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Anglo-Eastern Plant (AEP)

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Friday 20 August, 2010

Anglo-Eastern Plant

Half Yearly Report

RNS Number : 3863R
Anglo-Eastern Plantations PLC
20 August 2010
 



The following replaces the "Interim Results for the six months ended 30 June 2010" announcement released on 20 August 2010 at 7:00 a.m. under RNS No. 3675R

 

The announcement remains unchanged save for the Revenue line in Financial Highlights should state (H1 2009: $57.6m) and not (H1 2009: $57.4m).  Also the wording of the second paragraph of "Note 1. Basis of preparation of interim financial statements" has been amended.

 

 

The full amended text is shown below.

 

 

 

20 August 2010

 

Anglo-Eastern Plantations PLC

("AEP" or the "Group")

 

Interim Results for the six months ended 30 June 2010

 

Anglo-Eastern Plantations PLC, which owns approximately 141,000 hectares of plantation land, primarily in Indonesia, is pleased to announce the interims results for the six months to 30 June 2010.

 

Financial Highlights

·      Revenue of $77.9m (H1 2009: $57.6m)

·      Operating profit for the period was $26.1m ( H1 2009: $23.5m)

·      Profit before tax increased to $26.7m from $24.0m in the first half of 2009

·      Basic earnings per share were 42.0cts (H1 2009: 35.6cts)

·      Net cash at 30 June 2010 was $27.1m compared with $36.8m at the year end and $24.6m at 30 June 2009

 

Commercial Highlights

·      The market average price for crude palm oil for the period was $805/mt compared to an average of $650/mt for the first half of 2009

·      Total own crop production was 266,190 mt a decline of 6% the same period last year

 

 

 

For further information, contact:

Anglo-Eastern Plantations plc


Dato' John Lim Ewe Chuan

 

+44 (0)20 7216 4600

+603 2715 0118

Charles Stanley Securities


Russell Cook

+44 (0)20 7149 6000

 

 

 

 

Chairman's interim statement

 

Operational and financial performance

 

For the first half year ended 30 June 2010, revenue was $77.9 million compared to $57.6 million for the same period in 2009.  This generated an operating profit of $26.1 million (2009: $23.5 million), an increase of 11%.  Profit before tax was $26.7 million, compared to $24.0 million for the same period in 2009.

 

The increase in revenue and operating profit is mainly due to the higher CPO price registered in the 1H 2010 due to the improved global economic conditions and from a strengthening of Indonesian Rupiah.  In the first half of 2010, the CPO price average around $805/mt, 24% higher than the 2009 average first half price of $650/mt.

 

With a net cash position, the Group's balance sheet remains strong while cash flow remains healthy.  As at 30 June 2010 the Group's total cash balance was $49.4 million (2009: $57.9 million) with total borrowings of $22.3 million (2009: $33.3 million), giving a net cash position of $27.1million, a slightly improved position when compared to 30 June 2009 of $24.6 million, but down from $36.8 million at 31 December 2009, as a result of higher capital expenditure and repayment of some long term loan. There was no new borrowings in the period since 31 December 2009.

 

Earnings per share were 42.0cts (2009: 35.6cts).

 

 

New acquisition during the period

 

During this period we acquired PT Kahayan with the initial "Izin Lokasi" area of 17,500 ha in Central Kalimantan, Indonesia.

 

 

Operating costs

 

The operating costs for the Indonesian operations were higher in the 1H 2010 compared to the same period in 2009. This is due to the appreciation of Indonesian Rupiah and overall increase in fertiliser costs. Going forward, the operating costs are expected to increase further due to the increasing fertiliser costs planned in the second half of 2010. Corporate tax rate in Indonesia was reduced to 25% in 2010 (2009-28%) which will result in tax saving.

 

 

Production and Sales





2010

2009

2009


6 months

6 months

Year


to 30 June

to 30 June

to 31 Dec


(unaudited)

(unaudited)

(audited)


mt

mt

mt

Oil palm production




FFB




- all estates

266,190

283,366

617,582

- bought-in or processed for third parties

200,305

224,463

435,463

Saleable CPO

92,684

102,852

213,159

Saleable palm kernels

23,039

25,152

52,050





Oil palm sales




CPO

91,507

97,609

210,549

Palm kernels

22,649

25,762

53,253

FFB sold outside

15,519

14,303

32,491





Rubber production

320

352

757

 

 

Total FFB production in 1H 2010 was 266,190 mt, down 6% compared to the same period last year due largely to a 16% decline in FFB production from Bengkulu estates. The crops on the hilly terrain made them less resilient to changing weather patterns and resulted in slower recovery from El Nino induced drought of 2006 and 2007.

