Interim Results
Assura Group Limited
18 September 2007
Assura Group Limited
Unaudited interim report for the six months ended 30 June 2007
Highlights
Assura Group works in partnership with GPs and Health Professionals to deliver
property, pharmacy and medical services in primary care.
These unaudited interim results are in respect of the six month period to 30
June 2007.
• Group operating profit £8.3m (2006: £7.2m)
• Interim dividend up 17% to 2.33p1 (2006: 2.00p)
• Net assets up 7% to £286.5m equivalent to 123.2p per Share compared to
114.3p at 31 December 2006
• Eight joint ventures with GPs formed to provide out-patient and diagnostic
procedures to a population of circa 1m patients
• 15 (2006: 4) pharmacies open2 - EBITDA positive at branch level this year
• Invested or committed £493m (2006: £385m) across 135 sites of which 21 are
currently in solicitors' hands2
• On track to have joint ventures providing services to 1.5m patients and
20 pharmacies by end 2007 and to invest or commit £600m on property by 31
March 2008
1 Ex-dividend date 26 September 2007, record date 28 September 2007, payment
date 19 October 2007.
2 As at 01 September 2007.
Chief Executive's Statement
For the six months ended 30 June 2007
This unaudited Interim Report is published in respect of the six months to 30
June 2007.
Results
I am pleased to report a satisfactory first half of the year with good progress
being made to generate current and future income streams out of property,
pharmacy and medical services via joint ventures with GPs.
During the period, total revenue amounted to £13.9m (2006: £5.9m) producing a
Group operating profit of £8.3m (2006: £7.2m). The resultant profit for the
period was £26.6m (2006: £13.4m) reflecting a mark-to-market revaluation surplus
of £18.3m (2006: £6.2m) in respect of an interest rate swap entered into by the
Company. Net asset value as at 30 June 2007 was up 7% to £286.5m (2006:
£267.5m) equivalent to 123.2p per Ordinary Share on a fully diluted basis
compared to 114.3p at 31 December 2006.
The pharmacy division is now generating profits at a branch level and the
medical division has commenced out-patient services in a number of locations.
As has been previously highlighted, it is not anticipated that either division
will make a significant contribution to Group profits until 2009 at the
earliest. That being said, we continue to invest significantly in the
development of these operating businesses in view of the many exciting and
increasing opportunities evolving out of the NHS.
An interim dividend of 2.33p (2006: 2.00p) per Ordinary Share has been declared
to shareholders on the register as at 28 September 2007 (ex-dividend date 26
September 2007). In the absence of unforeseen circumstances the Company intends
to pay a further interim dividend in respect of the period ending 30 September
2007 and a final dividend in respect of the 15 month period to 31 March 2008.
Operating review
The Company is evolving very rapidly into a primary and community care provider
organisation. With strong asset backing from its property division it is able to
offer its GP partners, pharmacists and patients modern integrated facilities
which are suited to the evolving NHS and are capable of undertaking many
services which have hitherto been carried out in hospitals e.g. out-patient and
diagnostic procedures. The Company's investment in its joint ventures with GPs,
its provision of associated property infrastructure and the development of its
pharmacy operating business will all take time to mature but strong progress is
being made across a number of geographical locations. The Company now employs
around 250 (2006: 99) people and well over 50% by number and salary are employed
in its medical and pharmacy divisions.
The start-up losses associated with the development of the pharmacy and medical
divisions continue to be funded out of the Company's existing resources. At the
same time, it is expected that the Company's current equity base combined with
debt funding can continue to finance the roll-out of these businesses as well as
fund the total capital investment in property of at least £750m.
The Company believes that by having a modern portfolio of property assets
capable of housing GPs and other health providers, locating its own pharmacies
within these facilities and by entering into collaborative joint ventures with
GPs to provide out-patient and related services as a 'willing provider'(i) it
will build a strong and effective group capable of becoming one of the leading
providers of NHS services to patients.
Property division
As at 01 September 2007, the Company's property division had committed £493m
(2006: £385m) across 135 sites including 21 which are currently in solicitors'
hands. The yield on cost of all capital commitments continues to average over
6% and whilst revaluation surpluses have been credited on completed properties,
there remain, assuming current valuation yields(ii), significant potential
revaluation surpluses on development properties currently under construction.
