Interim Results-Replacement

Slingsby(H.C.)Plc 02 October 2007 2 October 2007 The following amendment has been made to the announcement of H C Slingsby plc's interim results for the half year ended 30 June 2007 released at 07.03 on 28 September 2007 under RNS number 6807E. In the unaudited Consolidated Income Statement, the previously stated profit before taxation of £716,000 has been replaced with £726,0000. The announcement remains unchanged in all other respects. The full text of the amended announcement is shown below. H C Slingsby plc Report for the half year ended 30 June 2007 Statement by the Chairman I am pleased to report that for the six months ended 30 June 2007, the Group has made encouraging progress in terms of the improvement in pre-tax profit to £726,000 (2006: £363,000). Whilst our margins have shown some improvement, the major reasons for our increase in pre-tax profit are as a result of the overhead expenditure review, the rationalisation plan implemented during the second half of 2006 and the reduced costs of operating from one site. Our order intake levels remain variable at present and we continue to take a cautious view of the Group's future prospects as we feel that the UK's wider economic outlook is currently more uncertain than it has been in recent times. Your board is pleased to recommend an interim dividend of 7.0 p (2006: 5.0p). This will be paid on 4 January 2008 to shareholders on the Register at the close of business on 30 November 2007. J R Waterhouse Chairman 28 September 2007 Registered Office Otley Road, Baildon, Shipley BD17 7LW For further information please contact: H C Slingsby plc Dominic Slingsby, Managing Director 01274 535 030 Ray Hudson, Financial Director Evolution Securities Limited Joanne Lake/Peter Steel 0113 243 1619 Unaudited Consolidated Income Statement for the half year ended 30 June 2007 Half year Half year Year ended ended ended 30/06/07 30/06/06 31/12/06 £'000 £'000 £'000 Turnover 9,942 9,694 19,044 --------- --------- --------- Operating profit before exceptional item 742 392 1,058 Exceptional item 3 - - 102 -------- --------- --------- Operating profit 742 392 1,160 -------- -------- -------- Finance income 46 53 89 Finance expense (62) (82) (156) -------- -------- -------- Profit before taxation 726 363 1,093 Taxation (229) (101) (356) -------- -------- -------- Profit for the period attributable to equity shareholders 497 262 737 Dividends (400) (450) (450) Retained profit/(sustained loss) 97 (188) 287 -------- -------- -------- Basic and diluted earnings per share 49.7p 26.2p 73.7p -------- -------- -------- Proposed interim dividend per share 7.0p 5.0p 5.0p -------- -------- -------- The results set out above derive entirely from continuing operations. Unaudited Statement of Consolidated Recognised Income and Expense for the half year ended 30 June 2007 Half year Half year Year ended ended ended 30/06/07 30/06/06 31/12/06 £'000 £'000 £'000 Actuarial gain on pension scheme 794 424 282 Movement in deferred tax relating to pension liability (221) (128) (85) Exchange adjustment (9) (3) 9 -------- -------- -------- Net income recognised directly in equity 564 293 206 Profit for the period 497 262 737 -------- -------- -------- Total income recognised for the period attributable to equity shareholders 1,061 555 943 -------- -------- -------- Unaudited Group Balance Sheet as at 30 June 2007 30/06/07 30/06/06 31/12/06 £'000 £'000 £'000 Assets Non-current assets Property, plant and equipment 7,038 7,112 6,982 Intangible asset 409 737 573 Deferred tax asset 399 549 675 --------- --------- -------- 7,846 8,398 8,230 --------- --------- -------- Current assets Inventories 1,352 1,609 1,583 Trade and other receivables 3,568 3,552 3,387 Current tax receivable - 31 - Cash and cash equivalents 2,626 2,555 1,868 --------- --------- --------- 7,546 7,727 6,838 --------- --------- --------- Liabilities Current liabilities Trade and other payables (3,707) (4,600) (2,905) Current tax liabilities (207) - (308) Obligations under finance leases (390) (335) (373) --------- --------- --------- (4,304) (4,935) (3,586) --------- --------- --------- Net current assets 3,242 2,792 3,252 --------- --------- --------- Non-current liabilities Pension liabilities (2,988) (3,765) (3,851) Obligations under finance leases (59) (433) (251) --------- --------- --------- (3,047) (4,198) (4,102) --------- --------- --------- Net assets 8,041 6,992 7,380 --------- --------- --------- Capital and reserves Called up share capital 250 250 250 Retained earnings 7,793 6747 7,123 Translation reserve (2) (5) 7 --------- --------- --------- Total equity 8,041 6,992 7,380 --------- --------- --------- Unaudited Consolidated Cash Flow Statement for the half year ended 30 June 2007 Half year Half year Year ended ended ended 30/06/07 30/06/06 