Corus Group plc Interim Report for the Half Year to 28 June 2003 Contents.Business Editors LONDON--(BUSINESS WIRE)--Sept. 24, 2003 Corus Group Corus Group plc, normally referred to simply as Corus, is one of the world's largest producers of steel, headquartered in London. It was formed from the merger of Koninklijke Hoogovens N.V. plc (NYSE NYSE See: New York Stock Exchange :CGA (Color/Graphics Adapter) The first video display standard for the IBM PC. This low-resolution system was superseded by EGA and then VGA. CGA required a digital RGB Color Display monitor. See PC display modes. CGA - Color Graphics Adapter )(LSE LSE - Language Sensitive Editor :CS) Index Key Financials and Highlights Comments by Chairman and Chief Executive Interim Statement Review of the Period Consolidated Profit and Loss Account Consolidated Balance Sheet Statement of Total Recognised Gains and Losses Reconciliation of Movements in Shareholders' Funds Consolidated Cash Flow Statement Reconciliation of Net Cash Flow to Movement in Net Debt Analysis of Net Borrowings Supplementary Information Independent Review Report This Interim Report sets out the results for the six months to 28 June 2003 and, unless otherwise stated, comparisons are to the six months to 29 June 2002. Figures for the twelve months ended 28 December 2002 have been extracted from the audited accounts which have been delivered to the Registrar of Companies and on which the auditors have issued an unqualified report. The audit report referred to a fundamental uncertainty in respect of the application of the going concern basis. The matter leading to this fundamental uncertainty has been resolved, as described on "Cash flow and financing". KEY FINANCIALS AND HIGHLIGHTS Corus Corus may refer to:
Key financials 2003 2002 2002
GBPm H1 H2 H1
-- Turnover 4,023 3,612 3,576
-- EBITDA (before exceptional items) (1) 120 27 (80)
-- Operating loss (before exceptional items) (36) (141) (252)
-- Group operating loss (57) (239) (207)
-- Loss before taxation (89) (170) (234)
-- Net borrowings at end of period (1,506) (1,236) (1,680)
Losses reduced in first half:
-- Growth in turnover driven by both higher prices and volumes
-- UK operations stabilised and manufacturing performance
improved across the Group
-- Significant increases in underlying raw material costs
Cautious outlook for second half:
-- Market conditions remain difficult and weak European demand is
expected to limit immediate further progress
(1) : see note 11, "Supplementary information"
"Restoring Success" launched: -- New appointments to top teams -- New divisional structure established -- First phase of UK restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). launched -- Further significant measures to improve performance underway -- Progress being made towards building a stronger financial base COMMENTS BY CHAIRMAN AND CHIEF EXECUTIVE Commenting on today's announcement, Jim Leng, Chairman, said: "These results demonstrate that some progress has been made in reducing operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. , but much remains to be done. We are taking radical measures to put the Company on a sound basis and allow it to realise its full potential. Philippe Varin is leading and accelerating the pace of change and has begun the process of renewal which the Board believes is essential if Corus is to generate value for shareholders." Philippe Varin, Chief Executive, said: "Corus has some strong businesses but is currently producing unsatisfactory results. Our "Restoring Success" initiatives are designed to improve our performance and allow us to build a firm platform for future growth. Already we have made progress. We have established a new divisional structure which will sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp strategic focus, increase accountability The traceability of actions performed on a system to a specific system entity (user, process, device). For example, the use of unique user identification and authentication supports accountability; the use of shared user IDs and passwords destroys accountability. and help secure benefits across business units. We are rejuvenating the management team, reducing bureaucracy bureaucracy (by  rŏk`rəsē), the administrative structure of any large organization, public or private. , encouraging interdivisional
co-operation and fostering a can-do can-doadj. Informal Marked by a willingness to tackle a job and get it done: "the city's indomitable optimism and can-do spirit" Christian Science Monitor. Adj. culture. Today we have launched the first phase of our UK restructuring plans to restore the profitability of our Engineering Steels business. This first phase will be funded from a combination of disposals and ECA ECA See: Export Credit Agency - backed finance. Although we have developed considerable momentum, implementing all our plans will take some time. Meanwhile, we foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. difficult market conditions which will limit further improvements in our financial results in the immediate future." INTERIM STATEMENT Half year results The half year results for the Group were significantly better than those of last year, with an operating loss before exceptional items of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 36m for the first half of 2003, as compared with losses of GBP252m and GBP141m respectively for the first and second half years of 2002. The Group operating loss amounted to GBP57m as compared with GBP207m in the first half of 2002 and GBP239m in the second half. The main factor contributing to the better performance was an improvement in the Group's carbon steel operations, driven by higher selling prices, a more stable UK plant configuration and a recovery in sales volumes. The impact of exchange rate effects from the strengthening Euro also contributed positively. These benefits were, however, partially offset by the impact of higher raw material input costs. The net loss after tax and minority interests amounted to GBP125m and the Board has decided that no interim dividend will be paid. There was an operating cash outflow of GBP101m during the first half year, principally arising from an increase of GBP219m in working capital as a consequence of higher selling prices and volumes. Net borrowings at the end of the half year amounted to GBP1.5 billion as compared with GBP1.2 billion at end-December 2002, and GBP1.7 billion at end-June 2002. Current trading and market outlook Although there are early signs that a global economic recovery will take place during 2004, the immediate outlook remains difficult. Conditions in the Group's key European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. markets are challenging with continuing weakness in demand within manufacturing and construction sectors. In addition to the adverse impact of these market factors, the second half of 2003 will be subject to the normal seasonal impact (around GBP25m) of planned Summer and Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). maintenance