The Company settled rent reviews on 11 properties during the first six months of
2007 resulting in an aggregate annualised increase of 4.54% per annum on the
passing rent relating to those properties. As at 30 June 2007, the portfolio
had an average rent of £147.9 per square metre on GMS space and an average
weighted income un-expired term of 19 years.
The shift in services from secondary care (hospitals) towards primary and
community care mandated by the government, continues to require large, modern,
purpose-built premises. The Company's development team and pipeline continues
to grow in response to this and there are a growing number of schemes at an
advanced stage of negotiation or under construction.
Pharmacy division
The provision of pharmacy services in health centre locations is key to
providing a holistic primary care service and capturing a greater proportion of
primary health care expenditure.
The Company's pharmacy division now has 15 (2006: 4) pharmacies trading and a
further five are scheduled to be opened in the next three months taking the
total to 20 by the end of 2007. In the first six months of 2007, the pharmacy
division generated a turnover of £5.1m (2006: £0.5m) and a gross margin of
27.6%. Next year, the Company is intending to open or invest in another 20
pharmacies taking the total, by 31 March 2009, to a minimum of 40 pharmacies.
During 2008, the Company intends to develop a direct to consumer channel for the
pharmacy business allowing patients to take delivery of their medicines at their
home or place of work providing a convenient and efficient service in addition
to physical branch locations. This concept is planned to be piloted across a
number of regions working closely with GPs and patient groups prior to rolling
it out. These developments will transform the Company's pharmacy business into
a multi-channel operation offering patients a range of options as to how
services can be provided.
Medical division
The Company's medical division is at an early stage of development and is in the
process of forming a number of joint ventures with GPs and locality groups to
provide out-patient and diagnostic services to patients in primary care and
community settings. The Company has formed eight joint ventures serving circa
1m patients and is on track to have over 1.5m patients by the end of this
financial year. Out-patient services have commenced in Liverpool, Bath and
Macclesfield and there are many other services being bid for or planned within
the existing eight joint ventures and with other GP partners and locality groups
elsewhere.
The Company is very deliberately concentrating significant resources on building
its joint venture businesses covering a growing number of potential patients.
By giving its joint venture partners the tools required to become highly
effective providers of consultant-led services in the community, the Company
will have a powerful business model for future NHS-based service provision.
These businesses directly address the government requirement for more community
based services, but they will take time to mature.
The Company is working extensively with the Acute Trusts and PCTs in its joint
venture locations as it is evident that whilst the NHS is embracing the concept
of 'willing providers' the processes within PCTs to establish its implementation
and monitor progress are still at an early stage of formation. This is
improving all the time and the Company looks forward to the next 12 months with
a great degree of confidence.
Strategic outlook
The Company has established its business model for primary care and the outlook
for growth in this sector is extremely strong. The Company is well placed to
grow organically and via corporate acquisitions.
After the period end, the Company acquired a 15% stake in Surgery Holdings
Limited for a consideration of £0.5m. This is a national independent consultant
chambers organisation owned by NHS surgeons and the investment will support the
Company's provision of primary care based services by giving access to a fast
growing network that currently comprises nine local consultant companies, across
the UK, comprising over 600 member consultants across a range of specialties.
On 16 August 2007, the Company announced that, subject to completion of the
Westbury/Stobart merger, there would be a compensation payment due to the
Company. This is likely to result in an exceptional profit after goodwill
write-off and payment to sub-advisers of circa £7m. As part of the
consideration, the Company will retain circa 6m Stobart Group shares which are
subject to a minimum 12 month lock-up.
Industry trends
The last six months have seen an even greater emphasis on private sector
provision in the NHS for both primary and secondary care. We see limited
political risk in the overall direction of travel regardless of which political
party is in power.
The Strategic Health Authority and Primary Care Trust reorganisations which took
place last year are now starting to have a positive effect in most areas and we
are seeing good progress being made in a number of locations and across all of
our three business divisions.
