REG - Tullett Prebon Plc - Half Yearly Report <Origin Href="QuoteRef">MRON.L</Origin> <Origin Href="QuoteRef">TLPR.L</Origin> - Part 2
28/07/2015 07:03
- Part 2: For the preceding part double click ID:nRSb2295Ua
18,864.8 3,559.7
Total assets 10,981.7 19,254.9 4,020.4
Current liabilities
Trade and other payables (10,161.9) (18,599.2) (3,269.2)
Interest bearing loans and borrowings - (8.5) -
Current tax liabilities (30.5) (15.8) (12.3)
Short term provisions (3.6) (4.0) (6.6)
(10,196.0) (18,627.5) (3,288.1)
Net current assets 329.9 237.3 271.6
Non-current liabilities
Interest bearing loans and borrowings (220.0) (219.4) (219.7)
Deferred tax liabilities (22.0) (19.5) (24.1)
Long term provisions (8.5) (5.5) (9.7)
Other long term payables (14.6) (9.4) (15.3)
(265.1) (253.8) (268.8)
Total liabilities (10,461.1) (18,881.3) (3,556.9)
Net assets 520.6 373.6 463.5
Equity
Share capital 60.9 54.4 60.9
Share premium account 17.1 17.1 17.1
Merger reserve 178.5 121.5 178.5
Other reserves (1,178.6) (1,184.8) (1,173.4)
Retained earnings 1,441.0 1,364.1 1,378.8
Equity attributable to equity holders of the parent 518.9 372.3 461.9
Minority interests 1.7 1.3 1.6
Total equity 520.6 373.6 463.5
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Condensed Consolidated Statement of Changes in Equity
for the six months ended 30 June 2015
Equity attributable to equity holders of the parent
Share capital Share premium account Mergerreserve Reverseacquisitionreserve Re-valuationreserve Hedging and translation Ownshares Retainedearnings Total Minority interests Total equity
£m £m £m £m £m £m £m £m £m £m £m
30 June 2015 (unaudited)
Balance at 1 January 2015 60.9 17.1 178.5 (1,182.3) 1.4 7.6 (0.1) 1,378.8 461.9 1.6 463.5
Profit for the period - - - - - - - 88.3 88.3 0.3 88.6
Other comprehensiveincome for the period - - - - 0.4 (5.6) - (3.9) (9.1) (0.1) (9.2)
Total comprehensiveincome for the period - - - - 0.4 (5.6) - 84.4 79.2 0.2 79.4
Dividends paid - - - - - - - (27.4) (27.4) (0.1) (27.5)
Acquisition related share-based payments - - - - - - - 5.2 5.2 - 5.2
Balance at 30 June 2015 60.9 17.1 178.5 (1,182.3) 1.8 2.0 (0.1) 1,441.0 518.9 1.7 520.6
30 June 2014 (unaudited)
Balance at 1 January 2014 54.4 17.1 121.5 (1,182.3) 1.9 0.4 (0.1) 1,383.4 396.3 2.1 398.4
Profit for the period - - - - - - - 2.8 2.8 0.2 3.0
Other comprehensiveincome for the period - - - - 0.2 (4.9) - 2.4 (2.3) 0.1 (2.2)
Total comprehensiveincome for the period - - - - 0.2 (4.9) - 5.2 0.5 0.3 0.8
Dividends paid - - - - - - - (24.5) (24.5) (0.1) (24.6)
Decrease in minority interests - - - - - - - (0.2) (0.2) (1.0) (1.2)
Share-based payments - - - - - - - 0.2 0.2 - 0.2
Balance at 30 June 2014 54.4 17.1 121.5 (1,182.3) 2.1 (4.5) (0.1) 1,364.1 372.3 1.3 373.6
31 December 2014
Balance at 1 January 2014 54.4 17.1 121.5 (1,182.3) 1.9 0.4 (0.1) 1,383.4 396.3 2.1 398.4
Profit for the year - - - - - - - 24.6 24.6 0.4 25.0
Other comprehensive income for the year - - - - (0.5) 7.2 - 6.5 13.2 0.3 13.5
Total comprehensive income for the year - - - - (0.5) 7.2 - 31.1 37.8 0.7 38.5
Dividends paid - - - - - - - (36.7) (36.7) (0.2) (36.9)
Issue of ordinary shares 6.5 - 58.4 - - - - - 64.9 - 64.9
Share issue costs - - (1.4) - - - - - (1.4) - (1.4)
Decrease in minority interests - - - - - - - (0.2) (0.2) (1.0) (1.2)
Share-based payments - - - - - - - 0.3 0.3 - 0.3
Acquisition related share-based payments - - - - - - - 0.9 0.9 - 0.9
Balance at 31 December 2014 60.9 17.1 178.5 (1,182.3) 1.4 7.6 (0.1) 1,378.8 461.9 1.6 463.5
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Condensed Consolidated Cash Flow Statement
for the six months ended 30 June 2015
Six monthsended30 June2015(unaudited) Six monthsended30 June2014(unaudited) Yearended31 December2014
Notes £m £m £m
Net cash from operating activities 12 105.2 8.5 52.8
Investing activities
(Purchase)/sale of financial assets (6.8) 21.8 20.6
Purchase of investments (0.4) - -
