RNS Number : 1279V
ABSA Bank Limited
22 May 2008
ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/004794/06)
ISIN: ZAE000079810
JSE share code: ABSP
(Absa Bank)
ABSA BANK: PROFIT AND DIVIDEND ANNOUNCEMENTAUDITED FINANCIAL RESULTS FOR YEAR
ENDED 31 DECEMBER 2007
BANK SALIENT FEATURES
Year ended
31 December
2007 2006* Change
(Audited) (Audited) %
Income statement (Rm)
Headline earnings** 7 476 5 861 27,6
Profit attributable to ordinary equity holders 7 620 6 051 25,9
of the Bank
Balance sheet (Rm)
Total assets 587 059 453 726 29,4
Loans and advances to customers 443 120 367 199 20,7
Deposits due to customers 304 877 275 407 10,7
Financial performance (%)
Return on average equity 26,4 25,1
Return on average assets 1,48 1,42
Operating performance (%)
Net interest margin on average assets 3,54 3,42
Net interest margin on average 3,82 3,71
interest-bearing assets
Impairment losses on loans and advances as % 0,54 0,44
of average loans and advances to customers
Non-interest income as % of total operating 41,5 44,3
income
Cost-to-income ratio 54,2 57,2
Effective tax rate, excluding indirect 29,2 28,4
taxation
Share statistics (million)
(including *A* ordinary shares)
Number of shares in issue 337,3 337,3
Weighted average number of shares 337,3 336,3
Weighted average diluted number of shares 337,3 336,3
Share statistics (cents)
Earnings per share 2 259,4 1 799,0 25,6
Diluted earnings per share 2 259,4 1 799,0 25,6
Headline earnings per share 2 216,4 1 742,5 27,2
Diluted headline earnings per share 2 216,4 1 742,5 27,2
Dividends per ordinary share relating to 789,8 591,9 33,4
income for the year
Dividend cover (times) 2,8 2,9
Net asset value per share 9 149 7 630 19,9
Tangible net asset value per share 9 081 7 586 19,7
Capital adequacy (%)
Absa Bank 12,5 12,3
* The comparatives for the year ended 31 December 2006 have been reclassified throughout the document. See section on *Reclassifications*
below.
** After allowing for R313 million (December 2006: R73 million) profit attributable to preference equity holders of the Bank.
BANK INCOME STATEMENT
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Net interest income 17 915 14 174 26,4
Interest and similar income 52 213 36 518 43,0
Interest expense and similar charges (34 298) (22 344) (53,5)
Impairment losses on loans and advances (2 207) (1 515) (45,7)
Net interest income after impairment losses 15 708 12 659 24,1
on loans and advances
Net fee and commission income 10 046 8 973 12,0
Fee and commission income 1.1 10 620 9 486 12,0
Fee and commission expense (574) (513) (11,9)
Gains and losses from banking and trading 1 536 1 234 24,5
activities 1.2
Gains and losses from investment activities 108 169 (36,1)
1.3
Other operating income 1 006 879 14,4
Operating income before operating expenses 28 404 23 914 18,8
Operating expenditure (17 286) (15 414) (12,1)
Operating expenses 2.1 (16 584) (14 547) (14,0)
Non-credit related impairments2.2 (58) (71) 18,3
Indirect taxation (644) (796) 19,1
Share of retained earnings from associated 85 48 77,1
undertakings and joint ventures
Operating profit before income tax 11 203 8 548 31,1
Taxation expense (3 267) (2 424) (34,8)
Profit for the year 7 936 6 124 29,6
Attributable to:
Ordinary equity holders of the Bank 7 620 6 051 25,9
Preference equity holders of the Bank 313 73 >(100,0)
Minority interest 3 - (100,0)
7 936 6 124 29,6
Headline earnings 3 7 476 5 861 27,6
NOTES TO THE ANNUAL FINANCIAL RESULTS
1. NON INTEREST INCOME
