BRITISH mk1-performance-conversions.comk1-performance-conversions.co.uk/blmc_1969_report.pdf · 2020. 1. 7. · A 50% interest has been acquired in the Spanish Company, Nueva Montana

BRITISH

LEYLAND

British Leyland Motor Corporation 1969 Report and Accounts

~ ,~,-.-== ,~,,=-=·· I __: /@ I ,_' '®'

mk1-perfo

rman

ce-co

nversi

ons.co.uk

mk1-perfo

rman

ce-co

nversi

ons.co.uk

BRITISH

LEYLAND

British Leyland Motor Corporation Limited

Report and Accounts for the year ended \

THE QUEEN'S AWARD TO INDUSTRY 1966

30 September 1969

BY APPOINTMENT TO HER MAJESTY THE QUEEN

MOTOR VEHICLE MANUFACTURERS

mk1-perfo

rman

ce-co

nversi

ons.co.uk

BRITISH LEYLAND MOTOR CORPORATION LIMITED

Report and Accounts

for the year ended 30 September 1969

CONTENTS

Notice of Meeting

Directors, etc. .

Report of the Directors

Consolidated Profit and Loss Account

page

3

4

5-8

9

Notes on the Consolidated Profit and Loss Account . 10 -11

Consolidated Balance Sheet 12

Parent Company Balance Sheet 13

Notes on the Balance Sheets 14 -18

Report of the Auditors 18

Chairman's Statement 19 - 25

Subsidiary Companies 26-29

Trade Investments 30- 31

page two

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notice of Meeting

NOTICE IS HEREBY GIVEN that the SECOND ANNUAL GENERAL MEETING of the Company will be held at The Europa Hotel, Grosvenor Square, London on Wednesday, 25 February 1970, at 12 noon to transact the following business:-

Resolutions will be proposed:-

1. To approve and adopt the Accounts for the year ended 30 September 1969, together with the Reports of the Directors and Auditors thereon and other documents required to be annexed to the Accounts. (Resolution No. 1).

2. To declare a final dividend of 4.35d. per share on the Ordinary Share Capital of the Company, such dividend to be paid on 31 March 1970, to the holders of such Ordinary Share Capital recorded in the Register on 19 February 1970. (Resolution No. 2).

3. To re-elect the following Directors who retire by rotation in accordance with Article 85:Dr. A. Fogg (Resolution No. 3(a) ) Mr. R. A. Stormonth-Darling (Resolution No. 3(b) )

4. The following Directors who have been appointed by the Board since the last Annual General Meeting will be proposed for re-election in accordance with Article 91 :-

Sir George Farmer (Resolution No. 4(a) ) Mr. J. D. Slater (Resolution No. 4(b) )

5. To authorise the Directors to fix the remuneration of the Auditors.

6. To transact such other business as may be transacted at an Annual General Meeting.

Any Member who is entitled to attend and vote at this Meeting may appoint a proxy or proxies to attend and on a poll, to vote instead of him. A proxy need not be a member of the Company.

Registered Office, Berkeley Square House, Berkeley Square, LONDON, WIX 6DL. 30 January 1970

By Order of the Board,

T. N. ADDISON,

Secretary

1. Forms of proxy to be valid must reach the Transfer Office of the Company, 49 Berkeley Square, London WIX 6DL not less than 48 hours before the time appointed for the holding of the Meeting.

2. The transfer books of the Company and the Register of Members will be closed on 19 February 1970. 3. Although this Annual Report is sent to Loan Stockholders, only holders of Ordinary Shares are entitled to attend

or vote at this meeting. 4. In accordance with the requirements of The Stock Exchange, London, there will be available for inspection by

Members at the Registered Office of the Company during usual business hours from the date of this notice and at The Europa Hotel for fifteen minutes prior to and until the conclusion of the Annual General Meeting: (a) Particulars of transactions of Directors and oftheirfamily interests in Shares or Debentures of the Company

and its Subsidiaries and (b) Copies or particulars of contracts of service (unless expiring or determinable by the employing Company

without payment of compensation within one year) of Directors with the Company or with any of its Subsidiaries.

page three

mk1-perfo

rman

ce-co

nversi

ons.co.uk


PRESIDENT

Sir George Harriman, C.B.E.

DIRECTORS

Lord Stokes, T.D., D.L., C.Eng., LLD., D.Tech., F.I.Mech.E. (Chairman and Managing Director)

Sir William Lyons, F.R.S.A. (Deputy Chairman)

L. G. Whyte, F.F.A. (Deputy Chairman)

J . H. Plane (Deputy Managing Director)

G. H. Turnbull, B.Sc., C.Eng., F.I .Mech.E., M.I.P.E. (Deputy Managing Director)

J. N. R. Barber

Sir George Farmer, F.C.A., J.Dip.M.A.

Dr. A. Fogg, D.Sc., C.Eng., F.1.Mech.E.

R. J. Lucas, F.C.I.S.

J. D. Slater, F.C.A.

R. A. Stormonth-Darling

SECRET ARY

T. N. Addison

BANKERS

Barclays Bank Limited Lloyds Bank Limited Midland Bank Limited National Westminster Bank Limited

AUDITORS

Cooper Brothers & Co.

REGISTERED OFF ICE

Berkeley Square House, Berkeley Square, London, WIX 6DL

REGISTRATION DEPARTMENT

49 Berkeley Square, London, WIX 6DL

pa g e f o ur

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Report ef the Directors

The Directors have pleasure in presenting the second Report and Accounts of the Company for the year ended 30 September 1969.

PRINCIPAL ACTIVITIES The Corporation at home and overseas is engaged in the automotive industry, producing an

extensive range of vehicles from heavy commercial trucks and buses to private cars. It also supplies automotive, industrial and marine engines, carburettors, axles and transmission units to other manufacturers both at home and overseas.

Other activities include the manufacture of construction equipment, commercial refrigeration products, and material handling equipment.

Particulars of Corporation Companies are shown on pages 26 to 29.

ACQUISITIONS: HOME

During the year Prestcold Limited acquired at a cost of £3,736,000 the whole of the Issued Share Capital of L. Sterne and Company Limited.

ACQUISITIONS: OVERSEAS

British Leyland Motor Corporation of Australia Pty. Limited acquired a 70% interest in Pressed Metal Corporation Limited which, with the 30% already held, makes this Company a wholly-owned Subsidiary.

A Subsidiary Company has been formed in Chile in which the Corporation has a 52.7% interest.

The minority interest in Leyland-DAB A /S has been acquired and that Company is now wholly-owned.

DISPOSALS

The vending machine activity of Fisholow Products Limited was sold early in the year, followed by the sale of the Company including its material handling operation.

TRADE INVESTMENTS: HOME

During the year arrangements have been made to take a 50% interest in Leyland National Company Limited and to increase the investment in Bristol Commercial Vehicles Limited and Eastern Coachworks Limited to 50%.

TRADE INVESTMENTS: OVERSEAS

A 50% interest has been acquired in the Spanish Company, Nueva Montana Quijano S.A. at a cost of approximately £9 million.

