Interim Results
Melrose PLC
27 September 2005
MELROSE PLC
AUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2005
Melrose PLC today announces its audited interim results for the six months ended
30 June 2005. The highlights of the results, which are reported under IFRS, are:
•Successful acquisition of Dynacast, a leading global manufacturer of
precision engineering diecast zinc, aluminium and magnesium alloy components
•Successful acquisition of McKechnie, a leading supplier of specialist
engineering products with five divisions: Aerospace OEM, Aerospace
Aftermarket, Vehicle Components, Plastic Components and Industrial
Fasteners.
•Group Turnover for the period was £43.1m
•Group Profit before tax was £4.6m
•Results include Dynacast and McKechnie from the date of acquisition only
•Dividend payment of 3p per share intended next year following our AGM.
Christopher Miller, Chairman of Melrose PLC, today said: "I am excited about the
businesses we bought at the end of May. There is a lot to be done but I am
confident we will make our shareholders happy with the value we can create over
the next few years."
Enquiries:
Tom Hampson
M: Communications 020 7153 1522
CHAIRMAN'S STATEMENT
I am pleased to report Melrose's first set of interim results after our
acquisitions of the Dynacast Group and the McKechnie Group on 26 May 2005.
The consideration of £429m was satisfied by an issue of ordinary shares to
investors, including the vendors, and bank debt.
In line with our objectives these businesses have good cash generating
characteristics, strong market shares and a global presence. They also present
opportunities for improvements in performance which play to our traditional
management strengths. Post acquisition reviews are largely complete and,
although it is still early days, a number of actions have already been taken.
Our view remains that we will be able to create substantial shareholder value
from these businesses over the next few years. More detail is provided in the
Chief Executive's Review
RESULTS
The accounts for the six months to 30 June include the results of the Dynacast
and McKechnie businesses from the date of acquisition of 26 May 2005. The
comparative numbers for the first six months of 2004 are for Melrose PLC prior
to the acquisitions.
Turnover for the period was £43.1m. (2004 - nil)
Profit before tax was £4.6m (2004 - loss £(0.2)m) and earnings per share were
4.8p (2004 - loss per share (1.6)p).
DIVIDENDS
In view of the short period of ownership of these businesses the board is not
proposing to pay an interim dividend. However in the absence of unforeseen
circumstances, we intend as indicated to pay a dividend of 3p per share next
year following our AGM.
BOARD APPOINTMENTS
We were delighted to appoint Geoff Martin to the board as Finance Director in
July. He will be a key member of our team as we develop our businesses. We were
equally pleased to welcome Perry Crosthwaite as a non-executive director also in
July. He brings with him a wealth of City experience. We are expecting to
appoint a third non-executive director in the near future.
MOVE TO FULL LISTING
As indicated at the time of flotation, we are now in the process of applying for
full listing on the London Stock Exchange. The new regulatory environment and
the timing of completion as compared to the differing year ends of our
acquisitions are making the preparation of historic financial information for
irregular periods a time consuming process. However, we hope to achieve a full
listing as soon as possible.
STRATEGY
Our stated aim at flotation was to acquire appropriate businesses, improve their
performance, create value and return this to shareholders over time. This
strategy remains very much in place and our management, both centrally and in
our companies, is extremely focused in putting it into practice. Melrose does
not intend to make further acquisitions which are unrelated to its existing
businesses.
Christopher Miller
27th September 2005
CHIEF EXECUTIVE'S REVIEW
I would like to remind readers that the results below include the Dynacast and
McKechnie businesses from the date of acquisition of 26th May 2005.
DYNACAST
30 June 2005
Turnover £16.2m
Operating profit £2.2m
Dynacast is a global manufacturer of precision engineered, diecast metal
components. The products are manufactured using proprietary die-casting
technology and are supplied to a wide range of end markets, including
automotive, telecommunications and consumer electronics.
Dynacast has benefited in the past from its flexible manufacturing approach by
responding to the threats, and therefore opportunities, resulting from the well
known movement of industrial production to 'low cost' countries. We are working
closely with Dynacast management to optimise the location of its production
facilities to best suit the requirements of its customers.
In this context, Dynacast has, since acquisition, announced the closure of its
production facility in the UK. We are encouraging management to maximise
opportunities arising from this trend, not only to contain costs but to exploit
the growth opportunities, particularly in the East.