Interest received 0.8 0.8 1.5
Dividends from associates 0.1 0.2 1.0
Expenditure on intangible fixed assets (3.1) (2.1) (5.3)
Purchase of property, plant and equipment (3.2) (1.9) (5.7)
Disposal of subsidiaries (0.3) - -
Investment in subsidiaries - (1.2) (5.5)
Cash acquired with the acquisition of PVM - - 17.5
Net cash used in investment activities (12.9) 17.6 24.1
Financing activities
Dividends paid 11 (27.4) (24.5) (36.7)
Dividends paid to minority interests (0.1) (0.1) (0.2)
Equity issue costs - - (1.4)
Repayment of debt - - (8.5)
Debt issue and bank facility arrangement costs (1.7) - -
Net cash used in financing activities (29.2) (24.6) (46.8)
Net increase in cash and cash equivalents 63.1 1.5 30.1
Cash and cash equivalents at the beginning of the period 287.1 251.6 251.6
Effect of foreign exchange rate changes (2.2) (2.7) 5.4
Cash and cash equivalents at the end of the period 13 348.0 250.4 287.1
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Notes to the Condensed Consolidated Financial Statements
for the six months ended 30 June 2015
1. General information
The condensed consolidated financial information for the six months ended 30
June 2015 has been prepared in accordance with the Disclosure and Transparency
Rules ('DTR') of the Financial Conduct Authority and with IAS 34 'Interim
Financial Reporting' as adopted by the European Union ('EU'). This condensed
financial information should be read in conjunction with the Statutory
Accounts for the year ended 31 December 2014 which were prepared in accordance
with International Financial Reporting Standards ('IFRSs') as adopted by the
EU.
The Statutory Accounts for the year ended 31 December 2014 have been reported
on by the Company's auditors, Deloitte LLP, and have been delivered to the
Registrar of Companies. The report of the auditors on those accounts was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under section 498(2) or (3) of the Companies Act
2006.
The condensed consolidated financial information for the six months ended 30
June 2015 has been prepared using accounting policies consistent with IFRSs.
The interim information, together with the comparative information contained
in this report for the year ended 31 December 2014, does not constitute
statutory accounts within the meaning of section 434 of the Companies Act
2006. The financial information is unaudited but has been reviewed by the
Company's auditors, Deloitte LLP, and their report appears at the end of the
Interim Management Report.
2. Accounting policies
The Condensed Consolidated Financial Statements have been prepared on the
historical cost basis, except for the revaluation of certain financial
instruments. The Group has adequate financial resources to meet the Group's
ongoing obligations. Accordingly, the going concern basis continues to be
used in preparing these Condensed Consolidated Financial Statements. The
Condensed Consolidated Financial Statements are rounded to the nearest hundred
thousand pounds (expressed as millions to one decimal place - £m), except
where otherwise indicated.
The same accounting policies, presentation and methods of computation have
been followed in the Condensed Consolidated Financial Statements as applied in
the Group's latest annual audited Group Financial Statements for the year
ended 31 December 2014, except as described below.
The Group has adopted Amendments to IAS 19 'Employee Benefits' regarding
employee contributions to defined benefit plans, the Annual Improvements to
IFRSs (2010-2012 Cycle) and the Annual Improvements to IFRSs (2011-2013
Cycle). The adoption of these amendments has had no impact on the Condensed
Consolidated Financial Statements.
3. Related party transactions
Related party transactions are described in Note 36 to the 2014 Statutory
Accounts. There have been no material changes in the nature or value of
related party transactions in the six months ended 30 June 2015.