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
1.1 Fee and commission income
Credit-related fees and commission 9 765 8 706 12,2
Credit cards 1 543 1 383 11,6
Cheque accounts 2 536 2 384 6,4
Electronic banking 2 657 2 248 18,2
Other 3 029 2 691 12,6
Corporate finance fees 289 136 >100,0
External administration fees 192 157 22,3
Insurance commission received 346 453 (23,6)
Portfolio and other management fees 16 16 -
Unit/property trust income 12 18 (33,3)
10 620 9 468 12,0
1.2 Gains and losses from banking and trading
activities
Designated fair value 948 (105) >100,0
Debt securities in issue (112) - (100,0)
Loans and advances and deposits 261 (380) >(100.0)
Investments 853 430 >100,0
Debt instruments 2 - 100,0
Equity instruments 851 430 97,9
Statutory liquid asset portfolio (54) (155) 65,2
Associated undertakings and joint ventures
Dividends from associated banking entities 8 - 100,0
(Loss)/profit realised on disposal (6) 167 >(100,0)
Held for trading 507 1 173 (56,8)
Ineffective hedges 79 (1) >100,0
Cash flow hedges (60) (5) >(100,0)
Fair value hedges 139 4 >100,0
1 536 1 234 24,5
1.3 Gains and losses from investment
activities
Associated undertakings and joint ventures
Dividends received 3 - 100,0
Designated fair value
Equity instruments 69 119 (42,0)
Subsidiaries
Profit realised on disposal 36 50 (28,0)
108 169 (36,1)
2. OPERATING EXPENDITURE
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
2.1 Operating expenses
Amortisation on intangible assets 63 18 >(100,0)
Audit fees 53 52 (1,9)
Audit fees current year 49 43 (14,0)
Other fees 4 9 55,6
Cash transportation 268 227 (18,1)
Depreciation 743 706 (5,2)
Computer equipment 461 377 (22,3)
Freehold property 30 30 -
Furniture and other equipment 226 272 16,9
Leasehold property 26 26 -
Motor vehicles - 1 100,0
Equipment rental and maintenance 258 221 (16,7)
Information technology 1 079 1 064 (1,4)
Lease rentals on operating leases 762 699 (9,0)
Marketing costs 889 728 (22,1)
Other operating costs 1 278 1 117 (14,4)
Other professional fees 1 207 1 097 (10,0)
Printing and stationery 276 232 (19,0)
Staff costs 9 096 7 850 (15,9)
Telephone and postage 612 536 (14,2)
16 584 14 547 (14,0)
2.2 Non-credit related impairments
Financial instruments
Available for sale investments - (5) (100,0)
Other 58 76 23,7
Computer software development costs 21 66 68,2
Investment in associated undertakings and - 10 100,0
joint ventures
Repossessed Properties 37 - (100,0)
58 71 18,3
3. DETERMINATION OF HEADLINE EARNINGS*
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Headline earnings is determined as follows:
Profit attributable to ordinary equity 7 620 6 051 25,9
holders of the Bank
Adjustments for:
IAS 16 net profit on disposal of property (57) (8) >(100,0)
and equipment
IAS 21 recycle foreign currency translation (38) - (100,0)
reserve, disposal of investment in foreign
operations
IAS 27 net profit on disposal of (26) (36) 27,8
subsidiaries
IAS 28 & 31 net loss/(profit) on disposal 6 (113) >100,0
of associated undertakings and joint
ventures
IAS 28 impairment of associated - 7 (100,0)
undertakings and joint ventures
IAS 28 underlying associated undertakings (45) (54) 16,7
and joint ventures earnings
IAS 38 net profit on disposal and (43) 47 >(100,0)
impairment of intangible assets
IAS 39 release of available-for sale 59 (29) >100,0
reserves
IAS 39 impairment of available-for sale - (4) 100,0
assets and strategic investments
Headline earnings 7 476 5 861 27,6
* After tax and minorities.