Against this backdrop of encouraging demand in the 'newer economy' countries
(supported by strong sales of tools to customers), trading conditions in
Continental Europe and the US are slow. Although Dynacast is generally able to
recover raw material cost increases in its selling prices, when these input
costs rise quickly and significantly, as they have recently, Dynacast suffers
from a timing lag. However, we are encouraged by new product initiatives which
will bear fruit in 2006.
Overall, this is a very strong engineering business with a major market presence
and good long term growth prospects. Management are heavily focused on realising
the potential this business has to offer.
AEROSPACE ORIGINAL EQUIPMENT MANUFACTURE ("AEROSPACE OEM")
30 June 2005
Turnover £10.6m
Operating profit £2.6m
Aerospace OEM supplies safety critical components to the global aerospace
industry and is based in the US and Europe. The business has excellent
engineering skills producing value added products selling into niche markets in
which it has strong market shares.
It is generally recognised that the aerospace industry is benefiting from a
strong cyclical upturn and this division has experienced a significant increase
in its sales and its order book. This in turn provides challenges in terms of
meeting the delivery requirements of customers, particularly in the light of
shortages of raw materials such as titanium. We are working closely with the
management of this division to improve the operational performance of the
business and to this end a new divisional finance director and a new vice
president of operations for the largest subsidiary have been recruited in the US
since acquisition.
The division is well represented on the major commercial airline platforms and
this provides good future earnings visibility. Depending on the product being
supplied the company will usually either have patent protection or be the sole
supplier, which affords a degree of pricing protection. At present management
are concentrating on managing the increases in the costs of raw materials and
the shortages in the supplies of these items.
These businesses are operating in fast growing markets and a motivated
management team is working hard to maximise profit and cash.
AEROSPACE AFTERMARKET
30 June 2005
Turnover £2.5m
Operating profit nil
Aerospace Aftermarket provides a 24 hours-a-day, seven days-a-week specialised
distribution service offering a range of components, related systems and
engineering services to the aerospace aftermarket.
The aerospace aftermarket cycle, while flatter, typically lags the aerospace
original equipment market by a year to eighteen months. In line with this we are
seeing a few early signs of an upturn in activity, having been through a very
difficult period since 2001.
Since acquisition a restructured management team has embarked on a cost cutting
programme and is focusing on introducing a more disciplined approach to running
the business with a view to achieving operational efficiencies and maximising
sales opportunities.
With continuing hard work, this new management team should be able to benefit
from a recovery in this market.
MCKECHNIE VEHICLE COMPONENTS ("MVC")
30 June 2005
Turnover £5.4m
Operating profit £0.4m
MVC manufactures decorated exterior trim products for the US automotive
industry, principally coated metal and plastic wheel trims.
Although the competitive conditions in the US automotive industry are
challenging at present, the overall demand for cars and trucks is reasonably
good. As such demand for this division's products is favourable and with a
strong order book this is likely to continue. However, in common with most
manufacturing businesses, recovery of the significant raw material price
increases is a major issue. Whilst 2005 is difficult we expect some recovery in
this business in 2006.
Management are working closely with customers to improve and develop the product
range, whilst at the same time focusing on minimising costs wherever possible.
MCKECHNIE PLASTIC COMPONENTS ("MPC")
30 June 2005
Turnover £5.1m
Operating profit £0.3m
MPC is a UK producer of engineered plastic and plastic injection moulded
components for products used in a variety of industries, including power tools,
IT hardware, food packaging, personal care and automotive.
This division operates in a highly competitive environment and is currently
experiencing raw material cost increases. However, the specialised nature of
this division's technology and its skill base has enabled it to recover a large
part of these cost increases, albeit with a time lag.
The highly experienced management team at MPC is continuously seeking to
maintain its competitive advantage, in terms of new products and imaginative
engineering solutions for customers, as an increasing share of commodity
business moves to lower cost countries.
MCKECHNIE PSM ("PSM")
30 June 2005
Turnover £3.3m
Operating profit £0.1m
PSM manufacturers and distributes specialised fasteners and joining systems.