 

The lower CPO production volume was mainly due to the lower yield and lower FFB production of the estates in 1H 2010.

 

Bought-in crops for the period were 200,305 mt, 11% lower than last year. Outside fruit continues to be available at prices which allow positive contributions to profit.

 

 

Commodity prices

The CPO price, which ended in December 2009 at around $780/mt, has continued its recovery trend since, reaching a high of about $850/mt, and averaged $805/mt for the first six months ended 30 June 2010 (2009: $650/mt). The impact of El Nino was more significant resulting in weaker production in Indonesia and Malaysia which lead to higher CPO price. However, with expected bumper soybean harvest from South America, seasonally higher palm oil output in the coming months and the narrowing price discount between RBD palm olein and soybean oil from Argentina will limit the upside potential for CPO price from the current level in the short term.

 

Rubber prices averaged around $2,922/mt (2009: $1,330/mt).

 

 

Development

 

The Group's planted areas at 30 June 2010 were:-

 


Total

Mature

Immature


ha

ha

ha

North Sumatra

18,570

11,449

7,121

Bengkulu

 17,314

14,759

2,555

Riau

 4,960

4,960

0

South Sumatra

757

0

757

Kalimantan

2,359

0

2,359

Indonesia

43,960

31,168

12,792

Malaysia

3,696

3,510

186

Total : 30 June 2010

47,656

34,678

12,978

Total : 31 Dec 2009

44,743

34,593

10,150

Total : 30 June 2009

46,079

32,927

13,152

 

The Group's plantation development programme is behind schedule, with 2,900 ha already planted with oil palm seedlings during the first half-year of 2010. The slowdown in new planting is mainly due to the poor weather conditions and delay in planting in South Sumatera. The Group targets to commence planting another 3,000 ha of new areas in Bengkulu, North Sumatra and Kalimantan before year end. The Group's total landholding comprises 141,000 ha, of which the planted area now stands around 47,700 ha (2009: 45,000 ha).

 

The newly commissioned Sumindo mill started operations in May 2010. The oil extraction rate of 24.5% for our own estate crop was satisfactory. As production is stepped up, we will buy and process outside crop from mid July 2010

 

A moderate earthquake of 5.7 magnitude struck 152km South West of Bengkulu City in June 2010 but there was no injury and damage to the Group's employees and properties.

 

 

Director

Donald Low has relinquished his position as Acting Chief Executive with effect from 25 May 2010. The Board is continuing its process to identify a successor. 

 

 

Dividend

As in previous years no interim dividend has been declared.  A final dividend of 5.0 cents per share in respect of the year to 31 December 2009 was paid on 28 May 2010.

 

 

Outlook

Although the commodity prices were generally stable throughout the period, we remain cautious on the recovery of global economy going forward. Nevertheless, the board however remains confident of reporting a satisfactory profit level and cash flow for the second half of 2010.

 

 

 

Chan Teik Huat

Chairman

20 August 2010

 

 



Responsibility Statements

 

We confirm that to the best of our knowledge:

 

a) The interim financial statements have been prepared in accordance with IAS34 Interim Reporting as adopted by the European Union:

 

b) The Chairman's statement includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

c) The interim financial statements include a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).

 

 

 

 

 

 

By order of the Board

Dato' John Lim Ewe Chuan

20 August 2010



 

Consolidated income statement

 



2010

6 months to 30 June

(unaudited)

2009

6 months to 30 June

(unaudited)

2009

year to 31 December

(audited)


Notes

Result before BA adjustment

$000

BA adjustment

$000

Total

$000

Result

before BA adjustment

$000

BA adjustment

$000

Total

$000

Result

before BA adjustment

$000

BA adjustment

$000

Total

$000

Continuing operations











Revenue


77,925

-

77,925

57,639

-

57,639

150,080

-

150,080

Cost of sales


(51,137)

-

(51,137)

(32,714)

-

(32,714)

(88,202)

-

(88,202)

