Half Year Results to 30 June 2011

Companies

Coats Group (COA)

UK 100

Latest directors dealings

14 hours ago Savannah Energy
15 hours ago Buccaneer Energy PLC
15 hours ago Savannah Energy
16 hours ago Carclo
16 hours ago Schroder Japan Growth Fund

All directors dealings today

·	the Board announced a strategy to realise value for shareholders by discontinuation of new investment and orderly realisation of the investment portfolio;
·	disposals of investments during the period saw net cash generated from investment activity and realisations totalling £98 million. A schedule showing the proceeds from disposals in the period is set out at the end of this statement;
·	capital realisations during the half year achieved an overall surplus to book value at 31 December 2010 values of £4 million; and
·	at the 2011 Annual General Meeting of the Company, together with a court-convened Scheme meeting, shareholders authorised a Scheme of Arrangement to implement a capital return for shareholders and to create distributable reserves.

	30 June 2011	31 December 2010
	£m	£m
Cash at Bank*	271	203
Debtors	17	15
Coats	339	319
Turners & Growers	79	78
CIC Australia	41	39
Other Trading Subsidiaries	9	9
Associates and joint ventures	244	250
CSR	33	72
Youngs	59	61
Other portfolio investments	179	233
	1,271	1,279
Creditors & provisions	(53)	(74)
Capital Notes	(219)	(212)
SHAREHOLDERS' FUNDS	999	993


	30 June 2011	30 June 2010
	£m	£m
Gross profit
Parent Group	-	-
Coats	192	183
Other Subsidiaries	58	43
Total	250	226

Profit on disposal of investments and other net investment income
Parent Group	34	3
Coats	1	1
Other Subsidiaries	1	1
Total	36	5

Exchange gains/(losses)
Parent Group	1	(2)
Coats	(2)	-
Total	(1)	(2)

Net operating expenses
Parent Group*	(22)	(14)
Coats	(147)	(143)
Other Subsidiaries	(50)	(41)
Total	(219)	(198)

Share of (loss)/profit of joint ventures and associated undertakings
Parent Group	(8)	7
CIC Australia	2	5
Total	(6)	12

Profit on ordinary activities before interest
Parent Group	5	(6)
Coats	44	41
Other Subsidiaries	11	8
Total	60	43

Finance costs (net)
Parent Group	(9)	(10)
Coats	(4)	(5)
Other Subsidiaries	(3)	(2)
Total	(16)	(17)

Profit before taxation from continuing operations
Parent Group	(4)	(16)
Coats	40	36
Other Subsidiaries	8	6
Total	44	26

* includes non-recurring costs of £11 million, comprising costs associated with the return of capital exercise and redundancy costs

·	on 6 April 2011 Mark Johnson stepped down as a director and Chairman of the Company and I was appointed Chairman of the Company;
·	on 30 April 2011 Gary Weiss resigned as a director of the Company, although he remains Chairman of Coats;
·	on 30 June 2011 Blake Nixon resigned from his role as an Executive Director and, from 1 July 2011, became a Non-Executive Director;
·	subsequent to the period end, on 29 July 2011 Gavin Walker resigned as a director of the Company; and
·	on 29 July 2011 Gavin Walker was replaced as Chairman of the Audit, Finance and Risk Committee by Blake Nixon and as Chairman of the Investment Committee by Mike Allen.

		£m
	Investments fully disposed of in the period
	Chrysalis Group	15
	Pertama Holdings	13
	Alinta Energy (now Redbank Energy)	10
	MSF Sugar	6
	NIB Holdings	5
	Fuller Smith & Turner	2
	Adnams	2
	NSX	1
	ASB Capital No 2	1
		55
Net proceeds from part disposals and other investment activity		26
Dividend receipts		17
Total generated in the period		98

Enquiry details are:
New Zealand and Australian media:	Geoff Senescall on:	+64 9 309 5659

UK media:	Kevin Smith on:	+44 20 7282 1054

Condensed Consolidated Income Statement
	Unaudited	Unaudited	Audited
	6 months to	6 months to	Year to
	30 June	30 June	31 December
	2011	2010	2010
	£m	£m	£m
Continuing Operations
Revenue	760	643	1,345

Cost of sales	(510)	(417)	(882)

