TIDMFBH
RNS Number : 9164M
FBD Holdings PLC
24 August 2011
FBD HOLDINGS PLC
24 August 2011
FBD HOLDINGS PLC
Half Yearly Report
For the Six Months Ended 30 June 2011
2011 2010
FINANCIAL HIGHLIGHTS EUR000s EUR000s
-- Gross premium written 177,486 183,191
-- Net premium earned 149,780 149,568
-- Operating profit 28,698 11,290
-- Profit/(loss) before
taxation 20,549 (7,860)
Cent Cent
-- Operating earnings per
share 75.7 29.6
-- Diluted earnings per share 53.3 (22.2)
-- Ordinary dividend per share 11.25 10.5
-- Net assets per share 582 547
OPERATIONAL HIGHLIGHTS
-- Excellent performance with operating profit increasing to
EUR28.7m from EUR11.3m.
-- Increased operating contribution from both underwriting and
non-underwriting divisions.
-- Underwriting performance, driven by an improved loss ratio,
is the primary contributor to increase in profitability.
-- Improvement in combined operating ratio from 105.2% to
92.8%.
-- Operating earnings per share of 75.7 cent (2010: 29.6
cent).
-- Significantly reduced level of write downs results in
improvement of EUR28.4m at a pre-tax level.
-- Interim dividend increase to 11.25 cent per share (2010: 10.5
cent).
-- Asset allocation continues to provide protection against
turbulent financial markets.
-- Capital base further strengthened with solvency level of
60.4%, up from 54.9% in June 2010.
-- Increase in net asset value to 582 cent per share.
-- Full year operating earnings per share guidance increased to
145 cent to 155 cent.
JOINT VENTURE
The Group today announced a proposal, subject to shareholder
approval, to establish a joint venture with Farmer Business
Developments plc, a related party, to own and manage the Group's
Irish and Spanish Property and Leisure operations.
Commenting on the results, Andrew Langford, Group Chief
Executive, said:
"This is an excellent set of results reflecting another strong
operational performance and significant progress in advancing FBD's
strategic priorities. Building on the progress made in recent
years, our core underwriting business has demonstrated its ability
to deliver strong profitability in a challenging market."
"Today's announcement of a proposed joint venture for our
property and leisure business is a significant strategic step for
the Group which will allow us to focus on the core insurance
underwriting business, reduce our exposure to fluctuations in
property valuations, reduce both the Group's debt and its loan
guarantees and enhance the ability of property and leisure to
realise value over time."
For Reference Telephone
FBD
Andrew Langford, Group Chief Executive +353 1 409 3208
Cathal O'Caoimh, Group Finance Director
Peter Jackson, Head of Investor
Relations
Murray Consultants
Joe Murray +353 1 498 0300
Note: These results will be presented to analysts at 10.30a.m.,
today, 24 August 2011. A copy of the presentation will be posted on
the Group's website, www.fbdgroup.com, at that time.
ABOUT FBD HOLDINGS PLC
FBD is one of Ireland's largest property and casualty insurers
looking after the insurance needs of farmers, private individuals
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.
The following details relate to FBD's ordinary shares of EUR0.60
each which are publicly traded:
Listing Irish Stock Exchange UK Listing Authority
Listing Category Dual Premium (Equity)
Trading Venue Irish Stock Exchange London Stock Exchange
Market Main Securities Market Main Market
ISIN IE0003290289 IE0003290289
Ticker EG7.IR FBH.L
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
Half Yearly Report
For the Six Months Ended 30 June 2011
INTERIM MANAGEMENT REPORT
OVERVIEW
FBD delivered an excellent performance in the first half of
2011, despite the continuing challenges faced by both the Irish
economy and the insurance industry. Operating profits before tax
increased from EUR11.3m to EUR28.7m. While the underwriting and
non-underwriting businesses both delivered improved contributions,
the most significant contribution came from the former.
The Group has also advanced its key strategic objectives
substantially during the period. Most significantly, the Group has
reached agreement with Farmer Business Developments plc, subject to
approval of the respective shareholders, to enter into a joint
venture to share management and ownership of the Group's Irish and
Spanish hotel, golf and property development businesses. This
proposal, if approved, would enable the Group to focus resources on
its core underwriting business, reduce the Group's exposure to
fluctuations in property valuations and reduce both the Group's
debt and loan guarantees. At the same time, the Group's property
and leisure businesses would be provided with a robust financial
structure and solid foundations to realise value over the medium
term.
Underwriting
The underwriting profit of EUR10.7m represents a significant
turnaround from the EUR7.8m underwriting loss incurred in the first
half of 2010. After allowing for a lower longer term rate of
investment return, underwriting operating profit before tax
amounted to EUR26.5m. The improvement in the operating performance
of the underwriting business is primarily attributable to an
improved loss ratio.
Gross premium written in the first half of 2011 was to
EUR177.5m, down 3.1% on the corresponding period of the previous
year. The Board believes that this performance is in line with or
slightly ahead of the market. In this challenging market, FBD
maintained policy volume, the first half year without a fall in
policy volume since the second half of 2008.
Premium rates continued to harden in property insurance while
strong competition and discounting in the market limited the
positive impact of the rate increases in the motor sector. The
benefits of increasing rates were offset by a change in product mix
and a continuing reduction in insurable risks and values, in line
with economic activity in Ireland. Insurance risk and values have
been trending downwards since the start of the economic crisis and,
while the trend is still negative, it is beginning to show signs of
stabilisation.
Likewise, competition in business insurance has been intense,
particularly for larger risks. Rates have been increased but the
reduction in insured value and cover continues and, where
necessary, FBD has foregone targeted policy growth rather than
compromise underwriting discipline.
FBD continued to successfully develop its multi-channel
distribution strategy in response to changing customer behaviour.
