Interim Results - 1999/2000
Shanks Group PLC
2 November 1999
INTERIM RESULTS 1999/2000 FROM SHANKS GROUP PLC
Group once again performed well
Profit Before Tax : £19.8m : UP 10% from £18m
Turnover : £156m : UP 21% from £129m
Earnings Per Share : 6.1p : UP 7% from 5.7p
Interim Dividend : 1.75p : UP 9% from 1.6p
Announcing the Interim Results for 1999/2000, Group Chairman Mr G H Waddell
today made the following statement:
The Group has once again performed well in the six months to 25 September
1999. Profits before taxation, after goodwill amortisation, rose to £19.8m, an
improvement of 10% (1998 : £18.0m). Strong growth in Belgium and a recovery in
Chemical Services more than offset the anticipated downturn in UK Waste
Services. Group turnover was £156m, an increase of £27m of which £9m related
to additional UK landfill tax.
The acquisition of Caird Group PLC, completed at the end of June for £53m, was
financed by the issue of 10m new shares and additional debt of £30m. As
expected, the first three months' performance, after exceptional costs and
goodwill amortisation, was broadly profit neutral.
Net cash flow from operating activities for the half year rose by 20% to £27m
(1998 : £22m). Group debt increased to £91m, raising gearing marginally from
79% in March 1999 to 88% at the end of September. Interest cover has remained
strong at 11 times.
Earnings per share, after goodwill amortisation, on the greater number of
shares in issue, have increased by 7% to 6.1 pence per share (1998 : 5.7 pence
per share). Your Board has declared an interim dividend of 1.75 pence per
share, an increase of 9% (1998 : 1.6 pence per share).
Following a thorough assessment of the potential impact of the millennium
computer issue the Board is confident that the Group is Y2K compliant in all
material respects.
DIVISIONAL REVIEW
Waste Services - UK
UK Waste Services collects and manages household, commercial and industrial
wastes throughout Britain.
Operating profits before the impact of acquisitions are down only 3% from
£15.6m to £15.1m. This is a most creditable performance considering the expiry
in December 1998 of the first electricity generation from landfill gas
contracts and the important 25 year contract at the Hendon waste transfer
station in North London. This significant achievement accrues in part from the
administrative savings derived from the amalgamation of the separate Northern
and Southern structures early in 1999.
Landfill operations have again performed strongly and some recovery in the
special waste activities has been seen. Additionally the losses in recycling
have been reduced. The waste collection performance was steady.
Chemical Services - UK
Chemical Services specialises in the destruction of hazardous organic chemical
waste by high temperature incineration, solvent recycling and recovery
services together with certain industrial cleaning activities and on site
decontamination both in the UK and overseas.
Operating profits before the impact of acquisitions increased substantially
from the disappointing £0.1m in the first half of last year to £0.5m. Last
year both incineration plants were closed in the period for full maintenance
shutdowns whereas this year featured the more normal shutdown at one plant
only. Solvent recovery operations are beginning to show signs of improvement
following the rebound in general oil prices.
Waste Management - Belgium
Encouragingly, operating profits have grown by 27% from £6.3m to £8.0m. Not
only have all the improvements generated last year been sustained but the
various health concerns over food in Belgium have resulted in a temporary
increase in volumes. The performance has been satisfactory in all three
Belgian regions.
The Group made a profit of £0.2m on the sale of a 5% share of its Silvamo
joint venture landfill site. The new facility in Zeebrugge for the treatment
of ship borne wastes is now open.
Caird Acquisition
The Group is pleased with the acquisition and is on target to secure the
benefits expected. It is particularly encouraging to report that planning
permission has been secured for landfilling at the Potterton site close to
Aberdeen. The site, which should become operational in the 2000/1 year, will
secure the continuation of Group operations in the Highland area. Management
control of Caird's various operating activities has passed to Waste Services
or Chemical Services in order to realise synergies from the integration of
operations. Its Ellesmere Port administrative centre will close in December.
