2003 Interim Results 11 September 2003. Mike Turner Chief Executive Mike Turner Chief Executive

2003 Interim Results2003 Interim Results

11 September 200311 September 2003

2003 Interim Results2003 Interim Results

11 September 200311 September 2003

Mike TurnerMike Turner

Chief ExecutiveChief Executive


Chief ExecutiveChief Executive

Business PerformanceBusiness Performance

• Strong North America performance Strong North America performance

• CS&S delivering growth strategy CS&S delivering growth strategy

• Airbus performing well Airbus performing well

• UK MoD programmes being addressedUK MoD programmes being addressed

• Strong North America performance Strong North America performance

• CS&S delivering growth strategy CS&S delivering growth strategy

• Airbus performing well Airbus performing well

• UK MoD programmes being addressedUK MoD programmes being addressed

Military PlatformsMilitary Platforms

Commercial PlatformsCommercial Platforms

Electronics & SoftwareElectronics & Software

Support SolutionsSupport Solutions

30%

29%21%

20%

Highlights - UKHighlights - UK

• IraqIraq– Equipment performance endorsementEquipment performance endorsement

• CS&SCS&S– Continued good progress with DLOContinued good progress with DLO– Expanding in new marketsExpanding in new markets

• ProgrammesProgrammes– Nimrod and Astute on trackNimrod and Astute on track– Thales agreement on the CarrierThales agreement on the Carrier– Type 45 progressing wellType 45 progressing well– Sting Ray mod 1 contract award Sting Ray mod 1 contract award – Typhoon Type Acceptance achievedTyphoon Type Acceptance achieved– JSF development progressing to planJSF development progressing to plan– Hawk agreements for UK and IndiaHawk agreements for UK and India

• IraqIraq– Equipment performance endorsementEquipment performance endorsement

• CS&SCS&S– Continued good progress with DLOContinued good progress with DLO– Expanding in new marketsExpanding in new markets

• ProgrammesProgrammes– Nimrod and Astute on trackNimrod and Astute on track– Thales agreement on the CarrierThales agreement on the Carrier– Type 45 progressing wellType 45 progressing well– Sting Ray mod 1 contract award Sting Ray mod 1 contract award – Typhoon Type Acceptance achievedTyphoon Type Acceptance achieved– JSF development progressing to planJSF development progressing to plan– Hawk agreements for UK and IndiaHawk agreements for UK and India

Network Enabled CapabilityNetwork Enabled Capability

• NITEworksNITEworks– Optimise UK’s Network Enabled Capabilities Optimise UK’s Network Enabled Capabilities – UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead– Key to integration of future systemsKey to integration of future systems

• UK Missile Defence CentreUK Missile Defence Centre– Forum for missile defence collaborationForum for missile defence collaboration– Interface with US Missile Defence AgencyInterface with US Missile Defence Agency– UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead

• NITEworksNITEworks– Optimise UK’s Network Enabled Capabilities Optimise UK’s Network Enabled Capabilities – UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead– Key to integration of future systemsKey to integration of future systems

• UK Missile Defence CentreUK Missile Defence Centre– Forum for missile defence collaborationForum for missile defence collaboration– Interface with US Missile Defence AgencyInterface with US Missile Defence Agency– UK MoD / Industry partnershipUK MoD / Industry partnership– BAE SYSTEMS leadBAE SYSTEMS lead

Highlights - USHighlights - US

• AJCNAJCN– Adaptive Joint C4ISR Node (AJCN)– DARPA aDARPA advanced technology demonstration programme

• WIN -T– Warfighter Information Network - Tactical

• GPCS / APCSGPCS / APCS– Selected for key C4ISR position on FCS Selected for key C4ISR position on FCS

• C-17C-17– Avionics upgradeAvionics upgrade

• AcquisitionsAcquisitions– MEVATEC and APTIMEVATEC and APTI

• AJCNAJCN– Adaptive Joint C4ISR Node (AJCN)– DARPA aDARPA advanced technology demonstration programme

• WIN -T– Warfighter Information Network - Tactical

• GPCS / APCSGPCS / APCS– Selected for key C4ISR position on FCS Selected for key C4ISR position on FCS

• C-17C-17– Avionics upgradeAvionics upgrade

• AcquisitionsAcquisitions– MEVATEC and APTIMEVATEC and APTI

Highlights - EuropeHighlights - Europe

• AirbusAirbus– Good order intakeGood order intake– Stable delivery outlookStable delivery outlook

