RNS Number:9963N
Warner Estate Holdings PLC
3 December 2001
Warner Estate Holdings PLC
Interim Report and Accounts 2001 - 2002
CONFIDENT WARNER DELIVERING GROWTH
AT INTERIM STAGE
Warner Estate Holdings PLC ("Warner") the property investment company today
announces its interim results for the six months ended 30 September 2001.
Highlights
* Pre-tax revenue profits up 20% to #5.7 million (September 2000: #4.8
million)
* Adjusted* revenue earnings per share up 11% to 9.0p (30 September
2000: 8.1p)
* Commercial rent roll up to #24.3 million (March 2001: #22.6 million)
* Revaluation uplifts in all sectors
* Adjusted* net assets per share up 3.5% to 417p (March 2001: 403p)
* Triple net NAV 396p (March 2001 : 384p)
* Net gearing 58% (March 2001: 93%)
* Unutilised borrowing facilities and cash of over #100 million
* Interim dividend per share up to 7.25p (final dividend March 2001:
7p)
* Excludes the effects of additional deferred tax arising from the adoption of
FRS 19.
Philip Warner, Chairman commented,
" Given the current uncertainty in the economy, Warner is well positioned to
take advantage of market weakness. We have significant firepower for
acquisitions and the team is working well, adding value to our properties
through its active asset management programme.
" Our strategy is to focus on larger properties that offer significant
potential for growing rental income and capital value. Looking to the future
we are encouraged by the partnership opportunities in the property industry
with a view to further enhancing our growth."
-ends-
Date: 3 December 2001
For further information contact:
Warner Estate Holdings PLC City Profile Group
Philip Warner, Chairman Simon Courtenay
Peter Collins, Finance Director Ed Senior
Richard Moore, Property Director
020-7487-3312 020-7448-3244
Web: www.warnerestate.co.uk e-mail: simon.courtenay@city-profile.com
Chairman's Statement
Results
I am pleased to report on six months of continuing progress as my letter of 4
October to shareholders anticipated. Adjusted net assets per share have risen
3.5% to 417p (March 2001: 403p) after a full property valuation, which added
6.2p per share with the balance coming from retained profits and the impact of
share buy backs.
Triple net asset value, which adjusts for deferred tax and the fair value of
debt, rose to 396p (March 2001: 384p).
Pre tax profits for the six months were #7.8million (September 2000: #
5.4million). Revenue pre tax profits (excluding the effect of fixed asset
disposals) increased by 20% to #5.7million (September 2000: #4.8million).
Underlying recurring revenue profits, which exclude the impact of property
trading, joint ventures and the associate, as well as capital profits,
increased by 17% to #4.8million (September 2000: #4.1million) reflecting the
first benefits of the disposal of the Group's residential assets in March and
May of this year. The capital profits of #2.1million mainly arose from the
disposal of the Group's investment in Barlows PLC.
Adjusted earnings per share were 13.1p (September 2000: 9.7p) and adjusted
revenue earnings were up 11% at 9.0p (September 2000: 8.1p). The lower
percentage rise post tax was due to an increase in the tax payable on revenue
profits to just over 18% from 6% in the comparable period.
The Board has declared an interim dividend per share of 7.25p, a 3.6% increase
on the last final dividend of 7p. This dividend is covered 1.8 times by
adjusted total earnings, 1.2 times by adjusted revenue earnings and will be
paid on 8 April 2002 to shareholders on the register at close of business on 8
March 2002. As I reported in June, following the change in year end, the
balance between interim and final payments in future is intended to be closer
to 50/50 than the historic one third/two thirds.
Property
In line with our stated strategy we have continued to reposition our
investment portfolio through the disposal of smaller properties and
reinvestment in larger ones in the sectors where we see opportunities for
growth and scope for management to add value. The relevant figures for the
period were six disposals for #12.0million and five office acquisitions for #
32.3million. In addition, as I reported in June, contracts for the sale of
Waterfields Retail Park, Watford, for #19million were exchanged in April with
completion due next week.