The agreement has been concluded on the formation of a new Company in Ceylon initially to produce heavy trucks. 60% of the Shares will be held by the Ceylon Government and 40% by the Corporation (20% in the U.K. and 20% by Ashok Leyland Limited, the Indian Subsidiary).

LOAN CAPITAL AND LONG TERM LOANS

The balance of the subordinated Loan Capital provided by the Industrial Reorganisation Corporation, amounting to £10 million, was taken up in April 1969.

60 million Swiss Francs were raised during the year by means of an Unsecured Loan, with interest at 5t% p.a., and due for redemption at par in six equal instalments in the years 1979 to 1984 inclusive.

page five

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Report ef the Directors (Continued)

EMPLOYEES

The weekly average number of persons employed by Corporation Companies during the year ended 30 September 1969, and the aggregate remuneration paid in respect of this year was:-

United Kingdom Overseas

SALES

Number of Aggregate Employees Remuneration

174,514 21,876

196,390

£'000 236,049 23,949

259,998

Invoiced sales of the Corporation for the year ended 30 September 1969, were £970 million, analysed over activities as follows:-

£ million % Automotive products . 929 96 Construction equipment, commercial refrigeration, material handling and other activities . 41 4

970 100

These sales exclude inter-Corporation transactions and are spread world wide as follows:-

United Kingdom Europe North America . Africa Australasia . Near East India and Ceylon Far East . South and Central America . Other

£ million % 494 140 98 82 70 31 20 15 15 5

970

51 14 10 8 7 3 2 2 2 1

100

Direct exports from the United Kingdom, including sales to overseas Subsidiaries, amounted to £322 million.

page six

mk1-perfo

rman

ce-co

nversi

ons.co.uk



TRADING PROFIT

The Trading Profit before Taxation was £40.418 million as shown in the Consolidated Profit and Loss Account on page 9. The allocation of this Profit between principal activities is as follows:-

Automotive products • Construction equipment, commercial refrigeration, material handling and other activities

DIVIDENDS

£ million 38.547

1.871

% 95

5

40.418 100

The Directors recommend a final Dividend of4.35d. per Share for the year ended 30 September 1969 (1968 4.35d.), payable less tax on 31 March 1970, which together with the interim Dividend of 2.25d. per Share already paid on 29 August 1969 (1968 2.25d.), makes 6.6d. per Share for the year or a rate of 11% (1968 - 11%),

FIXED ASSETS

The movement in Fixed Assets during the year is set out in the Notes on the Balance Sheets on page 14.

INTERESTS IN LAND

The market value of the Corporation's interests in land cannot be ascertained without obtaining a revaluation of all of the land and the buildings thereon owned by Corporation Companies. The Directors consider that although such a revaluation would show the market value of the land and buildings on a going concern basis to be in excess of book value, this excess would not be sufficiently significant in the context of Corporation operations to justify the expense of revaluation, particularly as major disposals are not envisaged.

DIRECTORS

Sir George Farmer and Mr. J. D. Slater were appointed as Directors by the Board with effect from 20 April 1969 to hold office until the next Annual General Meeting and now seek re-election. Sir George Harriman resigned his directorship on 1 November 1968 on his appointment as nonexecutive President. Mr. T. A. E. Layborn retired at the last Annual General Meeting. Except as above all Directors held office during the whole of the financial year.

Mr. R. A. Stormonth-Darling and Dr. A. Fogg retire by rotation and also seek re-election.

page seven

mk1-perfo

rman

ce-co

nversi

ons.co.uk



The respective holdings of Directors including family interests in the Ordinary Shares of British Leyland Motor Corporation Limited are detailed below. Interests as trustees are indicated by brackets and are additional to personal holdings.

Director Holdings including family interests at 30 September 1969 1968

Lord Stokes • . Sir William Lyons L. G. Whyte . J. H. Plane . . G. H. Turnbull . J. N. R. Barber • Sir George Farmer Dr. A. Fogg . R. J. Lucas . J. D. Slater . . . . R. A. Stormonth~Darling

In addition to the above, Unsecured Loan Stock was held as follows:-

Sir William Lyons 8% Stock . . . . •

Director's personal holdings in Corporation Subsidiaries were as follows:-

The Leyland Motor Corporation of South Africa Limited

Lord Stokes J. H. Plane

30,000 24,250 466,384 466,384 37,500 (5,000) 37,500 {5,000) 60,615 60,615 5,000 5,000 3,500 2,500

18,290 18,290 (On Appointment) 15,250 15,250 1,000 1,000

1,000,000 1,000,000 (On Appointment) 8,800 {5,000) 8,800 (5,000)

£

100,892

1 ,OOO 968,480

£

232,892

966,680

CHARITABLE AND POLITICAL DONATIONS

During the year ended 30 September 1969, Corporation Companies made donations in the United Kingdom for charitable purposes of £93,000 including £47,000 to University and other educational establishments.

Donations were also made to the organisations set out below:-

Aims of Industry . Economic League .

AUDITORS

£ 256

1,975

The Auditors, Cooper Brothers & Co., will continue in office in accordance with Section 159 (2) of the Companies Act; 1948.

8 January 1970

page eight

On behalf of the Board,

STOKES,

Chairman

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Consolidated Pr<?flt and Loss Account for the Year Ended

30 September 1969

1969

Notes £'000

Sales 2 970,056

Trading Profit before Interest 3 44,985

Investment Income . 4 760

45,745

Interest Payable less Interest Receivable . 5 5,327

Profit before Taxation 40,418

Taxation 6 19,650

Profit after Taxation 20,768

Minority Interests in Subsidiaries 1,281

Profit after Taxation Attributable to Shareholders 19,487

Dividends to Shareholders 7 14,778

Unappropriated Profit for the year 4,709

Amounts dealt with in the Parent Company's Accounts

Profit after Taxation 15,300

Unappropriated Profit for the year 522

The Notes on pages 10 and 11 form an integral part of these Accounts.

page nine

1968 (Note1)

£'000

907,000

44,385

1,125

45,510

7,564

37,946

17,612

20,334

1,141

19,193

15,484

3,709

18,183

8,443 mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notes on the Consolidated Prefit and Loss Account

1. COMPARATIVE FIGURES With the exception of Sales and the Emoluments of Directors the comparative figures for

1968 consist of the Consolidated results of British Motor Holdings Limited and its then Subsidiaries for the fourteen months ended 30 September 1968 and of The Leyland Motor Corporation Limited and its then Subsidiaries for the year ended on that date. Sales figures are for twelve months in the case of both Companies; the Emoluments of Directors are as explained in Note 3.

2. SALES Sales are amounts invoiced to external customers.

3. TRADING PROFIT BEFORE INTEREST

This is stated after crediting:-Realised currency Profits less Losses on Devaluation

And charging:-Depreciation of Fixed Assets (See page 14, Note 1) . . . . . Amortisation of Special Tools, Dies and Jigs (See page 15, Note 2) Auditors' Remuneration . . Hire of Plant and Machinery .