Gross profit


26,788

-

26,788

24,925

-

24,925

61,878

-

61,878

Biological asset revaluation movement (BA adjustment)

2

-

422

422

-

417

417

-

888

888

Administration expenses


(1,112)

-

(1,112)

(1,871)

-

(1,871)

(2,923)

-

(2,923)

Operating profit


25,676

422

26,098

23,054

417

23,471

58,955

888

59,843

Exchange profit/(losses)

3

367

-

367

252

-

252

1,259

-

1,259

Finance income


903

-

903

1,532

-

1,532

3,202

-

3,202

Finance costs

4

(674)

-

(674)

(1,220)

-

(1,220)

(2,219)

-

(2,219)

Profit before tax

5

26,272

422

26,694

23,618

417

24,035

61,197

888

62,085

Tax

6

(6,570)

(126)

(6,696)

( 7,029)

(117)

(7,146)

(16,667)

(267)

(16,934)

Profit for the period


19,702

296

19,998

16,589

300

16,889

44,530

621

45,151

Attributable to:











-  equity holders of the parent


16,343

228

16,571

13,857

198

14,055

37,146

348

37,494

-  minority interests


3,359

68

3,427

2,732

102

2,834

7,384

273

7,657



19,702

296

19,998

16,589

300

16,889

44,530

621

45,151

Earnings per share











-  basic




41.98cts



35.6cts



94.99cts

-  diluted




41.93cts



35.6cts



94.99cts

 

 

Consolidated statement of comprehensive income

 



2010

6 months to

30 June

2009

6 months to

30 June

2009

Year to

31 Dec



(unaudited)

(unaudited)

(audited)



$000

$000

$000

Profit for the period


19,998

16,889

45,151

Other comprehensive income:










Unrealised (loss)/surplus on revaluation of the estates


(15,905)

3,672

(12,320)

Profit/(loss) on exchange translation of foreign operations


9,216

5,827

41,058

Deferred tax on revaluation


(639)

108

(6,286)

Other comprehensive income/(expense) for the period


(7,328)

9,607

22,452

Total comprehensive income for the period


12,670

26,496

67,603

Attributable to:





-  equity holders of the parent


11,423

21,550

52,172

-  minority interest


1,247

4,946

15,431



12,670

26,496

67,603

 



Consolidated balance sheet

 



2010

as at

30 June

2009

as at

30 June

2009

as at

31 Dec



(unaudited)

(unaudited)

(audited)


Notes

$000

$000

$000

Non-current assets





Biological assets

2

50,712

38,373

47,608

Property, plant and equipment


216,530

181,393

200,414

Receivables


1,677

1,677

1,677



268,919

221,443

249,699

Current assets





Inventories


8,366

6,343

3,720

Tax receivables


7,576

1,864

5,181

Trade and other receivables


3,082

2,892

2,582

Cash and cash equivalents


49,382

57,878

63,761



68,406

68,977

75,244

Current liabilities





Bank loans and other financial liabilities


(10,288)

(9,032)

(9,424)

Trade and other payables


(13,605)

(6,317)

(5,077)

Tax liabilities


(1,620)

(2,053)

(4,291)



(25,513)

(17,402)

(18,792)

Net current assets


42,893

51,575

56,452

Non-current liabilities





Bank loans and other financial liabilities


(12,012)

(24,223)

(17,589)

Deferred tax liabilities


(29,167)

(28,290)

(28,772)

Retirement benefit, net liabilities


(1,923)

(1,679)

(1,830)

Net assets


268,710

218,826

257,960

Equity





Share capital


15,504

15,504

15,504

Treasury shares


(1,744)

(1,744)

(1,744)

Share premium reserve


23,935

23,935

23,935

Share capital redemption reserve


1,087

1,087

1,087

Revaluation and exchange reserves


(12,553)

(14,588)

(7,405)

Retained earnings


194,245

158,128

179,594

Equity attributable to equity holders of the parent


220,474

182,322

210,971

Minority interests


48,236

36,504

46,989

Total equity


268,710

218,826

257,960

 



Consolidated Statement of Changes in Equity

 


Attributable to equity holders of the parent


Share capital

Treasury shares

Share premium

Share capital redemption reserve

Re-valuation Reserve

Foreign exchange reserve

Retained earnings

Total

Minority interests

Total equity


$000

$000

$000

$000

$000

$000

$000

$000

$000

$000

Balance at 31 December 2008

15,504

(1,785)