• A400MA400M– 180 aircraft contract signed180 aircraft contract signed

• EuroSystemsEuroSystems– Memorandum of Understanding signedMemorandum of Understanding signed

• STN Atlas STN Atlas – Restructuring agreedRestructuring agreed

• AirbusAirbus– Good order intakeGood order intake– Stable delivery outlookStable delivery outlook

• A400MA400M– 180 aircraft contract signed180 aircraft contract signed

• EuroSystemsEuroSystems– Memorandum of Understanding signedMemorandum of Understanding signed

• STN Atlas STN Atlas – Restructuring agreedRestructuring agreed

Programme ManagementProgramme Management

• Programme management Programme management

– External benchmarkingExternal benchmarking

– Management team changes Management team changes

– New programme management assessment centreNew programme management assessment centre

– Incentives revisedIncentives revised

• Programme management Programme management

– External benchmarkingExternal benchmarking

– Management team changes Management team changes

– New programme management assessment centreNew programme management assessment centre

– Incentives revisedIncentives revised

Group Strategy FrameworkGroup Strategy Framework

To be the premier transatlantic defence company and a lead supplier of prime systems solutions

Integrated Business Plans

Grow leading sub systems position in

North America

Consolidate Defence

Electronics position in

Europe

Build an integrated support,

solutions and services

business in UK and

international markets

Develop a sustainable UK

programme prime position in Air, Sea and

Land

Become the UK’s system of systems architect

Manage “non-strategic”

business for optimal value

Achieve transaction(s) to secure a prime systems solutions position in

the US

Optimise the value of our business portfolio through being a leader in our

chosen markets

George RoseGeorge Rose

Group Finance DirectorGroup Finance Director

George RoseGeorge Rose

Group Finance DirectorGroup Finance Director

Financial HighlightsFinancial Highlights

• Profit before interest* £465mProfit before interest* £465m

• Fully diluted earnings per share*Fully diluted earnings per share* 7.2p 7.2p

• Dividend per share Dividend per share 3.7p 3.7p

• Operating cash flow Operating cash flow £273m £273m

• Net debt Net debt £1,254m £1,254m

• Order book £46.4bnOrder book £46.4bn

• Profit before interest* £465mProfit before interest* £465m

• Fully diluted earnings per share*Fully diluted earnings per share* 7.2p 7.2p

• Dividend per share Dividend per share 3.7p 3.7p

• Operating cash flow Operating cash flow £273m £273m

• Net debt Net debt £1,254m £1,254m

• Order book £46.4bnOrder book £46.4bn

* before goodwill amortisation, impairment and exceptional items

Profit and Loss AccountProfit and Loss Account

Sales (including share of JV sales)Sales (including share of JV sales)

Profit before interest *Profit before interest *

Interest Interest

Profit before tax*Profit before tax*

Exceptional itemsExceptional items

Sales (including share of JV sales)Sales (including share of JV sales)

Profit before interest *Profit before interest *

Interest Interest

Profit before tax*Profit before tax*


£ millions

5,7035,703

461461

(102)(102)

359359

(39)(39)

First halfFirst half20022002



5,6825,682

465465

(132)(132)

333333

(3)(3)

Balance SheetBalance Sheet

£ millions

5,7035,703

461461

(102)(102)

359359

(39)(39)

Fixed assetsFixed assets

Working capitalWorking capital Net cash / (debt)Net cash / (debt)

ProvisionsProvisions

Net assetsNet assets

Minority interestMinority interest

Shareholders’ fundsShareholders’ funds

Fixed assetsFixed assets

Working capitalWorking capital Net cash / (debt)Net cash / (debt)

ProvisionsProvisions

Net assetsNet assets

Minority interestMinority interest

Shareholders’ fundsShareholders’ funds

9,6529,652

(1,671)(1,671)

(1,298)(1,298)

(987)(987)

5,6965,696

(20)(20)

5,6765,676

31/12/0231/12/0230/6/0330/6/03

9,4809,480

(1,606)(1,606)

(1,254)(1,254)

(1,018)(1,018)

5,6025,602

(20)(20)

5,5825,582

FRS 17 - PensionsFRS 17 - Pensions

£ millions

Deficit in pension schemes at 1 January 2003Deficit in pension schemes at 1 January 2003

