REG - JSC TBC Bank - Half Yearly Report <Origin Href="QuoteRef">BALF.L</Origin> <Origin Href="QuoteRef">TBCBq.L</Origin> - Part 2
12/08/2015 07:01
- Part 2: For the preceding part double click ID:nRSL7768Va
-3,528 -2,438 -610 1,140 -7,730
Profit for the year 13,797 16,941 11,533 2,872 10,390 55,532
The following table sets out the loans and customer deposits portfolios of TBC
Bank's business segments as of 30 June 2015, 31 March 2015 and 30 June 2014.
Not reclassified per new segment definition
In thousands of GEL 30-Jun-15 31-Mar-15 30-Jun-14
Loans and Advances to Customers
Consumer 775,392 746,389 626,705
Mortgage 814,511 796,229 580,974
Pawn 209,729 194,775 135,278
Retail 1,799,632 1,737,394 1,342,957
Corporate 1,380,488 1,418,558 1,060,485
SME 569,091 585,685 438,565
Micro 478,307 456,573 235,760
Total loans and advances to customers (gross) 4,227,518 4,198,209 3,077,766
Less: Provision for loan impairment -192,585 -174,178 -146,222
Total loans and advances to customers (net) 4,034,933 4,024,031 2,931,544
Customer Accounts
Retail 2,254,095 2,198,572 1,746,626
Corporate 912,902 916,265 743,464
SME 596,670 546,679 434,922
Micro 67,514 63,151 4,203
Total customer accounts 3,831,182 3,724,667 2,929,214
Q2 2015 (In thousands of GEL) Corporate Consumer Mortgage SME Micro Total
Provision for loan impairment at 31 March 2015 101,387 39,740 12,235 7,508 13,309 174,178
(Recovery of)/provision for impairment during the year 1,777 7,471 5,128 (107) 5,069 19,337
Amounts written off during the year as uncollectible 0 (5,215) (281) (430) (2,830) (8,755)
Recoveries 4,539 1,817 266 488 725 7,836
Effect of translation to presentation currency 0 (12) 15 (13) 0 (10)
Provision for loan impairment at 30 June 2015 107,703 43,802 17,363 7,446 16,273 192,586
Retail Banking
As of 30 June 2015, retail loans stood at GEL 1,799.6 million, up by 3.6% QoQ
and accounted for 31.1% market share in individual loans. As of 30 June 2015,
foreign currency loans represented 60.4% of the total retail loan portfolio.
As of 30 June 2015, retail deposits increased to GEL 2,254.1 million, up by
2.5% QoQ, and accounted for 34.5% market share in individual deposits. Term
deposits represented 64.6% of the total retail deposit portfolio as of 30 June
2015. Foreign currency deposits represented 87.1% of the total retail deposit
portfolio.
In Q2 2015, retail loan yields and deposit rates stood at 14.9% and 4.2%
respectively, and the segment's cost of risk was 2.8%. The retail segment
contributed to 24.8%, or GEL 13.8 million, to TBC's total net income in Q2
2015.
Corporate Banking
As of 30 June 2015, corporate loans amounted to GEL 1,380.5 million, down by
2.7% QoQ. The QoQ decrease in corporate loans was due to the more stringent
new loan underwriting criteria for certain industries and due to the scheduled
repayments. As of the same date, foreign currency loans represented 74.8% of
the total corporate loan portfolio.
As of 30 June 2015, corporate deposits stood at GEL 912.9 million, down by
0.4% QoQ. As of the same date, foreign currency corporate deposits represented
47.1% of the total corporate deposit portfolio.
In Q2 2015, corporate loan yields and deposit rates stood at 9.5% and 3.3%,
respectively. In the same period, the cost of risk was 0.5%. In terms of
profitability, the corporate segment's net profit reached GEL 16.9 million, or
30.5% of TBCs total net income.
SME Banking
As of 30 June 2015, SME loans amounted to GEL 569.1 million, down 2.8% QoQ,
mainly resulting from the refinance of several large loans internally
classified as high-risk profile loans, as well as the stricter underwriting
criteria. As of 30 June 2015, foreign currency loans represented 84.3% of the
total SME portfolio.
As of 30 June 2015, SME deposits stood at GEL 596.7 million, up by 9.1% QoQ.
Foreign currency SME deposits represented 60.6% of the total SME deposit
portfolio.