Emoluments of Directors of British Leyland Motor Corporation Limited:-

As Directors . . . . . Management Remuneration .

Emoluments (excluding pension contributions) of:Chairmen

Sir George Harriman to 31 October 1968 . Lord Stokes from 1 November 1968

Highest paid Director .

Other Directors in the scale:-Under £2,501 £2,501 - £5,000 £5,001 - £7,500 £7,501 - £10,000

£12,501 - £15,000 £15,001 - £17,500 £17,501 - £20,000 £20,001 - £22,500 £22,501 - £25,000 £45,001 - £47,500

1969 £'000

26,477 13,458

304 1,863

10 391

£

3,800 42,148

46,060

3

2 1 1

1968 £'000

1,788

26,542 14,237

264 1,386

(See Note) 7

111

£

17,528

17,896

2 1 3 1

There are two employees of the Parent Company, other than Directors, whose total Emoluments receivable from the Company and its Subsidiaries exceeded £10,000 but did not exceed £12,500 during the financial year.

Note:- The 1968 figures consist of Emoluments as Directors from 19 February 1968 (date of appointment) and for management remuneration from 14 May 1968 (effective date of Scheme of Arrangement).

page ten

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notes on the Consolidated Pr<?Jit and Loss Account (Continued)

~ INVESTMENT INCOME

Investment Income (gross):Quoted . Unquoted .

5. INTEREST

Payable (gross):-Bank Loans, Overdrafts and Short Term Loans . Loan Capital and Long Term Loans

Receivable (gross):-Bank and other Short Term Loans and Deposits Long Term Loans .

Interest Payable less Interest Receivable .

6. TAXATION

United Kingdom Corporation Tax Overseas Taxation .

1969 £'000

419 341

760

1969 £'000

10,286 4,890

15,176

9,677 172

9,849

5,327

1969 £'000

12,709 6,941

19,650

1968 £'000

303 822

1,125

1968 £'000 9,582 2,747

12,329

4,404 361

4,765

7,564

1968 £'000

11,938 5,674

17,612

United Kingdom Corporation Tax is computed at 45% (1968 421%) and is after taking credit for double tax relief of £923,000 (1968 £962,000).

The charge for taxation for the year is reduced by £404,000 (1968 £1,130,000) in respect of tax losses brought forward from previous years.

The Close Company provisions of the United Kingdom Finance Act, 1965, do not apply to the Company.

7. DIVIDENDS TO SHAREHOLDERS

Gross:-Preference Dividends Ordinary Shares

Interim Dividend of 2.25d. per Share . . . Proposed Final Dividend of 4.35d. per Share

1969 1968 £'000 £'000

5,038 9,740

14,778

706

5,038 9,740

15,484

The Interim Ordinary and Preference Dividends for 1968 were paid by British Motor Holdings Limited and The Leyland Motor Corporation Limited.

page eleven

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Consolidated Balance Sheet at 30 September 1969

NET ASSETS EMPLOYED:- 1969 1968 Notes £'000 £'000 £'000 £ '000

Fixed Assets 1 172,545 170,498 Special Tools, Dies and Jigs 2 16,690 17,285 Trade Investments. 4 22,294 15,398 Long Term Debts due 1969/71 2,000 2,000

Current Assets:-Stocks (including vehicles on consignment) 5 276,571 233,473 Debtors and Bills Receivable 147,842 130,935 Cash, Bank Balances and Short Term

Deposits . 96,577 58,112

520,990 422,520

Less Current Liabilities:-Creditors and Bills Payable . 222,528 201,197 Distributors' Deposits 26,277 26,914 Purchase Tax payable 31 October 1969 21,559 16,883 Bank Loans and Overdrafts

(£7,246,000 Secured, 1968 £8,446,000) 71,172 28,806 Short Term Loans

{£3,753,000 Secured, 1968 £3,232,000) 24,256 11,818 Current Taxation 6 21,788 13,505 Proposed Final Ordinary Dividend (Gross) 9,740 9,740

397,320 308,863

Net Current Assets 123,670 113,657

337,199 318,838

FINANCED BY:-

Share Capital and Reserves:-Ordinary Shares 7 134,346 134,346 Reserves 8 104,760 104,109

239,106 238,455 Minority Interests in Subsidiaries 10,548 9,127 Loan Capital and Long Term Loans 9 77,852 61,922 Corporation Tax due on or after 1 January 1971 · 9,693 9,334

337,199 318,838

STOKES } Directors

J. N. R. BARBER

The Notes on pages 14 to 18 and 26 to 31 form an integral part of these Accounts.

page twelve

mk1-perfo

rman

ce-co

nversi

ons.co.uk

BRITISH LEYLAND MOTOR CORPORATION LIM I TED

Parent Compa01 Balance Sheet at 30 September 1969

NET ASSETS EMPLOYED:- 1969 1968 Noles £'000 £'000 £'000 £ '000

Subsidiary Companies:-Shares at cost less Amount written off 3 233,805 140,498

Amounts owing to Parent Company . 44,066 60,138

277,871 200,636 Amounts owing by Parent Company . 92,025

Total Investments in Subsidiary Companies 185,846 200,636

Trade Investments 4 9,400

Current Assets:-Debtors 1,218 Bank Balance 150 572 Short Term Deposits . 41,309

42,677 572

Less Current Liabilities:-

Creditors 3,357 356 Bank Overdraft . 3,919 Short Term Loans 13,560 Current Taxation 6 85 Proposed Final Ordinary Dividend (Gross) 9,740 9,740

30,576 10,181

Net Current Assets 12,101 (9,609)

207,347 191,027

FINANCED BY:-

Share Capital and Reserves:-Ordinary Shares 7 134,346 134,346

Reserves 8 8,965 8,443

143,311 142,789 Loan Capital and Long Term Loans 9 64,036 48,238

207,347 191,027

STOKES } Directors

J. N. R. BARBER

The Notes on pages 14 to 18 and 26 to 31 form an integral part of these Accounts.

page thirteen

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notes on the Balance Sheets

1. FIXED ASSETS OF THE CORPORATION

Land and Buildings Plant, Freehold Leasehold Machinery

Total Short Long and Term Term Equipment

£'000 £'000 £'000 £'000 £'000 Cost:-At commencement of year . 400,087 94,423 4,958 4,038 296,668

Additions:-

Through Companies acqu ired 4,758 1,295 135 94 3,234 Others at cost, less Investment

Grants of £5,627,000 28,856 5,422 407 291 22,736

Disposals:-

Through Companies sold (2,317) (580) (6) (1,731)

Others at cost, less Investment

Grants (5,940) (436) (134) (69) (5,301)

Transfers (692) (4) 302 394

At 30 September 1969 425,444 99,432 5,356 4,656 316,000 ---

Accumulated Depreciation:-At commencement of year. 229,589 22,794 2,272 833 203,690

Additions:-

Through Companies acquired 2,613 111 70 2,432

Charge for the year 26,477 2,276 297 118 23,786

Disposals:-

Through Companies sold (1,236) (130) (3) (1,103)

Other (4,544) (125) (120) (7) (4,292)

Transfers (106) 29 24 53 ---

At 30 September 1969 252,899 24,820 2,545 968 224,566

Net Book Value at30September1969 172,545 74,612 2,811 3,688 91,434

Depreciation has been calculated on a straight-l ine basis on net cost by reference to the estimated normal lives of the Assets concerned. Net cost is after taking into account Investment Grants.

p age f o u rtee n

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notes on the Balance Sheets (Con tinued)

2. SPECIAL TOOLS, DIES AND JIGS

Special Tools, Dies and Jigs are valued at net cost less amortisation . Net cost is after taking

into account Investment Grants.

