TIDMFBH
RNS Number : 0045Y
FBD Holdings PLC
26 August 2009
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FBD HOLDINGS PLC
26 August 2009
FBD HOLDINGS PLC
HALF YEARLY REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| FINANCIAL | 2009 | 2008 | |
| HIGHLIGHTS | EUR000s | EUR000s | |
| | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| * Gross | 180,722 | 198,335 | |
| written | | | |
| premiums | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| * Operating | 12,960 | 41,466 | |
| profit | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| * Loss | (21,768) | (5,214) | |
| before | | | |
| taxation | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| | Cent | Cent | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| * Operating | 34.95 | 105.43 | |
| earnings per | | | |
| share | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| * Ordinary | 10.00 | 30.25 | |
| dividend | | | |
| per share | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| * Net | 640.22 | 707.60 | (Dec 08) |
| assets | | | |
| per | | | |
| ordinary | | | |
| share | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
| | | | |
+-------------------------------------------------+----------------------------------------------------------------+---------------------------------------------------------------+----------+
KEY POINTS
* Continued solid trading in a difficult market, with operating profit of EUR13.0m
* Second largest property and casualty insurance company in Ireland in 2008
* Growth in market share for eighth successive year in 2008 to 11.6%
* Profitable operating contribution from both underwriting and non-underwriting
businesses
* Revaluation of our property portfolio in light of decreasing global values leads
to a loss before tax of EUR21.8m
* Strong capital base, with solvency levels at 50% of Net Earned Premium and a
defensive balance sheet in our underwriting business
* Premium rates continue to harden across the market
* Continued focus on cost improvement - office network realignment process close
to completion
* Further penetration of the Dublin market - 10% growth in Dublin customer numbers
* New corporate logo and brand identity launched in May
* Actions on rates and continuing implementation of claims initiatives result in
an improving underlying loss ratio
Commenting on the results, Andrew Langford, Chief Executive, said:
"Recently published 2008 figures from the Irish Insurance Industry confirmed
combined ratios of 137% for home and 105% for car insurance. This clearly
demonstrates the need for the rate increases being applied throughout the
industry in the year to date. FBD took early action and applied single digit
increases at the start of 2008 and again earlier this year, benefiting our
underlying combined ratio. As a result, any further FBD increases will be less
severe than likely increases elsewhere.
FBD Group has a strong capital base and balance sheet and a prudent reserving
strategy. Despite the current difficult financial environment, FBD is confident
that it will continue to outperform its peers in delivering higher returns for
shareholders, particularly in an environment where premium rates are hardening."
ABOUT FBD HOLDINGS PLC
FBD is Ireland's second largest property and casualty insurer looking after the
insurance needs of private individuals, farmers and business owners. The Group
has developed complementary financial service businesses and has hotel and
leisure property interests that include four hotels in Ireland and two resorts
in southern Spain. The Group was established in the 1960s and is quoted on the
Irish and London stock exchanges.
For Reference Telephone
FBD
Andrew Langford, Group Chief Executive 01 4093208
Cathal O'Caoimh, Group Finance Director 01 4093208
Murray Consultants
Joe Murray 01 4980300
Note:These results will be presented to analysts at 10.30a.m., today, 26 August
2009.
A copy of the presentation will be posted on the Group's website,
www.fbdgroup.com, at that time.
FBD HOLDINGS PLC
HALF YEARLY REPORT
FOR THE SIX MONTHS ENDED 30 JUNE 2009
INTERIM MANAGEMENT REPORT
PERFORMANCE OVERVIEW
In a very challenging trading and economic environment, FBD has delivered a
robust performance and generated operating profits from both its underwriting
and non-underwriting businesses.
Underwriting
At EUR10.1m, (2008: EUR35.9m) operating profit from underwriting is lower than last
year principally because of reduced premium income, an increase in claims costs
and a lower longer term investment return.
Gross premium written in the first half of 2009 amounted to EUR180.7m, down 8.9%.
The decline is reflective of the trend in the market as a whole - insurable risk
varies directly with economic activity and consumer spending - and also the
Group's decision to continue to prioritise underwriting discipline over volume
growth, pending an improved pricing environment. While the Consumer Price Index
shows a trend of increases in car and home insurance rates, it does not take
into consideration lower levels of risk, for example reducing car values.
Likewise, in the commercial insurance market, premiums are declining because of
business closures and reductions in turnover and payroll costs across the
economy.
The Irish Insurance Federation recently reported a combined ratio of 98.1% for
the insurance industry in the year ended 31 December 2008. The 2009 combined
ratio for the industry as a whole is likely to have deteriorated further as a
result of continuing competition in the second half of 2008, further adverse
weather conditions and a worsening claims experience. The industry must operate
at premium levels that provide an adequate return on capital. FBD will maintain
its underwriting discipline to ensure that point is reached. Market rates did
begin to harden late in 2008 and this has continued through the first half of
2009.
Recently published industry data shows that FBD continued to perform ahead of
the market in 2008. FBD increased its market share for the eighth consecutive
year and is now the second largest property and casualty insurer in Ireland,
with a market share of 11.6%.
FBD's progress in Dublin and other large urban centres continues, with growth of
10% in customer numbers in the first half of 2009. The initiative launched in
April 2008 to increase commercial lines business in Dublin, via intermediaries,
has proven successful and further brokers have been added to our panel. Our
direct sales force in Dublin has also grown its commercial book. NoNonsense.ie
and fbd.ie (our online offerings) continue to attract a higher proportion of
customers from Dublin and other urban centres. Following the realignment of our
office network, local office staff are focussed on providing an enhanced level
of service to our farming and commercial customers.
In May, FBD launched a new logo and brand identity, backed by a major marketing
campaign. The logo is the first redesign in twenty years. It retains the green
and blue which are FBD's legacy colours, but presents them in a much more modern
style and typeface. The campaign is currently running across television, print,
radio, outdoor and online media.
