Editors:
Electra - Background to Recent Changes
Since listing in 1976, Electra has specialised in investing in the private
equity market and, through the adoption of a flexible investment policy, has
achieved returns substantially in excess of the FTSE All-Share Index over the
last ten years. As an investment trust, Electra has a number of advantages over
limited partnership funds which invest in private equity.
Between 1976 and 2004 Electra invested over £3,000 million in private equity
investments. Inclusive of a capital injection of £32 million, Electra's assets
grew from £58 million in February 1976 to £1,145 million by 30 September 1998,
the financial year end immediately preceding the hostile takeover bid for
Electra in 1999. This bid failed when shareholders voted in favour of a scheme
which involved the controlled realisation of the portfolio over a five year
period under which new investment was restricted to existing portfolio
companies.
Since the start of the realisation programme in March 1999, Electra has returned
£1,093 million to shareholders leaving a residual portfolio valued at £578
million at 30 September 2004. This compares with the stock market value of
Electra of £975 million immediately before the announcement of the takeover bid.
Over the five and a half years to 30 September 2004, £489 million has been
invested in portfolio companies and £1,700 million has been realised from the
portfolio.
Shareholders approved proposals in June 2001 which retained the emphasis on
realising the investment portfolio but made provision for Electra to continue as
an investment vehicle.
In June 2004, the Board, with input from its advisers and Electra Partners,
reviewed Electra's investment strategy and concluded that, in the short term, it
should continue unchanged from the investment strategy approved by shareholders
in June 2001. Also in June 2004, the Board announced a Tender Offer of £100
million which was completed in July 2004 and which was followed by on-market
share buy-backs completed in August and September 2004 for £48 million in total.
CHAIRMAN'S STATEMENT
Year to 30 September 2004
Electra made very significant progress during the year to 30 September 2004,
achieving strong net asset value growth, share price performance, substantial
realisations of investments and further returns of capital to shareholders. The
net asset value per share was 913p at 30 September 2004, an increase of 20% over
the financial year. Proceeds from the realisation of investments enabled returns
of capital of £148 million to be made during the year and by 30 September 2004
cash and floating rate notes exceeded bank debt by £18 million compared with a
net debt position of £187 million at the start of the financial year. Electra's
share price was up 25.3% over the financial year by comparison with the FTSE
All-Share Index which increased 12% over the same period.
Returns of Capital to Shareholders
The Tender Offer of £100 million was completed in July at a price of 816p per
share and this was followed by on-market share buy-backs completed in August and
September for £48 million in total at prices in the range of 760p to 792p per
share. Taken together with the three earlier Tender Offers and purchases of
shares for cancellation, a total of £1,093 million has been returned to
shareholders since March 1999, of which £300 million or 27% was from
realisations since June 2001 when shareholders approved the current investment
strategy. The number of shares in issue has reduced by 73% from 173.1 million in
issue at 31 March 1999 to 46.7 million at 30 September 2004.
Portfolio
During the year the climate for realisations improved significantly enabling the
three largest investments in Baxi, Vendcrown and Safety-Kleen Europe to be
successfully realised. Inclusive of accrued income, realisation proceeds for the
year totalled £415 million, significantly higher than the disposals achieved
over the previous two financial years which amounted to £191 million in total.
Excluding the purchase of floating rate notes, new investments in the year
totalled £48 million, compared with the previous year's total of £39 million.
Full details of these are included in the Investment Manager's Review.
Investment Strategy
The June 2004 circular to shareholders setting out the Tender Offer proposals
provided details of the investment strategy review undertaken by the Board.
Following this review, with input from its advisers and Electra Partners, the
Board concluded that, in the short term, Electra's strategy should remain
unchanged from that approved by shareholders in June 2001 and which concentrated
on realisations and capital returns. Under this strategy the realisation of the
portfolio as at June 2001 will continue with at least two-thirds of future cash
flow from such realisations being returned to shareholders. Subject to
maintaining appropriate levels of gearing, the balance of cash flow from
realisations will be available for follow-on investments and investment
opportunities generated by Electra Partners.