periods. These factors are expected to offset the combined benefits of further improvements in manufacturing performance, ongoing efficiency gains and the impact of the strengthening of the Euro that was seen in the first half of 2003. "Restoring Success" plans Since joining Corus on 1 May 2003, Philippe Varin has undertaken a review of the Group and established priorities for the future. These initiatives to set Corus on the road to recovery are known as "Restoring Success". Some of these plans are already being implemented and the pace of change is expected to accelerate going forward. The "Restoring Success" plans cover three main areas: management and leadership; operational performance; and finance. Management and leadership Change has started at the top. Philippe Varin became Chief Executive on 1 May and Jim Leng succeeded to the chairmanship of the Group on 1 June. In addition, two new non-executive directors A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. were appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. to the Board in June and August, and three new members have been appointed to the Executive Committee. The top 50 senior managers have participated in a rigorous external assessment process. Going forward we will ensure that our management gains further international experience. New appointments will then be drawn from a broader, more international pool of talent. We have established a new divisional structure with each division headed by a member of the Executive Committee in order to bring greater accountability to the management process and a clearer focus on revenues, costs and customer service. Operational performance Although results from operations have improved, they continue to be unsatisfactory, particularly in the UK. The absolute priority is the restructuring of the Group's UK operations in order to improve efficiency, reduce costs and be cash positive even at the bottom of the cycle. Steel production in the UK will be focused on three sites: Port Talbot Port Talbot (tôl`bət), town (1981 pop. 40,078), Neath Port Talbot, S Wales, at the mouth of the Avon (Afan) River on Swansea Bay. Port Talbot is a popular seaside resort. Nearby are the steelworks at Margam and the oil refinery at Baglan. for flat products, Scunthorpe Scunthorpe, city (1991 pop. 79,043), in the Parts of Lindsey, North Lincolnshire, E England. Situated on an ironstone field, Scunthorpe was a center of iron and steel manufacture from the early 1900s to the 1970s. Today its principal industry is the manufacture of apparel. for long products; and Rotherham Rotherham (rŏth`ərəm), city (1991 pop. 122,374) and metropolitan district, N England, at the confluence of the Don and Rother rivers. for engineering steels, with capacity aligned to a realistic assessment of the available market. The decision to proceed with the first phase of UK restructuring has been announced today with the launch of a major investment at Corus' Engineering Steels business. Work is ongoing to assess the potential for refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus Teesside Teesside is the name given to the conurbation in the North East of England made up of the towns of Middlesbrough, Hartlepool, Stockton-on-Tees, Redcar and surrounding settlements. It was also the name of a county borough between 1968 and 1974. as a cash-generative slab and bloom bloom 1. the general appearance of the surface. In carcass meat it is the glistening, transparent effect and the gentle pink color that gives a good bloom to the carcass. It is the result of proper tissue hydration coupled with the correct proportions of fat, connective tissue and producer feeding international markets. As part of this work, partnership and joint venture opportunities will be explored. Within the Group's new operating divisions, plans are being developed for each business unit focusing on manufacturing excellence and supply chain optimisation Noun 1. optimisation - the act of rendering optimal; "the simultaneous optimization of growth and profitability"; "in an optimization problem we seek values of the variables that lead to an optimal value of the function that is to be optimized"; "to promote the . Corporate resources will be directed at supporting these activities. In addition, a rigorous review is underway covering purchasing, logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . Finance A new EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.2 billion banking facility was signed on 31 July July: see month. , replacing the facility that was due to expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. at the end of January January: see month. 2004. The new facility has a final maturity date of 30 June 2006 and provides committed bank financing for Corus' working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . As to the funding of the UK restructuring plans, the first phase covering Corus Engineering Steels, which is announced today, will be funded from a combination of disposal proceeds and Export Credit Agency Export Credit Agency An agency established by a country to finance its nation's goods, investment, and services, often offers political risk insurance. ("ECA") backed finance. Options for funding the measures to be taken in the Group's Flat Products and Long Products divisions are currently being assessed. Important medium term goals are: to reduce the level of the Group's borrowings; to regain investment grade status; and, in due course, to resume the payment of dividends to shareholders. REVIEW OF THE PERIOD Summary of operating results Group turnover for the first half of 2003 totalled GBP4,023m (2002: GBP3,576m) and operating costs operating costs npl → gastos mpl operacionales amounted to GBP4,080m (2002: GBP3,783m), including exceptional items of GBP21m (2002: credit of GBP45m). Turnover and operating costs for the first half were influenced by the impact of exchange rate effects as a result of the strengthening Euro and weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. of the US dollar. The Group operating loss before exceptional
items amounted to GBP36m as compared with GBP252m in the first half of
2002 and GBP141m during the second half. After taking account of
exceptional items, the Group incurred an operating loss of GBP57m as
compared with losses of GBP207m in the first half of 2002 and GBP239m
