AMVESCAP PLC Reports Results for Six Months Ended June 30, 2001.Business Editors LONDON--(BUSINESS WIRE)--August 2, 2001 AMVESCAP reported that profit before tax, goodwill amortization and exceptional items for the six months ended June June: see month. 30, 2001 amounted to (pound)270.7 million compared to (pound)255.6 million for the six months of 2000, an increase of 6%. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of before goodwill amortization and exceptional items amounted to 22.2p (2000: 25.6p), a decrease of 13% for the period. Revenues increased to (pound)853.6 million from (pound)754.3 million in 2000.
----------------------------------------------------------------------
Results for six months ended
June 30, June 30, June 30, June 30,
2001+ 2000+ 2001 2000
-------------------------------------------------
Revenues $1,203.6m $1,139.0m (pound)853.6m (pound)754.3m
Profit before tax,
goodwill amortization
and exceptional
items $381.7 $386.0m (pound)270.7m (pound)255.6m
Earnings per share before
goodwill amortization and
exceptional items:
--basic $0.65(a) $0.81(a) 23.0p 26.7p
--diluted $0.63(a) $0.77(a) 22.2p 25.6p
Earnings per share
before goodwill
amortization:
--basic $0.59(a) $0.81(a) 20.9p 26.7p
--diluted $0.57(a) $0.77(a) 20.2p 25.6p
Dividends per share $0.13(a) $0.12(a) 4.5p 4.0p
----------------------------------------------------------------------
(a) Per American Depositary Share, equivalent to 2 ordinary shares.
+ For the convenience of the reader, pounds sterling for the period
ended June 30, 2001 have been translated to US dollars using $1.41
per (pound)1.00 (2000: $1.51 per (pound)1.00).
"The second quarter found us in a continued period of volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. markets around the world," said Mr. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by W. Brady Bra·dy , James Buchanan Known as "Diamond Jim." 1856-1917. American financier and philanthropist who gained his nickname because of his attraction to diamonds and his extravagant lifestyle. Noun 1. , Executive Chairman. "The recent Federal Reserve cuts in combination with the recently-enacted US tax reduction will provide a basis for improved economic activity in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . We continue to believe that the global markets should reflect these improving economic trends toward the end of this year and into 2002." "While the profitability of our industry is impacted by periodic market corrections Market correction A relatively short-term drop in stock market prices, generally viewed as bringing overpriced stocks back to a level closer to companies' actual values. , the state of our business is sound and I remain confident about our future even though the third quarter is unlikely to produce a strong rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective from the second quarter's results," noted Mr. Brady. The results for 2001 include recent acquisitions (County Investment Management Limited and National Asset Management Corporation) from the dates of acquisition. A (pound)25.3 million exceptional item was provided during the six month period related to the acquisition integration activities. Profit before tax, goodwill amortization and exceptional items increased by 4% during the second quarter of 2001 to (pound)135.7 million (2000: (pound)130.9 million). Diluted earnings per share before goodwill amortization and exceptional items amounted to 11.2p (2000: 13.1p) for the three months ended June 30, 2001, a decrease of 14% over the corresponding period of 2000. Revenues for the three months ended June 30, 2001 amounted to (pound)426.3 million compared to (pound)384.7 million from the prior year's quarter. Funds under management totaled $408.4 billion ((pound)289.6 billion) at June 30, 2001, an increase of $5.8 billion from December December: see month. 31, 2000. Funds under management from acquired companies in 2001 amounted to $22.2 billion at dates of acquisition. Average funds under management for the six months ended June 30, 2001 were $403.1 billion, an increase of $2.6 billion over the average funds in the second half of 2000 and $28.0 billion over the first half of 2000. Average funds under management during the second quarter were $404.4 billion compared to $401.7 billion for the preceding quarter. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 40% of the total funds under management are invested in fixed income securities at June 30, 2001. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The Board has declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. an interim dividend of 4.5p per share (2000: 4.0p), an increase of 12%. The interim dividend will be paid on October October: see month. 5, 2001 to shareholders on the register on September September: see month. 7, 2001. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. for the dividend will be September 5, 2001. The company will complete the acquisition of Pell v. t. 1. To pelt; to knock about. n. 1. A skin or hide; a pelt. 2. A roll of parchment; a parchment record. Clerk of the pells formerly, an officer of the exchequer who entered accounts on certain parchment rolls, called pell rolls. Rudman & Co., Inc. on August 2, 2001. Pell Rudman provides asset management services to high net worth individuals, families, foundations and endowments. Total consideration consists of a cash payment of approximately (pound)122 million ($172 million) and includes potential asset retention payments of up to (pound)20 million ($28 million) over two years. Pell Rudman's funds under management totaled approximately $8.1 billion at July July: see month. 31, 2001. The Managed Products group reported revenues of (pound)529.6 million during the first six months of 2001, an increase of (pound)59.1 million over the prior year. Operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. were (pound)238.0 million, an increase of (pound)12 million during the period. The results for the current year include Trimark Financial Corporation which was acquired in August, 2000. The group generated $28 billion of gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. in 2001. Funds under management amounted to $230.3 billion at June 30, 2001. The US Institutional group reported revenues and operating profits of (pound)104.5 million and (pound)26.7 million in the 2001 period. Operating profits have improved by (pound)2.6 million over the prior year on flat revenue levels, reflecting the continued emphasis on cost controls in a volatile market environment. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for this group was 25.6%, an 11% improvement over results for the 2000 period. This group generated $12.3 billion in gross sales during the first half of 2001 compared to $11.4 billion in 2000, reflecting the continued strength of the group's marketing efforts coupled with a broader range of products provided by the National Asset Management acquisition. Funds under management amounted to $113.9 billion at June 30, 2001. INVESCO INVESCO, (NYSE: IVZ) is an investment management company based in London, England, UK. It is quoted on the London Stock Exchange and is a member of the FTSE 100 Index. It has branches in 19 countries, but more than half of its business is in the United States. Global's revenues amounted to (pound)190.8 million for the first half of 2001, an increase of (pound)33.2 million over the prior year due to the inclusion of the Perpetual PERPETUAL. That which is to last without limitation as to time; as, a perpetual statute, which is one without limit as to time, although not expressed to be so. results in 2001 offset in part by declines in the global capital markets. Operating profits totaled (pound)48.1 million for the first half of 2001. The UK business continued to reflect strong operating profits and margins on lower revenue levels. The operating profits of the Continental European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Asian businesses declined in 2001 due to significantly lower revenues, offset by lower operating costs operating costs npl → gastos mpl operacionales . Funds under management were $64.2 billion at June 30, 2001, a decline of $2.4 billion from the end of 2000. INVESCO Retirement experienced a 16% increase in assets under administration during the six month period, reaching $31.9 billion at June 30, 2001. The INVESCO Retirement group reported $1.6 billion in net new sales during the current year. IRI Iri (ē`rē`), former city, North Jeolla (Cholla) prov., SW South Korea. An agricultural center and transportation hub, it was absorbed into Iksan. was chosen by FleetBoston Financial FleetBoston Financial was a Boston, Massachusetts-based bank created in 1999 by the merger of Fleet Financial Group and BankBoston. In 2004 it merged with Bank of America; all of its banks and branches were given the Bank of America logo. Corporation, one of the largest U.S. banks, as a strategic partner for their 401 (k) business and won new mandates mandates, system of trusteeships established by Article 22 of the Covenant of the League of Nations for the administration of former Turkish territories and of former German colonies. from several new, large companies in the current year. This group services 571,000 plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. at June 30, 2001, up from 381,000 participants at the end of 2000. AMVESCAP is a leading independent global investment manager, dedicated to helping people worldwide build their financial security. Operating under the AIM and INVESCO brands, AMVESCAP strives to deliver outstanding investment performance and service through a comprehensive array of retail and institutional products for clients in over 100 countries. The Company is listed on the London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Paris and Toronto Stock Exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. with the symbol "AVZ." Members of the investment community and general public are invited to listen to the conference call today, Thursday Thursday: see week. , August 2, 2001 at 9:30 a.m. Eastern Time (2:30 p.m. London time), by dialing one of the following numbers: 1-888-201-4990 for US callers or 712-257-3060 for international callers. An audio replay of the conference call will be available until Thursday, August 9, 2001 at 5:00 pm Eastern Time by calling 1-800-937-3091 for US callers or 402-220-9097 for international callers.
