RNS No 0561k
BOVIS HOMES GROUP PLC
15th March 1999
BOVIS HOMES GROUP PLC
PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 DECEMBER 1998
The Board of Bovis Homes Group PLC today announced its preliminary results
for 1998.
* Pre tax profit increased 20.6% to #45.0 million (1997: #37.3 million)
* Adjusted earnings per share increased by 21.0% to 27.6p (1997: 22.8p)
* Operating margin increased by 25% to 19.3% (1997: 15.4%)
* Return on average capital employed increased to 20.2% (1997: 18.8%)
* Plots with planning consent increased to 9,466 plots (4.1 years' supply
on 1998 completions)
* Strategic land holdings of 16,445 potential plots (1997: 13,007
potential plots)
* Final dividend of 6.67p net per ordinary share making 10.0p for the
year (2.76 times covered)
* Year end net borrowings of #6.8 million (3% gearing)
Commenting on the results, Malcolm Harris, the Chief Executive of Bovis
Homes Group PLC said:
"The objectives set for 1998 relating to profit and minimum return upon
capital employed were achieved with a strong investment in land providing an
excellent base to expand the business. The first two months of the current
year were most encouraging, with both reservations and selling prices ahead of
the same period last year. Barring major unforeseen economic changes, we
anticipate another successful year."
Enquiries: Malcolm Harris, Chief Executive
Bovis Homes Group PLC
Tel: 0171 329 0096 on Monday 15 March
Tel: 01474 872427 thereafter
Chairman's Statement
In its first full year as an independent public company, Bovis Homes
has succeeded in producing an excellent set of results as well as enhancing
its land bank. Shareholders have seen earnings growth of 21.0% with adjusted
earnings per share increasing from 22.8p in 1997 to 27.6p in 1998.
Results
Profit before tax for the year ended 31 December 1998 amounted to #45.0
million, an improvement of 20.6% over 1997.
The Group concentrated on improving shareholders' results through its
land management skills, innovative designs, tight cost controls and
marketing expertise. In consequence the operating margin improved and remains
one of the highest in the industry.
Market conditions for the Group in its areas of operation were steady
throughout the year; falling interest rates in the second half of the year
and improving affordability encouraging people to have the confidence to buy
new homes despite concerns about the economy.
Strategy
The Group has maintained its strategies in pursuance of its policy to
maximise shareholder value. In addition to improving margins on existing
developments the Group has invested in prime locations to strengthen both
the consented and strategic land banks, to allow growth across each of the
regions and Retirement Homes.
Dividends
The board of directors is proposing a final dividend for the year ended
31 December 1998 of 6.67p to be paid on 28 May 1999 to shareholders on the
register at the close of business on 23 April 1999. This dividend when
added to the interim dividend of 3.33p paid on 27 November 1998 totals
10.0p for the year, and is covered 2.76 times by the basic earnings per
share of 27.6p.
The Board
There have been no changes to the constitution of the Board during 1998.
The Chief Executive, Mr Malcolm Harris, and the other executive directors
have led the Company in a positive manner, whilst my non-executive
colleagues, Mr Mark Nicholls and Mr Tim Melville-Ross have provided
independent experience and guidance.
Employees
I would like to thank all employees of the Group for their dedication and
effort in delivering a very good overall performance in 1998.
The Future
The UK economy has undoubtedly slowed over the last year but the influence
of lower European interest rates should help to keep UK affordability at
very favourable levels in 1999, given that current rates of increase in
annual earnings and underlying inflation stay broadly unchanged.
The Group has an excellent land bank, an attractive range of homes, a
well motivated work force and with a clear strategy to achieve its
objectives. With these attributes in place the Board has reason to be
confident going forward.
Sir Nigel Mobbs
Chairman
Chief Executive's operational review
The Market
Housing affordability has remained favourable throughout the 12 month
period with progressive improvement following interest rate cuts and
increased earnings. The Halifax monthly index showed UK home prices increasing
by 4.5% in 1998, broadly in line with the increase in annual earnings.
Total property transactions in England and Wales, however, showed a
reduction of approximately 6% compared with the previous year.
Performance
Faced with relatively stable trading conditions I am pleased to be able
to advise you that 1998 was a year of encouraging progress as far as Bovis
Homes was concerned, with improvements to operating margin and return on
average capital employed. Also, there was a significant improvement in the
quality and size of our land holdings. Furthermore, we believe that the
Group's strategy of focusing upon these key areas will enable us to deliver
our objectives of annual growth in profits and earnings per share.
