Interim Results

RNS Number : 3551Z

Gas Turbine Efficiency PLC

21 September 2009

 



21 September 2009

Gas Turbine Efficiency plc

Interim results for the six months ended 30 June 2009

Gas Turbine Efficiency plc ('GTE' or 'the Group'), a leading provider of proprietary cleantech systems for enhancing the performance of industrial and aviation turbines, today announces its unaudited interim results for the six months ended 30 June 2009.

H1 2009 Highlights

·        Group revenue increased by 25% to $18.4m (H1 2008: $14.7m)

·     Energy Services revenue up 29% to $14.5m (H1 2008: $11.3m)

·     Aviation revenue up 15% to $3.9m (H1 2008: $3.4m)

·    Gross profit margin of 40% (H1 2008: 44%)

·    EBITDA rose to $0.7m (H1 2008: $0.5m)

·    Placing in May 2009 raised $10.4m (net of expenses)

·    Prominent industry turbine services team recruited

·    Cash and cash equivalents of $10.5m as at 30 June 2009

Current Trading

·    Current year revenue and order backlog up 11% to $32.6m as at 8 September 2009 (2008: $29.4m)

·    Energy Services revenue and order backlog up 21% to $27.5m (2008: $22.7m)

·    Aviation revenue and order backlog reduced by $4.4m since May 2009 to $5.1m, due to customer cash constraints and delay of the expected expansion of the EcoPower® network to 2010

·    Full year group revenue now expected to be approximately 10-15% ahead of 2008, against a very challenging marketplace

·    Full year gross margin performance anticipated to be in line with H1 2009

Steve Zwolinski, Chief Executive Officer of GTE, commented:

'GTE delivered strong growth in the first half, with Group revenue up 25%. This growth was driven by a particularly good performance in the Energy Services division where demand for our products and services has strengthened despite the difficult economic backdrop.  

'GTE provides compelling economic and environmental value to customers in the multi-billion dollar market for gas turbine services and upgrades. However, in the short term, our customers' cash constraints, particularly in the Aviation sector, have caused a substantial revision to investment decisions, extended payment terms and more intense and protracted competitive evaluations. Although visibility of the timing of revenue has diminished substantially in the short term, customer engagement around our current and new products has increased substantially during the period and, longer term, we are well positioned to benefit when our markets improve.'

For further information, please contact:

Gas Turbine Efficiency plc
Steven Zwolinski, CEO
[phone]

Financial Dynamics
Jon Simmons
[phone]

Collins Stewart Europe Limited (Nomad & Joint Broker)
Hugh Field
Bruce Garrow

[phone]

Mirabaud Securities LLP (Joint Broker)
Peter Krens 

[phone]

About GTE 

Gas Turbine Efficiency plc (GTE) designs, manufactures and supplies proprietary cleantech energy saving and performance enhancing systems and support services to the industrial, combustion and aviation industries. GTE's extensive portfolio of patented cleantech solutions save fuel, reduce emissions, increase availability, and extend turbine and parts life. 

The Group also provides solutions for burning a wider variety and quality of primary and alternative fuels. Specific products and services developed by our world-class technology team include compressor cleaning and power augmentation systems; fuels management systems; combustion design, repair, upgrade and monitoring; and fluid and control auxiliaries. The Group's systems and associated services are provided to turbine end users and OEMs including General Electric, Pratt & Whitney, Rolls Royce, Caterpillar-Solar and Siemens from operation centres in Europe and the USA. GTE's shares are traded on London Stock Exchange's AIM (Ticker: GTE).

Overview

GTE delivered strong revenue growth in the first half with Group revenue up 25%. This growth was driven by a particularly good performance in the Energy Services division where demand for our products and services has strengthened despite the difficult economic backdrop.  

Gross margins in H1 2008 were 40% (H1 2008: 44%) reflecting the proportionate increase in revenue contribution from Energy Services and the product mix within Energy Services.

GTE delivered EBITDA of $0.7 million (H1 2008: $0.5 million) and net profit increased to $0.06 million (H1 2008: $0.03 million).

Basic and fully diluted earnings per share was $0.001 (H1 2008: $0.000).