The sales office network has made further progress in developing
farmer and business insurance. FBD.ie and NoNonsense.ie continue to
be successful in attracting a growing number of customers from
their respective target markets, particularly from urban centres.
The initiative to develop broker business is progressing well
despite increased competition in a challenged business insurance
sector.
Net premium earned, at EUR149.8m, is in line with 2010. The
reduction in gross premium written was compensated for by the
decision to increase the proportion of our property insurance book
that is retained.
Net claims incurred amounted to EUR103.2m (2010: EUR124.4m). The
net loss ratio, including the cost of the severe weather events,
improved from 83.2% in the first half of 2010 to 68.9% in the first
half of 2011. The weather experience in the period was relatively
benign with freezing conditions in January 2011 costing EUR2.5m,
net of reinsurance, compared to a cost of EUR12m for the January
2010 event. Both the frequency and the average cost of property and
motor claims reduced further during the first half, driven by
improved risk selection and claims management, as well as a
reduction in economic activity and improved road safety and law
enforcement. FBD's actions on rates over the last twelve months
also contributed to the improved loss ratio.
The increase in property insurance retention resulted in a fall
of EUR1.6m in reinsurance commission receivable in the first half.
This item accounted for 1.0 percentage points of the increase in
the net expense ratio from 22.1% to 23.9%.
The Group continued to focus on efficiencies and productivity
improvements. During the first half of the year, FBD reached
agreement with staff and their representatives, following positive
engagement, on a series of changes to the terms and conditions of
employment and working practices. The objective of the agreement is
to secure and enhance the Group's competitive cost advantage and to
enable profitable growth. The Directors appreciate the co-operation
of employees in the continuing and necessary challenge to maintain
the Group's agility, flexibility and efficiency so as to enable it
to meet customers' demands, profitably.
The Group's combined operating ratio for the first half of 2011
was 92.8%, a significant improvement on the 105.2% for the first
half of 2010. Long term investment return at EUR15.7m was lower
than the EUR17.2m booked in the first half of 2010 as the average
asset mix in the period was more conservative than the previous
year, due to the uncertain market outlook.
Non-underwriting
The non-underwriting operations generated an improved operating
profit of EUR2.2m (2010: EUR1.9m).
The Group's property and leisure interests include La Cala and
Sunset Beach Resorts in Spain and FBD Hotels in Ireland. These
businesses recorded an operating loss of EUR0.5m (2010: loss
EUR0.8m) while generating positive cash flow of EUR4.5m from
operations. The operating result was better than both the prior
year and expectations principally because of an improvement in both
yield and occupancy in the Irish hotels. The number of foreign
visitors has increased and there are early signs of recovery,
particularly in the Dublin hotel market. While there are still
structural issues in the Irish hotel industry to be resolved, the
most recent trends are positive.
Sunset Beach Resort recorded another strong performance. Sales
of properties in La Cala were encouraging with 17 unit sales,
reducing La Cala property inventory by EUR5.1m to EUR12.9m.
Financial services/other includes contributions from general
insurance broking (FBD Brokers), life assurance/pension
broking/investment advice (FBD Financial Solutions), premium
finance and the costs incurred in the holding company. These
businesses continued to perform well in a weak environment,
delivering a combined contribution of EUR2.7m (2010: EUR2.7m).
Pre-tax result
The pre-tax result was adversely affected by investment return
fluctuations of EUR5.6m (2010: credit of EUR0.2m). These resulted
from a combination of foreign exchange movements, equity
valuations, low current rates of return on cash and movements in
value of investment property values. The revaluation of property,
plant and equipment resulted in a charge of EUR0.6m (2010:
EUR17.9m). After charging finance costs of EUR1.9m (2010: EUR1.5m),
the Group recorded a profit before tax of EUR20.6m (2010: loss of
EUR7.9m), which represents a turnaround of EUR28.4m on the first
half of 2010.
Dividends
The Board is committed to ensuring that the Group's capital
position continues to be robust and its balance sheet well managed.
This reflects the Board's view that it is in the long-term
interests of all shareholders to maintain strong solvency and
liquidity margins. The Board is also committed to a progressive
dividend policy and efficient capital management.
The Board has approved a 2011 interim dividend of 11.25 cent per
ordinary share (2010: 10.5 cent). This will be paid on 4 October
2011 to the holders of shares on the register on 2 September 2011.
The interim dividend is subject to dividend 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.
STATEMENT OF FINANCIAL POSITION
The Group's financial position has further strengthened during
the period. Ordinary shareholders' funds have grown to EUR193.6m
(December 2010: EUR182.1m). Net assets per ordinary share have
increased to 582 cent up from 547 cent at December 2010, the first
increase in this metric since 2006.
The investment and other assets of the underwriting operations
at the beginning and end of the six month period are set out in the
following table:
Table 1: Underwriting business - Asset allocation
30 June 2011 31 Dec 2010
Investment assets EURm % EURm %
German Government bonds 496 63% 497 61%
Deposits and cash 200 25% 217 27%
Equities and corporate bonds 38 4% 22 3%
Investment property 20 3% 42 5%
Secured loans 20 3% 21 2%
Own land and buildings 17 2% 18 2%
------- -------
Total investment assets 791 100% 817 100%
------ -----
Trade and other receivables and
DAC 103 91
Reinsurers' share of technical
provisions 74 96
Plant and equipment 17 17
------- -------
Total assets 985 1,021
------- -------
FBD Insurance maintains a low risk investment policy with 88% of
its total investment portfolio invested in sovereign bonds and cash
assets. FBD's continued conservative approach is vindicated by the
recent exceptional volatility in global investment markets. The
only sovereign bonds held by the Group are German Government bonds,
with an average term of less than a year, thereby protecting the
Group from any significant variation in interest rates. During the
first half of 2011, FBD sold three of its investment properties
generating EUR22m, investing the proceeds in more liquid investment
classes.