AMVESCAP plc
Group Profit and Loss Account
(in thousands)
Six Months Ended June 30,
------------------------------------------------
2001
------------------------------------------------
Ordinary Exceptional
activities items Total 2000
--------------- ----------------- ------------ ---------
Revenues (pound)853,552 (pound) -- (pd)853,552(pd)754,253
Operating
expenses (559,973) (25,252) (585,225) (485,962)
--------------- ----------------- ------------ ---------
293,579 (25,252) 268,32 268,291
Goodwill
amortization (65,039) -- (65,039) (18,370)
--------------- ----------------- ------------ ---------
Operating
profit 228,540 (25,252) 203,288 249,921
Investment
income 5,865 -- 5,865 7,423
Interest
payable (28,792) -- (28,792) (20,150)
--------------- ----------------- ------------ ---------
Profit before
taxation 205,613 (25,252) 180,361 237,194
Taxation (86,033) 8,409 (77,624) (81,780)
--------------- ----------------- ------------ ---------
--------------- ----------------- ------------ ---------
Profit after
taxation 119,580 (16,843) 102,737 155,414
--------------- ----------------- ------------ ---------
--------------- ----------------- ------------ ---------
Dividends (36,552) -- (36,552) (28,014)
--------------- ----------------- ------------ ---------
--------------- ----------------- ------------ ---------
Retained
profit for
the period (pound)83,028 (pound)(16,843) (pd)66,185(pd)127,400
=============== ================= ============== ========
=============== ================= ============== ========
Earnings per
share before
goodwill
amortization:
---basic 23.0p (2.1)p 20.9p 26.7p
---diluted 22.2p (2.0)p 20.2p 25.6p
--------- ----------------- -------------- ------
Earnings per share:
---basic 14.9p (2.1)p 12.8p 23.9p
---diluted 14.4p (2.0)p 12.4p 22.9p
--------- ----------------- -------------- ------
Average shares
outstanding:
---basic 802,077 802,077 650,089
---diluted 837,745 837,745 679,634
--------- ----------------- -------------- --------
AMVESCAP plc
Group Profit and Loss Account
(in thousands)
Three Months Ended June 30,
------------------------------------------------------------
2001
------------------------------------------------
Ordinary Exceptional
activities items Total 2000
--------------- ----------------- --------------------------
Revenues (pound)426,275 (pound) -- (pd)426,275 (pd)384,737
Operating
expenses (278,955) (21,045) (300,000) (248,321)
--------------- ----------------- --------------------------
147,320 (21,045) 126,275 136,416
Goodwill
amortiza-
tion (33,227) -- (33,227) (9,071)
--------------- ----------------- --------------------------
Operating
profit 114,093 (21,045) 93,048 127,345
Investment
income 2,864 -- 2,864 3,945
Interest
payable (14,486) -- (14,486) (9,448)
--------------- ----------------- --------------------------
Profit
before
taxation 102,471 (21,045) 81,426 121,842
Taxation (42,857) 8,418 (34,439) (41,892)
--------------- ----------------- --------------------------
--------------- ----------------- --------------------------
Profit
after
taxation 59,614 (12,627) 46,987 79,950
--------------- ----------------- --------------------------
--------------- ----------------- --------------------------
Dividends (36,552) -- (36,552) (28,014)
--------------- ----------------- --------------------------
--------------- ----------------- --------------------------
Retained
profit
for the
period (pound)23,062 (pound)(12,627) (pd)10,435 (pd)51,936
=============== ================= ==========================
=============== ================= ==========================
Earnings
per share
before
goodwill
amortization:
---basic 11.5p (1.6)p 9.9p 13.7p
---diluted 11.2p (1.5)p 9.7p 13.1p
-------- ----------------- -------------- --------
Earnings per
share:
---basic 7.4p (1.6)p 5.8 12.3p
---diluted 7.2p (1.5)p 5.7 11.7p
-------- ----------------- -------------- --------
Average shares
outstanding:
---basic 805,453 805,453 651,501
---diluted 838,807 838,807 682,024
-------- ----------------- -------------- -----------
AMVESCAP plc
Group Balance Sheet
(in thousands)
June 30, Dec 31,
2001 2000
----------------- -----------------
Fixed assets
Goodwill (pound)2,548,898 (pound)2,375,542
Investments 150,672 152,521
Tangible assets 215,251 203,341
----------------- -----------------
2,914,821 2,731,404
Currents assets
Debtors 637,457 686,101
Investments 118,402 124,311
Cash at bank and
in hand 227,165 342,073
----------------- -----------------
983,024 1,152,485
Creditors: amounts
falling due within
one year (633,431) (764,068)
-----------------
-----------------
Net current assets,
excluding banking and
insurance activities 349,593 388,417
