Half-Yearly Results 1st Half 2nd Half Total $’000 % $’000 % $’000 % Sales 2001 137,122 46 163,415 54 300,537 100 2000 350,964 70 149,528 30 500,492 100 Operating profit / (loss) 2001 71,884 58 51,990 42 123,874 100 2000 84,443 49 86,777 51 171,220 100 The Group at a Glance 22 Profit / (loss) before taxation Before exceptional items 2001 59,838 53 52,342 47 112,180 100 2000 74,170 46 87,430 54 161,600 100 After exceptional items 2001 59,838 (16) (431,352) 116 (371,514) 100 2000 74,170 46 87,430 54 161,600 100 Profit / (loss) attributable to shareholders 2001 52,561 (14) (419,024) 114 (366,463) 100 2000 59,763 49 62,351 51 122,114 100 Earnings per share, before tax but after minority interests and exceptional items (cents) 2001 8.1 (15) (62.4) 115 (54.3) 100 2000 10.3 49 10.8 51 21.1 100
Five-Year Financial Profile 1997 1998 1999 2000 2001 Income Statement ($’000) Sales 621,160 317,914 995,981 500,492 300,537 Operating profit 170,977 88,519 157,114 171,220 123,874 Profit / (loss) before taxation Before exceptional items 209,663 84,051 141,263 161,600 112,180 After exceptional items 209,663 (354,149) 141,263 161,600 (371,514) Profit / (loss) after taxation 144,731 (378,604) 101,865 132,238 (383,781) Profit/ (loss) attributable to shareholders 104,663 (350,564) 152,263 122,114 (366,463) Balance Sheet ($’000) Fixed assets 2,565,530 2,857,693 2,784,299 2,972,897 2,622,603 Investments 799,838 761,841 571,563 683,366 808,882 Properties held for development 750,605 172,943 262,277 156,143 168,061 Net current assets/(liabilities)(Note 1) 872,802 448,040 1,058,548 1,132,924 933,833 Assets employed 4,988,775 4,240,517 4,676,687 4,945,330 4,533,379 Shareholders’ funds 2,829,935 1,833,809 2,150,552 2,252,660 1,617,408 Minority interests 556,394 365,000 397,600 363,719 277,904 Short and long-term borrowings 1,602,446 2,041,708 2,128,535 2,328,951 2,638,067 Total funds invested 4,988,775 4,240,517 4,676,687 4,945,330 4,533,379 Per Share Earnings(cents) (Note 2) Before tax but after exceptional items 24.8 (50.4) 16.8 21.1 (54.3) After tax and exceptional items 16.7 (53.5) 22.7 17.3 (51.7) Dividends Less tax (cents) 3.0 2.2 2.2 2.3 2.3 Gross equivalent (cents) 4.0 3.0 3.0 3.0 3.0 Cover 5.0 (24.1) 5.0 7.6 (22.8) Net tangible assets $4.32 $2.80 $3.04 $3.18 $2.28 a Glance 23 The Group at Financial Ratios Return on shareholders’ equity (%) (Note 3) Before tax but after exceptional items 5.5 (14.2) 5.6 6.8 (19.9) After tax and exceptional items 3.7 (15.0) 7.6 5.5 (18.9) Interest cover 3.2 (2.9) 2.0 1.9 (3.5) Debt-equity ratio (%) 76 114 100 96 149 Employees (Including Property Associates) Number 3,166 3,260 3,591 4,485 4,565 Wages and salaries ($’000) 94,006 78,539 82,095 88,556 98,860 Pre-tax profit per employee($’000)(Note 4) 63 N.A. 43 41 N.A. Notes: 1. In arriving at net current assets, short-term borrowings have been excluded. 2. Earnings per share are calculated by reference to the weighted average of shares in issue during the year. 3. In calculating returns on shareholders’ equity, the simple average basis has been used. 4. In the calculation of pre-tax profit per employee, the profit before tax of associated companies includes partner’s share of pre-tax profit.