GPG Report & Accounts 2003 - Guinness Peat Group plc

4 • GUINNESS PEAT GROUP PLC • ANNUAL REPORTChairman’s Statement– continuedThe share portfolio is in good shape overall,not only in respect of market values but also,in many instances, the prospects for futurestrategic advantage. Surplus over book valueat 31 December was £118 million comparedwith £25 million in 2002, so GPG’s aggregateincrease in value from all sources in 2003was £150 million, a very satisfactoryperformance indeed.The simplified Balance Sheet set out belowprovides a more useful analysis of GPG as aninvestor rather than the aggregation ofassets and liabilities in the conventionalgroup accounts.Simplified Balance Sheet at 31 December 2003 £mCash at Bank 272Debtors 19Coats 80Nationwide 8Staveley (UK & USA) 2Canberra Investment Corp 13Turners & Growers 42De Vere 33Share portfolio 177Total Assets 646Creditors (37)Note Issues (179)SHAREHOLDERS’ FUNDS £430GPG’s cash balance of £272 million at31 December was close to a peak butwill reduce in coming months with theanticipated increased Coats’investment,some short term assistance to Dawson andlikely reasonably large share purchases.The Board remains convinced of the benefitof strong liquidity, enabling major decisionsto be readily implemented.