Amortisation has been calculated on a straight-line basis on net cost by reference to the

estimated production lives of the Special Tools, Dies and Jigs.

3. SHARES IN SUBSIDIARY COMPANIES

The increase in Shares in Subsidiaries of £93,307,000 is in respect of Subsidiaries

transferred from other Companies in the Corporation as a result of simplification of the

Corporate structure du ring the year. These are purely internal adjustments.

4. TRADE INVESTMENTS Corporation Parent

1969 1968 1969 1968

£'000 £ '000 £'000 £ '000

Quoted, at cost less amounts written off 4,209 3,936

Unquoted, at cost less amounts written off 17,444 9,679 9,400

Loans 641 1,783

Total Investments 22,294 15,398 9,400

Market value of Quoted Investments 7,428 7,658

Directors' estimate of value of Unquoted Investments 18,160 10,313 9,400

5. STOCKS

The basis of valuation of stocks and work-in-progress is the lower of cost or estimated net

realisable value. Finished stocks and work-in-progress are included at cost of materials and

labour with appropriate additions for overhead expenses.

page fifteen

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notes on the Balance Sheets (Continued)

6. CURRENT TAXATION

United Kingdom Corporation Tax Overseas Taxation .

7. SHARE CAPITAL

Ordinary Shares of 5/- each

8. RESERVES

· At commencement of year .

Adjustments on Reorganisation

Profit less Losses on sales of Fixed Assets

Amounts written off Trade Investments

Disposal of Fisholow Products Limited

Expenses of Swiss Loan issue

Profit retained

At 30 September 1969

Corporation Parent 1969 1968 1969 1968 £'000 16,732 5,056

21,788

£'000 8,963 4,542

13,505

£'000

Authorised £'000

150,000

£'000 85

85

Issued and fully paid

£'000

134,346

Corporation Parent

General Share Revenue Revenue Total Capital Premium Reserves Reserves £'000 £'000 £'000 £'000 £'000

104,109 23,960 9,786 70,363 8,443

(2,120) 992 (3,112)

159 159

(1,469) (1,469)

(293) (101) (192)

(335) (335)

4,709 4,709 522

104,760 23,206 9,786 71,768 8,965

page sixteen

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notes on the Balance Sheets ( Continued)

9. LOAN CAPITAL AND LONG TERM LOANS Corporation Parent

1969 1968 1969 1968 £ '000 £'000 £'000 £'000

6% Unsecured Loan Stock 1998/2003 12,436 12,436 12,436 12,436

7t% Unsecured Loan Stock 1987/92 9,933 9,933 9,933 9,933

8% Unsecured Loan Stock 1998/2003 10,869 10,869 10,869 10,869

5!% Unsecured Loan of Swiss Francs 60 million 1979/84 5,798 5,798

5!% Unsecured Loan Stock 1977/82 of Associated Commercial Vehicles Limited . 3,500 3,500

6% Debenture Stock of Pressed Steel Fisher Limited redeemable by 1983 3,500 3,500

6% Debenture Stock of Coventry Climax Engines Limited redeemable by 1973 (See Note 2 below) 408

6!% Debenture Stock of The Leyland Motor Corporation of South Africa Limited 1971/81 407 407

7!% Debenture Stock of Aveling-Barford Limited 1986/91 1,000 1,000

7£% Debentures of Ashok Leyland Limited 1979/83. 1,111 1,111

8% Unsecured Loan of Ashok Leyland Limited redeemable by 1974 450 450

7t% Industrial Reorganisation Corporation Loan redeemable in or before 1975 25,000 15,000 25,000 15,000

Board of Trade Loans redeemable after more than 5 years (£578,000 Secured, 1968 £881,000) {See Note 3 below) 2,328 2,631

Other Loans redeemable after more than 5 years (£1,303,000 Secured, 1968 £594,000) (See Note 3 be!ow) 1,520 677

77,852 61,922 64,036 48,238

Notes:

1. With minor exceptions all the above Loans are redeemable at par. 2. This is now included in Short Term Loans. 3. Interest is payable on Board of Trade and other Loans at annual rates varying between

5% and St%.

pa ge s eve nt e en

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Notes on the Balance Sheets (Continued)

10. RATES OF EXCHANGE

Assets and Liabilities in foreign currencies have been converted to sterling at appropriate official parities or other current rates of exchange ruling at 30 September 1969.

11. CAPITAL COMMITMENTS

Capital Expenditure approved by the Board but not provided for in the Accounts amounted to £52 million (1968 £33 million). Investment Grants receivable thereon are estimated at £8.3 million (1968 £7.5 million). Of the expenditure approved, contracts to the value of £23.6 million (1968 £14.3 mil lion) had been placed by 30 September 1969.

12. CONTINGENT LIABILITIES

The Corporation had Contingent Liabilities amounting to £17 million (1968 £15.5 million) in respect of bills discounted and guarantees. No material liabilities are expected to arise.

Guarantees entered into by the Parent Company amount to £8 million.

REPORT OF THE AUDITORS TO THE MEMBERS OF BRITISH LEYLAND MOTOR CORPORATION LIMITED

In our opinion, based on our examination and the reports of the Auditors of certain Subsidiaries not audited by us, the Accounts and Notes set out on pages 9 to 18 and 26 to 31 together give a true and fair view of the state of affairs at 30 September 1969, and of the Profit for the year ended on that date and comply with the Companies Acts, 1948 and 1967.

Cooper Brothers & Co.

London. 8 January 1970 Chartered Accountants.

page eighteen

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Chairman's Statement

During the year continued progress has been made in implementing our prepared plans for the integrated structure of British Leyland. The operating divisions are now fully established and we have completed our arrangements for a small, high-calibre central management organization.

At the time British Leyland was formed I said that we were under no illusions about the difficulties before us and that it would take several years to gain the full benefits of the merger. In the early stages it was possible fairly quickly to make obvious changes such as the rationalization of overlapping areas and the disposal of certain loss making activities. Subsequent to this, however, we have arrived at the slower but in the long run more fruitful aspects of consolidating and streamlining all the activities of the Corporation. This, of necessity, is a prolonged and laborious task but we have been considerably heartened by the ready response which we have had from all members of the organization at home and overseas. Everyone is playing their part in the difficult and increasingly competitive phase into which the industry as a whole is moving at the present time.