Investment properties are incorporated in the balance sheet at a
current yield of 10.65% and secured loans are valued at a level
approximating the value of the underlying security. All
underwriting property related assets were revalued by independent
professional valuers at 30 June 2011. The Directors believe that as
a result of the impairments recognised over recent years and the
de-risking of our investment book, the potential for further
downside from the underwriting investments, has been greatly
reduced.
An analysis of the Group's assets at 30 June 2011 and
comparatives at 31 December 2010 are set out in Table 2 below:
Table 2: Group assets
Assets Assets
30 June 2011 31 Dec 2010
EURm EURm
German Government bonds 496 497
Deposits and cash 219 231
Hotel and golf resort assets 120 120
Trade and other receivables
and DAC 119 112
Reinsurers' share of technical
provisions 74 96
Inventories 41 46
Equities and corporate bonds 41 25
Investment property 20 42
Secured loans 20 21
Plant and equipment 18 18
Own land & buildings 17 18
Total assets 1,185 1,226
------------- ------------
The Group's hotel and golf resort assets were valued by
independent professional valuers at 30 June 2011 and no further
adjustments were required as a result.
Gearing in the Group's property and leisure operations at 30
June 2011 was 74% (2010: 73%) while interest is covered by
operating cash flows generated by the business 3.5 times (2010: 4.4
times).
FBD Group has a strong capital base and its balance sheet has
further strengthened in the period. FBD Insurance has a solvency
level of 60.4% of net premium earned at the end of June 2011,
compared with 54.9% at June 2010. FBD also has prudent asset
allocation and reserving policies. The reserving ratio (net
technical provisions divided by net premiums earned) remains robust
at 238%.
OUTLOOK
Underwriting
Irish domestic demand is expected to decline further during the
remainder of 2011, albeit at a slower rate than in recent periods.
The consequent reduction in insurable risk will offset premium
increases by market participants and, as a result, industry revenue
is likely to reduce compared to 2010.
In a declining market, the opportunity for FBD premium growth in
the remainder of 2011 will be limited. FBD will continue to focus
on underwriting discipline, management of claims costs and
containment of expenses while delivering profitable growth from key
strategic market segments as opportunities arise.
Recent actions on rates, claims and cost management, combined
with the first half improvement in profitability, support the
Board's expectation of improved profitability from underwriting in
the full year.
Non-underwriting
Although structural issues remain in the property and leisure
industry, particularly in Ireland, the positive trends in occupancy
and yield have continued over the summer months. This will
contribute to improved profitability in the property and leisure
businesses for the year. Sales of properties in La Cala are
expected to continue over the remainder of 2011, generating
additional cash flow.
FBD Brokers continues to develop its business and is well
positioned to benefit from the relative buoyancy of the
agri-business sector. FBD Financial Solutions will continue to
focus on customer needs and cost efficiencies to again deliver
growth in profitability in 2011. Financial services/other will
deliver increased profitability for the full year.
The Board is confident of an improved contribution from the
Group's non-underwriting businesses for the full year.
Impact of establishment of Joint Venture with Farmer Business
Developments plc
As announced today, subject to shareholder approval, the Group
will establish a joint venture with Farmer Business Developments
plc to own and manage the Group's Irish and Spanish property,
leisure and development operations. The details of the proposed
transaction will be set out in a circular to shareholders to be
posted within a short period. Should the transaction be approved by
shareholders, the Group will, from completion, cease accounting for
the results of the businesses on a consolidated basis and will
instead account for its interest in the jointly controlled entity
under the equity method of accounting.
The Group's share of the future profits or losses of the
property and leisure operations will be included in the Group's
consolidated income statement and its share of the net assets will
be included in the consolidated statement of financial position.
The principal changes to the consolidated statement of financial
position will be that the existing hotel and golf resort assets of
EUR119.7m, inventories of EUR40.9m and borrowings of EUR117.1m will
be replaced by a single line, share of assets of joint venture.
The key benefits resulting from the proposed transaction are as
follows:
-- The Group will be able to focus resources on its core
insurance underwriting business.
-- The Group will be less exposed to fluctuations in property
valuations.
-- Operating profit of the Group will reflect the contribution
from the core business and will no longer be impacted by the
results of the property and leisure portfolio.
-- Both Group debt and Group loan guarantees will be
reduced.
-- The property and leisure operations will be provided with
solid foundations for realisation of value over time.
The proposed transaction is expected to be marginally earnings
enhancing on both a basic and a diluted basis and to lead to a
small increase in net asset value per share.
Group
FBD Group retains a strong capital base and balance sheet and a
prudent reserving strategy. The underwriting investment policy is
appropriately designed to provide protection in turbulent market
conditions. The Board reiterates its belief that as a result of the
impairment provisions recognised in previous years and the
de-risking of the investment book, the potential for further
downside from the Group's investment portfolio is limited. The
Board is confident that FBD will continue to deliver superior
returns to shareholders. FBD has demonstrated its capacity to
deliver profits in difficult market conditions and is well
positioned to deliver long-term profitable growth.
Barring the occurrence of exceptional adverse weather events
over the remainder of 2011, the Board is confident that the Group
will deliver full year 2011 operating earnings per share of 145
cent to 155 cent, an increase of approximately 10% on previous
guidance.
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 Company has a risk management policy which provides a
systematic, effective and efficient way for managing risk in the
organisation and ensures it is consistent with the overall business
strategy and the risk appetite of the Company.
Risk Appetite is a measure of the amount and type of risks the
Group is willing to accept or not accept over a defined period of
time in pursuit of its objectives. The Group's risk appetite seeks
to encourage measured and appropriate risk taking to ensure that
risks are aligned to business strategy and objectives.