Gross profit	250	226	463

Profit on disposal of investments and other investment income	36	5	41

Distribution costs	(91)	(90)	(176)
Administrative expenses	(129)	(110)	(234)

Operating profit	66	31	94

Share of profit of joint ventures	2	5	8

Share of (loss)/profit of associated undertakings	(8)	7	4

Finance costs	(16)	(17)	(33)

Profit before taxation from continuing operations	44	26	73

Tax on profit from continuing operations	(27)	(15)	(21)

Profit for the period from continuing operations	17	11	52

Discontinued Operations
Profit on discontinued operations	-	1	1

Profit for the period	17	12	53

Attributable to:
EQUITY SHAREHOLDERS OF THE COMPANY	13	10	46
Non-controlling interests	4	2	7
	17	12	53

Earnings per Ordinary Share from continuing and discontinued operations:
Basic (pence)	0.72p	0.54p	2.57p
Diluted (pence)	0.72p	0.54p	2.41p

Earnings per Ordinary Share from continuing operations:
Basic (pence)	0.72p	0.47p	2.54p
Diluted (pence)	0.72p	0.47p	2.39p

Condensed Consolidated Statement of Comprehensive Income

	Unaudited	Unaudited	Audited
	6 months to	6 months to	Year to
	30 June	30 June	31 December
	2011	2010	2010
	£m	£m	£m

Profit for the period	17	12	53

(Losses)/gains on revaluation of fixed asset investments	(16)	(1)	87
(Losses)/gains on cash flow hedges	(2)	2	(5)
Exchange gains on translation of foreign operations	17	21	58
Actuarial gains/(losses) on retirement benefit schemes	5	(23)	(17)
Tax on items taken directly to equity	9	-	(14)
Net income/(loss) recognised directly in equity	13	(1)	109

Transfers
Transferred to profit or loss on sale of fixed asset investments	(20)	(3)	(17)
Transferred to profit or loss on sale of businesses	-	(3)	(7)
Transferred to profit or loss on cash flow hedges	2	3	8
	(18)	(3)	(16)

Net comprehensive income for the period	12	8	146

Attributable to:
EQUITY SHAREHOLDERS OF THE COMPANY	6	5	130
Non-controlling interests	6	3	16

	12	8	146

Condensed Consolidated Statement of Financial Position
	Unaudited	Unaudited	Audited
	30 June	30 June	31 December
	2011	2010	2010
	£m	£m	£m
NON-CURRENT ASSETS
Intangible assets	175	199	180
Biological assets	19	5	7
Property, plant and equipment	421	411	420
Investments in associated undertakings	229	230	236
Investments in joint ventures	56	47	56
Fixed asset investments	257	259	333
Deferred tax assets	17	15	13
Pension surpluses	24	28	31
Trade and other receivables	13	23	27
	1,211	1,217	1,303
CURRENT ASSETS
Inventories	291	257	265
Biological assets	3	2	4
Trade and other receivables	315	306	272
Current asset investments	12	13	14
Derivative financial instruments	4	2	5
Cash and cash equivalents	351	255	313
	976	835	873

Non-current assets classified as held for sale	18	4	2

TOTAL ASSETS	2,205	2,056	2,178

CURRENT LIABILITIES
Trade and other payables	312	278	288
Current tax liabilities	10	9	8
Other borrowings	143	130	121
Derivative financial instruments	10	17	20
Provisions	64	61	72
	539	495	509

NET CURRENT ASSETS	437	340	364

NON-CURRENT LIABILITIES
Trade and other payables	13	11	11
Deferred tax liabilities	33	28	29
Capital Notes	219	195	212
Other borrowings	221	257	231
Derivative financial instruments	3	4	5
Retirement benefit obligations:
Funded schemes	27	59	37
Unfunded schemes	56	53	56
Provisions	20	25	26
	592	632	607
TOTAL LIABILITIES	1,131	1,127	1,116
NET ASSETS	1,074	929	1,062

Condensed Reconciliation of Consolidated Changes in Equity
6 months ended 30 June 2011

		Share		Unrealised				Non-
	Share	premium	Translation	gains	Other	Retained		controlling
	capital	account	reserve	reserve	reserves	earnings	Total	interests
	£m	£m	£m	£m	£m	£m	£m	£m