23,935

1,087

79,582

(101,665)

144,073

160,731

31,558

192,289

Direct changes in equity for 2009











Unrealised loss on revaluation of estates

-

-

-

-

(10,867)

-

-

(10,867)

(1,453)

(12,320)

Deferred tax on revaluation

-

-

-

-

(1,536)

(3,618)

-

(5,154)

(1,132)

(6,286)

Gain on exchange translation

-

-

-

-

-

30,699

-

30,699

10,359

41,058

Net income and expense recognised directly in equity

-

-

-

-

(12,403)

27,081

-

14,678

7,774

22,452

Profit for year

-

-

-

-

-

-

37,494

37,494

7,657

45,151

Total comprehensive  income and expense for the year

-

-

-

-

(12,403)

27,081

37,494

52,172

15,431

67,603

Share option exercised

-

41

-

-

-

-

-

41

-

41

Dividends paid

-

-

-

-

-

-

(1,973)

(1,973)

-

(1,973)

Balance at 31 December 2009

15,504

(1,744)

23,935

1,087

67,179

(74,584)

179,594

210,971

46,989

257,960












Direct changes in equity for six months to 30 June 2010











Unrealised loss on revaluation of estates

-

-

-

-

(13,120)

-

-

(13,120)

(2,785)

(15,905)

Deferred tax on revaluation

-

-

-

-

112

(681)

-

(569)

(70)

(639)

Profit on exchange translation

-

-

-

-

-

8,541

-

8,541

675

9,216

Net income and expense recognised directly in equity

-

-

-

-

(13,008)

7,860

-

(5,148)

(2,180)

(7,328)

Profit for period

-

-

-

-

-

-

16,571

16,571

3,427

19,998

Total comprehensive income and expense for the period

-

-

-

-

(13,008)

7,860

16,571

11,423

1,247

12,670

Dividends paid

-

-

-

-

-

-

(1,920)

(1,920)

-

(1,920)

Balance at 30 June 2010

15,504

(1,744)

23,935

1,087

54,171

(66,724)

194,245

220,474

48,236

268,710












Balance at 31 December 2008

15,504

(1,785)

23,935

1,087

79,582

(101,665)

144,073

160,731

31,558

192,289












Direct changes in equity for six months to 30 June 2009











Unrealised surplus on revaluation of estates

-

-

-

-

2,985

-

-

2,985

687

3,672

Deferred tax on revaluation

-

-

-

-

(295)

372

-

77

31

108

Profit on exchange translation

-

-

-

-

-

4,433

-

4,433

1,394

5,827

Net income and expense recognised directly in equity

-

-

-

-

2,690

4,805

-

7,495

2,112

9,607

Profit for period

-

-

-

-

-

-

14,055

14,055

2,834

16,889

Total comprehensive income and expense for the period

-

-

-

-

2,690

4,805

14,055

21,550

4,946

26,496

Share option exercised

-

41

-

-

-

-

-

41

-

41

Balance at 30 June 2009

15,504

(1,744)

23,935

1,087

82,272

(96,860)

158,128

182,322

36,504

218,826

 

 



Consolidated cash flow statement

 

Cash flows from operating activities


2010

2009

2009

 



6 months

6 months

Year

 



to 30 June

to 30 June

to 31 Dec

 



(unaudited)

(unaudited)

(audited)

 



$000

$000

$000

 

Profit before tax


26,694

24,035

62,085

 

Adjustments for:





 

Biological asset adjustment


(422)

(417)

(888)

 

Loss on disposal of tangible fixed assets


6

12

21

 

Depreciation


2,947

2,214

5,070

 

Share-based remuneration expense


-

-

11

 

Retirement benefit provisions


93

185

336

 

Net finance income


(229)

312

(983)

 

Operating cash flow before changes in working capital


29,089

26,341

65,652

 

(Increase)/decrease in inventories


(4,646)

(2,147)

476

 

(Increase)/decrease in trade and other receivables


(2,895)

148

1,561

 

(Decrease)/increase in trade and other payables


8,528

(4,432)

(5,672)

 

Cash flow from operations


30,076

19,910

62,017

 

Interest paid


(674)

(1,220)

(2,219)

 

Overseas tax paid


(11,763)

(10,428)

(27,169)

 