In Q2 2015, SME loan yields and deposit rates stood at 11.8% and 1.6%,
respectively. In the same period, cost of risk was negative 0.1% due to the
recoveries of provision in the second quarter. In terms of profitability, net
profit for the SME segment reached GEL 11.5 million, or 20.8%, of TBC's total
net income.
Micro Banking
Micro loans reached GEL 478.3 million as of 30 June 2015, up by 4.8% QoQ. As
of the same date, foreign currency loans represented 33.5% of the total micro
loan portfolio.
As of 30 June 2015, micro customer deposits amounted to GEL 67.5 million, up
6.9% QoQ. Foreign currency micro deposits represented 60.2% of the total micro
deposit portfolio.
In Q2 2015, micro loan yields and deposit rates stood at 22.8% and 3.4%,
respectively. In the same period, the cost of risk was 4.3%. In terms of
profitability, the micro segment's net profit reached GEL 2.9 million, or 5.2%
of TBC's total net income.
Annexes
Subsidiaries
Ownership / voting Country Year of incorporation or acquisition Industry Total Assets
% as of 30 June 2015 (after elimination)
Subsidiary AmountGEL'000 % in TBC Group
United Financial Corporation JSC 98.7% Georgia 1997 Card processing 8,435 0.13%
TBC Broker LLC 100.0% Georgia 1999 Brokerage 696 0.01%
TBC Leasing JSC 99.6% Georgia 2003 Leasing 94,961 1.51%
TBC Kredit LLC 75.0% Azerbaijan 2008 Non-banking credit institution 92,425 1.47%
Banking System Service Company LLC 100.0% Georgia 2009 Information services 536 0.01%
TBC Pay LLC 100.0% Georgia 2009 Processing 24,532 0.39%
Real Estate Management Fund JSC 100.0% Georgia 2010 Real estate management 1,387 0.02%
TBC Invest LLC 100.0% Israel 2011 PR and marketing 177 0.00%
Consolidated Balance Sheet
In thousands of GEL 30-Jun-15 31-Mar-15 30-Jun-14
Cash and cash equivalents 597,580 430,213 544,433
Due from other banks 42,788 40,829 2,645
Mandatory cash balances with National Bank of Georgia 408,456 400,948 308,164
Loans and advances to customers (Net) 4,034,933 4,024,031 2,931,545
Investment securities available for sale 204,440 569,113 515,029
Repurchase receivables 69,156 9,980 14,810
Investment securities held to maturity 366,639 0 0
Investments in finance leases 62,353 58,775 40,913
Investment properties 75,236 75,606 78,847
Goodwill 2,726 2,726 2,726
Intangible assets 40,978 39,965 27,050
Premises and equipment 211,250 212,434 197,055
Other financial assets 62,263 48,510 42,538
Deffered income tax asset 944 400 359
Current income tax prepayment 6,010 8,021 1,749
Other assets 88,292 81,040 90,241
TOTAL ASSETS 6,274,044 6,002,591 4,798,104
LIABILITIES
Due to Credit Institutions 991,069 855,887 660,416
Customer accounts 3,831,182 3,724,667 2,929,214
Current income tax liability 486 364 1,120
Debt Securities in issue 22,540 22,321 6,853
Deferred income tax liability 25,470 27,795 27,758
Provisions for liabilities and charges 8,202 10,675 9,767
Other financial liabilities 53,574 45,919 33,368
Subordinated debt 232,658 228,514 178,418
Other liabilities 32,230 25,540 25,029
TOTAL LIABILITIES 5,197,413 4,941,682 3,871,943
EQUITY
Share capital 19,587 19,576 19,576
Share premium 406,058 405,658 405,872
Retained earnings 594,863 578,532 446,088
Share based payment reserve 5,926 5,248 3,189
Other reserves 42,653 44,424 43,708
TOTAL EQUITY 1,069,087 1,053,438 918,433
Non-controlling interest 7,543 7,471 7,728
TOTAL EQUITY 1,076,631 1,060,909 926,161
TOTAL LIABILITIES AND EQUITY 6,274,044 6,002,591 4,798,104
Consolidated Income Statement