The Group's loss ratio increased to 84.3% (2008: 75.1%) in the first half of
2009. Property claims frequency across the Irish market continued to rise,
primarily attributable to weather related claims in the month of January and an
increase in claims associated with the economic downturn. In addition, FBD's
large claims experience was higher than normal partly attributable to a
deterioration in a small number of prior year claims. Frequency of motor claims
has reduced as fewer accidents and deaths reflect the fall in the number of cars
on the road and miles driven. The Group continues to successfully implement a
number of initiatives to reduce the cost of claims. When the impact of the
severe weather and abnormal level of large claims experienced in the first half
are excluded, the claims initiatives together with our timely actions on rates
are improving the underlying loss ratio.
Operating expenses increased 1.8% to EUR39.4m (2008: EUR38.7m). The benefit of the
office network realignment process will be realised in the second half. A rise
in the cost of reinsurance and the impact of reducing net earned premium have
contributed to an increase in the net expense ratio for the first six months to
20.9% (2008: 17.5%).Given FBD's relatively fixed cost base, the Group will
benefit from positive operating leverage as prices rise.Recently published
industry data shows that the industry net expense ratio for the year 2008 was
27.8% compared to FBD's 17.0%, providing the Group with a maintainable
competitive advantage.
The Group's combined operating ratio for the six months to 30 June 2009 was
105.2% (2008: 92.6%) resulting in an underwriting loss of EUR8.3m (2008:
underwriting profit of EUR12.8m).
Longer term investment return at EUR18.4m was lower than the EUR23.1m in the same
period last year because fewer assets are held for investment following
distributions to shareholders. The rate of return on these assets reduced and
the asset mix was more conservative.
Non-underwriting
Market conditions for the non-underwriting businesses in Ireland and Spain
continued to be very challenging. The Group's leisure and property interests
include the La Cala and Sunset Beach resorts in Spain and FBD Hotels in Ireland.
In the difficult trading conditions, these businesses delivered a solid result,
breaking even in the period (2008: profit of EUR3.9m). Operating profit was lower
than the previous year because fewer properties were sold in La Cala and
performance in the hotels located in Dublin was impacted by market oversupply.
Sunset Beach Resort and the hotel and golf operations in La Cala performed
strongly. The Irish hotels within the Group's property and leisure business were
re-branded as FBD Hotels during the first half of 2009.
Financial services - other includes the contributions from general insurance
broking (FBD Brokers), life assurance/pension broking/investment advice (FBD
Financial Solutions), instalment finance and costs incurred in the holding
company. The combined contribution of EUR2.8m (2008: EUR2.5m) was higher than last
year, principally because 2008 included the costs incurred by the holding
company following the unsolicited approach from Eureko B.V.
FBD Brokers delivered a solid result in the first half. In a difficult
investment climate, FBD Financial Solutions concentrated on sales of pension
products as the market for retail investment products remained weak.The business
unit has been pro-active in managing its cost structure, with headcount down by
10%. During the period the business re-branded from FBD Life to FBD Financial
Solutions to more appropriately reflect the services it provides to customers.
Pre-tax result
The loss before tax was adversely affected by negative fluctuations in
investment returns amounting to EUR19.9m (2008: EUR44.2m) and write downs of
non-underwriting land and buildings amounting to EUR11.1m (2008: nil).
Restructuring costs of EUR2.0m have been charged to the Condensed Consolidated
Income Statement in the first half of 2009 in respect of the finalisation of the
office network realignment process, which brings the total cost of the
restructuring process to EUR9.6m. This will deliver a two percentage point
reduction in the Group's expense ratio in a full year, a payback period of 16
months. The process is close to a successful conclusion and will allow FBD serve
the changing needs of customers, cost effectively. Group headcount (full time
equivalents) has reduced from 1,741 at 31 December 2008 to 1,605 at 30 June
2009.
After charging finance costs of EUR1.8m (2008: EUR1.8m), the Group recorded a loss
before tax of EUR21.8m (2008: EUR5.2m).
La Cala Tranche II
Subsequent to the failure of the relevant local authorities to complete the
planning process relating to the Tranche II lands at La Cala before the deadline
stipulated in conditional sale agreement, the Group succeeded in having legal
title to the land transferred back in compliance with the terms of the
agreement.
Dividends
The Board is committed to ensuring that the Group's capital position continues
to be robust and its balance sheet well-managed. Consequently, in view of the
continuing uncertain outlook for asset values in the short term, the Board has
concluded that it should remain prudent at this time. The Group is, however,
committed to a progressive dividend policy and efficient capital management and
this is evidenced by the repatriation of EUR546m of funds to shareholders since
2005 (excluding ordinary dividends).
The Board has approved a 2009 interim dividend of 10 cent per ordinary share
(2008: 30.25 cent). This will be paid on 2 October 2009 to the holders of shares
on the register on 4 September 2009.The interim dividend is subject to
withholding tax ("DWT") except for shareholders who are exempt from DWT and who
have furnished a properly completed declaration of exemption to the Company's
Registrar, from whom further details may be obtained.
BALANCE SHEET
The Group balance sheet remains very strong. Ordinary shareholders' funds
amounted to EUR213.0m (December 2008: EUR235.4m) and net assets per share were
640.22 cent (December 2008: 707.60 cent).
The Group believes it is still appropriate to adopt a prudent balance sheet
position and since the second quarter of 2007, it has reduced its equity and
corporate bonds holdings from EUR348m to EUR40m at the balance sheet date. In the
period, FBD Insurance has invested a further EUR115m in government gilts. The
following table shows how the assets of the underwriting business are invested
at 1 January and 30 June 2009.
Table 1: Underwriting Business - Asset Allocation
+-----------------------------------------+---------+---------+---------+---------+
| | 30 June 2009 | 1 January 2009 |
+-----------------------------------------+-------------------+-------------------+
| | EURm | % | EURm | % |
+-----------------------------------------+---------+---------+---------+---------+
| Government gilts | 581 | 57% | 466 | 45% |
+-----------------------------------------+---------+---------+---------+---------+
| Trade and other debtors and DAC | 102 | 10% | 102 | 10% |
+-----------------------------------------+---------+---------+---------+---------+
| Deposits and cash | 92 | 9% | 207 | 20% |
+-----------------------------------------+---------+---------+---------+---------+
| Reinsurers' share of technical | 69 | 7% | 58 | 6% |
| provisions | | | | |
+-----------------------------------------+---------+---------+---------+---------+
| Secured loans | 48 | 5% | 58 | 6% |
+-----------------------------------------+---------+---------+---------+---------+
| Investment properties | 46 | 5% | 53 | 5% |
+-----------------------------------------+---------+---------+---------+---------+
| Own land and buildings, fixtures and | 39 | 4% | 40 | 4% |
| fittings | | | | |
+-----------------------------------------+---------+---------+---------+---------+
| Equities and corporate bonds | 35 | 3% | 44 | 4% |
+-----------------------------------------+---------+---------+---------+---------+
| | 1,012 | 100% | 1,028 | 100% |
+-----------------------------------------+---------+---------+---------+---------+
In the Group as a whole, short term fluctuations and valuation adjustments
amounted to a charge of EUR34.3m, including a EUR12.0m provision against secured
loans and EUR10.9m relating to the revaluation of hotel and golf resort property
assets. In addition, the Group's investment properties, principally those
located in Dublin, have been revalued downwards by EUR6.3m.
