REG - Oxford Instruments - Half Yearly Report <Origin Href="QuoteRef">OXIG.L</Origin> - Part 2
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(124.3) 39.2 39.2
Net (debt)/cash at the end of the period (137.5) 32.2 (124.3)
Notes on the Half Year Financial Statements
Half year ended 30 September 2014 - unaudited
1 BASIS OF PREparATION OF ACCOUNTS
Reporting entity
Oxford Instruments plc (the Company) is a company incorporated in England and Wales. The condensed consolidated half year
financial statements consolidate the results of the Company and its subsidiaries (together referred to as the Group). They
have been prepared and approved by the Directors in accordance with International Financial Reporting Standard (IFRS) IAS
34 Interim Financial Reporting as adopted by the EU. They do not include all of the information required for full annual
financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the
year ended 31 March 2014.
The financial information contained herein is unaudited and does not constitute statutory accounts as defined by Section
435 of the Companies Act 2006. The comparative figures for the financial year ended 31 March 2014 are not the company's
statutory accounts for that financial year. Those accounts have been reported on by the company's auditors and delivered
to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain
a statement under section 498 (2) or (3) of the Companies Act 2006.
Significant accounting policies
As required by the Disclosure and Transparency Rules of the Financial Conduct Authority, the condensed set of financial
statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the
Company's published consolidated financial statements for the year ended 31 March 2014, except as explained below.
Adoption of new and revised standards
The following standards and interpretations are applicable to the Group and have been adopted as they are mandatory for the
year ended 31 March 2015.
IFRS 10 - Consolidated financial statements: This new standard provides a single model to be applied in the control
analysis for all investees, including entities that currently are SPEs in the scope of SIC-12. The adoption of this
standard has had no significant impact.
Amendments to IAS 36 - Impairment of assets and recoverable amount disclosures for non-financial assets: The amendments
reverse the unintended requirement in IFRS 13 Fair Value Measurement to disclose the recoverable amount of every
cash-generating unit to which significant goodwill or indefinite-lived intangible assets have been allocated. Under the
amendments, recoverable amount is required to be disclosed only when an impairment loss has been recognised or reversed.
The adoption of this standard has had no significant impact.
Amendments to IAS 32 - Offsetting Financial Assets and Financial Liabilities: The amendments clarify the offsetting
criteria, specifically when an entity currently has a legal right of set off; and when gross settlement is equivalent to
net settlement. The adoption of this standard has had no significant impact.
At present, there are no other new standards, amendments to standards or interpretations mandatory for the first time for
the year ending 31 March 2015.
Estimates
The preparation of half year financial statements requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing these Half Year Financial Statements, the significant judgements made by management in applying the group's
accounting policies and key sources of estimation uncertainty were the same as those that applied to the Consolidated
Financial Statements as at and for the year ended 31 March 2014.
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
1 BASIS OF PREparATION OF ACCOUNTS continued
Going concern
The condensed consolidated half year financial statements have been prepared on a going concern basis, based on the
Directors' opinion, after making reasonable enquiries, that the Group has adequate resources to continue in operational
existence for the foreseeable future.
Re-presentation of comparative information
As required by IFRS3 the accounts as at 31 March 2014 have been re-resented in respect of the finalisation of the
acquisition accounting which was provisional at the time the 31 March 2014 accounts were published.
Exchange rates
The principal exchange rates used to translate the Group's overseas results were as follows:
Period end rates Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
US Dollar 1.62 1.62 1.67
Euro 1.28 1.20 1.21
Yen 178 159 172
Average translation rates US Dollar Euro Yen
Half year to 30 September 2014
April 1.68 1.21 172
May 1.68 1.22 172
June 1.70 1.24 172
July 1.68 1.25 173
August 1.66 1.26 173
September 1.62 1.27 175
Average translation rates 2014 US Dollar Euro Yen
April 1.53 1.19 147
May 1.53 1.18 152
June 1.52 1.17 152
July 1.53 1.16 151
August 1.54 1.17 151
September 1.58 1.18 155
October 1.62 1.18 158
November 1.63 1.19 163
December 1.65 1.20 171
January 1.65 1.21 171
February 1.66 1.22 169
March 1.67 1.21 171
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
2 NON-GAAP MEASURES
The Directors present the following non-GAAP measure as they believe it gives a better indication of the underlying
performance of the business.