The interim valuation of the investment portfolio as at 30 September 2001 was
carried out by Healey & Baker. This, together with those valued by the
Directors, produced a figure of #296.2million (March 2001: #290.2million),
which included uplifts in all sectors with retail up #2.6million, offices #
0.1million and industrial #0.7million on a like for like basis. Retail in
particular benefited from the planning consents obtained for extensions to our
shopping centres at Ellesmere Port and Sale. Rental values moved up 2%
overall, varying from 1% for offices to 4% for retail with little yield
movement in any sector.
The annualised rent roll, covering 434 tenancies in 88 properties at 30
September, was #24.3million (March 2001: #22.6million) with the estimated
rental value of the portfolio worth an additional #3million spread over all
sectors. The level of voids showed a very satisfactory reduction to 4% from
8% at 31 March. As I indicated in June we shall continue to focus on income as
well as capital in achieving a total return performance ahead of the IPD
All-Fund benchmark.
The distribution of the investment portfolio at 30 September was as follows:
Offices #130million - net initial yield 8.3% - weighting 44% (March 2001: 35%)
Weighting increased through purchases for #14.4million of investments
in Colchester, Tunbridge Wells, Harrow and Bradford, yielding 8.4% and
for #16.3million of an investment at Westgate, Bristol, yielding 9.2%.
Our preference is for Greater London, the South East and larger
cities.
Retail #104million - net initial yield 7.5% - weighting 35% (March 2001: 42%)
The significant movement was the disposal at Watford, referred to
above. Our preference is for higher yielding and well let secondary
shopping centres.
Industrial #62million - net initial yield 7.9% - weighting 21%(March 2001: 23%)
A number of properties, which had performed well, were sold and
since the period end we have purchased Sundon Park, Luton, for
#6million. Our preference is for the Midlands and the South East.
Seven trading properties were sold for #4.9million and further disposals will
follow as opportunities arise. 19 properties remain, shown as current assets
on the balance sheet at #24.7million. The directors estimate that the value of
the trading stock is worth a further #1.0million. It is not currently the
Group's strategy to buy to trade except as an incidental part of a larger
purchase.
Finance
Financial Reporting Standards
Three new financial reporting standards have applied for the first time in the
six months ended 30 September 2001, but only one of these, FRS 19 Deferred
Tax, has a material effect on the reported results.
FRS 19 requires that deferred tax should now be provided in full on all timing
differences between accounting and tax treatments that are not permanent.
However, a remaining exception is that deferred tax arising on any revaluation
surplus is still not recognised as a balance sheet adjustment and remains only
to be reported as a contingent liability note in the accounts. Our accounting
policy has been to recognise deferred tax only to the extent that the
potential tax liabilities or assets were expected to crystallise. We have
therefore changed our policy to make full provision for timing differences,
which, in our case, arise primarily from capital and industrial building
allowances. The effect of this is that the Group's tax charge in the profit
and loss account has been increased by #0.17million (September 2000: #
0.25million) and a balance sheet provision created of #3.9million (March 2001:
#3.7million) to show the effect as if no capital and industrial building
allowances had been claimed. When properties are then sold any deferred tax
provision that is not crystallised will be released to the profit and loss
account.
In practice, for property investment companies capital allowances do not
reverse, even on property disposals, and that is the commercial policy applied
by the Group. It is therefore our view that FRS 19 liabilities on our
investment property portfolio are unlikely to crystallise in practice and we
have therefore excluded them when calculating adjusted earnings per share and
adjusted net assets per share in this interim report.
It should be emphasized that FRS 19 is only presentational and has no impact
on the actual tax we pay or on triple net asset value.
Cash Flow
The large inflow in the period of #77million arose mainly from the disposals
of Warner Estate, Limited for a net #60.8million in May and of the investment
in Barlows PLC for #8.8million in June.
Debt
Gross debt at 30 September was #139million, all of which was long term, and
the Group had cash of #15million, giving adjusted net gearing of 58% down from
93% in March 2001.
In addition to cash, the Group had unutilised short term borrowing facilities
of #93million.