One of the first essentials has been to create a centralised system of financial control and disciplines. In co-operation with the operating divisions we have formed the small, high-calibre central staff which, whilst leaving considerable initiative to the operating units, ensures that the Corporation is controlled as an integrated whole.

FINANCIAL RESULTS

Profit before tax in the financial year ended 30 September 1969 was £40.4 million compared with £37.9 million reported last year. Last year's figure included a non-recurring profit of £1.8 million on currency as a result of devaluation. If this exceptional item is eliminated the increase in profit before tax is approximately 12%.

The results published last year covered fourteen months for the activities previously carried on by British Motor Holdings and twelve months for those of the former Leyland Motor Corporation. The effect on profits of including the two extra months for British Motor Holdings was, however, negligible as they covered the holiday period. All sales figures for the previous year that I am quoting in this statement relate to twelve months for both the former companies and are therefore strictly comparable.

Sales for the year ended 30 September 1969 were £970 million compared with £907 million in the previous twelve months, an increase of 7%.

A decline in domestic sales from £501 million to £494 million was more than offset by an increase of 17% in overseas sales from £406 million to a record £476 million. The ratio of domestic to overseas sales was thus 51/49%.

Overseas sales include £322 million in exports from the United Kingdom compared with £276 million in the previous year. This represented almost 40% of total sales by our divisions in this country and made British Leyland once again the country's largest exporting company of any kind. We import virtually no components and a very high proportion of our export earnings are a net gain to the national balance of payments.

Vehicle sales increased from 1,050,000 to 1,083,000 units including 869,000 cars, 199,000 trucks, buses, vans and other commercial vehicles and 15,000 agricultural tractors.

Stocks increased from £233 million to £276 million largely due to accumulation of components and work in progress as a result of and as a buffer against the disruptive effect of industrial disputes.

Although the increase in profit in this first full year of British Leyland's existence was less than hoped for, it was a creditable achievement in the face of a severe restriction in the more

page nineteen

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Chairman's Statement (Continued)

profitable domestic market where total sales of cars by the industry were the lowest for seven years. Lower domestic sales were, however, more than offset by higher sales overseas and this together with savings which are beginning to accrue from the merger enabled us to record the increase in profit. Profits earned by overseas companies now represent nearly 40% of the Corporation's profits, a very tangible endorsement of the forward looking Leyland policy of extensive overseas investment over the years.

Your Directors have recommended a dividend of 4.35d per share for the financial year ended 30 September 1969 which with the interim dividend makes a total dividend for the year of 6.6d per share or 11% which is the same as last year. Higher taxation charges and minority interests were partly offset by the elimination of the preference dividends and the dividend cover is slightly increased compared with last year.

DIRECTORS

During the year your Board was strengthened by the appointment of Sir George Farmer and Mr. J. D. Slater. Sir George Farmer is Chairman of the Rover Company and a leading figure in the motor industry. Mr. Slater has proved himself to be an outstanding financial expert and we are fortunate that he has also had previous experience with the Corporation.

AUSTIN-MORRIS DIVISION

This division is the largest in the Corporation and produced last year approximately 42% of our total sales value. In contrast with the comparative stability of all the other divisions, this is the one which is most susceptible to the vagaries of political and economic circumstances beyond our control. Margins are very highly geared to volume and when production is well above the break even point substantial profits can be made. A large part of our projected capital expenditure for the next two years is ear-marked for improving the competitive position of this division. A considerable amount of management effort is being devoted to this area of our activities.

Our competitive position in the volume car field will be considerably strengthened by the decision now being implemented to restructure and expand the car body and assembly location in the Cowley area.

Work is proceeding according to schedule on the planning of new models. During the year we introduced the Austin Maxi which I am sure will prove to have a very good sales potential, the 1300 GT version of the 1100/1300 car which for the second year running was the top seller in Britain and new variants of the world famous Mini. As part of our rationalization programme the Riley marque has been discontinued.

Considerable effort has and is being put into strengthening our distribution system both at home and overseas. Regional sales offices are being established in the domestic market in order to give us closer co-operation with our distributors and dealers and we have inaugurated a new marketing training centre which we believe will perform a very valuable service in improving the standards of our sales and service outlets. In addition, we have successfully launched the Unipart spare parts scheme.

It takes time and careful planning to introduce physical changes in large volume automotive plants but with the willingness on the part of all concerned to meet the challenges ahead, progress is limited only by the time needed to develop new models and to get new buildings, plant and equipment into operation.

pag e t we nt y

mk1-perfo

rman

ce-co

nversi

ons.co.uk



SPECIALIST CAR DIVISION

The new plant at Liverpool which will substantially augment the production of the Triumph range is going ahead satisfactorily, but introduction of new cars has been delayed due to industrial disputes. Triumph products are in good demand both at home and overseas and the new Mark II 2000 range introduced during the year has been very well received.

Rover has maintained its excellent progress and all Rover cars continue to be in high demand. Output of the Land Rover is being increased. Substantial new factory accommodation in the Birmingham area has been acquired and extensions authorized to the existing Solihull plant.

Alvis has had a satisfactory year. This factory is principally engaged on the production of military vehicles for H.M. Government and many overseas governments and their development resources are used by H.M. Government for new fighting vehicle projects.

For Jaguar the year has been dominated by the XJ6 model, the introduction of which was reported in my review of 1968. The volume of orders received during the year, unprecedented in the company's history, bore ample testimony to the enthusiasm of its reception by car buyers throughout the world. Unfortunately the problems affecting the car industry as a whole, particularly in the area of components and supplies, have resulted in a level of production below that which it had been hoped to achieve but nevertheless everything possible is being done to increase the output well beyond the existing level. The E type continues to sell exceptionally well, particularly in the U.S.A.

Arrangements are being made to increase the overall production capacity at Jaguar to meet the anticipated future requirements and our plans include additional factory expansion at Coventry.

Further production capacity is being provided to increase the output of Coventry Climax which last year introduced a new range of fork lift trucks.

TRUCK AND BUS DIVISION

There is still a considerable demand for trucks and buses which we are unable to meet in full.

Leyland, A.E.C., Albion, Guy, Daimler and Leyland (Scotland) continue to achieve a satisfactory share of the available truck and bus business. All our commercial vehicle plants at the present moment have full order books but they are, however, seriously affected by the general shortage of materials and components in the industry.

During the year we have acquired a substantial part of the Harland & Wolff factory which is adjacent to the Albion Works at Glasgow. Next year this will give much needed additional capacity. Extra facilities have been installed at the Bathgate factory of Leyland (Scotland) to enable us to produce our own cabs for commercial vehicles.

An agreement has been reached with the National Bus Company for the establishment of a joint enterprise fo build a new type of bus in substantial quantities at a new green field site in Cumberland. This is a 50/50 partnership which Leyland will manage with responsibility also for Bristol Commercial Vehicles and Eastern Coachworks. This, to my mind, is a satisfactory collaboration between the private and public sectors which will give us a stronger position not only at home but in the vital export markets, particularly in the event of the United Kingdom joining the Common Market.