RECONCILIATION BETWEEN PROFIT BEFORE INCOME TAX AND ADJUSTED PROFIT
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
£m £m £m
Profit before income tax 2.7 17.7 24.0
Reversal of acquisition related fair value adjustments to inventory 0.2 - 3.7
Acquisition related costs 0.9 0.8 7.8
Amortisation and impairment of acquired intangibles 10.9 5.1 14.7
Contingent consideration deemed no longer payable (1.4) - -
Unwind of discount in respect of deferred consideration 0.5 0.5 0.9
Mark to market (gain)/loss in respect of derivative financial instruments 1.6 (3.5) (4.1)
Settlement loss on US pension scheme - - 0.1
Adjusted profit before income tax 15.4 20.6 47.1
Share of taxation (3.5) (4.4) (8.7)
Adjusted profit 11.9 16.2 38.4
The reversal of acquisition related fair value adjustments to inventory are excluded from adjusted profit to provide a
measure that includes results from acquired businesses on a consistent basis over time to assist comparison of
performance.
Acquisition related costs comprise professional fees incurred in relation to mergers and acquisitions activity and any
consideration which, under IFRS 3 (revised), falls to be treated as a post-acquisition employment expense.
In common with a number of other companies adjusted profit excludes the non-cash amortisation and impairment of acquired
intangible assets and the unwind of discounts in respect of contingent consideration relating to business combinations. In
the current period, £1.4m relating to contingent consideration on the acquisition of RMG Technology Limited which the
directors no longer consider will be payable, has been released to other operating income.
In calculating the share of tax attributable to adjusted profit before tax in 2011 a one-off recognition of deferred tax
assets relating to the Group's UK businesses of £11.3m was excluded. At that time the Group announced its intention to
exclude the reversal of this deferred tax from the calculation of the share of tax attributable to adjusted profit before
tax in the years in which it reverses. In the year to 31 March 2014 deferred tax of £2.2m was reversed. In the current
period deferred tax of £0.8m (2013: £1.2m) has reversed and consequently been excluded from the tax attributable to
adjusted profit before tax.
In the year to 31 March 2014, the Group purchased annuities for 27 members of the US defined benefit pension scheme. A loss
of £0.1m crystallised on purchase.
Under IAS 39, all derivative financial instruments are recognised initially at fair value. Subsequent to initial
recognition, they are also measured at fair value. In respect of instruments used to hedge foreign exchange risk and
interest rate risk the Group does not take advantage of the hedge accounting rules provided for in IAS 39 since that
standard requires certain stringent criteria to be met in order to hedge account, which, in the particular circumstances of
the Group, are considered by the Board not to bring any significant economic benefit. Accordingly, the Group accounts for
these derivative financial instruments at fair value through profit or loss. To the extent that instruments are hedges of
future transactions, adjusted profit for the year is stated before changes in the valuation of these instruments so that
the underlying performance of the Group can be more clearly seen.
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
3 SEGMENT Information
The Group has five operating segments. These operating segments have been combined into three aggregated operating
segments to the extent that they have similar economic characteristics, with relevance to products and services, type and
class of customer, methods of sale and distribution and the regulatory environment in which they operate. Each of these
three aggregated operating segments is a reportable segment.