Under mark-to-market accounting principles, as set out in table 2 below, the
Group booked EUR19.9m of investment fluctuations through the Condensed
Consolidated Income Statement and recognised a further EUR14.4m write down of
non-underwriting land and building values. Of this, EUR11.1m was charged to the
Condensed Consolidated Income Statement and the balance of EUR3.3m went directly
to reserves.
Table 2: Group Assets
+----------------------------------+--------------+------------+--------------+
| | 30 June 2009 | 31 Dec | Short term |
| | | 2008 | Fluctuations |
| | | | and |
| | | | Valuation |
| | | | Adjustments |
+----------------------------------+--------------+------------+--------------+
| | EURm | EURm | EURm |
+----------------------------------+--------------+------------+--------------+
| | | | |
+----------------------------------+--------------+------------+--------------+
| Government gilts | 581 | 466 | - |
+----------------------------------+--------------+------------+--------------+
| Hotel & golf resort assets | 156 | 167 | (10.9) |
+----------------------------------+--------------+------------+--------------+
| Trade and other debtors and DAC | 116 | 103 | - |
+----------------------------------+--------------+------------+--------------+
| Deposits and cash | 111 | 219 | - |
+----------------------------------+--------------+------------+--------------+
| Reinsurers' share of technical | 69 | 58 | - |
| provisions | | | |
+----------------------------------+--------------+------------+--------------+
| Inventory | 59 | 63 | (2.5) |
+----------------------------------+--------------+------------+--------------+
| Secured loans | 48 | 58 | (12.0) |
+----------------------------------+--------------+------------+--------------+
| Investment properties | 46 | 53 | (6.3) |
+----------------------------------+--------------+------------+--------------+
| Own land and buildings, fixtures | 41 | 42 | (1.0) |
| & fittings | | | |
+----------------------------------+--------------+------------+--------------+
| Equities and corporate bonds | 40 | 49 | (1.6) |
+----------------------------------+--------------+------------+--------------+
| | 1,267 | 1,278 | (34.3) |
+----------------------------------+--------------+------------+--------------+
The Group's portfolio of prime property assets, held for the long term, has been
independently valued by professional external valuers at 30 June 2009. The Group
believes that the valuations incorporated in the balance sheet are prudent
taking into consideration the quality of the underlying assets.
Assets available to cover the solvency requirements of FBD Insurance at 30 June
2009 stood at 50% of net earned premium, the same level as at 31 December 2008.
With total assets of EUR1,012m and a prudent reserving policy, the underwriting
business has a strong capital base and considerable balance sheet strength.
OUTLOOK
Underwriting
Ireland is experiencing a period of unprecedented economic decline, the severity
and duration of which remain uncertain. The Group's underwriting business, by
its defensive nature, will be cushioned from the worst effects of the current
economic cycle.
Margins currently being achieved and lower investment returns in the Irish
insurance industry necessitate further hardening of insurance rates to deliver
an acceptable return on capital. In the absence of further severe weather or
large claims incidence, the Group's focus on appropriate rating, managing claims
costs and expense containment will deliver an improved combined ratio in the
second half of the year. Now that the realignment of the office network is
close to conclusion, further opportunities to maximise efficiency will be
identified and implemented.
FBD Insurance will focus on profitable growth, maintaining underwriting
discipline and constantly evolving its business to reflect customers' needs. The
Group will continue to implement its plans to increase penetration of key urban
markets, in particular Dublin.
Non-underwriting
The property and leisure markets in Ireland and Spain are expected to remain
difficult throughout 2009 and beyond. Over-supply in the marketplace is the key
challenge facing the property and leisure businesses, both in Ireland and in
Spain and market capacity should reduce in the medium term. The Group will
continue to outperform competitors by focussing on initiatives that will enhance
revenues and/or reduce costs so as to maintain profitable and cash generative
businesses through the recessionary period. In the peak July/August season,
trading was strong and the Group expects to report operating profits for these
businesses in the full year.
FBD Brokers, which is ideally placed to benefit from premium rate increases, is
developing new market segments, while providing enhanced customer value. FBD
Financial Solutions will continue to provide professional advice to customers
and to concentrate on the sales of pension and protection products.We anticipate
that the market for retail investment products will remain weak.
Group
FBD Group has a strong capital base and balance sheet and a prudent reserving
strategy. Despite the current difficult environment, the Board is confident that
FBD will continue to outperform its peers in delivering higher returns for
shareholders - FBD has the people, plans, infrastructure and financial strength
to continue to deliver long-term profitable growth, particularly in an
environment where premium rates are hardening.
PRINCIPAL RISKS AND UNCERTAINTIES
Under the Transparency (Directive 2004/109/EC) Regulations 2007 the Group is
required to give a description of the principal risks and uncertainties it
faces.
The Board considers that the risks and uncertainties disclosed in the Annual
Report for the year ended 31 December 2008 continue to reflect the principal
risks and uncertainties of the Group over the remainder of the financial year.
In the Annual Report 2008 risk is categorised as general insurance risk, capital
risk, operational risk, liquidity risk, market risk and credit risk.
Further information on these risks is included in pages 78 to 82 of the Annual
Report 2008, which quantifies the sensitivity of parameters such as loss ratio,
equity and property values and exchange and interest rates. There were
significant market movements in property values over the six months under review
and the impact has been reflected in the financial statements. The risks and
uncertainties have not altered and further movement in the parameters
described above may be experienced in future periods.
