RNS Number:9037C
FBD Holdings PLC
29 August 2007
INTERIM RESULTS ANNOUNCEMENT
For half year ended 30th June 2007
2007 2006
FINANCIAL HIGHLIGHTS Euro000's Euro000's
*Gross written premiums 205,445 203,996
*Net earned premiums 175,596 173,166
*Operating profit * 65,118 75,721
Cent Cent
*Operating earnings per share * 158.45 173.11
*Interim dividend proposed per share 27.50 24.00
*Distribution of financial reserves per share (paid) 500.00 -
* Based on a longer term rate of investment return
Commenting on the results, Philip Fitzsimons, Chief Executive, said:
"We achieved strong and profitable growth in target markets with higher volumes
of business offsetting premium reductions in the half year. The development
potential of the business was further enhanced with the Company continuing to
extend its customer footprint based on efficiency, profitability and brand
reputation. Shareholders and customers have benefited from the progress which
the Group has maintained. The Group expects to achieve full year market
expectations for operating earnings."
29th August 2007
For Reference Telephone
FBD
Philip Fitzsimons, Chief Executive +353 1 4093208
Andrew Langford, Finance Director
Murray Consultants
Joe Murray +353 1 4980300
FBD HOLDINGS PLC
INTERIM STATEMENT
FBD Holdings plc ("FBD" or "the Group") reports continued solid trading in the
half year ended 30th June 2007.
RESULTS
Operating profit in the period amounted to Euro65.1m (H1 2006: Euro75.7m). The
Group's trading businesses delivered profitable performances that were in line
with overall targets. The decline in profit from H1 2006 was due to
anticipated lower underwriting margins and to the small loss that arose in the
non-allocated capital (i.e. equity) fund, a major portion of which had been
realised early in the second quarter of the period to part fund the
distribution of Euro176m of reserves to shareholders which occurred during the
period (see below).
As detailed below, underwriting contributed Euro53.7m to operating profit
(H1 2006: Euro65.4m), with the remaining Euro11.4m arising from non-underwriting
activities (H1 2006: Euro10.3m).
Profit before tax was impacted adversely by the short-term fluctuations in
investment returns, which amounted to a negative Euro12.5m (H1 2006: positive
Euro0.3m). These fluctuations reflected the weakness in government bond markets
during the period and the downturn in equity markets at 30th June 2007. After
charging finance costs of Euro2.9m (H1 2006: Euro2.2m), profit before taxation
amounted to Euro49.7m (H1 2006: Euro157.4m which included the profit of Euro83.6m on
the La Cala Tranche I land sale).
Operating earnings per share, based on longer term investment returns,
amounted to 158.45c (H1 2006: 173.11c).
UNDERWRITING
Insurance underwriting is the Group's primary business activity.
Gross written premiums (i.e. before reinsurance) amounted to Euro205.4m, up
marginally on last year's corresponding figure of Euro204.0m. This
outcome was achieved through volume growth which offset the effect of premium
reductions. The market remained soft during the period.
Net earned premiums amounted to Euro175.6m (H1 2006: Euro173.2m), an increase of
1.4%.
The net claims incurred charge amounted to Euro122.7m (H1 2006: Euro108.6m),
comprising the movement in net provisions for outstanding claims of Euro8.8m (H1
2006: Euro13.8m) and net claims paid of Euro113.9m (H1 2006: Euro94.8m). The increased
claims charge, compared to H1 2006, is due to a number of factors; increased
exposure resulting from the growth in policy count, weather related claim
occurrences and a higher than normal incidence of severe personal injury
claims in the period. Savings on provisions have continued to emerge on claim
settlements, benefiting the overall claims charge. These are in line with
levels experienced in recent accounting periods.
Net operating expenses amounted to Euro26.7m (H1 2006: Euro23.0m). The increased
expenditure is attributable in large measure to the ambitious development
plans we are pursuing - i.e. investment in staff, training, technology,
facilities and marketing generally, and particularly in relation to our new
Support Centre which commenced operations in Mullingar in February of this
year.
The foregoing premium/claims/expenses figures resulted in an underwriting
profit of Euro26.2m (H1 2006: Euro41.6m).
