Interim Results
September 04 2003 - 2:03AM
UK Regulatory
RNS Number:3747P
Arriva PLC
04 September 2003
4 September 2003
Arriva plc
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
* Pre-tax profit, excluding goodwill amortisation and exceptional items,
up by 18 per cent to #51.1 million
* Earnings per share, on the same basis, up 12 per cent to 17.7 pence
* EBITDA up by 17 per cent to #108.3 million
* Interim dividend up by 5 per cent
* Fundamental repositioning of the Group achieved:
- Motor Retailing disposal completed
- Wales and Borders franchise will secure long-term position in UK rail
* Exercising option to acquire remaining 49 per cent of TST in Portugal
Commenting on the results, Chief Executive Bob Davies said:
"This year has seen the completion of the Group's fundamental repositioning
process, which has included the successful disposal of a number of major motor
retailing and finance businesses whilst we have established our position as one
of Europe's leading transport services organisations. With a long-term position
in the UK rail sector, secured by the Wales and Borders franchise, we will have
a strong and balanced portfolio.
"Arriva has an excellent mix of cash generative and growth businesses,
underpinned by a strong balance sheet. We will continue to deliver value to our
shareholders by focusing on organic growth, targeted acquisitions, share
buy-backs and an attractive dividend stream."
Enquiries:
Arriva plc
Bob Davies, Chief Executive On the day: 020 7554 1400
Steve Lonsdale, Group Finance Director Thereafter: 0191 520 4000
Julian Evans, Director of Corporate Communications 0191 520 4090
Gavin Anderson & Company
Deborah Walter or Jo Godfrey 020 7554 1400
Arriva plc
Interim Results for the six months ended 30 June 2003
Highlights
We are pleased to report that the Group is continuing to deliver strong
financial performance and has achieved significant progress in support of its
strategic vision.
* Pre-tax profit, excluding goodwill amortisation and exceptional items,
up by 18 per cent to #51.1 million
* Earnings per share, on the same basis, up 12 per cent to 17.7 pence
* EBITDA up by 17 per cent to #108.3 million
* Interim dividend up by 5 per cent
* Fundamental repositioning of the Group achieved:
- Motor Retailing disposal completed
- Wales and Borders franchise will secure long-term position in UK rail
* Exercising option to acquire remaining 49 per cent of TST in Portugal
Financial
Pre-tax profit, excluding goodwill amortisation and exceptional items, was up by
18 per cent to #51.1 million (2002: #43.4 million) with earnings per share, on
the same basis, increasing by 12 per cent to 17.7 pence (2002: 15.8 pence).
Profit before tax was #45.8 million (2002: #41.0 million) and basic earnings per
share was 15.5 pence (2002: 26.4 pence). Turnover for continuing businesses
increased by 20 per cent to #783.9 million with total Group turnover of #921.2
million (2002: #1,013.5 million) reflecting the disposal of the Motor Retailing
dealerships.
The strength of the Group's financial position is demonstrated by a reduction of
net debt to #283.4 million at the end of the half year and EBITDA (earnings
before interest, tax, depreciation and amortisation) increasing by 17 per cent
to #108.3 million. In the half year, the debt to equity ratio improved from 68
per cent to 61 per cent whilst the interest charge was #8.1 million (2002: #6.7
million) representing robust interest cover of over six times.
Since recommencing the share buy-back programme, at the beginning of April, 2.4
per cent of the issued share capital has been purchased for cancellation,
representing a return of value, before stamp duty and expenses, of some #15
million. The Board is declaring an interim dividend of 4.6 pence per share, an
increase of 5 per cent, to be paid on 3 October 2003 to shareholders on the
Register at the close of business on 12 September 2003.
Significant developments
The strategic repositioning of Arriva was concluded with the disposal of three
remaining motor dealership sites, in the West Country, in early July. The
disposal of the Group's Motor Retailing operations, which commenced in October
2002, has realised approaching #70 million, broadly in line with book value.