4. Principal risks and uncertainties
Robust risk management is fundamental to the achievement of the Group's
objectives. The Group maintains a Risk Assessment Framework which identifies
risks within the following nine risk categories: Market Risk, Credit Risk,
Operational Risk, Strategic and Business Risk, Governance Risk, Regulatory,
Legal and Human Resource Risk, Reputational Risk, Liquidity Risk and Other
Financial Risks. A detailed explanation of the above risks can be found on
pages 18 to 21 of the latest Annual Report which is available at
www.tullettprebon.com. The Directors do not consider that the principal risks
and uncertainties have changed since the publication of the Annual Report for
the year ended 31 December 2014. Risks and uncertainties which could have a
material impact on the Group's performance over the remaining six months of
the financial year are discussed in the Interim Management Report.
5. Segmental analysis
Products and services from which reportable segments derive their revenues
The Group is organised by geographic reporting segments which are used for the
purposes of resource allocation and assessment of segmental performance by
Group management. These are the Group's reportable segments under IFRS 8
'Operating Segments'.
Each geographic reportable segment derives revenue from Treasury Products,
Interest Rate Derivatives, Fixed Income, Equities, Energy, and Information
Sales and Risk Management Services.
Information regarding the Group's operating segments is reported below:
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
£m £m £m
Revenue
Europe and the Middle East 241.9 209.0 405.6
Americas 117.9 102.7 201.6
Asia Pacific 55.9 48.6 96.3
415.7 360.3 703.5
Operating profit
Europe and the Middle East 46.3 43.0 80.1
Americas 7.1 2.7 10.5
Asia Pacific 7.2 4.6 10.1
Underlying operating profit 60.6 50.3 100.7
Exceptional and acquisition related items (Note 6) 58.2 (34.3) (53.1)
Reported operating profit 118.8 16.0 47.6
Finance income 1.9 1.8 3.6
Finance costs (9.6) (8.9) (17.7)
Profit before tax 111.1 8.9 33.5
Taxation (23.7) (7.1) (10.4)
Profit of consolidated companies 87.4 1.8 23.1
Share of results of associates 1.2 1.2 1.9
Profit for the period 88.6 3.0 25.0
There are no inter-segment sales included in segment revenue.
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
Revenue by product group £m £m £m
Treasury products 96.0 96.9 190.5
Interest Rate Derivatives 76.2 70.6 140.6
Fixed Income 93.6 103.0 186.5
Equities 21.5 20.3 39.5
Energy 101.2 46.6 100.0
Information Sales and Risk Management Services 27.2 22.9 46.4
415.7 360.3 703.5
Other segmental information
30 June2015 30 June2014 31 December2014
Segment assets £m £m £m
Europe and the Middle East - UK 5,071.0 12,235.1 1,741.7
Europe and the Middle East - Other 40.1 25.1 24.2
Americas 5,793.2 6,933.6 2,184.4
Asia Pacific 77.4 61.1 70.1
10,981.7 19,254.9 4,020.4
30 June2015 30 June2014 31 December2014
Segment liabilities £m £m £m
Europe and the Middle East - UK 4,693.3 11,982.2 1,408.8
Europe and the Middle East - Other 37.5 20.0 19.8
Americas 5,690.9 6,845.3 2,089.8
Asia Pacific 39.4 33.8 38.5
10,461.1 18,881.3 3,556.9
Segmental assets and liabilities exclude all inter-segment balances.
6. Exceptional and acquisition related items
Exceptional and acquisition related items comprise:
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
£m £m £m
Net credit/(charge) relating to major legal actions 64.4 (4.4) 3.1
Charge relating to cost improvement programme - (28.6) (46.7)
Acquisition costs - (1.3) (1.8)
Acquisition related share-based payment charge (5.2) - (0.9)
Amortisation of intangible assets arising on consolidation (0.7) - -
Goodwill impairment - - (6.8)
Loss on disposal of subsidiary undertaking (0.3) - -
58.2 (34.3) (53.1)
7. Other operating income
Other operating income represents receipts such as rental income, royalties,
insurance proceeds, settlements from competitors and business relocation
grants. Costs associated with such items are included in administrative
expenses.