The total number of patents granted year to date increased to 19 from 16 at 31 December 2008, with an additional 17 patent applications pending or provisionally filed.

The Group's net cash position at 30 June 2009 was $9.6 million.

Operating Review

GTE has in the past presented the review of its business under Aviation, Industrial and Combustion divisions. Going forward, the Group intends to present the review of the Industrial and Combustion divisions activities as a single Energy Services segment which reflects how GTE offers its products and services to its customers.  

Energy Services - Industrial & Combustion

Despite the challenging economic back drop, demand across our core range of products and services has strengthened and revenues from the Energy Services division were up 29% to $14.5 million in H1 2009.

Order intake for Energy Services activities decreased by 10% to $13.9 million in the first half of 2009. 

Sales to leading OEMs increased by 33% to $9.4 million, reflecting continued strong demand and expansion of product lines and services offered through this channel.

End user sales increased by 21% to $5.1 million reflecting sales to third parties and direct to end users, such as utilities, oil and gas companies and global service providers.

Our controls and optimisation product line, 'EcoMax', launched at the end of 2008 has generated significant industry attention.  This performance and environmental optimising platform delivers significant customer productivity and also provides GTE with the opportunity to offer further high value software upgrades to 'EcoMax' customers as well as providing monitoring and diagnostic capabilities, from our new centre in Orlando which went live in June 2009. 

Product development in the Energy Services sector continues on track with 10 new product and services offerings so far this year, including extensions of capability for the 50Hz turbines used in the EMEA market.  In line with the Group's globalisation strategy, the EMEA commercial team was strengthened by significant senior hires to target the critical market segments of power generation and oil and gas.

GTE entered the US turbine services market in July 2009. This team of eight people, led by John Duff, formerly of Entegra Power, adds an important dimension to the growing GTE solutions portfolio. This team will utilise the existing Energy Services resource infrastructure. The new business unit was launched and the first order was received from a leading US utility within three months.  This business is expected to be earnings accretive in 2010.

The power generation market closely tracks GDP and demand in the first half softened. In addition, the weak US summer power generation market has put pressure on utility and merchant generators' cash flows.  Industry forecasts indicate recovery in 2010-2011 and GTE remains confident of its ability to harness the market opportunity as recovery unfolds.  

Aviation

The Aviation division, where GTE is the exclusive supplier of engine wash systems to Pratt & Whitney, grew revenue 15% in H1 2008 to $3.9 million, which was in line with expectations.  

The compelling economic and environmental benefits of GTE's proposition to commercial and military aircraft operators remain.  However, the global recession is now having a greater impact on expenditure in the aviation sector than previously expected, with significant cash pressure on all aviation customers, impacting discretionary expenditures, regardless of the investment payback.

Due to the impact of customer cash constraints and the recent delay of the expected EcoPower® network expansion to 2010, GTE is experiencing a significant slowdown in Aviation in the second half of 2009.  Aviation revenue and order backlog at 8 September 2009 for the current year was $5.1m, some $4.4m less than in May 2009, and we are not expecting a significant change in the remainder of this year.

GTE is developing products in military and small aircraft segments which are expected to ramp up in 2010.  Longer term, GTE is well placed to benefit when market conditions in the aviation industry improve. Furthermore, customers are preparing for upcoming environmental regulatory changes. These are expected to significantly increase the value of GTE's offering over the 2010-2012 period.

New Product Development

GTE focuses on gas turbine solutions that provide compelling economic and environmental value to customers in the multi-billion dollar market for gas turbine services and upgrades, namely:  

• Greater fuel efficiency, parts life extension and lower service and maintenance costs;
• Increased power output from existing assets, reducing the immediate need for new equipment; and
• Environmental benefits through both fuel efficiency and emissions reduction.

GTE continues to invest in the development of its broad range  of high value and proprietary solutions, to diversify its customer base and channel partners and to invest in operational capability and infrastructure to support the delivery of its products and services to customers.  This marketplace is opening up at an increasing rate owing to the interest in 3rd party productivity and performance solutions, traditionally provided by the original turbine equipment suppliers. 

GTE received its first significant order for combustion replacement parts in September, thereby establishing GTE for the first time in this important 'repeat business' segment.