Richard Burrell
Chief Executive Officer
17 September 2007
Independent Review Report
For the period from 1 January 2007 to 30 June 2007
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007 which comprises the Unaudited Consolidated
Income Statement, Unaudited Consolidated Balance Sheet, Unaudited Consolidated
Statement of Changes in Equity, Unaudited Consolidated Cash Flow Statement, and
the related notes 1 to 21. We have read the other information contained in the
interim report and considered whether it contains any apparent mis-statements or
material inconsistencies with the financial information.
This report is made solely to the Company in accordance with guidance contained
in Bulletin 1999/4 'Review of interim financial information' issued by the
Auditing Practices Board. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company, for our work,
for this report, or for the conclusions we have formed.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
'Review of interim financial information' issued by the Auditing Practices Board
for use in the United Kingdom. A review consists principally of making
enquiries of Group management and applying analytical procedures to the
financial information and underlying financial data, and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied, unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with International Standards on Auditing (UK and Ireland) and
therefore provides a lower level of assurance than an audit. Accordingly we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.
Ernst & Young LLP
Guernsey, Channel Islands
17 September 2007
Unaudited Consolidated Income Statement
For the period from 1 January 2007 to 30 June 2007
1/01/2007 1/01/2006
to to
30/06/2007 30/06/2006
Unaudited Unaudited
Notes £ £
Revenue 4 13,918,979 5,878,239
Cost of sales 5 (4,906,311) (956,163)
Gross profit 9,012,668 4,922,076
Administrative expenses 6 10,496,338 4,225,670
Other expenses 7 1,284,251 -
11,780,589 4,225,670
Group trading (losses)/profit (2,767,921) 696,406
Other operating income 8 11,176,738 7,644,565
Share of post tax losses of associates and joint ventures 9 (112,945) -
accounted for using the equity method
Exceptional pharmacy establishment cost 10 - (1,105,000)
Group operating profit from continuing operations 8,295,872 7,235,971
Finance revenue 11 18,895,158 6,969,872
Finance costs 12 (563,824) (801,488)
18,331,334 6,168,384
Profit before taxation 26,627,206 13,404,355
Taxation (1,113) (126)
Profit for the period 26,626,093 13,404,229
Profit for the year attributable to:
Equity holders of the parent 26,763,881 13,182,050
Minority interest (137,788) 222,179
26,626,093 13,404,229
Earnings per share (pence)
Basic earnings per share on profit for the period 15 11.85p 8.04p
Diluted earnings per share on profit for the period 15 11.63p 8.04p
Dividend per share 13 4.00p 3.34p
Unaudited Consolidated Balance Sheet
As at 30 June 2007
30/06/2007 30/06/2006 31/12/2006
Unaudited Unaudited Audited
Notes £ £ £
Non-current assets
Investment property 16 240,587,635 177,255,373 213,132,257
Development property 61,070,821 30,616,684 35,230,758
Investment in associates 1,680,618 2,148,555 1,069,744
Investment in joint ventures 588,720 - 868,805
Intangible assets 42,047,523 33,942,476 36,997,920
Property, plant and equipment 8,993,227 460,216 5,973,572
Other investments 258,645 - 250,000
Derivative financial instruments at fair 20,512,364 3,041,001 2,202,305
value
375,739,553 247,464,305 295,725,361
Current assets
Cash and cash equivalents 7,716,820 22,425,602 18,841,640
Debtors 9,824,701 7,511,975 9,891,396
Pharmacy inventories 867,862 250,000 567,290
Property work in progress 5,962,690 7,095,460 3,239,193
24,372,073 37,283,037 32,539,519
Total assets 400,111,626 284,747,342 328,264,880