31/12/06 £'000 £'000 £'000 Note Cash flows from operating activities Cash generated from operations 4 1,503 457 671 Interest received 45 53 90 Interest paid on finance leases (33) (79) (121) UK corporation tax paid (275) (323) (323) --------- --------- --------- Cash generated from operating activities 1,240 108 317 --------- --------- --------- Cash flows from investing activities Purchase of property, plant and equipment (263) (1,312) (1,881) Proceeds from sales of property, plant and equipment 15 2 197 --------- --------- --------- Net cash used in investing activities (248) (1,310) (1,684) Cash flows from financing activities Equity dividends paid (50) (70) (450) Capital element of finance leases (175) (226) (380) --------- --------- --------- Net cash used in financing activities (225) (296) (830) --------- --------- --------- Net increase/(decrease) in cash and cash equivalents 767 (1,498) (2,197) Opening cash and cash equivalents 1,868 4,056 4,056 Exchange differences (9) (3) 9 --------- --------- --------- Closing cash and cash equivalents 2,626 2,555 1,868 --------- --------- --------- Notes to the Interim Report for the half year ended 30 June 2007 1. Basis of Preparation The interim report has been prepared under the historical cost convention and, for the first time, under the International Financial Reporting Standards (IFRS) accounting policies set out below, as required by AIM rules. These policies have been applied consistently to all periods presented and are consistent with those the Directors intend to use in the annual financial statements. Previously, the group has prepared its accounts using UK Generally Accepted Accounting Principals (UK GAAP). The disclosures required by IFRS 1 'First-time adoption of International Financial Reporting Standards' concerning the transition from UK GAAP are set out in note 5. This interim report does not comply with IAS 34 'Interim Financial Reporting', which is not currently required to be complied with under the AIM Rules. The financial information contained in this interim statement is unaudited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The comparative figures for the year ended 31 December 2006 are also unaudited and do not constitute full financial statements. They have been extracted from the group's 2006 financial statements and adjusted for the transition to IFRS. The company's annual report and financial statements for the year ended 31 December 2006, which were prepared under UK GAAP in accordance with the Companies Act 1985, have been delivered to the Registrar of Companies with an unqualified audit report. The interim financial information for the six months ended 30 June 2006 is also unaudited, and have been extracted from the 2006 interim report and adjusted for the transition to IFRS. 2. Summary of Significant Accounting Policies Basis of Preparation These interim financial statements have been prepared, for the first time, in accordance with International Financial Reporting Standards (IFRS), International Financial Reporting Interpretations Committee (IFRIC) interpretations and with those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The standards used are those published by the International Accounting Standards Board (IASB) and endorsed by the EU at the time of preparing these statements. The accounts have been prepared under the historical cost convention, as modified by the accounting for derivative financial instruments at fair value through profit or loss, and on the basis of the accounting policies set out below, which the group expects to apply to its financial statements for 31 December 2007 and which are to be prepared in accordance with IFRS. Basis of consolidation The financial statements of the group consolidate the financial statements of H C Slingsby plc and its subsidiary undertaking up to 30 June 2007 using acquisition accounting. The results of subsidiary undertakings acquired during a financial period are included from the effective date of acquisition. Intra-group sales and profits are eliminated fully on consolidation. Accounting estimates and judgments The preparation of these financial statements requires management to make estimates and judgements that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue during the reporting period. Actual results could materially differ from these estimates. Information about such judgements and estimation is contained in individual accounting policies. Key sources of estimation uncertainty that could cause an adjustment to be required to the carrying amount of asset or liabilities within the next accounting period are: • Assumptions used in the calculation of the defined benefit pension scheme liability; and • Allowances against the valuation of inventories. Turnover and recognition of income Turnover comprises