Of the long term debt of #139million, #66million is fixed and a further #
55million covered by various hedging instruments to limit the Group's exposure
to adverse movements in interest rates.
Interest was covered 1.8 times by recurring profit before interest and tax
(March 2001: 1.4 times).
Balance Sheet
Adjusted shareholders' funds (excluding the reduction of #3.9million in
respect of FRS 19) rose to #213.6million (March 2001: #211.1million) and
triple net assets to #203.0million (March 2001: #200.9million).
In June 2001 the Company purchased 1,382,000 ordinary shares for cancellation
at a price of 299p per share plus costs. This produced an uplift in net
asset value for shareholders of 3p per share. At the
EGM in July the Company increased its authority to buy back its own shares to
14.9 per cent, all of which is currently unused.
Return on Capital
As previously reported the Group measures its return on shareholders funds
using triple net asset value. On this basis the annualised return for the six
months to 30 September 2001 was 10%.
Prospects
We continue to seek properties in all our chosen sectors where we are
encouraged by the level of tenant demand. In the current climate, the merits
of our spread of properties and healthy income are readily apparent. We have a
strong balance sheet with modest gearing and our renewed emphasis on asset
management is improving both capital and income values.
We look forward to property as an asset class being more highly appreciated.
While institutional allocation to property has been artificially increased by
the fall in equity values, it is to be hoped that conscious decisions will be
taken to maintain and increase that allocation.
The coming months will see whether the detrimental effects of economic
uncertainty are outweighed by low interest rates and resilient consumers.
Either way your company is well placed through both management skills and
financial resources to take advantage of prevailing market conditions.
Philip Warner
3 December 2001
CONSOLIDATED PROFIT & LOSS
For the six months ended 30th September 2001
Unaudited Audited
6 months 6 months 18 months
ended ended ended
Notes 30/9/ 30/9/2000 31/3/2001
2001 restated restated
#'000 #'000 #'000
Turnover: Group and share of 21,311 34,855 98,506
joint ventures and associate
Less: Share of joint ventures (3,171) (5,591) (12,056)
and associate
Group turnover 2 18,140 29,264 86,450
Cost of sales and other property (6,446) (16,746) (52,770)
outgoings
Gross profit 2 11,694 12,518 33,680
Administrative expenses (870) (822) (2,457)
Group operating profit 2 10,824 11,696 31,223
Share of operating profit in:
Joint Ventures 2 12 307 894
Associate 2 1,260 879 2,251
1,272 1,186 3,145
Total operating profit 12,096 12,882 34,368
Profit on sale of fixed assets 3 2,114 577 14,320
Income from fixed asset 461 1,636 3,972
investments
Profit on ordinary activities 14,671 15,095 52,660
before interest
Net interest payable and similar 4 (6,828) (9,739) (25,477)
charges
Profit on ordinary activities 7,843 5,356 27,183
before taxation
Taxation on profit on ordinary 5 (1,224) (531) (2,704)
activities
Profit on ordinary activities 6,619 4,825 24,479
after taxation
Dividends (3,541) (4,861) (10,949)
Retained profit/(loss) 3,078 (36) 13,530
Earnings per share 6 p p p
Revenue 8.70 7.66 21.35
Capital 4.08 1.60 25.88
12.78 9.26 47.23
Fully diluted earnings per share 6
Revenue 8.69 7.65 21.33
Capital 4.08 1.60 25.85
12.77 9.25 47.18
Adjusted earnings per share
Revenue 9.03 8.14 22.58
Capital 4.08 1.60 25.88
13.11 9.74 48.46
CONSOLIDATED BALANCE SHEET
Unaudited Audited
Notes At 30/9/ At 30/9/2000 At 31/3/2001
2001 restated restated
#'000 #'000 #'000
Fixed Assets
Tangible fixed assets
Investment properties 7 298,630 314,300 292,674
Other tangible assets 194 311 249
298,824 314,611 292,923
Joint Ventures 8
Share of gross assets 8,160 7,298 7,694
Share of gross liabilities (6,538) (5,273) (5,876)
Loan accounts 2,184 2,179 901
3,806 4,204 2,719
Investments 21,262 79,290 84,049