Since June 2001, Electra's investment strategy has allowed a flexible approach
to investment with portfolio realisations timed to maximise value and new
investments made on attractive terms. This policy will continue with investments
being made in a broad spread of private equity assets in funds managed by
Electra Partners and through other investment opportunities generated by Electra
Partners.
Further Authority to Buy-Back Shares
Under the general authority granted by shareholders at the Annual General
Meeting held in March 2004, Electra made on-market purchases and cancelled 6.1
million shares during the year. The Company has the ability to buy back and
cancel up to a further 3.7 million shares during the remaining term of this
authority.
As indicated to shareholders in the June 2004 circular, the Board expects that
future returns of capital will be executed primarily by way of active on-market
buy-backs of Electra shares. Accordingly, the Directors will seek to renew the
general authority to undertake on-market purchases of Electra shares at the
Annual General Meeting to be held on 9 February 2005.
Corporate Governance
During the last year the Board has considered the implications of the new
Combined Code on Corporate Governance (the 'new Code') and has instituted
procedures to ensure that the Company will be compliant with the new Code for
the accounting year commencing 1 October 2004. The Board has particularly
considered the question of the independence of each Director in the light of the
new Code's provisions on that subject.
Since March 1999, when shareholders approved the 1999 Tender Offer, the
Directors have pursued a programme of maximising returns to shareholders in
accordance with the strategy formulated by the Board and approved by
shareholders. This strategy and its implementation has benefited from the
Directors' experience of Electra's private equity investments as did the
investment strategy review undertaken in 2004. Continued review of Electra's
investment strategy remains an important topic for Directors and is undertaken
by the Board which mainly comprises those Directors who have been involved in
the realisation process from the outset.
I, together with my board colleagues, strongly believe that each of the
Directors who made a commitment to shareholders in March 1999 continues to be
wholly independent notwithstanding length of service on the Board and, in the
case of Lord King, the family relationship with a senior executive of Electra
Partners, the Company's investment manager. Independence is a state of mind and
the character and judgement which accompany this are distinct from the period of
time served by each Director on the Board. The presumption that independence is
compromised by length of service or family relationships is, in my opinion, and
at least for the Board of Electra, a false one.
Performance Review of Directors
During the year and in recognition of the new Code requirements relating to
performance appraisals of Directors, the Chairman carried out an appraisal of
each of the Directors. Additionally, the Board, under the leadership of the
Senior Independent Director, appraised the Chairman. Discussions on the
appraisal process have been held by the Chairman and the Senior Independent
Director with Hanson Green, who specialise in the recruitment of independent
non-executive directors, so that this process will be reviewed externally for
the year ending 30 September 2005.
Re-election of Directors
At the Annual General Meeting to be held in February 2005, all Directors of the
Company with the exception of Mr Walton, will retire and offer themselves for
re-election pursuant either to the requirements of the new Code or the Articles
of Association. I can confirm that as a result of the performance appraisals
detailed above, the performance of each of the Directors retiring and offering
himself for re-election continues to be effective and that each of them
continues to show commitment to his role.
Outlook
Although significant amounts have been invested in private equity through
limited partnership funds over recent years the vast majority of these vehicles
are not available for the smaller institutional or private investor. The Board
believes that there is an increased acceptance of its long held view that there
is a role for investment vehicles such as Electra which provide cost-effective
and liquid access to private equity. However this is a specialised area and to
be successful requires experience and expertise. The success of the past year
has demonstrated the value of an independent and experienced Board, working with
an expert investment management team which over many years has correctly judged
the private equity investment market. I am grateful to my Board colleagues, who
have implemented the strategies approved by shareholders in 1999 and 2001 and to
Electra Partners, who had the task of satisfying the Board and shareholders that
patience in realising investments would result in superior rewards.
Electra's ability to time realisations to maximise shareholder value has been
demonstrably successful over the last five years and although the environment
for realisations continues to be favourable, the timing of future sales may
become less predictable as the portfolio reduces in size and an increasing
proportion of the portfolio comprises longer term assets.
The Board believes that Electra, using Electra Partners' deal flow and
investment management skills, is well positioned both to successfully realise
and selectively make profitable new investments within the constraints of its
current investment strategy. The Board is confident that this policy will
continue to create shareholder value.