The risk appetite in the Group's underwriting subsidiary is
driven by an overarching desire to protect the solvency of the
company at all times. Through the proactive management of risk the
company ensures that it does not have or will not take on an
individual risk or combination of risks that could threaten the
solvency of the company. This ensures that the company has and will
have in the future sufficient capital to pay its policyholders and
all other creditors in full as liabilities fall due.
The Board considers that the risks and uncertainties disclosed
in the Annual Report for the year ended 31 December 2010 continue
to reflect the principal risks and uncertainties of the Group over
the remainder of the financial year. In the Annual Report 2010 risk
is categorised as general insurance risk, capital management risk,
operational risk, liquidity risk, market risk, interest rate risk,
credit risk and concentration risk.
Further information on these risks is included in pages 111 to
119 of the Annual Report 2010, which quantifies the sensitivity of
parameters such as loss ratio, equity and property values and
exchange and interest rates. 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 affected 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.
FBD HOLDINGS PLC
Condensed Consolidated Income Statement
For the half year ended 30 June 2011
Half Year
Ended Half Year Ended Year Ended
30/06/11 30/06/10 31/12/10
Notes (unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Revenue 232,679 242,472 478,566
------------- ----------------- ----------------
Income
Gross premium
written 177,486 183,191 358,385
Reinsurance
premiums (23,267) (27,329) (55,172)
------------- ----------------- ----------------
Net premium
written 154,219 155,862 303,213
Change in
provision for
unearned
premiums (4,439) (6,294) (673)
------------- ----------------- ----------------
Net premium
earned 149,780 149,568 302,540
Net investment
return 3 10,171 17,436 4,421
Non-underwriting
income 4 34,289 35,829 79,014
------------- ----------------- ----------------
Total income 194,240 202,833 385,975
Expenses
Net claims and
benefits (103,207) (124,399) (234,268)
Other
underwriting
expenses (35,825) (32,987) (66,653)
Non-underwriting
expenses (32,076) (33,914) (74,481)
Impairment of
property, plant
and equipment (635) (17,919) (19,868)
Retirement
benefit-past
service gain - 11,063
Restructuring and
other costs - - (1,615)
Finance costs (1,948) (1,474) (3,236)
------------- ----------------
Profit/(loss)
before tax 20,549 (7,860) (3,083)
Income tax (2,772) 510 (152)
------------- ----------------- ----------------
Profit/(loss) for
the period 17,777 (7,350) (3,235)
------------- ----------------- ----------------
Attributable to:
Equity holders of
the parent 17,827 (6,463) (2,408)
Non-controlling
interests (50) (887) (827)
------------- ----------------- ----------------
17,777 (7,350) (3,235)
------------- ----------------- ----------------
Cent Cent Cent
Basic
earnings/(loss)
per 60 cent
ordinary share 8 53.59 (22.26) (8.08)
------------- ----------------- ----------------
Diluted
earnings/(loss)
per 60 cent
ordinary share 8 53.33 (22.15) (8.08)
------------- ----------------- ----------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Comprehensive Income
For the half year ended 30 June 2011
Half Year Half Year Year
Ended 30/06/11 Ended 30/06/10 Ended 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Profit/(loss) for the
period 17,777 (7,350) (3,235)
---------------- ---------------- ----------------
Impairment of property,
plant and equipment - (309) -
Actuarial gain on
retirement benefit
obligations - - 4,131
Exchange differences on
translation of foreign
operations 289 (298) (164)
---------------- ----------------
Other comprehensive
income/(expense) 289 (607) 3,967
Tax charge relating to
other comprehensive
income - - (1,531)
---------------- ---------------- ----------------
Other comprehensive
income/(expense) after
tax 289 (607) 2,436
---------------- ---------------- ----------------
Total comprehensive
income/(expense) for
the period 18,066 (7,957) (799)
---------------- ---------------- ----------------
Attributable to:
Equity holders of the
parent 18,116 (7,070) 28
Non-controlling
interests (50) (887) (827)
---------------- ---------------- ----------------
18,066 (7,957) (799)
---------------- ---------------- ----------------
FBD HOLDINGS PLC
Pro Forma Reconciliation of Consolidated Operating Profit to
PROFIT Before Tax
For the half year ended 30 June 2011
Half Year
Ended Half Year Ended Year Ended
30/06/11 30/06/10 31/12/10
Notes (unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Operating profit
before tax:
Underwriting 5 26,485 9,375 36,133
Non-underwriting 4 2,213 1,915 4,533
------------- ----------------- ----------------
Operating profit
before tax 28,698 11,290 40,666
Investment return
- fluctuations 3 (5,566) 243 (30,093)
Impairment of
property, plant
and equipment (635) (17,919) (19,868)
Retirement
benefit-past
service gain - - 11,063
Restructuring and
other costs - - (1,615)
Finance costs (1,948) (1,474) (3,236)
Profit/(loss)
before tax 20,549 (7,860) (3,083)
------------- ----------------- ----------------
Operating
earnings per 60
cent ordinary
share 8 75.71 29.56 105.85
------------- ----------------- ----------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Financial Position
At 30 June 2011
30/06/11 30/06/10 31/12/10
ASSETS (unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Property, plant and equipment 155,260 158,034 155,959
Investment property 20,360 45,766 42,368
Loans 23,559 41,998 24,618
Deferred tax asset 6,571 12,780 9,247
Financial assets
Investments held to maturity 496,398 595,691 496,852
Available for sale investments 7,282 9,436 7,282
Investments held for trading 33,962 15,942 17,859
Deposits with banks 176,615 56,830 195,172
------------- ------------- -----------
714,257 677,899 717,165
------------- ------------- -----------
Reinsurance assets
Provision for unearned premiums 22,832 26,069 24,706
Claims outstanding 51,597 75,491 70,916
------------- ------------- -----------
74,429 101,560 95,622
Inventories 40,911 52,309 46,045
Current tax asset 7,041 - 6,003
Deferred acquisition costs 20,694 20,078 20,531
Other receivables 79,618 81,955 71,279
Cash and cash equivalents 41,912 49,599 36,714
------------- ------------- -----------
Total assets 1,184,612 1,241,978 1,225,551