the fair value of the consideration received or receivable from the sale of goods and services in the ordinary course of the group's activities. Turnover is shown net of value added tax, returns, rebates and discounts. Turnover is recognised when title of the goods passes to the customer or when the services have been provided. Exceptional items Exceptional items are non-recurring material items which are either outside of the group's ordinary activities, or that due to their size or nature require separate disclosure in order for the financial statements to provide a better indication of the underlying results of the business. Employee benefits The group operates a defined benefit and a defined contribution pension scheme for its employees. Defined benefit scheme: The pension liability recognised in the balance sheet in respect of the defined benefit scheme is the present value of the defined benefit obligation at the balance sheet date less the fair value of the plan assets. The defined benefit obligation is calculated tri-annually by independent actuaries using the projected unit method and this valuation is updated at each balance sheet date. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds and that have terms to maturity approximating to the terms of the related pension liability. Current and past service costs are charged to operating profit and finance costs and expected returns on assets to financing costs or income. Actuarial gains and losses arising from new valuations and from updating the latest actuarial valuation to reflect conditions at the balance sheet date are recognised in full in the statement of recognised income and expense. Defined contribution scheme: contributions payable are charged to the income statement in the accounting period in which they are incurred. The group has no further payment obligations once the contributions have been paid to this scheme. Leases Where assets acquired under leasing agreements that give rights approximating to ownership, the costs are capitalised in the balance sheet and depreciated over the shorter of the lease term or their expected useful lives. The present value of future lease payments are included in liabilities. The interest element is charged to the income statement within finance costs over the term of the lease in proportion to the balance of capital payments outstanding. Payments made under operating leases, net of any incentives received from the lessor, are charged to the income statement on a straight line basis over the period of the lease. Foreign Currency Foreign currency transactions are translated using exchange rates prevailing at the date of the transactions. Assets and liabilities are translated at exchange rates ruling at the end of each financial period, gains and losses on retranslation are recognised in the income statement. Assets and liabilities of subsidiaries in foreign currencies are translated into sterling at the average rate of exchange for the year. Differences on exchange arising from the retranslation of the opening net investment in subsidiary companies and from the translation of the results of those companies at average rates, are recognised as a separate component of equity and are reported in the statement or recognised income and expense. Property, Plant and Equipment Property, plant and equipment is stated at cost net of accumulated depreciation and any provision for impairment. Cost comprises purchase cost together with any incidental costs of acquisition. Depreciation is provided to write off the cost less the estimated residual value of the tangible fixed assets by equal instalments over their estimated useful economic lives. The asset's residual values and useful economic lives are reviewed, and adjusted as appropriate, at each balance sheet date. The following rates are applied: Freehold buildings 2% per annum Equipment 10% - 20% per annum Computer and electronic equipment 33% per annum Motor vehicles 25% per annum Freehold land is not depreciated Intangible Assets Intangible assets are recognised if it is possible that there will be future economic benefits attributable to the asset, the cost of the asset can be measured reliably, the asset is separately identifiable and there is control over the use of the asset. The assets are amortised over the period over which the group expects to benefit from these assets. Provision is made for any impairment in value if applicable. IT software costs are amortised at a rate of 33% per annum. Investments Investments are stated at cost, less provision for impairment where necessary. Deferred Taxation Deferred taxation is recognised, using the full liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the consolidated financial statements. Deferred taxation is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the