Balance as at 1 January 2010	81	63	123	68	274	258	867	77

Total comprehensive income and expense
for the period	-	-	17	(3)	4	(13)	5	3
Other currency translation differences	-	-	-	-	-	-	-	3
Dividends	-	-	-	-	-	(16)	(16)	(3)
Capitalisation issue of shares	8	-	-	-	(8)	-	-	-
Scrip dividend alternative	1	(1)	-	-	-	10	10	-
Other share issues	1	-	-	-	-	-	1	-
Rights issue by subsidiary	-	-	-	-	-	-	-	16
Disposal of subsidiaries	-	-	-	-	-	-	-	(34)

Balance as at 30 June 2010	91	62	140	65	270	239	867		62

Balance as at 1 January 2010	81	63	123	68	274	258	867	77

Total comprehensive income and expense
for the period	-	-	42	56	3	29	130	16
Dividends	-	-	-	-	-	(16)	(16)	(5)
Capitalisation issue of shares	8	-	-	-	(8)	-	-	-
Scrip dividend alternative	1	(1)	-	-	-	10	10	-
Other share issues	1	-	-	-	-	-	1	-
Share based payments	-	-	-	-	1	-	1	-
Rights issue by subsidiary	-	-	-	-	-	-	-	15
Disposal of subsidiaries	-	-	-	-	-	-	-	(34)

Balance as at 31 December 2010	91	62	165	124	270	281	993		69

Total comprehensive income and expense
for the period	-	-	14	(26)	-	18	6	6
Dividends	-	-	-	-	-	-	-	(3)
Share issues	-	1	-	-	-	-	1	-
Share based payments	-	-	-	-	1	-	1	-
Dilution of investment in subsidiaries	-	-	-	-	-	(2)	(2)	3

Balance as at 30 June 2011	91	63	179	98	271	297	999		75

Condensed Statement of Consolidated Cash Flows

	Unaudited	Unaudited	Audited
	6 months to	6 months to	Year to
	30 June	30 June	31 December
	2011	2010	2010
	£m	£m	£m
Cash inflow/(outflow) from operating activities
Net cash inflow/(outflow) from operating activities	95	(72)	61
Interest paid	(22)	(20)	(42)
Taxation paid	(14)	(15)	(25)
Net cash generated by/(absorbed in) operating activities	59	(107)	(6)

Cash outflow from investing activities
Dividends received from joint ventures	3	8	9
Capital expenditure and financial investment	(16)	(10)	(29)
Acquisitions and disposals	(1)	(90)	(90)
Net cash absorbed in investing activities	(14)	(92)	(110)

Cash (outflow)/inflow from financing activities
Issue of Ordinary Shares	1	1	1
Equity dividends paid to Company's shareholders	-	(6)	(6)
Dividends paid to non-controlling interests	(3)	(4)	(5)
Net (decrease)/increase in borrowings	(5)	42	8
Net cash (absorbed in)/generated by financing activities	(7)	33	(2)

Net increase/(decrease) in cash and cash equivalents	38	(166)	(118)
Cash and cash equivalents at beginning of the period	287	388	388
Exchange (losses)/gains on cash and cash equivalents	(1)	8	17
Cash and cash equivalents at end of the period	324	230	287

Cash and cash equivalents per the Condensed Consolidated
Statement of Financial Position	351	255	313
Bank overdrafts	(27)	(25)	(26)
Cash and cash equivalents at end of the period	324	230	287

Summary of net debt
- Parent Group* cash	271	167	203
- Capital Notes	(219)	(195)	(212)
- Parent Group net cash/(debt)	52	(28)	(9)
- Other group cash	80	88	110
- Other group debt	(364)	(387)	(352)
Total group net debt	(232)	(327)	(251)

*Parent Group comprises the Group's central investment activities

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.	The annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The condensed consolidated financial statements included in this half-yearly financial report have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting, as adopted by the European Union, and comply with the disclosure requirements of the Listing Rules of the UK Financial Services Authority and the Listing Rules of the Australian Securities Exchange.
	After making enquiries, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these condensed consolidated financial statements. Other than as set out below, the same accounting policies and methods of computation are followed in the condensed set of financial statements as applied in the Group's latest annual audited financial statements, and are expected to be applied in the annual audited accounts for the current year. The Group has changed the presentation in the Condensed Consolidated Statement of Financial Position to disclose separately biological assets, which were previously included within Property, plant and equipment and Trade and other receivables.