Sir Brian Williamson
15 November 2004
INVESTMENT MANAGER'S REVIEW
Equity Portfolio Analysis
Summary of Changes to Overall Equity Portfolio
------------------ ------------------- ------------------
Year ended 30 September 2004 2003
£'000 £'000
------------------ -------------------- ------------------
Opening Valuation 679,611 691,727
Investments 48,361 39,182
Realisations (392,405) (53,803)
Change in valuation 77,521 2,505
Closing valuation* 413,088 679,611
------------------ ------------------ ------------------
*The above valuations at 30 September exclude accrued income (2004: £15,773,000;
2003: £31,619,000 and investments in floating rate notes (2004: £164,997,000;
2003: £Nil).
In the year to 30 September 2004, Electra's net asset value per share increased
from 760p per share to 913p per share, an increase of 20.2%. This strong
performance resulted primarily from an active realisation programme leading to a
high level of realised gains. Over the period, the investment portfolio showed a
reduction in size from £679 million to £413 million as a result of a net
disinvestment from the portfolio of £344 million offset by net gains of £78
million.
New investments in the year amounted to £48 million compared to £39 million in
the previous year. This amount excludes £165 million in floating rate notes
which were purchased during the year to facilitate currency hedging and other
treasury operations. The level of new investment continued to be restricted by
the investment strategy currently in place.
The year was highly successful in terms of realisations from the portfolio. In
total, these amounted to £392 million, equivalent to almost 58% of the value of
the portfolio at the beginning of the year. In addition £23 million of
previously accrued income was received during the year. In aggregate, these
realisations were made at a premium of 43% over book value at the beginning of
the year.
At 30 September 2004, Electra's investment portfolio comprised direct
investments in 70 companies with a value of £352 million, together with
investments in 27 private equity funds with a value of £61 million. Of the
direct portfolio, investments with a value of £74 million were quoted on a
recognised stock exchange but subject to restrictions on sale. The ten largest
investments accounted for 54% of the total investment portfolio.
Geographically, 78% of the total portfolio is in the UK and Europe, 13% in the
USA, 7% in Asia and 2% in South America.
Current Operations and Outlook
The year has seen a significant change in Electra's portfolio and financial
position. Cash generated from realisations from the investment portfolio was
utilised to repay debt, provide funding for a Tender Offer of £100 million and
provide funding for £48 million of further on-market share buy-backs.
At the end of the year, Electra's investment portfolio contained a significant
proportion of larger, mature investments, a number of smaller investments with
turnaround potential and several new investments with good upside potential.
While realisations in the year ahead will not match the levels of the 2004
financial year, we anticipate that realisations will continue to occur at a
reasonable level provided that market conditions continue to be favourable.
However the timing of future sales may become less predictable as the portfolio
reduces in size and an increasing proportion of the portfolio comprises longer
term assets. Meanwhile, good opportunities remain to add value to existing
portfolio companies and to add new investments to the portfolio as cash flow
becomes available.
PORTFOLIO REVIEW
New Investments
Under Electra's current investment policy, two thirds of cash realised from the
portfolio existing at June 2001 is to be returned to shareholders. The remaining
balance of cash realised is available for follow-on and new investments and
investments in funds managed by Electra Partners. Up to the end of the 2004
financial year, demand for reinvestment in portfolio companies has meant that
limited funds have been available for new investments. As the portfolio declines
in size this demand will reduce allowing more funds to become available for
adding new investments to the portfolio.
During the year Electra invested £48 million in new investments, an increase
over the prior year. In March 2004, Electra invested £14.9 million in Baxi
Holdings in order to preserve an exposure to this business and take advantage of
the future upside potential. A similar new investment of £8.8 million was made
in Leiner Health Products in the USA, where prospects are believed to be
excellent. Both these new investments have so far made encouraging progress. A
third significant investment was made in FibroThetford for £9.3 million where
Electra purchased subordinated debt and an equity interest in the Biomass power
plant in which Energy Power Resources, another of Electra's investments, has a
joint venture interest. The subordinated debt was purchased at a significant
discount to face value. In addition to the above new investments, £9.3 million
was drawn down under commitments to private equity funds.