RELATED PARTY TRANSACTIONS
There were no related party transactions in the half year that have materially
effected the financial position or performance of the Group in the period.
AUDIT REVIEW
This half yearly financial report has not been audited or reviewed by the
auditors of the Group.
FORWARD LOOKING STATEMENTS
Some statements in this announcement are forward-looking. They represent
expectations for the Group's business, and involve risks and uncertainties.
These forward-looking statements are based on current expectations and
projections about future events. The Group believes that current expectations
and assumptions with respect to these forward-looking statements are reasonable.
However, because they involve known and unknown risks, uncertainties and other
factors, which are in some cases beyond the Group's control, actual results or
performance may differ materially from those expressed or implied by such
forward-looking statements.
FBD HOLDINGS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For half year ended 30 June 2009
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | Half Year | | Half Year | | Year |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | Ended | | Ended | | Ended |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | 30/06/09 | | 30/06/08 | | 31/12/08 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | Notes | EUR000's | | EUR000's | | EUR000's |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Total revenue | | 239,669 | | 271,242 | | 521,571 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Income | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Gross premium earned | | 186,142 | | 200,379 | | 399,065 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Gross claims incurred | | (162,303) | | (155,183) | | (316,848) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Gross result | | 23,839 | | 45,196 | | 82,217 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Net premiums earned | | 160,314 | | 173,853 | | 343,075 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Non underwriting operating income | 3 | 2,881 | | 4,844 | | 8,453 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Investment return | 2 | (1,424) | | (21,094) | | (48,377) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | 161,771 | | 157,603 | | 303,151 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Expenses | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Changes in insurance liabilities net | | (7,214) | | (2,994) | | (8,281) |
| of reinsurance | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Claims paid, net of recoveries from | | (127,874) | | (127,592) | | (262,924) |
| reinsurers | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Other operating expenses | | (33,575) | | (29,726) | | (58,470) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Restructuring costs | | (2,033) | | (725) | | (7,609) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Revaluation of land and buildings | | (11,077) | | - | | - |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Finance costs | | (1,766) | | (1,780) | | (4,474) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Loss before taxation | | (21,768) | | (5,214) | | (38,607) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Income tax credit/(expense) | | 977 | | (1,334) | | 5,607 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Loss for the period - all continuing | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| operations | | (20,791) | | (6,548) | | (33,000) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Attributable to: | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Equity holders of the parent | | (20,558) | | (6,659) | | (33,270) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Minority interest | | (233) | | 111 | | 270 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | (20,791) | | (6,548) | | (33,000) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | Cent | | Cent | | Cent |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Basic earnings per 60c ordinary share | 7 | (61.79) | | (20.26) | | (100.94) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Diluted earnings per 60c ordinary | 7 | (61.40) | | (20.10) | | (100.59) |
| share | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
FBD HOLDINGS PLC
PRO FORMA RECONCILIATION OF CONSOLIDATED OPERATING PROFIT TO LOSS BEFORE TAX
For half year ended 30 June 2009
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | Half Year | | Half Year | | Year |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | Ended | | Ended | | Ended |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | 30/06/09 | | 30/06/08 | | 31/12/08 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | Notes | EUR000's | | EUR000's | | EUR000's |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Operating profit before tax: | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Underwriting | 4 | 10,079 | | 35,897 | | 57,330 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Non-underwriting | 3 | 2,881 | | 5,569 | | 8,453 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Operating profit before tax | | 12,960 | | 41,466 | | 65,783 |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Short-term fluctuations in investment | 2 | (19,852) | | (44,175) | | (92,307) |
| returns | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Revaluation of land and buildings | | (11,077) | | - | | - |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Restructuring costs | | (2,033) | | (725) | | (7,609) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Finance costs | | (1,766) | | (1,780) | | (4,474) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Loss before tax | | (21,768) | | (5,214) | | (38,607) |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| | | Cent | | Cent | | Cent |
| | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
| Operating earnings per 60c ordinary | 7 | 34.95 | | 105.43 | | 171.50 |
| share | | | | | | |
+---------------------------------------+-------+-------------+--+-------------+--+-----------+
FBD HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2009
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| ASSETS | (Unaudited) | | (Unaudited) | | (Audited) |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | EUR000's | | EUR000's | | EUR000's |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Property and equipment | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Land and buildings | 179,104 | | 226,074 | | 191,423 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Fixtures and fittings | 17,895 | | 17,071 | | 17,236 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | 196,999 | | 243,145 | | 208,659 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Intangible assets | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Deferred acquisition costs | 17,923 | | 16,022 | | 17,733 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Investments | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Investment property | 46,238 | | 69,150 | | 52,538 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Investments held for trading | 14,904 | | 107,118 | | 24,112 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Investments held to maturity | 595,288 | | 479,731 | | 479,626 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Deposits with banks | 66,928 | | 117,360 | | 183,143 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Available for sale investments | 11,038 | | 10,555 | | 11,051 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | 734,396 | | 783,914 | | 750,470 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Inventories | 59,063 | | 62,925 | | 62,383 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Loans and receivables | 140,311 | | 162,934 | | 139,028 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Current Tax | 6,193 | | (6,479) | | 4,820 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Reinsurers' share of technical provisions | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Provision for unearned premiums | 25,752 | | 23,994 | | 25,450 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Claims outstanding | 42,257 | | 30,354 | | 33,544 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | 68,009 | | 54,348 | | 58,994 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Cash and cash equivalents | 43,767 | | 35,562 | | 35,713 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
| Total assets | 1,266,661 | | 1,352,371 | | 1,277,800 |
+-----------------------------------------------+-------------+--+-------------+--+-----------+
FBD HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2009 - CONTINUED
