TIDM50IE 
 
RNS Number : 1400Q 
Severn River Crossing PLC 
03 April 2009 
 
? 
SEVERN RIVER CROSSING PLC 
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2008 
 
 
CHAIRMAN'S STATEMENT 
 
 
IN 2008 TRAFFIC TRAVELLING WESTBOUND OVER THE SEVERN BRIDGE AND SECOND SEVERN 
CROSSING DECREASED BY 1.6% TO 12,941,459 TOLL PAYING VEHICLES (2007: 
13,152,237). CAR JOURNEYS DECREASED BY 1.3% (2007: INCREASE OF 0.6%), LIGHT 
GOODS VEHICLES INCREASED BY 0.6% (2007 : 3.9%), AND HEAVY GOODS VEHICLES 
DECREASED BY 4.9% (2007: INCREASE OF 2.1%). WITH INFLATION-LINKED INCREASES IN 
2008 TOLL PRICES, THE COMPANY'S TURNOVER INCREASED BY 2.0% TO GBP77.6 MILLION 
(2007 : GBP76.1 MILLION). WITH DEBT REPAYMENTS THE COMPANY HAS REDUCED ITS 
FINANCE CHARGES TO GBP35.1 MILLION (2007 : GBP38.8 MILLION) AND REPORTED A 
PROFIT BEFORE TAX OF GBP1.7 MILLION (2007 : LOSS BEFORE TAX GBP1.0 MILLION). 
 
 
HOWEVER, WITH THE PHASED ABOLITION OF INDUSTRIAL BUILDINGS ALLOWANCE THE 
COMPANY'S TAX CHARGE INCREASED TO GBP5.9 MILLION (2007 : TAX CREDIT OF GBP12.3 
MILLION). 
 
 
THE COMPANY, THEREFORE, RECORDED A LOSS AFTER TAX OF GBP4.2 MILLION (2007 : 
PROFIT OF GBP11.2 MILLION). 
 
 
DURING 2008 THE RETAINED CASH GENERATED BY THE BUSINESS HAS BEEN USED TO REPAY 
DEBT WITH REPAYMENTS OF GBP52.7 MILLION (2007 : GBP37.6 MILLION). THIS INCLUDED 
THE REPAYMENT OF THREE EUROPEAN INVESTMENT BANK LOANS AHEAD OF SCHEDULE. 
 
 
THE COMPANY CONTINUES TO USE AN ANNUITY DEPRECIATION METHOD TO DEPRECIATE THE 
ASSET VALUE OF THE TWO BRIDGES. IF THE COMPANY HAD CHANGED ITS DEPRECIATION 
POLICY FOR THE BRIDGES TO AN ECONOMIC USAGE METHOD, THEN THE DEPRECIATION CHARGE 
FOR 2008 WOULD HAVE INCREASED BY GBP9.6 MILLION. THIS DOES NOT AFFECT THE 
COMPANY'S STRONG CASH POSITION. 
 
 
DURING 2008 THE FUNDING POSITION OF THE COMPANY'S PENSION SCHEME DETERIORATED. 
THE FRS17 VALUATION AT 31ST DECEMBER 2008 CONFIRMED A NET PENSION LIABILITY OF 
GBP2.4 MILLION (2007 : GBPNIL) DUE PRIMARILY TO A FALL IN THE MARKET VALUE OF 
SCHEME ASSETS TO GBP10.9 MILLION (2007 : GBP14.4 MILLION). 
 
 
THE CONTRACTS FOR TOLL MANAGEMENT AND MAINTENANCE ON BOTH BRIDGES CONTINUE TO 
WORK WELL. DURING 2008 NEW ELECTRONIC TAGS HAVE BEEN ISSUED TO OUR REGULAR 
BRIDGE USERS, AND THE UPGRADED TOLL EQUIPMENT HAS WORKED WELL THROUGHOUT THE 
YEAR. 
 