The Group's internal management structure and financial reporting systems differentiate the three aggregated operating
segments on the basis of the economic characteristics discussed below:
· the Nanotechnology Tools segment contains a group of businesses supplying similar products, characterised by a high
degree of customisation and high unit prices. These are the Group's highest technology products serving research customers
in both the public and private sectors;
· the Industrial Products segment contains a group of businesses supplying high technology products and components
manufactured in medium volume for industrial customers; and
· the Service segment contains the Group's service business as well as service revenues from other parts of the
Group.
Reportable segment results include items directly attributable to a segment as well as those which can be allocated on a
reasonable basis. Inter-segment pricing is determined on an arm's length basis. The operating results of each are
regularly reviewed by the Chief Operating Decision Maker, which is deemed to be the Board of Directors. Discrete financial
information is available for each segment and used by the Board of Directors for decisions on resource allocation and to
assess performance. No asset information is presented below as this information is not presented in reporting to the
Group's Board of Directors.
Half year to 30 September 2014
Nanotechnology Industrial
Tools Products Service Total
£m £m £m £m
External revenue 92.7 54.1 31.7 178.5
Inter-segment revenue 0.1 0.4 -
Total segment revenue 92.8 54.5 31.7
Segment operating profit 6.6 5.5 6.8 18.9
Half year to 30 September 2013
Nanotechnology Industrial
Tools Products Service Total
£m £m £m £m
External revenue 77.0 57.0 32.3 166.3
Inter-segment revenue 0.1 1.0 -
Total segment revenue 77.1 58.0 32.3
Segment operating profit 7.4 8.1 6.5 22.0
Year to 31 March 2014
Nanotechnology Industrial
Tools Products Service Total
£m £m £m £m
External revenue 180.5 113.3 66.3 360.1
Inter-segment revenue 0.1 1.4 0.1
Total segment revenue 180.6 114.7 66.4
Segment operating profit 21.2 15.6 13.5 50.3
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
Reconciliation of reportable segment profit
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
£m £m £m
Operating profit for reportable segments 18.9 22.0 50.3
Reversal of acquisition related fair value adjustments to inventory (0.2) - (3.7)
Acquisition related costs (0.9) (0.8) (7.8)
Settlement loss on US pension scheme - - (0.1)
Amortisation of acquired intangibles (10.9) (5.1) (14.7)
Contingent consideration deemed no longer payable 1.4 - -
Financial income 0.1 3.7 4.4
Financial expenditure (5.7) (2.1) (4.4)
Profit before income tax 2.7 17.7 24.0
4 RESEARCH AND DEVELOPMENT
Total research and development spend by the Group is as follows:
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
£m £m £m
Research and development expense charged to the consolidated statement of income 14.3 12.0 25.1
Less: depreciation of R&D related fixed assets (0.4) (0.3) (0.8)
Add: amounts capitalised as fixed assets 1.6 0.7 2.1
Less: amortisation and impairment of R&D costs previously capitalised as intangibles (1.7) (1.8) (3.9)
Add: amounts capitalised as intangible assets 4.5 2.4 5.4
Total cash spent on research and development during the period 18.3 13.0 27.9
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
5 ACQUISITIONS
Andor Technology plc
On 21 January 2014 the Group acquired 100% of the issued listed share capital of Andor Technology plc for a net cash
consideration of £158.1m. Andor is a market leading supplier of high performance optical cameras, microscope systems and
software.
The book and fair values of the assets and liabilities acquired are given in the table below. Fair value adjustments have
been made to better align the accounting policies of the acquired business with the Group accounting policies and to
reflect the fair value of assets and liabilities acquired. The business has been acquired for the purpose of integrating
into the Nanotechnology Tools segment where it is believed that synergies can be obtained particularly in respect of routes
to market.