323,892 398,105 379,691
Current Assets
Property stock 24,688 37,027 28,984
Debtors 27,855 7,491 26,001
Investments 309 302 303
Cash at bank and in hand 15,327 19,939 2,343
68,179 64,759 57,631
Current Liabilities
Creditors: amounts falling due (41,167) (101,829) (87,167)
within one year
Net Current Assets/(Liabilities) 27,012 (37,070) (29,536)
Total Assets less Current 350,904 361,035 350,155
Liabilities
Creditors: amounts falling due (137,182) (158,990) (138,800)
after more than one year
Provision for liabilities and
charges
Deferred taxation 9 (4,007) (3,991) (3,835)
Net Assets 209,715 198,054 207,520
Capital and Reserves
Called up share capital 2,562 2,610 2,617
Other reserves 201,568 190,775 200,182
Profit and loss account 5,585 4,669 4,621
Equity Shareholders' Funds 209,715 198,054 207,420
Minority interests - - 100
209,715 198,054 207,520
Net assets per share 409p 379p 396p
FRS 19 reversal 8p 7p 7p
Adjusted net assets per share 417p 386p 403p
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Unaudited Audited
6 months 6 months 18 months
ended ended ended
30/9/2001 30/9/2000 31/3/2001
restated restated
#'000 #'000 #'000
Profit on ordinary activities after 6,619 4,825 24,479
taxation
Unrealised surplus on revaluation of 3,179 12,050 5,712
properties
Unrealised (deficit)/surplus on (181) 20,641 11,869
revaluation of investments
Tax on realisation of revalued (223) (763) (332)
properties
Total recognised gains relating to 9,394 36,753 41,728
the period
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Unaudited Audited
6 months 6 months 18 months
ended ended ended
30/9/2001 30/9/2000 31/3/2001
restated restated
#'000 #'000 #'000
Profit on ordinary activities after 6,619 4,825 24,479
taxation
Dividends (3,541) (4,861) (10,949)
3,078 (36) 13,530
Share capital and share premium issued 612 - 2,799
in period
Share capital purchased and cancelled (4,170) - -
in period (incl. expenses)
Other recognised gains and losses 2,775 31,928 17,249
Net increase in shareholders' funds 2,295 31,892 33,578
Opening shareholders' funds 211,101 169,333 176,884
Prior year adjustment (3,681) (3,171) (3,042)
Restated opening shareholders' funds 207,420 166,162 173,842
Closing shareholders' funds 209,715 198,054 207,420
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Audited
6 months 6 months 18 months
ended ended ended
30/9/2001 30/9/2000 31/3/2001
restated restated
#'000 #'000 #'000
Net cash inflow from operating 22,096 28,361 18,453
activities
Dividends received from joint 85 83 1,483
ventures and associate
Returns on investments and (5,127) (6,199) (17,460)
servicing of finance
Taxation (941) (1,626) (2,217)
Capital expenditure and financial 65,696 2,159 (46,179)
investments
Acquisitions and disposals - (3,050) (2,164)
Equity dividends paid (4,907) (4,647) (9,347)
Management of liquid resources (6) - 21
Net cash inflow/(outflow) before 76,896 15,081 (57,410)
financing
Financing (4,828) (10,356) 85,374
Increase in cash 72,068 4,725 27,964
RECONCILIATION OF OPERATING PROFIT
TO NET CASH FLOW
Operating profit 10,824 11,696 31,223
Depreciation of tangible fixed assets 98 141 276
Decrease in stocks 4,296 17,382 15,578
Decrease/(increase) in debtors 6,014 419 (5,357)
Increase /(decrease) in creditors 864 (1,277) (23,267)
Net cash inflow from operating
activities 22,096 28,361 18,453
NOTES
1. ACCOUNTING POLICIES
The interim accounts have been prepared on the basis of accounting policies
set out in the published accounts of the Group for the eighteen months ended
31 March 2001 with the exception of deferred taxation.
FRS 19: Deferred Taxation has been adopted for the first time in these
accounts. As required by the Standard, full provision has been made for
timing differences between the recognised gains and losses in the financial
statements and their recognition in the tax computation. In adopting FRS
19, the Group has chosen not to discount deferred tax assets and
liabilities. The effect of this restatement is set out in Note 5 to the
accounts.