In August, the Strategic Rail Authority (SRA) announced that Arriva Trains had
been selected as the preferred bidder for the new, 15-year, Wales and Borders
franchise. Discussions are at an advanced stage with the SRA, with the aim of
Arriva taking over the operation by the end of this year, that will secure
Arriva's long-term position in the UK rail sector. Arriva Trains submitted its
bid for the Greater Anglia franchise earlier this month and is currently
developing its proposals for the ScotRail and Northern franchises, due for
submission to the SRA during the next few weeks.
Also in August, we exercised our option to acquire Barraqueiro Group's remaining
49 per cent interest in Transportes Sul de Tejo (TST), at a cost of #26 million
having acquired a controlling interest of 51 per cent in June 2002. TST is the
leading operator of scheduled bus and coach services in the growing commuter
region to the south of Lisbon. This positions Arriva as a leading passenger
transport operator in Portugal, a market we originally entered in December 2000
with acquisitions in the north of the country. We have significant overseas
positions in the Netherlands, Denmark, Portugal and Italy with smaller
operations in Spain and Sweden.
Business review
UK Bus
Our UK Bus operations achieved an operating profit of #26.1 million before
goodwill amortisation (2002: #28.0 million) on a turnover of #292.1 million
(2002: #270.9 million). The result for the first half includes additional
pension costs, estimated at #5 million, that are anticipated to arise from the
triennial review that is currently in progress. Excluding this, UK Bus would
have achieved an improvement in operating profit of some #3 million. The London
business, representing about one third of the division's turnover, has continued
to experience volume growth arising from an increase in the provision of bus
services by Transport for London (TfL) to support congestion charging. Outside
London our approach, to what is currently a mature market, is to focus on a twin
track strategy of targeting investment to deliver growth and eliminating low
margin and loss-making routes. Our regional bus businesses have been promoting
over 70 key routes and networks with innovative marketing campaigns. The
underlying performance of the division is good and it continues to be a
consistent and substantial cash generator for the Group.
UK Trains
Arriva Trains achieved an operating profit of #14.9 million (2002: #5.0 million)
on a turnover of #212.8 million (2002: #198.6 million). The increased
profitability reflects improved operational performance at both Arriva Trains
Northern and Merseyrail, together with passenger growth at the Northern
franchise. In the 12 months leading to the handover of the Merseyrail franchise
to new operators, on 20 July, the franchise had consistently achieved the
position of best UK mainland operator in terms of punctuality and reliability.
International
The International division achieved an operating profit of #10.0 million, before
goodwill amortisation, (2002: #6.0 million) on a turnover of #209.0 million
(2002: #131.0 million). A full half year contribution from the major Portuguese
and Italian acquisitions made in June and July 2002 is included in the improved
performance. Our business in mainland Europe continues to grow and is a major
contributor to the success of the Group. We continue to evaluate the many
significant opportunities to achieve further progress through organic growth,
acquisitions and tendering.
Vehicle Rental
Our Vehicle Rental business increased its operating profit to #6.1 million,
before goodwill amortisation, (2002: #5.2 million) on a turnover of #55.2
million (2002: #40.6 million). Underlying vehicle rental income, included in
turnover, was up 10 per cent to #28.9 million. This business continues to
deliver growth in profitability through the high utilisation of its fleet of
some 11,000 vehicles and its flexibility to meet the needs of corporate and
public sector customers. We are focused on growing the business organically
whilst continuing to seek opportunities for further growth by acquisitions and
through extending the division's coverage of the UK.
Bus and Coach
The Bus and Coach business achieved an operating profit of #2.2 million, before
goodwill amortisation, (2002: #2.0 million), on a turnover of #14.5 million
(2002: #13.1 million). The business has continued to demonstrate its ability to
match resources with the needs of the market place, despite the current weakness
of the UK tourism sector.
Board of Directors
John Ray, the executive director responsible for our Motor Retailing operations
resigned from the Board on 4 July 2003 following the successful disposal of the
business. The sale represented an outstanding achievement by John who managed
the process to ensure value for our shareholders whilst recognising the needs of
the 2,000 employees in the business. On behalf of all stakeholders we record our
appreciation of his 30 years of commitment and contribution to the development
of the Group.
We are very pleased to announce that Simon Batey has accepted our invitation to
join the Board as a non-executive director. As group finance director of United
Utilities PLC since 2000 and previously group finance director with AMEC plc, he
brings a wealth of experience which will enable him to make a significant
contribution to the development of our company.