2.	The condensed consolidated financial statements for the six months ended 30 June 2011 have been reviewed - see attached independent review report - but have not been audited. The condensed consolidated financial statements for the equivalent period in 2010 were also reviewed but not audited. The information for the year ended 31 December 2010 does not constitute statutory accounts (as defined in section 434 of the Companies Act 2006) but has been extracted from the statutory accounts for that year, which have been filed with the Registrar of Companies. The audit report on those accounts did not contain statements under Sections 498(2) or 498(3) of the Companies Act 2006. The audit opinion contained in that report was unmodified but contained an emphasis of matter paragraph drawing attention to the significant uncertainty surrounding the ultimate outcome of the appeal by the Coats plc group against the European Commission fine of €110.3 million (equivalent to £99.6 million at 30 June 2011 exchange rates). That uncertainty remains as at 30 June 2011 and the independent review report on these condensed consolidated financial statements contains a similar emphasis of matter paragraph. The directors remain of the view that any anticipated eventual payment of the fine is adequately covered by existing provisions.

3.	Group foreign exchange movements - during the six months to 30 June 2011, GPG recognised in operating profit £1 million of net foreign exchange losses (six months to 30 June 2010: £2 million; year to 31 December 2010: £7 million).

4.	Tax on profit from continuing operations

				30 June		30 June		31 December
				2011		2010		2010
				£m		£m		£m
	UK Corporation tax at 27.0% (2010: 28.0%)			-		-		-
	Overseas tax			(17)		(11)		(27)
				(17)		(11)		(27)
	Deferred tax			(10)		(4)		6
				(27)		(15)		(21)

	Deferred tax includes a non-cash tax charge of £9 million (6 months to 30 June 2010: non-cash tax charge of Nil; year to 31 December 2010: non-cash tax credit of £14 million) in respect of movements in deferred tax assets relating to tax losses. This charge (year to 31 December 2010: credit) arises from a similar size decrease (year to 31 December 2010: increase) in deferred tax liabilities recognised through the unrealised gains reserve. The tax charges for all periods also reflect the impact of unrelieved losses in certain subsidiary undertakings.






5.	The Parent Group's joint ventures and associated undertakings are as follows:

				30 June		30 June		31 December
				2011		2010		2010
	Autologic Holdings plc			26.2%		26.2%		26.2%
	Australian Country Spinners Ltd			50.0%		50.0%		50.0%
	Capral Ltd			47.4%		44.4%		47.4%
	ClearView Wealth Ltd			49.0%		47.9%		49.0%
	Green's General Foods Pty Ltd			72.5%		72.5%		72.5%
	Peanut Company of Australia Ltd			*		24.8%		24.8%
	Rattoon Holdings Ltd			*		44.4%		44.4%
	Tower Ltd			34.3%		35.0%		34.7%

	*Reclassified as fixed asset investments

	Movements in associated undertakings and joint ventures:

							Associated	Joint
							Undertakings	Ventures
							£m	£m
	At 1 January 2011						236	56
	Currency translation differences						6	-
	Additions						-	1
	Reclassification to fixed asset investments						(1)	-
	Dividends receivable						(5)	(3)
	Actuarial gains on retirement benefit schemes						1	-
	Share of share-based payment transactions						1	-
	Share of (loss)/profit after tax and minorities
	(associates: including £11m impairment charge)						(8)	2
	Reclassified to subsidiaries						(1)	-
	At 30 June 2011						229	56

	As noted above, during the period an impairment charge of £11 million was made against the carrying value of the Group's associated undertakings. This charge - which impacts the Investment segment - arose following a review of these investments in the light of the strategic announcement made by the Board on 11 February 2011. Associated undertakings are held at the lower of cost plus post acquisition changes in the Group's share of net assets and the higher of fair value less costs to sell and value in use. Fair value in these cases has been determined in the context of the orderly value realisation being undertaken, following a detailed review by the Investment Committee and the Board which took account of indicative offers, market values and other similar factors.