The net operating ratios for the period were: an underwriting loss ratio of
69.9% (FY 2006: 65%), a net expense ratio of 15.2% (FY 2006: 12.9%) and a
combined ratio of 85.1% (FY 2006: 77.9%).
After crediting investment income of Euro27.5m (H1 2006: Euro23.8m), the operating
profit from the Group's underwriting business amounted to Euro53.7m (H1 2006:
Euro65.4m).
NON-UNDERWRITING
Non-underwriting activities include leisure/leisure property development,
financial services and the investment of non-allocated capital (i.e. capital
fund). They contributed Euro11.4m (H1 2006: Euro10.3m) to operating profit.
Leisure and leisure property development interests, which embrace La Cala and
Sunset Beach resorts in Spain and the Tower Hotel Group in Ireland, delivered
operating profits of Euro7.4m (H1 2006: Euro3.7m). Each of these units performed
ahead of budget and contributed to the increased profits compared to H1 2006.
Insurance broking (FBD Brokers), life assurance/pension broking/investment
advice (FBD Life) and insurance premium instalment finance are the Group's
principal non-underwriting financial services businesses. The contribution
from financial services at Euro4.3m (H1 2006: Euro2.8m) was ahead of the
corresponding period last year and in line with budget.
The capital fund incurred a loss of Euro0.2m (H1 2006: profit of Euro3.8m), as
stated earlier. As previously mentioned, a major portion of the fund was
realised for distribution as part of the Euro176m payout to shareholders in H1
2007. The loss reflects the downturn in the market value of the remaining
equities in the fund at 30th June 2007.
DISTRIBUTION OF Euro176M
On 17th April 2007, the Board of FBD advised the market of its decision to
distribute to shareholders financial reserves not required to pursue our
ambitious growth plans. Payment, which equated to Euro5 per share, and totalled
Euro176m, was made on 27th June 2007.
BALANCE SHEET
At 30th June 2007, total assets amounted to Euro1,531.6m and equity
shareholders' funds amounted to Euro320.7m. This compares with Euro1,686.6m and
Euro497.5m respectively at 31st December 2006, reflecting the special
distribution referred to above and the buyback of 956,923 shares at a cost of
Euro31.1m during the period. The adverse gilt markets in the period and the
downturn in equity markets that obtained at 30th June 2007, referred to
earlier, also impacted the net worth of the Group.
INTERIM DIVIDEND
In the light of the Group's favourable results and in keeping with the
Board's stated intention of increasing the proportion of earnings distributed
to shareholders, an interim dividend of 27.50c (H1 2006: 24.00c) per share
has been decided on by the Directors. This equates to a 14.6% increase on the
2006 interim dividend.
The interim dividend will be paid on 28th September 2007 to shareholders on
the Company's Register at the close of business on 7th September 2007. The
interim dividend is subject to withholding tax (DWT) except for shareholders
who are exempt from DWT and who have furnished a properly completed Exemption
Claim Form to the Company's Registrar.
OUTLOOK
In the year to date, the Group has continued to achieve strong and profitable
growth in its target markets and has enhanced further the development
potential of its businesses. The Company expects to achieve the market's
expectation** for full year operating earnings.
Underwriting
The factors that have been a feature of the Irish insurance market in recent
years continue to exist. Intense price competition persists, reducing margins.
The claims environment has scope for further improvement; sustained government
action is vital, however, if the opportunity for accident reductions is to be
realised and if lower claims delivery costs are to be achieved. Policyholders
have benefited from substantial premium reductions in recent years. We agree
with other insurers that further reductions can only be justified if progress
on the accident/claims cost fronts is maintained.
Against this industry backdrop, we have maintained our focus on extending our
customer reach based on the premise of business efficiency, sustainability,
profitability and brand reputation. We have continued to succeed in this
objective in the year to date, building on market share gains we have achieved
in recent years. This success is made possible and underpinned by ongoing
investment in our operational platform - people, technology, facilities,
marketing - and by optimum cost management. These are the business pillars we
continue to strengthen and recent developments, such as the establishment of
the Business Support Centre in Mullingar, our technology enhancements
programme, the formation of a dedicated strategic developments unit and key
additions to our management team are evidence of this.