Sales of product manufactured in China continue to be profitable, whereas
product manufactured in Europe is struggling to cope with a relatively high cost
base. The move of production from the UK to the Czech Republic, prior to our
acquisition, has proved fraught and, while recent performance has been better,
this is likely to result in a poor 2005. However, we believe there will be an
improvement in 2006. We are working with the management of PSM to address this
by means of a series of initiatives which are being explored.
OUTLOOK
The global reach of these businesses exposes us to varying economic conditions
around the world. With the outstanding exception of our Aerospace companies, we
are finding trading somewhat slow in Europe, particularly for Dynacast, and to a
lesser extent in the USA. The Far East, however, continues to perform well. We
are in the process of getting to grips with our businesses and fully
understanding their investment needs. We will take into account the likely
demand scenario for their products, as well as changes in trends, in assessing
where production capacity should be most efficiently located. Some restructuring
has been put into place and it is likely that more will follow
It is early days yet to confidently predict the outlook for 2006. We have owned
these businesses for four months and budgets for next year are only now being
finalised. However we can confirm that we are very pleased with the
opportunities these acquisitions offer to us and our shareholders and fully
expect a good performance in 2006 and beyond.
David Roper
27th September 2005
Consolidated income statement
Continuing operations Notes 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
£m £m £m
Revenue 3 43.1 - -
Cost of sales (32.2) - -
______ ______ ______
Gross profit 10.9 - -
Selling and distribution costs (2.2) - -
Administration expenses (3.2) (0.4) (0.9)
Share of joint ventures operating 0.1 - -
profits
Exceptional items - abortive - - (3.8)
acquisition costs
______ ______ ______
Operating profit/(loss) 3 5.6 (0.4) (4.7)
Finance costs (1.0) - -
Finance income - 0.2 0.5
______ ______ ______
Profit/(loss) on ordinary 4.6 (0.2) (4.2)
activities before tax
Taxation 4 (1.6) - -
______ ______ ______
Profit/(loss) for the period from 3.0 (0.2) (4.2)
continuing operations
====== ====== =======
Attributable to:
Equity holders of the parent 3.0 (0.2) (4.2)
Minority interests - - -
______ ______ ______
3.0 (0.2) (4.2)
====== ====== =======
Earnings/(loss) per share 5
- Basic 4.8p (1.6)p (32.3)p
- Diluted 4.7p (1.6)p (32.3)p
====== ====== =======
Consolidated balance sheet
Notes 30 June 30 June 31 December
2005 2004 2004
£m £m £m
Non-current assets
Intangible assets 400.6 - -
Property, plant & equipment 93.8 - -
Interests in joint ventures 2.6 - -
______ ______ ______
497.0 - -
Current assets
Inventories 50.4 - -
Trade and other receivables 84.7 - 0.2
Cash and short term deposits 17.5 12.6 11.7
______ ______ ______
152.6 12.6 11.9
______ ______ ______
Total assets 649.6 12.6 11.9
====== ====== ======
Current liabilities
Trade and other payables 94.8 - 3.4
Interest bearing loans and 5.3 - -
borrowings
Income tax payable 10.9 - -
Provisions 2.6 - -
______ ______ ______
113.6 - 3.4
Non-current liabilities
Interest-bearing loans and 204.2 - -
borrowings
Deferred tax liabilities 2.6 - -
Retirement benefit obligations 60.6 - -
Provisions 13.6 - -
______ ______ ______
281.0 - -
______ ______ ______
Total liabilities 394.6 - 3.4
______ ______ ______
Net assets 255.0 12.6 8.5
====== ====== ======
Equity
Issued share capital 7 0.3 0.1 0.1
Share premium account 7 256.6 12.8 12.8
Foreign currency translation 7 1.4 - -
reserve
Accumulated losses 7 (4.1) (0.3) (4.4)
______ ______ ______
Equity attributable to holders of 254.2 12.6 8.5
the parent
Minority interest 0.8 - -
______ ______ ______
Total equity 255.0 12.6 8.5
====== ====== ======
Consolidated cash flow statement
Notes 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
£m £m £m
Cash flows from operating
activities
Profit/(loss) from continuing 5.6 (0.4) (4.7)
operations before interest and
taxation
Depreciation 1.3 - -
Amortisation of intangible fixed 0.2 - -