Bovis Homes' operating margin of 19.3% (1997: 15.4%) reflects the
combined benefits derived from the introduction of new products, improved
specification, skilful marketing, good land management, strong cost
controls and value engineering exerted throughout the Group.
These initiatives helped us to increase our average selling price per
square foot by 7.0% net of incentive and part exchange costs, and contain the
increase in average building cost per square foot to less than 1.0%,
including specification enhancements, compared with the previous year.
All regions and Retirement Homes improved their profitability and
operating margins compared with 1997 and are now achieving above average
operating margins for the industry.
Regional operating margin analysis
Year ended 31 December 1998 1997
% %
--------------------------------- ----- -----
South East 23.3 19.0
South West 13.7 12.1
Central 15.5 10.5
Retirement Homes 23.9 19.7
--------------------------------- ----- -----
Group 19.3 15.4
--------------------------------- ----- -----
Turning to another key measurement of performance, the Group increased
its return on average capital employed to 20.2% compared with 18.8% in
1997, notwithstanding major investments in land during the year.
Product mix and average selling price
Further progress was made with the expansion of our social housing
business which increased from 8.0% to 15.0% of our volume,
demonstrating our competitiveness in the social house building market during
a period of reduced activity in this sector.
The average selling price per unit increased to #96,800 from #92,600 in
1997, resulting from the following product mix and regional unit completion
analyses:
Product mix analysis
Year ended 31 1998 1997 1998 1997 1998 1997
December
unit unit average average
completions completions selling selling
price price
House type % % # #
----------------- ----------- ----------- ---- ----- ------- -------
One and two
bedrooms 484 477 21 19 67,500 65,400
Three bedrooms 534 761 23 30 84,100 73,400
Four bedrooms 744 841 32 33 122,900 118,000
Five or more
bedrooms 65 103 3 4 228,400 177,700
Social Housing 347 202 15 8 56,000 53,000
Retirement* 129 172 6 6 153,000 124,200
----------------- ----------- ----------- ---- ----- -------- -------
Total 2,303 2,556 100 100 96,800 92,600
----------------- ----------- ----------- ---- ----- -------- -------
* Of the total completions in 1997, 146 were sales made by the Retirement
Homes operation. The balance of the retirement units sold comprises sales
made by the other three regions of homes for the elderly which do not have
very sheltered housing facilities.
Regional unit completion profile
Year ended 31 December 1998 1998 1997 1997
unit unit
completions completions
% %
-------------------------- ------------ ------- ---------- ------
South East 1,012 44 1,104 43
South West 595 26 677 26
Central 567 24 629 25
Retirement Homes 129 6 146 6
-------------------------- ------------ ------- ---------- ------
Total 2,303 100 2,556 100
-------------------------- ------------ ------- --------- ------
The regions and Retirement Homes have broadly maintained their proportion
of total unit completions.
Land and planning
One of the major strengths of Bovis Homes is an expertise in land
management. During the past twelve months we have successfully invested
in prime sites strengthening our consented and strategic land holdings.
Plots held with planning consent for immediate development increased from
8,296 plots at the start of the year to 9,466 plots at 31 December 1998,
representing over four years' land supply at 1998 legal completion
level, one of the strongest positions in the industry. We were successful
in implementing our policy of acquiring developments in good locations,
improving the quality of our investments, including 1,014 plots from our
strategic holdings which were transferred during the year following
planning consent being granted.
Our average plot cost as at 31 December 1998, excluding social housing,
was #22,100, which was 21.2% of our average selling price excluding social
housing, and reflected the high weighting of plots in the South East of
England.
Consented land bank
Analysis by region and Retirement Homes as at 31 December
1998 1998 1997 1997
Plots % plots %
-------------------------- ----------- ------- --------- ---------
South East 3,725 39 3,013 36
South West 2,525 27 2,351 29
Central 2,905 31 2,572 31
Retirement 311 3 360 4
-------------------------- ----------- ------- --------- -----------
Total 9,466 100 8,296 100
-------------------------- ----------- ------- --------- -----------
At 31 December 1998, the Group also controlled strategic holdings which
are capable, subject in most cases to planning consent, of providing 16,445
plots of building land as follows:
Strategic land bank
Total potential plots as at 31 December
1998 1997
Plots Plots
----------------------------- -------- -------
South East 9,626 7,730
South West 3,648 2,570
Central 3,025 2,664
Retirement Homes 146 43
----------------------------- -------- -------
Total 16,445 13,007
----------------------------- -------- -------
The Group is promoting this land through the planning process, and at the
year end 9,175 of these potential plots were included in 'growth locations'.