during the second half. Half-yearly Half´-year`ly a. 1. Two in a year; semiannual. Adj. 1. half-yearly - occurring or payable twice each year biannual, semiannual, biyearly comparisons of the results are discussed in more detail below in the context of "Carbon steel" and "Aluminium". Carbon steel Total carbon steel turnover for the half year totalled GBP3,513m (2002: GBP3,076m) and included the impact of exchange rate effects as a result of the strengthening Euro, and an increased level of distribution and further processing turnover and other turnover which together amounted to GBP790m (2002: GBP715m). Product turnover was 15% higher at GBP2,723m (2002: GBP2,361m) reflecting the combination of a 9% increase in average revenue and a 6% rise in sales volume. As compared with the second half of 2002, average revenue and sales volume increased by 6% and 8% respectively, resulting in product turnover being up by 14%. The UK market saw an estimated fall of 4% in steel demand reflecting declines in the industrial building sector and most manufacturing industries manufacturing industries npl → industrias fpl manufactureras manufacturing industries npl → industries fpl de transformation . However, Corus' total carbon steel sales volume in the UK was 3.14mt, 5% above the level of the first half of 2002 (2.99mt) which, together with a 6% rise in average revenue, resulted in turnover of GBP922m being 11% higher than in the corresponding period last year (GBP830m). As compared with the second half of 2002, product turnover in the UK rose by 13% with increases of 8% in sales volume and 5% in average revenue. These improvements mainly reflect the combination of higher underlying selling prices in most product areas (both in terms of contract and spot prices) and a more stable plant configuration including the successful resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of a two-blast furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. operation at Port Talbot. In other European markets, carbon steel product turnover amounted to GBP1,372m and was 21% above the level of the first half of 2002 (GBP1,134m) as a result of sales volume, which increased by 8% to 4.47mt (2002: 4.13mt), and average revenue which rose by 12%. As compared with the second half of last year, product turnover increased by 19% as a result of higher sales volume (up 12%) and improved average revenue (up 7%), despite subdued sub·due tr.v. sub·dued, sub·du·ing, sub·dues 1. To conquer and subjugate; vanquish. See Synonyms at defeat. 2. To quiet or bring under control by physical force or persuasion; make tractable. 3. levels of demand. Outside of Europe Europe (y r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , sales volume
was broadly unchanged at 1.28mt (2002: 1.27mt) but turnover of GBP429m
(2002: GBP397m) was 8% higher mainly as a result of improved selling
prices, with average revenue up by 7%.Total carbon steel operating costs for the first half of 2003 amounted to GBP3,584m (2002: GBP3,304m). Operating costs excluding exceptional items amounted to GBP3,564m and were 6% above the level of the corresponding period in 2002 (GBP3,349m), reflecting the 6% rise in sales volume together with substantial increases in underlying costs of raw materials (particularly iron ore ore, metal-bearing mineral mass that can be profitably mined. Nearly all rock deposits contain some metallic minerals, but in many cases the concentration of metal is too low to justify mining the ore. , coke and scrap), the impact of which was partially mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by the weaker US dollar. Comparisons of operating costs were also influenced by exchange translation effects of a strengthening Euro and continuing benefits from ongoing manpower productivity and efficiency improvement measures, launched in 2001 and 2002 and including the "World Class IJmuiden IJmuiden (īmoi`dən), city (1991 est. pop. 58,000), North Holland prov., W Netherlands, on the North Sea. It is part of the municipality of Velsen. The city is a seaport, fishing, and industrial center at the end of the North Sea Canal. " and "High Performance Strip" programmes. A net charge of GBP20m for exceptional items was made in the first half of 2003, mainly in respect of the announced closure of the electro-zinc line at Shotton Shotton is a placename with several meanings:
Against the above background, the first half year for carbon steel resulted in an operating loss of GBP51m before exceptional items. This compared with losses of GBP273m in the first half and GBP149m in the second half of last year. After taking account of exceptional items, the carbon steel operating loss amounted to GBP71m as compared with GBP228m in the first half of 2002 and GBP239m in the second half. The carbon steel operating loss of GBP51m before exceptional items comprised a profit of GBP76m from Corus Nederland's carbon steel operations and a loss of GBP127m from Corus UK. Aluminium Turnover during the first half of 2003 totalled GBP510m and was 2% above the level of the corresponding period in 2002 (GBP500m), with a 5% increase in average revenue being partially offset by a 3% net fall in sales volume. The exchange translation effects of a strengthening Euro and a reduced level of sales of primary aluminium were the principal factors contributing to the increase in average revenue. The net fall in sales volume was mainly due to lower sales of primary aluminium. For rolled products and extrusions, sales volumes increased as the European market saw some recovery particularly in the first quarter of 2003 from its low point in mid- mid- pref. Middle: midbrain. 2002. Total aluminium operating costs amounted to GBP496m and were 4% above the level of the first half of 2002 (GBP479m) mainly reflecting a combination of exchange translation effects of a strengthening Euro, higher energy costs, and commissioning costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the start-up Start-up The earliest stage of a new business venture. of new equipment. The underlying LME See London Metal Exchange. LME See London Metal Exchange (LME). price averaged US$1,376 per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. during the first half year (2002: US$1,366) but, over the same period, the weakness of the US dollar led to a fall of 14% in the Euro equivalent. A net charge of GBP1m was made in the first half of 2003 in respect of exceptional items. This compared with GBPnil in the first half and a charge of GBP8m for the second half of 2002. Against the background outlined above, the first half year for aluminium resulted in an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of GBP15m before exceptional items. This compared with profits of GBP21m in the first half and GBP8m during the second half of last year. After taking account of exceptional items, the aluminium operating profit amounted to GBP14m, as compared to GBP21m in the first half of 2002 and GBPnil in the second half. Restructuring and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. exceptional items A net charge of GBP21m was incurred in respect of exceptional items and included a charge of GBP20m relating to the announced closure of the electro-zinc line at Shotton. This compared with a net credit of GBP45m in the first half of 2002 and a net charge of GBP98m in the second half. No provisions were made in Corus' accounts for the half year in respect of costs associated with the key findings of the UK asset review, which were announced at Corus' AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f on 29 April 2003 and were and remain dependent on appropriate funding. In addition to the restructuring and impairment exceptional items, operating costs