assets
Increase in stock (1.6) - -
Increase in debtors (2.3) - (0.2)
(Decrease)/Increase in creditors (7.2) - 3.3
Pension contributions paid (5.1) - -
Borrowing costs (0.5) - -
Income tax paid (0.4) - -
Non-cash items 0.5 - -
______ ______ ______
Net cash flows from operating (9.5) (0.4) (1.6)
activities
______ ______ ______
Cash flows from investing
activities
Purchase of property, plant and (1.5) - -
equipment
Acquisition of subsidiaries 6 (433.2) - -
Interest received - 0.2 0.5
______ ______ ______
Net cash flows from investing (434.7) 0.2 0.5
activities
______ ______ ______
Cash flows from financing
activities
Finance leases repaid (0.3) - -
Repayment of loan notes (0.3) - -
New bank loans 200.0 - -
Proceeds on issue of shares 244.0 - -
Increase in overdrafts 4.8 - -
Overdrafts acquired 6 (9.4) - -
______ ______ ______
Net cash flows used in financing 438.8 - -
activities
______ ______ ______
Decrease in cash and cash (5.4) (0.2) (1.1)
equivalents
______ ______ ______
Exchange 1.6 - -
Cash and cash equivalents at 11.7 12.8 12.8
beginning of period/year
Cash acquired 9.6 - -
______ ______ ______
Cash and cash equivalents at end of 17.5 12.6 11.7
period/year
====== ====== ======
Consolidated statement of recognised income and expense
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
£m £m £m
Currency translation on net 1.4 - -
investments in subsidiary
undertakings
Actuarial adjustments on pension (2.7) - -
liabilities
______ ______ ______
Net expense recognised directly in (1.3) - -
equity
Profit/(loss) for the period/year 3.0 (0.2) (4.2)
______ ______ ______
Total recognised income and expense 1.7 (0.2) (4.2)
for the period/year
====== ====== ======
Attributable to:
Equity holders of the parent 1.7 (0.2) (4.2)
Minority interests - - -
______ ______ ______
1.7 (0.2) (4.2)
====== ====== ======
NOTES TO THE FINANCIAL INFORMATION
1. Corporate information
The consolidated financial statements of Melrose for the period ended 30 June
2005 were authorised in accordance with a resolution of the directors of Melrose
PLC on 27 September 2005.
The figures for the year ended 31 December 2004 do not constitute the Company's
accounts for that period but have been extracted from the statutory accounts
which have been filed with the Registrar of Companies. The auditors' report on
those accounts was unqualified and did not contain statements under section 237
(2) or (3) of the Companies Act 1985. The interim results for the six months
ended 30 June 2005 are consistent with audited non-statutory accounts for that
period.
The principal activities of the Melrose Group are described in note 3.
2. Summary of significant accounting policies
Details of the Group's significant accounting policies are available from the
Registered Office or at www.melroseplc.net.
3. Segment information
The Group's primary reporting format is business segments and its secondary
format is geographical segments. The operating businesses are organised and
managed separately according to the nature of the products and services
provided, with each segment representing a strategic business unit that offers
different products and serves different markets. All reported turnover is
derived from one activity, the sale of goods.
The Dynacast segment is a supplier of diecast parts and components to a range of
industries.
The Aerospace OEM segment is a supplier of specialised quality components to the
Aerospace industry, the Aerospace Aftermarket segment is a supplier of
replacements parts to the world's leading airlines and McKechnie Vehicle
Components ("MVC") supplies exterior trim products to major vehicle
manufacturers in the USA. McKechnie Plastic Components ("MPC") is a UK supplier
of plastic injection moulded and extruded components to the automotive, consumer
durable, IT and other industries. The Fastener segment manufacturers and
distributes specialised fasteners globally to automotive and other industries.
Transfer prices between business segments are set on an arm's length basis in a
manner similar to transactions with third parties.
The Group's geographical segments are determined by the location of the Group's
assets and operations.