Development of innovative solutions and services for gas turbines has been central to GTE's success to date and to its emerging industry profile. It will continue to be a vital driver of future growth in revenues and profits.  GTE is committed to further leveraging its design and technical capability into new market segments through alliances, joint ventures, opportunistic acquisitions as well as the acceleration of its organic initiatives.

Placing in May 2009

In May 2009, the Group raised approximately $10.4 million (net of expenses) from existing and new shareholders. The placing was undertaken to raise funds to underpin and accelerate GTE's further growth in technology, extend its geographical scope and to broaden its commercial activities. Some $6 million of the money raised has been utilised to date, including acquiring and investing in connection with the new turbine services team, on selected combustion development programmes and increased working capital to support underlying business growth.

The Board

At the AGM in June, the Board announced that it is in the early stages of a formal search process to appoint a new Chairman with significant international experience who can help guide the Group as it expands further. The search process is now well underway.

Current Trading & Outlook

Current year revenue and order backlog as at 8 September 2009 was up 11% to $32.6 million, compared to $29.4 million at the same point in 2008. Current year Energy Services revenue and order backlog is up 21% to $27.5 million (2008: $22.7 million). However, as noted above current year Aviation revenue and order backlog was $5.1 million (2008: $6.7 million).  Against the increasingly challenging marketplace, full year group revenue is now expected to be approximately 10-15% ahead of 2008. Gross margin for the full year is anticipated to be in line with the first half of the year.

GTE offers compelling economic and environmental value to customers in the multi-billion dollar market for gas turbine services and upgrades. However, in the short term, our customers' cash constraints in this challenging economic environment are causing delays to investment decisions, extended cash terms and more intense competitive evaluations. Although visibility of the timing of revenue has diminished substantially in the short term, customer engagement around our current and new products has increased substantially during the period and, longer term, we are well positioned to benefit when our markets improve. 

--00-

		CONSOLIDATED STATEMENTS OF INCOME
		for the period ended 30 June 2009
					6 months ended		12 months ended	6 months ended
					30 June 2009		31 December 2008	30 June 2008
					unaudited		audited	unaudited
			Note		$'000		$'000	$'000
	Continuing operations
		Revenue	2		18 436		35 119	14 731
		Cost of sales			(11 093)		(20 764)	(8 311)
	Gross Profit				7 343		14 355	6 420
		Distribution and selling costs			(1 943)		(3 598)	(1 433)
		Research and development expenses			(909)		(1 347)	(503)
		Administrative expenses			(4 407)		(8 850)	(4 408)
		Other operating income			0		320	0
	Operating profit				84		880	76
		Interest receivable			186		720	619
		Finance costs			(268)		(669)	(328)
	Profit before tax				2		931	367
		Tax	3		58		(440)	(338)
	PROFIT FOR THE PERIOD ATTRIBUTABLE
	TO EQUITY HOLDERS OF THE PARENT				60		491	29
	Profit per share		4
		From continuing operations
		Basic and diluted profit per share (US$)			0.001		0.007	0.000
		Earnings before interest, taxes, depreciation and amortisations (EBITDA)			726		1 736	474
		Earnings before interest, taxes, amortisations and exceptional items (EBITAE)			403		2 045	368
		Earnings before interest, taxes, depreciation, amortisations and exceptional items (EBITDAE)			726		2 549	766
		CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		for the period ended 30 June 2009
						6 months ended	12 months ended	6 months ended
						30 June 2009	31 December 2008	30 June 2008
						unaudited	audited	unaudited
						$'000	$'000	$'000
		Profit for the period				60	491	29
		Currency translation differences of foreign operations				32	(930)	290
		Currency translation differences of long-term intercompany loans				104	(1 029)
		Adjustment in fair value of available-for-sale investments				32	(24)	(33)
		Credit to equity for equity-settled share-based payments				391	241	115
		Other comprehensive income for the period				559	(1 742)	372
		Total comprehensive income for the period				619	(1 251)	401