 
THE COMPANY, WORKING IN CONJUNCTION WITH THE DEPARTMENT FOR TRANSPORT / HIGHWAYS 
AGENCY HAS NOW INSTALLED A FULL DEHUMIDIFICATION SYSTEM ALONG THE LENGTH OF BOTH 
MAIN CABLES OF THE SEVERN BRIDGE TO REDUCE THE LEVEL OF FUTURE CORROSION, AND 
RESULTS FROM ACOUSTIC MONITORING SYSTEMS ARE BEING REGULARLY REVIEWED BY 
ENGINEERS TO ASSESS STRENGTH LOSS. 
 
 
THE NEXT PROGRAMME OF CORROSION INSPECTIONS ON THE MAIN CABLE IS PLANNED FOR 
2010. 
 
 
UNDER THE TERMS OF THE CONCESSION AGREEMENT WITH THE DEPARTMENT FOR TRANSPORT 
("DFT") THE DFT REMAINS FINANCIALLY LIABLE FOR THE WORKS OF THE SEVERN BRIDGE 
MAIN CABLE CORROSION INSPECTIONS AND REMEDIAL WORKS. 
 
 
A H MOORE 
Chairman  SEVERN RIVER CROSSING PLC 
 
 
DIRECTORS' REPORT 
================= 
 
 
The Directors submit their Annual Report and the audited Financial Statements 
for the year ended 31 December 2008 
 
 
BUSINESS REVIEW AND PRINCIPAL ACTIVITIES 
====================================== 
 
 
 
 
The Company was formed to take over the operation and maintenance of the 
Severn Bridge and finance the outstanding debt and to design, construct, 
finance, operate and maintain the Second Severn Crossing. 
 
 
Revenue from toll charges is being used to repay the debt finance and both 
Bridges will revert to public ownership once the project's required revenue, as 
defined in the Concession Agreement with the Secretary of State for Transport, 
has been collected, subject to a maximum Concession period of 30 years. A 
Business Review is included in the Chairman's Statement. The Directors expect 
continued growth in turnover in the forthcoming financial year. 
 
 
 
 
financial risk management 
===================== 
 
 
The Company's activities expose it to a number of financial risks including 
inflation, interest rates, traffic/revenue and maintenance repair costs. The 
Company has sought to mitigate these risks by: 
 
 
(i)    Index-linking toll revenues, two of the Debt Instruments, and its two 
main subcontracts for 
 


maintenance and tolling management;

 
 
(ii)   Debt management and reviewing suitable treasury products for cash on 
deposit (the Company uses 
 


the main United Kingdom listed banks for

its treasury deposits); 
 
 
(iii)  Keeping traffic levels and projections under review (at the end of 2008 
the Board adopted 
 


revised traffic projections); and

 
 
(iv)   A proactive programme of inspections and maintenance repairs on both 
bridges. 
 
 
As indicated in the Chairman's Statement the cost of the repair work to the 
Severn Bridge Main Cable is borne by the Department for Transport. 
 
 
The Company has a combination of fixed rate and floating rate borrowings. 
 
 
Tolls are collected from drivers as they cross the bridges or on a prepayment 
basis through an electronic tolling system. This removes credit risk from the 
Company's revenues. 
 
 
The Company has developed a Risk Control Matrix which is regularly reviewed by 
the Board. 
 
 
 
 
RESULTS AND DIVIDENDS 
===================== 
 
 
The Company's 2008 turnover increased by 2.0% to GBP77.6 million (2007 : GBP76.1 
million) and the Company reported a loss after tax of GBP4.2 million (2007 : 
profit GBP11.2 million). No dividends are proposed (2007 : GBPnil). 
 
 
 
DIRECTORS 
========== 
 
 
The Directors (ALL NON-EXECUTIVE) who served during the year were: 
 
 
DIRECTORSAlternates 
========= ========== 
 
A H Moore (Chairman) 
D W Bowler  (resigned 15 December 2008)         - V Piron          (resigned 22 
January 2008) 
- C Labeyrie       (appointed 22 January 2008) 
 