DEVELOPMENTS
The original contract with the Government to incinerate meat and bone meal
(MBM) arising from the BSE crisis was scheduled to end in December 1999 but
has now been extended to March 2000. A new £16m contract has also been
concluded with the Government to process a further 190,000 tonnes of MBM
material. A 60,000 te/yr fluidised bed incinerator will be constructed at
Fawley. It will recover energy and significant electricity sales are expected
to supplement the MBM processing charge. The £16m plant is planned to be
operational in the 2001/2 year. Following the expiry of the contract, the
plant could be used as an incineration facility for similar wastes.
The Group has continued to make small acquisitions with three being completed
in the half year for an aggregate consideration of £3m.
The £20m investment in 32MW of further electricity generating contracts has
begun in six locations. The programme will be substantially completed in the
2000/1 year with profits beginning to flow as each generator is commissioned.
OUTLOOK
The Waste Services recovery after the expiry of the Hendon and NFFO1 contracts
is most encouraging. The Group's performance to date together with the benefit
of Caird and the other acquisitions should ensure continued progress for the
year. In the longer term, the Group will also benefit from the additional
electricity generation investment.
Note:
Abbreviated details of the Interim Results follow on.
The Interim Dividend of 1.75p per share will be paid on 11 January 2000, to
shareholders on the register at close of business on 17 December 1999.
Copies of the Interim Report will be posted to shareholders by 24 November
1999, after which they will be available, on request, from the company at
Astor House, Station Road, Bourne End, Bucks SL8 5YP.
For further information contact:
Gordon Waddell; Chairman, Shanks Group plc
Michael Averill; Group Chief Executive
David J Downes; Group Finance Director
or John Shaughnessy, Group Head of External Relations
On 2 November 1999, telephone: 0207 601 0101
Thereafter, telephone: 01628 524523
CONSOLIDATED PROFIT AND LOSS ACCOUNT
First Half ended 25th September 1999
Cont Acqs H1 H1* Year
Ops 99/00 98/99 98/99
Note £m £m £m £m £m
Turnover: Gp and share of jvs 151.3 6.5 157.8 129.5 263.9
Less: Share of turnover of jvs (1.7) (0.6) (2.3) (1.0) (3.2)
------ ------ ------ ------ ------
Group turnover 2 149.6 5.9 155.5 128.5 260.7
Cost of Sales (115.6) (5.2)(120.8) (95.4) (195.6)
------ ------ ------ ------ ------
Gross profit 34.0 0.7 34.7 33.1 65.1
------ ------ ------ ------ ------
Gp operating profit before goodwill 21.8 0.6 22.4 20.6 39.9
and exceptional items
Exceptional costs - (0.3) (0.3) - -
Goodwill amortisation 3 - (0.5) (0.5) - -
------ ------ ------ ------ ------
Group operating profit 21.8 (0.2) 21.6 20.6 39.9
Share of operating profit of jvs 0.2 0.1 0.3 0.1 0.2
------ ------ ------ ------ ------
Total operating profit 2 22.0 (0.1) 21.9 20.7 40.1
------ ------
Profit on disposal of operations 4 0.5 0.2 0.3
------ ------ ------
Profit before finance charges 22.4 20.9 40.4
Finance charges - interest (2.0) (2.4) (4.3)
Finance charges - unwinding of 5 (0.6) (0.5) (1.0)
discount ------ ------ ------
Profit on ordinary activities 19.8 18.0 35.1
before taxation
Taxation 6 (7.1) (6.7) (12.6)
------ ------ ------
Profit after taxation 12.7 11.3 22.5
Equity minority interests (0.1) - -
------ ------ ------
Profit for the period 12.6 11.3 22.5
Equity dividends paid and proposed 7 (4.0) (3.2) (9.6)
------ ------ ------
Retained profit transferred to 8.6 8.1 12.9
reserves ------ ------ ------
Earnings per share 8
- basic 6.1p 5.7p 11.2p
- diluted 6.0p 5.6p 11.1p
- basic before goodwill amortisation 6.4p 5.7p 11.2p
Dividends per share 1.75p 1.6p 4.8p
* The effects of the restatements are described in note 1
CONSOLIDATED SUMMARISED BALANCE SHEET
At 25 September 1999
At At* At
25 Sept 26 Sept 27 March
1999 1998 1999
Note £m £m £m