CONSOLIDATED BALANCE SHEETS
at 30 June 2009
				As of		As of		As of
				30 June 2009		31 December 2008		30 June 2008
				unaudited		audited		unaudited
			Note	$'000		$'000		$'000
	ASSETS
	Non-current assets
	Intangible assets
		Capitalised expenditure for R&D		10 155		7 491		4 904
		Patents		2 694		1 703		1 397
		Customer relationships		267		318		370
		ERP system		1 027		684		535
		Goodwill		6 196		6 186		6 516
				20 339		16 382		13 722
	Tangible assets
		Equipment, tools, fixtures and fittings		3 276		1 943		1 748
	Financial assets
		Available for sale investments		0		27		189
	Deferred tax assets			2 232		2 056		2 239
	Total non-current assets			25 847		20 408		17 898
	Current assets
		Inventories	2	3 985		3 410		2 886
	Current receivables
		Accounts receivable - trade		6 183		8 695		5 375
		Income taxes recoverable		377		104		336
		Other receivables		581		1 173		1 011
		Prepaid expenses and accrued income		2 092		531		1 607
				9 233		10 503		8 329
	Cash and cash equivalents			10 490		5 448		7 864
	Total current asets			23 708		19 361		19 079
	TOTAL ASSETS			49 555		39 769		36 977

				As of	As of	As of
				30 June 2009	31 December 2008	30 June 2008
				unaudited	audited	unaudited
				$'000	$'000	$'000
	EQUITY AND LIABILITIES
	Equity
		Share capital		362	269	267
		Share premium		41 726	31 319	31 043
		Capital reserve		2 636	2 636	2 636
		Share based payment reserve		1 172	781	655
		Revaluation reserve		-	(32)	(41)
		Translation reserves		143	7	2 256
		Retained earnings		(6 126)	(6 186)	(6 648)
	Total equity attributable to equity holders of the parent			39 913	28 794	30 168
	Current liabilities
		Financial liabilities - borrowings		932	157	620
		Accounts payable - trade		5 417	6 338	2 676
		Other liabilities		414	794	367
		Accrued expenses		2 605	3 418	2 829
				9 368	10 707	6 492
	Non-current liabilities
		Financial liabilities - borrowings		50	73	88
		Deferred tax liabilities		224	195	229
				274	268	317
	Total liabilities			9 642	10 975	6 809
	TOTAL EQUITY AND LIABILITIES			49 555	39 769	36 977

CONSOLIDATED STATEMENTS OF CASH FLOW
for the period ended 30 June 2009
					6 months ended	12 months ended	6 months ended
					30 June 2009	31 December 2008	30 June 2008
					unaudited	audited	unaudited
				Note	$'000	$'000	$'000
	Cash flow from operating activities
		Profit after financial items			2	931	367
		Adjustments to operating cash flows		5	1 111	1 338	223
	Cash flow from operating activites before changes
	in working capital				1 113	2 269	590
	Cash flow from changes in working capital
		(Increase)/decrease in inventories			(560)	(2 078)	(1 347)
		(Increase)/decrease in receivables			1 205	(5 424)	(2 448)
		Increase/(decrease) in liabilities			(2 118)	6 246	1 692
					(360)	1 013	(1 513)
		Cash used by operations
		Interest received			186	143	619
		Finance costs			(268)	(384)	(329)
	Net cash used by operating activities				(442)	772	(1 223)
	Cash flow from investing activities
		Purchase of financial assets			-	-	(40)
		Purchase of intangible non current assets			(4 158)	(7 010)	(2 679)
		Purchase of tangible non current assets			(1 654)	(1 228)	(728)
		Sale of tangible non current assets			31	121	-
	Net cash used by investing activities				(5 781)	(8 117)	(3 447)
	Cash flows from financing activities
		New share issue (net of issue costs)			10 500	10 676	10 398
		Loans taken			755	216	26
		Loans repaid			(3)	(319)	(183)
	Net cash generated by/(used in) financing activities				11 252	10 573	10 241
	Net change in cash and cash equivalents				5 029	3 228	5 571
	Cash and cash equivalents at beginning of the period				5 448	2 284	2 284
	Effect of foreign exchange rate changes				13	(64)	9
	Cash and cash equivalents at the end of the period				10 490	5 448	7 864