Current liabilities
Bank overdraft 3,375,358 - 2,134,942
Creditors 12,710,013 5,869,848 11,793,107
Corporate tax and other taxes 672,554 276,168 599,003
16,757,925 6,146,016 14,527,052
Non-current liabilities
Long term loan 95,596,811 12,500,000 44,948,569
Payments due under finance lease 1,289,180 1,426,565 1,289,180
96,885,991 13,926,565 46,237,749
Total liabilities 113,643,916 20,072,581 60,764,801
Net assets 286,467,710 264,674,761 267,500,079
Represented by :
Capital and reserves
Share capital 17 22,593,170 22,593,170 22,593,170
Share premium - 226,983,651 226,678,243
Distributable 232,882,047 14,414,330 15,563,743
reserve
Retained earnings 29,899,870 683,610 1,851,738
Revaluation reserve 523,226 - 106,000
Deferred consideration reserve 790,000 - 790,000
286,688,313 264,674,761 267,582,894
Minority interests (220,603) - (82,815)
Total equity 286,467,710 264,674,761 267,500,079
Basic net asset value per Ordinary Share 18 126.79p 117.15p 118.40p
Diluted net asset value per Ordinary Share 18 123.20p 113.11p 114.32p
The unaudited financial statements on pages 8 to 13 were approved at a meeting
of the Board of Directors held on 17 September 2007 and signed on its behalf by:
Dr John Curran Peter Pichler
Deputy Chairman Director
Unaudited Consolidated Statement of Changes in Equity
For the period from 1 January 2007 to 30 June 2007
Share Share Distributable Retained Revaluation Minority Deferred Total
Capital Premium Reserve Earnings Reserve Interest Consideration
Reserve
£ £ £ £ £ £ £ £
1 January 2007 22,593,170 226,678,243 15,563,743 1,851,738 106,000 (82,815) 790,000 267,500,079
Transfer from share - (226,678,243) 226,678,243 - - -
premium1
Dividends on Ordinary - - (9,359,939) - - - - (9,359,939)
Shares
Profit/(loss) - - - 26,763,881 - (137,788) - 26,626,093
attributable to
equity holders and
minority interest
Cost of employee - - - 1,284,251 - - - 1,284,251
share-based
incentives
Revaluation of land & - - - - 417,226 - - 417,226
buildings
30 June 2007 22,593,170 - 232,882,047 29,899,870 523,226 (220,603) 790,000 286,467,710
1 January 2006 14,240,385 122,239,453 - (18,327,822) - (222,179) - 117,929,837
Issue of Ordinary 9,159,462 133,644,568 - - - - - 142,804,030
Shares
Treasury shares (806,677) - - - - - - (806,677)
Issue costs on
issuance of
Ordinary Shares - (3,900,370) - - - - - (3,900,370)
Transfer from share
premium - (25,000,000) 25,000,000 - - - - -
Dividends on Ordinary
Shares - - (4,756,288) - - - - (4,756,288)
Profit/(loss)
attributable to
equity holders and
minority interest - - - 13,182,050 - 222,179 - 13,404,229
Transfer to retained
earnings - - (5,829,382) 5,829,382 - - - -
Revaluation of land &
buildings - - - - - - - -
30 June 2006 22,593,170 226,983,651 14,414,330 683,610 - - - 264,674,761
1 January 2006 14,240,385 122,239,453 - (18,327,822) - (222,179) - 117,929,837
Issue of Ordinary 9,159,462 133,644,568 - - - - - 142,804,030
Shares
Treasury shares (806,677) - - - - - - (806,677)
Issue costs on - (4,205,778) - - - - - (4,205,778)
issuance of Ordinary
Shares
Transfer from share - (25,000,000) 25,000,000 - - - - -
premium
Minority interest - - - - - 610,624 - 610,624
acquired in year
Dividends on Ordinary - - (9,436,257) - - - - (9,436,257)
Shares
Profit/(loss) - - - 18,900,446 - (471,260) - 18,429,186
attributable to
equity holders and
minority interest
Cost of employee - - - 1,279,114 - - - 1,279,114
share-based
incentives
Revaluation of land & - - - - 106,000 - - 106,000
buildings
Deferred share-based - - - - - - 790,000 790,000
consideration
31 December 2006 22,593,170 226,678,243 15,563,743 1,851,738 106,000 (82,815) 790,000 267,500,079
1 Following an application to the Royal Court of Guernsey, £226,678,243 was
transferred from Share Premium account to Distributable Reserve on 29 June 2007.