Non-Underwriting
Our non-underwriting businesses are focused on and succeeding in pursuing
plans to optimise returns to shareholders. Whether it be financial services or
leisure/property, profitable opportunities exist and management and staff in
these units are committed to maximising them.
In relation to La Cala, and specifically the Tranche II land sale agreement
entered into last year, as previously advised, receipt of payment is not
expected in the current year. Following the municipal elections in Andalucia
in May of this year, the indications are that matters are being advanced with
greater intent by all of the parties involved in the planning process. We now
look forward to the regional planning approval necessary to trigger payment of
the Euro80m in respect of Tranche II coming through in H1 2008.
Capital
We reiterate the Group's ongoing commitment to capital efficiency as a
fundamental principle to be applied in all our businesses. Our development
plans and consequent capital needs, and regulatory requirements, are primary
considerations as regards capital generated by the Group. The utilisation of
capital surplus to these business requirements in ways that benefit
shareholders to the maximum remains a key objective. Repatriations to
shareholders since March 2005 amounting to Euro472m in total, in the form of
distributions and share buybacks (excluding ordinary dividends), are evidence
of the ongoing attention the Board gives to efficient capital management.
** An FBD survey of the forecasts of the analysts who cover the Group
indicates a mean market expectation for 2007 operating earnings per share to
be 321 cents per share.
Note: Management will present these results to analysts at 10.30 a.m. today. A
copy of the presentation will be posted on the Group's website, www.fbd.ie,
at that time.
FBD HOLDINGS PLC
GROUP INCOME STATEMENT
For half year ended 30th June 2007
Half Year Half Year Year
Ended Ended Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Notes Euro000's Euro000's Euro000's
Turnover 287,982 403,286 693,926
======= ======= =======
Income
Net premiums earned 175,596 173,166 345,959
Non underwriting operating
income 11,437 10,299 33,919
Investment income - longer term
rate of return 2 27,523 23,773 48,054
------- ------- -------
214,556 207,238 427,932
Expenses
Changes in insurance
liabilities net of reinsurance (8,846) (13,816) (31,064)
Claims paid, net of recoveries
from reinsurers (113,931) (94,742) (193,648)
Other operating expenses (26,661) (22,959) (44,705)
------- ------- -------
Operating profit 3 65,118 75,721 158,515
Profit on sale of land at La
Cala 5 - 83,626 81,774
Investment income - short term
fluctuation (12,458) 318 61,350
Finance costs (2,912) (2,220) (4,859)
------- ------- -------
Profit before taxation 49,748 157,445 296,780
Income tax expense (5,048) (34,845) (49,948)
------- ------- -------
Profit for the period 44,700 122,600 246,832
======= ======= =======
Attributable to:
Equity holders of the parent 44,540 122,599 246,641
Minority interest 160 1 191
------- ------- -------
44,700 122,600 246,832
======= ======= =======
Cent Cent Cent
Earnings per 60c ordinary share 127.34 321.99 678.82
====== ====== ======
Diluted earnings per 60c
ordinary share 126.27 318.92 671.30
====== ====== ======
FBD HOLDINGS PLC
GROUP BALANCE SHEET
At 30th June 2007
As at As at As at
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
ASSETS
Property and equipment
Land and buildings 214,396 199,599 213,564
Fixtures and fittings 17,307 13,759 16,815
------- ------- -------
231,703 213,358 230,379
------- ------- -------
Intangible assets
Deferred acquisition costs 15,342 13,043 13,517
------- ------- -------
Investments
Investment property 81,291 59,916 81,181
Investments held for trading 525,661 503,113 558,850
Investments held to maturity 275,730 13,768 171,799
Deposits with banks 93,441 485,184 327,973
Available for sale investments 3,466 47,071 3,727
--------- --------- ---------
979,589 1,109,052 1,143,530
--------- --------- ---------
Inventories 69,553 59,484 66,433
--------- --------- ---------