Strategic land bank
Potential plots in 'growth locations' as at 31 December
1998 1997
Plots Plots
--------------------------- -------- ------------
South East 6,224 6,326
South West 1,403 678
Central 1,402 1,254
Retirement Homes 146 43
--------------------------- --------- ------------
Total 9,175 8,301
--------------------------- --------- ------------
'Growth locations': areas designated for development within draft or
adopted development plans by local, county or unitary planning authorities.
Potential plots in 'growth locations' are a component of the strategic land
bank.
During the financial year, 37% (1997: 32%) of the Group's development profit
was achieved from units built on land promoted through its strategic holdings.
Also, during the financial year, 34% of the Group's production was
based upon previously used land (1997: 30%).
The land management team has continued to acquire interests in prime areas
at prices that are acceptable to meet the Group's requirements and to
provide a strong base for our continued expansion and prosperity. Despite
the procedural difficulties of obtaining planning consents, we anticipate an
increase in the number of consented plots derived from our strategic land
bank over the coming years.
Our planned expansion into the North of England is progressing well and a
new area office at Wilmslow is due to be opened during April. Additional
sites with planning consent have been acquired for immediate development
in Nantwich; Cheshire, and, Wakefield and Beverley; Yorkshire. Furthermore,
Retirement Homes have started building at Port Sunlight and Hoylake, in
addition to their development in Huyton.
Office relocations
Our office at Lansdown Road, Cheltenham was sold during the year and a
new freehold office acquired at Bishops Cleeve on the outskirts of
Cheltenham. The new office has been refurbished and a major extension is
under construction, which we anticipate being completed by summer 1999,
whereupon the remaining staff will transfer to Bishops Cleeve which will
then become the Company's new Registered Office. The move provides improved
accommodation and lower running costs. Also, it has released approximately
#1.4 million of cash for investment in the business.
Castle Bromwich Hall offices are currently being marketed with the objective
of us moving to a new office in the Birmingham area, again with an aim of
reducing capital employed and a saving as regards running costs.
Health, safety and environmental matters
Bovis Homes promotes all aspects of safety and environmental
awareness throughout its operations in the interests of employees, purchasers,
contractors and visitors to its sites and premises. The Company views this as
an essential element in the success of the business. Clear policies,
procedures and systems operate throughout the Group with a particular
emphasis upon innovation, practical implementation and continuous
improvement.
Bespoke training and proprietary equipment has been developed and installed
and performance standards set for health, safety and environmental concerns.
Working with external professional consultants performance is monitored
and reviewed including audits.
In 1998 the Company's achievements were recognised by a national award from
the British Safety Council and a Gold Award from the Royal Society
for the Prevention of Accidents.
Outlook for 1999
We enter the new year with UK employment at an all time high and
the unemployment rate close to a twenty year low.
Base interest rates have fallen and there are likely to be further
reductions. Average earnings are increasing by approximately 4% per annum,
roughly in line with the projected average increase in house prices
(Halifax's latest forecast). Affordability is therefore likely to be at its
most advantageous since records began.
We anticipate a steady housing market with significant regional variations
to both sales rates and prices, reflecting the level of local economic
activity.
We started 1999 with an additional number of prime outlets which we
will progressively increase during the next twelve months. Our product range
is being expanded with new, exciting designs and specification improvements.
We have the benefits of high calibre, well motivated employees throughout
the organisation and a wider geographic spread of sites. We are confident
that our policies will deliver further positive results for our shareholders.
Malcolm Harris
Chief Executive
Financial review
The Group has taken advantage of its extensive financial resources to
strengthen its trading assets. Both the land bank and work in progress on
site have been significantly increased from the start of the year and
provided a solid base as we moved forward into 1999. This has been achieved
in conjunction with a return on average capital employed of 20.2% in 1998,
and adjusted earnings per share growth of 21.0% over 1997.