   (resigned 15 December 2008) 
A Brésolin  (appointed 22 January 2008)         - P-L Delseny      (appointed 22 
January 008) 
            (resigned 15 December 2008)                            (resigned 15 
December 2008) 
P-L Delseny (resigned 22 January 2008)          - C Labeyrie       (resigned 22 
January 2008) 
            (appointed 15 December 2008)        - A Brésolin       (appointed 15 
December 2008) 
C J Elliott                                     - N W Middleton 
D A J Foot                                      - M Mercer-Deadman (resigned 17 
September 2008) 
                                                - P R Armstrong    (appointed 17 
September 2008) 
H Le Caignec (appointed 15 December 2008)       - C Labeyrie       (appointed 15 
December 2008) 
D J McMullan                                    - M Smith          (resigned 10 
July 2008) 
                                                - K G Pithia       (appointed 10 
July 2008) 
M Mercer-Deadman (appointed 17 September 2008)  - P R Armstrong    (appointed 17 
September 2008) 
D Potts (resigned 17 September 2008)            - M Mercer-Deadman (resigned 17 
September 2008) 
 
 
A H Moore is an independent Director appointed by the Board. 
 
 
 
 
DIRECTORS' INTERESTS 
==================== 
 
 
THE DIRECTORS AND ALTERNATE DIRECTORS HAD NO INTEREST IN ANY SHARES OR DEBT OF 
THE COMPANY AT ANY TIME DURING THE YEAR. 
 
 
D FOOT IS AN INVESTMENT DIRECTOR OF JOHN LAING INVESTMENTS LIMITED. M 
MERCER-DEADMAN AND P ARMSTRONG ARE OPERATIONS DIRECTORS OF JOHN LAING 
INVESTMENTS LIMITED. D POTTS IS A DIRECTOR OF JOHN LAING PLC, WHICH OWNS JOHN 
LAING INVESTMENTS LIMITED. 
 
 
D BOWLER WAS MANAGING DIRECTOR OF VINCI INVESTMENTS LIMITED, AND A DIRECTOR OF 
VINCI PLC. VINCI INVESTMENTS LIMITED IS A SUBSIDIARY OF VINCI PLC, AND THE 
ULTIMATE PARENT COMPANY OF VINCI PLC IS VINCI S.A., A COMPANY INCORPORATED IN 
FRANCE. A BRÉSOLIN IS ASSET MANAGER OF VINCI CONCESSIONS S.A.S. AND A 
SHAREHOLDER OF VINCI S.A.. P-L DELSENY IS PORTFOLIO MANAGER (CONCESSIONS AND 
OPERATIONS) OF VINCI CONCESSIONS S.A.S., A FULLY OWNED SUBSIDIARY OF VINCI S.A.. 
 
H LE CAIGNEC IS A DIRECTOR OF VINCI CONCESSIONS S.A.S. V PIRON IS STRATEGY VICE 
PRESIDENT FOR VINCI CONCESSIONS S.A.S. AND A SHAREHOLDER OF VINCI S.A.  C 
LABEYRIE IS A SHAREHOLDER OF VINCI S.A. AND A DIRECTOR OF VINCI CONSTRUCTION 
S.A.S., WHOSE WHOLLY OWNED SUBSIDIARY GTM-EUROPE WAS PARTY TO THE CONSTRUCTION 
CONTRACT IN A JOINT VENTURE WITH JOHN LAING CONSTRUCTION LIMITED. 
 
 
D J MCMULLAN IS A MANAGING DIRECTOR OF AND SHAREHOLDER IN BANK OF AMERICA, M 
SMITH AND K G PITHIA ARE VICE PRESIDENTS OF AND SHAREHOLDERS IN BANK OF AMERICA. 
C J ELLIOTT IS A DIRECTOR OF BARCLAYS INDUSTRIAL INVESTMENTS LIMITED AND 
SHAREHOLDER OF BARCLAYS PLC. BOTH C J ELLIOTT AND N W MIDDLETON ARE EMPLOYED IN 
ACTIVITIES UNDERTAKEN BY BARCLAYS CAPITAL, THE INVESTMENT BANKING ARM OF 
BARCLAYS PLC. BARCLAYS CAPITAL AND BANK OF AMERICA ARRANGED RESPECTIVELY THE 
DEBENTURE STOCK AND THE ORIGINAL SENIOR FACILITY FOR THE PROJECT. 
 