------------- ------------- -----------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Financial Position
At 30 June 2011
EQUITY AND 30/06/11 30/06/10
LIABILITIES Notes (unaudited) (unaudited) 31/12/10 (audited)
EUR000s EUR000s EUR000s
Equity
Ordinary share
capital 7 21,409 21,409 21,409
Capital reserves 15,615 14,805 15,313
Revaluation
reserves 742 433 742
Translation
reserves 191 (232) (98)
Retained earnings 155,597 141,877 144,757
------------- ------------- -------------------
Shareholders'
funds - equity
interests 193,554 178,292 182,123
Preference share
capital 2,923 2,923 2,923
------------- ------------- -------------------
Equity
attributable to
equity holders of
the parent 196,477 181,215 185,046
Non-controlling
interests 2,003 2,068 2,053
------------- ------------- -------------------
Total equity 198,480 183,283 187,099
------------- ------------- -------------------
Liabilities
Insurance contract
liabilities
Provision for
unearned
premiums 179,045 182,562 176,479
Claims outstanding 619,128 666,112 657,656
------------- ------------- -------------------
798,173 848,674 834,135
Borrowings 117,068 119,275 117,766
Retirement benefit
obligation 10,859 22,105 10,859
Deferred tax
liability 11,751 10,640 11,751
Current tax
liability - 4,005 -
Payables 48,281 53,996 63,941
-------------
Total liabilities 986,132 1,058,695 1,038,452
------------- ------------- -------------------
Total equity and
liabilities 1,184,612 1,241,978 1,225,551
------------- ------------- -------------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Cash Flows
For the half year ended 30 June 2011
Half Year
Ended Half Year Ended Year Ended
30/06/11 30/06/10 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Cash flows from
operating
activities
Profit/(loss) before
tax 20,549 (7,860) (3,083)
Adjustments for:
Loss/(profit) on
investments held
for trading 870 3,075 (1,075)
Loss on investments
held to maturity 454 298 7,901
Loss on investments
available for sale - - 2,076
Provision for loans 950 - 16,329
Depreciation of
property, plant and
equipment 3,285 3,080 6,476
Share-based payment
expense 302 508 1,016
Decrease/(increase)
in fair value of
investment
property 1,741 (2,499) 899
Impairment of
property, plant and
equipment 635 17,919 19,868
Retirement benefit -
past service gain - - (11,063)
Decrease in
insurance contract
liabilities (14,769) (7,729) (16,330)
Effect of foreign
exchange rate
changes 329 - (146)
Profit on disposal
of property, plant
and equipment - - (85)
------------- ------------------- -------------------
Operating cash flows
before movement in
working capital 14,346 6,792 22,783
(Increase)/decrease
in receivables and
deferred
acquisition costs (8,502) (9,390) 834
(Decrease)/increase
in payables (15,660) (3,743) 9,943
Decrease in
inventories 5,134 6,917 13,181
------------- ------------------- -------------------
Cash (used
by)/generated from
operations (4,682) 576 46,741
Income taxes paid (1,134) (1,049) (8,611)
------------- ------------------- -------------------
Net cash (used
by)/generated from
operating
activities (5,816) (473) 38,130
------------- ------------------- -------------------
Cash flows from
investing
activities
Investments held for
trading (16,973) 10,983 13,216
Investments held to
maturity - (14,893) 76,343
Investments
available for sale - 40 118
Sale of property,
plant and
equipment 38 - 680
Purchase of
property, plant and
equipment (3,259) (2,863) (6,415)
Sale of investment
property 20,267 - -
Repayment of loans 109 1,865 2,916
Deposits invested
with banks 18,557 18,632 (119,710)
------------- ------------------- -------------------
Net cash generated
from/(used in)
investing
activities 18,739 13,764 (32,852)
------------- ------------------- -------------------
Cash flows from
financing
activities
Ordinary and
preference
dividends paid (6,987) (6,654) (10,147)
Dividends paid to
non-controlling
interests - - (150)
Decrease in
borrowings (698) (776) (2,285)
------------- ------------------- -------------------
Net cash used in
financing
activities (7,685) (7,430) (12,582)
------------- ------------------- -------------------
Net
increase/(decrease)
in cash and cash
equivalents 5,238 5,861 (7,304)
Cash and cash
equivalents at the
beginning of the
period 36,714 44,036 44,036
Effect of foreign
exchange rate
changes (40) (298) (18)
------------- ------------------- -------------------
Cash and cash
equivalents at the
end of the period 41,912 49,599 36,714
------------- ------------------- -------------------
FBD HOLDINGS PLC
Condensed Consolidated Statement of Changes in Equity
For the half year ended 30 June 2011
Ordinary Revaluation Attributable Preference
share Capital and other Translation Retained to ordinary share Non-controlling Total
capital reserves reserves reserve earnings shareholders capital interests equity
EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s EUR000s
--------- --------- ------------ ------------ --------- ------------- ----------- ---------------- --------
Balance at 1
January 2010 21,409 14,297 742 66 154,994 191,508 2,923 3,030 197,461
Loss after
taxation - - - - (6,463) (6,463) - (887) (7,350)
Other
comprehensive
expense - - (309) (298) - (607) - - (607)
--------- --------- ------------ ------------ --------- ------------- ----------- ---------------- --------
21,409 14,297 433 (232) 148,531 184,438 2,923 2,143 189,504
Recognition of
share based
payments - 508 - - - 508 - - 508
Dividends paid
on ordinary
shares - - - - (6,654) (6,654) - - (6,654)
Dividends paid
to
non-controlling
interests - - - - - - - (75) (75)
Balance at 30
June 2010 21,409 14,805 433 (232) 141,877 178,292 2,923 2,068 183,283
--------- --------- ------------ ------------ --------- ------------- ----------- ---------------- --------
Balance at 1
January 2011 21,409 15,313 742 (98) 144,757 182,123 2,923 2,053 187,099
Profit after
taxation - - - - 17,827 17,827 - (50) 17,777
Other
comprehensive
income - - - 289 - 289 - - 289
21,409 15,313 742 191 162,584 200,239 2,923 2,003 205,165
Recognition of
share based
payments - 302 - - - 302 - - 302
Dividends paid
on ordinary
share - - - - (6,987) (6,987) - - (6,987)
Balance at 30
June 2011 21,409 15,615 742 191 155,597 193,554 2,923 2,003 198,480
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Note 1 - General Information
The information for the year ended 31 December 2010 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.