BANK BALANCE SHEET
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Assets
Cash, cash balances and balanceswith 15 069 12 022 25,3
central banks
Statutory liquid asset portfolio 22 957 20 829 10,2
Loans and advances to banks 52 691 20 833 >100,0
Trading assets 25 876 17 742 45,8
Hedging assets 725 641 13,1
Other assets 5 002 3 151 58,7
Current tax assets 168 - 100,0
Loans and advances to customers 443 120 367 199 20,7
Loans to Absa Group companies 8 308 1 728 >100,0
Loans to holding company 1 130 1 301 (13,1)
Deferred tax assets 48 63 (23,8)
Investments 6 109 3 960 54,3
Investments in associated undertakings and 1 370 601 >100,0
joint ventures
Intangible assets 228 147 55,1
Property and equipment 4 258 3 509 21,3
Total assets 587 059 453 726 29,4
Liabilities
Deposits from banks 65 167 28 897 >100,0
Trading liabilities 22 947 16 140 42,2
Hedging liabilities 2 226 1 257 77,1
Other liabilities and sundry provisions 10 113 8 015 26,2
Current tax liabilities 56 941 (94,0)
Deposits due to customers 304 877 275 407 10,7
Debt securities in issue 134 023 83 866 59,8
Deferred tax liabilities 2 259 2 133 5,9
Policyholder liabilities under insurance 67 76 (11,8)
contracts
Borrowed funds 1 9 796 8 268 18,5
Total liabilities 551 531 425 000 29,8
Equity
Capital and reserves
Attributable to equity holders of the Bank:
Share capital 303 303 -
Share premium 5 415 5 415 -
Preference share capital 1 1 -
Preference share premium 4 643 2 991 55,2
Other reserves 1 605 1 682 (4,6)
Retained earnings 23 535 18 334 28,4
35 502 28 726 23,6
Minority interest 26 0 >100,0
Total equity 35 528 28 726 23,7
Total equity and liabilities 587 059 453 726 29,4
Contingent liabilities * banking related 53 734 49 706 8,1
NOTES TO THE ANNUAL FINANCIAL RESULTS
1. BORROWED FUNDS
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Subordinated callable notes
14,25% (AB02) 3 100 3 100 -
10,75% (AB03) 1 100 1 100 -
3-month JIBAR + 0,75% (AB04) 400 400 -
8,75% (AB05) 1 500 1 500 -
8,10%(AB06) 2 000 2 000 -
8,80% (AB07) 1 725 - 100,0
Accrued interest 297 253 17,4
Fair value adjustment* (326) (85) >(100,0)
9 796 8 268 18,5
* The fair value adjustment relates to subordinated callable notes designated as hedged item in a hedge relationship.
BANK STATEMENT OF CHANGES IN EQUITY
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Share capital 303 303 -
Opening balance 303 303 -
Shares issued - 0 (100,0)
Share premium 5 415 5 415 -
Opening balance 5 415 4 665 16,1
Shares issued - 750 (100,0)
Preference share capital 1 1 -
Opening balance 1 - 100,0
Shares issued 0 1 >(100,0)
Preference share premium 4 643 2 991 55,2
Opening balance 2 991 - 100,0
Shares issued 1 658 2 999 (44,7)
Costs incurred (6) (8) 25,0
Other reserves 1 605 1 682 (4,6)
Opening balance 1 682 1 817 (7,4)
Movement in foreign currency translation (53) 178 >(100,0)
reserve
Movement in regulatory general credit risk 381 50 >100,0
reserve
Movement in available-for-sale reserve 61 67 (9,0)
Movement in cash flow hedges reserve (540) (485) (11,3)
Movement in associated undertakings and 85 48 77,1
joint ventures* retained earnings reserve
Disposal of associated undertakings and - (48) 100,0
joint ventures * release of reserves
Share-based payments for the year 75 78 (3,8)
Transfer from share-based payment reserve (86) (23) >(100,0)
Retained earnings 23 535 18 334 28,4
Opening balance 18 334 14 224 28,9
Transfer to regulatory general credit risk (381) (50) >(100,0)
reserve
Transfer to associated undertakings and (85) (48) (77,1)
joint ventures* retained earnings reserve
Disposal of associated undertakings and - 48 (100,0)
joint ventures * release of reserves