Outlook
This year has seen the completion of the Group's fundamental repositioning
process, which has included the successful disposal of a number of major motor
retailing and finance businesses whilst we have established our position as one
of Europe's leading transport services organisations. With a long-term position
in the UK rail sector, secured by the Wales and Borders franchise, we will have
a strong and balanced portfolio.
Our excellent mix of cash generative and growth businesses, underpinned by a
strong balance sheet, will ensure that the Group continues to deliver value
through our strategy of focusing on organic growth, targeted acquisitions and
share buy-backs whilst, at the same time, offering an attractive dividend
stream.
Gareth Cooper Bob Davies
Chairman Chief Executive
4 September 2003
Group profit and loss account for the six months to 30 June 2003
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
notes #m #m #m
------ --------- --------- --------
Turnover
Continuing operations 783.9 655.4 1,390.1
Discontinued operations 137.3 358.1 694.3
--------- --------- --------
2 921.2 1,013.5 2,084.4
--------- --------- --------
Operating profit
Continuing operations (before 56.0 44.0 109.6
goodwill amortisation)
Goodwill amortisation (5.9) (4.5) (10.4)
--------- --------- --------
Continuing operations 50.1 39.5 99.2
Discontinued operations 3.2 6.1 9.6
--------- --------- --------
53.3 45.6 108.8
Exceptional items
Profit / (loss) on sale of 1.5 - (13.9)
discontinued operations
Closure costs in respect of sale of (2.2) - -
discontinued operations
Profit on the disposal of 1.3 2.1 2.8
properties in continuing
operations
--------- --------- --------
Profit on ordinary activities 53.9 47.7 97.7
before interest
Interest payable and similar 2 (8.1) (6.7) (17.1)
charges
--------- --------- --------
Profit on ordinary activities 2 45.8 41.0 80.6
before taxation
Tax on profit on ordinary 3 (14.2) 13.3 (1.6)
activities
--------- --------- --------
Profit on ordinary activities after 31.6 54.3 79.0
taxation
Minority interests (0.8) - (1.2)
--------- --------- --------
Profit for the financial period 30.8 54.3 77.8
Dividends paid and proposed (9.1) (9.1) (34.6)
--------- --------- --------
Retained profit 21.7 45.2 43.2
--------- --------- --------
Dividends per ordinary share 4.6p 4.4p 17.2p
Basic earnings per share 4 15.5p 26.4p 38.0p
Basic earnings per share (excluding 4 17.7p 15.8p 36.8p
exceptional items and goodwill
amortisation)
Diluted earnings per share 15.3p 26.1p 37.5p
Group balance sheet at 30 June 2003
Unaudited Unaudited Audited
30 June 30 June 31 Dec
2003 2002 2002
#m #m #m
-------- -------- --------
Fixed assets
Goodwill 198.1 183.4 198.3
Tangible assets 748.6 706.0 736.7
Investments 6.4 - 5.7
-------- -------- --------
953.1 889.4 940.7
-------- -------- --------
Current assets
Stocks 28.9 65.5 57.3
Debtors 225.5 252.6 247.8
Cash at bank and in hand 86.7 25.1 65.9
-------- -------- --------
341.1 343.2 371.0
-------- -------- --------
Creditors
Amounts falling due within one (464.5) (414.1) (495.0)
year
-------- -------- --------
Net current liabilities (123.4) (70.9) (124.0)
-------- -------- --------
Total assets less current 829.7 818.5 816.7
liabilities
Creditors
Amounts falling due after more than (292.5) (290.5) (288.9)
one year
Provisions for liabilities and (69.5) (63.7) (69.4)
charges
-------- -------- --------
467.7 464.3 458.4
-------- -------- --------
Represented by:
Capital and reserves
Called up equity share capital 9.8 10.3 10.0
Capital redemption reserve fund 1.6 1.1 1.4
Share premium account 8.4 5.5 5.6
Special reserve 59.1 59.1 59.1
Revaluation reserve 9.8 12.4 8.9
Profit and loss account 384.8 379.9 379.6
-------- -------- --------
Equity shareholders' funds 473.5 468.3 464.6
Equity minority interests (5.8) (4.0) (6.2)
-------- -------- --------
467.7 464.3 458.4
-------- -------- --------
Borrowings (net) 283.4 342.3 310.1
Gearing 61% 74% 68%
Group cash flow statement for the six months to 30 June 2003