balance sheet date, and are expected to apply when the related deferred taxation asset is realised or deferred taxation liability is settled. Deferred taxation assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised. Inventories Inventories which include raw materials and work in progress are stated at the lower of cost and net realisable value. Raw materials are valued on a first in first out basis. The cost of work in progress and finished goods includes an appropriate proportion of production overheads. Net realisable value is based on estimated selling price less additional costs to completion or disposal. Allowance is made for obsolete, defective and slow moving items based on annual usage. Trade and Other Receivables Trade and other receivables are stated at cost less provisions, where appropriate. Trade Catalogues Expenditure relating to the production and distribution of the main catalogue and supplementary mailings is apportioned to the relevant year after establishing their estimated useful lives. The cost carried forward to the following accounting period is included in prepayments. Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposits held on call with banks, other short term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings on the balance sheet. Trade Payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Financial instruments Derivative financial instruments are initially recognised at fair value on the date a contract is entered into and are subsequently re-measured at their fair value at each balance sheet date. The resulting gain or loss is recognised directly in the income statement. The group does not apply hedge accounting in respect of its financial instruments, nor does it trade in any financial instruments. Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Dividends Dividends proposed by the Board are recognised in the financial statements when they have been approved by shareholders. Interim dividends are recognised when they are paid. Segmental Reporting A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments. The group's primary reporting segment is by business segment. The group's secondary reporting segment is geographical by country of destination. The group has only one business segment, which is its principal activity. 3. Exceptional items Half year Half year Year ended ended ended 30/06/07 30/06/06 31/12/06 £'000 £'000 £'000 Profit on disposal of property, plant and equipment - - 144 Redundancy costs - - (42) --------- --------- --------- - - 102 --------- --------- --------- 4. Reconciliation of operating profit to net cash inflow from operating activities Half year Half year Year ended ended ended 30/06/07 30/06/06 31/12/06 £'000 £'000 £'000 Operating profit 742 392 1,160 Depreciation 336 330 677 Loss/(profit) on sale of property, plant and equipment 3 3 (144) Difference between pension charge and contributions (97) 27 (61) Decrease in inventories 231 14 40 (Increase)/decrease in trade and other receivables (180) 550 732 Increase/(decrease) in trade and other payables 468 (859) (1,733) --------- --------- --------- Net cash inflow from operating activities 1,503 457 671 --------- --------- --------- 5. Explanation of transition to IFRS The group's financial statements for the year ending 31 December 2007 will be the first annual financial statements prepared under IFRS. The group's date of transition to IFRS is 1 January 2006 (the start of its 2006 financial year). On transition to IFRS, an entity is generally required to apply IFRS retrospectively, except where an exemption is available under IFRS 1. The group has not adopted any of the exemptions available under the IFRS 1. Impact of transition to IFRS The effect of adopting new accounting policies under IFRS are set out below with the disclosures required in the year of transition. There are presentational changes arising from the move to IFRS, which have been dealt with using IAS 1 ' Presentation of Financial Statements'. The presentational changes are generally not significant, the most significant difference being that the format of the group's cash flow statement has changed from reconciling the opening cash held at bank and in hand to the closing cash held at bank and in hand to reconciling the opening to closing cash and cash equivalents. Deferred tax Under IAS 12 'Income Taxes', deferred tax on rollover relief should always be recognised, but is not under UK GAAP. The group's potential deferred tax liability relating to the rollover relief claimed on the disposal of its Preston Street property in 2005 was not recognised under UK GAAP, but has now been included within the group's deferred tax balance. Retirement benefits Under UK GAAP the assets of the defined benefit pension scheme were valued at mid market prices. IAS 19 ' Employee