Loans and receivables 119,252 158,073 122,762
--------- --------- ---------
Reinsurers' share of technical
provisions
Provision for unearned premiums 22,988 20,347 21,953
Claims outstanding 58,156 59,147 50,600
--------- --------- ---------
81,144 79,494 72,553
--------- --------- ---------
Cash and cash equivalents 35,022 37,747 37,423
--------- --------- ---------
Total assets 1,531,605 1,670,251 1,686,597
========= ========= =========
FBD HOLDINGS PLC
GROUP BALANCE SHEET
At 30th June 2007
As at As at As at
30/06/07 30/06/06 31/12/06
Notes (Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
EQUITY
Share capital 7 21,277 21,277 21,277
Capital reserves 12,956 12,434 12,605
Revaluation reserves 27,104 41,381 27,540
Translation reserves 41 101 162
Retained earnings 259,277 375,401 435,935
------- ------- -------
Shareholders' funds - equity
interests 320,655 450,594 497,519
Preference share capital 2,923 2,923 2,923
------- ------- -------
Total shareholders' funds 323,578 453,517 500,442
Minority interests 6,636 6,424 6,476
------- ------- -------
Total equity 330,214 459,941 506,918
------- ------- -------
LIABILITIES
Technical provisions
Provision for unearned
premiums 200,698 196,150 197,507
Claims outstanding 751,500 725,738 734,439
------- ------- -------
952,198 921,888 931,946
------- ------- -------
Bank and other loans 103,492 100,803 112,350
------- ------- -------
Creditors 95,512 118,570 90,841
------- ------- -------
Current tax 15,082 34,916 7,728
------- ------- -------
Deferred tax 31,520 32,077 33,227
------- ------- -------
Retirement benefit obligation 3,587 2,056 3,587
------- ------- -------
Total liabilities 1,531,605 1,670,251 1,686,597
========= ========= =========
FBD HOLDINGS PLC
GROUP CASH FLOW STATEMENT
For half year ended 30th June 2007
Half Year Half Year Year
Ended Ended Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
Operating activities
Profit before taxation for the
period 49,748 157,445 296,780
Adjustments for:
Losses (gains) on investments held
for trading and held to maturity 20,107 3,186 (30,128)
Depreciation of property, plant and
equipment 2,608 1,978 3,525
Share-based payment expense - 341 512
Increase in technical provisions 11,660 21,029 37,077
Increase in fair value of
investment property - - (4,200)
Profit on sale of land at La Cala - (83,626) (81,774)
-------- ------- -------
Operating cash flows before
movement in working capital 84,123 100,353 221,792
Decrease (increase) in receivables 6,294 (31,350) (26,261)
Increase in payables 10,954 64,418 29,326
------- ------- -------
Cash generated from operations 101,371 133,421 224,857
Income taxes paid (100) (3,458) (44,348)
------- ------- -------
Net cash from operating activities 101,271 129,963 180,509
------- ------- -------
Investing activities
Investments held for trading 12,850 (29,578) (51,495)
Investments available for sale 261 751 13,456
Investments held to maturity (103,699) - (157,976)
(Purchase)/sale of lands, buildings
& inventory (10,172) 83,960 69,469
Purchase of fixtures & fittings (3,100) (5,248) (7,038)
Purchase of investment property (113) (11,060) (28,125)
Loans and advances (4,610) 13,755 43,504
Deposits invested with financial
institutions 234,247 (42,142) 115,069
------- ------- -------
Net cash from (used in) investing
activities 125,664 10,438 (3,136)
------- ------- -------
Financing activities
Dividends paid (15,967) (14,446) (77,672)
Repurchase of shares (31,134) (129,212) (129,213)
Proceeds of re-issue of ordinary
shares 1,730 414 5,432
Return of capital (175,996) - -
(Decrease) increase in bank loans (7,848) (973) 19,879
------- ------- -------
Net cash used in financing
activities (229,215) (144,217) (181,574)
------- ------- -------
Net decrease in cash and cash
equivalents (2,280) (3,816) (4,201)
Cash and cash equivalents at the
beginning of the period 37,423 41,897 41,897
Effect of foreign exchange rate
changes (121) (334) (273)
------- ------- -------
Cash and cash equivalents at the
end of the period 35,022 37,747 37,423
======= ======= =======
FBD HOLDINGS PLC
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