In thousands of GEL 1H 2015 1H 2014 2Q'15 1Q'15 2Q'14
Interest income 306,876 246,991 160,327 146,549 124,224
Interest expense -108,640 -85,970 -57,762 -50,878 -43,623
Net interest income 198,236 161,021 102,565 95,671 80,601
Fee and commission income 52,525 39,385 27,501 25,024 21,239
Fee and commission expense -17,685 -13,716 -9,280 -8,405 -7,252
Net Fee and Commission Income 34,840 25,669 18,221 16,618 13,987
Gains less losses from trading in foreign currencies 30,561 16,721 22,230 8,331 7,228
Foreign exchange translation gains less losses 4,500 -557 -4,837 9,338 1,144
Gains less losses/(losses less gains) from derivative financial instruments -490 -546 -52 -438 -369
Other operating income 9,052 9,431 4,444 4,608 5,787
Other operating non-interest income 43,623 25,049 21,785 21,838 13,790
Provision for loan impairment -48,723 -26,953 -19,338 -29,385 -12,367
Provision for impairment of investments in finance lease -363 -110 -259 -103 -101
Provision for/ (recovery of provision) performance guarantees and credit related commitments 3,060 2,613 2,240 820 814
Provision for impairment of other financial assets -1,232 -619 -893 -339 -429
Impairment of investment securities available for sale 0 -22 0 0 0
Operating income after provisions for impairment 229,441 186,648 124,321 105,120 96,295
Staff costs -65,308 -56,000 -34,455 -30,853 -29,016
Depreciation and amortisation -12,302 -10,692 -6,096 -6,206 -5,397
Administrative and other operating expenses -36,042 -35,604 -20,508 -15,534 -18,634
Operating expenses -113,651 -102,296 -61,058 -52,593 -53,047
Profit before tax 115,790 84,352 63,263 52,527 43,248
Income tax expense -14,619 -11,500 -7,730 -6,889 -6,335
Profit for the period 101,171 72,852 55,533 45,639 36,913
Profit attributable to owners of the bank 101,000 72,032 55,460 45,539 36,617
Key Ratios
Average Balances
Average balances included in this document are calculated as the average of
the relevant monthly balances as of each month end. Balances have been
extracted from TBC's unaudited and consolidated management accounts prepared
from TBC's accounting records and used by Management for monitoring and
control purposes.
Ratios (based on monthly averages, where applicable) 1H 2015 1H 2014 2Q'15 1Q'15 2Q'14
ROAE1 19.5% 19.3% 21.0% 17.9% 19.0%
ROAA2 3.4% 3.3% 3.6% 3.2% 3.2%
Pre-provision ROAE 28.6% 26.1% 27.9% 29.3% 25.3%
Pre-provision ROAA 5.0% 4.4% 4.7% 5.3% 4.3%
Cost: Income3 41.1% 48.3% 42.8% 39.2% 48.9%
Cost of Risk4 2.4% 1.8% 1.8% 3.0% 1.6%
NIM5 8.0% 8.6% 7.9% 8.0% 8.4%
Loan yields6 13.6% 15.3% 13.6% 13.5% 15.1%
Deposit rates7 3.6% 3.9% 3.6% 3.7% 3.9%
Yields on interest earning assets 8 12.3% 13.1% 12.4% 12.3% 12.9%
Cost of Funding9 4.5% 4.8% 4.6% 4.5% 4.7%
Spread10 7.8% 8.4% 7.8% 7.8% 8.2%
NPLs to gross loans11 1.1% 1.0% 1.1% 0.7% 1.0%
NPLs+restructured loans to gross loans12 5.3% 4.4% 5.3% 4.4% 4.4%
Provision Level to Gross Loans13 4.6% 4.8% 4.6% 4.1% 4.8%
NPLs+Restructured loans coverage ratio14 86.7% 109.1% 86.7% 95.0% 109.1%
BIS Tier 115 24.3% 26.5% 24.3% 23.9% 26.5%
Total BIS CAR16 29.8% 33.0% 29.8% 29.6% 33.0%
NBG Basel II Tier 1 CAR17 12.2% 13.4% 12.2% 12.1% 13.4%
NBG Basel II Total CAR18 15.1% 16.7% 15.1% 15.1% 16.7%
Ratio definitions
1. Return on average total equity (ROAE) equals net income attributable to
owners divided by monthly average of total shareholders' equity attributable
to the Bank's equity holders for the same period; Pre-provision ROAE excludes
all provision charges. Annualised where applicable.