Transfer from share-based payment reserve 86 23 >100,0
Profit attributable to ordinary equity 7 620 6 051 25,9
holders
Profit attributable to preference equity 313 73 >100,0
holders
Dividends paid during the year (2 352) (1 987) (18,4)
35 502 28 726 23,6
Minority interest 26 0 >100,0
Opening balance 0 40 >(100,0)
Acquisitions/(disposals) 25 (40) >100,0
Other reserve movements (2) (0) >(100,0)
Minority share of profit 3 - 100,0
Total equity 35 528 28 726 23,7
BANK CASH FLOW STATEMENT
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Net cash generated/(utilised) from operating 4 735 (6 054) >100,0
activities
Net cash utilised from investing activities (4 237) (1 660) >(100.0)
Net cash generated from financing activities 1 025 3 755 (72,7)
Net increase/(decrease) in cash and cash 1 523 (3 959) >100,0
equivalents
Cash and cash equivalents at the beginning of 3 498 7 462 (53.1)
the year 1
Effect of exchange rate movements on cash on 2 (5) >100,0
cash equivalents
Cash and cash equivalents at the end of the 5 023 3 498 43,6
year 2
NOTES TO THE CASH FLOW STATEMENT
1 Cash and cash equivalents at the beginning of
the year
Cash, cash balances and balanceswith central 3 619 3 210 12,7
banks
Loans and advances to banks (121) 4 252 >(100,0)
3 498 7 462 (53,1)
2 Cash and cash equivalents at the end of the
year
Cash, cash balances and balanceswith central 4 673 3 619 29,1
banks
Loans and advances to banks 350 (121) >100,0
5 023 3 498 43,6
PROFIT CONTRIBUTION BY BUSINESS AREA
Year ended
31 December
2007 2006*
(Audited) (Audited) Change
Rm Rm %
Banking operations
Retail banking 4 989 4 095 21,8
Absa Private Bank 237 178 33,1
Personal Bank 1 2 144 1 400 53,1
Absa Home Loans and Repossessed Properties 1 279 1 086 17,8
Absa Card 706 700 0,9
Absa Vehicle and Asset Finance 623 731 (14,8)
Absa Corporate and Business Bank 1 922 1 384 38,9
Absa Capital 1 533 929 65,0
African operations (31) (44) 29,5
Corporate centre 2 (95) 83 >(100,0)
Capital and funding centre 94 131 (28,2)
Total earnings from business areas 8 412 6 578 27,9
Synergy costs (after tax) 3 (479) (454) (5,5)
Profit attributable to preference equity (313) (73) >(100,0)
holders
Profit attributable to ordinary equity 7 620 6 051 25,9
holders
Headline earnings adjustments (144) (190) 24,2
Total headline earnings 7 476 5 861 27,6
REVENUE CONTRIBUTION BY BUSINESS AREA
Year ended
31 December
2007 2006*
(Audited) (Audited) Change
Rm Rm %
Banking operations
Retail banking 21 259 17 799 19,4
Absa Private Bank 1 403 1 208 16,1
Personal Bank 1 10 647 8 582 24,1
Absa Home Loans and Repossessed Properties 3 880 3 170 22,4
Absa Card 2 466 2 134 15,6
Absa Vehicle and Asset Finance 2 863 2 705 5,8
Absa Corporate and Business Bank 6 152 5 168 19,0
Absa Capital 3 595 2 318 55,1
African operations (5) (3) (66,7)
Corporate centre 2 (493) (37) >(100,0)
Capital and funding centre 103 184 (44,0)
Total revenue 30 611 25 429 20,4
Notes
1. Personal Bank includes the results of Digital Banking, Micro Lending, Personal Bank Ventures
and Alliances, Small Business, Telephone Banking and Entry Level Banking.
2. In the prior year the Corporate centre included the gains on disposal of Bankhaus
Wern and AST.
3. Synergies relate to the integration of Absa and Barclays following the acquisition
by Barclays of a majority share in Absa. Synergy costs are one-off costs incurred in
achieving synergy benefits.
* The comparative period has been restated for:
- Migration of clients from Private Bank to Personal Bank in the current year.
- Absa Development Company Holdings (Proprietary) Limited was moved from Corporate
centre to Absa Corporate and Business Bank during the year under review.