8. Finance income
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
£m £m £m
Interest receivable and similar income 0.8 0.7 1.4
Deemed interest arising on the defined benefit pension scheme surplus 1.1 1.1 2.2
1.9 1.8 3.6
9. Finance costs
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
£m £m £m
Interest and fees payable on bank facilities 0.8 0.8 1.5
Interest payable on Sterling Notes August 2014 - 0.3 0.4
Interest payable on Sterling Notes July 2016 4.9 4.9 9.9
Interest payable on Sterling Notes June 2019 2.1 2.1 4.2
Other interest payable 0.2 0.2 0.5
Amortisation of debt issue and bank facility costs 1.1 0.6 1.1
Total borrowing costs 9.1 8.9 17.6
Unwind of discounted liabilities and provisions 0.5 - 0.1
9.6 8.9 17.7
10. Earnings per share
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
Basic - underlying 17.7p 16.0p 32.3p
Diluted - underlying 17.4p 16.0p 32.3p
Basic earnings per share 36.2p 1.3p 11.2p
Diluted earnings per share 35.8p 1.3p 11.2p
The calculation of basic and diluted earnings per share is based on the
following number of shares:
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
No. (m) No. (m) No. (m)
Basic weighted average shares 243.6 217.8 220.4
Contingently issuable shares 3.3 - 0.2
Diluted weighted average shares 246.9 217.8 220.6
The earnings used in the calculation of underlying, basic and diluted earnings
per share are set out below:
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
£m £m £m
Profit for the period 88.6 3.0 25.0
Minority interests (0.3) (0.2) (0.4)
Earnings 88.3 2.8 24.6
Exceptional and acquisition related items (Note 6) (58.2) 34.3 53.1
Tax on exceptional and acquisition related items 12.9 (2.2) (6.5)
Underlying earnings 43.0 34.9 71.2
11. Dividends
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
£m £m £m
Amounts recognised as distributions to equity holders in the period:
Final dividend for the year ended 31 December 2014of 11.25p per share 27.4 - -
Interim dividend for the year ended 31 December 2014of 5.6p per share - - 12.2
Final dividend for the year ended 31 December 2013of 11.25p per share - 24.5 24.5
27.4 24.5 36.7
An interim dividend of 5.6p per share will be paid on 12 November 2015 to all
shareholders on the Register of Members on 23 October 2015.
As at 30 June 2015 the Tullett Prebon plc Employee Benefit Trust 2007 held
202,029 ordinary shares (2014: 202,029 ordinary shares) and has waived its
rights to dividends.
12. Reconciliation of operating result to net cash from operating
activities
Six monthsended30 June2015 Six monthsended30 June2014 Yearended31 December2014
£m £m £m
Operating profit 118.8 16.0 47.6
Adjustments for:
- Share-based compensation expense - 0.2 0.3
- Pension scheme's administration costs 0.3 0.3 0.6
- Depreciation of property, plant and equipment 3.8 3.2 6.5
- Amortisation of intangible fixed assets 3.6 3.5 7.1
- Acquisition related share-based payment charge 5.2 - 0.9
- Amortisation of intangible assets arising on consolidation 0.7 - -
- Goodwill impairment - - 6.8
- Loss on disposal of subsidiary undertaking 0.2 - -
(Decrease)/ increase in provisions for liabilities and charges (4.3) 3.5 9.7
Decrease in non-current liabilities (0.5) (0.7) (1.6)
Operating cash flows before movement in working capital 127.8 26.0 77.9
(Increase)/decrease in trade and other receivables (10.8) 17.0 25.9
Increase in net settlement balances (0.4) (1.0) (1.1)
Decrease in trade and other payables (3.9) (20.4) (17.3)
Cash generated from operations 112.7 21.6 85.4
Income taxes paid (4.6) (9.9) (15.9)
Interest paid (2.9) (3.2) (16.7)
Net cash from operating activities 105.2 8.5 52.8
13. Analysis of net funds
1 January2015 Cashflow Non-cashitems Exchangedifferences 30 June2015
£m £m £m £m £m
Cash 223.3 63.3 - (1.1) 285.5
Cash equivalents 62.1 (0.2) - (1.1) 60.8
Client settlement money 1.7 - - - 1.7
Cash and cash equivalents 287.1 63.1 - (2.2) 348.0
Financial assets 10.7 6.8 - (0.9) 16.6
Total funds 297.8 69.9 - (3.1) 364.6
Notes due after one year (219.7) - (0.3) - (220.0)
(219.7) - (0.3) - (220.0)
Total net funds 78.1 69.9 (0.3) (3.1) 144.6
Cash and cash equivalents comprise cash at bank and other short term highly
liquid investments with an original maturity of three months or less. Cash at
bank earns interest at floating rates based on daily bank deposit rates.
Short term deposits are made for varying periods of between one day and three
months depending on the immediate cash requirements of the Group, and earn
interest at the respective short term deposit rates.
Financial assets comprise short term government securities and term deposits
held with banks and clearing organisations.
14. Regulatory matters
The Company is currently under investigation by the FCA in relation to certain
"wash trades" (trades that are risk-free, with no commercial rationale or
economic purpose, on which brokerage is paid) carried out by two former
employees. The Company continues to co-operate with regulators and government
agencies with respect to this investigation.