Actual return on assets in excess of expected returnActual return on assets in excess of expected return

Increase in liabilitiesIncrease in liabilities

Other movementsOther movements

Deficit in pension schemes at 30 June 2003Deficit in pension schemes at 30 June 2003

Related deferred tax assetRelated deferred tax asset

Net pension liabilityNet pension liability

Deficit in pension schemes at 1 January 2003Deficit in pension schemes at 1 January 2003

Actual return on assets in excess of expected returnActual return on assets in excess of expected return

Increase in liabilitiesIncrease in liabilities

Other movementsOther movements

Deficit in pension schemes at 30 June 2003Deficit in pension schemes at 30 June 2003

Related deferred tax assetRelated deferred tax asset

Net pension liabilityNet pension liability

(3,125)(3,125)

188188

(683)(683)

(12)(12)

(3,632)(3,632)

1,1221,122

(2,510)(2,510)

(3,125)(3,125)

188188

(683)(683)

(12)(12)

(3,632)(3,632)

1,1221,122

(2,510)(2,510)

Operating Cash FlowOperating Cash Flow

£ millions

(3,125)(3,125)

188188

(683)(683)

(12)(12)

(3,632)(3,632)

1,1221,122

(2,510)(2,510)

(3,125)(3,125)

188188

(683)(683)

(12)(12)

(3,632)(3,632)

1,1221,122

(2,510)(2,510)

Profit before interest*Profit before interest*

Less J/VsLess J/Vs

Less exceptional itemsLess exceptional items

Add depreciationAdd depreciation

Profit on disposal of fixed assetsProfit on disposal of fixed assets Mvt in liability provisionsMvt in liability provisions

Mvt in stocksMvt in stocks

Mvt in debtorsMvt in debtors

Mvt in creditorsMvt in creditors

Mvt in customer stage paymentsMvt in customer stage payments

Operating cash flow (FRS 1)Operating cash flow (FRS 1)

Profit before interest*Profit before interest*

Less J/VsLess J/Vs

Less exceptional itemsLess exceptional items

Add depreciationAdd depreciation

Profit on disposal of fixed assetsProfit on disposal of fixed assets Mvt in liability provisionsMvt in liability provisions

Mvt in stocksMvt in stocks

Mvt in debtorsMvt in debtors

Mvt in creditorsMvt in creditors

Mvt in customer stage paymentsMvt in customer stage payments


465465

(103)(103)

(3)(3)

106106

(17)(17)

(62)(62)

(101)(101)

300300

(534)(534)

222222

273273

465465

(103)(103)

(3)(3)

106106

(17)(17)

(62)(62)

(101)(101)

300300

(534)(534)

222222

273273


* before goodwill amortisation, impairment and exceptional items £ millions

Sector Cash FlowSector Cash Flow


Capital Expenditure (net) & Financial InvestmentCapital Expenditure (net) & Financial Investment

J/V DividendJ/V Dividend

Sector cash flowSector cash flow

ProgrammesProgrammes

Customer Solutions & SupportCustomer Solutions & Support

International PartnershipsInternational Partnerships

AvionicsAvionics

North AmericaNorth America

Commercial AerospaceCommercial Aerospace

HQ and other businessesHQ and other businesses

Sector cash flowSector cash flow

273273

(63)(63)

77

217217

(35)(35)

302302

4141

(51)(51)

143143

(154)(154)

(29)(29)

217217


£ millions

Free Cash FlowFree Cash Flow

£ millions

Operating cash flowOperating cash flow


Dividend received from J/VsDividend received from J/Vs

Interest and Preference DividendInterest and Preference Dividend

TaxationTaxation

Free cash flowFree cash flow

Operating cash flowOperating cash flow


Dividend received from J/VsDividend received from J/Vs

Interest and Preference DividendInterest and Preference Dividend

TaxationTaxation


273273

(63)(63)

77

(66)(66)

7070

221221

273273

(63)(63)

77

(66)(66)