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | As at | | As at | | As at |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | 30/06/09 | | 30/06/08 | | 31/12/08 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | Notes | | (Unaudited) | | (Unaudited) | | (Audited) |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | EUR000's | | EUR000's | | EUR000's |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| EQUITY | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Ordinary share capital | 6 | | 21,409 | | 21,277 | | 21,409 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Capital reserves | | | 13,863 | | 13,095 | | 13,599 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Revaluation reserves | | | 3,822 | | 29,986 | | 3,295 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Translation reserves | | | (1) | | (89) | | (681) |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Retained earnings | | | 173,903 | | 295,065 | | 197,788 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Shareholders' funds - equity | | | 212,996 | | 359,334 | | 235,410 |
| interests | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Preference share capital | | | 2,923 | | 2,923 | | 2,923 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Total shareholders' funds | | | 215,919 | | 362,257 | | 238,333 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Minority interest | | | 3,918 | | 5,620 | | 4,151 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Total equity | | | 219,837 | | 367,877 | | 242,484 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| LIABILITIES | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Technical provisions | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Provision for unearned premiums | | | 184,503 | | 198,071 | | 188,017 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Claims outstanding | | | 642,114 | | 618,136 | | 626,188 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | 826,617 | | 816,207 | | 814,205 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Bank and other loans | | | 120,706 | | 60,729 | | 110,968 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Payables | | | 72,978 | | 79,192 | | 78,969 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Deferred tax | | | 11,410 | | 22,124 | | 15,062 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Retirement benefit obligation | | | 15,113 | | 6,242 | | 16,112 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Total liabilities | | | 1,046,824 | | 984,494 | | 1,035,316 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| | | | | | | | |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
| Total equity and liabilities | | | 1,266,661 | | 1,352,371 | | 1,277,800 |
+----------------------------------+-------+----+-------------+--+-------------+--+-----------+
FBD HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For half year ended 30 June 2009
+------------------------------------------------+-----+---------+--+-------------+----+------------+
| | Half | | Half | | Year |
| | Year | | Year | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | Ended | | Ended | | Ended |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
| | | | | | (Restated) |
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Cash flows from operating activities | EUR000's | | EUR000's | | EUR000's |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Loss before taxation for the period | (21,768) | | (5,214) | | (38,607) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Adjustments for: | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Losses on investments held for trading and | 194 | | 31,517 | | 47,095 |
| held to maturity | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Depreciation of property, plant and equipment | 4,114 | | 2,561 | | 5,432 |
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Share-based payment expense | 264 | | 139 | | 442 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Increase/(decrease) in technical provisions | 3,397 | | 416 | | (6,233) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Decrease in fair value of land and buildings | 11,077 | | - | | - |
| and inventory | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Decrease in fair value of investment property, | 16,300 | | 13,869 | | 30,481 |
| loans and receivables | | | | | |
+------------------------------------------------------+---------+--+-------------+----+------------+
| Loss on disposal of fixed assets | - | | - | | 246 |
+------------------------------------------------------+---------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Operating cash flows before movement in | 13,578 | | 43,288 | | 38,856 |
| working capital | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Increase in receivables | (11,473) | | (21,459) | | (1,187) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| (Decrease)/increase in payables | (6,992) | | 4,515 | | 4,677 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Cash generated from operations | (4,887) | | 26,344 | | 42,346 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Income taxes paid | (271) | | (14,578) | | (20,119) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Net cash from operating activities | (5,158) | | 11,766 | | 22,227 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Cash flows from investing activities | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Investments held for trading | 9,240 | | 45,506 | | 113,039 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Investments available for sale | (115,888) | | (1,013) | | (1,310) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Investments held to maturity | 13 | | - | | - |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Sale of lands, buildings & inventory | 172 | | 1,954 | | 4,347 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Purchase of fixtures & fittings | (3,633) | | (1,443) | | (6,144) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Loans and advances | - | | 4,912 | | 6,214 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Increase/(decrease) in deposits invested with | 116,215 | | (44,326) | | (110,109) |
| financial | | | | | |
| institutions | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Net cash generated from investing activities | 6,119 | | 5,590 | | 6,037 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Cash flows from financing activities | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Ordinary and preference dividends paid | (3,327) | | (17,277) | | (27,623) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Special dividend on ordinary shares | - | | - | | (416) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Special dividend on 'A' ordinary shares | - | | - | | (19,622) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Buyback of 'A' ordinary shares | - | | - | | (30,150) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Proceeds of re-issue of ordinary shares | - | | 20 | | 180 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Increase in bank loans | 9,738 | | 323 | | 50,532 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Net cash used in financing activities | 6,411 | | (16,934) | | (27,099) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Net increase in cash and cash equivalents | 7,372 | | 422 | | 1,165 |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Cash and cash equivalents at the beginning of | 35,713 | | 35,618 | | 35,618 |
| the period | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Effect of foreign exchange rate changes | 682 | | (478) | | (1,070) |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Cash and cash equivalents at the end of the | 43,767 | | 35,562 | | 35,713 |
| period | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| | | | | | |
+------------------------------------------------+---------------+--+-------------+----+------------+
| Note: Comparative figures for year ended 31 December 2008 have been restated to provide |
| additional or reclassified information. |
+------------------------------------------------+-----+---------+--+-------------+----+------------+
FBD HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For half year ended 30 June 2009
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | Half year | | Half year | | Year |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | Ended | | Ended | | Ended |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | (Restated) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | EUR000's | | EUR000's | | EUR000's |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Income recognised directly in equity | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Gain on available for sale investments | - | | - | | 199 |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Revaluation of owner occupied property | (3,248) | | - | | (34,166) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Actuarial loss | - | | - | | (10,174) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Taxation on income/expense recognised | 3,775 | | - | | 5,815 |
