Forum Archive Index - March 2001

[JIM <JIM.BR@hotmail.com>]

                          SVY
                          30/03/2001
                          FLLYR

                          REL: 1724 HRS Savoy Equities Limited

                          FLLYR: SVY: FY TO 31/12/2000 LOSS $77.100M
(LOSS $2.543)

                          CONSOLIDATED OPERATING STATEMENT FOR THE FULL
YEAR 31/12/2000
                          Audited (NZ$`000)

Current        Previous

Period   Corresponding

Period
                          OPERATING REVENUE
                           Sales
revenue                                       14,626           1,717
                           Other
revenue                                        1,362              53
                          Total Operating
Revenue                              15,988           1,770
                          OPERATING SURPLUS (DEFICIT)
                           BEFORE UNUSUAL ITEMS AND
TAX                        (7,689)         (2,543)
                          Unusual items
                           for separate
disclosure                            (70,812)              -
                          OPERATING SURPLUS (DEFICIT)
                           BEFORE
TAX                                         (78,501)         (2,543)
                          Less tax on operating
surplus                          (160)              -
                          Operating surplus (deficit)
                           after tax but before minority

interest                                            (78,341)
(2,543)
                          Less minority
interests                              (1,240)              -
                          Equity
earnings                                           -             (15)
                          OPERATING SURPLUS (DEFICIT)
                           AFTER TAX ATTRIBUTABLE
                           TO MEMBERS OF LISTED
ISSUER                        (77,100)         (2,558)
                          Extraordinary items after
tax                             -               -
                          Less minority
interests                                   -               -
                          Extraordinary items after tax
                           attributable to members of the
                           Listed
Issuer                                            -               -
                          TOTAL OPERATING SURPLUS
                           (DEFICIT) AND
                           EXTRAORDINARY ITEMS
                           AFTER
TAX                                          (78,341)         (2,543)
                          Operating Surplus (Deficit)
                           and Extraordinary Items after
                           Tax attributable to Minority

Interest                                            (1,240)
-
                          Operating Surplus (Deficit)
                           and  Extraordinary  Items after
                           Tax attributable  to Members
                           of the Listed
Issuer                               (77,100)         (2,543)

EPS                                                (132.161)
(0.064)
                          SHAREHOLDERS' EQUITY
                            ATTRIBUTABLE TO MEMBERS
                           OF THE HOLDING
COMPANY                                 967               -

                          The Directors of Savoy Equities announce an
unaudited deficit before tax,
                          abnormal items and minority interests of
$7.689m for the year ended
                          31/12/2000 as compared to a loss of $2.543m
for the 4 months annual report
                          ended 31/12/1999.  Additionally, abnormal
intangible asset write-downs of
                          $70.812m, a tax credit of $0.160m and minority
interests of $1.240m of losses
                          for the period resulted in a full year deficit
of $77.100m. As part of
                          restructuring and staff redundancies the
ongoing costs to Savoy Equities have
                          been reduced to a minimal level pending
completion of the asset realisation
                          programme.  Also during the year the Company
disposed of its interests in
                          Hudson Savoy Holdings Limited, the owner of
the Hyatt Regency Auckland hotel.
                           This transaction was completed during
November 2000.  The company recently
                          received a waiver from the NZSE to complete a
sell-down of its shareholding,
                          following the fall in the market
capitalisation, in publicly listed Hudson
                          Pacific Group Limted acquired as consideration
for that transaction.  These
                          equity investments are presently being sold.
The Directors are clearly very
                          disappointed at the outcome of what was
anticipated at the beginning of the
                          financial yar to be a promising and profitable
period for the Company.  The
                          appointment of a third director, as required
by the Stock Exchange Rules, is
                          yet to be finalised.


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