During the year an improved range of agricultural tractors was introduced and this has met with a good response.

page twenty-one

mk1-perfo

rman

ce-co

nversi

ons.co.uk



Our gas turbine development work continues to make progress and firm orders for our new Leyland gas turbine truck have now been received from road transport users in this country. In addition British Rail has announced its intention to use Leyland gas turbines to power their advanced passenger train.

PRESSED STEEL FISHER DIVISION

This division which is responsible for all car bodies produced in the Corporation other than those supplied by the Triumph Liverpool plant has been affected by the necessity to reorientate production facilities during the year due to the phasing out of certain outside contracts. Considerable capital expenditure is being committed in co-ordinating Cowley car body production capabilities with those of the new assembly plant to be established in the adjacent Morris factory.

In this division Prestcold has made good progress in the commercial and industrial refrigeration fields and the benefits of the acquisition of the Sterne group of companies are now beginning to be felt.

FOUNDRY AND GENERAL ENGINEERING DIVISION

Progress is being made in our foundry activities although it is taking longer than expected. The new hot blast cupola melting plant at Beans Industries is now operating but unfortunately the foundry industry in general is badly affected by absenteeism and shortage of labour in certain areas.

In order to enable our main foundries in the Corporation to cope with volume production we have acquired a small engineering foundry in Keighley which will concentrate on small order runs, particularly on the commercial vehicle side of our activities.

CONSTRUCTION EQUIPMENT DIVISION

Progress here during the year has been very good. Both Aveling-Barford together with its subsidiary companies and Scammell Lorries have healthy order books and have increased their production correspondingly. New earth moving equipment is being developed and the Scammell and Thornycroft range of specialized vehicles is in strong demand.

OVERSEAS

The export and overseas activities of your Corporation are so vigorous and so widespread that it is almost impossible to condense them into a reasonable summary. Our main problem in many areas has been to produce an adequate supply of the particular vehicles needed to meet the demand. It must, however, always be remembered that prices in overseas markets are extremely competitive and ifwe are to continue to succeed in this sphere it is essential to have a soundly based domestic market.

In the United States and Canada, where the Rover 3500 has now been successfully introduced, the integration of our widespread activities continued to the benefit of our customers and ourselves. Total sales in North America were £98m compared with £77m in the previous year.

page twenty-two

mk1-perfo

rman

ce-co

nversi

ons.co.uk



In Europe, our policy of the consolidation of our activities continues. In Spain we have acquired a 50% holding in Nueva Montana Quijano (NMQ) and have assumed management responsibility for Authi and other NMQ automotive operations where the smaller Austin Morris range of vehicles will be produced. This will give us a major stake in the Spanish motor car industry in addition to our substantial holding in EN ASA (Pegaso trucks) and MSA (Land Rover). Our relationships with the Spanish authorities and our Spanish partners have proved to be most satisfactory and, apart from supplying the Spanish domestic market, we are actively seeking ways of increasing exports and re-exports from that country.

In Belgium we have commenced the major expansion of the Austin/Morris assembly plant at Seneffe to bring our capacity for assembled cars in that country up to 120,000 per annum. We have acquired the balance of the share capital of Brossel Freres and are incorporating this company in an additional expansion programme of our other plant in Malines for the export of commercial vehicles to EEC countries.

In Austria and Norway we have formed new wholly owned subsidiary companies for the importation and distribution of all British Leyland products. In Denmark we have acquired the balance of the share capital of Leyland DAB who cater for the construction of buses and distribution of trucks in that country.

British Leyland (Europe) operating from Lausanne with responsibility for our marketing effort in Western Europe has been particularly active in strengthening our sales and service outlets.

Sales throughout the whole of Africa have continued to be good but political attitudes in certain countries cause concern.

The Leyland Motor Corporation of South Africa has had a particularly good year and their sales exceeded £50m for the first time. Manufacturing facilities in that territory are increasing rapidly and include cars and commercial vehicles as well as ancillary products.

In the Congo we have completed negotiations for the establishment of a truck and bus assembly project in conjunction with the local authorities.

Sales to the Middle East have continued to be satisfactory and in Iran site work has commenced at Tabriz for the new plant for Leyland diesel engines which will be manufactured in partnership with local Iranian capital.

In India we had a satisfactory year and arrangements are being made substantially to increase the output from our Ashok Leyland factory. The Enno re Foundry also had good results and a modest extension to capacity is planned. Car production continues to be depressed for economic reasons.

In association with the Ceylon Government construction of the factory near Colombo has now commenced and we are partners with Ashok Leyland in this venture.

We have continued to expand our activities in Turkey in conjunction with our local partners, particularly at B.M.C. Senaya where we plan to broaden the product range still further in 1970.

Complete reorganization of our activities has taken place in Australia where we are planning several extensions to our car manufacturing programme. We have recently completed negotiations in New Zealand to put our assembly and manufacturing facilities in a more logical fashion in association with our excellent local distributors.

Our Overseas Division working from London is now well established as a very effective export marketing organization which controls our overseas sales and manufacturing activities in all parts of the world outside Western Europe and North America.

page twenty-three

mk1-perfo

rman

ce-co

nversi

ons.co.uk



Success in our overseas markets is dependent upon the energy and enthusiasm of our staff overseas, our distributors and our dealers, all of whom have been most co-operative in this complicated period of reorganization. We are most grateful to them.

We should also like to pay tribute to the help and encouragement we have received from the British Government, the Ministry of Technology, the Board of Trade, the Civil Service at home and the British diplomatic staff in various overseas territories. We are grateful to them all for their encouragement and help particularly in our export efforts.

INDUSTRIAL RELATIONS

The year has been a difficult one for the country as a whole in the field of industrial relations and this Corporation has certainly been no exception. We are one of the largest employers of labour in the private sector and our problems are accentuated by the fact that we have some 70 plants inherited through acquisition or merger, all of which have different terms and cond itions of employment and their own individual customs and practices, some of them dating back over many years.

We believe that we have within our Corporation some of the best and most appropriate arrangements for joint consultation and co-operation at all levels. We are members of the Engineering Employers Federation who have well established negotiating procedures agreed over the years with the respective Trade Unions. Despite all this, our suppliers and ourselves have been plagued during the year by industrial disputes, many of them unofficial and many of them over matters of trivial importance. No longer are agreements or procedures followed and in many instances men walk out at the drop of a hat, very often contrary to the advice of or without consulting their own Union officials. Some of the problems can undoubtedly be said to be due to inadequate communications despite the existing arrangements and strong efforts are being made towards improving this situation. Whatever the cause, the fact remains that in the long run no-one is the gainer in the sort of situation in which we find ourselves to-day.

After allowing for dislocation of production due to management problems and other extraneous factors, it is sad to report that we lost during the past year due to industrial disputes in our suppliers and our own factories well over 100,000 cars and 2,000 trucks. We also had two unfortunate major strikes at Leyland and Liverpool and the main impact of these will be felt in the current year's figures.