RECLASSIFICATIONS
BANK BALANCE SHEET * 31 DECEMBER 2006
Reclassification of certain assets and liabilities
31 December 31 December
2006 2006
((Audited)) ((Audited))
(As previously Reclassi-
Rm Commentary reported) fications (Restated)
Assets
Cash, cash balances and 12 022 12 022
balanceswith central banks
Statutory liquid asset 20 829 - 20 829
portfolio
Loans and advances to banks 20 833 - 20 833
Trading assets 1 17 711 31 17 742
Hedging assets 1 672 (31) 641
Other assets 3 151 - 3 151
Loans and advances to 2 368 320 (1 121) 367 199
customers
Loans to Absa Group companies 1 728 - 1 728
Loan to holding company 1 301 - 1 301
Deferred tax assets 63 - 63
Investments 2 2 839 1 121 3 960
Investments in 601 - 601
associatedundertakings and
joint ventures
Intangible assets 147 - 147
Property and equipment 3 509 - 3 509
Total assets 453 726 - 453 726
Liabilities
Deposits from banks 3 39 236 (10,339) 28 897
Trading liabilities 15 499 641 16 140
Hedging liabilities 1 898 (641) 1 257
Other liabilities and sundry 8 015 - 8 015
provisions
Current tax liabilities 941 - 941
Deposits due to customers 3 348 934 (73 527) 275 407
Debt securities in issue 3 - 83 866 83 866
Deferred tax liabilities 2 133 - 2 133
Policyholder liabilities 76 - 76
under insurance contracts
Borrowed funds 8 268 - 8 268
Total liabilities 425 000 - 425 000
Equity
Capital and reserves
Attributable to equity holders
of the Bank:
Share capital 303 - 303
Share premium 5 415 - 5 415
Preference share capital 1 - 1
Preference share premium 2 991 - 2 991
Other reserves 1 682 - 1 682
Retained earnings 18 334 - 18 334
28 726 - 28 726
Minority interest 0 - 0
Total equity 28 726 - 28 726
Total equity and liabilities 453 726 - 453 726
BANK INCOME STATEMENT * YEAR ENDED 31 DECEMBER 2006
IFRS 7 and other reclassifications
Year ended Year ended
31 December 31 December
2006 2006
(Audited) (Audited)
(As previously Reclassi-
Rm Commentary reported) fications (Restated)
Net interest income 4 14 184 (10) 14 174
Interest and similar income 36 551 (33) 36 518
Interest expense and similar (22 367) 23 (22 344)
charges
Impairment losses on loans and (1 515) - (1 515)
advances
Net interest income after 12 669 (10) 12 659
impairment losses on loans and
advances
Net fee and commission income 9 434 (461) 8 973
Fee and commission income 5 & 6 9 468 18 9 486
Fee and commission expense 6 (34) (479) (513)
Gains and losses from banking 6 1 274 (40) 1 234
and trading activities
Gains and losses from 6 169 - 169
investment activities
Other operating income 5 897 (18) 879
Operating income before 24 443 (529) 23 914
operating expenses
Operating expenditure (15 943) 529 (15 414)
Operating expenses 6 (15 070) 523 (14 547)
Non-credit related (71) - (71)
impairments
Indirect taxation (802) 6 (796)
Share of retained earnings of 48 - 48
associated undertakings and
joint ventures
Operating profit before income 8 548 - 8 548
tax
Taxation expense (2 424) - (2 424)
Profit for the year 6 124 - 6 124
Attributable to:
Ordinary equity holders of 6 051 - 6 051
the Bank
Preference equity holders of 73 - 73
the bank
Minority Interest - -
6 124 - 6 124
Headline earnings 5 861 - 5 861
COMMENTARY ON THE RECLASSIFICATION
1. Trading and hedging assets and liabilities
Certain trading assets and liabilities previously aggregated with hedging assets and liabilities have been separated.
2. Equity and shareholder loans
Shareholder loans granted to Private Equity, Commercial Property Finance and Incubator Fund clients have been reclassified as part of the
net investment in that entity. Previously these were shown as "Loans and advances to customers".
3. Debt securities in issue
Negotiable certificates of deposits and other funding paper issued were previously reported as a sub-category of *Deposits due to customers*
and "Deposits from banks". This is disclosed on a separate line on the face of the balance sheet, called *Debt securities in issue*.
4. Reclassification of interest
Hedging income and expenses have been reclassified to better eliminate mismatches.
5. Fees from trust and other fiduciary activities
Unit/property trust income has been reclassified from *Other operating income* to *Fee and commission income*.