Review of results
The operating profit of #45.1 million improved by 18% compared with 1997
(#38.3 million) on turnover of #234.3 million (1997: #248.9 million). This
was driven by the focus on maximising margins rather than volume. This
increased level of profitability was based on 2,303 unit completions at an
average selling price of #96,800, as against 2,556 unit completions at an
average selling price of #92,600 in the previous year. Land sale
turnover, coupled with a relatively small amount of other income, amounted
to #11.4 million (1997: #12.2 million). Land sales generated a profit less
option costs of #2.2 million (1997: #0.2 million).
The operating profit has continued to benefit from the greater proportion
of value-engineered products, procurement policies, and cost effective
marketing procedures. The gross margin has risen to 28.4% of turnover compared
with 23.5% in the prior year, and the operating margin to 19.3% (1997: 15.4%).
Interest payable less receivable during the year was not significant at
#0.1 million (1997: #1.0 million) due to a positive net cash position for a
part of the year.
Profit before tax of #45.0 million showed an improvement of 20.6% over
1997 (#37.3 million). Corporation tax absorbed #13.9 million (1997: #11.6
million), to leave profit on ordinary activities after tax of #31.1 million
(1997: #25.7 million). Dividends paid and proposed for the year are covered
2.76 times by profits earned and absorb a further #11.3 million.
Review of balance sheet
Shareholders' funds have increased by 9.5% from #208.7 million at the start
of the year to #228.5 million at the close. This was after deducting #11.3
million in respect of dividends paid and proposed for the year. Based on
the issued share capital of 112.8 million shares throughout the year the net
asset value per share rose from 185p to 203p.
During 1998 the net book value of fixed assets has reduced from #9.6 million
to #7.1 million, largely reflecting the sale of our freehold office at
Lansdown Road, Cheltenham, and net current assets have increased from #212.0
million to #239.0 million. The most substantial movements in the book
value of current assets are as follows:
* Land held for development has increased by #52.1 million.
* Other stocks and work in progress have risen by #24.4 million.
* Cash and short term deposits have reduced by #29.6 million.
It should also be noted that creditors under and over one year amounting
to #114.1 million (1997: #86.2 million) included deferred land payments of
#51.1 million compared with #38.0 million at the end of 1997.
Overall, this represents a significant strengthening of the balance sheet.
Review of cash flow
Net borrowings at 31 December 1998 amounted to #6.8 million and represented
a debt/equity position of 3%. The surplus cash on deposit at the start of the
year was essentially invested in development land and work in progress during
1998, particularly in the second half of the year.
At 31 December 1998 the Group held bilateral committed revolving loan
facilities totalling #100.0 million from five banks, of which #5.0 million had
been drawn. These facilities and uncommitted bonding facilities of #55.0
million mature on 2 November 2002. In addition the Group has #10.0 million of
overdraft facilities available.
The strong balance sheet with the modest level of gearing, coupled with
the borrowing facilities outlined above put the Group in a very sound
financial position.
Ron Walford
Finance Director
Group profit and loss account
Continuing operations
For the year ended 31 December 1998
1998 1997
#000 #000
-------------------------------------------- --------- ----------
Turnover 234,285 248,878
Cost of sales (167,818) (190,350)
-------------------------------------------- --------- ----------
Gross profit 66,467 58,528
Administrative expenses (21,339) (20,270)
-------------------------------------------- --------- ----------
Operating profit 45,128 38,258
Interest receivable and similar income 555 322
Interest payable and similar charges (661) (1,243)
-------------------------------------------- --------- ----------
Profit on ordinary activities before taxation 45,022 37,337
Taxation on profit on ordinary activities (13,900) (11,600)
-------------------------------------------- --------- ----------
Profit on ordinary activities after taxation 31,122 25,737
Dividends paid and proposed (11,280) (29,000)
Transfer from reserves - 3,263
-------------------------------------------- --------- ----------
Retained profit for the financial year 19,842 -
-------------------------------------------- --------- ----------
-------------------------------------------- --------- ----------
Basic earnings per ordinary share 27.6p #2.71
-------------------------------------------- --------- ----------
Diluted earnings per ordinary share 27.5p #2.71
-------------------------------------------- --------- ----------
Adjusted earnings per ordinary share 27.6p 22.8p
-------------------------------------------- --------- ----------
Adjusted earnings per ordinary share is calculated on the basis of the
112.8 million ordinary shares in issue at 31 December 1998 as if they had
been in issue throughout the two years ended 31 December 1998. Both the
basic and diluted earnings per share for 1997 are affected by the relatively
low number of ordinary shares in issue prior to flotation in December 1997.