----------------- -----------------
Banking and insurance
activities, net 8,627 1,812
Total assets less
current liabilities 3,273,041 3,121,633
Long-term debt (895,188) (960,023)
Provisions for liabilities
and charges (146,383) (58,530)
----------------- -----------------
----------------- -----------------
Net assets 2,231,470 2,103,080
================= =================
================= =================
Capital and reserves
Called up share capital 195,606 192,759
Exchangeable shares 446,640 477,153
Share premium account 1,605,666 1,488,933
Profit and loss account 659,605 593,420
----------------- -----------------
2,907,517 2,752,265
Other reserves (676,047) (649,185)
----------------- -----------------
----------------- -----------------
Shareholders' funds (pound)2,231,470 (pound)2,103,080
================= =================
AMVESCAP plc
Group Cash Flow Statement
(in thousands)
Six Months Ended
-----------------------------------
June 30, June 30,
2001 2000
---------------- ---------------
Operating profit (pound)203,288 (pound)249,921
Amortization and depreciation 100,455 41,668
Change in debtors,
creditors, and other (23,066) (31,839)
---------------- ---------------
Net cash inflow from
operating activities 280,677 259,750
---------------- ---------------
Banking and insurance
activities (13,972) 723
Interest paid, net of
investment income (20,324) (14,246)
Taxation (100,246) (72,232)
Capital expenditures,
net of sales (40,047) (25,365)
Net disposals / (purchases)
of fixed asset investments 5,962 (19,180)
Acquisitions (106,125) --
Dividends paid (47,986) (36,439)
Net repayment of debt (85,870) (126,764)
Foreign exchange on cash
at bank and in hand 13,023 4,868
---------------- ---------------
Decrease in cash at bank
and in hand (pound)(114,908) (pound)(28,885)
================ ===============
AMVESCAP plc
Segmental Information
(in thousands)
Six Months Ended June 30, 2001
--------------------------------------------------
Revenues Expenses Oper. Profit
----------------- --------------- ----------------
Managed Products (pound)529,645 (pound)(291,599) (pound)238,046
US Institutional 104,525 (77,795) 26,730
INVESCO Global 190,750 (142,623) 48,127
INVESCO Retirement 27,811 (23,678) 4,133
New Business 821 (6,266) (5,445)
Corporate -- (18,012) (18,012)
----------------- --------------- ----------------
853,552 (559,973) 293,579
Goodwill
amortization -- (65,039) (65,039)
----------------- --------------- ----------------
(pound)853,552 (pound)(625,012) (pound)228,540
================= =============== ================
Six Months Ended June 30, 2000
--------------------------------------------------
Revenues Expenses Oper. Profit
----------------- --------------- ----------------
Managed Products (pound)470,512 (pound)(244,482) (pound)226,030
US Institutional 104,085 (80,026) 24,059
INVESCO Global 157,559 (108,522) 49,037
INVESCO Retirement 21,920 (20,899) 1,021
New Business 177 (6,240) (6,063)
Corporate -- (25,793) (25,793)
----------------- --------------- ----------------
754,253 (485,962) 268,291
Goodwill
amortization -- (18,370) (18,370)
----------------- --------------- ----------------
(pound)754,253 (pound)(504,332) (pound)249,921
================= =============== ================
Notes
1. The taxation charge for the six months ended June 30, 2001 is
estimated based on the total expected tax charge for the year. A
significant proportion of the charge is expected to arise from US
operations.
2. The Directors consider that profit before goodwill amortization
and exceptional items is a more appropriate basis for the
calculation of earnings per share since this represents a more
consistent measure of operating performance.
2001
Profit before goodwill
amortization and
exceptional items Number of
shares Per share
(pound)'000 '000 amount
-------------------------------------------
Basic earnings
per share 184,619 802,077 23.0p
==========
Conversion of ESDs 1,360 6,128
Issuance of options -- 29,540
---------------------------------
Diluted earnings
per share 185,979 837,745 22.2p
===========================================
2000
Profit before goodwill
amortization Number of
shares Per share
(pound)'000 '000 amount
-------------------------------------------
Basic earnings
per share 173,784 650,089 26.7p
==========
Issuance of options -- 29,545
---------------------------------
Diluted earnings
per share 173,784 679,634 25.6p
===========================================
3. The results for 2001 include both Trimark Financial Corporation
and Perpetual plc. Trimark was acquired on August 1, 2000, and
Perpetual has been included since January 1, 2001.