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 30 June 2009
	Share	Share	Capital	Share based	Revaluation	Translation	Retained	Total share-
	Capital	premium	reserve	payment reserve	reserve	reserve	earnings	holders equity
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Balance at 31 December 2007	207	20 705	2 636	540	(8)	1 966	(6 677)	19 369
New share Issue of 2 231 000  New Shares at 31.5 pence	9	1 388	-	-	-	-	-	1 397
New share Issue of 8 989 000  New shares at  38 pence	35	6 682	-	-	-	-	-	6 717
New share Issue of 4 000 000  New shares at  38 pence	16	2 987	-	-	-	-	-	3 003
Placing costs	-	(719)	-	-	-	-	-	(719)
Total comprehensive income for the period	-	-	-	115	(33)	290	29	401
Balance at 30 June 2008	267	31 043	2 636	655	(41)	2 256	(6 648)	30 168
New share Issue of 476 000  new shares at  31.5 pence	2	297	-	-	-	-	-	299
Placing costs	-	(21)	-	-	-	-	-	(21)
Total comprehensive income for the period	-	-	-	126	9	(2 249)	462	(1 652)
Balance at 31 December 2008	269	31 319	2 636	781	(32)	7	(6 186)	28 794

New share Issue of 29 200 000 new shares at  24 pence	93	11 150	-	-	-	-	-	11 243
Placing costs	-	(743)	-	-	-	-	-	(743)
Total comprehensive income for the period	-	-	-	391	32	136	60	619
Balance at 30 June 2009	362	41 726	2 636	1 172	-	143	(6 126)	39 913

Notes to the financial statements

Note 1  Accounting policies 

The unaudited interim accounts for the 6 months ended 30 June 2009 have been prepared using accounting policies that are consistent with the company's statutory accounts for the year ended 31 December 2008 with the following exceptions.

IAS 1 (Revised) Presentation of Financial Statements

The revised Standard separates owner and non-owner changes in equity. The statement of changes in equity includes only details of transactions with owners, with non-owners changes in equity presented as a single line. In addition, the Standard introduces the statement of comprehensive income, where details of transactions with non-owners are presented.

IFRS 8, Operating segments

This Standard requires disclosure of information about the Group's operating segments and replaces IAS 14, Segment Reporting. IFRS 8 is a disclosure standard and does not impact the Group's financial position or result. See note 2 for additional information.

IAS 23 (Revised) Borrowing costs

The Standard has been revised to require capitalization of borrowing costs on qualifying assets and the Group has amended its accounting policy accordingly. In accordance with the transitional requirements of the Standard this has been adopted as a prospective change. Therefore, borrowing costs are capitalized on qualifying assets with a commencement date after 1 January 2009. No change has been made for borrowing costs incurred prior to this date that have been expensed.

None of the other new or amended Standards and Interpretations from IFRIC has had a significant impact on the financial position or result of the Group.

Note 2 Segment information

From 1 January 2009, IFRS 8 will be in effect. For management purposes, the Group is currently organised into the following two operating segments: Aviation and Energy Services. These business areas are the basis on which the Group reports its primary and only segment information. 

	6 months ended 30 June 2009
	Continuing operations			Aviation		Energy Services				Total for Group
				$'000		$'000				$'000
	Revenue from sales
		External sale of goods		3 925		14 511				18 436
		Inter-segment sale of goods and services		-		-				-
	Segment result - gross profit			2 450		4 894				7 343
		Operating profit								84
		Other interest income and similar profit/loss items								186
		Interest expense for group companies								(268)
	Profit before tax									2
		Tax								58
	Profit for the period									60
	Other information
		Capital additions								5 812
		Depreciation, amortisation and write downs								(642)
								Unallocated
						Energy		assets/		Total for
				Aviation		Services		liabilities		Group
	Balance sheet  30 June 2009			$'000		$'000		$'000		$'000
	Assets:
		Inventory		776		3 209				3 985
		Receivables		1 776		4 407				6 183
		Intangibles		3 977		8 872				12 849
		Other assets						26 538		26 538
		Segment assets		6 529		16 488		26 538		49 555
	Liabilities
		Segment liabilities						9 642		9 642