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
notes #m #m #m
------ -------- -------- --------
Net cash inflow from operating 5 134.3 93.7 224.1
activities
Returns on investments and
servicing of finance
Interest and finance charges paid (8.1) (9.1) (17.1)
Taxation
Corporation tax (paid) / received (11.6) (4.4) 10.2
Capital expenditure and financial
investment
-------- -------- --------
Disposal of short term rental 26.9 22.9 40.7
vehicles
Disposal of other fixed assets 6.8 4.4 14.7
Purchase of short term rental (41.2) (38.6) (76.4)
vehicles
Purchase of other fixed assets (61.6) (24.6) (74.1)
Sale of fixed asset investments - 3.2 3.2
-------- -------- --------
(69.1) (32.7) (91.9)
Acquisitions and disposals
-------- -------- --------
Acquisitions of businesses - (29.5) (68.8)
(Overdraft) / cash assumed on - (3.2) 6.9
acquisitions
Disposals of businesses (net of 39.1 - 20.1
costs)
-------- -------- --------
39.1 (32.7) (41.8)
Equity dividends paid (25.7) (25.0) (34.1)
-------- -------- --------
Cash inflow / (outflow) before use 58.9 (10.2) 49.4
of liquid resources and financing
Financing
-------- -------- --------
Issue of ordinary share capital 1.1 0.1 0.2
Loans due within one year 5 (0.2) 32.4 0.8
Loans due after one year 5 2.4 (3.7) 6.0
Finance lease obligations 5 0.2 (5.7) (6.8)
Purchase of own shares (15.1) - (17.4)
-------- -------- --------
(11.6) 23.1 (17.2)
-------- -------- --------
Increase in cash for the period 5 47.3 12.9 32.2
-------- -------- --------
Reconciliation of movement in equity shareholders' funds for the six months to
30 June 2003
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
#m #m #m
-------- -------- -------
Profit for the financial period 30.8 54.3 77.8
Dividends paid and proposed (9.1) (9.1) (34.6)
-------- -------- -------
21.7 45.2 43.2
New share capital subscribed (net of 2.8 0.1 0.2
expenses)
Purchase of own shares (15.1) - (17.4)
Goodwill previously written off to reserves - - 13.7
in discontinued operations
Currency translation differences on foreign (0.5) (0.2) 1.7
currency net investments
-------- -------- -------
Net addition to equity shareholders' 8.9 45.1 41.4
funds
Opening equity shareholders' funds 464.6 423.2 423.2
-------- -------- -------
Closing equity shareholders' funds 473.5 468.3 464.6
-------- -------- -------
Statement of total recognised gains and losses for the six months to 30 June
2003
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
#m #m #m
-------- -------- --------
Profit for the financial period 30.8 54.3 77.8
Currency translation differences on foreign (0.5) (0.2) 1.7
currency net investments
-------- -------- --------
Total recognised gains relating to the 30.3 54.1 79.5
period -------- -------- --------
Note of historical cost profits and losses for the six months to 30 June 2003
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
#m #m #m
-------- -------- --------
Profit on ordinary activities before 45.8 41.0 80.6
taxation
Difference between historical cost and (0.9) - 3.4
revalued amount on properties sold during
the period
Difference between historical cost - - 0.1
depreciation charge and the actual
depreciation charge for the period
calculated on the revalued amount
-------- -------- --------
Historical cost profit on ordinary 44.9 41.0 84.1
activities before taxation -------- -------- --------
Historical cost profit for the period 20.8 45.2 46.7
retained after taxation, minority interests -------- -------- --------
and dividends
Notes to the interim accounts
1. Basis of preparation
(a) The Interim Report does not constitute statutory accounts within the meaning
of section 240 of the Companies Act 1985.
(b) The results for the six months ended 30 June 2003 are unaudited but have
been reviewed by the auditors. The comparative figures for the six months ended
30 June 2002 are unaudited and are derived from the Interim Report for the six
months ended 30 June 2002, which was also reviewed by the auditors.