For half year ended 30th June 2007
Half year Half year Year
Ended Ended Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
Income recognised directly in equity
Gain on available for sale
investments - 531 806
Deferred Tax on insurance
contracts - 1,261 -
Revaluation of owner occupied
property - - 8,476
Actuarial loss - - (3,869)
Taxation on income/expense
recognised directly in equity - (66) (2,400)
------- ------- -------
Net income recognised directly in
equity - 1,726 3,013
------- ------- -------
Transfers
Transfers to income statement on
sale of available for sale investments - (6,856) (30,913)
Transfer to income statement on
sale of land and buildings (434) - -
Taxation on transfers to income
statement 87 857 3,865
------- ------- -------
(347) (5,999) (27,048)
------- ------- -------
Profit after taxation 44,700 122,600 246,832
------- ------- -------
Total recognised income and expense 44,353 118,327 222,797
======= ======= =======
Attributable to:
Equity holders of the parent 44,353 118,327 222,744
Minority interest - - 53
------- ------- -------
44,353 118,327 222,797
======= ======= =======
FBD HOLDINGS PLC
GROUP STATEMENT OF CHANGES IN EQUITY
For half year ended 30th June 2007
Revaluation Attributable Preference
Share Capital and Other Translation Retained to Ordinary Share Minority
Capital Reserves Reserves Reserve Earnings Shareholders Capital Interests Total
Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's
Euro000's
Balance at 1
January 2006 23,557 9,813 47,706 435 394,616 476,127 2,923 6,423 485,473
Profit after
taxation - - - - 122,599 122,599 - 1 122,600
Exchange
translation
adjustment - - - (334) - (334) - - (334)
Ordinary
dividends paid - - - - (14,277) (14,277) - - (14,277)
Buyback of own
shares - - - - (129,212) (129,212) - - (129,212)
Cancellation
of own shares (2,280) 2,280 - - - - - - -
Reissue of
ordinary
shares - - - - 414 414 - - 414
Recognition of
share based
payments - 341 - - - 341 - - 341
Transfer to
income
statement on
sale of
available-for-
sale
investments - - (6,856) - - (6,856) - - (6,856)
Gain on
available-for-
sale
investments - - 531 - - 531 - - 531
Deferred tax
on insurance
contracts - - - - 1,261 1,261 - - 1,261
------ -------- ------- -------- ------- -------- -------- ------- --------
Balance at 30
June 2006 21,277 12,434 41,381 101 375,401 450,594 2,923 6,424 459,941
====== ======== ======= ======== ======= ======== ======== ======= ========
Revaluation Attributable Preference
Share Capital and Other Translation Retained to Ordinary Share Minority
Capital Reserves Reserves Reserve Earnings Shareholders Capital Interests Total
Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's Euro000's
Euro000's
Balance at 1
January 2007 21,277 12,605 27,540 162 435,935 497,519 2,923 6,476 506,918
Profit after
taxation - - - - 44,540 44,540 - 160 44,700
Return of
capital - 351 - - (175,996) (175,645) - - (175,645)
Buyback of own
shares - - - - (31,134) (31,134) - - (31,134)
Ordinary
dividends paid - - - - (15,798) (15,798) - - (15,798)
Reissue of
ordinary
shares - - - - 1,730 1,730 - - 1,730
Transfer to
income statement
on sale of
land and
buildings - - (436) - - (436) - - (436)
Exchange
translation
adjustment - - - (121) - (121) - - (121)
------ -------- ------- -------- ------- -------- -------- ------- --------
Balance at 30
June 2007 21,277 12,956 27,104 41 259,277 320,655 2,923 6,636 330,214
====== ======== ======= ======== ======= ======== ======== ======= ========
FBD HOLDINGS PLC
SUPPLEMENTARY INFORMATION
For half year ended 30th June 2007
Note 1 - Accounting policies
The accounting policies used by the Group to prepare the interim financial
statements for the six month period ended 30th June 2007 are the same as those
used to prepare the annual financial statements for the year ended 31st
December 2006.
Note 2 - Longer term investment return
The rates of investment return underlying the calculation of the longer term
investment return are set out below. These rates are reviewed annually and
reflect both historical experience and the directors' current expectations
for investment returns.