Fixed assets
Intangible assets 37.6 - 1.9
Tangible assets 182.5 162.5 160.6
Investments 0.3 - 0.2
Investments in joint ventures:
Share of gross assets 8.7 2.8 3.2
Share of gross liabilities (6.5) (0.7) (3.2)
------ ------ ------
2.2 2.1 -
------ ------ ------
222.6 164.6 162.7
Current assets
Stocks 3.3 2.8 3.0
Debtors 92.9 78.1 74.0
Short term deposits and cash 11.7 7.8 11.5
------ ------ ------
107.9 88.7 88.5
------ ------ ------
Creditors: amounts falling within one year
Creditors (81.4) (71.9) (72.1)
Borrowings (5.0) (5.4) (2.7)
------ ------ ------
(86.4) (77.3) (74.8)
------ ------ ------
Net current assets 21.5 11.4 13.7
------ ------ ------
Total assets less current liabilities 244.1 176.0 176.4
Long term borrowings (97.9) (70.7) (65.9)
Other long term creditors and provisions 10 (42.3) (36.4) (38.2)
------ ------ ------
103.9 68.9 72.3
------ ------ ------
Capital and reserves
Called up share capital 21.1 20.0 20.0
Share premium account 57.0 35.1 35.7
Profit and loss account 25.5 13.8 16.4
------ ------ ------
Equity shareholders' funds 103.6 68.9 72.1
Equity minority interests 0.3 - 0.2
------ ------ ------
11 103.9 68.9 72.3
------ ------ ------
Gearing
Net borrowings divided by shareholders' funds 88% 99% 79%
* The effects of the restatements are described in note 1
CONSOLIDATED CASH FLOW STATEMENT
First Half ended 25 September 1999
99/00 98/99 98/99
H1 H1 Year
Note £m £m £m
Net cash inflow from operating activities 12 26.6 22.2 61.5
Returns on investments and servicing of
finance
Net interest paid (1.6) (2.3) (3.1)
Tax paid (1.6) (2.6) (15.8)
Capital expenditure and financial investment
Purchase of tangible fixed assets (13.6) (13.6) (21.2)
Sale of tangible fixed assets 0.9 0.3 1.7
------ ------ ------
(12.7) (13.3) (19.5)
------ ------ ------
Acquisitions and disposals
Purchase of subsidiary undertakings and (56.1) - (5.7)
businesses
Net overdraft acquired with purchase of (2.1) - -
subsidiary undertakings
Advances to and investments in JVs (1.7) - -
Proceeds from disposal of operations 0.5 0.4 0.4
------ ------ ------
(59.4) 0.4 (5.3)
------ ------ ------
Equity dividends paid (6.7) (5.6) (8.8)
Net cash (outflow) inflow before use of liquid (55.4) (1.2) 9.0
resources and financing
Management of liquid resources
Amounts received from (placed on) deposit 4.4 - (4.7)
Financing
Issue of ordinary share capital 22.4 0.2 0.9
Long term loan advances (repayments) 30.9 0.2 (3.6)
Capital element of finance lease repayments - - (0.2)
------ ------ ------
Increase (decrease) in cash 2.3 (0.8) 1.4
------ ------ ------
Reconciliation of net cash flow to movement
in net debt
Increase (decrease) in cash in the period 2.3 (0.8) 1.4
Cash (inflow) outflow from (decrease) (4.4) - 4.7
increase in liquid resources
Cash (inflow) outflow resulting from long (30.9) (0.2) 3.6
term loan (advances) repayments
Cash outflow from lease financing - - 0.2
------ ------ ------
Change in net debt resulting from cash flows (33.0) (1.0) 9.9
Financing acquired with subsidiaries (2.7) - -
Finance leases entered into - - (0.7)
Exchange adjustments 1.6 (3.0) (2.0)
------ ------ ------
(34.1) (4.0) 7.2
Net debt brought forward (57.1) (64.3) (64.3)
------ ------ ------
Net debt carried forward (91.2) (68.3) (57.1)
------ ------ ------
Net debt represents total borrowings less cash in hand
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 Basis of preparation
The interim financial report has been prepared on the basis of the
accounting policies set out in the published accounts of the Group for the
year ended 27 March 1999. Since that date, the Accounting Standards Board
has issued FRS15 (Tangible Fixed Assets). Prior to 1994, but not
subsequently, the group had capitalised interest relating to certain major
capital assets during the period of construction. The net book values and
amortisation of this capitalised interest are immaterial and in accordance
with the standard, no adjustments have been made.