Unaudited Consolidated Cash Flow Statement
For the period 1 January 2007 to 30 June 2007
1/01/2007 1/01/2006
to to
30/06/2007 30/06/2006
Unaudited Unaudited
£ £
Operating activities
Rent received 6,834,635 3,982,373
Revenue from pharmacies 5,132,901 486,208
Fees received 2,317,106 680,079
Bank and other interest received 585,099 456,552
Expenses paid (9,920,381) (5,007,456)
Purchases by pharmacies (3,714,227) (359,988)
Interest paid and similar charges (1,774,297) (1,015,759)
Net cash outflow from operating activities (539,164) (777,991)
Investing activities
Purchase of development and investment property (42,118,703) (41,452,523)
Purchase of investments (8,645) -
Purchase of property, plant, equipment and intangibles (7,652,656) (650,479)
Acquisition of subsidiaries, net of cash acquired - (10,183,080)
Cost of development work in progress (2,723,497) (15,574,774)
Net loans advanced to associated companies (610,874) (780,582)
Net cash outflow from investing activities (53,114,375) (68,641,438)
Financing activities
Issue of Ordinary Shares - 110,039,336
Issue costs paid on issuance of Ordinary Shares - (4,183,666)
Dividends paid (9,359,939) (4,756,288)
Drawdown of term loan 50,648,242 51,000,000
Repayment of term loan - (64,000,000)
Net cash inflow from financing activities 41,288,303 88,099,382
(Decrease)/increase in cash and cash equivalents (12,365,236) 18,679,953
Cash and cash equivalents at 1 January 16,706,698 3,745,649
Cash and cash equivalents at 30 June 4,341,462 22,425,602
Notes to the Unaudited Financial Statements
For the period from 1 January 2007 to 30 June 2007
1. The Company was incorporated on 7 October 2003 and commenced trading
following Admission of its shares to the Official List of the London Stock
Exchange on 21 November 2003.
2. The results for the six months to 30 June 2007 have been prepared on
the basis of the accounting policies set out in the Company's 2006 annual report
and financial statements. The results for the six months to 30 June 2007 and
2006 are unaudited. The interim accounts do not constitute statutory accounts.
The balance sheet as at 31 December 2006 has been extracted from the Company's
2006 annual report and financial statements. The auditor has reported on the
2006 accounts and the report was unqualified.
3. All revenue and operating profit arose from continuing operations.
4. Revenue
2007 2006
£ £
Rent receivable 6,468,972 4,711,952
Revenue from pharmacies 5,132,901 486,208
Fund management and other fees receivable 2,317,106 680,079
13,918,979 5,878,239
5. Cost of sales
2007 2006
£ £
Property management expenses 600,668 340,398
Purchases by pharmacies 3,714,227 359,988
Fund management direct costs 591,416 255,777
4,906,311 956,163
6. Administrative expenses
2007 2006
£ £
Investment Manager's fees - 1,099,048
Salaries and other staff costs 5,246,745 1,395,488
Premises costs 1,462,772 164,762
Other administrative expenses 3,786,821 1,566,372
10,496,338 4,225,670
Administrative expenses increased from 15 May 2006 when the Company acquired its
former fund manager and, from that date, employed its own internal management
team.
7. Other expenses
2007 2006
£ £
Cost of employee share-based incentives 1,284,251 -
8. Other operating income
2007 2006
£ £
Unrealised surplus on revaluation of investment property 11,176,738 7,644,565
9. Share of post tax losses of associates and joint ventures accounted for
using the equity method.
2007 2006
£ £
Share of losses of associates and joint ventures 112,945 -
10. Exceptional pharmacy establishment cost
2007 2006
£ £
Pharmacy establishment cost - 1,105,000
The Company entered into an arrangement with Pharma-e Limited, of which John
Curran is a Director and shareholder, to compensate Pharma-e Limited for
consultancy services provided to the Group in conjunction with establishment of
the pharmacy business of Assura Pharmacy Limited. The consideration was met by
the issue of 650,000 Ordinary Shares in the Company to Pharma-e Limited.