Not only have these disputes affected our profitability but also our future relationships with our customers at home and overseas. Imports of foreign cars into this country have risen sharply due to Britain's inability to supply and in overseas markets foreign competitors equally take advantage of our shortage situation. The losers must, in the long run, be our own employees for no company can pay out in wages money it does not earn. Our cash flow is seriously diminished by these disputes and the consequent inability to purchase as much new and replacement plant and equipment as is desirable will affect the future of all of us in the industry.

A great proportion of management time has been spent on this vital problem by myself and my colleagues in all our factories. We have now made arrangements to strengthen considerably our personnel and industrial relations team.

Along with other major motor manufacturers and suppliers together with the Trade Unions we have been instrumental in setting up a Joint Counci l for the Motor Industry of which I am joint Chairman and which I hope may lead to some alleviation of the situation.

We are passing through difficult years and industrial relations is a problem which is affecting the whole nation and in fact the whole world. Fortunately in th is country it is without bitterness on either side and I have no doubt that the good sense of the British people will eventually prevail.

p age twent y - f our

mk1-perfo

rman

ce-co

nversi

ons.co.uk



FUTURE

The results for the first three months of the current year compare unfavourably with the corresponding period last year. This is due almost entirely to labour troubles and the credit squeeze which has drastically restricted domestic demand. The motor trade at home has had to bear the brunt of an excessive burden of restrictions unparalleled by anything experienced by our major foreign competitors.

Restricting the home market may in the short term squeeze a few extra cars into export markets but, when restrictions go on for as long as they have in this country and are so unpredictable, they also squeeze out modernisation and expansion plans. A comparison of capital expenditure by the major British and European motor manufacturers over the last five years or so shows this up only too clearly.

As Britain's major exporting industry we would appear to receive because of our very success less enthusiastic and practical support than our true worth to the nation seems to justify. There is a danger of our being strangled on our own doorstep in the short term interest of the national economy in a way which may well dissipate long term efforts to provide prosperity for the nation. I only hope that it is now generally agreed that a reasonably stable home market is vital to the well-being of the industry and to its future chances of success in retaining and gaining even more overseas trade.

Assuming a reasonable period free from too many industrial anxieties which would enable us to achieve a fair measure of production and provided that there is some effective relaxation of the credit restrictions I believe that the adverse results of the first three months could largely be offset by better trading in the latter part of our financial year. Nevertheless, bearing in mind the tremendous increase in costs which we are being called upon to bear from all directions it is going to be difficult to reach the level of profits for the coming year which we achieved in the year under review.

These observations relate to the more immediate future but this is an industry in which it is unwise to take a short view and I would like to restate some of your Board's fundamental aims. We consider it our duty to earn a satisfactory rate of return on the capital employed by the Corporation which originated from the subscription of capital by shareholders and the retention of money saved out of earnings. We believe that we shall in due course be able to earn in a good year materially higher profits than the level achieved in 1968/69 and this is our clear objective for the future. Only by this considerable increase in profits can we generate the cash flow which is essential to the future success of the British owned motor industry.

British Leyland is now accepted as a major international motor manufacturer. Our facilities are improving daily and we have a planned model programme which we believe will be internationally competitive. Provided we can have reasonable continuity of production and provided that the opportunities in home demand are commensurate with those afforded by other competitive countries to their own motor manufacturers I see no reason why we should not make continued progress in world automotive markets.

We have a great inheritance of skill and expertise amongst all who work with us which should augur well for the future.

STOKES

page twenty-five

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Subsidiary Companies

The following information relates to those Subsidiaries which in the opinion of the Directors principally affected the amount of Profit or Assets of the Corporation. Particulars of all other Subsidiary Companies will be annexed to the next Annual Return. Unless otherwise indicated Issued Capital of all classes is wholly owned. The Subsidiaries operate wholly or mainly in the Country of Incorporation. Those held directly by the Parent Company are identified by the letter P; the Companies not so identified are Sub-subsidiaries.

AUSTIN-MORRIS DIVISION

British Leyland (Austin-Morris) Limited The British Motor Corporation (Belgium) S.A.

SPECIALIST CAR DIVISION

Standard-Triumph International Limited Auto Body Dies Limited • • . . . The Forward Radiator Company Limited The Standard-Triumph Motor Company Limited Standard-Triumph (Liverpool) Limited • Standard-Triumph Sales Limited Leyland-Triumph S.A. . . Standard-Triumph (Eire) Limited The Rover Company Limited . Alvis Limited . . . . Self-Changing Gears Limited Rover Gas Turbines Limited . Deutsche Rover GmbH. . . Jaguar Cars Limited The Daimler Company Limited Coventry Climax Engines Limited

page twenty-six

Country of Registration or Incorporation

(P) England Belgium

(P) England England England England England England Belgium Eire

(P) England England England England Germany

(P) England England England

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Subsidiary Companies (Continued)

TRUCK AND BUS DIVISION

Leyland Motors Limited Associated Commercial Vehicles Limited A.E.C. Limited . The Maudslay Motor Company Limited Park Royal Vehicles Limited (71.3% Ordinary) Charles H. Roe Limited (71.3% Ordinary) Albion Motors Limited Guy Motors Limited Butec Limited Leyland Gas Turbines Limited Leyland Motors (Scotland) Limited .

PRESSED STEEL FISHER DIVISION

Pressed Steel Fisher Limited Rearsby Automotive Limited . Prestcold Limited . . . . L. Sterne and Company Limited .

FOUNDRY AND GENERAL ENGINEERING DIVISION

Alford & Alder (Engineers) Limited Beans Industries Limited . . • Power Jacks Limited . West Yorkshire Foundries Limited

CONSTRUCTION EQUIPMENT DIVISION

Aveling-Barford Limited . Goodwin Barsby & Company Limited . . Barfords of Belton Limited lnvicta Bridge & Engineering Company Limited Grantham Electrical Engineering Company Limited A-B Hire Limited S.A. Aveling-Barford . . . . . . Scammell Lorries Limited . . . . Transport Equipment (Thornycroft) Limited

page twenty-seven


(P) England (P) England

England England England England

(P) Scotland England

(P) England (P) England (P) England

(P) England England England England

(P) England (P) England (P) England (P) England

(P) England England England England England England France

(P) England (P) England

mk1-perfo

rman

ce-co

nversi

ons.co.uk



OVERSEAS DIVISION

The Leyland Motor Corporation Limited

British Leyland Motors Canada Limited

Leyland Motors (Canada) Limited .

British Leyland Motors Inc. .

The British Motor Corporation (U.S.A.) Limited .

British Leyland Automotores de Chile S.A. (52.7% Ordinary)

Leyland-Triumph Del Peru Ltda. S.A. . . . .


(P) England

Canada

Canada

U.S.A.

U.S.A.