3. Segment information (continued)
Business segments
The following table presents revenue and profit information and certain asset
and liability information regarding the Group's business segments for the period
ended 30 June 2005:
Business segment Dynacast OEM Aftermarket MPC MVC Fasteners Total
£m £m £m £m £m £m £m
Turnover
Segment revenue 16.2 10.6 2.5 5.1 5.4 3.3 43.1
Result
Segment result 2.2 2.6 - 0.3 0.4 0.1 5.6
Assets and
liabilities
Segment assets 89.7 55.6 8.3 31.3 22.2 26.0 233.1
Liabilities (38.0) (18.4) (3.4) (8.7) (8.5) (22.8) (99.8)
Unallocated 121.7
corporate assets/
liabilities*
_____
255.0
_____
Other segment
information
Capital 1.0 0.2 - 0.1 - 0.2 1.5
expenditure
Depreciation and 0.6 0.3 - 0.2 0.2 0.2 1.5
amortisation of
intangibles
Geographical Area North America Europe Asia Total
£m £m £m £m
Turnover
Segment revenue 20.9 18.4 3.8 43.1
Result
Segment result 2.9 1.9 0.8 5.6
Assets and liabilities
Segment assets 96.5 110.0 26.6 233.1
Liabilities (37.3) (53.1) (9.4) (99.8)
Unallocated corporate assets/ 121.7
liabilities*
_____
255.0
_____
Other segment information
Capital expenditure 0.4 0.8 0.3 1.5
Depreciation and amortisation of 0.6 0.7 0.2 1.5
intangibles
* Unallocated corporate assets largely represent goodwill net of the group's
borrowings. Due to the proximity of the acquisition to the reporting date,
goodwill has not yet been allocated to the relevant business segments. This will
be completed prior to 31 December 2005.
4. Income Tax
Analysis of charge in period:
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
£m £m £m
Current tax 1.6 - -
Deferred tax - - -
____ _____ _____
Total income tax expense 1.6 - -
==== ===== =====
The income tax charge for the period ended 30 June 2005 is based on the estimate
effective tax rate for the full year to 31 December 2005.
The tax for the period is higher than the standard rate of corporation tax in
the UK (30%). The differences are explained below:
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2005 2004 2004
£m £m £m
Profit/(loss) on ordinary activities 4.6 (0.2) (4.2)
before tax
____ _____ _____
Tax on profit/(loss) on ordinary 1.4 - (1.3)
activities at UK corporate tax rate
(30%)
Expenses not deductible for tax 0.3 - -
purposes
Adjustment in respect of foreign tax 0.2 - -
rates
Excess losses not utilised 0.1 - 1.1
Withholding taxes on remittances from 0.1 - -
overseas
Deductible items not in profit and loss (0.5) - 0.2
account
____ _____ _____
Total tax charge for the period 1.6 - -
==== ===== =====
Deferred tax
There is no deferred tax charge in the period.
5. Earnings per share
Six months Year
Earnings ended ended ended
30 June 30 June 31 December
2005 2004 2004
£m £m £m
Earnings for the purposes of basic 3.0 (0.2) (4.2)
earnings per share being net profit
attributable to equity holders of the
parent ____ ____ ____
Number Number Number
Number of shares
Weighted average number of ordinary 61,650,385 13,120,000 10,120,000
shares for the purposes of basic earning
per share
Earnings/(loss) per share 4.8p (1.6)p (32.3)p
Further shares for the purposes of fully 1,271,504 - -
diluted earnings per share
Fully diluted earnings/(loss) per 4.7p (1.6)p (32.3)p
share
=========== =========== ==========
6. Acquisition of subsidiaries
On 26 May 2005, the Group acquired 100% of the issued share capital of the
McKechnie Group and the Dynacast Group.
McKechnie Acquiree's Fair value Fair
carrying adjustments value
amount
£m £m £m
Property, plant and 43.8 8.8 52.6
equipment
Intangible assets 2.4 - 2.4
Joint ventures 2.7 - 2.7
Inventories 36.4 - 36.4
Trade receivables 49.7 (1.4) 48.3
Trade payables (46.2) - (46.2)
Other creditors - (3.0) (3.0)
Provisions (16.1) - (16.1)
Retirement benefit (54.2) - (54.2)
obligation
Current tax (2.7) - (2.7)
Bank and cash balances 1.9 - 1.9
Loan notes (0.8) - (0.8)
Overdraft (5.4) - (5.4)
Finance leases (1.5) - (1.5)
______ ______ ______ ______
10.0 4.4 14.4
______ ______ ======
Dynacast
Property, plant and 39.7 0.5 40.2
equipment
Intangible assets 0.2 - 0.2
Inventories 12.4 - 12.4
Trade receivables 39.7 (2.8) 36.9
Trade payables (37.7) - (37.7)
Other creditors - (1.6) (1.6)
Provisions - (0.6) (0.6)
Retirement benefit (7.9) - (7.9)
obligation
Minority interest (0.9) - (0.9)
Current tax (7.0) - (7.0)
Deferred tax (2.6) - (2.6)
Bank and cash balances 7.7 - 7.7
Overdraft (4.0) - (4.0)
Finance leases (0.1) - (0.1)
______ ______ ______ ______
39.5 (4.5) 35.0
______ ______
49.4
Goodwill 394.2
______
Total consideration (including acquisition costs of 443.6
£14.6m)
======
Satisfied by:
Shares issued 244.0
Cash consideration 199.6
______
443.6
======
Net cash outflow in the
period:
Cash/overdrafts acquired 0.2
Acquisition expenses (4.9)
paid
Proceeds of share issue (244.0)
applied
Cash consideration paid (184.5)
______
(433.2)
======
Approximately £10 million of acquisition costs remain to be paid.