6.	Segmental Analysis: Analysis by activity
								Non-
								operating
			Thread		Fruit/produce		Other	items
		Investment	manufacture		distribution		Activities	(see note)	Total
		£m	£m		£m		£m	£m	£m

	6 months ended 30 June 2011:
	Revenue:
	External sales	7	533		161		59	-	760

	Profit after tax:
	Continuing operations	(17)	25		4		5	-	17
	Discontinued operations	-	-		-		-	-	-

	Total assets 30 June 2011	554	905		252		82	412	2,205

	6 months ended 30 June 2010:
	Revenue:
	External sales	-	497		134		12	-	643

	Profit after tax:
	Continuing operations	(19)	25		1		4	-	11
	Discontinued operations	(1)	-		-		2	-	1

	Total assets 30 June 2010	470	890		199		97	400	2,056

	Year ended 31 December 2010:
	Revenue:
	External sales	7	1,023		279		36	-	1,345

	Profit after tax:
	Continuing operations	(3)	42		3		10	-	52
	Discontinued operations	(1)	-		-		2	-	1

	Total assets 31 December 2010	578	873		169		127	431	2,178

	Note
	Non-operating items comprise cash and cash equivalents, derivatives and investments held by operating subsidiaries (which are not considered to be financial operations).

7.	Purchase of Subsidiary Undertakings
	On 15 March 2011 Turners & Growers acquired a controlling interest (100%) in the voting rights of Inglis Horticulture Ltd ("Inglis"), a former associated undertaking in New Zealand. The provisional values of net assets acquired, and the related goodwill arising on this acquisition, using the purchase method of accounting, were as follows:
							£m
	Property, plant and equipment						12
	Biological assets						12
	Deferred tax assets						4
	Trade and other payables						(6)
	Borrowings						(14)
	Deferred tax liabilities						(3)
	Net assets at acquisition						5
	Add losses previously recognised as an associated undertaking						1
							6
	Goodwill arising on acquisition						-
	Total consideration						6

	Consideration reported above:
	Cash paid in prior years						4
	Shares issued in current year						2
	Total consideration						6

	Inglis contributed revenue of £3 million and a loss of £1 million to the Group's results for the period. Had Inglis been consolidated from the beginning of the period, reported revenue would have increased by £1 million, with no impact on reported profit for the period.

8.	Earnings per share - The calculation of earnings per Ordinary Share is based on profit after taxation attributable to shareholders and the weighted average number of 1,819,777,905 Ordinary Shares in issue during the six months ended 30 June 2011.
	For the calculation of diluted earnings per Ordinary Share, the weighted average number of Ordinary Shares in issue is adjusted, where appropriate, to assume conversion of all dilutive potential Ordinary Shares, being share options granted to employees and Capital Notes. There were no dilutive potential Ordinary Shares during the period.
	Calculations of earnings per share are based on results to the nearest £000s.

9.	The net tangible assets per share figure at 30 June 2011 was 49.30p (30 June 2010 40.14p, 31 December 2010: 48.57p).

10.	Issued share capital
							£m
	At 1 January and 30 June 2011						91

11.	Dividends - The directors have approved the payment of a 1.15p per Ordinary Share interim dividend in respect of the year ending 31 December 2011. No interim dividend was paid during the period in respect of the year ended 31 December 2010. An interim dividend of 0.91p per Ordinary Share, adjusted for the 2010 Capitalisation Issue, was paid during the six months ended 30 June 2010 in respect of the year ended 31 December 2009.

12.	Contingent liabilities - There have been no significant developments in respect of the contingent liabilities described in note 32 to the Financial Statements in the 2010 Annual Report, and no additional such liabilities have arisen during the period.

13.	There have been no changes to the principal risks and uncertainties compared to those outlined in note 39 to the Financial Statements and the Corporate Governance Statement in the 2010 Annual Report, comprising risks associated with currency, interest rate, market price, liquidity, credit, capital, the Coats EC Fine, human resources, pensions, and regulatory compliance.

14.	Post Balance Sheet Events - Following Shareholder and Court approval, a Scheme of Arrangement and consequent Reduction of Capital became effective on 5 July 2011. Under that Scheme, three deferred shares of nominal value £37 million (Class A share), £6 million (Class B share) and £118 million (Class C share) were allotted and issued as fully paid. The Class A share was cancelled and the reserve arising from the cancellation was credited to the Company's profit and loss account and the Class C share was cancelled and the reserve arising from the cancellation was credited to a capital reduction reserve. In addition, in order to fund a capital return to shareholders of £80 million, the share capital of the Company was reduced by the cancellation of £11 million of ordinary shares and the Class B share and the Company's share premium account was cancelled.