(c) The condensed financial information for the year ended 31 December 2002 is
extracted from the latest statutory accounts which have been delivered to the
Registrar of Companies. The Report of the auditors on those accounts was
unqualified and did not contain a statement under section 237(2) & (3) of the
Companies Act 1985.
(d) The figures for the six months ended 30 June 2003 have been prepared on the
basis of the accounting policies set out on page 44 of the accounts for the
Group for the year ended 31 December 2002.
(e) The Interim Report is being posted to shareholders on 11 September 2003.
Copies of the Interim Report are available from the group company secretary,
Arriva plc, Admiral Way, Doxford International Business Park, Sunderland, SR3
3XP.
(f) The Interim Report was approved by the Board of Directors on 3 September
2003.
Unaudited Unaudited Audited
six months to six months to year to
30 June 2003 30 June 2002 31 Dec 2002
Operating Operating Operating
Turnover profit Turnover profit Turnover profit
2. Segmental #m #m #m #m #m #m
report
----------------- ------- -------- ------- ------- ------- -------
(a) Segmental
results:
Passenger
Services
UK Bus 292.1 26.1 270.9 28.0 559.8 65.4
UK Trains 212.8 14.9 198.6 5.0 419.0 14.9
International 209.0 10.0 131.0 6.0 303.5 19.0
------- -------- ------- ------- ------- -------
Total Passenger 713.9 51.0 600.5 39.0 1,282.3 99.3
Services
Vehicle Rental 55.2 6.1 40.6 5.2 83.1 11.6
Bus & Coach 14.5 2.2 13.1 2.0 23.1 3.5
Head Office & 0.3 (3.3) 1.2 (2.2) 1.6 (4.8)
Miscellaneous (i)
------- -------- ------- ------- ------- -------
Continuing 783.9 56.0 655.4 44.0 1,390.1 109.6
operations*
Discontinued 137.3 3.2 358.1 6.1 694.3 9.6
operations -
Motor Retailing
------- -------- ------- ------- ------- -------
Total operations* 921.2 59.2 1,013.5 50.1 2,084.4 119.2
------- ------- -------
Interest payable and similar (8.1) (6.7) (17.1)
charges -------- ------- -------
Profit on ordinary activities 51.1 43.4 102.1
before taxation*
Goodwill amortisation (ii) (5.9) (4.5) (10.4)
Profit / (loss) on sale of 1.5 - (2.7)
discontinued operations
Goodwill previously written - - (13.7)
off to reserves in
discontinued operations
Closure costs in respect of (2.2) - -
sale of discontinued
operations
Profit on sale of other - - 2.5
discontinued operations
Profit on the disposal of 1.3 2.1 2.8
properties in continuing
operations
-------- ------- -------
Profit on ordinary activities 45.8 41.0 80.6
before taxation -------- ------- -------
*before goodwill amortisation and exceptional items
(i) Head Office & Miscellaneous now includes the results from the discontinuing Motor
Finance businesses.
(ii) Goodwill amortisation of #5.5 million arises in the Passenger Services Division, #0.1
million within the Vehicle Rental Division and #0.3 million within the Bus & Coach
Division.
(iii) UK Bus and Head Office & Miscellaneous include an estimated increase in SSAP 24
pension costs of #5 million and #1 million respectively. This increase is based on the
anticipated full year effect of the triennial valuation of the Group's final salary schemes
currently in progress.
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
#m #m #m
-------- -------- -------
(b) Interest payable and similar
charges
Cost of funding for finance and rental
activities:
Vehicle Rental 2.3 2.0 4.2
Bus & Coach 0.4 0.5 1.1
Other continuing operations 5.4 4.3 11.7
Discontinued operations - Motor - (0.1) 0.1
Retailing
-------- -------- -------
8.1 6.7 17.1
-------- -------- -------
Interest payable for 2002 was reduced by #2.0 million representing prior period
interest on the over provision for current taxation (note 3).