Book value£m Adjustments£m Fair value£m
Intangible fixed assets 9.4 70.2 79.6
Tangible fixed assets 6.0 (4.0) 2.0
Inventories 11.1 2.5 13.6
Trade and other receivables 10.3 0.5 10.8
Trade and other payables (13.5) (2.0) (15.5)
Deferred tax (0.5) (16.0) (16.5)
Cash 17.2 - 17.2
Net assets acquired 40.0 51.2 91.2
Goodwill 84.1
Total consideration 175.3
Cash acquired (17.2)
Net cash outflow relating to the acquisition 158.1
The goodwill arising is not tax deductible and is considered to represent the value of the acquired workforce and
synergistic benefits expected to arise from the acquisition.
RoentgenAnalytik Systeme GmbH
On 31 December 2013 the Group acquired 100% of the issued share capital of Roentgenanalytik Systeme GmbH for a net cash
consideration of £1.6m.The company specialises in designing and supplying instruments for coating thickness measurement and
material analysis, using X-ray fluorescence (XRF).
The book and fair values of the assets and liabilities acquired are given in the table below. Fair value adjustments have
been made to better align the accounting policies of the acquired business with the Group accounting policies and to
reflect the fair value of assets and liabilities acquired. The business has been acquired to strengthen Oxford Instruments'
range of X-ray Fluorescence (XRF) materials and coating thickness analysers.
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
Book value£m Adjustments£m Fair value£m
Intangible fixed assets - 1.2 1.2
Inventories 0.2 - 0.2
Trade and other receivables 0.1 - 0.1
Trade and other payables (0.3) 0.2 (0.1)
Cash 0.1 - 0.1
Net assets acquired 0.1 1.4 1.5
Goodwill 0.2
Total consideration 1.7
Cash acquired (0.1)
Net cash outflow relating to the acquisition 1.6
The goodwill arising is tax deductible in full and is considered to represent the value of the acquired workforce and
synergistic benefits expected to arise from the acquisition.
RMG Technology Ltd
On 8 November 2013 the Group acquired 100% of the issued share capital of RMG Technology Limited for an initial net cash
consideration of £5.7m. RMG is a UK business specialising in Laser Induced Breakdown Spectrography.
The book and fair values of the assets and liabilities acquired are given in the table below. Fair value adjustments have
been made to better align the accounting policies of the acquired business with the Group accounting policies. The business
has been acquired for the purpose of integrating into the Industrial Analysis segment where it will add a unique hand-held
analyser to the Group's product portfolio.
Book value£m Adjustments£m Fair value£m
Intangible fixed assets - 8.2 8.2
Inventories 0.1 - 0.1
Trade and other receivables 0.2 - 0.2
Trade and other payables (0.3) - (0.3)
Deferred tax - (1.6) (1.6)
Cash 0.4 - 0.4
Net assets acquired 0.4 6.6 7.0
Goodwill 0.5
Total consideration 7.5
Cash acquired (0.4)
Contingent consideration at acquisition (1.4)
Net cash outflow relating to the acquisition 5.7
The goodwill arising is not tax deductible and is considered to represent the value of the acquired workforce and
synergistic benefits expected to arise from the acquisition. Further contingent consideration of up to £4m is payable based
on revenue of the acquired business in the year to 31 March 2015.
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
6 TAXATION
The total effective tax rate on profits for the half year is 36% (2013: 25%). The weighted average tax rate in respect of
adjusted profit before tax (see note 2) for the half year is 23% (2013: 21%).
7 earnings per share
a) Basic
The calculation of basic earnings per share is based on the profit or loss for the period after taxation and a weighted
average number of ordinary shares outstanding during the period, excluding shares held by the Employee Share Ownership
Trust, as follows:
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
Shares Shares Shares
million million million
Weighted average number of shares outstanding 57.1 56.9 57.0
Less: weighted average number of shares held by Employee Share Ownership Trust (0.2) (0.2) (0.2)
Weighted average number of shares used in calculation of earnings per share 56.9 56.7 56.8
b) Diluted
The following table shows the effect of share options on the calculation of both adjusted and unadjusted diluted basic
earnings per share.