| directly in equity | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Exchange differences on translation of | 680 | | (478) | | (1,070) |
| foreign operations | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Recognition of share based payments | 264 | | 139 | | 442 |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Dividends paid to minority interests | - | | (180) | | (347) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Net income recognised directly in equity | 1,471 | | (519) | | (39,301) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Loss after taxation | (20,791) | | (6,548) | | (33,000) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Total recognised income and expense | (19,320) | | (7,067) | | (72,301) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Attributable to: | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Equity holders of the parent | (19,087) | | (7,178) | | (72,571) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Minority interest | (233) | | 111 | | 270 |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | (19,320) | | (7,067) | | (72,301) |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| | | | | | |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
| Note: Comparative figures for year ended 31 December 2008 have been restated to provide |
| additional information. |
+---------------------------------------------+--------------------------+--+----------------------+--+------------+
FBD HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For half year ended 30 June 2009
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | Revaluation | | | Attributable | Preference | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | Share | Capital | and Other | Translation | Retained | to | Share | Minority | |
| | | | | | | Ordinary | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | Capital | Reserves | Reserves | Reserve | Earnings | Shareholders | Capital | Interest | Total |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Balance at 1 January 2008 | 21,277 | 12,956 | 29,986 | 389 | 318,981 | 383,589 | 2,923 | 5,689 | 392,201 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Loss after taxation | - | - | - | - | (6,659) | (6,659) | - | 111 | (6,548) |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Recognition of share based payments | - | 139 | - | - | - | 139 | - | - | 139 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Ordinary dividends paid | - | - | - | - | (17,277) | (17,277) | - | - | (17,277) |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Reissue of ordinary shares | - | - | - | - | 20 | 20 | - | - | 20 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Dividends paid to minorities | - | - | - | - | - | - | - | (180) | (180) |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Exchange translation adjustment | - | - | - | (478) | - | (478) | - | - | (478) |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Balance at 30 June 2008 | 21,277 | 13,095 | 29,986 | (89) | 295,065 | 359,334 | 2,923 | 5,620 | 367,877 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | Revaluation | | | Attributable | Preference | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | Share | Capital | and Other | Translation | Retained | to | Share | Minority | |
| | | | | | | Ordinary | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | Capital | Reserves | Reserves | Reserve | Earnings | Shareholders | Capital | Interest | Total |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's | EUR000's |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Balance at 1 January 2009 | 21,409 | 13,599 | 3,295 | (681) | 197,788 | 235,410 | 2,923 | 4,151 | 242,484 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Loss after taxation | - | - | - | - | (20,558) | (20,558) | - | (233) | (20,791) |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Recognition of share based payments | - | 264 | - | - | - | 264 | - | - | 264 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Ordinary dividends paid | - | - | - | - | (3,327) | (3,327) | - | - | (3,327) |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Revaluation of land and buildings | - | - | 527 | - | - | 527 | - | - | 527 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Exchange translation adjustment | - | - | - | 680 | - | 680 | - | - | 680 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| | | | | | | | | | |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
| Balance at 30 June 2009 | 21,409 | 13,863 | 3,822 | (1) | 173,903 | 212,996 | 2,923 | 3,918 | 219,837 |
+----------------------------------------+---------+----------+-------------+-------------+----------+--------------+------------+----------+----------+
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For half year ended 30 June 2009
Note 1 - Accounting policies
The annual financial statements of FBD Holdings plc are prepared in accordance
with IFRSs as adopted by the European Union. The condensed set of financial
statements included in this half-yearly financial report has been prepared in
accordance with International Accounting Standards 34 'Interim Financial
Reporting', as adopted by the European Union.
The accounting policies used by the Group to prepare the interim financial
statements for the six month period ended 30 June 2009 are the same as those
used to prepare the Group Annual Report for the year ended 31 December 2008
(which is available at www.fbdgroup.com), except for brokerage revenue
recognition mentioned immediately below and the impact of the adoption of the
Standards and Interpretations described hereafter.
In the 2008 Annual Report the revenue recognition accounting policy stated that
"brokerage revenue is recognised on a cash receipts basis". In practice the
treatment would more accurately be described as follows: Insurance agency
commissions, for which no further services are required are recognised as
revenue on the effective commencement or renewal date. If further services are
to be rendered the commission, or part of it, is deferred and recognised over
the period during which the policy is in force.
IFRS 8 Operating Segments (effective for annual periods beginning on or after 1
January 2009).
Adoption of IFRS 8 has not resulted any change in the Group's reportable
segments (see note 3) and has no impact on the reported results or financial
position of the Group.
IAS 1 (revised 2007) Presentation of Financial Statements (effective for annual
periods beginning on or after 1 January 2009).
The revised Standard has introduced a number of terminology changes (including
revised titles for the condensed financial statements) and has resulted in a
number of changes in presentation and disclosure. However, the revised Standard
has had no impact on the reported results or financial position of the Group.
The information for the year ended 31 December 2008 does not constitute
statutory accounts as defined in Section 19 of the Companies (Amendment) Act
1986. A copy of the statutory accounts for that year has been delivered to the
Register of Companies. The auditors' report on those accounts was not qualified
and did not contain any matters to which attention was drawn by way of emphasis.
Certain amounts in comparative periods have been reclassified or restated to
conform with current period presentation or to provide additional information.
This half yearly financial report has not been audited or reviewed by the
auditors of the Group.
Note 2 - Longer term investment return
+------------------------------------+-------------+-----+-------------+----+------------+
| | Half Year | | Half Year | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | Ended | | Ended | | Year Ended |
+------------------------------------+-------------+-----+-------------+----+------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+------------------------------------+-------------+-----+-------------+----+------------+
| | EUR000 | | EUR000 | | EUR000 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Long-term investment return | 18,428 | | 23,081 | | 43,930 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Short-term fluctuations in | (19,852) | | (44,175) | | (92,307) |
| investment return | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Total investment return | (1,424) | | (21,094) | | (48,377) |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
Note 2 - Longer term investment return (continued)
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
long term investment returns.