This half yearly financial report has not been audited or
reviewed by the auditors of the Group.
Note 2 - Accounting policies
Basis of preparation
The annual financial statements of FBD Holdings plc are prepared
in accordance with International Financial Reporting Standards
("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.
Going Concern
The directors are satisfied that the Group has sufficient
resources to continue in operation for the foreseeable future, a
period of not less than twelve months from the date of this report.
Accordingly, they continue to adopt the going concern basis in
preparing the financial statements.
Consistency of accounting policy
The accounting policies and methods of computation used by the
Group to prepare the interim financial statements for the six month
period ended 30 June 2011 are the same as those used to prepare the
Group Annual Report for the year ended 31 December 2010 (which is
available at www.fbdgroup.com) except as described below.
The following new and revised Standards and Interpretations have
been adopted in these financial statements in the current
period:
Amendments to IAS 24: Related party disclosures.
Amendments to IAS 32: Classification of rights issue.
IFRIC 19: Extinguishing financial liabilities with equity
instruments.
Improvements to IFRSs 2010
The adoption of these Standards has not had any significant
impact on the amounts reported in these financial statements.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Note 3 - Longer term investment return
Half Year
Ended Half Year Ended Year Ended
30/06/11 30/06/10 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Longer-term
investment return 15,737 17,193 34,514
Investment return
fluctuations (5,566) 243 (30,093)
------------- -------------------- -------------------
Actual investment
return 10,171 17,436 4,421
------------- -------------------- -------------------
The rates of investment return underlying the calculation of the
longer term investment return are set out below. These rates are
reviewed annually and reflect both historical experience and the
Directors' current expectations for investment returns.
Half Year Half Year Year
Ended 30/06/11 Ended 30/06/10 Ended 31/12/10
(unaudited) (unaudited) (audited)
% % %
Government bonds 4.00 4.00 4.00
Quoted shares 6.75 6.75 6.75
Deposits with banks 3.00 3.25 3.25
Investment properties 6.25 6.25 6.25
Investments held to Actual rates Actual rates Actual
maturity rates
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Note 4 - Segmental Information
(a) Operating segments
For management purposes, the Group is organised in two operating
segments - underwriting and non-underwriting. These two segments
are the basis upon which information is reported to the chief
operating decision maker, the Group Chief Executive, for the
purpose of resource allocation and assessment of segmental
performance. Discrete financial information is prepared and
reviewed on a regular basis for these two segments. There has been
no change in the Group's reportable segments during the period.
The principal activities of the Group are underwriting of
general insurance business and non-underwriting operations,
including leisure/property and financial services.
Half Year ended 30/06/2011 Underwriting Non-underwriting Total
EUR000s EUR000s EUR000s
Revenue 198,390 34,289 232,679
------------- ----------------- --------
Operating profit 26,485 2,213 28,698
Investment return - fluctuations (5,566) - (5,566)
Impairment of property (635) - (635)
Finance costs - (1,948) (1,948)
------------- ----------------- --------
Profit before tax 20,284 265 20,549
Income tax (2,584) (188) (2,772)
------------- ----------------- --------
Profit after tax 17,700 77 17,777
------------- ----------------- --------
Half Year ended 30/06/2010 Underwriting Non-underwriting Total
EUR000s EUR000s EUR000s
Revenue 206,643 35,829 242,472
------------- ----------------- ---------
Operating profit 9,375 1,915 11,290
Investment return - fluctuations 243 - 243
Impairment of property (2,435) (15,484) (17,919)
Finance costs - (1,474) (1,474)
Profit/(loss) before tax 7,183 (15,043) (7,860)
Income tax (1,437) 1,947 510
------------- ----------------- ---------
Profit/(loss) after tax 5,746 (13,096) (7,350)
------------- ----------------- ---------
Year ended 31/12/2010 Underwriting Non-underwriting Total
EUR000s EUR000s EUR000s
Revenue 403,864 74,702 478,566
------------- ----------------- ---------
Operating profit 36,133 4,533 40,666
Investment return - fluctuations (30,093) - (30,093)
Impairment of property (3,160) (16,708) (19,868)
Retirement benefits - past
service gain 11,063 - 11,063
Restructuring and other costs - (1,615) (1,615)
Finance costs - (3,236) (3,236)
------------- ----------------- ---------
Profit/(loss) before tax 13,943 (17,026) (3,083)
Income tax (498) 346 (152)
------------- ----------------- ---------
Profit/(loss) after tax 13,445 (16,680) (3,235)
------------- ----------------- ---------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Half Year
Non-underwriting profit is Half Year ended Half Year
analysed as follows: ended 30/06/11 30/06/10 ended 31/12/10
(unaudited) (unaudited) (unaudited)
EUR000s EUR000s EUR000s
Leisure and leisure
property development (457) (820) 1,316
Financial Services/Other 2,670 2,735 3,217
2,213 1,915 4,533
---------------- ------------ ----------------
The accounting policies of the reportable segments are the same
as the Group accounting policies. Segment profit represents the
profit earned by each segment. Central administration costs and
Directors' salaries are allocated based on actual activity. Finance
costs, restructuring costs and income tax are direct costs of each
segment. Segment profit is the measure reported to the chief
operating decision maker, the Group Chief Executive, for the
purposes of resource allocation and assessment of segmental
reporting.