Half Year Half Year
Ended Ended Year Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
% % %
Government gilts
- held for trading 4.00 3.50 3.50
- held to maturity Actual Rates Actual Rates Actual Rates
Quoted shares 7.50 7.00 7.00
Deposits with banks 3.63 2.75 2.75
Investment properties held for
rental 6.00 6.00 6.00
Note 3 - Operating profit by activity
Half Year Half Year
Ended Ended Year Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
Underwriting 53,681 65,422 124,596
Non underwriting 11,437 10,299 33,919
------- ------- -------
65,118 75,721 158,515
======= ======= =======
Non underwriting profit is analysed as follows:
Half Year Half Year
Ended Ended Year Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
Leisure and leisure property
development 7,397 3,728 9,673
Financial Services/Other 4,267 2,740 4,628
Capital fund (227) 3,831 19,618
------- ------- -------
11,437 10,299 33,919
======= ======= =======
Note 4 - Underwriting result
Half Year Half Year
Ended Ended Year Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
Gross written premiums 205,455 203,996 407,256
======= ======= =======
Net earned premiums 175,596 173,166 345,959
Net claims incurred (122,777) (108,558) (224,712)
Net operating expenses (26,661) (22,959) (44,705)
------- ------- -------
Underwriting result 26,158 41,649 76,542
======= ======= =======
Note 5 - Profit on sale of land at La Cala
On 23rd February 2006, Ranchos Reunidos S.A., a 100% subsidiary of the Group,
entered into a conditional agreement to sell a major portion of the building
development land which it owned at La Cala Resort, Mijas, Costa del Sol,
Spain, for a total consideration of Euro201,000,000. The consideration was
constituted in two parts, apportioned between two tranches of land.
On 22nd June 2006, the initial consideration payment of Euro100,000,000 arising
on the Tranche I land was received. The remainder of the Tranche I
consideration, amounting to Euro21,000,000 was received on 30th June 2007. The
Group recognised a profit of Euro81,774,000 on the sale of the Tranche I
development land in the year to 31st December 2006.
The consideration, amounting to Euro80,000,000, for the Tranche II land, becomes
payable at a later date, contingent on receipt of final planning approval
from the Spanish Regional Planning Authority.
Note 6 - Dividends
Half year Half year Year
Ended Ended Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Euro000's Euro000's Euro000's
Paid in Period:
2006 Interim dividend of 24.00c per
share on ordinary shares of 60c each - - 8,247
2006 Final dividend of 45.00c (2005:
37.50c) per share on ordinary
shares of 60c each 15,798 14,277 14,277
Dividend of 8.4c per share on 14%
non-cumulative preference
shares of 60c each - - -
2006 Dividend of 4.8c (2005: 4.8c)
per share on 8% non-cumulative preference
shares of 60c each 169 169 169
Special dividend of nil (2006: 160c) per
share on ordinary shares of 60c each - - 54,979
------ ------ ------
15,967 14,446 77,672
====== ====== ======
Proposed:
2006 dividend of 8.4c per share on 14% non-
cumulative preference shares of 60c each 113 - 113
2006 Dividend of 4.8c per share on 8%
non-cumulative preference shares of 60c each - - 169
2006 Final dividend of 45.00c per share on
ordinary shares of 60c each - - 15,714
2007 Interim dividend of 27.5c (2006:
24.00c) per share on ordinary
shares of 60c each 9,394 8,247 -
Special dividend of nil (2006: 160c) per
share on ordinary shares of 60c each - 54,979 -
------ ------ ------
9,507 63,226 15,996
====== ====== ======
Note 7 - Ordinary share capital
Half year Half year Year
Ended Ended Ended
30/06/07 30/06/06 31/12/06
(Unaudited) (Unaudited) (Audited)
Number Euro000's Euro000's Euro000's
Authorised:
At beginning and end of
period/year:
Ordinary shares of 60c each 51,326,000 30,796 30,796 30,796
========== ====== ====== ======
Issued and fully paid:
At beginning of period/year 35,461,206 21,277 23,557 23,557
Cancellation of shares - - (2,280) (2,280)
---------- ------ ------ ------
At end of period/year 35,461,206 21,277 21,277 21,277
========== ====== ====== ======
The total number of shares held as treasury shares at 30th June 2007 was
1,296,730.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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