15.	Related party transactions - There have been no related party transactions or changes in related party transactions described in the 2010 Annual Report that could have a material effect on the financial position or performance of the Group in the first six months of the financial year.

16.	In order to accommodate the different market practices of the London Stock Exchange ("LSE"), Australian Securities Exchange ("ASX") and NZX Main Board ("NZSX"), being those markets on which GPG's shares are quoted, the Stock Events timetable will be as follows *:

	Announcement of Interim Results, Interim Dividend and accompanying Scrip Dividend Alternative			Friday		26/08/11
	Shares marked ex-dividend (ASX)			Monday		05/09/11
	Shares marked ex-dividend (LSE and NZSX)			Wednesday		07/09/11
	Record date for dividend			Friday		09/09/11
	Post out Half Yearly Report 2011 and Circular for Scrip Dividend Alternative			By Friday		23/09/11
	Final date for receipt of Scrip Dividend Alternative elections			Monday		17/10/11
	Allotment of Scrip Shares (by 7.00pm UK time)			Monday		24/10/11
	Scrip Shares admitted to listing and trading (UK) (at commencement of dealings, UK time) - dealings commence in Scrip Dividend Shares (LSE and NZSX)			Tuesday		25/10/11
	Dispatch of Scrip Dividend Share Certificates (UK)			Tuesday		25/10/11
	Update of UK CREST accounts (5.00am UK time)			Tuesday		25/10/11
	Payment of Cash Dividend **			Tuesday		25/10/11
	Dealings commence in Scrip Shares (ASX)			Wednesday		26/10/11
	Dispatch of Statements notifying NZ holders of the change in holdings following the Scrip Dividend allotment			Monday		31/10/11
	Dispatch of Scrip Dividend holding statements (AUS)			Monday		31/10/11

	Notes
	* Actions take place on all three Exchanges on the date specified unless otherwise indicated ** The cash payments will be made to shareholders on the Australian and New Zealand share registers in Australian and New Zealand dollars respectively, calculated at the rates of exchange ruling at 4.30pm (UK time) on 14 October 2011

17.	Directors - The following persons were, except where noted, directors of GPG during the whole of the period and up to the date of this report:

	R J Campbell
	M N Allen
	Sir Ron Brierley
	B A Nixon (non-executive from 1 July 2011)
	M R G Johnson (to 5 April 2011)
	Dr G H Weiss (to 30 April 2011)
	G R Walker (to 29 July 2011)
18.	Interim Management Report - The Chairman's Statement appearing in the half-yearly financial report and signed by Rob Campbell provides a review of the operations of the Group for the six months ended 30 June 2011.

19.	Publication - This statement will be available at the registered office of the Company, First Floor, Times Place, 45 Pall Mall, London SW1Y 5GP. A copy will also be displayed on the Company's website on www.gpgplc.com.

DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with a resolution of the directors of Guinness Peat Group plc I state that:
in the opinion of the Directors and to the best of their knowledge:

a.	the condensed set of unaudited financial statements:

	(i)	give a true and fair view of the financial position as at 30 June 2011 and the performance of the consolidated Group for the half-year ended on that date;

	(ii)	have been prepared in accordance with IAS 34 "Interim Financial Reporting";

	(iii)	comply with the recognition and measurement principles of applicable International Financial Reporting Standards as adopted by the Group; and

b.	the half-yearly financial report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8; and

c.	there are reasonable grounds to believe the Company will be able to pay its debts as and when they become due and payable.

The Directors of Guinness Peat Group plc are listed in Note 17 to the Condensed Consolidated Financial Statements.


Signed on behalf of the Board
R. J. Campbell, Director
26 August 2011


UNITED KINGDOM
First Floor, Times Place, 45 Pall Mall, London SW1Y 5GP			Tel: 020 7484 3370		Fax: 020 7925 0700

AUSTRALIA
c/o PKF Chartered Accountants and Business Advisers
Level 10, 1 Margaret Street, Sydney NSW 2000			Tel: 02 9251 4100		Fax: 02 9240 9821

NEW ZEALAND
c/o Computershare Investor Services Limited
Private Bag 92119, Auckland 1142			Tel: 09 488 8700		Fax: 09 488 8787


Registered in England No. 103548