for the first half of 2003 also include one-off (1) One at a time. CD-ROM recorders (CD-R drives) are commonly called one-off machines because they write one CD-ROM at a time. (2) Only once. Software that is written to solve a specific problem only one time is sometimes called a one-off. items in respect of: the cost of the Pechiney Pechiney SA was a major aluminum conglomerate based in France until it was acquired in 2003 by the Alcan corporation headquartered in Canada. Prior to its acquisition, Pechiney grew to be the world's 4th largest producer and developer of aluminum products, employing 34,000 break fee (GBP14m); costs of renegotiating the syndicated facility (GBP9m); and, the final insurance settlement received in respect of the Port Talbot blast furnace blast furnace, structure used chiefly in smelting. The principle involved in this means of extracting metals is that of the reduction of the ores by the action of carbon monoxide, i.e., the removal of oxygen from the metal oxide in order to obtain the metal. (credit of GBP23m). The only significant one-off items in 2002 were in the second half year, in respect of transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). (GBP23m). Profit and loss account The Group operating loss amounted to GBP57m and translated into a total operating loss of GBP52m after taking account of Corus' GBP5m share of the operating results of its associated undertakings which, since 1 July 2002, has excluded AvestaPolarit following the sale of Corus' 23.2% stake in that company. A profit of GBP11m was realised on sale of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , mainly as a result of property disposals in the UK during the half year. After taking account of net interest payable of GBP48m, a loss before taxation of GBP89m was incurred. The net tax charge amounted to GBP36m and the Group incurred a net loss for the half year of GBP125m. Cash flow and financing There was a net cash outflow from operating activities of GBP101m during the half year. The key feature was an increase in working capital requirements of GBP219m principally as a result of the combination of improvements in underlying selling prices and higher sales volume. A net cash outflow of GBP46m from capital expenditure and financial investment included gross capital expenditure of GBP63m. The effect of changes in foreign exchange rates resulted in an increase in debt expressed in sterling terms of GBP39m. After taking account of these and other movements, net borrowings amounted to GBP1,506m as compared with GBP1,236m at 28 December December: see month. 2002 and GBP1,680m at 29 June 2002. On 31 July 2003, Corus signed a new EUR1.2 billion secured banking facility which replaced the facility that was due to expire at the end of January 2004. The new amortising syndicated facility has a final maturity date of 30 June 2006 and provides committed bank financing for the Group's working capital requirements. The facility size of EUR1.2 billion reduces: to EUR1.0 billion from the end of January 2004; to EUR800m from the end of June 2005; and, to EUR600m from the end of December 2005. The financial statements for the year ended 28 December 2002 were drawn up on a going concern basis but highlighted the fundamental uncertainty surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the requirement to replace the existing syndicated bank facility which was due to expire at the end of January 2004. Discussions on a new three year facility were successfully concluded on 31 July 2003 and this removes the fundamental uncertainty. Compliance with the terms of the new facility is dependent on the financial performance of the Group having regard to the adequacy of facilities available and various financial covenants including gearing levels and EBITDA/net interest cover. The directors believe, based on current projections which remain dependent upon steel market and broader economic conditions, that the facilities available are sufficient to meet the Group's current financing needs and the Group will be able to comply with the new covenants This article is about the theological concept of the New Covenant. For other uses, see New Covenant (disambiguation). The term New Covenant (Hebrew: ברית חדשה, . On the basis of the foregoing the financial statements for the 6 months to 28 June 2003 are drawn up on a going concern basis. Employees Employees at 28 June 2003 totalled 50,400 as compared to 50,900 at 28 December 2002. The net reduction of 500 comprised some 700 job losses relating to previously announced efficiency and manpower productivity improvement measures partly offset by some 200 job additions through acquisition. Accounting policies The accounts for the half year have been produced 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 applicable accounting standards in the UK, which have been consistently applied, and in accordance with the accounting policies set out in the Report and Accounts for the period to 28 December 2002. They also include a reconciliation of earnings and equity under US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). as set out in note 14 of "Supplementary Information" in this release. There have been no new UK standards issued by the Accounting Standards Board The role of the Accounting Standards Board (ASB) is to issue accounting standards in the United Kingdom. It is recognised for that purpose under the Companies Act 1985. It took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990. since the last Report & Accounts. However, one standard, FRS FRS abbr. Fellow of the Royal Society FRS, n “flexed rotated side-bent,” an osteopathic abbreviation used to describe vertebral position in cases of spinal dysfunction. 17 "Retirement Benefits" which was issued in November November: see month. 2000 has measurement requirements which do not need to be met in the primary statements until accounting periods which begin on or after 1 January 2005. The standard has not been adopted, although the required transitional disclosure requirements were made in the Report & Accounts for 2002. Disclosure information on the net pension asset determined in accordance with FRS 17 is set out in note 13 of "Supplementary Information" in this release. On 18 April 2002, Corus launched a revolving-period trade debtor One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. securitisation programme in the UK. Under FRS 5 "Reporting the substance of transactions" the cash advanced has been offset against the assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. trade debtors as set out in note 9 of "Supplementary Information" in this release. Forward Looking Statements Statements in this release include "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " that express expectations of future events or results. All statements based on future expectations rather than on historical facts are forward-looking statements that involve a number of risks and uncertainties, and Corus cannot give assurance that such statements will prove to be correct.