Benefits' states that assets must be valued at bid prices. The net pension liability has been adjusted for this difference, which has resulted in an increase of the pension liability. Under UK GAAP, the deferred tax asset relating to the net pension liability is netted off the liability, whereas under IFRS the deferred tax asset is shown separately with the other deferred tax balances. Intangible assets IAS 38 'Intangible Assets' requires capitalised IT software costs to be presented as intangible assets, rather than as property, plant and equipment or tangible fixed assets under UK GAAP. The group's IT software costs have therefore been reclassified as intangible assets. There has been no change in the amount capitalised or the period over which the costs are being depreciated. Financial instruments Under UK GAAP there is no requirement to value derivative financial instruments on the balance sheet. Under IAS 39 'Financial Instruments: Recognition and Measurement' all derivatives must be recognised at fair value on the balance sheet. Changes in the fair value of financial instruments that are not hedging instruments are recognised in the income statement, unless hedge accounting is applied where changes are recognised directly in equity. The group has included the fair value of its forward foreign exchange contracts as assets or liabilities as appropriate. Hedge accounting has not been applied, so the changes have been recognised in the income statement. The deferred tax relating to the assets and liabilities has also been recognised. a) Reconciliation of equity and net assets from UK GAAP to IFRS as at 1 January 2006 UK GAAP IFRS 31 December Deferred Retirement Intangible Financial 31 December 2005 tax benefits instruments 2005 assets £'000 £'000 £'000 £'000 £'000 £'000 Assets Non-current assets Property, plant and equipment 6,538 - - (901) - 5,637 Intangible assets - - - 901 - 901 Deferred tax asset (174) (278) 1,234 - (3) 779 -------- --------- --------- --------- --------- --------- 6,364 (278) 1,234 - (3) 7,317 -------- --------- --------- --------- --------- --------- Current assets Inventories 1,623 - - - - 1,623 Trade and other 4,105 - - - 11 4,116 receivables Current tax receivable - - - - - - Cash and cash equivalents 4,056 - - - - 4,056 --------- --------- --------- --------- --------- --------- 9,784 - - - 11 9,795 --------- --------- --------- --------- --------- --------- Liabilities Current liabilities Trade and other payables (4,800) - - - - (4,800) Current tax liabilities (294) - - - - (294) Obligations under finance leases (391) - - - - (391) --------- --------- --------- --------- --------- --------- (5,485) - - - - (5,485) --------- --------- --------- --------- --------- --------- Net current assets 4,299 - - - 11 4,310 --------- --------- --------- --------- --------- --------- Non-current liabilities Pension liabilities (2,879) - (1,248) - - (4,127) Obligations under finance leases (613) - - - - (613) --------- --------- --------- --------- --------- --------- (3,492) - (1,248) - - (4,740) --------- --------- --------- --------- --------- --------- Net assets 7,171 (278) (14) - 8 6,887 --------- --------- --------- --------- --------- --------- Capital and reserves Called up share capital 250 - - - - 250 Retained earnings 6,923 (278) (14) - 8 6,639 Translation reserve (2) - - - - (2) --------- --------- --------- --------- --------- --------- Total equity 7,171 (278) (14) - 8 6,887 --------- --------- --------- --------- --------- --------- b) Reconciliation of equity and net assets from UK GAAP to IFRS as at 30 June 2006 UK GAAP Deferred Retirement Intangible Financial IFRS benefits instruments 30 June 2006 tax assets 30 June 2006 £'000 £'000 £'000 £'000 £'000 £'000 Assets Non-current assets Property, plant and equipment 7,849 - - (737) - 7,112 Intangible assets - - - 737 - 737 Deferred tax asset (294) (278) 1,125 - (4) 549 --------- --------- --------- --------- --------- --------- 7,555 (278) 1,125 - (4) 8,398 --------- --------- --------- --------- --------- --------- Current assets Inventories 1,609 - - - - 1,609 Trade and other 3,519 - - - 13 3,532 receivables Current tax receivable 31 - - - - 31 Cash and cash equivalents 2,555 - - - - 2,555 --------- --------- --------- --------- --------- --------- 7,714 - - - 13 7,727 --------- --------- --------- --------- --------- --------- Liabilities Current liabilities Trade and other payables (4,600) - - - - (4,600) Current tax liabilities - - - - - - Obligations under finance leases (335) - - - - (335) --------- --------- --------- --------- --------- --------- (4,935) - - - - (4,935) --------- --------- --------- --------- --------- --------- Net current assets 2,779 - - - 13 2,792 --------- --------- --------- --------- --------- --------- Non-current liabilities Pension