2. Return on average total assets (ROAA) equals net income of the period
divided by monthly average total assets for the same period. Pre-provision
ROAE excludes all provision charges. Annualised where applicable.
3. Cost to Income ratio equals total operating expenses for the period
divided by the total revenue for the same period. (Revenue represents the sum
of net interest income, net fee and commission income and other non-interest
income).
4. Cost of risk equals provision for loan impairment divided by monthly
average gross loans and advances to customers. Annualised where applicable.
5. Net interest margin (NIM) is net interest income divided by monthly
average interest-earning assets. Annualised where applicable.
6. Loan yields equal interest income on loans and advances to customers
divided by monthly average gross loans and advances to customers. Annualised
where applicable.
7. Deposit rates equal interest expense on customer accounts divided by
monthly average total customer deposits. Annualised where applicable.
8. Yields on interest earning assets equals total interest income divided
by monthly average interest earning assets. Annualised where applicable.
9. Cost of funding equals total interest expense divided by monthly
average interest bearing liabilities. Annualised where applicable.
10. Spread equals difference between yields on interest earning assets and
cost of funding.
11. NPLs to gross loans ratio equals loans for which principal or interest
repayment is overdue for more than 90 days divided by the gross loan portfolio
for the same period.
12. NPLs+restructured loans to gross loans equal NPLs plus those
restructured loans that are overdue by 90 days or less divided by the gross
loan portfolio for the same period.
13. Provision Level to Gross Loans equal loan loss provision divided by the
gross loan portfolio for the same period.
14. NPLs+Restructured loans coverage ratio equals loan loss provision
divided by the sum of NPLs plus those restructured loans that are overdue by
90 days or less.
15. NPLs+Restructured loans collateral coverage ratio equals the discounted
value of collateral divided by the sum of NPLs plus those restructured loans
that are overdue by 90 days or less.
16. BIS Tier 1 capital adequacy ratio Tier 1 capital over total risk
weighted assets, both calculated in accordance with Basel I requirements.
17. Total BIS CAR equals total capital over total risk weighted assets, both
calculated in accordance with Basel I requirements.
18. NBG Basel II Tier 1 CAR equals Tier I Capital divided by total risk
weighted assets, both calculated in accordance with the NBG Basel II
requirements. After adoption of NBG Basel II/III requirements, the Bank also
calculates its capital requirements and risk weighted assets separately for
Pillar 1. Detailed instructions of Pillar 1 calculations are given by NBG. The
reporting started from the end of 2012.
19. NBG Basel II Total CAR equals total capital divided by total risk
weighted assets, both calculated in accordance with the NBG Basel II
requirements. After adoption of NBG Basel II/III requirements, the Bank also
calculates its capital requirements and risk weighted assets separately for
Pillar 1. Detailed instructions of Pillar 1 calculations are given by NBG. The
reporting started from the end of 2012.
Exchange Rates
For calculations of Balance Sheet items QoQ growth without currency exchange
rate effect, we used USD/GEL exchange rate of 2.2275 as of March 2015. For
calculations of YoY growth without currency exchange rate effect, we used
USD/GEL exchange rate of 1.7691 as of June 2014. The USD/GEL exchange rate as
of June 2015 equaled 2.2483. For P&L items growth calculations without
currency effect, we used the average USD/GEL exchange rate for the following
periods: Q2 2015 of 2.2816, Q1 2015 of 2.0729 and Q2 2014 of 1.7625.
Additional Disclosures
Mid-term Performance Aspirations
Mid-term performance aspirations Current performance* Mid-term targets
Loan book growth (gross)** 37.4% p.a. c.20% p.a.