+------------------------------------+-------------+-----+-------------+----+------------+
| | Half Year | | Half Year | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | Ended | | Ended | | Year Ended |
+------------------------------------+-------------+-----+-------------+----+------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+------------------------------------+-------------+-----+-------------+----+------------+
| | % | | % | | % |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Government gilts - held for | 4.00 | | 4.00 | | 4.00 |
| trading | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| - held to maturity | Actual | | Actual | | Actual |
| | rates | | Rates | | Rates |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Quoted shares | 6.75 | | 7.50 | | 7.50 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Deposits with banks | 3.25 | | 3.63 | | 3.63 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Investment properties held for | 6.00 | | 6.00 | | 6.00 |
| rental | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
Note 3 - Total revenue and operating profit by activity
+------------------------------------+-------------+-----+-------------+----+------------+
| | Half Year | | Half Year | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | Ended | | Ended | | Year Ended |
+------------------------------------+-------------+-----+-------------+----+------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+------------------------------------+-------------+-----+-------------+----+------------+
| Total Revenue: | EUR000's | | EUR000's | | EUR000's |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Underwriting | 206,645 | | 230,929 | | 441,368 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Non-underwriting | 33,024 | | 40,313 | | 80,203 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | 239,669 | | 271,242 | | 521,571 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Operating profit: | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Underwriting | 10,079 | | 35,897 | | 57,330 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Non-underwriting | 2,881 | | 5,569 | | 8,453 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | 12,960 | | 41,466 | | 65,783 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Non-Underwriting profit is | | | | | |
| analysed as follows: | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Leisure and leisure property | 73 | | 3,928 | | 5,991 |
| development | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Financial Services/Other | 2,808 | | 2,510 | | 3,329 |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| Capital fund | - | | (869) | | (867) |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | | | | | |
+------------------------------------+-------------+-----+-------------+----+------------+
| | 2,881 | | 5,569 | | 8,453 |
+------------------------------------+-------------+-----+-------------+----+------------+
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For half year ended 30 June 2009 (continued)
Note 4 - Underwriting result
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | Half Year | | Half Year | | |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | Ended | | Ended | | Year Ended |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | EUR000's | | EUR000's | | EUR000's |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | | | | | |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| Gross written premiums | 180,722 | | 198,335 | | 385,638 |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | | | | | |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | | | | | |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| Net earned premiums | 160,314 | | 173,853 | | 343,075 |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| Net claims incurred | (135,088) | | (130,586) | | (271,205) |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| Net operating expenses | (33,575) | | (30,451) | | (58,470) |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | | | | | |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| Underwriting result | (8,349) | | 12,816 | | 13,400 |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | | | | | |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| Long term investment return | 18,428 | | 23,081 | | 43,930 |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| | | | | | |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
| Operating profit before tax | 10,079 | | 35,897 | | 57,330 |
+----------------------------------+-------------------------------+-----+-------------+----+------------+
The Group's half yearly results are not subject to any significant impact
arising from the seasonality or cyclicality of operations.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For half year ended 30 June 2009 (continued)
Note 5 - Dividends
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | Half year | | Half year | | Year |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | Ended | | Ended | | Ended |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | EUR000's | | EUR000's | | EUR000's |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| Paid in Period: | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| 2008 Interim dividend of 30.25c per share | | | | | |
| on ordinary | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| shares of 60c each | - | | - | | 10,064 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| 2008 Final dividend of 10.0c (2007: 52.00c) | | | | | |
| per share on | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| ordinary shares of 60c each | 3,327 | | 17,277 | | 17,277 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| Dividend of 8.4c per share on 14% | | | | | |
| non-cumulative | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| preference shares of 60c each | - | | - | | 113 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| Dividend of 4.8c per share on 8% non- | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| cumulative preference shares of 60c each | - | | - | | 169 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| Special dividend of 1.25c per share on | | | | | |
| ordinary | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| shares of 60c each | - | | - | | 416 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| Special dividend of 149.00c on | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| 'A' ordinary shares of 1c each | - | | - | | 19,622 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | 3,327 | | 17,277 | | 47,661 |
+---------------------------------------------+-------------+--+-------------+--+-----------+
| | | | | | |
+---------------------------------------------+-------------+--+-------------+--+-----------+
+---------------------------------------------+-------------+--+-----------+--+---------+
| Proposed: | | | | | |
+---------------------------------------------+-------------+--+-----------+--+---------+
| 2008 Dividend of 4.8c per share on 8% | | | | | |
| non-cumulative | | | | | |
+---------------------------------------------+-------------+--+-----------+--+---------+
| preference shares of 60c each | - | | 169 | | 169 |
+---------------------------------------------+-------------+--+-----------+--+---------+
| 2008 Final dividend of 10.00c per share on | | | | | |
| ordinary shares | | | | | |
+---------------------------------------------+-------------+--+-----------+--+---------+
| of 60c each | - | | - | | 3,327 |
+---------------------------------------------+-------------+--+-----------+--+---------+
| 2009 Interim dividend of 10c (2008: 30.25c) | | | | | |
| per share | | | | | |
+---------------------------------------------+-------------+--+-----------+--+---------+
| on ordinary shares of 60c each | 3,327 | | 10,052 | | - |
+---------------------------------------------+-------------+--+-----------+--+---------+
| | | | | | |
+---------------------------------------------+-------------+--+-----------+--+---------+
| | 3,327 | | 10,221 | | 3,496 |
+---------------------------------------------+-------------+--+-----------+--+---------+
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For half year ended 30 June 2009
Note 6 - Ordinary Share Capital
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | Half year | | Half year | | Year |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | Ended | | Ended | | Ended |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | 30/06/09 | | 30/06/08 | | 31/12/08 |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | (Unaudited) | | (Unaudited) | | (Audited) |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | Number | | EUR000's | | EUR000's | | EUR000's |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| (i) Ordinary Shares of EUR0.60 | | | | | | | |
| each | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| Authorised: | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| At beginning and end of | 51,326,000 | | 30,796 | | 30,796 | | 30,796 |
| period | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| Issued and fully paid: | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| At beginning and end of | 35,461,206 | | 21,277 | | 21,277 | | 21,277 |
| period | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
| | | | | | | | |
+------------------------------+------------+--+-------------+--+-------------+--+-----------+
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| (ii) 'A' Ordinary Shares of | | | | | | | |
| EUR0.01 each | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| Authorised: | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| At beginning and end of | 120,000,000 | | 1,200 | | - | | 1,200 |
