Taxation for the year was $29.4 million, equivalent to 18.5% of Group pre-tax profit. Group attributable profit for the year was $120.6 million, compared with $152.3 million in the previous year, which included extraordinary items of $73.6 million.

During 2000, the Group incurred $512.8 million in development expenditure. Purchases of fixed assets, additional investment in associated companies and other investments amounted to $305.6 million. A further $35.5 million was for tax payments and dividends to shareholders.

Cash generated from operations amounted to $216.5 million. Proceeds from progress billings and sale of fixed assets were $669.1 million, and the net loan drawdown was $124.2 million.

The overall net cash inflow was $200.7 million, represented mainly by increase of short-term deposits and reduction in borrowings with related companies. In 1999, there was a net cash inflow of $10.3 million.

A final dividend of 6% (3.0 cents per share) less tax at 24.5% amounting to $16 million on the existing issued share capital, has been proposed for the financial year ended 31 December 2000. For 1999, a dividend of 6% (3.0 per cents per share) less tax of $15.8 million was declared and paid.

At 31 December 2000, share capital and reserves totalled $2.2 billion, which was 4.2% higher than that at end-1999. Net borrowings at $2.2 billion represented 98% of total shareholders’ funds.

The Company’s paid-up share capital increased by $0.9 million from the issue of new shares arising from the exercise of share options, and total reserves rose by $88.6 million.

Net tangible assets backing per share was $3.16, an increase of 3.9% from the previous year’s figure of $3.04.