ROE 21% ≥ 18%
Cost income ratio*** 42.8% < 45%
Equity Tier I capital ratio**** (Basel II/III) 12.2% c.10.5%
Dividend payout ratio***** 25% 25%
(*) Figures (unless stated otherwise) for 2Q 2015; IFRS consolidated figures
(**) 12-month growth as of 2Q 2015
(***) Cost income ratio calculated as ratio of operating expenses to operating
income (excl. loan impairment expense); TBC consolidated IFRS basis (2Q 2015)
(****) Based on the relevant Basel II/III methodology prevailing at current
time; subject to capital targets and dividend payouts
(*****) Dividends under "Current performance" shows TBC Bank payout ratio in
2015 based on 2014 performance; under "Mid-term targets" - on TBC consolidated
IFRS basis; dividend target was approved on shareholder meeting in May 2015
Sensitivity Scenario
Sensitivity Scenario 30-Jun-15 10% Currency Devaluation Effect
NIM* -0.1%
Cost of Risk +0.2%
Total Capital per Basel II/III 1,028 1,031
Capital adequacy ratios per both tier 1 and total per Basel II/III and NBG regulation decrease by 0.8% - 1%
(*) Linear depreciation is assumed for NIM sensitivity analysis
Source: IFRS statements and Internal Reporting
FC details for Selected P/L Items
Selected P&L Items FC % of Respective Totals
Interest Income 52%
Interest Expense 70%
Fee and Commission Income 48%
Fee and Commission Expense 63%
Administrative Expenses 17%
Source: IFRS statements and Internal Reporting
Refinanced and Libor Linked B/S Items
Refinance Rate Linked Libor Linked
Refinance Rate Gap GEL -12 m Libor Gap GEL 64 - 332 m
Assets 689 11%
Assets 805 13% Nostro** 64 37%
Fixed securities (≤ 1y)* 297 46% NBG Reserves** 204 40%
Floating Securities 101 16% Libor Loans 421 10%
Floating Loans 360 9% Liabilities 357 7%
NBG Reserves 48 9% Senior Loans 231 26%
Liabilities 817 16% Subordinated Loans 126 54%
Total Deposits 412 11%
NBG Loan 195 22%
Interbank Deposits 24 17%
IFI & Interbank Loans 186 21%
(*) 56% of the less than 1 year securities are maturing in 6 months.
(**) Income on NBG reserves and Nostros are calculated as benchmark minus
margin whereby benchmarks are correlated with Libor. These two items close the
gap only in case of upward movement of the Libor rate
Source: IFRS Group Data
Yields and Rates
2Q'15 1Q'15 4Q'14 3Q'14 2Q'14
Loan yields 13.6% 13.5% 14.3% 14.9% 15.1%
Retail loan yields GEL 20.0% 19.2% 22.2% 22.1% 23.2%
Retail loan yields FX 11.6% 11.7% 12.9% 13.2% 13.8%
Retail Loan Yields 14.9% 14.8% 17.0% 17.1% 17.8%
Corporate loan yields GEL 10.1% 10.4% 9.5% 10.8% 11.2%
Corporate loan yields FX 9.3% 9.1% 9.7% 10.9% 10.5%
Corporate Loan Yields 9.7% 9.4% 9.5% 10.5% 10.8%
SME loan yields GEL 11.3% 11.8% 11.3% 11.8% 11.9%
SME loan yields FX 11.9% 11.7% 11.6% 12.6% 12.4%
SME Loan Yields 11.9% 11.9% 11.4% 12.3% 12.3%
Micro loan yields GEL 24.7% 26.8% 27.1% 26.9% 27.7%
Micro loan yields FX 19.5% 19.8% 21.1% 20.5% 21.2%
Micro Loan Yields 22.9% 26.9% 24.5% 24.3% 25.1%
Deposit rates 3.6% 3.7% 3.5% 3.6% 3.9%
Retail deposit rates GEL 3.7% 3.9% 4.3% 4.4% 5.0%
Retail deposit rates FX 4.3% 4.5% 4.4% 4.6% 4.6%
Retail Deposit Yields 4.3% 4.4% 4.4% 4.6% 4.7%
Corporate deposit rates GEL 4.6% 4.5% 3.4% 3.7% 3.8%
Corporate deposit rates FX 1.6% 1.9% 2.0% 2.1% 3.0%
Corporate Deposit Yields 3.2% 3.4% 2.8% 2.7% 3.2%
SME deposit rates GEL 1.5% 1.3% 1.6% 1.4% 1.9%
SME deposit rates FX 1.6% 1.5% 1.3% 1.4% 1.6%
SME Deposit Yields 1.6% 1.5% 1.4% 1.4% 1.7%
Micro deposit rates GEL 4.0% 6.4% 5.0% 2.9% 2.6%
Micro deposit rates FX 3.1% 2.9% 5.3% 2.4% 5.4%
Micro Deposit Yields 3.5% 7.9% 5.2% 3.0% 3.3%
Yields on Securities 6.8% 6.3% 6.2% 5.9% 5.6%
Loan Quality per NBG
Sub-Standard, Doubtful and Loss (SDL) Loans Ratio per NBG
Jun-15 Mar-15 Dec-14 Sep-14 Jun-14
SDL Loans as % of Gross Loans 6.8% 6.0% 6.0% 8.4% 7.2%
Source: NBG
Capital
NBG Basel II Capital adequacy ratio 30-Jun-15 31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14
Tier 1 Capital 831,400 835,688 783,360 743,614 713,644