6. Fee expenses and similar
While implementing IFRS 7, the Group adopted a policy where all fees paid relating to either a financial instrument or fee income, should be
classified as a fee expense. Similarly any fees related to trading should be moved to "Gains and losses from banking and trading
activities".
PROFIT AND DIVIDEND ANNOUNCEMENT
Introduction
Absa Bank is a wholly owned subsidiary of Absa Group Limited (Absa Group or the Group), which is listed on the JSE Limited (the JSE).
Absa Bank and its subsidiaries* financial results for the year ended 31 December 2007 and its preference dividend declaration for the period
1 September 2007 to 28 February 2008 are contained in this announcement.
Commentary pertaining to the operating environment and the results of Absa Bank*s core subsidiaries are set out in the Absa Group*s annual
financial results announcement. The Absa Group announcement was released on the JSE Securities Exchange News Services (Sens) and Absa
Group*s website (www.absa.co.za) on 19 February 2008, and published in the press on 20 February 2008.
Basis of presentation and changes in accounting policies
Absa Bank*s annual results have been prepared in accordance with International Financial Reporting Standards (IFRS).
The Bank adopted IFRS 7 * Financial Instruments: Disclosures and IAS 1 Presentation of financial statements: Capital Disclosures (amendment)
during the year ended 31 December 2007. The adoption of IFRS 7 and the amendment to IAS 1 impacted disclosures made in the financial
statements. The Bank also made some reclassifications in the income statement as a result of the implementation of IFRS 7. The adoption of
the standard had no impact on the reported profits or financial position of the Bank.
The Bank*s results for the year ended 31 December 2007 have been audited by the Group*s auditors, PricewaterhouseCoopers Inc. and Ernst &
Young Inc. Their audit report is available for inspection at the Bank*s registered address, 3rd floor, Absa Towers East, 170 Main Street,
Johannesburg, 2001.
Declaration of preference dividend number 4: Absa Bank non-cumulative, non-redeemable preference shares (Absa Bank preference shares)
Notice is hereby given that preference dividend number 4 of 4 436 cents per share has been declared for the period from 1 September 2007 to
28 February 2008.
The Absa Bank preference shares have an effective coupon rate of 63% of the prime overdraft lending rate. The dividend is payable on Monday,
17 March 2008, to shareholders of Absa Bank preference shares recorded in the books of the company at the close of business on Friday, 14
March 2008.
In compliance with the requirements of Strate, the electronic settlement and custody system used by the JSE, the relevant dates for the
payment of the preference dividend are as follows:
Last day to trade cum dividend Friday, 7 March 2008
Shares commence trading ex dividend Monday, 10 March 2008
Record date Friday, 14 March 2008
Payment date Monday, 17 March 2008
Share certificates may not be dematerialised or rematerialised between Monday,
10 March 2008, and Friday, 14 March 2008, both dates inclusive.
On Monday, 17 March 2008, the dividend will be electronically transferred to the
bank accounts of certificated shareholders who use this facility. In respect of
those who do not, cheques dated 17 March 2008 will be posted on or about that
date. The accounts of those shareholders that have dematerialised their shares
(which are held at their central securities depository participant or broker)
will be credited on Monday, 17 March 2008.
On behalf of the board
S Martin
Group secretary
19 February 2008
Please note that the preference dividend calculation dates are 28 (29) February and 31 August of each year and that the payment date may not
be later than 45 days after the preference dividend calculation date.
Enquiries
Jacques Schindeh
Group executive director
Absa Group Limited
5th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-4850 Fax: (+2711) 350-8433
E-mail: jacquessc@absa.co.za
Eric Wasserman
Group executive: Group Finance
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-5887 Fax: (+2711) 350-6487
E-mail: ericwas@absa.co.za
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Shareholder report for the year ended 31 December 2007:
http://www.rns-pdf.londonstockexchange.com/rns/1279V_1-2008-5-22.pdf
Annual Report
for the twelve months ended 31 December 2006
http://www.rns-pdf.londonstockexchange.com/rns/1279V_2-2008-5-22.pdf
http://www.rns-pdf.londonstockexchange.com/rns/1279V_3-2008-5-22.pdf
http://www.rns-pdf.londonstockexchange.com/rns/1279V_4-2008-5-22.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR ATMFTMMJTBFP
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