7070

221221


Movement in Net DebtMovement in Net Debt

Opening Net DebtOpening Net Debt


Dividends paidDividends paid

Acquisitions and DisposalsAcquisitions and Disposals

Exchange propertyExchange property

Foreign currency translationForeign currency translation

Proceeds of equity issuesProceeds of equity issues

Movement in cash on customers’ accountMovement in cash on customers’ account

Closing Net DebtClosing Net Debt

Opening Net DebtOpening Net Debt


Dividends paidDividends paid

Acquisitions and DisposalsAcquisitions and Disposals

Exchange propertyExchange property

Foreign currency translationForeign currency translation

Proceeds of equity issuesProceeds of equity issues

Movement in cash on customers’ accountMovement in cash on customers’ account

Closing Net DebtClosing Net Debt

(1,298)(1,298)

221221

(168)(168)

(62)(62)

2525

1919

--

99

(1,254)(1,254)

(1,298)(1,298)

221221

(168)(168)

(62)(62)

2525

1919

--

99

(1,254)(1,254)

£ millions




£976m£976m

£18m£18m

1.8%1.8%

£11.7bn£11.7bn

£(35)m£(35)m

SalesSales

PBIT PBIT

Margin Margin

Order book Order book

Cash flow Cash flow


£955m£955m

£3m£3m

0.3%0.3%

£11.7bn£11.7bn

£(222)m£(222)m



£1,018m£1,018m

£210m£210m

20.6%20.6%

£2.1bn£2.1bn

£302m£302m

SalesSales

PBIT PBIT

Margin Margin


Cash flowCash flow


£1,065m£1,065m

£220m£220m

20.7%20.7%

£2.2bn£2.2bn

£85m£85m



£650m£650m

£8m£8m

1.2%1.2%

£6.1bn£6.1bn

£41m£41m

SalesSales

PBIT PBIT

Margin Margin


Cash flowCash flow


£658m£658m

£2m£2m

0.3%0.3%

£5.9bn£5.9bn

£39m£39m

MBDA (37.5%)

Saab (35%)

AMS (50%)

Atlas Elektronik (100%)

AvionicsAvionics


£488m£488m

£4m£4m

0.8%0.8%

£2.5bn£2.5bn

£(51)m£(51)m

SalesSales

PBIT PBIT

Margin Margin


Cash flowCash flow


£459m£459m

£4m£4m

0.9%0.9%

£2.7bn£2.7bn

£5m£5m



£1,365m£1,365m

£122m£122m

8.9%8.9%

£2.5bn£2.5bn

£143m£143m

SalesSales

PBIT PBIT

Margin Margin


Cash flowCash flow


£1,327m£1,327m

£115m£115m

8.7%8.7%

£2.4bn£2.4bn

£84m£84m



$2,202m$2,202m

$197m$197m

8.9%8.9%

$4.1bn$4.1bn

$230m$230m

SalesSales

PBIT PBIT

Margin Margin


Cash flowCash flow


$1,917m$1,917m

$166m$166m

8.7%8.7%

$3.7bn$3.7bn

$121m$121m



£1,341m£1,341m

£88m£88m

6.6%6.6%

£22.9bn£22.9bn

£(154)m£(154)m

SalesSales

PBIT PBIT

Margin Margin


Cash flowCash flow


£1,389m£1,389m

£122m£122m

8.8%8.8%

£19.3bn£19.3bn

£(138)m£(138)m

Financial SummaryFinancial Summary

Profit before interest * Profit before interest * £465m £465m

MarginMargin 8.2%8.2%

Net debt Net debt £1,254m £1,254m

Operating cash flow Operating cash flow £273m £273m

Fully diluted earnings per share* 7.2pFully diluted earnings per share* 7.2p

Dividend per share 3.7pDividend per share 3.7p

Order book £46.4bnOrder book £46.4bn

Profit before interest * Profit before interest * £465m £465m

MarginMargin 8.2%8.2%

Net debt Net debt £1,254m £1,254m

Operating cash flow Operating cash flow £273m £273m

Fully diluted earnings per share* 7.2pFully diluted earnings per share* 7.2p

Dividend per share 3.7pDividend per share 3.7p

Order book £46.4bnOrder book £46.4bn


Mark RonaldMark Ronald

President President

BAE SYSTEMS North AmericaBAE SYSTEMS North America

Mark RonaldMark Ronald

President President

BAE SYSTEMS North AmericaBAE SYSTEMS North America

Current Trends / Consequences of 9/11, Afghanistan and IraqCurrent Trends / Consequences of 9/11, Afghanistan and Iraq