liabilities (2,625) - (1,140) - - (3,765) Obligations under finance leases (433) - - - - (433) --------- --------- --------- --------- --------- --------- (3,058) - (1,140) - - (4,198) --------- --------- --------- --------- --------- --------- Net assets 7,276 (278) (15) - 9 6,992 --------- --------- --------- --------- --------- --------- Capital and reserves Called up share capital 250 - - - - 250 Retained earnings 7,031 (278) (15) - 9 6,747 Translation reserve (5) - - - - (5) --------- --------- --------- --------- --------- --------- Total equity 7,276 (278) (15) - 9 6,992 --------- --------- --------- --------- --------- --------- c) Reconciliation of equity and net assets from UK GAAP to IFRS as at 31 December 2006 UK GAAP IFRS 31 December Deferred Retirement Intangible Financial 31 December 2006 tax benefits assets instruments 2006 £'000 £'000 £'000 £'000 £'000 £'000 Assets Non-current assets Property, plant and equipment 7,555 - - (573) - 6,982 Intangible assets - - - 573 - 573 Deferred tax asset (202) (278) 1,151 - 4 675 -------- --------- --------- --------- --------- --------- 7,353 (278) 1,151 - 4 8,230 -------- --------- --------- --------- --------- --------- Current assets Inventories 1,583 - - - - 1,583 Trade and other 3,387 - - - - 3,387 receivables Current tax receivable - - - - - - Cash and cash equivalents 1,868 - - - - 1,868 --------- --------- --------- --------- --------- --------- 6,838 - - - - 6,838 --------- --------- --------- --------- --------- --------- Liabilities Current liabilities Trade and other payables (2,889) - - - (16) (2,905) Current tax liabilities (308) - - - - (308) Obligations under finance leases (373) - - - - (373) --------- --------- --------- --------- --------- --------- (3,570) - - - (16) (3,586) --------- --------- --------- --------- --------- --------- Net current assets 3,268 - - - (16) 3,252 --------- --------- --------- --------- --------- --------- Non-current liabilities Pension liabilities (2,685) - (1,166) - - (3,851) Obligations under finance leases (251) - - - - (251) --------- --------- --------- --------- --------- --------- (2,936) - (1,166) - - (4,102) --------- --------- --------- --------- --------- --------- Net assets 7,685 (278) (15) - (12) 7,380 --------- --------- --------- --------- --------- --------- Capital and reserves Called up share capital 250 - - - - 250 Retained earnings 7,428 (278) (15) - (12) 7,123 Translation reserve 7 - - - - 7 --------- --------- --------- --------- --------- --------- Total equity 7,685 (278) (15) - (12) 7,380 --------- --------- --------- --------- --------- --------- d) Reconciliation of Consolidated Income Statement from UK GAAP to IFRS for the six months ended 30 June 2006 UK GAAP Deferred Retirement Intangible Financial IFRS tax benefits assets instruments 30 June 2006 30 June 2006 £'000 £'000 £'000 £'000 £'000 £'000 Turnover 9,694 - - - - 9,694 --------- --------- --------- --------- --------- --------- Operating profit before exceptional 390 - - - 2 392 item Exceptional item - - - - - - --------- -------- -------- -------- -------- -------- Operating profit 390 - - - 2 392 Finance income 53 - - - - 53 Finance expense (82) - - - - (82) -------- -------- -------- -------- -------- -------- Profit before taxation 361 - - - 2 363 Taxation (100) - - - (1) (101) -------- -------- -------- -------- -------- -------- Profit for the period attributable to equity shareholders 261 - - - 1 262 Dividends (450) - - - - (450) -------- -------- -------- -------- -------- -------- Retained profit/sustained (loss) (189) - - - 1 (188) -------- -------- -------- -------- -------- -------- e) Reconciliation of Consolidated Income Statement from UK GAAP to IFRS for the year ended 31 December 2006 UIK GAAP Deferred Retirement Intangible Financial IFRS tax benefits assets instruments 31 December 31 December 2006 2006 £'000 £'000 £'000 £'000 £'000 £'000 Turnover 19,044 - - - - 19,044 --------- --------- --------- --------- --------- --------- Operating profit before 1,085 - - - (27) 1,058 exceptional item Exceptional item 102 - - - - 102 --------- -------- -------- -------- -------- -------- Operating profit 1,187 - - - (27) 1,160 Finance income 89 - - - - 89 Finance expense (156) - - - - (156) -------- -------- -------- -------- -------- -------- Profit before taxation 1,120 - - - (27) 1,093 Taxation (363) - - - 7 (356) -------- -------- -------- -------- -------- -------- Profit for the period attributable to shareholders 757 - - - (20) 737 Dividends (450) - - - - (450) -------- -------- -------- -------- -------- -------- Retained profit/ sustained (loss) 307 - - - (20) 287 -------- -------- -------- -------- -------- -------- This information is provided by RNS The company news service from the London Stock Exchange

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