 
JOHN LAING PLC, VINCI CONCESSIONS S.A.S., BARCLAYS PLC AND BANK OF AMERICA 
BETWEEN THEM OWN, THROUGH SUBSIDIARY COMPANIES, 100% OF THE ISSUED ORDINARY 
SHARE CAPITAL OF THE COMPANY. 
 
 
THE COMPANY HAS APPOINTED COFIROUTE (UK) LIMITED, A SUBSIDIARY OF VINCI 
CONCESSIONS S.A.S., AS ITS TOLLING CONTRACTOR. 
 
 
 
 
  SUBSTANTIAL SHAREHOLDINGS 
========================= 
 
 
Pursuant to the various Loan Agreements, Lloyds TSB Bank plc has a charge over 
the Company's ordinary shares. At 31 December 2008, Ranelagh Nominees Limited 
was beneficially interested in 49,000 ordinary shares (98%) of the issued 
ordinary share capital of the Company. At 31 March 2009 there is no change in 
this shareholding. 
 
 
Supplier Payment Policy 
======================= 
 
 
The Company's Policy is to settle Terms of Payment with suppliers when agreeing 
the Terms of each transaction, ensure that suppliers are made aware of the Terms 
of Payment and abide by them. Included within the Creditors falling due within 
one year are Trade Creditors of GBP967,000 (2007 : GBP1,433,000). Trade Creditor 
days for 2008 was 39 days (2007 : 59 days). 
 
 
AUDITORS 
======== 
EACH OF THE PERSONS WHO IS A DIRECTOR AT THE DATE OF APPROVAL OF THIS REPORT 
CONFIRMS THAT: 
 
 
  *  AS FAR AS THE DIRECTOR IS AWARE, THERE IS NO RELEVANT AUDIT INFORMATION OF WHICH 
  THE COMPANY'S AUDITORS ARE UNAWARE; AND 
 
 
 
  *  THE DIRECTOR HAS TAKEN ALL THE STEPS THAT HE OUGHT TO HAVE TAKEN AS A DIRECTOR 
  IN ORDER TO MAKE HIMSELF AWARE OF ANY RELEVANT AUDIT INFORMATION AND TO 
  ESTABLISH THAT THE COMPANY'S AUDITORS ARE AWARE OF THAT INFORMATION. 
 
 
 
THIS CONFIRMATION IS GIVEN AND SHOULD BE INTERPRETED IN ACCORDANCE WITH THE 
PROVISION OF S234ZA OF THE COMPANIES ACT 1985. 
 
 
ON 1 DECEMBER 2008 DELOITTE & TOUCHE LLP CHANGED ITS NAME TO DELOITTE LLP. A 
RESOLUTION TO REAPPOINT 
DELOITTE LLP AS THE COMPANY'S AUDITORS WILL BE PROPOSED AT THE FORTHCOMING 
ANNUAL GENERAL MEETING. 
 
 
ON BEHALF OF THE BOARD 
 
 
J A RAWLE 
COMPANY SECRETARY 
 
 
Bridge Access Road 
AUST 
South Gloucestershire  BS35 4BD 
31 march 2009 
  THE FOLLOWING PROFIT AND LOSS ACCOUNT, STATEMENT OF TOTAL RECOGNISED GAINS AND 
LOSSES, BALANCE SHEET AND CASH FLOW STATEMENT SHOULD BE READ IN CONJUNCTION WITH 
THE NOTES CONTAINED IN THE REPORT AND ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2008. 
 
 
THE REPORT AND ACCOUNTS CONTAINS AN OPINION FROM DELOITTE LLP, THE COMPANY'S 
AUDITORS, THAT THE FINANCIAL STATEMENTS GIVE A TRUE AND FAIR VIEW, IN ACCORDANCE 
WITH UNITED KINGDOM GENERALLY ACCEPTED ACCOUNTING PRACTICE, OF THE STATE OF THE 
COMPANY'S AFFAIRS AT 31 DECEMBER 2008 AND OF ITS LOSS FOR THE YEAR THEN ENDED 
AND HAVE BEEN PROPERLY PREPARED IN ACCORDANCE WITH THE COMPANIES ACT 1985. 
 