(b) Geographical segments
The Group's operations are located in Ireland and the rest of
the European Union. The Group's underwriting operation is located
in Ireland while its non-underwriting operations are located in
Ireland and the rest of the European Union. The following table
provides an analysis of the Group's revenue by geographical market,
irrespective of the origin of the services.
Half Year
Half Year Half Year ended
Revenue ended 30/06/11 ended 30/06/10 31/12/10
(unaudited) (unaudited) (unaudited)
EUR000s EUR000s EUR000s
Ireland 216,256 206,643 437,669
European Union other than
Ireland 16,423 35,829 40,897
Total revenue 232,679 242,472 478,566
---------------- ---------------- ------------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Note 5 - Underwriting result
Half Year Half Year Year
Ended 30/06/11 Ended 30/06/10 Ended 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Gross premium written 177,486 183,191 358,385
---------------- ---------------- ----------------
Net premium earned 149,780 149,568 302,540
Net claims incurred (103,207) (124,399) (234,268)
---------------- ---------------- ----------------
46,573 25,169 68,272
---------------- ---------------- ----------------
Staff Costs (27,761) (27,117) (54,141)
Depreciation (3,066) (2,927) (6,302)
Other gross management
expenses (8,894) (8,657) (17,084)
---------------- ---------------- ----------------
(39,721) (38,701) (77,527)
Deferred acquisition
costs 164 116 568
Reinsurers' share of
expenses 5,256 6,976 12,743
Broker commissions
payable (1,524) (1,378) (2,437)
---------------- ---------------- ----------------
Net operating expenses (35,825) (32,987) (66,653)
---------------- ---------------- ----------------
Underwriting result 10,748 (7,818) 1,619
Longer-term investment
return 15,737 17,193 34,514
---------------- ---------------- ----------------
Operating profit before
tax 26,485 9,375 36,133
---------------- ---------------- ----------------
The Group's half yearly results are not subject to any
significant impact arising from the seasonality or cyclicality of
operations.
Note 6 - Dividends
Half Year Half Year Year
Ended 30/06/11 Ended 30/06/10 Ended 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Paid in Period:
2010 Interim dividend
of 10.5 cent per share
on ordinary shares of
60 cent each - - 3,493
2010 Final dividend of
21 cent (2009: 20
cent) per share on
ordinary shares of 60
cent each 6,987 6,654 6,654
Dividend of 8.4 cent
per share on 14%
non-cumulative
Preference shares of 60
cent each 113 - -
Dividend of 4.8 cent
per share on 8%
non-cumulative
preference shares of 60
cent each 169 - -
7,269 6,654 10,147
---------------- ---------------- ----------------
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Half Year Half Year Year
Ended 30/06/11 Ended 30/06/10 Ended 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Approved but not paid:
2009 Dividend of 4.8
cent per share on 8%
non-cumulative
preference shares of
60 cent each - - 169
2009 Dividend at 8.4
cent per share on 14%
non-cumulative
preference shares of
60 cent each - - 113
---------------- ---------------- ----------------
- - 282
---------------- ---------------- ----------------
Proposed:
2010 Dividend of 4.8
cent per share on 8%
non-cumulative
preference shares of
60 cent each 169 169 169
2010 Final dividend of
21.00 cent per share
on ordinary shares of
60 cent each - - 6,987
2011 Interim dividend
of 11.25 cent (2010:
10.5 cent) per share
on ordinary shares of
60 cent each 3,743 3,493 -
3,912 3,662 7,156
---------------- ---------------- ----------------
Note 7 - Ordinary Share Capital
Half Year Half Year
Ended Ended Year Ended
30/06/11 30/06/10 31/12/10
(unaudited) (unaudited) (audited)
Number EUR000s EUR000s EUR000s
(i) Ordinary
shares of 60
cent each
Authorised:
At beginning
and end of
period 51,326,000 30,796 30,796 30,796
------------ -------------- -------------- ---------------
Issued and
fully paid:
At beginning
and end of
period 35,461,206 21,277 21,277 21,277
------------ -------------- -------------- ---------------
(ii) 'A'
Ordinary
shares of 1
cent each
Authorised:
At beginning
and end of
period 120,000,000 1,200 1,200 1,200
------------ -------------- -------------- ---------------
Issued and
fully paid:
At beginning
and end of
period 13,169,428 132 132 132
Total Ordinary
Share
Capital 21,409 21,409 21,409
-------------- -------------- ---------------
The number of ordinary shares of 60 cent each held as treasury
shares at 30 June 2011 was 2,191,730.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Note 8 -Earnings/(loss) per 60 cent ordinary share
a) The calculation of the basic and diluted earnings/(loss) per
share attributable to the ordinary shareholders is based on the
following data:
Half Year Ended Half Year Year
30/06/11 Ended 30/06/10 Ended 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Earnings
Profit/(loss) for
the period 17,777 (7,350) (3,235)
Non-controlling
interests 50 (55) 827
Preference dividend - - (282)
-------------------- ---------------- ----------------
Profit/(loss) for
the purpose of
basic and diluted
earnings per share 17,827 (7,405) (2,690)
-------------------- ---------------- ----------------
Number of shares
Weighted average
number of ordinary
shares for
the purpose of
basic
earnings/(loss)
per share 33,269,476 33,269,476 33,269,476
Effect of dilutive
potential of share
options
outstanding 162,474 156,314 149,089
-------------------- ---------------- ----------------
Weighted average
number of ordinary
shares for
the purpose of
diluted
earnings/(loss)
per share 33,431,950 33,425,790 33,418,565
-------------------- ---------------- ----------------
Cent Cent Cent
Basic
earnings/(loss)
per 60 cent
ordinary share 53.59 (22.26) (8.08)
-------------------- ---------------- ----------------
Diluted
earnings/(loss)
per 60 cent
ordinary share 53.33 (22.15) (8.08)
-------------------- ---------------- ----------------
The 'A' ordinary shares of 1 cent each that are in issue have no
impact on the earnings/(loss) per share calculation.