CORUS GROUP plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
TURNOVER: GROUP AND SHARE OF
JOINT VENTURES 4,152 3,729 7,407
Less: share of joint ventures'
turnover (129) (153) (219)
---------- ---------- ----------
GROUP TURNOVER 4,023 3,576 7,188
---------- ---------- ----------
Operating costs before exceptional
items (4,059) (3,828) (7,581)
Restructuring and impairment
exceptional items
(charged)/credited against operating
costs (21) 45 (53)
---------- ---------- ----------
TOTAL OPERATING COSTS (4,080) (3,783) (7,634)
---------- ---------- ----------
GROUP OPERATING LOSS (57) (207) (446)
SHARE OF OPERATING RESULTS OF JOINT
VENTURES AND ASSOCIATED UNDERTAKINGS
Continuing operations 5 3 4
Discontinued operations - 16 17
---------- ---------- ----------
5 19 21
---------- ---------- ----------
TOTAL OPERATING LOSS (52) (188) (425)
Profit on sale of fixed assets 11 18 96
(Loss)/profit on disposal of group
undertakings - (12) 19
---------- ---------- ----------
LOSS BEFORE INTEREST (41) (182) (310)
NET INTEREST AND INVESTMENT INCOME
Group (46) (51) (92)
Joint ventures and associated
undertakings (2) (1) (2)
---------- ---------- ----------
LOSS BEFORE TAXATION (89) (234) (404)
Taxation (36) (2) (61)
---------- ---------- ----------
LOSS AFTER TAXATION (125) (236) (465)
Minority Interests - (1) 7
---------- ---------- ----------
LOSS FOR THE FINANCIAL PERIOD (125) (237) (458)
Dividends - - -
---------- ---------- ----------
LOSS RETAINED FOR THE FINANCIAL PERIOD (125) (237) (458)
========== ========== ==========
Basic loss per ordinary share (3.99)p (7.58)p (14.65)p
========== ========== ==========
Diluted loss per ordinary share (3.99)p (7.58)p (14.65)p
========== ========== ==========
CORUS GROUP plc
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
at 28 June at 29 June at 28 Dec
2003 2002 2002
GBPm GBPm GBPm
FIXED ASSETS
Intangible assets 101 130 105
Tangible assets 2,836 3,046 2,871
Investments in joint ventures 85 126 84
Investments in associated undertakings 5 365 7
Other investments and loans 73 62 59
---------- ---------- ---------
3,100 3,729 3,126
---------- ---------- ---------
CURRENT ASSETS
Stocks 1,393 1,332 1,337
Debtors: amounts falling due after more
than one year 480 492 457
---------- ---------- ---------
Debtors: amounts falling due within one
year 1,597 1,500 1,422
Less: securitisation of trade debtors (215) (185) (181)
---------- ---------- ---------
Net debtors falling due within one year 1,382 1,315 1,241
Short term investments 44 3 40
Cash at bank and in hand 212 201 230
---------- ---------- ---------
3,511 3,343 3,305
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR (2,085) (1,680) (1,636)
---------- ---------- ---------
NET CURRENT ASSETS 1,426 1,663 1,669
---------- ---------- ---------
TOTAL ASSETS LESS CURRENT LIABILITIES 4,526 5,392 4,795
CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR
Convertible bonds (328) (310) (309)
Other borrowings (865) (1,456) (1,119)
Other creditors (36) (28) (36)
PROVISIONS FOR LIABILITIES AND CHARGES (530) (581) (522)
ACCRUALS AND DEFERRED INCOME
Regional development and other grants (43) (43) (40)
---------- ---------- ---------
2,724 2,974 2,769
========== ========== =========
CAPITAL AND RESERVES
Called up share capital 1,565 1,565 1,565
Share premium account 7 6 7
Statutory reserve 2,338 2,338 2,338
Other reserves 201 201 201
Profit and loss account (1,437) (1,194) (1,389)
---------- ---------- ---------
SHAREHOLDERS' FUNDS - EQUITY INTERESTS 2,674 2,916 2,722
MINORITY INTERESTS
Equity interests in subsidiary
undertakings 50 58 47
---------- ---------- ---------
2,724 2,974 2,769
========== ========== =========
CORUS GROUP plc
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
Loss for financial period (125) (237) (458)
Exchange translation differences on
foreign currency net investments 77 90 83
---------- ---------- ---------
Total recognised losses relating to
the period (48) (147) (375)
========== ========== ========
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Unaudited Unaudited Audited
at 28 at 29 at
June June 28 Dec
2003 2002 2002
GBPm GBPm GBPm
Shareholders' funds at beginning of
period 2,722 3,061 3,061
Loss for the period (125) (237) (458)
Exchange translation differences on
foreign currency net investments 77 90 83
Transfer of goodwill - - 33
New shares issued - 2 3