| period | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| Issued and fully paid: | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| At beginning of period | 13,169,428 | | 132 | | - | | - |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| Issued during the period | - | | - | | - | | 333 |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| Cancellation of shares | - | | - | | - | | (201) |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| At end of period | 13,169,428 | | 132 | | - | | 132 |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| | | | | | | | |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
| Total Ordinary Share Capital | | | 21,409 | | 21,277 | | 21,409 |
+------------------------------+-------------+--+------------+--+-----------+--+----------+
The number of ordinary shares of EUR0.60 each held as treasury shares at 30 June
2009 was 2,191,730.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For half year ended 30 June 2009 (continued)
Note 7 - Earnings per 60c ordinary share
a) The calculation of the basic and diluted earnings per share attributable to
the ordinary shareholders is based
on the following data:
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | Half | | Half | | Year |
| | year | | year | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Earnings | ended | | ended | | ended |
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | EUR000s | | EUR000s | | EUR000s |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Loss for the period | (20,791) | | (6,548) | | (33,000) |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Minority interest | 233 | | (111) | | (270) |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Preference dividend | - | | - | | (282) |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Earnings for the purpose of basic | | | | | |
| and diluted | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| earnings per share | (20,558) | | (6,659) | | (33,552) |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Weighted average number of ordinary | | | | | |
| shares for the | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| purpose of basic earnings per share | 33,269,000 | | 32,876,000 | | 33,241,000 |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Effect of dilutive potential of | | | | | |
| share options | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| outstanding | 214,000 | | 247,000 | | 114,000 |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Weighted average number of ordinary | | | | | |
| shares for the | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| purpose of diluted earnings per | 33,483,000 | | 33,123,000 | | 33,355,000 |
| share | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | Cent | | Cent | | Cent |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Basic earnings per 60c ordinary | (61.79) | | (20.26) | | (100.94) |
| share | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
| Diluted earnings per 60c ordinary | (61.40) | | (20.10) | | (100.59) |
| share | | | | | |
+--------------------------------------+-----------------------+--+-----------------------+--+----------------------+
b) The calculation of the operating earnings per share is based on the following
data:
+---------------------------------------+---------------------+-+--+-----------------------+--+---------------------+
| | Half | | Half | | Year |
| | year | | year | | |
+---------------------------------------+-----------------------+--+-----------------------+--+---------------------+
| | Ended | | Ended | | Ended |
| | | | | | |
+---------------------------------------+-----------------------+--+-----------------------+--+---------------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+---------------------------------------+-----------------------+--+-----------------------+--+---------------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------------------+-----------------------+--+-----------------------+--+---------------------+
| | EUR000s | | EUR000s | | EUR000s |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| | | | | | |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| Operating profit after taxation | 11,394 | | 34,773 | | 57,560 |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| Minority interest | 233 | | (111) | | (270) |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| Preference dividend | - | | - | | (282) |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| | | - | | | |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| Earnings for the purpose of operating | | | | | |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| earnings per share | 11,627 | | 34,662 | | 57,008 |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| | | | | | |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| Number of shares | 33,269,000 | | 32,876,000 | | 33,241,000 |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| | | | | | |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| | Cent | | Cent | | Cent |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| | | | | | |
+---------------------------------------+---------------------+----+-----------------------+--+---------------------+
| Operating earnings per 60c ordinary | 34.95 | | 105.43 | | 171.50 |
| share | | | | | |
+---------------------------------------+---------------------+-+--+-----------------------+--+---------------------+
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For half year ended 30 June 2009
Note 8 - Capital commitments
+---------------------------------------+-------------+--+-------------+--+------------+
| | Half year | | Half year | | |
+---------------------------------------+-------------+--+-------------+--+------------+
| | Ended | | Ended | | Year ended |
+---------------------------------------+-------------+--+-------------+--+------------+
| | 30/06/09 | | 30/06/08 | | 31/12/08 |
+---------------------------------------+-------------+--+-------------+--+------------+
| | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------------------+-------------+--+-------------+--+------------+
| | EUR000s | | EUR000s | | EUR000s |
+---------------------------------------+-------------+--+-------------+--+------------+
| Capital commitments at period end | | | | | |
| authorised by | | | | | |
+---------------------------------------+-------------+--+-------------+--+------------+
| the Directors but not provided for in | | | | | |
| the Financial | | | | | |
+---------------------------------------+-------------+--+-------------+--+------------+
| Statements: | | | | | |
+---------------------------------------+-------------+--+-------------+--+------------+
| Contracted for | 1,500 | | 76 | | 172 |
+---------------------------------------+-------------+--+-------------+--+------------+
| | | | | | |
+---------------------------------------+-------------+--+-------------+--+------------+
| Not contracted for | - | | 300 | | 141 |
+---------------------------------------+-------------+--+-------------+--+------------+
Note 9 - Transactions with related parties
Farmer Business Developments plc has a 25.64% shareholding in the Group at 30
June 2009. Included in the financial statements at 30 June 2009 is EUR60,479,000
(2008: EURnil) due by the Group to Farmer Business Developments plc. This amount
is made up of a loan of EUR60,000,000 and interest outstanding at the half year
end. Interest is charged on this balance at the market rate.
Included in the financial statements at 30 June 2009 is EUR132,969 (2008:
EUR346,361) due from Farmer Business Developments plc. This balance is made up of
recharges for services provided and recoverable costs. Interest is charged on
this balance at the market rate. The amount due is repayable on demand. No
guarantees have been provided for the amounts due to the Group.
Note 10 - Subsequent events
There have been no subsequent events which would have material impact on these
condensed financial statements.
Note 11 - Approval of Half Yearly Report
The half yearly report was approved by the Board of Directors of FBD Holdings
plc on 25 August 2009.
Note 12 - Information
This half yearly Financial Report along with the Annual Report for the year
ended 31 December 2008 is available on the company's website at
www.fbdgroup.com.
RESPONSIBILITY STATEMENT
The Directors are responsible for preparing the Half Yearly Financial Report in
accordance with the Transparency (Directive 2004/109/EC) Regulations 2007, the
related Transparency Rules of the Irish Financial Services Regulatory Authority
and with IAS 34, Interim Financial Reporting as adopted by the European Union.
We confirm that to the best of our knowledge:
a) the Group condensed set of interim financial statements have been prepared
in accordance with IAS 34 "Interim
Financial Reporting" as adopted by
the European Union;
b) the interim management report includes a fair review of the important
events that have occurred during the first
six months of the
financial year, and their impact on the condensed set of interim financial
statements and the
principal risks and uncertainties for the
remaining six months of the financial year;
c) the interim management report includes a fair review of related party
transactions that have occurred during the
first six months of the
current financial year and that have materially affected the financial position
or the
performance of the Group during that period, and any changes in
the related parties' transactions described in the
last Annual Report
that could have a material effect on the financial position or performance of
the Group in the first
six months of the current financial year.
Michael BerkeryAndrew Langford
ChairmanGroup Chief Executive
25 August 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFFDTTIEFIA
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