The comparatives for the 6 months ended 30 September 2000 have been
calculated by extracting figures from the published unaudited accounts for
the year to 30 September 2000 and taking into account movements extracted
from the published unaudited accounts for the 6 months to 31 March 2000
after taking into account the restatement referred to above.
2. TURNOVER AND OPERATING PROFIT
The Directors believe that the Group operates in only one segment, namely
property. The following analysis is provided for information only:
Property Property Group Joint
Investment Trading Total Ventures Associate Total
#'000 #'000 #'000 #'000 #'000 #'000
6 months to 30th
September 2001
Turnover:
Rents receivable 11,994 1,271 13,265 259 914 14,438
Property trading - 4,875 4,875 66 1,932 6,873
Total turnover 11,994 6,146 18,140 325 2,846 21,311
Cost of sales (1,868) (4,378) (6,246)
and property
outgoings
Writedown cost - (200) (200)
of trading stock
Gross profit 10,126 1,568 11,694
Administrative (762) (108) (870)
expenses
Operating profit 9,364 1,460 10,824 12 1,260 12,096
6 months to 30th
September 2000
Turnover
Rents receivable 13,220 1,010 14,230 412 700 15,342
Property trading - 15,034 15,034 3,809 670 19,513
Total turnover 13,220 16,044 29,264 4,221 1,370 34,855
Cost of sales (2,077) (14,000) (16,077)
and property
outgoings
Writedown cost - (669) (669)
of trading stock
Gross profit 11,143 1,375 12,518
Administrative (681) (141) (822)
expenses
Operating profit 10,462 1,234 11,696 307 879 12,882
18 months to
31st March 2001
Turnover
Rents receivable 33,431 4,333 37,764 1,670 1,921 41,355
Property trading - 48,686 48,686 6,363 2,102 57,151
Total turnover 33,431 53,019 86,450 8,033 4,023 98,506
Cost of sales (5,497) (46,604) (52,101)
and property
outgoings
Writedown cost - (669) (669)
of trading stock
Gross profit 27,934 5,746 33,680
Administrative (2,097) (360) (2,457)
expenses
Operating profit 25,837 5,386 31,223 894 2,251 34,368
All turnover and operating profit has arisen from continuing operations.
3. PROFIT ON SALE OF FIXED Unaudited Audited
ASSETS
6 months 6 months 18 months
ended 30/9/ ended 30/9/ ended 31/3/
2001 2000 2001
#'000 #'000 #'000
Surplus/(deficit) over book
value
Investment properties (175) 521 (755)
Investment properties - - 14,645
through sale of Benchlevel
Limited
Listed investments 2,289 - -
Share of joint ventures - 56 69
Disposal of joint ventures - - 361
2,114 577 14,320
4. NET INTEREST PAYABLE AND SIMILAR CHARGES
Unaudited Audited
6 months ended 6 months ended 18 months ended
30/9/2001 30/9/2000 31/3/2001
#'000 #'000 #'000
Interest payable on bank
loans and overdrafts,
mortgages and other loans:
repayable within five 2,152 4,668 11,264
years not by instalments
repayable wholly or 4,221 4,595 14,061
partly in more than five
years
6,373 9,263 25,325
Charge in respect of 316 272 619
cost of raising finance
6,689 9,535 25,944
Less capitalised (77) (82) (566)
interest
6,612 9,453 25,378
Share of joint 158 408 1,336
ventures' net interest
Share of associate's 540 477 1,280
net interest
7,310 10,338 27,994
Interest receivable:
From joint ventures (51) (304) (865)
Other interest (431) (295) (1,652)
6,828 9,739 25,477
5. TAXATION
The taxation charge for the period has been estimated from the
expected taxable profits of the Group after taking account of
capital allowances available.