---------- ---------- -------
Shareholders' funds at end of period 2,674 2,916 2,722
========== ========== =======
CORUS GROUP plc
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
NET CASH (OUTFLOW)/INFLOW FROM
OPERATING ACTIVITIES (101) (6) 41
DIVIDENDS FROM JOINT VENTURES AND
ASSOCIATED UNDERTAKINGS 1 5 8
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest and other dividends received 9 7 15
Interest paid (56) (49) (97)
Issue costs of new loans - - (4)
Interest element of finance lease
rental payments (1) (1) (1)
---------- ---------- ---------
Net cash outflow from returns on
investments
and servicing of finance (48) (43) (87)
---------- ---------- ---------
TAXATION
UK corporation tax received - 5 2
Overseas tax paid (24) (7) (16)
---------- ---------- ---------
Tax paid (24) (2) (14)
---------- ---------- ---------
CAPITAL EXPENDITURE AND FINANCIAL
INVESTMENT
Purchase of tangible fixed assets (72) (78) (176)
Sale of tangible fixed assets 37 31 112
Purchase of intangible fixed assets - (1) (1)
Purchase of other fixed asset
investments (9) (7) (7)
Sale of other fixed asset investments 1 - -
Loans to joint ventures and associated
undertakings (4) - -
Repayment of loans by joint ventures
and associated undertakings 1 14 15
---------- ---------- ---------
Net cash outflow from capital
expenditure
and financial investment (46) (41) (57)
---------- ---------- ---------
ACQUISITIONS AND DISPOSALS
Purchase of subsidiary undertakings and
businesses (17) (1) -
Net overdraft acquired with subsidiary
undertakings and businesses - - (5)
Investments in joint ventures and
associated undertakings (1) (2) (3)
Sale and exchange of businesses
and subsidiary undertakings 5 2 2
Sale of joint ventures and associated
undertakings - (1) 451
---------- ---------- ---------
Net cash (outflow)/inflow from
acquisitions and disposals (13) (2) 445
---------- ---------- ---------
EQUITY DIVIDENDS PAID TO SHAREHOLDERS - - -
---------- --------- ----------
Net cash (outflow)/inflow before use of
liquid resources and financing (231) (89) 336
---------- --------- ----------
MANAGEMENT OF LIQUID RESOURCES
Net (purchase)/sale of short term
investments (4) 8 (28)
FINANCING
Issue of ordinary shares - 2 3
---------- --------- ----------
Cash inflow from issue of ordinary
shares - 2 3
---------- --------- ----------
New loans 261 186 231
Repayment of borrowings (31) (71) (508)
New finance leases - - 25
Capital element of finance lease rental
payment - (3) (14)
---------- --------- ----------
Increase/(decrease) in debt 230 112 (266)
---------- --------- ----------
Net cash inflow/(outflow) from
financing activities 230 114 (263)
---------- --------- ----------
(DECREASE)/INCREASE IN CASH IN PERIOD (5) 33 45
========== ========= ==========
CORUS GROUP plc
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
(Decrease)/increase in cash (5) 33 45
Increase/(decrease) in liquid
resources 4 (8) 28
(Increase)/decrease in debt (230) (112) 266
Issue costs of new loans - - 4
----------- ----------- ---------
Change in net debt resulting from
cash flows in period (231) (87) 343
Debt and liquid resources acquired - - (4)
Effect of foreign exchange rate
changes (39) (33) (24)
Other non-cash changes - - 9
----------- ----------- ---------
Movement in net debt during the
period (270) (120) 324
Net debt at beginning of the period (1,236) (1,560) (1,560)
----------- ----------- ---------
Net debt at end of the period (1,506) (1,680) (1,236)
=========== =========== =========
ANALYSIS OF NET BORROWINGS
Unaudited Unaudited Audited
at 28 June at 29 June at 28 Dec
2003 2002 2002
GBPm GBPm GBPm
Cash at bank and in hand 212 201 230
Bank overdrafts (18) (20) (36)
Short term investments 44 3 40
Long term borrowings (1,151) (1,742) (1,386)
Other loans (1) (550) (94) (41)
Obligations under finance leases (43) (28) (43)
---------- ----------- -----------
(1,506) (1,680) (1,236)
========== =========== ===========
(1) At 28 June 2003 this includes GBP534m balance of a banking
facility that was due to expire at the end of January 2004
and, as such, was included in "Creditors - amounts falling due
within one year" within the consolidated balance sheet at 28
June 2003. On 31 July 2003 a new banking facility with a final
maturity date of 30 June 2006 was signed. Further details are
set out on "Cash flow and financing".