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
3. Tax on profit on ordinary activities #m #m #m
----------------------------- -------- -------- -------
Tax on profit on ordinary activities
comprises the following:
Corporation tax 14.1 8.3 17.3
Over provision of taxation on prior period - (24.0) (24.0)
disposal
Deferred tax 0.1 2.4 8.3
-------- -------- -------
14.2 (13.3) 1.6
-------- -------- -------
The over provision on prior period disposal in 2002 relates to the disposal of
Arriva Automotive Solutions Limited in 1999.
4. Earnings per share
(a) Basic and diluted earnings per share
Basic earnings per share is based on earnings of #30.8 million (six months to 30
June 2002: #54.3 million and for the year ended 31 December 2002: #77.8 million)
and on the weighted average number of ordinary shares of 198.7 million (six
months to 30 June 2002: 205.5 million and for the year ended 31 December 2002:
204.8 million).
Diluted earnings per share is based on the same earnings for each of the periods
and on the weighted average number of ordinary shares of 201.8 million (six
months to 30 June 2002: 208.0 million and for the year ended 31 December 2002:
207.5 million). The difference in the number of shares between the basic and the
diluted calculation represents the weighted average number of dilutive potential
ordinary shares.
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
p p p
--------- -------- --------
(b) Basic earnings per share excluding
exceptional items and goodwill
amortisation
Basic earnings per share 15.5 26.4 38.0
Earnings per share relating to:
Goodwill amortisation 2.9 2.1 4.8
Profit / loss on sale of discontinued (0.8) - 7.9
operations
Closure costs in respect of sale of 0.8 - -
discontinued operations
Profit on sale of other discontinued - - (0.8)
operations
Profit on the disposal of properties in (0.7) (1.0) (1.4)
continuing operations
Over provision of taxation on prior - (11.7) (11.7)
period disposal
--------- -------- --------
Basic earnings per share excluding 17.7 15.8 36.8
exceptional items and goodwill --------- -------- --------
amortisation
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
5. Notes to the group cash flow statement #m #m #m
----------------------------- --------- -------- --------
(a) Reconciliation of net debt
Opening net debt 310.1 315.8 315.8
Increase in net cash and overdrafts (47.3) (12.9) (32.2)
(Decrease) / increase in loans due within (0.2) 32.4 0.8
one year
Increase / (decrease) in loans due after 2.4 (3.7) 6.0
one year
Increase / (decrease) in finance leases 0.2 (5.7) (6.8)
Loans acquired - 2.6 2.7
Finance leases acquired - 4.3 10.5
Currency translation adjustments 18.2 9.5 13.3
--------- -------- --------
Closing net debt 283.4 342.3 310.1
--------- -------- --------
Unaudited Unaudited
six six Audited
months to months to year to
30 June 30 June 31 Dec
2003 2002 2002
#m #m #m
--------- -------- --------
(b) Reconciliation of operating profit to
net cash inflow from operating activities
Operating profit 53.3 45.6 108.8
Depreciation of tangible fixed assets 49.1 42.7 89.9
Amortisation of goodwill 5.9 4.5 10.4
Decrease / (increase) in stocks, excluding 11.5 (3.2) (2.4)
acquisitions & disposals
Decrease / (increase) in debtors, excluding 22.3 (2.4) 4.8
acquisitions & disposals
(Decrease) / increase in creditors, (7.8) 6.5 12.6
excluding acquisitions & disposals
--------- -------- --------
Net cash inflow from operating activities 134.3 93.7 224.1
--------- -------- --------
Discontinued operations contributed #11.9 million to net operating cash flows
(six months to 30 June 2002: #7.4 million and for the year ended 31 December
2002: #13.4 million).
Acquisitions
At (excluding Currency At
1 Jan Cash cash and translation 30 June
2003 flow overdrafts) adjustments 2003
#m #m #m #m #m
------- ------ --------- -------- --------
(c) Analysis of net
debt
Net cash and (22.5) (47.3) - - (69.8)
overdrafts
Loans due within one 62.6 (0.2) - 12.7 75.1
year
Loans due after one 204.0 2.4 - 2.1 208.5
year
Finance leases 66.0 0.2 - 3.4 69.6
------- ------ --------- -------- --------
310.1 (44.9) - 18.2 283.4
------- ------ --------- -------- --------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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