In common with a number of FCA regulated firms, the Company has been asked by
the FCA to review its systems and controls in a number of asset classes to
ensure that such systems and controls are of a sufficiently high standard to
effectively manage the risks faced by the Company's business, and to review
historical transactions in its G10 Spot FX business.
At this stage, the Company cannot estimate reliably what effect, if any, the
outcome of these matters may have on the Company.
15. Events after the balance sheet date
On 28 July 2015, the Group announced the acquisition of 100% of the share
capital of MOAB Oil, Inc. for an initial cash consideration of US$12.3m
(£7.8m) plus an amount equal to the working capital in the business, including
its cash. In addition, deferred contingent consideration is payable from the
first anniversary of completion through to the fifth anniversary. The amount
of deferred contingent consideration is dependent upon the performance of the
business over the five year period and has an initial fair value estimated to
be US$14.3m (£9.1m). The initial fair value of the net assets acquired is
estimated to be similar to the business's working capital which would result
in the recognition of US$26.6m (£16.9m) of intangible assets on
consolidation.
16. Allocation of other comprehensive income within Equity
Equity attributable to equity holders of the parent
Re-valuationreserve Hedgingand translation Ownshares Retainedearnings Total Minorityinterests Totalequity
£m £m £m £m £m £m £m
Six months ended 30 June 2015 (unaudited)
Revaluation of investments 0.4 - - - 0.4 - 0.4
Exchange differences on translation of foreign operations - (5.2) - - (5.2) (0.1) (5.3)
Remeasurement of the net defined benefit pension scheme - - - (6.0) (6.0) - (6.0)
Taxation (charge)/credit on components of other comprehensive income - (0.4) - 2.1 1.7 - 1.7
Other comprehensive income for the period 0.4 (5.6) - (3.9) (9.1) (0.1) (9.2)
Six months ended 30 June 2014 (unaudited)
Revaluation of investments 0.2 - - - 0.2 - 0.2
Exchange differences on translation of foreign operations - (4.7) - - (4.7) 0.1 (4.6)
Remeasurement of the net defined benefit pension scheme - - - 3.7 3.7 - 3.7
Taxation charge on components of other comprehensive income - (0.2) - (1.3) (1.5) - (1.5)
Other comprehensive income for the period 0.2 (4.9) - 2.4 (2.3) 0.1 (2.2)
Year ended 31 December 2014
Revaluation of investments (0.5) - - - (0.5) - (0.5)
Exchange differences on translation of foreign operations - 7.4 - - 7.4 0.3 7.7
Remeasurement of the net defined benefit pension scheme - - - 10.0 10.0 - 10.0
Taxation charge on components of other comprehensive income - (0.2) - (3.5) (3.7) - (3.7)
Other comprehensive income for the year (0.5) 7.2 - 6.5 13.2 0.3 13.5
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Directors' Responsibility Statement
The Directors confirm, to the best of their knowledge, that the condensed set
of financial statements has been prepared in accordance with IAS 34 'Interim
Financial Reporting' as adopted by the European Union, and that the Interim
Management Report herein includes a fair review of the information required by
DTR 4.2.7R and DTR 4.2.8R.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Company's website.
Legislation in the United Kingdom governing the preparation and dissemination
of financial information differs from legislation in other jurisdictions.
By order of the Board
John Phizackerley
Chief Executive
28 July 2015
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Independent Review Report to Tullett Prebon plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half year report for the six months ended 30 June 2015 which
comprises the Condensed Consolidated Income Statement, the Condensed
Consolidated Statement of Comprehensive Income, the Condensed Consolidated
Balance Sheet, the Condensed Consolidated Statement of Changes in Equity, the
Condensed Consolidated Cash Flow Statement and related Notes 1 to 16. We have
read the other information contained in the half year 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 International
Standard on Review Engagements (UK and Ireland) 2410 'Review of Interim
Financial Information Performed by the Independent Auditor of the Entity'
issued by the Auditing Practices Board. Our work has been undertaken so that
we might state to the Company those matters we are required to state to them
in an independent review 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 formed.
Directors' responsibilities
The half year report is the responsibility of, and has been approved by, the
Directors. The Directors are responsible for preparing the half year report
in accordance with the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
As disclosed in Note 1, the annual financial statements of the Group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half year report has
been prepared in accordance with International Accounting Standard 34 'Interim
Financial Reporting', as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half year report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half year report
for the six months ended 30 June 2015 is not prepared, in all material
respects, in accordance with International Accounting Standard 34 as adopted
by the European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditor
London, UK
28 July 2015
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