Net cash flow from operations


17,639

8,262

32,629

 






 

Investing activities





 

Acquisition of plantation assets


(4,523)

-

-

 

Property, plant and equipment





 

-  purchase


(18,175)

(15,110)

(39,925)

 

-  sale


486

28

108

 

Interest received


903

1,532

3,202

 

Net cash used in investing activities


(21,309)

(13,550)

(36,615)

 






Financing activities





Dividends paid by parent company


(1,920)

-

(1,973)

Share options exercised


-

32

30

Repayment of existing long term loans


(4,712)

(4,320)

(8,638)

Finance lease repayment


-

(9)

(13)

Net cash used in financing activities


(6,632)

(4,297)

(10,594)

Decrease in cash and cash equivalents


(10,302)

(9,585)

(14,580)






Cash and cash equivalents less overdrafts





At beginning of period


63,761

69,442

69,442

Foreign exchange


(4,077)

(1,979)

8,899

At end of period


49,382

57,878

63,761

Comprising:





Cash at end of period


49,382

57,878

63,761

Overdraft at end of period


-

-

-



49,382

57,878

63,761

 

 

 

 



Notes to the interim statements

 

 

1.         Basis of preparation of interim financial statements

This interim report does not constitute the AEP's statutory accounts. The information presented in relation to 31 December 2009 is extracted from the statutory financial statements for the year then ended and which have been delivered to the Registrar of Companies.  The auditors' report on the statutory financial statements for the year ended 31 December 2009 was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report(s) and did not contain statements under S237(2) or (3) of the Companies Act 2006.

 

The interim statements for the six months ended 30 June 2010 and 30 June 2009 have neither been audited nor reviewed pursuant to guidance issued by the Auditing Practices Board.  Those for the six months ended 30 June 2010 were approved by the board on 19 August 2010.  These interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' as adopted by the EU, the requirements of the Disclosure and Transparency Rules issued by the Financial Services Authority and the accounting policies, and methods of computation as applied in the group's 2009 Annual Report and Accounts. The comparative figures for the year ended 31 December 2009 are an extract from the audited financial statements for the year. All comparative figures have been restated for the change in presentation as a result of the adoption of IAS 1 revised and IFRS 8.

 

In line with the Group's established accounting policy, the acquisition of PT Kahayan, being an entity comprising principally land with no active plantation business, has not been accounted for as a business combination. Accordingly, the consideration paid has been allocated between the identifiable assets and liabilities at the acquisition date.

 

 

2.         Biological assets

Group fixed assets are valued in total on the same "value in use" basis as disclosed in the Group's accounting policies within the annual financial statements.  Within this total, the value of biological assets has been estimated separately and, as required by IAS41, the movement in valuation surplus of biological assets has been charged or credited (BA adjustment) to the income statement for the relevant period.

 

 

3.         Foreign exchange



2010

2009

2009



6 months

6 months

Year



to 30 June

to 30 June

to 31 Dec



(unaudited)

(unaudited)

(audited)

Average exchange rates





Rp : $


9,174

11,000

10,158

$ : £


1.53

1.51

1.57

RM : $


3.29

3.59

3.52






Closing exchange rates





Rp : $


9,083

10,208

9,400

$ : £


1.5

1.65

1.61

RM : $


3.24

3.52

3.42

 

 

4.         Finance costs



2010

2009

2009



6 months

6 months

Year



to 30 June

to 30 June

to 31 Dec



(unaudited)

(unaudited)

(audited)



$000

$000

$000

Payable


674

1,220

2,260

Capitalised


-

-

(41)



674

1,220

2,219

 

 

5.         Segment information


North Sumatra

Bengkulu

South Sumatra

Riau

Bangka

Kali-mantan

Total Indonesia

Malaysia

UK

Total


$000

$000

$000

$000

$000

$000

$000

$000

$000

$000

6 months to 30 June 2010 (unaudited)











Total sales revenue (all external)

33,827

24,374

-

16,732

-

-

74,933

2,553

-

77,486

Other income

336

-

-

91

-

-

427

12

-

439

Total revenue

34,163

24,374

-

16,823

-

-

75,360

2,565

-

77,925












Profit/(loss) before tax

13,467

6,964

-

5,390

-

-

25,821

311

140

26,272

BA Movement










422

Profit for the year before tax per  consolidated income statement










26,694












Total Assets

130,816

92,754

16,437

36,706

1,622

24,635

302,970

30,502

3,853

337,325

Non-Current Assets

104,746

68,800

15,572

32,135

1,581

23,319

246,153

21,089

1,677

268,919












6 months to 30 June 2009 (unaudited)











