|
Finance
General Guarantee Finance continued satisfactorily to wind down its loan
book during the period, showing a reduction of £427m in the year. At 31
March 2002, GGF’s outstanding advances, net of provisions, were £254m,
of which £201m were funded by securitised debt. We anticipate collecting
in the majority of GGF’s outstanding advances by March 2003.
 |
Finance |
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|
2002 |
|
|
|
2001 |
|
12 months to 31 March |
£m |
|
|
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit* |
15.1 |
|
|
|
20.2 |
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|
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|
|
*before exceptional costs
of £nil (2001: £13.1m) and net of funding costs |
Property
The joint venture with British Land disposed of a further 103 properties
in the year, raising £177m. GUS’ 50% share of operating profit declined
£4.8m, largely reflecting a fall in rental income from sold properties.
There was a compensating reduction in the Group’s interest expense from
the funds realised.
The joint venture’s portfolio of 149 remaining properties was valued at
£814m at 31 March 2002. Further sales of these properties are planned
in the current year.
|
Property |
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|
2002 |
|
|
|
2001 |
|
12 months to 31 March |
£m |
|
|
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating profit |
24.8 |
|
|
|
29.6 |
|
|
|
|
|
|
|
|
|
gusco.com
Revenue spend during the year totalled £9.7m. This
represented the funding of Group e-commerce ventures, mainly
MyPoints Europe, a web-based loyalty scheme, breathe.com (now sold), and
CreditExpert.com, a US consumer credit management business, whose results
in the new financial year will be included within Experian North America.
|
gusco.com |
|
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|
2002 |
|
|
|
2001 |
|
12 months to 31 March |
£m |
|
|
|
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating loss* |
(9.7) |
|
|
|
(12.6) |
|
|
|
|
|
|
|
|
*before exceptional losses
of £2.1m (2001: £4.6m profit) |
|