Realisations
Realisations from the portfolio during the year amounted to £392 million. In
addition to this, £23 million was received in the form of accrued income,
principally on the sale of Baxi. This realisation programme represented a very
significant achievement and the patience exercised during the previous two
years, when market conditions were unfavourable, has been more than justified.
The success of these realisations was due to an effective marketing programme
combined with improved market conditions.
Overall, realisations were made at a level 43% higher than book value at the
beginning of the year. Five of the top ten investments were sold for £333.6
million, giving rise to £96 million of realised gains.
Largest Realisations
------------------ ------------------------------ -------------------------
Company Valuation at 30 September 2003 Proceeds from Disposal
£'m £'m
------------------ ------------------------------ -------------------------
Safety-Kleen Europe * 49.2 +103.2
Baxi ** 83.2 ++99.1
Vendcrown 57.0 72.2
Leiner Health Products 31.4 39.5
Gower 17.1 19.6
------------------ ------------------ ---------------
237.9 333.6
------------------ ------------------ ---------------
* Includes accrued income of £1.3 million
** Includes accrued income of £21.4 million
+ Includes accrued income of £1.6 million
++ Includes accrued income of £25.9 million
The most significant sale was that of Safety-Kleen Europe, where Electra
received proceeds of £103 million. This compared to an original investment cost
of £22 million in December 1998. In the case of Baxi, Electra received £99
million including accrued interest. Electra originally invested £30 million in
Newmond in 1996 and added a further £24 million in December 2000 to finance the
purchase of Baxi by Newmond. The acquisition of Baxi by Newmond resulted in
substantial added value. Of the proceeds, £72 million was attributable to the
investment made in December 2000. Further significant disposals included
Vendcrown, Leiner Health Products, Gower and William Cook. £19 million was
received in the year from limited partnership interests in private equity funds
and £15 million was received as a result of the repayment of loans by portfolio
investments.
Performance
The portfolio performed consistently throughout the year and over the period
recorded net appreciation of 14%. The year thus saw a welcome return to positive
progress after three years of decline. Over the year the portfolio appreciated
by £78 million. This appreciation included £103 million of realised gains from
the sale of portfolio investments and £6 million of unrealised gains on
restricted listed securities. These gains were, however, offset by currency
depreciation of £13 million and a reduction in unrealised appreciation of £18
million. The majority of the current depreciation was, however, hedged through
currency borrowings.
While the realisation programme gave rise to a high level of realised gains
there were also some significant increases in unrealised appreciation of
investments remaining in the portfolio. The two most significant individual
increases were those relating to the investments in Inchcape Shipping Services
and Freightliner.
The restructuring of Inchcape Shipping Services, completed two years ago, has
allowed the business to grow strongly and the company is currently enjoying a
robust operating performance. With a much improved financial position, the
company was able, during the year, to redeem Electra's loan of £9.4 million and
a revaluation of Electra's investment produced an increase in value of £9.5
million, a percentage increase of 36%. Freightliner also performed strongly over
the year to 31 March 2004 and was revalued by £10.6 million, a percentage
increase of 75%. Significant valuation increases were also recognised in respect
of Capital Safety and Allflex to reflect the good progress made by those
investments.
Largest Valuation Increases
Company £'000 %
------------------------- ---------------- ---------------
Safety-Kleen Europe 53,943 113
Vendcrown 15,221 27
Baxi 11,259 18
Freightliner 10,579 75
Inchcape Shipping Services 9,462 36
Leiner Health Products 8,085 27
Largest Valuation Decreases
Company £'000 %
------------------------- ---------------- ---------------
Deutsche Woolworth (13,696) (100)
Leisure Parcs (5,525) (100)
International Garden Products (5,338) (54)
A number of provisions were made against the book value of investments brought
forward at the beginning of the year. This included full provision against the
investments in Deutsche Woolworth and Leisure Parcs, both of which were made in
the first half of the financial year. In the case of Deutsche Woolworth, the
provision was made in view of the difficult trading conditions in Germany. Other
provisions were made primarily against a number of older investments to reflect,
in some cases, volatility in profit and, in other cases, uncertain prospects for
profitable realisation.
In aggregate, the provisions made against the value of investments exceeded the
increases in unrealised profits by £18 million. This resulted in a reduction in
the value of unlisted investments held throughout the year of 5.1%.