Total sales revenue (all external)

30,660

19,491

-

5,165

-

-

55,316

1,767

-

57,083

Other income

77

-

-

199

-

-

276

2

-

278

Total revenue

30,737

19,491

-

5,364

-

-

55,592

1,769

-

57,361












Profit/(loss) before tax

11,737

8,859

-

4,932

-

-

25,528

320

(2,230)

23,618

BA Movement










417

Profit for the year before tax per  consolidated income statement










24,035












Total Assets

130,057

72,451

14,218

29,834

1,451

10,113

258,124

27,406

4,890

290,420

Non-Current Assets

87,912

59,778

13,855

27,851

1,407

9,535

200,338

19,428

1,677

221,443












Year to 31 Dec 2009 (audited)











Total sales revenue (all external)

70,154

44,547

-

30,191

-

-

144,892

4,084

-

148,976

Other income

584

-

-

358

-

-

942

162

-

1,104

Total revenue

70,738

44,547

-

30,549

-

-

145,834

4,246

-

150,080












Profit/(loss) before tax

30,094

20,443

-

10,897

-

-

61,434

426

(663)

61,197

BA Movement










888

Profit for the year before tax per  consolidated income statement










62,085












Total Assets

137,127

84,455

15,695

41,832

1,572

13,572

294,253

27,761

2,929

324,943

Non-Current Assets

101,182

66,462

15,047

30,782

1,528

13,067

228,068

19,954

1,677

249,699

 

In the 6 months to 30 June 2010, revenues from 4 customers of the Indonesian segment represent approximately $68.1m of the Group's total revenues. An analysis of these revenues is provided below:

 

Major Customers

$

%

Customer 1

           26.3m

33.7

Customer 2

           25.6m

32.9

Customer 3

           10.6m

13.6

Customer 4

5.6m

7.2

Total

68.1m

87.4



In year 2009, revenues from 4 customers of the Indonesian segment represent approximately $118.2m of the Group's total revenues. An analysis of these revenues is provided below:

 

Major Customers

$

%

Customer 1

41.4m

27.6

Customer 2

36.2m

24.1

Customer 3

24.3m

16.2

Customer 4

16.3m

10.9

Total

118.2m

78.8

 

 

6.         Tax



2010

2009

2009



6 months

6 months

Year



to 30 June

to 30 June

to 31 Dec



(unaudited)

(unaudited)

(audited)



$000

$000

$000

Foreign corporation tax


6,285

6,773

16,034

Foreign withholding tax


-

-

-

Deferred tax adjustment


411

373

900



6,696

7,146

16,934

 

 

7.         Dividend

The final and only dividend in respect of 2009, amounting to 5.0cts per share, or $1,920,499, was paid on 28 May 2010 (2008: 5.0cts per share, or $1,973,514, paid on 7 August 2009). In common with previous years no interim dividend has been declared.

 

 

8.         Earnings per share



2010

2009

2009



6 months

6 months

Year



to 30 June

to 30 June

to 31 Dec



(unaudited)

(unaudited)

(audited)



$000

$000

$000

Earnings before BA adjustment


16,343

13,857

 

37,146

Net BA adjustment


228

198

348

Earnings after BA adjustment


16,571

14,055

37,494








Number

Number

Number



000

000

000

Weighted average number of shares in issue in period





-     used in basic EPS


39,470

39,470

39,470

-     dilutive effect of outstanding share options


53

34

-

-     used in diluted EPS


39,523

39,504

39,470

Shares in issue at period end excluding 506,000 shares held in treasury


39,470

39,470

39,470






Basic earnings per share before BA adjustment


41.41

35.1cts

94.11cts






Basic earnings per share after BA adjustment


41.98

35.6cts

94.99cts

 

 

9          Post balance sheet events

No major events or transactions have occurred between 30 June 2010 and the date of this report.

 

 

10         Report and Financial Information

 

Copies of the interim report for the Group for the period ended 30 June 2010 are available on the AEP website at www.angloeastern.co.uk.

 


This information is provided by RNS
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