SEVERN RIVER CROSSING PLC 
PROFIT AND LOSS ACCOUNT 
FOR THE YEAR ENDED 31 DECEMBER 2008 
=================================== 
 
+--------------------------------------------------------+------------------+------------------+ 
|                                                        | 2008             | 2007             | 
|                                                        | GBP000           | GBP000           | 
+--------------------------------------------------------+------------------+------------------+ 
|                                                        |                  |                  | 
+--------------------------------------------------------+------------------+------------------+ 
| TURNOVER                                               |           77,624 |           76,101 | 
+--------------------------------------------------------+------------------+------------------+ 
| COST OF SALES                                          |         (41,378) |         (38,864) | 
+--------------------------------------------------------+------------------+------------------+ 
|                                                        |                  |                  | 
+--------------------------------------------------------+------------------+------------------+ 
| GROSS PROFIT                                           |           36,246 |           37,237 | 
+--------------------------------------------------------+------------------+------------------+ 
| ADMINISTRATIVE EXPENSES                                |            (572) |            (319) | 
+--------------------------------------------------------+------------------+------------------+ 
| OTHER OPERATING INCOME (NET)                           |            1,132 |              861 | 
+--------------------------------------------------------+------------------+------------------+ 
|                                                        |                  |                  | 
+--------------------------------------------------------+------------------+------------------+ 
| OPERATING PROFIT                                       |           36,806 |           37,779 | 
+--------------------------------------------------------+------------------+------------------+ 
| FINANCE CHARGES (NET)                                  |         (35,140) |         (38,816) | 
+--------------------------------------------------------+------------------+------------------+ 
|                                                        |                  |                  | 
+--------------------------------------------------------+------------------+------------------+ 
| PROFIT /(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION  |            1,666 |          (1,037) | 
+--------------------------------------------------------+------------------+------------------+ 
|                                                        |                  |                  | 
+--------------------------------------------------------+------------------+------------------+ 
| TAX (CHARGE)/CREDIT ON PROFIT/(LOSS) ON ORDINARY       |          (5,887) |           12,253 | 
| ACTIVITIES                                             |                  |                  | 
+--------------------------------------------------------+------------------+------------------+ 
|                                                        |                  |                  | 
+--------------------------------------------------------+------------------+------------------+ 
| (LOSS)/PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION    |                  |                  | 
| BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR             |          (4,221) |           11,216 | 
|                                                        |            ===== |            ===== | 
+--------------------------------------------------------+------------------+------------------+ 
 
 
All Operations of the Company continued throughout both years and no Operations 
were acquired or discontinued. 
 
 
SEVERN RIVER CROSSING PLC 
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 
FOR THE YEAR ENDED 31 DECEMBER 2008 
=================================== 
 
 
+-------------------------------------------------------+------------------+------------------+ 
|                                                       | 2008             | 2007             | 
|                                                       | GBP000           | GBP000           | 
+-------------------------------------------------------+------------------+------------------+ 
|                                                       |                  |                  | 
+-------------------------------------------------------+------------------+------------------+ 
| (loss)/PROFIT for the Financial Year                  |          (4,221) |           11,216 | 
+-------------------------------------------------------+------------------+------------------+ 
|                                                       |                  |                  | 
+-------------------------------------------------------+------------------+------------------+ 
| Actuarial (loss)/gain                                 |          (3,525) |            1,394 | 
+-------------------------------------------------------+------------------+------------------+ 
|                                                       |                  |                  | 
+-------------------------------------------------------+------------------+------------------+ 
| Associated Deferred Tax                               |              945 |            (414) | 
+-------------------------------------------------------+------------------+------------------+ 
|                                                       |                  |                  | 
+-------------------------------------------------------+------------------+------------------+ 
| Total Recognised (losses)/Gains Related to the Year   |          (6,801) |           12,196 | 
|                                                       |           ====== |           ====== | 
+-------------------------------------------------------+------------------+------------------+ 
|                                                       |                  |                  | 
+-------------------------------------------------------+------------------+------------------+ 
 
 
 