The fair value adjustments to property, plant and equipment relate to property
valuations at the date of acquisition. The fair value adjustment to trade
receivables to the write off of bank fees not amortised on repayment of debt on
acquisition. The fair value adjustment to provisions relates to an onerous
lease. The fair value adjustments are provisional as at the balance sheet date.
Due to the proximity of the acquisition to the reporting date it has not been
possible to complete the allocation of goodwill between separable intangible
assets such as customer relationships, proprietary technology and brands. The
provisional allocation to such intangibles is £nil, however, this will be
reviewed and the results of the review reported in the accounts to 31 December
2005. In the opinion of the directors, the amortization of any value to be
ascribed to such intangibles would be immaterial in relation to the profit for
the period.
7. Issued capital and reserves
Share Capital
30 June 30 June 31 December
2005 2004 2004
£m £m £m
Authorised
342,830,000 0.1p ordinary shares (2004 0.3 - -
: 17,000,000)
59,170 £1 convertible B shares 0.1 0.1 0.1
(incentive shares)
_____ ____ _____
0.4 0.1 0.1
===== ==== =====
Allotted, called up and fully paid
257,119,989 ordinary shares of 0.1p 0.2 - -
59,170 convertible B shares of £1 0.1 0.1 0.1
each
_____ ____ _____
0.3 0.1 0.1
===== ==== =====
243,999,989 shares were issued on 26 May 2005 in connection with the acquisition
of McKechnie and Dynacast (see note 6). The shares were issued at a premium of
99.9p.
The convertible B shares are non-voting and not entitled to any dividends. Under
these arrangements the directors and employees hold Convertible B shares
("incentive shares") which convert shortly after 31 May 2009 or, if earlier, on
a takeover of the company, into ordinary shares with an aggregate value on
conversion equal to 10 per cent of the increase in shareholder value. The number
of ordinary shares arising on conversion will be determined by reference to the
average market price of an ordinary share for forty business days prior to
conversion or the takeover offer price (as the case may be).
The increase in shareholder value is calculated as the difference between the
market capitalisation of the company at conversion (determined by reference to
the average market price of an ordinary share for forty business days prior to
conversion, or the offer price (as the case may be)), and the net invested
capital in the company, being the aggregate of the amounts paid on the ordinary
shares up to conversion less all amounts paid by the company by way of dividends
or other distributions in respect of those shares, where each such amounts shall
be adjusted in line with the movement in the RPI (plus 2 per cent, per annum).
Share Premium
Share
premium
account
£m
At 31 December 2004 12.8
Premium arising on issue of 243.8
equity shares
_______
At 30 June 2005 256.6
=======
Reserves Foreign Accumulated Total
currency losses
translation
reserve
£m £m £m
At 31 December 2004 - (4.4) (4.4)
Currency translation adjustments 1.4 - 1.4
Profit for the period - 3.0 3.0
Actuarial adjustments on pension - (2.7) (2.7)
liabilities
_____ _____ _____
Total recognised income and expense 1.4 0.3 1.7
for the period
===== ===== =====
At 30 June 2005 1.4 (4.1) (2.7)
===== ===== =====
The foreign currency translation reserve is used to record exchange differences
arising from the translation of the financial statements of foreign
subsidiaries. It is also used to record the net investments hedged in these
subsidiaries.
This information is provided by RNS
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