The Company acquired County Investment Management Limited on
January 31, 2001 for consideration of (pound)40.8 million in
cash. This acquisition had no material effect on the consolidated
financial statements. A (pound)4.2 million exceptional item was
recognized related to integration activities.
The Company acquired National Asset Management Corporation in
April, 2001 for consideration of (pound)69.1 million in cash and
(pound)76.1 million in ordinary shares. The transaction includes
additional contingent earn-out payments up to (pound)51.9 million
and retention payments payable totaling (pound)17.3 million. The
results for 2001 include National Asset Management Corporation
from May 1, 2001. A (pound)21.1 million exceptional item related
to integration activities was recognized during 2001.
Independent Review Report to AMVESCAP PLC Introduction We have been instructed by the Company to review the financial information for the three months and six months ended June 30, 2001, which comprises the Group Profit and Loss Accounts, the Group Balance Sheet, the Group Cash Flow Statement, the Segmental segmental /seg·men·tal/ (seg-men´t'l) 1. pertaining to or forming a segment or a product of division, especially into serially arranged or nearly equal parts. 2. undergoing segmentation. Information analysis, and related Notes. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Listing Rules of the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). . Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures Analytical Procedures is one of financial audit skill which help an auditor understand the client's business and changes in the business, to identify potential risk areas and to plan other audit procedures. to the financial information and underlying financial data and, based thereon there·on adv. 1. On or upon this, that, or it. 2. Archaic Following that immediately; thereupon. Adv. 1. thereon - on that; "text and commentary thereon" on it, on that , assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification See verify. verification - The process of determining whether or not the products of a given phase in the life-cycle fulfil a set of established requirements. of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the three months and six months ended June 30, 2001. Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing Chartered Accountants char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. 1 Surrey Surrey, county (1991 pop. 997,000), 653 sq mi (1,691 sq km), SE England. The county seat is Guildford. The North Downs cross the county from east to west. To the north the land slopes gently downward to the Thames, into which flow the Wey and the Mole, Surrey's Street London August 2, 2001
AMVESCAP PLC
Funds Under Management
(in billions)
Managed Products
Total AIM INVESCO US Inst Global
Dec 31, 2000 $402.6 $193.2 $43.2 $99.6 $66.6
Market
gains/(loss) (31.0) (16.9) (7.5) (1.5) (5.1)
Acquisitions 22.2 -- -- 17.1 5.1
Net new (lost)
business 2.1 1.6 1.8 (1.3) --
Change in
US Money
Market
Funds 15.5 15.1 (0.4) -- 0.8
Transfers -- 0.3 -- -- (0.3)
Foreign
currency (3.0) (0.1) -- -- (2.9)
---------- ------------ ---------- --------- ----------
June 30,
2001 $408.4 $193.2 $37.1 $113.9 $64.2
========== ============ ========== ========= ==========
June 30,
2001 (a) (pd)289.6 (pd)137.0 (pd)26.3 (pd)80.8 (pd)45.5
========== ============ ========== ========= ==========
(a) Translated at $1.41 per (pound)1.00.
Note: INVESCO Retirement has $31.9 billion in assets under
administration as of June 30, 2001, compared to $27.6 billion as of
December 31, 2000.
AMVESCAP PLC
Reconciliation to US Accounting Principles
(in thousands)
Six Months Ended June 30,
----------------------------------------
2001 2000
------------------- -------------------
Net profit under UK GAAP (pound)102,737 (pound)155,414
US GAAP Adjustments:
Acquisition accounting (16,610) (31,634)
Taxation (23,813) (15,381)
Other 577 411
------------------- -------------------
Net income under US GAAP (pound)62,891 (pound)108,810
=================== ===================
Earnings per share before
goodwill amortization:
--basic 20.2p 24.4p
--diluted 19.5p 23.4p
Earnings per share:
--basic 7.8p 16.7p
--diluted 7.7p 16.0p
------------------- -------------------
June 30, 2001 Dec 31, 2000
------------------- -------------------
Shareholders' funds
under UK GAAP (pound)2,231,470 (pound)2,103,080
US GAAP Adjustments:
Acquisition accounting 1,051,761 1,020,052
Treasury stock (173,245) (168,292)
Dividends 36,379 47,813
Other 12,060 15,968
------------------- -------------------
Shareholders' equity
under US GAAP (pound)3,158,425 (pound)3,018,621
=================== ===================
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