• Asymmetric warfare, global War on terrorism

• Convergence between national and tactical Intelligence

• Persistent ISR and combat operations

• Time critical strike/ precision engagement

• Horizontal integration across stove-pipes

• Shift toward outsourcing non-combative roles

• Migration toward common real-time enterprise systems

• Asymmetric warfare, global War on terrorism

• Convergence between national and tactical Intelligence

• Persistent ISR and combat operations

• Time critical strike/ precision engagement

• Horizontal integration across stove-pipes

• Shift toward outsourcing non-combative roles

• Migration toward common real-time enterprise systems

Growing Leadership Positions in the US Growing Leadership Positions in the US

• Continued strong performance… award fees greater than 95%

• Winning key programs– Future Combat Systems Communications Integrator– Classified Intelligence Programs– DARPA Advanced Concept Technology Demos– Homeland Security Digital Mapping Systems

• Managing for Profitable Growth– Facilities consolidation & modernization– Engineering & Production process improvements– IT Infrastructure rationalization– eBusiness implementation

• Continued strong performance… award fees greater than 95%

• Winning key programs– Future Combat Systems Communications Integrator– Classified Intelligence Programs– DARPA Advanced Concept Technology Demos– Homeland Security Digital Mapping Systems

• Managing for Profitable Growth– Facilities consolidation & modernization– Engineering & Production process improvements– IT Infrastructure rationalization– eBusiness implementation

Optimizing Value of US PortfolioOptimizing Value of US Portfolio

Acquisitions expand capabilities in strategic areas:

• Analytical Solutions (MEVATEC) – $129 M Sales– Engineering and technical services company, with contracts in missile

defense, joint interoperability, aviation and outsourcing. Strengths include modeling and simulation and proprietary software tools.

– Over 500 employees in 14 locations, headquartered in Huntsville, Alabama.

– 20% annual growth over last three years.

• Advanced Technologies (APTI) – $25 M Sales– Research & Development engine with key discriminators in Network

Centric Warfare (NCW) and Information Warfare (IW) technologies. – Over 100 employees in 4 locations, headquartered in Washington, DC.

Acquisitions expand capabilities in strategic areas:

• Analytical Solutions (MEVATEC) – $129 M Sales– Engineering and technical services company, with contracts in missile

defense, joint interoperability, aviation and outsourcing. Strengths include modeling and simulation and proprietary software tools.

– Over 500 employees in 14 locations, headquartered in Huntsville, Alabama.

– 20% annual growth over last three years.

• Advanced Technologies (APTI) – $25 M Sales– Research & Development engine with key discriminators in Network

Centric Warfare (NCW) and Information Warfare (IW) technologies. – Over 100 employees in 4 locations, headquartered in Washington, DC.

Well Positioned for Growth in Homeland SecurityWell Positioned for Growth in Homeland Security

• Chemical, Biological, and Toxic Agent detection

• Geographic mapping for emergency response

• Thermal Imaging systems

• First responder’s communications vehicle

• Unified command suite

• Upgraded communications for US Coast Guard

• Physical security systems

• Chemical, Biological, and Toxic Agent detection

• Geographic mapping for emergency response

• Thermal Imaging systems

• First responder’s communications vehicle

• Unified command suite

• Upgraded communications for US Coast Guard

• Physical security systems


SummarySummary


SummarySummary

SummarySummary

• Contract risk addressed

• UK defence industrial strategy

• NITEworks

• Support for allied operations in Iraq

• Strategy implementation

– Systems

– Support solutions

– US growth

• Contract risk addressed

• UK defence industrial strategy

• NITEworks

• Support for allied operations in Iraq

• Strategy implementation

– Systems

– Support solutions

– US growth

HandoutsHandouts

Profit and loss accountProfit and loss account

Profit before tax *

Goodwill amortisation

Exceptional items

Profit before tax

Tax - excluding exceptionals

Tax - exceptional items

Minority interests

Profit / (loss) for the year

Diluted earnings per share*

Profit before tax *

Goodwill amortisation

Exceptional items

Profit before tax

Tax - excluding exceptionals

Tax - exceptional items

Minority interests

Profit / (loss) for the year

Diluted earnings per share*

£ millions

359

(279)

(39)

41

(115)

11

-

(63)

7.7p

First half 2003

First half 2002

333

(274)

(3)

56

(103)

1

(1)

(47)

7.2p



Defence sector rationalisation

MES integration costs

Commercial aerospace

Total exceptional items

Defence sector rationalisation

MES integration costs

Commercial aerospace

Total exceptional items

(2)