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
Shares Shares Shares
million million million
Number of ordinary shares per basic earnings per share calculations 56.9 56.7 56.8
Effect of shares under option 0.4 0.5 0.4
Number of ordinary shares per diluted earnings per share calculations 57.3 57.2 57.2
Notes on the Half Year Financial Statements (continued)
Half year ended 30 September 2014 - unaudited
8 dividends per share
The following dividends per share were paid by the Group:
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
pence pence pence
Previous period interim dividend 3.36 3.05 3.05
Previous period final dividend - - 8.15
3.36 3.05 11.20
The following dividends per share were proposed by the Group in respect of each accounting period presented:
Half year to Half year to Year to
30 Sept 30 Sept 31 March
2014 2013 2014
pence pence pence
Interim dividend 3.70 3.36 3.36
Final dividend - - 9.04
3.70 3.36 12.40
The final dividend for the year to 31 March 2014 was approved by shareholders at the Annual General Meeting held on 9
September 2014. Accordingly is it no longer at the discretion of the company and has been included as a liability as at 30
September 2014. It was paid on 23 October 2014.
The interim dividend for the year to 31 March 2015 of 3.7 pence was approved by the Board on 11 November 2014, 10.1% higher
than the previous year and has not been included as a liability as at 30 September 2014. The interim dividend will be paid
on 9 April 2015 to shareholders on the register at the close of business on 6 March 2015.
Principal Risks and Uncertainties
The Group has in place a risk management structure and internal controls which are designed to identify, manage and
mitigate risk.
In common with all businesses, Oxford Instruments faces a number of risks and uncertainties which could have a material
impact on the Group's long term performance.
On pages 16 and 17 of its 2014 Annual Report and Accounts (a copy of which is available at www.oxford-instruments.com), the
Company set out what the Directors regarded as being the principal risks and uncertainties facing the Group's long term
performance and these are reproduced in the table below. Many of these risks are inherent to Oxford Instruments as a
global business and they remain valid as regards their potential impact during the remainder of the second half of the
year.
Specific Risk Context Risk Possible Impact Associated strategic priorities Mitigation
Technical Risk The Group provides high technology equipment and systems to its customers. Failure of the advanced technologies applied by the Group to produce commercial products, capable of being manufactured and sold profitably. Lower profitability and financial returns.Negative impact on the Group's reputation. 'Realising the Brand' - Using 'Voice of the Customer' to drive rapid new product development. 'Liberate Cash' - Support and develop our employees to maximise their value add. The Group has moved away from large scale, single customer development programmes
towards more commercially orientated products. The New Product Introduction programme
that any new R&D projects must pass through provides a framework within which the
commercial viability of projects are scrutinised and assessed.
Economic Environment The recent global recession and prevailing economic downturn have resulted in cuts to both government and private sector spending. Demand for the Group's products may be lower than anticipated. Lower profitability and financial returns. 'Realising the Brand' - Developing a strong brand in existing and developing markets. 'Delivering Shareholder Value' - Focus on balanced and attractive global markets. The Group has a broad spread of customers, applications and geographical markets. The
Group is expanding in the so called BRIC nations, whose markets have been more
resilient during the economic downturn.
Acquisitions Part of the growth of Oxford Instruments is planned to come from acquisitions which provide the Group with complementary technologies. Appropriate acquisition targets may not be available in the necessary timescale.Alternatively, once acquired, targets may fail to provide the planned value. Lower profitability and financial returns.Management focus taken away from the core business in order to manage integration issues. 'Realising the Brand' - Developing a strong brand in existing and developing markets. 'Inventing the Future' - Using "Voice of the Customer" to drive rapid new product development. 'Adding Personal Value' - Supporting and developing our employees. Extensive financial and technical due diligence is undertaken by the Group during any
acquisition programmes. Each transaction has a comprehensive post acquisition
integration plan which is reviewed at the highest level.