Consequently, the Board believes that for comparison purposes, adjusted
earnings per share presents a more appropriate measure.
In both the current and preceding financial periods there was no
material difference between the historical cost profits and losses and those
reported in the profit and loss account.
Group balance sheet
At 31 December 1998
1998 1997
#000 #000
---------------------------------------------- ----------- ------------
Fixed assets
Tangible assets 7,121 9,588
Investments 24 24
---------------------------------------------- ----------- ------------
7,145 9,612
---------------------------------------------- ----------- ------------
Current assets
Stocks and work in progress 320,201 243,696
Debtors due within one year 10,981 8,090
Debtors due after more than one year 3,957 3,597
Cash and short term deposits 370 29,988
---------------------------------------------- ----------- ------------
335,509 285,371
---------------------------------------------- ----------- ------------
Creditors: amounts falling due within one year (96,533) (73,355)
---------------------------------------------- ----------- ------------
Net current assets 238,976 212,016
---------------------------------------------- ----------- ------------
Total assets less current liabilities 246,121 221,628
Creditors: amounts falling due after more than
one year (17,604) (12,886)
---------------------------------------------- ----------- ------------
Net assets 228,517 208,742
---------------------------------------------- ----------- ------------
Capital and reserves
Called up share capital 56,399 56,399
Share premium 132,103 132,103
Revaluation reserve 817 884
Profit and loss account 39,198 19,356
---------------------------------------------- ----------- ------------
Equity shareholders' funds 228,517 208,742
---------------------------------------------- ----------- ------------
Group cash flow statement
For the year ended 31 December 1998 1998 1997
#000 #000
---------------------------------------------- ----------- ------------
Net cash (outflow)/inflow from operating
activities (20,285) 51,580
Returns on investments and servicing of finance
Interest received 555 322
Interest paid (1,002) (1,506)
---------------------------------------------- ----------- ------------
(447) (1,184)
---------------------------------------------- ----------- ------------
Taxation paid (11,288) (6,707)
---------------------------------------------- ----------- ------------
Capital expenditure and financial investment
Sale of tangible fixed assets 3,324 506
Purchase of tangible fixed assets (2,288) (2,897)
---------------------------------------------- ----------- ------------
1,036 (2,391)
---------------------------------------------- ----------- ------------
Equity dividend paid (3,756) (29,000)
---------------------------------------------- ----------- ------------
Cash (outflow)/inflow before management
of liquid resources and financing (34,740) 12,298
Management of liquid resources
Movement in short term deposits 29,618 (29,988)
Movement in short term borrowings 5,000 -
---------------------------------------------- ----------- ------------
34,618 (29,988)
---------------------------------------------- ----------- ------------
Financing
Issue of ordinary share capital - 188,492
Repayment of P&O loans - (169,492)
---------------------------------------------- ----------- ------------
- 19,000
---------------------------------------------- ----------- ------------
(Decrease)/increase in cash (122) 1,310
---------------------------------------------- ----------- ------------
Group statement of total recognised gains and losses
For the year ended 31 December 1998 1998 1997
#000 #000
---------------------------------------------- ----------- ------------
Profit for financial year 31,122 25,737
Impairment loss on revalued asset (67) -
---------------------------------------------- ----------- ------------
Total recognised gains relating to the year 31,055 25,737
---------------------------------------------- ----------- ------------
Group reconciliation of movements in shareholders' funds
For the year ended 31 December 1998 1998 1997
#000 #000
---------------------------------------------- ----------- ------------
Opening shareholders' funds 208,742 23,494
Disposal of revalued property - 19
Issue of share capital - 188,492
Total recognised gains and losses for the year 31,055 25,737
Dividends paid and proposed (11,280) (29,000)
---------------------------------------------- ----------- ------------
Closing shareholders' funds 228,517 208,742
---------------------------------------------- ----------- ------------
Group reconciliation of operating profit to operating cash flows
For the year ended 31 December 1998 1998 1997
#000 #000
---------------------------------------------- ----------- ------------
Operating profit 45,128 38,258
Depreciation 1,290 1,139
Loss/(profit) on disposal of tangible fixed