Regulatory capital 1,028,113 1,042,654 946,865 913,829 886,050
Credit Risk Weighted Exposures 6,313,075 5,879,120 4,911,779
Risk Weighted Exposures for Market Risk 30,169 27,186 5,835
Risk Weighted Exposures for Operational Risk 452,089 390,378 390,378
Total Risk-weighted Exposures 6,795,333 6,923,736 6,296,684 5,486,786 5,307,993
Tier 1 Capital adequacy ratio 12.2% 12.1% 12.4% 13.6% 13.4%
Total Capital adequacy ratio 15.1% 15.1% 15.0% 16.7% 16.7%
NBG Capital adequacy ratio 30-Jun-15 31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14
Tier 1 Capital 786,141 822,579 671,491 672,262 674,420
Regulatory capital 1,010,366 1,026,203 872,924 856,240 828,692
Credit risk weighted assets (including off-balance obligations) 4,819,329 4,125,740 3,529,558
Currency Induced Credit Risk 1,919,273 1,525,435 1,313,684
minus general and special reserves -190,019 -155,192 -170,220
Total Risk-weighted Exposures 6,548,583 6,581,758 5,495,983 4,835,565 4,673,022
Tier 1 Capital adequacy ratio 12.0% 12.5% 12.2% 13.9% 14.4%
Total Capital adequacy ratio 15.4% 15.6% 15.9% 17.7% 17.7%
Capital adequacy ratio under Basel Capital Accord 1988 30-Jun-15 31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14
Tier 1 Capital 1,031,253 1,013,759 967,496 926,087 879,727
Total Capital 1,263,335 1,257,103 1,188,187 1,140,807 1,095,428
Credit risk weighted assets (including off-balance obligations) 4,351,684 3,949,360 3,378,920
Less: General Reserve -138,189 -100,397 -103,985
Market Risk 32,848 61,864 47,251
Total Risk-weighted Exposures 4,246,343 4,248,507 3,910,827 3,456,306 3,322,186
Tier 1 Capital adequacy ratio 24.3% 23.9% 24.7% 26.8% 26.5%
Total Capital adequacy ratio 29.8% 29.6% 30.4% 33.0% 33.0%
Source: IFRS Group data for Basel I, NBG data for Basel II & NBG Capital
Forward-Looking Statements
This document contains forward-looking statements; such forward-looking
statements contain known and unknown risks, uncertainties and other important
factors, which may cause actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Forward-looking statements are based on numerous assumptions regarding the
Company's present and future business strategies and the environment in which
the Company will operate in the future. Important factors that, in the view of
the Company, could cause actual results to differ materially from those
discussed in the forward-looking statements include, among others, the
achievement of anticipated levels of profitability, growth, cost and recent
acquisitions, the impact of competitive pricing, the ability to obtain
necessary regulatory approvals and licenses, the impact of developments in the
Georgian economic, political and legal environment, financial risk management
and the impact of general business and global economic conditions.
None of the future projections, expectations, estimates or prospects in this
document should be taken as forecasts or promises nor should they be taken as
implying any indication, assurance or guarantee that the assumptions on which
such future projections, expectations, estimates or prospects are based are
accurate or exhaustive or, in the case of the assumptions, entirely covered
in the document. These forward-looking statements speak only as of the date
they are made, and subject to compliance with applicable law and regulation
the Company expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements contained in the
document to reflect actual results, changes in assumptions or changes in
factors affecting those statements.
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Balfour Beatty
See all newsREG - Balfour Beatty PLC - Director/PDMR Shareholding
AnnouncementREG - Balfour Beatty PLC - Balfour Beatty disposes of Foundry Courtyard
AnnouncementREG - Balfour Beatty PLC - Transaction in Own Shares
AnnouncementREG - Balfour Beatty PLC - Transaction in Own Shares
AnnouncementREG - Balfour Beatty PLC - Transaction in Own Shares
Announcement