The impact of the adoption of FRS 19: Deferred Taxation is as follows:
Unaudited Audited
6 months ended 6 months ended 30 18 months
30/9/2001 /9/2000 ended 31/3/
2001
#'000 #'000 #'000
Reduction in closing 3,854 3,417 3,681
shareholders' funds
Increase in taxation 173 246 638
charge
6. EARNINGS PER SHARE
Earnings per share of 12.78p (half year to 30/9/00 restated : 9.26p; 18
months to 31/3/01 restated : 47.23p) are calculated on the profit on
ordinary activities after taxation of #6,619,000 (half year to 30/9/00
restated : #4,825,000; 18 months to 31/3/01 restated : #24,479,000) and
the weighted average of 51,788,035 (half year to 30/9/00 : 52,071,125; 18
months to 31/3/01 : 51,825,229) shares in issue throughout the period.
Profit on ordinary activities after taxation includes capital profits on
the sale of investments net of tax of #2,114,000 (half year to 30/9/00 : #
834,000; 18 months to 31/3/01 : #13,415,000).
Fully diluted earnings per share are based on the profit available for
distribution as above divided by the weighted average number of shares in
issue, being 51,290,769 (half year to 30/9/00 : 52,155,349; 18 months to
31/3/01 : 51,884,886) after the dilutive impact of share options granted.
Adjusted earnings per share are calculated on the same weighted average
number of shares as for the basic earnings per share, but exclude from
revenue profits the additional deferred taxation of #173,000 (half year to
30/9/00 : #246,000; 18 months to 31/3/01 : #638,000) arising on the
adoption of FRS 19. This deferred tax has been excluded as the Group's
experience is that it is very unusual for capital and industrial building
allowances to be claimed back on the disposal of a property.
7. INVESTMENT PROPERTIES
Freehold Leasehold with over Freehold Total
50 years and under properties
900 years unexpired in the
course of
development
#'000 #'000 #'000 #'000
At 31 March 2001 210,203 79,981 2,490 292,674
Additions 27,937 5,358 80 33,375
Disposals (9,291) (21,307) - (30,598)
228,849 64,032 2,570 295,451
Surplus/ 2,087 1,262 (170) 3,179
(deficit) on
revaluation
At 30 September 230,936 65,294 2,400 298,630
2001
Properties purchased within six months of the balance sheet date are included
at Directors' valuation. The remainder of the Group's investment portfolio
was valued by Healey & Baker on an open market basis in accordance with the
recommended guidelines of the Royal Institution of Chartered Surveyors as at
30 September 2001.
Investment properties were as follows:
#'000
Healey & Baker 263,806
Directors' valuation 32,424
296,230
The freehold property in the course of development is stated at directors'
valuation.
Additions in respect of freehold property in the course of development include
capitalised interest of #77,000.
8. JOINT VENTURES
Unaudited Audited
6 months 6 months 18 months
ended 30/ ended 30/9/ ended 31/3
9/2001 2000 /2001
#'000 #'000 #'000
Share of joint ventures
Opening balance 2,719 7,110 12,488
Share of (loss)/profit for the (169) 17 (399)
period
(Deficit)/surplus on (27) 235 207
revaluation of investments
Net equity disposals - 399 (1,325)
Net loan movements 1,283 (3,557) (8,252)
Closing balance 3,806 4,204 2,719
Unlisted shares at cost less 1,457 1,457 1,457
amounts written off
Group's share of post
acquisition retained profits 165 568
and reserves 361
1,622 2,025 1,818
Amounts owed by joint ventures 2,184 2,179 901
3,806 4,204 2,719
Included in share of joint
ventures gross assets and
liabilities are:
Gross Assets
Fixed assets 414 2,648 2,648
Current assets 7,746 4,650 5,046
8,160 7,298 7,694
Gross Liabilities
Amounts falling due within 1,670 356 2,444
one year
Amounts falling due after 4,868 4,917 3,432
more than one year
6,538 5,273 5,876
9. DEFERRED TAXATION
Unaudited Audited
At 30/9 At 30/9/ At 31/3
/2001 2000 /2001
#'000 #'000 #'000
Deferred taxation arising from the
timing differences noted below:
Short term timing difference 154 573 154
Capital and industrial building 3,853 3,418 3,681
allowances claimed on investment
properties
4,007 3,991 3,835
The potential amount of deferred 1,688 21,084 1,025
taxation, for which no provision has
been made and which would arise if
the assets held as long term
investments were sold at the values
at which they appear in the balance
sheet, has been calculated as
follows:
10. FINANCIAL INSTRUMENTS
Financial Liabilities
The interest rate profile of the Group's financial liabilities at 30
September 2001, after taking account of interest rate instruments taken
out by the Group was:
Unaudited Audited
At 30/9/ At 30/9/ At 31/3/
2001 2000 2001
#'000 #'000 #'000
Floating rate financial 19,695 126,403 74,579
liabilities
Fixed rate financial 120,044 112,283 125,431
liabilities
Total 139,739 238,686 200,010
The benchmark rate for determining interest payments for the floating
rate financial liabilities was LIBOR/base rate depending upon the
facility.