Consolidated Statement of Total Return
(incorporating the Revenue Account)
For the year ended
30 September 2004 2003
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
----------------- ------- -------- -------- ------- -------- --------
Gains/(losses) on
investments:
Realised - 103,102 103,102 - 4,949 4,949
Unrealised - (27,134) (27,134) - (2,585) (2,585)
Gains/(losses) on
revaluation of
foreign currencies:
Realised - 30 30 - (705) (705)
Unrealised - 10,801 10,801 - 2,742 2,742
----------------- ------- -------- -------- ------- -------- --------
- 86,799 86,799 - 4,401 4,401
Income of the
investment trust 14,756 - 14,756 18,181 - 18,181
Income/(net
expenses) of
subsidiary
undertakings 5,588 - 5,588 (327) - (327)
Expenses:
Priority profit
share paid to
general partners (9,511) - (9,511) (9,840) - (9,840)
Other expenses (2,701) - (2,701) (3,346) - (3,346)
Reversal of income
accruals - - - (276) - (276)
----------------- ------- -------- -------- ------- -------- --------
Net Return before
Finance Costs and
Taxation 8,132 86,799 94,931 4,392 4,401 8,793
Interest payable and
similar charges (3,965) - (3,965) (5,649) - (5,649)
----------------- ------- -------- -------- ------- -------- --------
Return on Ordinary
Activities before
Taxation 4,167 86,799 90,966 (1,257) 4,401 3,144
Taxation on ordinary
activities - - - - - -
----------------- ------- -------- -------- ------- -------- --------
Return on Ordinary
Activities after
Taxation 4,167 86,799 90,966 (1,257) 4,401 3,144
Exchange differences
arising on
consolidation (610) (9,378) (9,988) (403) (5,573) (5,976)
----------------- ------- -------- -------- ------- -------- --------
Net Transfers
to/(from) Reserves
for the Year 3,557 77,421 80,978 (1,660) (1,172) (2,832)
----------------- ------- -------- -------- ------- -------- --------
Return to
Shareholders per
Ordinary Share 5.71p 124.22p 129.93p (2.54p) (1.80p) (4.34p)
----------------- ------- -------- -------- ------- -------- --------
The amounts dealt with in the Consolidated Statement of Total Return are all
derived from continuing activities.
2004 2003
Number of Ordinary Shares in issue at 30 September 46,745,759 65,231,533
Consolidated Balance Sheet
As at 30 Sept 2004 As at 30 Sept 2003
£'000 £'000 £'000 £'000
---------------------------- ------- -------- -------- --------
Fixed Assets
Investments:
Unlisted 391,760 659,376
Floating rate notes 164,997 -
Listed 21,328 20,235
---------------------------- ------- -------- -------- --------
578,085 679,611
Current Assets
Debtors 25,550 36,585
Cash at bank and in hand 12,880 6,055
---------------------------- ------- -------- -------- --------
38,430 42,640
---------------------------- ------- -------- -------- --------
Current Liabilities
Creditors: amounts falling due
within one year 12,749 6,497
---------------------------- ------- -------- -------- --------
Net Current Assets 25,681 36,143
---------------------------- ------- -------- -------- --------
Total Assets less Current
Liabilities 603,766 715,754
Creditors: amounts falling due after
more than one year 160,034 193,271
---------------------------- ------- -------- -------- --------
443,732 522,483
Provision for liabilities and
charges 17,009 26,985
---------------------------- ------- -------- -------- --------
Net Assets 426,723 495,498
---------------------------- ------- -------- -------- --------
Capital & Reserves
Called-up share capital 11,686 16,308
Share premium 24,147 24,147
Capital redemption reserve 31,589 26,967
Realised capital profits 567,693 538,914
Unrealised capital losses (202,672) (101,561)
Revenue reserve (5,720) (9,277)
---------------------------- ------- -------- -------- --------
415,037 479,190
---------------------------- ------- -------- -------- --------
Total Equity Shareholders' Funds 426,723 495,498
---------------------------- ------- -------- -------- --------
Net Asset Value per Ordinary Share 912.86p 759.60p
---------------------------- ------- -------- -------- --------
Reconciliation of Total Shareholders' Funds
Year to 30 Sept Year to 30 Sept
2004 2003
£'000 £'000
-------------------------------------- --------- --------
Total Return 90,966 3,144
Exchange differences arising on