SEVERN RIVER CROSSING PLC 
BALANCE SHEET AT 31 DECEMBER 2008 
================================= 
 
+------------------------------------------------------+------------------+------------------+ 
|                                                      | 2008             | 2007             | 
|                                                      | GBP000           | GBP000           | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| FIXED ASSETS                                         |          359,247 |          389,577 | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| CURRENT ASSETS                                       |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| Debtors due within one year                          |            1,729 |              525 | 
+------------------------------------------------------+------------------+------------------+ 
| Investments - Short Term Deposits                    |           30,057 |           38,991 | 
+------------------------------------------------------+------------------+------------------+ 
| Cash at Bank and in Hand                             |            1,170 |            3,362 | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |           32,956 |           42,878 | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| CREDITORS                                            |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| Amounts falling due within one year                  |         (21,089) |         (55,116) | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| NET CURRENT assets/(LIABILITIES)                     |           11,867 |         (12,238) | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| TOTAL ASSETS LESS CURRENT LIABILITIES                |          371,114 |          377,339 | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| CREDITORS                                            |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| Amounts falling due after more than one year         |        (352,299) |        (354,479) | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| PROVISIONS FOR LIABILITIES                           |         (14,268) |         (13,942) | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| NET assets BEFORE PENSION LIABILITY                  |            4,547 |            8,918 | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| NET PENSION LIABILITY                                |          (2,430) |                - | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| NET ASSETS                                           |            2,117 |            8,918 | 
|                                                      |            ===== |            ===== | 
+------------------------------------------------------+------------------+------------------+ 
| CAPITAL AND RESERVES                                 |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| Ordinary Share Capital                               |               13 |               13 | 
+------------------------------------------------------+------------------+------------------+ 
| Share Premium Account                                |            1,270 |            1,585 | 
+------------------------------------------------------+------------------+------------------+ 
| Capital Redemption Reserve                           |               26 |               26 | 
+------------------------------------------------------+------------------+------------------+ 
| Profit and Loss Account                              |              808 |            7,294 | 
+------------------------------------------------------+------------------+------------------+ 
|                                                      |                  |                  | 
+------------------------------------------------------+------------------+------------------+ 
| SHAREHOLDERS' FUNDS                                  |            2,117 |            8,918 | 
|                                                      |            ===== |            ===== | 
+------------------------------------------------------+------------------+------------------+ 
 
THE ACCOUNTS WERE APPROVED BY THE BOARD ON 31 MARCH 2009 AND SIGNED ON ITS 
BEHALF BY 
 
P-L DELSENY               DJ MCMULLAN 
DIRECTOR                  DIRECTOR 
 
 
 
 
SEVERN RIVER CROSSING PLC 
CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008 
====================================================== 
 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              | 2008            | 2007            | 
|                                                              | GBP000          | GBP000          | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| NET CASH INFLOW                                              |                 |                 | 
| FROM OPERATING ACTIVITIES                                    |          65,540 |          67,414 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| RETURNS ON INVESTMENT AND SERVICING OF FINANCE               |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| Interest Received                                            |           1,541 |           1,965 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| Interest Paid                                                |        (19,221) |        (19,964) | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| NET CASH OUTFLOW FROM RETURNS                                |                 |                 | 
| ON INVESTMENT AND SERVICING OF FINANCE                       |        (17,680) |        (17,999) | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| TAXATION PAID                                                |         (5,314) |           (417) | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT                 |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| Purchase of Tangible Fixed Assets                            |           (500) |         (1,102) | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| Proceeds on Sale of Tangible Fixed Assets                    |               1 |               1 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| CASH INFLOW BEFORE MANAGEMENT OF LIQUID                      |                 |                 | 
| RESOURCES AND FINANCING                                      |          42,047 |          47,897 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| MANAGEMENT OF LIQUID RESOURCES                               |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| Movement in Cash on Short Term Deposit                       |         (8,934) |         (9,406) | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| FINANCING                                                    |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| Repayment of Loans                                           |        (52,668) |        (37,563) | 
+--------------------------------------------------------------+-----------------+-----------------+ 
|                                                              |                 |                 | 
+--------------------------------------------------------------+-----------------+-----------------+ 
| (decrease)/INCREASE IN CASH IN THE YEAR                      |         (1,687) |             928 | 
|                                                              |          ====== |          ====== | 
+--------------------------------------------------------------+-----------------+-----------------+ 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 FR UOAVRKORSRAR 
 


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