The comparatives for the first half of 1998/9 have been restated for FRS12
(Provisions and Contingencies), the effects of which could not be
quantified when the 1998/9 interim statements were prepared. There was no
effect on profit before tax for the first half of 1998/9 as the values
were immaterial. The unwinding of discount and inflation on provisions
calculated under FRS12 of £0.5m has been shown as a financial item.
Previously all such items were treated as cost of sales.The balance sheet
effect of the restatement at September 1998, is to increase the value of
both tangible fixed assets and restoration liabilities by £7.0m. This
reflects the recognition of the full liabilities for future site
restoration which have been capitalised as part of landfill sites within
tangible fixed assets.
2 Segmental analysis
Cont Acqs 99/00 98/99 98/99
Ops H1 H1* Year
£m £m £m £m £m
(a) Turnover
Waste Services - UK 101.4 5.2 106.6 84.5 169.5
Chemical Services - UK 10.5 0.7 11.2 10.9 23.4
Waste Management - Belgium 38.0 - 38.0 33.5 68.7
------ ------ ------ ------ ------
149.9 5.9 155.8 128.9 261.6
Intersegmental turnover (0.3) - (0.3) (0.4) (0.9)
------ ------ ------ ------ ------
149.6 5.9 155.5 128.5 260.7
------ ------ ------ ------ ------
Share of jv turnover 1.7 0.6 2.3 1.0 3.2
------ ------ ------ ------ ------
(b) Geog analysis of turnover
United Kingdom 109.8 5.8 115.6 93.9 189.6
Europe 38.0 - 38.0 33.5 68.7
Europe and Rest of 1.8 0.1 1.9 1.1 2.4
World - Chemical Services
------ ------ ------ ------ ------
149.6 5.9 155.5 128.5 260.7
------ ------ ------ ------ ------
(c) Operating profits
Waste Services - UK 15.1 0.6 15.7 15.6 30.4
Chemical Services - UK 0.5 0.1 0.6 0.1 1.5
Waste Management - Belgium 8.0 - 8.0 6.3 11.7
Central Services (1.6) - (1.6) (1.3) (3.3)
------ ------ ------ ------ ------
Operating profit before 22.0 0.7 22.7 20.7 40.3
goodwill & exc costs
Exceptional costs - WS - (0.3) (0.3) - -
Goodwill amortisation - WS - (0.5) (0.5) - -
------ ------ ------ ------ ------
Total operating profit 22.0 (0.1) 21.9 20.7 40.3
------ ------ ------ ------ ------
Waste Services - UK 15.1 (0.2) 14.9 15.6 30.4
Chemical Services - UK 0.5 0.1 0.6 0.1 1.5
Waste Management - Belgium 8.0 - 8.0 6.3 11.7
Central Services (1.6) - (1.6) (1.3) (3.3)
------ ------ ------ ------ ------
Total operating profit 22.0 (0.1) 21.9 20.7 40.3
------ ------ ------ ------ ------
(d) Net assets At At At
25 Sept 26 Sept 7 Mar
1999 1998 1999
£m £m £m
Waste Services - UK 154.8 101.3 92.6
Chemical Services - UK 25.4 23.0 22.0
Waste Management - Belgium 28.0 33.3 27.5
------ ------ ------
Net operating assets 208.2 157.6 142.1
Unallocated net assets (liabilities):
Assets under course of construction 3.1 4.0 6.2
Net debt (91.2) (68.3) (57.1)
Other unallocated net assets (liabilities) (16.2) (24.4) (18.9)
------ ------ ------
103.9 68.9 72.3
------ ------ ------
Other unallocated net liabilities include debtors and creditors
relating to taxation and dividends.
3 Goodwill amortisation
In accordance with the provisions of FRS10 (Goodwill and Intangible
Assets) the group capitalises and amortises goodwill on a straight line
basis over an appropriate period not exceeding 20 years. Prior to March
1998, goodwill was written off directly to reserves on acquisition
and in accordance with the transitional provisions of FRS10, no adjustment
has been made in respect of goodwill previously written off under this
policy.