consolidation (9,988) (5,976)
Repurchase of own shares (145,131) -
Nominal value of own shares
purchased (4,622) -
-------------------------------------- --------- ----------
Movements in Total Equity
Shareholders' Funds (68,775) (2,832)
Total Equity Shareholders' Funds
at 1 October 495,498 498,330
-------------------------------------- --------- ----------
Total Equity Shareholders' Funds
at 30 September 426,723 495,498
-------------------------------------- --------- ----------
Consolidated Cash Flow Statement
For the year ended 30 September 2004 2003
£'000 £'000 £'000 £'000
----------------------- -------- -------- -------- --------
Operating Activities
UK dividend income 955 914
Unfranked investment income 31,405 7,762
Interest income 1,402 184
Other income 371 296
Proceeds from sale of current asset
investment - 838
Expenses (12,566) (12,850)
----------------------- -------- -------- -------- --------
Net Cash Inflow/(Outflow) from
Operating
Activities 21,567 (2,856)
----------------------- -------- -------- -------- --------
Returns on Investments and Servicing
of Finance
Interest paid (3,735) (6,103)
----------------------- -------- -------- -------- --------
Net Cash Outflow from Returns on
Investments and Servicing of Finance (3,735) (6,103)
----------------------- -------- -------- -------- --------
Total Taxation - -
----------------------- -------- -------- -------- --------
Capital Expenditure and Financial
Investment
Purchases of investments (213,440) (39,182)
Amounts paid under incentive scheme (20,935) -
Sales of investments 387,741 53,803
----------------------- -------- -------- -------- --------
Net Cash Inflow from Capital
Expenditure 153,366 14,621
and Financial Investment -------- -------- -------- --------
-----------------------
Net Cash Inflow before Management of
Liquid Resources and Financing 171,198 5,662
----------------------- -------- -------- -------- --------
Management of Liquid Resources 3,400 9,900
Financing
Bank loans drawn 108,617 32,000
Bank loans repaid (130,362) (45,801)
Repurchase of own shares (140,581) -
Loans advanced (1,386) (1,935)
----------------------- -------- -------- -------- --------
Net Cash Outflow from Financing (163,712) (15,736)
----------------------- -------- -------- -------- --------
Increase/(Decrease) in Cash in the 10,886 (174)
Year
----------------------- -------- -------- -------- --------
Reconciliation of Net Cash Flow to
Movement in Net Debt
Increase/(Decrease) in cash in the 10,886 (174)
year
Cash outflow from debt financing 21,745 13,748
Cash inflow from change in liquid (3,400) (9,900)
resources -------- -------- -------- --------
-----------------------
18,345 3,848
----------------------- -------- -------- -------- --------
Change in Net Debt Resulting from
Cash Flows 29,231 3,674
Translations difference 10,831 2,037
----------------------- -------- -------- -------- --------
Movement in Net Debt 40,062 5,711
Net debt brought forward (187,216) (192,927)
----------------------- -------- -------- -------- --------
Net Debt carried forward (147,154) (187,216)
----------------------- -------- -------- -------- --------
The figures and financial information for the year ended 30 September 2004 do
not constitute the statutory financial statements for that year. Those financial
statements have not yet been delivered to the Registrar, nor have the Auditors
yet reported on them. The figures and financial information for the year ended
30 September 2003 do not constitute the statutory financial statements for that
year. Those financial statements have been delivered to the Registrar and
included the Auditors' Report which was unqualified and did not contain a
statement under either section 237(2) or section 237(3) of the Companies Act
1985.
The Report and Accounts will be sent to shareholders in December 2004 and will
thereafter be available from the Company's registered office at 65 Kingsway,
London WC2B 6QT. The Annual General Meeting will be held on Wednesday 9 February
2005 in the Clement's, Thavies and Lincoln Meeting Room, Renaissance Chancery
Court Hotel, 252 High Holborn, London WC1 at 12 Noon.
This information is provided by RNS
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