CORUS GROUP plc
SUPPLEMENTARY INFORMATION
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
1. Turnover & operating result
SEGMENTAL TURNOVER
Carbon steel products 2,723 2,361 4,742
Distribution & further processing 657 602 1,236
Other turnover 133 113 253
---------- ---------- ---------
Carbon steel 3,513 3,076 6,231
Aluminium 510 500 957
---------- ---------- ---------
Group turnover 4,023 3,576 7,188
========== ========== =========
BY DESTINATION
UK 1,091 1,046 2,071
Europe (excluding UK) 2,130 1,817 3,658
North America 398 435 881
Other areas 404 278 578
---------- ---------- ---------
4,023 3,576 7,188
========== ========== =========
GROUP OPERATING RESULT
Before exceptional items:
Carbon steel (51) (273) (422)
Aluminium 15 21 29
---------- ---------- ---------
(36) (252) (393)
========== ========== =========
After exceptional items:
Carbon steel (71) (228) (467)
Aluminium 14 21 21
---------- ---------- ---------
(57) (207) (446)
========== ========== =========
2. Product turnover & sales volume
PRODUCT TURNOVER
Carbon steel products:
UK 922 830 1,643
Europe (excluding UK) 1,372 1,134 2,283
North America 220 261 548
Other areas 209 136 268
---------- ---------- ---------
2,723 2,361 4,742
========== ========== =========
Aluminium:
UK 29 45 87
Europe (excluding UK) 356 335 634
North America 85 85 165
Other areas 40 35 71
----------- ----------- ----------
510 500 957
=========== =========== ==========
comprising:
Primary metal 53 68 123
Rolled products 346 331 633
Extrusions 111 101 201
----------- ----------- ----------
510 500 957
=========== =========== ==========
SALES VOLUME kt kt kt
Carbon steel products:
UK 3,140 2,989 5,896
Europe (excluding UK) 4,470 4,130 8,138
North America 677 811 1,677
Other areas 607 457 910
----------- ----------- ----------
8,894 8,387 16,621
=========== =========== ==========
Aluminium:
UK 12 32 62
Europe (excluding UK) 206 195 373
North America 49 48 96
Other areas 16 16 29
----------- ----------- ----------
283 291 560
=========== =========== ==========
comprising:
Primary metal 64 77 147
Rolled products 172 168 324
Extrusions 47 46 89
----------- ----------- ----------
283 291 560
=========== =========== ==========
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
3. Total operating costs
Raw materials & consumables 1,787 1,634 3,339
Maintenance costs
(excluding own labour) 340 378 682
Other external charges 652 628 1,209
Employment costs 851 789 1,568
Depreciation & amortisation
(net of grants released) 174 161 445
Other operating costs 287 197 436
Changes in stock (5) 1 (34)
Own work capitalised (6) (5) (11)
---------- ----------- ----------
4,080 3,783 7,634
========== =========== ==========
4. Restructuring and impairment
exceptional items
As included in total operating
costs:
- Redundancy & related costs 7 (3) (14)
- Accelerated depreciation 18 (11) 82
- Accelerated amortisation - - 23
- Other asset write-downs 1 (1) (3)
- Other rationalisation
costs (5) (30) (35)
---------- ----------- ----------
21 (45) 53
========== =========== ==========
comprising:
Carbon steel 20 (45) 45
Aluminium 1 - 8
---------- ----------- ----------
21 (45) 53
========== =========== ==========
5. Net interest & investment income
Interest receivable 7 7 17
Interest payable (51) (57) (108)
Finance leases (2) (1) (1)
---------- ----------- ----------
Group (46) (51) (92)
Joint ventures & associated
undertakings (2) (1) (2)
---------- ----------- ----------
(48) (52) (94)
========== =========== ==========
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
6. Taxation
UK corporation tax 3 2 2
Double tax relief (3) (2) (2)
UK prior year charge/(credit) - 4 (3)
Overseas prior year charge 10 - 19
Overseas taxes 36 (9) 15
---------- ---------- ---------
Current tax 46 (5) 31
UK deferred tax - - 40
Overseas deferred tax (11) 2 (16)
---------- ---------- ---------
Group tax 35 (3) 55
Joint ventures 1 1 2
Associated undertakings - 4 4
---------- ---------- ---------
36 2 61
========== ========== =========
Deferred tax assets amounting to GBP140m have been recognised at
28 June 2003 (28 December 2002: GBP137m). The deferred tax assets in
respect of tax losses are recoverable against future forecast taxable
profits within a time horizon that the directors consider to be more
likely than not to occur. Deferred tax assets have not been recognised
in respect of losses with a value of GBP1,530m, of which GBP952m are
UK losses.
