Fiscal Year Ended February 28

1999
1999
(GBP) (% sales)

2000
2000
(GBP) (% sales)

2001
2001
(GBP) (% sales)

Income Statement
Turnover
Cost of sales
Gross profit

303.7
127.7
176.0

100.0
42.0
58.0

330.1
130.9
199.2

100.0
39.7
60.3

374.1
149.0
225.1

100.0
39.8
60.2

Operating expenses:
excluding exceptional co

151.4

49.9

166.2

50.3

195.7

52.3

4.5

1.5

0.0

0.0

11.2

3.0

Restructuring costs
Net interest expense
Profit before tax
Tax expense
Profit (loss) after tax

16.6
0.1
3.4
8.0
-4.6

5.5
0.0
1.1
2.6
-1.5

2.7
1.5
28.8
10.4
18.4

0.8
0.5
8.7
3.2
5.6

1.0
4.4
12.8
3.5
9.3

0.3
1.2
3.4
0.9
2.5

Ordinary dividends
Profit (loss) retained

10.9
-15.5

3.6
-5.1

10.9
7.5

3.3
2.3

10.9
-1.6

2.9
-0.4

exceptional costs1
2

Fiscal Year Ended February 28

Balance Sheet
Assets
Cash
Accounts receivable
Inventories
Other current assets
Net fixed assets
Other assets3
Total assets
Liabilities and equity
Accounts payable
Taxes payable
Accruals
Overdrafts
Other current liabilities

1999
1999
(GBP) (% sales)

2000
2000
(GBP) (% sales)

2001
2001
(GBP) (% sales)

34.0
27.8
38.6
12.5
87.8

11.2
9.2
12.7
4.1
28.9

19.2
30.3
44.7
15.6
104.7

5.8
9.2
13.5
4.7
31.7

13.7
30.3
51.3
17.5
110.6

3.7
8.1
13.7
4.7
29.6

0.0
200.7

0.0
66.1

6.0
220.5

1.8
66.8

6.7
230.1

1.8
61.5

13.0
11.3
10.8
0.0
21.6

4.3
3.7
3.6
0.0
7.1

20.5
11.7
15.6
0.3
13.3

6.2
3.5
4.7
0.1
4.0

10.7
7.1
11.5
0.7
16.9

2.9
1.9
3.1
0.2
4.5

Long-term liabilities
Other liabilities4
Shareholders' equity
Total liabilities and equity

28.0

9.2

36.7

11.1

61.2

16.4

1.7
114.3
200.7

0.6
37.6
66.1

1.0
121.4
220.5

0.3
36.8
66.8

0.4
121.6
230.1

0.1
32.5
61.5

Assumptions:
Income Statement
Sales Growth Rate
COGS
Opt Exp -Exc Excep Costs
Opt Exp -Excep Costs
Restructuring Costs
Interest Rate given @ 6%
Tax Rate Given @ 30%
Dividends Fixed at 10.9
Balance Sheet

1999
2000
2001
2002
2003
2004
8.7% 13.3% 11.0% 12.2% 11.6%
42.0% 39.7% 39.8% 40.5% 40.0% 40.1%
49.9% 50.3% 52.3% 50.8% 51.2% 51.4%
1.5%
0.0%
3.0% 1.49% 1.50% 1.99%
No further Restructing is being taken up
6%
6%
6%
6%
6%
6%
30%
30%
30%
30%
30%
30%
10.9
10.9
10.9
10.9
10.9
10.9
1999

2000

2001

2002

2003

2004

Cash
Accounts receivable
Inventories
Other current assets
Net fixed assets

9%
13%
4%
29%

9%
14%
5%
32%

8%
14%
5%
30%

9%
13%
5%
30%

9%
14%
5%
30%

9%
14%
5%
30%

Other assets3
Total assets

0%
55%

2%
61%

2%
58%

1%
58%

2%
59%

2%
58%

4%
4%
4%

6%
4%
5%

3%
2%
3%

4%
3%
4%

5%
3%
4%

4%
3%
4%

7%
9%

4%
11%

5%
16%

5%
12%

5%
13%

5%
14%

1%
38%
66%

0%
37%
67%

0%
33%
61%

0%
36%
65%

0%
35%
64%

0%
34%
63%

Liabilities and equity

Accounts payable
Taxes payable
Accruals
Overdrafts
Other current liabilities
Long-term liabilities
Other liabilities4
Shareholders' equity
Total liabilities and equity

Projected Income Statement and Balance Sheet

2002
(GBP)

2003
(GBP)

2004
(GBP)

2002
% Sales

2003
% Sales

519.83
208.52
311.31

100.0%
40.5%
59.5%

100.0%
40.0%
60.0%

Operating expenses:
excluding exceptional co 211.12 238.35 267.39

50.8%

51.2%

10.36

1.5%

1.5%

Income Statement
415.29
168.24
247.06

Turnover
Cost of sales
Gross profit

exceptional costs1

465.83
186.32
279.51

6.20

6.97

Restructuring costs
Net interest expense
Profit before tax
Tax expense
Profit (loss) after tax

1.69
31.43
9.43
22.00

1.49
35.69
10.71
24.98

1.45
35.01
10.50
24.51

0.0%
0.4%
7.6%
2.3%
5.3%

0.0%
0.3%
7.7%
2.3%
5.4%

Ordinary dividends
Profit (loss) retained

10.90
11.10

10.90
14.08

10.90
13.61

2.6%
2.7%

2.3%
3.0%

Balance Sheet

2002
(GBP)

2003
(GBP)

2004
(GBP)

2002
% Sales

2003
% Sales

Assets
Cash
Accounts receivable
Inventories
Other current assets
Net fixed assets

28.2
36.6
55.3
18.7
124.9

24.8
40.5
63.0
21.6
141.8

24.2
39.8
63.0
21.5
139.9

6.8%
8.8%
13.3%
4.5%
30.1%

5.3%
8.7%
13.5%
4.6%
30.4%

Other assets3
Total assets

5.0
268.7

7.5
299.3

7.1
295.4

1.2%
64.7%

1.6%
64.2%

18.5
12.7
15.7

21.0
13.2
18.0

18.3
12.1
16.6

21.7

21.4

22.2

4.5%
3.1%
3.8%
0.0%
5.2%

4.5%
2.8%
3.9%
0.0%
4.6%

Liabilities and equity

Accounts payable
Taxes payable
Accruals
Overdrafts
Other current liabilities

Long-term liabilities
Other liabilities4
Shareholders' equity
Total liabilities and equity
Plug Fig Cash/OD (TA-TE)

50.8

61.7

64.9

12.2%

13.2%

1.3
148.0
268.7

1.1
162.9
299.3

1.0
160.1
295.4

0.3%
35.6%
65%

0.2%
35.0%
64%

28.2

24.8

24.2

Balance Sheet
2004
% Sales

100.0%
40.1%
59.9%

51.4%
2.0%
0.0%
0.3%
6.7%
2.0%
4.7%
2.1%
2.6%

2004
% Sales
4.7%
7.6%
12.1%
4.1%
26.9%
1.4%
56.8%

3.5%
2.3%
3.2%
0.0%
4.3%

12.5%
0.2%
30.8%
57%