4 Disposal of operations
The profit on disposal comprises £0.3m in relation to the final settlement
of contracts remaining from the sale of the construction division in
April 1995 and the remaining £0.2m relates to the sale of a 5% share in
the Group's Silvamo joint venture landfill in Belgium. The group continues
to account for Silvamo as a joint venture and now holds 50% of the equity.
The 1998/99 disposal relates to the sale on 1 October 1998, of Ecoterres
s.a., a joint venture (50% owned) incorporated in Belgium and
specialising in the remediation of contaminated land.
5 Unwinding of discount
The unwinding of discount of £0.6m (1999: £0.5m) relating to long term
landfill liabilities is now separately disclosed, as required by FRS12.
The implementation of FRS12 has increased tangible fixed assets and
restoration liabilities as at 26 September 1998 by £7.0m. To ensure
consistency of presentation, the elements of the provision movements
relating to inflation and discount amounting to prior full year £1.0m and
prior half year £0.5m have been reclassified from cost of sales to
financial items.
6 Taxation
99/00 98/99 98/99
H1 H1 Year
£m £m £m
UK corporation tax at 30% (98/99: 31%) 3.8 4.3 7.6
Belgian corporation tax at 40% 3.2 2.4 4.6
Deferred tax - - 0.3
Joint ventures 0.1 - 0.1
------ ------ ------
7.1 6.7 12.6
------ ------ ------
The taxation rate for the first half of the current year is based on the
estimated taxation charge for the full year.
7 Interim dividend
The interim dividend of 1.75p per share will be paid on 11 January 2000 to
shareholders on the register at close of business on 17 December 1999. The
interim dividend amounts to £3.7m. The remaining £0.3m charge to the
profit and loss account relates to last year's final dividend on the
shares issued to fund the Caird acquisition. This dividend was not
provided in the financial statements to 27th March 1999 as at the time
these were finalised, the shares had not been allotted.
8 Earnings per share
Earnings per share are calculated by dividing the profit after taxation by
the average number of shares in issue during the year.
99/00 98/99 98/99
H1 H1 Year
£m £m £m
Profit after taxation 12.7 11.3 22.5
------ ------ ------
Basic earnings per share
Average number of shares in issue during period 207m 200m 200m
Basic earnings per share 6.1p 5.7p 11.2p
Diluted earnings per share
Average number of shares in issue during period 207m 200m 200m
Effect of share options in issue 3m 2m 3m
Adjusted av. no. of shares in issue during period 210m 202m 203m
------ ------ ------
Diluted earnings per share 6.0p 5.6p 11.1p
Basic e.p.s. before goodwill amortisation £m £m £m
Profit after taxation 12.7 11.3 22.5
Goodwill amortisation 0.5 - -
------ ------ ------
Adjusted earnings 13.2 11.3 22.5
------ ------ ------
Basic e.p.s. before goodwill amortisation 6.4p 5.7p 11.2p
9 Acquisitions
During the period the Group made the following acquisitions:
Activities & Geog Area
Business assets of A.G. Bevan Apr 99 Waste collect-S. Wales
Caird Group PLC Jun 99 Waste man.-throughout UK
Business assets of Muktubs Jul 99 Waste trans & collect.-W.Yorks
Bus. assets of Westhill Transport Aug 99 Waste collection - Aberdeen
The net assets acquired and the provisional fair value adjustments are as
follows:
A/c Prov'l
Book value Valuation policy fair value
at acqn adjs adjs to Group
£m £m £m £m
Caird Group PLC
Tangible fixed assets and invs. 28.3 (2.0) (0.1) 26.2
Net borrowings (4.9) - - (4.9)
Other assets and liabilities 0.6 (1.5) (1.4) (2.3)
------ ------ ------ ------
24.0 (3.5) (1.5) 19.0
------ ------ ------
Capitalised goodwill 33.7
------
Cash consideration 52.7
------
The provisional valuation adjustments relate to revaluations of fixed
assets to bring them in line with fair values, and the recognition
of costs relating to the acquisition incurred by the Caird Group.The
accounting policy adjustments mainly relate to provisions for landfill
aftercare costs.