7. Reconciliation of Group operating
loss to net cash flow from operating
activities
Group operating loss (57) (207) (446)
Depreciation & amortisation
(net of grants released) 174 161 445
Exceptional items (excluding
accelerated depreciation) 3 (34) (52)
Utilisation of provisions (15) (27) (57)
(Increase)/decrease in stocks (18) 22 27
(Increase)/decrease in debtors (162) 81 218
Decrease in creditors (39) (2) (83)
Other movements (net) 13 - (11)
---------- ---------- ---------
(101) (6) 41
========== ========== =========
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
8. Stocks
Raw materials 495 498 472
Work in progress 398 374 387
Finished goods 500 460 478
---------- ---------- ----------
1,393 1,332 1,337
========== ========== ==========
9. Securitisation of trade debtors
Securitised gross trade debtors 353 315 293
Less non-returnable proceeds (215) (185) (181)
---------- ---------- ----------
Net securitised trade debtors 138 130 112
Other trade debtors 1,088 940 883
---------- ---------- ----------
1,226 1,070 995
========== ========== ==========
10. Capital expenditure
Purchase of tangible fixed
assets 72 78 176
Movement in capital creditors (9) (3) 12
---------- ---------- ----------
63 75 188
========== ========== ==========
11. Reconciliation of Group operating
loss to EBITDA before exceptional
items
Group operating loss (57) (207) (446)
Exceptional items (excluding
accelerated depreciation) 3 (34) (52)
Depreciation & amortisation (net
of grants released) 174 161 445
---------- ---------- ----------
120 (80) (53)
========== ========== ==========
comprising:
Carbon steel ex UK (51) (148) (251)
Carbon steel ex Netherlands 135 27 130
---------- ---------- ----------
84 (121) (121)
Aluminium 36 41 68
---------- ---------- ----------
120 (80) (53)
========== ========== ==========
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
12. Employees number number number
Average weekly numbers employed:
UK 25,300 26,300 25,900
Netherlands 11,700 12,000 11,900
Other countries 13,700 13,800 13,800
---------- ---------- ----------
50,700 52,100 51,600
========== ========== ==========
Numbers employed at end of
period:
UK 25,100 25,800 25,400
Netherlands 11,600 11,900 11,800
Other countries 13,700 13,900 13,700
---------- ---------- ----------
50,400 51,600 50,900
========== ========== ==========
13. Summary FRS 17 disclosure GBPm GBPm GBPm
(net pension asset)
As measured in accordance with
the
UK requirements of FRS 17:
Total market value of assets 10,865 11,048 10,395
Present value of schemes'
liabilities (10,845) (9,685) (10,307)
Non-recoverable surplus - (222) -
---------- ---------- ----------
Recoverable surplus 20 1,141 88
Related deferred tax liability (1) (351) (20)
---------- ---------- ----------
Net pension asset 19 790 68
========== ========== ==========
Of the net pension asset above, GBP265m (June 2002: GBP928m;
December 2002: GBP280m) relates to schemes in surplus and GBP246m
(June 2002: GBP138m; December 2002: GBP212m) relates to schemes in
deficit.
Unaudited Unaudited Audited
6 months 6 months 12 months
to 28 June to 29 June to 28 Dec
2003 2002 2002
GBPm GBPm GBPm
14. US GAAP
Loss for financial period (125) (237) (458)
Adjustments:
Amortisation of goodwill 4 6 9
Impairment of US GAAP goodwill on
adoption
of SFAS 142 (net of release of
negative goodwill) - (22) (22)
Profit on sale of associated
undertaking/subsidiary - 15 123
Interest costs capitalised 3 4 6
Depreciation of capitalised
interest (10) (9) (18)
Pension costs (3) 60 95
Stock-based employee compensation
awards (8) (8) (15)
Accelerated depreciation (4) (8) (151)
Profit on disposal of fixed assets (6) - (23)
Deferred taxation 1 (18) 29
Profit on commodity derivatives 12 25 22
Profit/(loss) on foreign currency
derivatives 7 (3) 5
---------- ----------- ---------
Loss for financial period - US GAAP (129) (195) (398)
========== =========== =========
Basic loss per ADS - US GAAP GBP(0.41) GBP(0.62) GBP(1.27)
========== =========== =========
Diluted loss per ADS - US GAAP GBP(0.41) GBP(0.62) GBP(1.27)
========== =========== =========
Shareholders' equity 2,674 2,916 2,722
Adjustments:
Additional goodwill under US GAAP 10 3 6
UK GAAP goodwill on AvestaPolarit - (75) -
Purchase consideration (26) (26) (26)
Interest costs capitalised (net of
depreciation) 104 114 111
Pension costs 283 302 286
Accelerated depreciation 151 298 155
Deferred taxation (128) (196) (129)
Assets/(liabilities) arising from
derivatives 17 (7) (2)
Deferred profits on fixed asset
disposals (29) - (23)
---------- ----------- ---------
Shareholders' equity - US GAAP 3,056 3,329 3,100
========== =========== =========
Independent Review Report to Corus Group plc Introduction We have been instructed by the company to review the financial information which comprises the profit and loss account, the balance sheet, the cash flow statement, the statement of total recognised gains and losses and the 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 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. This report, including the conclusion, has been prepared for and only for the company for the purposes of the Listing Rules of the Financial Services Authority and no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. 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 six months ended 28 June 2003. PricewaterhouseCoopers LLP LLP - Lower Layer Protocol Chartered Accountants char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. 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. 24 September September: see month. 2003 Notes: (a) The maintenance and integrity of the Corus Group plc website is the responsibility of the directors; the work carried out by the auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the interim report since it was initially presented on the website. (b) Legislation in the United Kingdom governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. the preparation and dissemination dissemination Medtalk The spread of a pernicious process–eg, CA, acute infection Oncology Metastasis, see there of financial information may differ from legislation in other jurisdictions. |
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