b) The calculation of the operating earnings per share, which is
supplementary to the requirements of International Financial
Reporting Standards, is based on the following data:
Half Year Ended Half Year Year
30/06/11 Ended 30/06/10 Ended 31/12/10
(unaudited) (unaudited) (audited)
EUR000s EUR000s EUR000s
Earnings
Operating profit
after taxation* 25,139 9,890 35,623
Non-controlling
interests 50 (55) (125)
Preference dividend - - (282)
Earnings for the
purpose of
operating
earnings per share 25,189 9,835 35,216
-------------------- ---------------- ----------------
Number of shares 33,269,474 33,269,474 33,269,474
-------------------- ---------------- ----------------
Cent Cent Cent
Operating earnings
per 60 cent
ordinary share 75.71 29.56 105.85
-------------------- ---------------- ----------------
* Effective tax rate of 12.4%.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Note 9 - Capital commitments
Half Year Half Year Year
Ended 30/06/11 Ended 30/06/10 Ended 31/12/10
(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 - 82 -
----------------- ----------------- ----------------
Not contracted for - - 184
----------------- ----------------- ----------------
Note 10 - Transactions with related parties
Farmer Business Developments plc has a substantial shareholding
in the Group at 30 June 2011.
Included in the financial statements is an unsecured loan of
EUR60,000,000 (2010: EUR60,000,000) from Farmer Business
Developments plc to FBD Property & Leisure Limited, a 100%
owned subsidiary of the Group. This loan is guaranteed by the
Company. The loan is due to be repaid in full in July 2012.
Interest is charged at market rate which is defined under the terms
of the loan agreement as the 3 month Euribor rate plus a margin
capped at 225 basis points. Total interest expensed in the
Consolidated Income Statement for the half year ended 30 June 2011
relating to this loan was EUR1,018,332 and interest payable at 30
June 2011 was EUR726,102.
Included in the financial statements at the period end is
EUR41,230 (2010: EUR372,851) due from Farmer Business Developments
plc. This balance is made up of recharges for services provided,
and recoverable costs and interest. Interest is charged on this
balance at the market rate. The amount due is repayable on
demand.
For the purposes of the disclosure requirements of IAS 24, the
term "key management personnel" (i.e. those persons having
authority and responsibility for planning directing and controlling
the activities of the Company) comprises the Board of Directors
which manages the business and affairs of the Company. Full
disclosure in relation to the 2010 compensation entitlements of the
Board of Directors and details of Directors' share options are
provided in the Report on Directors' Remuneration in the 2010
Annual Report.
Note 11 - Contingent Liabilities and Contingent Assets
There were no contingent liabilities or contingent assets at 30
June 2011, 30 June 2010 or 31 December 2010.
Note 12 - Subsequent events
Today the Group has announced that the Board of FBD Holdings plc
and the Board of Farmer Business Developments plc have, subject to
shareholder approval, agreed to enter into joint venture
arrangements to share management and ownership of FBD Property
& Leisure Limited.
FBD Property & Leisure Limited owns the Group's Irish and
Spanish property and leisure assets. It is currently 100% owned and
managed by FBD Holdings plc.
Farmer Business Developments plc is an investment holding
company which holds 29.7% of the voting shares of the Group and
accordingly is considered a "related party". As described in note
10 above, it has provided a EUR60,000,000 unsecured loan to FBD
Property & Leisure Limited.
FBD HOLDINGS PLC
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the half year ended 30 June 2011
Should the proposed transaction be approved by shareholders, it
will result in the 50/50 joint ownership of FBD Property &
Leisure Limited by Farmer Business Developments plc and FBD
Holdings plc and will be accounted for as a jointly controlled
entity under the equity method of accounting. This proposal will
allow the Group to focus resources on its core insurance
underwriting business, reduce the Group's exposure to property
valuation fluctuations, and reduce both the Group's debt and its
loan guarantees. It will also strengthen the funding structure of
FBD Property & Leisure Limited by reducing short-term debt
repayment obligations by EUR122.6m, thereby enhancing its ability
to reduce value over time.
The Group's share of the future profits or losses of the
property and leisure operations will be included in the Group's
consolidated income statement and its share of the net assets would
be included in the consolidated statement of financial position.
The principal changes to the consolidated statement of financial
position will be that the existing hotel and golf resort assets of
EUR119.7m, inventories of EUR40.9m and borrowings of EUR117.1m will
be replaced by a single line, share of assets of joint venture.
Note 13 - Approval of Half Yearly Report
The half yearly report was approved by the Board of Directors of
FBD Holdings plc on 23 August 2011.
Note 14 - Information
This half yearly report along with the Annual Report for the
year ended 31 December 2010 are 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.
On behalf of the Board
Michael Berkery Andrew Langford
Chairman Group Chief Executive
23 August 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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