Other acquisitions
Tangible fixed assets and investments 0.9
Capitalised goodwill 2.5
------
Cash consideration 3.4
------
Other acquisitions were from ongoing companies. The group did not have
access to book values and has assigned its own fair values and there were
therefore no accounting policy alignments.
10 Provisions and other long term creditors
At At
27 Mar Acqd Provided Utilised 25 Sept
1999 Co.s in period in period 1999
£m £m £m £m £m
Deferred taxation provision 5.0 - 0.7 - 5.7
Aftercare provision 16.7 1.4 1.8 - 19.9
Site restoration provision 14.0 0.6 0.5 (0.6) 14.5
Onerous lease provision 0.7 - - - 0.7
------ ----- ------ ------ ------
36.4 2.0 3.0 (0.6) 40.8
----- ------ ------
Other long term creditors 1.8 1.5
------ ------
38.2 42.3
------ ------
11 Reconciliation of movement in equity shareholders' funds
99/00 98/99 98/99
H1 H1 Year
£m £m £m
Profit for the period 12.6 11.3 22.5
Equity dividends (4.0) (3.2) (9.6)
------ ------ ------
8.6 8.1 12.9
Other recognised gains and losses (1.2) - 0.9
Issue of share capital 22.4 0.2 0.8
Goodwill written off to reserves on acqn - - (2.4)
Goodwill currency translation adjustment 1.7 (1.1) (1.8)
------ ------ ------
Movements in goodwill 1.7 (1.1) (4.2)
------ ------ ------
Net addition to equity shareholders' funds 31.5 7.2 10.4
Opening equity shareholders' funds 72.1 61.7 61.7
------ ------ ------
Closing equity shareholders' funds 103.6 68.9 72.1
------ ------ ------
12 Net cash inflow from operating activities
99/00 98/99 98/99
H1 H1 Year
£m £m £m
Operating profit 21.6 20.6 39.9
Depreciation and amortisation 13.8 12.0 25.8
Gain on sale of fixed assets - - (0.3)
(Increase) in working capital (10.0) (11.6) (7.7)
Increase in aftercare and site rest'n provs. 1.2 1.2 3.5
Other non cash movements - - 0.3
------ ------ ------
Net cash inflow from operating activities 26.6 22.2 61.5
------ ------ ------
13 Status of financial information
The interim financial information, which was approved by the Directors on
2nd November 1999, is unaudited but has been reviewed by the auditors and
their report to the Directors is set out below.
The financial information for the year ended 27 March 1999 does not
comprise statutory accounts within the meaning of section 240 of the
Companies Act 1985, and has been extracted from the Group's 1999 published
accounts which have been filed with the Registrar of Companies. The
auditors' opinion on those financial statements was unqualified and did
not include a statement under section 237 (2) or (3) of the Companies Act
1985.
AUDITORS' REPORT TO THE DIRECTORS OF SHANKS GROUP PLC
Introduction
We have been instructed by the Company to review the financial information set
out above and we have read the other information contained in the interim
report for any apparent misstatements or material inconsistencies with the
financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The Listing
Rules of the London Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes,
and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board. A review consists principally
of making enquiries of Group management and applying analytical procedures to
the financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of
assurance than an audit.
Accordingly we do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 25 September 1999.
PRICEWATERHOUSECOOPERS
Chartered Accountants
London
2 November 1999
YEAR 2000
The Group continuously invests in IT systems to better manage its operations.
Many of the improvements necessary to ensure millennium compliance are
indistinguishable from ongoing IT investments which would have been made
regardless of the year 2000 problem. The Group is estimated to have expensed
£0.5m on millennium compliance expenditure since its steering committee on
millennium issues was established in May 1997. There are no material future
costs to be incurred so far as the Board is aware.
As outlined in the Chairman's statement, the Board is confident that the Group
is Y2K compliant in all material respects. Contingency plans have been
developed for all material business risks which may arise from the year 2000
issue. Certain operations with ostensibly millennium compliant embedded
systems, will be shut down as a precaution over the critical period and
restarted in a controlled environment.
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