(1)

-

(3)

(8)

(1)

(30)

(39)

First half 2003

First half 2002

£ millions

Profit incl. goodwill amortisation and exceptional items

Preference dividendsEarnings including goodwill amortisation and exceptional itemsAdd back - Goodwill amortisation

- Exceptional items - Tax on exceptional items

Earnings excl. goodwill amortisation and exceptional items

Weighted average ordinary shares in issue (millions)

Basic earnings per share :Including goodwill amortisation and exceptional itemsExcluding goodwill amortisation and exceptional items





Weighted average ordinary shares in issue (millions)


(63)

(10) (73)279 39

(11)234

3,048

(2.4)p7.7p

Basic EPS calculationBasic EPS calculation

2002

First Half

(47)

(10) (57)274

3 (1)219

3,056

(1.9)p7.2p

2003

First Half





Weighted average ordinary shares in issue (millions)Weighted average incl. options and preference shares(millions)






Weighted average ordinary shares in issue (millions)Weighted average incl. options and preference shares(millions)


(63)

(10) (73)279 39

(11)234

3,048n/a

(2.4)p7.7p

Diluted EPS calculationDiluted EPS calculation

2002

First Half

(47)

(10) (57)274

3 (1)219

3,056n/a

(1.9)p7.2p

2003

First Half

Performance by Sector - First Half 2003Performance by Sector - First Half 2003




AvionicsAvionics



HQ and other businessesHQ and other businesses

Intra GroupIntra Group

TotalTotal

976976

1,0181,018

650650

488488

1,3651,365

1,3411,341

147147

(303)(303)

5,6825,682

1818

210210

88

44

122122

8888

1515

--

465465

SalesSales PBIT *PBIT *

£ millions* before goodwill amortisation, impairment and exceptional items

Working Capital & Provision MovementsWorking Capital & Provision Movements

Stocks (A)Stocks (A) Debtors < 1 YearDebtors < 1 YearDebtors > 1 YearDebtors > 1 YearTotal debtors (B)Total debtors (B)

Creditors < 1 YearCreditors < 1 YearCreditors > 1 YearCreditors > 1 YearTotal creditors ** (C)Total creditors ** (C)

Customer stage payments (CSP’s)Customer stage payments (CSP’s)Total creditors excl CSP’s Total creditors excl CSP’s

Working cap per balance sheet ***Working cap per balance sheet ***Cash on customers’ accountCash on customers’ accountWorking capital per cash flowWorking capital per cash flow

Liability provisionsLiability provisions

Stocks (A)Stocks (A) Debtors < 1 YearDebtors < 1 YearDebtors > 1 YearDebtors > 1 YearTotal debtors (B)Total debtors (B)

Creditors < 1 YearCreditors < 1 YearCreditors > 1 YearCreditors > 1 YearTotal creditors ** (C)Total creditors ** (C)

Customer stage payments (CSP’s)Customer stage payments (CSP’s)Total creditors excl CSP’s Total creditors excl CSP’s

Working cap per balance sheet ***Working cap per balance sheet ***Cash on customers’ accountCash on customers’ accountWorking capital per cash flowWorking capital per cash flow

Liability provisionsLiability provisions

£ millions

Acq/DisFlowFRS 1

Cash Flow

926926

24062406903903

33093309

(5409)(5409)(444)(444)

(5853)(5853)

19501950(3903)(3903)

(1618)(1618)1212

(1606)(1606)

(1018)(1018)

31/12/0231/12/0230/6/0330/6/03

768768

26732673805805

34783478

(5489)(5489)(449)(449)

(5938)(5938)

17271727(4211)(4211)

(1692)(1692)2121

(1671)(1671)

(987)(987)

(158)(158)

169169

223223(308)(308)

(74)(74)99

(65)(65)

3131

6262

120120

(151)(151)

(28)(28)

1919

(58)(58)

(71)(71)

Other * *

* includes adjustments for non FRS 1 movements on tax , interest and dividends** includes cash on customers’ account*** equals A+B+C

(5)(5)

(8)(8)

(1)(1)(17)(17)

66

F/X

(101)(101)

300300

222222(534)(534)

(62)(62)

Documents

2003 Interim Results 11 September 2003. Mike Turner Chief Executive Mike Turner Chief Executive