		12 months ended 31 December 2008
	Continuing operations			Aviation		Energy Services				Total for Group
				$'000		$'000				$'000
	Revenue from sales
		External sale of goods		6 909		28 210				35 119
		Inter-segment sale of goods and services		-		-				-
	Segment result - gross profit			3 943		10 412				14 355
		Operating profit								880
		Other interest income and similar profit/loss items								720
		Interest expense for group companies								(669)
	Profit before tax									931
		Tax								(440)
	Profit for the year									491
	Other information
		Capital additions								8 238
		Depreciation, amortisation and write downs								(856)
								Unallocated
						Energy		assets/		Total for
				Aviation		Services		liabilities		Group
	Balance sheet			$'000		$'000		$'000		$'000
	Assets:
		Inventory		977		2 433				3 410
		Receivables		3 864		4 831				8 695
		Intangibles		3 555		5 639				9 194
		Other assets						18 470		18 470
		Segment assets		8 396		12 903		18 470		39 769
	Liabilities
		Segment liabilities						10 975		10 975

	6 months ended 30 June 2008
										Energy								Total for
	Continuing operations					Aviation				Services								Group
						$'000				$'000								$'000
	Revenue from sales
			External sale of goods			3 439				11 292								14 731
			Inter-segment sales of good and services			-				-								-
	Segment result - gross profit					2 082				4 338								6 420
			Operating profit															76
			Other interest income and similar profit/loss items															619
			Interest expense for group companies															(328)
	Profit before tax																	367
			Tax															(338)
	Profit for the period																	29
	Other information
			Capital additions															3 447
			Depreciation, amortisation and write downs															(398)
														Unallocated
										Energy				assets/				Total for
						Aviation				Services				liabilities				Group
	Balance sheet					$'000				$'000				$'000				$'000
	Assets:
			Inventory			585				2 301								2 886
			Receivables			1 564				3 811								5 375
			Intangibles			1 902				4 399								6 301
			Other assets											22 415				22 415
			Segment assets			4 051				10 511				22 415				36 977
	Liabilities
			Segment liabilities											6 809				6 809

Note 3 Taxation
						6 months ended		12 months ended		6 months ended
						30 June 2009		31 December 2008		30 June 2008
						unaudited		audited		unaudited
						$'000		$'000		$'000
		Current tax - Continuing operations				92		18		26
		Deferred tax assets				(180)		501		351
		Deferred tax liabilities				30		(79)		(39)
						(58)		440		338

Note 4 Profit / loss per share

Basic profit or loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.

						6 months ended		12 months ended		6 months ended
						30 June 2009		31 December 2008		30 June 2008
						unaudited		audited		unaudited
Profit / (loss) attributable to equity holders of the Company						60 000		491 000		29 000
Weighted average number of ordinary shares in issue						77 735 228		67 180 952		61 891 292
Basic and diluted profit / (loss) per share - US$ per share - Continuing operations						0.001		0.007		0.000
There are  dilutive potential ordinary shares up to an amount of 2 845 500

Note 5 Adjustments to operating cash flow
				6 months ended		12 months ended		6 months ended
				30 June 2009		31 December 2008		30 June 2008
				unaudited		audited		unaudited
				$'000		$'000		$'000
Depreciation of tangible and intangible assets				642		856		398
Loss on disposal of fixed assets				(4)		-		-
Impairment loss on intangible assets				-		-		-
Share based payments				391		241		115
Finance costs				268		384		328
Interest received				(186)		(143)		(619)
Financial leasing charges				-		-		1
				1 111		1 338		223

Note 6: Basis of preparation

As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.

The financial information presented in this report has been prepared using accounting policies that will be used in the preparation of the financial statements for the year ending 31 December 2009. 

These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the European Union, and these principles are disclosed in the Financial Statements for the year ended 31 December 2008. 

The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. 

The comparative financial information for the year ended 31 December 2008 does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 

The statutory accounts of Gas Turbine Efficiency plc for the year ended 31 December 2008 have been reported on by the Company's auditors and have been delivered to the Registrar of Companies. The auditor's report was unqualified, did not include a reference to matters which the auditors drew attention by way of emphasis without qualifying their report and did not contain statements under Section 237(2) or 272(3) of the Companies Act 1985.

This interim report was approved by the Board on 20 September 2009.

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