Foreign exchange volatility A significant proportion of the Group's profit is made in foreign currencies. The Group's profit levels are exposed to fluctuations in exchange rates. Lower profitability and financial returns 'Delivering Shareholder Value' - Focus on balanced and attractive global markets. 'Liberating Cash' -Developing a competitive global supply base that supports our growth. The Group seeks to mitigate the exposure to transactional risk by the use of natural
hedges wherever possible. The remaining transactional foreign exchange risk in any
year is mitigated through the use of forward and non-premium based option exchange
contracts.
Outsourcing The Group's strategic plan includes the outsourcing of a significantly higher proportion of the costs of its products to benefit from economies of scale and natural currency hedges. Failures in the supply chain impacting sales. Disruption to customers.Negative impact on the Group's reputation. 'Liberating Cash' - Developing a competitive global supply base that supports our growth. 'Realising the Brand' - Developing a strong brand in existing and developing markets. Relationships with outsourcing businesses are monitored closely and any potential
issues are acted upon swiftly to avoid disruption. Where practical dual sources are
used for key components and services.
Pensions The Group's calculated pension deficit is sensitive to changes in the actuarial assumptions. Movements in the actuarial assumptions may have an appreciable effect on the reported pension deficit. Additional cash required by the Group to fund the deficit.Reduction in net assets. 'Delivering Shareholder Value' - Focus on balanced and attractive global markets. 'Liberating Cash' - Developing a competitive global supply base that supports our growth. The Group has closed its defined benefit pension schemes in the UK and US to future
accrual. The Group has a funding plan in place to reduce the pension deficit over
the short to medium term.
People A number of the Group's employees are business critical. The employee leaves the Group. Lower profitability and financial returns. 'Adding Personal Value' - Supporting and developing our employees. 'Inventing the Future' - Providing an environment for inventing and innovation. The Group undertakes a regular employee survey and implements and reviews resulting
action plans. A comprehensive succession planning process is in place, together with
a talent network which identifies and manages contacts with people who could provide
external succession for critical current and future roles. A management development
programme provides exposure to key skills needed for growth. Regular individual
performance reviews take place.
Routes to market In some instances the Group's products are components of higher level systems and thus the Group does not control its route to market. The systems integrator switches supplier denying the Group's route to market. Lower profitability and financial returns. 'Inventing the Future' - Developing products that offer the best technical solution. 'Realising the Brand' - Ensuring that end customers appreciate the benefits of Oxford Instruments technology. Use of the stage gate process and 'Voice of the Customer' to make sure that the
Group's products are the best in the market. Co-marketing with system integrators to
promote the merits of the Group's products to end customers. Seeking to increase the
number of integrators supplied by the Group .
The impact of the economic and end market environments in which the Group's businesses operate are considered in the Half
Year Statement of this Half Year Report, together with an indication if management is aware of any likely change in this
situation.
Responsibility Statement of the Directors in respect of the Half Year Financial Statements
We confirm that to the best of our knowledge:
• the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as
adopted by the EU;
• the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact on the condensed set of financial statements; and a
description of the principal risks and uncertainties for the remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have materially affected the financial position or performance
of the entity during that period; and any changes in the related party transactions described in the last annual report
that could do so.
Jonathan Flint, Chief Executive Kevin Boyd, Group Finance Director
11 November 2014
Independent review report to Oxford Instruments plc
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report
for the six months ended 30 September 2014 which comprises the Condensed Consolidated Statement of Income, the Condensed
Consolidated Statement of Comprehensive Income, Condensed Consolidated Statement of Financial Position, Condensed
Consolidated Statement of Changes in Equity, Condensed Consolidated Statement of Cash Flows and the related explanatory
notes.
We have read the other information contained in the half-yearly financial report and considered whether it contains any
apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting
the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Conduct Authority ("the UK
FCA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in
this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company for our review work, for this report, or for the conclusions we have reached.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors.
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