Chile

Peru

The Leyland Motor Corporation of South Africa Limited (including the following Subsidiaries) (56.7% Ordinary and none of Preferred) South Africa

J. H. Plane & Company Limited South Africa

Putco Operating & Technical Services Limited South Africa

Fruehauf Trailers South Africa Limited . South Africa

The Leyland Motor Corporation (O.F.S.) Limited South Africa

The Leyland Motor Corporation (Lesotho) Limited South Africa

The Leyland Motor Corporation (Swaziland) Limited South Africa

The Leyland Motor Corporation (Cape) Limited South Africa

The Leyland Motor Corporation (Transvaal) Limited South Africa

The Leyland Motor Corporation (Natal) Limited South Africa

The Leyland Motor Corporation (S.W.A.) Limited South Africa

Heavy Used Vehicles Limited . South Africa

J. H. Plane Construction Equipment Company Limited South Africa

Plane JCB (Pty.) Limited South Africa

The Leyland Finance Company Limited South Africa

Vehicle Overhaul & Maintenance Services Limited South Africa

Drill Majors (Pty.) Limited (51% Ordinary) South Africa

Leykor Distributors (Pty.) Limited . South Africa

Leykor Manufacturing (Pty.) Limited South Africa

Aveling-Barford Africa (Pty.) Limited South Africa

page twenty-eight

mk1-perfo

rman

ce-co

nversi

ons.co.uk



OVERSEAS DIVISION (continued) Leyland Motors (Ghana) Limited

Leyland Albion (East Africa) Limited

Leyland Albion (Tanzania) Limited .

Leyland Albion (Uganda) Limited .

The Leyland Motor Corporation (Malawi) Limited

The Leyland Motor Corporation of Rhodesia Limited

Rover Rhodesia (Private) Limited

Leyland Motors (Zambia) Limited • .

Rover (Zambia) Limited (75.0% Ordinary) .

Ashok Leyland Limited (59.6% Ordinary) .


Ghana

Kenya

Tanzania

Uganda

Malawi

Rhodesia

Rhodesia

Zambia

Zambia

India

Ennore Foundries Limited (90.0% Ordinary including 15.0% owned

through Ashok Leyland Limited) . . . . India

British Leyland Motor Corporation of Australia Pty. Limited .

The Leyland Motor Corporation of Australia Proprietary Limited

West End Motors Pty. Limited • .

Rover Australia Pty. Limited • . . .

Pressed Metal Corporation Limited

Aveling-Barford Australia Pty. Limited

British Leyland Motor Corporation of New Zealand Limited

Rover New Zealand Limited .

Motor Assemblies Limited

Aveling-Barford (N.Z.) Limited

British Leyland International Services

A.E.C. Continental S.A. (51.0% Ordinary)

N.V. British Leyland Group S.A.

Leyland-DAB A/S . . .

Leyland Motor Corporation (Nederland) N.V.

B.M.C. Sweden AB

Leyland Triumph AB .

pag e tw e nty -n i ne

Australia

Australia

Australia

Australia

Australia

Australia

New Zealand

New Zealand

New Zealand

New Zealand

Switzerland

Belgium

Belgium

Denmark

Holland

Sweden

Sweden

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Trade Investments

The following information is given concerning the more important investments held within the Corporation. No one of these interests constitutes more than 5% of the total Assets or Profits of the Corporation. The Companies concerned operate wholly or mainly in the Country of Incorporation. Investments held by the Parent Company are identified by the letter P.

UNQUOTED

Crompton Leyland Electricars Limited.

Auto Prime Limited Bristol Commercial Vehicles

Limited C.V. (Sales & Repairs) Limited Eastern Coachworks Limited Ford & Slater (Holdings)

Limited Gardiner Refrigeration

Holdings Limited Herts Motors (St. Albans)

Limited Martin Electrical Equipment &

Manufacturing Co. (Theale) Limited

Parkinson Cowan Limited

Redman Heenan International

Percentage Holdings after adjustment for Minority Interests

50.0% 49.0%

25.0% 46.0% 25.0%

30.0%

25.0%

49.7%

40.0% See Note 1 (Page 31)

Limited • • (P) See Note 2 (Page 31)

Automotive Foundries Development Company (Pty.) Limited

Brake Control (Pty.) Limited Fibreglass Automotive

Mouldings (Pty.) Limited

Standard Motor Products of India Limited .

Leyland Motors Iran Company .

B.M.C. Sanayi ve Ticaret A.S. •

Sociedade Comercial e Industrial de Vefculos de Transporte e Motores, S.A.R.L.

Empresa Naci6nal de Autocamiones S.A.

Nueva Montana Quijano S.A.

39.2% 28.4%

24.1%

53.1% 10.9%

22.0%

10.0%

25.1% (P) 50.0%

page thirty

Description of Shares

held

Ordinary Ordinary

Ordinary Ordinary Ordinary

Ordinary

Ordinary

Ordinary

Ordinary

Ordinary Ordinary

Ordinary

Deferred Ordinary

Group A

Unclassified

Ordinary Ordinary


England England

England England England

England

England

England

England England

England

South Africa South Africa

South Africa

India Iran

Turkey

Portugal

Spain Spain

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Trade Investments (Continued)

QUOTED Percentage Holdings Description Country of after adjustment for of Shares Registration or Minority Interests held Incorporation

Atkinsons Lorries (Holdings) Limited 19.8% Ordinary England

Fodens Limited . . 26.8% Ordinary England

Hollingdrake Automobile Company Limited . 25.3% Ordinary England

Public Utility Transport Corporation Limited 28.9% Ordinary South Africa

Rossleigh Limited 13.6% Ordinary Scotland

Standard Motor Products of India Limited . 36.3% Ordinary India

Australian Motor Industries Limited . . . . . 39.9% Ordinary Australia

Oy Suomen Autoteollisuus A.B. 20.0% Unclassified Finland

Metalurgica de Santa Ana . 25.8% Ordinary Spain

Notes:- 1. The interest in Parkinson Cowan Limited is represented by 400,000 Deferred Ordinary Shares of £1 each ranking for Dividend from 1 April 1970, and 1,000,000 5% Redeemable Cumulative Convertible Preference Shares of £1 each ranking for Dividend from 1 April 1969, which together give 17.0% of the voting rights. In addition there is a holding of £1,324,927 6f% Unsecured Loan Stock 1986/91, interest on which runs from 1 May 1970.

2. The interest in Redman Heenan International Limited is represented by an interest free Unsecured Loan of £300,000 repayable in 1974 and £400,000 St% Convertible Unsecured Loan Stock 1994, interest on which runs from 1972.

page thirty-one

mk1-perfo

rman

ce-co

nversi

ons.co.uk


Printed in England by H. A. Smith & Son Ltd. Torringion Avenue, Coventry

page thirty-two

mk1-perfo

rman

ce-co

nversi

ons.co.uk

mk1-perfo

rman

ce-co

nversi

ons.co.uk

mk1-perfo

rman

ce-co

nversi

ons.co.uk

Documents

BRITISH mk1-performance-conversions.comk1-performance-conversions.co.uk/blmc_1969_report.pdf · 2020. 1. 7. · A 50% interest has been acquired in the Spanish Company, Nueva Montana