11. Finance revenue
2007 2006
£ £
Bank and other interest 585,099 456,552
Unrealised profit on revaluation of derivative financial 18,310,059 6,513,320
instrument
18,895,158 6,969,872
The Company has entered into a long-term interest rate swap at a rate of 4.59%
on a principal sum of £100m up to 30 June 2007, £150m up to 31 December 2007 and
£200m from then until 31 December 2027. Based on the actual 20-year swap rate at
30 June 2007, the fair value of this swap was £20,512,364 at 30 June 2007
(£3,041,001 at 30 June 2006, £2,202,305 at 31 December 2006).
12. Finance costs
2007 2006
£ £
Long-term loan interest payable 2,037,106 531,492
Interest capitalised on developments (1,236,615) -
Swap interest (438,016) (26,851)
Non-utilisation fees 54,000 82,449
Amortisation of loan issue costs 130,848 121,959
Bank charges 16,501 92,439
563,824 801,488
13. Dividends paid on Ordinary Shares
Number of Rate 2007 Rate 2006
Ordinary pence pence
Shares £ £
Final dividend for 2006 paid 4 May 233,998,471 4.00 9,359,939 3.34 4,756,288
2007 (declared 27 March 2007)
(142,403,847)
Dividends paid 4.00 9,359,939 3.34 4,756,288
14. On 18 September 2007 an interim dividend for 2007 of 2.33p per Ordinary
Share, to be paid out of Distributable Reserves, was declared to shareholders on
the register at 28 September 2007 giving a total amount of £5,462,991 based on
234,463,115 shares currently in issue.
15. The basic profit per Ordinary Share is based on the profit attributable
to equity holders of the parent for the year of £26,763,881 (2006: £13,182,050)
and on 225,931,703 Ordinary Shares (2006: 163,969,190), being the weighted
average number of Ordinary Shares in issue in the respective year, excluding
treasury shares.
The diluted profit per Ordinary Share is based on the profit for the year of
£26,763,881 (2006: £13,182,050) and on 230,058,425 Ordinary Shares (2006:
163,969,190), being the weighted average number of Ordinary Shares in issue in
the respective year.
16. The figures for investment properties at 30 June 2007, 30 June 2006 and
31 December 2006 are based on valuations determined by Savills Commercial
Limited.
17. Share capital
£
Consolidated and Company Authorised
300,000,000 Ordinary Shares of 10p each 30,000,000
20,000,000 Preference Shares of 10p each 2,000,000
32,000,000
Number of Share
Shares Capital
£
Ordinary Shares issued and fully paid 233,998,471 23,399,847
Treasury Shares (8,066,768) (806,677)
Total Share Capital 225,931,703 22,593,170
The Treasury Shares were issued in May 2006 to the Assura Group Limited
Employee Benefit Trust and are held for the purposes of the Assura Group Limited
Executive Incentive Plan.
18. The basic net asset value per Ordinary Share is based on the net assets
attributable to the ordinary shareholders of £286,467,710 (30 June 2006:
£264,674,671, 31 December 2006: £267,500,079) and on 225,931,703 (30 June 2006:
225,931,703, 31 December 2006: 225,931,703) Ordinary Shares in issue at the
balance sheet date excluding treasury shares.
The diluted net asset value per Ordinary Share is based on the net assets
attributable to the ordinary shareholders of £286,467,710 (30 June 2006:
£264,674,671, 31 December 2006: £267,500,079) and on 232,516,379 (30 June 2006:
233,998,471, 31 December 2006: 233,998,471) Ordinary Shares in issue at the
balance sheet date.
19. On 16 August 2007 the Company announced the termination of the
investment management services provided by Assura Fund Management LLP, a
subsidiary of the Company, to The Westbury Property Fund Limited, subject to
shareholder approval by the latter company.
Termination of the services, if approved by the shareholders of The Westbury
Property Fund Limited, at an Extraordinary General Meeting being held on 19
September 2007, is expected to result in a profit for the Group of circa £7m
from the payment of a termination fee by The Westbury Property Fund and after
allowance for payments to sub-advisers, taxation and estimated goodwill
impairment.
20. A copy of this statement has been sent to every shareholder. Further
copies are available from the Company's registered office or from the website
www.assuragroup.co.uk.
21. The interim financial statements were approved at a meeting of the Board
of Directors held on 17 September 2007.
--------------------------
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