The weighted average interest rate on the fixed rate debt and the
average maturity of that debt was as follows:
Unaudited Audited
At 30/9/ At 30/9/ At 31/3/
2001 2000 2001
% % %
Weighted average interest 7.95 7.96 7.95
rate
Years Years Years
Weighted average period for 7.75 8.04 8.19
which interest rate is
fixed:
Maturity of financial Unaudited Audited
liabilities
At 30/9/ At 30/9/ At 31/3/
2001 2000 2001
#'000 #'000 #'000
Group
Within one year or on 1,641 79,695 60,378
demand
Between one and two years 2,038 2,038 1,988
Between two and five years 6,539 17,713 6,913
In five years or more 129,521 139,240 130,731
139,739 238,686 200,010
Borrowing facilities
The Group has various borrowing facilities that were not fully utilised
at the period end in which the conditions for utilising those
facilities were met.
Unaudited Audited
At 30/9/ At 30/9/ At 31/3/
2001 2000 2001
#'000 #'000 #'000
Expiring in one year or
less:
Total facilities 92,931 131,225 135,269
Unutilised 92,931 56,956 76,129
Fair values of financial assets and liabilities
The table below sets out by category the changes to the balance sheet
values that would occur if "fair values" applied.
Unaudited Audited
At 30/9/ At 30/9/ At 31/3/
2001 2000 2001
Fair Fair value Fair
value adjustment value
adjustment #'000 adjustment
#'000 #'000
Group
Primary financial
instruments
Liabilities (10,926) (9,407) (11,155)
Assets - - -
Derivative instruments
held to manage debt
Interest rate swaps (1,798) (111) (1,934)
Interest rate caps 9 - -
Assets
Financial assets - - -
(12,715) (9,518) (13,089)
The calculation of the fair values has been arrived at as follows:
Debt has been calculated by discounting cash flows at prevailing
rates of interest.
The equity assets have been valued at the quoted share price based
upon the strategic nature of the holdings compensating for any
placing discount.
Interest rate swaps have been valued at the market rate for such
swaps.
11. ANALYSIS OF NET DEBT MOVEMENTS
Audited Unaudited
At 31/ Cashflow At
3/2001 #'000 30/9
#'000 /
2001
#'000
Cash at bank and in 2,343 12,984 15,327
hand
Bank overdrafts/short (59,084) 59,084 -
term borrowings
72,068
Debt due within one
year:
Mortgage and other (1,294) - (1,294)
loans
Bank loan (347) (347)
Debt due after one
year:
Mortgage and other (113,330) 480 (112,850)
loans
Bank loan (25,470) 1,138 (24,332)
1,271
Net Debt (196,835) 73,339 (123,496)
12. FINANCIAL STATEMENTS
The consolidated profit and loss accounts and the consolidated
balance sheets are unaudited and do not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985. The
statutory accounts for the eighteen months to 31 March 2001, from
which the eighteen month comparatives have been extracted, received
an unqualified auditors' report and have been delivered to the
Registrar of Companies.
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