assets 74 (124)
(Increase)/decrease in stocks (76,505) 7,116
(Increase)/decrease in debtors (2,819) 1,952
Increase in creditors 12,547 3,239
---------------------------------------------- ----------- ------------
Net cash (outflow)/inflow from operating
activities (20,285) 51,580
---------------------------------------------- ----------- ------------
Group reconciliation and analysis of net debt
For the year ended 31 December 1998 1998 1997
#000 #000
--------------------------------------------- ---------- ------------
(Decrease)/increase in cash in the year (122) 1,310
Movement in short term deposits (29,618) 29,988
Movement in short term borrowings (5,000) -
Cash outflow from movement in interest
bearing loan with P&O - 4,000
Cash outflow from movement in interest free
loan with P&O - 165,492
--------------------------------------------- ---------- ------------
Change in net funds (34,740) 200,790
Opening net funds/(debt) 27,899 (172,891)
--------------------------------------------- ---------- ------------
Closing net (debt)/funds (6,841) 27,899
--------------------------------------------- ---------- ------------
Split:
Bank overdraft (2,211) (2,089)
Short term borrowings (5,000) -
Short term deposits 370 29,988
--------------------------------------------- ---------- -----------
(6,841) 27,899
--------------------------------------------- ---------- ------------
Notes to the accounts
1 Basis of preparation
The Group accounts include the accounts of the Company and its
subsidiary undertakings all of which are made up to 31 December 1998.
The financial information included within this statement does not constitute
the Company's statutory accounts for the year ended 31 December 1998 or 1997.
The information contained in this statement has been extracted from the
statutory accounts of Bovis Homes Group PLC for the year ended 31 December
1998, which have not yet been filed with the Registrar of Companies, on
which the auditors have given an unqualified audit report, not containing
statements under section 237(2) or (3) of the Companies Act 1985.
2 Earnings per ordinary share
Basic earnings per ordinary share for the year ended 31 December 1998
is calculated on profit after tax of #31,122,000 (1997: #25,737,000) over
the weighted average of 112,798,032 (1997: 9,495,586) ordinary shares in
issue during the year.
Diluted earnings per ordinary share is calculated on profit after tax
of #31,122,000 (1997: #25,737,000) over the diluted weighted average of
113,183,650 (1997: 9,501,781) ordinary shares potentially in issue during
the year. The diluted average number of shares is calculated in
accordance with FRS 14 Earnings Per Share. The dilutive effect relates
to those potential ordinary shares, currently held under option, which would
be issued for nil consideration after first applying the total share option
exercise consideration in purchasing a number of ordinary shares at full
market value. The market value has been calculated using the average
ordinary share price during the year. For 1997, the average ordinary
share price has been calculated over the period during which the Company
was listed. Only share options which have met their cumulative
performance criteria have been included in the dilution calculation.There is
no dilutive effect on the profit after tax used in the diluted earnings
per share calculation.
Adjusted earnings per ordinary share is calculated on profit after tax
of #31,122,000 (1997: #25,737,000) over the 112,798,032 ordinary shares in
issue at 31 December 1998 as if they had been in issue throughout the two
years ended 31 December 1998. The proceeds of the issue of shares were
applied in repaying an interest free loan due to P&O, hence no adjustment has
been made to earnings in respect of interest. The Board believes that
adjusted earnings per share is the most appropriate basis for comparing
earnings per share throughout the period.
3 Taxation
The rate of corporation tax applied was 31% for the year to 31 December 1998
and 31.5% for the year to 31 December 1997.
The effective corporation tax payable for the year ended 31 December 1997
was reduced by brought forward tax losses.
4 Dividends
The proposed final dividend of 6.67 pence net per ordinary share will be paid
on 28 May 1999 to holders of ordinary shares on the register at the
close of business on 23 April 1999. The dividend when added to the already
paid interim dividend of 3.33 pence, totals 10.0 pence for the year.
5 Year 2000
The directors recognise the importance of the year 2000 issue and the Group
has programmes in place to identify and mitigate risks associated with
potential year 2000 problems. These programmes are progressing and it is not
anticipated that material costs will be incurred. However, this is a
complex issue and therefore there is no absolute guarantee that problems
will not be encountered.
END
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