Jarvis _ Out look 2004

From the tubelines RNS

#146.8 million of cash (before any Tube Lines Transaction costs) will therefore become available to the Group to repay debt and for working capital purposes, including payment of the Transactions' costs.


Of the #146.8 million of cash that will become available to the Group,
approximately #21 million will be used to repay the Junopi Receivables Financing
with Banco Espirito Santo and a further #29 million will be used to reduce the
Company's indebtedness to its Core Lenders. The remainder of the proceeds after
deducting estimated Tube Lines Transaction costs (including a variation fee due
to London Underground Limited) of approximately #15 million will be used for
working capital purposes, predominantly to fund the Company's contribution to
the Construction Funding arrangements (described below).

On the basis of Jarvis' financial position as at 31 March 2004, the net proceeds
of the Tube Lines Transaction would have increased the Continuing Group's
consolidated shareholders' funds and reduced its consolidated net debt by
approximately #77 million.