RNS Number:8986K
Ashpol PLC
09 May 2003


ASHPOL PLC


Group Profit & Loss Account
For the Six Months Ended 14 February 2003

      Group                                                                   Group              Group
     Year to                                                               6 Months to        6 Months to
   14-Aug-02                                                                14-Feb-03          14-Feb-02
      #'000                                                                   #'000              #'000

           9,872 Rental Income                                                 5,293              4,783

           (503) Property outgoings                                             (95)              (347)

           9,369 Net rental income                                             5,198              4,436

         (1,688) Administrative expenses                                       (265)              (225)

           7,681 Operating profit                                              4,933              4,211

                 Profit on sale of investment properties                         802                  -

           7,681    Profit on ordinary activities before interest              5,735              4,211

         (8,096) Interest payable                                            (3,556)            (3,950)

           1,138 Interest receivable                                             183                385
         (6,958) Net Interest payable                                        (3,373)            (3,565)

             723 Profit on ordinary activities before taxation                 2,362                646

           (386) Tax on profit on ordinary activities                              -                  -

             337 Profit on ordinary activities after taxation                  2,362                646

           (106) Dividends (including non-equity)                               (57)               (57)

             231 Retained profit                                               2,305                589






Group Balance Sheet

At 14 February 2003

      Group                                                                  Group              Group
   14-Aug-02                                                               14-Feb-03          14-Feb-02
      #'000                                                                   #'000              #'000
                 Fixed Assets
                 Tangible Assets
         126,035 Investment properties                                       110,200            126,060

         126,035                                                             110,200            126,060

                 Current assets
           8,509 Debtors                                                      14,960              7,220
             927 Cash at bank                                                 10,444              1,022

           9,436                                                              25,404              8,242

         (4,733) Creditors falling due within one year                       (2,561)            (3,592)

           4,073 Net current assets                                           22,843              4,650

         130,352 Total assets less current liabilities                       132,657            130,710

        (75,000) Creditors falling due after one year                       (75,000)           (75,000)

           (386) Provisions for liabilities and charges                        (386)                  -

          55,352 Net assets                                                   57,657             55,710

                 Capital and reserves
           7,378 Called up share capital - equity                              7,378              7,378
          40,632                         - non-equity                         40,632             40,632
                
          48,010                                                              48,010             48,010

           7,069 Share premium account                                         7,069              7,069
              42 Capital redemption reserve                                       42                 42
             231 Profit and loss account                                       2,536                589

          55,352                                                              57,657             55,710




Group Summarised Cash Flow Statement
For the Six Months Ended 14 February 2003

      Group                                                                 Group              Group
     Year to                                                             6 Months to        6 Months to
   14-Aug-02                                                              14-Feb-03          14-Feb-02
      #'000                                                                  #'000              #'000

             130 Net cash inflow from activities                             (2,888)              (459)
         (7,688) Net interest paid                                           (3,373)            (3,565)
           (106) Preference and minority dividends paid                         (57)               (57)
                 Addition to investment properties                                 -          (126,060)
   -
        (88,200) Sale of investment properties                                15,835                  -

         (9,178) Purchase of business operations                                   -                  -

             284 Cash acquired                                                     -                  -

       (104,758) Net cash (outflow) / inflow before use of liquid              9,517          (130,141)
                 resources and financing

        (25,478) Net new loans borrowed / (repaid)                                 -                  -

       (130,236) Increase / (decrease) in cash                                 9,517          (130,141)



Reconciliation of Operating Profit to Net Cash Flow From Operating Activities


      Group                                                                 Group              Group
     Year to                                                             6 Months to        6 Months to
   14-Aug-02                                                               14-Feb-03          14-Feb-02
      #'000                                                                   #'000              #'000

           7,681 Operating profit                                              4,933              4,211
         (6,697) (Increase) / decrease in debtors                            (6,451)            (7,220)
         (2,179) (Decrease) / increase in creditors under one                (2,172)              2,550
                 year
             300 Impairment of fixed asset investment property                     -                  -

                 Profit on sale of investment properties
    -                                                             802                                 -
                 Impairment of Goodwill                                            -                  -
1,025                                                                              
             130 Net cash inflow from operating activities                   (2,888)              (459)




Basis of Preparation

 The interim accounts, which have not been audited, have been prepared using accounting policies
 unchanged from those set out in the Group's 14 August 2002 statutory accounts. The investment
 properties have not been revalued at 14 February 2003.
 February 2003.


Dividends

      Group                                                                   Group              Group
     Year to                                                                6 Months to        6 Months to
   14-Aug-02                                                                 14-Feb-03          14-Feb-02
      #'000                                                                    #'000              #'000

                 Non-Equity Shares
             106 10% Cumulative Preference Shares                                 57                 57
                 5.75% Convertible Cumulative

             106                                                                  57                 57


Investment Properties

                                                                                                #'000
                 Balance at 15 August 2002                                                      126,035
                 Additions                                                                            -
                 Disposals                                                                     (15,835)

                 Balance at 14 February 2003                                                    110,200

                 The properties have not been revalued at 14 February 2003.



Borrowings

      Group                                                                  Group              Group
     Year to                                                              6 Months to        6 Months to
   14-Aug-02                                                              14-Feb-03          14-Feb-02
      #'000                                                                  #'000              #'000
                 Repayable as follows:
          75,000 After more than five years                                   75,000             75,000

           (927) Cash                                                       (10,444)               (36)

          74,073 Net Borrowings                                               64,556             74,964






Company Information


Directors

                 W S Benjamin
                 K D McGrath
                 M Pashley
                 I Smith

Secretary

                 A M Jacobs

Registered Office

                 5 Wigmore Street
                 London
                 W1U 1PB

Registered Number

                 104394




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