News Releases issued to the Stock Exchange
04 May 2000

Interim results for the six months to 29 February 2000

Highlights Group Balance Sheet
Key Performance Indicators Group Cash Flow Statement
Key Initiatives Review Report (Auditors)
Review Notes 1 - 7, Notes 8 - 15
Financial Information Further Information
Group Profit & Loss Account City Presentation

Group Balance Sheet
as at 29 February 2000

31 August     29 February   29 February
1999     2000   1999
£m   Note £m   £m
           
  Fixed assets        
12 Intangible assets   114   7
2,613 Tangible assets   474   2,583
67 Investments and loans   90   82
(37) Less: non recourse finance   (34)   (45)
30     56   37
130 Associated undertakings   130   138
131 Joint venture undertaking   -   135
2,916 Total fixed assets   774   2,900
           
  Current assets        
877 Stocks   944   883
689 Debtors due within one year   651   761
273 Debtors due after one year   225   255
236 Cash at bank and in hand 11 129   270
  Creditors (due within one year)        
(771) Short-term borrowings 11 (882)   (761)
- Dividends   (42)   (157)
(928) Other creditors   (687)   (951)
           
376 Net current assets   338   300
           
3,292 Total assets less current liabilities   1,112   3,200
  Creditors (due after one year)        
(780) Loan capital 11 (738)   (627)
(40) Other creditors   (32)   (40)
(173) Provisions for liabilities and charges   (161)   (160)
           
2,299 Net assets   181   2,373
           
  Capital and reserves
(attributable to equity and non-equity interests)
       
3,470 Called up share capital   267   262
26 Share premium account   26   542
(2,586) Merger reserve   823   -
- Capital redemption reserve   -   9
960 Revaluation reserve   2   967
403 Profit and loss account   653   569
           
2,273 Shareholders' funds 8 125   2,349
24 Minority interests
              - equity
  55   22
2               - non-equity   1   2
           
2,299     181   2,373